RESULTS PRESENTATION
1Q24
André Guillaumon | Gustavo Lopez | Ana Paula Zerbinati |
CEO | CFO & IRO | IR and Capital |
Market Head |
1Q24 RESULTS VIDEOCONFERENCE
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1Q24 HIGHLIGHTS
Financial
R$272.2 million
of net revenue
R$30.0 million
net income
R$23.4 million
Adjusted EBITDA
Dividends
Distribution of
R$320.0 million
in dividends or R$3.21 per share
23/24 Harvest Estimates
2.6 million tons
of grains, cotton and sugarcane
179.8 thousand ha
In production
Planted Area
+11 thousand ha,
growth of 7% compared to the 22/23 harvest
3
2023/2024 HARVEST YEAR
Planted area (thousand hectares)
Estimated Planted Area 23/24 Crop
179,763 hectares
Culture Breakdown | Land Ownership |
-5,9 | ||||
179,8 | ||||
168,9 | 168,8 | 14% | ||
4% | ||||
9% | 44% | |||
21/22 Harvest | 22/23 Harvest | 23/24 Harvest | 14% | |
Estimated |
5% | 10% | |||||
Mix Change (ha) | ||||||
185,600 hectares (estimated) | ||||||
4,200 ha corn | ||||||
5,000 ha corn 2nd crop | ||||||
3,500 ha others cultures | ||||||
3,700 ha soybean | Soybean | Corn and Corn 2nd Crop | |||
3,000 ha bean 2nd crop | Bean 2nd Crop | Sugarcane | |||
179,800 hectares (projected) | Pasture | Cotton | |||
Other | |||||
38%
55%
7%
Operated by BrasilAgro
Leased to third parties
Leased area
4
2023/2024 HARVEST YEAR -Production(tons)
Grains and Cotton
Production per product | 22/23 Harvest 23/24 Harvest | Change | 23/24 Harvest Change | |||||
(tons) | Realized | Estimated | (%) | Projected | (%) | |||
Soybean | 204.606 | 248.471 | 21% | 248.471 | 0% | |||
Corn | 53.700 | 60.853 | 13% | 29.521 | -51% | |||
Corn - 2nd Crop | 69.628 | 102.566 | 47% | 72.062 | -30% | |||
Beans | 2.057 | 5.631 | n.a. | 5.631 | 0% | |||
Beans - 2nd Crop | 1.957 | 2.221 | 13% | 5.715 | n.a. | |||
Cotton | 13.345 | 13.546 | 2% | 13.789 | 2% | |||
Cotton - 2nd Crop | 8.795 | 12.740 | 45% | 12.740 | 0% | |||
Total | 354.088 | 446.028 | 26% | 387.929 | -13% | |||
Grains and Cotton
With the change in the planted area mix, we estimate a reduction of 13% in our grain and cotton production in relation to the initial estimate disclosed last quarter.
