Lavoro Limited (Nasdaq: LVRO; LVROW), the first
U.S.-listed pure-play agricultural inputs distributor in Latin
America, today announced its financial results for the fiscal third
quarter, ended on March 31, 2023.
Ruy Cunha, CEO of Lavoro commented, “We produced
strong year-to-date results that have us on track to deliver pro
forma Adjusted EBITDA for fiscal year 2023 in the range of $172-178
million, inclusive of two new M&As. The first one, which was
concluded on May 31, is Cromo Quimica. This company is a strategic
addition to our vertically integrated Crop Care platform, adding
high-performance adjuvants to our portfolio and further supporting
this high-growth category. The other is the Brazilian distribution
business, Referência Agroinsumos, which we expect to close by the
end of the year. Additionally, we are pleased to offer yet another
value-added service to our customers with the launch of our
agricultural insurance solutions in partnership with Brasilseg, an
insurance company owned by Banco do Brasil. These strategic
additions are aimed at leveraging our vertically-integrated Crop
Care solutions business and penetrating other related services that
are expected to add fuel to the significant margin expansion that
we anticipate in the coming years.”
Fiscal Third Quarter 2023 Highlights as Compared to
Fiscal Third Quarter 2022:
- Consolidated revenue declined by
2.6% to $486 million in 3Q23 compared to the same period in 2022,
affected mainly by (i) the decrease in grain sales; (ii) currency
devaluation of the Colombian peso adversely impacting the LatAm
Cluster revenue by approximately $10 million (excluding this
impact, consolidated revenue for 3Q23 would be basically flat to
3Q22), (iii) biological inputs sales from Crop Care that were
brought forward to the end of 1H23 and (iv) reduced prices for
fertilizers and herbicides products. On a year-to-date basis,
revenue increased 25.3%, reaching $1.5 billion.
- Gross profit declined by 15.2% to
$71.9 million in 3Q23, while gross margin decreased by 2.2
percentage points to 14.8%, primarily reflecting the lower mix of
Crop Care on consolidated sales, and lower product margins from
fertilizers and herbicides (e.g. glyphosate) owing to decline in
prices. To mitigate the impacts, the Company is in negotiations
with suppliers regarding the volume of herbicides already acquired
(mainly sold). It is worth mentioning the increase in specialties
in the mix of inputs sold, a segment with a high margin
contribution, represented almost 10% of 3Q23 input revenue (up from
7% last year). On a year-to-date basis, gross profit reached $285
million, up 35% and gross margin improved 1.4 percentage points to
18.6% versus the same period last year.
- Operating
expenses increased by 17.4%, or ~$7 million in 3Q23, of which $2
million was related to new acquisitions infrastructure and $5
million of investments aligned to Lavoro’s organic growth plan
(RTVs, back-office enhancement, and points of sale). On a
year-to-date basis, operating expenses increased by 32% (~$35
million), similar to the drivers in 3Q23.
- Non-recurring
expenses increased ~ $5 million, due to one-time SPAC bonus to
employees in 3Q23. On a year-to-date basis, expenses increased ~
$10 million ($3 million of difference between the fair value of the
Union Agro’s net assets and the price paid by the Company, recorded
as a gain on 9M22; plus $2 million of impact from stock option plan
expenses; plus one-time SPAC bonus).
- Nasdaq listing
expenses (market value adjustment) reflected in 3Q23 $61.5 million
of difference between the fair value of the Lavoro Limited shares
issued and the fair value of TPB Acquisition Corp.’s identifiable
net assets received in exchange.
- Financial
results were $13 million higher in 3Q23 than 3Q22, as a result of
the M&A activities, and market interest rates increase. On a
year-to-date basis, financial results were $66 million higher than
the previous year, owing to the same drivers.
- Net loss was
$74.3 million in 3Q23 compared to a net profit of $14.5 million in
the prior year, primarily reflecting one-time costs ($61.5 million
+ $5 million, due to SPAC bonus), currency devaluation in Colombia,
biological inputs sales from Crop Care that were brought forward to
the end of 1H23, and higher financing expenses.
- Adjusted EBITDA
in 3Q23 was $25.2 million, reflecting the sales phasing and
operating investments aligned with Lavoro’s growth plan strategy.
On a year-to-date basis, Adjusted EBITDA grew 38% to $147.9 million
and Adjusted EBITDA margin rose 0.9 percentage points to 9.7%
- Adjusted Net
Loss was $7.3 million in 3Q23, as compared to Adjusted Net Profit
of $15.1 million in the prior year period. On a year-to-date basis,
Adjusted Net profit was $46 million, increasing 8% over the
previous year.
- Lavoro continues to execute its
M&A strategy and on May 31 it concluded the acquisition of
Cromo Química, a leading company specializing in high-performance
adjuvants and enhancers for agriculture. This acquisition
strengthens Lavoro’s Crop Care business segment, which focuses on
biological inputs, specialty fertilizers, and post-patent crop
protection products.
- On May 3, 2023, Lavoro announced
its partnership with Brasilseg, an insurance company and affiliate
of the Banco do Brasil group, to provide agricultural insurance
solutions to Brazilian farmers. This collaboration aligns with
Lavoro’s expansion strategy, which aims to offer integrated
services in what we understand to be an underexplored market in
Brazil.
