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| | | | F-1 | | |
Brazil Cluster
|
|
Facirolli Comércio e Representações S.A. | |
Cultivar Agrícola – Comércio, Importação e Exportação S.A. | |
Integra Soluções Agrícolas Ltda. | |
Produtec Comércio e Representações S.A. | |
Produtiva Agronegócios Comércio e Representação Ltda. | |
Qualiciclo Agrícola S.A. | |
Lavoro Agrocomercial S.A. | |
Agrocontato Comércio e Representações de Produtos Agropecuários S.A. | |
PCO – Comércio, Importação, Exportação e Agropecuária Ltda. | |
Agrovenci – Comércio, Importação, Exportação e Agropecuária Ltda. | |
Agrovenci Distribuidora de Insumos Agrícolas Ltda. | |
América Insumos Agrícola Ltda. | |
Central Agricola Rural Distribuidora de Defensivos Ltda. | |
Denorpi Distribuidora de Insumos Agrícolas Ltda. | |
Deragro Distribuidora de Insumos Agrícolas Ltda. | |
Brazil Cluster
|
|
Desempar Participações Ltda. | |
Desempar Tecnologia Ltda. | |
Futuragro Distribuidora de Insumos Agrícolas Ltda. | |
Distribuidora Pitangueiras de Produtos Agropecuários S.A. | |
Plenafértil Distribuidora de Insumos Agrícolas Ltda. | |
Realce Distribuidora de Insumos Agrícolas Ltda. | |
Nova Geração Comércio de Produtos Agrícolas Ltda. | |
Lavoro Agro Holding S.A. | |
Floema Soluções Nutricionais de Cultivos Ltda. | |
Sollo Sul Insumos Agrícolas Ltda. | |
Dissul Insumos Agrícolas Ltda. | |
Casa Trevo Comercial Agrícola Ltda. | |
Casa Trevo Participações S.A. | |
CATR Comercial Agrícola Ltda. | |
Lavoro Agro Fundo de Investimento nas Cadeias Produtivas Agroindustriais (FIAGRO) – Direitos Creditórios | |
LATAM Cluster
|
|
Agrointegral Andina S.A.S. | |
Agroquímicos para la Agricultura Colombiana S.A.S. | |
Agricultura y Servicios S.A.S. | |
Cenagral S.A.S. | |
Grupo Cenagro S.A.S. | |
Servigral Praderas S.A.S. | |
Lavoro Colombia S.A.S. | |
Grupo Gral S.A.S. | |
Provecampo S.A.S. | |
Crop Care Colombia S.A.S. | |
Crop Care Cluster
|
|
Agrobiológica Sustentabilidade S.A. | |
Agrobiológica Soluções Naturais Ltda. | |
Perterra Insumos Agropecuários S.A. | |
Perterra Trading S.A. | |
Union Agro S.A. | |
Crop Care Holding S.A. (Brasil) | |
Araci Administradora de Bens S.A. | |
| | |
As of December 31, 2022
|
| |||||||||
| | |
Actual
|
| |
Pro forma
|
| ||||||
| | |
(R$ thousands)
|
| |||||||||
Equity: | | | | | | | | | | | | | |
Net investment from the Parent excluding Accumulated other comprehensive loss
|
| | | | 1,597,469 | | | | | | — | | |
Share capital(1)
|
| | | | — | | | | | | 578 | | |
Additional paid-in capital
|
| | | | — | | | | | | 2,345,485 | | |
Total (deficit) equity
|
| | | | 1,597,469 | | | | | | 2,346,063 | | |
Debt: | | | | | | | | | | | | | |
Borrowings(2) | | | | | 1,733,556 | | | | | | 1,733,556 | | |
Lease liabilities
|
| | | | 178,335 | | | | | | 178,335 | | |
Obligations to FIAGRO quota holders
|
| | | | 143,082 | | | | | | 143,082 | | |
Total debt
|
| | | | 2,054,973 | | | | | | 2,054,973 | | |
Total capitalization
|
| | | | 3,652,442 | | | | | | 4,401,036 | | |
| | |
Lavoro
Group Historical |
| |
TPB SPAC
(Historical) (After IFRS conversion)(1) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||
| | |
(In thousands of Brazilian Reais)
|
| ||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 363,282 | | | | | | 3,612 | | | | | | 689,777 | | | |
B
|
| | | | 798,221 | | |
| | | | | | | | | | | | | | | | | (108,682) | | | |
D
|
| | | | | | |
| | | | | | | | | | | | | | | | | (149,768) | | | |
F
|
| | | | | | |
Restricted cash
|
| | | | — | | | | | | — | | | | | | 149,768 | | | |
F
|
| | | | 149,768 | | |
Trade receivables
|
| | | | 3,750,885 | | | | | | — | | | | | | — | | | | | | | | | 3,750,885 | | |
Inventories
|
| | | | 2,705,854 | | | | | | — | | | | | | — | | | | | | | | | 2,705,854 | | |
Taxes recoverable
|
| | | | 128,386 | | | | | | — | | | | | | — | | | | | | | | | 128,386 | | |
Derivative financial instruments
|
| | | | 7,085 | | | | | | — | | | | | | — | | | | | | | | | 7,085 | | |
Commodity forward contracts
|
| | | | 33,887 | | | | | | — | | | | | | — | | | | | | | | | 33,887 | | |
Advances to suppliers
|
| | | | 359,214 | | | | | | — | | | | | | — | | | | | | | | | 359,214 | | |
Prepaid expenses
|
| | | | — | | | | | | 1,188 | | | | | | (1,188) | | | |
D
|
| | | | — | | |
Other assets
|
| | | | 99,200 | | | | | | — | | | | | | (30,779) | | | |
D
|
| | | | 68,421 | | |
Total current assets
|
| | | | 7,447,793 | | | | | | 4,800 | | | | | | 549,128 | | | | | | | | | 8,001,721 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial investments
|
| | | | 111 | | | | | | — | | | | | | — | | | | | | | | | 111 | | |
Trade receivables
|
| | | | 28,324 | | | | | | — | | | | | | — | | | | | | | | | 28,324 | | |
Other assets
|
| | | | 2,666 | | | | | | — | | | | | | — | | | | | | | | | 2,666 | | |
Right of use assets
|
| | | | 162,068 | | | | | | — | | | | | | — | | | | | | | | | 162,068 | | |
Judicial deposits
|
| | | | 8,554 | | | | | | — | | | | | | — | | | | | | | | | 8,554 | | |
Tax recoverable
|
| | | | 132,489 | | | | | | — | | | | | | — | | | | | | | | | 132,489 | | |
Deferred tax assets
|
| | | | 253,443 | | | | | | — | | | | | | — | | | | | | | | | 253,443 | | |
Property, plant and equipment
|
| | | | 162,867 | | | | | | — | | | | | | — | | | | | | | | | 162,867 | | |
Intangible assets
|
| | | | 776,679 | | | | | | — | | | | | | — | | | | | | | | | 776,679 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 954,215 | | | | | | (254,003) | | | |
A
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (700,212) | | | |
B
|
| | | | | | |
Total non-current assets
|
| | | | 1,527,201 | | | | | | 954,215 | | | | | | (954,215) | | | | | | | | | 1,527,201 | | |
Total assets
|
| | | | 8,974,994 | | | | | | 959,015 | | | | | | (405,087) | | | | | | | | | 9,528,922 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 3,987,389 | | | | | | 14,575 | | | | | | (14,575) | | | |
D
|
| | | | 3,987,389 | | |
Trades payable – Supplier finance
|
| | | | 14,753 | | | | | | — | | | | | | — | | | | | | | | | 14,753 | | |
Lease liabilities
|
| | | | 82,534 | | | | | | — | | | | | | — | | | | | | | | | 82,534 | | |
Borrowings
|
| | | | 1,679,171 | | | | | | — | | | | | | — | | | | | | | | | 1,679,171 | | |
Obligations to FIAGRO quota holders
|
| | | | 143,082 | | | | | | — | | | | | | — | | | | | | | | | 143,082 | | |
Payables for the acquisition of subsidiaries
|
| | | | 185,981 | | | | | | — | | | | | | — | | | | | | | | | 185,981 | | |
Derivative financial instruments
|
| | | | 14,420 | | | | | | — | | | | | | — | | | | | | | | | 14,420 | | |
Commodity forward contracts
|
| | | | 33,100 | | | | | | — | | | | | | — | | | | | | | | | 33,100 | | |
Salaries and social charges
|
| | | | 189,635 | | | | | | — | | | | | | — | | | | | | | | | 189,635 | | |
Taxes payable
|
| | | | 85,211 | | | | | | — | | | | | | — | | | | | | | | | 85,211 | | |
Dividends payable
|
| | | | 3,896 | | | | | | — | | | | | | — | | | | | | | | | 3,896 | | |
Advances from customers
|
| | | | 413,968 | | | | | | — | | | | | | — | | | | | | | | | 413,968 | | |
Accrued expenses
|
| | | | — | | | | | | 3,608 | | | | | | (3,608) | | | |
D
|
| | | | — | | |
| | |
Lavoro
Group Historical |
| |
TPB SPAC
(Historical) (After IFRS conversion)(1) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||
| | |
(In thousands of Brazilian Reais)
|
| ||||||||||||||||||||||||
Note Payable – Related Party
|
| | | | — | | | | | | 10,435 | | | | | | (10,435) | | | |
B
|
| | | | — | | |
Other liabilities
|
| | | | 105,831 | | | | | | — | | | | | | — | | | | | | | | | 105,831 | | |
Total current liabilities
|
| | | | 6,938,971 | | | | | | 28,618 | | | | | | (28,618) | | | | | | | | | 6,938,971 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leases liabilities
|
| | | | 95,801 | | | | | | — | | | | | | — | | | | | | | | | 95,801 | | |
Borrowings
|
| | | | 54,385 | | | | | | — | | | | | | — | | | | | | | | | 54,385 | | |
Payables for the acquisition of subsidiaries
|
| | | | 28,502 | | | | | | — | | | | | | — | | | | | | | | | 28,502 | | |
Provision for contingencies
|
| | | | 893 | | | | | | — | | | | | | — | | | | | | | | | 893 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | — | | | | | | 32,938 | | | | | | (32,938) | | | |
D
|
| | | | — | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 24,477 | | | | | | — | | | | | | | | | 24,477 | | |
Other liabilities
|
| | | | — | | | | | | 953,694 | | | | | | (254,003) | | | |
A
|
| | | | 149,768 | | |
| | | | | | | | | | | | | | | | | (699,691) | | | |
C
|
| | | | | | |
| | | | | | | | | | | | | | | | | 149,768 | | | |
F
|
| | | | | | |
Deferred tax liabilities
|
| | | | 9,800 | | | | | | — | | | | | | — | | | | | | | | | 9,800 | | |
Total non-current liabilities
|
| | | | 189,381 | | | | | | 1,011,109 | | | | | | (836,864) | | | | | | | | | 363,626 | | |
Total liabilities
|
| | | | 7,128,352 | | | | | | 1,039,727 | | | | | | (865,482) | | | | | | | | | 7,302,597 | | |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment from the Parent
|
| | | | 1,597,469 | | | | | | — | | | | | | (1,597,469) | | | |
E(ii)
|
| | | | — | | |
Class B ordinary shares
|
| | | | — | | | | | | 2 | | | | | | (2) | | | |
E(i)
|
| | | | — | | |
Share capital (Lavoro Limited)
|
| | | | — | | | | | | — | | | | | | 70 | | | |
C
|
| | | | 578 | | |
| | | | | | | | | | | | | | | | | 8 | | | |
E(i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 515 | | | |
E(ii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (15) | | | |
F
|
| | | | | | |
Additional paid-in capital (“APIC”)
|
| | | | — | | | | | | — | | | | | | 699,621 | | | |
C
|
| | | | 2,345,485 | | |
| | | | | | | | | | | | | | | | | (89,528) | | | |
D
|
| | | | | | |
| | | | | | | | | | | | | | | | | (80,720) | | | |
E(i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 1,647,547 | | | |
E(ii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 318,318 | | | |
E(iii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (149,753) | | | |
F
|
| | | | | | |
Retained earnings (deficit)
|
| | | | — | | | | | | (80,714) | | | | | | 80,714 | | | |
E(i)
|
| | | | (318,318) | | |
| | | | | | | | | | | | | | | | | (318,318) | | | |
E(iii)
|
| | | | | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (50,593) | | | |
E(ii)
|
| | | | (50,593) | | |
Equity attributable to owners of the company
|
| | | | 1,597,469 | | | | | | (80,712) | | | | | | 460,395 | | | | | | | | | 1,977,152 | | |
Non-controlling interest
|
| | | | 249,173 | | | | | | — | | | | | | — | | | | | | | | | 249,173 | | |
Total net investment
|
| | | | 1,846,642 | | | | | | (80,712) | | | | | | 460,395 | | | | | | | | | 2,226,325 | | |
Total liabilities and net investment
|
| | | | 8,974,994 | | | | | | 959,015 | | | | | | (405,087) | | | | | | | | | 9,528,922 | | |
|
| | |
Pro forma
Lavoro Group(1) |
| |
TPB SPAC
Historical(2) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||
| | |
(in thousands of Brazilian Reais, except share and per share amounts)
|
| ||||||||||||||||||||||||
Revenue | | | | | 8,990,918 | | | | | | — | | | | | | — | | | | | | | | | 8,990,918 | | |
Cost of goods sold
|
| | | | (7,438,506) | | | | | | — | | | | | | — | | | | | | | | | (7,438,506) | | |
Gross profit
|
| | | | 1,552,412 | | | | | | — | | | | | | — | | | | | | | | | 1,552,412 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (1,120,718) | | | | | | (15,107) | | | | | | 12,965 | | | |
DD
|
| | | | (1,122,860) | | |
Other operating income (loss), net
|
| | | | 63,757 | | | | | | — | | | | | | (318,318) | | | |
CC
|
| | | | (254,561) | | |
Operating profit (loss)
|
| | | | 495,451 | | | | | | (15,107) | | | | | | (305,353) | | | | | | | | | 174,991 | | |
Finance Income (costs) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 429,559 | | | | | | — | | | | | | — | | | | | | | | | 429,559 | | |
Finance costs
|
| | | | (656,810) | | | | | | — | | | | | | — | | | | | | | | | (656,810) | | |
Change in fair value of derivative warrant liabilities
|
| | | | — | | | | | | 72,869 | | | | | | — | | | | | | | | | 72,869 | | |
Income from investments in Trust Account
|
| | | | — | | | | | | 479 | | | | | | (479) | | | |
AA
|
| | | | — | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | (3,429) | | | | | | — | | | | | | | | | (3,429) | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | (3,028) | | | | | | — | | | | | | | | | (3,028) | | |
Profit (loss) before income taxes
|
| | | | 268,200 | | | | | | 51,784 | | | | | | (305,832) | | | | | | | | | 14,152 | | |
Income taxes | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (129,370) | | | | | | — | | | | | | — | | | | | | | | | (129,370) | | |
Deferred
|
| | | | 81,408 | | | | | | — | | | | | | — | | | | | | | | | 81,408 | | |
Profit (loss) for the year
|
| | | | 220,238 | | | | | | 51,784 | | | | | | (305,832) | | | | | | | | | (33,810) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 161,598 | | | | | | 51,784 | | | | | | (305,832) | | | | | | | | | (92,450) | | |
Non-controlling interests
|
| | | | 58,640 | | | | | | — | | | | | | — | | | | | | | | | 58,640 | | |
Total comprehensive income (loss) for the period
|
| | | | 220,238 | | | | | | 51,784 | | | | | | (305,832) | | | | | | | | | (33,810) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 161,598 | | | | | | 51,784 | | | | | | (305,832) | | | | | | | | | (92,450) | | |
Non-controlling interests
|
| | | | 58,640 | | | | | | — | | | | | | — | | | | | | | | | 58,640 | | |
Weighted average Class A common shares outstanding – basic and diluted(3)
|
| | | | | | | | | | 18,036,299 | | | | | | 95,565,981 | | | |
BB
|
| | | | 113,602,280 | | |
Basic and diluted EPS per Class A common stock
|
| | | | | | | | | | 2.29 | | | | | | | | | | | | | | | (0.81) | | |
Weighted average Class B common shares outstanding – basic and diluted
|
| | | | | | | | | | 4,549,939 | | | | | | (4,549,939) | | | |
BB
|
| | | | — | | |
Basic and diluted EPS per Class B common stock
|
| | | | | | | | | | 2.29 | | | | | | | | | | | | | | | N/A | | |
| | |
Pro forma
Lavoro Group(1) |
| |
TPB SPAC
Historical(2) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||
| | |
(in thousands of Brazilian Reais, except share and per share amounts)
|
| ||||||||||||||||||||||||
Revenue | | | | | 5,829,857 | | | | | | — | | | | | | — | | | | | | | | | 5,829,857 | | |
Cost of goods sold
|
| | | | (4,654,757) | | | | | | — | | | | | | — | | | | | | | | | (4,654,757) | | |
Gross profit
|
| | | | 1,175,100 | | | | | | — | | | | | | — | | | | | | | | | 1,175,100 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (633,473) | | | | | | (16,643) | | | | | | 6,126 | | | |
CC
|
| | | | (643,990) | | |
Other operating income (loss), net
|
| | | | 31,392 | | | | | | — | | | | | | — | | | | | | | | | 31,392 | | |
Operating profit (loss)
|
| | | | 573,019 | | | | | | (16,643) | | | | | | 6,126 | | | | | | | | | 562,502 | | |
Finance Income (costs) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 160,416 | | | | | | — | | | | | | — | | | | | | | | | 160,416 | | |
Finance costs
|
| | | | (478,155) | | | | | | — | | | | | | — | | | | | | | | | (478,155) | | |
Change in fair value of derivative warrant liabilities
|
| | | | — | | | | | | (14,018) | | | | | | — | | | | | | | | | (14,018) | | |
Income from investments in Trust Account
|
| | | | — | | | | | | 12,738 | | | | | | (12,738) | | | |
AA
|
| | | | — | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Profit (loss) before income taxes
|
| | | | 255,280 | | | | | | (17,923) | | | | | | (6,612) | | | | | | | | | 230,745 | | |
Income taxes | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (18,822) | | | | | | — | | | | | | — | | | | | | | | | (18,822) | | |
Deferred
|
| | | | 55,440 | | | | | | — | | | | | | — | | | | | | | | | 55,440 | | |
Profit (loss) for the year
|
| | | | 291,898 | | | | | | (17,923) | | | | | | (6,612) | | | | | | | | | 267,363 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 234,277 | | | | | | (17,923) | | | | | | (6,612) | | | | | | | | | 209,742 | | |
Non-controlling interests
|
| | | | 57,621 | | | | | | — | | | | | | — | | | | | | | | | 57,621 | | |
Total comprehensive income (loss) for the
period |
| | | | 291,898 | | | | | | (17,923) | | | | | | (6,612) | | | | | | | | | 267,363 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 234,277 | | | | | | (17,923) | | | | | | (6,612) | | | | | | | | | 209,742 | | |
Non-controlling interests
|
| | | | 57,621 | | | | | | — | | | | | | — | | | | | | | | | 57,621 | | |
Weighted average Class A common shares outstanding – basic and diluted(3)
|
| | | | | | | | | | 18,036,299 | | | | | | 95,565,981 | | | |
BB
|
| | | | 113,602,280 | | |
Basic and diluted EPS per Class A common stock
|
| | | | | | | | | | (0.79) | | | | | | | | | | | | | | | 1.85 | | |
Weighted average Class B common shares outstanding – basic and diluted
|
| | | | | | | | | | 4,509,074 | | | | | | (4,509,074) | | | |
BB
|
| | | | — | | |
Basic and diluted EPS per Class B common stock
|
| | | | | | | | | | (0.79) | | | | | | | | | | | | | | | N/A | | |
| | |
Lavoro
(Historical) |
| |
Produttiva
Historical(i) |
| |
Cenagro
Historical(ii) |
| |
Cenagral
Historical(iii) |
| |
Union
Agro Historical(iv) |
| |
AgroZap
Historical(v) |
| |
Nova
Geração(vi) |
| |
Casa
Trevo(vii) |
| |
CATR(vii)
|
| |
Sollo Sul(viii)
|
| |
Disul(ix)
|
| |
Floema(x)
|
| |
Provecampo(xi)
|
| |
Pro forma
adjustments |
| |
Note
|
| |
Pro forma
Lavoro Group |
| |||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands of Brazilian Reais)
|
| | | | | | | | | | | | | | | | |||||||||||||||
Revenue | | | | | 7,746,534 | | | | | | 17,967 | | | | | | 27,874 | | | | | | 5,286 | | | | | | 95,846 | | | | | | 201,103 | | | | | | 68,586 | | | | | | 141,298 | | | | | | 96,504 | | | | | | 350,273 | | | | | | 19,936 | | | | | | 175,028 | | | | | | 44,683 | | | | | | — | | | | | | | | | 8,990,918 | | |
Cost of goods sold
|
| | | | (6,421,037) | | | | | | (15,306) | | | | | | (23,705) | | | | | | (3,211) | | | | | | (61,899) | | | | | | (167,853) | | | | | | (52,037) | | | | | | (118,674) | | | | | | (79,187) | | | | | | (300,098) | | | | | | (17,257) | | | | | | (146,495) | | | | | | (31,747) | | | | | | — | | | | | | | | | (7,438,506) | | |
Gross profit
|
| | | | 1,325,497 | | | | | | 2,661 | | | | | | 4,169 | | | | | | 2,075 | | | | | | 33,947 | | | | | | 33,250 | | | | | | 16,549 | | | | | | 22,624 | | | | | | 17,317 | | | | | | 50,175 | | | | | | 2,679 | | | | | | 28,533 | | | | | | 12,936 | | | | | | — | | | | | | | | | 1,552,412 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (1,022,388) | | | | | | (2,160) | | | | | | (3,103) | | | | | | (616) | | | | | | (14,006) | | | | | | (15,477) | | | | | | (9,708) | | | | | | (6,277) | | | | | | (2,863) | | | | | | (27,416) | | | | | | (1,185) | | | | | | (7,497) | | | | | | (2,920) | | | | | | (4,667) | | | |
b(i)
|
| | | | (1,120,718) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (435) | | | |
b(ii)
|
| | | | | | |
Other operating income
(expenses), net |
| | | | 56,759 | | | | | | 232 | | | | | | (84) | | | | | | (13) | | | | | | 34 | | | | | | 3,873 | | | | | | 291 | | | | | | 299 | | | | | | (5) | | | | | | 1,711 | | | | | | — | | | | | | 521 | | | | | | 139 | | | | | | — | | | | | | | | | 63,757 | | |
Operating profit (loss)
|
| | | | 359,868 | | | | | | 733 | | | | | | 982 | | | | | | 1,446 | | | | | | 19,975 | | | | | | 21,646 | | | | | | 7,132 | | | | | | 16,646 | | | | | | 14,449 | | | | | | 24,470 | | | | | | 1,494 | | | | | | 21,557 | | | | | | 10,155 | | | | | | (5,102) | | | | | | | | | 495,451 | | |
Finance Income (Costs)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 426,933 | | | | | | 197 | | | | | | 7 | | | | | | — | | | | | | 149 | | | | | | 137 | | | | | | 69 | | | | | | 1,107 | | | | | | 177 | | | | | | 376 | | | | | | 3 | | | | | | 251 | | | | | | 153 | | | | | | — | | | | | | | | | 429,559 | | |
Finance costs
|
| | | | (646,377) | | | | | | (53) | | | | | | (97) | | | | | | (12) | | | | | | (362) | | | | | | (3,641) | | | | | | (443) | | | | | | (771) | | | | | | (481) | | | | | | (3,384) | | | | | | (42) | | | | | | (376) | | | | | | (771) | | | | | | — | | | | | | | | | (656,810) | | |
Loss before income tax
and social contribution |
| | | | 140,424 | | | | | | 877 | | | | | | 892 | | | | | | 1,434 | | | | | | 19,762 | | | | | | 18,142 | | | | | | 6,758 | | | | | | 16,982 | | | | | | 14,145 | | | | | | 21,462 | | | | | | 1,455 | | | | | | 21,432 | | | | | | 9,537 | | | | | | (5,102) | | | | | | | | | 268,200 | | |
Income tax and social contribution
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (111,409) | | | | | | — | | | | | | (265) | | | | | | (283) | | | | | | (2,689) | | | | | | — | | | | | | — | | | | | | (5,770) | | | | | | (4,801) | | | | | | — | | | | | | (107) | | | | | | (1,073) | | | | | | (2,973) | | | | | | — | | | | | | | | | (129,370) | | |
Deferred
|
| | | | 78,747 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 821 | | | | | | 135 | | | | | | 1,705 | | | |
b(iii)
|
| | | | 81,408 | | |
Profit (loss) for the period
|
| | | | 107,762 | | | | | | 877 | | | | | | 627 | | | | | | 1,151 | | | | | | 17,073 | | | | | | 18,142 | | | | | | 6,758 | | | | | | 11,212 | | | | | | 9,344 | | | | | | 21,462 | | | | | | 1,348 | | | | | | 21,180 | | | | | | 6,699 | | | | | | (3,397) | | | | | | | | | 220,238 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 78,170 | | | | | | 699 | | | | | | 502 | | | | | | 921 | | | | | | 12,464 | | | | | | 9,862 | | | | | | 4,511 | | | | | | 8,873 | | | | | | 7,395 | | | | | | 19,983 | | | | | | 1,255 | | | | | | 13,261 | | | | | | 6,359 | | | | | | (2,657) | | | |
b(iv)
|
| | | | 161,598 | | |
Non-controlling
interest |
| | | | 29,592 | | | | | | 178 | | | | | | 125 | | | | | | 230 | | | | | | 4,609 | | | | | | 8,280 | | | | | | 2,247 | | | | | | 2,339 | | | | | | 1,949 | | | | | | 1,479 | | | | | | 93 | | | | | | 7,919 | | | | | | 340 | | | | | | (740) | | | |
b(iv)
|
| | | | 58,640 | | |
Total comprehensive income (loss) for the year
|
| | | | 107,762 | | | | | | 877 | | | | | | 627 | | | | | | 1,151 | | | | | | 17,073 | | | | | | 18,142 | | | | | | 6,758 | | | | | | 11,212 | | | | | | 9,344 | | | | | | 21,462 | | | | | | 1,348 | | | | | | 21,180 | | | | | | 6,699 | | | | | | (3,397) | | | | | | | | | 220,238 | | |
| | |
Lavoro
(Historical) |
| |
Casa
Trevo Historical(i) |
| |
CATR
Historical(i) |
| |
Sollo Sul
Historical(ii) |
| |
Disul
Historical(iii) |
| |
Floema
Historical(iv) |
| |
Provecampo
Historical(v) |
| |
Pro forma
adjustments |
| |
Note
|
| |
Pro forma
Lavoro Group |
| ||||||||||||||||||||||||||||||
| | |
(in thousands of Brazilian Reais)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | | | 5,506,175 | | | | | | 81,550 | | | | | | 28,033 | | | | | | 188,702 | | | | | | 15,506 | | | | | | 5,938 | | | | | | 3,953 | | | | | | — | | | | | | | | | | | | 5,829,857 | | |
Cost of goods sold
|
| | | | (4,380,852) | | | | | | (67,361) | | | | | | (25,611) | | | | | | (160,217) | | | | | | (12,681) | | | | | | (4,945) | | | | | | (3,090) | | | | | | — | | | | | | | | | | | | (4,654,757) | | |
Gross profit
|
| | | | 1,125,323 | | | | | | 14,189 | | | | | | 2,422 | | | | | | 28,485 | | | | | | 2,825 | | | | | | 993 | | | | | | 863 | | | | | | — | | | | | | | | | | | | 1,175,100 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (618,438) | | | | | | (2,580) | | | | | | (1,279) | | | | | | (9,470) | | | | | | (291) | | | | | | (744) | | | | | | (257) | | | | | | (414) | | | | | | b(i) | | | | | | (633,473) | | |
Other operating income (expenses), net
|
| | | | 31,710 | | | | | | (474) | | | | | | 43 | | | | | | 364 | | | | | | 4 | | | | | | (291) | | | | | | 36 | | | | | | — | | | | | | | | | | | | 31,392 | | |
Operating profit (loss)
|
| | | | 538,595 | | | | | | 11,135 | | | | | | 1,186 | | | | | | 19,379 | | | | | | 2,538 | | | | | | (42) | | | | | | 642 | | | | | | (414) | | | | | | | | | | | | 573,019 | | |
Finance Income (Costs) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 159,883 | | | | | | 229 | | | | | | 197 | | | | | | 75 | | | | | | 4 | | | | | | 11 | | | | | | 17 | | | | | | — | | | | | | | | | | | | 160,416 | | |
Finance costs
|
| | | | (475,560) | | | | | | (160) | | | | | | (83) | | | | | | (2,264) | | | | | | (23) | | | | | | (13) | | | | | | (52) | | | | | | — | | | | | | | | | | | | (478,155) | | |
Loss before income tax and social contribution
|
| | | | 222,918 | | | | | | 11,204 | | | | | | 1,300 | | | | | | 17,190 | | | | | | 2,519 | | | | | | (44) | | | | | | 607 | | | | | | (414) | | | | | | | | | | | | 255,280 | | |
Income tax and social contribution
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (14,303) | | | | | | (3,773) | | | | | | (530) | | | | | | — | | | | | | — | | | | | | — | | | | | | (216) | | | | | | — | | | | | | | | | | | | (18,822) | | |
Deferred
|
| | | | 55,274 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28 | | | | | | — | | | | | | 138 | | | | | | b(iii) | | | | | | 55,440 | | |
Profit (loss) for the period
|
| | | | 263,889 | | | | | | 7,431 | | | | | | 770 | | | | | | 17,190 | | | | | | 2,519 | | | | | | (16) | | | | | | 391 | | | | | | (276) | | | | | | | | | | | | 291,898 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the
parent |
| | | | 209,310 | | | | | | 5,881 | | | | | | 610 | | | | | | 16,006 | | | | | | 2,345 | | | | | | (10) | | | | | | 371 | | | | | | (236) | | | | | | | | | | | | 234,277 | | |
Non-controlling interest
|
| | | | 54,579 | | | | | | 1,550 | | | | | | 160 | | | | | | 1,184 | | | | | | 174 | | | | | | (6) | | | | | | 20 | | | | | | (40) | | | | | | | | | | | | 57,621 | | |
Total comprehensive income (loss) for the year
|
| | | | 263,889 | | | | | | 7,431 | | | | | | 770 | | | | | | 17,190 | | | | | | 2,519 | | | | | | (16) | | | | | | 391 | | | | | | (276) | | | | | | | | | | | | 291,898 | | |
| | |
Produttiva
|
| |
Cenagro
|
| |
Cenagral(*)
|
| |
Union
Agro |
| |
Agrozap
|
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo
Sul |
| |
Floema
|
| |
Provecampo
|
| |
Note
|
| ||||||||||||||||||||||||||||||||||||
Customer relationship
|
| | | | 26,070 | | | | | | 2,609 | | | | | | — | | | | | | 6,970 | | | | | | 6,015 | | | | | | 4,258 | | | | | | 1,030 | | | | | | 395 | | | | | | 2,083 | | | | | | 14,879 | | | | | | 12,394 | | | | | | (a) | | |
Brand
|
| | | | 4 | | | | | | — | | | | | | 7,437 | | | | | | 1,323 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (b) | | |
| | |
For the year ended June 30, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Produttiva
|
| |
Cenagro
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo
Sul |
| |
Floema
|
| |
Provecampo
|
| |
Total
adjustments |
| |||||||||||||||||||||||||||||||||
Estimated useful life (years)
|
| | | | 9.2 | | | | | | 11.0 | | | | | | 7.2 | | | | | | 11.0 | | | | | | 13.0 | | | | | | 5.0 | | | | | | 5.2 | | | | | | 13.2 | | | | | | 12.0 | | | | | | 9.6 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.162 | | | | | | 0.177 | | | | | | 0.329 | | | | | | 0.466 | | | | | | 0.737 | | | | | | 1.000 | | | | | | 0.996 | | | | | | 2.523 | | | | | | 0.989 | | | | | | 1.113 | | | | | | — | | |
Pro forma adjustments
|
| | | | 458 | | | | | | 42 | | | | | | 318 | | | | | | 255 | | | | | | 241 | | | | | | 208 | | | | | | 76 | | | | | | 399 | | | | | | 1,226 | | | | | | 1,444 | | | | | | 4,667 | | |
| | |
For the six-month period ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
Casa Trevo
|
| |
CATR
|
| |
Sollo Sul
|
| |
Floema
|
| |
Provecampo
|
| |
Total
adjustments |
| ||||||||||||||||||
Estimated useful life (years)
|
| | | | 4.96 | | | | | | 5.2 | | | | | | 13.17 | | | | | | 12.0 | | | | | | 9.55 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.167 | | | | | | 0.166 | | | | | | 1.044 | | | | | | 0.074 | | | | | | 0.084 | | | | | | — | | |
Pro forma adjustments
|
| | | | 35 | | | | | | 13 | | | | | | 165 | | | | | | 92 | | | | | | 109 | | | | | | 414 | | |
| | |
For the year ended
June 30, 2022 |
| |||
| | |
Union Agro
|
| |||
Estimated useful life (years)
|
| | | | 1.0 | | |
Pre-acquisition period (years)
|
| | | | 0.329 | | |
Pro forma adjustments
|
| | | | 435 | | |
| | |
For the year ended June 30, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Cenagro
|
| |
Union
Agro |
| |
AgroZap
|
| |
Produttiva
|
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo
Sul |
| |
Floema
|
| |
Provecampo
|
| |
Total
adjustments |
| |||||||||||||||||||||||||||||||||
Pro forma adjustments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (42) | | | | | | (753) | | | | | | (255) | | | | | | (458) | | | | | | (241) | | | | | | (208) | | | | | | (76) | | | | | | (399) | | | | | | (1,226) | | | | | | (1,444) | | | | | | — | | |
Income taxes effect (34% Brazil and 32% Colombia)
|
| | | | 14 | | | | | | 256 | | | | | | 87 | | | | | | 156 | | | | | | 82 | | | | | | 71 | | | | | | 26 | | | | | | 136 | | | | | | 417 | | | | | | 462 | | | | | | — | | |
Non-controlling interest (%)
|
| | | | 20% | | | | | | 27% | | | | | | 46% | | | | | | 20% | | | | | | 33% | | | | | | 21% | | | | | | 21% | | | | | | 7% | | | | | | 37% | | | | | | 5% | | | | | | — | | |
Pro forma adjustments
|
| | | | (6) | | | | | | (134) | | | | | | (76) | | | | | | (61) | | | | | | (53) | | | | | | (29) | | | | | | (10) | | | | | | (18) | | | | | | (303) | | | | | | (50) | | | | | | (740) | | |
| | |
For the six-month period ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
Casa Trevo
|
| |
CATR
|
| |
Sollo Sul
|
| |
Floema
|
| |
Provecampo
|
| |
Total
Adjustments |
| ||||||||||||||||||
Pro forma adjustments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (35) | | | | | | (13) | | | | | | (165) | | | | | | (92) | | | | | | (109) | | | | | | | | |
Income taxes effect (34% Brazil and 32% Colombia)
|
| | | | 12 | | | | | | 4 | | | | | | 56 | | | | | | 31 | | | | | | 35 | | | | | | | | |
Non-controlling interest (%)
|
| | | | 21% | | | | | | 21% | | | | | | 7% | | | | | | 37% | | | | | | 5% | | | | | | | | |
Pro forma adjustments
|
| | | | (5) | | | | | | (2) | | | | | | (7) | | | | | | (22) | | | | | | (4) | | | | | | (40) | | |
| | |
Shares
|
| |
%
|
| ||||||
| | |
(in millions)
|
| | ||||||||
Lavoro shareholders(1)
|
| | | | 98.7 | | | | | | 86.94 | | |
TPB SPAC public shareholders
|
| | | | 3.4 | | | | | | 2.97 | | |
PIPE Investors
|
| | | | 10.0 | | | | | | 8.81 | | |
Sponsors(2) | | | | | 1.4 | | | | | | 1.28 | | |
Total shares(3)
|
| | | | 113.5 | | | | | | 100.00 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | |
Historical
US GAAP |
| |
IFRS Policy
and Presentation Alignment |
| |
Footnote
reference |
| |
Historical
IFRS |
| ||||||||||||
| | |
(in Brazilian Reais)
|
| |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | 3,612 | | | | | | — | | | | | | | | | | | | 3,612 | | |
Prepaid expenses
|
| | | | 1,188 | | | | | | — | | | | | | | | | | | | 1,188 | | |
Total current assets
|
| | | | 4,800 | | | | | | — | | | | | | | | | | | | 4,800 | | |
Investments held in Trust Account
|
| | | | 954,215 | | | | | | — | | | | | | | | | | | | 954,215 | | |
Total assets
|
| | | | 959,015 | | | | | | — | | | | | | | | | | | | 959,015 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 14,575 | | | | | | — | | | | | | | | | | | | 14,575 | | |
Accrued expenses
|
| | | | 3,608 | | | | | | — | | | | | | | | | | | | 3,608 | | |
Note Payable – Related Party
|
| | | | 10,435 | | | | | | — | | | | | | | | | | | | 10,435 | | |
Total current liabilities
|
| | | | 28,618 | | | | | | — | | | | | | | | | | | | 28,618 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | 32,938 | | | | | | — | | | | | | | | | | | | 32,938 | | |
Derivative warrant liabilities
|
| | | | 24,477 | | | | | | — | | | | | | | | | | | | 24,477 | | |
Class A ordinary shares, $0.0001 par value; 18,036,299 shares
subject to possible redemption at $10.00 per share redemption value |
| | | | — | | | | | | 953,694 | | | | | | (a) | | | | | | 953,694 | | |
Total Liabilities
|
| | | | 86,033 | | | | | | 953,694 | | | | | | | | | | | | 1,039,727 | | |
Commitments and contingencies
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 18,036,299 shares
subject to possible redemption at $10.00 per share redemption value |
| | | | 953,694 | | | | | | (953,694) | | | | | | (a) | | | | | | — | | |
Shareholders’ Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Preference shares
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A ordinary shares
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares
authorized; 4,509,074 shares issued and outstanding |
| | | | 2 | | | | | | — | | | | | | | | | | | | 2 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Accumulated deficit
|
| | | | (80,714) | | | | | | — | | | | | | | | | | | | (80.714) | | |
Total Shareholders’ Equity
|
| | | | (80,712) | | | | | | — | | | | | | | | | | | | (80,712) | | |
Total liabilities and stockholders’ equity
|
| | | | 959,015 | | | | | | — | | | | | | | | | | | | 959,015 | | |
| | |
(in thousands of
Reais) |
| |||
Estimated deemed cost of shares issued to the TPB SPAC(1)
|
| | | | 917,819 | | |
Net assets of the TPB SPAC as of June 30, 2022(2)
|
| | | | 1,455,120 | | |
Less: Redemption of TPB SPAC ordinary shares
|
| | | | 775,774 | | |
Less: TPB SPAC transaction costs
|
| | | | 79,845 | | |
Adjusted net assets of the TPB SPAC as of June 30, 2022
|
| | | | 599,501 | | |
IFRS 2 charge for listing services
|
| | | | 318,318 | | |
| | |
For the Six-Month
Period Ended December 31, |
| |
For the Fiscal Year
Ended June 30, |
| ||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||||||||
