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Name | Symbol | Market | Type |
---|---|---|---|
Lavoro Ltd | NASDAQ:LVROW | NASDAQ | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.4332 | 0.22 | 0.44 | 0 | 01:00:00 |
Form 20-F | X | Form 40-F |
Lavoro Limited | |||||||||||||||||
By: | /s/ Ruy Cunha | ||||||||||||||||
Name: | Ruy Cunha | ||||||||||||||||
Title: | Chief Executive Officer |
Unaudited interim condensed consolidated financial statements | ||||||||
Interim condensed consolidated statement of financial position | ||||||||
Interim condensed consolidated statement of profit or loss | ||||||||
Interim condensed consolidated statement of comprehensive income or loss | ||||||||
Interim condensed consolidated statement of changes in equity | ||||||||
Interim condensed consolidated statement of cash flows | ||||||||
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28 | Other operating (income) expenses, net | |||||||
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Interim condensed consolidated statement of financial As of March 31, 2024 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() |
Notes | March 31, 2024 | June 30, 2023 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash equivalents | 4 | 394,365 | 564,294 | ||||||||
Restricted cash | 19 | 150,339 | — | ||||||||
Trade receivables | 5 | 5,405,117 | 2,667,057 | ||||||||
Inventories | 8 | 1,958,197 | 1,868,204 | ||||||||
Taxes recoverable | 9 | 67,105 | 57,001 | ||||||||
Derivative financial instruments | 7 | 56,650 | 40,410 | ||||||||
Commodity forward contracts | 10 | 136,866 | 114,861 | ||||||||
Advances to suppliers | 147,107 | 192,119 | |||||||||
Other assets | 92,712 | 32,701 | |||||||||
Total current assets | 8,408,458 | 5,536,646 | |||||||||
Non-current assets | |||||||||||
Restricted cash | 19 | — | 139,202 | ||||||||
Trade receivables | 5 | 133,680 | 41,483 | ||||||||
Other assets | 5,714 | 8,390 | |||||||||
Commodity forward contracts | 10 | 4,000 | |||||||||
Judicial deposits | 10,166 | 8,820 | |||||||||
Right-of-use assets | 11 | 205,663 | 173,679 | ||||||||
Taxes recoverable | 9 | 361,772 | 282,903 | ||||||||
Deferred tax assets | 20 | 410,991 | 329,082 | ||||||||
Investments | 6,083 | — | |||||||||
Property, plant and equipment | 12 | 225,764 | 196,588 | ||||||||
Intangible assets | 13 | 980,432 | 807,192 | ||||||||
Total non-current assets | 2,344,265 | 1,987,339 | |||||||||
Total assets | 10,752,723 | 7,523,984 |
Interim condensed consolidated statement of financial As of March 31, 2024 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() |
Notes | March 31, 2024 | June 30, 2023 | |||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Trade payables | 14 | 5,554,838 | 2,575,701 | ||||||||
Trade payables – Supplier finance | 14(c) | - | 26,157 | ||||||||
Lease liabilities | 11 | 96,394 | 85,865 | ||||||||
Borrowings | 15 | 1,280,083 | 922,636 | ||||||||
Agribusiness Receivables Certificates | 16 | 1,101 | — | ||||||||
Obligations to FIAGRO quota holders | 175,168 | 150,018 | |||||||||
Payables for the acquisition of subsidiaries | 17 | 214,109 | 221,509 | ||||||||
Derivative financial instruments | 7 | 65,039 | 44,008 | ||||||||
Commodity forward contracts | 10 | 128,658 | 207,067 | ||||||||
Salaries and social charges | 175,238 | 223,376 | |||||||||
Taxes payable | 43,507 | 37,105 | |||||||||
Dividends payable | 1,804 | 1,619 | |||||||||
Warrant liabilities | 19 | 25,956 | 36,446 | ||||||||
Liability for FPA Shares | 19 | 150,339 | — | ||||||||
Advances from customers | 22 | 399,761 | 488,578 | ||||||||
Other liabilities | 48,550 | 34,388 | |||||||||
Total current liabilities | 8,360,545 | 5,054,473 | |||||||||
Non-current liabilities | |||||||||||
Trade payables | 14 | 7,219 | 2,547 | ||||||||
Lease liabilities | 11 | 121,315 | 98,554 | ||||||||
Borrowings | 15 | 43,693 | 42,839 | ||||||||
Agribusiness Receivables Certificates | 16 | 402,648 | — | ||||||||
Commodity forward contracts | 10 | 140 | — | ||||||||
Payables for the acquisition of subsidiaries | 17 | 23,408 | 53,700 | ||||||||
Provision for contingencies | 21 | 14,040 | 8,845 | ||||||||
Liability for FPA Shares | 19 | — | 139,133 | ||||||||
Other liabilities | 587 | 223 | |||||||||
Taxes payable | 795 | 963 | |||||||||
Deferred tax liabilities | 20 | 17,571 | 12,351 | ||||||||
Total non-current liabilities | 631,416 | 359,155 | |||||||||
Equity | 24 | ||||||||||
Share Capital | 591 | 591 | |||||||||
Additional Paid-in Capital | 2,116,908 | 2,134,339 | |||||||||
Capital reserve | 27,987 | 14,533 | |||||||||
Other comprehensive loss | (3,174) | (28,634) | |||||||||
Accumulated losses | (635,145) | (260,710) |
Interim condensed consolidated statement of financial As of March 31, 2024 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() |
Equity attributable to shareholders of the Parent Company | 1,507,167 | 1,860,119 | |||||||||
Non-controlling interests | 253,595 | 250,238 | |||||||||
Total equity | 1,760,762 | 2,110,357 | |||||||||
Total liabilities and equity | 10,752,723 | 7,523,984 |
Interim condensed consolidated statement of profit or loss (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
Notes | Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Revenue | 25 | 2,545,824 | 2,526,155 | 7,977,682 | 8,032,330 | ||||||||||||
Cost of goods sold | 26 | (2,247,938) | (2,152,758) | (6,875,929) | (6,533,610) | ||||||||||||
Gross profit | 297,886 | 373,397 | 1,101,753 | 1,498,720 | |||||||||||||
Operating expenses | |||||||||||||||||
Sales, general and administrative expenses | 26 | (349,226) | (303,900) | (1,049,584) | (912,221) | ||||||||||||
Other operating (expenses) income, net | 28 | 1,993 | (332,235) | 23,905 | (300,525) | ||||||||||||
Share of profit of an associate | 2,509 | 756 | |||||||||||||||
Operating profit (loss) | (46,838) | (262,738) | 76,830 | 285,974 | |||||||||||||
Finance Income (costs) | |||||||||||||||||
Finance income | 27 | 124,510 | 96,903 | 321,808 | 256,786 | ||||||||||||
Finance costs | 27 | (317,255) | (251,850) | (831,322) | (717,335) | ||||||||||||
Other financial income (costs) | 27 | (53,455) | 2,441 | (50,335) | (17,751) | ||||||||||||
Loss before income taxes | (293,038) | (415,244) | (483,019) | (192,326) | |||||||||||||
Income taxes | |||||||||||||||||
Current | 20 | (8,307) | (3,618) | 23,642 | (17,921) | ||||||||||||
Deferred | 20 | (19,596) | 32,864 | 76,620 | 88,138 | ||||||||||||
Loss for the period | (320,941) | (385,998) | (382,757) | (122,109) | |||||||||||||
Attributable to: | |||||||||||||||||
Equity holders of the parent | (292,887) | (387,547) | (374,435) | (178,237) | |||||||||||||
Non-controlling interests | (28,054) | 1,549 | (8,322) | 56,128 | |||||||||||||
Loss per share |
Interim condensed consolidated statement of profit or loss (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
Notes | Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Basic, profit (loss) for the period attributable to net investment of the parent/ equity holders of the parent | 24 | (2.58) | (3.41) | (3.30) | (1.57) | ||||||||||||
Diluted, profit (loss) for the period attributable to net investment of the parent/ equity holders of the parent | 24 | (2.58) | (3.41) | (3.30) | (1.57) |
Interim consolidated statement of comprehensive income or loss (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Profit (loss) for the period | (320,941) | (385,998) | (382,757) | (122,109) | ||||||||||
Items that may be reclassified to profit or loss in subsequent periods | ||||||||||||||
