Lavoro Limited (Nasdaq: LVRO, LVROW), the first
U.S.-listed pure-play agricultural inputs retailer in Latin
America, today announced its financial results for the fiscal third
quarter of 2024, which ended on March 31, 2024.
Ruy Cunha, CEO of Lavoro, commented, “Farmer
profitability, a fundamental driver for our industry, is expected
to improve in the upcoming 2024/2025 crop year. However, in the
near term, we continue to observe farmers’ behavior in Brazil
remaining more risk-averse, which is translating to postponement of
purchasing decisions closer to need. This is resulting in the
current industry bookings curve of purchase orders for the upcoming
crop year being even further delayed as compared to the same time
last year. Consequently, a portion of products that we projected to
ship in 4Q24 are being pushed to next year, adversely impacting our
results in the quarter ahead.”
“In addition, the combined effects of El Nino on
farmer profitability in key ag producing states, coupled with the
weakness in grain commodity prices is prompting farmers to postpone
the sale of their stored grains, and has led to widespread delays
in farmer repayments to retailers across the industry. While our
stringent credit standards and industry-leading average client
creditworthiness have shielded us from meaningful surprises, we
opted to comply to requests for short-term payment term extensions
for a number of our long-standing profitable clients. We did so to
further these long-term relationships, and drive greater wallet
share over time. However, our prudent credit approval policy
compels us to wait for these clients to repay us before shipping
them additional products on credit, and as a result of these
decisions, we expect an adverse impact to our 4Q24 results compared
to our prior expectations.”
Mr. Cunha concluded. “Our view remains that the
secular fundamentals for Brazil farmers remain intact and that
these short-term deflationary headwinds and climate events will
dissipate leading to a resumption of growth. We remain focused on
controlling what we can control, improving our commercial
efficiency, bolstering our technical sales team, and positioning
ourselves to capture additional value as the market recovers. Our
year-to-date results continue to demonstrate our ability to
counteract these severe pricing and climate-driven market headwinds
in Brazil via our ability to drive market share gains and generate
volume growth. Notably, our Brazil Ag Retail segment Inputs revenue
decreased by -4% in Brazilian reais terms during this period,
contrasting with an estimated decrease of over 25% for the total
retail inputs market. In addition, our proactive efforts to recruit
seasoned agronomists who are bringing in new clients to our
platform continues to be fruitful, with an additional $35 million
in future net sales potential from new hires in the quarter,
pushing our total for the year to over $150 million. Finally, our
Crop Care segment continues to excel, particularly considering the
challenging environment for specialty products this year, with
year-to-date revenue and gross profit growth of 18% and 9%,
respectively.”
FY3Q24 Financial Highlights
- Consolidated revenue for Lavoro in 3Q24 increased by 6%
year-over-year (y/y) to $514.2 million, compared to the prior year
period, with positive y/y contributions from all three operating
segments. Grains revenue associated with our barter operations,
grew +61% to $87.5 million, while Inputs revenue declined -1% y/y
to $426.7 million, as robust volume growth, contribution from
recent M&A and currency tailwinds, continued to be offset by
the deflationary headwinds from input price declines.
- Brazil Ag Retail segment revenue grew by 5% to $450.0 million
in 3Q24, reflecting market share gains, robust volume growth across
all categories, the impact from the acquisitions of Referencia and
Coram, which collectively contributed 5% to 3Q24 segment revenue,
and a 5% currency tailwind from translating our results to USD.
Latam Ag Retail segment saw a 5% increase in revenue to $50.5
million, driven by strength in fertilizer and specialty product
sales volumes, as well as the appreciation of the Colombian peso.
Crop Care revenue increased by 30% to $22.1 million, led by the
strong performance of biologicals where revenues grew +53%, in
addition to the benefit of newly acquired Cromo Química, which
contributed 5% to segment revenue in the quarter.
- Consolidated gross profit decreased by -16% to $60.2 million in
3Q24, as gross margins contracted by -310 bps y/y to 11.7%, driven
by an increased mix of Grains revenue, the impact of inputs price
deflationary environment across all segments, and increased freight
expenses as % of revenue.
- Gross profit as % of Inputs revenue declined -250 bps y/y to
14.1% in 3Q24, a sequential improvement from -350 bps in 2Q24 and
-820bps in 1Q24. Similarly, the contraction in Gross Margins
(Inputs) in 3Q24 was driven by the inputs price declines, and
headwinds from increased in freight rates (-60 bps y/y
impact).
- Net loss for 3Q24 was $64.8 million, compared to a net loss of
$74.3 million in the prior year period. The $9.5 million
year-over-year positive improvement reflects the absence of a
one-time Nasdaq listing expense incurred in 3Q23 (+$61.5 million
impact relative to prior year quarter), partly offset by (i) a
decrease in gross profit (-$11.7 million), (ii) an increase in
SG&A (-$12.0 million), led by higher D&A expenses (-$2.9
million) and an increased allowance for expected credit losses
(-$4.3 million), (iii) higher total financial costs (-$20.4
million) led by a loss on fair value of commodity forward contracts
& derivatives (-$4.9 million) and foreign exchange differences
($6.4 million), and (iv) an increase in income tax expenses (-$11.3
million).
- Adjusted EBITDA2 was $3.7 million in 3Q24 compared to $24.8
million in the prior year period, with Adjusted EBITDA margin
contracting by -440 bps to 0.7%, reflecting the gross margin
compression detailed above, along with a 150 bps y/y increase in
the SG&A (excluding D&A) as a percentage of revenue.
- Adjusted Net Loss2 was $62.7 million in 3Q24, compared to $7.9
million in the prior year period, driven by the items detailed
above, and lower non-recurring expense items2.
