Brasilagro Cia Brasileira De Propriedades Agricolas · BMFBOVESPA:AGRO3
Brasilagro Cia Brasileira De Propriedades Agricolas — Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (Brazil) — Q2 2021 Earnings Presentation
18 slides from Brasilagro Cia Brasileira De Propriedades Agricolas's earnings presentation, Feb 10, 2021
Slide 1: 2Q21 Webinar
2Q21 WEBINAR brasilagroY
Slide 2: Highlights
HIGHLIGHTS Primary and Secondary Offering R$348.0 million of 22.7 million shares Net Revenue R$500.0 million R$52.2 million Production of Net Income 2.2 million tons of sugarcane in 2020 crop R$116.7 million Adjusted EBITDA 2
Slide 3: Follow on: Use of Proceeds and Shareholders Structure
Follow on Use of Proceeds Favorable timing for agricultural commodities and real estate business Investment in optimization of operations Acquisition of 10% land in Bolivia 33% 440.0 Huge agri-land development addressable market with million several opportunities to be tapped Acquisition of land for
Slide 4: Bolívia Acquisition
Bolívia Acquisition + 9,900 hectares (7.900 arable hectares), have 1 already been develop and will be cultivated with grains and sugarcane. Located in the core region of Bolivia and are suitable 2 for a second crop The acquisition price implies a discount to NAV of 3 more than 34% (considering the a
Slide 5: 2020/2021 Harvest Year: Planted area
2020/2021 HARVEST YEAR Planted area (thousand hectares) 19/20 REALIZED X 20/21 ESTIMATED 59,02 54,34 153,2 155,0 29,17 24,94 23,25 26,10 26,85 23,56 135,0 16,81 12,72 5,76 2,62 1,71 1,31 18/19 19/20 20/21 Soybean Corn and Beans and Sugarcane Pasture Cotton Others estimated Corn Beans 2nd Crop 2nd Cr
Slide 6: 2020/2021 Harvest Year: Production grains and cotton
2020/2021 HARVEST YEAR Production (thousand tons) – GRAINS AND COTTON 345,5 348,9 185,7 185,8 99,9 97,8 48,8 51,3 2,3 2,3 3,3 6,1 5,5 5,5 Soybean Corn Corn - 2nd Crop Beans Beans - 2nd Crop Cotton Total 19/20 Harvest 20/21 Harvest Realized Estimated 6
Slide 7: 2020/2021 Harvest Year: Cattle raising
2020/2021 HARVEST YEAR Cattle raising Number of Pasture ADG Cattle Head (hectares) (kg) 15.461 9.636 9.636 0,62 14.623 0,56 20/21 Harvest 20/21 Harvest 20/21 Harvest 20/21 Harvest 20/21 Harvest 20/21 Harvest Estimated Realized Estimated Realized Estimated Realized 7
Slide 8: 2020 Harvest Year: Sugarcane
2020 HARVEST YEAR Sugarcane Harvested Area Production TCH (hectares) (thousand tons) (ton/ha) 2.214 2.236 88 89 25.035 25.076 2020 Harvest 2020 Harvest 2020 Harvest 2020 Harvest 2020 Harvest 2020 Harvest Estimated Realized Estimated Realized Estimated Realized 8
Slide 9: Hedge Position as of January 31, 2021
HEDGE POSITION AS OF JANUARY 31, 2021 Soybeans FX Harvest Volume Volume % of hedge(1) Price (USD/bu) % of hedge(2) BRL/USD (thousand) 20/21 96,382 ton 63.5% 9.43 USD 39,127 75.9% 5.24 (1) % of the volume of soybean locked in tons. (2) % of estimated revenue in USD. Corn FX Harvest Volume Volume % of
Slide 10: EBITDA and Adjusted EBITDA
EBITDA AND ADJUSTED EBITDA EBITDA (R$ thousand) 2Q21 2Q20 Change 6M21 6M20 Change Net Income -23,462 20,402 n.a. 52,192 60,978 -14.4% Interest 76,969 10,855 609.1% 61,502 9,620 n.a. Taxes (6,844) 11,048 n.a. (9,938) 19,697 n.a. Depreciations and amortizations 6,464 5,851 10.5% 19,620 17,823 10.1% Am
Slide 11: Operations Results
OPERATIONS RESULTS EBITDA of Operations Breakdown EBITDA of Operations (excluding farm sale) (excluding G&A Expenses) Adjusted EBITDA (R$ thousand) 6M21 6M20 Change Net Income 46,397 40,282 15.2% 6M21 Interest n.a. 61,502 9,620 Taxes 19,697 n.a. (9,938) Depreciations and Amortizations 19,620 17,823
Slide 12: Income Statement
INCOME STATEMENT (R$ thousand) 2Q21 2Q20 Change 6M21 6M20 Change Revenues from Farm Sales 73 5,078 -99% 6,862 24,052 -71% Revenues from grains 33,029 21,399 54% 146,187 83,143 76% Revenues from cotton 7,946 3,335 138% 9,602 8,595 12% Revenues from sugarcane 72,017 48,271 49% 169,743 140,208 21% Reve
Slide 13: Balance Sheet (Assets and Liabilities)
INCOME STATEMENT Assets (R$ thousand) 12/31/2020 06/30/2020 Change Liabilities (R$ thousand) 12/31/2020 06/30/2020 Change Current liabilities Current assets Trade accounts payable and other obligations 112,865 111,170 2% Cash and Cash equivalents 163,821 171,045 -4% Loans, financing and debentures 2
Slide 14: Indebtedness
INDEBTEDNESS Net Financial Debt Amortization Schedule (R$ thousand) 12/31/2020 06/30/2020 Change Average Cost of Debt Short Term 207.724 217.274 -4,4% 4.3% Long Term 258.875 296.839 -12,8% Total Indebtedness 466.599 514.113 -9,2% (+/-) Derivatives 92.445 10.869 750,5% (=) Adjusted Gross Debt 559.044
Slide 15: Net Asset Value - NAV
NET ASSET VALUE - NAV December 31, 2020 (R$ thousand) Book NAV BrasilAgro's Equity 1,148,079 1,148,079 Properties appraisal¹ 1,746,668 NAV (-) Balance Sheet - Land Value (Investment Properties) (861,802) NAV - Net Asset Value 1,148,079 2,032,945 Number of Shares Outstanding 62,104 62,104 NAV per sha
Slide 16: Capital Markets
CAPITAL MARKETS AGRO3 x Ibovespa (base 100 = 06/30/2020) Price – February 9th, 2021 AGRO3: R$23.95 LND: US$4.68 AGRO3 Ibovespa 16
Slide 17: Disclaimer – Forward-looking statements
Disclaimer – Forward-looking statements Forward-looking statements are based on the beliefs and assumptions of BrasilAgro management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances
Slide 18: Slide 18