Revenue | | | | | 1,055.3 | | | | | | 5,506.2 | | | | | | 4,014.8 | | | | | | 1,484.7 | | | | | | 7,746.5 | | | | | | 5,098.5 | | | | | | 2,706.3 | | |
Cost of goods sold
|
| | | | (839.6) | | | | | | (4,380.9) | | | | | | (3,314.7) | | | | | | (1,230.6) | | | | | | (6,421.0) | | | | | | (4,362.7) | | | | | | (2,384.1) | | |
Gross profit
|
| | | | 215.7 | | | | | | 1,125.3 | | | | | | 700.1 | | | | | | 254.0 | | | | | | 1,325.5 | | | | | | 735.9 | | | | | | 322.2 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (118.5) | | | | | | (618.4) | | | | | | (465.1) | | | | | | (195.9) | | | | | | (1,022.4) | | | | | | (619.5) | | | | | | (394.7) | | |
Other operating income, net
|
| | | | 6.1 | | | | | | 31.7 | | | | | | 51.2 | | | | | | 10.9 | | | | | | 56.8 | | | | | | 15.6 | | | | | | 10.8 | | |
Operating profit (loss)
|
| | | | 103.2 | | | | | | 538.6 | | | | | | 286.2 | | | | | | 69.0 | | | | | | 359.9 | | | | | | 132.0 | | | | | | (61.7) | | |
Finance income
|
| | | | 30.6 | | | | | | 159.9 | | | | | | 200.4 | | | | | | 81.8 | | | | | | 426.9 | | | | | | 227.1 | | | | | | 55.5 | | |
Finance costs
|
| | | | (91.1) | | | | | | (475.6) | | | | | | (250.5) | | | | | | (123.9) | | | | | | (646.4) | | | | | | (312.9) | | | | | | (168.7) | | |
Profit (loss) before income taxes
|
| | | | 42.7 | | | | | | 222.9 | | | | | | 236.1 | | | | | | 26.9 | | | | | | 140.4 | | | | | | 46.2 | | | | | | (174.9) | | |
Income taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (2.7) | | | | | | (14.3) | | | | | | (88.7) | | | | | | (21.4) | | | | | | (111.4) | | | | | | (61.7) | | | | | | (23.5) | | |
Deferred
|
| | | | 10.6 | | | | | | 55.3 | | | | | | 18.1 | | | | | | 15.1 | | | | | | 78.7 | | | | | | 37.0 | | | | | | 76.9 | | |
Profit (loss) for the period/year
|
| | | | 50.6 | | | | | | 263.9 | | | | | | 165.6 | | | | | | 20.7 | | | | | | 107.8 | | | | | | 21.5 | | | | | | (121.5) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 40.1 | | | | | | 209.3 | | | | | | 121.0 | | | | | | 15.0 | | | | | | 46.6 | | | | | | 22.3 | | | | | | (83.5) | | |
Non-controlling interests
|
| | | | 10.5 | | | | | | 54.6 | | | | | | 44.5 | | | | | | 5.7 | | | | | | 27.8 | | | | | | (17.3) | | | | | | (12.2) | | |
Earnings per share: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Basic, profit for the period attributable
to ordinary equity holders of the parent(2)(3) |
| | | | 0.35 | | | | | | 1.84 | | | | | | 1.07 | | | | | | n.m. | | | | | | n.m. | | | | | | n.m. | | | | | | n.m. | | |
Diluted, profit for the period attributable to ordinary equity holders of the parent(2)(3)
|
| | | | 0.35 | | | | | | 1.84 | | | | | | 1.07 | | | | | | n.m. | | | | | | n.m. | | | | | | n.m. | | | | | | n.m. | | |
| | |
For the Fiscal
Year Ended June 30, |
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
| | |
(in R$ millions, except per share amounts)
|
| |||||||||||||||
Profit (loss) for the year attributable to net investment of the Parent
|
| | | | 78.2 | | | | | | 38.4 | | | | | | (108.7) | | |
Basic and diluted earnings (loss) per share (in R$)
|
| | | | 0.70 | | | | | | 0.34 | | | | | | (0.97) | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash equivalents
|
| | | | 69.6 | | | | | | 363.3 | | | | | | 48.8 | | | | | | 254.4 | | | | | | 459.5 | | | | | | 158.5 | | |
Trade receivables
|
| | | | 718.9 | | | | | | 3,750.9 | | | | | | 343.9 | | | | | | 1,794.6 | | | | | | 1,467.2 | | | | | | 1,080.4 | | |
Inventories
|
| | | | 518.6 | | | | | | 2,705.9 | | | | | | 335.2 | | | | | | 1,749.0 | | | | | | 849.1 | | | | | | 431.5 | | |
Taxes recoverable
|
| | | | 24.6 | | | | | | 128.4 | | | | | | 18.0 | | | | | | 93.7 | | | | | | 88.4 | | | | | | 35.5 | | |
Derivative financial instruments
|
| | | | 1.4 | | | | | | 7.1 | | | | | | 1.5 | | | | | | 7.7 | | | | | | — | | | | | | 4.5 | | |
Commodity forward contracts
|
| | | | 6.5 | | | | | | 33.9 | | | | | | 6.3 | | | | | | 32.8 | | | | | | 127.7 | | | | | | 100.5 | | |
Advances to suppliers
|
| | | | 68.8 | | | | | | 359.2 | | | | | | 73.5 | | | | | | 383.3 | | | | | | 442.4 | | | | | | 252.5 | | |
Other assets
|
| | | | 19.0 | | | | | | 99.2 | | | | | | 11.5 | | | | | | 60.2 | | | | | | 31.8 | | | | | | 36.3 | | |
Total current assets
|
| | | | 1,427.4 | | | | | | 7,447.8 | | | | | | 838.6 | | | | | | 4,375.7 | | | | | | 3,466.1 | | | | | | 2,099.7 | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial investments
|
| | | | 0.0 | | | | | | 0.1 | | | | | | 0.3 | | | | | | 1.3 | | | | | | — | | | | | | — | | |
Trade receivables
|
| | | | 5.4 | | | | | | 28.3 | | | | | | 7.6 | | | | | | 39.8 | | | | | | — | | | | | | 5.1 | | |
Other assets
|
| | | | 0.5 | | | | | | 2.7 | | | | | | 0.5 | | | | | | 2.5 | | | | | | 1.8 | | | | | | 0.4 | | |
Right of use assets
|
| | | | 31.1 | | | | | | 162.1 | | | | | | 26.9 | | | | | | 140.2 | | | | | | 64.3 | | | | | | 34.7 | | |
Judicial deposits
|
| | | | 1.6 | | | | | | 8.6 | | | | | | 0.7 | | | | | | 3.9 | | | | | | 4.6 | | | | | | 3.5 | | |
Tax recoverable
|
| | | | 25.4 | | | | | | 132.5 | | | | | | 9.8 | | | | | | 50.9 | | | | | | — | | | | | | — | | |
Deferred tax assets
|
| | | | 48.6 | | | | | | 253.4 | | | | | | 38.5 | | | | | | 201.0 | | | | | | 114.7 | | | | | | 77.7 | | |
Property, plant and equipment
|
| | | | 31.2 | | | | | | 162.9 | | | | | | 28.0 | | | | | | 146.2 | | | | | | 93.3 | | | | | | 58.9 | | |
Intangible assets
|
| | | | 148.9 | | | | | | 776.7 | | | | | | 138.8 | | | | | | 724.3 | | | | | | 656.8 | | | | | | 382.5 | | |
Total non-current assets
|
| | | | 292.7 | | | | | | 1,527.2 | | | | | | 251.1 | | | | | | 1,310.1 | | | | | | 935.5 | | | | | | 562.8 | | |
Total assets
|
| | | | 1,720.1 | | | | | | 8,975.0 | | | | | | 1,089.7 | | | | | | 5,685.8 | | | | | | 4,401.6 | | | | | | 2,662.5 | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 764.2 | | | | | | 3,987.4 | | | | | | 441.1 | | | | | | 2,301.7 | | | | | | 1,563.7 | | | | | | 1,016.3 | | |
Trade payables – Supplier finance
|
| | | | 2.8 | | | | | | 14.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Leases liabilities
|
| | | | 15.8 | | | | | | 82.5 | | | | | | 13.3 | | | | | | 69.2 | | | | | | 34.5 | | | | | | 8.8 | | |
Borrowings
|
| | | | 321.8 | | | | | | 1,679.2 | | | | | | 130.6 | | | | | | 681.2 | | | | | | 221.8 | | | | | | 160.3 | | |
Obligations to FIAGRO quota holders
|
| | | | 27.4 | | | | | | 143.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 35.6 | | | | | | 186.0 | | | | | | 21.4 | | | | | | 111.7 | | | | | | 215.2 | | | | | | 126.8 | | |
Derivative financial instruments
|
| | | | 2.8 | | | | | | 14.4 | | | | | | 1.4 | | | | | | 7.1 | | | | | | 5.1 | | | | | | 14.8 | | |
Commodity forward contracts
|
| | | | 6.3 | | | | | | 33.1 | | | | | | 5.2 | | | | | | 27.0 | | | | | | 128.2 | | | | | | 107.4 | | |
Salaries and social charges
|
| | | | 36.3 | | | | | | 189.6 | | | | | | 35.9 | | | | | | 187.3 | | | | | | 88.4 | | | | | | 40.4 | | |
Taxes payable
|
| | | | 16.3 | | | | | | 85.2 | | | | | | 6.6 | | | | | | 34.2 | | | | | | 32.8 | | | | | | 26.3 | | |
Dividends payable
|
| | | | 0.7 | | | | | | 3.9 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 6.9 | | | | | | 6.9 | | |
Advances from customers
|
| | | | 79.3 | | | | | | 414.0 | | | | | | 61.4 | | | | | | 320.6 | | | | | | 509.4 | | | | | | 218.7 | | |
Other liabilities
|
| | | | 20.3 | | | | | | 105.8 | | | | | | 18.4 | | | | | | 95.9 | | | | | | 62.1 | | | | | | 37.1 | | |
Total current liabilities
|
| | | | 1,329.9 | | | | | | 6,939.0 | | | | | | 735.3 | | | | | | 3,836.4 | | | | | | 2,868.1 | | | | | | 1,763.8 | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Leases liabilities
|
| | | | 18.4 | | | | | | 95.8 | | | | | | 16.5 | | | | | | 86.0 | | | | | | 40.6 | | | | | | 32.8 | | |
Borrowings
|
| | | | 10.4 | | | | | | 54.4 | | | | | | 5.6 | | | | | | 29.3 | | | | | | 20.6 | | | | | | 8.3 | | |
Payables for the acquisition of subsidiaries
|
| | | | 5.5 | | | | | | 28.5 | | | | | | 10.1 | | | | | | 52.7 | | | | | | — | | | | | | — | | |
Provision for contingencies
|
| | | | 0.2 | | | | | | 0.9 | | | | | | 0.6 | | | | | | 3.0 | | | | | | 3.6 | | | | | | 0.0 | | |
Other liabilities
|
| | | | 0.0 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 1.1 | | | | | | 0.5 | | | | | | 1.0 | | |
Deferred tax liabilities
|
| | | | 1.9 | | | | | | 9.8 | | | | | | 1.4 | | | | | | 7.5 | | | | | | — | | | | | | — | | |
Total non-current liabilities
|
| | | | 36.3 | | | | | | 189.4 | | | | | | 34.4 | | | | | | 179.7 | | | | | | 65.3 | | | | | | 42.1 | | |
Net investment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment from the parent
|
| | | | 306.2 | | | | | | 1,597.5 | | | | | | 278.2 | | | | | | 1,451.6 | | | | | | 1,345.1 | | | | | | 787.7 | | |
Non-controlling interests
|
| | | | 47.8 | | | | | | 249.2 | | | | | | 41.8 | | | | | | 218.1 | | | | | | 123.1 | | | | | | 68.9 | | |
Total net investment
|
| | | | 353.9 | | | | | | 1,846.6 | | | | | | 320.0 | | | | | | 1,669.7 | | | | | | 1,468.2 | | | | | | 856.6 | | |
Total liabilities and net investment
|
| | | | 1,720.1 | | | | | | 8,975.0 | | | | | | 1,089.7 | | | | | | 5,685.8 | | | | | | 4,401.6 | | | | | | 2,662.5 | | |
|
| | |
For the Six-Month Period Ended December 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Pre-Acquisition Period(1)
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Floema
|
| |
Casa Trevo
|
| |
CATR
|
| |
Provecampo
|
| |
Sollo Sul
|
| |
Dissul
|
| |
Pro Forma
Adjustments(1) |
| |
New
Lavoro Pro Forma |
| |||||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit for the period
|
| | | | 263.9 | | | | | | (0.0) | | | | | | 7.4 | | | | | | 0.8 | | | | | | 0.4 | | | | | | 17.2 | | | | | | 2.5 | | | | | | (0.3) | | | | | | 291.9 | | |
(+) Pro forma depreciation and amortization
|
| | | | 68.1 | | | | | | 0.4 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 0.4 | | | | | | — | | | | | | — | | | | | | 69.2 | | |
(+) Fair value on inventories sold from acquired companies
|
| | | | 13.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13.6 | | |
(+) Pro forma income taxes current and deferred
|
| | | | (41.0) | | | | | | (0.0) | | | | | | 3.8 | | | | | | 0.5 | | | | | | 0.2 | | | | | | — | | | | | | — | | | | | | (0.1) | | | | | | (36.6) | | |
(+) Pro forma finance income (costs), net
|
| | | | 315.7 | | | | | | 0.0 | | | | | | (0.1) | | | | | | (0.1) | | | | | | 0.0 | | | | | | 2.2 | | | | | | 0.0 | | | | | | — | | | | | | 317.7 | | |
(+) M&A expenses(2)
|
| | | | 5.4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5.4 | | |
(-) Gain on bargain purchases
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pro Forma Adjusted EBITDA
|
| | | | 625.6 | | | | | | 0.4 | | | | | | 11.2 | | | | | | 1.3 | | | | | | 0.8 | | | | | | 19.7 | | | | | | 2.5 | | | | | | (0.4) | | | | | | 661.1 | | |
(/) Pro forma revenue
|
| | | | 5,506.2 | | | | | | 5.9 | | | | | | 81.5 | | | | | | 28.0 | | | | | | 4.0 | | | | | | 188.7 | | | | | | 15.5 | | | | | | — | | | | | | 5,829.9 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 11.4% | | | | | | 6.1% | | | | | | 13.8% | | | | | | 4.6% | | | | | | 20.4% | | | | | | 10.5% | | | | | | 16.4% | | | |
N/A
|
| | | | 11.3% | | |
| | |
For the Six-Month Period Ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Pre-Acquisition Period(1)
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Floema
|
| |
Casa
Trevo |
| |
CATR
|
| |
Provecampo
|
| |
Sollo Sul
|
| |
Dissul
|
| |
Pro Forma
Adjustments(1) |
| |
New
Lavoro Pro Forma |
| |||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit for the period
|
| | | | 165.6 | | | | | | 0.9 | | | | | | 0.6 | | | | | | 1.2 | | | | | | 17.1 | | | | | | 18.1 | | | | | | 4.8 | | | | | | (20.6) | | | | | | 6.4 | | | | | | 5.0 | | | | | | 3.7 | | | | | | 9.2 | | | | | | 0.9 | | | | | | (2.1) | | | | | | 210.6 | | |
(+) Pro forma depreciation and amortization
|
| | | | 60.2 | | | | | | 0.0 | | | | | | — | | | | | | — | | | | | | 0.4 | | | | | | 0.4 | | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.0 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.4 | | | | | | — | | | | | | — | | | | | | 62.0 | | |
(+) Fair value on inventories sold from acquired companies
|
| | | | 15.9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15.9 | | |
(+) Pro forma income taxes current and deferred
|
| | | | 70.5 | | | | | | — | | | | | | 0.3 | | | | | | 0.3 | | | | | | 2.7 | | | | | | — | | | | | | — | | | | | | (0.3) | | | | | | 3.4 | | | | | | 2.6 | | | | | | 1.1 | | | | | | — | | | | | | 0.1 | | | | | | (1.1) | | | | | | 79.7 | | |
(+) Pro forma finance income (costs), net
|
| | | | 50.1 | | | | | | (0.1) | | | | | | 0.1 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 3.5 | | | | | | 0.2 | | | | | | 15.1 | | | | | | (0.1) | | | | | | 0.3 | | | | | | 0.3 | | | | | | 0.9 | | | | | | 0.0 | | | | | | — | | | | | | 70.6 | | |
(+) M&A expenses(2)
|
| | | | 6.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6.5 | | |
(-) Gain on bargain purchases
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pro Forma Adjusted EBITDA
|
| | | | 350.5 | | | | | | 0.8 | | | | | | 1.0 | | | | | | 1.4 | | | | | | 20.4 | | | | | | 22.0 | | | | | | 5.1 | | | | | | (5.5) | | | | | | 9.7 | | | | | | 8.0 | | | | | | 5.3 | | | | | | 10.5 | | | | | | 1.0 | | | | | | (3.2) | | | | | | 427.0 | | |
(/) Pro forma revenue
|
| | | | 4,014.8 | | | | | | 18.0 | | | | | | 27.9 | | | | | | 5.3 | | | | | | 95.8 | | | | | | 201.1 | | | | | | 53.0 | | | | | | 86.2 | | | | | | 97.2 | | | | | | 67.8 | | | | | | 23.5 | | | | | | 192.1 | | | | | | 15.6 | | | | | | — | | | | | | 4,898.2 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 8.7% | | | | | | 4.3% | | | | | | 3.5% | | | | | | 27.4% | | | | | | 21.3% | | | | | | 10.9% | | | | | | 9.6% | | | | | | (6.4)% | | | | | | 10.0% | | | | | | 11.8% | | | | | | 22.4% | | | | | | 5.5% | | | | | | 6.6% | | | | | | N/A | | | | | | 8.7% | | |
| | |
For the Fiscal Year Ended June 30, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Pre-Acquisition Period(1)
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Floema
|
| |
Casa
Trevo |
| |
CATR
|
| |
Provecampo
|
| |
Sollo Sul
|
| |
Dissul
|
| |
Pro Forma
Adjustments(1) |
| |
New
Lavoro Pro Forma |
| |||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit for the year
|
| | | | 107.8 | | | | | | 0.9 | | | | | | 0.6 | | | | | | 1.2 | | | | | | 17.1 | | | | | | 18.1 | | | | | | 6.8 | | | | | | 21.2 | | | | | | 11.2 | | | | | | 9.3 | | | | | | 6.7 | | | | | | 21.5 | | | | | | 1.3 | | | | | | (3.4) | | | | | | 220.2 | | |
(+) Pro forma depreciation and amortization
|
| | | | 118.5 | | | | | | — | | | | | | 0.3 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.4 | | | | | | 0.3 | | | | | | 0.4 | | | | | | 0.0 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.8 | | | | | | — | | | | | | 5.1 | | | | | | 126.5 | | |
(+) Fair value on inventories sold from acquired companies
|
| | | | 27.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27.0 | | |
(+) Pro forma income taxes current and deferred
|
| | | | 32.7 | | | | | | — | | | | | | 0.3 | | | | | | 0.3 | | | | | | 2.7 | | | | | | — | | | | | | — | | | | | | 0.3 | | | | | | 5.8 | | | | | | 4.8 | | | | | | 2.8 | | | | | | — | | | | | | 0.1 | | | | | | (1.7) | | | | | | 48.0 | | |
(+) Pro forma finance income (costs), net
|
| | | | 219.4 | | | | | | (0.1) | | | | | | (0.1) | | | | | | 0.0 | | | | | | 0.2 | | | | | | 3.5 | | | | | | 0.4 | | | | | | 0.1 | | | | | | (0.3) | | | | | | 0.3 | | | | | | 0.6 | | | | | | 3.0 | | | | | | 0.0 | | | | | | — | | | | | | 227.3 | | |
(+) M&A expenses(2)
|
| | | | 15.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15.8 | | |
(-) Gain on bargain purchases
|
| | | | (18.3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18.3) | | |
Pro Forma Adjusted EBITDA
|
| | |
|
502.9
|
| | | |
|
0.8
|
| | | |
|
1.3
|
| | | |
|
1.5
|
| | | |
|
20.4
|
| | | |
|
22.0
|
| | | |
|
7.4
|
| | | |
|
21.9
|
| | | |
|
16.7
|
| | | |
|
14.5
|
| | | |
|
10.2
|
| | | |
|
25.3
|
| | | |
|
1.5
|
| | | | | — | | | | |
|
646.5
|
| |
(/) Pro forma revenue
|
| | | | 7,746.5 | | | | | | 18.0 | | | | | | 27.9 | | | | | | 5.3 | | | | | | 95.8 | | | | | | 201.1 | | | | | | 68.6 | | | | | | 175.0 | | | | | | 141.3 | | | | | | 96.5 | | | | | | 44.7 | | | | | | 350.3 | | | | | | 19.9 | | | | | | — | | | | | | 8,990.9 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 6.5% | | | | | | 4.3% | | | | | | 4.5% | | | | | | 28.6% | | | | | | 21.3% | | | | | | 10.9% | | | | | | 10.8% | | | | | | 12.5% | | | | | | 11.8% | | | | | | 15.0% | | | | | | 22.9% | | | | | | 7.2% | | | | | | 7.5% | | | | | | N/A | | | | | | 7.2% | | |
| | |
As of and For the Six-Month Period
Ended December 31, 2022 |
| |
As of and For the Fiscal Year Ended
June 30, 2022 |
| ||||||||||||||||||
| | |
(US$)(1)
|
| |
(R$)
|
| |
(US$)(1)
|
| |
(R$)
|
| ||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| |||||||||||||||||||||
Borrowings (current and non-current)
|
| | | | 332.2 | | | | | | 1,733.6 | | | | | | 136.2 | | | | | | 710.6 | | |
Obligations to FIAGRO quota holders
|
| | | | 27.4 | | | | | | 143.1 | | | | | | — | | | | | | — | | |
Leases liabilities (current and non-current)
|
| | | | 34.2 | | | | | | 178.3 | | | | | | 29.8 | | | | | | 155.3 | | |
Payables for the acquisition of subsidiaries (current and non-current)
|
| | | | 41.1 | | | | | | 214.5 | | | | | | 31.5 | | | | | | 164.4 | | |
(-) Cash equivalents
|
| | | | (69.6) | | | | | | (363.3) | | | | | | (48.8) | | | | | | (254.4) | | |
Net Debt
|
| | | | 365.3 | | | | | | 1,906.2 | | | | | | 148.7 | | | | | | 775.8 | | |
Pro Forma Adjusted EBITDA
|
| | | | 126.7 | | | | | | 661.1 | | | | | | 123.9 | | | | | | 646.5 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio
|
| | | | N/A | | | | | | 2.9x | | | |
N/A
|
| | | | 1.2x | | |
| | |
For the Six-Month Period
Ended December 31, |
| |
For the Fiscal Year Ended
June 30, |
| ||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in US$)(1)
|
| |
(in R$)
|
| ||||||||||||||||||||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | | 1,055.3 | | | | | | 5,506.2 | | | | | | 4,014.8 | | | | | | 1,484.7 | | | | | | 7,746.5 | | | | | | 5,098.5 | | | | | | 2,706.3 | | |
Revenue growth(2)
|
| | | | N/A | | | | | | 37.1% | | | | | | N/A | | | | | | N/A | | | | | | 51.9% | | | | | | 88.4% | | | | | | N/A | | |
Gross margin(3)
|
| | | | N/A | | | | | | 20.4% | | | | | | 17.4% | | | | | | N/A | | | | | | 17.1% | | | | | | 14.4% | | | | | | 11.9% | | |
Profit (loss) for the period/year
|
| | | | 50.6 | | | | | | 263.9 | | | | | | 165.6 | | | | | | 20.7 | | | | | | 107.8 | | | | | | 21.5 | | | | | | (121.5) | | |
| | |
As of and For the
Six-Month Period Ended December 31, |
| |
As of and For the
Fiscal Year Ended June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2022
|
| |
2022
|
| ||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in US$)(1)
|
| |
(in R$)
|
| ||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| |||||||||||||||||||||
Pro forma revenue
|
| | | | 1,117.3 | | | | | | 5,829.9 | | | | | | 1,723.2 | | | | | | 8,990.9 | | |
Pro forma gross margin(2)
|
| | | | N/A | | | | | | 20.2% | | | | | | N/A | | | | | | 17.3% | | |
Pro forma profit for the period/year
|
| | | | 55.9 | | | | | | 291.9 | | | | | | 42.2 | | | | | | 220.2 | | |
Pro Forma Adjusted EBITDA(3)
|
| | | | 126.7 | | | | | | 661.1 | | | | | | 123.9 | | | | | | 646.5 | | |
Pro Forma Adjusted EBITDA Margin(3)
|
| | | | N/A | | | | | | 11.3% | | | | | | N/A | | | | | | 7.2% | | |
Borrowings (current and non-current)
|
| | | | 333.2 | | | | | | 1,733.6 | | | | | | 136.2 | | | | | | 710.6 | | |
Net Debt(4)
|
| | | | 365.3 | | | | | | 1,906.2 | | | | | | 148.7 | | | | | | 775.8 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio(4)
|
| | | | N/A | | | | | | 2.9x | | | | | | N/A | | | | | | 1.2x | | |
Working capital/pro forma revenue(5)
|
| | | | N/A | | | | | | 41.3% | | | | | | N/A | | | | | | 13.7% | | |
| | |
As of
December 31, |
| |
Variation
(%) |
| |
As of June 30,
|
| |
2022 – 2021
Variation (%) |
| |
2021 – 2020
Variation (%) |
| |||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||||||||||||||
Number of stores
|
| | | | 215 | | | | | | 171 | | | | | | 25.7% | | | | | | 193 | | | | | | 152 | | | | | | 126 | | | | | | 27.0% | | | | | | 20.6% | | |
Number of RTVs(1)
|
| | | | 1,012 | | | | | | 855 | | | | | | 18.4% | | | | | | 924 | | | | | | 744 | | | | | | 460 | | | | | | 24.2% | | | | | | 61.7% | | |
Number of employees(2)
|
| | | | 4,021 | | | | | | 3,341 | | | | | | 20.4% | | | | | | 3,379 | | | | | | 2,375 | | | | | | 1,435 | | | | | | 42.3% | | | | | | 65.5% | | |
Number of clients(3)
|
| | | | 72,773 | | | | | | 64,211 | | | | | | 13.3% | | | | | | 60,839 | | | | | | 47,567 | | | | | | 21,237 | | | | | | 27.9% | | | | | | 124.0% | | |
Type of Property
|
| |
Number
|
| |
% of Total
|
| ||||||
Administrative Offices
|
| | | | 13 | | | | | | 5.6% | | |
Silos
|
| | | | 3 | | | | | | 1.3% | | |
Stores
|
| | | | 215 | | | | | | 93.1% | | |
Total
|
| | | | 231 | | | | | | 100% | | |
Function
|
| |
Number of
Employees |
| |
% of Total
|
| ||||||
Management
|
| | | | 355 | | | | | | 8.8% | | |
Technology
|
| | | | 27 | | | | | | 0.7% | | |
Sales and Marketing
|
| | | | 1,476 | | | | | | 36.7% | | |
Customer Support
|
| | | | 22 | | | | | | 0.6% | | |
General and Administrative
|
| | | | 2,141 | | | | | | 53.2% | | |
Total
|
| | | | 4,021 | | | | | | 100% | | |
State
|
| |
Planted Area
(in millions of hectares) |
| |
Share of
Country-wide Planted Area (%) |
| ||||||
Mato Grosso (MT)
|
| | | | 18.01 | | | | | | 22% | | |
Paraná (PR)
|
| | | | 11.21 | | | | | | 13% | | |
Rio Grande do Sul (RS)
|
| | | | 9.85 | | | | | | 12% | | |
São Paulo (SP)
|
| | | | 7.56 | | | | | | 9% | | |
Goiás (GO)
|
| | | | 7.07 | | | | | | 9% | | |
Mato Grosso do Sul (MS)
|
| | | | 6.37 | | | | | | 8% | | |
Minas Gerais (MG)
|
| | | | 5.92 | | | | | | 7% | | |
Bahia (BA)
|
| | | | 4.13 | | | | | | 5% | | |
Maranhão (MA)
|
| | | | 1.77 | | | | | | 2% | | |
Piauí (PI)
|
| | | | 1.76 | | | | | | 2% | | |
Pará (PA)
|
| | | | 1.71 | | | | | | 2% | | |
All other states
|
| | | | 7.74 | | | | | | 9% | | |
Total
|
| | | | 83.86 | | | | | | 100% | | |
| | |
Harvest Year
|
| |
CAGR
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020 /
2021 |
| |
2021 /
2022 |
| |
2022 /
2023 |
| |
2023 /
2024 |
| |
2024 /
2025 |
| |
2025 /
2026 |
| |
2026 /
2027 |
| |
2027 /
2028 |
| |
2028 /
2029 |
| |
2029 /
2030 |
| |
2030 /
2031 |
| |
‘20/’21 –
’30/’31 |
| ||||||||||||||||||||||||||||||||||||
Planted Area
(millions of hectares) |
| | | | 68.7 | | | | | | 70.5 | | | | | | 71.8 | | | | | | 73.0 | | | | | | 74.2 | | | | | | 75.3 | | | | | | 76.4 | | | | | | 77.5 | | | | | | 78.6 | | | | | | 79.7 | | | | | | 80.8 | | | | | | 1.6% | | |
Total Production
(millions of tonnes) |
| | | | 262.1 | | | | | | 271.4 | | | | | | 277.4 | | | | | | 285.0 | | | | | | 291.6 | | | | | | 298.7 | | | | | | 305.5 | | | | | | 312.5 | | | | | | 319.3 | | | | | | 326.2 | | | | | | 333.1 | | | | | | 2.4% | | |
Production Yield
(tonnes per hectare) |
| | | | 3.8 | | | | | | 3.9 | | | | | | 3.9 | | | | | | 3.9 | | | | | | 3.9 | | | | | | 4.0 | | | | | | 4.0 | | | | | | 4.0 | | | | | | 4.1 | | | | | | 4.1 | | | | | | 4.1 | | | | | | 0.8% | | |
| | |
2017A
|
| |
2018A
|
| |
2019A
|
| |
2020A
|
| |
2021E
|
| |
CAGR
2017-2021 |
| ||||||||||||||||||
Independent Retailers (small and large)
|
| | | | 44.5 | | | | | | 46.8 | | | | | | 56.9 | | | | | | 74.0 | | | | | | 84.8 | | | | | | 17% | | |
Cooperatives
|
| | | | 31.2 | | | | | | 33.1 | | | | | | 42.5 | | | | | | 50.7 | | | | | | 53.8 | | | | | | 15% | | |
Direct Sales
|
| | | | 38.2 | | | | | | 41.0 | | | | | | 52.7 | | | | | | 50.5 | | | | | | 68.2 | | | | | | 16% | | |
Total
|
| | | | 113.9 | | | | | | 120.9 | | | | | | 152.1 | | | | | | 168.2 | | | | | | 206.8 | | | | | | 16% | | |
| | |
2017A
|
| |
2018A
|
| |
2019A
|
| |
2020A
|
| |
2021E
|
| |
CAGR 2017-
2020 |
| ||||||||||||||||||
Fertilizers
|
| | | | 47.5 | | | | | | 52.9 | | | | | | 72.8 | | | | | | 78.3 | | | | | | 97.9 | | | | | | 18% | | |
Crop Protection
|
| | | | 38.3 | | | | | | 39.7 | | | | | | 46.5 | | | | | | 52.6 | | | | | | 60.5 | | | | | | 11% | | |
Seeds
|
| | | | 18.8 | | | | | | 17.8 | | | | | | 20.8 | | | | | | 22.3 | | | | | | 31.4 | | | | | | 6% | | |
Specialty Products
|
| | | | 9.3 | | | | | | 10.6 | | | | | | 12.1 | | | | | | 15.0 | | | | | | 17.0 | | | | | | 17% | | |
Total
|
| | | | 113.8 | | | | | | 120.9 | | | | | | 152.1 | | | | | | 168.2 | | | | | | 206.8 | | | | | | 14% | | |
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| ||||||||||||||||||||||||
Planted Area in Colombia (thousands of hectares)
|
| | | | 4,676 | | | | | | 4,633 | | | | | | 4,879 | | | | | | 4,994 | | | | | | 5,068 | | | | | | 5,103 | | | | | | 5,139 | | | | | | 5,175 | | |
State
|
| |
Planted Area
(in thousands of hectares) |
| |
Proportion of
National Planted Area (%) |
| ||||||
Meta
|
| | | | 530.6 | | | | | | 11% | | |
Antioquia
|
| | | | 393.3 | | | | | | 8% | | |
Valle del Cauca
|
| | | | 353.7 | | | | | | 7% | | |
Tolima
|
| | | | 338.5 | | | | | | 7% | | |
Santander
|
| | | | 335.2 | | | | | | 7% | | |
Huila
|
| | | | 262.5 | | | | | | 5% | | |
Casanare
|
| | | | 262.0 | | | | | | 5% | | |
Bolivar
|
| | | | 239.9 | | | | | | 5% | | |
Nariño
|
| | | | 236.3 | | | | | | 5% | | |
Cauca
|
| | | | 231.9 | | | | | | 5% | | |
Cundina Marca
|
| | | | 207.3 | | | | | | 4% | | |
Sesar
|
| | | | 189.2 | | | | | | 4% | | |
Cordoba
|
| | | | 187.5 | | | | | | 4% | | |
Magdalena
|
| | | | 161.8 | | | | | | 3% | | |
Norte de Santander
|
| | | | 149.7 | | | | | | 3% | | |
Caldas
|
| | | | 132.4 | | | | | | 3% | | |
Boyaca
|
| | | | 112.3 | | | | | | 2% | | |
Choco
|
| | | | 100.0 | | | | | | 2% | | |
All others
|
| | | | 567.8 | | | | | | 11% | | |
Total
|
| | | | 4,991.9 | | | | | | 100% | | |
Crop
|
| |
Planted Area
(in thousands of hectares) |
| |
Proportion of
National Planted Area (%) |
| ||||||
Coffee
|
| | | | 845.9 | | | | | | 17% | | |
Plantain
|
| | | | 661.4 | | | | | | 12% | | |
Oil Palm
|
| | | | 598.1 | | | | | | 13% | | |
Rice
|
| | | | 565.1 | | | | | | 11% | | |
Corn
|
| | | | 512.0 | | | | | | 10% | | |
All others
|
| | | | 1,809.2 | | | | | | 36% | | |
Total
|
| | | | 4,991.7 | | | | | | 100% | | |
| | |
2021E
|
| |
2025E
|
| |
CAGR 2021-2025
|
| |||||||||
| | |
(in billions of R$)
|
| | | | | | | |||||||||
Fertilizers
|
| | | | 6,486 | | | | | | 7,229 | | | | | | 2.7% | | |
Crop Protection
|
| | | | 2,636 | | | | | | 2,934 | | | | | | 2.7% | | |
Seeds
|
| | | | 722 | | | | | | 808 | | | | | | 2.9% | | |
Total
|
| | | | 9,843 | | | | | | 10,970 | | | | | | 2.7% | | |
| | |
As of and For the Six-Month
Period Ended December 31, |
| |
As of and For the Fiscal
Year Ended June 30, |
| | ||||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| | |||||||||||||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in US$)(1)
|
| |
(in R$)
|
| |||||||||||||||||||||||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| | |||||||||||||||||||||||||||||||||||||||||
Pro forma revenue
|
| | | | 1,117.3 | | | | | | 5,829.9 | | | | | | 4,898.2 | | | | | | 1,723.2 | | | | | | 8,990.9 | | | | | | 7,573.7 | | | | | | 6,185.1 | | | | ||
Pro forma gross margin(2)
|
| | | | N/A | | | | | | 20.2% | | | | | | 17.5% | | | | | | N/A | | | | | | 17.3% | | | | | | 15.1% | | | | | | 13.7% | | | | ||
Pro forma profit for the period/year
|
| | | | 55.9 | | | | | | 291.9 | | | | | | 210.6 | | | | | | 42.2 | | | | | | 220.2 | | | | | | 151.1 | | | | | | 3.7 | | | | ||
Pro Forma Adjusted EBITDA(3)
|
| | | | 126.7 | | | | | | 661.1 | | | | | | 427.0 | | | | | | 123.9 | | | | | | 646.5 | | | | | | 471.7 | | | | | | 292.8 | | | | ||
Pro Forma Adjusted EBITDA Margin(3)
|
| | | | N/A | | | | | | 11.3% | | | | | | 8.7% | | | | | | N/A | | | | | | 7.2% | | | | | | 6.2% | | | | | | 4.7% | | | | ||
Net Debt(4)
|
| | | | 365.3 | | | | | | 1,906.2 | | | | | | N/A | | | | | | 148.7 | | | | | | 775.8 | | | | | | 73.2 | | | | | | 178.5 | | | | ||
Net Debt/Pro Forma Adjusted EBITDA Ratio(4)
|
| | | | N/A | | | | | | 2.9x | | | | | | N/A | | | | | | N/A | | | | | | 1.2x | | | | | | 0.2x | | | | | | 0.6x | | | | ||
Working capital/pro forma revenue(5)
|
| | | | N/A | | | | | | 41.3% | | | | | | N/A | | | | | | N/A | | | | | | 13.7% | | | | | | 8.2% | | | | | | 8.1% | | | |
| | |
As of December 31,
|
| |
Variation
(%) |
| |
As of June 30,
|
| |
2022 – 2021
Variation (%) |
| |
2021 – 2020
Variation (%) |
| |||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||||||||||||||
Number of stores
|
| | | | 215 | | | | | | 171 | | | | | | 25.7% | | | | | | 193 | | | | | | 152 | | | | | | 126 | | | | | | 27.0% | | | | | | 20.6% | | |
Number of RTVs(1)
|
| | | | 1,012 | | | | | | 855 | | | | | | 18.4% | | | | | | 924 | | | | | | 744 | | | | | | 460 | | | | | | 24.2% | | | | | | 61.7% | | |
Number of employees(2)
|
| | | | 4,021 | | | | | | 3,341 | | | | | | 20.4% | | | | | | 3,379 | | | | | | 2,375 | | | | | | 1,435 | | | | | | 42.3% | | | | | | 65.5% | | |
Number of clients(3)
|
| | | | 72,773 | | | | | | 64,211 | | | | | | 13.3% | | | | | | 60,839 | | | | | | 47,567 | | | | | | 21,237 | | | | | | 27.9% | | | | | | 124.0% | | |
| | |
Six-Month
Period Ended December 31, |
| |
Fiscal Year Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(inter-annual data)
|
| |||||||||||||||||||||
| | |
(in percentages, except as otherwise indicated)
|
| |||||||||||||||||||||
Brazil | | | | | | | | | | | | | | | | | | | | | |||||
Inflation (IGP-M)
|
| | | | (2.5) | | | | | | 10.7 | | | | | | 35.8 | | | | | | 7.3 | | |
Inflation (IPCA)
|
| | | | 0.3 | | | | | | 11.9 | | | | | | 8.3 | | | | | | 2.1 | | |
CDI Rate (average)(1)
|
| | | | 13.6 | | | | | | 8.7 | | | | | | 2.3 | | | | | | 4.6 | | |
Period-end exchange rate – R$ per US$1.00
|
| | | | 5.2177 | | | | | | 5.2380 | | | | | | 5.0022 | | | | | | 5.4760 | | |
Average exchange rate – R$ per US$1.00(2)
|
| | | | 5.2507 | | | | | | 5.2440 | | | | | | 5.3854 | | | | | | 4.4692 | | |
Appreciation (depreciation) of the real vs. US$ in the period(3)
|
| | | | (1.8) | | | | | | (4.7) | | | | | | 8.7 | | | | | | (42.9) | | |
Colombia | | | | | | | | | | | | | | | | | | | | | |||||
Inflation (CPI)
|
| | | | 4.8 | | | | | | 9.7 | | | | | | 3.6 | | | | | | 2.2 | | |
TIB Rate (average)
|
| | | | 9.7 | | | | | | 3.4 | | | | | | 1.8 | | | | | | 4.0 | | |
Period-end exchange rate – COP$ per US$1.00
|
| | | | 4,810 | | | | | | 4,127 | | | | | | 3,757 | | | | | | 3,759 | | |
Average exchange rate – COP$ per US$1.00(2)
|
| | | | 4,591 | | | | | | 3,888 | | | | | | 3,659 | | | | | | 3,530 | | |
Appreciation (depreciation) of the COP$ vs. US$ in the period(4)
|
| | | | 15.9 | | | | | | (9.9) | | | | | | 0.1 | | | | | | (17.3) | | |
| | |
For the Six-Month Period Ended December 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||
Revenue | | | | | 1,055.3 | | | | | | 5,506.2 | | | | | | 4,014.8 | | | | | | 37.1% | | |
Cost of goods sold
|
| | | | (839.6) | | | | | | (4,380.9) | | | | | | (3,314.7) | | | | | | 32.2% | | |
Gross profit
|
| | | | 215.7 | | | | | | 1,125.3 | | | | | | 700.1 | | | | | | 60.7% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (118.5) | | | | | | (618.4) | | | | | | (465.1) | | | | | | 33.0% | | |
Other operating income, net
|
| | | | 6.1 | | | | | | 31.7 | | | | | | 51.2 | | | | | | (38.1)% | | |
Operating profit
|
| | | | 103.2 | | | | | | 538.6 | | | | | | 286.2 | | | | | | 88.2% | | |
Finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 30.6 | | | | | | 159.9 | | | | | | 200.4 | | | | | | (20.2)% | | |
Finance costs
|
| | | | (91.1) | | | | | | (475.6) | | | | | | (250.5) | | | | | | 89.9% | | |
Profit before income taxes
|
| | | | 42.7 | | | | | | 222.9 | | | | | | 236.1 | | | | | | (5.6)% | | |
Current income taxes
|
| | | | (2.7) | | | | | | (14.3) | | | | | | (88.7) | | | | | | (83.9)% | | |
Deferred income taxes
|
| | | | 10.6 | | | | | | 55.3 | | | | | | 18.1 | | | | | | 205.5% | | |
Profit for the period
|
| | | | 50.6 | | | | | | 263.9 | | | | | | 165.6 | | | | | | 59.4% | | |
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||
Revenue | | | | | 1,484.7 | | | | | | 7,746.5 | | | | | | 5,098.5 | | | | | | 51.9% | | |
Cost of goods sold
|
| | | | (1,230.6) | | | | | | (6,421.0) | | | | | | (4,362.7) | | | | | | 47.2% | | |
Gross profit
|
| | | | 254.0 | | | | | | 1,325.5 | | | | | | 735.9 | | | | | | 80.1% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (195.9) | | | | | | (1,022.4) | | | | | | (619.5) | | | | | | 65.0% | | |
Other operating income, net
|
| | | | 10.9 | | | | | | 56.8 | | | | | | 15.6 | | | | | | 264.1% | | |
Operating profit
|
| | | | 69.0 | | | | | | 359.9 | | | | | | 132.0 | | | | | | 172.6% | | |
Finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 81.8 | | | | | | 426.9 | | | | | | 227.1 | | | | | | 88.0% | | |
Finance costs
|
| | | | (123.9) | | | | | | (646.4) | | | | | | (312.9) | | | | | | 106.6% | | |
Profit before income taxes
|
| | | | 26.9 | | | | | | 140.4 | | | | | | 46.2 | | | | | | 203.9% | | |
Current income taxes
|
| | | | (21.4) | | | | | | (111.4) | | | | | | (61.7) | | | | | | 80.6% | | |
Deferred income taxes
|
| | | | 15.1 | | | | | | 78.7 | | | | | | 37.0 | | | | | | 112.7% | | |
Profit for the year
|
| | | | 20.7 | | | | | | 107.8 | | | | | | 21.5 | | | | | | 401.4% | | |
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||
Revenue | | | | | 977.2 | | | | | | 5,098.5 | | | | | | 2,706.3 | | | | | | 88.4% | | |
Cost of goods sold
|
| | | | (836.1) | | | | | | (4,362.7) | | | | | | (2,384.1) | | | | | | 83.0% | | |
Gross profit
