SALE OF AGRICULTURAL PRODUCTS
|
Net Revenue (R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Total
|
19,655
|
17,907
|
9.8%
|
206,668
|
149,491
|
38.2%
|
|
Soybean
|
13,339
|
16,957
|
-21.3%
|
66,238
|
23,552
|
181.2%
|
|
Corn
|
816
|
662
|
23.3%
|
7,659
|
9,061
|
-15.5%
|
|
Sugarcane
|
1,013
|
(294)
|
n.a.
|
116,126
|
111,888
|
3.8%
|
|
Cattle Raising
|
2,730
|
319
|
n.a.
|
11,042
|
2,847
|
287.8%
|
|
Leasing
|
1,443
|
1,041
|
38.6%
|
5,129
|
2,964
|
73.0%
|
|
Others
|
314
|
(778)
|
n.a.
|
474
|
(821)
|
n.a.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantity sold (tons)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Total
|
7,145
|
18,653
|
-61.7%
|
1,299,871
|
1,273,137
|
2.1%
|
|
Soybean
|
4,942
|
15,741
|
-68.6%
|
50,854
|
22,759
|
123.4%
|
|
Corn
|
1,474
|
2,857
|
-48.4%
|
16,312
|
25,029
|
-34.8%
|
|
Sugarcane
|
-
|
-
|
n.a.
|
1,230,381
|
1,224,751
|
0.5%
|
|
Cattle Raising
|
681
|
55
|
n.a.
|
2,263
|
544
|
316.0%
|
|
Others
|
48
|
-
|
n.a.
|
61
|
54
|
13.0%
|
Net revenue from grains (soybean and corn) in 9M19 increased R$41.3 million compared to the same period last year, from R$32.6 million, from the sale of 29,200 tons, to R$73.9 million, from the sale of 67,200 tons.
Soybean revenue increased by R$42.7 million in 9M19 compared to the same period last year, from R$23.6 million, from the sale of 22,759 tons at R$1,034.84 per ton, to R$66.2 million, from the sale of 50,854 tons at R$1,302.51 per ton. The increase in sales of soybean in 9M19 compared to 9M18 reflects the higher volume stored in the period.
Corn revenue in 9M19 decreased by R$1.4 million compared to the same period of the previous year, from R$9.1 million from the sale of 25,029 tons at R$362.02 per ton, to R$7.7 million, from the sale of 16,312 tons at R$469.53 per ton.
Sugarcane revenue in 9M19 increased by R$4.2 million compared to the same period of the previous year, from R$111.9 million from the sale of 1.22 million tons at R$91.36 per ton, to R$116.1 million from the sale of 1.23 million tons at R$94.38 per ton of sugarcane. The increase in per-ton sugarcane price was due to the higher price of the TRS (total recoverable sugar), which went from 0.596 R$/kg in 9M18 to 0.647 R$/kg in 9M19. The analysis of the sugarcane harvest year results, closed in the last quarter, is detailed on the gains and losses of agricultural products and biological assets section, further on this document.
Cattle-raising revenue in 9M19 increased by R$8.2 million compared to the same period of the previous year, from R$2.8 million from the sale of 1,336 head
13
of cattle at R$5.23 per kilo, to R$11.0 million, which refers to the sale of 5,938 cattle to R$4.88 per kilo.
Leasing revenue reached R$2.9 million in 9M19 and refers to third-party leases of Farms. These lease contracts have a duration of up to 5 years with value of up to 18% of production, and the minimum value is 5 soybean bags per hectare.
In 9M18, other revenues reached the amount of R$821.0 thousand, and in 9M19, other revenues totaled R$474.0 thousand. These amounts refer to the provision of storage services and sale of inputs and by-products.
GAINS OR LOSSES OF AGRICULTURAL PRODUCTS AND BIOLOGICAL ASSETS
|
Biological Assets and Agricultural Products (R$ thousand)
|
Soybean 18/19
|
Corn (crop)
17/18
|
Corn (crop)
18/19
|
Sugarcane
|
Cattle
Raising
|
Others
|
Gain / Loss
03/31/19
|
|
Gains and losses in agricultural products
|
16,664
|
349
|
(40)
|
16,497
|
389
|
836
|
34,695
|
|
Gains and losses in biological assets
|
10,375
|
-
|
(2,325)
|
12,027
|
-
|
-
|
20,077
|
|
Change in fair value of biological assets and agricultural products
|
27,039
|
349
|
(2,365)
|
28,524
|
389
|
836
|
54,772
|
Gains or losses of agricultural products
Gains or losses from the variation in the fair value of agricultural products are determined by the difference between their harvested volume at market value (net of selling expenses and taxes) and the production costs incurred (direct and indirect costs, leasing and depreciation).
Harvested agricultural products are measured at their value at the time of harvest considering the market price of the area of each farm.
|
Agricultural Products
|
Soybean 18/19
|
Corn
(crop)
17/18
|
Corn
(crop)
18/19
|
Sugarcane
|
Cattle
Raising
|
Others
|
Gain / Loss 12/31/18
|
|
Area (hectares)
|
28,226
|
350
|
313
|
20,840
|
13,351
|
-
|
63,080
|
|
Production (Tons or Meat Kgs)
|
83,245
|
1,992
|
772
|
1,329,019
|
2,143,855
|
-
|
1,417,172
|
|
Yield (Ton./ha) (Kg/Head)
|
2.95
|
5.69
|
2.47
|
63.77
|
90.70
|
-
|
22.47
|
|
Livestock - head of cattle
|
-
|
-
|
-
|
-
|
23,636
|
-
|
23,636
|
|
Production fair value (R$ thousand)
|
97,937
|
927
|
428
|
122,461
|
8,782
|
1,406
|
231,941
|
|
Production Cost (R$ thousand)
|
(81,274)
|
(578)
|
(468)
|
(105,964)
|
(8,393)
|
(570)
|
(197,247)
|
|
Gain and losses in agricultural products (R$ thousand)
|
16,664
|
349
|
(40)
|
16,497
|
389
|
836
|
34,695
|
The table below shows the results of the sugarcane harvest in the fiscal year, including gains (losses) in the value of agricultural products and biological assets:
14
|
Period ended June 30, 2018
|
17/18
|
18/19
|
Total
|
|
Net Revenue
|
111,888
|
26,332
|
138,220
|
|
Cost of sales
|
(97,778)
|
(36,250)
|
(134,028)
|
|
Gain (loss) of agricultural products
|
8,276
|
10,946
|
19,222
|
|
Total
|
22,386
|
1,028
|
23,414
|
|
Produced Tons
|
1,378,554
|
434,174
|
1,812,728
|
|
|
|
|
|
|
Six months period ended March 31, 2019
|
17/18
|
18/19
|
Total
|
|
Net Revenue
|
|
115,113
|
115,113
|
|
Cost of sales
|
|
(95,604)
|
(95,604)
|
|
Gain (loss) of agricultural products
|
|
16,497
|
16,497
|
|
Total
|
|
36,006
|
36,006
|
|
Produced Tons
|
|
1,329,019
|
1,329,019
|
|
|
|
|
|
|
Sugarcane Harvests
|
2017
|
2018
|
Change
|
|
Net Revenue
|
135,254
|
141,445
|
4.6%
|
|
Cost of sales
|
(128,573)
|
(131,854)
|
2.6%
|
|
Gain (loss) of agricultural products
|
48,127
|
27,443
|
-43.0%
|
|
Total
|
49,973
|
37,034
|
-25.9%
|
|
Produced Tons
|
1,858,754
|
1,763,193
|
-5.1%
|
The harvest period closed in 2018 recorded a reduction of 5.1% in production compared to the same period last year due to rainfall levels. Nevertheless, net revenue rose by 4.6% reflecting the price increase in the Consecana (from 0.543 R$/Kg in 2017 to 0.575 R$/Kg in 2018, an increase of 5.8%) and also the increase in TRS, from 139.4/ton in 2017 to 142.4/ton in 2018.