| Summary
of Fiscal Third Quarter 2023¹ |
| |
|
|
|
|
|
|
|
|
Highlights of Consolidated Results(US$,
Million) |
|
3Q23 |
3Q22 |
Chg. % |
9M23 |
9M22 |
Chg. % |
|
Revenue by Segment |
|
486,414 |
|
499,347 |
|
-2.6 |
% |
1,529,300 |
|
1,220,133 |
|
25.3 |
% |
|
Brazil Cluster |
|
426,509 |
|
432,106 |
|
-1.3 |
% |
1,304,928 |
|
1,034,733 |
|
26.1 |
% |
|
LatAm Cluster |
|
48,248 |
|
54,847 |
|
-12.0 |
% |
171,287 |
|
156,480 |
|
9.5 |
% |
|
Crop Care Cluster |
|
17,054 |
|
19,766 |
|
-13.7 |
% |
110,147 |
|
48,936 |
|
125.1 |
% |
|
Intercompany² |
|
(5,396 |
) |
(7,372 |
) |
-26.8 |
% |
(57,063 |
) |
(20,016 |
) |
185.1 |
% |
|
Revenue Breakdown |
|
486,414 |
|
499,347 |
|
-2.6 |
% |
1,529,300 |
|
1,220,133 |
|
25.3 |
% |
|
Input |
|
432,176 |
|
440,564 |
|
-1.9 |
% |
1,447,654 |
|
1,129,754 |
|
28.1 |
% |
|
Grains |
|
54,239 |
|
58,783 |
|
-7.7 |
% |
81,646 |
|
90,379 |
|
-9.7 |
% |
|
Gross Profit |
|
71,898 |
|
84,812 |
|
-15.2 |
% |
285,037 |
|
210,501 |
|
35.4 |
% |
|
Gross Margin % |
|
14.8 |
% |
17.0 |
% |
-2.2 p.p. |
18.6 |
% |
17.3 |
% |
1.4 p.p. |
|
Brazil Cluster Margin % |
|
12.1 |
% |
15.8 |
% |
-3.7 p.p. |
16.8 |
% |
16.2 |
% |
0.7 p.p. |
|
LatAm Cluster Margin % |
|
15.8 |
% |
13.9 |
% |
1.9 p.p. |
16.7 |
% |
16.3 |
% |
0.3 p.p. |
|
Crop Care Cluster Margin % |
|
46.8 |
% |
33.7 |
% |
13.0 p.p. |
41.5 |
% |
35.9 |
% |
5.6 p.p. |
|
Operating Expenses |
|
(48,648 |
) |
(41,444 |
) |
17.4 |
% |
(141,656 |
) |
(107,058 |
) |
32.3 |
% |
|
SG&A |
|
(46,206 |
) |
(38,346 |
) |
20.5 |
% |
(145,220 |
) |
(109,865 |
) |
32.2 |
% |
|
Others |
|
(2,442 |
) |
(3,099 |
) |
-21.2 |
% |
3,564 |
|
2,808 |
|
26.9 |
% |
| Non-recurring Expenses |
|
(5,462 |
) |
(609 |
) |
796.6 |
% |
(8,770 |
) |
1,511 |
|
-680.5 |
% |
| Nasdaq Listing Expenses³ |
|
(61,531 |
) |
- |
|
0.0 |
% |
(61,531 |
) |
- |
|
0.0 |
% |
|
EBITDA |
|
(41,769 |
) |
44,062 |
|
-194.8 |
% |
77,623 |
|
109,104 |
|
-28.9 |
% |
|
EBITDA Margin % |
|
-8.6 |
% |
8.8 |
% |
-17.4 p.p. |
5.1 |
% |
8.9 |
% |
-3.9 p.p. |
| Depreciation and
Amortization |
|
(8,811 |
) |
(6,757 |
) |
30.4 |
% |
(24,274 |
) |
(20,414 |
) |
18.9 |
% |
| Financial Results |
|
(29,365 |
) |
(16,356 |
) |
79.5 |
% |
(91,071 |
) |
(25,353 |
) |
259.2 |
% |
| Income taxes current and
deferred |
|
5,631 |
|
(6,482 |
) |
-186.9 |
% |
13,391 |
|
(19,144 |
) |
-170.0 |
% |
|
Net Profit |
|
(74,313 |
) |
14,467 |
|
-613.7 |
% |
(24,331 |
) |
44,194 |
|
-155.1 |
% |
|
Net Profit Margin % |
|
-15.3 |
% |
2.9 |
% |
-18.2 p.p. |
-1.6 |
% |
3.6 |
% |
-5.2 p.p. |
|
Adjusted EBITDA |
|
25,224 |
|
44,671 |
|
-43.5 |
% |
147,923 |
|
107,594 |
|
37.5 |
% |
|
Adjusted EBITDA Margin % |
|
5.2 |
% |
8.9 |
% |
-3.8 p.p. |
9.7 |
% |
8.8 |
% |
0.9 p.p. |
|
Adjusted Net Profit |
|
(7,320 |
) |
15,076 |
|
-148.6 |
% |
45,969 |
|
42,683 |
|
7.7 |
% |
|
Net Margin % |
|
-1.5 |
% |
3.0 |
% |
-4.5 p.p. |
3.0 |
% |
3.5 |
% |
-0.5 p.p. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: (1) The amounts in reais provided by
Lavoro have been translated to U.S. dollars for illustrative
purposes only. The average exchange rate for the third quarter of
2023 (January to March 2023) was BRL 5.1934 to US$1.00, and for the
third quarter of 2022 (January to March 2022) it was BRL 5.2264 to
US$1.00. The exchange rate for the six months ended on December 31,
2022, was BRL 5.279 to US$1.00, based on the FX rate on the last
day of the period. The exchange rate for the six months ended on
December 31, 2021, was BRL 5.5700 to US$L1.00, based on the FX rate
on the last day of the period. Source: Refinitiv.Note: (2)
Comprehend sales between Crop Care and Brazil Cluster.Note: (3)
Represents expenses related to the business combination with TPB
Acquisition Corp I.
Segment Summary of Fiscal Third Quarter
2023:
Brazil Cluster
Brazil Cluster revenue decreased by 1.3% to
$426.5 million, mainly driven by the reduction in grain revenue.
Revenue generated from inputs remained consistent with 3Q22. The
rise in specialties revenue offset the lower prices for fertilizers
and herbicides, which have now returned to historical levels after
the supply shortage risk in 2022. The seasonality of input sales
also showed a moderate change compared to the previous year but
still aligned with Lavoro’s historical averages. Segment gross
margin declined by 3.7 percentage points to 12.1%, reflecting the
lower margins from herbicides (e.g. glyphosate). Gross margin
reduction was partially offset by the increased contribution of
specialties in the overall mix of inputs sold.
|
Brazil Cluster Summary(US$,
Million) |
|
3Q23 |
3Q22 |
Chg. % |
|
9M23 |
9M22 |
Chg. % |
|
Revenue Category |
|
426,509 |
|
432,106 |
|
-1.3 |
% |
|
1,304,928 |
|
1,034,733 |
|
26.1 |
% |
|
Inputs |
|
372,504 |
|
374,246 |
|
-0.5 |
% |
|
1,229,516 |
|
948,001 |
|
29.7 |
% |
|
Grains |
|
54,005 |
|
57,859 |
|
-6.7 |
% |
|
75,412 |
|
86,732 |
|
-13.1 |
% |
|
Gross Profit |
|
51,616 |
|
68,432 |
|
-24.6 |
% |
|
219,732 |
|
167,208 |
|
31.4 |
% |
|
Gross Margin % |
|
12.1 |
% |
15.8 |
% |
-3.7 p.p. |
|
16.8 |
% |
16.2 |
% |
0.7 p.p. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LatAm Cluster
The LatAm Cluster experienced a 12% decrease in
revenue, primarily driven by the devaluation of the Colombian
currency. On a constant currency basis (local currency, Colombian
peso, COP$), the segment achieved 7.1% growth driven by a 7.9%
increase in input revenue, specifically in specialties, crop
protection, fertilizers, and corn seeds. Additionally, services
revenue, which includes the application of inputs for clients,
realized a 22% increase, reflecting Lavoro’s focus on efficiency
and profitability through growth in treated acreage and the
acquisition of new clients. LatAm Cluster demonstrated improved
operational efficiency, driven by a favorable mix of high-margin
inputs and an enhanced commercial strategy, which led to a gross
margin expansion of 1.9 percentage points to 15.8% in 3Q23.
