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
FULL FISCAL YEAR FINANCIAL & BUSINESS HIGHLIGHTS
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) |
|
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 |
|
|
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 |
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Time: |
8:30 a.m. EDT, 5:30 a.m. PDT |
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Toll Free dial-in number: |
1-844-839-9680 |
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Toll/International dial-in number: |
1-647-689-2346 |
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Conference ID: |
1936609 |
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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 |
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International Replay Number: |
1-416-621-4642 |
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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
|
Three-month
|
|
Fiscal year
|
Fiscal year
|
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 |
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