Gains from cattle raising corresponded to R$106,000, with a production of 2,144 tons of meat, a 23.1% increase compared to the same period last year.
|
Cattle Raising
|
9M18
|
9M19
|
Change
|
|
Net Revenue
|
2,847
|
11,042
|
287.8%
|
|
Cost of sales
|
(2,875)
|
(11,325)
|
293.9%
|
|
Gain (loss) of agricultural products
|
1,141
|
389
|
-65.9%
|
|
Total
|
1,113
|
106
|
-90.5%
|
|
Produced Kgs
|
1,742,197
|
2,143,855
|
23.1%
|
Gains or losses of biological assets
|
Biological Assets
|
Soybean 18/19
|
Corn
(crop)
18/19
|
Sugarcane
|
Gain / Loss 12/31/18
|
|
Area (hectares)
|
23,617
|
3,436
|
26,383
|
53,436
|
|
Production (Tons)
|
64,672
|
15,596
|
2,008,374
|
2,088,642
|
|
Yield (Ton./ha)
|
2.74
|
4.54
|
76.12
|
39.09
|
|
Biological Assets (R$ thousand)
|
10,375
|
(2,325)
|
12,027
|
20,077
|
Biological assets correspond to agricultural products in formation (not yet harvested) and cattle, measured at the net present value of the expected cash flow from these products. The calculation of fair value considers the best estimates in relation to sales prices, discount rates, direct and indirect costs, leasing, yields and selling expenses.
The biological assets corresponding to sugarcane represent the total area to be harvested from April 1 to November 30, 2019.
IMPAIRMENT (REVERSAL OF PROVISIONS OF THE RECOVERABLE AMOUNT OF AGRICULTURAL PRODUCTS, NET)
A provision to adjust inventories at the net realized value of agricultural products is constituted when the fair value of the inventory is higher than the realized value. The realization value is the sales price estimated during the normal course of business less estimated selling expenses.
On March 31, 2019, the recognized amount corresponded to a loss of R$436,000.
COST OF PRODUCTION
|
Crop 17/18 (%)
|
Soybean
|
Corn
|
Sugarcane
|
Cattle Raising
|
|
Variable costs
|
59%
|
57%
|
61%
|
27%
|
|
Seeds
|
8%
|
14%
|
0%
|
0%
|
|
Fertilizers
|
12%
|
16%
|
8%
|
0%
|
|
Defensives
|
18%
|
10%
|
7%
|
0%
|
|
Agricultural services
|
17%
|
13%
|
37%
|
0%
|
|
Fuels and Lubricants
|
3%
|
3%
|
8%
|
0%
|
|
Maintenance of machines and instruments
|
0%
|
0%
|
0%
|
5%
|
|
Animal Feed
|
0%
|
0%
|
0%
|
13%
|
|
Others
|
1%
|
0%
|
0%
|
9%
|
|
Fixed costs
|
41%
|
43%
|
39%
|
73%
|
|
Labor
|
11%
|
9%
|
6%
|
36%
|
|
Depreciation and amortization
|
11%
|
19%
|
9%
|
21%
|
|
Leasing
|
17%
|
12%
|
15%
|
0%
|
|
Others
|
2%
|
3%
|
10%
|
16%
|
|
(R$ / ha)
|
Crop 17/18 Realized
|
Crop 18/19 Estimated
|
Change
%
|
|
Soybean
(1)
|
2,438
|
2,712
|
11.2%
|
|
Corn
(1)
|
2,432
|
2,791
|
14.8%
|
|
Corn 2nd Crop
|
-
|
1,566
|
n.a.
|
|
Cotton
|
-
|
8,307
|
n.a.
|
|
Sugarcane
|
4,212
|
5,833
|
38.5%
|
|
(1) includes area opening amortization
|
The estimated cost of production per hectare of sugarcane in the 2019 harvest was 38.5% higher compared to the cost incurred in the last harvest, as handling and irrigation costs of the São José Farm started to be accounted for by the Company in the 2019 harvest, as well as the increase in CCT – Cutting, Loading, and Transportation costs, related to higher diesel fuel price.
COST OF GOODS SOLD
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Cost of Goods Sold
|
(11,028)
|
(12,586)
|
-12.4%
|
(142,407)
|
(89,652)
|
58.8%
|
|
Soybean
|
(5,866)
|
(12,788)
|
-54.1%
|
(36,340)
|
(18,953)
|
91.7%
|
|
Corn
|
(438)
|
(371)
|
18.1%
|
(6,708)
|
(10,866)
|
-38.3%
|
|
Sugarcane
|
(20)
|
794
|
n.a.
|
(85,386)
|
(57,127)
|
49.5%
|
|
Cattle Raising
|
(3,015)
|
(246)
|
1125.6%
|
(11,325)
|
(2,875)
|
293.9%
|
|
Leasing
|
(448)
|
-
|
n.a.
|
(1,203)
|
-
|
n.a.
|
|
Others
|
(1,241)
|
25
|
n.a.
|
(1,445)
|
169
|
n.a.