|
Consolidated Results (USD) |
|
3Q23 |
3Q24 |
Chg. % |
|
9M23 |
9M24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Segment |
|
486.4 |
|
514.2 |
|
6 |
% |
|
1,534.9 |
|
1,616.0 |
|
5 |
% |
|
Brazil Ag Retail |
|
426.5 |
|
450.0 |
|
5 |
% |
|
1,309.6 |
|
1,390.5 |
|
6 |
% |
|
Latam Ag Retail |
|
48.2 |
|
50.5 |
|
5 |
% |
|
172.0 |
|
172.6 |
|
0 |
% |
|
Crop Care |
|
17.1 |
|
22.1 |
|
30 |
% |
|
110.7 |
|
130.6 |
|
18 |
% |
|
Intercompany eliminations3 |
|
(5.4 |
) |
(8.4 |
) |
|
|
(57.4 |
) |
(77.8 |
) |
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Category |
|
486.4 |
|
514.2 |
|
6 |
% |
|
1,534.9 |
|
1,616.0 |
|
5 |
% |
|
Inputs revenue |
|
432.2 |
|
426.7 |
|
(1 |
%) |
|
1,453.1 |
|
1,474.1 |
|
1 |
% |
|
Grains revenue |
|
54.2 |
|
87.5 |
|
61 |
% |
|
81.9 |
|
141.8 |
|
73 |
% |
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
71.9 |
|
60.2 |
|
(16 |
%) |
|
286.3 |
|
222.7 |
|
(22 |
%) |
|
Brazil Ag Retail |
|
51.6 |
|
43.5 |
|
(16 |
%) |
|
220.7 |
|
152.4 |
|
(31 |
%) |
|
Latam Ag Retail |
|
7.6 |
|
7.3 |
|
(4 |
%) |
|
28.6 |
|
26.4 |
|
(8 |
%) |
|
Crop Care |
|
8.0 |
|
9.1 |
|
14 |
% |
|
46.1 |
|
50.3 |
|
9 |
% |
|
Intercompany elim. |
|
4.7 |
|
0.3 |
|
|
|
(9.0 |
) |
(6.4 |
) |
|
| |
|
|
|
|
|
|
|
|
| Gross
Margin |
|
14.8 |
% |
11.7 |
% |
-310 bps |
|
18.7 |
% |
13.8 |
% |
-490 bps |
|
Brazil Ag Retail |
|
12.1 |
% |
9.7 |
% |
-240 bps |
|
16.9 |
% |
11.0 |
% |
-590 bps |
|
Latam Ag Retail |
|
15.8 |
% |
14.4 |
% |
-130 bps |
|
16.7 |
% |
15.3 |
% |
-140 bps |
|
Crop Care |
|
46.8 |
% |
41.2 |
% |
-550 bps |
|
41.6 |
% |
38.5 |
% |
-310 bps |
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (% of Inputs revenue) |
|
16.6 |
% |
14.1 |
% |
-250 bps |
|
19.7 |
% |
15.1 |
% |
-460 bps |
|
Brazil Ag Retail |
|
13.9 |
% |
12.0 |
% |
-190 bps |
|
17.9 |
% |
12.1 |
% |
-570 bps |
|
Latam Ag Retail |
|
15.8 |
% |
14.6 |
% |
-120 bps |
|
17.3 |
% |
16.0 |
% |
-130 bps |
|
Crop Care |
|
46.8 |
% |
41.2 |
% |
-550 bps |
|
41.6 |
% |
38.5 |
% |
-310 bps |
|
|
|
|
|
|
|
|
|
|
| SG&A (excl. D&A) |
|
(50.1 |
) |
(60.8 |
) |
21 |
% |
|
(150.2 |
) |
(185.8 |
) |
24 |
% |
| Other operating income
(expense) |
|
(64.0 |
) |
0.4 |
|
|
|
(57.9 |
) |
4.8 |
|
|
|
EBITDA |
|
(42.2 |
) |
(0.2 |
) |
|
|
78.1 |
|
41.8 |
|
|
| (+) Adjustment items |
|
66.9 |
|
3.9 |
|
|
|
70.7 |
|
13.3 |
|
|
|
Adjusted EBITDA |
|
24.8 |
|
3.7 |
|
(85 |
%) |
|
148.8 |
|
55.1 |
|
(63 |
%) |
|
Brazil Ag Retail |
|
17.2 |
|
1.4 |
|
(92 |
%) |
|
114.6 |
|
32.2 |
|
(72 |
%) |
|
Latam Ag Retail |
|
2.7 |
|
0.9 |
|
(66 |
%) |
|
14.3 |
|
8.7 |
|
(39 |
%) |
|
Crop Care |
|
0.5 |
|
1.9 |
|
268 |
% |
|
27.3 |
|
23.6 |
|
(13 |
%) |
|
Corporate & Intercompany elim. |
|
4.3 |
|
(0.5 |
) |
|
|
(9.4 |
) |
(9.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA Margin % |
|
5.1 |
% |
0.7 |
% |
-440 bps |
|
9.7 |
% |
3.4 |
% |
-630 bps |
| Adjusted EBITDA Margin (% of
Inputs) |
|
5.7 |
% |
0.9 |
% |
-490 bps |
|
10.2 |
% |
3.7 |
% |
-650 bps |
| |
|
|
|
|
|
|
|
|
| Share of profit of an
associate |
|
- |
|
0.5 |
|
|
|
- |
|
0.2 |
|
|
| D&A (incl. PPA
amortization)4 |
|
(8.4 |
) |
(9.8 |
) |
16 |
% |
|
(24.1 |
) |
(27.0 |
) |
12 |
% |
| Finance income (costs) |
|
(29.4 |
) |
(49.7 |
) |
69 |
% |
|
(91.4 |
) |
(113.0 |
) |
24 |
% |
| Income taxes, current and
deferred |
|
5.6 |
|
(5.6 |
) |
|
|
13.4 |
|
20.6 |
|
|
|
Net profit (loss) |
|
(74.3 |
) |
(64.8 |
) |
n.m. |
|
|
(23.9 |
) |
(77.5 |
) |
n.m. |
|
| (+) Adjustment items |
|
68.9 |
|
3.3 |
|
|
|
75.2 |
|
13.2 |
|
|
| (+) Income tax impact of
adjustments |
|
(2.5 |
) |
(1.1 |
) |
|
|
(4.7 |
) |
(4.5 |
) |
|
|
Adjusted net profit (loss) |
|
(7.9 |
) |
(62.7 |
) |
691 |
% |
|
46.7 |
|
(68.8 |
) |
n.m. |
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Results (BRL) |
|
3Q23 |
3Q24 |
Chg. % |
|
9M23 |
9M24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Segment |
|
486.4 |
|
514.2 |
|
6 |
% |
|
1,534.9 |
|
1,616.0 |
|
5 |
% |
|
Brazil Ag Retail |
|
426.5 |
|
450.0 |
|
5 |
% |
|
1,309.6 |
|
1,390.5 |
|
6 |
% |
|
Latam Ag Retail |
|
48.2 |
|
50.5 |
|
5 |
% |
|
172.0 |
|
172.6 |
|
0 |
% |
|
Crop Care |
|
17.1 |
|
22.1 |
|
30 |
% |
|
110.7 |
|
130.6 |
|
18 |
% |
|
Intercompany eliminations |
|
(5.4 |
) |
(8.4 |
) |
|
|
(57.4 |
) |
(77.8 |
) |
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Category |
|
486.4 |
|
514.2 |
|
6 |
% |
|
1,534.9 |
|
1,616.0 |
|
5 |
% |
|
Inputs revenue |
|
432.2 |
|
426.7 |
|
(1 |
%) |
|
1,453.1 |
|
1,474.1 |
|
1 |
% |
|
Grains revenue |
|
54.2 |
|
87.5 |
|
61 |
% |
|
81.9 |
|
141.8 |
|
73 |
% |
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
71.9 |
|
60.2 |
|
(16 |
%) |
|
286.3 |
|
222.7 |
|
(22 |
%) |
|
Brazil Ag Retail |
|
51.6 |
|
43.5 |
|
(16 |
%) |
|
220.7 |
|
152.4 |
|
(31 |
%) |
|
Latam Ag Retail |
|
7.6 |
|
7.3 |
|
(4 |
%) |
|
28.6 |
|
26.4 |
|
(8 |
%) |
|
Crop Care |
|
8.0 |
|
9.1 |
|
14 |
% |
|
46.1 |
|
50.3 |
|
9 |
% |
|
Intercompany elim. |
|
4.7 |
|
0.3 |
|
|
|
(9.0 |
) |
(6.4 |
) |
|
| |
|
|
|
|
|
|
|
|
| Gross
Margin |
|
14.8 |
% |
11.7 |
% |
-310 bps |
|
18.7 |
% |
13.8 |
% |
-490 bps |
|
Brazil Ag Retail |
|
12.1 |
% |
9.7 |
% |
-240 bps |
|
16.9 |
% |
11.0 |
% |
-590 bps |
|
Latam Ag Retail |
|
15.8 |
% |
14.4 |
% |
-130 bps |
|
16.7 |
% |
15.3 |
% |
-140 bps |
|
Crop Care |
|
46.8 |
% |
41.2 |
% |
-550 bps |
|
41.6 |
% |
38.5 |
% |
-310 bps |
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (% of Inputs revenue) |
|
16.6 |
% |
14.1 |
% |
-250 bps |
|
19.7 |
% |
15.1 |
% |
-460 bps |
|
Brazil Ag Retail |
|
13.9 |
% |
12.0 |
% |
-190 bps |
|
17.9 |
% |
12.1 |
% |
-570 bps |
|
Latam Ag Retail |
|
15.8 |
% |
14.6 |
% |
-120 bps |
|
17.3 |
% |
16.0 |
% |
-130 bps |
|
Crop Care |
|
46.8 |
% |
41.2 |
% |
-550 bps |
|
41.6 |
% |
38.5 |
% |
-310 bps |
|
|
|
|
|
|
|
|
|
|
| SG&A (excl. D&A) |
|
(50.1 |
) |
(60.8 |
) |
21 |
% |
|
(150.2 |
) |
(185.8 |
) |
24 |
% |
| Other operating income
(expense) |
|
(64.0 |
) |
0.4 |
|
|
|
(57.9 |
) |
4.8 |
|
|
|
EBITDA |
|
(42.2 |
) |
(0.2 |
) |
|
|
78.1 |
|
41.8 |
|
|
| (+) Adjustment items |
|
66.9 |
|
3.9 |
|
|
|
70.7 |
|
13.3 |
|
|
|
Adjusted EBITDA |
|
24.8 |
|
3.7 |
|
(85 |
%) |
|
148.8 |
|
55.1 |
|
(63 |
%) |
|
Brazil Ag Retail |
|
17.2 |
|
1.4 |
|
(92 |
%) |
|
114.6 |
|
32.2 |
|
(72 |
%) |
|
Latam Ag Retail |
|
