Sign In  |  Register  |  About Santa Clara  |  Contact Us

Santa Clara, CA
September 01, 2020 1:39pm
7-Day Forecast | Traffic
  • Search Hotels in Santa Clara

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Lavoro Reports Fiscal Third Quarter 2024 Earnings Results¹

  • 3Q24 revenue grew 6% to $514.2 million. Growth was driven by continued market share gains and volume growth, which mitigated ongoing deflation in input prices throughout Brazil and Colombia.
  • Gross profit decreased -16% to $60.2 million. Gross margins narrowed by -310 basis points to 11.7%, primarily due to the ongoing input price deflation and a less favorable sales mix resulting from a greater proportion of low margin Grain revenue.
  • The Crop Care segment remained a strong performer, with revenue rising 30% to $22.1 million and gross profit up 14% to $9.1 million, mainly fueled by robust growth in biological products.
  • Net loss for 3Q24 narrowed to $64.8 million from a loss of $74.3 million in the prior year quarter. This improvement reflects the absence of last year's Nasdaq listing non-recurring expenses, partially offset by lower gross profit, increased finance costs, and higher income taxes.
  • Adjusted EBITDA for the quarter was $3.7 million, compared to $24.8 million in the prior year period, resulting from lower gross profit, and higher operating expenses. Adjusted net loss was $62.7 million, compared to adjusted net loss of $7.9 million last year, with the variation reflecting lower gross profit, increased financial costs and income taxes.
  • In light of more challenging market conditions than anticipated, Lavoro has updated its FY2024 guidance.

SÃO PAULO, Brazil, June 03, 2024 (GLOBE NEWSWIRE) -- Lavoro Limited (Nasdaq: LVRO, LVROW), the first U.S.-listed pure-play agricultural inputs retailer in Latin America, today announced its financial results for the fiscal third quarter of 2024, which ended on March 31, 2024.

Ruy Cunha, CEO of Lavoro, commented, “Farmer profitability, a fundamental driver for our industry, is expected to improve in the upcoming 2024/2025 crop year. However, in the near term, we continue to observe farmers’ behavior in Brazil remaining more risk-averse, which is translating to postponement of purchasing decisions closer to need. This is resulting in the current industry bookings curve of purchase orders for the upcoming crop year being even further delayed as compared to the same time last year. Consequently, a portion of products that we projected to ship in 4Q24 are being pushed to next year, adversely impacting our results in the quarter ahead.”

“In addition, the combined effects of El Nino on farmer profitability in key ag producing states, coupled with the weakness in grain commodity prices is prompting farmers to postpone the sale of their stored grains, and has led to widespread delays in farmer repayments to retailers across the industry. While our stringent credit standards and industry-leading average client creditworthiness have shielded us from meaningful surprises, we opted to comply to requests for short-term payment term extensions for a number of our long-standing profitable clients. We did so to further these long-term relationships, and drive greater wallet share over time. However, our prudent credit approval policy compels us to wait for these clients to repay us before shipping them additional products on credit, and as a result of these decisions, we expect an adverse impact to our 4Q24 results compared to our prior expectations.”

Mr. Cunha concluded. “Our view remains that the secular fundamentals for Brazil farmers remain intact and that these short-term deflationary headwinds and climate events will dissipate leading to a resumption of growth. We remain focused on controlling what we can control, improving our commercial efficiency, bolstering our technical sales team, and positioning ourselves to capture additional value as the market recovers. Our year-to-date results continue to demonstrate our ability to counteract these severe pricing and climate-driven market headwinds in Brazil via our ability to drive market share gains and generate volume growth. Notably, our Brazil Ag Retail segment Inputs revenue decreased by -4% in Brazilian reais terms during this period, contrasting with an estimated decrease of over 25% for the total retail inputs market. In addition, our proactive efforts to recruit seasoned agronomists who are bringing in new clients to our platform continues to be fruitful, with an additional $35 million in future net sales potential from new hires in the quarter, pushing our total for the year to over $150 million. Finally, our Crop Care segment continues to excel, particularly considering the challenging environment for specialty products this year, with year-to-date revenue and gross profit growth of 18% and 9%, respectively.”

FY3Q24 Financial Highlights

  • Consolidated revenue for Lavoro in 3Q24 increased by 6% year-over-year (y/y) to $514.2 million, compared to the prior year period, with positive y/y contributions from all three operating segments. Grains revenue associated with our barter operations, grew +61% to $87.5 million, while Inputs revenue declined -1% y/y to $426.7 million, as robust volume growth, contribution from recent M&A and currency tailwinds, continued to be offset by the deflationary headwinds from input price declines.
  • Brazil Ag Retail segment revenue grew by 5% to $450.0 million in 3Q24, reflecting market share gains, robust volume growth across all categories, the impact from the acquisitions of Referencia and Coram, which collectively contributed 5% to 3Q24 segment revenue, and a 5% currency tailwind from translating our results to USD. Latam Ag Retail segment saw a 5% increase in revenue to $50.5 million, driven by strength in fertilizer and specialty product sales volumes, as well as the appreciation of the Colombian peso. Crop Care revenue increased by 30% to $22.1 million, led by the strong performance of biologicals where revenues grew +53%, in addition to the benefit of newly acquired Cromo Química, which contributed 5% to segment revenue in the quarter.
  • Consolidated gross profit decreased by -16% to $60.2 million in 3Q24, as gross margins contracted by -310 bps y/y to 11.7%, driven by an increased mix of Grains revenue, the impact of inputs price deflationary environment across all segments, and increased freight expenses as % of revenue.
  • Gross profit as % of Inputs revenue declined -250 bps y/y to 14.1% in 3Q24, a sequential improvement from -350 bps in 2Q24 and -820bps in 1Q24. Similarly, the contraction in Gross Margins (Inputs) in 3Q24 was driven by the inputs price declines, and headwinds from increased in freight rates (-60 bps y/y impact).
  • Net loss for 3Q24 was $64.8 million, compared to a net loss of $74.3 million in the prior year period. The $9.5 million year-over-year positive improvement reflects the absence of a one-time Nasdaq listing expense incurred in 3Q23 (+$61.5 million impact relative to prior year quarter), partly offset by (i) a decrease in gross profit (-$11.7 million), (ii) an increase in SG&A (-$12.0 million), led by higher D&A expenses (-$2.9 million) and an increased allowance for expected credit losses (-$4.3 million), (iii) higher total financial costs (-$20.4 million) led by a loss on fair value of commodity forward contracts & derivatives (-$4.9 million) and foreign exchange differences ($6.4 million), and (iv) an increase in income tax expenses (-$11.3 million).
  • Adjusted EBITDA2 was $3.7 million in 3Q24 compared to $24.8 million in the prior year period, with Adjusted EBITDA margin contracting by -440 bps to 0.7%, reflecting the gross margin compression detailed above, along with a 150 bps y/y increase in the SG&A (excluding D&A) as a percentage of revenue.
  • Adjusted Net Loss2 was $62.7 million in 3Q24, compared to $7.9 million in the prior year period, driven by the items detailed above, and lower non-recurring expense items2.
Consolidated Results (USD) 3Q23 3Q24 Chg. % 9M23 9M24 Chg. %
(in millions of US dollars)        
         
