|
Cayman Islands
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
7371
(Primary Standard Industrial
Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer
Identification Number) |
|
|
Rachel Proffitt
Garth Osterman Kristin VanderPas Peter Byrne Cooley LLP 3 Embarcadero Center, 20th Floor San Francisco, CA 94111 Tel: 415-693-2000 |
| |
Manuel Garciadiaz
Elliot M. de Carvalho W. Soren Kreider IV Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Tel: 212-450-4000 |
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| | | | F-1 | | | |
| | | | II-1 | | | |
ANNEXES | | | |||||
Annex A — Business Combination Agreement | | | | | | | |
Annex B — Form of Plan of Merger | | | | | | | |
| | | | | | | |
Annex D — Voting and Support Agreement | | | | | | | |
Annex E — Lock-up Agreement | | | | | | | |
Annex F — Form of Subscription Agreement | | | | | | | |
Annex G — Amendment to the Sponsor Letter Agreement | | | | | | | |
Annex H — Form of Amended and Restated Registration Rights Agreement | | | | | | | |
Brazil Cluster
|
| |||
Facirolli Comércio e Representações S.A.
Cultivar Agrícola – Comércio, Importação e Exportação S.A. Integra Soluções Agrícolas Ltda. Produtec Comércio e Representações S.A. Produtiva Agronegócios Comércio e Representação Ltda. Qualiciclo Agrícola S.A. Lavoro Agrocomercial S.A. Agrocontato Comércio e Representações de Produtos Agropecuários S.A. PCO – Comércio, Importação, Exportação e Agropecuária Ltda. Agrovenci – Comércio, Importação, Exportação e Agropecuária Ltda. Agrovenci Distribuidora de Insumos Agrícolas Ltda. América Insumos Agrícola Ltda. Central Agricola Rural Distribuidora de Defensivos Ltda. Denorpi Distribuidora de Insumos Agrícolas Ltda. Deragro Distribuidora de Insumos Agrícolas Ltda. Desempar Participações Ltda. Desempar Tecnologia Ltda. Futuragro Distribuidora de Insumos Agrícolas Ltda. Distribuidora Pitangueiras de Produtos Agropecuários S.A. Plenafértil Distribuidora de Insumos Agrícolas Ltda. Realce Distribuidora de Insumos Agrícolas Ltda. Nova Geração Comércio de Produtos Agrícolas Ltda. Lavoro Agro Holding S.A. Floema Soluções Nutricionais de Cultivos Ltda. Casa Trevo Participações S.A. |
| | | |
LATAM Cluster
|
| |||
Agrointegral Andina S.A.S.
Agroquímicos para la Agricultura Colombiana S.A.S. Agricultura y Servicos S.A.S. Cenagral S.A.S. Grupo Cenagro S.A.S. Fertilizantes Liquidos y Servicios S.A.S. Servigral Praderas S.A.S. Lavoro Colombia S.A.S Grupo Gral S.A.S Provecampo S.A.S Crop Care Colombia S.A.S. |
| | | |
Crop Care Cluster
|
| |||
Agrobiológica Sustentabilidade S.A.
Agrobiológica Soluções Naturais Ltda. Perterra Insumos Agropecuários S.A. Perterra Trading S.A. Union Agro S.A. Crop Care Holding S.A. (Brasil) Araci Administradora de Bens S.A. |
| | | |
| | |
Share Ownership in New Lavoro(1)
|
| |||
| | |
No Redemptions(2)
|
| |
Maximum
Redemptions(3) |
|
| | |
(Percentage of Outstanding Shares)
|
| |||
TPB SPAC Shareholders (other than the Sponsor)(5)(6)
|
| | | | | | |
Sponsor (including PIPE Investment)(4)(5)(6)
|
| | | | | | |
Lavoro Shareholders(5)(6)
|
| | | | | | |
| | |
TPB SPAC Class B
Ordinary Shares(1) |
| |
Value of TPB SPAC
Class B Ordinary Shares implied by Business Combination(2) |
| |
Value of TPB SPAC
Class B Ordinary Shares based on recent trading price(3) |
| |||||||||
Sponsor(4) | | | | | 4,404,074 | | | | | $ | | | | | $ | | | ||
Kerry Cooper
|
| | | | 35,000 | | | | | | | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | | | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | | | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Share Ownership in New Lavoro(1)
|
| |||
| | |
No
Redemptions(2) |
| |
Maximum
Redemptions(3) |
|
| | |
(Percentage of Outstanding Shares)
|
| |||
TPB SPAC Shareholders (other than the Sponsor)(5)(6)
|
| | | | | | |
Sponsor (including PIPE Investment)(4)(5)(6)
|
| | | | | | |
Lavoro Shareholders(5)(6)
|
| | | | | | |
| | |
TPB SPAC Class B
Ordinary Shares(1) |
| |
Value of TPB SPAC
Class B Ordinary Shares implied by Business Combination(2) |
| |
Value of TPB SPAC
Class B Ordinary Shares based on recent trading price(3) |
| |||||||||
Sponsor(4) | | | | | 4,404,074 | | | | | $ | | | | | $ | | | ||
Kerry Cooper
|
| | | | 35,000 | | | | | | | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | | | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | | | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
(in millions)
|
| |||
Sources(1) | | | | | | | |
Existing cash held in Trust Account(2)
|
| | | $ | 180.0 | | |
PIPE Investment(3)
|
| | | $ | 100.0 | | |
Total Sources
|
| | | $ | 280.0 | | |
Uses | | | | | | | |
Cash to Balance Sheet
|
| | | $ | 228.5 | | |
Secondary proceeds to Investment Funds(4)
|
| | | $ | 30.0 | | |
Transaction expenses(5)
|
| | | $ | 21.5 | | |
Total Uses
|
| | | $ | 280.0 | | |
| | |
No
Redemptions(1) |
| |
Maximum
Redemptions(2) |
| ||||||
IPO underwriting fees(3)
|
| | | US$ | | | | | US$ | | | ||
IPO proceeds net of redemptions(4)
|
| | | US$ | | | | | US$ | | | ||
Underwriting fees as a % of IPO proceeds net of redemptions
|
| | | | % | | | | | | % | | |
| | |
For the Nine-Month Period Ended March 31,
|
| |
For the Fiscal Year Ended June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||
Revenue | | | | | 1,398.2 | | | | | | 6,624.6 | | | | | | 4,219.9 | | | | | | 1,076.1 | | | | | | 5,098.5 | | | | | | 2,706.3 | | |
Cost of goods sold
|
| | | | (1,156.9) | | | | | | (5,481.2) | | | | | | (3,620.2) | | | | | | (920.8) | | | | | | (4,362.7) | | | | | | (2,384.1) | | |
Gross profit
|
| | | | 241.3 | | | | | | 1,143.4 | | | | | | 599.6 | | | | | | 155.3 | | | | | | 735.9 | | | | | | 322.2 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (147.1) | | | | | | (697.2) | | | | | | (405.4) | | | | | | (130.8) | | | | | | (619.5) | | | | | | (394.7) | | |
Other operating income, net
|
| | | | 7.4 | | | | | | 35.0 | | | | | | 8.4 | | | | | | 3.3 | | | | | | 15.6 | | | | | | 10.8 | | |
Operating profit (loss)
|
| | | | 101.6 | | | | | | 481.2 | | | | | | 202.6 | | | | | | 27.9 | | | | | | 132.0 | | | | | | (61.7) | | |
Finance income
|
| | | | 72.3 | | | | | | 342.3 | | | | | | 174.5 | | | | | | 47.9 | | | | | | 227.1 | | | | | | 55.5 | | |
Finance costs
|
| | | | (100.9) | | | | | | (477.9) | | | | | | (220.5) | | | | | | (66.0) | | | | | | (312.9) | | | | | | (168.7) | | |
Profit (loss) before income taxes
|
| | | | 72.9 | | | | | | 345.6 | | | | | | 156.7 | | | | | | 9.8 | | | | | | 46.2 | | | | | | (174.9) | | |
Income taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (24.9) | | | | | | (117.8) | | | | | | (58.8) | | | | | | (13.0) | | | | | | (61.7) | | | | | | (23.5) | | |
Deferred
|
| | | | 2.8 | | | | | | 13.4 | | | | | | (5.6) | | | | | | 7.8 | | | | | | 37.0 | | | | | | 76.9 | | |
Profit (loss) for the period/year(2)
|
| | | | 50.9 | | | | | | 241.2 | | | | | | 92.3 | | | | | | 4.5 | | | | | | 21.5 | | | | | | (121.5) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 39.6 | | | | | | 187.6 | | | | | | 84.8 | | | | | | 8.1 | | | | | | 38.4 | | | | | | (108.7) | | |
Non-controlling interests
|
| | | | 11.3 | | | | | | 53.5 | | | | | | 7.5 | | | | | | (3.6) | | | | | | (16.9) | | | | | | (12.8) | | |
| | |
As of March 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 64.7 | | | | | | 306.7 | | | | | | 97.0 | | | | | | 459.5 | | | | | | 158.5 | | |
Trade receivables
|
| | | | 790.3 | | | | | | 3,744.3 | | | | | | 309.7 | | | | | | 1,467.2 | | | | | | 1,080.4 | | |
Inventories
|
| | | | 328.4 | | | | | | 1,555.9 | | | | | | 179.2 | | | | | | 849.1 | | | | | | 431.5 | | |
Taxes recoverable
|
| | | | 28.4 | | | | | | 134.5 | | | | | | 18.7 | | | | | | 88.4 | | | | | | 35.5 | | |
Commodity forward contracts
|
| | | | 27.3 | | | | | | 129.3 | | | | | | 26.9 | | | | | | 127.7 | | | | | | 100.5 | | |
Derivative financial instruments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.5 | | |
Advances to suppliers
|
| | | | 39.2 | | | | | | 185.8 | | | | | | 93.4 | | | | | | 442.4 | | | | | | 252.5 | | |
Other assets
|
| | | | 10.6 | | | | | | 50.1 | | | | | | 6.7 | | | | | | 31.8 | | | | | | 36.3 | | |
Total current assets
|
| | | | 1,288.9 | | | | | | 6,106.5 | | | | | | 731.6 | | | | | | 3,466.1 | | | | | | 2,099.7 | | |
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financial investments
|
| | | | 0.4 | | | | | | 1.9 | | | | | | — | | | | | | — | | | | | | — | | |
Trade receivables
|
| | | | 15.6 | | | | | | 74.1 | | | | | | — | | | | | | — | | | | | | 5.1 | | |
Other assets
|
| | | | 1.7 | | | | | | 8.3 | | | | | | 1.3 | | | | | | 6.3 | | | | | | 0.4 | | |
Right of use assets
|
| | | | 27.9 | | | | | | 131.9 | | | | | | 13.6 | | | | | | 64.3 | | | | | | 34.7 | | |
Judicial deposits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3.5 | | |
Deferred tax assets
|
| | | | 25.1 | | | | | | 119.1 | | | | | | 24.2 | | | | | | 114.7 | | | | | | 77.7 | | |
Property, plant and equipment
|
| | | | 29.5 | | | | | | 139.9 | | | | | | 19.7 | | | | | | 93.3 | | | | | | 58.9 | | |
Intangible assets
|
| | | | 154.2 | | | | | | 730.3 | | | | | | 138.6 | | | | | | 656.8 | | | | | | 382.5 | | |
Total non-current assets
|
| | | | 254.4 | | | | | | 1,205.5 | | | | | | 197.4 | | | | | | 935.5 | | | | | | 562.8 | | |
Total assets
|
| | | | 1,543.3 | | | | | | 7,312.0 | | | | | | 929.0 | | | | | | 4,401.6 | | | | | | 2,662.5 | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 824.4 | | | | | | 3,905.9 | | | | | | 330.0 | | | | | | 1,563.7 | | | | | | 1,016.3 | | |
Leases liabilities
|
| | | | 14.0 | | | | | | 66.6 | | | | | | 7.3 | | | | | | 34.5 | | | | | | 8.8 | | |
Borrowings
|
| | | | 80.5 | | | | | | 381.4 | | | | | | 46.8 | | | | | | 221.8 | | | | | | 160.3 | | |
Payables for the acquisition of subsidiaries
|
| | | | 44.0 | | | | | | 208.4 | | | | | | 45.4 | | | | | | 215.2 | | | | | | 126.8 | | |
Derivative financial instruments
|
| | | | 8.0 | | | | | | 37.7 | | | | | | 1.1 | | | | | | 5.1 | | | | | | 14.8 | | |
Commodity forward contracts
|
| | | | 27.8 | | | | | | 131.9 | | | | | | 27.1 | | | | | | 128.2 | | | | | | 107.4 | | |
Salaries and social charges
|
| | | | 32.7 | | | | | | 155.1 | | | | | | 18.7 | | | | | | 88.4 | | | | | | 40.4 | | |
Taxes payable
|
| | | | 10.9 | | | | | | 51.8 | | | | | | 6.9 | | | | | | 32.8 | | | | | | 26.3 | | |
Dividends payable
|
| | | | 0.7 | | | | | | 3.5 | | | | | | 1.4 | | | | | | 6.9 | | | | | | 6.9 | | |
| | |
As of March 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||
| | |
US$(1)
|
| |
R$
|
| |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Advances from customers
|
| | | | 31.1 | | | | | | 147.2 | | | | | | 107.5 | | | | | | 509.4 | | | | | | 218.7 | | |
Other liabilities
|
| | | | 1.6 | | | | | | 7.6 | | | | | | 13.1 | | | | | | 62.1 | | | | | | 37.1 | | |
Total current liabilities
|
| | | | 1,075.8 | | | | | | 5,097.0 | | | | | | 605.4 | | | | | | 2,868.1 | | | | | | 1,763.8 | | |
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 1.1 | | | | | | 5.4 | | | | | | — | | | | | | — | | | | | | — | | |
Leases liabilities
|
| | | | 17.3 | | | | | | 82.2 | | | | | | 8.6 | | | | | | 40.6 | | | | | | 32.8 | | |
Borrowings
|
| | | | 25.4 | | | | | | 120.3 | | | | | | 4.4 | | | | | | 20.6 | | | | | | 8.3 | | |
Payables for the acquisition of subsidiaries
|
| | | | 7.0 | | | | | | 33.1 | | | | | | — | | | | | | — | | | | | | — | | |
Provisions for contingencies
|
| | | | 2.6 | | | | | | 12.2 | | | | | | 0.8 | | | | | | 3.6 | | | | | | — | | |
Other liabilities
|
| | | | — | | | | | | — | | | | | | 0.1 | | | | | | 0.5 | | | | | | 1.0 | | |
Total non-current liabilities
|
| | | | 53.4 | | | | | | 253.2 | | | | | | 13.8 | | | | | | 65.3 | | | | | | 42.1 | | |
Net investment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment from the parent
|
| | | | 358.0 | | | | | | 1,696.3 | | | | | | 283.9 | | | | | | 1,345.1 | | | | | | 787.7 | | |
Non-controlling interests
|
| | | | 56.1 | | | | | | 265.6 | | | | | | 26.0 | | | | | | 123.1 | | | | | | 68.9 | | |
Total net investment
|
| | | | 414.1 | | | | | | 1,961.9 | | | | | | 309.9 | | | | | | 1,468.2 | | | | | | 856.6 | | |
Total liabilities and net investment
|
| | | | 1,543.3 | | | | | | 7,312.0 | | | | | | 929.0 | | | | | | 4,401.6 | | | | | | 2,662.5 | | |
|
| | |
For the Nine-Month Period Ended March 31, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Pre-Acquisition Period(1)
|
| | | | | | | |||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union Agro
|
| |
AgroZap
|
| |
Pro
Forma Adjustments(1) |
| |
Lavoro
Group Pro Forma |
| ||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit (loss) for the period
|
| | | | 241.2 | | | | | | 0.9 | | | | | | 0.6 | | | | | | 1.2 | | | | | | 17.1 | | | | | | 18.1 | | | | | | (0.8) | | | | | | 278.2 | | |
(+) Pro forma depreciation and amortization
|
| | | | 88.7 | | | | | | 0.0 | | | | | | 0.3 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.4 | | | | | | 1.3 | | | | | | 91.2 | | |
(+) Fair value on inventories
sold from acquired companies |
| | | | 22.7 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22.7 | | |
(+) Pro forma income taxes
current and deferred |
| | | | 104.4 | | | | | | — | | | | | | 0.3 | | | | | | 0.3 | | | | | | 2.7 | | | | | | — | | | | | | (0.4) | | | | | | 107.2 | | |
(+) Pro forma finance income (costs), net
|
| | | | 135.6 | | | | | | (0.1) | | | | | | 0.1 | | | | | | — | | | | | | 0.2 | | | | | | 3.5 | | | | | | — | | | | | | 139.3 | | |
(+) M&A expenses(2)
|
| | | | 9.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9.1 | | |
(-) Gain on bargain purchases
|
| | | | (15.5) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15.5) | | |
Pro Forma Adjusted EBITDA
|
| | | | 586.2 | | | | | | 0.8 | | | | | | 1.3 | | | | | | 1.6 | | | | | | 20.4 | | | | | | 22.0 | | | | |
|
—
|
| | | | | 632.2 | | |
(/) Pro forma revenue
|
| | | | 6,624.6 | | | | | | 18.0 | | | | | | 27.9 | | | | | | 5.3 | | | | | | 95.8 | | | | | | 201.1 | | | | | | — | | | | | | 6,972.7 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 8.8% | | | | | | 4.4% | | | | | | 4.7% | | | | | | 30.2% | | | | | | 21.3% | | | | | | 10.9% | | | | | | 0.0% | | | | | | 9.1% | | |
| | |
For the Nine-Month Period Ended March 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Pre-Acquisition Period(1)
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union
Agro |
| |
AgroZap
|
| |
Pro
Forma Adjustments(1) |
| |
Lavoro
Group Pro Forma |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit (loss) for the year
|
| | | | 92.3 | | | | | | (0.6) | | | | | | 7.4 | | | | | | 2.7 | | | | | | 29.1 | | | | | | 26.3 | | | | | | 2.6 | | | | | | 12.5 | | | | | | 1.9 | | | | | | 2.8 | | | | | | 23.9 | | | | | | (8.5) | | | | | | (9.8) | | | | | | 182.5 | | |
(+) Pro forma depreciation and
amortization |
| | | | 40.2 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 1.0 | | | | | | 0.4 | | | | | | — | | | | | | 0.2 | | | | | | 1.3 | | | | | | 0.1 | | | | | | 0.9 | | | | | | 0.6 | | | | | | 14.8 | | | | | | 59.8 | | |
(+) Fair value on inventories sold from acquired companies
|
| | | | 14.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14.5 | | |
(+) Pro forma income taxes current and
deferred |
| | | | 64.4 | | | | | | 0.1 | | | | | | — | | | | | | 4.1 | | | | | | 13.8 | | | | | | 3.7 | | | | | | — | | | | | | — | | | | | | 2.5 | | | | | | 1.8 | | | | | | 4.8 | | | | | | — | | | | | | (5.0) | | | | | | 90.2 | | |
(+) Pro forma finance income (costs), net
|
| | | | 45.9 | | | | | | — | | | | | | (0.1) | | | | | | 0.3 | | | | | | 3.0 | | | | | | 5.6 | | | | | | 0.2 | | | | | | 0.3 | | | | | | (1.4) | | | | | | — | | | | | | 0.9 | | | | | | 2.5 | | | | | | — | | | | | | 57.2 | | |
(+) M&A expenses(2)
|
| | | | 25.1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25.1 | | |
Pro Forma Adjusted EBITDA
|
| | |
|
282.4
|
| | | |
|
(0.5)
|
| | | |
|
7.5
|
| | | |
|
7.3
|
| | | |
|
46.9
|
| | | |
|
36.0
|
| | | |
|
2.8
|
| | | |
|
13.0
|
| | | |
|
4.3
|
| | | |
|
4.7
|
| | | |
|
30.5
|
| | | |
|
(5.4)
|
| | | | | — | | | | |
|
429.3
|
| |
(/) Pro forma revenue
|
| | | | 4,219.9 | | | | | | 11.5 | | | | | | 119.7 | | | | | | 145.4 | | | | | | 557.9 | | | | | | 294.2 | | | | | | 4.6 | | | | | | 126.3 | | | | | | 132.1 | | | | | | 12.7 | | | | | | 130.8 | | | | | | 196.4 | | | | | | — | | | | | | 5,951.7 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 6.7% | | | | | | (4.3)% | | | | | | 6.3% | | | | | | 5.0% | | | | | | 8.4% | | | | | | 12.2% | | | | | | 60.9% | | | | | | 10.3% | | | | | | 3.3% | | | | | | 37.0% | | | | | | 23.3% | | | | | | (2.7)% | | | | |
|
—
|
| | | | | 7.2% | | |
| | |
For the Fiscal Year Ended June 30, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Pre-Acquisition Period(1)
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union
Agro |
| |
AgroZap
|
| |
Pro
Forma Adjustments(1) |
| |
Lavoro
Group Pro Forma |
| ||||||||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit (loss) for the year
|
| | |
|
21.5
|
| | | |
|
(0.6)
|
| | | |
|
7.4
|
| | | |
|
2.7
|
| | | |
|
29.1
|
| | | |
|
26.3
|
| | | |
|
2.6
|
| | | |
|
19.0
|
| | | |
|
2.5
|
| | | |
|
3.6
|
| | | |
|
22.6
|
| | | |
|
(17.0)
|
| | | |
|
(10.7)
|
| | | |
|
108.8
|
| |
(+) Pro forma depreciation and
amortization |
| | | | 53.4 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 1.0 | | | | | | 0.4 | | | | | | 0.0 | | | | | | 0.2 | | | | | | 1.7 | | | | | | 0.2 | | | | | | 1.3 | | | | | | 0.8 | | | | | | 16.1 | | | | | | 75.4 | | |
(+) Fair value on inventories sold from acquired companies
|
| | | | 39.5 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 39.5 | | |
(+) Pro forma income taxes current and
deferred |
| | | | 24.7 | | | | | | 0.1 | | | | | | — | | | | | | 4.1 | | | | | | 13.8 | | | | | | 3.7 | | | | | | — | | | | | | — | | | | | | 2.9 | | | | | | 2.1 | | | | | | 5.6 | | | | | | — | | | | | | (5.5) | | | | | | 51.6 | | |
(+) Pro forma finance income (costs), net
|
| | | | 85.8 | | | | | | — | | | | | | (0.1) | | | | | | 0.4 | | | | | | 3.0 | | | | | | 5.6 | | | | | | 0.2 | | | | | | 0.4 | | | | | | (1.5) | | | | | | 0.0 | | | | | | 1.2 | | | | | | 3.8 | | | | | | 0.0 | | | | | | 98.7 | | |
(+) M&A expenses(2)
|
| | | | 40.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40.2 | | |
Pro Forma Adjusted EBITDA
|
| | | | 265.1 | | | | | | (0.5) | | | | | | 7.5 | | | | | | 7.3 | | | | | | 46.9 | | | | | | 36.0 | | | | | | 2.8 | | | | | | 19.6 | | | | | | 5.6 | | | | | | 5.9 | | | | | | 30.7 | | | | | | (12.4) | | | | | | (0.1) | | | | | | 414.2 | | |
(/) Pro forma revenue
|
| | | | 5,098.5 | | | | | | 11.5 | | | | | | 119.7 | | | | | | 145.4 | | | | | | 557.9 | | | | | | 294.2 | | | | | | 4.6 | | | | | | 175.2 | | | | | | 163.9 | | | | | | 16.3 | | | | | | 153.0 | | | | | | 230.1 | | | | | | 0.0 | | | | | | 6,970.5 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 5.2% | | | | | | (4.3)% | | | | | | 6.3% | | | | | | 5.0% | | | | | | 8.4% | | | | | | 12.2% | | | | | | 60.9% | | | | | | 11.2% | | | | | | 3.4% | | | | | | 36.2% | | | | | | 20.0% | | | | | | (5.4)% | | | | | | 0.0% | | | | | | 5.9% | | |
| | |
As of and For the Nine-Month
Period Ended March 31, 2022 |
| |
As of and For the Fiscal Year
Ended June 30, 2021 |
| ||||||||||||||||||
| | |
(US$)(1)
|
| |
(R$)
|
| |
(US$)(1)
|
| |
(R$)
|
| ||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| |||||||||||||||||||||
Borrowings (current and non-current)
|
| | | | 105.9 | | | | | | 501.7 | | | | | | 51.2 | | | | | | 242.4 | | |
Leases liabilities (current and non-current)
|
| | | | 31.4 | | | | | | 148.8 | | | | | | 15.9 | | | | | | 75.1 | | |
Payables for the acquisition of subsidiaries (current and non-current)
|
| | | | 51.0 | | | | | | 241.5 | | | | | | 45.4 | | | | | | 215.2 | | |
(-) Cash equivalents
|
| | | | (64.7) | | | | | | (306.7) | | | | | | (97.0) | | | | | | (459.5) | | |
Net Debt (Net Cash)
|
| | | | 123.5 | | | | | | 585.3 | | | | | | 15.5 | | | | | | 73.2 | | |
Pro Forma Adjusted EBITDA
|
| | | | 133.4 | | | | | | 632.2 | | | | | | 87.4 | | | | | | 414.2 | | |
Net Debt (Net Cash)/Pro Forma Adjusted EBITDA Ratio
|
| | | | N/A | | | | | | 0.9x | | | | | | N/A | | | | | | 0.2x | | |
| | |
For the
Six Months Ended June 30, 2022 |
| |
For the period
from February 8, 2021 (inception) through December 31, 2021 |
| ||||||
Statement of Operations Data: | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 2,286,475 | | | | | | 552,124 | | |
General and administrative expenses – related party
|
| | | | 60,000 | | | | | | 46,774 | | |
Loss from operations
|
| | | | (2,346,475) | | | | | | (598,898) | | |
Other income (expense) | | | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | 5,387,428 | | | | | | 8,508,405 | | |
Income from investments in Trust Account
|
| | | | 86,175 | | | | | | 5,221 | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | (653,860) | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | (577,447) | | |