2.7 |
|
0.9 |
|
(66 |
%) |
|
14.3 |
|
8.7 |
|
(39 |
%) |
|
Crop Care |
|
0.5 |
|
1.9 |
|
268 |
% |
|
27.3 |
|
23.6 |
|
(13 |
%) |
|
Corporate & Intercompany elim. |
|
4.3 |
|
(0.5 |
) |
|
|
(9.4 |
) |
(9.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA Margin % |
|
5.1 |
% |
0.7 |
% |
-440 bps |
|
9.7 |
% |
3.4 |
% |
-630 bps |
| Adjusted EBITDA Margin (% of
Inputs) |
|
5.7 |
% |
0.9 |
% |
-490 bps |
|
10.2 |
% |
3.7 |
% |
-650 bps |
| |
|
|
|
|
|
|
|
|
| Share of profit of an
associate |
|
- |
|
0.5 |
|
|
|
- |
|
0.2 |
|
|
| D&A (incl. PPA
amortization)5 |
|
(8.4 |
) |
(9.8 |
) |
16 |
% |
|
(24.1 |
) |
(27.0 |
) |
12 |
% |
| Finance income (costs) |
|
(29.4 |
) |
(49.7 |
) |
69 |
% |
|
(91.4 |
) |
(113.0 |
) |
24 |
% |
| Income taxes, current and
deferred |
|
5.6 |
|
(5.6 |
) |
|
|
13.4 |
|
20.6 |
|
|
|
Net profit (loss) |
|
(74.3 |
) |
(64.8 |
) |
n.m. |
|
|
(23.9 |
) |
(77.5 |
) |
n.m. |
|
| (+) Adjustment items |
|
68.9 |
|
3.3 |
|
|
|
75.2 |
|
13.2 |
|
|
| (+) Income tax impact of
adjustments |
|
(2.5 |
) |
(1.1 |
) |
|
|
(4.7 |
) |
(4.5 |
) |
|
|
Adjusted net profit (loss) |
|
(7.9 |
) |
(62.7 |
) |
691 |
% |
|
46.7 |
|
(68.8 |
) |
n.m. |
|
Segment Results
Brazil Ag Retail
- 3Q24 segment revenue increased by
11% (6% in BRL terms) to $450 million, driven by Grains revenue
which grew +61% to $86.8 million, the contribution of Referencia
and Coram, which accounted for 5% of segment revenues.
- Inputs revenue declined -3% to
$363.2 million, as the impact of input price deflation and the
adverse effects of the drought caused by El Nino more than offset
significant volume increases in crop protection (+20%), fertilizer
(+34%), specialty product (+47%), and seed (+40%) product
categories. This increase in volumes is primarily driven by market
share gains, as the retail inputs market is estimated to have seen
volume increases ranging low- to mid-single digits across product
categories this year. Seed product revenue rose by 29%, in part
benefiting from a shift in the timing of farmers' purchasing
decisions, which had postponed purchasing of corn seeds from 2Q24
to 3Q24.
- The impacts of El Nino continues to
be felt in parts of our operations most exposed to the effects of
the drought. Our operations in Brazil Cluster South, comprising the
states of Parana, Rio Grande do Sul and Santa Catarina, which were
mostly spared from the drought conditions, saw Inputs revenue grow
9% y/y in 3Q24, compared to an Inputs revenue decline of -17% in
our Brazil Cluster North operations which comprise the State of
Mato Grosso, most affected by the drought.
- Gross margin contracted by -240 bps
y/y to 9.7% in 3Q24, while Gross Margin (Inputs), which excludes
the mix-effect of Grains revenue, contracted by -190 bps to 12.0%,
a sequential improvement in y/y trends compared to 2Q24 (-510 bps
y/y) and 1Q24 (-1,060 bps). While prices at the farmgate for crop
protection and fertilizer prices declined year-over-year and
quarter-over-quarter in 3Q24, our average cost of goods sold
continued to gradually improve with the cycling of higher-cost
inventory in favor, helping drive this sequential improvement.
- Adjusted EBITDA was $1.4 million in
3Q24, compared to $17.2 million in the prior year quarter, with
Adjusted EBITDA margins contracting -370 bps to 0.3%. This margin
contraction is attributable to gross margins headwinds cited above,
as well as increase in SG&A expense ratio due to a higher
allowance for expected credit losses (increased by $5.6 million
over prior year quarter, a -120 bps y/y margin headwind) related to
the impact El Nino on delaying payments from farmer clients.
|
Brazil Ag Retail (USD) |
|
3Q23 |
3Q24 |
Chg. % |
|
3Q23 |
3Q24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inputs revenue |
|
372.5 |
|
363.2 |
|
(3 |
%) |
|
1,234.0 |
|
1,256.4 |
|
2 |
% |
| Grains revenue |
|
54.0 |
|
86.8 |
|
61 |
% |
|
75.6 |
|
134.1 |
|
77 |
% |
|
Revenue |
|
426.5 |
|
450.0 |
|
5 |
% |
|
1,309.6 |
|
1,390.5 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
51.6 |
|
43.5 |
|
(16 |
%) |
|
220.7 |
|
152.4 |
|
(31 |
%) |
|
Gross Margin |
|
12.1 |
% |
9.7 |
% |
-240 bps |
|
16.9 |
% |
11.0 |
% |
-590 bps |
|
Gross Margin (% of Inputs) |
|
13.9 |
% |
12.0 |
% |
-190 bps |
|
17.9 |
% |
12.1 |
% |
-570 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
17.2 |
|
1.4 |
|
(92 |
%) |
|
116.6 |
|
32.2 |
|
(72 |
%) |
|
Adjusted EBITDA margin |
|
4.0 |
% |
0.3 |
% |
-370 bps |
|
8.9 |
% |
2.3 |
% |
-660 bps |
|
Adjusted EBITDA margin (% of Inputs) |
|
4.6 |
% |
0.4 |
% |
-420 bps |
|
9.5 |
% |
2.6 |
% |
-690 bps |
|
Brazil Ag Retail (BRL) |
|
3Q23 |
3Q24 |
Chg. % |
|
9M23 |
9M24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inputs revenue |
|
1,934.6 |
|
1,798.0 |
|
(7 |
%) |
|
6,459.4 |
|
6,205.5 |
|
(4 |
%) |
| Grains revenue |
|
280.5 |
|
429.8 |
|
53 |
% |
|
393.5 |
|
660.1 |
|
68 |
% |
|
Revenue |
|
2,215.0 |
|
2,227.8 |
|
1 |
% |
|
6,852.9 |
|
6,865.6 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
268.1 |
|
215.4 |
|
(20 |
%) |
|
1,155.7 |
|
754.9 |
|
(35 |
%) |
|
Gross Margin |
|
12.1 |
% |
9.7 |
% |
-240 bps |
|
16.9 |
% |
11.0 |
% |
-590 bps |
|
Gross Margin (% of Inputs) |
|
13.9 |
% |
12.0 |
% |
-190 bps |
|
17.9 |
% |
12.2 |
% |
-570 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
89.4 |
|
6.7 |
|
(92 |
%) |
|
611.3 |
|
162.0 |
|
(74 |
%) |
|
Adjusted EBITDA margin |
|
4.0 |
% |
0.3 |
% |
-370 bps |
|
8.9 |
% |
2.4 |
% |
-660 bps |
|
Adjusted EBITDA margin (% of Inputs) |
|
4.6 |
% |
0.4 |
% |
-420 bps |
|
9.5 |
% |
2.6 |
% |
-690 bps |
Latam Ag Retail
- Segment
revenue was $50.5 million in 3Q24, marking a 5% increase from the
prior year quarter (roughly flat y/y in BRL terms), led by the
currency tailwind stemming from the appreciation of the Colombian
Peso relative to the US dollar (+22% y/y in 3Q24) and Brazilian
real (+16%), robust growth in fertilizer sales volumes (+51%),
partly offset by (i) input price declines in crop protection and
fertilizers, (ii) lower corn seed revenue due to drought conditions
in the north of the country stemming from El Nino reducing planted
corn acres by an estimated -10%, and (iii) the ongoing impact of
the discontinuation of a major herbicide from a major supplier’s
product lineup.