Exchange differences on translation of foreign operations | 8,730 | 6,299 | 26,070 | (22,212) | ||||||||||
Total comprehensive income (loss) for the period | (312,211) | (379,699) | (356,687) | (144,321) | ||||||||||
Attributable to: | ||||||||||||||
Net investment of the parent/ equity holders of the parent | (284,601) | (382,278) | (348,975) | (200,472) | ||||||||||
Non-controlling interests | (27,610) | 2,579 | (7,712) | 56,151 |
Interim condensed consolidated statement of changes in equity For the nine-month period ended March 31, 2024 and 2023 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
Notes | Net investment of the Parent | Share Capital | Additional Paid-in Capital | Capital reserve | Accumulated losses | Other comprehensive loss | Total | Non-controlling interest | Total Equity/ Net Investment | |||||||||||||||||||||||
At June 30, 2022 | 1,451,647 | — | — | — | — | — | 1,451,647 | 218,080 | 1,669,727 | |||||||||||||||||||||||
Capital contributions | 60,880 | — | — | — | — | — | 60,880 | — | 60,880 | |||||||||||||||||||||||
Acquisition of non-controlling interests | (51,324) | — | — | — | — | — | (51,324) | (36,176) | (87,500) | |||||||||||||||||||||||
Non-controlling dilution on capital contributions | (7,475) | — | — | — | — | — | (7,475) | 7,475 | — | |||||||||||||||||||||||
Dividends paid | — | — | — | — | — | — | — | (3,485) | (3,485) | |||||||||||||||||||||||
Acquisition of subsidiaries | 8,809 | — | — | — | — | — | 8,809 | 9,707 | 18,516 | |||||||||||||||||||||||
Share-based payment | 12,112 | — | — | — | — | — | 12,112 | — | 12,112 | |||||||||||||||||||||||
Profit for the period | 209,310 | — | — | — | — | — | 209,310 | 54,579 | 263,889 | |||||||||||||||||||||||
Exchange differences on translation of foreign operations | (27,481) | — | — | — | — | — | (27,481) | (1,007) | (28,488) | |||||||||||||||||||||||
Pre reorganization | 1,656,478 | — | — | — | — | — | 1,656,478 | 249,173 | 1,905,651 | |||||||||||||||||||||||
Changes in parent company's net investment | (1,656,478) | 514 | 1,485,135 | 12,112 | 209,310 | (50,593) | — | — | — | |||||||||||||||||||||||
SPAC merger transaction | — | 77 | 670,256 | — | — | — | 670,333 | — | 670,333 | |||||||||||||||||||||||
Foreign currency translation differences | — | — | — | — | — | 5,422 | 5,422 | 1,030 | 6,452 | |||||||||||||||||||||||
Profit (loss) for the period | — | — | — | — | (387,547) | — | (387,547) | 1,549 | (385,998) | |||||||||||||||||||||||
Stock option plan | — | — | — | 535 | — | — | 535 | — | 535 | |||||||||||||||||||||||
At March 31, 2023 | — | 591 | 2,155,391 | 12,647 | (178,237) | (45,171) | 1,945,221 | 251,752 | 2,196,973 | |||||||||||||||||||||||
At June 30, 2023 | — | 591 | 2,134,339 | 14,533 | (260,710) | (28,634) | 1,860,119 | 250,238 | 2,110,357 | |||||||||||||||||||||||
Exchange differences on translation of foreign operations | — | — | — | — | — | 25,460 | 25,460 | 610 | 26,070 | |||||||||||||||||||||||
Share-based payment | 24 | — | — | — | 13,454 | — | — | 13,454 | — | 13,454 | ||||||||||||||||||||||
Acquisition of subsidiaries | 18 | — | — | — | — | — | — | — | 2,007 | 2,007 | ||||||||||||||||||||||
Other | — | — | (17,431) | — | — | — | (17,431) | 9,062 | (8,369) |
Interim condensed consolidated statement of changes in equity For the nine-month period ended March 31, 2024 and 2023 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
Loss for the period | — | — | — | — | (374,435) | — | (374,435) | (8,322) | (382,757) | |||||||||||||||||||||||
At March 31, 2024 | — | 591 | 2,116,908 | 27,987 | (635,145) | (3,174) | 1,507,167 | 253,595 | 1,760,762 |
Interim condensed consolidated statement of cash flows For the nine-month period ended March 31, 2024 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
Notes | March 31, 2024 | March 31, 2023 | |||||||||
Operating activities: | |||||||||||
Loss before income taxes | (483,017) | (192,327) | |||||||||
Adjustments to reconcile profit (loss) for the period to net cash flow: | |||||||||||
Allowance for expected credit losses | 26 | 118,732 | 39,442 | ||||||||
Listing expense | — | 319,554 | |||||||||
Foreign exchange differences | 27 | (678) | 17,988 | ||||||||
Accrued interest expenses | 27 | 235,211 | 246,221 | ||||||||
Interest arising from revenue contracts | 27 | (275,607) | (229,681) | ||||||||
Accrued interest on trade payables | 27 | 517,806 | 435,931 | ||||||||
Loss (gain) on derivatives | 27 | (7,623) | (68,278) | ||||||||
Interest from tax benefits | 27 | (17,736) | (11,437) | ||||||||
Fair value on commodity forward contracts | 27 | 69,125 | 80,964 | ||||||||
Gain on changes in fair value of warrants | 19 | (10,491) | (7,744) | ||||||||
Amortization of intangibles | 26 | 53,018 | 52,921 | ||||||||
Amortization of right-of-use assets | 26 | 64,669 | 38,160 | ||||||||
Depreciation | 26 | 14,985 | 12,512 | ||||||||
Losses and damages of inventories | 26 | 4,149 | 11,061 | ||||||||
Provisions for contingencies | 5,044 | 6,890 | |||||||||
Share-based payment | 24 | 13,454 | 12,647 | ||||||||
Share of profit of an associate | (756) | — | |||||||||
Others | (3,163) | 26,286 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Assets | |||||||||||
Trade receivables | (2,900,443) | (2,592,910) | |||||||||
Inventories | (1,043) | (200,666) | |||||||||
Advances to suppliers | 52,348 | 161,193 | |||||||||
Derivative financial instruments | 12,413 | (8,085) | |||||||||
Taxes recoverable | (68,772) | (115,664) | |||||||||
Other receivables | (236,461) | (77,216) | |||||||||
Liabilities | |||||||||||
Trade payables | 2,867,788 | 1,764,935 | |||||||||
Advances from customers | (93,591) | (38,834) | |||||||||
Salaries and social charges | (52,624) | 27,809 | |||||||||
Taxes payable | 18,208 | 41,250 |
Interim condensed consolidated statement of cash flows For the nine-month period ended March 31, 2024 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
Other payables | 53,168 | 14,204 | |||||||||
Interest paid on borrowings and FIAGRO quota holders | (195,546) | (76,159) | |||||||||
Interest paid on acquisitions of subsidiary | (8,408) | (3,258) | |||||||||
Interest paid on trade payables and lease liabilities | (574,451) | (151,026) | |||||||||
Interest received from revenue contracts | 291,082 | 94,131 | |||||||||
Income taxes paid/received | 14,595 | (28,173) | |||||||||
Net cash flows used in operating activities | (524,615) | (397,359) | |||||||||
Investing activities: | |||||||||||
Acquisition of subsidiary, net of cash acquired | (198,637) | (121,410) | |||||||||
Additions to property, plant and equipment and intangible assets | (73,458) | (52,540) | |||||||||
Proceeds from the sale of property, plant and equipment | 3,537 | 1,289 | |||||||||
Net cash flows used in investing activities | (268,558) | (172,661) | |||||||||
Financing activities: | |||||||||||
Proceeds from borrowings | 15 | 1,900,726 | 1,142,491 | ||||||||
Repayment of borrowings | 15 | (1,618,396) | (624,453) | ||||||||
Proceeds from Agribusiness Receivables Certificates, net of transaction cost | 16 | 402,648 | — | ||||||||
Payment of principal portion of lease liabilities | 11 | (63,633) | (36,262) | ||||||||
Proceeds from FIAGRO quota holders, net of transaction costs | 16 | 137,496 | 147,119 | ||||||||
Repayment of FIAGRO quota holders | 16 | (109,350) | — | ||||||||
Trade payables – Supplier finance | 14(c) | (26,157) | 4,918 | ||||||||
Acquisition of non-controlling interests | (52) | (87,500) | |||||||||
Dividend payments (i) | (8,667) | (3,485) | |||||||||