|
| | | | 141.0 | | | | | | 735.9 | | | | | | 322.2 | | | | | | 128.4% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (118.7) | | | | | | (619.5) | | | | | | (394.7) | | | | | | 57.0% | | |
Other operating income, net
|
| | | | 3.0 | | | | | | 15.6 | | | | | | 10.8 | | | | | | 44.4% | | |
Operating profit (loss)
|
| | | | 25.3 | | | | | | 132.0 | | | | | | (61.7) | | | | | | n.m. | | |
Finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 43.5 | | | | | | 227.1 | | | | | | 55.5 | | | | | | 309.2% | | |
Finance costs
|
| | | | (60.0) | | | | | | (312.9) | | | | | | (168.7) | | | | | | 85.5% | | |
Profit (loss) before income taxes
|
| | | | 8.9 | | | | | | 46.2 | | | | | | (174.9) | | | | | | n.m. | | |
Current income taxes
|
| | | | (11.8) | | | | | | (61.7) | | | | | | (23.5) | | | | | | 162.5% | | |
Deferred income taxes
|
| | | | 7.1 | | | | | | 37.0 | | | | | | 76.9 | | | | | | (51.9)% | | |
Profit (loss) for the year
|
| | | | 4.1 | | | | | | 21.5 | | | | | | (121.5) | | | | | | n.m. | | |
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
For the Six-Month Period Ended December 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||
Pro forma revenue
|
| | | | 1,117.3 | | | | | | 5,829.9 | | | | | | 4,898.2 | | | | | | 19.0% | | |
Pro forma cost of goods sold
|
| | | | (892.1) | | | | | | (4,654.8) | | | | | | (4,039.3) | | | | | | 15.2% | | |
Pro forma gross profit
|
| | | | 225.2 | | | | | | 1,175.1 | | | | | | 859.0 | | | | | | 36.8% | | |
Pro forma operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma sales, general and administrative expenses
|
| | | | (121.4) | | | | | | (633.5) | | | | | | (540.2) | | | | | | 17.3% | | |
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
For the Six-Month Period Ended December 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||
Pro forma other operating income, net
|
| | | | 6.0 | | | | | | 31.4 | | | | | | 42.1 | | | | | | (25.5)% | | |
Pro forma operating profit
|
| | | | 109.8 | | | | | | 573.0 | | | | | | 360.9 | | | | | | 58.8% | | |
Pro forma finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma finance income
|
| | | | 30.7 | | | | | | 160.4 | | | | | | 186.7 | | | | | | (14.1)% | | |
Pro forma finance costs
|
| | | | (91.6) | | | | | | (478.2) | | | | | | (257.3) | | | | | | 85.8% | | |
Pro forma profit before income taxes
|
| | | | 48.9 | | | | | | 255.3 | | | | | | 290.3 | | | | | | (12.1)% | | |
Pro forma income taxes
|
| | | | 7.0 | | | | | | 36.6 | | | | | | (79.7) | | | | | | n.m. | | |
Pro forma profit for the period
|
| | | | 55.9 | | | | | | 291.9 | | | | | | 210.6 | | | | | | 38.9% | | |
|
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||
Pro forma revenue
|
| | | | 1,723.2 | | | | | | 8,990.9 | | | | | | 7,573.7 | | | | | | 18.7% | | |
Pro forma cost of goods sold
|
| | | | (1,425.6) | | | | | | (7,438.5) | | | | | | (6,432.5) | | | | | | 15.6% | | |
Pro forma gross profit
|
| | | | 297.5 | | | | | | 1,552.4 | | | | | | 1,141.2 | | | | | | 36.0% | | |
Pro forma operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma sales, general and administrative expenses
|
| | | | (214.8) | | | | | | (1,120.7) | | | | | | (858.8) | | | | | | 30.5% | | |
Pro forma other operating income, net
|
| | | | 12.2 | | | | | | 63.8 | | | | | | 28.1 | | | | | | 127.1% | | |
Pro forma operating profit
|
| | | | 95.0 | | | | | | 495.5 | | | | | | 310.5 | | | | | | 59.6% | | |
Pro forma finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma finance income
|
| | | | 82.3 | | | | | | 429.6 | | | | | | 272.2 | | | | | | 57.8% | | |
Pro forma finance costs
|
| | | | (125.9) | | | | | | (656.8) | | | | | | (372.8) | | | | | | 76.2% | | |
Pro forma profit before income taxes
|
| | | | 51.4 | | | | | | 268.2 | | | | | | 210.0 | | | | | | 27.7% | | |
Pro forma income taxes
|
| | | | (9.2) | | | | | | (48.0) | | | | | | (58.8) | | | | | | (18.4)% | | |
Pro forma profit for the year
|
| | | | 42.2 | | | | | | 220.2 | | | | | | 151.1 | | | | | | 45.7% | | |
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||
Pro forma revenue
|
| | | | 1,451.5 | | | | | | 7,573.7 | | | | | | 6,185.1 | | | | | | 22.5% | | |
Pro forma cost of goods sold
|
| | | | (1,232.8) | | | | | | (6,432.5) | | | | | | (5,336.5) | | | | | | 20.5% | | |
Pro forma gross profit
|
| | | | 218.7 | | | | | | 1,141.2 | | | | | | 848.5 | | | | | | 34.5% | | |
Pro forma operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma sales, general and administrative expenses
|
| | | | (164.6) | | | | | | (858.8) | | | | | | (710.4) | | | | | | 20.9% | | |
Pro forma other operating income, net
|
| | | | 5.4 | | | | | | 28.1 | | | | | | 20.0 | | | | | | 40.5% | | |
Pro forma operating profit
|
| | | | 59.5 | | | | | | 310.5 | | | | | | 158.1 | | | | | | 96.4% | | |
Pro forma finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma finance income
|
| | | | 52.2 | | | | | | 272.2 | | | | | | 136.5 | | | | | | 99.4% | | |
Pro forma finance costs
|
| | | | (71.4) | | | | | | (372.8) | | | | | | (302.3) | | | | | | 23.3% | | |
Pro forma profit (loss) before income taxes
|
| | | | 40.2 | | | | | | 210.0 | | | | | | (7.7) | | | | | | n.m | | |
Pro forma income taxes
|
| | | | (11.3) | | | | | | (58.8) | | | | | | 11.4 | | | | | | n.m | | |
Pro forma profit for the year
|
| | | | 29.0 | | | | | | 151.1 | | | | | | 3.7 | | | | | | n.m | | |
| | |
Lavoro
Group Historical |
| |
Integra
Historical (i) |
| |
Qualicitrus
Historical (ii) |
| |
América
Historical (iii) |
| |
Desempar
Historical (iv) |
| |
Cultivar
Historical (v) |
| |
Agrobiológica
Historical (vi) |
| |
Produttiva
Historical (vii) |
| |
Cenagro
Historical (viii) |
| |
Cenagral
Historical (ix) |
| |
Union
Agro Historical (x) |
| |
AgroZap
Historical (xi) |
| |
Nova
Geração Historical (xii) |
| |
Floema
Historical (xiii) |
| |
Casa
Trevo Historical (xiv) |
| |
CATR
Historical (xv) |
| |
Provecampo
Historical (xvi) |
| |
Sollo
Sul Historical (xvii) |
| |
Dissul
Historical (xviii) |
| |
Pro
forma adjust- ments |
| |
Note
|
| |
Lavoro
Group Pro Forma |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | | | 5,098.5 | | | | | | 11.5 | | | | | | 119.7 | | | | | | 145.4 | | | | | | 557.9 | | | | | | 294.2 | | | | | | 4.6 | | | | | | 175.2 | | | | | | 163.9 | | | | | | 16.3 | | | | | | 153.0 | | | | | | 230.1 | | | | | | 17.0 | | | | | | 89.8 | | | | | | 99.2 | | | | | | 65.2 | | | | | | 43.6 | | | | | | 275.0 | | | | | | 13.5 | | | | |
|
—
|
| | | | | | | | 7,573.7 | | |
Cost of goods sold
|
| | | | (4,362.7) | | | | | | (9.5) | | | | | | (110.0) | | | | | | (128.7) | | | | | | (469.3) | | | | | | (224.8) | | | | | | (1.0) | | | | | | (153.7) | | | | | | (140.7) | | | | | | (9.1) | | | | | | (104.3) | | | | | | (209.2) | | | | | | (13.1) | | | | | | (74.0) | | | | | | (86.7) | | | | | | (57.4) | | | | | | (28.0) | | | | | | (235.4) | | | | | | (15.2) | | | | | | — | | | | | | | | | (6,432.5) | | |
Gross profit
|
| | | | 735.9 | | | | | | 2.0 | | | | | | 9.8 | | | | | | 16.7 | | | | | | 88.7 | | | | | | 69.5 | | | | | | 3.6 | | | | | | 21.5 | | | | | | 23.2 | | | | | | 7.1 | | | | | | 48.7 | | | | | | 21.0 | | | | | | 3.9 | | | | | | 15.8 | | | | | | 12.5 | | | | | | 7.7 | | | | | | 15.5 | | | | | | 39.6 | | | | | | (1.6) | | | | | | — | | | | | | | | | 1,141.2 | | |
Operating expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Sales, general and
administrative expenses |
| | | | (619.5) | | | | | | (2.5) | | | | | | (3.2) | | | | | | (4.6) | | | | | | (44.9) | | | | | | (36.6) | | | | | | (0.5) | | | | | | (9.4) | | | | | | (18.7) | | | | | | (1.5) | | | | | | (19.0) | | | | | | (38.9) | | | | | | (3.5) | | | | | | (4.8) | | | | | | (5.0) | | | | | | (3.3) | | | | | | (2.1) | | | | | | (23.3) | | | | | | 3.0 | | | | | | (20.6) | | | |
2(a)
2(b)
2(c) 2(d) |
| | | | (858.9) | | |
Other operating income
(expenses), net |
| | | | 15.6 | | | | | | — | | | | | | 0.6 | | | | | | (4.9) | | | | | | 2.1 | | | | | | 2.7 | | | | | | (0.4) | | | | | | 7.3 | | | | | | (0.7) | | | | | | 0.0 | | | | | | (0.3) | | | | | | 4.7 | | | | | | 0.2 | | | | | | 0.2 | | | | | | (0.2) | | | | | | (0.2) | | | | | | 0.1 | | | | | | 1.2 | | | | | | — | | | | | | — | | | | | | | | | 28.1 | | |
Operating profit (loss)
|
| | | | 132.0 | | | | | | (0.5) | | | | | | 7.3 | | | | | | 7.1 | | | | | | 45.9 | | | | | | 35.6 | | | | | | 2.7 | | | | | | 19.4 | | | | | | 3.9 | | | | | | 5.7 | | | | | | 29.4 | | | | | | (13.3) | | | | | | 0.6 | | | | | | 11.3 | | | | | | 7.3 | | | | | | 4.3 | | | | | | 13.5 | | | | | | 17.6 | | | | | | 1.4 | | | | | | (20.6) | | | | | | | | | 310.4 | | |
Finance income (costs):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Finance
income |
| | | | 227.1 | | | | | | 0.0 | | | | | | 0.1 | | | | | | — | | | | | | 35.4 | | | | | | 4.6 | | | | | | 0.0 | | | | | | 0.1 | | | | | | 3.2 | | | | | | — | | | | | | 0.2 | | | | | | 0.8 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.0 | | | | | | — | | | | | | | | | 272.2 | | |
Finance costs
|
| | | | (312.9) | | | | | | (0.0) | | | | | | (0.0) | | | | | | (0.4) | | | | | | (38.5) | | | | | | (10.2) | | | | | | (0.2) | | | | | | (0.5) | | | | | | (1.7) | | | | | | (0.0) | | | | | | (1.4) | | | | | | (4.5) | | | | | | (0.0) | | | | |
|
(0.4)
|
| | | | | (0.4) | | | | |
|
(0.1)
|
| | | |
|
(0.3)
|
| | | |
|
(1.3)
|
| | | |
|
(0.0)
|
| | | | | — | | | | | | | |
|
(372.8)
|
| |
Profit (loss) before
income taxes |
| | | | 46.2 | | | | | | (0.5) | | | | | | 7.4 | | | | | | 6.8 | | | | | | 42.9 | | | | | | 30.0 | | | | | | 2.6 | | | | | | 19.0 | | | | | | 5.4 | | | | | | 5.7 | | | | | | 28.2 | | | | | | (17.0) | | | | | | 0.7 | | | | | | 11.0 | | | | |
|
7.0
|
| | | |
|
4.2
|
| | | | | 13.4 | | | | | | 16.3 | | | | | | 1.4 | | | | | | (20.6) | | | | | | | | | 209.8 | | |
Income taxes
|
| | | | (24.7) | | | | | | (0.1) | | | | | | (0.0) | | | | | | (4.1) | | | | | | (13.8) | | | | | | (3.7) | | | | | | — | | | | | | — | | | | | | (2.9) | | | | | | (2.1) | | | | | | (5.6) | | | | | | — | | | | | | — | | | | | | (0.5) | | | | | | (2.3) | | | | | | (1.4) | | | | | | (4.5) | | | | | | — | | | | | | — | | | | | | 7.0 | | | | | | | | | (58.8) | | |
Net income
(loss) |
| | | | 21.5 | | | | | | (0.6) | | | | | | 7.4 | | | | | | 2.7 | | | | | | 29.1 | | | | | | 26.3 | | | | | | 2.6 | | | | | | 19.0 | | | | | | 2.5 | | | | | | 3.6 | | | | | | 22.6 | | | | | | (17.0) | | | | | | 0.7 | | | | | | 10.6 | | | | | | 4.7 | | | | | | 2.8 | | | | | | 8.9 | | | | | | 16.3 | | | | | | 1.4 | | | | | | (13.6) | | | | | | | | | 151.1 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
Equity holders of
the parent |
| | | | 38.4 | | | | | | (0.4) | | | | | | 4.0 | | | | | | 2.3 | | | | | | 24.7 | | | | | | 16.7 | | | | | | 1.7 | | | | | | 15.2 | | | | | | 2.0 | | | | | | 2.9 | | | | | | 16.5 | | | | | | (9.3) | | | | | | 0.4 | | | | | | 6.6 | | | | | | 3.7 | | | | | | 2.2 | | | | | | 8.5 | | | | | | 15.2 | | | | | | 1.3 | | | | | | (10.9) | | | | | | | | | 141.5 | | |
Non-controlling
interest |
| | | | (16.9) | | | | | | (0.2) | | | | | | 3.4 | | | | | | 0.4 | | | | | | 4.4 | | | | | | 9.6 | | | | | | 0.9 | | | | | | 3.8 | | | | | | 0.5 | | | | | | 0.7 | | | | | | 6.1 | | | | | | (7.8) | | | | | | 0.2 | | | | | | 4.0 | | | | | | 1.0 | | | | | | 0.6 | | | | | | 0.4 | | | | | | 1.1 | | | | | | 0.1 | | | | | | (2.7) | | | |
2(f)
|
| | | | 9.7 | | |
| | |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral(*)
|
| |
Union
Agro |
| |
Agro
Zap |
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo Sul
|
| |
Floema
|
| |
Provecampo
|
| |
Note
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer
relationship |
| | | | 8.4 | | | | | | 11.8 | | | | | | 32.2 | | | | | | 55.4 | | | | | | 6.2 | | | | | | 5.5 | | | | | | 26.1 | | | | | | 2.6 | | | | | | — | | | | | | 7.0 | | | | | | 6.0 | | | | | | 4.3 | | | | | | 1.0 | | | | | | 0.4 | | | | | | 2.1 | | | | | | 14.9 | | | | | | 12.4 | | | | | | 2(a) | | |
Purchase contracts
|
| | | | — | | | | | | — | | | | | | 8.6 | | | | | | — | | | | | | — | | | | | | 0.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2(b) | | |
Property, plant and equipment
|
| | | | — | | | | | | 0.3 | | | | | | — | | | | | | 2.4 | | | | | | 2.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2(c) | | |
Brands
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5.9 | | | | | | 0.0 | | | | | | — | | | | | | 7.4 | | | | | | 1.3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2(d) | | |
| | |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Union Agro
|
| |
AgroZap
|
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo Sul
|
| |
Floema
|
| |
Provecampo
|
| |
Total
pro forma adjustment |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated useful life (years)
|
| | | | 7.6 | | | | | | 8.0 | | | | | | 5.3 | | | | | | 8.3 | | | | | | 16.5 | | | | | | 3.0 | | | | | | 9.2 | | | | | | 11.0 | | | | | | 7.2 | | | | | | 11.0 | | | | | | 13.0 | | | | | | 5.0 | | | | | | 5.2 | | | | | | 13.2 | | | | | | 12.0 | | | | | | 9.6 | | | | | | — | | |
Pre-acquisition period
(years) |
| | | | 0.173 | | | | | | 0.384 | | | | | | 0.501 | | | | | | 0.754 | | | | | | 0.754 | | | | | | 0.170 | | | | | | 0.995 | | | | | | 1.096 | | | | | | 1.000 | | | | | | 0.970 | | | | | | 0.984 | | | | | | 1.000 | | | | | | 0.996 | | | | | | 2.523 | | | | | | 0.989 | | | | | | 1.113 | | | | | | — | | |
Pro forma
adjustments |
| | | | 0.2 | | | | | | 0.6 | | | | | | 3.0 | | | | | | 5.0 | | | | | | 0.3 | | | | | | 0.3 | | | | | | 2.8 | | | | | | 0.3 | | | | | | 1.0 | | | | | | 0.5 | | | | | | 0.3 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 1.2 | | | | | | 1.6 | | | | | | 17.8 | | |
| | |
América
|
| |
Agrobiológica
|
| |
Total
pro forma adjustment |
| |||||||||
Estimated useful life (years)
|
| | | | 4.0 | | | | | | 3.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.501 | | | | | | 0.170 | | | | | | — | | |
Pro forma adjustments
|
| | | | 1.0 | | | | | | 0.0 | | | | | | 1.0 | | |
| | |
Qualicitrus
|
| |
Desempar
|
| |
Cultivar
|
| |
Total
pro forma adjustment |
| ||||||||||||
Estimated useful life (years)
|
| | | | 8.9 | | | | | | 8.9 | | | | | | 8.9 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.384 | | | | | | 0.754 | | | | | | 0.754 | | | | | | — | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.4 | | |
| | |
Agrobiológica
|
| |
Union Agro
|
| |
Total
adjustment |
| |||||||||
Estimated useful life (years)
|
| | | | 20.0 | | | | | | 1.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.170 | | | | | | 1.000 | | | | | | — | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 1.3 | | | | | | 1.3 | | |
| | |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Union
|
| |
Nova
Geração |
| |
Agrozap
|
| |
Casa Trevo
|
| |
CATR
|
| |
Sollo Sul
|
| |
Floema
|
| |
Provecampo
|
| |
Total
Pro forma adjustments |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (0.2) | | | | | | (0.6) | | | | | | (4.1) | | | | | | (5.2) | | | | | | (0.5) | | | | | | (0.4) | | | | | | (2.8) | | | | | | (0.3) | | | | | | (2.3) | | | | | | (0.3) | | | | | | (0.5) | | | | | | (0.2) | | | | | | (0.1) | | | | | | (0.4) | | | | | | (1.2) | | | | | | (1.6) | | | | | | — | | |
Income taxes effect (34%)
|
| | | | 0.1 | | | | | | 0.2 | | | | | | 1.4 | | | | | | 1.8 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 1.0 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.0 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.5 | | | | | | — | | |
Non-controlling interest (%)
|
| | | | 28% | | | | | | 46% | | | | | | 13% | | | | | | 15% | | | | | | 37% | | | | | | 35% | | | | | | 20% | | | | | | 20% | | | | | | 27% | | | | | | 33% | | | | | | 46% | | | | | | 21% | | | | | | 21% | | | | | | 7% | | | | | | 37% | | | | | | 5% | | | | | | — | | |
Pro forma adjustments
|
| | | | (0.0) | | | | | | (0.2) | | | | | | (0.4) | | | | | | (0.5) | | | | | | (0.1) | | | | | | (0.1) | | | | | | (0.4) | | | | | | (0.0) | | | | | | (0.4) | | | | | | (0.1) | | | | | | (0.2) | | | | | | (0.0) | | | | | | (0.0) | | | | | | (0.0) | | | | | | (0.3) | | | | | | (0.1) | | | | | | (2.7) | | |
| | |
Lavoro
Group Historical |
| |
AGP
Group Historical (i) |
| |
Produtec
Historical (ii) |
| |
Central
Agrícola Historical (iii) |
| |
Fertilyser
Historical (iv) |
| |
AgSe
Historical (v) |
| |
Integra
Historical (vi) |
| |
Qualicitrus
Historical (vii) |
| |
América
Historical (viii) |
| |
Desempar
Historical (ix) |
| |
Cultivar
Historical (x) |
| |
Agrobiológica
Historical (xi) |
| |
Produttiva
Historical (xii) |
| |
Cenagro
Historical (xiii) |
| |
Cenagral
Historical (xiv) |
| |
Union
Agro Historical (xv) |
| |
AgroZap
Historical (xvi) |
| |
Nova
Geração Historical (xvii) |
| |
Floema
Historical (xviii) |
| |
Casa
Trevo Historical (xvix) |
| |
CATR
Historical (xvx) |
| |
Provecampo
Historical (xxi) |
| |
Sollo
Sul Historical (xxii) |
| |
Dissul
Historical (xxiii) |
| |
Pro
forma adjust- ments |
| |
Note
|
| |
Lavoro
Group Pro Forma |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | | | | | 2,706.3 | | | | | | 416.2 | | | | | | 114.7 | | | | | | 355.1 | | | | | | 4.0 | | | | | | 60.1 | | | | | | 126.0 | | | | | | 296.2 | | | | | | 173.0 | | | | | | 629.5 | | | | | | 252.4 | | | | | | 42.8 | | | | | | 113.9 | | | | | | 124.7 | | | | | | 2.2 | | | | | | 105.3 | | | | | | 185.1 | | | | | | 21.9 | | | | | | 76.7 | | | |
51.0
|
| | | | 61.5 | | | | | | 26.7 | | | | | | 228.7 | | | | | | 11.4 | | | | | | — | | | | | | | | | | | | 6,185.1 | | |
Cost of goods sold
|
| | | | (2,384.1) | | | | | | (375.9) | | | | | | (87.5) | | | | | | (311.2) | | | | | | (2.9) | | | | | | (51.7) | | | | | | (97.3) | | | | | | (266.2) | | | | | | (144.8) | | | | | | (540.8) | | | | | | (203.3) | | | | | | (6.0) | | | | | | (100.1) | | | | | | (107.3) | | | | | | (1.9) | | | | | | (62.5) | | | | | | (165.6) | | | | | | (16.6) | | | | | | (62.4) | | | |
(43.7)
|
| | | | (67.4) | | | | | | (22.2) | | | | | | (205.0) | | | | | | (10.0) | | | | |
|
—
|
| | | | | | | | | | | (5,336.5) | | |
Gross profit
|
| | | | 322.2 | | | | | | 40.3 | | | | | | 27.2 | | | | | | 43.8 | | | | | | 1.1 | | | | | | 8.4 | | | | | | 28.7 | | | | | | 30.0 | | | | | | 28.2 | | | | | | 88.7 | | | | | | 49.1 | | | | | | 36.8 | | | | | | 13.8 | | | | | | 17.4 | | | | | | 0.3 | | | | | | 42.7 | | | | | | 19.5 | | | | | | 5.3 | | | | | | 14.3 | | | |
7.3
|
| | | | (6.0) | | | | | | 4.5 | | | | | | (16.7) | | | | | | 1.3 | | | | | | — | | | | | | | | | | | | 848.5 | | |
Operating expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Sales, general and
administrative expenses |
| | | | (394.7) | | | | | | (16.4) | | | | | | (10.9) | | | | | | (7.3) | | | | | | (0.9) | | | | | | (9.6) | | | | | | (8.4) | | | | | | (33.3) | | | | | | (5.9) | | | | | | (58.2) | | | | | | (36.9) | | | | | | (4.0) | | | | | | (5.6) | | | | | | (14.1) | | | | | | (0.2) | | | | | | (17.8) | | | | | | (14.5) | | | | | | (2.1) | | | | | | (4.1) | | | |
(5.1)
|
| | | | (5.2) | | | | | | (1.8) | | | | | | (16.7) | | | | | | (0.1) | | | | | | (36.7) | | | | | |
2(a) 2(c) 2(d) 2(b) |
| | | | | (710.4) | | |
Other operating income (expenses),
net |
| | | | 10.8 | | | | | | (0.0) | | | | | | 3.3 | | | | | | 0.9 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.9 | | | | | | (0.4) | | | | | | 2.3 | | | | | | 2.6 | | | | | | (8.9) | | | | | | 3.6 | | | | | | 0.0 | | | | | | 0.0 | | | | | | (0.2) | | | | | | 2.2 | | | | | | 0.1 | | | | | | 0.3 | | | |
0.0
|
| | |
|
0.1
|
| | | |
|
1.1
|
| | | | | 1.3 | | | | | | (0.0) | | | | | | — | | | | | | | | | | | | 20.0 | | |
Operating profit (loss)
|
| | | | (61.7) | | | | | | 23.8 | | | | | | 19.6 | | | | | | 37.5 | | | | | | 0.2 | | | | | | (1.1) | | | | | | 20.4 | | | | | | (2.5) | | | | | | 21.9 | | | | | | 32.8 | | | | | | 14.8 | | | | | | 23.9 | | | | | | 11.8 | | | | | | 3.4 | | | | | | 0.1 | | | | | | 24.7 | | | | | | 7.2 | | | | |
|
3.2
|
| | | | | 10.5 | | | |
2.2
|
| | | | (11.1) | | | | | | 3.9 | | | | | | 8.2 | | | | | | 1.2 | | | | | | (36.7) | | | | | | | | | | | | 158.1 | | |
Finance income (costs):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Finance income
|
| | | | 55.5 | | | | | | 4.2 | | | | | | 1.3 | | | | | | 38.7 | | | | | | — | | | | | | 0.1 | | | | | | 0.2 | | | | | | 3.6 | | | | | | 2.7 | | | | | | 24.4 | | | | | | 0.3 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 2.3 | | | | | | — | | | | | | 0.1 | | | | | | 1.7 | | | | | | 0.0 | | | | | | 0.0 | | | |
0.1
|
| | | | 0.1 | | | | | | 0.7 | | | | | | 0.2 | | | | | | 0.0 | | | | | | — | | | | | | | | | | | | 136.5 | | |
Finance costs
|
| | | | (168.7) | | | | | | (8.9) | | | | | | (0.8) | | | | | | (59.5) | | | | | | — | | | | | | — | | | | | | (15.8) | | | | | | (0.7) | | | | | | (6.6) | | | | | | (17.6) | | | | | | (12.1) | | | | | | (0.1) | | | | | | (0.3) | | | | | | (1.2) | | | | | | — | | | | | | (0.6) | | | | | | (6.5) | | | | | | 0.0 | | | | | | (0.4) | | | |
(0.1)
|
| | | | (0.1) | | | | | | (0.1) | | | | | | (1.9) | | | | | | (0.0) | | | | | | — | | | | | | | | | | | | (302.3) | | |
Profit (loss) before
income taxes |
| | | | (174.9) | | | | | | 19.1 | | | | | | 20.1 | | | | | | 16.6 | | | | | | 0.2 | | | | | | (1.0) | | | | | | 4.8 | | | | | | 0.4 | | | | | | 17.9 | | | | | | 39.6 | | | | | | 3.1 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 4.5 | | | | | | 0.1 | | | | | | 24.2 | | | | | | 2.4 | | | | | | 3.3 | | | | | | 10.1 | | | |
2.2
|
| | | | (11.1) | | | | | | 4.5 | | | | | | 6.5 | | | | | | 1.2 | | | | | | (36.7) | | | | | | | | | | | | (7.7) | | |
Income taxes
|
| | | | 53.4 | | | | | | (8.0) | | | | | | (3.6) | | | | | | (8.8) | | | | | | (0.4) | | | | | | (1.5) | | | | | | (2.3) | | | | | | (0.1) | | | | | | (5.0) | | | | | | (11.9) | | | | | | (1.4) | | | | | | — | | | | | | — | | | | | | (0.3) | | | | | | 0.0 | | | | | | (3.9) | | | | | | — | | | | | | (0.9) | | | | | | (2.6) | | | |
(0.5)
|
| | | | (2.2) | | | | | | — | | | | | | (0.7) | | | | | | (0.3) | | | | | | 12.4 | | | | | | 2(e) | | | | | | 11.4 | | |
Net income
(loss) |
| | | | (121.5) | | | | | | 11.1 | | | | | | 16.5 | | | | | | 7.8 | | | | | | (0.2) | | | | | | (2.4) | | | | | | 2.4 | | | | | | 0.3 | | | | | | 12.9 | | | | | | 27.7 | | | | | | 1.6 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 4.1 | | | | | | 0.1 | | | | | | 20.3 | | | | | | 2.4 | | | | | | 2.4 | | | | | | 7.4 | | | |
1.7
|
| | | | (13.3) | | | | | | 4.5 | | | | | | 5.9 | | | | | | 0.9 | | | | | | (24.3) | | | | | | | | | | | | 3.7 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Equity holders of
the parent |
| | | | (108.7) | | | | | | 9.1 | | | | | | 10.7 | | | | | | 6.4 | | | | | | (0.2) | | | | | | (2.4) | | | | | | 1.8 | | | | | | 0.2 | | | | | | 11.2 | | | | | | 23.5 | | | | | | 1.0 | | | | | | 15.6 | | | | | | 9.2 | | | | | | 3.3 | | | | | | 0.1 | | | | | | 14.8 | | | | | | 1.3 | | | | | | 1.6 | | | | | | 4.7 | | | |
1.4
|
| | | | (10.5) | | | | | | 4.2 | | | | | | 5.5 | | | | | | 0.8 | | | | | | (19.3) | | | | | | | | | | | | (14.8) | | |
Non-controlling interest
|
| | | | (12.8) | | | | | | 2.0 | | | | | | 5.8 | | | | | | 1.4 | | | | | | (0.0) | | | | | | (0.0) | | | | | | 0.7 | | | | | | 0.1 | | | | | | 21.7 | | | | |
|
54.2
|
| | | | | 0.6 | | | | | | 8.3 | | | | | | 2.3 | | | | | | 0.8 | | | | | | 0.0 | | | | | | 85.5 | | | | | | 1.1 | | | | | | 0.8 | | | | | | 2.8 | | | |
0.3
|
| | | | (2.8) | | | | | | 0.2 | | | | | | 0.4 | | | | | | 0.1 | | | | | | (5.0) | | | | | | 2(f) | | | | | | 18.5 | | |
| | |
AGP
Group |
| |
Produtec
|
| |
Central
Agrícola |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral (*)
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo Sul
|
| |
Floema
|
| |
Provecampo
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationship (2(a))
|
| | | | 65.6 | | | | | | 2.8 | | | | | | 2.5 | | | | | | 8.4 | | | | | | 11.8 | | | | | | 32.2 | | | | | | 55.4 | | | | | | 6.2 | | | | | | 5.5 | | | | | | 26.1 | | | | | | 2.6 | | | | | | — | | | | | | 7.0 | | | | | | 6.0 | | | | | | 4.3 | | | | | | 1.0 | | | | | | 0.4 | | | | | | 2.1 | | | | | | 14.9 | | | | | | 12.4 | | |
Purchase contracts
(2(b)) |
| | | | — | | | | | | — | | | | | | 0.2 | | | | | | — | | | | | | — | | | | | | 8.6 | | | | | | — | | | | | | — | | | | | | 0.0 | | | | | | 0.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Property, plant and equipment
(2(c)) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.3 | | | | | | — | | | | | | 2.4 | | | | | | 2.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brands (2(d))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5.9 | | | | | | — | | | | | | — | | | | | | 7.4 | | | | | | 1.3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
AGP
Group |
| |
Produtec
|
| |
Central
Agrícola |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo Sul
|
| |
Floema
|
| |
Provecampo
|
| |
Total
pro forma adjustments |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated useful life
(years) |
| | | | 6.0 | | | | | | 4.0 | | | | | | 13.5 | | | | | | 7.6 | | | | | | 8.0 | | | | | | 5.3 | | | | | | 8.3 | | | | | | 16.5 | | | | | | 3.0 | | | | | | 9.2 | | | | | | 11.0 | | | | | | 7.2 | | | | | | 11.0 | | | | | | 13.0 | | | | | | 5.0 | | | | | | 5.2 | | | | | | 13.2 | | | | | | 12.0 | | | | | | 9.6 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.526 | | | | | | 0.753 | | | | | | 0.887 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.003 | | | | | | 1.000 | | | | | | 1.001 | | | | | | 0.995 | | | | | | 0.941 | | | | | | 1.000 | | | | | | 0.970 | | | | | | 0.980 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | — | | |
Pro forma adjustments
|
| | | | 5.8 | | | | | | 0.5 | | | | | | 0.2 | | | | | | 1.1 | | | | | | 1.5 | | | | | | 6.1 | | | | | | 6.7 | | | | | | 0.4 | | | | | | 1.8 | | | | | | 2.8 | | | | | | 0.2 | | | | | | 0.9 | | | | | | 0.5 | | | | | | 0.3 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 1.2 | | | | | | 1.6 | | | | | | 32.4 | | |
| | |
Central
Agrícola |
| |
América
|
| |
Agrobiológica
|
| |
Total
pro forma adjustments |
| ||||||||||||
Estimated useful life (years)
|
| | | | 5.0 | | | | | | 4.0 | | | | | | 3.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.882 | | | | | | 1.000 | | | | | | 1.001 | | | | | | — | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 2.1 | | | | | | 0.0 | | | | | | 2.2 | | |
| | |
Qualicitrus
|
| |
Desempar
|
| |
Cultivar
|
| |
Total
pro forma adjustments |
| ||||||||||||
Estimated useful life (years)
|
| | | | 8.9 | | | | | | 8.9 | | | | | | 8.9 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | — | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 0.3 | | | | | | 0.2 | | | | | | 0.5 | | |
| | |
Agrobiológica
|
| |
Union Agro
|
| |
Total
pro forma adjustments |
| |||||||||
Estimated useful life (years)
|
| | | | 20.0 | | | | | | 1.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 1.000 | | | | | | 1.000 | | | | | | — | | |
Pro forma adjustments
|
| | | | 0.3 | | | | | | 1.3 | | | | | | 1.6 | | |
Pro forma adjustments:
|
| |
Group
AGP |
| |
Produtec
|
| |
Central
Agrícola |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Union
|
| |
Agrozap
|
| |
Nova
Geração |
| |
Casa
Trevo |
| |
CATR
|
| |
Sollo
Sul |
| |
Floema
|
| |
Provecampo
|
| |
Total
Pro forma Adjustments |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization
|
| | | | (5.8) | | | | | | (0.5) | | | | | | (0.2) | | | | | | (1.1) | | | | | | (1.5) | | | | | | (8.2) | | | | | | (7.0) | | | | | | (0.6) | | | | | | (2.1) | | | | | | (2.8) | | | | | | (0.2) | | | | | | (2.3) | | | | | | (0.5) | | | | | | (0.3) | | | | | | (0.2) | | | | | | (0.1) | | | | | | (0.4) | | | | | | (1.2) | | | | | | (1.6) | | | | | | — | | |
Income taxes effect (34% Brazil and 32%
Colombia) |
| | | | 2.0 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.5 | | | | | | 2.8 | | | | | | 2.4 | | | | | | 0.2 | | | | | | 0.7 | | | | | | 1.0 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.0 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.5 | | | | | | — | | |
Non-controlling
interests (%) |
| | | | 18% | | | | | | 35% | | | | | | 18% | | | | | | 28% | | | | | | 46% | | | | | | 13% | | | | | | 15% | | | | | | 37% | | | | | | 35% | | | | | | 20% | | | | | | 20% | | | | | | 27% | | | | | | 46% | | | | | | 33% | | | | | | 21% | | | | | | 21% | | | | | | 7% | | | | | | 37% | | | | | | 5% | | | | | | — | | |
Pro forma adjustments
|
| | | | (0.7) | | | | | | (0.1) | | | | | | (0.0) | | | | | | (0.2) | | | | | | (0.5) | | | | | | (0.7) | | | | | | (0.7) | | | | | | (0.1) | | | | | | (0.5) | | | | | | (0.4) | | | | | | (0.0) | | | | | | (0.4) | | | | | | (0.2) | | | | | | (0.1) | | | | | | (0.0) | | | | | | (0.0) | | | | | | (0.0) | | | | | | (0.3) | | | | | | (0.1) | | | | | | (5.0) | | |
| | |
For the Fiscal Year Ended June 30, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Pre-Acquisition Period(1)
|
| |
Pro
Forma Adjustments(1) |
| |
Lavoro
Group Pro Forma |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Floema
|
| |
Casa
Trevo |
| |
CATR
|
| |
Provecampo
|
| |
Dissul
|
| |
Sollo
Sul |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
(in R$ millions, except as otherwise indicated)
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit (loss) for the year
|
| | | | 21.5 | | | | | | (0.6) | | | | | | 7.4 | | | | | | 2.7 | | | | | | 29.1 | | | | | | 26.3 | | | | | | 2.6 | | | | | | 19.0 | | | | | | 2.5 | | | | | | 3.6 | | | | | | 22.6 | | | | | | (17.0) | | | | | | 0.7 | | | | | | 10.6 | | | | | | 4.7 | | | | | | 2.8 | | | | | | 8.9 | | | | | | 1.4 | | | | | | 16.3 | | | | | | (13.6) | | | | | | 151.1 | | |
(+) Pro forma depreciation and amortization
|
| | | | 53.4 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 1.0 | | | | | | 0.4 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 1.7 | | | | | | 0.2 | | | | | | 1.3 | | | | | | 0.8 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.0 | | | | | | 1.0 | | | | | | 20.6 | | | | | | 81.8 | | |
(+) Fair value on inventories sold from acquired companies
|
| | | | 39.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 39.5 | | |
(+) Pro forma income taxes current and deferred
|
| | | | 24.7 | | | | | | 0.1 | | | | | | — | | | | | | 4.1 | | | | | | 13.8 | | | | | | 3.7 | | | | | | — | | | | | | — | | | | | | 2.9 | | | | | | 2.1 | | | | | | 5.6 | | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | 2.3 | | | | | | 1.4 | | | | | | 4.5 | | | | | | — | | | | | | — | | | | | | (7.0) | | | | | | 58.7 | | |
(+) Pro forma finance income (costs),
net |
| | | | 85.8 | | | | | | — | | | | | | (0.1) | | | | | | 0.4 | | | | | | 3.0 | | | | | | 5.6 | | | | | | 0.1 | | | | | | 0.4 | | | | | | (1.5) | | | | | | 0.0 | | | | | | 1.2 | | | | | | 3.8 | | | | | | (0.1) | | | | | | 0.5 | | | | | | 2.3 | | | | | | 1.4 | | | | | | 4.5 | | | | | | — | | | | | | — | | | | | | (7.0) | | | | | | 58.7 | | |
(+) M&A expenses(2)
|
| | | | 40.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pro Forma Adjusted EBITDA
|
| | | | 265.1 | | | | | | (0.5) | | | | | | 7.4 | | | | | | 7.3 | | | | | | 46.9 | | | | | | 36.0 | | | | | | 2.7 | | | | | | 19.6 | | | | | | 5.6 | | | | | | 5.9 | | | | | | 30.7 | | | | | | (12.4) | | | | | | 0.7 | | | | | | 11.5 | | | | | | 7.4 | | | | | | 4.4 | | | | | | 13.6 | | | | | | 1.4 | | | | | | 18.6 | | | | |
|
—
|
| | | | | 471.7 | | |
(/) Pro forma revenue
|
| | | | 5,098.5 | | | | | | 11.5 | | | | | | 119.7 | | | | | | 145.4 | | | | | | 557.9 | | | | | | 294.2 | | | | | | 4.6 | | | | | | 175.2 | | | | | | 163.9 | | | | | | 16.3 | | | | | | 153.0 | | | | | | 230.1 | | | | | | 17.0 | | | | | | 89.8 | | | | | | 99.2 | | | | | | 65.2 | | | | | | 43.6 | | | | | | 13.5 | | | | | | 275.0 | | | | | | — | | | | | | 7,573.7 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 5.2% | | | | | | (4.3)% | | | | | | 6.3% | | | | | | 5.0% | | | | | | 8.4% | | | | | | 12.2% | | | | | | 60.9% | | | | | | 11.2% | | | | | | 3.4% | | | | | | 36.2% | | | | | | 20.0% | | | | | | (5.4)% | | | | | | 4.0% | | | | | | 12.8% | | | | | | 7.4% | | | | | | 6.8% | | | | | | 31.3% | | | | | | 10.2% | | | | | | 6.8% | | | | | | N/A | | | | | | 6.2% | | |
| | |
As of and
For the Fiscal Year Ended June 30, 2021 |
| |||
| | |
(in R$ millions,
except as otherwise indicated) |
| |||
Borrowings (current and non-current)
|
| | | | 242.4 | | |
Leases liabilities (current and non-current)
|
| | | | 75.1 | | |
Payables for the acquisition of subsidiaries (current and non-current)
|
| | | | 215.2 | | |
(-) Cash equivalents
|
| | | | (459.5) | | |
Net Debt
|
| | | | 73.2 | | |
Pro Forma Adjusted EBITDA
|
| | | | 471.7 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio
|
| | | | 0.2x | | |
| | |
For the Fiscal Year Ended June 30, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Pre-Acquisition period(1)
|
| |
Pro
Forma Adjustments(1) |
| |
Lavoro
Group Pro Forma |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
AGP
Group |
| |
Produtec
|
| |
Central
Agrícola |
| |
Fertilyser
|
| |
AgSe
|
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Floema
|
| |
Casa
Trevo |
| |
CATR
|
| |
Provecampo
|
| |
Sollo
Sul |
| |
Dissul
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit
(loss) for the year |
| | | | (121.5) | | | | | | 11.1 | | | | | | 16.5 | | | | | | 7.8 | | | | | | (0.2) | | | | | | (2.4) | | | | | | 2.4 | | | | | | 0.3 | | | | | | 12.9 | | | | | | 27.7 | | | | | | 1.6 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 4.1 | | | | | | 0.1 | | | | | | 20.3 | | | | | | 2.4 | | | | | | 2.4 | | | | | | 7.4 | | | | | | 1.7 | | | | | | (13.3) | | | | | | 4.5 | | | | | | 5.9 | | | | | | 0.9 | | | | | | (24.3) | | | | | | 3.7 | | |
(+) Pro forma depreciation and amortization