- Segment
gross profit was $7.3 million in 3Q24, a decrease of -4% over the
prior year period, while gross margins declining by -130 bps to
14.4%, due primarily to the above-mentioned impact of pricing
deflation to crop protection and fertilizer distribution margins,
as well as the negative mix impact from lower contribution from
higher margin seed product sales.
- Adjusted EBITDA
was $0.9 million in 3Q24 compared to $2.7 million in the prior year
quarter, and Adjusted EBITDA margins compressed by -380 bps to
1.8%. In addition to the impact of gross margin decline, Adjusted
EBITDA margins were negatively impacted by a higher allowance for
expected credit losses (increased by $0.5 million y/y, a -110 bps
y/y margin impact) and a -80bps y/y margin impact from an increases
in operating expenses driven partly be the appreciation of the
peso.
|
Latam Ag Retail (USD) |
|
3Q23 |
3Q24 |
Chg. % |
|
3Q23 |
3Q24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Inputs & services revenue |
|
48.0 |
|
49.9 |
|
4 |
% |
|
165.7 |
|
164.9 |
|
(0 |
%) |
| Grains revenue |
|
0.2 |
|
0.7 |
|
180 |
% |
|
6.3 |
|
7.7 |
|
23 |
% |
|
Revenue |
|
48.2 |
|
50.5 |
|
5 |
% |
|
172.0 |
|
172.6 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
7.6 |
|
7.3 |
|
(4 |
%) |
|
28.6 |
|
26.4 |
|
(8 |
%) |
|
Gross Margin |
|
15.8 |
% |
14.4 |
% |
-130 bps |
|
16.7 |
% |
15.3 |
% |
-140 bps |
|
Gross Margin (% of Inputs) |
|
15.8 |
% |
14.6 |
% |
-120 bps |
|
17.3 |
% |
16.0 |
% |
-130 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
2.7 |
|
0.9 |
|
(66 |
%) |
|
14.3 |
|
8.7 |
|
(39 |
%) |
|
Adjusted EBITDA margin |
|
5.7 |
% |
1.8 |
% |
-380 bps |
|
8.3 |
% |
5.1 |
% |
-330 bps |
|
Latam Ag Retail (BRL) |
|
3Q23 |
3Q24 |
Chg. % |
|
9M23 |
9M24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Inputs & services revenue |
|
249.4 |
|
246.9 |
|
(1 |
%) |
|
867.3 |
|
812.4 |
|
(6 |
%) |
| Grains revenue |
|
1.2 |
|
3.2 |
|
167 |
% |
|
32.9 |
|
38.2 |
|
16 |
% |
|
Revenue |
|
250.6 |
|
250.1 |
|
(0 |
%) |
|
900.2 |
|
850.6 |
|
(6 |
%) |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
39.5 |
|
36.1 |
|
(9 |
%) |
|
150.0 |
|
130.0 |
|
(13 |
%) |
|
Gross Margin |
|
15.8 |
% |
14.4 |
% |
-130 bps |
|
16.7 |
% |
15.3 |
% |
-140 bps |
|
Gross Margin (% of Inputs) |
|
15.8 |
% |
14.6 |
% |
-120 bps |
|
17.3 |
% |
16.0 |
% |
-130 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
14.2 |
|
4.6 |
|
(67 |
%) |
|
75.1 |
|
43.0 |
|
(43 |
%) |
|
Adjusted EBITDA margin |
|
5.7 |
% |
1.8 |
% |
-380 bps |
|
8.3 |
% |
5.1 |
% |
-330 bps |
Crop Care
- Segment
revenue grew 30% (24% in BRL terms) to $22.1 million in 3Q24, led
by biologicals which grew +53% y/y, specialty fertilizers which
grew +6%, and the contribution of recently acquired Cromo Química,
which represented 5% of segment revenue in the quarter. The
strength in biologicals was in part helped by a shift in the timing
of sales from 2Q24 to 3Q24 due to delays in farmers’ purchasing
decisions, as well as an increase in whitefly infestation in
soybean fields early in the quarter, which led to strong demand for
our bioinsecticide products. Specialty fertilizer and adjuvant
sales from our subsidiary Union Agro in the quarter were adversely
impacted on a year-over-year basis by the shift in timing of
product deliveries to our Brazil Ag Retail from 3Q24 to 2Q24.
- Segment
gross profit grew 14% y/y to $9.1 million in 3Q24, while gross
margins decreased by -550 bps to 41.2%, as the benefit of a more
favorable mix of high margin biologicals as percentage of segment
revenue was more than offset by (i) margin contraction within
biologicals driven by tactical price reductions to stimulate sales
volume, (ii) negative product mix within Union Agro, as farmers
continued to favor more affordable basic products in lieu of
premium foliar fertilizer due in part by the El Nino-driven risk
aversion on the Safrinha crop, and (iii) an increase in freight
rates.
- Adjusted EBITDA improved to $1.9
million in 3Q24, compared to $0.5 million in the prior year period,
and Adjusted EBITDA margins increased by +550 bps to 8.5%, with
growth in Adj. EBITDA primarily explained by the increase in gross
profit. Adjusted EBITDA margin improvement was driven by better
fixed cost absorption on higher revenue, partly offset by operating
expenses and lower gross margins.
|
Crop Care (USD) |
|
3Q23 |
3Q24 |
Chg. % |
|
3Q23 |
3Q24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Revenue |
|
17.1 |
|
22.1 |
|
30 |
% |
|
110.7 |
|
130.6 |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
8.0 |
|
9.1 |
|
14 |
% |
|
46.1 |
|
50.3 |
|
9 |
% |
|
Gross Margin |
|
46.8 |
% |
41.2 |
% |
-550 bps |
|
41.6 |
% |
38.5 |
% |
-310 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
0.5 |
|
1.9 |
|
268 |
% |
|
27.3 |
|
23.6 |
|
(13 |
%) |
|
Adjusted EBITDA margin |
|
3.0 |
% |
8.5 |
% |
550 bps |
|
24.6 |
% |
18.1 |
% |
-650 bps |
|
Crop Care (BRL) |
|
3Q23 |
3Q24 |
Chg. % |
|
9M23 |
9M24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Revenue |
|
88.6 |
|
109.5 |
|
24 |
% |
|
580.1 |
|
645.3 |
|
11 |
% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
41.4 |
|
45.2 |
|
9 |
% |
|
240.9 |
|
248.4 |
|
3 |
% |
|
Gross Margin |
|
46.8 |
% |
41.2 |
% |
-550 bps |
|
41.5 |
% |
38.5 |
% |
-300 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
2.7 |
|
9.3 |
|
251 |
% |
|
142.9 |
|
117.7 |
|
(18 |
%) |
|
Adjusted EBITDA margin |
|
3.0 |
% |
8.5 |
% |
550 bps |
|
24.6 |
% |
18.2 |
% |
-640 bps |
Full Fiscal Year 2024 Consolidated
Outlook6
Lavoro is updating its FY2024 outlook, with consolidated revenue
now projected between $1.80 billion and $1.95 billion, consolidated
Inputs revenue expected to range from $1.6 billion to $1.75
billion, and consolidated Adjusted EBITDA anticipated to be between
$46 million and $55 million.