Proceeds from SPAC Merger | — | 463,909 | |||||||||
Capital contributions | — | 60,880 | |||||||||
Net cash flows provided by financing activities | 614,615 | 1,067,617 | |||||||||
Net increase in cash equivalents | (178,558) | 497,597 | |||||||||
Net foreign exchange difference | 8,629 | (12,924) | |||||||||
Cash equivalents at beginning of the period | 564,294 | 254,413 | |||||||||
Cash equivalents at end of the period | 394,365 | 739,085 |
Interim condensed consolidated statement of cash flows For the nine-month period ended March 31, 2024 (In thousands of Brazilian reais - R$, except if otherwise indicated) | ![]() | ||||
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Equity interest | ||||||||||||||
Name | Core activities | Location | March 31, 2024 | June 30, 2023 | ||||||||||
Corporate: |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Lavoro Agro Limited | Holding | George Town – Cayman Island | 100 | % | 100 | % | ||||||||
Lavoro America Inc. | Holding | California - USA | 100 | % | 100% | |||||||||
Lavoro Merger Sub II Limited | Holding | George Town – Cayman Island | 100 | % | 100 | % | ||||||||
Lavoro Agro Cayman II | Holding | George Town – Cayman Island | 100 | % | 100 | % | ||||||||
Lavoro Latam SL | Holding | Madrid - Spain | 100 | % | 100 | % | ||||||||
Lavoro Uruguay S.A. (formerly Malinas SA) | Holding | Montevideu – Uruguay | 100 | % | 100 | % | ||||||||
Lavoro Brazil: | ||||||||||||||
Lavoro Agro Holding S.A. | Holding | São Paulo – Brazil | 100 | % | 100 | % | ||||||||
Lavoro Agrocomercial S.A. (ii) | Distributor of agricultural inputs | Rondonópolis – Brazil | 97.43 | % | 97.42 | % | ||||||||
Agrocontato Comércio e Representações de Produtos Agropecuários S.A. (ii) | Distributor of agricultural inputs | Sinop – Brazil | 97.43 | % | 97.42 | % | ||||||||
PCO Comércio, Importação, Exportação e Agropecuária Ltda. (ii) | Distributor of agricultural inputs | Campo Verde – Brazil | 97.43 | % | 97.42 | % | ||||||||
Agrovenci Distribuidora de Insumos Agrícolas Ltda. (MS) (ii) | Distributor of agricultural inputs | Chapadão do Sul – Brazil | 93.60 | % | 93.11 | % | ||||||||
Produtiva Agronegócios Comércio e Representação Ltda. | Distributor of agricultural inputs | Paracatu – Brazil | 87.40 | % | 87.40 | % | ||||||||
Facirolli Comércio e Representação S.A. (Agrozap) | Distributor of agricultural inputs | Uberaba – Brazil | 62.61%- | 62.61 | % | |||||||||
Agrovenci Comércio, Importação, Exportação e Agropecuária Ltda. (ii) | Distributor of agricultural inputs | Campo Verde – Brazil | 97.43 | % | 97.42 | % | ||||||||
Central Agrícola Rural Distribuidora de Defensivos Ltda. (ii) | Distributor of agricultural inputs | Vilhena – Brazil | 97.43 | % | 97.42 | % | ||||||||
Distribuidora Pitangueiras de Produtos Agropecuários S.A. (ii) | Distributor of agricultural inputs | Ponta Grossa – Brazil | 93.60 | % | 93.11 | % | ||||||||
Produtec Comércio e Representações S.A. | Distributor of agricultural inputs | Cristalina – Brazil | 87.40 | % | 87.40 | % | ||||||||
Qualiciclo Agrícola S.A. (ii) | Distributor of agricultural inputs | Limeira – Brazil | 72.17 | % | 66.75 | % | ||||||||
Desempar Participações Ltda. (ii) | Distributor of agricultural inputs | Palmeira – Brazil | 93.60 | % | 93.11 | % | ||||||||
Denorpi Distribuidora de Insumos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Palmeira – Brazil | 93.60 | % | 93.11 | % | ||||||||
Deragro Distribuidora de Insumos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Palmeira – Brazil | 93.60 | % | 93.11 | % | ||||||||
Desempar Tecnologia Ltda. (ii) | Holding | Palmeira – Brazil | 93.60 | % | 93.11 | % | ||||||||
Futuragro Distribuidora de Insumos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Palmeira – Brazil | 93.60 | % | 93.11 | % |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Plenafértil Distribuidora de Insumos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Palmeira – Brazil | 93.60 | % | 93.11 | % | ||||||||
Realce Distribuidora de Insumos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Palmeira – Brazil | 93.60 | % | 93.11 | % | ||||||||
Cultivar Agrícola Comércio, Importação e Exportação S.A. (ii) | Distributor of agricultural inputs | Chapadão do Sul – Brazil | 93.60 | % | 93.11 | % | ||||||||
Nova Geração Comércio e Produtos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Pinhalzinho – Brazil | 72.17 | % | 66.75 | % | ||||||||
Floema Soluções Nutricionais de Cultivos Ltda. | Distributor of agricultural inputs | Uberaba – Brazil | 62.61 | % | 62.61 | % | ||||||||
Casa Trevo Participações S.A. (ii) | Holding | Nova Prata – Brazil | 79.56 | % | 79.14 | % | ||||||||
Casa Trevo Comercial Agrícola Ltda. (ii) | Distributor of agricultural inputs | Nova Prata – Brazil | 79.56 | % | 79.14 | % | ||||||||
CATR Comercial AgrícolaLtda. (ii) | Distributor of agricultural inputs | Nova Prata – Brazil | 79.56 | % | 79.14 | % | ||||||||
Sollo Sul Insumos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Pato Branco – Brazil | 93.60 | % | 93.11 | % | ||||||||
Dissul Insumos Agrícolas Ltda. (ii) | Distributor of agricultural inputs | Pato Branco – Brazil | 93.60 | % | 93.11 | % | ||||||||
Referência Agroinsumos Ltda. (i) (ii) | Distributor of agricultural inputs | Dom Pedrito - Brazil | 65.52 | % | — | % | ||||||||
Lavoro Agro Fundo de Investimento nas Cadeias Produtivas Agroindustriais | FIAGRO | São Paulo – Brazil | 5.00 | % | 5.00 | % | ||||||||
CORAM - Comércio e Representações Agrícolas Ltda. (i) (ii) | Distributor of agricultural inputs | São Paulo – Brazil | 72.17 | % | — | % | ||||||||
Lavoro Colômbia: | ||||||||||||||
Lavoro Colombia S.A.S. | Holding | Bogota – Colombia | 94.90 | % | 94.90 | % | ||||||||
Crop Care Colombia | Distributor of agricultural inputs | Bogota - Colombia | 94.90 | % | 94.90 | % | ||||||||
Agricultura y Servicios S.A.S. | Distributor of agricultural inputs | Ginebra - Colombia | 94.90 | % | 94.90 | % | ||||||||
Grupo Cenagro S.A.S. | Distributor of agricultural inputs | Yumbo – Colombia | 94.90 | % | 94.90 | % | ||||||||
Cenagral S.A.S. | Distributor of agricultural inputs | Yumbo – Colombia | 94.90 | % | 94.90 | % | ||||||||
Grupo Gral S.A.S. | Distributor of agricultural inputs | Bogota - Colombia | 94.90 | % | 94.90 | % | ||||||||
Agrointegral Andina S.A.S. | Distributor of agricultural inputs | Bogota – Colombia | 94.90 | % | 94.90 | % | ||||||||
Servigral Praderas S.A.S. | Distributor of agricultural inputs | Bogota – Colombia | 94.90 | % | 94.90 | % | ||||||||
Agroquímicos para la Agricultura Colombiana S.A.S. | Distributor of agricultural inputs | Bogota – Colombia | 94.90 | % | 94.90 | % | ||||||||
Provecampo S.A.S. | Distributor of agricultural inputs | Envigado – Colombia | 94.90 | % | 94.90 | % |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Crop Care: | ||||||||||||||
Crop Care Holding S.A. | Holding | São Paulo – Brazil | 100.00 | % | 100.00 | % | ||||||||
Perterra Insumos Agropecuários S.A. | Private label products | São Paulo – Brazil | 100.00 | % | 100.00 | % | ||||||||
Araci Administradora de Bens S.A. | Private label products | São Paulo – Brazil | 100.00 | % | 100.00 | % | ||||||||
Union Agro S.A. | Private label products | Pederneiras – Brazil | 73.00 | % | 73.00 | % | ||||||||
Agrobiológica Sustentabilidade S.A. | Private label products | São Paulo – Brazil | 65.13 | % | 65.13 | % | ||||||||
Agrobiológica Soluções Naturais Ltda. | Private label products | Leme – Brazil | 65.13 | % | 65.13 | % | ||||||||
