Brasilagro Cia Brasileira De Propriedades Agricolas · BMFBOVESPA:AGRO3
Brasilagro Cia Brasileira De Propriedades Agricolas — Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (Brazil) — Q4 2021 Earnings Presentation
22 slides from Brasilagro Cia Brasileira De Propriedades Agricolas's earnings presentation, Sep 1, 2021
Slide 1: 4Q21 and 2021 Webinar
4Q21 AND 2021 WEBINAR brasilagroY
Slide 2: Highlights
HIGHLIGHTS 20/21 Harvest ✓ 282 thousand tons of grains R$ 721.9 million ✓ 5.0 thousand tons of cotton Net Revenue ✓ 2.2 million tons of sugarcane ✓ 1.9 thousand tons in meat production R$ 317.6 million Net Income Proposed distribution of R$260 million in dividends R$ 365.7 million Adjusted EBITDA 2
Slide 3: Relevant Events
RELEVANT EVENTS 02/04/2021 02/07/2021 05/05/2021 05/06/2021 Bolivia CRA Sale Follow On Acquisition Issue Jatobá Farm Primary and Secondary Offering 9,900 hectares, 1,654 ha of 22.7 million shares already developed by CRA issue (1,250 useful ha) per R$500.0 million $30.0 million R$240 million R$67.1
Slide 4: Farm Sales
FARM SALES 2020/2021 Venda de Propriedades Property Sales Acquisition Property Sale Jatobá Farm Acquisition Acres del Sud Farm Sale of Property Jatobá Farm Acquisition Property Bolivia Farm Date of Sale May/21 Date of Sale February/21 Location Jaborandi - BA Area (hectares) Total: 1,654 / Arable: 1,
Slide 5: Development Areas
DEVELOPMENT AREAS Portfolio Evolution Farm Development Level (Owned Land) Nova Buriti Araucária 6% 8% Alto Taquari 22% Preferência 42% Jatobá 39% Chaparral 23% São José Rio do Meio 94% 23% Arrojadinho Serra Grande 53% 55% Moroti La Primavera 35% Las Londras San Rafael 06/07 10/11 14/15 20/21 0% 20%
Slide 6: Portfolio Appraisal
PORTFOLIO APPRAISAL Portfolio Appraisal Portfolio Market Value Evolution June 30, 2021 BrasilAgro Deloitte R$ billion PROPERTY LOCATION (R$ thousand) (R$ thousand) Jatobá Farm Bahia 364.847 376.100 3,4 3,3 Alto Taquari Farm Mato Grosso 328.195 301.420 Araucária Farm Goiás 329.142 326.680 Chaparral F
Slide 7: 2020/2021 Harvest Year
2020/2021 HARVEST YEAR Planted area (thousand hectares) +5.2% 7
Slide 8: 2020/2021 Harvest Year
2020/2021 HARVEST YEAR Production (thousand tons) – GRAINS AND COTTON -18.3% -10.8% 8
Slide 9: 2020/2021 Harvest Year: Cattle raising
2020/2021 HARVEST YEAR Cattle raising Cattle Heads Pasture ADG (hectares) (kg) 9
Slide 10: Sugarcane
SUGARCANE Harvest Area Production TCH (hectares) (thousand tons) (ton/ha) 25.076 26.832 Safra 2020 Safra 2021 Realizado Estimado (01/abr a 31/dez) (01/abr a 31/dez) 10
Slide 11: Hedge Position as of August 30, 2021
HEDGE POSITION AS OF AUGUST 30 st, 2021 Soybeans FX Harvest (1) Volume % of hedge Price (USD/bu) Volume (thousand) % of hedge(2) BRL/USD 20/21 144.695 ton 97,80% 10,50 USD 33,592 97,60% 5,41 21/22 18,000 ton 50,40% 13,17 USD 26,281 59,50% 5,48 (1) % of the volume of soybean locked in tons. (2) % of
Slide 12: EBITDA and Adjusted EBITDA
EBITDA AND ADJUSTED EBITDA EBITDA (R$ thousand) 4Q21 4Q20 Change 2021 2020 Change Net Income 127,883 33,951 276.7% 317,646 119,554 165.7% Interest 1,419 5,842 -75.7% 95,988 30,755 212.1% Taxes (53,205) 967 n.a. (19,515) 13,975 n.a. Depreciations and amortizations 15,971 8,551 86.8% 38,432 30,153 27.