|
LatAm Cluster Summary(US$,
Million) |
|
3Q23 |
3Q22 |
Chg. % |
|
9M23 |
9M22 |
Chg. % |
|
Revenue Category |
|
48,248 |
|
54,847 |
|
-12.0 |
% |
|
171,287 |
|
156,480 |
|
9.5 |
% |
|
Inputs |
|
46,142 |
|
52,058 |
|
-11.4 |
% |
|
159,881 |
|
150,212 |
|
6.4 |
% |
|
Services |
|
1,873 |
|
1,865 |
|
0.4 |
% |
|
5,172 |
|
2,621 |
|
97.4 |
% |
|
Grains |
|
234 |
|
924 |
|
-74.7 |
% |
|
6,234 |
|
3,648 |
|
70.9 |
% |
|
Gross Profit |
|
7,609 |
|
7,631 |
|
-0.3 |
% |
|
28,535 |
|
25,579 |
|
11.6 |
% |
|
Gross Margin % |
|
15.8 |
% |
13.9 |
% |
1.9 p.p. |
|
16.7 |
% |
16.3 |
% |
0.3 p.p. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crop Care
Crop Care segment revenue declined by 13.7% to
$17.1 million primarily due to the phasing of biological input
sales to the Brazil Cluster, which part of them was moved forward
from 3Q23 to the end of 1H23. Gross margin demonstrated significant
improvement, rising by 13 percentage points to reach 46.8%. This
increase was primarily driven by the 18% revenue growth in
specialty fertilizers, a high-margin product, which experienced
both volume and price growth. It is worth noting that Crop Care is
a high-margin segment, representing 11% of the total Group’s gross
profit in 3Q23.
|
Crop Care Cluster Summary(US$,
Million) |
|
3Q23 |
3Q22 |
Chg. % |
|
9M23 |
9M22 |
Chg. % |
|
Revenue |
|
17,054 |
|
19,766 |
|
-13.7 |
% |
|
110,147 |
|
48,936 |
|
125.1 |
% |
|
Intercompany4 |
|
5,396 |
|
7,372 |
|
-26.8 |
% |
|
57,063 |
|
20,016 |
|
185.1 |
% |
|
Gross Profit |
|
7,974 |
|
6,664 |
|
19.7 |
% |
|
45,755 |
|
17,586 |
|
160.2 |
% |
|
Gross Margin % |
|
46.8 |
% |
33.7 |
% |
13.0 p.p. |
|
41.5 |
% |
35.9 |
% |
5.6 p.p. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: (4) Intercompany revenue comprehends sales
between Crop Care and Brazil Cluster.
Recent Business and Commercial Updates
Partnership with Brasilseg to provide rural
insuranceOn May 3, 2023, Lavoro announced its agreement with
Brasilseg, an insurance company and affiliate of the Banco do
Brasil group, to offer agricultural insurance solutions to
Brazilian farmers. The partnership reflects Lavoro’s expansion
strategy, which seeks to implement integrated services aimed at
farmers in a market that is still largely unexplored in Brazil. The
type of insurance to be offered is called Agrícola Flex, which
provides productivity coverage for soybean, corn, and wheat crops.
Lavoro will offer insurance products at all its points of sale in
Brazil, whether at our retail stores or through on-site visits by
our RTVs.
Recent M&As Updates
Closed agreements
Cromo QuímicaOn May 31, Lavoro concluded the
acquisition of a majority stake in Cromo Química, a company based
in Rio Grande do Sul, in southern Brazil, specializing in the
production of high-performance adjuvants for agriculture, focusing
on soybean, corn, cotton, and winter crops. The company has a
strong presence in the South and Midwest regions of Brazil. The
acquisition will be integrated into the Company’s vertically
integrated business segment, Crop Care, which operates with
biological inputs, specialty fertilizers, and off-patent crop
protection products.
Signed acquisitions (Binding
MoUs)
NS AgroAs previously announced on August 25,
2022, Lavoro entered into an agreement to acquire an 82% interest
in NS Agro, a holding company of agricultural inputs retailers in
Chile and Peru, specializing in crop protection and
fertilizers.
Due to an extended duration of the diligence
process, Lavoro does not anticipate completing the NS Agro
transaction by the end of this fiscal year. Given this, the Company
believes it is prudent to remove NS Agro from our proforma guidance
for 2023. In the meantime, Lavoro remains closely engaged with NS
Agro and will provide further updates as appropriate.
Referência AgroinsumosOn February 28, 2023, the
Company entered into an agreement to acquire a controlling interest
in Referência Agroinsumos. Founded in 2006, Referência has nine
distribution locations and more than 80 employees, serving
approximately 2,000 customers in the South of Brazil. Referência,
which sells inputs of major brands such as Bayer and Corteva, has
grown approximately 43% per year in the last four years, opened
seven locations in the state, and reported net revenue of
approximately BRL 300 million in the 2022 fiscal year. The
completion of this acquisition is subject to the usual precedent
conditions for this type of transaction, including approval by the
regulatory authorities in Brazil.