Cromo Indústria Química LTDA. | Private label products | Estrela - Brasil | 70.00 | % | 70.00 | % | ||||||||
Perterra Trading S.A. | Private label products | Montevideu - Uruguay | 100.00 | % | 100.00 | % |
Equity interest | ||||||||||||||
Name | Core activities | Location | March 31, 2024 | June 30, 2023 | ||||||||||
Gestão e Transformação Consultoria S.A. | Consulting | São Paulo – Brazil | 40% | 40% |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Originally presented | Effects of Change in classification | After change in classification | |||||||||
Acquisition of subsidiary, net of cash acquired | (87,500) | 87,500 | — | ||||||||
Net cash flows used in investing activities | (226,220) | 87,500 | (138,720) | ||||||||
Acquisition of non-controlling interests | — | (87,500) | (87,500) | ||||||||
Net cash flows provided by financing activities | 1,042,878 | (87,500) | 955,378 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Description | Brazil | LATAM | Crop Care | Total reportable segments | Corporate (i) | Eliminations between segments (ii) | Consolidated | ||||||||||||||||
Certain assets | |||||||||||||||||||||||
Cash equivalents | 318,823 | 20,566 | 43,698 | 383,087 | 11,278 | - | 394,365 | ||||||||||||||||
Trade receivables | 4,800,040 | 375,173 | 654,034 | 5,829,247 | - | (290,451) | 5,538,796 | ||||||||||||||||
Inventories | 1,670,440 | 219,865 | 133,076 | 2,023,381 | - | (65,184) | 1,958,197 | ||||||||||||||||
Advances to suppliers | 140,018 | 1,442 | 5,647 | 147,107 | - | — | 147,107 | ||||||||||||||||
Total assets | 9,113,076 | 759,540 | 1,068,183 | 10,940,799 | 1,684,107 | (1,872,183) | 10,752,723 | ||||||||||||||||
Certain liabilities | |||||||||||||||||||||||
Trade payables | 5,360,494 | 294,680 | 207,999 | 5,863,173 | 455 | (301,571) | 5,562,057 | ||||||||||||||||
Borrowings | 879,712 | 121,084 | 311,860 | 1,312,656 | - | 11,120 | 1,323,776 | ||||||||||||||||
Advances from customers | 396,954 | 1,092 | 1,715 | 399,761 | - | — | 399,761 | ||||||||||||||||
Total liabilities and equity | 9,113,076 | 759,540 | 1,068,183 | 10,940,799 | 1,684,107 | (1,872,183) | 10,752,723 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Description | Brazil | LATAM | Crop Care | Total reportable segments | Corporate (i) | Eliminations between segments (ii) | Consolidated | ||||||||||||||||
Revenue | 2,227,787 | 250,120 | 109,472 | 2,587,379 | - | (41,556) | 2,545,823 | ||||||||||||||||
Cost of goods sold | (2,012,378) | (214,048) | (64,320) | (2,290,746) | - | 42,807 | (2,247,939) | ||||||||||||||||
Sales, general and administrative expenses (iii) | (262,608) | (35,804) | (43,579) | (341,991) | (7,235) | - | (349,226) | ||||||||||||||||
Share of profit of an associate | 4,399 | - | (669) | 3,730 | (296,194) | 294,973 | 2,509 | ||||||||||||||||
Other operating income, net | (55) | (1,396) | 4,135 | 2,684 | (691) | - | 1,993 | ||||||||||||||||
Financial (costs) income | (231,752) | (7,281) | (18,522) | (257,555) | 11,357 | - | (246,198) | ||||||||||||||||
Income taxes | (22,602) | 1,339 | (6,215) | (27,478) | - | (425) | (27,903) | ||||||||||||||||
Profit (loss) for the period | (297,209) | (7,070) | (19,698) | (323,977) | (292,763) | 295,799 | (320,941) | ||||||||||||||||
Depreciation and amortization | (42,976) | (2,763) | (2,666) | (48,405) | - | - | (48,405) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Description | Brazil | LATAM | Crop Care | Total reportable segments | Corporate (i) | Eliminations between segments (ii) | Consolidated | ||||||||||||||||
Revenue | 6,865,611 | 850,623 | 645,276 | 8,361,510 | - | (383,829) | 7,977,681 | ||||||||||||||||
Cost of goods sold | (6,110,697) | (720,629) | (396,858) | (7,228,184) | - | 352,254 | (6,875,930) | ||||||||||||||||
Sales, general and administrative expenses(iii) | (782,047) | (95,861) | (157,386) | (1,035,294) | (14,290) | - | (1,049,584) | ||||||||||||||||
Share of profit of an associate | 109 | - | 1,242 | 1,351 | (345,376) | 344,781 | 756 | ||||||||||||||||
Other operating income (expenses), net | 39,731 | (2,453) | 7,739 | 45,017 | (21,112) | - | 23,905 | ||||||||||||||||
Financial (costs) income | (517,346) | (17,101) | (41,686) | (576,133) | 16,286 | - | (559,847) | ||||||||||||||||
Income taxes | 107,837 | (7,590) | (10,721) | 89,526 | - | 10,736 | 100,262 | ||||||||||||||||
Profit (loss) for the period | (396,802) | 6,989 | 47,606 | (342,207) | (364,492) | 323,942 | (382,757) | ||||||||||||||||
Depreciation and amortization | (109,133) | (8,327) | (15,941) | (133,401) | - | - | (133,401) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Description | Brazil | LATAM | Crop Care | Total reportable segments | Corporate (i) | Eliminations between segments (ii) | Consolidated | ||||||||||||||||
Certain assets | |||||||||||||||||||||||
Cash equivalents | 207,744 | 22,003 | 95,585 | 325,332 | 238,962 | - | 564,294 | ||||||||||||||||
Trade receivables | 2,194,853 | 343,745 | 242,391 | 2,780,989 | - | (72,449) | 2,708,540 | ||||||||||||||||
Inventories | 1,547,384 | 202,239 | 151,289 | 1,900,912 | - | (32,708) | 1,868,204 | ||||||||||||||||
Advances to suppliers | 176,831 | 2,266 | 13,088 | 192,185 | - | (66) | 192,119 | ||||||||||||||||
Total assets | 5,926,380 | 683,894 | 680,294 | 7,290,568 | 449,779 | (216,363) | 7,523,984 | ||||||||||||||||
Certain liabilities | |||||||||||||||||||||||
Trade payables | 2,304,043 | 309,828 | 46,506 | 2,660,377 | 455 | (56,427) | 2,604,405 | ||||||||||||||||
Borrowings | 824,868 | 71,562 | 69,045 | 965,475 | - | - | 965,475 | ||||||||||||||||
Advances from customers | 478,313 | 7,020 | 3,245 | 488,578 | - | - | 488,578 | ||||||||||||||||
Total liabilities and equity | 5,926,380 | 683,894 | 680,294 | 7,290,568 | 449,779 | (216,361) | 7,523,984 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Description | Brazil | LATAM | Crop Care | Total reportable segments | Corporate (i) | Eliminations between segments (ii) | Combined | ||||||||||||||||
Revenue | 2,215,040 | 250,573 | 88,567 | 2,554,180 | - | (28,025) | 2,526,155 | ||||||||||||||||
Cost of goods sold | (1,946,973) | (211,055) | (47,153) | (2,205,181) | - | 52,423 | (2,152,758) | ||||||||||||||||
Sales, general and administrative expenses (iii) | (228,321) | (30,384) | (44,795) | (303,500) | (400) | - | (303,900) | ||||||||||||||||
Other operating income, net | (14,500) | 469 | 2,872 | (11,159) | (321,076) | - | (332,235) | ||||||||||||||||
Financial (costs) income | (135,825) | (3,958) | (10,082) | (149,865) | (2,641) | - | (152,506) | ||||||||||||||||
Income taxes | 40,360 | (2,360) | (463) | 37,537 | - | (8,291) | 29,246 | ||||||||||||||||
Profit for the period | (70,219) | 3,285 | (11,054) | (77,988) | (324,117) | 16,107 | (385,998) | ||||||||||||||||
Depreciation and amortization | (38,798) | (2,074) | (2,900) | (43,772) | - | (43,772) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Description | Brazil | LATAM | Crop Care | Total reportable segments | Corporate (i) | Eliminations between segments (ii) | Consolidated | ||||||||||||||||
Revenue | 6,852,875 | 900,190 | 580,076 | 8,333,141 | - | (300,811) | 8,032,330 | ||||||||||||||||
Cost of goods sold | (5,697,199) | (750,189) | (339,191) | (6,786,579) | - | 252,969 | (6,533,610) | ||||||||||||||||
Sales, general and administrative expenses(iii) | (714,839) | (84,940) | (112,042) | (911,821) | (400) | - | (912,221) | ||||||||||||||||
Other operating income (expenses), net | 20,619 | (2,597) | 2,529 | 20,551 | (321,076) | - | (300,525) | ||||||||||||||||