|
|
|
|
|
|
|
|
|
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Realization of the Fair Value of Biological Assets
|
(1,967)
|
(3,639)
|
-45.9%
|
(30,304)
|
(40,822)
|
-25.8%
|
|
Soybean
|
(2,171)
|
(2,659)
|
-18.4%
|
(20,704)
|
(2,471)
|
737.9%
|
|
Corn
|
(55)
|
55
|
n.a.
|
373
|
2,224
|
-83.2%
|
|
Sugarcane
|
-
|
(1,077)
|
-100.0%
|
(10,238)
|
(40,652)
|
-74.8%
|
|
Others
|
259
|
42
|
516.7%
|
265
|
77
|
244.2%
|
|
|
|
|
|
|
|
|
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Total Cost of Goods Sold
|
(12,995)
|
(16,225)
|
-19.9%
|
(172,711)
|
(130,474)
|
32.4%
|
|
Soybean
|
(8,037)
|
(15,447)
|
-48.0%
|
(57,044)
|
(21,424)
|
166.3%
|
|
Corn
|
(493)
|
(316)
|
56.0%
|
(6,335)
|
(8,642)
|
-26.7%
|
|
Sugarcane
|
(20)
|
(283)
|
-92.9%
|
(95,624)
|
(97,779)
|
-2.2%
|
|
Cattle Raising
|
(3,015)
|
(246)
|
1125.6%
|
(11,325)
|
(2,875)
|
293.9%
|
|
Leasing
|
(448)
|
-
|
n.a.
|
(1,203)
|
-
|
n.a.
|
|
Others
|
(982)
|
67
|
n.a.
|
(1,180)
|
246
|
n.a.
|
Cost of goods sold (COGS) came to R$172.7 million in 9M19. Due to the fair value adjustments of agricultural products, period changes in costs are directly linked to the market price of commodities at the time of harvest.
Soybean COGS increased by R$17.4 million in 9M19 compared to the previous year, from R$18.9 million, from the sale of 22,800 tons at R$832.77 per ton, to R$36.3 million, from the sale of 50,900 tons at R$714.59 per ton. The reduction in cost per ton was due to the increase in volume produced.
17
Corn COGS decreased by R$4.2 million in 9M19 versus the previous year, from R$10.9 million, from the sale of 25,000 tons at R$434.14 per ton, to R$6.8 million, from the sale of 16,300 tons at R$411.23 per ton. The reduction in cost per ton was due to the increase in volume produced.
Sugarcane COGS increased by R$28.3 million in 9M19 versus the previous year, from R$57.1 million, from the sale of 1.22 million tons at R$46.64 per ton, to R$85.4 million, from the sale of 1.23 million tons at R$69.40 per ton of sugarcane. The increase in cost per ton is mainly due to expenses with crop handling and irrigation in the São José Farm as of this harvest.
Cattle-raising COGS increased R$8.4 million in 9M19 compared to the previous year, from R$2.9 million from the sale cost of 1,336 head of cattle at R$2.1 thousand per head, to R$11.3 million from the sale cost of 5,938 head of cattle at R$2.0 thousand per head.
Other COGS in the amount of R$1.4 million in 9M19 mainly refers to the raw material inventory adjustment. In 9M18, other COGS in the amount of R$169,000 refers to the sale of waste.
SELLING EXPENSES
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Selling expenses
|
(3,190)
|
(2,257)
|
41.3%
|
(6,098)
|
(4,347)
|
40.3%
|
|
Freight
|
(2,369)
|
(607)
|
290.3%
|
(2,949)
|
(810)
|
264.1%
|
|
Storage and Processing
|
(1,101)
|
(1,277)
|
-13.8%
|
(1,851)
|
(2,720)
|
-31.9%
|
|
Fees
|
(2)
|
(55)
|
-96.4%
|
(37)
|
(73)
|
-49.3%
|
|
Others
|
282
|
(318)
|
n.a.
|
(1,261)
|
(744)
|
69.5%
|
In 9M19, we recorded R$6.0 million in selling expenses, 40.3% higher compared to 9M18, mainly due to the increase in the volume of cargo transported – 85,000 tons of grain –, the 5% increase in freight fees, and the provision for doubtful accounts (PDD), as shown in the other selling expenses line.
GENERAL AND ADMINISTRATIVE EXPENSES
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
General and administrative expenses
|
(7,455)
|
(6,830)
|
9.2%
|
(24,539)
|
(21,619)
|
13.5%
|
|
Depreciations and amortizations
|
(156)
|
(146)
|
6.8%
|
(432)
|
(482)
|
-10.4%
|
|
Personnel expenses
|
(5,219)
|
(4,346)
|
20.1%
|
(16,717)
|
(13,621)
|
22.7%
|
|
Expenses with services providers
|
(1,005)
|
(1,139)
|
-11.8%
|
(3,031)
|
(3,414)
|
-11.2%
|
|
Leases and Rents
|
(212)
|
(200)
|
6.0%
|
(630)
|
(496)
|
27.0%
|
|
Taxes
|
(99)
|
26
|
n.a.
|
(1,161)
|
(1,139)
|
1.9%
|
|
Travel expenses
|
(210)
|
(199)
|
5.5%
|
(603)
|
(550)
|
9.6%
|
|
Software expenses
|
(258)
|
(219)
|
17.8%
|
(667)
|
(498)
|
33.9%
|
|
Other expenses
|
(296)
|
(607)
|
-51.2%
|
(1,298)
|
(1,419)
|
-8.5%
|
18
In 9M19, general and administrative expenses increased by 13.5% compared to the same period of the previous year, from R$21.6 million to R$24.6 million.
The 22.5% increase in personnel expenses is due to the provision for the Long-Term Incentive Plan, the payment of bonuses and Social Security (INSS).
The law 13,606, in its article 15,
§7, states that, as of January 2019, the farmer can opt to calculate social security contribution over the total wage. Before that, social security contribution was a percentage of gross income.
The Company chose to adopt the change, which results in an increase in the Personnel expenses account as well as a reduction in the Taxes account.
The 27% increase in leases and rents in general is due to the grace period agreed in the renegotiation of lease contracts, which ended last harvest.
The 34% increase in software expenses refers to the implementation of the e-social and the effect of the exchange rate variation on subscriptions.
Other expenses include costs regarding telephony services, building maintenance, registry, insurances, shares listing and others.