|
| | | | 36.7 | | | | | | 0.4 | | | | | | 0.0 | | | | | | 0.6 | | | | | | — | | | | | | — | | | | | | 0.1 | | | | | | 0.6 | | | | | | 0.5 | | | | | | 2.4 | | | | | | 0.5 | | | | | | — | | | | | | 0.2 | | | | | | 1.4 | | | | | | 0.1 | | | | | | 1.2 | | | | | | 0.9 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 1.2 | | | | | | — | | | | | | 36.7 | | | | | | 84.0 | | |
(+) Fair value on
inventories sold from acquired companies |
| | | | 13.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13.8 | | |
(+) Pro forma income taxes current and deferred
|
| | | | (53.4) | | | | | | 8.0 | | | | | | 3.6 | | | | | | 8.8 | | | | | | 0.4 | | | | | | 1.5 | | | | | | 2.3 | | | | | | 0.1 | | | | | | 5.0 | | | | | | 11.9 | | | | | | 1.4 | | | | | | — | | | | | | — | | | | | | 0.3 | | | | | | (0.0) | | | | | | 3.9 | | | | | | — | | | | | | 0.9 | | | | | | 2.6 | | | | | | 0.5 | | | | | | 2.2 | | | | | | — | | | | | | 0.7 | | | | | | 0.3 | | | | | | (12.4) | | | | | | (11.4) | | |
(+) Pro forma
finance income (costs), net |
| | | | 113.2 | | | | | | 4.7 | | | | | | (0.5) | | | | | | 20.8 | | | | | | — | | | | | | (0.1) | | | | | | 15.6 | | | | | | (2.9) | | | | | | 3.9 | | | | | | (6.8) | | | | | | 11.7 | | | | | | 0.0 | | | | | | 0.3 | | | | | | (1.1) | | | | | | (0.0) | | | | | | 0.5 | | | | | | 4.8 | | | | | | (0.0) | | | | | | 0.4 | | | | | | (0.0) | | | | | | 0.1 | | | | | | (0.6) | | | | | | 1.7 | | | | | | 0.0 | | | | | | — | | | | | | 165.8 | | |
(+) M&A
expenses(2)
|
| | | | 36.9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36.9 | | | | | | 36.9 | | |
Pro Forma
Adjusted EBITDA
|
| | | | 25.7 | | | | | | 24.2 | | | | | | 19.6 | | | | | | 38.0 | | | | | | 0.2 | | | | | | (1.0) | | | | | | 20.4 | | | | | | (1.9) | | | | | | 22.3 | | | | | | 35.2 | | | | | | 15.2 | | | | | | 23.9 | | | | | | 12.0 | | | | | | 4.7 | | | | | | 0.2 | | | | | | 25.9 | | | | | | 8.1 | | | | | | 3.4 | | | | | | 10.6 | | | | | | 2.3 | | | | | | (10.9) | | | | | | 4.0 | | | | | | 9.4 | | | | | | 1.2 | | | | |
|
—
|
| | | | | 292.8 | | |
(/) Pro forma
revenue
|
| | | | 2.706.3 | | | | | | 416.2 | | | | | | 114.7 | | | | | | 355.1 | | | | | | 4.0 | | | | | | 60.1 | | | | | | 126.0 | | | | | | 296.2 | | | | | | 173.0 | | | | | | 629.5 | | | | | | 252.4 | | | | | | 42.8 | | | | | | 113.9 | | | | | | 124.7 | | | | | | 2.2 | | | | | | 105.3 | | | | | | 185.1 | | | | | | 21.9 | | | | | | 76.7 | | | | | | 51.0 | | | | | | 61.5 | | | | | | 26.7 | | | | | | 228.7 | | | | | | 11.4 | | | | | | (91.1) | | | | | | 6,185.1 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 0.9% | | | | | | 5.8% | | | | | | 17.1% | | | | | | 10.7% | | | | | | 5.0% | | | | | | (1.7)% | | | | | | 16.2% | | | | | | (0.6)% | | | | | | 12.9% | | | | | | 5.6% | | | | | | 6.0% | | | | | | 55.8% | | | | | | 10.5% | | | | | | 3.8% | | | | | | 11.3% | | | | | | 24.6% | | | | | | 4.4% | | | | | | 15.5% | | | | | | 13.8% | | | | | | 4.4% | | | | | | (17.8)% | | | | | | 14.8% | | | | | | 4.1% | | | | | | 10.4% | | | | | | N/A | | | | | | 4.7% | | |
| | |
As of and For the
Fiscal Year Ended June 30, 2020 |
| |||
| | |
(in R$ millions,
except as otherwise indicated) |
| |||
Borrowings (current and non-current)
|
| | | | 168.6 | | |
Leases liabilities (current and non-current)
|
| | | | 41.6 | | |
Payables for the acquisition of subsidiaries (current and non-current)
|
| | | | 126.8 | | |
(-) Cash equivalents
|
| | | | (158.5) | | |
Net Debt
|
| | | | 178.5 | | |
Pro Forma Adjusted EBITDA
|
| | | | 292.8 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio
|
| | | | 0.6x | | |
| | |
For the Six-Month Period Ended
December 31, |
| |
For the Fiscal Year Ended June 30,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
| | |
(US$ millions(1))
|
| |
(R$ millions)
|
| |
(US$ millions(1))
|
| |
(R$ millions)
|
| ||||||||||||||||||||||||||||||
Cash Flow Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash flows (used in) from
operating activities |
| | | | (135.7) | | | | | | (707.8) | | | | | | (504.8) | | | | | | (46.9) | | | | | | (244.6) | | | | | | 53.8 | | | | | | (11.4) | | |
Net cash flows used in investing activities
|
| | | | (43.4) | | | | | | (226.2) | | | | | | (143.2) | | | | | | (56.3) | | | | | | (294.0) | | | | | | (393.4) | | | | | | (280.4) | | |
Net cash flows provided by financing activities
|
| | | | 199.9 | | | | | | 1,042.9 | | | | | | 378.7 | | | | | | 63.9 | | | | | | 333.5 | | | | | | 640.5 | | | | | | 381.0 | | |
| | |
Payments Due By Period as of December 31, 2022
|
| |||||||||||||||
| | |
Total
|
| |
Up to 1 year
|
| |
1 – 5 years
|
| |||||||||
| | |
(in R$ millions)
|
| |||||||||||||||
Leases liabilities
|
| | | | 196.4 | | | | | | 88.0 | | | | | | 108.4 | | |
Borrowings | | | | | 1,851.5 | | | | | | 1,789.9 | | | | | | 61.6 | | |
Payables for the acquisition of subsidiaries
|
| | | | 221.0 | | | | | | 190.9 | | | | | | 30.0 | | |
Obligations to FIAGRO quota holders
|
| | | | 152.5 | | | | | | 152.5 | | | | | | — | | |
Total
|
| | | | 2,421.4 | | | | | | 2,221.3 | | | | | | 200.0 | | |
| | |
Payments Due By Period as of June 30, 2022
|
| |||||||||||||||
| | |
Total
|
| |
Up to 1 year
|
| |
1 – 5 years
|
| |||||||||
| | |
(in R$ millions)
|
| |||||||||||||||
Leases liabilities
|
| | | | 165.7 | | | | | | 72.2 | | | | | | 93.5 | | |
Borrowings
|
| | | | 741.0 | | | | | | 709.3 | | | | | | 31.8 | | |
Payables for the acquisition of subsidiaries
|
| | | | 170.0 | | | | | | 114.5 | | | | | | 55.4 | | |
Total
|
| | | | 1,076.7 | | | | | | 896.0 | | | | | | 180.7 | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(US$ millions(1))
|
| |
(R$ millions)
|
| |
(US$ millions(1))
|
| |
(R$ millions)
|
| ||||||||||||||||||||||||
Trade receivables (current
and non-current) |
| | | | 724.3 | | | | | | 3,779.2 | | | | | | 351.6 | | | | | | 1,834.4 | | | | | | 1,467.2 | | | | | | 1,085.5 | | |
Advances to suppliers
|
| | | | 68.8 | | | | | | 359.2 | | | | | | 73.5 | | | | | | 383.3 | | | | | | 442.4 | | | | | | 252.5 | | |
Total
|
| | | | 793.1 | | | | | | 4,138.4 | | | | | | 425.0 | | | | | | 2,217.6 | | | | | | 1,909.6 | | | | | | 1,338.0 | | |
| | | | | |
As of December 31, 2022
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (13.75%)
|
| | | | 231.5 | | | | | | 279.3 | | | | | | 327.1 | | |
Floating rate borrowings in Colombia
|
| |
IBR Rate (12.75%)
|
| | | | 11.0 | | | | | | 13.2 | | | | | | 15.3 | | |
Total
|
| | | | | | | 242.5 | | | | | | 292.5 | | | | | | 342.4 | | |
| | | | | |
As of June 30, 2022
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (13.15)%
|
| | | | 114.1 | | | | | | 22.7 | | | | | | 45.4 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (7.72)%
|
| | | | 3.9 | | | | | | 1.4 | | | | | | 2.2 | | |
Total
|
| | | | | | | 118.0 | | | | | | 24.1 | | | | | | 47.6 | | |
| | | | | |
As of December 31, 2022
|
| |||||||||||||||
| | | | | |
Effect of Profit or Loss and Net Investments
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Trade receivables in U.S. dollars
|
| |
R$5.2072
|
| | | | (0.6) | | | | | | 70.5 | | | | | | 141.5 | | |
Trade payables in U.S. dollars
|
| |
R$5.2072
|
| | | | 0.7 | | | | | | (81.7) | | | | | | (164.1) | | |
Borrowings in U.S. Dollars
|
| |
R$5.2072
|
| | | | 0.5 | | | | | | (65.9) | | | | | | (132.4) | | |
Net impacts on commercial operations
|
| | | | | | | 0.6 | | | | | | (77.2) | | | | | | (155.1) | | |
Derivative financial instruments
|
| |
R$5.2072
|
| | | | (0.5) | | | | | | 65.0 | | | | | | 130.6 | | |
Total impact, net of derivatives
|
| | | | | | | 0.1 | | | | | | (12.2) | | | | | | (24.5) | | |
| | | | | |
As of June 30, 2022
|
| |||||||||||||||
| | | | | |
Effect of Profit or Loss and Net Investments
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Trade receivables in U.S. dollars
|
| |
R$5.2570
|
| | | | 5.1 | | | | | | 71.9 | | | | | | 138.7 | | |
Trade payables in U.S. dollars
|
| |
R$5.2570
|
| | | | (4.9) | | | | | | (69.6) | | | | | | (134.2) | | |
Borrowings in U.S. Dollars
|
| |
R$5.2570
|
| | | | (2.8) | | | | | | (40.0) | | | | | | (77.1) | | |
Net impacts on commercial operations
|
| | | | | | | (2.7) | | | | | | (37.6) | | | | | | (72.6) | | |
Derivative financial instruments
|
| |
R$5.2570
|
| | | | 0.0 | | | | | | 0.1 | | | | | | 0.3 | | |
Total impact, net of derivatives
|
| | | | | | | (2.7) | | | | | | (37.5) | | | | | | (72.3) | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market (R$) |
| |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||||||||||||||
| | |
Market (R$)
|
| |
Impact
|
| |
Market (R$)
|
| |
Impact
|
| ||||||||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||
Position | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Soybean 2023
|
| |
150,450
|
| | Purchased | | | | | 11.9 | | | | | | 15.5 | | | | | | 19.3 | | | | | | 3.0 | | | | | | 23.2 | | | | | | 6.0 | | |
Soybean 2023
|
| |
139,217
|
| | Sold | | | | | (8.5) | | | | | | 15.3 | | | | | | 19.2 | | | | | | (2.1) | | | | | | 23.0 | | | | | | (4.3) | | |
Corn 2023
|
| |
287,380
|
| | Purchased | | | | | (2.7) | | | | | | 89.1 | | | | | | 111.3 | | | | | | (0.7) | | | | | | 133.6 | | | | | | (1.4) | | |
Corn 2023
|
| |
63,297
|
| | Sold | | | | | 2.9 | | | | | | 88.0 | | | | | | 110.0 | | | | | | 0.7 | | | | | | 132.0 | | | | | | 1.5 | | |
Soybean 2024
|
| |
66,585
|
| | Purchased | | | | | (2.8) | | | | | | 13.9 | | | | | | 17.4 | | | | | | (0.7) | | | | | | 20.9 | | | | | | (1.4) | | |
Net exposure
|
| | | | | | | | | | | | | | | | 0.8 | | | | | | | | | | | | 0.2 | | | | | | | | | | | | 0.4 | | |
| | |
As of June 30, 2022
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Tons
|
| |
Position
|
| |
Current Risk
|
| |
Current
Market (R$) |
| |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||||||||||||||
| | |
Market (R$)
|
| |
Impact
|
| |
Market (R$)
|
| |
Impact
|
| ||||||||||||||||||||||||||||||
| | |
(in R$ thousands, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||
Position | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean 2022
|
| |
104
|
| | Purchased | | | | | 23 | | | | | | 16.75 | | | | | | 20.94 | | | | | | 6 | | | | | | 25.13 | | | | | | 12 | | |
Soybean 2022
|
| |
804
|
| | Sold | | | | | (61) | | | | | | 16.75 | | | | | | 20.94 | | | | | | (15) | | | | | | 25.13 | | | | | | (31) | | |
Corn 2022
|
| |
66,038
|
| | Purchased | | | | | (1,562) | | | | | | 87.29 | | | | | | 109.11 | | | | | | (391) | | | | | | 130.94 | | | | | | (781) | | |
Corn 2022
|
| |
65,438
|
| | Sold | | | | | 3,447 | | | | | | 87.29 | | | | | | 109.11 | | | | | | 862 | | | | | | 130.94 | | | | | | 1723 | | |
Soybean 2023
|
| |
80,465
|
| | Purchased | | | | | 10,461 | | | | | | 14.53 | | | | | | 18.17 | | | | | | 2,615 | | | | | | 21.80 | | | | | | 5,230 | | |
Soybean 2023
|
| |
69,387
|
| | Sold | | | | | (9,480) | | | | | | 14.53 | | | | | | 18.17 | | | | | | (2,370) | | | | | | 21.80 | | | | | | (4,740) | | |
Corn 2023
|
| |
115,438
|
| | Purchased | | | | | (8,672) | | | | | | 86.75 | | | | | | 108.44 | | | | | | (2,168) | | | | | | 130.13 | | | | | | (4,336) | | |
Corn 2023
|
| |
48,626
|
| | Sold | | | | | 10,797 | | | | | | 86.75 | | | | | | 108.44 | | | | | | 2699 | | | | | | 130.13 | | | | | | 5,398 | | |
Soybean 2024
|
| |
450
|
| | Purchased | | | | | 234 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 58 | | | | | | 19.92 | | | | | | 117 | | |
Soybean 2025
|
| |
180
|
| | Purchased | | | | | 260 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 65 | | | | | | 19.92 | | | | | | 130 | | |
Soybean 2026
|
| |
180
|
| | Purchased | | | | | 314 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 79 | | | | | | 19.92 | | | | | | 157 | | |
Net exposure
|
| | | | | | | | | | 5,761 | | | | | | | | | | | | | | | | | | 1,440 | | | | | | | | | | | | 2,879 | | |
| | |
As of June 30, 2021
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Tons
|
| |
Position
|
| |
Current Risk
|
| |
Current
Market (R$) |
| |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||||||||||||||
| | |
Market (R$)
|
| |
Impact
|
| |
Market (R$)
|
| |
Impact
|
| ||||||||||||||||||||||||||||||
| | |
(in R$ thousands, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||
Position | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corn 2021
|
| |
3,008
|
| | Purchased | | | | | 79,382 | | | | | | 60.06 | | | | | | 75.08 | | | | | | 19,846 | | | | | | 90.09 | | | | | | 39,691 | | |
Corn 2020
|
| |
2,928
|
| | Sold | | | | | (81,003) | | | | | | 60.06 | | | | | | 75.08 | | | | | | (20,251) | | | | | | 90.09 | | | | | | (40,503) | | |
Soybean 2022
|
| |
2,144
|
| | Purchased | | | | | 44,637 | | | | | | 138.34 | | | | | | 172.93 | | | | | | 11,159 | | | | | | 207.51 | | | | | | 22,318 | | |
Soybean 2022
|
| |
2,134
|
| | Sold | | | | | (43,588) | | | | | | 138.34 | | | | | | 172.93 | | | | | | (10,897) | | | | | | 207.51 | | | | | | (21,794) | | |
Corn 2022
|
| |
238
|
| | Purchased | | | | | 652 | | | | | | 54.72 | | | | | | 68.40 | | | | | | 163 | | | | | | 82.08 | | | | | | 326 | | |
Corn 2022
|
| |
238
|
| | Sold | | | | | (652) | | | | | | 54.72 | | | | | | 68.40 | | | | | | (163) | | | | | | 82.08 | | | | | | (326) | | |
Net exposure
|
| | | | | | | | | | (572) | | | | | | | | | | | | | | | | | | (143) | | | | | | | | | | | | (288) | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Marcos de Mello Mattos Haaland | | |
57
|
| | Chairman | |
Ricardo Leonel Scavazza | | |
44
|
| | Director | |
Daniel Fisberg | | |
38
|
| | Director | |
David Friedberg | | |
42
|
| | Director | |
Michael Stern | | |
61
|
| | Independent Director(1) | |
Lauren StClair | | |
42
|
| | Independent Director(1) | |
Eduardo Daher | | |
73
|
| | Independent Director(1) | |
Name
|
| |
Age
|
| |
Position
|
|
Ruy Cunha | | |
49
|
| | Chief Executive Officer | |
Julian Garrido Del Val Neto | | |
55
|
| | Chief Financial Officer | |
Marcelo Pessanha | | |
38
|
| | Crop Care Chief Executive Officer | |
Gustavo Modenesi | | |
38
|
| | Chief Strategy Officer | |
Karen Christiane Ramirez Chaves de Mello | | |
46
|
| | Chief Human Resources Officer | |
Gustavo Ocampo Duran | | |
62
|
| | Latin America General Manager | |
Marcos Strobel | | |
52
|
| | Chief Digital Officer | |
Rafael Ughini Villarroel | | |
49
|
| | Business Unit Brazil President | |
Beneficial Owners
|
| |
Ordinary
Shares(1) |
| |
% of Total
Ordinary Shares(2) |
| ||||||
Directors and Executive Officers(3) | | | | | | | | | | | | | |
Ruy Cunha
|
| | | | — | | | | | | — | | |
Julian Garrido Del Val Neto
|
| | | | — | | | | | | — | | |
Marcelo Pessanha
|
| | | | — | | | | | | — | | |
Gustavo Modenesi
|
| | | | — | | | | | | — | | |
Karen Christiane Ramirez Chaves de Mello
|
| | | | — | | | | | | — | | |
Gustavo Ocampo Duran
|
| | | | — | | | | | | — | | |
Marcos Strobel
|
| | | | — | | | | | | — | | |
Rafael Ughini Villarroel
|
| | | | — | | | | | | — | | |
Ricardo Leonel Scavazza
|
| | | | — | | | | | | — | | |
Marcos de Mello Mattos Haaland
|
| | | | — | | | | | | — | | |
Daniel Fisberg
|
| | | | — | | | | | | — | | |
David Friedberg(4)
|
| | | | — | | | | | | — | | |
Michael Stern
|
| | | | — | | | | | | — | | |
Lauren StClair
|
| | | | — | | | | | | — | | |
Eduardo Daher
|
| | | | — | | | | | | — | | |
All directors and executive officers as a group (15 individuals)
|
| | | | — | | | | | | — | | |
Principal Shareholders | | | | | | | | | | | | | |
Investment Funds(5)
|
| | | | 96,359,488 | | | | | | 82.6% | | |
Patria Finance Limited(5)
|
| | | | 2,366,913 | | | | | | 2.0% | | |
Patria Investments Limited(6)
|
| | | | 98,726,401 | | | | | | 84.7% | | |
Sponsor(7)
|
| | | | 1,649,172 | | | | | | 1.4% | | |
The Production Board, LLC(8)
|
| | | | 11,649,172 | | | | | | 9.9% | | |
| | |
Securities beneficially owned
prior to the offering |
| |
Securities to be sold
in the offering |
| |
Securities beneficially owned
after the offering |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Ordinary
shares(1) |
| |
%(2)
|
| |
Warrants
|
| |
%
|
| |
Ordinary
Shares |
| |
Warrants
|
| |
Ordinary
shares (1) |
| |
%(2)
|
| |
Warrants
|
| |
%
|
| ||||||||||||||||||||||||||||||
Name of Selling Securityholder | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Funds(3)
|
| | | | 96,359,488 | | | | | | 82.6% | | | | | | — | | | | | | — | | | | | | 96,359,488 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Patria Finance Limited(3)
|
| | | | 2,366,913 | | | | | | 2.0% | | | | | | — | | | | | | — | | | | | | 2,366,913 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Patria Investments Limited(4)
|
| | | | 98,726,401 | | | | | | 84.7% | | | | | | — | | | | | | — | | | | | | 98,726,401 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
The Production Board, LLC(5)
|
| | | | 10,000,000 | | | | | | 8.6% | | | | | | — | | | | | | — | | | | | | 10,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
TPB Acquisition Sponsor I, LLC(6)
|
| | | | 4,071,507 | | | | | | 3.4% | | | | | | 4,071,507 | | | | | | 3.4% | | | | | | 4,071,507 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sandia Investment Management LP(7)
|
| | | | 1,098,250 | | | | | | 0.9% | | | | | | — | | | | | | — | | | | | | 1,098,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Spring Creek Capital, LLC(8)
|
| | | | 1,732,500 | | | | | | 1.5% | | | | | | — | | | | | | — | | | | | | 1,732,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
SEC registration fee
|
| | | US | $96,867.16 | | |
|
FINRA filing fee
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Accountants’ fees and expenses
|
| | | | * | | |
|
Printing expenses
|
| | | | * | | |
|
Transfer agent fees and expenses
|
| | | | * | | |
|
Miscellaneous costs
|
| | | | * | | |
|
Total
|
| | | US | $96,867.16 | | |
| | |
Page
No. |
| |||
Audited Financial Statements of Lavoro Merger Sub II Limited (fka TPB Acquisition Corporation I) | | | | | | | |
| | | | F-2 | | | |
Financial Statements: | | | | | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | |
|
Lavoro Group — Unaudited Interim Condensed Combined Financial Statements as of December 31, 2022 and for the six-month period ended December
|
| | | | | | |
| | | | | F-26 | | | |
| | | | | F-27 | | | |
| | | | | F-29 | | | |
| | | | | F-30 | | | |
| | | | | F-31 | | | |
| | | | | F-32 | | | |
| | | | | F-33 | | |
|
Lavoro Group — Combined Financial Statements as of June 30, 2022 and 2021 and for each of the three years in the period ended June 30, 2022
|
| | | | | | |
| | | | | F-71 | | | |
| | | | | F-72 | | | |
| | | | | F-73 | | | |
| | | | | F-74 | | | |
| | | | | F-75 | | | |
| | | | | F-77 | | |
| | |
December 31,
2022 |
| |
December 31,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 692,228 | | | | | $ | 481,265 | | |
Prepaid expenses
|
| | | | 227,678 | | | | | | 594,223 | | |
Total current assets
|
| | | | 919,906 | | | | | | 1,075,488 | | |
Investments held in Trust Account
|
| | | | 182,880,462 | | | | | | 180,368,211 | | |
Total Assets
|
| | | $ | 183,800,368 | | | | | $ | 181,443,699 | | |
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 2,793,367 | | | | | $ | 2,600 | | |
Accrued expenses
|
| | | | 691,423 | | | | | | 121,581 | | |
Note Payable – Related Party
|
| | | | 2,000,000 | | | | | | — | | |
Total current liabilities
|
| | | | 5,484,790 | | | | | | 124,181 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | 6,312,705 | | | | | | 6,312,705 | | |
Derivative warrant liabilities
|
| | | | 4,691,149 | | | | | | 7,408,784 | | |
Total Liabilities
|
| | | | 16,488,644 | | | | | | 13,845,670 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 18,036,299 shares subject to possible redemption at $10.13 and $10.00 per share as of December 31, 2022 and December 31, 2021, respectively
|
| | | | 182,780,462 | | | | | | 180,362,990 | | |
Shareholders’ Deficit: | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
no non-redeemable shares issued or oustanding |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 4,509,074 shares issued and outstanding
|
| | | | 451 | | | | | | 451 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (15,469,189) | | | | | | (12,765,412) | | |
Total shareholders’ deficit
|
| | | | (15,468,738) | | | | | | (12,764,961) | | |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | $ | 183,800,368 | | | | | $ | 181,443,699 | | |
| | |
For the Year Ended
December 31, 2022 |
| |
For the Period from
February 8, 2021 (inception) through December 31, 2021 |
| ||||||
General and administrative expenses
|
| | | $ | 5,396,191 | | | | | $ | 552,124 | | |
General and administrative expenses – Related Party
|
| | | | 120,000 | | | | | | 46,774 | | |
Loss from operations
|
| | | | (5,516,191) | | | | | | (598,898) | | |
Other income (expenses) : | | | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | 2,717,635 | | | | | | 8,508,405 | | |
Income from investments in Trust Account
|
| | | | 2,512,251 | | | | | | 5,221 | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | (653,860) | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | (577,447) | | |
Total other income, net
|
| | | | 5,229,886 | | | | | | 7,282,319 | | |
Net (loss) income
|
| | | $ | (286,305) | | | | | $ | 6,683,421 | | |
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted
|
| | | | 18,036,299 | | | | | | 7,770,560 | | |
Basic net (loss) income per share, Class A ordinary shares
|
| | | $ | (0.01) | | | | | $ | 0.55 | | |
Diluted net (loss) income per share, Class A ordinary shares
|
| | | $ | (0.01) | | | | | $ | 0.54 | | |
Weighted average number of shares outstanding of Class B ordinary shares – Basic
|
| | |
|
4,509,074
|
| | | |
|
4,431,172
|
| |
Weighted average number of shares outstanding of Class B ordinary shares – Diluted
|
| | |
|
4,509,074
|
| | | |
|
4,509,074
|
| |
Basic net (loss) income per share, Class B ordinary shares
|
| | | $ | (0.01) | | | | | $ | 0.55 | | |
Diluted net (loss) income per share, Class B ordinary shares
|
| | | $ | (0.01) | | | | | $ | 0.54 | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – February 8, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares
to Sponsor |
| | | | — | | | | | | — | | | | | | 5,031,250 | | | | | | 503 | | | | | | 24,497 | | | | | | — | | | | | | 25,000 | | |
Forfeiture of Class B Shares
|
| | | | — | | | | | | — | | | | | | (522,176) | | | | | | (52) | | | | | | 52 | | | | | | — | | | | | | — | | |
Accretion to Class A ordinary shares to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,549) | | | | | | (19,448,833) | | | | | | (19,473,382) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,683,421 | | | | | | 6,683,421 | | |
Balance – December 31, 2021
|
| | | | — | | | | | | — | | | | | | 4,509,074 | | | | | | 451 | | | | | | — | | | | | | (12,765,412) | | | | | | (12,764,961) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (286,305) | | | | | | (286,305) | | |
Accretion to Class A ordinary shares to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,417,472) | | | | | | (2,417,472) | | |
Balance – December 31, 2022
|
| | | | — | | | | | $ | — | | | | | | 4,509,074 | | | | | $ | 451 | | | | | $ | — | | | | | $ | (15,469,189) | | | | | $ | (15,468,738) | | |
| | |
For the Year Ended
December 31, 2022 |
| |
For the Period from
February 8, 2021 (inception) through December 31, 2021 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net (loss) income
|
| | | $ | (286,305) | | | | | $ | 6,683,421 | | |
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
| | | | | | | | | | | | |
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares
|
| | | | — | | | | | | 21,400 | | |
Income from investments in Trust Account
|
| | | | (2,512,251) | | | | | | (5,221) | | |
Change in fair value of derivative warrant liabilities
|
| | | | (2,717,635) | | | | | | (8,508,405) | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | 653,860 | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | 577,447 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 366,545 | | | | | | (594,223) | | |
Accounts payable
|
| | | | 2,790,767 | | | | | | 2,600 | | |
Accrued expenses
|
| | | | 569,842 | | | | | | 51,581 | | |
Net cash used in operating activities
|
| | | | (1,789,037) | | | | | | (1,117,540) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Cash deposited in Trust Account
|
| | | | — | | | | | | (180,362,990) | | |
Cash used in investing activities
|
| | | | — | | | | | | (180,362,990) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from note payable to related party
|
| | | | 2,000,000 | | | | | | 300,000 | | |
Repayment of note payable to related party
|
| | | | — | | | | | | (300,000) | | |
Proceeds received from initial public offering, gross
|
| | | | — | | | | | | 180,362,990 | | |
Proceeds received from private placement
|
| | | | — | | | | | | 6,107,260 | | |
Offering costs paid
|
| | | | — | | | | | | (4,508,455) | | |
Net cash provided by financing activities
|
| | | | 2,000,000 | | | | | | 181,961,795 | | |
Net change in cash
|
| | | | 210,963 | | | | | | 481,265 | | |
Cash – beginning of the period
|
| | | | 481,265 | | | | | | — | | |
Cash – end of the period
|
| | | $ | 692,228 | | | | | $ | 481,265 | | |
Supplemental disclosure of noncash investing and financing activities: | | | | | | | | | | | | | |
Accretion to Class A ordinary shares to redemption amount
|
| | | $ | 2,417,472 | | | | | $ | 19,358,382 | | |
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
| | | $ | — | | | | | $ | 3,600 | | |
Offering costs included in accrued expenses
|
| | | $ | — | | | | | $ | 70,000 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | $ | — | | | | | $ | 6,312,705 | | |
| | |
For the Year Ended
December 31, 2022 |
| |||||||||
| | |
Class A
|
| |
Class B
|
| ||||||
Basic and diluted net loss per ordinary share: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Allocation of net loss – Basic and diluted
|
| | | $ | (229,044) | | | | | $ | (57,261) | | |
Denominator: | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 18,036,299 | | | | | | 4,509,074 | | |
Basic and diluted net loss per ordinary share
|
| | | $ | (0.01) | | | | | $ | (0.01) | | |
| | |
For the Period from February 8,
2021 (inception) through December 31, 2021 |
| |||||||||
| | |
Class A
|
| |
Class B
|
| ||||||
Basic and diluted net income per ordinary share: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Allocation of net income – Basic
|
| | | $ | 4,256,275 | | | | | $ | 2,427,146 | | |
Allocation of net income – Diluted
|
| | | $ | 4,229,273 | | | | | $ | 2,454,148 | | |
Denominator: | | | | | | | | | | | | | |
Basic weighted average ordinary shares outstanding
|
| | | | 7,770,560 | | | | | | 4,431,172 | | |
Effect of dilutive securities
|
| | | | — | | | | | | 77,902 | | |
Diluted weighted average ordinary shares outstanding
|
| | | | 7,770,560 | | | | | | 4,509,074 | | |
Basic net income per ordinary share
|
| | | $ | 0.55 | | | | | $ | 0.55 | | |
Diluted net income per ordinary share
|
| | | $ | 0.54 | | | | | $ | 0.54 | | |
|
Gross proceeds
|
| | | $ | 180,362,990 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (9,156,069) | | |
|
Class A ordinary share issuance costs, net of reimbursement from underwriter
|
| | | | (10,317,313) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 19,473,382 | | |
|
Class A ordinary shares subject to possible redemption, December 31, 2021
|
| | | | 180,362,990 | | |
|
Increase in redemption value of Class A ordinary shares subject to possible redemption
|
| | | | 2,417,472 | | |
|
Class A ordinary shares subject to possible redemption as of December 31, 2022
|
| | | $ | 182,780,462 | | |
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – Money Market Funds
|
| | | $ | 182,880,462 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Level 1
|
| | | $ | 2,765,565 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Level 3
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,925,584 | | |
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – Money Market Funds
|
| | | $ | 180,368,211 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Level 1
|
| | | $ | 4,388,832 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Level 3
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,019,952 | | |
| | |
As of
December 31, 2022 |
| |
As of
December 31, 2021 |
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock price
|
| | | $ | 10.03 | | | | | $ | 9.80 | | |
Volatility
|
| | | | 28.7% | | | | | | 12.1% | | |
Term (years)
|
| | | | 5.59 | | | | | | 6.12 | | |
Risk-free rate
|
| | | | 4.75% | | | | | | 1.36% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
|
Derivative warrant liabilities at February 8, 2021 (inception)
|
| | | $ | — | | |
|
Issuance of Public and Private Warrants – Level 3
|
| | | | 15,917,189 | | |
|
Change in fair value of derivative warrant liabilities – Level 3
|
| | | | (3,717,347) | | |
|
Transfer of Public Warrants to Level 1 measurement
|
| | | | (9,179,890) | | |
|
Level 3 derivative warrant liabilities at December 31, 2021
|
| | | $ | 3,019,952 | | |
|
Change in fair value of derivative warrant liabilities – Level 3
|
| | | | (1,094,368) | | |
|
Level 3 derivative warrant liabilities at December 31, 2022
|
| | | $ | 1,925,584 | | |
| | |
Notes
|
| |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
| | | | | |
Unaudited
|
| |
Audited
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Current assets
|
| | | | | | | | | | | | | | | |
Cash equivalents
|
| |
4
|
| | | | 363,282 | | | | | | 254,413 | | |
Trade receivables
|
| |
5
|
| | | | 3,750,885 | | | | | | 1,794,602 | | |
Inventories
|
| |
8
|
| | | | 2,705,854 | | | | | | 1,749,041 | | |
Taxes recoverable
|
| |
9
|
| | | | 128,386 | | | | | | 93,725 | | |
Derivative financial instruments
|
| | | | | | | 7,085 | | | | | | 7,677 | | |
Commodity forward contracts
|
| |
10
|
| | | | 33,887 | | | | | | 32,800 | | |
Advances to suppliers
|
| | | | | | | 359,214 | | | | | | 383,257 | | |
Other assets
|
| | | | | | | 99,200 | | | | | | 60,165 | | |
Total current assets
|
| | | | | | | 7,447,793 | | | | | | 4,375,680 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Financial instruments
|
| | | | | | | 111 | | | | | | 1,344 | | |
Trade receivables
|
| |
5
|
| | | | 28,324 | | | | | | 39,751 | | |
Other assets
|
| | | | | | | 2,666 | | | | | | 2,473 | | |
Judicial deposits
|
| | | | | | | 8,554 | | | | | | 3,887 | | |
Right of use assets
|
| |
11
|
| | | | 162,068 | | | | | | 140,179 | | |
Tax recoverable
|
| | | | | | | 132,489 | | | | | | 50,937 | | |
Deferred tax assets
|
| |
19
|
| | | | 253,443 | | | | | | 200,986 | | |
Property, plant and equipment
|
| |
12
|
| | | | 162,867 | | | | | | 146,205 | | |
Intangible assets
|
| |
13
|
| | | | 776,679 | | | | | | 724,321 | | |
Total non-current assets
|
| | | | | | | 1,527,201 | | | | | | 1,310,083 | | |
Total assets
|
| | | | | | | 8,974,994 | | | | | | 5,685,763 | | |
| | | | | |
Notes
|
| | | | |
December 31, 2022
|
| |
June 30, 2022
|
| |||||||||
| | | | | | | | | | | | | | |
Unaudited
|
| |
Audited
|
| ||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | |
14.a
|
| | | | | | | 3,987,389 | | | | | | 2,301,700 | | | |||
Trades payable – Supplier finance
|
| | | | |
14.c
|
| | | | | | | 14,753 | | | | | | — | | | |||
Leases liabilities
|
| | | | | | | 11 | | | | | | | | | 82,534 | | | | | | 69,226 | | |
Borrowings
|
| | | | | | | 15 | | | | | | | | | 1,679,171 | | | | | | 681,217 | | |
Obligations to FIAGRO quota holders
|
| | | | | | | 16 | | | | | | | | | 143,082 | | | | | | | | |
Payables for the acquisition of subsidiaries
|
| | | | | | | 17 | | | | | | | | | 185,981 | | | | | | 111,684 | | |
Derivative financial instruments
|
| | | | | | | | | | | | | | | | 14,420 | | | | | | 7,121 | | |
Commodity forward contracts
|
| | | | | | | 10 | | | | | | | | | 33,100 | | | | | | 27,038 | | |
Salaries and social charges
|
| | | | | | | | | | | | | | | | 189,635 | | | | | | 187,285 | | |
Taxes payable
|
| | | | | | | | | | | | | | | | 85,211 | | | | | | 34,216 | | |
Dividends payable
|
| | | | | | | | | | | | | | | | 3,896 | | | | | | 411 | | |
Advances from customers
|
| | | | | | | 21 | | | | | | | | | 413,968 | | | | | | 320,560 | | |
Other liabilities
|
| | | | | | | | | | | | | | | | 105,831 | | | | | | 95,893 | | |
Total current liabilities
|
| | | | | | | | | | | | | | | | 6,938,971 | | | | |
|
3,836,351
|
| |
Non-current liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Leases liabilities
|
| | | | | | | 11 | | | | | | | | | 95,801 | | | | | | 86,027 | | |
Borrowings
|
| | | | | | | 15 | | | | | | | | | 54,385 | | | | | | 29,335 | | |
Payables for the acquisition of subsidiaries
|
| | | | | | | 17 | | | | | | | | | 28,502 | | | | | | 52,747 | | |
Provision for contingencies
|
| | | | | | | 20 | | | | | | | | | 893 | | | | | | 2,966 | | |
Other liabilities
|
| | | | | | | | | | | | | | | | — | | | | | | 1,119 | | |
Deferred tax liabilities
|
| | | | | | | | | | | | | | | | 9,800 | | | | | | 7,491 | | |
Total non-current liabilities
|
| | | | | | | | | | | | | | |
|
189,381
|
| | | | | 179,685 | | |
Net investment | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment from the parent
|
| | | | | | | 23 | | | | | | | | | 1,597,469 | | | | | | 1,451,647 | | |
Non-controlling interests
|
| | | | | | | | | | | | | | | | 249,173 | | | | | | 218,080 | | |
Total net investment
|
| | | | | | | | | | | | | | | | 1,846,642 | | | | | | 1,669,727 | | |
Total liabilities and net investment
|
| | | | | | | | | | | | | | |
|
8,974,994
|
| | | | | 5,685,763 | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| ||||||
| | | | | |
Unaudited
|
| |||||||||
Revenue
|
| |
24
|
| | | | 5,506,175 | | | | | | 4,014,781 | | |