Financial (costs) income | (443,528) | (11,318) | (20,813) | (475,659) | (2,641) | - | (478,300) | ||||||||||||||||
Income taxes | 104,176 | (18,778) | (31,447) | 53,951 | - | 16,266 | 70,217 | ||||||||||||||||
Profit (loss) for the period | 122,104 | 32,368 | 79,112 | 233,584 | (324,117) | (31,576) | (122,109) | ||||||||||||||||
Depreciation and amortization | (108,813) | (8,316) | (9,064) | (126,193) | — | (126,193) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Annual yield | March, 31 2024 | June, 30 2023 | |||||||||
Cash equivalents (R$) | 88% to 110% CDI (i) | 362,521 | 304,292 | ||||||||
Cash equivalents (COP) | 12.49% DTF(ii) | 20,566 | 22,003 | ||||||||
Cash equivalents (US$) | 3.82% a year(iii) | 11,278 | 237,999 | ||||||||
Total cash equivalents | 394,365 | 564,294 |
March, 31 2024 | June, 30 2023 | |||||||
Trade receivables (Brazil) | 5,428,200 | 2,525,845 | ||||||
Trade receivables (Colombia) | 409,929 | 370,767 | ||||||
(-) Allowance for expected credit losses | (299,332) | (188,072) | ||||||
Total | 5,538,797 | 2,708,540 | ||||||
Current | 5,405,117 | 2,667,057 | ||||||
Non-current | 133,680 | 41,483 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March, 31 2024 | March, 31 2023 | |||||||
Opening balance as of June | (188,072) | (151,114) | ||||||
Increase in allowance | (118,732) | (39,866) | ||||||
Allowance for credit losses from acquisitions | (15,314) | (761) | ||||||
Trade receivables write-off | 25,354 | 11,839 | ||||||
Exchange rate translation adjustment | (2,568) | 3,043 | ||||||
Ending balance (i) | (299,332) | (176,859) |
March, 31 2024 | June, 30 2023 | |||||||
Not past due | 5,042,969 | 2,089,543 | ||||||
Overdue | ||||||||
1 to 60 days | 215,392 | 169,556 | ||||||
61 to 180 days | 80,284 | 359,958 | ||||||
181 to 365 days | 267,817 | 90,734 | ||||||
Over 365 days | 231,667 | 186,821 | ||||||
Allowance for expected credit losses | (299,332) | (188,072) | ||||||
5,538,797 | 2,708,540 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March, 31 2024 | ||||||||
Amortized cost | Fair value through profit or loss | |||||||
Assets: | ||||||||
Trade receivables | 5,538,797 | |||||||
Commodity forward contracts | 140,866 | |||||||
Derivative financial instruments | 56,650 | |||||||
Restricted cash | 150,339 | |||||||
Total | 5,689,136 | 197,516 | ||||||
Liabilities: | ||||||||
Trade payables | 5,562,057 | |||||||
Lease liabilities | 217,709 | |||||||
Borrowings | 1,323,776 | |||||||
Agribusiness Receivables Certificates | 403,749 | |||||||
Obligations to FIAGRO quota holders | 175,168 | |||||||
Payables for the acquisition of subsidiaries | 237,517 | |||||||
Derivative financial instruments | 65,039 | |||||||
Salaries and social charges | 175,238 | |||||||
Commodity forward contracts | 128,798 | |||||||
Dividends payable | 1,804 | |||||||
Warrant liabilities | 25,956 | |||||||
Liability for FPA Shares | 150,339 | |||||||
Total | 8,247,357 | 219,793 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
June, 30 2023 | ||||||||
Amortized cost | Fair value through profit or loss | |||||||
Assets: | ||||||||
Trade receivables | 2,708,540 | - | ||||||
Commodity forward contracts | - | 114,861 | ||||||
Derivative financial instruments | - | 40,410 | ||||||
Restricted cash | 139,202 | - | ||||||
Total | 2,847,742 | 155,271 | ||||||
Liabilities: | ||||||||
Trade payables | 2,578,248 | - | ||||||
Lease liabilities | 184,419 | - | ||||||
Borrowings | 965,475 | - | ||||||
Obligations to FIAGRO quota holders | 150,018 | - | ||||||
Payables for the acquisition of subsidiaries | 275,209 | - | ||||||
Derivative financial instruments | - | 44,008 | ||||||
Salaries and social charges | 223,376 | - | ||||||
Commodity forward contracts | - | 207,067 | ||||||
Dividends payable | 1,619 | - | ||||||
Warrant liabilities | - | 36,446 | ||||||
Liability for FPA Shares | 139,133 | - | ||||||
Total | 4,517,497 | 287,521 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
% Of guarantees required on sales | ||||||||||||||
Credit rating | % Customers | Risk classification | Medium-sized farmers (i) | Other | ||||||||||
AA & A | 23% | Very small | 80-90% | 0% | ||||||||||
B | 49% | Medium | 100% | 30% | ||||||||||
C & D | 16% | High | 100% | 60% | ||||||||||
Simplified | 12% | Small farmers | N/A | N/A |
March 31, 2024 | June 30, 2023 | |||||||
Trade receivables (current and non-current) | 5,538,797 | 2,708,539 | ||||||
Advances to suppliers | 147,107 | 192,119 | ||||||
5,685,904 | 2,900,658 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March, 31 2024 | |||||||||||
Up to 1 year | From 1 to 5 years | Total | |||||||||
Trade payables | 5,750,749 | 7,219 | 5,757,968 | ||||||||
Lease liabilities | 102,298 | 128,746 | 231,044 | ||||||||
Borrowings | 1,358,489 | 46,369 | 1,404,858 | ||||||||
Obligations to FIAGRO quota holders | 185,897 | - | 185,897 | ||||||||
Agribusiness Receivables Certificates | 1,169 | 427,310 | 428,479 | ||||||||
Payables for the acquisition of subsidiaries | 217,364 | 23,766 | 241,130 | ||||||||
Commodity forward contracts | 130,626 | 142 | 130,768 | ||||||||
Derivative financial instruments | 66,033 | - | 66,033 | ||||||||
Salaries and social charges | 177,918 | - | 177,918 | ||||||||
Dividends payable | 1,832 | - | 1,832 | ||||||||
Warrant liabilities | 25,956 | - | 25,956 | ||||||||
Liability for FPA Shares | 150,339 | — | 150,339 | ||||||||
8,168,670 | 633,552 | 8,802,222 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
June, 30 2023 | |||||||||||
Up to 1 year | From 1 to 5 years | Total | |||||||||
Trade payables | 2,765,354 | 2,547 | 2,767,901 | ||||||||
Lease liabilities | 91,419 | 111,304 | 202,723 | ||||||||
Borrowings | 982,318 | 48,382 | 1,030,700 | ||||||||
Obligations to FIAGRO quota holders | 159,722 | - | 159,722 | ||||||||
Payables for the acquisition of subsidiaries | 224,689 | 55,242 | 279,931 | ||||||||
Commodity forward contracts | 210,040 | - | 210,040 | ||||||||
Derivative financial instruments | 44,639 | - | 44,639 | ||||||||
Salaries and social charges | 226,583 | - | 226,583 | ||||||||
Dividends payable | 1,642 | - | 1,642 | ||||||||
Warrant liabilities | 36,446 | - | 36,446 | ||||||||
Liability for FPA Shares | - | 139,133 | 139,133 | ||||||||
4,742,852 | 356,608 | 5,099,460 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March, 31 2024 | ||||||||||||||
Expense on profit or loss | ||||||||||||||
Current Index | Scenario 1 | Scenario 2 | Scenario 3 | |||||||||||
Floating rate borrowings in Brazil | CDI Rate (10,65%) | 150,182 | 178,852 | 207,521 | ||||||||||
Floating rate borrowings in Colombia | IBR Rate (12,24%) | 18,994 | 22,700 | 26,406 | ||||||||||
Floating rate Agribusiness Receivables Certificates | CDI Rate (10,65%) | 57,353 | 68,102 | 78,852 | ||||||||||
226,529 | 269,654 | 312,779 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | ||||||||||||||
Effect on profit or loss | ||||||||||||||
Current Index | Scenario 1 | Scenario 2 | Scenario 3 | |||||||||||
Cash equivalents in U.S. Dollars | 5,1155 | 269 | 3,156 | 6,043 | ||||||||||
Trade receivables in U.S. Dollars | 5,1155 | 9,677 | 113,415 | 217,154 | ||||||||||
Trade payables in U.S. Dollars | 5,1155 | (13,514) | (158,384) | (303,254) | ||||||||||
Borrowings in U.S. Dollars | 5,1155 | (11,318) | (132,644) | (253,970) | ||||||||||
Net impacts on commercial operations | (14,886) | (174,457) | (334,027) | |||||||||||
Derivative financial instruments | 5,1155 | 9,861 | 115,570 | 221,279 | ||||||||||