Pro forma Financial
Information5
|
Consolidated Pro forma (in US$
million) |
|
3Q23 |
3Q22 |
Chg. % |
|
9M23 |
9M22 |
Chg. % |
|
Pro forma Revenue by Segment |
|
486,415 |
|
539,075 |
|
-9.8 |
% |
|
1,590,606 |
|
1,418,471 |
|
12.1 |
% |
| Pro forma COGS |
|
(414,516 |
) |
(446,611 |
) |
-7.2 |
% |
|
(1,296,141 |
) |
(1,171,792 |
) |
10.6 |
% |
|
Pro forma Gross Profit |
|
71,898 |
|
92,464 |
|
-22.2 |
% |
|
294,466 |
|
246,679 |
|
19.4 |
% |
|
Pro forma Gross Margin |
|
14.8 |
% |
17.2 |
% |
-2.4 p.p. |
|
18.5 |
% |
17.4 |
% |
1.1 p.p. |
| Pro forma Operating
Expenses |
|
(59,010 |
) |
(49,684 |
) |
18.8 |
% |
|
(173,046 |
) |
(139,097 |
) |
24.4 |
% |
|
% Pro forma Revenue |
|
-12.1 |
% |
-9.2 |
% |
-2.9 |
% |
|
-10.9 |
% |
-9.8 |
% |
-1.1 |
% |
|
Pro forma Adjusted EBITDA |
|
27,013 |
|
50,298 |
|
-46.3 |
% |
|
154,527 |
|
126,955 |
|
21.7 |
% |
|
Pro forma Adjusted EBITDA Margin % |
|
5.6 |
% |
9.3 |
% |
-3.8 p.p. |
|
9.7 |
% |
9.0 |
% |
0.8 p.p. |
|
Pro forma Profit |
|
(74,324 |
) |
19,211 |
|
-486.9 |
% |
|
(19,038 |
) |
57,024 |
|
-133.4 |
% |
|
Pro forma Net Margin % |
|
-15.3 |
% |
3.6 |
% |
-18.8p.p. |
|
-1.2 |
% |
4.0 |
% |
-5.2 p.p. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: (5) Pro Forma financial information is
calculated assuming the acquisitions occurred at the beginning of
the period presented and the prior year (rather than just the
partial “stub period” contribution). Pro Forma Revenues represent
fully combined revenues, which include revenues from
non-controlling minority shareholders.
Full Fiscal Year
20236,7
Guidance
|
Pro forma
Guidance6,7,8 |
Full Year Fiscal 2023 |
|
(US$, Million) |
| Pro forma
Revenue |
1,990 ≤ ∆ ≤ 2,130 |
| Pro forma Adjusted
EBITDA |
172 ≤ ∆ ≤ 178 |
| Pro
forma Adjusted EBITDA Margin % |
8.4% ≤ ∆ ≤ 8.6% |
| |
|
Note: (6) Fiscal year starting on July 1, 2022,
and ending on June 30th, 2023.Note: (7) The amounts in reais
provided by Lavoro have been translated to U.S. dollars for
illustrative purposes only. The exchange rate used was a spot rate
of 5.13 for fiscal year 2023.Note: (8) Pro Forma financial
information is calculated assuming the acquisitions occurred at the
beginning of the period presented and the prior year (rather than
just the partial “stub period” contribution). Pro Forma Revenues
represent fully combined revenues, which include revenues from
non-controlling minority shareholders.
Pro forma guidance represents (i) the pro forma
performance of the Company for FY23 including the full year impact
from closed acquisitions. As previously mentioned, the pro forma
guidance no longer includes contributions from NS Agro given the
delayed completion of the transaction. Excluding the impact of NS
Agro, the company anticipates meeting its previous pro forma
Adjusted EBITDA guidance.
|
Consolidated Guidance – Excluding Future
M&As6,7 |
Full Year Fiscal 2023 |
|
(US$, Million) |
| Consolidated
Revenue |
1,950 ≤ ∆ ≤ 2,050 |
| Consolidated Adjusted
EBITDA |
154 ≤ ∆ ≤ 159 |
|
Consolidated Adjusted EBITDA Margin % |
7.8% ≤ ∆ ≤ 7.9% |
Note: (6) Fiscal year starting on July 1, 2022,
and ending on June 30th, 2023.Note: (7) The amounts in reais
provided by Lavoro have been translated to U.S. dollars for
illustrative purposes only. The exchange rate used was a spot rate
of 5.13 for fiscal year 2023.
The consolidated view accounts for Lavoro’s
fiscal year-to-date consolidated reported results, plus an
expectation for its to be reported fiscal fourth quarter results
(which reflect the lower seasonality inherent in the business). It
accounts for Cromo Química’s expected results for the month of June
2023 (one month of acquisition).
Conference Call Details
The Company will host a conference call and
webcast to review its fiscal third quarter 2023 results on
Thursday, June 1, 2023, at 5:00 pm ET / 6:00 pm BRT.
The live telephonic conference call can be
accessed following registration via this link
https://edge.media-server.com/mmc/p/ox7iv3gg. The webcast link is
also available via:
https://ir.lavoroagro.com/disclosure-and-documents/events/. An
archived replay of the webcast will also be available shortly after
the live event has concluded.
The live audio webcast will be accessible in the
Events section on the Company’s Investor Relations website at
https://ir.lavoroagro.com/disclosure-and-documents/events/.
Non-IFRS Financial Measures
This press release contains certain non-IFRS
financial measures, including Adjusted EBITDA, Adjusted EBITDA
Margin, Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA
Margin. A non-IFRS financial measure is generally defined as a
numerical measure of historical or future financial performance,
financial position, or cash flow that purports to measure financial
performance but excludes or includes amounts that would not be so
adjusted in the most comparable IFRS measure. The Company believes
these non-IFRS financial measures provide meaningful supplemental
information as they are used by the Company’s management to
evaluate the Company’s performance, and provide additional
information about trends in our operating performance prior to
considering the impact of capital structure, depreciation,
amortization and taxation on our results, as well as the effects of
certain items or events that vary widely among similar companies,
and therefore may hamper comparability across periods, although
these measures are not explicitly defined under IFRS. Management
believes that these measures enhance a reader’s understanding of
the operating and financial performance of the Company and
facilitate a better comparison between fiscal periods. Adjusted
EBITDA is defined as profit for the period, adjusted for finance
income (cost), net, income taxes current and deferred, depreciation
and amortization, M&A expenses that in management’s judgment do
not necessarily occur on a regular basis, fair value of inventories
sold from acquired companies, minus gain on bargain purchases, to
provide further meaningful information to evaluate the Company’s
performance. Adjusted EBITDA Margin is calculated as Adjusted
EBITDA as a percentage of revenue for the period. Pro Forma
Adjusted EBITDA is defined as pro forma profit for the period,
adjusted for pro forma finance income (costs), net, pro forma
income taxes current and deferred, pro forma depreciation and
amortization, fair value on inventories sold from acquired
companies, and M&A expenses that in management’s judgment do
not necessarily occur on a regular basis, minus gain on bargain
purchases. Pro Forma Adjusted EBITDA Margin is calculated as Pro
Forma Adjusted EBITDA as a percentage of pro forma revenue for the
period.