Cost of goods sold
|
| |
25
|
| | | | (4,380,852) | | | | | | (3,314,690) | | |
Gross profit
|
| | | | | | | 1,125,323 | | | | | | 700,091 | | |
Operating expenses | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| |
25
|
| | | | (618,438) | | | | | | (465,067) | | |
Other operating income, net
|
| | | | | | | 31,710 | | | | | | 51,196 | | |
Operating profit
|
| | | | | | | 538,595 | | | | | | 286,220 | | |
Finance Income (costs) | | | | | | | | | | | | | | | | |
Finance income
|
| |
26
|
| | | | 159,883 | | | | | | 200,416 | | |
Finance costs
|
| |
26
|
| | | | (475,560) | | | | | | (250,531) | | |
Profit before income taxes
|
| | | | | | | 222,918 | | | | | | 236,105 | | |
Income taxes | | | | | | | | | | | | | | | | |
Current
|
| |
19
|
| | | | (14,303) | | | | | | (88,665) | | |
Deferred
|
| |
19
|
| | | | 55,274 | | | | | | 18,139 | | |
Profit for the period
|
| | | | | | | 263,889 | | | | | | 165,579 | | |
Attributable to: | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | | | | 209,310 | | | | | | 121,039 | | |
Non-controlling interests
|
| | | | | | | 54,579 | | | | | | 44,540 | | |
Earnings per share | | | | | | | | | | | | | | | | |
Basic, profit for the period attributable to ordinary equity holders of the parent
|
| |
23
|
| | |
|
1.84
|
| | | |
|
1.07
|
| |
Diluted, profit for the period attributable to ordinary equity holders of
the parent |
| |
23
|
| | |
|
1.82
|
| | | |
|
1.07
|
| |
| | |
2022
|
| |
2021
|
| ||||||
| | |
Unaudited
|
| |||||||||
Profit for the period
|
| | | | 263,889 | | | | | | 165,579 | | |
Items that may be reclassified to profit or loss in subsequent periods
|
| | | | | | | | | | | | |
Exchange differences on translation of foreign operations
|
| | | | (28,488) | | | | | | (4,092) | | |
Total comprehensive income for the period
|
| | | | 235,401 | | | | | | 161,487 | | |
Attributable to: | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 181,829 | | | | | | 117,137 | | |
Non-controlling interests
|
| | | | 53,572 | | | | | | 44,350 | | |
| | |
Notes
|
| |
Net investment
of the Parent |
| |
Non-controlling
interests |
| |
Total Net
investment |
| |||||||||
At June 30, 2021 (audited)
|
| | | | | | | 1,345,114 | | | | | | 123,056 | | | | | | 1,468,170 | | |
Capital contributions
|
| |
23
|
| | | | 186,766 | | | | | | 10,517 | | | | | | 197,283 | | |
Acquisition of non-controlling interests
|
| |
23
|
| | | | (1,877) | | | | | | 1,877 | | | | | | — | | |
Acquisition of subsidiaries
|
| | | | | | | 5,077 | | | | | | 75,954 | | | | | | 81,031 | | |
Profit for the period
|
| | | | | | | 121,039 | | | | | | 44,540 | | | | | | 165,579 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (3,902) | | | | | | (190) | | | | | | (4,092) | | |
At December 31, 2021 (unaudited)
|
| | | | | | | 1,652,217 | | | | | | 255,754 | | | | | | 1,907,971 | | |
At June 30, 2022 (audited)
|
| | | | | | | 1,451,647 | | | | | | 218,080 | | | | | | 1,669,727 | | |
Capital contributions
|
| |
23
|
| | | | 1,871 | | | | | | — | | | | | | 1,871 | | |
Acquisition of non-controlling interests
|
| |
23
|
| | | | (51,324) | | | | | | (36,176) | | | | | | (87,500) | | |
Non-controlling dilution on capital contributions
|
| |
23
|
| | | | (7,475) | | | | | | 7,475 | | | | | | — | | |
Dividends paid
|
| |
23
|
| | | | — | | | | | | (3,485) | | | | | | (3,485) | | |
Acquisition of subsidiaries
|
| |
18
|
| | | | 8,809 | | | | | | 9,707 | | | | | | 18,516 | | |
Share-based payments
|
| |
23
|
| | | | 12,112 | | | | | | — | | | | | | 12,112 | | |
Profit for the period
|
| | | | | | | 209,310 | | | | | | 54,579 | | | | | | 263,889 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (27,481) | | | | | | (1,007) | | | | | | (28,488) | | |
At December 31, 2022 (unaudited)
|
| | | | | | | 1,597,469 | | | | | | 249,173 | | | | | | 1,846,642 | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| ||||||
| | | | | |
Unaudited
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | |
Profit before income taxes | | | | | | | | 222,918 | | | | | | 236,105 | | |
Adjustments to reconcile profit for the period to net cash flow: | | | | | | | | | | | | | | | | |
Allowance for expected credit losses
|
| |
25
|
| | | | 17,838 | | | | | | 888 | | |
Foreign exchange differences
|
| |
26
|
| | | | 7,705 | | | | | | (7,435) | | |
Accrued interest expenses
|
| |
26
|
| | | | 443,148 | | | | | | 238,715 | | |
Interest arising from revenue contracts
|
| |
26
|
| | | | (139,450) | | | | | | (186,101) | | |
Loss (gain) on derivatives
|
| |
26
|
| | | | 7,513 | | | | | | 2,063 | | |
Other finance loss, net
|
| |
26
|
| | | | (3,582) | | | | | | 9,715 | | |
Fair value on commodity forward contracts
|
| |
26
|
| | | | 4,974 | | | | | | (2,168) | | |
Amortization of intangibles
|
| |
25
|
| | | | 35,677 | | | | | | 33,772 | | |
Amortization of right of use
|
| |
25
|
| | | | 24,170 | | | | | | 22,185 | | |
Depreciation
|
| |
25
|
| | | | 8,240 | | | | | | 4,256 | | |
Losses and damages of inventories
|
| |
25
|
| | | | 6,103 | | | | | | 8,764 | | |
Gain on bargain Purchase
|
| | | | | | | — | | | | | | (18,295) | | |
Contingencies reversals
|
| | | | | | | (2,073) | | | | | | (2,820) | | |
Share-based payment expense
|
| | | | | | | 12,112 | | | | | | — | | |
Others
|
| | | | | | | (32,706) | | | | | | 23,521 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (1,759,501) | | | | | | (1,450,144) | | |
Inventories
|
| | | | | | | (860,497) | | | | | | (984,709) | | |
Advances to suppliers
|
| | | | | | | 24,043 | | | | | | 14,755 | | |
Taxes recoverable
|
| | | | | | | (116,213) | | | | | | (24,492) | | |
Other receivables
|
| | | | | | | 20,514 | | | | | | (71,897) | | |
Liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | 1,420,984 | | | | | | 1,764,611 | | |
Advances from customers
|
| | | | | | | 32,293 | | | | | | (80,210) | | |
Derivative financial instruments
|
| | | | | | | 378 | | | | | | (2,865) | | |
Salaries and social charges
|
| | | | | | | 2,350 | | | | | | 36,586 | | |
Taxes payable
|
| | | | | | | 65,114 | | | | | | 36,995 | | |
Other payables
|
| | | | | | | (29,847) | | | | | | (16,318) | | |
Interest paid on borrowings
|
| |
15
|
| | | | (64,546) | | | | | | (9,789) | | |
Interest paid on trade payables, acquisition of subsidiary and lease liabilities
|
| | | | | | | (70,764) | | | | | | (42,349) | | |
Interest received from revenue contracts
|
| | | | | | | 43,738 | | | | | | 39,450 | | |
Income taxes paid
|
| | | | | | | (28,422) | | | | | | (77,636) | | |
Net cash flows used in operating activities
|
| | | | | | | (707,789) | | | | | | (504,847) | | |
Investing activities:
|
| |
Notes
|
| | | | | | | | | | | | |
Acquisition of subsidiary, net of cash acquired
|
| |
17 and 18
|
| | | | (110,919) | | | | | | (141,050) | | |
Acquisition of non-controlling interests
|
| |
23
|
| | | | (87,500) | | | | | | — | | |
Additions to property, plant and equipment and intangible assets
|
| | | | | | | (29,399) | | | | | | (4,392) | | |
Proceeds from the sale of property, plant and equipment
|
| | | | | | | 1,598 | | | | | | 2,247 | | |
Net cash flows used in investing activities
|
| | | | | | | (226,220) | | | | | | (143,195) | | |
Financing activities: | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| |
15
|
| | | | 1,105,864 | | | | | | 323,489 | | |
Repayment of borrowings
|
| |
15
|
| | | | (199,715) | | | | | | (123,026) | | |
Payment of principal portion of lease liabilities
|
| | | | | | | (22,977) | | | | | | (19,028) | | |
Proceeds from FIAGRO quota holders, net of transaction costs
|
| |
16
|
| | | | 143,082 | | | | | | — | | |
Trades payable – Supplier finance
|
| | | | | | | 14,753 | | | | | | — | | |
Capital contributions
|
| |
23
|
| | | | 1,871 | | | | | | 197,283 | | |
Net cash flows provided by financing activities
|
| | | | | | | 1,042,878 | | | | | | 378,718 | | |
Net increase (decrease) in cash equivalents
|
| | | | | | | 108,869 | | | | | | (269,324) | | |
Cash equivalents at July 1
|
| | | | | | | 254,413 | | | | | | 459,458 | | |
Cash equivalents at December 31
|
| | | | | | | 363,282 | | | | | | 190,134 | | |
| | | | | | | | |
Direct and indirect control
|
| |||
Name
|
| |
Core activities
|
| |
Location
|
| |
December 31,
2022 |
| |
June 30,
2022 |
|
Lavoro Brasil: | | | | | | | | | | | | | |
Lavoro Agro Holding S.A.
|
| |
Holding
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
|
Lavoro Agrocomercial S.A. | | |
Distributor of agricultural inputs
|
| |
Rondonópolis – Brazil
|
| |
97.42%
|
| |
97.42%
|
|
Agrocontato Comércio e Representações de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Sinop – Brazil
|
| |
97.42%
|
| |
97.42%
|
|
PCO Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
97.42%
|
| |
97.42%
|
|
Agrovenci Distribuidora de Insumos Agrícolas Ltda. (MS)(ii) | | |
Distributor of agricultural inputs
|
| |
Chapadão do
Sul – Brazil |
| |
86.2%
|
| |
86.2%
|
|
Produtiva Agronegócios Comércio e Representação Ltda. | | |
Distributor of agricultural inputs
|
| |
Paracatu – Brazil
|
| |
87.4%
|
| |
87.4%
|
|
Facirolli Comércio e Representação S.A. (Agrozap) | | |
Distributor of agricultural inputs
|
| |
Uberaba – Brazil
|
| |
62.61%
|
| |
62.61%
|
|
Agrovenci Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
93.11%
|
| |
97.42%
|
|
Central Agrícola Rural Distribuidora de Defensivos Ltda. | | |
Distributor of agricultural inputs
|
| |
Vilhena – Brazil
|
| |
97.42%
|
| |
97.42%
|
|
Distribuidora Pitangueiras de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Ponta Grossa – Brazil
|
| |
93.11%
|
| |
86.22%
|
|
Produtec Comércio e Representações S.A. | | |
Distributor of agricultural inputs
|
| |
Cristalina – Brazil
|
| |
87.40%
|
| |
87.40%
|
|
Qualiciclo Agrícola S.A. | | |
Distributor of agricultural inputs
|
| |
Limeira – Brazil
|
| |
65.89%
|
| |
61%
|
|
Desempar Participações Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
93.11%
|
| |
86.2%
|
|
Denorpi Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
93.11%
|
| |
86.2%
|
|
Deragro Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
93.11%
|
| |
86.2%
|
|
Desempar Tecnologia Ltda. | | |
Holding
|
| |
Palmeira – Brazil
|
| |
93.11%
|
| |
86.2%
|
|
Futuragro Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
93.11%
|
| |
86.2%
|
|
| | | | | | | | |
Direct and indirect control
|
| |||
Name
|
| |
Core activities
|
| |
Location
|
| |
December 31,
2022 |
| |
June 30,
2022 |
|
Plenafértil Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
93.11%
|
| |
86.2%
|
|
Realce Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
93.11%
|
| |
86.2%
|
|
Cultivar Agrícola Comércio, Importação e Exportação S.A. | | |
Distributor of agricultural inputs
|
| |
Chapadão do
Sul – Brazil |
| |
93.11%
|
| |
63.58%
|
|
América Insumos Agrícolas Ltda.(i) | | |
Distributor of agricultural inputs
|
| |
Sorriso – Brazil
|
| |
—
|
| |
97.42%
|
|
Integra Soluções Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Catalão – Brazil
|
| |
87.4%
|
| |
87.4%
|
|
Nova Geração | | |
Distributor of agricultural inputs
|
| |
Pinhalzinho – Brazil
|
| |
65.89%
|
| |
61%
|
|
Floema Soluções Nutricionais de Cultivos Ltda. | | |
Distributor of agricultural inputs
|
| |
Uberaba – Brazil
|
| |
62.61%
|
| |
—
|
|
Casa Trevo Participações S.A. | | |
Holding
|
| |
Nova Prata – Brazil
|
| |
79.14%
|
| |
—
|
|
Casa Trevo Comercial Agrícola LTDA | | |
Distributor of agricultural inputs
|
| |
Nova Prata – Brazil
|
| |
79.14%
|
| |
—
|
|
CATR Comercial Agrícola LTDA | | |
Distributor of agricultural inputs
|
| |
Nova Prata – Brazil
|
| |
79.14%
|
| |
—
|
|
Sollo Sul Insumos Agrícolas Ltda | | |
Distributor of agricultural inputs
|
| |
Pato Branco – Brazil
|
| |
93.11%
|
| |
—
|
|
Dissul Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Pato Branco – Brazil
|
| |
93.11%
|
| |
—
|
|
Lavoro Agro Fundo de Investimento nas Cadeias Produtivas Agroindustriais (ii) | | |
FIAGRO
|
| |
São Paulo – Brazil
|
| |
5%
|
| |
—
|
|
Lavoro Colômbia: | | | | | | | | | | | | | |
Lavoro Colombia S.A.S. | | |
Holding
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Crop Care Colombia | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Agricultura y Servicios S.A.S. | | |
Distributor of agricultural inputs
|
| |
Ginebra – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Grupo Cenagro S.A.S. | | |
Distributor of agricultural inputs
|
| |
Yumbo – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Cenagral S.A.S | | |
Distributor of agricultural inputs
|
| |
Yumbo – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Grupo Gral S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Agrointegral Andina S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Servigral Praderas S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
| | | | | | | | |
Direct and indirect control
|
| |||
Name
|
| |
Core activities
|
| |
Location
|
| |
December 31,
2022 |
| |
June 30,
2022 |
|
Agroquímicos para la Agricultura Colombiana S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
94.9%
|
|
Provecampo S.A.S. | | |
Distributor of agricultural inputs
|
| |
Envigado – Colombia
|
| |
94.9%
|
| |
—
|
|
Crop Care: | | | | | | | | | | | | | |
Crop Care Holding S.A. | | |
Holding
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
|
Perterra Insumos Agropecuários S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
|
Araci Administradora de Bens S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
|
Union Agro S.A. | | |
Private label products
|
| |
Pederneiras – Brazil
|
| |
73%
|
| |
73%
|
|
Agrobiológica Sustentabilidade S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
65.13%
|
| |
65.13%
|
|
Agrobiológica Soluções Naturais Ltda. | | |
Private label products
|
| |
Leme – Brazil
|
| |
100%
|
| |
100%
|
|
Perterra Trading S.A. | | |
Private label products
|
| |
Montevideu – Uruguay
|
| |
100%
|
| |
100%
|
|
Description
|
| |
Brazil
Cluster |
| |
LATAM
Cluster |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalentes
|
| | | | 255,600 | | | | | | 34,900 | | | | | | 93,600 | | | | | | (20,818) | | | | | | 363,282 | | |
Trade receivables
|
| | | | 3,337,100 | | | | | | 292,300 | | | | | | 467,600 | | | | | | (346,115) | | | | | | 3,750,885 | | |
Inventories
|
| | | | 2,595,600 | | | | | | 191,000 | | | | | | 106,100 | | | | | | (186,846) | | | | | | 2,705,854 | | |
Advances to Suppliers
|
| | | | 132,500 | | | | | | 1,900 | | | | | | 45,100 | | | | | | 179,714 | | | | | | 359,214 | | |
Total assets
|
| | | | 7,944,700 | | | | | | 640,600 | | | | | | 824,300 | | | | | | (434,606) | | | | | | 8,974,994 | | |
Main liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 4,230,000 | | | | | | 287,400 | | | | | | 43,400 | | | | | | (558,658) | | | | | | 4,002,142 | | |
Borrowings
|
| | | | 1,294,300 | | | | | | 67,500 | | | | | | 323,500 | | | | | | 48,256 | | | | | | 1,733,556 | | |
Advances from customers
|
| | | | 471,200 | | | | | | 20,400 | | | | | | 32,600 | | | | | | (110,232) | | | | | | 413,968 | | |
Total liabilities
|
| | | | 7,944,700 | | | | | | 640,600 | | | | | | 824,300 | | | | | | (434,606) | | | | | | 8,974,994 | | |
Description
|
| |
Brazil
Cluster |
| |
LATAM
Cluster |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 4,850,800 | | | | | | 655,600 | | | | | | 490,200 | | | | | | — | | | | | | (213,700) | | | | | | (276,725) | | | | | | 5,506,175 | | |
Cost of goods sold
|
| | | | (3,945,900) | | | | | | (538,600) | | | | | | (255,000) | | | | | | — | | | | | | 141,400 | | | | | | 217,248 | | | | | | (4,380,852) | | |
Sales, general and administrative
expenses |
| | | | (377,600) | | | | | | (56,000) | | | | | | (78,500) | | | | | | (57,700) | | | | | | | | | | | | 19,449 | | | | | | (550,351) | | |
Other operating income, net
|
| | | | (27,100) | | | | | | (2,300) | | | | | | 2,000 | | | | | | 115,300 | | | | | | | | | | | | (56,190) | | | | | | 31,710 | | |
Financial income (costs)
|
| | | | (290,500) | | | | | | (4,600) | | | | | | (23,600) | | | | | | (2,200) | | | | | | | | | | | | 5,223 | | | | | | (315,677) | | |
Income taxes
|
| | | | 67,900 | | | | | | (16,500) | | | | | | (32,800) | | | | | | (13,800) | | | | | | 24,600 | | | | | | 11,571 | | | | | | 40,971 | | |
Profit (loss) for the period
|
| | | | 208,100 | | | | | | 33,200 | | | | | | 98,500 | | | | | | 36,300 | | | | | | (47,700) | | | | | | (64,511) | | | | | | 263,889 | | |
Depreciation and amortization
|
| | | | (69,500) | | | | | | (4,400) | | | | | | (3,800) | | | | | | (5,300) | | | | | | — | | | | | | 14,913 | | | | | | (68,087) | | |
Description
|
| |
Brazil
Cluster |
| |
LATAM
Cluster |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 233,326 | | | | | | 20,399 | | | | | | 41,141 | | | | | | (40,453) | | | | | | 254,413 | | |
Trade receivables
|
| | | | 2,110,904 | | | | | | 269,545 | | | | | | 171,750 | | | | | | (757,597) | | | | | | 1,794,602 | | |
Inventories
|
| | | | 1,598,851 | | | | | | 145,035 | | | | | | 121,585 | | | | | | (116,430) | | | | | | 1,749,041 | | |
Advances to Suppliers
|
| | | | 870,647 | | | | | | 7,007 | | | | | | 77,246 | | | | | | (571,643) | | | | | | 383,257 | | |
Total assets
|
| | | | 5,943,328 | | | | | | 509,039 | | | | | | 509,463 | | | | | | (1,276,067) | | | | | | 5,685,763 | | |
Main liabilities
|
| | | | — | | | | | | | | | | | | — | | | | | | | | | | | | | | |
Trade payables
|
| | | | 3,325,113 | | | | | | 278,879 | | | | | | 53,206 | | | | | | (1,355,498) | | | | | | 2,301,700 | | |
Borrowings
|
| | | | 588,123 | | | | | | 31,870 | | | | | | 110,430 | | | | | | (19,871) | | | | | | 710,552 | | |
Advances from customers
|
| | | | 514,206 | | | | | | 7,531 | | | | | | 31,397 | | | | | | (232,574) | | | | | | 320,560 | | |
Total liabilities
|
| | | | 5,943,328 | | | | | | 509,039 | | | | | | 509,463 | | | | | | (1,276,067) | | | | | | 5,685,763 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Elimination
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 4,342,800 | | | | | | 625,800 | | | | | | 269,200 | | | | | | — | | | | | | (88,000) | | | | | | (1,135,019) | | | | | | 4,014,781 | | |
Cost of goods sold
|
| | | | (3,657,700) | | | | | | (510,100) | | | | | | (151,600) | | | | | | — | | | | | | 77,100 | | | | | | 927,610 | | | | | | (3,314,690) | | |
Sales, general and administrative
expenses |
| | | | (321,000) | | | | | | (57,600) | | | | | | (69,500) | | | | | | (57,700) | | | | | | — | | | | | | 100,946 | | | | | | (404,854) | | |
Other operating income, net
|
| | | | (10,900) | | | | | | (1,500) | | | | | | 1,900 | | | | | | 115,300 | | | | | | — | | | | | | (53,604) | | | | | | 51,196 | | |
Financial income (costs)
|
| | | | (73,900) | | | | | | (2,200) | | | | | | (1,500) | | | | | | (2,200) | | | | | | — | | | | | | 29,685 | | | | | | (50,115) | | |
Income taxes
|
| | | | (57,900) | | | | | | (13,900) | | | | | | (9,300) | | | | | | (13,800) | | | | | | 3,700 | | | | | | 20,674 | | | | | | (70,526) | | |
Profit (loss) for the period
|
| | | | 153,500 | | | | | | 30,800 | | | | | | 36,800 | | | | | | 36,300 | | | | | | (7,200) | | | | | | (84,621) | | | | | | 165,579 | | |
Depreciation and amortization
|
| | | | (67,900) | | | | | | (9,700) | | | | | | (2,400) | | | | | | (5,300) | | | | | | — | | | | | | 25,087 | | | | | | (60,213) | | |
| | |
Annual yield
|
| |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Cash equivalents (Brazil)
|
| |
100% CDI(i)
|
| | | | 330,558 | | | | | | 237,462 | | |
Cash equivalents (Colombia)
|
| |
100% DTF(ii)
|
| | | | 32,724 | | | | | | 16,951 | | |
Total cash equivalents
|
| | | | | |
|
363,282
|
| | | |
|
254,413
|
| |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Trade receivables (Brazil)
|
| | | | 3,614,674 | | | | | | 1,639,637 | | |
Trade receivables (Colombia)
|
| | | | 330,588 | | | | | | 345,830 | | |
(-) Allowance for expected credit losses
|
| | | | (166,053) | | | | | | (151,114) | | |
Total
|
| | | | 3,779,209 | | | | | | 1,834,353 | | |
Current
|
| | | | 3,750,885 | | | | | | 1,794,602 | | |
Non-current
|
| | | | 28,324 | | | | | | 39,751 | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Opening balance
|
| | | | (151,114) | | | | | | (111,969) | | |
Increase in allowance
|
| | | | (17,838) | | | | | | (888) | | |
Allowance for credit losses from acquisitions
|
| | | | (761) | | | | | | (12,744) | | |
Trade receivables write-off
|
| | | | 1,497 | | | | | | 1,143 | | |
Exchange rate translation adjustment
|
| | | | 2,163 | | | | | | (621) | | |
Ending balance
|
| | | | (166,053) | | | | | | (125,079) | | |
| | |
December 31,2022
|
| |
June 30, 2022
|
| ||||||
Current (not past due)
|
| | | | 3,517,590 | | | | | | 1,534,224 | | |
Overdue | | | | | | | | | | | | | |
1 to 60 days
|
| | | | 91,448 | | | | | | 93,436 | | |
61 to 180 days
|
| | | | 119,509 | | | | | | 240,320 | | |
181 to 365 days
|
| | | | 89,628 | | | | | | 7,157 | | |
Over 365 days
|
| | | | 127,087 | | | | | | 110,398 | | |
Allowance for expected credit losses
|
| | | | (166,053) | | | | | | (151,182) | | |
| | | | | 3,779,209 | | | | |
|
1,834,353
|
| |
| | |
December 31, 2022
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 3,779,209 | | | | | | | | |
Commodity forward contracts
|
| | | | | | | | | | 33,887 | | |
Derivative financial instruments
|
| | | | | | | | | | 7,085 | | |
Financial instruments
|
| | | | 111 | | | | | | | | |
Total assets
|
| | | | 3,779,320 | | | | | | 40,972 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 4,002,142 | | | | | | | | |
Leases liabilities
|
| | | | 178,335 | | | | | | | | |
Borrowings
|
| | | | 1,733,556 | | | | | | | | |
Obligations to FIAGRO quota holders
|
| | | | 143,082 | | | | | | | | |
Payables for the acquisition of subsidiaries
|
| | | | 214,483 | | | | | | | | |
Derivative financial instruments
|
| | | | | | | | | | 14,420 | | |
Salaries and social charges
|
| | | | 189,635 | | | | | | | | |
Taxes payable
|
| | | | 85,211 | | | | | | | | |
Commodity forward contracts
|
| | | | | | | | | | 33,100 | | |
Dividends payable
|
| | | | 3,896 | | | | | | | | |
Total liabilities
|
| | | | 6,550,340 | | | | | | 47,520 | | |
| | |
June 30, 2022
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 1,834,353 | | | | | | | | |
Commodity forward contracts
|
| | | | | | | | | | 32,800 | | |
Derivative financial instruments
|
| | | | | | | | | | 7,677 | | |
Financial instruments
|
| | | | 1,344 | | | | | | | | |
Total assets
|
| | | | 1,835,697 | | | | | | 40,477 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 2,301,700 | | | | | | | | |
Leases liabilities
|
| | | | 155,253 | | | | | | | | |
Borrowings
|
| | | | 710,552 | | | | | | | | |
Payables for the acquisition of subsidiaries
|
| | | | 164,431 | | | | | | | | |
Derivative financial instruments
|
| | | | | | | | | | 7,121 | | |
Salaries and social charges
|
| | | | 187,285 | | | | | | | | |
| | |
June 30, 2022
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Taxes payable
|
| | | | 34,216 | | | | | | | | |
Commodity forward contracts
|
| | | | | | | | | | 27,038 | | |
Dividends payable
|
| | | | 411 | | | | | | | | |
Total liabilities
|
| | | | 3,553,848 | | | | | | 34,159 | | |
|
| | | | | | | | | | | |
% Of guarantees
required on sales |
| |||||||||
Credit rating
|
| |
%
Customers |
| |
Risk
classification |
| |
Medium-sized
farmers(i) |
| |
Other
|
| |||||||||
AA & A
|
| | | | 18% | | | |
Very small
|
| | | | 80 – 90% | | | | | | 0% | | |
B
|
| | | | 49% | | | |
Medium
|
| | | | 100% | | | | | | 30% | | |
C & D
|
| | | | 15% | | | |
High
|
| | | | 100% | | | | | | 60% | | |
Simplified
|
| | | | 18% | | | |
Small farmers
|
| | | | N/A | | | | | | N/A | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Trade receivables (current and non-current)
|
| | | | 3,779,209 | | | | | | 1,834,353 | | |
Advances to suppliers
|
| | | | 359,214 | | | | | | 383,257 | | |
| | | | | 4,138,423 | | | | | | 2,217,610 | | |
| | |
December 31, 2022
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 5 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 4,258,495 | | | | | | | | | | | | 4,258,495 | | |
Leases liabilities
|
| | | | 87,977 | | | | | | 108,437 | | | | | | 196,414 | | |
Borrowings
|
| | | | 1,789,911 | | | | | | 61,558 | | | | | | 1,851,469 | | |
Obligations to FIAGRO quota holders
|
| | | | 152,518 | | | | | | | | | | | | 152,518 | | |
Payables for the acquisition of subsidiaries
|
| | | | 190,932 | | | | | | 30,019 | | | | | | 220,951 | | |
Commodity forward contracts
|
| | | | 33,981 | | | | | | | | | | | | 33,981 | | |
Derivative financial instruments
|
| | | | 14,804 | | | | | | | | | | | | 14,804 | | |
Salaries and social charges
|
| | | | 190,476 | | | | | | | | | | | | 190,476 | | |
Taxes payable
|
| | | | 85,589 | | | | | | | | | | | | 85,589 | | |
Dividends payable
|
| | | | 4,000 | | | | | | | | | | | | 4,000 | | |
| | | | | 6,808,683 | | | | | | 200,014 | | | | | | 7,008,697 | | |
| | |
June 30, 2022
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 5 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 2,377,256 | | | | | | — | | | | | | 2,377,256 | | |
Leases liabilities
|
| | | | 72,228 | | | | | | 93,487 | | | | | | 165,715 | | |
Borrowings
|
| | | | 709,266 | | | | | | 31,751 | | | | | | 741,017 | | |
Payables for the acquisition of subsidiaries
|
| | | | 114,540 | | | | | | 55,444 | | | | | | 169,984 | | |
Commodity forward contracts
|
| | | | 27,729 | | | | | | — | | | | | | 27,729 | | |
Derivative financial instruments
|
| | | | 7,303 | | | | | | — | | | | | | 7,303 | | |
Salaries and social charges
|
| | | | 188,083 | | | | | | — | | | | | | 188,083 | | |
Taxes payable
|
| | | | 34,362 | | | | | | — | | | | | | 34,362 | | |
Dividends payable
|
| | | | 422 | | | | | | — | | | | | | 422 | | |
| | | | | 3,531,189 | | | | | | 180,682 | | | | | | 3,711,871 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Borrowings
|
| | | | 1,733,556 | | | | | | 706,662 | | |
(-) Cash equivalents
|
| | | | (363,282) | | | | | | (254,413) | | |
Net debt
|
| | | | 1,370,274 | | | | |
|
452,249
|
| |
| | |
As of December 31, 2022
|
| ||||||||||||||||||
| | | | | |
Expense on profit or loss
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| |||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (13.75%)
|
| | | | 231,494 | | | | | | 279,287 | | | | | | 327,080 | | |
Floating rate borrowings in Colombia
|
| |
IBR Rate (12.75%)
|
| | | | 11,043 | | | | | | 13,187 | | | | | | 15,330 | | |
| | | | | | | | 242,537 | | | | | | 292,474 | | | | | | 342,410 | | |
| | |
As of December 31, 2022
|
| |||||||||||||||||||||
| | | | | | | | |
Effect on profit or loss and
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| ||||||||||||
Trade receivables in U.S. Dollars
|
| | | | 5.2072 | | | | | | (573) | | | | | | 70,451 | | | | | | 141,474 | | |
Trade payables in U.S. Dollars
|
| | | | 5.2072 | | | | | | 665 | | | | | | (81,741) | | | | | | (164,146) | | |
Borrowings in U.S. Dollars
|
| | | | 5.2072 | | | | | | 536 | | | | | | (65,935) | | | | | | (132,407) | | |
Net impacts on commercial operations
|
| | | | | | | | | | 628 | | | | | | (77,225) | | | | | | (155,079) | | |
Derivative financial instruments
|
| | | | 5.2072 | | | | | | (529) | | | | | | 65,043 | | | | | | 130,615 | | |
Total impact, net of derivatives
|
| | | | | | | | | | 99 | | | | | | (12,182) | | | | | | (24,464) | | |
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market |
| |
+25% current
|
| |
+50% current
|
| |||||||||||||||||||||||||||
Position
|
| |
Market
|
| |
Impact
|
| |
Market
|
| |
Impact
|
| |||||||||||||||||||||||||||||||||
Soybean 2023
|
| | | | 150,450 | | | | Purchased | | | | | 11,908 | | | | | | 15,46 | | | | | | 19,32 | | | | | | 2,977 | | | | | | 23,19 | | | | | | 5,954 | | |
Soybean 2023
|
| | | | 139,217 | | | | Sold | | | | | (8,548) | | | | | | 15,32 | | | | | | 19,16 | | | | | | (2,137) | | | | | | 22,99 | | | | | | (4,274) | | |
Corn 2023
|
| | | | 287,380 | | | | Purchased | | | | | (2,728) | | | | | | 89,05 | | | | | | 111,32 | | | | | | (682) | | | | | | 133,58 | | | | | | (1,364) | | |
Corn 2023
|
| | | | 63,297 | | | | Sold | | | | | 2,921 | | | | | | 87,97 | | | | | | 109,96 | | | | | | 730 | | | | | | 131,95 | | | | | | 1,461 | | |
Soybean 2024
|
| | | | 66,585 | | | | Purchased | | | | | (2,766) | | | | | | 13,92 | | | | | | 17,40 | | | | | | (692) | | | | | | 20,88 | | | | | | (1,383) | | |
Net Exposure
|
| | | | | | | | | | | |
|
787
|
| | | | | | | | | | | | | | | |
|
196
|
| | | | | | | | | |
|
394
|
| |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Goods for resale
|
| | | | 2,719,568 | | | | | | 1,759,227 | | |
(-) Allowance for inventory losses
|
| | | | (13,714) | | | | | | (10,186) | | |
Total | | | | | 2,705,854 | | | | | | 1,749,041 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
State VAT (“ICMS”)(i)
|
| | | | 78,407 | | | | | | 63,671 | | |
Brazilian federal contributions(ii)
|
| | | | 152,476 | | | | | | 59,975 | | |
Colombian federal contributions
|
| | | | 29,992 | | | | | | 21,016 | | |
Total | | | | | 260,875 | | | | | | 144,662 | | |
Current
|
| | | | 128,386 | | | | | | 93,725 | | |
Non-current
|
| | | | 132,489 | | | | | | 50,937 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Fair value of commodity forward contracts as of June: | | | | | | | | | | | | | |
Assets
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | 24,750 | | | | | | 16,054 | | |
Sale contracts
|
| | | | 9,137 | | | | | | 16,746 | | |
| | | | | 33,887 | | | | | | 32,800 | | |
Liabilities
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | (18,336) | | | | | | (14,995) | | |
Sale contracts
|
| | | | (14,764) | | | | | | (12,043) | | |
| | | | | (33,100) | | | | | | (27,038) | | |
| | |
Outstanding
Volume (tons) |
| |
Average of
contract prices R$/Bag |
| |
Average
Market Prices (Corn R$/bag (ii); Soybean US$/bu(i)) |
| |
Soybean
market premium (US$/bu) |
| |
Freight
(R$/ton) |
| |||||||||||||||
Purchase Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2022
|
| | | | 81,379 | | | | | | 147.65 | | | | | | 14.52 | | | | | | 0.4 | | | | | | 358.55 | | |
As of December 31, 2022
|
| | | | 218,027 | | | | | | 154.47 | | | | | | 14.88 | | | | | | 0.4 | | | | | | 300.74 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2022
|
| | | | 181,475 | | | | | | 67.47 | | | | | | 86.95 | | | | | | N/A | | | | | | 381.00 | | |
As of December 31, 2022
|
| | | | 286,273 | | | | | | 68.94 | | | | | | 89.36 | | | | | | — | | | | | | 349.46 | | |
Selling Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2022
|
| | | | 70,191 | | | | | | 147.46 | | | | | | 14.56 | | | | | | 0.5 | | | | | | 367.46 | | |
As of December 31, 2022
|
| | | | 140,385 | | | | | | 153.96 | | | | | | 15.30 | | | | | | 0.4 | | | | | | 323.79 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2022
|
| | | | 114,063 | | | | | | 67.45 | | | | | | 87.06 | | | | | | N/A | | | | | | 451.83 | | |
As of December 31, 2022
|
| | | | 62,106 | | | | | | 72.34 | | | | | | 89.36 | | | | | | — | | | | | | 330.82 | | |
| | |
Vehicles
|
| |
Buildings
|
| |
Machinery
and equipment |
| |
Total
|
| ||||||||||||
Cost
|
| | | | 74,604 | | | | | | 124,594 | | | | | | 46,110 | | | | | | 245,308 | | |
Accumulated depreciation
|
| | | | (28,756) | | | | | | (60,564) | | | | | | (15,809) | | | | | | (105,129) | | |
Balance at June 30, 2022
|
| | | | 45,848 | | | | | | 64,030 | | | | | | 30,301 | | | | | | 140,179 | | |
Cost
|
| | | | 88,795 | | | | | | 143,319 | | | | | | 63,467 | | | | | | 295,581 | | |
Accumulated depreciation
|
| | | | (40,211) | | | | | | (71,225) | | | | | | (22,077) | | | | | | (133,513) | | |
Balance at December 31, 2022
|
| | | | 48,584 | | | | | | 72,094 | | | | | | 41,390 | | | | | | 162,068 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Vehicles
|
| | | | 58,434 | | | | | | 49,588 | | |
Buildings
|
| | | | 93,057 | | | | | | 80,768 | | |
Machinery and equipment
|
| | | | 26,844 | | | | | | 24,897 | | |
Total | | | | | 178,335 | | | | | | 155,253 | | |
Current
|
| | | | 82,534 | | | | | | 69,226 | | |
Non-current
|
| | | | 95,801 | | | | | | 86,027 | | |
| | |
Vehicles
|
| |
Lands, buildings
and improvements |
| |
Machines,
equipment and facilities |
| |
Furniture
and fixtures |
| |
Computer
equipment |
| |
Total
|
| ||||||||||||||||||
Cost
|
| | | | 36,316 | | | | | | 99,541 | | | | | | 53,699 | | | | | | 11,892 | | | | | | 4,372 | | | | | | 205,820 | | |
Accumulated depreciation
|
| | | | (26,208) | | | | | | (7,968) | | | | | | (18,581) | | | | | | (5,031) | | | | | | (1,827) | | | | | | (59,615) | | |
Balance at June 30, 2022
|
| | | | 10,108 | | | | | | 91,573 | | | | | | 35,118 | | | | | | 6,861 | | | | | | 2,545 | | | | | | 146,205 | | |
Cost
|
| | | | 39,069 | | | | | | 109,367 | | | | | | 65,153 | | | | | | 13,843 | | | | | | 5,221 | | | | | | 232,653 | | |
Accumulated depreciation
|
| | | | (28,654) | | | | | | (10,831) | | | | | | (22,057) | | | | | | (5,962) | | | | | | (2,282) | | | | | | (69,786) | | |
Balance at December 31, 2022
|
| | | | 10,415 | | | | | | 98,536 | | | | | | 43,096 | | | | | | 7,881 | | | | | | 2,939 | | | | | | 162,867 | | |
| | |
Goodwill
|
| |
Customer
relationship |
| |
Purchase
contracts and brands |
| |
Software and
other |
| |
Total
|
| |||||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 256,225 | | | | | | 15,031 | | | | | | 38,580 | | | | | | 706,552 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,386 | | | | | | 6,386 | | |
Business combination
|
| | | | 29,962 | | | | | | 35,642 | | | | | | 8,764 | | | | | | — | | | | | | 74,368 | | |
Translation adjustment
|
| | | | 1,405 | | | | | | 546 | | | | | | — | | | | | | — | | | | | | 1,951 | | |
Others(ii)
|
