1Q22 comparable revenues up 54% YoY, and LTM
Adjusted EBITDA reached $50.2m
HB4 inventory ramp-up advancing as projected
– no additional information requested by Brazilian or Chinese
regulatory authorities
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 financial results for the first
quarter 2022, ended September 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 FIRST QUARTER FINANCIAL & BUSINESS
HIGHLIGHTS
- Total Comparable Revenues increased 54% to $64.8
million. Top line growth comes from the solid momentum built
throughout the last three quarters, with revenue growth
accelerating up from +35-40% level in first half of the calendar
year. Growth driven primarily by new commercial strategies in Crop
Nutrition and Protection segments, new products, and generally
positive sector dynamics in Latin America.
- LTM Adjusted EBITDA reached $50.2 million, confirming
upward trend compared to the year-ago metric. Baseline business
supports HB4 roll-out with LTM Adjusted EBITDA fully accounting for
$3.4 million in pre-operational expenses related to HB4
Program.
- Momentum in micro-beaded fertilizer sales continues for the
third consecutive quarter, with Crop Nutrition segment
accounting for 44% of the growth observed for the period, with
installed capacity reaching 48%, up 60% YoY.
- Crop Protection segment benefits from full effects of
sales-force/channel re-organization, with this segment
explaining close to 55% of the growth for the quarter.
- HB4 inventory ramp-up processes moving forward as
discussed in previous Earnings Reports, with early season HB4 Soy
planting completed and late season plantings, which represent the
majority of the targeted hectares, to be initiated in the coming
days. HB4 Wheat harvest already began and currently is at about 10%
progress. On the regulatory front, no additional information
was requested by Chinese regulators and Brazil’s CTNBio regarding
HB4 Soy and HB4 Wheat, respectively.
- Ecotoxicological scoring added to ESG Report on HB4
inventories. Data gathered from crop maintenance practices and
exposure to different active ingredients, translated into
ecotoxicological scores to track reduction in chemical footprint on
top of existing carbon and water footprint measurements. Current
reporting level sets a new industry standard and highlights the
value of identity preserved production systems, digital technology,
and data science.
- Bioceres’ subsidiary Rizobacter Argentina
S.A.completed a $16.1 million public offering of series VI
corporate bonds in the Argentine capital market. The capital
raised adds to the financial strength required to support working
capital needs in the coming quarters.
MANAGEMENT REVIEW
Mr. Federico Trucco, Chief Executive Officer of Bioceres,
commenting on the Company’s performance, said, “We are thrilled to
report the first fiscal quarter´s financial performance and show
that the positive momentum observed in the last two quarters
further accelerated in the reported period. I would like to
congratulate our operations team for effectively implementing the
new strategies in the Crop Protection and nutrition segments,
resulting in today’s growth. We expect to see similar growth in the
seeds and integrated products segment in the upcoming quarters,
primarily as HB4 inventories are no longer contributed but sold as
seed or grain. We are also taking this opportunity to announce the
addition of ecotoxicological indexes to our ESG Reporting process
for HB4 inventories, which we believe will set a new industry
standard. Understanding the environmental impact of exposure to
different active ingredients, the carbon intensity of production
processes, and the water footprint of an agricultural ecosystem,
are key elements in designing and promoting 21st century
regenerative agriculture.”
Mr. Enrique Lopez Lecube, Chief Financial Officer of Bioceres,
said, “I am very pleased with the performance of our business
throughout the last couple of quarters. This is the result of a
well-considered move implemented to reignite growth in two of our
three main business segments. The 2H21 growth momentum in the Crop
Protection and nutrition segments was boosted this last quarter, as
we were able to timely capture some macro tailwinds. The high
commodity price environment and the supply shortage of
nitrogen-based fertilizers, combined with increased sales force
focus, delivered outstanding results in our micro-beaded fertilizer
line. Reaching $50 million dollars in LTM Adjusted EBITDA, even
when this metric includes pre-operational expenses related to HB4
as well as the transitory effect of a softer performance in the
second quarter of the previous fiscal year, highlights the
resilience of our baseline business and gives us great confidence
going forward.”
Key Operational Metrics (Figures in millions of US
dollars, unless otherwise noted)
HB4 Wheat and HB4 Soy Metrics Operational metrics will be
updated in the upcoming quarter, 2Q22, at the end of HB4 wheat
harvest and HB4 soy planting season.
Table 1: Key Financial Metrics
(Figures in millions of US dollars, unless otherwise noted)
1Q22
As Reported
% Change
Revenue by Segment
1Q21
1Q22
Reported
Comparable1
Crop Protection
21.6
35.2
62%
58%
Seed and Integrated Products
8.7
9.0
3%
1%
Crop Nutrition
12.0
22.8
89%
83%
Total Revenue
42.4
66.9
58%
54%
Gross Profit
19.2
29.0
51%
39%
Gross Margin
45.4%
43.4%
(204 bps)
(442 bps)
Adjusted EBITDA
10.5
12.4
18%
Adjusted EBITDA Margin
24.9%
18.6%
(632 Bps)
- Comparable excludes the impact of IAS29 as discussed in more
detail on page 19.