Revenue by Segment 486.4  514.2  6 % 1,534.9  1,616.0  5 %
Brazil Ag Retail 426.5 450.0 5% 1,309.6 1,390.5 6%
Latam Ag Retail 48.2 50.5 5% 172.0 172.6 0%
Crop Care 17.1 22.1 30% 110.7 130.6 18%
Intercompany eliminations3 (5.4)(8.4)  (57.4)(77.8) 
         
Revenue by Category 486.4  514.2  6 % 1,534.9  1,616.0  5 %
Inputs revenue 432.2 426.7 (1%) 1,453.1 1,474.1 1%
Grains revenue 54.2 87.5 61% 81.9 141.8 73%
         
Gross Profit 71.9  60.2  (16%) 286.3  222.7  (22%)
Brazil Ag Retail 51.6 43.5 (16%) 220.7 152.4 (31%)
Latam Ag Retail 7.6 7.3 (4%) 28.6 26.4 (8%)
Crop Care 8.0 9.1 14% 46.1 50.3 9%
Intercompany elim. 4.7 0.3   (9.0)(6.4) 
         
Gross Margin 14.8 %11.7 %-310 bps 18.7 %13.8 %-490 bps
Brazil Ag Retail 12.1%9.7%-240 bps 16.9%11.0%-590 bps
Latam Ag Retail 15.8%14.4%-130 bps 16.7%15.3%-140 bps
Crop Care 46.8%41.2%-550 bps 41.6%38.5%-310 bps
         
Gross Margin (% of Inputs revenue) 16.6 %14.1 %-250 bps 19.7 %15.1 %-460 bps
Brazil Ag Retail 13.9%12.0%-190 bps 17.9%12.1%-570 bps
Latam Ag Retail 15.8%14.6%-120 bps 17.3%16.0%-130 bps
Crop Care 46.8%41.2%-550 bps 41.6%38.5%-310 bps
         
SG&A (excl. D&A) (50.1)(60.8)21% (150.2)(185.8)24%
Other operating income (expense) (64.0)0.4   (57.9)4.8  
EBITDA (42.2)(0.2)  78.1  41.8   
(+) Adjustment items 66.9 3.9   70.7 13.3  
Adjusted EBITDA 24.8  3.7  (85%) 148.8  55.1  (63%)
Brazil Ag Retail 17.2 1.4 (92%) 114.6 32.2 (72%)
Latam Ag Retail 2.7 0.9 (66%) 14.3 8.7 (39%)
Crop Care 0.5 1.9 268% 27.3 23.6 (13%)
Corporate & Intercompany elim. 4.3 (0.5)  (9.4)(9.7) 
         
Adjusted EBITDA Margin % 5.1%0.7%-440 bps 9.7%3.4%-630 bps
Adjusted EBITDA Margin (% of Inputs) 5.7%0.9%-490 bps 10.2%3.7%-650 bps
         
Share of profit of an associate - 0.5   - 0.2  
D&A (incl. PPA amortization)4 (8.4)(9.8)16% (24.1)(27.0)12%
Finance income (costs) (29.4)(49.7)69% (91.4)(113.0)24%
Income taxes, current and deferred 5.6 (5.6)  13.4 20.6  
Net profit (loss) (74.3)(64.8)n.m.  (23.9)(77.5)n.m. 
(+) Adjustment items 68.9 3.3   75.2 13.2  
(+) Income tax impact of adjustments (2.5)(1.1)  (4.7)(4.5) 
Adjusted net profit (loss) (7.9)(62.7)691 % 46.7  (68.8)n.m. 
         


Consolidated Results (BRL) 3Q23 3Q24 Chg. % 9M23 9M24 Chg. %
(in millions of Brazilian reais)        
         
Revenue by Segment 486.4  514.2  6 % 1,534.9  1,616.0  5 %
Brazil Ag Retail 426.5 450.0 5% 1,309.6 1,390.5 6%
Latam Ag Retail 48.2 50.5 5% 172.0 172.6 0%
Crop Care 17.1 22.1 30% 110.7 130.6 18%
Intercompany eliminations (5.4)(8.4)  (57.4)(77.8) 
         
Revenue by Category 486.4  514.2  6 % 1,534.9  1,616.0  5 %
Inputs revenue 432.2 426.7 (1%) 1,453.1 1,474.1 1%
Grains revenue 54.2 87.5 61% 81.9 141.8 73%
         
Gross Profit 71.9  60.2  (16%) 286.3  222.7  (22%)
Brazil Ag Retail 51.6 43.5 (16%) 220.7 152.4 (31%)
Latam Ag Retail 7.6 7.3 (4%) 28.6 26.4 (8%)
Crop Care 8.0 9.1 14% 46.1 50.3 9%
Intercompany elim. 4.7 0.3   (9.0)(6.4) 
         