| | | | 7,878 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,878 | | |
At December 31, 2021
|
| | | | 435,961 | | | | | | 292,413 | | | | | | 23,795 | | | | | | 44,966 | | | | | | 797,135 | | |
At June 30, 2022
|
| | | | 451,974 | | | | | | 301,477 | | | | | | 21,846 | | | | | | 56,373 | | | | | | 831,670 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 8,273 | | | | | | 8,273 | | |
Business combination(i)
|
| | | | 53,603 | | | | | | 30,755 | | | | | | — | | | | | | — | | | | | | 84,358 | | |
Translation adjustment
|
| | | | (3,393) | | | | | | (414) | | | | | | (796) | | | | | | 7 | | | | | | (4,596) | | |
At December 31, 2022
|
| | | | 502,184 | | | | | | 331,818 | | | | | | 21,050 | | | | | | 64,653 | | | | | | 919,705 | | |
Amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2021
|
| | | | | | | | | | 45,760 | | | | | | 1,085 | | | | | | 2,897 | | | | | | 49,742 | | |
Amortization for the period
|
| | | | | | | | | | 21,712 | | | | | | 3,650 | | | | | | 8,410 | | | | | | 33,772 | | |
At December 31, 2021
|
| | | | | | | | | | 67,472 | | | | | | 4,735 | | | | | | 11,307 | | | | | | 83,514 | | |
At June 30, 2022
|
| | | | | | | | | | 89,502 | | | | | | 6,929 | | | | | | 10,918 | | | | | | 107,349 | | |
Amortization for the period
|
| | | | | | | | | | 19,955 | | | | | | 1,502 | | | | | | 14,220 | | | | | | 35,677 | | |
At December 31, 2022
|
| | | | | | | | | | 109,457 | | | | | | 8,431 | | | | | | 25,138 | | | | | | 143,026 | | |
At June 30, 2022
|
| | | | 451,974 | | | | | | 211,975 | | | | | | 14,917 | | | | | | 45,455 | | | | | | 724,321 | | |
At December 31, 2022
|
| | | | 502,184 | | | | | | 222,361 | | | | | | 12,619 | | | | | | 39,515 | | | | | | 776,679 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Trade payables – Brazil
|
| | | | 3,704,878 | | | | | | 1,990,089 | | |
Trade payables – Colombia
|
| | | | 282,511 | | | | | | 311,611 | | |
Total | | | | | 3,987,389 | | | | | | 2,301,700 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Borrowing in Colombia
|
| | | | 67,254 | | | | | | 39,755 | | |
Borrowings in Brazil
|
| | | | 1,666,302 | | | | | | 670,797 | | |
Total borrowings
|
| | | | 1,733,556 | | | | | | 710,552 | | |
| | |
Average
interest rate December 31, 2022(i) |
| |
December 31,
2022 |
| |
Average
interest rate June 30, 2022(i) |
| |
June 30, 2022
|
| ||||||||||||
Debt contracts in Brazil in: | | | | | | | | | | | | | | | | | | | | | | | | | |
R$, indexed to CDI(ii)(iv)
|
| | | | 16.57% | | | | | | 1,386,292 | | | | | | 14,45% | | | | | | 525,099 | | |
R$, with fixed interest(iv)
|
| | | | 9.59% | | | | | | 13,588 | | | | | | — | | | | | | | | |
U.S. Dollars, with fixed interest(iv)
|
| | | | 2.63% | | | | | | 266,422 | | | | | | 3,16% | | | | | | 145,698 | | |
Debt contracts in Colombia in: | | | | | | | | | | | | | | | | | | | | | | | | | |
COP, indexed to IBR(iii) / (iv)
|
| | | | 13.59% | | | | | | 67,254 | | | | | | 14,26% | | | | | | 39,755 | | |
Total | | | | | | | | | | | 1,733,556 | | | | | | | | | | | | 710,552 | | |
Current
|
| | | | | | | | | | 1,679,171 | | | | | | | | | | | | 681,217 | | |
Non-current
|
| | | | | | | | | | 54,385 | | | | | | | | | | | | 29,335 | | |
|
At June 30, 2022
|
| | | | 710,552 | | |
|
Proceeds from borrowings
|
| | | | 1,105,864 | | |
|
Repayment of principal amount
|
| | | | (199,715) | | |
|
Accrued interest
|
| | | | 155,645 | | |
|
Borrowings from acquired companies
|
| | | | 25,756 | | |
|
Interest payment
|
| | | | (64,546) | | |
|
At December 31, 2022
|
| | | | 1,733,556 | | |
| | |
December 31, 2022
|
| |||
2024
|
| | | | 17,992 | | |
2025
|
| | | | 16,197 | | |
2026
|
| | | | 4,135 | | |
2027
|
| | | | 16,061 | | |
Total | | | | | 54,385 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||
Assets
|
| |
Floema
(d) |
| |
Casa Trevo
(e) |
| |
Provecampo
(f) |
| |
Sollo Sul and Dissul
(g) |
| |
Total
|
| |||||||||||||||
Cash equivalents
|
| | | | 24,167 | | | | | | 12,306 | | | | | | 10,479 | | | | | | 16,307 | | | | | | 63,259 | | |
Trade receivables
|
| | | | 19,892 | | | | | | 32,106 | | | | | | 7,499 | | | | | | 132,467 | | | | | | 191,964 | | |
Inventories
|
| | | | 52,133 | | | | | | 61,734 | | | | | | 11,320 | | | | | | 84,226 | | | | | | 209,413 | | |
Other assets
|
| | | | 11,739 | | | | | | 4,750 | | | | | | 23 | | | | | | 46,663 | | | | | | 63,175 | | |
Property, plant and equipment
|
| | | | 1,152 | | | | | | 867 | | | | | | 983 | | | | | | 2,372 | | | | | | 5,374 | | |
Intangible assets
|
| | | | 14,879 | | | | | | 1,676 | | | | | | 12,117 | | | | | | 2,083 | | | | | | 30,755 | | |
| | | | | 123,962 | | | | | | 113,439 | | | | | | 42,421 | | | | | | 284,118 | | | | | | 563,940 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 88,902 | | | | | | 48,070 | | | | | | 10,980 | | | | | | 80,811 | | | | | | 228,763 | | |
Borrowings
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | 25,756 | | | | | | 25,756 | | |
Provision for contingencies
|
| | |
|
—
|
| | | | | 10,245 | | | | | | — | | | | | | — | | | | | | 10,245 | | |
Other liabilities
|
| | | | 1,543 | | | | | | 13,659 | | | | | | 6,910 | | | | | | 87,921 | | | | | | 110,033 | | |
| | | | | 90,445 | | | | | | 71,974 | | | | | | 17,890 | | | | | | 194,488 | | | | | | 374,797 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||
Assets
|
| |
Floema
(d) |
| |
Casa Trevo
(e) |
| |
Provecampo
(f) |
| |
Sollo Sul and Dissul
(g) |
| |
Total
|
| |||||||||||||||
Total identifiable net assets at fair value
|
| | | | 33,517 | | | | | | 41,465 | | | | | | 24,531 | | | | | | 89,630 | | | | | | 189,143 | | |
Non-controlling interests(i)
|
| | | | | | | | | | (6,220) | | | | | | — | | | | | | — | | | | | | (6,220) | | |
Goodwill arising on acquisition
|
| | | | 25,796 | | | | | | 9,625 | | | | | | 2,010 | | | | | | 16,172 | | | | | | 53,603 | | |
Consideration transferred
|
| | | | 59,313 | | | | | | 44,870 | | | | | | 26,541 | | | | | | 105,802 | | | | | | 236,526 | | |
Cash paid
|
| | | | 25,294 | | | | | | 23,619 | | | | | | 17,682 | | | | | | 52,832 | | | | | | 119,427 | | |
Shares issued(i)
|
| | | | 12,296 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,296 | | |
Payable in installments
|
| | | | 21,723 | | | | | | 21,251 | | | | | | 8,859 | | | | | | 52,970 | | | | | | 104,803 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Produtiva
(h) |
| |
Cenagro
(i) |
| |
Cenagral
(j) |
| |
Union Agro
(k) |
| |
Agrozap
(l) |
| |
Nova Geração
(m) |
| |
Total
|
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | | 53,699 | | | | | | 2,142 | | | | | | 1,064 | | | | | | 66,256 | | | | | | 9,028 | | | | | | 1,617 | | | | | | 133,806 | | |
Trade receivables
|
| | | | 27,610 | | | | | | 11,792 | | | | | | 7,492 | | | | | | 117,882 | | | | | | 98,201 | | | | | | 47,978 | | | | | | 310,955 | | |
Inventories
|
| | | | 46,261 | | | | | | 22,670 | | | | | | 5,833 | | | | | | 42,435 | | | | | | 85,683 | | | | | | 9,631 | | | | | | 212,513 | | |
Other assets
|
| | | | 8,472 | | | | | | 12,225 | | | | | | 1,023 | | | | | | 4,524 | | | | | | 22,204 | | | | | | 2,893 | | | | | | 51,341 | | |
Property, plant and equipment
|
| | | | 1,223 | | | | | | 1,266 | | | | | | 363 | | | | | | 26,659 | | | | | | 2,642 | | | | | | 585 | | | | | | 32,738 | | |
Intangible assets(i)
|
| | | | 26,074 | | | | | | 2,602 | | | | | | 7,437 | | | | | | 8,293 | | | | | | 6,015 | | | | | | 4,265 | | | | | | 54,686 | | |
| | | | | 163,339 | | | | | | 52,697 | | | | | | 23,212 | | | | | | 266,049 | | | | | | 223,773 | | | | | | 66,969 | | | | | | 796,039 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 77,063 | | | | | | 17,008 | | | | | | 2,097 | | | | | | 24,750 | | | | | | 136,086 | | | | | | 37,532 | | | | | | 294,536 | | |
Borrowings
|
| | | | — | | | | | | 3,045 | | | | | | — | | | | | | 25,157 | | | | | | 50,701 | | | | | | 6,194 | | | | | | 85,097 | | |
Provision for contingencies
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11,362 | | | | | | — | | | | | | | | | | | | 11,362 | | |
Other liabilities
|
| | | | 8,898 | | | | | | 18,410 | | | | | | 5,750 | | | | | | 9,923 | | | | | | 25,029 | | | | | | 743 | | | | | | 68,753 | | |
| | | | | 85,961 | | | | | | 38,463 | | | | | | 7,847 | | | | | | 71,192 | | | | | | 211,816 | | | | | | 44,469 | | | | | | 459,748 | | |
Total identifiable net assets at fair value
|
| | | | 77,378 | | | | | | 14,234 | | | | | | 15,365 | | | | | | 194,857 | | | | | | 11,957 | | | | | | 22,500 | | | | | | 336,291 | | |
Non-controlling interests
|
| | | | — | | | | | | (2,847) | | | | | | (3,073) | | | | | | (52,611) | | | | | | (4,215) | | | | | | — | | | | | | (62,746) | | |
Goodwill arising on acquisition
|
| | | | 9,491 | | | | | | 11,468 | | | | | | 9,003 | | | | | | — | | | | | | 33,218 | | | | | | 8,168 | | | | | | 71,348 | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,295) | | | | | | — | | | | | | | | | | | | (18,295) | | |
Consideration transferred
|
| | | | 86,869 | | | | | | 22,855 | | | | | | 21,295 | | | | | | 123,951 | | | | | | 40,960 | | | | | | 30,668 | | | | | | 326,598 | | |
Cash paid
|
| | | | 36,385 | | | | | | 16,724 | | | | | | 15,376 | | | | | | 103,800 | | | | | | 18,813 | | | | | | 15,574 | | | | | | 206,672 | | |
Shares issued
|
| | | | 22,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,807 | | | | | | 30,307 | | |
Payable in installments
|
| | | | 27,984 | | | | | | 6,131 | | | | | | 5,919 | | | | | | 20,151 | | | | | | 22,147 | | | | | | 7,287 | | | | | | 89,619 | | |
Item
|
| |
December 31, 2022
|
| |
June 30, 2022
|
| |
Nature
|
| |
Valuation method
|
| ||||||
Customer relationship
|
| | | | 30,755 | | | | | | 45,922 | | | |
A loyal relationship
between the acquirees and its customers, which translates into recurring purchases of products and services |
| |
Multi Period Excess Earnings Method (MPEEM)
|
|
Inventories
|
| | | | 209,413 | | | | | | 212,513 | | | |
Inventories
|
| |
Selling price less all
expenses related to the distribution of that good |
|
Brand
|
| | | | — | | | | | | 8,764 | | | |
Private label products
(Produtiva, Union and Cenagral) |
| |
Relief from Royalty method
|
|
| | | | | 240,168 | | | | | | 267,199 | | | | | | | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Revenues
|
| | | | 5,830,176 | | | | | | 4,900,705 | | |
Profit for the period
|
| | | | 291,984 | | | | | | 213,079 | | |
| | |
Revenues
|
| |
Profit (loss)
|
| |
Period from
|
| ||||||
Provecampo
|
| | | | 18,097 | | | | | | 2,684 | | | |
August 2022
|
|
Floema
|
| | | | 108,634 | | | | | | 8,981 | | | |
August 2022
|
|
Casa Trevo
|
| | | | 87,024 | | | | | | 8,574 | | | |
September 2022
|
|
Sollo Sul
|
| | | | 14,556 | | | | | | (5,908) | | | |
December 2022
|
|
Dissul
|
| | | | 1,007 | | | | | | (623) | | | |
December 2022
|
|
Total
|
| | | | 229,318 | | | | | | 13,708 | | | | | |
| | |
Revenues
|
| |
Profit
|
| |
Period from
|
| ||||||
Produtiva
|
| | | | 76,446 | | | | | | 7,472 | | | |
September 2021
|
|
Cenagro
|
| | | | 67,502 | | | | | | 3,540 | | | |
September 2021
|
|
Cenagral
|
| | | | 10,400 | | | | | | 154 | | | |
September 2021
|
|
Union Agro
|
| | | | 46,030 | | | | | | 2,411 | | | |
November 2021
|
|
Total
|
| | | | 200,378 | | | | | | 13,577 | | | | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Profit before income taxes
|
| | | | 222,918 | | | | | | 236,105 | | |
Statutory rate(i)
|
| | | | 34% | | | | | | 34% | | |
Income taxes at statutory rate
|
| | | | (75,792) | | | | | | (80,276) | | |
Deferred income taxes not recognized as deferred tax asset(ii)
|
| | | | (43,598) | | | | | | (8,005) | | |
Difference from income taxes calculation based on taxable profit computed as a percentage of gross revenue
|
| | | | 11,356 | | | | | | 6,626 | | |
Tax benefit(iii)
|
| | | | 146,171 | | | | | | 7,533 | | |
Others
|
| | | | 2,835 | | | | | | 3,596 | | |
Income tax expense
|
| | | | 40,971 | | | | | | (70,526) | | |
Income tax and social contribution at the effective rate
|
| | | | -18% | | | | | | 30% | | |
Current income taxes
|
| | | | (14,303) | | | | | | (88,665) | | |
Deferred income taxes
|
| | | | 55,274 | | | | | | 18,139 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Deferred assets and liabilities: | | | | | | | | | | | | | |
Amortization of fair value adjustment
|
| | | | 56,135 | | | | | | 32,787 | | |
Tax losses
|
| | | | 63,568 | | | | | | 49,332 | | |
Allowance for expected credit losses
|
| | | | 58,394 | | | | | | 51,379 | | |
Adjustment to present value
|
| | | | 34,054 | | | | | | 40,639 | | |
Provision for management bonuses
|
| | | | 18,569 | | | | | | 26,738 | | |
Allowance for inventory losses
|
| | | | 4,663 | | | | | | 3,463 | | |
Financial effect on derivatives
|
| | | | 547 | | | | | | 2,001 | | |
Fair value of commodity forward contracts
|
| | | | 64 | | | | | | (1,959) | | |
Unrealized exchange gains or losses
|
| | | | 147 | | | | | | (1,803) | | |
Gain on bargain puchase
|
| | | | (6,221) | | | | | | (6,221) | | |
Rebates
|
| | | | (8,103) | | | | | | (7,325) | | |
Unrealized profit in Inventories
|
| | | | 24,562 | | | | | | 8,187 | | |
Amortized right of use
|
| | | | 3,300 | | | | | | 2,617 | | |
Other provisions
|
| | | | (6,036) | | | | | | (6,340) | | |
Deferred income tax assets, net
|
| | | | 253,443 | | | | | | 200,986 | | |
Deferred income tax liabilities, net
|
| | | | (9,800) | | | | | | (7,491) | | |
Deferred income tax assets, net
|
| | | | 243,643 | | | | | | 193,495 | | |
| | |
Deferred
income tax and social contribution |
| |||
At June 30, 2021
|
| | | | 114,748 | | |
Recognized in the statement of income
|
| | | | 78,747 | | |
At June 30, 2022
|
| | | | 193,495 | | |
Recognized in the statement of income
|
| | | | 55,274 | | |
Deferred tax from the acquisition of companies
|
| | | | (5,126) | | |
At December 31, 2022
|
| | | | 243,643 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Balance as of the beginning of the period
|
| | | | 320,560 | | | | | | 509,403 | | |
Revenue recognized that was included in the contract liability balance at the beginning of the year
|
| | | | (320,560) | | | | | | (509,403) | | |
Increase in advances
|
| | | | 352,853 | | | | | | 301,963 | | |
Advances from acquired companies
|
| | | | 61,115 | | | | | | 18,597 | | |
Balance at the end of the period
|
| | | | 413,968 | | | | | | 320,560 | | |
| | |
December 31, 2022
|
| |
June 30, 2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Trade receivables(i)
|
| | | | 15,876 | | | | | | 11,677 | | |
Advances to suppliers(i)
|
| | | | 67 | | | | | | 67 | | |
Total assets
|
| | | | 15,943 | | | | | | 11,744 | | |
Liabilities | | | | | | | | | | | | | |
Trade payable(i)
|
| | | | 1,067 | | | | | | 274 | | |
Advances from customers(i)
|
| | | | 59 | | | | | | 1,097 | | |
Payables for the acquisition of subsidiaries(ii)
|
| | | | 174,221 | | | | | | 63,930 | | |
Total liabilities
|
| | | | 175,347 | | | | | | 65,301 | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Revenue from sales of products(i)
|
| | | | 14,348 | | | | | | 12,277 | | |
M&A and monitoring expenses(ii)
|
| | | | (6,242) | | | | | | (792) | | |
Interest on payables for the acquisition of subsidiaries
|
| | | | (492) | | | | | | (4,197) | | |
Other expenses
|
| | | | (145) | | | | | | (36) | | |
Total | | | | | 7,469 | | | | | | 7,252 | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Wages
|
| | | | 6,337 | | | | | | 5,200 | | |
Direct and indirect benefits(i)
|
| | | | 262 | | | | | | 275 | | |
Share-based payment benefits
|
| | | | 6,177 | | | | | | — | | |
Variable compensation (bonuses)(i)
|
| | | | 11,525 | | | | | | 3,046 | | |
Short-term benefits(ii)
|
| | | | 24,301 | | | | | | 8,521 | | |
|
Carrying amount of non-controlling interests acquired
|
| | | | 36,176 | | |
|
Consideration paid to non-controlling interests
|
| | | | (87,500) | | |
|
Excess of consideration paid recognized in net investment of the Parent
|
| | | | (51,324) | | |
| | |
Share-based
payments reserve |
| |||
At June 30, 2022
|
| | | | — | | |
Share-based payments expense during the year
|
| | | | 12,112 | | |
At December 31, 2022
|
| | | | 12,112 | | |
| | |
2022
|
| |||||||||
| | |
Number
|
| |
WAEP
|
| ||||||
Outstanding at June 30, 2022
|
| | | | — | | | | | | — | | |
Granted during the year
|
| | | | 46,875,000 | | | | | | 0.56 | | |
Outstanding at December 31, 2022
|
| | | | 46,875,000 | | | | | | 0.56 | | |
| | |
Thousands
|
| |||||||||
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Ordinary shares of Lavoro Limited for basic EPS
|
| | | | 113,602 | | | | | | 113,602 | | |
Effects of dilution from:
|
| | | | | | | | | | | | |
Stock Options(i)
|
| | | | 1,632 | | | | |
|
—
|
| |
Number of ordinary shares adjusted for the effect of dilution
|
| | |
|
115,234
|
| | | | | 113,602 | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Profit for the period attributable to net investment of the parent
|
| | |
|
209,310
|
| | | |
|
121,039
|
| |
Basic earnings per share
|
| | |
|
1.84
|
| | | |
|
1.07
|
| |
Diluted earnings per share
|
| | |
|
1.82
|
| | | |
|
1.07
|
| |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Retail sales | | | | | | | | | | | | | |
Brazil
|
| | | | 4,365,020 | | | | | | 3,286,206 | | |
Colombia
|
| | | | 566,064 | | | | | | 538,962 | | |
| | | | | 4,931,084 | | | | | | 3,825,168 | | |
Private Label products | | | | | | | | | | | | | |
Brazil
|
| | | | 491,539 | | | | | | 162,475 | | |
Services | | | | | | | | | | | | | |
Colombia
|
| | | | 83,552 | | | | | | 27,138 | | |
Total Revenues
|
| | | | 5,506,175 | | | | | | 4,014,781 | | |
Summarized by region | | | | | | | | | | | | | |
Brazil
|
| | | | 4,856,559 | | | | | | 3,448,681 | | |
Colombia
|
| | | | 649,616 | | | | | | 566,100 | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Cost of inventory(i)
|
| | | | 4,345,018 | | | | | | 3,291,330 | | |
Personnel expenses
|
| | | | 298,485 | | | | | | 217,230 | | |
Maintenance of the units
|
| | | | 15,456 | | | | | | 15,085 | | |
Consulting, legal and other professional services
|
| | | | 50,234 | | | | | | 58,956 | | |
Freight on sales
|
| | | | 27,566 | | | | | | 21,653 | | |
Commissions
|
| | | | 27,931 | | | | | | 18,027 | | |
Storage
|
| | | | 3,017 | | | | | | 2,465 | | |
Travels
|
| | | | 16,818 | | | | | | 10,066 | | |
Depreciation
|
| | | | 8,240 | | | | | | 4,256 | | |
Amortization of intangibles
|
| | | | 35,677 | | | | | | 33,772 | | |
Amortization of rights of use
|
| | | | 24,170 | | | | | | 22,185 | | |
Taxes and fees
|
| | | | 14,626 | | | | | | 10,664 | | |
Short term rentals
|
| | | | 14,309 | | | | | | 7,568 | | |
Business events
|
| | | | 4,930 | | | | | | 1,683 | | |
Marketing and advertising
|
| | | | 7,138 | | | | | | 11,390 | | |
Insurance
|
| | | | 4,374 | | | | | | 1,103 | | |
Utilities
|
| | | | 11,209 | | | | | | 5,048 | | |
Allowance for expected credit losses
|
| | | | 17,838 | | | | | | 888 | | |
Losses and damages of inventories
|
| | | | 6,103 | | | | | | 8,764 | | |
Fuels and lubricants
|
| | | | 13,857 | | | | | | 8,686 | | |
Legal fees
|
| | | | 2,081 | | | | | | 2,829 | | |
Other administrative expenditures
|
| | | | 50,213 | | | | | | 26,109 | | |
Total
|
| | | | 4,999,290 | | | | | | 3,779,757 | | |
Classified as: | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 4,380,852 | | | | | | 3,314,690 | | |
Sales, general and administrative expenses
|
| | | | 618,438 | | | | | | 465,067 | | |
| | |
December 31, 2022
|
| |
December 31, 2021
|
| ||||||
Finance income | | | | | | | | | | | | | |
Interest from cash equivalents
|
| | | | 4,631 | | | | | | 4,674 | | |
Interest arising from revenue contracts
|
| | | | 139,450 | | | | | | 186,101 | | |
Foreign exchange differences
|
| | | | — | | | | | | 7,435 | | |
Gain on fair value of commodity forward contracts
|
| | | | — | | | | | | 2,168 | | |
Other
|
| | | | 15,802 | | | | | | 38 | | |
Total
|
| | | | 159,883 | | | | | | 200,416 | | |
Finance costs | | | | | | | | | | | | | |
Interest on borrowings
|
| | | | (155,645) | | | | | | (16,112) | | |
Interest on leases
|
| | | | (8,327) | | | | | | (5,496) | | |
Interest on trade payables and acquisitions of subsidiary
|
| | | | (279,176) | | | | | | (217,107) | | |
Foreign exchange differences
|
| | | | (7,705) | | | | | | — | | |
Loss on changes in fair value of derivative instruments
|
| | | | (7,513) | | | | | | (2,063) | | |
Loss on fair value of commodity forward contracts
|
| | | | (4,974) | | | | | | — | | |
Other
|
| | | | (12,220) | | | | | | (9,753) | | |
Total
|
| | | | (475,560) | | | | | | (250,531) | | |
Finance costs, net
|
| | | | (315,677) | | | | | | (50,115) | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash equivalents
|
| |
5
|
| | | | 254,413 | | | | | | 459,458 | | |
Trade receivables
|
| |
6
|
| | | | 1,794,602 | | | | | | 1,467,200 | | |
Inventories
|
| |
9
|
| | | | 1,749,041 | | | | | | 849,143 | | |
Taxes recoverable
|
| |
10
|
| | | | 93,725 | | | | | | 88,400 | | |
Derivative financial instruments
|
| | | | | | | 7,677 | | | | | | — | | |
Commodity forward contracts
|
| |
11
|
| | | | 32,800 | | | | | | 127,671 | | |
Advances to suppliers
|
| |
12
|
| | | | 383,257 | | | | | | 442,408 | | |
Other assets
|
| | | | | | | 60,165 | | | | | | 31,842 | | |
Total current assets
|
| | | | | | | 4,375,680 | | | | | | 3,466,122 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Financial investments
|
| | | | | | | 1,344 | | | | | | — | | |
Trade receivables
|
| |
6
|
| | | | 39,751 | | | | | | — | | |
Other assets
|
| | | | | | | 2,473 | | | | | | 1,754 | | |
Right of use assets
|
| |
13
|
| | | | 140,179 | | | | | | 64,296 | | |
Judicial deposits
|
| | | | | | | 3,887 | | | | | | 4,583 | | |
Tax recoverable
|
| |
10
|
| | | | 50,937 | | | | | | — | | |
Deferred tax assets
|
| |
21
|
| | | | 200,986 | | | | | | 114,748 | | |
Property, plant and equipment
|
| |
14
|
| | | | 146,205 | | | | | | 93,260 | | |
Intangible assets
|
| |
15
|
| | | | 724,321 | | | | | | 656,810 | | |
Total non-current assets
|
| | | | | | | 1,310,083 | | | | | | 935,451 | | |
Total assets
|
| | | | | | | 5,685,763 | | | | | | 4,401,573 | | |
Liabilities | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| |
17
|
| | | | 2,301,700 | | | | | | 1,563,664 | | |
Lease liabilities
|
| |
13
|
| | | | 69,226 | | | | | | 34,525 | | |
Borrowings
|
| |
18
|
| | | | 681,217 | | | | | | 221,772 | | |
Payables for the acquisition of subsidiaries
|
| |
19
|
| | | | 111,684 | | | | | | 215,158 | | |
Derivative financial instruments
|
| | | | | | | 7,121 | | | | | | 5,126 | | |
Commodity forward contracts
|
| |
11
|
| | | | 27,038 | | | | | | 128,243 | | |
Salaries and social charges
|
| | | | | | | 187,285 | | | | | | 88,385 | | |
Taxes payable
|
| | | | | | | 34,216 | | | | | | 32,805 | | |
Dividends payable
|
| | | | | | | 411 | | | | | | 6,854 | | |
Advances from customers
|
| |
23
|
| | | | 320,560 | | | | | | 509,403 | | |
Other liabilities
|
| | | | | | | 95,893 | | | | | | 62,137 | | |
Total current liabilities
|
| | | | | | | 3,836,351 | | | | | | 2,868,072 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Leases liabilities
|
| |
13
|
| | | | 86,027 | | | | | | 40,613 | | |
Borrowings
|
| |
18
|
| | | | 29,335 | | | | | | 20,632 | | |
Payables for the acquisition of subsidiaries
|
| | | | | | | 52,747 | | | | | | — | | |
Provision for contingencies
|
| |
22
|
| | | | 2,966 | | | | | | 3,602 | | |
Other liabilities
|
| | | | | | | 1,119 | | | | | | 484 | | |
Deferred tax liabilities
|
| | | | | | | 7,491 | | | | | | — | | |
Total non-current liabilities
|
| | | | | | | 179,685 | | | | | | 65,331 | | |
Net investment | | | | | | | | | | | | | | | | |
Net investment from the Parent
|
| |
25
|
| | | | 1,451,647 | | | | | | 1,345,114 | | |
Non-controlling interests
|
| | | | | | | 218,080 | | | | | | 123,056 | | |
Total net investment
|
| | | | | | | 1,669,727 | | | | | | 1,468,170 | | |
Total liabilities and net investment
|
| | | | | | | 5,685,763 | | | | | | 4,401,573 | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenue
|
| |
26
|
| | | | 7,746,534 | | | | | | 5,098,545 | | | | | | 2,706,281 | | |
Cost of goods sold
|
| |
27
|
| | | | (6,421,037) | | | | | | (4,362,657) | | | | | | (2,384,080) | | |
Gross profit
|
| | | | | |
|
1,325,497
|
| | | |
|
735,888
|
| | | |
|
322,201
|
| |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| |
27
|
| | | | (1,022,388) | | | | | | (619,506) | | | | | | (394,657) | | |
Other operating income, net
|
| | | | | | | 56,759 | | | | | | 15,618 | | | | | | 10,795 | | |
Operating profit (loss)
|
| | | | | | | 359,868 | | | | | | 132,000 | | | | | | (61,661) | | |
Finance Income (costs) | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| |
28
|
| | | | 426,933 | | | | | | 227,099 | | | | | | 55,489 | | |
Finance costs
|
| |
28
|
| | | | (646,377) | | | | | | (312,892) | | | | | | (168,706) | | |
Profit (loss) before income taxes
|
| | | | | | | 140,424 | | | | | | 46,207 | | | | | | (174,878) | | |
Income taxes | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| |
21
|
| | | | (111,409) | | | | | | (61,676) | | | | | | (23,544) | | |
Deferred
|
| |
21
|
| | | | 78,747 | | | | | | 37,000 | | | | | | 76,919 | | |
Profit (loss) for the year
|
| | | | | | | 107,762 | | | | | | 21,531 | | | | | | (121,503) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | | | | 78,170 | | | | | | 38,390 | | | | | | (108,700) | | |
Non-controlling interests
|
| | | | | | | 29,592 | | | | | | (16,859) | | | | | | (12,803) | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Profit (loss) for the year
|
| | | | 107,762 | | | | | | 21,531 | | | | | | (121,503) | | |
Items that may be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations
|
| | | | (34,263) | | | | | | (16,436) | | | | | | 25,864 | | |
Total comprehensive income (loss) for the year
|
| | | | 73,499 | | | | | | 5,095 | | | | | | (95,639) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 45,630 | | | | | | 22,346 | | | | | | (83,454) | | |
Non-controlling interests
|
| | | | 27,829 | | | | | | (17,251) | | | | | | (12,185) | | |
| | |
Notes
|
| |
Net investment
of the Parent |
| |
Non-controlling
interests |
| |
Total Net
Investment |
| |||||||||
At June 30, 2019
|
| | | | | | | 378,643 | | | | | | 81,055 | | | | | | 459,698 | | |
Capital contributions
|
| |
25
|
| | | | 492,004 | | | | | | — | | | | | | 492,004 | | |
Acquisition of subsidiaries
|
| |
20
|
| | | | (104) | | | | | | 670 | | | | | | 566 | | |
Loss for the year
|
| | | | | | | (108,700) | | | | | | (12,803) | | | | | | (121,503) | | |
Exchange differences on translation of foreign operations
|
| | | | | | | 25,864 | | | | | | — | | | | | | 25,864 | | |
At June 30, 2020
|
| | | | | | | 787,707 | | | | | | 68,922 | | | | | | 856,629 | | |
Capital contributions
|
| |
25
|
| | | | 554,735 | | | | | | 100,350 | | | | | | 655,085 | | |
Acquisition of non-controlling interests
|
| |
25
|
| | | | (22,071) | | | | | | (57,422) | | | | | | (79,493) | | |
Acquisition of subsidiaries
|
| |
20
|
| | | | 2,789 | | | | | | 28,065 | | | | | | 30,854 | | |
Profit for the year
|
| | | | | | | 38,390 | | | | | | (16,859) | | | | | | 21,531 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (16,436) | | | | | | — | | | | | | (16,436) | | |
At June 30, 2021
|
| | | | | | | 1,345,114 | | | | | | 123,056 | | | | | | 1,468,170 | | |
Capital contributions
|
| |
25
|
| | | | 190,003 | | | | | | 12,422 | | | | | | 202,425 | | |
Dividends paid
|
| | | | | | | (131,979) | | | | | | (1,090) | | | | | | (133,069) | | |
Acquisition of non-controlling interests
|
| |
25
|
| | | | (3,257) | | | | | | (31,094) | | | | | | (34,351) | | |
Acquisition of subsidiaries
|
| |
20
|
| | | | 6,136 | | | | | | 86,917 | | | | | | 93,053 | | |
Profit for the year
|
| | | | | | | 78,170 | | | | | | 29,592 | | | | | | 107,762 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (32,540) | | | | | | (1,723) | | | | | | (34,263) | | |
At June 30, 2022
|
| | | | | | | 1,451,647 | | | | | | 218,080 | | | | | | 1,669,727 | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Operating activities | | | | | | | | | | | | | | | | | | | | | | |
Profit (loss) for the year
|
| | | | | |
|
107,762
|
| | | |
|
21,531
|
| | | |
|
(121,503)
|
| |
Adjustments for: | | | | | | | | | | | | | | | | | | | | | | |
Allowance for expected credit losses
|
| |
6 and 27
|
| | | | 27,393 | | | | | | 11,094 | | | | | | 86,901 | | |
Foreign exchange differences
|
| |
28
|
| | | | 1,957 | | | | | | (12,759) | | | | | | 78,728 | | |
Accrued interest expenses
|
| |
28
|
| | | | 594,076 | | | | | | 295,169 | | | | | | 70,103 | | |
Interest arising from revenue contracts
|
| |
28
|
| | | | (407,449) | | | | | | (204,744) | | | | | | (49,010) | | |
Loss (gain) on derivatives
|
| |
28
|
| | | | 26,323 | | | | | | 4,883 | | | | | | (4,260) | | |
Other finance income (cost), net
|
| |
28
|
| | | | 22,440 | | | | | | 12,042 | | | | | | 12,254 | | |
Fair value on commodity forward contracts
|
| |
28
|
| | | | (9,200) | | | | | | (6,337) | | | | | | 6,909 | | |
Income taxes
|
| |
21
|
| | | | 32,662 | | | | | | 24,676 | | | | | | (53,375) | | |
Amortization of intangibles
|
| |
27
|
| | | | 57,607 | | | | | | 29,717 | | | | | | 20,024 | | |
Amortization of right of use assets
|
| |
27
|
| | | | 51,203 | | | | | | 17,997 | | | | | | 10,862 | | |
Depreciation
|
| |
27
|
| | | | 9,697 | | | | | | 5,717 | | | | | | 5,770 | | |
Losses and damages of inventories
|
| |
27
|
| | | | 23,339 | | | | | | 9,808 | | | | | | 726 | | |
Gain on bargain purchase
|
| |
20
|
| | | | (18,295) | | | | | | — | | | | | | — | | |
Contingencies provision
|
| | | | | | | (11,998) | | | | | | (3,564) | | | | | | (38) | | |
Others
|
| | | | | | | (26,495) | | | | | | (7,484) | | | | | | 9,633 | | |
| | | | | | | | 481,022 | | | | | | 197,746 | | | | | | 73,724 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | 19,563 | | | | | | 262,671 | | | | | | (88,585) | | |
Inventories
|
| | | | | | | (721,602) | | | | | | 5,745 | | | | | | (19,916) | | |
Advances to suppliers
|
| | | | | | | 74,542 | | | | | | (201,351) | | | | | | (43,234) | | |
Derivative financial instruments
|
| | | | | | | (7,677) | | | | | | — | | | | | | 23,765 | | |
Taxes recoverable
|
| | | | | | | (41,685) | | | | | | (23,374) | | | | | | (14,692) | | |
Other receivables
|
| | | | | | | (6,765) | | | | | | 4,493 | | | | | | (29,992) | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | 273,611 | | | | | | (316,575) | | | | | | (46,855) | | |
Advances from customers
|
| | | | | | | (207,440) | | | | | | 187,035 | | | | | | 130,912 | | |
Derivative financial instruments
|
| | | | | | | (24,328) | | | | | | (14,250) | | | | | | — | | |
Salaries and social charges
|
| | | | | | | 91,540 | | | | | | 46,363 | | | | | | 24,969 | | |
Taxes payable
|
| | | | | | | (39,463) | | | | | | 25,518 | | | | | | 8,674 | | |
Other payables
|
| | | | | | | (2,237) | | | | | | 25,051 | | | | | | 31,880 | | |
Interest paid on borrowings
|
| |
18
|
| | | | (7,401) | | | | | | (30,424) | | | | | | (23,009) | | |
Interest paid on trade payables and lease liabilities
|
| | | | | | | (360,665) | | | | | | (208,938) | | | | | | (27,860) | | |
Interest received from revenue contracts
|
| | | | | | | 310,967 | | | | | | 179,796 | | | | | | 28,120 | | |
Income taxes paid
|
| | | | | | | (76,546) | | | | | | (85,682) | | | | | | (39,334) | | |
Net cash flows (used in) from operating activities
|
| | | | | | | (244,564) | | | | | | 53,824 | | | | | | (11,433) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of subsidiary, net of cash acquired
|
| |
19 and 20
|
| | | | (213,212) | | | | | | (283,171) | | | | | | (247,145) | | |
Acquisition of non-controlling interests
|
| |
25
|
| | | | (34,351) | | | | | | (79,493) | | | | | | — | | |
Additions to property, plant and equipment and intangible assets
|
| | | | | | | (47,697) | | | | | | (34,940) | | | | | | (33,840) | | |
Proceeds from the sale of property, plant and equipment
|
| | | | | | | 1,309 | | | | | | 4,242 | | | | | | 551 | | |
Net cash flows used in investing activities
|
| | | | | | | (293,951) | | | | | | (393,362) | | | | | | (280,434) | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Financing activities: | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| |
18
|
| | | | 615,984 | | | | | | 466,280 | | | | | | 62,105 | | |
Repayment of borrowings
|
| |
18
|
| | | | (299,613) | | | | | | (472,909) | | | | | | (171,439) | | |
Payment of principal portion of lease liabilities
|
| | | | | | | (45,814) | | | | | | (7,957) | | | | | | (1,673) | | |
Dividends paid
|
| | | | | | | (139,512) | | | | | | — | | | | | | — | | |
Capital contributions
|
| | | | | | | 202,425 | | | | | | 655,085 | | | | | | 492,004 | | |
Net cash flows provided by financing activities
|
| | | | | | | 333,470 | | | | | | 640,499 | | | | | | 380,997 | | |
Net (decrease) increase in cash equivalents
|
| | | | | | | (205,045) | | | | | | 300,961 | | | | | | 89,130 | | |
Cash equivalents at beginning of year
|
| | | | | | | 459,458 | | | | | | 158,497 | | | | | | 69,367 | | |
Cash equivalents at end of year
|
| | | | | | | 254,413 | | | | | | 459,458 | | | | | | 158,497 | | |
|
|
Note
|
| |
Significant estimates and judgments
|
|
|
7
|
| | Allowance for expected credit losses | |
|
11
|
| | Commodity forward contracts | |
|
16
|
| | Impairment testing of non-financial assets | |
|
20
|
| | Business combination | |
|
21
|
| | Deferred income taxes recoverability | |
| | | | | | | | |
Direct and indirect control
|
| ||||||
Name
|
| |
Core activities
|
| |
Location
|
| |
2022
|
| |
2021
|
| |
2020
|
|
Lavoro Brasil: | | | | | | | | | | | | | | | | |
Lavoro Agro Holding S.A.