On a BRL basis, consolidated revenue is projected to be range
between R$8.9 billion and R$9.7 billion, Inputs revenue to be
between R$7.9 billion and R$8.7 billion, and Adj. EBITDA to be
between R$230 million and R$280 million.
| |
|
FY2024 Guidance |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Prior (USD) |
|
Revised (USD) |
|
Revised (BRL) |
|
|
Consolidated Financials Outlook |
|
Low |
High |
|
Low |
High |
|
Low |
High |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
2,000 |
2,300 |
|
1,800 |
1,950 |
|
8,900 |
9,700 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Inputs
revenue |
|
1,700 |
2,000 |
|
1,600 |
1,750 |
|
7,900 |
8,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
80 |
110 |
|
46 |
55 |
|
230 |
280 |
|
Conference Call Details
The Company will host a conference call and
webcast to review its fiscal Third Quarter 2024 results on June 3,
2024, at 6 pm ET / 7 pm BRT.
Participant numbers: 1-877-407-9716 (U.S.), 1-201-493-6779
(International)
The live audio webcast will be accessible in the
Events section on the Company's Investor Relations website at
https://ir.lavoroagro.com/disclosure-and-documents/events/.
Non-IFRS Financial Measures
This press release contains certain non-IFRS
financial measures, including Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss
Margin. A non-IFRS financial measure is generally defined as a
numerical measure of historical or future financial performance,
financial position, or cash flow that purports to measure financial
performance but excludes or includes amounts that would not be so
adjusted in the most comparable IFRS measure. The Company believes
these non-IFRS financial measures provide meaningful supplemental
information as they are used by the Company's management to
evaluate the Company's performance, and provide additional
information about trends in our operating performance prior to
considering the impact of capital structure, depreciation,
amortization and taxation on our results, as well as the effects of
certain items or events that vary widely among similar companies,
and therefore may hamper comparability across periods, although
these measures are not explicitly defined under IFRS. Management
believes that these measures enhance a reader's understanding of
the operating and financial performance of the Company and
facilitate a better comparison between fiscal periods. Adjusted
EBITDA is defined as profit (loss) for the year, adjusted for
finance income (costs), net, income taxes, depreciation and
amortization and excluding the impact of certain revenues, expenses
and costs that we believe are isolated in nature incurred as part
of our expansion, namely: (i) fair value on inventories sold from
acquired companies, (ii) M&A adjustments that in management’s
judgment do not necessarily occur on a regular basis, (iii) listing
and other expenses recognized in connection with the Business
Combination, (iv) share-based compensation expenses, (v) bonuses
paid out to our employees as a result of the closing of the
Business Combination, (vi) expenses paid to Patria in connection
with management consultancy services, (vii) depreciation and
amortization recognize on cost of goods sold and (viii)
losses/gains on the fair value of commodity forward contracts.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a
percentage of revenue for the period/year. Adjusted Net Profit/Loss
is defined as Net Profit/Loss excluding the impact of certain
revenues, expenses and costs that we believe are isolated in nature
incurred as part of our expansion, namely: (i) fair value on
inventories sold from acquired companies, (ii) M&A adjustments
that in management’s judgment do not necessarily occur on a regular
basis, (iii) listing and other expenses recognized in connection
with the Business Combination, (iv) share-based compensation
expenses, (v) bonuses paid out to our employees as a result of the
closing of the Business Combination, (vi) expenses paid to Patria
in connection with management consultancy services, (vii)
depreciation and amortization recognize on cost of goods sold and
(viii) losses/gains on the fair value of commodity forward
contracts. Adjusted Net Profit/Loss Margin is calculated as
Adjusted Net Profit/Loss as a percentage of revenue for the
period/year.
The Company does not intend for the non-IFRS
financial measures contained in this release to be a substitute for
any IFRS financial information. Readers of this press release
should use these non-IFRS financial measures only in conjunction
with comparable IFRS financial measures. Reconciliations of the
non-IFRS financial measures Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss
Margin, to their most comparable IFRS measures, are provided in the
table below.
Reconciliation of Adjusted
EBITDA
| |
|
Results in BRL |
|
Results in USD |
| |
|
(in millions of Brazilian reais) |
|
(in millions of US dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Results |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
(386.0 |
) |
(320.9 |
) |
|
(122.1 |
) |
(382.8 |
) |
|
(74.3 |
) |
(64.8 |
) |
|
(23.9 |
) |
(77.5 |
) |
| (+) Income taxes |
|
(29.2 |
) |
27.9 |
|
|
(70.2 |
) |
(100.3 |
) |
|
(5.6 |
) |
5.6 |
|
|
(13.4 |
) |
(20.6 |
) |
| (+) Finance income
(costs) |
|
152.5 |
|
246.2 |
|
|
478.3 |
|
559.8 |
|
|
29.4 |
|
49.7 |
|
|
91.4 |
|
113.0 |
|
| (+) Depreciation and
amortization |
|
43.8 |
|
48.4 |
|
|
126.2 |
|
133.4 |
|
|
8.4 |
|
9.8 |
|
|
24.1 |
|
27.0 |
|
| (+) Share of profit of an
associate |
|
- |
|
(2.5 |
) |
|
- |
|
(0.8 |
) |
|
- |
|
(0.5 |
) |
|
- |
|
(0.2 |
) |
| (+) M&A expenses |
|
2.1 |
|
1.4 |
|
|
7.1 |
|
20.7 |
|
|
0.4 |
|
0.3 |
|
|
1.4 |
|
4.2 |
|
| (+) Stock-based
compensation |
|
0.5 |
|
2.8 |
|
|
11.9 |
|
13.5 |
|
|
0.1 |
|
0.6 |
|
|
2.3 |
|
2.7 |
|
| (+) DeSPAC related bonus |
|
25.4 |
|
10.6 |
|
|
25.4 |
|
17.6 |
|
|
4.9 |
|
2.1 |
|
|
4.9 |
|
3.6 |
|
| (+) Related party consultancy
services |
|
- |
|
4.5 |
|
|
3.1 |
|
13.2 |
|
|
- |
|
0.9 |
|
|
0.6 |
|
2.7 |
|
| (+) Nasdaq listing
expenses |
|
319.6 |
|
- |
|
|
319.6 |
|
- |
|
|
61.5 |
|
- |
|
|
61.5 |
|
- |
|
| (+) Other non-operating
(benefits) expenses |
|
- |
|
- |
|
|
0.2 |
|
0.6 |
|
|
- |
|
- |
|
|
- |
|
0.1 |
|
|
Adjusted EBITDA |
|
128.7 |
|
18.3 |
|
|
779.5 |
|
274.9 |
|
|
24.8 |
|
3.7 |
|
|
148.8 |
|