Total other income, net
|
| | | | 5,473,603 | | | | | | 7,282,319 | | |
Net income
|
| | | | 3,127,128 | | | | | | 6,683,421 | | |
Weighted average number of shares outstanding of Class A ordinary shares,
basic and diluted |
| | | | 18,036,299 | | | | | | 7,770,560 | | |
Basic net income per share, Class A ordinary shares
|
| | | | 0.14 | | | | | | 0.55 | | |
Diluted net income per share, Class A ordinary shares
|
| | | | 0.14 | | | | | | 0.54 | | |
Weighted average number of shares outstanding of Class B ordinary shares,
basic and diluted |
| | | | 4,509,074 | | | | | | 4,431,172 | | |
Weighted average number of shares of Class B ordinary shares, diluted
|
| | | | 4,509,074 | | | | | | 4,509,074 | | |
Basic net income per share, Class B ordinary shares
|
| | | | 0.14 | | | | | | 0.55 | | |
Diluted net income per share, Class B ordinary shares
|
| | | | 0.14 | | | | | | 0.54 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Total current assets
|
| | | | 1,557,573 | | | | | | 1,075,488 | | |
Total assets
|
| | | | 182,011,959 | | | | | | 181,443,699 | | |
Total current liabilities
|
| | | | 2,952,741 | | | | | | 124,181 | | |
Total liabilities
|
| | | | 11,286,802 | | | | | | 13,845,670 | | |
Class A ordinary shares subject to possible redemption
|
| | | | 180,362,990 | | | | | | 180,362,990 | | |
Total shareholders’ deficit
|
| | | | (9,637,833) | | | | | | (12,764,961) | | |
| | |
TPB SPAC Class B
Ordinary Shares(1) |
| |
Value of TPB SPAC
Class B Ordinary Shares implied by Business Combination(2) |
| |
Value of TPB SPAC
Class B Ordinary Shares based on recent trading price(3) |
| |||||||||
Sponsor(4) | | | | | 4,404,074 | | | | | $ | | | | | $ | | | ||
Kerry Cooper
|
| | | | 35,000 | | | | | | | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | | | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | | | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
TPB SPAC Class B
Ordinary Shares(1) |
| |
Value of TPB SPAC
Class B Ordinary Shares implied by Business Combination(2) |
| |
Value of TPB SPAC
Class B Ordinary Shares based on recent trading price(3) |
| |||||||||
Sponsor(4) | | | | | 4,404,074 | | | | | $ | | | | | $ | | | ||
Kerry Cooper
|
| | | | 35,000 | | | | | | | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | | | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | | | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
No Redemptions(1)
|
| |
Maximum
Redemptions(2) |
| ||||||
IPO underwriting fees(3)
|
| | | US$ | | | | | US$ | | | ||
IPO proceeds net of redemptions(4)
|
| | | US$ | | | | | US$ | | | ||
Underwriting fees as a % of IPO proceeds net of redemptions
|
| | | | % | | | | | | % | | |
| | |
For the Fiscal Year Ended June 30,
|
| |
For the Calendar Year Ended
December 31, |
| ||||||||||||||||||||||||
Projections
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2022E
|
| |
2023E
|
| |||||||||||||||
| | |
(in US$ millions, except for percentages)
|
| |||||||||||||||||||||||||||
Pro Forma Revenue(1)
|
| | | $ | 1,636 | | | | | $ | 2,740 | | | | | $ | 3,540 | | | | | $ | 2,271 | | | | | $ | 3,190 | | |
y/y %
|
| | | | 41% | | | | | | 68% | | | | | | 29% | | | | | | 63% | | | | | | 40% | | |
Pro Forma Adjusted EBITDA(1)(2)
|
| | | $ | 108 | | | | | $ | 210 | | | | | $ | 324 | | | | | $ | 172 | | | | | $ | 279 | | |
Pro Forma Adjusted EBITDA margin %(1)(2)
|
| | | | 6.6% | | | | | | 7.7% | | | | | | 9.2% | | | | | | 7.6% | | | | | | 8.8% | | |
y/y %
|
| | | | 60% | | | | | | 94% | | | | | | 54% | | | | | | 86% | | | | | | 62% | | |
| | |
TPB SPAC Class B
Ordinary Shares(1) |
| |
Value of TPB SPAC
Class B Ordinary Shares implied by Business Combination(2) |
| |
Value of TPB SPAC
Class B Ordinary Shares based on recent trading price(3) |
| |||||||||
Sponsor(4) | | | | | 4,404,074 | | | | | $ | | | | | $ | | | ||
Kerry Cooper
|
| | | | 35,000 | | | | | | | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | | | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | | | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Share Ownership in New Lavoro(1)
|
| |||
| | |
No Redemptions(2)
|
| |
Maximum
Redemptions(3) |
|
| | |
(Percentage of Outstanding Shares)
|
| |||
TPB SPAC Shareholders (other than the Sponsor)(5)(6)
|
| | | | | | |
Sponsor (including PIPE Investment)(4)(5)(6)
|
| | | | | | |
Lavoro Shareholders(5)(6)
|
| | | | | | |
|
TPB SPAC’s Existing Governing Documents
|
| |
Proposed Governing Documents of New Lavoro
|
|
|
Authorized Share Capital
(Governing Documents Proposal 3A) |
| |||
| TPB SPAC authorized share capital is US$55,500 divided into (i) 500,000,000 TPB SPAC Class A Ordinary Shares of a par value of US$0.0001 each, (ii) 50,000,000 TPB SPAC Class B Ordinary Shares of a par value of US$0.0001 and (iii) 5,000,000 preference shares of a par value of US$0.0001 each. | | | New Lavoro will be authorized to issue New Lavoro Ordinary Shares, par value US$0.001 per New Lavoro Ordinary Share. Every holder of New Lavoro Ordinary Shares, present in person or by proxy and entitled to vote thereon, shall be entitled to one vote in respect of each Ordinary Share held by them. | |
|
Method to Appoint and Elect Directors
(Governing Documents Proposal 3B) |
| |||
| Prior to the closing of an initial business combination, TPB SPAC may appoint or remove any director by ordinary resolution of the holders of Class B Ordinary Shares. Prior to the closing of an initial business Combination, holders of the TPB SPAC Class A Ordinary Shares have no right to vote on the appointment or removal of any director. | | | Per the Proposed Governing Documents, immediately following the Closing of the Business Combination, New Lavoro’s board of directors will consist of seven directors, of which (i) four directors will be designated by certain Lavoro shareholders (one of which will be independent pursuant to listing standards of the Nasdaq Stock Exchange and Rule 10A-3 of the Exchange Act (an “Independent Director”)) and (ii) three directors will be designated by the Sponsor (two of which will be Independent Directors). The directors will be divided into three staggered classes designated as Class 1, Class 2 and Class 3. Director nominees must be elected by an ordinary resolution of the holders of New Lavoro Ordinary Shares in accordance with the Proposed Governing Documents at each annual general meeting of New Lavoro to fill the seats of those directors whose terms expire at such annual general meeting and the persons to stand for election at each annual general meeting of New Lavoro shall be nominated by the directors. At the 2023 annual general meeting, the term of office of the Class 1 directors shall expire and Class 1 directors shall be elected for a full term | |
| | | | | | | | | | | | | | |
Scenario 1 — Assuming
no redemptions |
| |
Scenario 2 — Assuming
maximum redemptions |
| ||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
TPB SPAC
(Historical) (After IFRS conversion)(1) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 306,726 | | | | | | 1,871 | | | | | | 1,184,450 | | | |
B
|
| | | | 1,398,192 | | | | | | 954,736 | | | |
B
|
| | | | 1,168,478 | | |
| | | | | | | | | | | | | | | | | (94,855) | | | |
D
|
| | | | | | | | | | (94,855) | | | |
D
|
| | | | | | |
Trade receivables
|
| | | | 3,744,255 | | | | | | — | | | | | | — | | | | | | | | | 3,744,255 | | | | | | — | | | | | | | | | 3,744,255 | | |
Inventories
|
| | | | 1,555,853 | | | | | | — | | | | | | — | | | | | | | | | 1,555,853 | | | | | | — | | | | | | | | | 1,555,853 | | |
Taxes recoverable
|
| | | | 134,490 | | | | | | — | | | | | | — | | | | | | | | | 134,490 | | | | | | — | | | | | | | | | 134,490 | | |
Commodity forward contracts
|
| | | | 129,263 | | | | | | — | | | | | | — | | | | | | | | | 129,263 | | | | | | — | | | | | | | | | 129,263 | | |
Advances to suppliers
|
| | | | 185,786 | | | | | | — | | | | | | — | | | | | | | | | 185,786 | | | | | | — | | | | | | | | | 185,786 | | |
Prepaid expenses
|
| | | | — | | | | | | 2,562 | | | | | | (2,562) | | | |
D
|
| | | | — | | | | | | (2,562) | | | |
D
|
| | | | — | | |
Other assets
|
| | | | 50,123 | | | | | | — | | | | | | (4,515) | | | |
D
|
| | | | 45,608 | | | | | | (4,515) | | | |
D
|
| | | | 45,608 | | |
Total current assets
|
| | | | 6,106,496 | | | | | | 4,433 | | | | | | 1,082,518 | | | | | | | | | 7,193,447 | | | | | | 852,804 | | | | | | | | | 6,963,733 | | |
Financial investments
|
| | | | 1,881 | | | | | | — | | | | | | — | | | | | | | | | 1,881 | | | | | | — | | | | | | | | | 1,881 | | |
Trade receivables
|
| | | | 74,120 | | | | | | — | | | | | | — | | | | | | | | | 74,120 | | | | | | — | | | | | | | | | 74,120 | | |
Other assets
|
| | | | 8,264 | | | | | | — | | | | | | — | | | | | | | | | 8,264 | | | | | | — | | | | | | | | | 8,264 | | |
Right of use assets
|
| | | | 131,949 | | | | | | — | | | | | | — | | | | | | | | | 131,949 | | | | | | — | | | | | | | | | 131,949 | | |
Deferred tax assets
|
| | | | 119,114 | | | | | | — | | | | | | — | | | | | | | | | 119,114 | | | | | | — | | | | | | | | | 119,114 | | |
Property, plant and equipment
|
| | | | 139,855 | | | | | | — | | | | | | — | | | | | | | | | 139,855 | | | | | | — | | | | | | | | | 139,855 | | |
Intangible assets
|
| | | | 730,339 | | | | | | — | | | | | | — | | | | | | | | | 730,339 | | | | | | — | | | | | | | | | 730,339 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 854,570 | | | | | | 473,780 | | | |
A
|
| | | | — | | | | | | 473,780 | | | |
A
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (1,328,350) | | | |
B
|
| | | | | | | | | | (1,328,350) | | | |
B
|
| | | | | | |
Total non-current assets
|
| | | | 1,205,522 | | | | | | 854,570 | | | | | | (854,570) | | | | | | | | | 1,205,522 | | | | | | (854,570) | | | | | | | | | 1,205,522 | | |
Total assets
|
| | | | 7,312,018 | | | | | | 859,003 | | | | | | 227,948 | | | | | | | | | 8,398,969 | | | | | | (1,766) | | | | | | | | | 8,169,255 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 3,905,857 | | | | | | 87 | | | | | | — | | | | | | | | | 3,905,944 | | | | | | — | | | | | | | | | 3,905,944 | | |
Lease liabilities
|
| | | | 66,560 | | | | | | — | | | | | | — | | | | | | | | | 66,560 | | | | | | — | | | | | | | | | 66,560 | | |
Borrowings
|
| | | | 381,376 | | | | | | — | | | | | | — | | | | | | | | | 381,376 | | | | | | — | | | | | | | | | 381,376 | | |
Payables for the acquisition of
subsidiaries |
| | | | 208,399 | | | | | | — | | | | | | — | | | | | | | | | 208,399 | | | | | | — | | | | | | | | | 208,399 | | |
Derivative financial instruments
|
| | | | 37,726 | | | | | | — | | | | | | — | | | | | | | | | 37,726 | | | | | | — | | | | | | | | | 37,726 | | |
Commodity forward contracts
|
| | | | 131,907 | | | | | | — | | | | | | — | | | | | | | | | 131,907 | | | | | | — | | | | | | | | | 131,907 | | |
Salaries and social charges
|
| | | | 155,109 | | | | | | — | | | | | | — | | | | | | | | | 155,109 | | | | | | — | | | | | | | | | 155,109 | | |
Taxes payable
|
| | | | 51,754 | | | | | | — | | | | | | — | | | | | | | | | 51,754 | | | | | | — | | | | | | | | | 51,754 | | |
Dividends payable
|
| | | | 3,478 | | | | | | — | | | | | | — | | | | | | | | | 3,478 | | | | | | — | | | | | | | | | 3,478 | | |
Advances from customers
|
| | | | 147,210 | | | | | | — | | | | | | — | | | | | | | | | 147,210 | | | | | | — | | | | | | | | | 147,210 | | |
Accrued expenses
|
| | | | — | | | | | | 2,354 | | | | | | (2,354) | | | |
D
|
| | | | — | | | | | | (2,354) | | | |
D
|
| | | | — | | |
Other liabilities
|
| | | | 7,584 | | | | | | — | | | | | | — | | | | | | | | | 7,584 | | | | | | — | | | | | | | | | 7,584 | | |
Total current liabilities
|
| | | | 5,096,960 | | | | | | 2,441 | | | | | | (2,354) | | | | | | | | | 5,097,047 | | | | | | (2,354) | | | | | | | | | 5,097,047 | | |
Trade payables
|
| | | | 5,351 | | | | | | — | | | | | | — | | | | | | | | | 5,351 | | | | | | — | | | | | | | | | 5,351 | | |
Leases liabilities
|
| | | | 82,200 | | | | | | — | | | | | | — | | | | | | | | | 82,200 | | | | | | — | | | | | | | | | 82,200 | | |
| | | | | | | | | | | | | | |
Scenario 1 — Assuming
no redemptions |
| |
Scenario 2 — Assuming
maximum redemptions |
| ||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
TPB SPAC
(Historical) (After IFRS conversion)(1) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||||||||
Borrowings
|
| | | | 120,333 | | | | | | — | | | | | | — | | | | | | | | | 120,333 | | | | | | — | | | | | | | | | 120,333 | | |
Payables for the acquisition of subsidiaries
|
| | | | 33,100 | | | | | | — | | | | | | — | | | | | | | | | 33,100 | | | | | | — | | | | | | | | | 33,100 | | |
Provision for contingencies
|
| | | | 12,172 | | | | | | — | | | | | | — | | | | | | | | | 12,172 | | | | | | — | | | | | | | | | 12,172 | | |
Deferred underwriting commissions in
connection with the Initial Public Offering |
| | | | — | | | | | | 29,908 | | | | | | (29,908) | | | |
D
|
| | | | — | | | | | | (29,908) | | | |
D
|
| | | | — | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 21,098 | | | | | | — | | | | | | | | | 21,098 | | | | | | — | | | | | | | | | 21,098 | | |
Class A ordinary shares $10.00 per share redemption value
|
| | | | — | | | | | | 854,524 | | | | | | 473,780 | | | |
A
|
| | | | — | | | | | | 473,780 | | | |
A
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (1,328,304) | | | |
C
|
| | | | | | | | | | (373,613) | | | |
B
|
| | | | | | |
| | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | (954,690) | | | |
C
|
| | | | | | |
Total non-current liabilities
|
| | | | 253,156 | | | | | | 905,530 | | | | | | (884,432) | | | | | | | | | 274,254 | | | | | | (884,432) | | | | | | | | | 274,254 | | |
Total liabilities
|
| | | | 5,350,116 | | | | | | 907,971 | | | | | | (886,786) | | | | | | | | | 5,371,301 | | | | | | (886,786) | | | | | | | | | 5,371,301 | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment from the Parent
|
| | | | 1,696,317 | | | | | | — | | | | | | (439) | | | |
E(ii)
|
| | | | — | | | | | | (439) | | | |
E(ii)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (1,695,878) | | | |
E(ii)
|
| | | | | | | | | | (1,695,878) | | | |
E(ii)
|
| | | | | | |
Class B ordinary shares
|
| | | | — | | | | | | 2 | | | | | | 14 | | | |
C
|
| | | | — | | | | | | 14 | | | |
C
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (16) | | | |
E(i)
|
| | | | | | | | | | (16) | | | |
E(i)
|
| | | | | | |
Share capital (Lavoro Limited)
|
| | | | — | | | | | | — | | | | | | 141 | | | |
E(i)
|
| | | | 580 | | | | | | 117 | | | |
E(i)
|
| | | | 556 | | |
| | | | | | | | | | | | | | | | | 439 | | | |
E(ii)
|
| | | | | | | | | | 439 | | | |
E(ii)
|
| | | | | | |
Additional paid-in capital (“APIC”)
|
| | | | — | | | | | | — | | | | | | (143,899) | | | |
B
|
| | | | 3,065,975 | | | | | | 954,728 | | | |
C
|
| | | | 2,836,285 | | |
| | | | | | | | | | | | | | | | | 1,328,341 | | | |
C
|
| | | | | | | | | | (69,670) | | | |
D
|
| | | | | | |
| | | | | | | | | | | | | | | | | (69,670) | | | |
D
|
| | | | | | | | | | (49,022) | | | |
E(i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (49,022) | | | |
E(i)
|
| | | | | | | | | | (101) | | | |
E(i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (125) | | | |
E(i)
|
| | | | | | | | | | 1,711,258 | | | |
E(ii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 1,711,258 | | | |
E(ii)
|
| | | | | | | | | | 289,092 | | | |
E(iii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 289,092 | | | |
E(iii)
|
| | | | | | | | | | | | | | | | | | | | | |
Retained earnings (deficit)
|
| | | | — | | | | | | (48,970) | | | | | | (52) | | | |
C
|
| | | | (289,092) | | | | | | (52) | | | |
C
|
| | | | (289,092) | | |
| | | | | | | | | | | | | | | | | 49,022 | | | |
E(i)
|
| | | | | | | | | | 49,022 | | | |
E(i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (289,092) | | | |
E(iii)
|
| | | | | | | | | | (289,092) | | | |
E(iii)
|
| | | | | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (15,380) | | | |
E(ii)
|
| | | | (15,380) | | | | | | (15,380) | | | |
E(ii)
|
| | | | (15,380) | | |
Equity attributable to owners of the company
|
| | | | 1,696,317 | | | | | | (48,968) | | | | | | 1,114,734 | | | | | | | | | 2,762,083 | | | | | | 885,020 | | | | | | | | | 2,532,369 | | |
Non-controlling interest
|
| | | | 265,585 | | | | | | — | | | | | | | | | | | | | | | 265,585 | | | | | | — | | | | | | | | | 265,585 | | |
Total net investment
|
| | | | 1,961,902 | | | | | | (48,968) | | | | | | 1,114,734 | | | | | | | | | 3,027,668 | | | | | | 885,020 | | | | | | | | | 2,797,954 | | |
Total Liabilities and Shareholders’
Deficit |
| | | | 7,312,018 | | | | | | 859,003 | | | | | | 227,948 | | | | | | | | | 8,398,969 | | | | | | (1,766) | | | | | | | | | 8,169,255 | | |
|
| | | | | | | | | | | | | | |
Scenario 1 — Assuming no redemptions
|
| |
Scenario 2 — Assuming maximum redemptions
|
| ||||||||||||||||||||||||||||||
| | |
Pro forma Lavoro
Group(1) |
| |
TPB SPAC
Historical(2) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||||||||||||||
Revenue
|
| | | | 6,972,657 | | | | | | — | | | | | | — | | | | | | | | | | | | 6,972,657 | | | | | | — | | | | | | | | | | | | 6,972,657 | | |
Cost of goods sold
|
| | | | (5,753,202) | | | | | | — | | | | | | — | | | | | | | | | | | | (5,753,202) | | | | | | — | | | | | | | | | | | | (5,753,202) | | |
Gross profit
|
| | | | 1,219,455 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,219,455 | | | | | | — | | | | | | | | | | | | 1,219,455 | | |
Sales, general and administrative
expenses |
| | | | (733,796) | | | | | | (5,695) | | | | | | — | | | | | | | | | | | | (739,491) | | | | | | — | | | | | | | | | | | | (739,491) | | |
Other operating income, net
|
| | | | 39,042 | | | | | | — | | | | | | — | | | | | | | | | | | | 39,042 | | | | | | — | | | | | | | | | | | | 39,042 | | |
Operating profit (loss)
|
| | | | 524,701 | | | | | | (5,695) | | | | | | — | | | | | | | | | | | | 519,006 | | | | | | — | | | | | | | | | | | | 519,006 | | |
Finance income
|
| | | | 342,665 | | | | | | — | | | | | | — | | | | | | | | | | | | 342,665 | | | | | | — | | | | | | | | | | | | 342,665 | | |
Finance costs
|
| | | | (481,938) | | | | | | — | | | | | | — | | | | | | | | | | | | (481,938) | | | | | | — | | | | | | | | | | | | (481,938) | | |
Change in fair value of derivative
warrant liabilities |
| | | | — | | | | | | 61,304 | | | | | | — | | | | | | | | | | | | 61,304 | | | | | | — | | | | | | | | | | | | 61,304 | | |
Income from investments in Trust Account
|
| | | | — | | | | | | 52 | | | | | | (52) | | | | | | AAA | | | | | | — | | | | | | (52) | | | | | | AAA | | | | | | — | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | (3,497) | | | | | | — | | | | | | | | | | | | (3,497) | | | | | | — | | | | | | | | | | | | (3,497) | | |
Offering costs associated with derivative warrant
liabilities |
| | | | — | | | | | | (3,088) | | | | | | — | | | | | | | | | | | | (3,088) | | | | | | — | | | | | | | | | | | | (3,088) | | |
Profit (loss) before income taxes
|
| | | | 385,428 | | | | | | 49,076 | | | | | | (52) | | | | | | | | | | | | 434,452 | | | | | | (52) | | | | | | | | | | | | 434,452 | | |
Income taxes
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (121,073) | | | | | | — | | | | | | — | | | | | | | | | | | | (121,073) | | | | | | — | | | | | | | | | | | | (121,073) | | |
Deferred
|
| | | | 13,863 | | | | | | — | | | | | | — | | | | | | | | | | | | 13,863 | | | | | | — | | | | | | | | | | | | 13,863 | | |
Profit (loss) for the period
|
| | | | 278,218 | | | | | | 49,076 | | | | | | (52) | | | | | | | | | | | | 327,242 | | | | | | (52) | | | | | | | | | | | | 327,242 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 215,261 | | | | | | 49,076 | | | | | | (52) | | | | | | | | | | | | 264,285 | | | | | | (52) | | | | | | | | | | | | 264,285 | | |
Non-controlling interests
|
| | | | 62,957 | | | | | | — | | | | | | — | | | | | | | | | | | | 62,957 | | | | | | — | | | | | | | | | | | | 62,957 | | |
Total comprehensive income (loss) for the period
|
| | | | 278,218 | | | | | | 49,076 | | | | | | (52) | | | | | | | | | | | | 327,242 | | | | | | (52) | | | | | | | | | | | | 327,242 | | |
Total comprehensive loss for the
year attributable to: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 215,261 | | | | | | 49,076 | | | | | | (52) | | | | | | | | | | | | 264,285 | | | | | | (52) | | | | | | | | | | | | 264,285 | | |
Non-controlling interests
|
| | | | 62,957 | | | | | | — | | | | | | — | | | | | | | | | | | | 62,957 | | | | | | — | | | | | | | | | | | | 62,957 | | |
Weighted average Class A common shares outstanding – basic and diluted(3)
|
| | | | | | | | | | 18,036,299 | | | | | | 104,123,674 | | | | | | BBB | | | | | | 122,159,973 | | | | | | 99,275,567 | | | | | | BBB | | | | | | 117,311,866 | | |
Basic and diluted EPS per Class A common stock
|
| | | | | | | | | | 2.17 | | | | | | | | | | | | | | | | | | 2.16 | | | | | | | | | | | | | | | | | | 2.25 | | |