|
| |
Holding
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Lavoro Agrocomercial S.A.
|
| |
Distributor of agricultural inputs
|
| |
Rondonópolis – Brazil
|
| |
97.42%
|
| |
91.65%
|
| |
82.25%
|
|
Impacto Insumos Ltda.(i) | | |
Distributor of agricultural inputs
|
| |
Sorriso – Brazil
|
| |
—%
|
| |
—%
|
| |
82.25%
|
|
Agrocontato Comércio e Representações de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Sinop – Brazil
|
| |
97.42%
|
| |
91.65%
|
| |
82.25%
|
|
PCO Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
97.42%
|
| |
91.65%
|
| |
82.25%
|
|
Agrovenci Distribuidora de Insumos Agrícolas Ltda. (MS)(ii) | | |
Distributor of agricultural inputs
|
| |
Chapadão do Sul – Brazil
|
| |
86,22%
|
| |
—
|
| |
—
|
|
Produtiva Agronegócios Comércio e Representação Ltda. | | |
Distributor of agricultural inputs
|
| |
Paracatu – Brazil
|
| |
87.40%
|
| |
—
|
| |
—
|
|
Facirolli Comércio e Representação S.A. (Agrozap) | | |
Distributor of agricultural inputs
|
| |
Uberaba – Brazil
|
| |
62.61%
|
| |
—
|
| |
—
|
|
Agrovenci Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
97.42%
|
| |
91.65%
|
| |
82.25%
|
|
Central Agrícola Rural Distribuidora de Defensivos Ltda. | | |
Distributor of agricultural inputs
|
| |
Vilhena – Brazil
|
| |
97.42%
|
| |
91.65%
|
| |
82.25%
|
|
Distribuidora Pitangueiras de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Ponta Grossa – Brazil
|
| |
86,22%
|
| |
86.22%
|
| |
70%
|
|
Produtec Comércio e Representações S.A. | | |
Distributor of agricultural inputs
|
| |
Cristalina – Brazil
|
| |
87.40%
|
| |
72.42%
|
| |
64.75%
|
|
Qualiciclo Agrícola S.A. | | |
Distributor of agricultural inputs
|
| |
Limeira – Brazil
|
| |
61%
|
| |
61%
|
| |
—
|
|
Desempar Participações Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
86.2%
|
| |
86.2%
|
| |
—
|
|
Denorpi Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
86.2%
|
| |
86.2%
|
| |
—
|
|
Deragro Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
86.2%
|
| |
86.2%
|
| |
—
|
|
| | | | | | | | |
Direct and indirect control
|
| ||||||
Name
|
| |
Core activities
|
| |
Location
|
| |
2022
|
| |
2021
|
| |
2020
|
|
Desempar Tecnologia Ltda. | | |
Holding
|
| |
Palmeira – Brazil
|
| |
86.2%
|
| |
86.2%
|
| |
—
|
|
Futuragro Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
86.2%
|
| |
86.2%
|
| |
—
|
|
Plenafértil Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
86.2%
|
| |
86.2%
|
| |
—
|
|
Realce Distribuidora de Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
86.2%
|
| |
86.2%
|
| |
—
|
|
Cultivar Agrícola Comércio, Importação e Exportação S.A. | | |
Distributor of agricultural inputs
|
| |
Chapadão do Sul – Brazil
|
| |
63.58%
|
| |
63.58%
|
| |
—
|
|
América Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Sorriso – Brazil
|
| |
97.42%
|
| |
91.65%
|
| |
—
|
|
Integra Soluções Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Catalão – Brazil
|
| |
87.4%
|
| |
72.42%
|
| |
—
|
|
Nova Geração | | |
Distributor of agricultural inputs
|
| |
Pinhalzinho – Brazil
|
| |
61%
|
| |
—
|
| |
—
|
|
Lavoro Colômbia: | | | | | | | | | | | | | | | | |
Lavoro Colombia S.A.S. | | |
Holding
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
—
|
| |
—
|
|
Crop Care Colombia | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
100%
|
| |
100%
|
|
Agricultura y Servicios S.A.S. | | |
Distributor of agricultural inputs
|
| |
Ginebra – Colombia
|
| |
94.9%
|
| |
97.61%
|
| |
97.61%
|
|
Fertilizantes Liquidos y Servicios S.A.S.(iii) | | |
Distributor of agricultural inputs
|
| |
Cali – Colombia
|
| |
—%
|
| |
97.61%
|
| |
97.61%
|
|
Grupo Cenagro S.A.S. | | |
Distributor of agricultural inputs
|
| |
Yumbo – Colombia
|
| |
94.9%
|
| |
—
|
| |
—
|
|
Cenagral S.A.S | | |
Distributor of agricultural inputs
|
| |
Yumbo – Colombia
|
| |
94.9%
|
| |
—
|
| |
—
|
|
Grupo Gral S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
100%
|
| |
100%
|
|
Agrointegral Andina S.A.S.
|
| |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
100%
|
| |
100%
|
|
Servigral Praderas S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
100%
|
| |
100%
|
|
Agroquímicos para la Agricultura Colombiana S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
100%
|
| |
100%
|
|
| | | | | | | | |
Direct and indirect control
|
| ||||||
Name
|
| |
Core activities
|
| |
Location
|
| |
2022
|
| |
2021
|
| |
2020
|
|
Crop Care: | | | | | | | | | | | | | | | | |
Crop Care Holding S.A. | | |
Holding
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Perterra Insumos Agropecuários S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Araci Administradora de Bens S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Union Agro S.A | | |
Private label products
|
| |
Pederneiras – Brazil
|
| |
73.00%
|
| |
—
|
| |
—
|
|
Agrobiológica Sustentabilidade S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
65.13%
|
| |
65.13%
|
| |
100%
|
|
Agrobiológica Soluções Naturais Ltda. | | |
Private label products
|
| |
Leme – Brazil
|
| |
65.13%
|
| |
65.13%
|
| |
—
|
|
Perterra Trading S.A. | | |
Private label products
|
| |
Montevideu – Uruguay
|
| |
100%
|
| |
—
|
| |
—
|
|
Description
|
| |
Brazil Cluster
|
| |
Cluster LATAM
|
| |
Crop Care Cluster
|
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 183,000 | | | | | | 16,400 | | | | | | 41,100 | | | | | | 13,913 | | | | | | 254,413 | | |
Trade receivables
|
| | | | 1,337,800 | | | | | | 306,600 | | | | | | 155,600 | | | | | | (5,398) | | | | | | 1,794,602 | | |
Inventories
|
| | | | 1,381,100 | | | | | | 173,800 | | | | | | 121,600 | | | | | | 72,541 | | | | | | 1,749,041 | | |
Advances to Suppliers
|
| | | | 172,400 | | | | | | 1,400 | | | | | | 73,600 | | | | | | 135,857 | | | | | | 383,257 | | |
Total assets(ii)
|
| | | | 4,297,400 | | | | | | 582,600 | | | | | | 493,300 | | | | | | 312,463 | | | | | | 5,685,763 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,891,800 | | | | | | 309,400 | | | | | | 37,000 | | | | | | 63,500 | | | | | | 2,301,700 | | |
Borrowings
|
| | | | 549,600 | | | | | | 40,500 | | | | | | 110,500 | | | | | | 9,952 | | | | | | 710,552 | | |
Advances from customers
|
| | | | 420,600 | | | | | | 8,000 | | | | | | 31,400 | | | | | | (139,440) | | | | | | 320,560 | | |
Total liabilities(ii)
|
| | | | 4,297,400 | | | | | | 582,600 | | | | | | 493,300 | | | | | | 312,463 | | | | | | 5,685,763 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 6,643,900 | | | | | | 1,197,100 | | | | | | 438,600 | | | | | | — | | | | | | (112,300) | | | | | | (420,766) | | | | | | 7,746,534 | | |
Cost of goods sold
|
| | | | (5,606,500) | | | | | | (991,400) | | | | | | (249,300) | | | | | | — | | | | | | 112,300 | | | | | | 313,863 | | | | | | (6,421,037) | | |
Sales, general and administrative expenses
|
| | | | (597,900) | | | | | | (115,200) | | | | | | (91,800) | | | | | | (18,400) | | | | | | — | | | | | | (80,581) | | | | | | (903,881) | | |
Other operating income, net
|
| | | | (105,000) | | | | | | (2,000) | | | | | | (500) | | | | | | 42,800 | | | | | | — | | | | | | 121,459 | | | | | | 56,759 | | |
Financial income (costs)
|
| | | | (190,700) | | | | | | (11,500) | | | | | | (9,100) | | | | | | (5,300) | | | | | | — | | | | | | (2,844) | | | | | | (219,444) | | |
Income taxes
|
| | | | 3,200 | | | | | | (22,700) | | | | | | (13,900) | | | | | | 1,200 | | | | | | — | | | | | | (462) | | | | | | (32,662) | | |
Profit (loss) for the year
|
| | | | 31,100 | | | | | | 41,600 | | | | | | 68,300 | | | | | | 4,700 | | | | | | — | | | | | | (37,938) | | | | | | 107,762 | | |
Depreciation and
amortization |
| | | | (115,900) | | | | | | (12,700) | | | | | | (5,700) | | | | | | (15,600) | | | | | | — | | | | | | 31,393 | | | | | | (118,507) | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 419,700 | | | | | | 21,100 | | | | | | 97,900 | | | | | | (79,242) | | | | | | 459,458 | | |
Trade receivables
|
| | | | 797,600 | | | | | | 276,100 | | | | | | 99,200 | | | | | | 294,300 | | | | | | 1,467,200 | | |
Inventories
|
| | | | 713,600 | | | | | | 157,300 | | | | | | 43,800 | | | | | | (65,557) | | | | | | 849,143 | | |
Advances to Suppliers
|
| | | | 141,600 | | | | | | 2,500 | | | | | | 13,700 | | | | | | 284,608 | | | | | | 442,408 | | |
Total assets
|
| | | | 2,944,200 | | | | | | 542,300 | | | | | | 156,900 | | | | | | 758,173 | | | | | | 4,401,573 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 955,700 | | | | | | 288,100 | | | | | | 21,300 | | | | | | 299,048 | | | | | | 1,564,148 | | |
Borrowings
|
| | | | 206,400 | | | | | | 35,000 | | | | | | 28,500 | | | | | | (27,496) | | | | | | 242,404 | | |
Advances from customers
|
| | | | 490,500 | | | | | | 9,300 | | | | | | 15,600 | | | | | | (5,997) | | | | | | 509,403 | | |
Total liabilities
|
| | | | 2,944,200 | | | | | | 542,300 | | | | | | 156,900 | | | | | | 758,173 | | | | | | 4,401,573 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 5,740,500 | | | | | | 1,016,700 | | | | | | 204,500 | | | | | | — | | | | | | (4,100) | | | | | | (1,859,055) | | | | | | 5,098,545 | | |
Cost of goods sold
|
| | | | (4,956,100) | | | | | | (840,600) | | | | | | (107,200) | | | | | | — | | | | | | 4,100 | | | | | | 1,537,143 | | | | | | (4,362,657) | | |
Sales, general and administrative expenses
|
| | | | (508,475) | | | | | | (110,200) | | | | | | (57,400) | | | | | | 6,375 | | | | | | — | | | | | | (3,237) | | | | | | (672,937) | | |
Other operating income, net
|
| | | | (22,874) | | | | | | (2,000) | | | | | | (5,800) | | | | | | 15,374 | | | | | | — | | | | | | 30,918 | | | | | | 15,618 | | |
Financial income (costs)
|
| | | | (100,636) | | | | | | (6,800) | | | | | | (4,200) | | | | | | (2,664) | | | | | | — | | | | | | 28,507 | | | | | | (85,793) | | |
Income taxes
|
| | | | (20,083) | | | | | | (16,800) | | | | | | (7,100) | | | | | | (6,517) | | | | | | — | | | | | | 25,824 | | | | | | (24,676) | | |
Profit (loss) for the year
|
| | | | 55,564 | | | | | | 30,800 | | | | | | 17,300 | | | | | | 5,036 | | | | | | — | | | | | | (87,169) | | | | | | 21,531 | | |
Depreciation and
amortization |
| | | | (76,769) | | | | | | (9,500) | | | | | | (5,500) | | | | | | (7,531) | | | | | | — | | | | | | 152,731 | | | | | | 53,431 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Adjustments(i)
|
| |
Combined
|
| ||||||||||||||||||
Revenue
|
| | | | 4,618,800 | | | | | | 780,200 | | | | | | 147,500 | | | | | | — | | | | | | (2,840,219) | | | | | | 2,706,281 | | |
Cost of goods sold
|
| | | | (4,061,600) | | | | | | (642,700) | | | | | | (67,700) | | | | | | — | | | | | | 2,387,920 | | | | | | (2,384,080) | | |
Sales, general and administrative expenses
|
| | | | (342,000) | | | | | | (87,500) | | | | | | (42,200) | | | | | | (27,300) | | | | | | 104,343 | | | | | | (394,657) | | |
Other operating income, net
|
| | | | (100,250) | | | | | | (9,800) | | | | | | (1,300) | | | | | | 17,350 | | | | | | 104,795 | | | | | | 10,795 | | |
Financial income (costs)
|
| | | | (75,900) | | | | | | (7,300) | | | | | | (1,800) | | | | | | 1,800 | | | | | | (30,017) | | | | | | (113,217) | | |
Income taxes
|
| | | | (6,950) | | | | | | (5,300) | | | | | | (5,300) | | | | | | 6,350 | | | | | | 64,575 | | | | | | 53,375 | | |
Profit (loss) for the year
|
| | | | (5,100) | | | | | | 19,100 | | | | | | 26,900 | | | | | | (7,600) | | | | | | (154,803) | | | | | | (121,503) | | |
Depreciation and amortization
|
| | | | (36,700) | | | | | | (8,500) | | | | | | (2,300) | | | | | | (5,800) | | | | | | 2,796 | | | | | | (50,504) | | |
| | |
Annual yield
|
| |
2022
|
| |
2021
|
| ||||||
Cash equivalents (Brazil)
|
| |
100% CDI
|
| | | | 237,462 | | | | | | 446,155 | | |
Cash equivalents (Colombia)
|
| |
100% DTF
|
| | | | 16,951 | | | | | | 13,303 | | |
Total cash equivalents
|
| | | | | | | 254,413 | | | | | | 459,458 | | |
| | |
2022
|
| |
2021
|
| ||||||
Trade receivables (Brazil)
|
| | | | 1,639,637 | | | | | | 1,266,226 | | |
Trade receivables (Colombia)
|
| | | | 345,830 | | | | | | 312,943 | | |
(-) Allowance for expected losses
|
| | | | (151,114) | | | | | | (111,969) | | |
Total | | | | | 1,834,353 | | | | | | 1,467,200 | | |
Current
|
| | | | 1,794,602 | | | | | | 1,467,200 | | |
Non-current
|
| | | | 39,751 | | | | | | — | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Opening balance
|
| | | | (111,969) | | | | | | (89,173) | | | | | | (9,781) | | |
Increase in allowance(i)
|
| | | | (27,393) | | | | | | (11,094) | | | | | | (86,901) | | |
Allowance for credit losses from acquisitions
|
| | | | (16,274) | | | | | | (12,623) | | | | | | (14,229) | | |
Trade receivables write-off
|
| | | | 3,492 | | | | | | 3,058 | | | | | | 18,502 | | |
Exchange rate translation adjustment
|
| | | | 1,030 | | | | | | (2,137) | | | | | | 3,236 | | |
Closing balance
|
| | | | (151,114) | | | | | | (111,969) | | | | | | (89,173) | | |
| | |
2022
|
| |
2021
|
| ||||||
Current (not past due)
|
| | | | 1,534,224 | | | | | | 1,203,320 | | |
Overdue | | | | | | | | | | | | | |
1 to 60 days
|
| | | | 93,436 | | | | | | 96,798 | | |
61 to 180 days
|
| | | | 240,320 | | | | | | 164,698 | | |
181 to 365 days
|
| | | | 7,157 | | | | | | 47,660 | | |
Over 365 days
|
| | | | 110,398 | | | | | | 66,693 | | |
Allowance for expected credit losses
|
| | | | (151,182) | | | | | | (111,969) | | |
| | | | | 1,834,353 | | | | | | 1,467,200 | | |
| | |
2022
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 1,834,353 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 32,800 | | |
Derivative financial instruments
|
| | | | — | | | | | | 7,677 | | |
Financial investments
|
| | | | 1,344 | | | | | | — | | |
Total assets
|
| | | | 1,835,697 | | | | | | 40,477 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 2,301,700 | | | | | | — | | |
Leases liabilities
|
| | | | 155,253 | | | | | | — | | |
Borrowings
|
| | | | 710,552 | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 164,431 | | | | | | — | | |
Derivative financial instruments
|
| | | | — | | | | | | 7,121 | | |
Salaries and social charges
|
| | | | 187,285 | | | | | | — | | |
Taxes payable
|
| | | | 34,216 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 27,038 | | |
Dividends payable
|
| | | | 411 | | | | | | | | |
Total liabilities
|
| | | | 3,553,848 | | | | | | 34,159 | | |
| | |
2021
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 1,467,200 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 127,671 | | |
Total assets
|
| | | | 1,467,200 | | | | | | 127,671 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,563,664 | | | | | | — | | |
Leases liabilities
|
| | | | 75,138 | | | | | | — | | |
Borrowings
|
| | | | 242,404 | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 215,158 | | | | | | — | | |
Derivative financial instruments
|
| | | | — | | | | | | 5,126 | | |
Salaries and social charges
|
| | | | 88,385 | | | | | | — | | |
Taxes payable
|
| | | | 32,805 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 128,243 | | |
Dividends payable
|
| | | | 6,854 | | | | | | — | | |
Total liabilities
|
| | | | 2,224,408 | | | | | | 133,369 | | |
| | | | | | | | | | | |
% Of guarantees
required on sales |
| |||||||||
Credit rating
|
| |
%
Customers |
| |
Risk classification
|
| |
Medium
farmers |
| |
Other
|
| |||||||||
AA & A
|
| | | | 18% | | | |
Very small
|
| | | | 80 – 90% | | | | | | 0% | | |
B
|
| | | | 49% | | | |
Medium
|
| | | | 100% | | | | | | 30% | | |
C & D
|
| | | | 15% | | | |
High
|
| | | | 100% | | | | | | 60% | | |
Simplified
|
| | | | 18% | | | |
Small farmers
|
| |
N/A
|
| |
N/A
|
|
| | |
2022
|
| |
2021
|
| ||||||
Trade receivables (current and non-current)
|
| | | | 1,834,353 | | | | | | 1,467,200 | | |
Advances to suppliers
|
| | | | 383,257 | | | | | | 442,408 | | |
Total | | | | | 2,217,610 | | | | | | 1,909,608 | | |
| | |
2022
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 3 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 2,377,256 | | | | | | — | | | | | | 2,377,256 | | |
Leases liabilities
|
| | | | 72,228 | | | | | | 93,487 | | | | | | 165,715 | | |
Borrowings
|
| | | | 709,266 | | | | | | 31,751 | | | | | | 741,017 | | |
Payables for the acquisition of subsidiaries
|
| | | | 114,540 | | | | | | 55,444 | | | | | | 169,984 | | |
Commodity forward contracts
|
| | | | 27,729 | | | | | | — | | | | | | 27,729 | | |
Derivative financial instruments
|
| | | | 7,303 | | | | | | — | | | | | | 7,303 | | |
Salaries and social charges
|
| | | | 188,083 | | | | | | — | | | | | | 188,083 | | |
Taxes payable
|
| | | | 34,362 | | | | | | — | | | | | | 34,362 | | |
Dividends payable
|
| | | | 422 | | | | | | — | | | | | | 422 | | |
Total
|
| | |
|
3,531,189
|
| | | |
|
180,682
|
| | | |
|
3,711,871
|
| |
| | |
2021
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 3 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 1,579,300 | | | | | | — | | | | | | 1,579,300 | | |
Leases liabilities
|
| | | | 35,561 | | | | | | 43,862 | | | | | | 79,423 | | |
Borrowings
|
| | | | 228,425 | | | | | | 22,283 | | | | | | 250,708 | | |
Payables for the acquisition of subsidiaries
|
| | | | 220,537 | | | | | | — | | | | | | 220,537 | | |
Commodity forward contracts
|
| | | | 128,243 | | | | | | — | | | | | | 128,243 | | |
Derivative financial instruments
|
| | | | 5,177 | | | | | | — | | | | | | 5,177 | | |
Salaries and social charges
|
| | | | 88,827 | | | | | | — | | | | | | 88,827 | | |
Taxes payable
|
| | | | 33,133 | | | | | | — | | | | | | 33,133 | | |
Dividends payable
|
| | | | 6,923 | | | | | | — | | | | | | 6,923 | | |
Total
|
| | |
|
2,326,126
|
| | | |
|
66,145
|
| | | |
|
2,392,271
|
| |
| | |
2022
|
| |
2021
|
| ||||||
Borrowings
|
| | | | 706,662 | | | | | | 242,404 | | |
(-) Cash equivalents
|
| | | | (254,413) | | | | | | (459,458) | | |
Net debt
|
| | |
|
452,249
|
| | | |
|
(217,054)
|
| |
| | |
As of June 30, 2022
|
| ||||||||||||||||||
| | | | | |
Effect on profit or loss and
net investment |
| |||||||||||||||
| | |
Current Index
|
| |
Probable
(Base Value) |
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| |||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (13.15)%
|
| | | | 114,081 | | | | | | 22,686 | | | | | | 45,373 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (7.72)%
|
| | | | 3,926 | | | | | | 1,436 | | | | | | 2,231 | | |
| | | | | | | | 118,007 | | | | | | 24,122 | | | | | | 47,604 | | |
| | |
As of June 30, 2022
|
| |||||||||||||||||||||
| | | | | | | | |
Effect on profit or loss and net investments
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| ||||||||||||
Trade receivables in U.S. Dollars
|
| | | | 5.2570 | | | | | | 5,106 | | | | | | 71,925 | | | | | | 138,744 | | |
Trade payables in U.S. Dollars
|
| | | | 5.2570 | | | | | | (4,939) | | | | | | (69,581) | | | | | | (134,223) | | |
Borrowings in U.S. Dollars
|
| | | | 5.2570 | | | | | | (2,837) | | | | | | (39,971) | | | | | | (77,105) | | |
Net impacts on commercial operations
|
| | | | | | | | | | (2,670) | | | | | | (37,627) | | | | | | (72,584) | | |
Derivative financial instruments
|
| | | | 5.2570 | | | | | | 2 | | | | | | 142 | | | | | | 281 | | |
Total impact, net of derivatives
|
| | | | | | | | | | (2,668) | | | | | | (37,485) | | | | | | (72,303) | | |
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market |
| |
+25% current
|
| |
+50% current
|
| |||||||||||||||||||||||||||
Position
|
| |
Market
|
| |
Impact
|
| |
Market
|
| |
Impact
|
| |||||||||||||||||||||||||||||||||
Soybean 2022
|
| | | | 104 | | | | Purchased | | | | | 23 | | | | | | 16.75 | | | | | | 20.94 | | | | | | 6 | | | | | | 25.13 | | | | | | 12 | | |
Soybean 2022
|
| | | | 804 | | | | Sold | | | | | (61) | | | | | | 16.75 | | | | | | 20.94 | | | | | | (15) | | | | | | 25.13 | | | | | | (31) | | |
Corn 2022
|
| | | | 66,038 | | | | Purchased | | | | | (1,562) | | | | | | 87.29 | | | | | | 109.11 | | | | | | (391) | | | | | | 130.94 | | | | | | (781) | | |
Corn 2022
|
| | | | 65,438 | | | | Sold | | | | | 3,447 | | | | | | 87.29 | | | | | | 109.11 | | | | | | 862 | | | | | | 130.94 | | | | | | 1,723 | | |
Soybean 2023
|
| | | | 80,465 | | | | Purchased | | | | | 10,461 | | | | | | 14.53 | | | | | | 18.17 | | | | | | 2,615 | | | | | | 21.80 | | | | | | 5,230 | | |
Soybean 2023
|
| | | | 69,387 | | | | Sold | | | | | (9,480) | | | | | | 14.53 | | | | | | 18.17 | | | | | | (2,370) | | | | | | 21.80 | | | | | | (4,740) | | |
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market |
| |
+25% current
|
| |
+50% current
|
| |||||||||||||||||||||||||||
Position
|
| |
Market
|
| |
Impact
|
| |
Market
|
| |
Impact
|
| |||||||||||||||||||||||||||||||||
Corn 2023
|
| | | | 115,438 | | | |
Purchased
|
| | | | (8,672) | | | | | | 86.75 | | | | | | 108.44 | | | | | | (2,168) | | | | | | 130.13 | | | | | | (4,336) | | |
Corn 2023
|
| | | | 48,626 | | | | Sold | | | | | 10,797 | | | | | | 86.75 | | | | | | 108.44 | | | | | | 2,699 | | | | | | 130.13 | | | | | | 5,398 | | |
Soybean 2024
|
| | | | 450 | | | |
Purchased
|
| | | | 234 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 58 | | | | | | 19.92 | | | | | | 117 | | |
Soybean 2025
|
| | | | 180 | | | |
Purchased
|
| | | | 260 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 65 | | | | | | 19.92 | | | | | | 130 | | |
Soybean 2026
|
| | | | 180 | | | |
Purchased
|
| | | | 314 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 79 | | | | | | 19.92 | | | | | | 157 | | |
Net Exposure
|
| | | | | | | | | | | | | 5,761 | | | | | | | | | | | | | | | | | | 1,440 | | | | | | | | | | | | 2,879 | | |
|
| | |
2022
|
| |
2021
|
| ||||||
Goods for resale
|
| | | | 1,759,227 | | | | | | 856,951 | | |
(-) Allowance for inventory losses
|
| | | | (10,186) | | | | | | (7,808) | | |
Total | | | | | 1,749,041 | | | | | | 849,143 | | |
| | |
2022
|
| |
2021
|
| ||||||
State VAT (“ICMS”)(i)
|
| | | | 63,671 | | | | | | 27,270 | | |
Brazilian federal contributions(ii)
|
| | | | 59,975 | | | | | | 58,727 | | |
Colombian federal contributions
|
| | | | 21,016 | | | | | | 2,403 | | |
Total | | | | | 144,662 | | | | | | 88,400 | | |
Current | | | | | 93,725 | | | | | | 88,400 | | |
Non-current | | | | | 50,937 | | | | | | — | | |
| | |
2022
|
| |
2021
|
| ||||||
Fair value of commodity forward contracts as of June: | | | | | | | | | | | | | |
Assets
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | 16,054 | | | | | | 126,187 | | |
Sale contracts
|
| | | | 16,746 | | | | | | 1,484 | | |
| | | | | 32,800 | | | | | | 127,671 | | |
| | |
2022
|
| |
2021
|
| ||||||
Liabilities
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | (14,995) | | | | | | (1,515) | | |
Sale contracts
|
| | | | (12,043) | | | | | | (126,728) | | |
| | | | | (27,038) | | | | | | (128,243) | | |
Changes in fair value recognized in the statements of profit or loss
|
| | | | 9,200 | | | | | | 6,337 | | |
|
| | |
Outstanding
Volume (tons) |
| |
Average of
contract prices R$/Bag |
| |
Average Market
Prices (Corn R$/bag(ii); Soybean US$/bu(i)) |
| |
Soybean
market premium (US$/bu) |
| |
Freight
(R$/ton) |
| |||||||||||||||
Purchase Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 128,645 | | | | | | 117.43 | | | | | | 13.65 | | | | | | 0.2 | | | | | | 201.37 | | |
As of June 30, 2022
|
| | | | 81,379 | | | | | | 147.65 | | | | | | 14.52 | | | | | | 0.4 | | | | | | 358.55 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 193,748 | | | | | | 35.73 | | | | | | 90.26 | | | | | | N/A | | | | | | 495.86 | | |
As of June 30, 2022
|
| | | | 181,475 | | | | | | 67.47 | | | | | | 86.95 | | | | | | N/A | | | | | | 381.00 | | |
Selling Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 128,020 | | | | | | 117.84 | | | | | | 13.65 | | | | | | 0.2 | | | | | | 201.11 | | |
As of June 30, 2022
|
| | | | 70,191 | | | | | | 147.46 | | | | | | 14.56 | | | | | | 0.5 | | | | | | 367.46 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 189,998 | | | | | | 34.58 | | | | | | 90.23 | | | | | | N/A | | | | | | 497.88 | | |
As of June 30, 2022
|
| | | | 114,063 | | | | | | 67.45 | | | | | | 87.06 | | | | | | N/A | | | | | | 451.83 | | |
| Vehicles | | | 3.4 years | |
| Buildings | | | 4.9 years | |
| Machines and equipment | | | 3 years | |
| | |
Vehicles
|
| |
Buildings
|
| |
Machinery and
equipment |
| |
Total
|
| ||||||||||||
Cost
|
| | | | 10,470 | | | | | | 58,357 | | | | | | 2,161 | | | | | | 70,988 | | |
Accumulated depreciation
|
| | | | (868) | | | | | | (5,709) | | | | | | (115) | | | | | | (6,692) | | |
Balance at June 30, 2021
|
| | | | 9,602 | | | | | | 52,648 | | | | | | 2,046 | | | | | | 64,296 | | |
Cost
|
| | | | 74,604 | | | | | | 124,594 | | | | | | 46,110 | | | | | | 245,308 | | |
Accumulated depreciation
|
| | | | (28,756) | | | | | | (60,564) | | | | | | (15,809) | | | | | | (105,129) | | |
Balance at June 30, 2022
|
| | | | 45,848 | | | | | | 64,030 | | | | | | 30,301 | | | | | | 140,179 | | |
| | |
2022
|
| |
2021
|
| ||||||
Vehicles
|
| | | | 49,588 | | | | | | 11,786 | | |
Buildings
|
| | | | 80,768 | | | | | | 59,761 | | |
Machinery and equipment
|
| | | | 24,897 | | | | | | 3,591 | | |
Total | | | | | 155,253 | | | | | | 75,138 | | |
Current
|
| | | | 69,226 | | | | | | 34,525 | | |
Non-current
|
| | | | 86,027 | | | | | | 40,613 | | |
| Vehicles | | | 5 years | |
| Building and Improvements | | | 25 years | |
| Machines, equipment and facilities | | | 10 years | |
| Furnitures and fixtures | | | 10 years | |
| Computer equipments | | | 5 years | |
| | |
Vehicles
|
| |
Lands,
buildings and improvements |
| |
Machines,
equipment and facilities |
| |
Furniture
and fixtures |
| |
Computer
equipment |
| |
Total
|
| ||||||||||||||||||
Cost
|
| | | | 43,277 | | | | | | 73,371 | | | | | | 32,830 | | | | | | 8,805 | | | | | | 4,489 | | | | | | 162,772 | | |
Accumulated depreciation
|
| | | | (27,681) | | | | | | (18,624) | | | | | | (16,449) | | | | | | (3,509) | | | | | | (3,249) | | | | | | (69,512) | | |
Balance at June 30, 2021
|
| | | | 15,596 | | | | | | 54,747 | | | | | | 16,381 | | | | | | 5,296 | | | | | | 1,240 | | | | | | 93,260 | | |
Cost
|
| | | | 36,316 | | | | | | 99,541 | | | | | | 53,699 | | | | | | 11,892 | | | | | | 4,372 | | | | | | 205,820 | | |
Accumulated depreciation
|
| | | | (26,208) | | | | | | (7,968) | | | | | | (18,581) | | | | | | (5,031) | | | | | | (1,827) | | | | | | (59,615) | | |
Balance at June 30, 2022
|
| | | | 10,108 | | | | | | 91,573 | | | | | | 35,118 | | | | | | 6,861 | | | | | | 2,545 | | | | | | 146,205 | | |
| Customer relationship | | | 9 years | |
| Purchase contacts | | | 4 years | |
| Software and other | | | 5 years | |
| | |
Goodwill
|
| |
Customer
relationship |
| |
Purchase
contracts |
| |
Software
and other |
| |
Total
|
| |||||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2019
|
| | | | 172,646 | | | | | | 65,832 | | | | | | — | | | | | | 2,667 | | | | | | 241,145 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 558 | | | | | | 558 | | |
Business combination
|
| | | | 86,880 | | | | | | 72,347 | | | | | | 204 | | | | | | 1,374 | | | | | | 160,805 | | |
At June 30, 2020
|
| | | | 259,526 | | | | | | 138,179 | | | | | | 204 | | | | | | 4,599 | | | | | | 402,508 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 32,015 | | | | | | 32,015 | | |
Business combination
|
| | | | 137,190 | | | | | | 118,046 | | | | | | 14,827 | | | | | | 1,966 | | | | | | 272,029 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 256,225 | | | | | | 15,031 | | | | | | 38,580 | | | | | | 706,552 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17,793 | | | | | | 17,793 | | |
Business combination(i)
|
| | | | 71,348 | | | | | | 45,922 | | | | | | 8,764 | | | | | | — | | | | | | 126,034 | | |
Translation adjustment
|
| | | | (1,559) | | | | | | (670) | | | | | | (1,949) | | | | | | — | | | | | | (4,178) | | |
Others(ii)
|
| | | | (14,531) | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,531) | | |
At June 30, 2022
|
| | | | 451,974 | | | | | | 301,477 | | | | | | 21,846 | | | | | | 56,373 | | | | | | 831,670 | | |
Amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Amortization for the year
|
| | | | — | | | | | | 19,344 | | | | | | 4 | | | | | | 676 | | | | | | 20,024 | | |
At June 30, 2020
|
| | | | — | | | | | | 19,344 | | | | | | 4 | | | | | | 676 | | | | | | 20,024 | | |
Amortization for the year
|