Total impact, net of derivatives | (5,025) | (58,887) | (112,748) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Tons | Position | Current Risk | Average of contract prices | Current Market (R$/bag) | +25% current | +50% current | |||||||||||||||||||||||
Position | Market | Impact | Market | Impact | |||||||||||||||||||||||||
Soybean 2024 | 282,462 | Purchased | (43,164) | 126 | (9) | (11) | (10,791) | (14) | (21,582) | ||||||||||||||||||||
Soybean 2024 | (369,600) | Sold | (3,815) | 110 | 1 | 1 | (954) | 1 | (1,907) | ||||||||||||||||||||
Corn 2024 | 169,468 | Purchased | 3,366 | 46 | 1 | 1 | 841 | 2 | 1,683 | ||||||||||||||||||||
Corn 2024 | (96,668) | Sold | (12,346) | 39 | 8 | 10 | (3,087) | 11 | (6,173) | ||||||||||||||||||||
Soybean 2025 | 251,536 | Purchased | 88,518 | 103 | 21 | 26 | 22,130 | 32 | 44,259 | ||||||||||||||||||||
Soybean 2025 | (52,609) | Sold | (20,549) | 101 | 23 | 29 | (5,137) | 35 | (10,274) | ||||||||||||||||||||
Net exposure on grain contracts | 184,589 | Net purchased | 12,010 | 3,002 | 6,006 | ||||||||||||||||||||||||
Soybean 2024 | (7,905) | Sold on derivatives | (175) | 130 | 131 | 164 | (44) | 197 | (87) | ||||||||||||||||||||
Corn 2024 | (5,574) | Sold on derivatives | 9,394 | 63 | 61 | 77 | 2,349 | 92 | 4,697 | ||||||||||||||||||||
Soybean 2025 | (251,356) | Sold on derivatives | (5,554) | 135 | 136 | 171 | (1,389) | 205 | (2,777) | ||||||||||||||||||||
Net exposure on derivatives | (264,835) | 3,665 | 916 | 1,833 | |||||||||||||||||||||||||
Net exposure (i) | (80,246) | 15,675 | 3,918 | 7,839 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | June 30, 2023 | |||||||
Options (put/call of commodities) | (132) | (513) | ||||||
Forwards (R$/US$) (i) | 3,611 | 8,837 | ||||||
Swap (R$/US$) | (11,867) | (11,922) | ||||||
Derivative financial instruments, net | (8,388) | (3,598) |
March 31, 2024 | June 30, 2023 | |||||||
Goods for resale | 1,985,211 | 1,885,941 | ||||||
(-) Allowance for inventory losses | (27,014) | (17,737) | ||||||
Total | 1,958,197 | 1,868,204 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | March 31, 2023 | |||||||
Opening balance as of June | (17,737) | (10,186) | ||||||
Increase in allowance | (4,149) | (5,168) | ||||||
Allowance for inventory losses from acquisitions | (4,321) | — | ||||||
Exchange rate translation adjustment | (807) | 662 | ||||||
Ending balance | (27,014) | (14,692) |
March 31, 2024 | June 30, 2023 | |||||||
State VAT (“ICMS”) (i) | 80,963 | 78,805 | ||||||
Brazilian federal contributions (ii) | 306,602 | 239,815 | ||||||
Colombian federal contributions | 41,312 | 21,284 | ||||||
Total | 428,877 | 339,904 | ||||||
Current | 67,105 | 57,001 | ||||||
Non-current | 361,772 | 282,903 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | June 30, 2023 | |||||||
Fair value of commodity forward contracts: | ||||||||
Assets | ||||||||
Purchase contracts | 108,202 | 53,695 | ||||||
Sale contracts | 32,664 | 61,166 | ||||||
Current | 136,866 | 114,861 | ||||||
Non-current | 4,000 | — | ||||||
Liabilities | ||||||||
Purchase contracts | (59,424) | (206,881) | ||||||
Sale contracts | (69,374) | (186) | ||||||
Current | (128,658) | (207,067) | ||||||
Non-current | (140) | — |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Outstanding Volume (tons) | Average of contract prices R$/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, 2023 | 449,847 | 127.95 | 13.16 | (0.30) | 293.65 | ||||||||||||
As of March 31, 2024 | 533,998 | 114.91 | 11.94 | 0.45 | 461.05 | ||||||||||||
Corn | |||||||||||||||||
As of June 30, 2023 | 303,432 | 65.25 | 56.04 | N/A | 282.23 | ||||||||||||
As of March 31, 2024 | 169,468 | 46.38 | 61.43 | N/A | 229.73 | ||||||||||||
Selling Contracts | |||||||||||||||||
Soybean | |||||||||||||||||
As of June 30, 2023 | 145,915 | 145.71 | 13.16 | 0.01 | - | ||||||||||||
As of March 31, 2024 | 422,209 | 110.36 | 11.92 | 0.15 | 417.96 | ||||||||||||
Corn | |||||||||||||||||
As of June 30, 2023 | 255,499 | 48.36 | 56.04 | N/A | 284.59 | ||||||||||||
As of March 31, 2024 | 96,668 | 39.26 | 61.42 | N/A | 234.88 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Vehicles | Buildings | Machinery and equipment | Total | |||||||||||
Cost | 120,052 | 141,915 | 73,236 | 335,203 | ||||||||||
Accumulated depreciation | (54,560) | (77,732) | (29,232) | (161,524) | ||||||||||
Balance at June 30, 2023 | 65,492 | 64,183 | 44,004 | 173,679 | ||||||||||
Cost | 151,189 | 183,551 | 89,174 | 423,914 | ||||||||||
Accumulated depreciation | (67,784) | (111,684) | (38,783) | (218,251) | ||||||||||
Balance at March 31, 2024 | 83,405 | 71,867 | 50,391 | 205,663 |
March, 31 2024 | June, 30 2023 | |||||||
Vehicles | 87,674 | 68,420 | ||||||
Buildings | 97,521 | 85,839 | ||||||
Machinery and equipment | 32,514 | 30,160 | ||||||
Total | 217,709 | 184,419 | ||||||
Current | 96,394 | 85,865 | ||||||
Non-current | 121,315 | 98,554 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Vehicles | Lands, buildings and improvements | Machines, equipment and facilities | Furniture and fixtures | Computer equipment | Total | |||||||||||||||
Cost | 40,851 | 142,561 | 75,134 | 15,610 | 10,015 | 284,171 | ||||||||||||||
Accumulated depreciation | (31,349) | (14,698) | (26,817) | (7,198) | (7,521) | (87,583) | ||||||||||||||
Balance at June 30, 2023 | 9,502 | 127,863 | 48,317 | 8,412 | 2,494 | 196,588 | ||||||||||||||
Cost | 42,613 | 167,659 | 89,652 | 17,810 | 11,404 | 329,138 | ||||||||||||||
Accumulated depreciation | (34,155) | (21,805) | (29,566) | (8,516) | (9,332) | (103,374) | ||||||||||||||
Balance at March 31, 2024 | 8,458 | 145,854 | 60,086 | 9,294 | 2,072 | 225,764 |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Goodwill | Customer relationship | Purchase contracts and brands | Software and other | Total | |||||||||||||
Cost: | |||||||||||||||||
At June 30, 2022 | 451,974 | 301,477 | 21,846 | 56,373 | 831,670 | ||||||||||||
Additions | - | - | - | 5,025 | 5,025 | ||||||||||||
Business combinations (i) | 98,890 | 50,600 | 1,207 | — | 150,698 | ||||||||||||
Other (ii) | (3,201) | — | — | — | (3,201) | ||||||||||||
Translation adjustment | (998) | (666) | (48) | (10) | (1,722) | ||||||||||||
At June 30, 2023 | 546,665 | 351,412 | 23,005 | 61,388 | 982,470 | ||||||||||||
Additions | - | - | - | 24,039 | 24,039 | ||||||||||||
Business combinations (i) | 115,658 | 59,212 | - | 35 | 174,905 | ||||||||||||
Other (iii) | 34,388 | (10,987) | - | - | 23,401 | ||||||||||||
Translation adjustment | 2,543 | 556 | 813 | - | 3,912 | ||||||||||||
At March 31, 2024 | 699,254 | 400,193 | 23,818 | 85,462 | 1,208,727 | ||||||||||||
Amortization: | |||||||||||||||||
At June 30, 2022 | - | 89,502 | 6,929 | 10,918 | 107,349 | ||||||||||||
Amortization for the period | - | 50,263 | 8,983 | 8,682 | 67,928 | ||||||||||||
At June 30, 2023 | - | 139,765 | 15,912 | 19,600 | 175,277 | ||||||||||||
Amortization for the period | - | 38,089 | 2,642 | 12,287 | 53,018 | ||||||||||||
At March 31, 2024 | - | 177,854 | 18,554 | 31,887 | 228,295 | ||||||||||||
At June 30, 2023 | 546,665 | 211,646 | 7,093 | 41,788 | 807,192 | ||||||||||||
At March 31, 2024 | 699,254 | 222,339 | 5,264 | 53,575 | 980,432 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | June 30, 2023 | |||||||
Trade payables – Brazil | 5,224,243 | 2,268,420 | ||||||
Trade payables – Colombia | 337,814 | 309,828 | ||||||
Total | 5,562,057 | 2,578,248 | ||||||
Current | 5,554,838 | 2,575,701 | ||||||
Non-current | 7,219 | 2,547 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | June 30, 2023 | |||||||
Borrowing in Colombia | 121,083 | 71,562 | ||||||
Borrowings in Brazil | 1,202,693 | 893,913 | ||||||