OTHER OPERATING INCOME / EXPENSES
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Other operating income/expenses
|
(257)
|
36,393
|
n.a.
|
(557)
|
35,872
|
n.a.
|
|
Gain/Loss on sale of fixed assets
|
133
|
(259)
|
n.a.
|
3
|
(294)
|
n.a.
|
|
Provisions for lawsuits
|
371
|
619
|
-40.1%
|
402
|
299
|
34.4%
|
|
Alto Taquari Farm
|
-
|
-
|
n.a.
|
-
|
-
|
n.a.
|
|
Added value obteined by spin-off (Cresca - Paraguay)
|
-
|
5,040
|
n.a.
|
-
|
5,040
|
n.a.
|
|
Written-off in the conversion of joint venture by spin-off (Cresca - Paraguay)
|
-
|
30,616
|
n.a.
|
-
|
30,616
|
n.a.
|
|
Others
|
(761)
|
377
|
n.a.
|
(962)
|
211
|
n.a.
|
The reduction in other operating expenses (income) is mainly due to the accounting of the amounts incurred with the conclusion of the spin-off process of the Cresca operation in Paraguay in the amount of R$35.6 million in 9M18.
FINANCIAL RESULT
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Total
|
(5,967)
|
(17,324)
|
-65.6%
|
(1,841)
|
(9,839)
|
-81.3%
|
|
Interest
(i)
|
(5,032)
|
(20,256)
|
-75.2%
|
(14,252)
|
(14,136)
|
0.8%
|
|
Monetary variation
(ii)
|
-
|
(166)
|
n.a.
|
-
|
(6)
|
n.a.
|
|
Exchange vartiation
(iii)
|
(296)
|
(254)
|
16.5%
|
(88)
|
(190)
|
-53.7%
|
|
Unwind of present value adjustment
(iv)
|
(6,164)
|
5,294
|
n.a.
|
(4,206)
|
3,885
|
n.a.
|
|
Results with derivatives
(v)
|
4,720
|
(1,999)
|
n.a.
|
13,214
|
280
|
n.a.
|
|
Other financial income / expenses
(vi)
|
805
|
57
|
n.a.
|
3,491
|
328
|
964.3%
|
19
The consolidated financial result is composed of the following items: (i) interest on financing; (ii) the impact of the monetary variation on the amount payable from the acquisition of farms; (iii) the impact of the U.S. dollar exchange variation on the offshore account and also Cresca’s receivables in 6M18; (iv) the present value of the Araucária, the Alto Taquari and the Jatobá Farms’ sales receivables, fixed in soybean bags, and the leasing of sugarcane areas; (v) the result from hedge operations; and (vi) bank fees and expenses and returns on cash investments.
The realization of the present value of assets and liabilities in 9M19, in the amount of R$4.2 million, shows the variation in the amount to be received due to the sales of the Araucária, the Jatobá and the Alto Taquari Farms, denominated in soybean bags, and the variation of Consecana’s price in the lease of the Parceria IV Farm.
The derivatives result reflects the commodities hedge operations result and the impact of the exchange variation on cash, which was partially dollarized in order to maintain purchasing power in regard to inputs, investments and new acquisitions, which have a positive correlation with the U.S. currency. In 9M19, the result of derivative transactions was R$13.2 million, R$6.1 million of which are related to currency operations and R$7.1 million are related to operations with commodities. In 9M18, derivative operations totaled R$280 thousand, R$1.7 million of which are related to currency operations and R$1.5 million are in operations with commodities.
The rise in other financial income / expenses is due to the increase in the Company’s cash position, from an average cash flow of R$48.1 million in 9M18 to R$101.8 million in 9M19.
DERIVATIVE OPERATIONS
Our risk policy primarily aims to hedge the Company’s cash flow. In this context, we are concerned not only with the main components of our revenue, but also the main components of our production costs. Therefore, we monitor on a daily basis: a) the international prices of the main agricultural commodities produced by the Company, usually expressed in U.S. dollars; b) the base premium, i.e. the difference between the international and domestic commodity price; c) exchange rates; and d) the prices of the main components such as freight, fertilizers and chemicals, that can significantly impact costs.
The points analyzed when deciding on the price and margin hedging strategy and tools are listed below:
•
Estimated gross margin based on the current price environment.
•
Standard deviation from the estimated gross margin for different pricing strategy scenarios.
•
Analysis of the estimated gross margin in stress scenarios for different
20
hedge strategies.
•
Comparison between current estimates and the Company’s budget.
•
Comparison of the estimated gross margin and the historical average.
•
Market expectations and trends.
•
Tax aspects.
HEDGE POSITION ON MAY 6, 2019
|
Crop
|
Soybean
|
FX
|
|
Volume
|
% of hedge
(1)
|
Price (USD/bu)
|
Volume (thousand)
|
% of hedge
(2)
|
BRL/USD
|
|
18/19
|
63,337 tons
|
46.3%
|
9.67
|
USD 28,531
|
63.1%
|
4.03
|
|
19/20
|
3.848 tons
|
2.7%
|
10.21
|
USD 13.705
|
28.6%
|
4.00
|
|
(1) % of the volume of soybean locked in tons.
|
|
(2) % of estimated revenue in USD.
|
Balance Sheet
NET ASSET VALUE – NAV
|
(R$ mil)
|
03/31/2019
|
|
Book
|
NAV
|
|
BrasilAgro's Equity
|
888,380
|
888,380
|
|
Properties appraisal
|
-
|
1,251,965
|
|
(-) Balance Sheet - Land Value
|
-
|
(556,899)
|
|
NAV - Net Asset Value
|
888,380
|
1,583,446
|
|
Shares
|
56,889
|
56,889
|
|
NAV per share
|
15.62
|
27.83
|
CASH AND CASH EQUIVALENTS
|
Cash and Cash equivalents / Marketable Securities
|
03/31/2019
|
06/30/2018
|
Change
|
|
Cash and Cash equivalents
|
54,998
|
104,314
|
-47.3%
|
|
Cash and Banks
|
18,505
|
23,101
|
-19.9%
|
|
Repurchase agreements
|
3
|
15,242
|
-100.0%
|
|
Bank deposit certificates
|
16,689
|
33,137
|
-49.6%
|
|
Finance Lease bills
|
19,801
|
32,834
|
-39.7%
|
|
Marketable securities
|
4,540
|
11,215
|
-59.5%
|
|
Bank deposit certificates
|
1,305
|
1,129
|
15.6%
|
|
Treasury financial bills
|
3,235
|
10,086
|
-67.9%
|
|
Restricted Marketable securities
|
8,996
|
18,226
|
-50.6%
|
|
Bank deposit certificates
|
-
|
9,588
|
-100.0%
|
|
Banco do Nordeste (loan guarantees)
|
8,996
|
8,638
|
4.1%
|
|
Total
|
68,534
|
133,755
|
-48.8%
|
The Company ended the quarter with a cash position of R$68.5 million, a reduction of 48.8% over June 30, 2018, mainly due to the payment of R$41 million in dividends and the need to allocate CAPEX – investments on sugarcane operatio, in São José Farm - and OPEX in the new operation, Parceria V.
