4Q21 comparable revenues increased by 39%
YoY and 13% for FY21, with LTM Adjusted EBITDA at $48.3m, excluding
HB4 contributed goods
HB4 contributed goods total $8.3m for
FY21, a 295% increase YoY
Collaboration with GDM expanded to North
America for HB4 Soy under shared product development and
commercialization effort
Bioceres Crop Solutions Corp. (“Bioceres”) (NASDAQ:
BIOX), a fully-integrated provider of crop productivity
solutions designed to enable the transition of agriculture towards
carbon neutrality, has reported its financial results for the
fiscal fourth quarter and fiscal year ended June 30, 2021.
Financial results are expressed in U.S. dollars and are presented
in accordance with International Financial Reporting Standards. All
comparisons in this announcement are year-over-year (“YoY”), unless
noted otherwise.
FISCAL FOURTH QUARTER FINANCIAL & BUSINESS
HIGHLIGHTS
- Comparable revenues up 39% to $72.4 million in the fourth
quarter of fiscal 2021, with adjusted EBITDA up 13% to $16.6
million for the period. Momentum consolidated in 4Q21 confirming a
very strong second half to FY21, driven predominantly by
micro-beaded fertilizers sales and the reorganization of the Crop
Protection business.
- HB4 Wheat planted in 55,000 hectares with contributed goods
totaling $6.4 million. The value of these contributed goods will be
recognized as revenues once the realized inventories are sold as
seed or grain, but no longer contributed. The current
multiplication area represents a 7.8X increase over last year’s
effort, including varieties adapted to 75% of Argentina’s
addressable market. The number of participating growers increased
8X, with 95% of participants onboarding digitally.
- HB4 Soy harvest completed in 23,000 hectares. Trait performance
aligned with expectations in highly restricted environments, while
germplasm drag affected performance in moderate to highly
productive environments. Germplasm drag reduced to less than one
third in second generation varieties when compared to first
generation materials (-11% vs -3%). Experimental third generation
materials showed no drag when compared to top performing commercial
varieties. Average performance improved by 12% when HB4 Soy was
used as second crop to wheat. As third generation materials are
fast-tracked to address the broader HB4 Soy opportunity, second
generation materials will be positioned in highly restricted
environments and as a rotational crop to wheat until being fully
replaced.
- Collaboration on HB4 Soy with Grupo Don Mario (GDM) expanded to
North America with focus on the Dakotas, Minnesota and southern
Canada, targeting approximately 10 million hectares highly prone to
water deficits. The North America agreement contemplates a joint
product development and commercialization program, focusing on
maturity groups II and below. This agreement complements on-going
collaboration efforts with TMG in Latin America, for maturity
groups VI and above, which together with Bioceres’ on-going
programs provide the full scope of maturities utilized for soy
production around the globe. GDM is a global leader on soybean
genetics with a growing presence in the United States. TMG is one
of Brazil’s leading soybean players.
- On the regulatory front, Bioceres received approval for HB4 Soy
in Canada, while no additional information was requested during the
period from Chinese regulators. Regarding HB4 Wheat, regulatory
approval requests were filed in Australia, New Zealand, Indonesia
and South Africa, while new information was requested towards the
end of the quarter by Brazil’s CTNBio. Additional data was produced
to address CTNBio’s request and filed subsequent to the quarter´s
end.
FULL FISCAL YEAR FINANCIAL & BUSINESS HIGHLIGHTS
- Comparable revenues up 13% to $197.4 million compared to the
year-ago period. Revenue growth across all three segments despite
softer performance in second quarter due to climate challenges in
key markets. Growth mainly driven by the deployment of the
micro-beaded fertilizers expansion plan and 4Q Crop protection
reorganizational strategy.
- Contributed goods for HB4 Program, both HB4 Wheat and HB4 Soy,
increased significantly to $8.3 million (approximately $105 per
hectare farmed) with an average gross margin of approximately 43%.
The value of these contributed goods will be recognized as revenues
once the realized inventories are sold as seed or grain, but no
longer contributed.
- Bioceres’ drought tolerant HB4 Wheat was commercially approved
in Argentina on October 2020, subject to Brazilian import approval,
Argentina’s main wheat importer. This approval represents a
historical milestone for the entire global value chain being the
first biotech wheat cleared.