Weighted average Class B common shares outstanding – basic and diluted
|
| | | | | | | | | | 4,549,939 | | | | | | (4,549,939) | | | | | | BBB | | | | | | — | | | | | | (4,549,939) | | | | | | BBB | | | | | | — | | |
Basic and diluted EPS per Class B common stock
|
| | | | | | | | | | 2.17 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
TPB SPAC
(Historical for the period from February 8, 2021 (Inception) through June 30, 2021(2) |
| |
Scenario 1 — Assuming
no redemptions |
| |
Scenario 2 — Assuming
maximum redemptions |
| |||||||||||||||||||||||||||||||||
| | |
Pro forma Lavoro
Group(1) |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |||||||||||||||||||||||||||
Revenue
|
| | | | 6,970,484 | | | | | | — | | | | | | — | | | | | | | | | | | | 6,970,484 | | | | | | — | | | | | | | | | | | | 6,970,484 | | |
Cost of goods sold
|
| | | | (5,922,788) | | | | | | — | | | | | | — | | | | | | | | | | | | (5,922,788) | | | | | | — | | | | | | | | | | | | (5,922,788) | | |
Gross profit
|
| | | | 1,047,696 | | | | | | — | | | | | | — | | | | | | | | | | | | 1,047,696 | | | | | | — | | | | | | | | | | | | 1,047,696 | | |
Sales, general and administrative expenses
|
| | | | (815,372) | | | | | | (348) | | | | | | — | | | | | | | | | | | | (815,720) | | | | | | — | | | | | | | | | | | | (815,720) | | |
Other operating income (loss), net
|
| | | | 26,766 | | | | | | — | | | | | | (289,092) | | | | | | AA | | | | | | (262,326) | | | | | | (289,092) | | | | | | AA | | | | | | (262,326) | | |
Operating profit
(loss) |
| | | | 259,090 | | | | | | (348) | | | | | | (289,092) | | | | | | | | | | | | (30,350) | | | | | | (289,092) | | | | | | | | | | | | (30,350) | | |
Finance income
|
| | | | 271,522 | | | | | | — | | | | | | — | | | | | | | | | | | | 271,522 | | | | | | — | | | | | | | | | | | | 271,522 | | |
Finance costs
|
| | | | (370,180) | | | | | | — | | | | | | — | | | | | | | | | | | | (370,180) | | | | | | — | | | | | | | | | | | | (370,180) | | |
Profit (loss) before income taxes
|
| | | | 160,432 | | | | | | (348) | | | | | | (289,092) | | | | | | | | | | | | (129,008) | | | | | | (289,092) | | | | | | | | | | | | (129,008) | | |
Income taxes
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (94,761) | | | | | | — | | | | | | — | | | | | | | | | | | | (94,761) | | | | | | — | | | | | | | | | | | | (94,761) | | |
Deferred
|
| | | | 43,180 | | | | | | — | | | | | | — | | | | | | | | | | | | 43,180 | | | | | | — | | | | | | | | | | | | 43,180 | | |
Profit (loss) for the year
|
| | | | 108,851 | | | | | | (348) | | | | | | (289,092) | | | | | | | | | | | | (180,589) | | | | | | (289,092) | | | | | | | | | | | | (180,589) | | |
Attributable to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 114,092 | | | | | | (348) | | | | | | (289,092) | | | | | | | | | | | | (175,348) | | | | | | (289,092) | | | | | | | | | | | | (175,348) | | |
Non-controlling interests
|
| | | | (5,241) | | | | | | — | | | | | | — | | | | | | | | | | | | (5,241) | | | | | | — | | | | | | | | | | | | (5,241) | | |
Total comprehensive income (loss) for the year
|
| | | | 108,851 | | | | | | (348) | | | | | | (289,092) | | | | | | | | | | | | (180,589) | | | | | | (289,092) | | | | | | | | | | | | (180,589) | | |
Total comprehensive income
(loss) for the year attributable to: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 114,092 | | | | | | (348) | | | | | | (289,092) | | | | | | | | | | | | (175,348) | | | | | | (289,092) | | | | | | | | | | | | (175,348) | | |
Non-controlling interests
|
| | | | (5,241) | | | | | | — | | | | | | — | | | | | | | | | | | | (5,241) | | | | | | — | | | | | | | | | | | | (5,241) | | |
Weighted average Class A common shares outstanding – basic and diluted(3)
|
| | | | | | | | | | 18,036,299 | | | | | | 104,123,674 | | | | | | BB | | | | | | 122,159,973 | | | | | | 99,275,567 | | | | | | BB | | | | | | 117,311,866 | | |
Basic and diluted EPS per Class A common stock
|
| | | | | | | | | | (0.02) | | | | | | | | | | | | | | | | | | (1.44) | | | | | | | | | | | | | | | | | | (1.49) | | |
Weighted average Class B common shares outstanding – basic and diluted
|
| | | | | | | | | | 5,031,250 | | | | | | (5,031,250) | | | | | | BB | | | | | | — | | | | | | (5,031,250) | | | | | | BB | | | | | | — | | |
Basic and diluted EPS per Class B common stock
|
| | | | | | | | | | (0.02) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Lavoro
(Historical) |
| |
Produttiva
Historical(i) |
| |
Cenagro
Historical(ii) |
| |
Cenagral
Historical(iii) |
| |
Union Agro
Historical(iv) |
| |
AgroZap
Historical(v) |
| |
Pro forma
adjustments |
| |
Note
|
| |
Pro forma
Lavoro Group |
| |||||||||||||||||||||||||||
| | |
(in thousands of BRL)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | | 6,624,581 | | | | | | 17,967 | | | | | | 27,874 | | | | | | 5,286 | | | | | | 95,846 | | | | | | 201,103 | | | | | | — | | | | | | | | | | | | 6,972,657 | | |
Cost of goods sold
|
| | | | (5,481,228) | | | | | | (15,306) | | | | | | (23,705) | | | | | | (3,211) | | | | | | (61,899) | | | | | | (167,853) | | | | | | — | | | | | | | | | | | | (5,753,202) | | |
Gross profit
|
| | | | 1,143,353 | | | | | | 2,661 | | | | | | 4,169 | | | | | | 2,075 | | | | | | 33,947 | | | | | | 33,250 | | | | | | — | | | | | | | | | | | | 1,219,455 | | |
Operating expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and
administrative expenses |
| | | | (697,163) | | | | | | (2,161) | | | | | | (3,103) | | | | | | (616) | | | | | | (14,006) | | | | | | (15,477) | | | | | | (952) | | | | | | b(i) | | | | | | (733,796) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (318) | | | | | | b(ii) | | | | | | | | |
Other operating income (expenses),
net |
| | | | 35,001 | | | | | | 232 | | | | | | (84) | | | | | | (13) | | | | | | 33 | | | | | | 3,873 | | | | | | — | | | | | | | | | | | | 39,042 | | |
Operating profit (loss)
|
| | | | 481,191 | | | | | | 732 | | | | | | 982 | | | | | | 1,446 | | | | | | 19,974 | | | | | | 21,646 | | | | | | (1,270) | | | | | | | | | | | | 524,701 | | |
Finance Income (Costs)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 342,312 | | | | | | 197 | | | | | | 7 | | | | | | — | | | | | | 149 | | | | | | — | | | | | | — | | | | | | | | | | | | 342,665 | | |
Finance costs
|
| | | | (477,909) | | | | | | (53) | | | | | | (97) | | | | | | (12) | | | | | | (362) | | | | | | (3,505) | | | | | | — | | | | | | | | | | | | (481,938) | | |
Loss before
income tax and social contribution |
| | | | 345,594 | | | | | | 876 | | | | | | 892 | | | | | | 1,434 | | | | | | 19,761 | | | | | | 18,141 | | | | | | (1,270) | | | | | | | | | | | | 385,428 | | |
Income tax and social contribution
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Lavoro
(Historical) |
| |
Produttiva
Historical(i) |
| |
Cenagro
Historical(ii) |
| |
Cenagral
Historical(iii) |
| |
Union Agro
Historical(iv) |
| |
AgroZap
Historical(v) |
| |
Pro forma
adjustments |
| |
Note
|
| |
Pro forma
Lavoro Group |
| |||||||||||||||||||||||||||
| | |
(in thousands of BRL)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Current
|
| | | | (117,836) | | | | | | — | | | | | | (265) | | | | | | (283) | | | | | | (2,689) | | | | | | — | | | | | | — | | | | | | | | | | | | (121,073) | | |
Deferred
|
| | | | 13,432 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 431 | | | | | | b(v) | | | | | | 13,863 | | |
Profit (loss) for the period
|
| | | | 241,190 | | | | | | 876 | | | | | | 627 | | | | | | 1,151 | | | | | | 17,072 | | | | | | 18,141 | | | | | | (839) | | | | | | | | | | | | 278,218 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of
the parent |
| | | | 187,643 | | | | | | 876 | | | | | | 502 | | | | | | 921 | | | | | | 12,411 | | | | | | 13,606 | | | | | | (698) | | | | | | b(vi) | | | | | | 215,261 | | |
Non-controlling interest
|
| | | | 53,547 | | | | | | — | | | | | | 125 | | | | | | 230 | | | | | | 4,661 | | | | | | 4,535 | | | | | | (141) | | | | | | b(vi) | | | | | | 62,957 | | |
Total comprehensive income (loss) for the year
|
| | | | 241,190 | | | | | | 876 | | | | | | 627 | | | | | | 1,151 | | | | | | 17,072 | | | | | | 18,141 | | | | | | (839) | | | | | | | | | | | | 278,218 | | |
|
(in thousands of BRL)
|
| |
Lavoro
(Historical) |
| |
Integra
Historical(i) |
| |
Qualicitrus
Historical(ii) |
| |
América
Historical(iii) |
| |
Desempar
Historical(iv) |
| |
Cultivar
Historical(v) |
| |
Agro-biológica
Historical(vi) |
| |
Produttiva
Historical(vii) |
| |
Cenagro
Historical(viii) |
| |
Cenagral
Historical(ix) |
| |
Union Agro
Historical(x) |
| |
AgroZap
Historical(xi) |
| |
Pro forma
adjustments |
| |
Note
|
| |
Pro forma
Lavoro Group |
| ||||||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | | 5,098,545 | | | | | | 11,518 | | | | | | 119,743 | | | | | | 145,404 | | | | | | 557,942 | | | | | | 294,211 | | | | | | 4,626 | | | | | | 175,174 | | | | | | 163,885 | | | | | | 16,296 | | | | | | 153,014 | | | | | | 230,126 | | | | | | | | | | | | | | | 6,970,484 | | |
Cost of goods sold
|
| | | | (4,362,657) | | | | | | (9,530) | | | | | | (109,955) | | | | | | (128,669) | | | | | | (469,269) | | | | | | (224,754) | | | | | | (991) | | | | | | (153,662) | | | | | | (140,676) | | | | | | (9,147) | | | | | | (104,326) | | | | | | (209,152) | | | | | | | | | | | | | | | (5,922,788) | | |
Gross profit
|
| | | | 735,888 | | | | | | 1,988 | | | | | | 9,788 | | | | | | 16,735 | | | | | | 88,673 | | | | | | 69,457 | | | | | | 3,635 | | | | | | 21,512 | | | | | | 23,209 | | | | | | 7,149 | | | | | | 48,688 | | | | | | 20,974 | | | | | | — | | | | | | | | | 1,047,696 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (619,506) | | | | | | (2,464) | | | | | | (3,152) | | | | | | (4,639) | | | | | | (44,866) | | | | | | (36,600) | | | | | | (463) | | | | | | (9,431) | | | | | | (18,670) | | | | | | (1,497) | | | | | | (18,989) | | | | | | (38,947) | | | | | | (13,666) | | | |
b(i)
|
| | | | (815,372) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,017) | | | |
b(ii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1,075) | | | |
b(iii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (390) | | | |
b(iv)
|
| | | | | | |
Other operating income (expenses), net
|
| | | | 15,618 | | | | | | — | | | | | | 648 | | | | | | (4,948) | | | | | | 2,120 | | | | | | 2,749 | | | | | | (443) | | | | | | 7,274 | | | | | | (680) | | | | | | — | | | | | | (269) | | | | | | 4,697 | | | | | | | | | | | | | | | 26,766 | | |
Operating profit (loss)
|
| | | | 132,000 | | | | | | (476) | | | | | | 7,284 | | | | | | 7,148 | | | | | | 45,927 | | | | | | 35,606 | | | | | | 2,729 | | | | | | 19,355 | | | | | | 3,859 | | | | | | 5,652 | | | | | | 29,430 | | | | | | (13,276) | | | | | | (16,148) | | | | | | | | | 259,090 | | |
Finance Income (Costs) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 227,099 | | | | | | 7 | | | | | | 143 | | | | | | — | | | | | | 35,449 | | | | | | 4,550 | | | | | | 13 | | | | | | 142 | | | | | | 3,201 | | | | | | — | | | | | | 167 | | | | | | 751 | | | | | | | | | | | | | | | 271,522 | | |
Finance costs
|
| | | | (312,892) | | | | | | (5) | | | | | | (32) | | | | | | (350) | | | | | | (38,468) | | | | | | (10,156) | | | | | | (163) | | | | | | (520) | | | | | | (1,689) | | | | | | (1) | | | | | | (1,391) | | | | | | (4,513) | | | | | | | | | | | | | | | (370,180) | | |
Profit (loss) before income
taxes |
| | | | 46,207 | | | | | | (474) | | | | | | 7,395 | | | | | | 6,798 | | | | | | 42,908 | | | | | | 30,000 | | | | | | 2,579 | | | | | | 18,977 | | | | | | 5,371 | | | | | | 5,651 | | | | | | 28,206 | | | | | | (17,038) | | | | | | (16,148) | | | | | | | | | 160,432 | | |
Income tax and social contribution
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (61,676) | | | | | | (88) | | | | | | — | | | | | | (4,865) | | | | | | (13,845) | | | | | | (3,666) | | | | | | — | | | | | | — | | | | | | (2,903) | | | | | | (2,093) | | | | | | (5,625) | | | | | | — | | | | | | | | | | | | | | | (94,761) | | |
Deferred
|
| | | | 37,000 | | | | | | — | | | | | | (37) | | | | | | 727 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,490 | | | |
b(v)
|
| | | | 43,180 | | |
Profit (loss) for the year
|
| | | | 21,531 | | | | | | (562) | | | | | | 7,358 | | | | | | 2,660 | | | | | | 29,063 | | | | | | 26,334 | | | | | | 2,579 | | | | | | 18,977 | | | | | | 2,468 | | | | | | 3,558 | | | | | | 22,581 | | | | | | (17,038) | | | | | | (10,658) | | | | | | | | | 108,851 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 38,390 | | | | | | (562) | | | | | | 5,207 | | | | | | 2,660 | | | | | | 29,063 | | | | | | 19,382 | | | | | | 2,579 | | | | | | 18,977 | | | | | | 1,974 | | | | | | 2,846 | | | | | | 16,416 | | | | | | (12,778) | | | | | | (10,062) | | | |
b(vi)
|
| | | | 114,092 | | |
Non-controlling interest
|
| | | | (16,859) | | | | | | — | | | | | | 2,151 | | | | | | — | | | | | | — | | | | | | 6,952 | | | | | | — | | | | | | — | | | | | | 494 | | | | | | 712 | | | | | | 6,165 | | | | | | (4,260) | | | | | | (596) | | | |
b(vi)
|
| | | | (5,241) | | |
Total comprehensive income (loss) for the year
|
| | | | 21,531 | | | | | | (562) | | | | | | 7,358 | | | | | | 2,660 | | | | | | 29,063 | | | | | | 26,334 | | | | | | 2,579 | | | | | | 18,977 | | | | | | 2,468 | | | | | | 3,558 | | | | | | 22,581 | | | | | | (17,038) | | | | | | (10,658) | | | | | | | | | 108,851 | | |
| | |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union Agro
|
| |
AgroZap
|
| |
Note
|
| |||||||||||||||||||||||||||||||||
Customer relationship
|
| | | | 8,398 | | | | | | 11,782 | | | | | | 32,234 | | | | | | 55,400 | | | | | | 6,156 | | | | | | 5,496 | | | | | | 26,310 | | | | | | 1,691 | | | | | | — | | | | | | 5,128 | | | | | | 4,511 | | | |
(b i)
|
|
Brand(*) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,930 | | | | | | — | | | | | | — | | | | | | 6,683 | | | | | | 967 | | | | | | — | | | |
(b ii)
|
|
Purchase contracts
|
| | | | — | | | | | | — | | | | | | 8,578 | | | | | | — | | | | | | — | | | | | | 20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(b iii)
|
|
Property, plant and equipment
|
| | | | — | | | | | | 291 | | | | | | — | | | | | | 2,412 | | | | | | 2,040 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
(b iv)
|
|
| | |
For the
nine-month period ended March 31, 2022 |
| |||
| | |
Union Agro
|
| |||
Estimated useful life (years)
|
| | | | 1.0 | | |
Pre-acquisition period (years)
|
| | | | 0.329 | | |
Pro forma adjustments
|
| | | | 318 | | |
| | |
For the year ended June 30, 2021
|
| |||||||||||||||
| | |
Agrobiológica
|
| |
Union Agro
|
| |
Total
adjustment |
| |||||||||
Estimated useful life (years)
|
| | | | 20.0 | | | | | | 1.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.169 | | | | | | 1.000 | | | | | | — | | |
Pro forma adjustment
|
| | | | 50 | | | | | | 967 | | | | | | 1,017 | | |
| | |
For the year ended June 30, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Qualicitrus
|
| |
Cultivar
|
| |
Cenagro
|
| |
Union Agro
|
| |
AgroZap
|
| |
Total
adjustment |
| ||||||||||||||||||
Pro forma adjustments
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (578) | | | | | | (454) | | | | | | (145) | | | | | | (1,794) | | | | | | (398) | | | | | | — | | |
Income taxes effect (34% Brazil and 32% Colombia)
|
| | | | 197 | | | | | | 154 | | | | | | 49 | | | | | | 610 | | | | | | 135 | | | | | | — | | |
Non-controlling interest (%)
|
| | | | 29% | | | | | | 26% | | | | | | 20% | | | | | | 27% | | | | | | 25% | | | | | | — | | |
Pro forma adjustment
|
| | | | (110) | | | | | | (78) | | | | | | (22) | | | | | | (320) | | | | | | (66) | | | | | | (596) | | |
| | |
Scenario 1: Assuming No
redemptions |
| |
Scenario 2: Assuming Maximum
redemptions |
| ||||||||||||||||||
| | |
Shares
(in millions) |
| |
%
|
| |
Shares
(in millions) |
| |
%
|
| ||||||||||||
Lavoro shareholders(1)(2)
|
| | | | 92.6 | | | | | | 75.82% | | | | | | 95.7 | | | | | | 81.55% | | |
TPB SPAC public shareholders(3)
|
| | | | 18.0 | | | | | | 14.76% | | | | | | 10.2 | | | | | | 8.65% | | |
PIPE investors
|
| | | | 10.0 | | | | | | 8.19% | | | | | | 10.0 | | | | | | 8.52% | | |
Sponsors(4) | | | | | 1.5 | | | | | | 1.23% | | | | | | 1.5 | | | | | | 1.28% | | |
Total shares
|
| | | | 122.1 | | | | | | 100.00% | | | | | | 117.4 | | | | | | 100.00% | | |
| | |
As of March 31, 2022
|
| |||||||||||||||||||||
| | |
Historical US
GAAP |
| |
IFRS Policy and
Presentation Alignment |
| |
Footnote
reference |
| |
Historical IFRS
|
| ||||||||||||
| | |
(in Brazilian Reais)
|
| |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | 1,871,028 | | | | | | — | | | | | | | | | | | | 1,871,028 | | |
Prepaid expenses
|
| | | | 2,562,363 | | | | | | — | | | | | | | | | | | | 2,562,363 | | |
Total current assets
|
| | | | 4,433,391 | | | | | | — | | | | | | | | | | | | 4,433,391 | | |
Investments held in Trust Account
|
| | | | 854,569,584 | | | | | | — | | | | | | | | | | | | 854,569,584 | | |
Total assets
|
| | | | 859,002,975 | | | | | | — | | | | | | | | | | | | 859,002,975 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 86,569 | | | | | | — | | | | | | | | | | | | 86,569 | | |
Accrued expenses
|
| | | | 2,353,801 | | | | | | — | | | | | | | | | | | | 2,353,801 | | |
Total current liabilities
|
| | | | 2,440,370 | | | | | | — | | | | | | | | | | | | 2,440,370 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | 29,908,334 | | | | | | — | | | | | | | | | | | | 29,908,334 | | |
Derivative warrant liabilities
|
| | | | 21,098,409 | | | | | | — | | | | | | | | | | | | 21,098,409 | | |
Class A ordinary shares, $0.0001 par value;
18,036,299 shares subject to possible redemption at $10.00 per share redemption value |
| | | | — | | | | | | 854,523,774 | | | | | | (a) | | | | | | 854,523,774 | | |
Total Liabilities
|
| | | | 53,447,113 | | | | | | 854,523,774 | | | | | | | | | | | | 907,970,887 | | |
Commitments and contingencies | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value;
18,036,299 shares subject to possible redemption at $10.00 per share redemption value |
| | | | 854,523,774 | | | | | | (854,523,774) | | | | | | (a) | | | | | | — | | |
Shareholders’ Equity
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Preference shares
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class A ordinary shares
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 4,509,074 shares issued and outstanding
|
| | | | 2,137 | | | | | | — | | | | | | | | | | | | 2,137 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | | | | | | | — | | |
Accumulated deficit
|
| | | | (48,970,048) | | | | | | — | | | | | | | | | | | | (48,970,048) | | |
Total Shareholders’ Equity
|
| | | | (48,967,911) | | | | | | — | | | | | | | | | | | | (48,967,911) | | |
Total liabilities and stockholders’ equity
|
| | | | 859,002,976 | | | | | | — | | | | | | | | | | | | 859,002,976 | | |
| | |
Scenario 1:
Assuming no redemptions |
| |
Scenario 2:
Assuming maximum redemptions |
| ||||||
| | |
(In thousands of Reais)
|
| |||||||||
Estimated deemed cost of shares issued to the TPB SPAC(1)
|
| | | | 1,496,282 | | | | | | 1,122,669 | | |
Net assets of the TPB SPAC as of March 31, 2022(2)
|
| | | | 1,309,122 | | | | | | 1,309,122 | | |
Effect redemption of TPB SPAC ordinary shares
|
| | | | — | | | | | | (373,613) | | |
Less: TPB SPAC transaction costs
|
| | | | (101,932) | | | | | | (101,932) | | |
Adjusted net assets of the TPB SPAC as of March 31, 2022
|
| | | | 1,207,190 | | | | | | 833,577 | | |
IFRS 2 charge for listing services
|
| | | | 289,092 | | | | | | 289,092 | | |
Name
|
| |
Age
|
| |
Position
|
|
David Friedberg | | |
42
|
| |
Chief Executive Officer, Director, Founder and Chairman of the Board
|
|
William Hauser | | |
37
|
| | Chief Financial Officer | |
Bharat Vasan | | |
46
|
| | Director | |
Kerry Whorton Cooper | | |
50
|
| | Director | |
Neil Renninger | | |
48
|
| | Director | |
April Underwood | | |
42
|
| | Director | |
| | |
For the Nine-Month Period Ended
March 31, |
| |
For the Fiscal Year Ended
June 30, |
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions,
except as otherwise indicated) |
| |
(in US$
millions)(1) |
| |
(in R$ millions,
except as otherwise indicated) |
| ||||||||||||||||||||||||
Revenue
|
| | | | 1,398.2 | | | | | | 6,624.6 | | | | | | 4,219.9 | | | | | | 1,076.1 | | | | | | 5,098.5 | | | | | | 2,706.3 | | |
Revenue growth(2)
|
| | | | N/A | | | | | | 57.0% | | | | | | N/A | | | | | | N/A | | | | | | 88.4% | | | | | | N/A | | |
Gross margin(3)
|
| | | | N/A | | | | | | 17.3% | | | | | | 14.2% | | | | | | N/A | | | | | | 14.4% | | | | | | 11.9% | | |
Profit (loss) for the period/year
|
| | | | 50.9 | | | | | | 241.2 | | | | | | 92.3 | | | | | | 4.5 | | | | | | 21.5 | | | | | | (121.5) | | |
| | |
As of and For the Nine-Month Period
Ended March 31, 2022 |
| |
As of and For the Fiscal Year
Ended June 30, 2021 |