22
CLIENTS
|
(R$ mil)
|
03/31/2019
|
06/30/2018
|
Change
|
|
Sugarcane Sales
|
17,550
|
36,742
|
-52.2%
|
|
Grains Sales
|
4,623
|
14,757
|
-68.7%
|
|
Cattle Raising Sales
|
1,059
|
589
|
79.8%
|
|
Leases and Rents
|
4,322
|
5,747
|
-24.8%
|
|
Machinery Sales
|
71
|
216
|
-67.1%
|
|
Farm Sales
|
38,297
|
21,372
|
79.2%
|
|
|
65,922
|
79,423
|
-17.0%
|
|
|
|
|
|
|
Provision for doubtful accounts
|
(1,160)
|
(866)
|
33.9%
|
|
|
|
|
|
|
Current total
|
64,762
|
78,557
|
-17.6%
|
|
|
|
|
|
|
Farm Sales
|
141,535
|
55,423
|
155.4%
|
|
|
|
|
|
|
Non-current total
|
141,535
|
55,423
|
155.4%
|
INVENTORY
|
(R$ thousand)
|
03/31/2019
|
06/30/2018
|
Change
|
|
Soybean
|
87,516
|
50,289
|
74.0%
|
|
Corn
|
528
|
6,247
|
-91.5%
|
|
Livestock
|
37,826
|
34,053
|
11.1%
|
|
Other crops
|
63
|
1,153
|
-94.5%
|
|
Agricultural Products
|
125,933
|
91,742
|
37.3%
|
|
Supplies
|
16,768
|
11,933
|
40.5%
|
|
Total
|
142,701
|
103,675
|
37.6%
|
The Company ended 9M19 with an inventory of 83,900 tons of soybean, 1,100 tons of corn and 23,600 head of cattle. At the end of the 2017/2018 harvest, the Company’s inventory was 50,300 tons of soybean, 15,600 tons of corn and 21,000 head of cattle.
Cattle biological assets are measured at fair value and controlled in accordance with two methodologies: 12 to 15-month calves and steers (heifers) are controlled and valued by head, while older animals are controlled by weight.
|
Inventories - Cattle Raising
|
Total Heads
|
Value
(R$ thousand)
|
|
In June 30, 2018
|
20,993
|
34,053
|
|
Aquisition, Birth | Aquisition Expenses
|
8,841
|
8,292
|
|
Handling Expenses
|
-
|
8,393
|
|
Sales
|
(5,938)
|
(12,046)
|
|
Deaths
|
(260)
|
(459)
|
|
Exchange variation
|
-
|
(796)
|
|
Fair value variation
|
-
|
389
|
|
In March 31, 2019
|
23,636
|
37,826
|
INDEBTEDNESS
|
(R$ thousand)
|
Expiration
|
Annual Interest Tax - %
|
03/31/2019
|
06/30/2018
|
Change
|
|
Short term
|
|
|
|
|
|
|
Financing for Agricultural Funding
|
Oct-19
|
Pre 6.14 to 7.00
|
30,250
|
31,847
|
-5.0%
|
|
Financing for Agricultural Funding (USD)
|
Nov-19
|
Pre 7.25 to 8.25
|
23,269
|
11,486
|
102.6%
|
|
Financing of Projeto Bahia
|
Mar-20
|
Pre 3.50 to 9.00
|
6,153
|
3,131
|
96.5%
|
|
Machinery and Equipment Financing
|
Mar-20
|
TJLP + 3.73
Pre 8.50 to 11.00
|
4,551
|
630
|
n.a.
|
|
Sugarcane Financing
|
Mar-20
|
TJLP + 2.70 to 3.38
Pre 6.76 to 10.00
|
21,992
|
21,318
|
3.2%
|
|
Debentures
|
Mar-20
|
106.50 and 110.00 of CDI rate
|
1,789
|
-
|
n.a.
|
|
Sugarcane Plantation Leasing - Parceria III
|
Nov-18
|
6.62%
|
272
|
1,676
|
-83.8%
|
|
|
|
|
88,276
|
70,088
|
26.0%
|
|
Long term
|
|
|
|
|
|
|
Financing of Projeto Bahia
|
Aug-23
|
Pre 3.50 to 9.00
|
21,993
|
27,146
|
-19.0%
|
|
Machinery and Equipment Financing
|
Jun-24
|
TJLP + 3.73
Pre 8.50 to 11.00
|
1,284
|
5,411
|
-76.3%
|
|
Sugarcane Financing
|
Dec-23
|
TJLP + 2.70 to 3.80
Pre 6.76 to 10.00
|
14,224
|
13,194
|
7.8%
|
|
Debentures
|
Jul-23
|
106.50 and 110.00 of CDI rate
|
148,216
|
141,642
|
4.6%
|
|
Sugarcane Plantation Leasing - Parceria IV
|
Jan-32
|
R$/kg 0.6462
|
27,468
|
18,539
|
48.2%
|
|
|
|
|
213,185
|
205,932
|
3.5%
|
|
Total
|
|
|
301,461
|
276,020
|
9.2%
|
On March 31, 2019 and June 30, 2018, the balance of loans and financing was R$301.5 million and R$276 million, respectively. The payment of interest and principal totaled R$51.0 million in 9M19.
During the period, R$55.3 million were also disbursed to finance the cost of sugarcane, soybean and corn operations.
PROPERTIES FOR INVESTMENT
The fundamental pillars of the Company’s business strategy are the acquisition, development, exploration and sale of rural properties suitable for agricultural activities. The Company acquires rural properties with significant potential for generating value, subsequently transforming the assets and carrying out profitable agricultural activities on them.
Once we acquire our rural properties, we begin to implement high value added crops and to transform these rural properties by investing in infrastructure and technology. In line with our strategy, when we deem a rural property has reached its optimal return, we sell it to capture the capital gains.
The rural properties acquired by the Company are booked at their acquisition cost, which does not exceed their realized net value, and are recognized under “Non-Current Assets”.