- Bioceres acquired from Arcadia Biosciences Inc. the remaining
HB4 Soy ownership interest in Verdeca LLC, targeting to accelerate
breeding and go-to market strategies. Complete ownership will also
enable Bioceres to capture more of the underlying economic value
generated by the technology. As part of the transaction, the
Company acquired Verdeca´s vetted soybean library of gene-edited
materials for developing new quality and productivity traits, as
well as exclusive rights to all Arcadia technologies applicable to
this crop. Bioceres has also been granted Latin American rights to
Arcadia’s wheat traits and Good Wheat® brand and other GLA non-core
assets.
- Successful completion of the Offer to Exchange of all
24,200,000 outstanding warrants, cost effectively eliminating
uncertainty about how these instruments could have affect our
future capital structure.
- $71.5 million total financing obtained during FY21. $43.0
million of funding was added through Rizobacter’s series IV & V
corporate bonds, continuing to make considerable progress toward
substantially lowering financing costs, extending debt maturities
and increasing financial flexibility. $28.5 million equity
financing completed through the aforementioned Verdeca’s
acquisition and the warrants tender offer transaction.
MANAGEMENT REVIEW
Commenting on the Company’s performance Mr. Federico Trucco,
Chief Executive Officer of Bioceres, said, “We are very pleased
with the performance of our business during FY21 on multiple
fronts. The second half of FY21 was particularly important after
the drop we experienced in the second quarter, historically our
most important quarter. We are beginning to see the benefits of our
new strategies in the crop nutrition and crop protection segments,
as we continue to scale and finetune our HB4 roll-out. We expect
the momentum of this second half to continue during FY22.”
Mr. Enrique Lopez Lecube, Chief Financial Officer of Bioceres,
said, “The fourth quarter was a great closing to the year. During
fiscal 2021 the base-line business continued to deliver profitable
growth, as we also made progress in rolling out HB4. Importantly, a
total of $71.5 million of capital were raised through debt and
equity instruments that provided financial support to our
operations and investment activities. Liquidity in our stock
improved significantly over the year, and remains a priority to
management as we aim for more ambitious levels of trading
activity.”
Key Operational Metrics (Figures in millions of US
dollars, unless otherwise noted)
Table 1: HB4 Wheat Metrics
Hectares
Growers
Contributed goods1
FY20 7,000
FY21 55,000
∆ 686%
FY20 25
FY21 225
∆ 800%
FY20 1.4M
FY21 6.4M
∆ 303%
______________________________
1Metric will be used to account for and track
the underlying economic performance of our HB4 Wheat and HB4 Soy
Program ahead of reporting HB4 revenues and related accounting
measures. By publishing the level of contributed goods, the
investment community can also use this information to better gauge
our progress.
Table 2: HB4 Soy Metrics
Hectares
Growers
Contributed goods1
FY20 3,000
FY21 23,000
∆ 767%
FY20 15
FY21 148
∆ 887%
FY20 0.7M
FY21 1.9M
∆ 214%
Table 3: Key Financial Metrics (Figures in millions of US
dollars, unless otherwise noted)
4Q21
As Reported
% Change
Revenue by Segment
4Q20
4Q21
Reported
Comparable¹
Crop Protection
26.5
48.1
81%
48%
Seed and Integrated Products
6.0
10.0
66%
(8%)
Crop Nutrition
15.7
24.1
54%
46%
Total Revenue
48.2
82.2
71%
39%
Gross Profit
22.8
32.4
42%
28%
Gross Margin
47.4%
39.4%
(796 bps)
(384 bps)
Adjusted EBITDA
14.7
16.6
13%
Adjusted EBITDA Margin
30.5%
20.2%
(1,032Bps)
- Comparable excludes the impact of IAS29 as discussed in more
detail on page 19.
Table 4: Key Financial Metrics (Figures in millions of US
dollars, unless otherwise noted)
Full Fiscal Year Period
As Reported
% Change
Revenue by Segment
FY20
FY21
Reported
Comparable¹
Crop Protection
94.2
114.1
21%
13%
Seed and Integrated Products
29.5
34.8
18%
5%
Crop Nutrition
49.4
60.6
23%
19%
Total Revenue
173.1
209.5
21%
13%
Gross Profit
79.5
90.6
14%
11%
Gross Margin
45.9%
43.3%
(268 bps)
(102 bps)
Adjusted EBITDA
46.5
48.3
4%
Adjusted EBITDA Margin
26.9%
23.0%
(383 Bps)
Cash & Cash Equivalents
56.0
49.2
Net Debt to LTM EBITDA
1.98x
2.51x
- Comparable excludes the impact of IAS29 as discussed in more
detail on page 19.