55.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil Ag Retail |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
(70.2 |
) |
(297.2 |
) |
|
122.1 |
|
(396.8 |
) |
|
(13.5 |
) |
(60.0 |
) |
|
23.2 |
|
(80.3 |
) |
| (+) Income taxes |
|
(40.4 |
) |
22.6 |
|
|
(104.2 |
) |
(107.8 |
) |
|
(7.8 |
) |
4.6 |
|
|
(19.9 |
) |
(22.1 |
) |
| (+) Finance income
(costs) |
|
135.8 |
|
231.8 |
|
|
443.5 |
|
517.3 |
|
|
26.2 |
|
46.8 |
|
|
84.7 |
|
104.3 |
|
| (+) Depreciation and
amortization |
|
38.8 |
|
43.0 |
|
|
108.8 |
|
109.1 |
|
|
7.5 |
|
8.7 |
|
|
20.7 |
|
22.1 |
|
| (+) Share of profit of an
associate |
|
- |
|
(4.4 |
) |
|
- |
|
(0.1 |
) |
|
- |
|
(0.9 |
) |
|
- |
|
- |
|
| (+) M&A expenses |
|
1.6 |
|
0.2 |
|
|
4.5 |
|
4.7 |
|
|
0.3 |
|
0.0 |
|
|
0.9 |
|
0.9 |
|
| (+) Stock-based
compensation |
|
0.4 |
|
(1.1 |
) |
|
10.4 |
|
9.1 |
|
|
0.1 |
|
(0.2 |
) |
|
2.0 |
|
1.8 |
|
| (+) DeSPAC related bonus |
|
23.4 |
|
7.6 |
|
|
23.4 |
|
14.6 |
|
|
4.5 |
|
1.5 |
|
|
4.5 |
|
3.0 |
|
| (+) Related party consultancy
services |
|
- |
|
4.2 |
|
|
2.8 |
|
11.9 |
|
|
- |
|
0.8 |
|
|
0.5 |
|
2.4 |
|
|
Adjusted EBITDA |
|
89.4 |
|
6.7 |
|
|
611.3 |
|
162.0 |
|
|
17.2 |
|
1.4 |
|
|
116.6 |
|
32.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latam Ag Retail |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
3.3 |
|
(7.1 |
) |
|
32.4 |
|
7.0 |
|
|
0.6 |
|
(1.4 |
) |
|
6.2 |
|
1.4 |
|
| (+) Income taxes |
|
2.4 |
|
(1.3 |
) |
|
18.8 |
|
7.6 |
|
|
0.5 |
|
(0.3 |
) |
|
3.6 |
|
1.5 |
|
| (+) Finance income
(costs) |
|
4.0 |
|
7.3 |
|
|
11.3 |
|
17.1 |
|
|
0.8 |
|
1.5 |
|
|
2.2 |
|
3.5 |
|
| (+) Depreciation and
amortization |
|
2.1 |
|
2.8 |
|
|
8.3 |
|
8.3 |
|
|
0.4 |
|
0.6 |
|
|
1.6 |
|
1.7 |
|
| (+) Share of profit of an
associate |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
| (+) M&A expenses |
|
0.4 |
|
- |
|
|
2.2 |
|
- |
|
|
0.1 |
|
- |
|
|
0.4 |
|
- |
|
| (+) DeSPAC related bonus |
|
2.1 |
|
3.0 |
|
|
2.1 |
|
3.0 |
|
|
0.4 |
|
0.6 |
|
|
0.4 |
|
0.6 |
|
|
Adjusted EBITDA |
|
14.2 |
|
4.6 |
|
|
75.1 |
|
43.0 |
|
|
2.7 |
|
0.9 |
|
|
14.3 |
|
8.7 |
|
| |
|
Results in BRL |
|
Results in USD |
| |
|
(in millions of Brazilian reais) |
|
(in millions of US dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Crop Care |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
(11.1 |
) |
(19.7 |
) |
|
79.1 |
|
47.6 |
|
|
(2.1 |
) |
(4.0 |
) |
|
15.1 |
|
9.6 |
|
| (+) Income taxes |
|
0.5 |
|
6.2 |
|
|
31.4 |
|
10.7 |
|
|
0.1 |
|
1.3 |
|
|
6.0 |
|
2.1 |
|
| (+) Finance income
(costs) |
|
10.1 |
|
18.5 |
|
|
20.8 |
|
41.7 |
|
|
1.9 |
|
3.7 |
|
|
4.0 |
|
8.4 |
|
| (+) Depreciation and
amortization |
|
2.9 |
|
2.7 |
|
|
9.1 |
|
15.9 |
|
|
0.6 |
|
0.5 |
|
|
1.7 |
|
3.2 |
|
| (+) Share of profit of an
associate |
|
- |
|
0.7 |
|
|
- |
|
(1.2 |
) |
|
- |
|
0.1 |
|
|
- |
|
(0.3 |
) |
| (+) M&A expenses |
|
0.2 |
|
0.3 |
|
|
0.4 |
|
0.3 |
|
|
0.0 |
|
0.1 |
|
|
0.1 |
|
0.1 |
|
| (+) Stock-based
compensation |
|
0.1 |
|
0.4 |
|
|
1.5 |
|
0.9 |
|
|
0.0 |
|
0.1 |
|
|
0.3 |
|
0.2 |
|
| (+) Related party consultancy
services |
|
- |
|
0.3 |
|
|
0.4 |
|
1.3 |
|
|
- |
|
0.1 |
|
|
0.1 |
|
0.3 |
|
| (+) Other non-operating
(benefits) expenses |
|
- |
|
- |
|
|
0.2 |
|
0.6 |
|
|
- |
|
- |
|
|
0.0 |
|
0.1 |
|
|
Adjusted EBITDA |
|
2.7 |
|
9.3 |
|
|
142.9 |
|
117.7 |
|
|
0.5 |
|
1.9 |
|
|
27.3 |
|
23.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate & Intercompany Elim. |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
(308.0 |
) |
3.0 |
|
|
(355.7 |
) |
(40.6 |
) |
|
(59.3 |
) |
0.6 |
|
|
(68.4 |
) |
(8.2 |
) |
| (+) Income taxes |
|
8.3 |
|
0.4 |
|
|
(16.3 |
) |
(10.7 |
) |
|
1.6 |
|
0.1 |
|
|
(3.1 |
) |
(2.2 |
) |
| (+) Finance income
(costs) |
|
2.6 |
|
(11.4 |
) |
|
2.6 |
|
(16.3 |
) |
|
0.5 |
|
(2.3 |
) |
|
0.5 |
|
(3.3 |
) |
| (+) Share of profit of an
associate |
|
- |
|
1.2 |
|
|
- |
|
0.6 |
|
|
- |
|
0.2 |
|
|
- |
|
0.1 |
|
| (+) M&A expenses |
|
- |
|
0.9 |
|
|
- |
|
15.8 |
|
|
- |
|
0.2 |
|
|
- |
|
3.2 |
|
| (+) Stock-based
compensation |
|
- |
|
3.4 |
|
|
- |
|
3.4 |
|
|
- |
|
0.7 |
|
|
- |
|
0.7 |
|
| (+) Other non-operating
(benefits) expenses |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
Adjusted EBITDA |
|
22.5 |
|
(2.4 |
) |
|
(49.8 |
) |
(47.8 |
) |
|
4.3 |
|
(0.5 |
) |
|
(9.4 |
) |
(9.7 |
) |
Reconciliation of Adjusted Net Profit
(Loss)
| |
|
Results in BRL |
|
Results in USD |
| |
|
(in millions of Brazilian reais) |
|
(in millions of US dollars) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Results |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
|
3Q23 |
3Q24 |
|
9M23 |
9M24 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit (loss) |
|
(386.0 |
) |
(320.9 |
) |
|
(122.1 |
) |
(382.8 |
) |
|
(74.3 |
) |
(64.8 |
) |
|
(23.9 |
) |
(77.5 |
) |
| (+) FV of inventories from
acquired companies |
|
10.3 |
|
(0.4 |
) |
|
24.1 |
|
0.7 |
|
|
2.0 |
|
(0.1 |
) |
|
4.6 |
|
0.2 |
|
| (+) Share of profit of an
associate |
|
- |
|
(2.5 |
) |
|
- |
|
(0.8 |
) |
|
- |
|
(0.5 |
) |
|
- |
|
(0.2 |
) |
| (+) M&A expenses |
|
2.1 |
|
1.4 |
|
|
7.1 |
|
20.7 |
|
|
0.4 |
|
0.3 |
|
|
1.4 |
|
4.2 |
|
| (+) Stock-based
compensation |
|
0.5 |
|
2.8 |
|
|
11.9 |
|
13.5 |
|
|
0.1 |
|
0.6 |
|
|
2.3 |
|
2.7 |
|
| (+) DeSPAC related bonus |
|
25.4 |
|
10.6 |
|
|
25.4 |
|
17.6 |
|
|
4.9 |
|
2.1 |
|
|
4.9 |
|
3.6 |
|
| (+) Related party consultancy
services |
|
- |
|
4.5 |
|
|
3.1 |
|
13.2 |
|
|
- |
|
0.9 |
|
|
0.6 |
|
2.7 |
|
| (+) Nasdaq listing
expenses |
|
319.6 |
|
- |
|
|
319.6 |
|
- |
|
|
61.5 |
|
- |
|
|
61.5 |
|
- |
|
| (+) Other non-operating
(benefits) expenses |
|
- |
|
- |
|
|
0.2 |
|
0.6 |
|
|
- |
|
- |
|
|
- |
|
0.0 |
|
| (+) Tax impact of
adjustments |
|
(13.0 |
) |
(5.5 |
) |
|
(24.4 |
) |
(22.2 |
) |
|
(2.5 |
) |
(1.1 |
) |
|
(4.7 |
) |
(4.5 |
) |
|
Adjusted net profit (loss) |
|
(41.1 |
) |
(310.2 |
) |
|
244.9 |
|
(339.6 |
) |
|
(7.9 |
) |
(62.7 |
) |
|
46.7 |
|
(68.8 |
) |
About Lavoro
Lavoro is Brazil's largest agricultural inputs
retailer and a leading producer of agricultural biological
products. Lavoro's shares and warrants are listed on the Nasdaq
stock exchange under the tickers "LVRO" and "LVROW." Through its
comprehensive portfolio of products and services, the company
empowers small and medium-size farmers to adopt the latest emerging
agricultural technologies and enhance their productivity. Since its
founding in 2017, Lavoro has broadened its reach across Latin