Properties for investment are evaluated at their historical cost, plus investments in buildings, improvements and the clearing of new areas, less accrued depreciation, in accordance with the same criteria detailed for fixed assets.
|
(R$ thousand)
|
Acquisition value
|
Buildings and improvements
|
Area
Opening
|
Construction in progress
|
Investment Properties
|
|
Initial Balance
|
425,079
|
32,252
|
49,474
|
50,347
|
557,152
|
|
In June 30, 2018
|
|
|
|
|
|
|
Acquisitions
|
304
|
83
|
241
|
21,641
|
22,269
|
|
Reductions
|
(11,055)
|
(1,693)
|
(5,473)
|
(569)
|
(18,790)
|
|
Transfers
|
-
|
8,551
|
44,887
|
(53,368)
|
70
|
|
(-) Depreciation/ Amortization
|
-
|
(1,310)
|
(4,426)
|
-
|
(5,736)
|
|
Cumulative Translation Adjustment
|
1,422
|
203
|
824
|
(515)
|
1,934
|
|
In March 31, 2019
|
415,750
|
38,086
|
85,527
|
17,536
|
556,899
|
On March 31, 2019, we recorded R$17.5 million in ongoing work, which refers to the clearance of areas not yet concluded and other investments in the Chaparral and the Araucária Farms and in Paraguay.
DEPRECIATION – AREA OPENING
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Maintenance
|
(1,032)
|
(1,167)
|
-11.6%
|
(1,570)
|
(1,739)
|
-9.7%
|
|
Opening¹
|
(1,835)
|
(7,113)
|
-74.2%
|
(2,856)
|
(9,455)
|
-69.8%
|
|
Total
|
(2,867)
|
(8,280)
|
-65.4%
|
(4,426)
|
(11,194)
|
-60.5%
|
|
(1) During the 2018/2019 haverst year the opening depreciation rate was adjusted
|
25
CAPEX – PROPERTY, PLANT AND EQUIPMENT
|
(R$ mil)
|
Buildings and improvements
|
Equipments and facilities
|
Machinery
|
Furniture and untensils
|
Construction in progress
|
Sugarcane
|
Property, Plant and Equipment
|
|
Initial Balance
|
197
|
6,973
|
10,995
|
762
|
111
|
65,792
|
84,830
|
|
In June 30, 2018
|
|
|
|
|
|
|
|
|
Acquisitions
|
2
|
3,736
|
1,300
|
337
|
136
|
22,505
|
28,016
|
|
Reductions
|
-
|
(93)
|
(203)
|
(17)
|
-
|
-
|
(313)
|
|
Transfers
|
-
|
177
|
-
|
-
|
(247)
|
-
|
(70)
|
|
(-) Depreciation/ Amortization
|
(65)
|
(803)
|
(1,069)
|
(113)
|
-
|
(9,271)
|
(11,321)
|
|
Cumulative Translation Adjustment
|
-
|
5
|
7
|
4
|
-
|
-
|
16
|
|
In March 31, 2019
|
134
|
9,995
|
11,030
|
973
|
-
|
79,026
|
101,158
|
|
CAPITAL MARKETS
|
The Company was the first agricultural production company to list its shares on the Novo Mercado segment of B3 (São Paulo Stock Exchange) and was also the first Brazilian agribusiness company to list its ADRs (American Depositary Receipts) on the NYSE (New York Stock Exchange).
Share Performance
On May 7, 2019, BrasilAgro’s shares (AGRO3) were traded at R$15.60, resulting in a market cap of R$887.5 million, while its ADRs (LND) were traded at US$3.89.
|
HIGHLIGHTS - AGRO3 (Last 12 months)
|
03/31/2019
|
03/31/2018
|
|
Average Daily Trade Volume (R$)
|
926,289
|
949,824
|
|
Maximun (R$ per share)
|
16.30
|
13.07
|
|
Mininum (R$ per share)
|
12.07
|
10.86
|
|
Average (R$ per share)
|
14.07
|
11.84
|
|
Closing Quote (R$ per share)
|
15.55
|
12.30
|
|
Variation in the period (%)
|
26.84%
|
10.67%
|
|
WEIGHTS AND MEASURES USED IN AGRICULTURE
|
|
Weights and Measures used in Agriculture
|
|
|
1 ton
|
1,000 kg
|
|
|
1 Kilo
|
2.20462 pounds
|
|
|
1 pound
|
0.45359 kg
|
|
|
1 acre
|
0.1840 bushel
|
|
|
1 hectare (ha)
|
2.47105 acres
|
|
|
1 hectare (ha)
|
10,000 m2
|
|
|
1 bushel
|
5.4363 acres
|
|
|
|
|
|
|
Soybean
|
|
|
|
1 bushel of soybean
|
60 pounds
|
27.2155 kg
|
|
1 bags of soybean
|
60 kg
|
2.20462 bushels
|
|
1 bushel/acre
|
67.25 kg/ha
|
|
|
1.00 US$/bushel
|
2.3621 US$/saca
|
|
|
|
|
|
|
Corn
|
|
|
|
1 bushel of corn
|
56 pounds
|
25.4012 kg
|
|
1 bags of corn
|
60 kg
|
2.36210 bushels
|
|
1 bushel/acre
|
62.77 kg/ha
|
|
|
1.00 US$/bushel
|
2.3621 US$/saca
|
|
|
|
|
|
|
Cattle
|
|
|
|
1 arroba
|
~66.2 pounds
|
30 Kg
|
|
1 net arroba (excluding carcass)
|
~33.1 pounds
|
15 Kg
|
29
|
|
|
|
INCOME STATEMENT
|
|
(R$ thousand)
|
3Q19
|
3Q18
|
Change
|
9M19
|
9M18
|
Change
|
|
Revenues from Farm Sales
|
-
|
-
|
n.a.
|
130,205
|
-
|
n.a.
|
|
Revenues from grains
|
14,406
|
18,096
|
-20%
|
75,885
|
33,673
|
125%
|
|
Revenues from sugarcane
|
1,028
|
(225)
|
n.a.
|
118,764
|
115,122
|
3%
|
|
Revenues from cattle raising
|
2,762
|
322
|
n.a.
|
11,220
|
2,869
|
291%
|
|
Revenues from leasing
|
1,595
|
1,427
|
12%
|
5,660
|
3,861
|
47%
|
|
Other revenues
|
759
|
67
|
n.a.
|
1,042
|
136
|
n.a.
|
|
Deductions from gross revenue
|
(895)
|
(1,780)
|
-50%
|
(5,904)
|
(6,170)
|
-4%
|
|
Net Sales Revenue
|
19,655
|
17,907
|
10%
|
336,872
|
149,491
|
125%
|
|
Change in fair value of biological assets and agricultural products
|
11,376
|
32,528
|
-65%
|
54,772
|
74,629
|
-27%
|
|
Impairment
|
(149)
|
(31)
|
381%
|
(436)
|
882
|
n.a.