For a full version of Bioceres Fiscal Fourth Quarter and Full
Fiscal Year 2021 Earnings Release, click here.
FISCAL FOURTH QUARTER 2021 EARNINGS CONFERENCE CALL
Bioceres Chairman & Chief Executive Officer Federico Trucco,
Chief Financial Officer Enrique Lopez Lecube and Head of Investor
Relations Máximo Goya will host the conference call, followed by a
question-and-answer session. The conference call will be
accompanied by a presentation, which can be viewed during the
webcast or accessed via the investor relations section of the
company’s website here.
To access the call, please use the following information:
Date:
Thursday, September 9, 2021
Time:
8:30 a.m. EDT, 5:30 a.m. PDT
Toll Free dial-in number:
1-844-839-9680
Toll/International dial-in number:
1-647-689-2346
Conference ID:
1936609
Pre-Register conference call:
Click here
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have difficulty connecting with the conference
call, please contact MZ Group at +1 (949) 491-8235.
The conference call will be broadcast live and available for
replay here and via the investor relations section of the
company’s website here.
A replay of the call will be available until September 14, 2021
following the conference.
Toll Free Replay Number:
1-800-585-8367
International Replay Number:
1-416-621-4642
Replay ID:
1936609
About Bioceres Crop Solutions Corp.
Bioceres Crop Solutions Corp. (NASDAQ: BIOX) is a fully
integrated provider of crop productivity technologies designed to
enable the transition of agriculture towards carbon neutrality. To
do this, Bioceres’ solutions create economic incentives for farmers
and other stakeholders to adopt environmentally friendlier
production practices. The Company has a unique biotech platform
with high-impact, patented technologies for seeds and microbial
ag-inputs, as well as next generation crop nutrition and protection
solutions. Through its HB4® program, the Company is bringing
digital solutions to support growers’ decisions and provide
end-to-end traceability for production outputs. For more
information, visit here.
Forward-Looking Statements This communication includes
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be
identified by the use of words such as “forecast,” “intend,”
“seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,”
“plan,” “outlook,” and “project” and other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. Such forward-looking statements
include estimated financial information and, among others,
statements related to the expected or potential impact of the novel
coronavirus (COVID-19) pandemic, and the related responses by
governments, clients and the Company, on our business, financial
condition, liquidity position and results of operations, and any
such forward-looking statements, whether concerning the COVID-19
pandemic or otherwise, involve risks, assumptions and
uncertainties. These forward-looking statements include, but are
not limited to, whether (i) the health and safety measures
implemented to safeguard employees and assure business continuity
will be successful, (ii) the uncertainty related to COVID-19 in the
farming community will be short lived, and (iii) we will be able to
coordinate efforts to ramp up inventories. Such forward-looking
statements are based on management’s reasonable current
assumptions, expectations, plans and forecasts regarding the
Company’s current or future results and future business and
economic conditions more generally. Such forward-looking statements
involve risks, uncertainties and other factors, which may cause the
actual results, levels of activity, performance or achievement of
the Company to be materially different from any future results
expressed or implied by such forward-looking statements, and there
can be no assurance that actual results will not differ materially
from management’s expectations or could affect the Company’s
ability to achieve its strategic goals, including the uncertainties
relating to the impact of COVID-19 on the Company’s business,
operations, liquidity and financial results and the other factors
that are described in the sections entitled “Risk Factors” in the
Company's Securities and Exchange Commission filings updated from
time to time. The preceding list is not intended to be an
exhaustive list of all of our forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements as predictions of future events. All forward-looking
statements contained in this release are qualified in their
entirety by this cautionary statement. Forward-looking statements
speak only as of the date they are or were made, and the Company
does not intend to update or otherwise revise the forward-looking
statements to reflect events or circumstances after the date of
this release or to reflect the occurrence of unanticipated events,
except as required by law.