| ||||||||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions,
except as otherwise indicated) |
| |
(in US$
millions)(1) |
| |
(in R$ millions,
except as otherwise indicated) |
| ||||||||||||
Pro forma revenue
|
| | | | 1,471.7 | | | | | | 6,972.7 | | | | | | 1,471.3 | | | | | | 6,970.5 | | |
Pro forma gross margin(2)
|
| | | | N/A | | | | | | 17.5% | | | | | | N/A | | | | | | 15.0% | | |
Pro forma profit for the period/year
|
| | | | 58.7 | | | | | | 278.2 | | | | | | 23.0 | | | | | | 108.8 | | |
Pro Forma Adjusted EBITDA(3)
|
| | | | 133.4 | | | | | | 632.2 | | | | | | 87.4 | | | | | | 414.2 | | |
Pro Forma Adjusted EBITDA Margin(3)
|
| | | | N/A | | | | | | 9.1% | | | | | | N/A | | | | | | 5.9% | | |
Borrowings (current and non-current)
|
| | | | 105.9 | | | | | | 501.7 | | | | | | 51.2 | | | | | | 242.4 | | |
Net Debt (Net Cash)(4)
|
| | | | 123.5 | | | | | | 585.3 | | | | | | 15.5 | | | | | | 73.2 | | |
Net Debt (Net Cash)/Pro Forma Adjusted EBITDA
Ratio(4) |
| | | | N/A | | | | | | 0.9x | | | | | | N/A | | | | | | 0.2x | | |
Working capital/pro forma revenue(5)
|
| | | | N/A | | | | | | 21.3% | | | | | | N/A | | | | | | 9.1% | | |
| | |
As of March 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
Variation
(%) |
| |
2021
|
| |
2020
|
| |
Variation
(%) |
| ||||||||||||||||||
Number of stores
|
| | | | 193 | | | | | | 136 | | | | | | 41.9% | | | | | | 152 | | | | | | 126 | | | | | | 20.6% | | |
Number of RTVs(1)
|
| | | | 878 | | | | | | 713 | | | | | | 23.1% | | | | | | 744 | | | | | | 460 | | | | | | 61.7% | | |
Number of employees(2)
|
| | | | 3,444 | | | | | | 2,543 | | | | | | 35.4% | | | | | | 2,375 | | | | | | 1,435 | | | | | | 65.5% | | |
Number of clients(3)
|
| | | | 52,606 | | | | | | 43,546 | | | | | | 20.8% | | | | | | 47,567 | | | | | | 21,237 | | | | | | 124.0% | | |
Type of Property
|
| |
Number
|
| |
% of Total
|
| ||||||
Administrative Offices
|
| | | | 13 | | | | | | 7.7% | | |
Type of Property
|
| |
Number
|
| |
% of Total
|
| ||||||
Silos
|
| | | | 3 | | | | | | 1.8% | | |
Stores
|
| | | | 152 | | | | | | 90.5% | | |
Total | | | | | 168 | | | | | | 100.0% | | |
|
Function
|
| |
Number of
Employees |
| |
% of Total
|
| ||||||
Management
|
| | | | 288 | | | | | | 8.4% | | |
Technology
|
| | | | 22 | | | | | | 0.6% | | |
Sales and Marketing
|
| | | | 984 | | | | | | 28.6% | | |
Customer Support
|
| | | | 25 | | | | | | 0.7% | | |
General and Administrative
|
| | | | 2,125 | | | | | | 61.7% | | |
Total | | | | | 3,444 | | | | | | 100.0% | | |
State
|
| |
Planted Area
(in millions of hectares) |
| |
Share of
Country-wide Planted Area (%) |
| ||||||
Mato Grosso (MT)
|
| | | | 18.01 | | | | | | 22% | | |
Paraná (PR)
|
| | | | 11.21 | | | | | | 13% | | |
Rio Grande do Sul (RS)
|
| | | | 9.85 | | | | | | 12% | | |
São Paulo (SP)
|
| | | | 7.56 | | | | | | 9% | | |
Goiás (GO)
|
| | | | 7.07 | | | | | | 9% | | |
Mato Grosso do Sul (MS)
|
| | | | 6.37 | | | | | | 8% | | |
Minas Gerais (MG)
|
| | | | 5.92 | | | | | | 7% | | |
Bahia (BA)
|
| | | | 4.13 | | | | | | 5% | | |
Maranhão (MA)
|
| | | | 1.77 | | | | | | 2% | | |
Piauí (PI)
|
| | | | 1.76 | | | | | | 2% | | |
Pará (PA)
|
| | | | 1.71 | | | | | | 2% | | |
All other states
|
| | | | 7.74 | | | | | | 9% | | |
Total | | | | | 83.86 | | | | | | 100% | | |
| | |
Harvest Year
|
| |
CAGR
‘20/’21 – ’30/’31 |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020 /
2021 |
| |
2021 /
2022 |
| |
2022 /
2023 |
| |
2023 /
2024 |
| |
2024 /
2025 |
| |
2025 /
2026 |
| |
2026 /
2027 |
| |
2027 /
2028 |
| |
2028 /
2029 |
| |
2029 /
2030 |
| |
2030 /
2031 |
| |||||||||||||||||||||||||||||||||||||||
Planted Area
(millions of hectares) |
| | | | 68.7 | | | | | | 70.5 | | | | | | 71.8 | | | | | | 73.0 | | | | | | 74.2 | | | | | | 75.3 | | | | | | 76.4 | | | | | | 77.5 | | | | | | 78.6 | | | | | | 79.7 | | | | | | 80.8 | | | | | | 1.6% | | |
Total Production (millions of tonnes)
|
| | | | 262.1 | | | | | | 271.4 | | | | | | 277.4 | | | | | | 285.0 | | | | | | 291.6 | | | | | | 298.7 | | | | | | 305.5 | | | | | | 312.5 | | | | | | 319.3 | | | | | | 326.2 | | | | | | 333.1 | | | | | | 2.4% | | |
Production Yield
(tonnes per hectare) |
| | | | 3.8 | | | | | | 3.9 | | | | | | 3.9 | | | | | | 3.9 | | | | | | 3.9 | | | | | | 4.0 | | | | | | 4.0 | | | | | | 4.0 | | | | | | 4.1 | | | | | | 4.1 | | | | | | 4.1 | | | | | | 0.8% | | |
| | |
2017A
|
| |
2018A
|
| |
2019A
|
| |
2020A
|
| |
2021E
|
| |
CAGR
2017 – 2021 |
| ||||||||||||||||||
Independent Retailers (small and large)
|
| | | | 44.5 | | | | | | 46.8 | | | | | | 56.9 | | | | | | 74.0 | | | | | | 84.8 | | | | | | 17% | | |
Cooperatives
|
| | | | 31.2 | | | | | | 33.1 | | | | | | 42.5 | | | | | | 50.7 | | | | | | 53.8 | | | | | | 15% | | |
Direct Sales
|
| | | | 38.2 | | | | | | 41.0 | | | | | | 52.7 | | | | | | 50.5 | | | | | | 68.2 | | | | | | 16% | | |
Total | | | | | 113.9 | | | | | | 120.9 | | | | | | 152.1 | | | | | | 168.2 | | | | | | 206.8 | | | | | | 16% | | |
| | |
2017A
|
| |
2018A
|
| |
2019A
|
| |
2020A
|
| |
2021E
|
| |
CAGR
2017 – 2020 |
| ||||||||||||||||||
Fertilizers
|
| | | | 47.5 | | | | | | 52.9 | | | | | | 72.8 | | | | | | 78.3 | | | | | | 97.9 | | | | | | 18% | | |
Crop Protection
|
| | | | 38.3 | | | | | | 39.7 | | | | | | 46.5 | | | | | | 52.6 | | | | | | 60.5 | | | | | | 11% | | |
Seeds
|
| | | | 18.8 | | | | | | 17.8 | | | | | | 20.8 | | | | | | 22.3 | | | | | | 31.4 | | | | | | 6% | | |
Specialty Products
|
| | | | 9.3 | | | | | | 10.6 | | | | | | 12.1 | | | | | | 15.0 | | | | | | 17.0 | | | | | | 17% | | |
| | |
2017A
|
| |
2018A
|
| |
2019A
|
| |
2020A
|
| |
2021E
|
| |
CAGR
2017 – 2020 |
| ||||||||||||||||||
Total | | | | | 113.8 | | | | | | 120.9 | | | | | | 152.1 | | | | | | 168.2 | | | | | | 206.8 | | | | | | 14% | | |
|
| | |
2018
|
| |
2019
|
| |
2020
|
| |
2021E
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| ||||||||||||||||||||||||
Planted Area in Colombia (thousands of hectares)
|
| | | | 4,676 | | | | | | 4,633 | | | | | | 4,879 | | | | | | 4,994 | | | | | | 5,068 | | | | | | 5,103 | | | | | | 5,139 | | | | | | 5,175 | | |
State
|
| |
Planted Area
(in thousands of hectares) |
| |
Proportion of
National Planted Area (%) |
| ||||||
Meta
|
| | | | 530.6 | | | | | | 11% | | |
Antioquia
|
| | | | 393.3 | | | | | | 8% | | |
Valle del Cauca
|
| | | | 353.7 | | | | | | 7% | | |
Tolima
|
| | | | 338.5 | | | | | | 7% | | |
Santander
|
| | | | 335.2 | | | | | | 7% | | |
Huila
|
| | | | 262.5 | | | | | | 5% | | |
Casanare
|
| | | | 262.0 | | | | | | 5% | | |
Bolivar
|
| | | | 239.9 | | | | | | 5% | | |
Nariño
|
| | | | 236.3 | | | | | | 5% | | |
Cauca
|
| | | | 231.9 | | | | | | 5% | | |
Cundina Marca
|
| | | | 207.3 | | | | | | 4% | | |
Sesar
|
| | | | 189.2 | | | | | | 4% | | |
Cordoba
|
| | | | 187.5 | | | | | | 4% | | |
Magdalena
|
| | | | 161.8 | | | | | | 3% | | |
Norte de Santander
|
| | | | 149.7 | | | | | | 3% | | |
Caldas
|
| | | | 132.4 | | | | | | 3% | | |
Boyaca
|
| | | | 112.3 | | | | | | 2% | | |
Choco
|
| | | | 100.0 | | | | | | 2% | | |
All others
|
| | | | 567.8 | | | | | | 11% | | |
Total | | | | | 4,991.9 | | | | | | 100% | | |
Crop
|
| |
Planted Area
(in thousands of hectares) |
| |
Proportion of
National Planted Area (%) |
| ||||||
Coffee
|
| | | | 845.9 | | | | | | 17% | | |
Plantain
|
| | | | 661.4 | | | | | | 12% | | |
Oil Palm
|
| | | | 598.1 | | | | | | 13% | | |
Rice
|
| | | | 565.1 | | | | | | 11% | | |
Corn
|
| | | | 512.0 | | | | | | 10% | | |
All others
|
| | | | 1,809.2 | | | | | | 36% | | |
Total | | | | | 4,991.7 | | | | | | 100% | | |
| | |
2021E
|
| |
2025E
|
| |
CAGR 2021 – 2025
|
| |||||||||
| | |
(in billions of R$)
|
| | | | | | | |||||||||
Fertilizers
|
| | | | 6,486 | | | | | | 7,229 | | | | | | 2.7% | | |
Crop Protection
|
| | | | 2,636 | | | | | | 2,934 | | | | | | 2.7% | | |
Seeds
|
| | | | 722 | | | | | | 808 | | | | | | 2.9% | | |
Total | | | | | 9,843 | | | | | | 10,970 | | | | | | 2.7% | | |
| | |
As of and For the Nine-Month
Period Ended March 31, |
| |
As of and For the Fiscal
Year Ended June 30, |
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in US$)(1)
|
| |
(in R$)
|
| ||||||||||||||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||
Pro forma revenue
|
| | | | 1,471.7 | | | | | | 6,972.7 | | | | | | 5,951.7 | | | | | | 1,471.3 | | | | | | 6,970.5 | | | | | | 5,707.3 | | |
Pro forma gross margin(2)
|
| | | | N/A | | | | | | 17.5% | | | | | | 15.0% | | | | | | N/A | | | | | | 15.0% | | | | | | 14.0% | | |
Pro forma profit (loss) for the period/year
|
| | | | 58.7 | | | | | | 278.2 | | | | | | 182.5 | | | | | | 23.0 | | | | | | 108.8 | | | | | | (3.0) | | |
Pro Forma Adjusted EBITDA(3)
|
| | | | 133.4 | | | | | | 632.2 | | | | | | 429.3 | | | | | | 87.4 | | | | | | 414.2 | | | | | | 273.2 | | |
Pro Forma Adjusted EBITDA Margin(3)
|
| | | | N/A | | | | | | 9.1% | | | | | | 7.1% | | | | | | N/A | | | | | | 5.9% | | | | | | 4.4% | | |
Net Debt (Net Cash)(4)
|
| | | | 123.5 | | | | | | 585.3 | | | | | | N/A | | | | | | 15.5 | | | | | | 73.2 | | | | | | 178.5 | | |
Net Debt (Net Cash)/Pro Forma Adjusted EBITDA Ratio(4)
|
| | | | N/A | | | | | | 0.9x | | | | | | N/A | | | | | | N/A | | | | | | 0.2x | | | | | | 0.7x | | |
Working capital/pro forma revenue(5)
|
| | | | N/A | | | | | | 21.3% | | | | | | N/A | | | | | | N/A | | | | | | 9.1% | | | | | | 9.0% | | |
| | |
As of March 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
Variation
(%) |
| |
2021
|
| |
2020
|
| |
Variation
(%) |
| ||||||||||||||||||
Number of stores
|
| | | | 193 | | | | | | 136 | | | | | | 41.9% | | | | | | 152 | | | | | | 126 | | | | | | 20.6% | | |
Number of RTVs(1)
|
| | | | 878 | | | | | | 713 | | | | | | 23.1% | | | | | | 744 | | | | | | 460 | | | | | | 61.7% | | |
Number of employees(2)
|
| | | | 3,444 | | | | | | 2,543 | | | | | | 35.4% | | | | | | 2,375 | | | | | | 1,435 | | | | | | 65.5% | | |
Number of clients(3)
|
| | | | 52,606 | | | | | | 43,546 | | | | | | 20.8% | | | | | | 47,567 | | | | | | 21,237 | | | | | | 124.0% | | |
| | |
Nine-Month
Period Ended March 31, |
| |
Fiscal Year Ended June 30,
|
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2019
|
| ||||||||||||
| | |
(inter-annual data)
(in percentages, except as otherwise indicated) |
| |||||||||||||||||||||
Brazil | | | | | | | | | | | | | | | | | | | | | | | | | |
Inflation (IGP-M)
|
| | | | 7.7 | | | | | | 35.8 | | | | | | 7.3 | | | | | | 6.5 | | |
Inflation (IPCA)
|
| | | | 9.1 | | | | | | 8.3 | | | | | | 2.1 | | | | | | 3.4 | | |
CDI Rate (average)
|
| | | | 5.6 | | | | | | 2.5 | | | | | | 5.1 | | | | | | 6.9 | | |
Period-end exchange rate – R$ per US$1.00
|
| | | | 4.7378 | | | | | | 5.0022 | | | | | | 5.4760 | | | | | | 3.8322 | | |
Average exchange rate – R$ per US$1.00(1)
|
| | | | 5.3475 | | | | | | 5.3857 | | | | | | 4.4667 | | | | | | 3.8634 | | |
Appreciation (depreciation) of the real vs. US$ in the period(2)
|
| | | | 5.3 | | | | | | 7.8 | | | | | | (39.0) | | | | | | (2.6) | | |
Colombia | | | | | | | | | | | | | | | | | | | | | | | | | |
Inflation (CPI)
|
| | | | 6.7 | | | | | | 3.6 | | | | | | 2.2 | | | | | | 3.4 | | |
TIB Rate (average)
|
| | | | 2.7 | | | | | | 1.8 | | | | | | 4.0 | | | | | | 4.2 | | |
Period-end exchange rate – COP$ per US$1.00
|
| | | | 3,748 | | | | | | 3,757 | | | | | | 3,759 | | | | | | 3,206 | | |
Average exchange rate – COP$ per US$1.00(1)
|
| | | | 3,878 | | | | | | 3,659 | | | | | | 3,530 | | | | | | 3,125 | | |
Appreciation (depreciation) of the COP$ vs. US$ in the
period(3) |
| | | | 0.2 | | | | | | 0.1 | | | | | | (17.3) | | | | | | (9.4) | | |
| | |
For the Nine-Month Period Ended March 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Revenue
|
| | | | 1,398.2 | | | | | | 6,624.6 | | | | | | 4,219.9 | | | | | | 57.0% | | |
Cost of goods sold
|
| | | | (1,156.9) | | | | | | (5,481.2) | | | | | | (3,620.2) | | | | | | 51.4% | | |
Gross profit
|
| | | | 241.3 | | | | | | 1,143.4 | | | | | | 599.6 | | | | | | 90.7% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (147.1) | | | | | | (697.2) | | | | | | (405.4) | | | | | | 72.0% | | |
Other operating income, net
|
| | | | 7.4 | | | | | | 35.0 | | | | | | 8.4 | | | | | | 316.7% | | |
Operating profit
|
| | | | 101.6 | | | | | | 481.2 | | | | | | 202.6 | | | | | | 137.5% | | |
Finance income
|
| | | | 72.3 | | | | | | 342.3 | | | | | | 174.5 | | | | | | 96.2% | | |
Finance costs
|
| | | | (100.9) | | | | | | (477.9) | | | | | | (220.5) | | | | | | 116.7% | | |
Profit before income taxes
|
| | | | 72.9 | | | | | | 345.6 | | | | | | 156.7 | | | | | | 120.5% | | |
Current
|
| | | | (24.9) | | | | | | (117.8) | | | | | | (58.8) | | | | | | 100.3% | | |
Deferred
|
| | | | 2.8 | | | | | | 13.4 | | | | | | (5.6) | | | | | | (339.3)% | | |
Profit for the period
|
| | | | 50.9 | | | | | | 241.2 | | | | | | 92.3 | | | | | | 161.3% | | |
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Revenue | | | | | 1,076.1 | | | | | | 5,098.5 | | | | | | 2,706.3 | | | | | | 88.4% | | |
Cost of goods sold
|
| | | | (920.8) | | | | | | (4,362.7) | | | | | | (2,384.1) | | | | | | 83.0% | | |
Gross profit
|
| | | | 155.3 | | | | | | 735.9 | | | | | | 322.2 | | | | | | 128.4% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (130.8) | | | | | | (619.5) | | | | | | (394.7) | | | | | | 57.0% | | |
Other operating income, net
|
| | | | 3.3 | | | | | | 15.6 | | | | | | 10.8 | | | | | | 44.4% | | |
Operating profit (loss)
|
| | | | 27.9 | | | | | | 132.0 | | | | | | (61.7) | | | | | | n.m. | | |
Finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 47.9 | | | | | | 227.1 | | | | | | 55.5 | | | | | | 309.2% | | |
Finance costs
|
| | | | (66.0) | | | | | | (312.9) | | | | | | (168.7) | | | | | | 85.5% | | |
Profit (loss) before income taxes
|
| | | | 9.8 | | | | | | 46.2 | | | | | | (174.9) | | | | | | n.m. | | |
Current
|
| | | | (13.0) | | | | | | (61.7) | | | | | | (23.5) | | | | | | 162.6% | | |
Deferred
|
| | | | 7.8 | | | | | | 37.0 | | | | | | 76.9 | | | | | | (51.9)% | | |
Profit (loss) for the year
|
| | | | 4.5 | | | | | | 21.5 | | | | | | (121.5) | | | | | | n.m. | | |
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
For the Nine-Month Period Ended March 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Pro forma revenue
|
| | | | 1,471.7 | | | | | | 6,972.7 | | | | | | 5,951.7 | | | | | | 17.2% | | |
Pro forma cost of goods sold
|
| | | | (1,214.3) | | | | | | (5,753.2) | | | | | | (5,060.4) | | | | | | 13.7% | | |
Pro forma gross profit
|
| | | | 257.4 | | | | | | 1,219.5 | | | | | | 891.2 | | | | | | 36.8% | | |
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
For the Nine-Month Period Ended March 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Pro forma operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma sales, general and administrative expenses
|
| | | | (154.9) | | | | | | (733.8) | | | | | | (577.3) | | | | | | 27.1% | | |
Pro forma other operating income, net
|
| | | | 8.2 | | | | | | 39.0 | | | | | | 16.0 | | | | | | 143.8% | | |
Pro forma operating profit
|
| | | | 110.7 | | | | | | 524.7 | | | | | | 329.9 | | | | | | 59.0% | | |
Pro forma finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma finance income
|
| | | | 72.3 | | | | | | 342.7 | | | | | | 218.4 | | | | | | 56.9% | | |
Pro forma finance costs
|
| | | | (101.7) | | | | | | (481.9) | | | | | | (275.6) | | | | | | 74.9% | | |
Pro forma profit before income taxes
|
| | | | 81.3 | | | | | | 385.4 | | | | | | 272.7 | | | | | | 41.3% | | |
Pro forma income taxes
|
| | | | (22.6) | | | | | | (107.2) | | | | | | (90.2) | | | | | | 18.8% | | |
Pro forma profit for the period
|
| | | | 58.7 | | | | | | 278.2 | | | | | | 182.5 | | | | | | 52.4% | | |
|
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Pro forma revenue
|
| | | | 1,471.3 | | | | | | 6,970.5 | | | | | | 5,707.3 | | | | | | 22.1% | | |
Pro forma cost of goods sold
|
| | | | (1,250.1) | | | | | | (5,922.8) | | | | | | (4,909.1) | | | | | | 20.6% | | |
Pro forma gross profit
|
| | | | 221.1 | | | | | | 1,047.7 | | | | | | 798.2 | | | | | | 31.3% | | |
Pro forma operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma sales, general and administrative expenses
|
| | | | (172.1) | | | | | | (815.4) | | | | | | (671.3) | | | | | | 21.5% | | |
Pro forma other operating income, net
|
| | | | 5.7 | | | | | | 26.8 | | | | | | 17.1 | | | | | | 56.7% | | |
Pro forma operating profit (loss)
|
| | | | 54.7 | | | | | | 259.1 | | | | | | 144.0 | | | | | | 79.9% | | |
Pro forma finance income (costs) | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma finance income
|
| | | | 57.3 | | | | | | 271.5 | | | | | | 135.3 | | | | | | 100.7% | | |
Pro forma finance costs
|
| | | | (78.1) | | | | | | (370.2) | | | | | | (299.6) | | | | | | 23.6% | | |
Pro forma profit (loss) before income taxes
|
| | | | 33.9 | | | | | | 160.4 | | | | | | (20.3) | | | | | | n.m. | | |
Pro forma income taxes
|
| | | | (10.9) | | | | | | (51.6) | | | | | | 17.2 | | | | | | n.m. | | |
Pro forma profit (loss) for the year
|
| | | | 23.0 | | | | | | 108.8 | | | | | | (3.0) | | | | | | n.m. | | |
| | |
Lavoro
Group Historical |
| |
AGP
Group Historical (i) |
| |
Produtec
Historical (ii) |
| |
Central
Agrícola Historical (iii) |
| |
Fertilyser
Historical (iv) |
| |
AgSe
Historical (v) |
| |
Integra
Historical (vi) |
| |
Qualicitrus
Historical (vii) |
| |
América
Historical (viii) |
| |
Desempar
Historical (ix) |
| |
Cultivar
Historical (x) |
| |
Agrobiológica
Historical (xi) |
| |
Produttiva
Historical (xii) |
| |
Cenagro
Historical (xiii) |
| |
Cenagral
Historical (xiv) |
| |
Union
Agro Historical (xv) |
| |
AgroZap
Historical (xvi) |
| |
Pro
forma adjustments |
| | | | | | | |
Lavoro
Group Pro Forma |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue
|
| | | | 2,706.3 | | | | | | 416.2 | | | | | | 114.7 | | | | | | 355.1 | | | | | | 4.0 | | | | | | 60.1 | | | | | | 126.0 | | | | | | 296.2 | | | | | | 173.0 | | | | | | 629.5 | | | | | | 252.4 | | | | | | 42.8 | | | | | | 113.9 | | | | | | 124.7 | | | | | | 2.2 | | | | | | 105.3 | | | | | | 185.1 | | | | | | — | | | | | | | | | | | | 5,707.3 | | |
Cost of goods
sold |
| | | | (2,384.1) | | | | | | (375.9) | | | | | | (87.5) | | | | | | (311.2) | | | | | | (2.9) | | | | | | (51.7) | | | | | | (97.3) | | | | | | (266.2) | | | | | | (144.8) | | | | | | (540.8) | | | | | | (203.3) | | | | | | (6.0) | | | | | | (100.1) | | | | | | (107.3) | | | | | | (1.9) | | | | | | (62.5) | | | | | | (165.6) | | | | | | — | | | | | | | | | | | | (4,909.1) | | |
Gross profit
|
| | | | 322.2 | | | | | | 40.3 | | | | | | 27.2 | | | | | | 43.8 | | | | | | 1.1 | | | | | | 8.4 | | | | | | 28.7 | | | | | | 29.9 | | | | | | 28.1 | | | | | | 88.7 | | | | | | 49.1 | | | | | | 36.8 | | | | | | 13.8 | | | | | | 17.4 | | | | | | 0.3 | | | | | | 42.7 | | | | | | 19.5 | | | | | | — | | | | | | | | | | | | 798.2 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (28.7) | | | | | | 2(a) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (1.3) | | | | | | 2(b) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (2.2) | | | | | | 2(d) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (0.5) | | | | | | 2(f) | | | | | | | | |
Sales, general and administrative
expenses |
| | | | (394.7) | | | | | | (16.4) | | | | | | (10.9) | | | | | | (7.3) | | | | | | (0.9) | | | | | | (9.6) | | | | | | (8.4) | | | | | | (33.3) | | | | | | (5.9) | | | | | | (58.2) | | | | | | (36.9) | | | | | | (4.0) | | | | | | (5.6) | | | | | | (14.1) | | | | | | (0.2) | | | | | | (17.8) | | | | | | (14.5) | | | | | | (32.7) | | | | | | | | | | | | (671.3) | | |
Other operating income (expenses),
net |
| | | | 10.8 | | | | | | (0.0) | | | | | | 3.3 | | | | | | 0.9 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.0 | | | | | | 0.9 | | | | | | (0.4) | | | | | | 2.3 | | | | | | 2.6 | | | | | | (8.9) | | | | | | 3.6 | | | | | | 0.0 | | | | | | 0.0 | | | | | | (0.2) | | | | | | 2.2 | | | | | | — | | | | | | | | | | | | 17.1 | | |
Operating profit
(loss) |
| | | | (61.7) | | | | | | 23.8 | | | | | | 19.6 | | | | | | 37.5 | | | | | | 0.2 | | | | | | (1.1) | | | | | | 20.4 | | | | | | (2.5) | | | | | | 21.8 | | | | | | 32.8 | | | | | | 14.8 | | | | | | 23.9 | | | | | | 11.8 | | | | | | 3.4 | | | | | | 0.1 | | | | | | 24.7 | | | | | | 7.2 | | | | | | (32.7) | | | | | | | | | | | | 144.0 | | |
Finance income (costs):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 55.5 | | | | | | 4.2 | | | | | | 1.3 | | | | | | 38.7 | | | | | | — | | | | | | 0.1 | | | | | | 0.2 | | | | | | 3.6 | | | | | | 2.7 | | | | | | 24.4 | | | | | | 0.3 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 2.3 | | | | | | — | | | | | | 0.1 | | | | | | 1.7 | | | | | | — | | | | | | | | | | | | 135.3 | | |
Finance costs
|