Gross Margin 14.8 %11.7 %-310 bps 18.7 %13.8 %-490 bps
Brazil Ag Retail 12.1%9.7%-240 bps 16.9%11.0%-590 bps
Latam Ag Retail 15.8%14.4%-130 bps 16.7%15.3%-140 bps
Crop Care 46.8%41.2%-550 bps 41.6%38.5%-310 bps
         
Gross Margin (% of Inputs revenue) 16.6 %14.1 %-250 bps 19.7 %15.1 %-460 bps
Brazil Ag Retail 13.9%12.0%-190 bps 17.9%12.1%-570 bps
Latam Ag Retail 15.8%14.6%-120 bps 17.3%16.0%-130 bps
Crop Care 46.8%41.2%-550 bps 41.6%38.5%-310 bps
         
SG&A (excl. D&A) (50.1)(60.8)21% (150.2)(185.8)24%
Other operating income (expense) (64.0)0.4   (57.9)4.8  
EBITDA (42.2)(0.2)  78.1  41.8   
(+) Adjustment items 66.9 3.9   70.7 13.3  
Adjusted EBITDA 24.8  3.7  (85%) 148.8  55.1  (63%)
Brazil Ag Retail 17.2 1.4 (92%) 114.6 32.2 (72%)
Latam Ag Retail 2.7 0.9 (66%) 14.3 8.7 (39%)
Crop Care 0.5 1.9 268% 27.3 23.6 (13%)
Corporate & Intercompany elim. 4.3 (0.5)  (9.4)(9.7) 
         
Adjusted EBITDA Margin % 5.1%0.7%-440 bps 9.7%3.4%-630 bps
Adjusted EBITDA Margin (% of Inputs) 5.7%0.9%-490 bps 10.2%3.7%-650 bps
         
Share of profit of an associate - 0.5   - 0.2  
D&A (incl. PPA amortization)5 (8.4)(9.8)16% (24.1)(27.0)12%
Finance income (costs) (29.4)(49.7)69% (91.4)(113.0)24%
Income taxes, current and deferred 5.6 (5.6)  13.4 20.6  
Net profit (loss) (74.3)(64.8)n.m.  (23.9)(77.5)n.m. 
(+) Adjustment items 68.9 3.3   75.2 13.2  
(+) Income tax impact of adjustments (2.5)(1.1)  (4.7)(4.5) 
Adjusted net profit (loss) (7.9)(62.7)691 % 46.7  (68.8)n.m. 


Segment Results

Brazil Ag Retail

  • 3Q24 segment revenue increased by 11% (6% in BRL terms) to $450 million, driven by Grains revenue which grew +61% to $86.8 million, the contribution of Referencia and Coram, which accounted for 5% of segment revenues.
  • Inputs revenue declined -3% to $363.2 million, as the impact of input price deflation and the adverse effects of the drought caused by El Nino more than offset significant volume increases in crop protection (+20%), fertilizer (+34%), specialty product (+47%), and seed (+40%) product categories. This increase in volumes is primarily driven by market share gains, as the retail inputs market is estimated to have seen volume increases ranging low- to mid-single digits across product categories this year. Seed product revenue rose by 29%, in part benefiting from a shift in the timing of farmers' purchasing decisions, which had postponed purchasing of corn seeds from 2Q24 to 3Q24.
  • The impacts of El Nino continues to be felt in parts of our operations most exposed to the effects of the drought. Our operations in Brazil Cluster South, comprising the states of Parana, Rio Grande do Sul and Santa Catarina, which were mostly spared from the drought conditions, saw Inputs revenue grow 9% y/y in 3Q24, compared to an Inputs revenue decline of -17% in our Brazil Cluster North operations which comprise the State of Mato Grosso, most affected by the drought.
  • Gross margin contracted by -240 bps y/y to 9.7% in 3Q24, while Gross Margin (Inputs), which excludes the mix-effect of Grains revenue, contracted by -190 bps to 12.0%, a sequential improvement in y/y trends compared to 2Q24 (-510 bps y/y) and 1Q24 (-1,060 bps). While prices at the farmgate for crop protection and fertilizer prices declined year-over-year and quarter-over-quarter in 3Q24, our average cost of goods sold continued to gradually improve with the cycling of higher-cost inventory in favor, helping drive this sequential improvement.
  • Adjusted EBITDA was $1.4 million in 3Q24, compared to $17.2 million in the prior year quarter, with Adjusted EBITDA margins contracting -370 bps to 0.3%. This margin contraction is attributable to gross margins headwinds cited above, as well as increase in SG&A expense ratio due to a higher allowance for expected credit losses (increased by $5.6 million over prior year quarter, a -120 bps y/y margin headwind) related to the impact El Nino on delaying payments from farmer clients.

Brazil Ag Retail (USD) 3Q23 3Q24 Chg. % 3Q23 3Q24 Chg. %
(in millions of US dollars)        
         
Inputs revenue 372.5 363.2 (3%) 1,234.0 1,256.4 2%
Grains revenue 54.0 86.8 61% 75.6 134.1 77%
Revenue  426.5  450.0  5 % 1,309.6  1,390.5  6 %
         
Gross Profit 51.6  43.5  (16%) 220.7  152.4  (31%)
Gross Margin 12.1 %9.7 %-240 bps 16.9 %11.0 %-590 bps
Gross Margin (% of Inputs) 13.9 %12.0 %-190 bps 17.9 %12.1 %-570 bps
         
Adjusted EBITDA 17.2  1.4  (92%) 116.6  32.2  (72%)
Adjusted EBITDA margin 4.0 %0.3 %-370 bps 8.9 %2.3 %-660 bps
Adjusted EBITDA margin (% of Inputs) 4.6 %0.4 %-420 bps 9.5 %2.6 %-690 bps


Brazil Ag Retail (BRL) 3Q23 3Q24 Chg. % 9M23 9M24 Chg. %
(in millions of Brazilian reais)        
         