Unaudited Consolidated Statement of Comprehensive Income
(Figures in US dollars)
Three-month period ended
06/30/2021
Three-month period ended
06/30/2020
Fiscal year ended
06/30/2021
Fiscal year ended
06/30/2020
Total revenue
Cost of sales
82,211,114
(49,802,175)
48,173,814
(25,347,698)
209,526,178
(118,890,568)
173,092,172
(93,575,588)
Gross profit
% Gross profit
32,408,939
39%
22,826,116
47%
90,635,610
43%
79,516,584
46%
Operating expenses
Share of profit of JV
Other income or expenses, net
(17,917,721)
(214,499)
(625,418)
(11,277,602)
1,310,768
(103,835)
(53,025,090)
997,429
(279,969)
(42,540,298)
2,477,193
(307,499)
Operating profit
13,651,301
12,755,447
38,327,980
39,145,980
Finance result
(3,821,662)
(8,249,014)
(27,462,000)
(32,702,642)
Profit before income tax
9,829,639
4,506,433
10,865,980
6,443,338
Income tax
(8,041,797)
(1,368,437)
(14,273,960)
(2,206,710)
Profit/ (Loss) for the period
1,787,842
3,137,996
(3,407,980)
4,236,628
Other comprehensive profit / (loss)
4,865,362
(2,058,672)
7,572,426
(9,682,116)
Total comprehensive Profit /
(Loss)
6,653,204
1,079,324
4,164,446
(5,445,488)
Profit / (loss) for the period
attributable to:
Equity holders of the parent
Non-controlling interests
901,804
886,038
2,215,404
922,592
(6,602,045)
3,194,065
3,359,175
877,453
1,787,842
3,137,996
(3,407,980)
4,236,628
Total comprehensive income / (loss)
attributable to:
Equity holders of the parent
Non-controlling interests
4,724,172
1,929,032
375,178
704,146
(554,774)
4,719,220
(5,222,572)
(222,916)
6,653,204
1,079,324
4,164,446
(5,445,488)
Unaudited Consolidated Statement of Financial Position
(Figures in US dollars)
ASSETS
06/30/2021
06/30/2020
CURRENT ASSETS
Cash and cash equivalents
35,873,746
42,522,861
Other financial assets
13,334,452
13,436,393
Trade receivables
83,587,511
73,546,633
Other receivables
12,181,943
4,770,672
Income and minimum presumed income taxes
recoverable
990,881
112,220
Inventories
61,037,552
29,338,548
Biological assets
2,315,838
965,728
Total current assets
209,321,923
164,693,055
NON-CURRENT ASSETS
Other financial assets
1,062,453
322,703
Trade receivables
135,739
-
Other receivables
2,403,608
1,703,573
Income and minimum presumed income taxes
recoverable
12,589
6,029
Deferred tax assets
3,125,841
2,693,195
Investments in joint ventures and
associates
30,657,173
24,652,792
Property, plant and equipment
47,954,596
41,515,106
Intangible assets
67,342,362
35,333,464
Goodwill
26,684,090
25,526,855
Right-of-use leased asset
1,327,660
1,114,597
Total non-current assets
180,706,111
132,868,314
Total assets
390,028,034
297,561,369
LIABILITIES
06/30/2021
06/30/2020
CURRENT LIABILITIES
Trade and other payables
72,803,496
57,289,862
Borrowings
73,832,610
63,721,735
Employee benefits and social security
4,680,078
4,510,592
Deferred revenue and advances from
customers
6,277,313
2,865,437
Income tax payable
7,194,761
1,556,715
Government grants
784
1,270
Lease liabilities
750,308
665,098
Total current liabilities
165,539,350
130,610,709
NON-CURRENT LIABILITIES
Borrowings
47,988,461
41,226,610
Employee benefits and social security
-
534,038
Government grants
-
2,335
Investments in joint ventures and
associates
1,278,250
1,548,829
Deferred tax liabilities
25,823,281
16,858,125
Provisions
449,847
417,396
Consideration for acquisitions
11,828,487
-
Warrants
-
1,686,643
Convertible notes
48,664,012
43,029,834
Lease liability
390,409
444,714
Total non-current liabilities
136,422,747
106,201,178
Total liabilities
301,962,097
236,811,887
EQUITY
Equity attributable to owners of the
parent
65,629,762
46,179,395
Non-controlling interests
22,436,175
14,570,087
Total equity
88,065,937
60,749,482
Total equity and liabilities
390,028,034
297,561,369
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210909005440/en/
Investor Relations Contact Chris Tyson Executive Vice
President MZ Group – MZ North America (949) 491-8235
BIOX@mzgroup.us www.mzgroup.us Bioceres Crop Solutions
Máximo Goya, Head of Investor Relations +54-341-4861100
maximo.goya@biocerescrops.com
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