Total borrowings | 1,323,776 | 965,475 |
Average interest rate March 31,2024 (i) | March 31, 2024 | Average interest rate June 30, 2023 (i) | June 30, 2023 | |||||||||||
Debt contracts in Brazil in: | ||||||||||||||
R$, indexed to CDI (ii) | 14.51 | % | 687,823 | 16.62 | % | 725,563 | ||||||||
R$, with fixed interest | 14.33 | % | 104,391 | 8.76 | % | 8,590 | ||||||||
U.S. Dollars, with fixed interest | 7.26 | % | 410,479 | 4.03 | % | 159,760 | ||||||||
Debt contracts in Colombia in: | ||||||||||||||
COP, indexed to IBR (iii) | 12.72 | % | 121,083 | 15.43 | % | 69,862 | ||||||||
COP, with fixed interest | 15.72 | % | 1,700 | |||||||||||
Total | 1,323,776 | 965,475 | ||||||||||||
Current | 1,280,083 | 922,636 | ||||||||||||
Non-current | 43,693 | 42,839 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
At June 30, 2022 | 710,552 | ||||
Proceeds from borrowings | 1,142,492 | ||||
Repayment of principal amount | (624,453) | ||||
Accrued interest | 227,016 | ||||
Exchange rate translation | 25,756 | ||||
Interest payment | (76,160) | ||||
At March 31, 2023 | 1,405,203 |
At June 30, 2023 | 965,475 | ||||
Proceeds from borrowings | 1,900,726 | ||||
Repayment of principal amount | (1,618,396) | ||||
Accrued interest | 175,599 | ||||
Borrowings from acquired companies | 61,793 | ||||
Foreign exchange differences | 2,915 | ||||
Exchange rate translation | 1,630 | ||||
Interest payment | (165,966) | ||||
At March 31, 2024 | 1,323,776 |
March 31, 2024 | June 30, 2023 | |||||||
2024 | 726 | |||||||
2025 | 8,185 | 15,452 | ||||||
2026 | 3,495 | 1,376 | ||||||
2027 | 22,854 | 25,285 | ||||||
2028 | 9,159 | |||||||
Total | 43,693 | 42,839 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Maturity | Average interest rate 2023 (i) | March 31, 2024 | |||||||||
Serie I | December 22, 2027 | CDI + 3,00% | 69,189 | ||||||||
Serie II | December 22, 2027 | 14.20 | % | 351,912 | |||||||
Transaction cost | (17,352) | ||||||||||
Total | 403,749 | ||||||||||
Current | 1,101 | ||||||||||
Non-current | 402,648 |
At June 30, 2023 | — | ||||
Proceeds from borrowings | 420,000 | ||||
Transaction cost | (17,741) | ||||
Transaction cost amortization | 389 | ||||
Accrued interest | 15,608 | ||||
Interest payment | (14,507) | ||||
At March 31, 2024 | 403,749 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Fair value as of the acquisition date | ||||||||
Referência Agroinsumos (c) | CORAM (d) | |||||||
Assets | ||||||||
Cash equivalents | 8,135 | 15,352 | ||||||
Trade receivables | 31,464 | 61,791 | ||||||
Inventories | 43,680 | 47,481 | ||||||
Other assets | 11,473 | 12,779 | ||||||
Property, plant and equipment | 1,556 | 1,804 | ||||||
Intangible assets | 30,494 | 15,003 | ||||||
126,802 | 154,210 | |||||||
Liabilities | ||||||||
Trade payables | 56,137 | 79,298 | ||||||
Borrowings | 32,429 | 29,364 | ||||||
Advances from customers | 40,757 | 1,263 | ||||||
Other liabilities | 4,168 | 10,259 | ||||||
133,491 | 120,184 | |||||||
Total identifiable net assets at fair value | (6,689) | 34,026 | ||||||
Non-controlling interests | 2,007 | — | ||||||
Goodwill arising on acquisition | 106,794 | 15,847 | ||||||
Consideration transferred | 102,112 | 49,873 | ||||||
Cash paid | 67,112 | 20,000 | ||||||
Payable in installments | 35,000 | 29,873 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Item | March 31, 2024 | Nature | Valuation method | |||||||||||
Customer relationship | 45,462 | A loyal relationship between the acquirees and its customers, which translates into recurring purchases of products and services | Multi Period Excess Earnings Method (MPEEM) | |||||||||||
Total | 45,462 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | March 31, 2023 | |||||||
Revenues | 383,112 | 8,356,011 | ||||||
Profit (loss) for the period | (10,084) | (103,300) |
Revenues | Profit (loss) | Period from | |||||||||
Referência Agroinsumos | 256,567 | 28,078 | July, 2023 | ||||||||
CORAM | 56,443 | 1,560 | November, 2023 | ||||||||
Total | 313,010 | 29,638 |
Revenues | Profit (loss) | Period from | |||||||||
Provecampo | 23,913 | 2,869 | August, 2022 | ||||||||
Floema | 185,777 | 14,564 | August, 2022 | ||||||||
Casa Trevo | 110,705 | (546) | September, 2022 | ||||||||
Sollo Sul | 108,738 | (11,693) | December, 2022 | ||||||||
Dissul | 6,307 | 60 | December, 2022 | ||||||||
Total | 435,440 | 5,254 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | March 31, 2023 | |||||||
Profit (loss) before income taxes | (483,019) | (192,265) | ||||||
Statutory rate (i) | 34% | 34% | ||||||
Income taxes at statutory rate | 164,226 | 66,324 | ||||||
Unrecognized deferred tax asset (ii) | (123,876) | (162,506) | ||||||
Difference from income taxes calculation based on taxable profit computed as a percentage of gross revenue | (45) | 11,023 | ||||||
Deferred income taxes over goodwill tax recoverable | (5,139) | (5,044) | ||||||
Tax benefit (iii) | 71,130 | 163,963 | ||||||
Other | (6,034) | (3,543) | ||||||
Income tax expense | 100,262 | 70,217 | ||||||
Income tax and social contribution effective rate | -20.76% | 35.84% | ||||||
Current income taxes | 23,642 | (17,921) | ||||||
Deferred income taxes | 76,620 | 88,138 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | June 30, 2023 | |||||||
Deferred assets and liabilities: | ||||||||
Amortization of fair value adjustment | 62,926 | 66,065 | ||||||
Tax losses | 222,847 | 123,072 | ||||||
Allowance for expected credit losses | 68,177 | 49,026 | ||||||
Adjustment to present value | 7,476 | 14,222 | ||||||
Provision for management bonuses | 12,654 | 22,182 | ||||||
Allowance for inventory losses | 5,693 | 3,841 | ||||||
Financial effect on derivatives | 2,182 | (1,468) | ||||||
Fair value of commodity forward contracts | (6,301) | 31,343 | ||||||
Unrealized exchange gains or losses | (1,808) | (7,618) | ||||||
Unrealized profit in Inventories | 22,163 | (11,121) | ||||||
Amortized right-of-use assets | 5,142 | 6,273 | ||||||
Deferred tax on goodwill | (11,366) | (2,067) | ||||||
Other provisions | 3,635 | 22,981 | ||||||
Deferred income tax assets, net | 410,991 | 329,082 | ||||||
Deferred income tax liabilities, net | (17,571) | (12,351) | ||||||
Deferred income tax assets, net | 393,420 | 316,731 |
Deferred income tax and social contribution | |||||
At June 30, 2022 | 193,495 | ||||
Recognized in the statement of profit or loss | 128,362 | ||||
Deferred tax from acquired companies | (5,126) | ||||
At June 30, 2023 | 316,731 | ||||
Recognized in the statement of profit or loss | 76,689 | ||||
At March 31, 2024 | 393,420 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | June 30, 2023 | |||||||
Up to 1 year | 170,573 | 185,123 | ||||||
Over 1 year | 222,847 | 131,608 | ||||||
Total | 393,420 | 316,731 |
March 31, 2024 | June 30, 2023 | |||||||
Civil | 1,989 | — | ||||||
Tax | 2,629 | 9 | ||||||
Labor | 9,305 | 8,801 | ||||||
Environmental | 117 | 35 | ||||||
Total | 14,040 | 8,845 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | June 30, 2023 | |||||||
Opening balance | 488,578 | 320,560 | ||||||
Revenue recognized that was included in the contract liability balance at the beginning of the period | (656,759) | (320,560) | ||||||
Increase in advances | 525,922 | 427,463 | ||||||
Advances from acquired companies | 42,020 | 61,115 | ||||||
Ending balance | 399,761 | 488,578 |
March 31, 2024 | June 30, 2023 | |||||||
Assets | ||||||||
Trade receivables (i) | 25,959 | 24,487 | ||||||
Total assets | 25,959 | 24,487 | ||||||
Liabilities | ||||||||