Inputs revenue 1,934.6 1,798.0 (7%) 6,459.4 6,205.5 (4%)
Grains revenue 280.5 429.8 53% 393.5 660.1 68%
Revenue  2,215.0  2,227.8  1 % 6,852.9  6,865.6  0 %
         
Gross Profit 268.1  215.4  (20%) 1,155.7  754.9  (35%)
Gross Margin 12.1 %9.7 %-240 bps 16.9 %11.0 %-590 bps
Gross Margin (% of Inputs) 13.9 %12.0 %-190 bps 17.9 %12.2 %-570 bps
         
Adjusted EBITDA 89.4  6.7  (92%) 611.3  162.0  (74%)
Adjusted EBITDA margin 4.0 %0.3 %-370 bps 8.9 %2.4 %-660 bps
Adjusted EBITDA margin (% of Inputs) 4.6 %0.4 %-420 bps 9.5 %2.6 %-690 bps


Latam Ag Retail

  • Segment revenue was $50.5 million in 3Q24, marking a 5% increase from the prior year quarter (roughly flat y/y in BRL terms), led by the currency tailwind stemming from the appreciation of the Colombian Peso relative to the US dollar (+22% y/y in 3Q24) and Brazilian real (+16%), robust growth in fertilizer sales volumes (+51%), partly offset by (i) input price declines in crop protection and fertilizers, (ii) lower corn seed revenue due to drought conditions in the north of the country stemming from El Nino reducing planted corn acres by an estimated -10%, and (iii) the ongoing impact of the discontinuation of a major herbicide from a major supplier’s product lineup.
  • Segment gross profit was $7.3 million in 3Q24, a decrease of -4% over the prior year period, while gross margins declining by -130 bps to 14.4%, due primarily to the above-mentioned impact of pricing deflation to crop protection and fertilizer distribution margins, as well as the negative mix impact from lower contribution from higher margin seed product sales.
  • Adjusted EBITDA was $0.9 million in 3Q24 compared to $2.7 million in the prior year quarter, and Adjusted EBITDA margins compressed by -380 bps to 1.8%. In addition to the impact of gross margin decline, Adjusted EBITDA margins were negatively impacted by a higher allowance for expected credit losses (increased by $0.5 million y/y, a -110 bps y/y margin impact) and a -80bps y/y margin impact from an increases in operating expenses driven partly be the appreciation of the peso.

Latam Ag Retail (USD) 3Q23 3Q24Chg. % 3Q23 3Q24 Chg. %
(in millions of US dollars)        
         
Inputs & services revenue 48.0 49.9 4% 165.7 164.9 (0%)
Grains revenue 0.2 0.7 180% 6.3 7.7 23%
Revenue  48.2  50.5  5 % 172.0  172.6  0 %
         
Gross Profit 7.6  7.3  (4%) 28.6  26.4  (8%)
Gross Margin 15.8 %14.4 %-130 bps 16.7 %15.3 %-140 bps
Gross Margin (% of Inputs) 15.8 %14.6 %-120 bps 17.3 %16.0 %-130 bps
         
Adjusted EBITDA 2.7  0.9  (66%) 14.3  8.7  (39%)
Adjusted EBITDA margin 5.7 %1.8 %-380 bps 8.3 %5.1 %-330 bps


Latam Ag Retail (BRL) 3Q23 3Q24 Chg. % 9M23 9M24 Chg. %
(in millions of Brazilian reais)        
         
Inputs & services revenue 249.4 246.9 (1%) 867.3 812.4 (6%)
Grains revenue 1.2 3.2 167% 32.9 38.2 16%
Revenue  250.6  250.1  (0%) 900.2  850.6  (6%)
         
Gross Profit 39.5  36.1  (9%) 150.0  130.0  (13%)
Gross Margin 15.8 %14.4 %-130 bps 16.7 %15.3 %-140 bps
Gross Margin (% of Inputs) 15.8 %14.6 %-120 bps 17.3 %16.0 %-130 bps
         
Adjusted EBITDA 14.2  4.6  (67%) 75.1  43.0  (43%)
Adjusted EBITDA margin 5.7 %1.8 %-380 bps 8.3 %5.1 %-330 bps


Crop Care

  • Segment revenue grew 30% (24% in BRL terms) to $22.1 million in 3Q24, led by biologicals which grew +53% y/y, specialty fertilizers which grew +6%, and the contribution of recently acquired Cromo Química, which represented 5% of segment revenue in the quarter. The strength in biologicals was in part helped by a shift in the timing of sales from 2Q24 to 3Q24 due to delays in farmers’ purchasing decisions, as well as an increase in whitefly infestation in soybean fields early in the quarter, which led to strong demand for our bioinsecticide products. Specialty fertilizer and adjuvant sales from our subsidiary Union Agro in the quarter were adversely impacted on a year-over-year basis by the shift in timing of product deliveries to our Brazil Ag Retail from 3Q24 to 2Q24.
  • Segment gross profit grew 14% y/y to $9.1 million in 3Q24, while gross margins decreased by -550 bps to 41.2%, as the benefit of a more favorable mix of high margin biologicals as percentage of segment revenue was more than offset by (i) margin contraction within biologicals driven by tactical price reductions to stimulate sales volume, (ii) negative product mix within Union Agro, as farmers continued to favor more affordable basic products in lieu of premium foliar fertilizer due in part by the El Nino-driven risk aversion on the Safrinha crop, and (iii) an increase in freight rates.
  • Adjusted EBITDA improved to $1.9 million in 3Q24, compared to $0.5 million in the prior year period, and Adjusted EBITDA margins increased by +550 bps to 8.5%, with growth in Adj. EBITDA primarily explained by the increase in gross profit. Adjusted EBITDA margin improvement was driven by better fixed cost absorption on higher revenue, partly offset by operating expenses and lower gross margins.