| | | | (168.7) | | | | | | (8.9) | | | | | | (0.8) | | | | | | (59.5) | | | | | | — | | | | | | — | | | | | | (15.8) | | | | | | (0.7) | | | | | | (6.6) | | | | | | (17.6) | | | | | | (12.1) | | | | | | (0.1) | | | | | | (0.3) | | | | | | (1.2) | | | | | | — | | | | | | (0.6) | | | | | | (6.5) | | | | | | — | | | | | | | | | | | | (299.6) | | |
Profit (loss) before income taxes
|
| | | | (174.9) | | | | | | 19.1 | | | | | | 20.1 | | | | | | 16.6 | | | | | | 0.2 | | | | | | (1.0) | | | | | | 4.8 | | | | | | 0.4 | | | | | | 17.9 | | | | | | (39.6) | | | | | | 3.1 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 4.5 | | | | | | 0.1 | | | | | | 24.2 | | | | | | 2.4 | | | | | | (32.7) | | | | | | | | | | | | (20.3) | | |
Income taxes
|
| | | | 53.4 | | | | | | (8.0) | | | | | | (3.6) | | | | | | (8.8) | | | | | | (0.4) | | | | | | (1.5) | | | | | | (2.3) | | | | | | (0.1) | | | | | | (5.0) | | | | | | (11.9) | | | | | | (1.4) | | | | | | — | | | | | | — | | | | | | (0.3) | | | | | | 0.0 | | | | | | (3.9) | | | | | | — | | | | | | 11.1 | | | | | | 2(e) | | | | | | 17.2 | | |
Net income (loss)
|
| | | | (121.5) | | | | | | 11.1 | | | | | | 16.5 | | | | | | 7.8 | | | | | | (0.2) | | | | | | (2.5) | | | | | | 2.4 | | | | | | 0.3 | | | | | | 12.9 | | | | | | 27.7 | | | | | | 1.6 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 4.1 | | | | | | 0.1 | | | | | | 20.3 | | | | | | 2.4 | | | | | | (21.6) | | | | | | | | | | | | (3.0) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity holders of the
parent |
| | | | (108.7) | | | | | | 11.1 | | | | | | 10.7 | | | | | | 7.8 | | | | | | (0.2) | | | | | | (2.4) | | | | | | 2.4 | | | | | | 0.2 | | | | | | 12.9 | | | | | | 27.7 | | | | | | 1.2 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 3.3 | | | | | | 0.1 | | | | | | 14.7 | | | | | | 1.8 | | | | | | (20.7) | | | | | | | | | | | | (2.6) | | |
Non-controlling interest
|
| | | | (12.8) | | | | | | — | | | | | | 5.8 | | | | | | — | | | | | | (0.0) | | | | | | (0.1) | | | | | | — | | | | | | 0.1 | | | | | | — | | | | | | — | | | | | | 0.4 | | | | | | — | | | | | | — | | | | | | 0.8 | | | | | | 0.0 | | | | | | 5.6 | | | | | | 0.6 | | | | | | (0.9) | | | | | | 2(f) | | | | | | (0.4) | | |
| | |
AGP
Group |
| |
Produtec
|
| |
Central
Agrícola |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral(1)
|
| |
Union
Agro |
| |
AgroZap
|
| ||||||||||||||||||||||||||||||||||||||||||
Customer relationship(2(a))
|
| | | | 67.0 | | | | | | 2.8 | | | | | | 2.5 | | | | | | 8.4 | | | | | | 11.8 | | | | | | 32.2 | | | | | | 55.4 | | | | | | 6.2 | | | | | | 5.5 | | | | | | 26.3 | | | | | | 1.7 | | | | | | — | | | | | | 5.1 | | | | | | 4.5 | | |
Brands(2(b))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5.9 | | | | | | — | | | | | | — | | | | | | 6.7 | | | | | | 1.0 | | | | | | — | | |
Purchase
contracts(2(c)) |
| | | | — | | | | | | — | | | | | | 0.2 | | | | | | — | | | | | | — | | | | | | 8.6 | | | | | | — | | | | | | — | | | | | | 0.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Property, plant and equipment(2(d))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.3 | | | | | | — | | | | | | 2.4 | | | | | | 2.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
AGP
Group |
| |
Produtec
|
| |
Central
Agrícola |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Union
Agro |
| |
AgroZap
|
| |
Total
pro forma adjustments |
| ||||||||||||||||||||||||||||||||||||||||||
Estimated useful life (years)
|
| | | | 6.0 | | | | | | 4.0 | | | | | | 13.5 | | | | | | 7.6 | | | | | | 8.0 | | | | | | 5.3 | | | | | | 8.3 | | | | | | 16.5 | | | | | | 3.0 | | | | | | 9.2 | | | | | | 11.0 | | | | | | 6.2 | | | | | | 11.0 | | | | | | | | |
Pre-acquisition period (years)
|
| | | | 0.559 | | | | | | 0.753 | | | | | | 0.887 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | | | |
Pro forma adjustments
|
| | | | 6.2 | | | | | | 0.5 | | | | | | 0.2 | | | | | | 1.1 | | | | | | 1.5 | | | | | | 6.1 | | | | | | 6.7 | | | | | | 0.4 | | | | | | 1.8 | | | | | | 2.8 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 0.4 | | | | | | 28.7 | | |
| | |
Agrobiológica
|
| |
Union
Agro |
| |
Total
pro forma adjustments |
| |||||||||
Estimated useful life (years)
|
| | | | 20.0 | | | | | | 1.0 | | | | | | | | |
Pre-acquisition period (years)
|
| | | | 1.000 | | | | | | 1.000 | | | | | | | | |
Pro forma adjustments
|
| | | | 0.3 | | | | | | 1.0 | | | | | | 1.3 | | |
| | |
Central
Agrícola |
| |
América
|
| |
Agrobiológica
|
| |
Total
pro forma adjustments |
| ||||||||||||
Estimated useful life (years)
|
| | | | 5.0 | | | | | | 4.0 | | | | | | 10.0 | | | | | | | | |
Pre-acquisition period (years)
|
| | | | 0.882 | | | | | | 1.000 | | | | | | 1.000 | | | | | | | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 2.1 | | | | | | 0.0 | | | | | | 2.2 | | |
| | |
Qualicitrus
|
| |
Desempar
|
| |
Cultivar
|
| |
Total
pro forma adjustments |
| ||||||||||||
Estimated useful life (years)
|
| | | | 8.9 | | | | | | 8.9 | | | | | | 8.9 | | | | | | | | |
Pre-acquisition period (years)
|
| | | | 1.000 | | | | | | 1.000 | | | | | | 1.000 | | | | | | | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 0.3 | | | | | | 0.2 | | | | | | 0.5 | | |
| | |
Produtec
|
| |
Qualicitrus
|
| |
Cultivar
|
| |
Cenagro
|
| |
Union
Agro |
| |
AgroZap
|
| |
Total
pro forma adjustments |
| |||||||||||||||||||||
Pro forma adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (0.5) | | | | | | (1.5) | | | | | | (0.6) | | | | | | (0.1) | | | | | | (1.8) | | | | | | (0.4) | | | | | | | | |
Income taxes effect (34% Brazil and 32% Colombia)
|
| | | | 0.2 | | | | | | 0.5 | | | | | | 0.2 | | | | | | 0.0 | | | | | | 0.6 | | | | | | 0.1 | | | | | | | | |
Non-controlling interests (%)
|
| | | | 35% | | | | | | 29% | | | | | | 26% | | | | | | 20% | | | | | | 27% | | | | | | 25% | | | | | | | | |
Pro forma adjustments
|
| | | | (0.1) | | | | | | (0.3) | | | | | | (0.1) | | | | | | (0.0) | | | | | | (0.3) | | | | | | (0.1) | | | | | | (0.9) | | |
| | |
For the Fiscal Year Ended June 30, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Pre-Acquisition period(1)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
AGP
Group |
| |
Produtec
|
| |
Central
Agrícola |
| |
Fertilyser
|
| |
AgSe
|
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union
Agro |
| |
AgroZap
|
| |
Pro Forma
Adjustments(1) |
| |
Lavoro
Group Pro Forma |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit (loss) for the
year |
| | |
|
(121.5)
|
| | | |
|
11.1
|
| | | |
|
16.5
|
| | | |
|
7.8
|
| | | |
|
(0.2)
|
| | | |
|
(2.5)
|
| | | |
|
2.4
|
| | | |
|
0.3
|
| | | |
|
12.9
|
| | | |
|
27.7
|
| | | |
|
1.6
|
| | | |
|
23.9
|
| | | |
|
11.5
|
| | | |
|
4.1
|
| | | |
|
0.1
|
| | | |
|
20.3
|
| | | |
|
2.4
|
| | | |
|
(21.6)
|
| | | |
|
(3.0)
|
| |
(+) Pro forma depreciation and amortization
|
| | | | 36.7 | | | | | | 0,4 | | | | | | 0.0 | | | | | | 0.6 | | | | | | — | | | | | | — | | | | | | 0.1 | | | | | | 0.6 | | | | | | 0.5 | | | | | | 2.4 | | | | | | 0.5 | | | | | | — | | | | | | 0.2 | | | | | | 1.4 | | | | | | 0.1 | | | | | | 1.2 | | | | | | 0.9 | | | | | | 32.7 | | | | | | 78.4 | | |
(+) Fair value on inventories sold from acquired companies
|
| | | | 13.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13.8 | | |
(+) Pro forma income taxes current
and deferred |
| | | | (53.4) | | | | | | 8.0 | | | | | | 3.6 | | | | | | 8.8 | | | | | | 0.4 | | | | | | 1.5 | | | | | | 2.3 | | | | | | 0.1 | | | | | | 5.0 | | | | | | 11.9 | | | | | | 1.4 | | | | | | — | | | | | | — | | | | | | 0.3 | | | | | | (0.0) | | | | | | 3.9 | | | | | | — | | | | | | (11.1) | | | | | | (17.2) | | |
(+) Pro forma finance income (costs), net
|
| | | | 113.2 | | | | | | 4.7 | | | | | | (0.5) | | | | | | 20.8 | | | | | | — | | | | | | (0.1) | | | | | | 15.6 | | | | | | (2.9) | | | | | | 3.9 | | | | | | (6.8) | | | | | | 11.7 | | | | | | 0.0 | | | | | | 0.3 | | | | | | (1.1) | | | | | | (0.0) | | | | | | 0.5 | | | | | | 4.8 | | | | | | — | | | | | | 164.3 | | |
(+) M&A expenses(2)
|
| | | | 36.9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36.9 | | |
Pro Forma Adjusted EBITDA
|
| | | | 25.7 | | | | | | 24.2 | | | | | | 19.6 | | | | | | 38.0 | | | | | | 0.2 | | | | | | (1.1) | | | | | | 20.4 | | | | | | (1.9) | | | | | | 22.3 | | | | | | 35.2 | | | | | | 15.2 | | | | | | 23.9 | | | | | | 12.0 | | | | | | 4.7 | | | | | | 0.2 | | | | | | 25.9 | | | | | | 8.1 | | | | | | (0.0) | | | | | | 273.2 | | |
(/) Pro forma revenue
|
| | | | 2.706.3 | | | | | | 416.2 | | | | | | 114.7 | | | | | | 355.1 | | | | | | 4.0 | | | | | | 60.1 | | | | | | 126.0 | | | | | | 296.2 | | | | | | 173.0 | | | | | | 629.5 | | | | | | 252.4 | | | | | | 42.8 | | | | | | 113.9 | | | | | | 124.7 | | | | | | 2.2 | | | | | | 105.3 | | | | | | 185.1 | | | | | | — | | | | | | 5.707.3 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 0.9% | | | | | | 5.8% | | | | | | 17.1% | | | | | | 10.7% | | | | | | 5.0% | | | | | | (1.8)% | | | | | | 16.2% | | | | | | (0.6)% | | | | | | 12.9% | | | | | | 5.6% | | | | | | 6.0% | | | | | | 55.8% | | | | | | 10.5% | | | | | | 3.8% | | | | | | 11.3% | | | | | | 24.6% | | | | | | 4.4% | | | | | | | | | | | | 4.8% | | |
| | |
As of and For the
Fiscal Year Ended June 30, 2020 |
| |||
| | |
(in R$ millions,
except as otherwise indicated) |
| |||
Borrowings (current and non-current)
|
| | | | 168.6 | | |
Leases liabilities (current and non-current)
|
| | | | 41.6 | | |
Payables for the acquisition of subsidiaries (current and non-current)
|
| | | | 126.8 | | |
(-) Cash equivalents
|
| | | | 158.5 | | |
Net Debt (Net Cash)
|
| | | | 178.5 | | |
Pro Forma Adjusted EBITDA
|
| | | | 273.2 | | |
Net Debt (Net Cash)/Pro Forma Adjusted EBITDA Ratio
|
| | | | 0.7x | | |
| | |
For the Nine-Month Period
Ended March 31, |
| |
For the Fiscal Year
Ended June 30, |
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(US$
millions(1)) |
| |
(R$ millions)
|
| |
(US$
millions(1)) |
| |
(R$ millions)
|
| ||||||||||||||||||||||||
Cash Flow Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash flows (used in) provided by operating activities
|
| | | | (67.0) | | | | | | (317.6) | | | | | | (153.3) | | | | | | 11.4 | | | | | | 53.8 | | | | | | (11.4) | | |
Net cash flows used in investing activities
|
| | | | (33.3) | | | | | | (158.0) | | | | | | (180.6) | | | | | | (83.0) | | | | | | (393.4) | | | | | | (280.4) | | |
Net cash flows provided by financing activities
|
| | | | 68.1 | | | | | | 322.8 | | | | | | 559.1 | | | | | | 135.2 | | | | | | 640.5 | | | | | | 381.0 | | |
| | |
Payments Due By Period
as of March 31, 2022 |
| |||||||||||||||
| | |
Total
|
| |
Up to 1 year
|
| |
1-5 years
|
| |||||||||
| | |
(in R$ millions)
|
| |||||||||||||||
Leases liabilities
|
| | | | 163.4 | | | | | | 70.8 | | | | | | 92.6 | | |
Borrowings
|
| | | | 541.1 | | | | | | 405.5 | | | | | | 135.6 | | |
Payables for the acquisition of subsidiaries
|
| | | | 249.9 | | | | | | 212.6 | | | | | | 37.3 | | |
Total | | | | | 954.4 | | | | | | 688.9 | | | | | | 265.5 | | |
| | |
Payments Due By Period
as of June 30, 2021 |
| |||||||||||||||
| | |
Total
|
| |
Up to 1 year
|
| |
1-5 years
|
| |||||||||
| | |
(in R$ millions)
|
| |||||||||||||||
Leases liabilities
|
| | | | 79.4 | | | | | | 35.6 | | | | | | 43.9 | | |
Borrowings
|
| | | | 250.7 | | | | | | 228.4 | | | | | | 22.3 | | |
Payables for the acquisition of subsidiaries
|
| | | | 220.5 | | | | | | 220.5 | | | | | | — | | |
Total | | | | | 550.6 | | | | | | 484.5 | | | | | | 66.2 | | |
| | |
As of March 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||
| | |
(US$
millions(1)) |
| |
(R$ millions)
|
| |
(US$
millions(1)) |
| |
(R$ millions)
|
| ||||||||||||||||||
Trade receivables (current and non-current)
|
| | | | 805.9 | | | | | | 3,818,4 | | | | | | 309.7 | | | | | | 1,467.2 | | | | | | 1,085.5 | | |
Advances to suppliers
|
| | | | 39.2 | | | | | | 185.8 | | | | | | 93.4 | | | | | | 442.4 | | | | | | 252.5 | | |
Total | | | | | 845.2 | | | | | | 4,004.2 | | | | | | 403.1 | | | | | | 1,909.6 | | | | | | 1,338.0 | | |
| | | | | |
As of March 31, 2022
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (12.65%)
|
| | | | 68.0 | | | | | | 81.4 | | | | | | 94.8 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (5.15%)
|
| | | | 1.5 | | | | | | 2.2 | | | | | | 2.4 | | |
Total | | | | | | | | 69.5 | | | | | | 83.6 | | | | | | 97.3 | | |
| | | | | |
As of June 30, 2021
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (9.15%)
|
| | | | 21.2 | | | | | | 25.0 | | | | | | 28.9 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (5.47%)
|
| | | | 1.4 | | | | | | 1.7 | | | | | | 2.1 | | |
| | | | | |
As of June 30, 2021
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Total | | | | | | | | 22.5 | | | | | | 26.8 | | | | | | 31.0 | | |
|
| | | | | | | | |
As of March 31, 2022
|
| |||||||||||||||
| | | | | | | | |
Effect of Profit or Loss
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||
| | | | | | | | |
(in R$ millions)
|
| |||||||||||||||
Trade receivables in U.S. dollars
|
| | | R$ | 5.01 | | | | | | 22.0 | | | | | | 125.2 | | | | | | 228.4 | | |
Trade payables in U.S. dollars
|
| | | R$ | 5.01 | | | | | | (22.1) | | | | | | (125.5) | | | | | | (228.9) | | |
Net impacts on commercial operations
|
| | | | | | | | | | (0.1) | | | | | | (0.3) | | | | | | (0.5) | | |
Derivative financial instruments
|
| | | R$ | 5.01 | | | | | | 0.6 | | | | | | 3.6 | | | | | | 6.6 | | |
Total impact, net of derivatives
|
| | | | | | | | | | 0.6 | | | | | | 3.4 | | | | | | 6.1 | | |
| | | | | | | | |
As of June 30, 2021
|
| |||||||||||||||
| | | | | | | | |
Effect of Profit or Loss
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||
| | | | | | | | |
(in R$ millions)
|
| |||||||||||||||
Trade receivables in U.S. dollars
|
| | | R$ | 5.50 | | | | | | 12.4 | | | | | | 46.6 | | | | | | 80.7 | | |
Trade payables in U.S. dollars
|
| | | R$ | 5.50 | | | | | | (15.7) | | | | | | (59.2) | | | | | | (102.6) | | |
Net impacts on commercial operations
|
| | | | | | | | | | (3.4) | | | | | | (12.6) | | | | | | (21.9) | | |
Derivative financial instruments
|
| | | R$ | 5.50 | | | | | | 2.0 | | | | | | 7.6 | | | | | | 13.2 | | |
| | | | | |
As of June 30, 2021
|
| |||||||||||||||
| | | | | |
Effect of Profit or Loss
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Total impact, net of derivatives
|
| | | | | | | (1.3) | | | | | | (5.0) | | | | | | (8.7) | | |
|
| | |
As of March 31, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||||||||
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market (R$) |
| |
Market
(R$) |
| |
Impact
|
| |
Market
(R$) |
| |
Impact
|
| |||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||||||||||||||||||||||||||
Position | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean 2022
|
| | | | 170,033 | | | | Purchased | | | | | 116.5 | | | | | | 169.12 | | | | | | 211.40 | | | | | | 29.1 | | | | | | 253.68 | | | | | | 58.2 | | |
Soybean 2022
|
| | | | 186,943 | | | | Sold | | | | | (106.2) | | | | | | 169.12 | | | | | | 211.40 | | | | | | (26.6) | | | | | | 253.68 | | | | | | (53.1) | | |
Corn 2022
|
| | | | 61,365 | | | | Purchased | | | | | 8.2 | | | | | | 65.29 | | | | | | 81.61 | | | | | | 2.0 | | | | | | 97.93 | | | | | | 4.1 | | |
Corn 2022
|
| | | | 58,885 | | | | Sold | | | | | (13.3) | | | | | | 65.29 | | | | | | 81.61 | | | | | | (3.3) | | | | | | 97.93 | | | | | | (6.7) | | |
Soybean 2023
|
| | | | 66,628 | | | | Purchased | | | | | (22.5) | | | | | | 121.35 | | | | | | 151.68 | | | | | | (5.6) | | | | | | 182.02 | | | | | | (11.2) | | |
Soybean 2023
|
| | | | 55,264 | | | | Sold | | | | | 15.0 | | | | | | 121.35 | | | | | | 151.68 | | | | | | 3.7 | | | | | | 182.02 | | | | | | 7.5 | | |
Corn 2023
|
| | | | 2,943 | | | | Purchased | | | | | 0.0 | | | | | | 66.60 | | | | | | 83.25 | | | | | | 0.0 | | | | | | 99.9 | | | | | | 0.0 | | |
Corn 2023
|
| | | | 2,943 | | | | Sold | | | | | (0.3) | | | | | | 66.60 | | | | | | 83.25 | | | | | | (0.1) | | | | | | 99.9 | | | | | | (0.1) | | |
Net exposure
|
| | | | | | | | | | | | | (2.6) | | | | | | | | | | | | | | | | | | (0.7) | | | | | | | | | | | | (1.3) | | |
| | |
As of June 30, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||||||||
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market (R$) |
| |
Market
(R$) |
| |
Impact
|
| |
Market
(R$) |
| |
Impact
|
| |||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| ||||||||||||||||||||||||||||||||||||||||||
Position | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corn 2021
|
| | | | 3,008 | | | | Purchased | | | | | 79.4 | | | | | | 60.06 | | | | | | 75.08 | | | | | | 19.8 | | | | | | 90.09 | | | | | | 39.7 | | |
Corn 2020
|
| | | | 2,928 | | | | Sold | | | | | (81.0) | | | | | | 60.06 | | | | | | 75.08 | | | | | | (20.3) | | | | | | 90.09 | | | | | | (40.5) | | |
Soybean 2022
|
| | | | 2,144 | | | | Purchased | | | | | 44.6 | | | | | | 138.34 | | | | | | 172.93 | | | | | | 11.2 | | | | | | 207.51 | | | | | | 22.3 | | |
Soybean 2022
|
| | | | 2,134 | | | | Sold | | | | | (43.6) | | | | | | 138.34 | | | | | | 172.93 | | | | | | (10.9) | | | | | | 207.51 | | | | | | (21.8) | | |
Corn 2022
|
| | | | 238 | | | | Purchased | | | | | 0.7 | | | | | | 54.72 | | | | | | 68.40 | | | | | | 0.2 | | | | | | 82.08 | | | | | | 0.3 | | |
Corn 2022
|
| | | | 238 | | | | Sold | | | | | (0.7) | | | | | | 54.72 | | | | | | 68.40 | | | | | | (0.2) | | | | | | 82.08 | | | | | | (0.3) | | |
Net exposure
|
| | | | | | | | | | | | | (0.6) | | | | | | | | | | | | | | | | | | (0.1) | | | | | | | | | | | | (0.3) | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Ricardo Leonel Scavazza
|
| |
43
|
| | Chairman | |
Peter Paul Lorenço Estermann
|
| |
63
|
| | Director | |
Daniel Fisberg
|
| |
38
|
| | Director | |
David Friedberg
|
| |
42
|
| | Director | |
| | | | | Independent Director(1) | | |
| | | | | Independent Director(1) | | |
| | | | | Independent Director(1) | |
Name
|
| |
Age
|
| |
Position
|
|
Ruy Cunha
|
| |
48
|
| | Chief Executive Officer | |
Laurence Beltrão Gomes
|
| |
51
|
| | Chief Financial Officer | |
Marcelo Pessanha
|
| |
37
|
| | Crop Care Chief Executive Officer | |
Gustavo Modenesi
|
| |
37
|
| | Chief Strategy Officer | |
Karen Christiane Ramirez Chaves de Mello
|
| |
45
|
| | Chief Human Resources Officer | |
Gustavo Ocampo Duran
|
| |
61
|
| | Latin America General Manager | |
Marcos Strobel
|
| |
52
|
| | Chief Digital Officer | |
| | |
Pre-Business
Combination |
| |
Post-Business
Combination Assuming No Redemption(6) |
| |
Post-Business
Combination Assuming Maximum Redemption(5)(6) |
| |||||||||||||||||||||||||||
| | |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||
Name and Address of Beneficial Owner | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TPB SPAC’s Officers, Directors and Five Percent or More Holders Pre-Business Combination:(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
David Friedberg(2)
|
| | | | 4,404,074 | | | | | | 19.5% | | | | | | | | | | | | | | | | | | | | | | | | | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kerry Whorton Cooper
|
| | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | |
Neil Renninger
|
| | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | |
April Underwood
|
| | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | | | | | 35,000 | | | | | | * | | |
TPB Acquisition Sponsor I, LLC(5)
|
| | | | 4,404,074 | | | | | | 19.5% | | | | | | | | | | | | | | | | | | | | | | | | | | |
All directors and executive officers as a group (6 individuals)
|
| | | | 4,509,074 | | | | | | 20.0% | | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors and Executive Officers of New Lavoro After Consummation of the Business Combination:(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ruy Cunha
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Laurence Beltrão Gomes
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marcelo Pessanha
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gustavo Modenesi
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Karen Christiane Ramirez Chaves de Mello
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gustavo Ocampo Duran
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marcos Strobel
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ricardo Leonel Scavazza(4)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Peter Paul Lorenço Estermann(4)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Daniel Fisberg
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
David Friedberg(2)
|
| | | | 4,404,074 | | | | | | 19.5% | | | | | | | | | | | | | | | | | | | | | | | | | | |
All directors and executive officers as a group ( individuals)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Five Percent or More Holders and Certain
Other Holders: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Funds(4)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TPB Acquisition Sponsor I, LLC(5)
|
| | | | 4,404,074 | | | | | | 19.5% | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Page No.