Slide 13: Operations Results
OPERATIONS RESULTS EBITDA of Operations Breakdown EBITDA of Operations (excluding farm sale) (excluding G&A Expenses) Adjusted EBITDA (R$ thousand) 2021 2020 Change Net Income 264,549 58,134 355.1% 2021 Interest n.a. 95,988 30,755 Taxes 13,975 n.a. (19,515) Depreciations and Amortizations 38,432 30,
Slide 14: Income Statement
INCOME STATEMENT (R$ thousand) 4Q21 4Q20 Change 2021 2020 Change Revenues from Farm Sales 52,063 47,440 10% 58,925 71,492 -18% Revenues from grains 128,370 96,597 33% 336,115 237,904 41% Revenues from cotton 2,238 177 1164% 28,475 13,104 117% Revenues from sugarcane 89,014 42,842 108% 265,062 192,94
Slide 15: Balance Sheet
INCOME STATEMENT Liabilities (R$ thousand) 06/30/2021 06/30/2020 Change Assets (R$ thousand) 06/30/2021 06/30/2020 Change Current liabilities Current assets Trade accounts payable and other obligations 186.890 111.170 68% Cash and Cash equivalents 1,059,107 171,045 519% Loans, financing and debentur
Slide 16: Indebtedness
INDEBTEDNESS Net Financial Debt Amortization Schedule (R$ thousand) 06/30/2021 06/30/2020 Change Average Cost of Debt 8.7% Short Term 322,046 217,274 48.2% Long Term 341,135 296,839 14.9% Total Indebtedness 663,181 514,113 29.0% (+/-) Derivatives 14,001 10,869 28.8% (=) Adjusted Gross Debt 677,182 5
Slide 17: Dividends 20/21
DIVIDENDS 20/21 Net Profit (R$ MM) Dividends (R$ MM) Yeld² 450,0 15,0% 8,7% 5,6% 5,6% 10,0% 400,0 2,0% 3,5% 350,0 317,6 5,0% Dividend Yield 260,0 300,0 0,0% 5.1% 250,0 -5,0% 5 years average 200,0 168,2 -10,0% 150,0 120,0 113,6 -15,0% 100,0 -20,0% 41,0 50,0 42,0 50,0 25,9 13,0 -25,0% 0,0 -30,0% 2017
Slide 18: Net Asset Value - NAV R$ 4.2 bi
NET ASSET VALUE - NAV June 30, 2021 (R$ thousand) Book NAV BrasilAgro's Equity 2,182,601 2,182,601 Properties appraisal¹ 3,058,179 NAV (-) Balance Sheet - Land Value (Investment Properties) (997,100) NAV - Net Asset Value 2,182,601 4,243,680 R$ 4.2 bi Number of Shares Outstanding 102,377 102,377 NAV
Slide 19: Capital Markets
CAPITAL MARKETS Price – August 30th, 2021 AGRO3 x Ibovespa (base 100 = 06/30/2020) Mkt Cap: R$2.9 bi 180,00 170,00 160,00 AGRO3: R$27.92 150,00 140,00 LND: US$5.50 130,00 120,00 110,00 100,00 90,00 AGRO3 IBOV 19
Slide 20: ESG
ESG OUR PURPOSE Produce food responsibly! E S G ✓ Conservation Program of protected areas + 75,000 hectares ✓ Biofactories, no-tillage ✓ Water Monitoring ✓ Certified production ✓ Waste Management 20
Slide 21: 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 22: Slide 22