Crop Care (USD) 3Q23 3Q24 Chg. % 3Q23 3Q24 Chg. %
(in millions of US dollars)        
         
Revenue 17.1  22.1  30 % 110.7  130.6  18 %
         
Gross Profit 8.0  9.1  14 % 46.1  50.3  9 %
Gross Margin 46.8 %41.2 %-550 bps 41.6 %38.5 %-310 bps
         
Adjusted EBITDA 0.5  1.9  268 % 27.3  23.6  (13%)
Adjusted EBITDA margin 3.0 %8.5 %550 bps 24.6 %18.1 %-650 bps


Crop Care (BRL) 3Q23 3Q24 Chg. % 9M23 9M24 Chg. %
(in millions of Brazilian reais)        
         
Revenue 88.6  109.5  24 % 580.1  645.3  11 %
         
Gross Profit 41.4  45.2  9 % 240.9  248.4  3 %
Gross Margin 46.8 %41.2 %-550 bps 41.5 %38.5 %-300 bps
         
Adjusted EBITDA 2.7  9.3  251 % 142.9  117.7  (18%)
Adjusted EBITDA margin 3.0 %8.5 %550 bps 24.6 %18.2 %-640 bps


Full Fiscal Year 2024 Consolidated Outlook
6

Lavoro is updating its FY2024 outlook, with consolidated revenue now projected between $1.80 billion and $1.95 billion, consolidated Inputs revenue expected to range from $1.6 billion to $1.75 billion, and consolidated Adjusted EBITDA anticipated to be between $46 million and $55 million.

On a BRL basis, consolidated revenue is projected to be range between R$8.9 billion and R$9.7 billion, Inputs revenue to be between R$7.9 billion and R$8.7 billion, and Adj. EBITDA to be between R$230 million and R$280 million.

  FY2024 Guidance
           
  Prior (USD) Revised (USD) Revised (BRL) 
Consolidated Financials Outlook Low High  Low High  Low High  
           
           
Revenue 2,0002,300 1,8001,950 8,9009,700 
           
Inputs revenue 1,7002,000 1,6001,750 7,9008,700 
           
Adjusted EBITDA 80110 4655 230280 


Conference Call Details

The Company will host a conference call and webcast to review its fiscal Third Quarter 2024 results on June 3, 2024, at 6 pm ET / 7 pm BRT.

Participant numbers: 1-877-407-9716 (U.S.), 1-201-493-6779 (International)

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, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss 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 (loss) for the year, adjusted for finance income (costs), net, income taxes, depreciation and amortization and excluding the impact of certain revenues, expenses and costs that we believe are isolated in nature incurred as part of our expansion, namely: (i) fair value on inventories sold from acquired companies, (ii) M&A adjustments that in management’s judgment do not necessarily occur on a regular basis, (iii) listing and other expenses recognized in connection with the Business Combination, (iv) share-based compensation expenses, (v) bonuses paid out to our employees as a result of the closing of the Business Combination, (vi) expenses paid to Patria in connection with management consultancy services, (vii) depreciation and amortization recognize on cost of goods sold and (viii) losses/gains on the fair value of commodity forward contracts. Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of revenue for the period/year. Adjusted Net Profit/Loss is defined as Net Profit/Loss excluding the impact of certain revenues, expenses and costs that we believe are isolated in nature incurred as part of our expansion, namely: (i) fair value on inventories sold from acquired companies, (ii) M&A adjustments that in management’s judgment do not necessarily occur on a regular basis, (iii) listing and other expenses recognized in connection with the Business Combination, (iv) share-based compensation expenses, (v) bonuses paid out to our employees as a result of the closing of the Business Combination, (vi) expenses paid to Patria in connection with management consultancy services, (vii) depreciation and amortization recognize on cost of goods sold and (viii) losses/gains on the fair value of commodity forward contracts. Adjusted Net Profit/Loss Margin is calculated as Adjusted Net Profit/Loss as a percentage of revenue for the period/year.

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, Adjusted EBITDA Margin, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss Margin, to their most comparable IFRS measures, are provided in the table below.

Reconciliation of Adjusted EBITDA

  Results in BRL Results in USD
  (in millions of Brazilian reais) (in millions of US dollars)
             
Consolidated Results 3Q23 3Q24  9M23 9M24  3Q23 3Q24  9M23 9M24
             
Net profit (loss) (386.0)(320.9) (122.1)(382.8) (74.3)(64.8) (23.9)(77.5)
(+) Income taxes (29.2)27.9  (70.2)(100.3) (5.6)5.6  (13.4)(20.6)
(+) Finance income (costs) 152.5 246.2  478.3 559.8  29.4 49.7  91.4 113.0 
(+) Depreciation and amortization 43.8 48.4  126.2 133.4  8.4 9.8  24.1 27.0 
(+) Share of profit of an associate - (2.5) - (0.8) - (0.5) - (0.2)
(+) M&A expenses 2.1 1.4  7.1 20.7  0.4 0.3  1.4 4.2 
(+) Stock-based compensation 0.5 2.8  11.9 13.5  0.1 0.6  2.3 2.7 
(+) DeSPAC related bonus 25.4 10.6  25.4 17.6  4.9 2.1  4.9 3.6 
(+) Related party consultancy services - 4.5  3.1 13.2  - 0.9  0.6 2.7 
(+) Nasdaq listing expenses 319.6 -  319.6 -  61.5 -  61.5 - 
(+) Other non-operating (benefits) expenses - -  0.2 0.6  - -  - 0.1 
Adjusted EBITDA 128.7  18.3   779.5  274.9   24.8  3.7   148.8  55.1  
             