|
| |||
Audited Financial Statements of TPB Acquisition Corporation I | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
Unaudited Condensed Interim Financial Statements of TPB Acquisition Corporation I | | | | | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | | |
LAVORO GROUP
|
| | | | | | |
Lavoro Group – Combined Financial Statements as of and for the Fiscal Years ended June 30, 2021
and 2020 |
| | | | | | |
| | | | F-42 | | | |
| | | | F-43 | | | |
| | | | F-44 | | | |
| | | | F-45 | | | |
| | | | F-46 | | | |
| | | | F-47 | | | |
| | | | F-48 | | | |
Lavoro Group – Unaudited Interim Condensed Combined Financial Statements as of March 31, 2022 and for the nine-month periods ended March 31, 2022 and 2021
|
| | | | | | |
| | | | F-93 | | | |
| | | | F-95 | | | |
| | | | F-96 | | | |
| | | | F-97 | | | |
| | | | F-98 | | | |
| | | | F-99 | | |
| Assets | | | | | | | |
| Current assets: | | | | | | | |
|
Cash
|
| | | $ | 481,265 | | |
|
Prepaid expenses
|
| | | | 594,223 | | |
|
Total current assets
|
| | | | 1,075,488 | | |
|
Investments held in Trust Account
|
| | | | 180,368,211 | | |
|
Total Assets
|
| | | $ | 181,443,699 | | |
|
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
| | | | | | |
| Current liabilities: | | | | | | | |
|
Accounts payable
|
| | | $ | 2,600 | | |
|
Accrued expenses
|
| | | | 121,581 | | |
|
Total current liabilities
|
| | | | 124,181 | | |
|
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | 6,312,705 | | |
|
Derivative warrant liabilities
|
| | | | 7,408,784 | | |
|
Total Liabilities
|
| | | | 13,845,670 | | |
| Commitments and Contingencies | | | | | | | |
|
Class A ordinary shares, $0.0001 par value; 18,036,299 shares subject to possible redemption at $10.00 per share redemption value
|
| | | | 180,362,990 | | |
| Shareholders’ Deficit: | | | | | | | |
|
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
|
| | | | — | | |
|
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; no non-redeemable shares issued or outstanding
|
| | | | — | | |
|
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 4,509,074 shares issued and outstanding
|
| | | | 451 | | |
|
Additional paid-in capital
|
| | | | — | | |
|
Accumulated deficit
|
| | | | (12,765,412) | | |
|
Total shareholders’ deficit
|
| | | | (12,764,961) | | |
|
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’
Deficit |
| | | $ | 181,443,699 | | |
|
General and administrative expenses
|
| | | $ | 552,124 | | |
|
General and administrative expenses – Related Party
|
| | | | 46,774 | | |
|
Loss from operations
|
| | | | (598,898) | | |
| Other income (expenses): | | | | | | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 8,508,405 | | |
|
Income from investments in Trust Account
|
| | | | 5,221 | | |
|
Loss upon issuance of private placement warrants
|
| | | | (653,860) | | |
|
Offering costs associated with derivative warrant liabilities
|
| | | | (577,447) | | |
|
Total other income, net
|
| | | | 7,282,319 | | |
|
Net income
|
| | | $ | 6,683,421 | | |
|
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted
|
| | | | 7,770,560 | | |
|
Basic net income per share, Class A ordinary
|
| | | $ | 0.55 | | |
|
Diluted net income per share, Class A ordinary shares
|
| | | $ | 0.54 | | |
|
Weighted average number shares of Class B ordinary shares – Basic
|
| | |
|
4,431,172
|
| |
|
Weighted average number of shares of Class B ordinary shares – Diluted
|
| | |
|
4,509,074
|
| |
|
Basic net income per share, Class A ordinary shares
|
| | | $ | 0.55 | | |
|
Diluted net income per share, Class A ordinary shares
|
| | | $ | 0.54 | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – February 8, 2021 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 5,031,250 | | | | | | 503 | | | | | | 24,497 | | | | | | — | | | | | | 25,000 | | |
Forfeiture of Class B Shares
|
| | | | — | | | | | | — | | | | | | (522,176) | | | | | | (52) | | | | | | 52 | | | | | | — | | | | | | — | | |
Accretion to Class A ordinary share redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | (24,549) | | | | | | (19,448,833) | | | | | | (19,473,382) | | |
Net income
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,683,421 | | | | | | 6,683,421 | | |
Balance – December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 4,509,074 | | | | | $ | 451 | | | | | $ | — | | | | | $ | (12,765,412) | | | | | $ | (12,764,961) | | |
| Cash Flows from Operating Activities: | | | | | | | |
|
Net income
|
| | | $ | 6,683,421 | | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | |
|
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares
|
| | | | 21,400 | | |
|
Income from investments in Trust Account
|
| | | | (5,221) | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (8,508,405) | | |
|
Loss upon issuance of private placement warrants
|
| | | | 653,860 | | |
|
Offering costs associated with derivative warrant liabilities
|
| | | | 577,447 | | |
| Changes in operating assets and liabilities: | | | | | | | |
|
Prepaid expenses
|
| | | | (594,223) | | |
|
Accounts payable
|
| | | | 2,600 | | |
|
Accrued expenses
|
| | | | 51,581 | | |
|
Net cash used in operating activities
|
| | | | (1,117,540) | | |
| Cash Flows from Investing Activities | | | | | | | |
|
Cash deposited in Trust Account
|
| | | | (180,362,990) | | |
|
Net cash used in investing activities
|
| | | | (180,362,990) | | |
| Cash Flows from Financing Activities: | | | | | | | |
|
Proceeds from note payable to related party
|
| | | | 300,000 | | |
|
Repayment of note payable to related party
|
| | | | (300,000) | | |
|
Proceeds received from initial public offering, gross
|
| | | | 180,362,990 | | |
|
Proceeds received from private placement
|
| | | | 6,107,260 | | |
|
Offering costs paid
|
| | | | (4,508,455) | | |
|
Net cash provided by financing activities
|
| | | | 181,961,795 | | |
|
Net change in cash
|
| | | | 481,265 | | |
|
Cash – beginning of the period
|
| | | | — | | |
|
Cash – ending of the period
|
| | | $ | 481,265 | | |
| Supplemental disclosure of noncash investing and financing activities: | | | | | | | |
|
Offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
| | | $ | 3,600 | | |
|
Offering costs included in accrued expenses
|
| | | $ | 70,000 | | |
|
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | $ | 6,312,705 | | |
|
Accretion of Class A ordinary shares to redemption value
|
| | | $ | (19,358,382) | | |
| | |
Period from February 8, 2021 (inception)
through December 31, 2021 |
| |||||||||
| | |
Class A
|
| |
Class B
|
| ||||||
Basic and diluted net income per ordinary share: | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | |
Allocation of net income – Basic
|
| | | $ | 4,256,275 | | | | | $ | 2,427,146 | | |
Allocation of net income – Diluted
|
| | | $ | 4,229,273 | | | | | $ | 2,454,148 | | |
Denominator: | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 7,770,560 | | | | | | 4,431,172 | | |
Effect of dilutive securities
|
| | | | — | | | | | | 77,902 | | |
Diluted weighted average ordinary shares outstanding
|
| | | | 7,770,560 | | | | | | 4,509,074 | | |
Basic net income per ordinary share
|
| | | $ | 0.55 | | | | | $ | 0.55 | | |
Diluted net income per ordinary share
|
| | | $ | 0.54 | | | | | $ | 0.54 | | |
|
Gross proceeds
|
| | | $ | 180,362,990 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (9,156,069) | | |
|
Class A ordinary share issuance costs, net of reimbursement from underwriter
|
| | | | (10,317,313) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 19,473,382 | | |
|
Class A common stock subject to possible redemption
|
| | | $ | 180,362,990 | | |
Description
|
| |
Quoted Prices in Active
Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – Money Market Funds
|
| | | $ | 180,368,211 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Level 1
|
| | | $ | 4,388,832 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Level 3
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,019,952 | | |
| | |
At initial issuance
|
| |
As of August 17, 2021
(Over-Allotment Date) |
| |
As of December 31, 2021
|
| |||||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock price
|
| | | $ | 9.49 | | | | | $ | 9.44 | | | | | $ | 9.80 | | |
Volatility
|
| | | | 24.5% | | | | | | 24.5% | | | | | | 12.1% | | |
Term (years)
|
| | | | 6.51 | | | | | | 6.49 | | | | | | 6.12 | | |
Risk-free rate
|
| | | | 1.01% | | | | | | 0.98% | | | | | | 1.36% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
| | |
June 30, 2022
|
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,124,459 | | | | | $ | 481,265 | | |
Prepaid expenses
|
| | | | 433,114 | | | | | | 594,223 | | |
Total current assets
|
| | | | 1,557,573 | | | | | | 1,075,488 | | |
Investments held in Trust Account
|
| | | | 180,454,386 | | | | | | 180,368,211 | | |
Total Assets
|
| | | $ | 182,011,959 | | | | | $ | 181,443,699 | | |
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,015,289 | | | | | $ | 2,600 | | |
Accrued expenses
|
| | | | 937,452 | | | | | | 121,581 | | |
Note Payable – Related Party
|
| | | | 1,000,000 | | | | | | — | | |
Total current liabilities
|
| | | | 2,952,741 | | | | | | 124,181 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | 6,312,705 | | | | | | 6,312,705 | | |
Derivative warrant liabilities
|
| | | | 2,021,356 | | | | | | 7,408,784 | | |
Total Liabilities
|
| | | | 11,286,802 | | | | | | 13,845,670 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares, $0.0001 par value; 18,036,299 shares subject to possible redemption at $10.00 per share redemption value
|
| | | | 180,362,990 | | | | | | 180,362,990 | | |
Shareholders’ Deficit: | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
no non-redeemable shares issued or outstanding |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 4,509,074 shares issued and outstanding
|
| | | | 451 | | | | | | 451 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (9,638,284) | | | | | | (12,765,412) | | |
Total shareholders’ deficit
|
| | | | (9,637,833) | | | | | | (12,764,961) | | |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | $ | 182,011,959 | | | | | $ | 181,443,699 | | |
| | |
For the Three Months Ended
June 30, |
| |
For the Six
Months Ended June 30, 2021 |
| |
For the Period from
February 8, 2021 (inception) through June 30, 2021 |
| |||||||||||||||
| | |
2022
|
| |
2021
|
| ||||||||||||||||||
General and administrative expenses
|
| | | $ | 1,785,832 | | | | | $ | 12,346 | | | | | $ | 2,286,475 | | | | | $ | 64,575 | | |
General and administrative expenses –
Related Party |
| | | | 30,000 | | | | | | — | | | | | | 60,000 | | | | | | — | | |
Loss from operations
|
| | | | (1,815,832) | | | | | | (12,346) | | | | | | (2,346,475) | | | | | | (64,575) | | |
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | 2,431,852 | | | | | | — | | | | | | 5,387,428 | | | | | | — | | |
Income from investments in Trust Account
|
| | | | 81,727 | | | | | | — | | | | | | 86,175 | | | | | | — | | |
Total other income
|
| | | | 2,513,579 | | | | | | — | | | | | | 5,473,603 | | | | | | — | | |
Net income (loss)
|
| | | $ | 697,747 | | | | | $ | (12,346) | | | | | $ | 3,127,128 | | | | | $ | (64,575) | | |
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted
|
| | | | 18,036,299 | | | | | | — | | | | | | 18,036,299 | | | | | | — | | |
Basic and diluted net income per share, Class A
ordinary shares |
| | | $ | 0.03 | | | | | $ | — | | | | | $ | 0.14 | | | | | $ | — | | |
Weighted average number of shares outstanding of Class B ordinary shares – basic and diluted
|
| | | | 4,509,074 | | | | | | 4,375,000 | | | | | | 4,509,074 | | | | | | 4,375,000 | | |
Basic and diluted net income (loss) per share, Class B ordinary shares
|
| | | $ | 0.03 | | | | | $ | — | | | | | $ | 0.14 | | | | | $ | (0.01) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 4,509,074 | | | | | $ | 451 | | | | | $ | — | | | | | $ | (12,765,412) | | | | | $ | (12,764,961) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,429,381 | | | | | | 2,429,381 | | |
Balance – March 31, 2022 (unaudited)
|
| | | | — | | | | | | — | | | | | | 4,509,074 | | | | | | 451 | | | | | | — | | | | | | (10,336,031) | | | | | | (10,335,580) | | |
Net income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 697,747 | | | | | | 697,747 | | |
Balance – June 30, 2022 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 4,509,074 | | | | | $ | 451 | | | | | $ | — | | | | | $ | (9,638,284) | | | | | $ | (9,637,833) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholder’s Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – February 8, 2021
(inception) |
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 5,031,250 | | | | | | 503 | | | | | | 24,497 | | | | | | — | | | | | | 25,000 | | |
Net loss
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (52,229) | | | | | | (52,229) | | |
Balance – March 31, 2021 (unaudited)
|
| | | | — | | | | | | — | | | | | | 5,031,250 | | | | | | 503 | | | | | | 24,497 | | | | | | (52,229) | | | | | | (27,229) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,346) | | | | | | — | | |
Balance – June 30, 2021 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 5,031,250 | | | | | $ | 503 | | | | | $ | 24,497 | | | | | $ | (64,575) | | | | | $ | (27,229) | | |
| | |
For the Six Months
Ended June 30,2022 |
| |
For the Period from
February 8, 2021 (inception) through June 30, 2021 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 3,127,128 | | | | | $ | (64,575) | | |
Adjustments to reconcile net income (loss) to net cash used
in operating activities: |
| | | | | | | | | | | | |
Income from investments in Trust Account
|
| | | | (86,175) | | | | | | — | | |
Change in fair value of derivative warrant liabilities
|
| | | | (5,387,428) | | | | | | — | | |
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares
|
| | | | — | | | | | | 21,400 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 161,109 | | | | | | (26,800) | | |
Accounts payable
|
| | | | 1,012,689 | | | | | | — | | |
Accrued expenses
|
| | | | 815,871 | | | | | | 7,000 | | |
Net cash used in operating activities
|
| | | | (356,806) | | | | | | (62,975) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from related party note
|
| | | | 1,000,000 | | | | | | 300,000 | | |
Deferred offering costs paid
|
| | | | — | | | | | | (189,616) | | |
Net cash provided by financing activities
|
| | | | 1,000,000 | | | | | | 110,384 | | |
Net change in cash
|
| | | | 643,194 | | | | | | 47,409 | | |
Cash – beginning of the period
|
| | | | 481,265 | | | | | | — | | |
Cash – end of the period
|
| | | $ | 1,124,459 | | | | | $ | 47,409 | | |
Supplemental disclosure of noncash investing and financing activities:
|
| | | | | | | | | | | | |
Deferred offering costs paid by Sponsor in exchange for issuance of Class B ordinary shares
|
| | | $ | — | | | | | $ | 3,600 | | |
Deferred offering costs included in accounts payable
|
| | | $ | — | | | | | $ | 465,484 | | |
Deferred offering costs included in accrued expenses
|
| | | $ | — | | | | | $ | 27,940 | | |
| | |
For the Three Months Ended
June 30, 2022 (Unaudited) |
| |
For the Six Months Ended
June 30, 2021 (Unaudited) |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income per ordinary share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income – Basic and diluted
|
| | | $ | 558,198 | | | | | $ | 139,549 | | | | | $ | 2,501,703 | | | | | $ | 625,425 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 18,036,299 | | | | | | 4,509,074 | | | | | | 18,036,299 | | | | | | 4,509,074 | | |
Basic and diluted net income per ordinary share
|
| | | $ | 0.03 | | | | | $ | 0.03 | | | | | $ | 0.14 | | | | | $ | 0.14 | | |
| | |
For the Three Months Ended
June 30, 2021 (Unaudited) |
| |
For the Period from
February 8, 2021 (inception) through June 30, 2021 (Unaudited) |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net loss per ordinary share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net loss – Basic and diluted
|
| | | $ | — | | | | | $ | (12,346) | | | | | $ | — | | | | | $ | (64,575) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | — | | | | | | 4,375,000 | | | | | | — | | | | | | 4,375,000 | | |
Basic and diluted net loss per ordinary share
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (0.01) | | |
|
Gross proceeds
|
| | | $ | 180,362,990 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (9,156,069) | | |
|
Class A ordinary share issuance costs, net of reimbursement from underwriter
|
| | | | (10,317,313) | | |
| Plus: | | | | | | | |
|
Accretion of carrying value to redemption value
|
| | | | 19,473,382 | | |
|
Class A common stock subject to possible redemption
|
| | | $ | 180,362,990 | | |
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – Money Market Funds
|
| | | $ | 180,454,386 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Level 2
|
| | | $ | — | | | | | $ | 1,202,420 | | | | | $ | — | | |
Derivative warrant liabilities – Level 3
|
| | | $ | — | | | | | $ | — | | | | | $ | 818,936 | | |
Description
|
| |
Quoted Prices in
Active Markets (Level 1) |
| |
Significant Other
Observable Inputs (Level 2) |
| |
Significant Other
Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – Money Market Funds
|
| | | $ | 180,368,211 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Level 1
|
| | | $ | 4,388,832 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Level 3
|
| | | $ | — | | | | | $ | — | | | | | $ | 3,019,952 | | |
| | |
As of March 31, 2022
(unaudited) |
| |
As of June 30, 2022
(unaudited) |
| |
As of December 31, 2021
|
| |||||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock price
|
| | | $ | 9.72 | | | | | $ | 9.66 | | | | | $ | 9.80 | | |
Volatility
|
| | | | 6.8% | | | | | | 20.3% | | | | | | 12.1% | | |
Term (years)
|
| | | | 5.86 | | | | | | 5.61 | | | | | | 6.12 | | |
Risk-free rate
|
| | | | 2.41% | | | | | | 3.02% | | | | | | 1.36% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | | | | | 0.0% | | |
|
Level 3 derivative warrant liabilities at December 31, 2021 (audited)
|
| | | $ | 3,019,952 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (1,212,068) | | |
|
Level 3 derivative warrant liabilities at March 31, 2022 (unaudited)
|
| | | | 1,807,884 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (988,948) | | |
|
Level 3 derivative warrant liabilities at June 30, 2022 (unaudited)
|
| | | $ | 818,936 | | |
| | |
Notes
|
| |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash equivalents
|
| |
5
|
| | | | 459,458 | | | | | | 158,497 | | |
Trade receivables
|
| |
6
|
| | | | 1,467,200 | | | | | | 1,080,412 | | |
Inventories
|
| |
9
|
| | | | 849,143 | | | | | | 431,472 | | |
Taxes recoverable
|
| |
10
|
| | | | 88,400 | | | | | | 35,493 | | |
Commodity forward contracts
|
| |
11
|
| | | | 127,671 | | | | | | 100,477 | | |
Derivative financial instruments
|
| | | | | | | — | | | | | | 4,508 | | |
Advances to suppliers
|
| |
12
|
| | | | 442,408 | | | | | | 252,539 | | |
Other assets
|
| | | | | | | 31,842 | | | | | | 36,335 | | |
Total current assets
|
| | | | | | | 3,466,122 | | | | | | 2,099,733 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Trade receivables
|
| |
6
|
| | | | — | | | | | | 5,051 | | |
Other assets
|
| | | | | | | 1,754 | | | | | | 415 | | |
Right of use assets
|
| |
13
|
| | | | 64,296 | | | | | | 34,732 | | |
Judicial deposits
|
| | | | | | | 4,583 | | | | | | 3,451 | | |
Deferred tax assets
|
| |
21
|
| | | | 114,748 | | | | | | 77,748 | | |
Property, plant and equipment
|
| |
14
|
| | | | 93,260 | | | | | | 58,904 | | |
Intangible assets
|
| |
15
|
| | | | 656,810 | | | | | | 382,484 | | |
Total non-current assets
|
| | | | | | | 935,451 | | | | | | 562,785 | | |
Total assets
|
| | | | | | | 4,401,573 | | | | | | 2,662,518 | | |
Liabilities | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| |
17
|
| | | | 1,563,664 | | | | | | 1,016,327 | | |
Leases liabilities
|
| |
13
|
| | | | 34,525 | | | | | | 8,822 | | |
Borrowings
|
| |
18
|
| | | | 221,772 | | | | | | 160,287 | | |
Payables for the acquisition of subsidiaries
|
| |
19
|
| | | | 215,158 | | | | | | 126,775 | | |
Derivative financial instruments
|
| | | | | | | 5,126 | | | | | | 14,846 | | |
Commodity forward contracts
|
| |
11
|
| | | | 128,243 | | | | | | 107,386 | | |
Salaries and social charges
|
| | | | | | | 88,385 | | | | | | 40,371 | | |
Taxes payable
|
| | | | | | | 32,805 | | | | | | 26,303 | | |
Dividends payable
|
| | | | | | | 6,854 | | | | | | 6,867 | | |
Advances from customers
|
| |
23
|
| | | | 509,403 | | | | | | 218,699 | | |
Other liabilities
|
| | | | | | | 62,137 | | | | | | 37,085 | | |
Total current liabilities
|