|
|
Net Revenue
|
30,882
|
50,404
|
-39%
|
391,208
|
225,002
|
74%
|
|
Cost of Farm Sale
|
-
|
-
|
n.a.
|
(23,944)
|
-
|
n.a.
|
|
Cost of agricultural products sale
|
(12,995)
|
(16,225)
|
-20%
|
(172,711)
|
(130,474)
|
32%
|
|
Gross Profit
|
17,887
|
34,179
|
-48%
|
194,553
|
94,528
|
106%
|
|
Selling Expenses
|
(3,190)
|
(2,257)
|
41%
|
(6,098)
|
(4,347)
|
40%
|
|
General and Administrative Expenses
|
(7,455)
|
(6,829)
|
9%
|
(24,538)
|
(21,619)
|
14%
|
|
Depreciation and Amortization
|
(156)
|
(146)
|
7%
|
(432)
|
(482)
|
-10%
|
|
Personnel expenses
|
(5,219)
|
(4,374)
|
19%
|
(16,717)
|
(13,621)
|
23%
|
|
Expenses with services providers
|
(1,005)
|
(1,139)
|
-12%
|
(3,031)
|
(3,414)
|
-11%
|
|
Leases and Rents
|
(212)
|
(200)
|
6%
|
(630)
|
(496)
|
27%
|
|
Others expenses
|
(863)
|
(970)
|
-11%
|
(3,728)
|
(3,606)
|
3%
|
|
Other operating income/expenses, net
|
(40)
|
37,116
|
n.a.
|
(557)
|
35,872
|
n.a.
|
|
Equity pick up
|
1,174
|
16,096
|
-93%
|
1,144
|
14,699
|
-92%
|
|
Financial result
|
(5,967)
|
(17,324)
|
-66%
|
(1,841)
|
(9,839)
|
-81%
|
|
Financial income
|
44,098
|
14,381
|
207%
|
247,608
|
57,378
|
332%
|
|
Interest on Financial Investments
|
1,048
|
377
|
178%
|
4,800
|
1,648
|
191%
|
|
Interest on assets
|
113
|
(572)
|
n.a.
|
352
|
10,266
|
-97%
|
|
Monetary variations
|
-
|
(161)
|
-100%
|
-
|
160
|
-100%
|
|
Foreign exchange variations
|
3,735
|
1,463
|
155%
|
16,391
|
7,169
|
129%
|
|
Unwind of present value adjustment
|
19,544
|
6,667
|
193%
|
133,003
|
19,014
|
n.a.
|
|
Realized results with derivatives
|
9,860
|
3,468
|
184%
|
47,018
|
7,084
|
n.a.
|
|
Unrealized results with derivatives
|
9,798
|
3,139
|
212%
|
46,044
|
12,037
|
283%
|
|
Financial expenses
|
(50,065)
|
(31,705)
|
58%
|
(249,449)
|
(67,217)
|
271%
|
|
Interest expenses
|
(67)
|
(199)
|
-66%
|
(248)
|
(870)
|
-71%
|
|
Bank charges
|
(176)
|
(121)
|
45%
|
(1,061)
|
(450)
|
136%
|
|
Interest on liabilities
|
(5,145)
|
(19,684)
|
-74%
|
(14,604)
|
(24,402)
|
-40%
|
|
Monetary variations
|
-
|
(5)
|
-100%
|
-
|
(166)
|
-100%
|
|
Foreign exchange variations
|
(4,031)
|
(1,717)
|
135%
|
(16,479)
|
(7,359)
|
124%
|
|
Unwind of present value adjustment
|
(25,708)
|
(1,373)
|
n.a.
|
(137,209)
|
(15,129)
|
n.a.
|
|
Realized results with derivatives
|
(3,457)
|
(1,055)
|
228%
|
(26,242)
|
(4,949)
|
430%
|
|
Unrealized results with derivatives
|
(11,481)
|
(7,551)
|
52%
|
(53,606)
|
(13,892)
|
286%
|
|
Profit (loss) before income and social contribution taxes
|
2,409
|
60,981
|
-96%
|
162,663
|
109,294
|
49%
|
|
Income and social contribution taxes
|
1,543
|
(6,997)
|
n.a.
|
(22,587)
|
(23,673)
|
-5%
|
|
Profit (loss) for the period
|
3,952
|
53,984
|
-93%
|
140,076
|
85,621
|
64%
|
|
Outstanding shares at the end of the period
|
-
|
-
|
n.a.
|
56,888,916
|
56,888,916
|
0%
|
|
Basic earnings (loss) per share - R$
|
0.07
|
0.95
|
-93%
|
2.46
|
1.51
|
64%
|
|
BALANCE SHEET – ASSETS
|
|
Assets (R$ thousand)
|
03/31/2019
|
06/30/2018
|
Change
|
|
Current assets
|
|
|
|
|
Cash and Cash equivalents
|
54,998
|
104,314
|
-47%
|
|
Marketable securities
|
4,540
|
11,215
|
-60%
|
|
Derivative financial instruments
|
15,820
|
28,299
|
-44%
|
|
Trade accounts receivable
|
81,361
|
95,176
|
-15%
|
|
Inventories
|
104,875
|
69,622
|
51%
|
|
Biologial assets
|
152,234
|
61,993
|
146%
|
|
Transactions with related parties
|
2,024
|
1,660
|
22%
|
|
|
415,852
|
372,279
|
11.7%
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
Biological assets
|
37,826
|
34,053
|
11%
|
|
Marketable securities
|
8,996
|
18,226
|
-51%
|
|
Derivative financial instruments
|
603
|
4,053
|
-85%
|
|
Diferred taxes
|
18,230
|
32,742
|
-44%
|
|
Accounts receivable and other credits
|
168,673
|
74,775
|
126%
|
|
Investment properties
|
556,899
|
557,152
|
0%
|
|
Investments
|
1,318
|
86
|
1433%
|
|
Property, plant and equipment
|
101,158
|
84,830
|
19%
|
|
Intangible assets
|
1,463
|
1,403
|
4%
|
|
|
895,166
|
807,320
|
10.9%
|
|
|
|
|
|
|
Total assets
|
1,311,018
|
1,179,599
|
11.1%
|
|
BALANCE SHEET – LIABILITIES
|
|
Liabilities (R$ thousand)
|
03/31/2019
|
06/30/2018
|
Change
|
|
Current liabilities
|
|
|
|
|
Trade accounts payable and other obligations
|
85,605
|
106,445
|
-20%
|
|
Loans and financing
|
88,276
|
70,088
|
26%
|
|
Labor obligations
|
8,362
|
14,300
|
-42%
|
|
Derivative financial instruments
|
7,266
|
10,489
|
-31%
|
|
Transactions with related parties
|
2,194
|
1,831
|
20%
|
|
|
191,703
|
203,153
|
-5.6%
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Trade accounts payable and other obligations
|
16,945
|
11,298
|
50%
|
|
Loans and financing
|
213,185
|
205,932
|
4%
|
|
Derivative financial instruments
|
-
|
2,145
|
0%
|
|
Provision for legal claims
|
805
|
1,207
|
-33%
|
|
|
230,935
|
220,582
|
4.7%
|
|
|
|
|
|
|
Total liabilities
|
422,638
|
423,735
|
-0.3%
|
|
|
|
|
|
|
Equity
|
|
|
|
|
Capital
|
584,224
|
584,224
|
n.a.