Brazil Ag Retail 3Q23 3Q24  9M23 9M24  3Q23 3Q24  9M23 9M24
             
Net profit (loss) (70.2)(297.2) 122.1  (396.8) (13.5)(60.0) 23.2  (80.3)
(+) Income taxes (40.4)22.6  (104.2)(107.8) (7.8)4.6  (19.9)(22.1)
(+) Finance income (costs) 135.8 231.8  443.5 517.3  26.2 46.8  84.7 104.3 
(+) Depreciation and amortization 38.8 43.0  108.8 109.1  7.5 8.7  20.7 22.1 
(+) Share of profit of an associate - (4.4) - (0.1) - (0.9) - - 
(+) M&A expenses 1.6 0.2  4.5 4.7  0.3 0.0  0.9 0.9 
(+) Stock-based compensation 0.4 (1.1) 10.4 9.1  0.1 (0.2) 2.0 1.8 
(+) DeSPAC related bonus 23.4 7.6  23.4 14.6  4.5 1.5  4.5 3.0 
(+) Related party consultancy services - 4.2  2.8 11.9  - 0.8  0.5 2.4 
Adjusted EBITDA 89.4  6.7   611.3  162.0   17.2  1.4   116.6  32.2  
             
Latam Ag Retail 3Q23 3Q24  9M23 9M24  3Q23 3Q24  9M23 9M24
             
Net profit (loss) 3.3  (7.1) 32.4  7.0   0.6  (1.4) 6.2  1.4  
(+) Income taxes 2.4 (1.3) 18.8 7.6  0.5 (0.3) 3.6 1.5 
(+) Finance income (costs) 4.0 7.3  11.3 17.1  0.8 1.5  2.2 3.5 
(+) Depreciation and amortization 2.1 2.8  8.3 8.3  0.4 0.6  1.6 1.7 
(+) Share of profit of an associate - -  - -  - -  - - 
(+) M&A expenses 0.4 -  2.2 -  0.1 -  0.4 - 
(+) DeSPAC related bonus 2.1 3.0  2.1 3.0  0.4 0.6  0.4 0.6 
Adjusted EBITDA 14.2  4.6   75.1  43.0   2.7  0.9   14.3  8.7  


  Results in BRL Results in USD
  (in millions of Brazilian reais) (in millions of US dollars)
             
Crop Care 3Q23 3Q24  9M23 9M24  3Q23 3Q24  9M23 9M24
             
Net profit (loss) (11.1)(19.7) 79.1  47.6   (2.1)(4.0) 15.1  9.6  
(+) Income taxes 0.5 6.2  31.4 10.7  0.1 1.3  6.0 2.1 
(+) Finance income (costs) 10.1 18.5  20.8 41.7  1.9 3.7  4.0 8.4 
(+) Depreciation and amortization 2.9 2.7  9.1 15.9  0.6 0.5  1.7 3.2 
(+) Share of profit of an associate - 0.7  - (1.2) - 0.1  - (0.3)
(+) M&A expenses 0.2 0.3  0.4 0.3  0.0 0.1  0.1 0.1 
(+) Stock-based compensation 0.1 0.4  1.5 0.9  0.0 0.1  0.3 0.2 
(+) Related party consultancy services - 0.3  0.4 1.3  - 0.1  0.1 0.3 
(+) Other non-operating (benefits) expenses - -  0.2 0.6  - -  0.0 0.1 
Adjusted EBITDA 2.7  9.3   142.9  117.7   0.5  1.9   27.3  23.7  
             
Corporate & Intercompany Elim. 3Q23 3Q24  9M23 9M24  3Q23 3Q24  9M23 9M24
             
Net profit (loss) (308.0)3.0   (355.7)(40.6) (59.3)0.6   (68.4)(8.2)
(+) Income taxes 8.3 0.4  (16.3)(10.7) 1.6 0.1  (3.1)(2.2)
(+) Finance income (costs) 2.6 (11.4) 2.6 (16.3) 0.5 (2.3) 0.5 (3.3)
(+) Share of profit of an associate - 1.2  - 0.6  - 0.2  - 0.1 
(+) M&A expenses - 0.9  - 15.8  - 0.2  - 3.2 
(+) Stock-based compensation - 3.4  - 3.4  - 0.7  - 0.7 
(+) Other non-operating (benefits) expenses - -  - -  - -  - - 
Adjusted EBITDA 22.5  (2.4) (49.8)(47.8) 4.3  (0.5) (9.4)(9.7)


Reconciliation of Adjusted Net Profit (Loss)

  Results in BRL Results in USD
  (in millions of Brazilian reais) (in millions of US dollars)
             
Consolidated Results 3Q23 3Q24  9M23 9M24  3Q23 3Q24  9M23 9M24
             
Net profit (loss) (386.0)(320.9) (122.1)(382.8) (74.3)(64.8) (23.9)(77.5)
(+) FV of inventories from acquired companies 10.3 (0.4) 24.1 0.7  2.0 (0.1) 4.6 0.2 
(+) Share of profit of an associate - (2.5) - (0.8) - (0.5) - (0.2)
(+) M&A expenses 2.1 1.4  7.1 20.7  0.4 0.3  1.4 4.2 
(+) Stock-based compensation 0.5 2.8  11.9 13.5  0.1 0.6  2.3 2.7 
(+) DeSPAC related bonus 25.4 10.6  25.4 17.6  4.9 2.1  4.9 3.6 
(+) Related party consultancy services - 4.5  3.1 13.2  - 0.9  0.6 2.7 
(+) Nasdaq listing expenses 319.6 -  319.6 -  61.5 -  61.5 - 
(+) Other non-operating (benefits) expenses - -  0.2 0.6  - -  - 0.0 
(+) Tax impact of adjustments (13.0)(5.5) (24.4)(22.2) (2.5)(1.1) (4.7)(4.5)
Adjusted net profit (loss) (41.1)(310.2) 244.9 (339.6) (7.9)(62.7) 46.7 (68.8)


About Lavoro

Lavoro is Brazil's largest agricultural inputs retailer and a leading producer of agricultural biological products. Lavoro's shares and warrants are listed on the Nasdaq stock exchange under the tickers "LVRO" and "LVROW." Through its comprehensive portfolio of products and services, the company empowers small and medium-size farmers to adopt the latest emerging agricultural technologies and enhance their productivity. Since its founding in 2017, Lavoro has broadened its reach across Latin America, serving 72,000 customers in Brazil, Colombia, and Uruguay, via its team of over 1,000 technical sales representatives (RTVs), its network of over 210 retail locations, and its digital marketplace and solutions. Lavoro's RTVs are local trusted advisors to farmers, regularly meeting them to provide agronomic recommendations throughout the crop cycle to drive optimized outcomes. Learn more about Lavoro at ir.lavoroagro.com.