America, serving 72,000 customers in Brazil, Colombia, and Uruguay,
via its team of over 1,000 technical sales representatives (RTVs),
its network of over 210 retail locations, and its digital
marketplace and solutions. Lavoro's RTVs are local trusted advisors
to farmers, regularly meeting them to provide agronomic
recommendations throughout the crop cycle to drive optimized
outcomes. Learn more about Lavoro at ir.lavoroagro.com.
Reportable Segments
Lavoro’s reportable segments are the
following:
Brazil Ag Retail: comprises companies dedicated
to the distribution of agricultural inputs such as crop protection,
seeds, fertilizers, and specialty products, in Brazil.
Latam Ag Retail: includes companies dedicated to
the distribution of agricultural inputs outside Brazil (currently
primarily in Colombia).
Crop Care: includes companies that produce
specialty products (e.g., biologicals, specialty fertilizers,
biostimulants and adjuvants) sold to Lavoro’s ag retail operations
and to third-party clients, and import post-patent agrochemicals
from Asia.
Lavoro’s Fiscal Year
Lavoro follows the crop year, which means that
its fiscal year comprises July 1st of each year, until June 30 of
the following year. Given this, Lavoro’s quarters have the
following format:
1Q – quarter starting on July 1 and ending on
September 30.2Q – quarter starting on October 1 and ending on
December 31.3Q – quarter starting on January 1 and ending on March
31.4Q – quarter starting on April 1 and ending on June 30.
Definitions
RTVs: refer to Lavoro’s technical sales
representatives (Representante Técnico de Vendas), who are linked
to its retail stores, and who develop commercial relationships with
farmers.
Forward-Looking Statements
The contents of any website mentioned or
hyperlinked in this press release are for informational purposes
and the contents thereof are not part of or incorporated into this
press release.
Certain statements made in this presentation are
“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 “aims,” “estimate,” “plan,”
“project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding the
expectations regarding the growth of Lavoro's business and its
ability to realize expected results, grow revenue from existing
customers, and consummate acquisitions; opportunities, trends, and
developments in the agricultural input industry, including with
respect to future financial performance in the industry. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
any investor as, a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Lavoro.
These forward-looking statements are subject to
a number of risks and uncertainties, including but not limited to,
the outcome of any legal proceedings that may be instituted against
Lavoro related to the business combination agreement or the
transaction; the ability to maintain the listing of Lavoro's
securities on Nasdaq; the price of Lavoro's securities may be
volatile due to a variety of factors, including changes in the
competitive and regulated industries in which Lavoro operates,
variations in operating performance across competitors, changes in
laws and regulations affecting Lavoro's business; Lavoro's
inability to meet or exceed its financial projections and changes
in the consolidated capital structure; changes in general economic
condition; the ability to implement business plans, forecasts, and
other expectations, changes in domestic and foreign business,
market, financial, political and legal conditions; the outcome of
any potential litigation, government and regulatory proceedings,
investigations and inquiries; costs related to the business
combination and being a public company and other risks and
uncertainties indicated from time to time in the proxy
statement/prospectus filed by Lavoro relating to the business
combination or in the future, including those under “Risk Factors”
therein, and in Lavoro's other filings with the SEC. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Lavoro currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Lavoro's expectations, plans, or forecasts of future events
and views as of the date of this presentation. Lavoro anticipates
that subsequent events and developments will cause Lavoro's
assessments to change. However, while Lavoro may elect to update
these forward-looking statements at some point in the future,
Lavoro specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lavoro's assessments as of any date subsequent to the
date of this presentation. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
In addition, forward-looking statements reflect
Lavoro’s expectations, plans, or forecasts of future events and
views as of the date of this press release. Lavoro anticipates that
subsequent events and developments will cause Lavoro’s assessments
to change. However, while Lavoro may elect to update these
forward-looking statements at some point in the future, Lavoro
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lavoro’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Contact
Julian Garrido, CFOjulian.garrido@lavoroagro.com
Tigran Karapetian, Head of Investor
Relationstigran.karapetian@lavoroagro.com
Fernanda Rosa, Manager of IRfernanda.rosa@lavoroagro.com
1 Financials presented in US dollars in throughout this release
are converted using the following average period USD/BRL exchange
rate: 4.952 for 3Q24; 5.193 for 3Q23; 4.955 for 2Q24; 5.265 for
2Q23; the 1Q24 period was calculated using monthly exchange rates
(4.801 for Jul-23, 4.904 for Aug-23, 4.937 for Sep-23); 1Q23 period
was calculated (5.368 for Jul-22, 5.143 for Aug-22, 5.237 for
Sep-22)2 Reconciliations to Adjusted EBITDA and Adjusted Net Profit
(Loss) available in a later section of this release.3 Intercompany
eliminations represent sales between Crop Care and Brazil Ag
Retail4 Depreciation & amortization expense, which here also
includes the fair value adjustment on inventory sold from acquired
companies, a non-cash expenses resulting from purchase price
allocation (PPA) of past acquisitions5 Depreciation &
amortization expense, which here also includes the fair value
adjustment on inventory sold from acquired companies, a non-cash
expenses resulting from purchase price allocation (PPA) of past
acquisitions6 USD/BRL average period exchange rate embedded in our
financial outlook: monthly exchange rates (4.801 for Jul-23, 4.904
