Bioceres Crop Solutions Corp. · NASDAQ:BIOX
Bioceres Crop Solutions — Q2 2023 Earnings Presentation
18 slides from Bioceres Crop Solutions's earnings presentation, Feb 9, 2023
Slide 1: Second Quarter 2023
BIOCERES CROP SOLUTIONS FISCAL Second Quarter 2023 SECOND QUARTER 2023
Slide 2: Disclaimer
BIOCERES CROP SOLUTIONS Disclaimer This Presentation is for informational purposes only and does not constitute an offer or invitation to sell, a solicitation Financial Information Presentation of an offer to buy, or a recommendation to purchase any equity, assets, business, debt or other financial
Slide 3: Key Business & Financial Highlights
BIOCERES CROP SOLUTIONS Key Business 2Q23 results shaped by extreme drought in Argentina, a key market. 2Q23 revenues down 7%, while 1H23 revenues were up 26% & Financial HB4 Wheat showed an outstanding performance: • 43% yield improvement across targeted environments Highlights • Gene effect valida
Slide 4: Extreme Drought Conditions in Argentina
BIOCERES CROP SOLUTIONS Extreme Drought Conditions in Argentina Historical drought in the main agricultural areas of Argentina Wheat 0 - 10% 02 10 - 20% 03 -50% tons harvested countrywide versus 2021/22 20 - 30% 04 30 - 40% 05 40 - 50% Average yields at 2.3 tn/ha, the lowest since 2010 50 - 60% 60 -
Slide 5: 2Q23 Revenue Evolution
BIOCERES CROP SOLUTIONS 2Q23 Revenue Evolution +26% 221.5 03 175.6 04 +71% -7% 05 127.1 06 101.1 94.4 74.5 SECOND QUARTER 2023 1Q22 1Q23 2Q22 2Q23 1H22 1H23 Pro forma1 Pro forma1 Pro forma1 Notes: 1. Numbers presented for FY22 are pro forma comparable financials including Pro Farm
Slide 6: 2Q23 Revenue by Segment
BIOCERES CROP SOLUTIONS 2Q23 2Q22 Pro forma1 2Q23 Revenue by Segment ($ Million) 29.5 24.7 -16% 101.1 56.3 94.4 53.3 -5% 04 05 15.3 16.3 06 +7% 07 Reporting Segment Crop Protection Seed & Integrated Products Crop Nutrition Key Growth/Decrease Drivers by segment Biological seed Micro-beaded HB4 Soy t
Slide 7: Gross Profit Contribution by Segment
BIOCERES CROP SOLUTIONS 2Q23 (28%) YoY Gross Profit ($ Million) Contribution 48.7 (3.4) by Segment (2.3) (7.7) (15%) 35.3 05 (22%) 06 Gross Profit decrease driven by a combination (48%) of price and product mix in Argentina: 07 08 Lower sales contribution of high-margin products Margin contraction 2
Slide 8: 2Q23 Adjusted EBITDA
BIOCERES CROP SOLUTIONS 2Q23 Adjusted EBITDA ($ Million) (8.4) Revenues and margins negatively impacted 18.3 06 by the drought in Argentina 07 Improvement in operating expenses on 08 1.7 (1.1) execution of cost synergies from Pro Farm (0.0) merger 09 10.3 Decrease in JV contribution driven by lower
Slide 9: Balance Sheet & Cash Position
BIOCERES CROP SOLUTIONS Balance Sheet & Cash Position Net Debt 2.66x 3.13x Adj. EBITDA ($ Million) 257.1 2Q23 cash position includes the 07 $50.0 million payment in 151.7 178.3 connection with the Syngenta 08 agreement 09 187.9 10 139.6 Completed $26.6 million public offering of Series VIII corporat
Slide 10: HB4 Wheat Results
BIOCERES CROP SOLUTIONS HB4 Wheat Results Yield Increase by Environment Results 22/23 % 08 32% of 22/23 production area was within HB4 60 targeted environment (<2,000 kg/ha) 09 71% Average yield increase % Win Rate 10 40 43% Total number of varieties multiplied increased 11 to 9, compared to 3 in th
Slide 11: HB4 Wheat Results: Gene effect validated across environments
BIOCERES CROP SOLUTIONS HB4 Wheat Results HB4 gene-specific effect validated across all environments (HB4 variety Iruyá, compared against its non-HB4 isoline) Results 2022/23 Results from last 3 seasons 09 % % 10 60 100% 60 11 Win Rate Average yield increase % Average yield increase % 86% 12 51% Win
Slide 12: HB4 portfolio replacement for upcoming season
BIOCERES CROP SOLUTIONS HB4 Wheat Results HB4 portfolio replacement for upcoming season 2nd generation varieties showed a 14.6% improvement in high-yield environments compared to historical data from 1st generation materials 22/23 Season 23/24 Season 10 110 4% 33% Yield comparison to commercial chec
Slide 13: HB4 Wheat Efforts in Australia
BIOCERES CROP SOLUTIONS HB4 Wheat Efforts in Australia Trigall Genetics closed 80% acquisition of Australia wheat breeding assets 11 12 13 Short-term Mid-term Long-term 14 Next 2 years 2 – 5 years + 5 years • HB4 Wheat regulatory • Development of local HB4 lines • Full deployment and scaling up subm
Slide 14: HB4 Soy Update
BIOCERES CROP SOLUTIONS HB4 Soy Update HB4 Soy seed multiplication hectares kept steady despite very challenging planting conditions 12 13 Half of multiplication area planted with 3er generation 14 varieties (9 new materials) 15 Inventory projections on track to meet FY24 expectations and FY25 guida
Slide 15: Exhibits
BIOCERES CROP SOLUTIONS 13 Exhibits 14 15 16 SECOND QUARTER 2023
Slide 16: Unaudited Consolidated Statement of Comprehensive Income
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Comprehensive Income Three-month period Three-month period ended 12/31/2022 ended 12/31/2021 Total revenue 94,410,185 92,662,853 Cost of sales (59,138,119) (55,332,989) Gross profit 35,272,066 37,329,864 % Gross profit 37% 40% Operating exp
Slide 17: Unaudited Consolidated Statement of Financial Position
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Financial Position ASSETS 12/31/2022 06/30/2022 LIABILITIES 12/31/2022 06/30/2022 CURRENT ASSETS CURRENT LIABILITIES Trade and other payables 160,017,912 125,849,620 Cash and cash equivalents 68,550,022 33,475,266 Borrowings 105,462,623 71,
Slide 18: Contact Us
BIOCERES CROP SOLUTIONS Contact Us Investor Relations Investorrelations@biocerescrops.com Investors.biocerescrops.com SECOND QUARTER 2023
Bioceres Crop Solutions — Q2 2023 Earnings Presentation on 6ix