Trade payables (i) | 4,993 | 1,675 | ||||||
Advances from customers (i) | 6,859 | — | ||||||
Payables for the acquisition of subsidiaries (ii) | 83,085 | 100,287 | ||||||
Total liabilities | 94,937 | 101,962 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
March 31, 2024 | March 31, 2023 | |||||||
Revenue from sales of products (i) | 27,902 | 28,699 | ||||||
Monitoring expenses (ii) | (15,079) | (16,699) | ||||||
Interest on payables for the acquisition of subsidiaries | (3,833) | (2,938) | ||||||
Other expenses | (2,471) | (205) | ||||||
Total | 6,519 | 8,857 |
March 31, 2024 | March 31, 2023 | |||||||
Wages | 13,524 | 10,433 | ||||||
Direct and indirect benefits | 978 | 435 | ||||||
Variable compensation (bonuses) | 16,737 | 23,677 | ||||||
Short-term benefits | 31,239 | 34,545 | ||||||
Share-based payment benefits | 13,454 | 6,927 | ||||||
Total | 44,693 | 41,472 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Other capital reserves | |||||
At June 30, 2022 | - | ||||
Share-based payments expense during the year | 14,533 | ||||
At June 30, 2023 | 14,533 | ||||
Share-based payments expense during the period | 910 | ||||
Share-based payments reversal during the period | (1,356) | ||||
At March 31, 2024 | 14,087 |
Options granted | |||||
At June 30, 2022 | - | ||||
Granted options | 49,518,732 | ||||
Canceled | (3,800,000) | ||||
At June 30, 2023 | 45,718,732 | ||||
Canceled | (3,566,672) | ||||
At March 31, 2024 | 42,152,060 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
RSUs granted | |||||
At June 30, 2023 | - | ||||
Granted options | 1,597,076 | ||||
Canceled | (57,274) | ||||
At March 31, 2024 | 1,539,802 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Weighted average ordinary shares of Lavoro | 113,602 | 113,602 | 113,602 | 113,602 | ||||||||||
Effects of dilution from: | ||||||||||||||
Share-based payment (i) | 2,109 | 1,606 | 2,150 | 1,606 | ||||||||||
Restricted stock unit plan (ii) | 1,540 | - | 1,376 | - | ||||||||||
Number of ordinary shares adjusted for the effect of dilution | 117,251 | 115,208 | 117,128 | 115,208 | ||||||||||
Loss for the period attributable to net investment of the parent/equity holders of the parent | (292,886) | (387,547) | (374,434) | (178,237) | ||||||||||
Basic loss per share | (2.58) | (3.41) | (3.30) | (1.57) | ||||||||||
Diluted loss per share | (2.58) | (3.41) | (3.30) | (1.57) |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Inputs Retails sales | ||||||||||||||
Brazil | 1,730,024 | 1,847,866 | 5,884,776 | 6,263,798 | ||||||||||
Colombia | 214,304 | 239,633 | 721,832 | 840,149 | ||||||||||
Private Label products | ||||||||||||||
Crop Care | 135,860 | 147,245 | 582,212 | 474,848 | ||||||||||
Grains (i) | ||||||||||||||
Brazil | 429,821 | 280,471 | 660,072 | 393,495 | ||||||||||
Colombia | 3,240 | 1,213 | 38,184 | 32,894 | ||||||||||
Services | ||||||||||||||
Colombia | 32,575 | 9,727 | 90,606 | 27,146 | ||||||||||
Total Revenues | 2,545,824 | 2,526,155 | 7,977,682 | 8,032,330 | ||||||||||
Summarized by region | ||||||||||||||
Brazil | 2,295,704 | 2,275,582 | 7,127,060 | 7,132,141 | ||||||||||
Colombia | 250,120 | 250,573 | 850,622 | 900,189 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Cost of inventory (i) | 2,215,725 | 2,114,075 | 6,762,623 | 6,459,093 | ||||||||||
Personnel expenses | 168,185 | 178,519 | 442,718 | 477,004 | ||||||||||
Maintenance of the units | 10,109 | 11,026 | 32,614 | 26,482 | ||||||||||
Consulting, legal and other services | 26,365 | 34,226 | 86,699 | 84,460 | ||||||||||
Freight on sales | 29,020 | 16,705 | 103,596 | 44,271 | ||||||||||
Commissions | 17,436 | 15,840 | 70,871 | 43,771 | ||||||||||
Storage | 4,202 | 2,387 | 14,981 | 5,404 | ||||||||||
Travel | 7,885 | 7,725 | 25,278 | 24,543 | ||||||||||
Depreciation | 5,276 | 4,272 | 14,985 | 12,512 | ||||||||||
Amortization of intangibles | 17,707 | 17,244 | 53,018 | 52,921 | ||||||||||
Amortization of right-of-use assets | 25,421 | 13,990 | 64,669 | 38,160 | ||||||||||
Taxes and fees | (3,202) | 7,372 | 18,486 | 21,998 | ||||||||||
Short term rentals | (1,258) | 9,878 | 7,468 | 24,187 | ||||||||||
Business events | (290) | 1,889 | 5,597 | 6,819 | ||||||||||
Marketing and advertising | 3,773 | 4,332 | 12,938 | 11,470 | ||||||||||
Insurance | (1,148) | 1,309 | 5,615 | 5,683 | ||||||||||
Utilities | 3,373 | 3,683 | 10,122 | 14,892 | ||||||||||
Allowance for expected credit losses | 42,520 | 22,028 | 118,732 | 39,866 | ||||||||||
Losses and damage of inventories | (854) | 4,958 | 4,149 | 11,061 | ||||||||||
Fuels and lubricants | 8,572 | 8,003 | 24,325 | 21,860 | ||||||||||
Other administrative expenditures | 18,347 | (22,803) | 46,029 | 19,374 | ||||||||||
Total | 2,597,164 | 2,456,658 | 7,925,513 | 7,445,831 | ||||||||||
Classified as: | ||||||||||||||
Cost of goods sold | 2,247,938 | 2,152,758 | 6,875,929 | 6,533,610 | ||||||||||
Sales, general and administrative expenses | 349,226 | 303,900 | 1,049,584 | 912,221 |
![]() | |||||
Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Finance income | ||||||||||||||
Interest from cash equivalents | 5,903 | 1,562 | 17,351 | 6,193 | ||||||||||
Interest arising from revenue contracts | 114,337 | 90,231 | 275,607 | 229,681 | ||||||||||
Interest from tax benefit (see note 20) | — | 1,047 | 17,735 | 11,437 | ||||||||||
Other | 4,270 | 4,063 | 11,115 | 9,475 | ||||||||||
Total | 124,510 | 96,903 | 321,808 | 256,786 | ||||||||||
Finance costs | ||||||||||||||
Interest on borrowings | (49,208) | (77,040) | (175,599) | (204,845) | ||||||||||
Interest on Agribusiness Receivables Certificates | (15,608) | — | (15,608) | — | ||||||||||
Interest on acquisitions of subsidiary | (3,518) | (352) | (11,190) | (3,258) | ||||||||||
Interest on FIAGRO | (2,107) | 2,763 | (18,064) | (22,171) | ||||||||||
Interest on leases | (6,055) | (4,362) | (14,750) | (12,689) | ||||||||||
Interest on trade payables | (194,349) | (156,755) | (517,806) | (435,931) | ||||||||||
Other | (46,410) | (23,848) | (78,305) | (46,185) | ||||||||||
Total | (317,255) | (259,594) | (831,322) | (725,079) | ||||||||||
Other Finance Income (Cost) | ||||||||||||||
Loss on fair value of commodity forward contracts | (49,345) | (7,712) | (69,126) | (12,686) | ||||||||||
Gain on changes in fair value of derivative instruments | 14,570 | 7,513 | 7,623 | - | ||||||||||
Foreign exchange differences on cash equivalents | 383 | (10,620) | 8,629 | (10,620) | ||||||||||
Foreign exchange differences on trade receivables and trade payables, net | (16,179) | 4,398 | (5,011) | (3,307) | ||||||||||
Foreign exchange differences on borrowings | (13,543) | 8,862 | (2,941) | 8,862 | ||||||||||
Gain on changes in fair value of warrants | 10,658 | 7,744 | 10,491 | 7,744 | ||||||||||
Total | (53,456) | 10,185 | (50,335) | (10,007) | ||||||||||
Finance costs, net | (246,201) | (152,506) | (559,849) | (478,300) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
Three-month period ended March 31, | Nine-month period ended March 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Listing expenses | — | (319,554) | — | (319,554) | ||||||||||
Sales of fixed assets | — | (303) | 3,163 | 1,289 | ||||||||||
Other operating income | 1,993 | (12,377) | 20,742 | 17,740 | ||||||||||
Total | 1,993 | (332,234) | 23,905 | (300,525) |
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Notes to the interim condensed consolidated financial statements (In thousands of Brazilian reais - R$, except if otherwise indicated) |
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