| | | | | | | 2,868,072 | | | | | | 1,763,768 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Leases liabilities
|
| |
13
|
| | | | 40,613 | | | | | | 32,782 | | |
Borrowings
|
| |
18
|
| | | | 20,632 | | | | | | 8,284 | | |
Provision for contingencies
|
| |
22
|
| | | | 3,602 | | | | | | 38 | | |
Other liabilities
|
| | | | | | | 484 | | | | | | 1,017 | | |
Total non-current liabilities
|
| | | | | | | 65,331 | | | | | | 42,121 | | |
Net investment | | | | | | | | | | | | | | | | |
Net investment from the Parent
|
| |
25
|
| | | | 1,345,114 | | | | | | 787,707 | | |
Non-controlling interests
|
| | | | | | | 123,056 | | | | | | 68,922 | | |
Total net investment
|
| | | | | | | 1,468,170 | | | | | | 856,629 | | |
Total liabilities and net investment
|
| | | | | | | 4,401,573 | | | | | | 2,662,518 | | |
| | |
Notes
|
| |
2021
|
| |
2020
|
| ||||||
Revenue
|
| |
26
|
| | | | 5,098,545 | | | | | | 2,706,281 | | |
Cost of goods sold
|
| |
27
|
| | | | (4,362,657) | | | | | | (2,384,080) | | |
Gross profit
|
| | | | | | | 735,888 | | | | | | 322,201 | | |
Operating expenses | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| |
27
|
| | | | (619,506) | | | | | | (394,657) | | |
Other operating income, net
|
| | | | | | | 15,618 | | | | | | 10,795 | | |
Operating profit (loss)
|
| | | | | | | 132,000 | | | | | | (61,661) | | |
Finance Income (costs) | | | | | | | | | | | | | | | | |
Finance income
|
| |
28
|
| | | | 227,099 | | | | | | 55,489 | | |
Finance costs
|
| |
28
|
| | | | (312,892) | | | | | | (168,706) | | |
Profit (loss) before income taxes
|
| | | | | | | 46,207 | | | | | | (174,878) | | |
Income taxes | | | | | | | | | | | | | | | | |
Current
|
| |
21
|
| | | | (61,676) | | | | | | (23,544) | | |
Deferred
|
| |
21
|
| | | | 37,000 | | | | | | 76,919 | | |
Profit (loss) for the year
|
| | | | | | | 21,531 | | | | | | (121,503) | | |
Attributable to: | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | | | | 38,390 | | | | | | (108,700) | | |
Non-controlling interests
|
| | | | | | | (16,859) | | | | | | (12,803) | | |
| | |
2021
|
| |
2020
|
| ||||||
Profit (loss) for the year
|
| | | | 21,531 | | | | | | (121,503) | | |
Items that may be reclassified to profit or loss in subsequent periods | | | | | | | | | | | | | |
Exchange differences on translation of foreign operations
|
| | | | (16,436) | | | | | | 25,864 | | |
Total comprehensive income (loss) for the year
|
| | | | 5,095 | | | | | | (95,639) | | |
Attributable to: | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 22,346 | | | | | | (83,454) | | |
Non-controlling interests
|
| | | | (17,251) | | | | | | (12,185) | | |
| | |
Notes
|
| |
Net investment of
the Parent |
| |
Non-
controlling interests |
| |
Total Net
Investment |
| |||||||||
At June 30, 2019
|
| | | | | | | 378,643 | | | | | | 81,055 | | | | | | 459,698 | | |
Capital contributions
|
| |
25
|
| | | | 492,004 | | | | | | — | | | | | | 492,004 | | |
Acquisition of subsidiaries
|
| |
20
|
| | | | (104) | | | | | | 670 | | | | | | 566 | | |
Loss for the year
|
| | | | | | | (108,700) | | | | | | (12,803) | | | | | | (121,503) | | |
Exchange differences on translation of foreign operations
|
| | | | | | | 25,864 | | | | | | — | | | | | | 25,864 | | |
At June 30, 2020
|
| | | | | | | 787,707 | | | | | | 68,922 | | | | | | 856,629 | | |
Capital contributions
|
| |
25
|
| | | | 554,735 | | | | | | 100,350 | | | | | | 655,085 | | |
Acquisition of non-controlling interests
|
| |
25
|
| | | | (22,071) | | | | | | (57,422) | | | | | | (79,493) | | |
Acquisition of subsidiaries
|
| |
20
|
| | | | 2,789 | | | | | | 28,065 | | | | | | 30,854 | | |
Profit for the year
|
| | | | | | | 38,390 | | | | | | (16,859) | | | | | | 21,531 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (16,436) | | | | | | — | | | | | | (16,436) | | |
At June 30, 2021
|
| | | | | | | 1,345,114 | | | | | | 123,056 | | | | | | 1,468,170 | | |
| | |
Notes
|
| |
2021
|
| |
2020
|
| ||||||
Operating activities | | | | | | | | | | | | | | | | |
Profit (loss) for the year
|
| | | | | | | 21,531 | | | | | | (121,503) | | |
Adjustments for: | | | | | | | | | | | | | | | | |
Allowance for expected credit losses
|
| |
6
|
| | | | 11,094 | | | | | | 86,901 | | |
Foreign exchange differences
|
| |
28
|
| | | | (12,759) | | | | | | 78,728 | | |
Accrued interest expenses
|
| |
28
|
| | | | 290,093 | | | | | | 68,045 | | |
Interest arising from revenue contracts
|
| |
28
|
| | | | (204,744) | | | | | | (49,010) | | |
Loss (gain) on derivatives
|
| |
28
|
| | | | 4,883 | | | | | | (4,260) | | |
Other finance income, net
|
| |
28
|
| | | | 17,118 | | | | | | 14,312 | | |
Fair value on commodity forward contracts
|
| |
28
|
| | | | (6,337) | | | | | | 6,909 | | |
Income taxes
|
| |
21
|
| | | | 24,676 | | | | | | (53,375) | | |
Amortization of intangibles
|
| |
27
|
| | | | 29,717 | | | | | | 20,024 | | |
Amortization of right of use
|
| |
27
|
| | | | 17,997 | | | | | | 10,862 | | |
Depreciation
|
| |
27
|
| | | | 5,717 | | | | | | 5,770 | | |
Losses and damages of inventories
|
| |
27
|
| | | | 9,808 | | | | | | 726 | | |
Others
|
| | | | | | | (11,038) | | | | | | 9,595 | | |
| | | | | | | | 197,746 | | | | | | 73,724 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | 262,671 | | | | | | (88,585) | | |
Inventories
|
| | | | | | | 5,745 | | | | | | (19,916) | | |
Advances to suppliers
|
| | | | | | | (201,351) | | | | | | (43,234) | | |
Derivative financial instruments
|
| | | | | | | — | | | | | | 23,765 | | |
Taxes recoverable
|
| | | | | | | (23,374) | | | | | | (14,692) | | |
Other receivables
|
| | | | | | | 4,493 | | | | | | (29,992) | | |
Liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | (316,575) | | | | | | (46,855) | | |
Advances from customers
|
| | | | | | | 187,035 | | | | | | 130,912 | | |
Derivative financial instruments
|
| | | | | | | (14,250) | | | | | | — | | |
Salaries and social charges
|
| | | | | | | 46,363 | | | | | | 24,969 | | |
Taxes payable
|
| | | | | | | 25,518 | | | | | | 8,674 | | |
Other payables
|
| | | | | | | 25,051 | | | | | | 31,880 | | |
Interest paid on borrowings
|
| |
18
|
| | | | (30,424) | | | | | | (23,009) | | |
Interest paid on trade payables and lease liabilities
|
| | | | | | | (208,938) | | | | | | (27,860) | | |
Interest received from revenue contracts
|
| | | | | | | 179,796 | | | | | | 28,120 | | |
Income taxes paid
|
| | | | | | | (85,682) | | | | | | (39,334) | | |
Net cash flows from (used in) operating activities
|
| | | | | | | 53,824 | | | | | | (11,433) | | |
Investing activities: | | | | | | | | | | | | | | | | |
Acquisition of subsidiary, net of cash acquired
|
| |
19 and 20
|
| | | | (283,171) | | | | | | (247,145) | | |
Acquisition of non controlling interests
|
| |
25
|
| | | | (79,493) | | | | | | — | | |
Additions to property, plant and equipment and intangible assets
|
| | | | | | | (34,940) | | | | | | (33,840) | | |
Proceeds from the sale of property, plant and equipment
|
| | | | | | | 4,242 | | | | | | 551 | | |
Net cash flows used in investing activities
|
| | | | | | | (393,362) | | | | | | (280,434) | | |
Financing activities: | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| |
18
|
| | | | 466,280 | | | | | | 62,105 | | |
Repayment of borrowings
|
| |
18
|
| | | | (472,909) | | | | | | (171,439) | | |
Payment of principal portion of lease liabilities
|
| | | | | | | (7,957) | | | | | | (1,673) | | |
Capital contributions
|
| |
25
|
| | | | 655,085 | | | | | | 492,004 | | |
Net cash flows provided by financing activities
|
| | | | | | | 640,499 | | | | | | 380,997 | | |
Net increase in cash equivalents
|
| | | | | | | 300,961 | | | | | | 89,130 | | |
Cash equivalents at beginning of year
|
| | | | | | | 158,497 | | | | | | 69,367 | | |
Cash equivalents at end of year
|
| | | | | | | 459,458 | | | | | | 158,497 | | |
|
Note
|
| |
Significant estimates and judgments
|
|
|
7
|
| | Allowance for expected credit losses | |
|
11
|
| | Commodity forward contracts | |
|
16
|
| | Impairment testing of non-financial assets | |
|
20
|
| | Business combination | |
|
21
|
| | Deferred income taxes recoverability | |
| | | | | | | | |
Direct and indirect control
|
| |||
Name
|
| |
Core activities
|
| |
Location
|
| |
2021
|
| |
2020
|
|
Lavoro Agro Holding S.A.: | | | | | | | | | | | | | |
Lavoro Agrocomercial S.A.
|
| |
Distributor of agricultural inputs
|
| |
Rondonópolis – Brazil
|
| |
91.65%
|
| |
82.25%
|
|
Impacto Insumos Ltda. | | |
Distributor of agricultural inputs
|
| |
Sorriso – Brazil
|
| |
100%
|
| |
100%
|
|
Agrocontato Comércio e Representações de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Sinop – Brazil
|
| |
100%
|
| |
100%
|
|
PCO Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
100%
|
| |
100%
|
|
Agrovenci Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
100%
|
| |
100%
|
|
Central Agrícola Rural Distribuidora de Defensivos Ltda. | | |
Distributor of agricultural inputs
|
| |
Vilhena – Brazil
|
| |
100%
|
| |
100%
|
|
Distribuidora Pitangueiras de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Ponta Grossa – Brazil
|
| |
86.22%
|
| |
70%
|
|
Produtec Comércio e Representações S.A. | | |
Distributor of agricultural inputs
|
| |
Cristalina – Brazil
|
| |
72.42%
|
| |
64.75%
|
|
Qualiciclo Agrícola S.A. | | |
Distributor of agricultural inputs
|
| |
Limeira – Brazil
|
| |
70.77%
|
| |
—
|
|
Desempar Participações Ltda. | | |
Distributor of agricultural inputs
|
| |
Palmeira – Brazil
|
| |
100%
|
| |
—
|
|
| | | | | | | | |
Direct and indirect control
|
| |||
Name
|
| |
Core activities
|
| |
Location
|
| |
2021
|
| |
2020
|
|
Cultivar Agrícola Comércio, Importação e Exportação S.A. | | |
Distributor of agricultural inputs
|
| |
Chapadão do Sul – Brazil
|
| |
73.6%
|
| |
—
|
|
América Insumos Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Sorriso – Brazil
|
| |
100%
|
| |
—
|
|
Integra Soluções Agrícolas Ltda. | | |
Distributor of agricultural inputs
|
| |
Catalão – Brazil
|
| |
100%
|
| |
—
|
|
Lavoro Colômbia: | | | | | | | | | | | | | |
Mezfer de Colombia Ltda. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
100%
|
| |
100%
|
|
Agricultura y Servicios S.A.S. | | |
Distributor of agricultural inputs
|
| |
Ginebra – Colombia
|
| |
100%
|
| |
100%
|
|
Fertilizantes Liquidos y Servicios S.A.S. | | |
Distributor of agricultural inputs
|
| |
Cali – Colombia
|
| |
100%
|
| |
100%
|
|
Grupo Gral S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
100%
|
| |
100%
|
|
Crop Care: | | | | | | | | | | | | | |
Perterra Insumos Agropecuários S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
|
Araci Administradora de Bens S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
|
Agrobiológica Sustentabilidade S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
65%
|
| |
100%
|
|
Agrobiológica Soluções Naturais Ltda. | | |
Private label products
|
| |
Leme – Brazil
|
| |
100%
|
| |
—
|
|
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 191,500 | | | | | | 14,550 | | | | | | 70,600 | | | | | | 182,808 | | | | | | 459,458 | | |
Trade receivables
|
| | | | 1,076,150 | | | | | | 273,450 | | | | | | 37,100 | | | | | | 80,500 | | | | | | 1,467,200 | | |
Inventories
|
| | | | 423,000 | | | | | | 138,300 | | | | | | 6,700 | | | | | | 281,143 | | | | | | 849,143 | | |
Advances to Suppliers
|
| | | | 475,900 | | | | | | 2,500 | | | | | | — | | | | | | (35,992) | | | | | | 442,408 | | |
Total assets(ii)
|
| | | | 3,248,419 | | | | | | 506,900 | | | | | | 152,000 | | | | | | 494,254 | | | | | | 4,401,573 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,000,100 | | | | | | 278,700 | | | | | | 6,700 | | | | | | 278,164 | | | | | | 1,563,664 | | |
Borrowings
|
| | | | 142,900 | | | | | | 27,200 | | | | | | 17,700 | | | | | | 54,604 | | | | | | 242,404 | | |
Advances from customers
|
| | | | 465,000 | | | | | | 10,900 | | | | | | 1,600 | | | | | | 31,903 | | | | | | 509,403 | | |
Total liabilities(ii)
|
| | | | 2,219,091 | | | | | | 344,200 | | | | | | 39,400 | | | | | | 330,712 | | | | | | 2,933,403 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop
Care Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 4,520,300 | | | | | | 843,700 | | | | | | 51,200 | | | | | | — | | | | | | (5,700) | | | | | | (310,955) | | | | | | 5,098,545 | | |
Cost of goods sold
|
| | | | (3,938,400) | | | | | | (700,200) | | | | | | (11,600) | | | | | | — | | | | | | 5,700 | | | | | | 281,843 | | | | | | (4,362,657) | | |
Sales, general and administrative expenses
|
| | | | (328,450) | | | | | | (81,240) | | | | | | (25,250) | | | | | | (51,000) | | | | | | — | | | | | | (133,566) | | | | | | (619,506) | | |
Other operating income, net
|
| | | | (88,850) | | | | | | (13,920) | | | | | | (10,850) | | | | | | 72,700 | | | | | | — | | | | | | 56,538 | | | | | | 15,618 | | |
Financial income (costs)
|
| | | | (81,900) | | | | | | (5,380) | | | | | | (2,700) | | | | | | (2,700) | | | | | | — | | | | | | 6,887 | | | | | | (85,793) | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop
Care Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Income taxes
|
| | | | (6,100) | | | | | | (11,700) | | | | | | (1,500) | | | | | | (6,550) | | | | | | — | | | | | | 1,174 | | | | | | (24,676) | | |
Profit (loss) for the year
|
| | | | 800 | | | | | | 25,060 | | | | | | (5,300) | | | | | | 4,950 | | | | | | — | | | | | | (3,979) | | | | | | 21,531 | | |
Depreciation and
amortization |
| | | | (75,800) | | | | | | (6,200) | | | | | | (4,600) | | | | | | (7,500) | | | | | | — | | | | | | 1,134 | | | | | | (92,966) | | |
|
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 187,200 | | | | | | 7,800 | | | | | | 7,150 | | | | | | (43,653) | | | | | | 158,497 | | |
Trade receivables (current)
|
| | | | 1,108,300 | | | | | | 279,400 | | | | | | 31,050 | | | | | | (338,338) | | | | | | 1,080,412 | | |
Inventories
|
| | | | 388,600 | | | | | | 139,100 | | | | | | 2,300 | | | | | | (98,528) | | | | | | 431,472 | | |
Advances to Suppliers
|
| | | | 273,200 | | | | | | 2,300 | | | | | | — | | | | | | (22,961) | | | | | | 252,539 | | |
Total assets(ii)
|
| | | | 3,720,600 | | | | | | 511,500 | | | | | | 55,300 | | | | | | (1,624,882) | | | | | | 2,662,518 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 996,300 | | | | | | 286,400 | | | | | | 1,400 | | | | | | (267,773) | | | | | | 1,016,327 | | |
Borrowings
|
| | | | 160,700 | | | | | | 38,500 | | | | | | 15,200 | | | | | | (45,829) | | | | | | 168,571 | | |
Advances from customers
|
| | | | 336,500 | | | | | | 13,500 | | | | | | — | | | | | | (131,301) | | | | | | 218,699 | | |
Total liabilities(ii)
|
| | | | 1,900,800 | | | | | | 361,100 | | | | | | 25,000 | | | | | | (481,011) | | | | | | 1,805,889 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop
Care Cluster |
| |
Corporate
|
| |
Adjustments(i)
|
| |
Combined
|
| ||||||||||||||||||
Revenue
|
| | | | 3,604,200 | | | | | | 641,600 | | | | | | 43,000 | | | | | | — | | | | | | (1,582,519) | | | | | | 2,706,281 | | |
Cost of goods sold
|
| | | | (3,184,600) | | | | | | (528,700) | | | | | | (5,000) | | | | | | — | | | | | | 1,334,220 | | | | | | (2,384,080) | | |
Sales, general and administrative
expenses |
| | | | (241,300) | | | | | | (64,400) | | | | | | (17,900) | | | | | | (27,300) | | | | | | (43,757) | | | | | | (394,657) | | |
Other operating income, net
|
| | | | (119,600) | | | | | | (20,000) | | | | | | (9,600) | | | | | | 17,350 | | | | | | 142,645 | | | | | | 10,795 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop
Care Cluster |
| |
Corporate
|
| |
Adjustments(i)
|
| |
Combined
|
| ||||||||||||||||||
Financial income (costs)
|
| | | | (73,200) | | | | | | (6,500) | | | | | | (1,300) | | | | | | 1,800 | | | | | | (34,017) | | | | | | (113,217) | | |
Income taxes
|
| | | | 8,900 | | | | | | (4,100) | | | | | | (1,400) | | | | | | 6,350 | | | | | | 43,625 | | | | | | 53,375 | | |
Profit (loss) for the year
|
| | | | (36,800) | | | | | | 12,300 | | | | | | 6,600 | | | | | | (7,600) | | | | | | (96,003) | | | | | | (121,503) | | |
Depreciation and amortization
|
| | | | (31,200) | | | | | | (5,600) | | | | | | (1,200) | | | | | | (5,800) | | | | | | (6,704) | | | | | | (50,504) | | |
|
| | |
Annual yield
|
| |
2021
|
| |
2020
|
| ||||||
Cash equivalents (Brazil)
|
| |
100% CDI
|
| | | | 446,155 | | | | | | 154,146 | | |
Cash equivalents (Colombia)
|
| |
100% DTF
|
| | | | 13,303 | | | | | | 4,351 | | |
Total cash equivalents
|
| | | | | | | 459,458 | | | | | | 158,497 | | |
| | |
2021
|
| |
2020
|
| ||||||
Trade receivables (Brazil)
|
| | | | 1,266,226 | | | | | | 825,574 | | |
Trade receivables (Colombia)
|
| | | | 312,943 | | | | | | 349,062 | | |
(-) Allowance for expected credit losses
|
| | | | (111,969) | | | | | | (89,173) | | |
Total
|
| | | | 1,467,200 | | | | | | 1,085,463 | | |
Current
|
| | | | 1,467,200 | | | | | | 1,080,412 | | |
Non-current
|
| | | | — | | | | | | 5,051 | | |
| | |
2021
|
| |
2020
|
| ||||||
Opening balance
|
| | | | (89,173) | | | | | | (9,781) | | |
Increase in allowance(i)
|
| | | | (11,094) | | | | | | (86,901) | | |
Allowance for credit losses from acquisitions
|
| | | | (12,623) | | | | | | (14,229) | | |
Trade receivables write-off
|
| | | | 3,058 | | | | | | 18,502 | | |
Exchange rate translation adjustment
|
| | | | (2,137) | | | | | | 3,236 | | |
Closing balance
|
| | | | (111,969) | | | | | | (89,173) | | |
| | |
2021
|
| |
2020
|
| ||||||
Current (not past due)
|
| | | | 1,203,320 | | | | | | 853,861 | | |
Overdue | | | | | | | | | | | | | |
1 to 60 days
|
| | | | 96,797 | | | | | | 77,045 | | |
61 to 180 days
|
| | | | 164,698 | | | | | | 167,044 | | |
181 to 365 days
|
| | | | 47,660 | | | | | | 54,712 | | |
Over 365 days
|
| | | | 66,693 | | | | | | 21,974 | | |
Allowance for expected credit losses
|
| | | | (111,969) | | | | | | (89,173) | | |
| | | | | 1,467,200 | | | | | | 1,085,463 | | |
| | |
2021
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 1,467,200 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 127,671 | | |
Total assets
|
| | | | 1,467,200 | | | | | | 127,671 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,563,664 | | | | | | — | | |
Leases liabilities
|
| | | | 75,138 | | | | | | — | | |
Borrowings
|
| | | | 242,404 | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 215,158 | | | | | | — | | |
Derivative financial instruments
|
| | | | — | | | | | | 5,126 | | |
Salaries and social charges
|
| | | | 88,385 | | | | | | — | | |
Taxes payable
|
| | | | 32,805 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 128,243 | | |
Dividends payable
|
| | | | 6,854 | | | | | | — | | |
Total liabilities
|
| | | | 2,224,408 | | | | | | 133,369 | | |
| | |
2020
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 1,085,463 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 100,477 | | |
Derivative financial instruments
|
| | | | — | | | | | | 4,508 | | |
Total assets
|
| | | | 1,085,463 | | | | | | 104,985 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,016,327 | | | | | | — | | |
Leases liabilities
|
| | | | 41,604 | | | | | | — | | |
Borrowings
|
| | | | 168,571 | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 126,775 | | | | | | — | | |
Derivative financial instruments
|
| | | | — | | | | | | 14,846 | | |
Salaries and social charges
|
| | | | 40,371 | | | | | | — | | |
Taxes payable
|
| | | | 26,303 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 107,386 | | |
Dividends payable
|
| | | | 6,867 | | | | | | — | | |
Total liabilities
|
| | | | 1,426,818 | | | | | | 122,232 | | |
| | | | | | | | | | | |
% of guarantees
required on sales |
| |||||||||
Credit rating
|
| |
%
Customers |
| |
Risk classification
|
| |
Medium
farmers |
| |
Other
|
| |||||||||
AA & A
|
| | | | 16% | | | |
Very small
|
| | | | 80 – 90% | | | | | | 0% | | |
B
|
| | | | 55% | | | |
Medium
|
| | | | 100% | | | | | | 30% | | |
C
|
| | | | 13% | | | |
High
|
| | | | 100% | | | | | | 60% | | |
Simplified
|
| | | | 15% | | | |
Small farmers
|
| | | | N/A | | | | | | N/A | | |
| | |
2021
|
| |
2020
|
| ||||||
Trade receivables (current and non current)
|
| | | | 1,467,200 | | | | | | 1,085,463 | | |
Advances to suppliers
|
| | | | 442,408 | | | | | | 252,539 | | |
| | | | | 1,909,608 | | | | | | 1,338,002 | | |
| | |
2021
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 3 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 1,579,300 | | | | | | — | | | | | | 1,579,300 | | |
Leases liabilities
|
| | | | 35,561 | | | | | | 43,862 | | | | | | 79,423 | | |
Borrowings
|
| | | | 228,425 | | | | | | 22,283 | | | | | | 250,708 | | |
Payables for the acquisition of subsidiaries
|
| | | | 220,537 | | | | | | — | | | | | | 220,537 | | |