The Company does not intend for the non-IFRS
financial measures contained in this release to be a substitute for
any IFRS financial information. Readers of this press release
should use these non-IFRS financial measures only in conjunction
with comparable IFRS financial measures. Reconciliations of the
non-IFRS financial measures, Adjusted EBITDA, and Pro Forma
Adjusted EBITDA, to their most comparable IFRS measures, are
provided in the table below.
|
Reconciliation of Adjusted EBITDA and Adjusted EBITDA Pro
forma9,10 |
| |
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA(US$,
Million) |
|
3Q23 |
3Q22 |
Chg. % |
|
9M23 |
9M22 |
Chg. % |
|
Net Profit/Loss for the Period |
|
(74,313 |
) |
14,467 |
|
-613.7 |
% |
|
(24,331 |
) |
44,194 |
|
-155.1 |
% |
|
(+) Finance income (costs) |
|
29,365 |
|
16,356 |
|
79.5 |
% |
|
91,071 |
|
25,353 |
|
259.2 |
% |
|
(+) Income taxes current and deferred |
|
(5,631 |
) |
6,482 |
|
-186.9 |
% |
|
(13,391 |
) |
19,144 |
|
-170.0 |
% |
|
(+) Depreciation and amortization |
|
6,837 |
|
5,453 |
|
25.4 |
% |
|
19,733 |
|
16,263 |
|
21.3 |
% |
|
(+) Fair value of inventories sold from acquired companies |
|
1,974 |
|
1,304 |
|
51.4 |
% |
|
4,542 |
|
4,150 |
|
9.4 |
% |
|
(+) M&A expenses11 |
|
406 |
|
609 |
|
-33.4 |
% |
|
1,419 |
|
1,774 |
|
-20.0 |
% |
|
(-) Gain on bargain purchases12 |
|
- |
|
- |
|
- |
|
|
- |
|
(3,285 |
) |
-100.0 |
% |
|
(+) Nasdaq Listing expenses¹³ |
|
61,531 |
|
- |
|
100.0 |
% |
|
61,531 |
|
- |
|
100.0 |
% |
|
(+) Stock Option Plan |
|
103 |
|
- |
|
100.0 |
% |
|
2,397 |
|
- |
|
100.0 |
% |
|
(+) SPAC bonus |
|
4,954 |
|
- |
|
100.0 |
% |
|
4,954 |
|
- |
|
100.0 |
% |
|
Adjusted EBITDA |
|
25,224 |
|
44,671 |
|
-43.5 |
% |
|
147,923 |
|
107,594 |
|
37.5 |
% |
|
(/) Revenue |
|
486,414 |
|
499,347 |
|
-2.6 |
% |
|
1,529,300 |
|
1,220,133 |
|
25.3 |
% |
|
Adjusted EBITDA margin % |
|
5.2 |
% |
8.9 |
% |
-3.8 p.p. |
|
9.7 |
% |
8.8 |
% |
0.9 p.p. |
|
Reconciliation of Pro forma Adjusted
EBITDA(US$ Million) |
|
3Q23 |
3Q22 |
Chg. % |
|
9M23 |
9M22 |
Chg. % |
|
Pro forma Net Profit/Loss for the Period |
|
(74,324 |
) |
19,211 |
|
-486.9 |
% |
|
(19,038 |
) |
57,024 |
|
-133.4 |
% |
|
(+) Pro forma finance income (costs), net |
|
31,313 |
|
16,613 |
|
88.5 |
% |
|
91,494 |
|
29,296 |
|
212.3 |
% |
|
(+) Pro forma income taxes current and deferred |
|
(5,631 |
) |
6,956 |
|
-180.9 |
% |
|
(12,567 |
) |
21,263 |
|
-159.1 |
% |
|
(+) Pro forma depreciation and amortization |
|
6,689 |
|
5,605 |
|
19.3 |
% |
|
19,796 |
|
16,733 |
|
18.3 |
% |
|
(+) M&A expenses¹¹ |
|
406 |
|
609 |
|
-33.4 |
% |
|
1,419 |
|
1,774 |
|
-20.0 |
% |
|
(+) Fair value of inventories sold from acquired companies |
|
1,974 |
|
1,304 |
|
51.4 |
% |
|
4,542 |
|
4,150 |
|
9.4 |
% |
|
(-) Gain on bargain purchases12 |
|
- |
|
- |
|
- |
|
|
- |
|
(3,285 |
) |
-100.0 |
% |
|
(+) Listing expenses¹³ |
|
61,531 |
|
- |
|
100.0 |
% |
|
61,531 |
|
- |
|
- |
|
|
(+) Stock Option |
|
103 |
|
|
100.0 |
% |
|
2,397 |
|
|
100.0 |
% |
|
(+) SPAC bonuses |
|
4,954 |
|
|
100.0 |
% |
|
4,954 |
|
|
100.0 |
% |
|
Pro forma Adjusted EBITDA |
|
27,013 |
|
50,298 |
|
-46.3 |
% |
|
154,527 |
|
126,955 |
|
21.7 |
% |
|
(/) Pro forma revenue |
|
486,415 |
|
539,075 |
|
-9.8 |
% |
|
1,590,606 |
|
1,418,471 |
|
12.1 |
% |
|
Pro forma Adjusted EBITDA margin % |
|
5.6 |
% |
9.3 |
% |
-3.8 p.p. |
|
9.7 |
% |
9.0 |
% |
0.8 p.p. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: (9) The amounts in reais provided by
Lavoro have been translated to U.S. dollars for illustrative
purposes only. The average exchange rate for the third quarter of
2023 (January to March 2023) was BRL 5.1934 to US$1.00, and for the
third quarter of 2022 (January to March 2022) it was BRL 5.2264 to
US$1.00. The exchange rate for the six months ended on December 31,
2022, was BRL 5.279 to US$1.00, based on the FX rate on the last
day of the period. The exchange rate for the six months ended on
December 31, 2021, was BRL 5.5700 to US$L1.00, based on the FX rate
on the last day of the period. Source: Refinitiv.Note: (10) Pro
Forma financial information is calculated assuming the acquisitions
occurred at the beginning of the period presented and the prior
year (rather than just the partial “stub period” contribution). Pro
Forma Revenues represent fully combined revenues, which include
revenues from non-controlling minority shareholders.Note: (11)
M&A expenses primarily include M&A accounting and tax due
diligence expenses.Note: (12) Difference between the fair value of
the Union Agro’s net assets and the price paid by the Company,
recorded as a gain.Note: (13) Represents expenses related to the
business combination with TPB Acquisition Corp I.