For a full version of Bioceres Fiscal First Quarter 2022
Earnings Release, click here.
FISCAL FIRST QUARTER 2022 EARNINGS CONFERENCE CALL
Bioceres Chairman & Chief Executive Officer Federico Trucco,
Chief Financial Officer Enrique Lopez Lecube and Head of Investor
Relations Rodrigo Krause dos Santos Rocha 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:
Wednesday, November 10, 2021
Time:
8:30 a.m. ET, 5:30 a.m. PT
Toll Free dial-in number:
1-844-200-6205
Toll/International dial-in
number:
1-929-526-1599
Conference ID:
756912
Webcast:
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 through November 15, 2021
following the conference.
Toll Free Replay Number:
1-866-813-9403
International Replay Number:
+44 204 525 0658
Replay ID:
575325
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
09/30/2021
Three-month period ended
09/30/2020
Total revenue
66,906,245
42,355,261
Cost of sales
(37,882,452)
(23,112,642)
Gross profit
29,023,793
19,242,619
% Gross profit
43%
45%
Operating expenses
(17,601,661)
(11,116,455)
Share of profit of JV
(222,236)
239,712
Other income or expenses, net
(1,146,617)
5,190
Operating profit
10,053,279
8,371,066
Finance result
(5,179,668)
(12,735,462)
Profit before income tax
4,873,611
(4,364,396)
Income tax
(2,608,394)
(2,005,866)
Profit/ (Loss) for the period
2,265,217
(6,370,262)
Other comprehensive profit / (loss)
5,728,095
136,131
Total comprehensive Profit /
(Loss)
7,993,312
(6,234,131)
Profit / (loss) for the period
attributable to:
Equity holders of the parent
875,181
(6,971,558)
Non-controlling interests
1,390,036
601,296
2,265,217
(6,370,262)
Total comprehensive income / (loss)
attributable to:
Equity holders of the parent
5,722,061
(7,033,867)
Non-controlling interests
2,271,251
799,736
7,993,312
(6,234,131)
Unaudited Consolidated Statement of
Financial Position (Figures in US dollars)
ASSETS
09/30/2021
06/30/2021
CURRENT ASSETS
Cash and cash equivalents
36,631,549
36,046,113
Other financial assets
5,283,685
11,161,398
Trade receivables
94,809,859
88,784,172
Other receivables
15,527,400
11,153,705
Income and minimum presumed income taxes
recoverable
969,921
990,881
Inventories
72,551,919
61,037,551
Biological assets
37,879,003
2,315,838
Total current assets
263,653,336
211,489,658
NON-CURRENT ASSETS
Other financial assets
935,851
1,097,462
Trade receivables
128,575
135,739
Other receivables
1,644,765
2,543,142
Income and minimum presumed income taxes
recoverable
14,867
12,589
Deferred tax assets
3,802,891
3,278,370
Investments in joint ventures and
associates
31,876,966
30,657,173
Property, plant and equipment
48,078,743
47,954,596
Intangible assets
70,287,443
67,342,362
Goodwill
30,468,839
28,751,206
Right-of-use leased asset
1,407,154
1,327,660
Total non-current assets
188,646,094
183,100,299
Total assets
452,299,430
394,589,957
LIABILITIES
09/30/2021
06/30/2021
CURRENT LIABILITIES
Trade and other payables
113,963,318
72,091,408
Borrowings
66,655,578
76,785,857
Employee benefits and social security
5,214,001
4,680,078
Deferred revenue and advances from
customers
5,302,738
6,277,313
Income tax payable
10,520,678
7,452,891
Government grants
306
-
Lease liabilities
718,966
750,308
Total current liabilities
202,375,585
168,037,855
NON-CURRENT LIABILITIES
Borrowings
62,644,168
47,988,468
Government grants
-
784
Investments in joint ventures and
associates
1,276,639
1,278,250
Deferred tax liabilities
24,965,998
25,699,495
Provisions
438,816
449,847
Consideration for acquisitions
12,075,576
11,790,533
Convertible notes
50,190,617
48,664,012
Lease liability
490,101
390,409
Total non-current liabilities
152,081,915
136,261,798
Total liabilities
354,457,500
304,299,653
EQUITY
Equity attributable to owners of the
parent
73,748,046
67,743,242
Non-controlling interests
24,093,884
22,547,062
Total equity
97,841,930
90,290,304
Total equity and liabilities
452,299,430
394,589,957
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211110005593/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
Rodrigo Krause dos Santos Rocha Head of Investor Relations
investorrelations@biocerescrops.com
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