5
OPERATIONS SCHEDULE
Soybeans
Corn
1Q | 2Q | 3Q | 4Q | |||||
Jul Ago Set | Out Nov Dez | Jan Fev | Mar Abr Mai Jun | |||||
Planting | ||||||||
Crop | ||||||||
Planting | ||||||||
Crop |
Planting Status
Corn 2nd Crop
Beans
Beans 2nd Crop
Planting |
Crop |
Planting |
Crop |
Planting
Crop
35%
Planted |
38%
Planted |
Cotton
Cotton 2nd Crop
Sugarcane
Planting
Crop
Planting
Crop
Planting
Crop | Crop |
10/nov* | 20/nov* | |||
Start of Planting | Start of Planting | |||
*Estimated |
6
2023/2024 HARVEST YEAR | Cattle Raising
Cattle Heads
CattleRaising | 20.164 | 20.740 |
23/24 Harvest | 23/24 Harvest | |
Estimated | Realized |
Pasture
(hectares)
15.374 | 14.715 |
23/24 Harvest | 23/24 Harvest |
Estimated | Realized |
ADG | |
(kg) | |
0,56 | |
0,26 | |
23/24 Harvest | 23/24 Harvest |
Estimated | Realized |
7
2023 Harvest | Sugarcane
Sugarcane
Harvested Area until
nov/2023
96%
25.178 Hectares
Production until | TCH | |
nov/2023 | (ton/ha) | |
96% | 84,27 | 89,93 |
2.121,7 | 2023 Harvest Estimated 2023 Harvest Realized | |
Tons | (01/apr a 31/dec) | (01/apr a 30/sep) |
8
HEDGE POSITION
As of September 30, 2023
Harvest | Soybean | Price | Volume | FX | ||||||||||
Volume | % of hedge(1) | % of hedge(2) | BRL/USD | |||||||||||
(USD/bu) | (thousand) | |||||||||||||
22/23 | 172.293 ton | 99% | 14,50 | USD 72.573 | 100% | 5,47 | ||||||||
23/24 | 122.140 ton | 49% | 13,12 | USD 33.502 | 41% | 5,33 | ||||||||
Harvest | Corn | Price | Volume | FX | ||||||||||
Volume | % of hedge(1) | % of hedge(2) | BRL/USD | |||||||||||
(USD/bu) | (thousand) | |||||||||||||
22/23 | 89.514 ton | 72,00% | 54,98 | - | - | - | ||||||||
23/24 | 43.983 ton | 45,00% | 47,02 | - | - | - | ||||||||
Harvest | Cotton | Price | Volume | FX | ||||||||||
Volume | % of hedge(1) | % of hedge(2) | BRL/USD | |||||||||||
(USD/lb) | (thousand) | |||||||||||||
22/23 | 6.654 ton | 100,00% | 87,50 | USD 11.701 | 91,00% | 5,67 | ||||||||
23/24 | 5.998 ton | 72,00% | 82,50 | USD 16.267 | 100,00% | 5,53 | ||||||||
Harvest | Ethanol | Preço | Volume | FX | ||||||||||
Volume | % of hedge(1) | % of hedge | BRL/USD | |||||||||||
(R$/m3) | (thousand) | |||||||||||||
22/23 | 30.930 m³ | 35% | 3.159,00 | - | - | - | ||||||||
23/24 | 5.700 m³ | 4% | 2.800,00 | - | - | - | ||||||||
Farm Sale Receivables | FX | |||||||||||||
Harvest | Volume | % of hedge(1) | Price | Volume | % of hedge(2) | BRL/USD | ||||||||
(USD/bu) | (thousand) | |||||||||||||
2023 | 104.912 ton | 100% | 14,09 | 55.479 | 100% | 5,31 | ||||||||
2024 | 65.513 ton | 60% | 13,51 | 28140 | 55% | 5,44 |
* Recebíveis V enda de Fazenda | 9 |
- Percentual do volume em toneladas de soja travada.
- Percentual da receita esperada em USD.
- Percentual do volume em m³ de etanol travada.
SCENARIO
Commodity performance (Oct/22- Oct/23)
( R$ / 60 Kg) | ( R$ / @) | |
188,83 | -24.5% | 303,33 |
Soy | ||
Paranaguá | 142,52 | Cattle Raising |
( R$ / 60 kg) | ( R$ / L) | |
-32.4% | ||
89,76 | ||
2.580,5 | ||
Corn | Ethanol | |
BM&FBOVESPA | Hydrated Futuro B3 | |
60,7 | ||
((Algodão NY c/lb) | ( R$ / 50 Kg) | |
-12.9% | ||
93,22 | ||
81,22 | Sugar cane | |
Cotton | (Average price Kg/ATR) |
1,1079
Fonte: Bloomberg
10
-21.5%
238,0
-10.2%
2.317,5
-11.7%1,2376
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Disclaimer
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas published this content on 08 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2023 14:39:17 UTC.