|
Reconciliation of Adjusted Profit (Loss)
14 |
| |
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Profit/Loss(US$
Million) |
|
3Q23 |
3Q22 |
Chg. % |
|
9M23 |
9M22 |
Chg. % |
|
Profit/Loss for the Period |
|
(74,313 |
) |
14,467 |
|
-613.7 |
% |
|
(24,331 |
) |
44,194 |
|
-155.1 |
% |
|
(+) M&A expenses15 |
|
406 |
|
609 |
|
-33.4 |
% |
|
1,419 |
|
1,774 |
|
-20.0 |
% |
|
(-) Gain on bargain purchases16 |
|
- |
|
- |
|
- |
|
|
- |
|
(3,285 |
) |
-100.0 |
% |
|
(+) Nasdaq Listing expenses17 |
|
61,531 |
|
- |
|
100.0 |
% |
|
61,531 |
|
- |
|
100.0 |
% |
|
(+) Stock Option Plan |
|
103 |
|
- |
|
100.0 |
% |
|
2,397 |
|
- |
|
100.0 |
% |
|
(+) SPAC bonus |
|
4,954 |
|
- |
|
100.0 |
% |
|
4,954 |
|
- |
|
100.0 |
% |
|
Adjusted Net Profit/Loss |
|
(7,320 |
) |
15,076 |
|
-148.6 |
% |
|
45,969 |
|
42,683 |
|
7.7 |
% |
|
(/) Revenue |
|
486,415 |
|
539,075 |
|
-9.8 |
% |
|
1,590,606 |
|
1,418,471 |
|
12.1 |
% |
|
Adjusted Net Profit/Loss margin % |
|
-1.5 |
% |
3.0 |
% |
-4.5 p.p. |
|
3.0 |
% |
3.5 |
% |
-0.5 p.p. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: (14) The amounts in reais provided by
Lavoro have been translated to U.S. dollars for illustrative
purposes only. The average exchange rate for the third quarter of
2023 (January to March 2023) was BRL 5.1934 to US$1.00, and for the
third quarter of 2022 (January to March 2022) it was BRL 5.2264 to
US$1.00. The exchange rate for the six months ended on December 31,
2022, was BRL 5.279 to US$1.00, based on the FX rate on the last
day of the period. The exchange rate for the six months ended on
December 31, 2021, was BRL 5.5700 to US$L1.00, based on the FX rate
on the last day of the period. Source: Refinitiv.Note: (15) M&A
expenses primarily include M&A accounting and tax due diligence
expenses.Note: (16) Difference between the fair value of the Union
Agro’s net assets and the price paid by the Company, recorded as a
gain.Note: (17) Represents expenses related to the business
combination with TPB Acquisition Corp I.
About Lavoro
Lavoro is Brazil’s largest agricultural inputs
retailer and the first in Latin America to be listed on the Nasdaq
Stock Market under the “LVRO” and “LVROW” tickers. Through a
comprehensive portfolio of products and services, the company
empowers farmers to adopt breakthrough technology and boost
productivity. Founded in 2017, Lavoro has a broad geographical
presence, operating in Brazil, Colombia, and Uruguay, serving about
72,000 customers, through its physical presence, in more than 210
stores distributed in Latin America and with a team of over 1,000
technical sales consultants, and digital, with its marketplace
Learn more about Lavoro at ir.lavoroagro.com.
Reportable Segments
Lavoro’s reportable segments are the
following:
Brazil Cluster: comprises companies dedicated to
the distribution of agricultural inputs such as crop protection,
seeds, fertilizers, and specialty products, in Brazil.
LatAm Cluster: includes companies dedicated to
the distribution of agricultural inputs outside Brazil (currently
primarily in Colombia).
Crop Care Cluster: includes companies that
produce and import our own portfolio of private label products
including specialty products (e.g., biologicals and specialty
fertilizers) and off-patent crop protection.
Lavoro’s Fiscal Year
Lavoro follows the crop year, which means that
its fiscal year comprises July 1st of each year, until June 30th of
the following year. Given this, Lavoro’s quarters have the
following format:
1Q – quarter starting on July 1 and ending on
September 30.2Q – quarter starting on October 1 and ending on
December 31.3Q – quarter starting on January 1 and ending on March
31.4Q – quarter starting on April 1 and ending on June 30.
Definitions
RTVs: refer to Lavoro’s technical sales
representatives (Representante Técnico de Vendas), who are linked
to its retail stores, and who develop commercial relationships with
farmers.
Forward-Looking Statements
The contents of any website mentioned or
hyperlinked in this press release are for informational purposes
and the contents thereof are not part of or incorporated into this
press release.
Certain statements made in this press release
are “forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “aims,” “estimate,” “plan,”
“project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding the
expectations regarding the growth of Lavoro’s business and its
ability to realize expected results, grow revenue from existing
customers, and consummate acquisitions; opportunities, trends, and
developments in the agricultural input industry, including with
respect to future financial performance in the industry. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
any investor as, a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Lavoro.
These forward-looking statements are subject to
a number of risks and uncertainties, including but not limited to,
the outcome of any legal proceedings that may be instituted against
Lavoro related to the business combination agreement or the
transaction; the ability to maintain the listing of Lavoro’s
securities on Nasdaq; the price of Lavoro’s securities may be
volatile due to a variety of factors, including changes in the
competitive and regulated industries in which Lavoro operates,
variations in operating performance across competitors, changes in
laws and regulations affecting Lavoro’s business; Lavoro’s
inability to meet or exceed its financial projections and changes
in the consolidated capital structure; changes in general economic
conditions, including as a result of the COVID-19 pandemic; the
ability to implement business plans, forecasts, and other
expectations, changes in domestic and foreign business, market,
financial, political and legal conditions; the outcome of any
potential litigation, government and regulatory proceedings,
investigations and inquiries; costs related to the business
combination and being a public company and other risks and
uncertainties indicated from time to time in the proxy
statement/prospectus filed by Lavoro relating to the business
combination or in the future, including those under “Risk Factors”
therein, and in TPB Acquisition Corp.’s or Lavoro’s other filings
with the SEC. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that Lavoro currently believes are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements.