| | | | — | | | | | | 26,416 | | | | | | 1,081 | | | | | | 2,221 | | | | | | 29,718 | | |
At June 30, 2021
|
| | | | — | | | | | | 45,760 | | | | | | 1,085 | | | | | | 2,897 | | | | | | 49,742 | | |
Amortization for the year
|
| | | | — | | | | | | 43,742 | | | | | | 5,844 | | | | | | 8,021 | | | | | | 57,607 | | |
At June 30, 2022
|
| | | | — | | | | | | 89,502 | | | | | | 6,929 | | | | | | 10,918 | | | | | | 107,349 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 210,465 | | | | | | 13,946 | | | | | | 35,683 | | | | | | 656,810 | | |
At June 30, 2022
|
| | | | 451,974 | | | | | | 211,975 | | | | | | 14,917 | | | | | | 45,455 | | | | | | 724,321 | | |
Segment
|
| |
Identified CGUs
|
|
LATAM Cluster | | |
Colombia CGU
|
|
Brazil Cluster | | |
North CGU, East CGU, South CGU
|
|
Crop Care Cluster | | |
Biological products and special fertilizers CGU
|
|
Cash-generating unit
|
| |
Revenue
growth rate |
| |
Gross
margin average |
| |
Pre Tax
discount rate |
| |
Recoverable
amount |
| ||||||||||||
Colombia CGU
|
| | | | 6.8% | | | | | | 20,1% | | | | | | 15.9% | | | | | | 121,863 | | |
North CGU
|
| | | | 18.7% | | | | | | 15.7% | | | | | | 17.0% | | | | | | 1,113,280 | | |
East CGU
|
| | | | 4.2% | | | | | | 16.6% | | | | | | 18.2% | | | | | | 138,999 | | |
South CGU
|
| | | | 4.4% | | | | | | 16.7% | | | | | | 18.2% | | | | | | 330,575 | | |
Biological products and special fertilizers CGU
|
| | | | 22.4% | | | | | | 45.5% | | | | | | 19.2% | | | | | | 194,603 | | |
| | |
2022
|
| |
2021
|
| ||||||
Trade payables – Brazil
|
| | | | 1,990,089 | | | | | | 1,245,465 | | |
Trade payables – Colombia
|
| | | | 311,611 | | | | | | 318,199 | | |
Total | | | | | 2,301,700 | | | | | | 1,563,664 | | |
| | |
2022
|
| |
2021
|
| ||||||
Borrowing in Colombia
|
| | | | 39,755 | | | | | | 25,018 | | |
Borrowings in Brazil
|
| | | | 670,797 | | | | | | 217,386 | | |
Total borrowings
|
| | | | 710,552 | | | | | | 242,404 | | |
| | |
Average
interest rate 2022(i) |
| |
2022
|
| |
Average
interest rate 2021(i) |
| |
2021
|
| ||||||||||||
Debt contracts in Brazil in: | | | | | | | | | | | | | | | | | | | | | | | | | |
R$, indexed to CDI(ii)(iv)
|
| | | | 14,99% | | | | | | 525,099 | | | | | | 6.04% | | | | | | 163,254 | | |
R$, with fixed interest(iv)
|
| | | | — | | | | | | — | | | | | | 7.40% | | | | | | 54,132 | | |
U.S. Dollars, with fixed interest(iv)
|
| | | | 3,16% | | | | | | 145,698 | | | | | | — | | | | | | — | | |
Debt contracts in Colombia in: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Average
interest rate 2022(i) |
| |
2022
|
| |
Average
interest rate 2021(i) |
| |
2021
|
| ||||||||||||
COP, indexed to DTF and IBR(iii)(iv)
|
| | | | 14,26% | | | | | | 39,755 | | | | | | 4.10% | | | | | | 25,018 | | |
Total | | | | | | | | | | | 710,552 | | | | | | | | | | | | 242,404 | | |
Current
|
| | | | | | | | | | 681,217 | | | | | | | | | | | | 221,772 | | |
Non-current
|
| | | | | | | | | | 29,335 | | | | | | | | | | | | 20,632 | | |
|
At June 30, 2019
|
| | | | 182,528 | | |
|
Proceeds from borrowings
|
| | | | 62,105 | | |
|
Repayment of principal amount
|
| | | | (171,439) | | |
|
Accrued interest
|
| | | | 23,010 | | |
|
Borrowings from acquired companies
|
| | | | 95,376 | | |
|
Interest payment
|
| | | | (23,009) | | |
|
At June 30, 2020
|
| | | | 168,571 | | |
|
Proceeds from borrowings
|
| | | | 466,280 | | |
|
Repayment of principal amount
|
| | | | (472,909) | | |
|
Accrued interest
|
| | | | 33,971 | | |
|
Borrowings from acquired companies
|
| | | | 76,915 | | |
|
Interest payment
|
| | | | (30,424) | | |
|
At June 30, 2021
|
| | | | 242,404 | | |
|
Proceeds from borrowings
|
| | | | 615,984 | | |
|
Repayment of principal amount
|
| | | | (299,613) | | |
|
Accrued interest
|
| | | | 74,081 | | |
|
Borrowings from acquired companies
|
| | | | 85,097 | | |
|
Interest payment
|
| | | | (7,401) | | |
|
At June 30, 2022
|
| | | | 710,552 | | |
| | |
2022
|
| |
2021
|
| ||||||
2023
|
| | | | 4,509 | | | | | | 15,889 | | |
2024
|
| | | | 23,842 | | | | | | 4,159 | | |
2025
|
| | | | 929 | | | | | | 584 | | |
2026
|
| | | | 55 | | | | | | — | | |
Total | | | | | 29,335 | | | | | | 20,632 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Produttiva
(e) |
| |
Cenagro
(f) |
| |
Cenagral
(g) |
| |
Union
Agro (h) |
| |
Agrozap
(i) |
| |
Nova
Geração (j) |
| |
Total
|
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | | 53,699 | | | | | | 2,142 | | | | | | 1,064 | | | | | | 66,256 | | | | | | 9,028 | | | | | | 1,617 | | | | | | 133,806 | | |
Trade receivables
|
| | | | 27,610 | | | | | | 11,792 | | | | | | 7,492 | | | | | | 117,882 | | | | | | 98,201 | | | | | | 47,978 | | | | | | 310,955 | | |
Inventories
|
| | | | 46,261 | | | | | | 22,670 | | | | | | 5,833 | | | | | | 42,435 | | | | | | 85,683 | | | | | | 9,631 | | | | | | 212,513 | | |
Other assets
|
| | | | 8,472 | | | | | | 12,225 | | | | | | 1,023 | | | | | | 4,524 | | | | | | 22,204 | | | | | | 2,893 | | | | | | 51,341 | | |
Property, plant and equipment
|
| | | | 1,223 | | | | | | 1,266 | | | | | | 363 | | | | | | 26,659 | | | | | | 2,642 | | | | | | 585 | | | | | | 32,738 | | |
Intangible assets(i)
|
| | | | 26,074 | | | | | | 2,602 | | | | | | 7,437 | | | | | | 8,293 | | | | | | 6,015 | | | | | | 4,265 | | | | | | 54,686 | | |
| | | | | 163,339 | | | | | | 52,697 | | | | | | 23,212 | | | | | | 266,049 | | | | | | 223,773 | | | | | | 66,969 | | | | | | 796,039 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 77,063 | | | | | | 17,008 | | | | | | 2,097 | | | | | | 24,750 | | | | | | 136,086 | | | | | | 37,532 | | | | | | 294,536 | | |
Borrowings
|
| | | | — | | | | | | 3,045 | | | | | | — | | | | | | 25,157 | | | | | | 50,701 | | | | | | 6,194 | | | | | | 85,097 | | |
Provision for contingencies
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11,362 | | | | | | — | | | | | | | | | | | | 11,362 | | |
Other liabilities
|
| | | | 8,898 | | | | | | 18,410 | | | | | | 5,750 | | | | | | 9,923 | | | | | | 25,029 | | | | | | 743 | | | | | | 68,753 | | |
| | | | | 85,961 | | | | | | 38,463 | | | | | | 7,847 | | | | | | 71,192 | | | | | | 211,816 | | | | | | 44,469 | | | | | | 459,748 | | |
Total identifiable net assets at fair value
|
| | | | 77,378 | | | | | | 14,234 | | | | | | 15,365 | | | | | | 194,857 | | | | | | 11,957 | | | | | | 22,500 | | | | | | 336,291 | | |
Non-controlling interests (i)
|
| | | | — | | | | | | (2,847) | | | | | | (3,073) | | | | | | (52,611) | | | | | | (4,215) | | | | | | — | | | | | | (62,746) | | |
Goodwill arising on acquisition
|
| | | | 9,491 | | | | | | 11,468 | | | | | | 9,003 | | | | | | — | | | | | | 33,218 | | | | | | 8,168 | | | | | | 71,348 | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,295) | | | | | | — | | | | | | | | | | | | (18,295) | | |
Consideration transferred
|
| | | | 86,869 | | | | | | 22,855 | | | | | | 21,295 | | | | | | 123,951 | | | | | | 40,960 | | | | | | 30,668 | | | | | | 326,598 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Produttiva
(e) |
| |
Cenagro
(f) |
| |
Cenagral
(g) |
| |
Union
Agro (h) |
| |
Agrozap
(i) |
| |
Nova
Geração (j) |
| |
Total
|
| |||||||||||||||||||||
Cash paid
|
| | | | 36,385 | | | | | | 16,724 | | | | | | 15,376 | | | | | | 103,800 | | | | | | 18,813 | | | | | | 15,574 | | | | | | 206,672 | | |
Shares issued (i)
|
| | | | 22,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,807 | | | | | | 30,307 | | |
Payable in installments
|
| | | | 27,984 | | | | | | 6,131 | | | | | | 5,919 | | | | | | 20,151 | | | | | | 22,147 | | | | | | 7,287 | | | | | | 89,619 | | |
| | |
Fair value as of the acquisition date in 2021
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Integra
(k) |
| |
Quali
Ciclo (l) |
| |
América
(m) |
| |
Culti
Var (n) |
| |
Desem
Par (o) |
| |
Agrobi
Ológica (p) |
| |
Total
|
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | | 19,905 | | | | | | 42,259 | | | | | | 7,576 | | | | | | 44,223 | | | | | | 59,428 | | | | | | 2,064 | | | | | | 175,455 | | |
Trade receivables
|
| | | | 21,543 | | | | | | 81,377 | | | | | | 76,123 | | | | | | 231,784 | | | | | | 251,002 | | | | | | 30,154 | | | | | | 691,983 | | |
Inventories
|
| | | | 30,774 | | | | | | 110,946 | | | | | | 58,188 | | | | | | 68,471 | | | | | | 178,697 | | | | | | 2,789 | | | | | | 449,865 | | |
Other assets
|
| | | | 5,489 | | | | | | 31,940 | | | | | | 3,840 | | | | | | 11,505 | | | | | | 34,119 | | | | | | 69 | | | | | | 86,962 | | |
Property, plant and equipment
|
| | | | 832 | | | | | | 9,914 | | | | | | 603 | | | | | | 2,770 | | | | | | 7,652 | | | | | | 4,083 | | | | | | 25,854 | | |
Intangible assets
|
| | | | 8,398 | | | | | | 16,648 | | | | | | 40,816 | | | | | | 8,375 | | | | | | 55,579 | | | | | | 11,446 | | | | | | 141,262 | | |
| | | | | 86,941 | | | | | | 293,084 | | | | | | 187,146 | | | | | | 367,128 | | | | | | 586,477 | | | | | | 50,605 | | | | | | 1,571,381 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 47,082 | | | | | | 205,861 | | | | | | 114,474 | | | | | | 217,486 | | | | | | 348,213 | | | | | | 1,256 | | | | | | 934,372 | | |
Borrowings
|
| | | | 48 | | | | | | 5,518 | | | | | | — | | | | | | 50,870 | | | | | | 17,231 | | | | | | 3,248 | | | | | | 76,915 | | |
Other liabilities
|
| | | | 6,287 | | | | | | 4,873 | | | | | | 18,871 | | | | | | 16,795 | | | | | | 45,966 | | | | | | 102 | | | | | | 92,894 | | |
| | | | | 53,417 | | | | | | 216,252 | | | | | | 133,345 | | | | | | 285,151 | | | | | | 411,410 | | | | | | 4,606 | | | | | | 1,104,181 | | |
Total identifiable net assets at fair value
|
| | | | 33,524 | | | | | | 76,832 | | | | | | 53,801 | | | | | | 81,977 | | | | | | 175,067 | | | | | | 45,999 | | | | | | 467,200 | | |
Non-controlling interests
|
| | | | — | | | | | | (22,458) | | | | | | — | | | | | | (13,706) | | | | | | — | | | | | | — | | | | | | (36,164) | | |
Goodwill arising on acquisition
|
| | | | 22,259 | | | | | | 19,231 | | | | | | 7,841 | | | | | | 6,467 | | | | | | 72,933 | | | | | | 7,004 | | | | | | 135,735 | | |
Consideration transferred
|
| | | | 55,783 | | | | | | 73,605 | | | | | | 61,642 | | | | | | 74,738 | | | | | | 248,000 | | | | | | 53,003 | | | | | | 566,771 | | |
Cash paid
|
| | | | 27,723 | | | | | | 34,021 | | | | | | 42,505 | | | | | | 54,184 | | | | | | 188,000 | | | | | | 28,000 | | | | | | 374,433 | | |
Shares issued
|
| | | | 12,848 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,006 | | | | | | 30,854 | | |
Payable in installments
|
| | | | 15,212 | | | | | | 39,584 | | | | | | 19,137 | | | | | | 20,554 | | | | | | 60,000 | | | | | | 6,997 | | | | | | 161,484 | | |
| | |
Fair value as of the acquisition date in 2020
|
| |||||||||||||||||||||||||||
| | |
AGP
(q) |
| |
AgSe and
Fertilyser (r) |
| |
Produtec
(s) |
| |
Central
Agrícola (t) |
| |
Total
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 12,207 | | | | | | 2,405 | | | | | | 49,989 | | | | | | 23,191 | | | | | | 87,792 | | |
Trade receivables
|
| | | | 279,881 | | | | | | 19,131 | | | | | | 87,618 | | | | | | 64,074 | | | | | | 450,704 | | |
Inventories
|
| | | | 107,725 | | | | | | 8,614 | | | | | | 13,689 | | | | | | 8,387 | | | | | | 138,415 | | |
Other assets
|
| | | | 116,992 | | | | | | 7,839 | | | | | | 70,493 | | | | | | 5,389 | | | | | | 200,713 | | |
Property, plant and equipment
|
| | | | 2,264 | | | | | | 2,180 | | | | | | 1,123 | | | | | | 1,704 | | | | | | 7,271 | | |
Intangible assets
|
| | | | 66,479 | | | | | | 1,356 | | | | | | 4,275 | | | | | | 2,746 | | | | | | 74,856 | | |
| | | | | 585,548 | | | | | | 41,525 | | | | | | 227,187 | | | | | | 105,491 | | | | | | 959,751 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 330,334 | | | | | | 32,440 | | | | | | 55,414 | | | | | | 33,425 | | | | | | 451,613 | | |
Borrowings
|
| | | | 67,931 | | | | | | — | | | | | | 6,553 | | | | | | 20,892 | | | | | | 95,376 | | |
Other liabilities
|
| | | | 99,907 | | | | | | 1,943 | | | | | | 105,285 | | | | | | — | | | | | | 207,135 | | |
| | | | | 498,172 | | | | | | 34,383 | | | | | | 167,252 | | | | | | 54,317 | | | | | | 754,124 | | |
Total identifiable net assets at fair value
|
| | | | 87,376 | | | | | | 7,142 | | | | | | 59,935 | | | | | | 51,174 | | | | | | 205,627 | | |
Non-controlling interests
|
| | | | — | | | | | | (169) | | | | | | (21,127) | | | | | | — | | | | | | (21,296) | | |
Goodwill arising on acquisition
|
| | | | 67,533 | | | | | | — | | | | | | 11,373 | | | | | | 7,974 | | | | | | 86,880 | | |
Consideration transferred
|
| | | | 154,909 | | | | | | 6,973 | | | | | | 50,181 | | | | | | 59,148 | | | | | | 271,211 | | |
Cash paid
|
| | | | 72,268 | | | | | | 6,973 | | | | | | 31,616 | | | | | | 44,832 | | | | | | 155,689 | | |
Shares issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | 566 | | | | | | 566 | | |
Payable in installments
|
| | | | 82,641 | | | | | | — | | | | | | 18,565 | | | | | | 13,750 | | | | | | 114,956 | | |
Item
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Nature
|
| |
Valuation method
|
| |||||||||
Customer relationship
|
| | | | 45,922 | | | | | | 119,466 | | | | | | 70,975 | | | |
A loyal relationship between the
acquirees and its customers, which translates into recurring purchases of products and services |
| |
Multi Period Excess Earnings
Method (MPEEM) |
|
Inventories
|
| | | | 212,513 | | | | | | 449,865 | | | | | | 138,415 | | | |
Inventories
|
| |
Selling price less all expenses
related to the distribution of that good |
|
Brand
|
| | | | 8,764 | | | | | | 5,930 | | | | | | — | | | |
Private label products (Produttiva, Union and Cengral)
|
| |
Relief from Royalty method
|
|
Purchase Contracts
|
| | | | — | | | | | | 8,598 | | | | | | 204 | | | |
Favorable purchase contract with suppliers
|
| |
Multi Period Excess Earnings
Method (MPEEM) |
|
| | | | | 267,199 | | | | | | 583,859 | | | | | | 209,594 | | | | | | | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenues
|
| | | | 8,163,196 | | | | | | 6,231,988 | | | | | | 5,176,161 | | |
Profit (loss) for the year
|
| | | | 151,235 | | | | | | 81,742 | | | | | | (38,122) | | |
| | |
Revenues
|
| |
Profit (loss)
|
| |
Period from
|
| ||||||
Produttiva
|
| | | | 175,335 | | | | | | 14,152 | | | |
September 2021
|
|
Cenagro
|
| | | | 156,722 | | | | | | 6,372 | | | |
September 2021
|
|
Cenagral
|
| | | | 26,267 | | | | | | (1,013) | | | |
September 2021
|
|
Union Agro
|
| | | | 156,000 | | | | | | 23,428 | | | |
November 2021
|
|
Agrozap
|
| | | | 132,911 | | | | | | 1,632 | | | |
January 2022
|
|
Nova Geração
|
| | | | 7,179 | | | | | | (3,828) | | | |
April 2022
|
|
Total
|
| | | | 654,414 | | | | | | 40,743 | | | | | |
| | |
Revenues
|
| |
Profit (loss)
|
| |
Period from
|
| ||||||
Integra
|
| | | | 144,087 | | | | | | (4,773) | | | |
September 2020
|
|
Agrobiológica
|
| | | | 39,839 | | | | | | 17,217 | | | |
September 2020
|
|
Qualiciclo
|
| | | | 210,521 | | | | | | (12,571) | | | |
December 2020
|
|
América
|
| | | | 74,446 | | | | | | 9,304 | | | |
January 2021
|
|
Cultivar
|
| | | | 15,263 | | | | | | (9,185) | | | |
April 2021
|
|
Desempar
|
| | | | 130,771 | | | | | | (13,409) | | | |
April 2021
|
|
Total
|
| | | | 614,927 | | | | | | (13,417) | | | | | |
| | |
Revenues
|
| |
Profit (loss)
|
| |
Period from
|
| ||||||
AGP Group
|
| | | | 347,609 | | | | | | (28,948) | | | |
February 2020
|
|
AgSe and Fertilyser
|
| | | | 61,094 | | | | | | 326 | | | |
March 2020
|
|
Produtec
|
| | | | 5,255 | | | | | | (1,699) | | | |
April 2020
|
|
Central Agrícola
|
| | | | 14,106 | | | | | | (4,402) | | | |
June 2020
|
|
Total
|
| | | | 428,064 | | | | | | (34,723) | | | | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Profit (loss) before income taxes
|
| | | | 140,424 | | | | | | 46,207 | | | | | | (174,878) | | |
Statutory rate(i)
|
| | | | 34% | | | | | | 34% | | | | | | 34% | | |
Income taxes at statutory rate
|
| | | | (47,744) | | | | | | (15,710) | | | | | | 59,459 | | |
Deferred income taxes not recognized as deferred tax asset(ii)
|
| | | | (7,055) | | | | | | (11,755) | | | | | | (6,343) | | |
Difference from income taxes calculation based on taxable profit computed as a percentage of gross revenue
|
| | | | 7,080 | | | | | | 5,375 | | | | | | — | | |
Tax benefits(iii)
|
| | | | 15,066 | | | | | | — | | | | | | — | | |
Others
|
| | | | (9) | | | | | | (2,586) | | | | | | 259 | | |
Income tax expense
|
| | | | (32,662) | | | | | | (24,676) | | | | | | 53,375 | | |
Income tax and social contribution at the effective rate
|
| | | | 23% | | | | | | 52% | | | | | | 31% | | |
Current income taxes
|
| | | | (111,409) | | | | | | (61,676) | | | | | | (23,544) | | |
Deferred income taxes
|
| | | | 78,747 | | | | | | 37,000 | | | | | | 76,919 | | |
| | |
2022
|
| |
2021
|
| ||||||
Deferred assets and liabilities: | | | | | | | | | | | | | |
Amortization of fair value adjustment
|
| | | | 32,787 | | | | | | 40,820 | | |
Tax losses
|
| | | | 49,332 | | | | | | 31,801 | | |
Allowance for expected credit losses
|
| | | | 51,379 | | | | | | 30,721 | | |
Adjustment to present value
|
| | | | 40,639 | | | | | | 18,708 | | |
Provision for management bonuses
|
| | | | 26,738 | | | | | | 9,475 | | |
Allowance for inventory losses
|
| | | | 3,463 | | | | | | 2,655 | | |
Financial effect on derivatives
|
| | | | 2,001 | | | | | | 1,743 | | |
Fair value of commodity forward contracts
|
| | | | (1,959) | | | | | | 194 | | |
Unrealized exchange gains or losses
|
| | | | (1,803) | | | | | | (1,569) | | |
Gain on bargain purchase
|
| | | | (6,221) | | | | | | — | | |
Rebates
|
| | | | (7,325) | | | | | | (19,800) | | |
Other provisions
|
| | | | 4,464 | | | | | | — | | |
Deferred tax assets
|
| | | | 200,986 | | | | | | 114,748 | | |
Deferred tax liabilities
|
| | | | (7,491) | | | | | | — | | |
Deferred tax assets, net
|
| | | | 193,495 | | | | | | 114,748 | | |
| | |
Deferred income
taxes |
| |||
Reconciliation of deferred tax assets, net: | | | | | | | |
At June 30, 2020
|
| | | | 77,748 | | |
Recognized in the statement of profit or loss
|
| | | | 37,000 | | |
At June 30, 2021
|
| | | | 114,748 | | |
Recognized in the statement of profit or loss
|
| | | | 78,747 | | |
At June 30, 2022
|
| | | | 193,495 | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance as of the beginning of the year
|
| | | | 509,403 | | | | | | 218,699 | | | | | | 25,652 | | |
Revenue recognized that was included in the contract liability balance at the beginning of the year
|
| | | | (509,403) | | | | | | (218,699) | | | | | | (25,652) | | |
Increase in advances
|
| | | | 301,963 | | | | | | 390,809 | | | | | | 109,760 | | |
Advances from acquired companies
|
| | | | 18,597 | | | | | | 118,594 | | | | | | 108,939 | | |
Balance at the end of the year
|
| | | | 320,560 | | | | | | 509,403 | | | | | | 218,699 | | |
| | |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Trade receivables(i)
|
| | | | 11,677 | | | | | | 13,088 | | |
Advances to suppliers(i)
|
| | | | 67 | | | | | | 4,825 | | |
Total assets
|
| | | | 11,744 | | | | | | 17,913 | | |
| | |
2022
|
| |
2021
|
| ||||||
Liabilities | | | | | | | | | | | | | |
Trade payables(i)
|
| | | | 274 | | | | | | — | | |
Advances from customers(i)
|
| | | | 1,097 | | | | | | 327 | | |
Payables for the acquisition of subsidiaries(ii)
|
| | | | 63,930 | | | | | | 57,495 | | |
Dividends payable
|
| | | | — | | | | | | 8,520 | | |
Payroll liabilities
|
| | | | — | | | | | | 207 | | |
Total liabilities
|
| | | | 65,301 | | | | | | 66,549 | | |
|
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenue from sales of products(i)
|
| | | | 13,046 | | | | | | 5,592 | | | | | | 285 | | |
M&A and monitoring expenses(ii)
|
| | | | (2,504) | | | | | | — | | | | | | (4,564) | | |
Other expenses
|
| | | | (1,417) | | | | | | — | | | | | | — | | |
Total | | | | | 9,125 | | | | | | 5,592 | | | | | | (4,279) | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Wages
|
| | | | 7,241 | | | | | | 6,540 | | | | | | 5,036 | | |
Direct and indirect benefits
|
| | | | 509 | | | | | | 551 | | | | | | 505 | | |
Variable compensation (bonuses)
|
| | | | 3,950 | | | | | | 6,148 | | | | | | 5,812 | | |
Short-term benefits
|
| | | | 11,700 | | | | | | 13,239 | | | | | | 11,353 | | |
|
Carrying amount of non-controlling interests acquired in cash
|
| | | | 32,972 | | |
|
Difference between consideration paid in shares and non-controlling interest acquired
|
| | | | (1,878) | | |
|
Total carrying amount of non-controlling interests acquired, net
|
| | | | 31,094 | | |
|
Consideration paid in cash to non-controlling interests
|
| | | | (34,351) | | |
|
Excess of consideration paid recognized in net investment of the Parent
|
| | | | (3,257) | | |
|
Carrying amount of non-controlling interests acquired
|
| | | | 57,422 | | |
|
Consideration paid in cash to non-controlling interests
|
| | | | (79,493) | | |
|
Excess of consideration paid recognized in net investment of the Parent
|
| | | | (22,071) | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Retail sales | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 6,248,591 | | | | | | 4,198,570 | | | | | | 2,164,774 | | |
Colombia
|
| | | | 1,088,328 | | | | | | 788,674 | | | | | | 510,953 | | |
| | | | | 7,336,919 | | | | | | 4,987,244 | | | | | | 2,675,727 | | |
Private Label products | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 331,527 | | | | | | 41,138 | | | | | | 163 | | |
Services | | | | | | | | | | | | | | | | | | | |
Colombia
|
| | | | 78,088 | | | | | | 70,163 | | | | | | 30,391 | | |
Total Revenues
|
| | |
|
7,746,534
|
| | | |
|
5,098,545
|
| | | |
|
2,706,281
|
| |
Summarized by region | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 6,580,118 | | | | | | 4,239,708 | | | | | | 2,164,937 | | |
Colombia
|
| | | | 1,166,416 | | | | | | 858,837 | | | | | | 541,344 | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Cost of inventory(i)
|
| | | | 6,368,444 | | | | | | 4,357,001 | | | | | | 2,354,210 | | |
Personnel expenses
|
| | | | 485,643 | | | | | | 286,086 | | | | | | 151,178 | | |
Maintenance of the units
|
| | | | 30,567 | | | | | | 22,387 | | | | | | 10,296 | | |
Consulting, legal and other professional services
|
| | | | 118,056 | | | | | | 67,836 | | | | | | 36,920 | | |
Freight on sales
|
| | | | 47,979 | | | | | | 31,911 | | | | | | 17,225 | | |
Commissions
|
| | | | 33,874 | | | | | | 42,447 | | | | | | 6,769 | | |
Storage
|
| | | | 5,363 | | | | | | 8,425 | | | | | | 5,993 | | |
Travels
|
| | | | 23,605 | | | | | | 18,444 | | | | | | 9,976 | | |
Depreciation
|
| | | | 9,697 | | | | | | 5,717 | | | | | | 5,770 | | |
Amortization of intangibles
|
| | | | 57,607 | | | | | | 29,717 | | | | | | 20,024 | | |
Amortization of rights of use
|
| | | | 51,203 | | | | | | 17,997 | | | | | | 10,862 | | |
Taxes and fees
|
| | | | 29,849 | | | | | | 17,948 | | | | | | 7,718 | | |
Short term rentals
|
| | | | 11,733 | | | | | | 20,525 | | | | | | 5,053 | | |
Business events
|
| | | | 4,893 | | | | | | 1,951 | | | | | | 1,964 | | |
Marketing and advertising
|
| | | | 18,181 | | | | | | 4,089 | | | | | | 1,253 | | |
Insurance
|
| | | | 3,395 | | | | | | 2,877 | | | | | | 1,516 | | |
Utilities
|
| | | | 12,696 | | | | | | 6,693 | | | | | | 9,027 | | |
Allowance for expected credit losses
|
| | | | 27,393 | | | | | | 11,094 | | | | | | 86,901 | | |
Losses and damages of inventories
|
| | | | 23,339 | | | | | | 9,808 | | | | | | 726 | | |
Fuels and lubricants
|
| | | | 23,705 | | | | | | 4,373 | | | | | | 3,222 | | |
Legal fees
|
| | | | 7,025 | | | | | | 3,208 | | | | | | 1,476 | | |
Other administrative expenditures
|
| | | | 49,178 | | | | | | 11,629 | | | | | | 30,658 | | |
Total | | | | | 7,443,425 | | | | | | 4,982,163 | | | | | | 2,778,737 | | |
Classified as: | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 6,421,037 | | | | | | 4,362,657 | | | | | | 2,384,080 | | |
Sales, general and administrative expenses
|
| | | | 1,022,388 | | | | | | 619,506 | | | | | | 394,657 | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Finance income | | | | | | | | | | | | | | | | | | | |
Interest from cash equivalents
|
| | | | 8,703 | | | | | | 2,461 | | | | | | 1,507 | | |
Interest arising from revenue contracts
|
| | | | 407,449 | | | | | | 204,744 | | | | | | 49,010 | | |
Foreign exchange differences
|
| | | | — | | | | | | 12,759 | | | | | | — | | |
Gain on changes in fair value of derivative instruments
|
| | | | — | | | | | | — | | | | | | 4,260 | | |
Gain on change in fair value of commodity forward contracts
|
| | | | 9,200 | | | | | | 6,337 | | | | | | — | | |
Other
|
| | | | 1,581 | | | | | | 798 | | | | | | 712 | | |
Total | | | | | 426,933 | | | | | | 227,099 | | | | | | 55,489 | | |
Finance costs | | | | | | | | | | | | | | | | | | | |
Interest on borrowings
|
| | | | (74,081) | | | | | | (33,971) | | | | | | (23,010) | | |
Interest on leases
|
| | | | (13,217) | | | | | | (5,076) | | | | | | (2,058) | | |
Interest on trade payables
|
| | | | (506,778) | | | | | | (256,122) | | | | | | (45,035) | | |
Foreign exchange differences
|
| | | | (1,957) | | | | | | — | | | | | | (78,728) | | |
Loss on changes in fair value of derivative instruments
|
| | | | (26,323) | | | | | | (4,883) | | | | | | — | | |
Loss on changes in fair value of commodity forward contracts
|
| | | | — | | | | | | — | | | | | | (6,909) | | |
Other
|
| | | | (24,021) | | | | | | (12,840) | | | | | | (12,966) | | |
Total | | | | | (646,377) | | | | | | (312,892) | | | | | | (168,706) | | |
Finance income (costs)
|
| | | | (219,444) | | | | | | (85,793) | | | | | | (113,217) | | |
|
Cash paid
|
| | | | 25,294 | | |
|
Payable in installments
|
| | | | 12,296 | | |
|
Shares issued(i)
|
| | | | 11,595 | | |
|
Fair value of consideration transferred
|
| | | | 49,185 | | |
| (-) Fair value of net assets acquired: | | | | | | | |
| Assets | | | | | | | |
|
Cash and cash equivalents
|
| | | | 24,167 | | |
|
Trade receivables
|
| | | | 44,702 | | |
|
Inventories
|
| | | | 52,133 | | |
|
Other assets
|
| | | | 11,737 | | |
|
Property, plant and equipment
|
| | | | 1,152 | | |
|
Intangible
|
| | | | 14,881 | | |
| | | | | | 148,772 | | |
| Liabilities | | | | | | | |
|
Trade payables
|
| | | | 88,902 | | |
|
Other liabilities
|
| | | | 26,353 | | |
| | | | | | 115,255 | | |
|
Total identifiable net assets at fair value
|
| | | | 33,517 | | |
|
Preliminary goodwill arising on acquisition
|
| | | | 15,668 | | |
Item
|
| |
Total
|
| |
Nature
|
| |
Assessment method
|
| |||
Customer relationship
|
| | | | 14,881 | | | |
A loyal relationship between these
acquirees and its customers, which translates into recurring purchases of products and services |
| |
Multi Period Excess Earnings Method (MPEEM)
|
|
Inventories
|
| | | | 52,133 | | | |
Fair value of inventory considering
the replacement cost methodology |
| |
Selling price less all expenses related to the selling the inventory
|
|
| | | | | 67,014 | | | | | | | | |
|
Cash paid
|
| | | | 14,221 | | |
|
Payable in installments
|
| | | | 7,467 | | |
|
Fair value of consideration transferred
|
| | | | 21,688 | | |
| (-) Fair value of net assets acquired: | | | | | | | |
| Assets | | | | | | | |
|
Cash and cash equivalents
|
| | | | 10,479 | | |
|
Trade receivables
|
| | | | 7,514 | | |
|
Inventories
|
| | | | 6,634 | | |
|
Property, plant and equipment
|
| | | | 817 | | |
|
Intangible
|
| | | | 10,218 | | |
| | | | | | 35,662 | | |
| Liabilities | | | | | | | |
|
Trade payables
|
| | | | 11,635 | | |
|
Deferred tax liabilities
|
| | | | 4,110 | | |
|
Other liabilities
|
| | | | 909 | | |
| | | | | | 16,654 | | |
|
Total identifiable net assets at fair value
|
| | | | 19,008 | | |
|
Preliminary goodwill arising on acquisition
|
| | | | 2,680 | | |
Item
|
| |
Total
|
| |
Nature
|
| |
Assessment method
|
| |||
Customer relationship
|
| | | | 10,218 | | | |
A loyal relationship between these
acquirees and its customers, which translates into recurring purchases of products and services |
| |
Multi Period Excess Earnings Method (MPEEM)
|
|
Inventories
|
| | | | 6,634 | | | |
Fair value of inventory considering
the replacement cost methodology |
| |
Selling price less all expenses related to the selling the inventory
|
|
| | | | | 16,852 | | | | | | | | |
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