Reportable Segments

Lavoro’s reportable segments are the following:

Brazil Ag Retail: comprises companies dedicated to the distribution of agricultural inputs such as crop protection, seeds, fertilizers, and specialty products, in Brazil.

Latam Ag Retail: includes companies dedicated to the distribution of agricultural inputs outside Brazil (currently primarily in Colombia).

Crop Care: includes companies that produce specialty products (e.g., biologicals, specialty fertilizers, biostimulants and adjuvants) sold to Lavoro’s ag retail operations and to third-party clients, and import post-patent agrochemicals from Asia.

Lavoro’s Fiscal Year

Lavoro follows the crop year, which means that its fiscal year comprises July 1st of each year, until June 30 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 presentation 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 condition; 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 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 presentation. 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 presentation. Accordingly, undue reliance should not be placed upon 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.

Contact

Julian Garrido, CFO
julian.garrido@lavoroagro.com

Tigran Karapetian, Head of Investor Relations
tigran.karapetian@lavoroagro.com

Fernanda Rosa, Manager of IR
fernanda.rosa@lavoroagro.com


1 Financials presented in US dollars in throughout this release are converted using the following average period USD/BRL exchange rate: 4.952 for 3Q24; 5.193 for 3Q23; 4.955 for 2Q24; 5.265 for 2Q23; the 1Q24 period was calculated using monthly exchange rates (4.801 for Jul-23, 4.904 for Aug-23, 4.937 for Sep-23); 1Q23 period was calculated (5.368 for Jul-22, 5.143 for Aug-22, 5.237 for Sep-22)
2 Reconciliations to Adjusted EBITDA and Adjusted Net Profit (Loss) available in a later section of this release.
3 Intercompany eliminations represent sales between Crop Care and Brazil Ag Retail
4 Depreciation & amortization expense, which here also includes the fair value adjustment on inventory sold from acquired companies, a non-cash expenses resulting from purchase price allocation (PPA) of past acquisitions
5 Depreciation & amortization expense, which here also includes the fair value adjustment on inventory sold from acquired companies, a non-cash expenses resulting from purchase price allocation (PPA) of past acquisitions
6 USD/BRL average period exchange rate embedded in our financial outlook: monthly exchange rates (4.801 for Jul-23, 4.904 for Aug-23, 4.937 for Sep-23) used for 1Q24; 4.955 for 2Q24; 4.951 for 3Q24, and assumed to be 5.15 for 4Q24


Interim condensed consolidated statement of financial position

As of March 31, 2024
(In thousands of Brazilian reais - R$, except if otherwise indicated)

 March 31,
2024
June 30,
2023
   
Assets  
Current assets  
Cash equivalents        394,365        564,294
Restricted cash        150,339        —
Trade receivables5,405,117        2,667,057
Inventories1,958,197        1,868,204
Taxes recoverable67,105        57,001
Derivative financial instruments56,650        40,410
Commodity forward contracts136,866        114,861
Advances to suppliers147,107        192,119
Other assets92,712        32,701
Total current assets8,408,458         5,536,646
   
Non-current assets  
Restricted cash        139,202
Trade receivables        133,680        41,483
Other assets        5,714        8,390
Commodity forward contracts4,000
Judicial deposits10,166        8,820
Right-of-use assets205,663        173,679
Taxes recoverable361,772        282,903
Deferred tax assets410,991        329,082
Investments6,083
Property, plant and equipment225,764        196,588
Intangible assets980,432        807,192
Total non-current assets2,344,265 1,987,339
   
Total assets 10,752,723         7,523,984


 March 31,
2024
 June 30, 2023 
   
Liabilities  
Current liabilities  
Trade payables5,554,838         2,575,701 
Trade payables – Supplier finance-         26,157 
Lease liabilities96,394         85,865 
Borrowings1,280,083         922,636 
Agribusiness Receivables Certificates1,101  
Obligations to FIAGRO quota holders175,168         150,018 
Payables for the acquisition of subsidiaries214,109         221,509 
Derivative financial instruments65,039         44,008 
Commodity forward contracts128,658         207,067 
Salaries and social charges175,238         223,376 
Taxes payable43,507         37,105 
Dividends payable1,804         1,619 
Warrant liabilities25,956         36,446 
Liability for FPA Shares150,339  
Advances from customers399,761         488,578 
Other liabilities48,550         34,388 
Total current liabilities 8,360,545          5,054,473 
   
Non-current liabilities  
Trade payables7,219         2,547 
Lease liabilities121,315         98,554 
Borrowings43,693         42,839 
Agribusiness Receivables Certificates402,648  
Commodity forward contracts140  
Payables for the acquisition of subsidiaries23,408         53,700 
Provision for contingencies14,040         8,845 
Liability for FPA Shares-         139,133 
Other liabilities587         223 
Taxes payable795         963 
Deferred tax liabilities17,571         12,351 
Total non-current liabilities 631,416          359,155 
   
Equity  
Share Capital591         591 
Additional Paid-in Capital2,116,908         2,134,339 
Capital reserve27,987         14,533 
Other comprehensive loss(3,174)        (28,634)
Accumulated losses(635,144)        (260,710)
 March 31,
2024
 June 30, 2023 
Equity attributable to shareholders of the Parent Company1,507,167 1,860,119 
Non-controlling interests        253,595         250,238 
Total equity 1,760,762          2,110,357 
   
Total liabilities and equity 10,752,723          7,523,984 


Interim condensed consolidated statement of profit or loss
(In thousands of Brazilian reais - R$, except if otherwise indicated)