In addition, forward-looking statements reflect
Lavoro’s expectations, plans, or forecasts of future events and
views as of the date of this press release. Lavoro anticipates that
subsequent events and developments will cause Lavoro’s assessments
to change. However, while Lavoro may elect to update these
forward-looking statements at some point in the future, Lavoro
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lavoro’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
|
|
|
Interim condensed consolidated statement of financial
position As of(In thousands of
Brazilian reais - R$, except if otherwise indicated) |
|
|
|
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
| |
|
Unaudited |
|
|
Audited |
|
| Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash equivalents |
|
739,085 |
|
|
254,413 |
|
|
Trade receivables |
|
4,679,529 |
|
|
1,794,602 |
|
|
Inventories |
|
2,133,367 |
|
|
1,749,041 |
|
|
Taxes recoverable |
|
132,370 |
|
|
93,725 |
|
|
Derivative financial instruments |
|
101,471 |
|
|
7,677 |
|
|
Commodity forward contracts |
|
62,463 |
|
|
32,800 |
|
|
Advances to suppliers |
|
222,064 |
|
|
383,257 |
|
|
Other assets |
|
58,750 |
|
|
60,165 |
|
| |
|
|
|
|
|
|
| Total current
assets |
|
8,129,099 |
|
|
4,375,680 |
|
| |
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
|
Restricted cash |
|
147,003 |
|
|
1,344 |
|
|
Trade receivables |
|
60,920 |
|
|
39,751 |
|
|
Other assets |
|
230 |
|
|
2,473 |
|
|
Judicial deposits |
|
8,723 |
|
|
3,887 |
|
|
Right-of-use assets |
|
163,297 |
|
|
140,179 |
|
|
Taxes recoverable |
|
127,956 |
|
|
50,937 |
|
|
Deferred tax assets |
|
285,174 |
|
|
200,986 |
|
|
Property, plant and equipment |
|
175,747 |
|
|
146,205 |
|
|
Intangible assets |
|
796,757 |
|
|
724,321 |
|
| |
|
|
|
|
|
|
| Total non-current assets |
|
1,765,807 |
|
|
1,310,083 |
|
| |
|
|
|
|
|
|
| Total assets |
|
9,894,906 |
|
|
5,685,763 |
|
|
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
| |
|
Unaudited |
|
|
Audited |
|
| Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade payables |
|
4,590,284 |
|
|
2,301,700 |
|
|
Trade payables – Supplier finance |
|
4,918 |
|
|
- |
|
|
Lease liabilities |
|
88,463 |
|
|
69,226 |
|
|
Borrowings |
|
1,334,690 |
|
|
681,217 |
|
|
Obligations to FIAGRO quota holders |
|
147,119 |
|
|
- |
|
|
Payables for the acquisition of subsidiaries |
|
211,517 |
|
|
111,684 |
|
|
Derivative financial instruments |
|
24,552 |
|
|
7,121 |
|
|
Commodity forward contracts |
|
144,111 |
|
|
27,038 |
|
|
Salaries and social charges |
|
215,094 |
|
|
187,285 |
|
|
Taxes payable |
|
60,699 |
|
|
34,216 |
|
|
Dividends payable |
|
411 |
|
|
411 |
|
|
Advances from customers |
|
342,841 |
|
|
320,560 |
|
|
Other liabilities |
|
123,565 |
|
|
95,893 |
|
| |
|
|
|
|
|
| Total current liabilities |
|
7,288,264 |
|
|
3,836,351 |
|
| |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Trade payables |
|
2,709 |
|
|
- |
|
|
Lease liabilities |
|
91,805 |
|
|
86,027 |
|
|
Borrowings |
|
70,512 |
|
|
29,335 |
|
|
Payables for the acquisition of subsidiaries |
|
43,485 |
|
|
52,747 |
|
|
Provision for contingencies |
|
9,856 |
|
|
2,966 |
|
|
Warrant liabilities |
|
32,459 |
|
|
- |
|
|
Liability for FPA Shares |
|
146,674 |
|
|
- |
|
|
Other liabilities |
|
- |
|
|
1,119 |
|
|
Taxes payable |
|
650 |
|
|
- |
|
|
Deferred tax liabilities |
|
11,519 |
|
|
7,491 |
|
| |
|
|
|
|
|
| Total non-current
liabilities |
|
409,669 |
|
|
179,685 |
|
| |
|
|
|
|
|
| Equity / Net investment |
|
|
|
|
|
|
Net investment from the parent |
|
|
|
1,451,647 |
|
|
Share Capital |
|
591 |
|
|
- |
|
|
Additional Paid-in Capital |
|
2,155,391 |
|
|
- |
|
|
Capital reserve |
|
12,647 |
|
|
- |
|
|
Other comprehensive loss |
|
(45,171 |
) |
|
- |
|
|
Accumulated losses |
|
(178,237 |
) |
|
- |
|
| Equity attributable to
shareholders of the Parent Company / Parent Company's Net
investment |
|
1,945,221 |
|
|
1,451,647 |
|
| Non-controlling interests |
|
251,752 |
|
|
218,080 |
|
| Total equity / net
investment |
|
2,196,973 |
|
|
1,669,727 |
|
| |
|
|
|
|
|
| Total liabilities and equity /
net investment |
|
9,894,906 |
|
|
5,685,763 |
|
| |
|
Interim condensed consolidated statement of profit or loss
(In thousands of Brazilian reais - R$, except if otherwise
indicated) |
| |
| |
|
|
Three-month period endedMarch 31, |
|
|
Nine-month period endedMarch 31, |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
|
Unaudited |
|
|
Unaudited |
|
| |
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
2,526,155 |
|
|
2,609,800 |
|
|
8,032,330 |
|
|
6,624,581 |
|
| Cost of goods sold |
|
|
(2,152,758 |
) |
|
(2,166,538 |
) |
|
(6,533,610 |
) |
|
(5,481,228 |
) |
| |
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
373,397 |
|
|
443,262 |
|
|
1,498,720 |
|
|
1,143,353 |
|
| |
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
Sales, general and administrative expenses |
|
|
(303,900 |
) |
|
(232,096 |
) |
|
(912,221 |
) |
|
(697,163 |
) |
|
Other operating (expenses) income, net |
|
|
(332,235 |
) |
|
(16,195 |
) |
|
(300,525 |
) |
|
35,001 |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating (loss) profit |
|
|
(262,738 |
) |
|
194,971 |
|
|
285,974 |
|
|
481,191 |
|
| |
|
|
|
|
|
|
|
|
|
| Finance Income (costs) |
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
167,112 |
|