for Aug-23, 4.937 for Sep-23) used for 1Q24; 4.955 for 2Q24; 4.951
for 3Q24, and assumed to be 5.15 for 4Q24
Interim condensed consolidated statement of
financial positionAs of March 31, 2024
(In thousands of Brazilian reais - R$, except if otherwise
indicated)
|
|
March 31,2024 |
June 30,2023 |
|
|
|
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash equivalents |
394,365 |
564,294 |
|
Restricted cash |
150,339 |
— |
|
Trade receivables |
5,405,117 |
2,667,057 |
|
Inventories |
1,958,197 |
1,868,204 |
|
Taxes recoverable |
67,105 |
57,001 |
|
Derivative financial instruments |
56,650 |
40,410 |
|
Commodity forward contracts |
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 |
— |
139,202 |
|
Trade receivables |
133,680 |
41,483 |
|
Other assets |
5,714 |
8,390 |
|
Commodity forward contracts |
4,000 |
— |
|
Judicial deposits |
10,166 |
8,820 |
|
Right-of-use assets |
205,663 |
173,679 |
|
Taxes recoverable |
361,772 |
282,903 |
|
Deferred tax assets |
410,991 |
329,082 |
|
Investments |
6,083 |
— |
|
Property, plant and equipment |
225,764 |
196,588 |
|
Intangible assets |
980,432 |
807,192 |
|
Total non-current assets |
2,344,265 |
1,987,339 |
|
|
|
|
|
Total assets |
10,752,723 |
7,523,984 |
|
|
March 31,2024 |
|
June 30, 2023 |
|
|
|
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Trade payables |
5,554,838 |
|
2,575,701 |
|
|
Trade payables – Supplier finance |
- |
|
26,157 |
|
|
Lease liabilities |
96,394 |
|
85,865 |
|
|
Borrowings |
1,280,083 |
|
922,636 |
|
|
Agribusiness Receivables Certificates |
1,101 |
|
— |
|
|
Obligations to FIAGRO quota holders |
175,168 |
|
150,018 |
|
|
Payables for the acquisition of subsidiaries |
214,109 |
|
221,509 |
|
|
Derivative financial instruments |
65,039 |
|
44,008 |
|
|
Commodity forward contracts |
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 |
25,956 |
|
36,446 |
|
|
Liability for FPA Shares |
150,339 |
|
— |
|
|
Advances from customers |
399,761 |
|
488,578 |
|
|
Other liabilities |
48,550 |
|
34,388 |
|
|
Total current liabilities |
8,360,545 |
|
5,054,473 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
Trade payables |
7,219 |
|
2,547 |
|
|
Lease liabilities |
121,315 |
|
98,554 |
|
|
Borrowings |
43,693 |
|
42,839 |
|
|
Agribusiness Receivables Certificates |
402,648 |
|
— |
|
|
Commodity forward contracts |
140 |
|
— |
|
|
Payables for the acquisition of subsidiaries |
23,408 |
|
53,700 |
|
|
Provision for contingencies |
14,040 |
|
8,845 |
|
|
Liability for FPA Shares |
- |
|
139,133 |
|
|
Other liabilities |
587 |
|
223 |
|
|
Taxes payable |
795 |
|
963 |
|
|
Deferred tax liabilities |
17,571 |
|
12,351 |
|
|
Total non-current liabilities |
631,416 |
|
359,155 |
|
|
|
|
|
|
Equity |
|
|
|
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 |
(635,144 |
) |
(260,710 |
) |
|
|
March 31,2024 |
|
June 30, 2023 |
|
|
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)
|
|
Three-month period ended March 31, |
|
Nine-month period ended March 31, |
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
Revenue |
2,545,824 |
|
2,526,155 |
|
7,977,682 |
|
8,032,330 |
|
|
Cost of goods sold |
(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 |
(349,226 |
) |
(303,900 |
) |
(1,049,584 |
) |
(912,221 |
) |
|
Other operating (expenses) income, net |
1,993 |
|
(332,235 |
) |
23,905 |
|
(300,525 |
) |
|
Share of profit of an associate |
2,509 |
|
— |
|
756 |
|
— |
|
|
|
|
|
|
|
|
Operating profit (loss) |
(46,838 |
) |
(262,738 |
) |
79,830 |
|
285,974 |
|
|
|
|
|
|
|
|
Finance Income (costs) |
|
|
|
|
|
Finance income |
124,510 |
|
96,903 |
|
321,808 |
|
256,786 |
|
|
Finance costs |
(317,255 |
) |
(251,850 |
) |
(831,322 |
) |
(717,335 |
) |
|
Other financial income (costs) |
(53,455 |
) |
2,441 |
|
(50,335 |
) |
(17,751 |
) |
|
|
|
|
|
|
|
Loss before income taxes |
(293,038 |
) |
(415,244 |
) |
(483,019 |
) |
(192.326 |
) |
|
|
|
|
|
|
|
Income taxes |
|
|
|
|
|
Current |
(8,307 |
) |
(3,618 |
) |
23,642 |
|
(17,921 |
) |
|
Deferred |
(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 |
|
|
|
|
|
Basic, profit (loss) for the period attributable to net investment
of the parent/ equity holders of the parent |
(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 |
(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 |
(284,600 |
) |
(382,278 |
) |
(348,975 |
) |
(200,472 |
) |
|
Non-controlling interests |
(27,610 |
) |
2,579 |
|
(7,712 |
) |
56,151 |
|
Interim condensed consolidated statement of cash
flowsFor the nine-month period ended March 31,
2024(In thousands of Brazilian reais - R$, except if
otherwise indicated)
|
|
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 |
118,732 |
|
39,442 |
|
|
Listing expense |
— |
|
319,554 |
|
|
Foreign exchange differences |
(678 |
) |
17,988 |
|
|
Accrued interest expenses |
235,211 |
|
246,221 |
|
|
Interest arising from revenue contracts |
(275,607 |
) |
(229,681 |
) |
|
Accrued interest on trade payables |
517,806 |
|
435,931 |
|
|
Loss (gain) on derivatives |
(7,623 |
) |
(68,278 |
) |
|
Interest from tax benefits |
(17,736 |
) |
(11,437 |
) |
|
Fair value on commodity forward contracts |
69,125 |
|
80,964 |
|
|
Gain on changes in fair value of warrants |
(10,491 |
) |
(7,744 |
) |
|
Amortization of intangibles |
53,018 |
|
52,921 |
|
|
Amortization of right-of-use assets |
64,669 |
|
38,160 |
|
|
Depreciation |
14,985 |
|
12,512 |
|
|
Losses and damages of inventories |
4,149 |
|
11,061 |
|
|
Provisions for contingencies |
5,044 |
|
6,890 |
|
|
Share-based payment |
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 |
|
|
|
March 31, 2024 |
|
March 31, 2023 |
|
|
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 |
1,900,726 |
|
1,142,491 |
|
|
Repayment of borrowings |
(1,618,396 |
) |
(624,453 |
) |
|
Proceeds from Agribusiness Receivables Certificates, net of
transaction cost |
402,648 |
|
— |
|
|
Payment of principal portion of lease liabilities |
(63,633 |
) |
(36,262 |
) |
|
Proceeds from FIAGRO quota holders, net of transaction costs |
137,496 |
|
147,119 |
|
|
Repayment of FIAGRO quota holders |
(109,350 |
) |
— |
|
|
Trade payables – Supplier finance |
(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 |
|
(i) Dividend payments made to non-controlling shareholders from
acquired subsidiaries.
Lavoro (NASDAQ:LVRO)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Lavoro (NASDAQ:LVRO)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