|
|
Capital reserves
|
3,262
|
1,997
|
63%
|
|
Treasury shares
|
(35,208)
|
(35,208)
|
0%
|
|
Profits reserves
|
153,973
|
153,973
|
0%
|
|
Proposed additional dividends
|
-
|
10,995
|
-100%
|
|
Comprehensive Income
|
42,053
|
39,883
|
5%
|
|
Accumulated profit
|
140,076
|
-
|
n.a.
|
|
Total equity
|
888,380
|
755,864
|
17.5%
|
|
|
|
|
|
|
Total liabilities and equity
|
1,311,018
|
1,179,599
|
11.1%
|
|
CASH FLOW
|
|
(R$ thousand)
|
9M19
|
9M18
|
Change
|
|
CASH FLOW OF OPERATIONAL ACTIVITIES
|
|
|
|
|
Profit (loss) for the period
|
140,076
|
85,621
|
1
|
|
Adjustments to reconcile net income
|
|
|
|
|
Depreciation and amortization
|
20,846
|
18,364
|
14%
|
|
Goodwill obtained by spin-off
|
-
|
(5,040)
|
n.a.
|
|
Farm Sales Gain
|
(106,261)
|
-
|
n.a.
|
|
Write-off of cumulative translation adjustment of the joint-venture by spin-off
|
-
|
(30,616)
|
-100%
|
|
Residual value of fixed assets
|
313
|
408
|
-23%
|
|
Written-off in investment properties
|
10,652
|
54
|
n.a.
|
|
Equity Pickup
|
(1,144)
|
(14,699)
|
-92%
|
|
Gain unrealized results with derivatives
|
3,565
|
1,855
|
92%
|
|
Exchange rate, monetary and financial charges unrealized
|
9,788
|
15,052
|
-35%
|
|
Adjustment to present value for receivables from sale of farms, machinery and financial leasings
|
4,206
|
(3,885)
|
n.a.
|
|
Share based Incentive Plan (ILPA)
|
1,265
|
-
|
n.a.
|
|
Income and social contribution taxes
|
14,512
|
22,053
|
-34%
|
|
Fair value of biological assets and agricultural products and depletion of harvest
|
(54,772)
|
(74,629)
|
-27%
|
|
Provision (Reversal) of impairment of agricultural products after harvest
|
436
|
(913)
|
n.a.
|
|
Allowance for doubtful accounts
|
908
|
(744)
|
n.a.
|
|
Provisions for lawsuits
|
(402)
|
(299)
|
34%
|
|
|
43,988
|
12,582
|
250%
|
|
Changes in the Short Term Operating Capital
|
|
|
|
|
Trade accounts receivable
|
38,111
|
(1,351)
|
n.a.
|
|
Inventories
|
(48,222)
|
(8,199)
|
488%
|
|
Biological Assets
|
(42,059)
|
(24,395)
|
72%
|
|
Recoverable Taxes
|
(2,557)
|
426
|
n.a.
|
|
Derivative Transactions
|
7,104
|
2,514
|
183%
|
|
Other assets
|
(4,835)
|
243
|
n.a.
|
|
Suppliers
|
25,236
|
9,462
|
167%
|
|
Related parties
|
(92)
|
(2,782)
|
-97%
|
|
Taxes payable
|
(5,378)
|
(1,744)
|
208%
|
|
Income tax and social contribution
|
5,647
|
(286)
|
n.a.
|
|
Labor obligations
|
(5,936)
|
(4,551)
|
30%
|
|
Advance from customers
|
(20,558)
|
(4,820)
|
327%
|
|
Other obligations
|
3,456
|
(461)
|
n.a.
|
|
Net Cash generated by (used in) operating activities
|
(6,095)
|
(23,362)
|
-74%
|
|
CASH FLOW OF INVESTMENT ACTIVITIES
|
|
|
|
|
Additions to immobilized and intangible
|
(28,427)
|
(27,263)
|
4%
|
|
Additions to property for investments
|
(22,269)
|
(17,851)
|
25%
|
|
Redemption of (investment in) marketable securities
|
20,079
|
6,159
|
226%
|
|
Payment of Farm Purchase
|
-
|
(13,672)
|
n.a.
|
|
Advances for Future Capital Increases
|
(48)
|
-
|
n.a.
|
|
Receivables from farm sale
|
23,650
|
5,588
|
323%
|
|
Net Cash generated by (used in) investment activities
|
(7,015)
|
(47,039)
|
-85%
|
|
CASH FLOW OF FINANCING ACTIVITIES
|
|
|
|
|
Raising of Loans and financing
|
55,252
|
130,144
|
-58%
|
|
Interest from Loans and Financing
|
(2,091)
|
(7,166)
|
-71%
|
|
Payment of loans and financing
|
(48,833)
|
(66,043)
|
-26%
|
|
Acquisition of treasury stock
|
-
|
(610)
|
n.a.
|
|
Dividends paid
|
(40,999)
|
(12,973)
|
216%
|
|
Generated (provided) net cash by financing activities
|
(36,671)
|
43,352
|
n.a.
|
|
Increase (decrease) in cash and cash equivalents
|
(49,781)
|
(27,049)
|
84%
|
|
FX Variation in cash and cash equivalents
|
465
|
-
|
n.a.
|
|
Cash and cash equivalents initial balance
|
104,314
|
43,798
|
138%
|
|
Cash and cash equivalents final balance
|
54,998
|
16,749
|
228%
|
|
|
(49,316)
|
(27,049)
|
82%
|
33
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Date:
May
8, 2019.
|
|
|
|
By:
|
/s/ Gustavo Javier Lopez
|
|
|
|
Name:
|
Gustavo Javier Lopez
|
|
|
|
Title:
|
Administrative Officer and Investor Relations Officer
|
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