|
141,896 |
|
|
324,354 |
|
|
342,312 |
|
|
Finance costs |
|
|
(319,618 |
) |
|
(227,378 |
) |
|
(802,654 |
) |
|
(477,909 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Profit (loss) before income
taxes |
|
|
(415,244 |
) |
|
109,489 |
|
|
(192,326 |
) |
|
345,594 |
|
|
|
|
|
|
|
|
|
|
|
|
| Income taxes |
|
|
|
|
|
|
|
|
|
|
Current |
|
|
(3,618 |
) |
|
(29,171 |
) |
|
(17,921 |
) |
|
(117,836 |
) |
|
Deferred |
|
|
32,864 |
|
|
(4,707 |
) |
|
88,138 |
|
|
13,432 |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit (loss) for the
period |
|
|
(385,998 |
) |
|
75,611 |
|
|
(122,109 |
) |
|
241,190 |
|
| |
|
|
|
|
|
|
|
|
|
| Attributable to: |
|
|
|
|
|
|
|
|
|
|
Net investment of the parent/ Equity holders of the parent |
|
|
(387,547 |
) |
|
66,604 |
|
|
(178,237 |
) |
|
187,643 |
|
|
Non-controlling interests |
|
|
1,549 |
|
|
9,007 |
|
|
56,128 |
|
|
53,547 |
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
Basic, profit (loss) for the period attributable to net investment
of the parent/ equity holders of the parent |
|
|
(3.41 |
) |
|
0.58 |
|
|
(1.57 |
) |
|
1.65 |
|
|
Diluted, profit (loss) for the period attributable to net
investment of the parent/ equity holders of the parent |
|
|
(3.41 |
) |
|
0.58 |
|
|
(1.57 |
) |
|
1.65 |
|
| |
|
Interim condensed consolidated statement of cash
flows (In thousands of Brazilian reais - R$, except if
otherwise indicated) |
| |
|
|
|
2023 |
|
|
2022 |
|
| |
|
Unaudited |
|
|
Unaudited |
|
| |
|
|
|
|
| Operating activities: |
|
|
|
|
| Profit (loss) before income
taxes |
|
(192,327 |
) |
|
345,594 |
|
| Adjustments to reconcile
profit (loss) for the period to net cash flow: |
|
|
|
|
|
Allowance for expected credit losses |
|
39,442 |
|
|
24,066 |
|
|
Listing expense |
|
319,554 |
|
|
- |
|
|
Foreign exchange differences |
|
17,988 |
|
|
(22,184 |
) |
|
Accrued interest expenses |
|
678,894 |
|
|
433,726 |
|
|
Interest arising from revenue contracts |
|
(229,681 |
) |
|
(312,913 |
) |
|
Loss (gain) on derivatives |
|
(68,278 |
) |
|
35,450 |
|
|
Other finance loss, net |
|
17,528 |
|
|
6,675 |
|
|
Fair value on commodity forward contracts |
|
80,964 |
|
|
2,056 |
|
|
Amortization of intangibles |
|
52,921 |
|
|
43,580 |
|
|
Amortization of right-of-use assets |
|
38,160 |
|
|
38,284 |
|
|
Depreciation |
|
12,512 |
|
|
6,850 |
|
|
Losses and damages of inventories |
|
11,061 |
|
|
8,920 |
|
|
Share-based payment expense |
|
12,647 |
|
|
- |
|
|
Others |
|
(3,533 |
) |
|
(4,688 |
) |
| |
|
|
|
|
| Changes in operating assets
and liabilities: |
|
|
|
|
| Assets |
|
|
|
|
|
Trade receivables |
|
(2,592,910 |
) |
|
(1,992,828 |
) |
|
Inventories |
|
(200,666 |
) |
|
(530,739 |
) |
|
Advances to suppliers |
|
161,193 |
|
|
271,725 |
|
|
Taxes recoverable |
|
(115,664 |
) |
|
(33,791 |
) |
|
Other receivables |
|
(77,216 |
) |
|
(12,682 |
) |
| Liabilities |
|
|
|
|
|
Trade payables |
|
1,764,935 |
|
|
1,949,259 |
|
|
Advances from customers |
|
(38,834 |
) |
|
(380,324 |
) |
|
Derivative financial instruments |
|
(8,085 |
) |
|
(2,850 |
) |
|
Salaries and social charges |
|
27,809 |
|
|
59,416 |
|
|
Taxes payable |
|
41,250 |
|
|
5,408 |
|
|
Other payables |
|
14,204 |
|
|
(85,489 |
) |
| |
|
|
|
|
| Interest paid on
borrowings |
|
(76,159 |
) |
|
(19,888 |
) |
| Interest paid on trade
payables, acquisition of subsidiary and lease liabilities |
|
(151,026 |
) |
|
(263,133 |
) |
| Interest received from revenue
contracts |
|
94,131 |
|
|
214,534 |
|
| Income taxes paid |
|
(28,173 |
) |
|
(101,182 |
) |
| |
|
|
|
|
| Net cash flows used in
operating activities |
|
(397,359 |
) |
|
(317,148 |
) |
| |
|
|
|
|
|
|
| Investing activities: |
|
|
|
|
|
|
|
Acquisition of subsidiary, net of cash acquired |
|
(121,410 |
) |
|
(123,566 |
) |
|
Acquisition of non-controlling interests |
|
(87,500 |
) |
|
- |
|
|
Additions to property, plant and equipment and intangible
assets |
|
(52,540 |
) |
|
(34,389 |
) |
|
Proceeds from the sale of property, plant and equipment |
|
1,289 |
|
|
- |
|
| |
|
|
|
|
|
|
| Net cash flows used in
investing activities |
|
(260,161 |
) |
|
(157,955 |
) |
| |
|
|
|
|
|
|
| Financing activities: |
|
|
|
|
|
|
|
Proceeds from borrowings |
|
1,142,491 |
|
|
377,766 |
|
|
Repayment of borrowings |
|
(624,453 |
) |
|
(212,321 |
) |
|
Payment of principal portion of lease liabilities |
|
(36,262 |
) |
|
(31,166 |
) |
|
Proceeds from FIAGRO quota holders, net of transaction costs |
|
147,119 |
|
|
- |
|
|
Trade payables – Supplier finance |
|
4,918 |
|
|
- |
|
|
Dividend payments |
|
(3,485 |
) |
|
(3,376 |
) |
|
Proceeds from SPAC merger |
|
463,909 |
|
|
- |
|
|
Capital contributions |
|
60,880 |
|
|
191,895 |
|
| |
|
|
|
|
|
|
| Net cash flows provided by
financing activities |
|
1,155,117 |
|
|
322,798 |
|
|
|
|
|
|
|
|
|
| Net increase (decrease) in
cash equivalents |
|
497,597 |
|
|
(152,305 |
) |
| Net foreign exchange
difference |
|
(12,924 |
) |
|
(427 |
) |
|
|
|
|
|
|
|
|
| Cash equivalents at July
1 |
|
254,413 |
|
|
459,458 |
|
| |
|
|
|
|
|
|
| Cash equivalents at March
31 |
|
739,085 |
|
|
306,726 |
|
Contact
Julian Garridojulian.garrido@lavoroagro.com
Fernanda Rosafernanda.rosa@lavoroagro.com
Lavoro (NASDAQ:LVRO)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Lavoro (NASDAQ:LVRO)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