 Three-month period ended
March 31,

 Nine-month period ended
March 31,

 
 2024 2023 2024 2023 
     
Revenue2,545,824         2,526,155 7,977,682         8,032,330 
Cost of goods sold(2,247,938)        (2,152,758)(6,875,929)        (6,533,610)
     
Gross profit297,886 373,397         1,101,753  1,498,720  
     
Operating expenses    
Sales, general and administrative expenses(349,226)        (303,900)        (1,049,584)        (912,221)
Other operating (expenses) income, net1,993         (332,235)        23,905         (300,525)
Share of profit of an associate2,509          756  
     
Operating profit (loss)(46,838)(262,738)        79,830         285,974 
     
Finance Income (costs)    
Finance income124,510         96,903         321,808         256,786 
Finance costs(317,255)        (251,850)        (831,322)        (717,335)
Other financial income (costs)(53,455)        2,441         (50,335)        (17,751)
     
Loss before income taxes(293,038)(415,244)(483,019) (192.326)
     
Income taxes    
Current(8,307)        (3,618)        23,642         (17,921)
Deferred(19,596)        32,864         76,620         88,138 
     
Loss for the period(320,941)(385,998)        (382,757)(122,109)
     
Attributable to:    
Equity holders of the parent(292,887)        (387,547)        (374,435)        (178,237)
Non-controlling interests(28,054)        1,549         (8,322)        56,128 
     
Loss per share    
Basic, profit (loss) for the period attributable to net investment of the parent/ equity holders of the parent(2.58)(3.41)(3.30)(1.57)
Diluted, profit (loss) for the period attributable to net investment of the parent/ equity holders of the parent(2.58)(3.41)(3.30)(1.57)


Interim consolidated statement of comprehensive income or loss
(In thousands of Brazilian reais - R$, except if otherwise indicated)

 Three-month period ended
March 31,

 Nine-month period ended
March 31,

 
 2024 2023 2024 2023 
     
Profit (loss) for the period(320,941)(385,998)(382,757)        (122,109)
Items that may be reclassified to profit or loss in subsequent periods    
Exchange differences on translation of foreign operations        8,730         6,299         26,070         (22,212)
     
Total comprehensive income (loss) for the period        (312,211)        (379,699)        (356,687)        (144,321)
     
Attributable to:    
Net investment of the parent/ equity holders of the parent(284,600)        (382,278)        (348,975)        (200,472)
Non-controlling interests        (27,610)        2,579         (7,712)        56,151 


Interim condensed consolidated statement of cash flows
For the nine-month period ended March 31, 2024

(In thousands of Brazilian reais - R$, except if otherwise indicated)

 March 31, 2024March 31, 2023
   
Operating activities:  
Loss before income taxes        (483,017)(192,327)
Adjustments to reconcile profit (loss) for the period to net cash flow:  
Allowance for expected credit losses        118,732 39,442 
Listing expense        —         319,554 
Foreign exchange differences        (678)17,988 
Accrued interest expenses        235,211 246,221 
Interest arising from revenue contracts        (275,607)(229,681)
Accrued interest on trade payables        517,806 435,931 
Loss (gain) on derivatives        (7,623)(68,278)
Interest from tax benefits        (17,736)(11,437)
Fair value on commodity forward contracts        69,125         80,964 
Gain on changes in fair value of warrants        (10,491)(7,744)
Amortization of intangibles        53,018 52,921 
Amortization of right-of-use assets        64,669 38,160 
Depreciation        14,985 12,512 
Losses and damages of inventories        4,149 11,061 
Provisions for contingencies        5,044 6,890 
Share-based payment        13,454 12,647 
Share of profit of an associate        (756) 
Others        (3,163)26,286 
   
Changes in operating assets and liabilities:  
Assets  
Trade receivables        (2,900,443)(2,592,910)
Inventories        (1,043)(200,666)
Advances to suppliers        52,348 161,193 
Derivative financial instruments        12,413 (8,085)
Taxes recoverable        (68,772)(115,664)
Other receivables        (236,461)(77,216)
Liabilities  
Trade payables        2,867,788 1,764,935 
Advances from customers        (93,591)(38,834)
Salaries and social charges        (52,624)27,809 
Taxes payable        18,208 41,250 
 March 31, 2024 March 31, 2023 
Other payables        53,168 14,204 
   
Interest paid on borrowings and FIAGRO quota holders        (195,546)(76,159)
Interest paid on acquisitions of subsidiary(8,408)(3,258)
Interest paid on trade payables and lease liabilities        (574,451)(151,026)
Interest received from revenue contracts        291,082 94,131 
Income taxes paid/received        14,595 (28,173)
   
Net cash flows used in operating activities        (524,615)        (397,359)
   
Investing activities:  
Acquisition of subsidiary, net of cash acquired        (198,637)(121,410)
Additions to property, plant and equipment and intangible assets        (73,458)(52,540)
Proceeds from the sale of property, plant and equipment        3,537 1,289 
Net cash flows used in investing activities        (268,558)(172,661)
   
Financing activities:  
Proceeds from borrowings1,900,726 1,142,491 
Repayment of borrowings(1,618,396)(624,453)
Proceeds from Agribusiness Receivables Certificates, net of transaction cost402,648  
Payment of principal portion of lease liabilities(63,633)(36,262)
Proceeds from FIAGRO quota holders, net of transaction costs137,496 147,119 
Repayment of FIAGRO quota holders(109,350) 
Trade payables – Supplier finance(26,157)4,918 
Acquisition of non-controlling interests(52)(87,500)
Dividend payments (i)(8,667)(3,485)
Proceeds from SPAC Merger 463,909 
Capital contributions 60,880 
   
Net cash flows provided by financing activities614,615 1,067,617 
   
Net increase in cash equivalents(178,558)497,597 
Net foreign exchange difference8,629 (12,924)
   
Cash equivalents at beginning of the period564,294 254,413 
   
Cash equivalents at end of the period394,365 739,085 

(i) Dividend payments made to non-controlling shareholders from acquired subsidiaries.


Primary Logo

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SantaClara.com & California Media Partners, LLC. All rights reserved.