Commodity forward contracts
|
| | | | 128,243 | | | | | | — | | | | | | 128,243 | | |
Derivative financial instruments
|
| | | | 5,177 | | | | | | — | | | | | | 5,177 | | |
Salaries and social charges
|
| | | | 88,827 | | | | | | — | | | | | | 88,827 | | |
Taxes payable
|
| | | | 33,133 | | | | | | — | | | | | | 33,133 | | |
Dividends payable
|
| | | | 6,923 | | | | | | — | | | | | | 6,923 | | |
| | | | | 2,326,126 | | | | | | 66,145 | | | | | | 2,392,271 | | |
| | |
2020
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 3 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 1,026,491 | | | | | | — | | | | | | 1,026,491 | | |
Leases liabilities
|
| | | | 9,087 | | | | | | 35,404 | | | | | | 44,491 | | |
Borrowings
|
| | | | 165,095 | | | | | | 8,947 | | | | | | 174,042 | | |
Payables for the acquisition of subsidiaries
|
| | | | 129,944 | | | | | | — | | | | | | 129,944 | | |
Commodity forward contracts
|
| | | | 107,386 | | | | | | — | | | | | | 107,386 | | |
| | |
2020
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 3 years
|
| |
Total
|
| |||||||||
Derivative financial instruments
|
| | | | 14,995 | | | | | | — | | | | | | 14,995 | | |
Salaries and social charges
|
| | | | 40,774 | | | | | | — | | | | | | 40,774 | | |
Taxes payable
|
| | | | 26,566 | | | | | | — | | | | | | 26,566 | | |
Dividends payable
|
| | | | 6,936 | | | | | | — | | | | | | 6,936 | | |
| | | | | 1,527,274 | | | | | | 44,351 | | | | | | 1,571,625 | | |
|
| | |
2021
|
| |
2020
|
| ||||||
Borrowings
|
| | | | 242,404 | | | | | | 168,571 | | |
(-) Cash equivalents
|
| | | | 459,458 | | | | | | 158,497 | | |
Net debt
|
| | | | (217,054) | | | | | | 10,074 | | |
| | |
As of June 30, 2021
|
| ||||||||||||||||||
| | | | | |
Effect on profit or loss and
net investment |
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| |||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (9.15%)
|
| | | | 21,174 | | | | | | 25,040 | | | | | | 28,905 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (5.47%)
|
| | | | 1,369 | | | | | | 1,711 | | | | | | 2,053 | | |
| | | | | | | | 22,543 | | | | | | 26,751 | | | | | | 30,958 | | |
| | |
As of June 30, 2021
|
| |||||||||||||||||||||
| | | | | | | | |
Effect on profit or loss and
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| ||||||||||||
Trade receivables in U.S. Dollars
|
| | | | 5.50 | | | | | | 12,388 | | | | | | 46,562 | | | | | | 80,736 | | |
Trade payables in U.S. Dollars
|
| | | | 5.50 | | | | | | (15,748) | | | | | | (59,195) | | | | | | (102,642) | | |
Net impacts on commercial operations
|
| | | | | | | | | | (3,360) | | | | | | (12,633) | | | | | | (21,906) | | |
Derivative financial instruments
|
| | | | 5.50 | | | | | | 2,032 | | | | | | 7,638 | | | | | | 13,243 | | |
Total impact, net of derivatives
|
| | | | | | | | | | (1,328) | | | | | | (4,995) | | | | | | (8,663) | | |
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market |
| |
+25% current
|
| |
+50% current
|
| |||||||||||||||||||||||||||
Position
|
| |
Market
|
| |
Impact
|
| |
Market
|
| |
Impact
|
| |||||||||||||||||||||||||||||||||
Corn 2021
|
| | | | 3,008 | | | | Purchased | | | | | 79,382 | | | | | | 60.06 | | | | | | 75.08 | | | | | | 19,846 | | | | | | 90.09 | | | | | | 39,691 | | |
Corn 2021
|
| | | | 2,928 | | | | Sold | | | | | (81,003) | | | | | | 60.06 | | | | | | 75.08 | | | | | | (20,251) | | | | | | 90.09 | | | | | | (40,503) | | |
Soybean 2022
|
| | | | 2,144 | | | | Purchased | | | | | 44,637 | | | | | | 138.34 | | | | | | 172.93 | | | | | | 11,159 | | | | | | 207.51 | | | | | | 22,318 | | |
Soybean 2022
|
| | | | 2,134 | | | | Sold | | | | | (43,588) | | | | | | 138.34 | | | | | | 172.93 | | | | | | (10,897) | | | | | | 207.51 | | | | | | (21,794) | | |
Corn 2022
|
| | | | 238 | | | | Purchased | | | | | 652 | | | | | | 54.72 | | | | | | 68.40 | | | | | | 163 | | | | | | 82.08 | | | | | | 326 | | |
Corn 2022
|
| | | | 238 | | | | Sold | | | | | (652) | | | | | | 54.72 | | | | | | 68.40 | | | | | | (163) | | | | | | 82.08 | | | | | | (326) | | |
Net Exposure
|
| | | | | | | | | | | | | (572) | | | | | | | | | | | | | | | | | | (143) | | | | | | | | | | | | (288) | | |
| | |
2021
|
| |
2020
|
| ||||||
Goods for resale
|
| | | | 847,860 | | | | | | 430,172 | | |
Others
|
| | | | 9,091 | | | | | | 2,059 | | |
(-) Allowance for inventory losses
|
| | | | (7,808) | | | | | | (759) | | |
Total
|
| | | | 849,143 | | | | | | 431,472 | | |
| | |
2021
|
| |
2020
|
| ||||||
State VAT (“ICMS”)(i)
|
| | | | 27,270 | | | | | | 10,206 | | |
Brazilian federal contributions(ii)
|
| | | | 58,727 | | | | | | 22,921 | | |
Colombian federal contributions
|
| | | | 2,403 | | | | | | 2,366 | | |
Total
|
| | | | 88,400 | | | | | | 35,493 | | |
| | |
2021
|
| |
2020
|
| ||||||
Fair value of commodity forward contracts as of June: | | | | | | | | | | | | | |
Assets
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | 126,187 | | | | | | 78,125 | | |
Sale contracts
|
| | | | 1,484 | | | | | | 22,352 | | |
| | | | | 127,671 | | | | | | 100,477 | | |
Liabilities
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | (1,515) | | | | | | (26,170) | | |
Sale contracts
|
| | | | (126,728) | | | | | | (81,216) | | |
| | | | | (128,243) | | | | | | (107,386) | | |
Changes in fair value recognized in the statements of profit or loss
|
| | | | 6,337 | | | | | | (6,909) | | |
| | |
Outstanding
Volume (tons) |
| |
Average of
contract prices R$/Bag |
| |
Average Market
Prices (Corn R$/bag(ii); Soybean US$/bu(i)) |
| |
Soybean
market premium (US$/bu) |
| |
Freight
(R$/ton) |
| |||||||||||||||
Purchase Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2020
|
| | | | 352,855 | | | | | | 87.03 | | | | | | 8.77 | | | | | | 1.18 | | | | | | 455.17 | | |
As of June 30, 2021
|
| | | | 128,645 | | | | | | 117.43 | | | | | | 13.65 | | | | | | 0.2 | | | | | | 201.37 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2020
|
| | | | 554,078 | | | | | | 26.06 | | | | | | 45.85 | | | | | | N/A | | | | | | 262.17 | | |
As of June 30, 2021
|
| | | | 193,748 | | | | | | 35.73 | | | | | | 90.26 | | | | | | N/A | | | | | | 495.86 | | |
| | |
Outstanding
Volume (tons) |
| |
Average of
contract prices R$/Bag |
| |
Average Market
Prices (Corn R$/bag(ii); Soybean US$/bu(i)) |
| |
Soybean
market premium (US$/bu) |
| |
Freight
(R$/ton) |
| |||||||||||||||
Selling Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2020
|
| | | | 322,922 | | | | | | 87.09 | | | | | | 8.77 | | | | | | 1.18 | | | | | | 436.86 | | |
As of June 30, 2021
|
| | | | 128,020 | | | | | | 117.84 | | | | | | 13.65 | | | | | | 0.2 | | | | | | 201.11 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2020
|
| | | | 579,871 | | | | | | 25.79 | | | | | | 45.71 | | | | | | N/A | | | | | | 264.68 | | |
As of June 30, 2021
|
| | | | 189,998 | | | | | | 34.58 | | | | | | 90.23 | | | | | | N/A | | | | | | 497.88 | | |
| Vehicles | | | 3.4 years | |
| Buildings | | | 4.9 years | |
| Machines and equipment | | | 3 years | |
| | |
Vehicles
|
| |
Buildings
|
| |
Machinery and
equipment |
| |
Total
|
| ||||||||||||
Cost | | | | | 1,895 | | | | | | 30,011 | | | | | | 3,284 | | | | | | 35,190 | | |
Accumulated depreciation
|
| | | | — | | | | | | (438) | | | | | | (20) | | | | | | (458) | | |
Balance at June 30, 2020
|
| | | | 1,895 | | | | | | 29,573 | | | | | | 3,264 | | | | | | 34,732 | | |
Cost
|
| | | | 10,470 | | | | | | 58,357 | | | | | | 2,161 | | | | | | 70,988 | | |
Accumulated depreciation
|
| | | | (868) | | | | | | (5,709) | | | | | | (115) | | | | | | (6,692) | | |
Balance at June 30, 2021
|
| | | | 9,602 | | | | | | 52,648 | | | | | | 2,046 | | | | | | 64,296 | | |
| | |
2021
|
| |
2020
|
| ||||||
Vehicles | | | | | 11,786 | | | | | | 2,769 | | |
Buildings | | | | | 59,761 | | | | | | 33,730 | | |
Machinery and equipment
|
| | | | 3,591 | | | | | | 5,105 | | |
Total | | | | | 75,138 | | | | | | 41,604 | | |
Current | | | | | 34,525 | | | | | | 8,822 | | |
Non-current | | | | | 40,613 | | | | | | 32,782 | | |
| Vehicles | | | 5 years | |
| Building and Improvements | | | 25 years | |
| Machines, equipment and facilities | | | 10 years | |
| Furnitures and fixtures | | | 10 years | |
| Computer equipments | | | 5 years | |
| | |
Vehicles
|
| |
Lands,
buildings and improvements |
| |
Machines,
equipment and facilities |
| |
Furniture
and fixtures |
| |
Computer
equipment |
| |
Total
|
| ||||||||||||||||||
Cost
|
| | | | 28,515 | | | | | | 35,279 | | | | | | 26,069 | | | | | | 3,864 | | | | | | 3,472 | | | | | | 97,199 | | |
Accumulated depreciation
|
| | | | (20,352) | | | | | | (3,865) | | | | | | (10,403) | | | | | | (1,123) | | | | | | (2,552) | | | | | | (38,295) | | |
Balance at June 30, 2020
|
| | | | 8,163 | | | | | | 31,414 | | | | | | 15,666 | | | | | | 2,741 | | | | | | 920 | | | | | | 58,904 | | |
Cost
|
| | | | 43,277 | | | | | | 73,371 | | | | | | 32,830 | | | | | | 8,805 | | | | | | 4,489 | | | | | | 162,773 | | |
Accumulated depreciation
|
| | | | (27,681) | | | | | | (18,624) | | | | | | (16,449) | | | | | | (3,509) | | | | | | (3,249) | | | | | | (69,513) | | |
Balance at June 30, 2021
|
| | | | 15,596 | | | | | | 54,747 | | | | | | 16,381 | | | | | | 5,296 | | | | | | 1,240 | | | | | | 93,260 | | |
| Customer relationship | | | 8 years | |
| Purchase contacts | | | 4 years | |
| Software and other | | | 5 years | |
| | |
Goodwill
|
| |
Customer
relationship |
| |
Purchase
contracts |
| |
Software
and other |
| |
Total
|
| |||||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2019
|
| | | | 172,646 | | | | | | 65,832 | | | | | | — | | | | | | 2,667 | | | | | | 241,145 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 558 | | | | | | 558 | | |
Business combination(i)
|
| | | | 86,880 | | | | | | 72,347 | | | | | | 204 | | | | | | 1,374 | | | | | | 160,805 | | |
At June 30, 2020
|
| | | | 259,526 | | | | | | 138,179 | | | | | | 204 | | | | | | 4,599 | | | | | | 402,508 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 32,015 | | | | | | 32,015 | | |
Business combination(i)
|
| | | | 137,190 | | | | | | 118,046 | | | | | | 14,827 | | | | | | 1,966 | | | | | | 272,029 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 256,225 | | | | | | 15,031 | | | | | | 38,580 | | | | | | 706,552 | | |
Amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Amortization for the year
|
| | | | — | | | | | | 19,344 | | | | | | 4 | | | | | | 676 | | | | | | 20,024 | | |
At June 30, 2020
|
| | | | — | | | | | | 19,344 | | | | | | 4 | | | | | | 676 | | | | | | 20,024 | | |
Amortization for the year
|
| | | | | | | | | | 26,416 | | | | | | 1,081 | | | | | | 2,221 | | | | | | 29,718 | | |
At June 30, 2021
|
| | | | — | | | | | | 45,760 | | | | | | 1,085 | | | | | | 2,897 | | | | | | 49,742 | | |
At June 30, 2020
|
| | | | 259,526 | | | | | | 118,835 | | | | | | 200 | | | | | | 3,923 | | | | | | 382,484 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 210,465 | | | | | | 13,946 | | | | | | 35,683 | | | | | | 656,810 | | |
|
Segment
|
| |
Identified CGUs
|
|
| LATAM Cluster | | |
Colombia CGU
|
|
| Brazil Cluster | | |
North CGU, East CGU, South CGU
|
|
| Crop Care Cluster | | |
Select off-patent crop protection products CGU, Biological products CGU and special fertilizers CGU
|
|
Cash-generating unit
|
| |
Revenue
growth rate |
| |
Gross
margin growth |
| |
Pre Tax
discount rate |
| |
Recoverable
amount |
| ||||||||||||
North CGU
|
| | | | 14.6% | | | | | | 16.2% | | | | | | 22.3% | | | | | | 881,991 | | |
East CGU
|
| | | | 20.1% | | | | | | 16.0% | | | | | | 21.9% | | | | | | 196,576 | | |
South CGU
|
| | | | 16.4% | | | | | | 16.9% | | | | | | 19.8% | | | | | | 364,539 | | |
Biological products CGU
|
| | | | 22.7% | | | | | | 42.6% | | | | | | 23.4% | | | | | | 153,610 | | |
| | |
2021
|
| |
2020
|
| ||||||
Trade payables – Brazil
|
| | | | 1,245,465 | | | | | | 671,357 | | |
Trade payables – Colombia
|
| | | | 318,199 | | | | | | 344,970 | | |
Total
|
| | | | 1,563,664 | | | | | | 1,016,327 | | |
| | |
2021
|
| |
2020
|
| ||||||
Borrowing in Colombia
|
| | | | 25,018 | | | | | | 31,401 | | |
Borrowings in Brazil
|
| | | | 217,386 | | | | | | 137,170 | | |
Total borrowings
|
| | | | 242,404 | | | | | | 168,571 | | |
| | |
Average
interest rate 2021(i) |
| |
2021
|
| |
Average
interest rate 2020(i) |
| |
2020
|
| ||||||||||||
Debt contracts in Brazil in: | | | | | | | | | | | | | | | | | | | | | | | | | |
R$, indexed to CDI(ii)(iv)
|
| | | | 6.04% | | | | | | 163,254 | | | | | | 9.38% | | | | | | 123,009 | | |
R$, with fixed interest(iv)
|
| | | | 7.40% | | | | | | 54,132 | | | | | | 9.31% | | | | | | 14,161 | | |
Debt contracts in Colombia in: | | | | | | | | | | | | | | | | | | | | | | | | | |
COP, indexed to DTF and IBR(iii)(iv)
|
| | | | 4.10% | | | | | | 25,018 | | | | | | 6.54% | | | | | | 31,401 | | |
Total
|
| | | | | | | | | | 242,404 | | | | | | | | | | | | 168,571 | | |
Current
|
| | | | | | | | | | 221,772 | | | | | | | | | | | | 160,287 | | |
Non-current
|
| | | | | | | | | | 20,632 | | | | | | | | | | | | 8,284 | | |
|
At June 30, 2019
|
| | | | 182,528 | | |
|
Proceeds from borrowings
|
| | | | 62,105 | | |
|
Repayment of principal amount
|
| | | | (171,439) | | |
|
Accrued interest
|
| | | | 23,010 | | |
|
Borrowings from acquired companies
|
| | | | 95,376 | | |
|
Interest payment
|
| | | | (23,009) | | |
|
At June 30, 2020
|
| | | | 168,571 | | |
|
Proceeds from borrowings
|
| | | | 466,280 | | |
|
Repayment of principal amount
|
| | | | (472,909) | | |
|
Accrued interest
|
| | | | 33,971 | | |
|
Borrowings from acquired companies
|
| | | | 76,915 | | |
|
Interest payment
|
| | | | (30,424) | | |
|
At June 30, 2021
|
| | | | 242,404 | | |
| | |
2021
|
| |
2020
|
| ||||||
2022
|
| | | | — | | | | | | 8,284 | | |
2023
|
| | | | 15,889 | | | | | | — | | |
2024
|
| | | | 4,159 | | | | | | — | | |
2025
|
| | | | 584 | | | | | | — | | |
Total
|
| | | | 20,632 | | | | | | 8,284 | | |
| | |
2021
|
| |
2020
|
| ||||||
Lavoro Agrocomercial
|
| | | | 3,176 | | | | | | — | | |
AGP
|
| | | | 20,575 | | | | | | 41,095 | | |
Produtec
|
| | | | — | | | | | | 14,554 | | |
Central Agrícola
|
| | | | — | | | | | | 13,765 | | |
Integra
|
| | | | 16,505 | | | | | | — | | |
Qualiciclo
|
| | | | 40,879 | | | | | | — | | |
América
|
| | | | 19,768 | | | | | | — | | |
Cultivar
|
| | | | 20,591 | | | | | | — | | |
Desempar
|
| | | | 60,604 | | | | | | — | | |
Pitangueiras
|
| | | | 18,912 | | | | | | 57,361 | | |
Impacto
|
| | | | 14,148 | | | | | | — | | |
Balance outstanding as of June 30
|
| | | | 215,158 | | | | | | 126,775 | | |
| | |
Fair value as of the acquisition date in 2021
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Integra
(d) |
| |
Quali
Ciclo (e) |
| |
América
(f) |
| |
Culti
Var (g) |
| |
Desem
Par (h) |
| |
Agrobi
Ológica (i) |
| |
Total
|
| |||||||||||||||||||||
Cash equivalents
|
| | | | 19,905 | | | | | | 42,259 | | | | | | 7,576 | | | | | | 44,223 | | | | | | 59,428 | | | | | | 2,064 | | | | | | 175,455 | | |
Trade receivables
|
| | | | 21,543 | | | | | | 81,377 | | | | | | 76,123 | | | | | | 231,784 | | | | | | 251,002 | | | | | | 30,154 | | | | | | 691,983 | | |
Inventories
|
| | | | 30,774 | | | | | | 110,946 | | | | | | 58,188 | | | | | | 68,471 | | | | | | 178,697 | | | | | | 2,789 | | | | | | 449,865 | | |
Other assets
|
| | | | 5,489 | | | | | | 31,940 | | | | | | 3,840 | | | | | | 11,505 | | | | | | 34,119 | | | | | | 69 | | | | | | 86,962 | | |
Property, plant and equipment
|
| | | | 832 | | | | | | 9,914 | | | | | | 603 | | | | | | 2,770 | | | | | | 7,652 | | | | | | 4,083 | | | | | | 25,854 | | |
Intangible assets
|
| | | | 8,398 | | | | | | 16,648 | | | | | | 40,816 | | | | | | 8,375 | | | | | | 55,579 | | | | | | 11,446 | | | | | | 141,262 | | |
| | | | | 86,941 | | | | | | 293,084 | | | | | | 187,146 | | | | | | 367,128 | | | | | | 586,477 | | | | | | 50,605 | | | | | | 1,571,381 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 47,082 | | | | | | 205,861 | | | | | | 114,474 | | | | | | 217,486 | | | | | | 348,213 | | | | | | 1,256 | | | | | | 934,372 | | |
Borrowings
|
| | | | 48 | | | | | | 5,518 | | | | | | — | | | | | | 50,870 | | | | | | 17,231 | | | | | | 3,248 | | | | | | 76,915 | | |
Other liabilities
|
| | | | 6,287 | | | | | | 4,873 | | | | | | 18,871 | | | | | | 16,795 | | | | | | 45,966 | | | | | | 102 | | | | | | 92,894 | | |
| | | | | 53,417 | | | | | | 216,252 | | | | | | 133,345 | | | | | | 285,151 | | | | | | 411,410 | | | | | | 4,606 | | | | | | 1,104,181 | | |
Total identifiable net assets at fair
value |
| | | | 33,524 | | | | | | 76,832 | | | | | | 53,801 | | | | | | 81,977 | | | | | | 175,067 | | | | | | 45,999 | | | | | | 467,200 | | |
Non-controlling interests
|
| | | | — | | | | | | (22,458) | | | | | | — | | | | | | (13,706) | | | | | | — | | | | | | — | | | | | | (36,164) | | |
| | |
Fair value as of the acquisition date in 2021
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Integra
(d) |
| |
Quali
Ciclo (e) |
| |
América
(f) |
| |
Culti
Var (g) |
| |
Desem
Par (h) |
| |
Agrobi
Ológica (i) |
| |
Total
|
| |||||||||||||||||||||
Goodwill arising on acquisition | | | | | 22,259 | | | | | | 19,231 | | | | | | 7,841 | | | | | | 6,467 | | | | | | 72,933 | | | | | | 7,004 | | | | | | 135,735 | | |
Consideration transferred | | | | | 55,783 | | | | | | 73,605 | | | | | | 61,642 | | | | | | 74,738 | | | | | | 248,000 | | | | | | 53,003 | | | | | | 566,771 | | |
Cash paid | | | | | 27,723 | | | | | | 34,021 | | | | | | 42,505 | | | | | | 54,184 | | | | | | 188,000 | | | | | | 28,000 | | | | | | 374,433 | | |
Shares issued | | | | | 12,848 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,006 | | | | | | 30,854 | | |
Payable in installments | | | | | 15,213 | | | | | | 39,584 | | | | | | 19,137 | | | | | | 20,552 | | | | | | 60,000 | | | | | | 7,000 | | | | | | 161,486 | | |
| | |
Fair value as of the acquisition date in 2020
|
| |||||||||||||||||||||||||||
| | |
AGP
(j) |
| |
AgSe and
Fertilyser (k) |
| |
Produtec
(l) |
| |
Central
Agrícola (m) |
| |
Total
|
| |||||||||||||||
Cash equivalents
|
| | | | 12,207 | | | | | | 2,405 | | | | | | 49,989 | | | | | | 23,191 | | | | | | 87,792 | | |
Trade receivables
|
| | | | 279,881 | | | | | | 19,131 | | | | | | 87,618 | | | | | | 64,074 | | | | | | 450,704 | | |
Inventories
|
| | | | 107,725 | | | | | | 8,614 | | | | | | 13,689 | | | | | | 8,387 | | | | | | 138,415 | | |
Other assets
|
| | | | 116,992 | | | | | | 7,839 | | | | | | 70,493 | | | | | | 5,389 | | | | | | 200,713 | | |
Property, plant and equipment
|
| | | | 2,264 | | | | | | 2,180 | | | | | | 1,123 | | | | | | 1,704 | | | | | | 7,271 | | |
Intangible assets
|
| | | | 66,479 | | | | | | 1,356 | | | | | | 4,275 | | | | | | 2,746 | | | | | | 74,856 | | |
| | | | | 585,548 | | | | | | 41,525 | | | | | | 227,187 | | | | | | 105,491 | | | | | | 959,751 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 330,334 | | | | | | 32,440 | | | | | | 55,414 | | | | | | 33,425 | | | | | | 451,613 | | |
Borrowings
|
| | | | 67,931 | | | | | | — | | | | | | 6,553 | | | | | | 20,892 | | | | | | 95,376 | | |
Other liabilities
|
| | | | 99,907 | | | | | | 1,943 | | | | | | 105,285 | | | | | | — | | | | | | 207,135 | | |
| | | | | 498,172 | | | | | | 34,383 | | | | | | 167,252 | | | | | | 54,317 | | | | | | 754,124 | | |
Total identifiable net assets at fair value
|
| | | | 87,376 | | | | | | 7,142 | | | | | | 59,935 | | | | | | 51,174 | | | | | | 205,627 | | |
Non-controlling interests
|
| | | | — | | | | | | (169) | | | | | | (21,127) | | | | | | — | | | | | | (21,296) | | |
Goodwill arising on acquisition
|
| | | | 67,533 | | | | | | — | | | | | | 11,373 | | | | | | 7,974 | | | | | | 86,880 | | |
Consideration transferred
|
| | | | 154,909 | | | | | | 6,973 | | | | | | 50,181 | | | | | | 59,148 | | | | | | 271,211 | | |
Cash paid
|
| | | | 72,268 | | | | | | 6,973 | | | | | | 31,616 | | | | | | 44,832 | | | | | | 166,729 | | |
Shares issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | 566 | | | | | | 566 | | |
Payable in installments
|
| | | | 79,640 | | | | | | — | | | | | | 18,564 | | | | | | 13,75 | | | | | | 111,954 | | |
Item
|
| |
2021
|
| |
2020
|
| |
Nature
|
| |
Valuation method
|
| ||||||
Customer relationship | | | | | 119,466 | | | | | | 66,805 | | | |
A loyal relationship between the
acquirees and its customers, which translates into recurring purchases of products and services |
| |
Multi Period Excess Earnings Method (MPEEM)
|
|
Purchase contracts | | | | | 8,598 | | | | | | 204 | | | |
Favorable purchase contract with suppliers
|
| |
Multi Period Excess Earnings Method (MPEEM)
|
|
Inventories | | | | | 449,865 | | | | | | 83,669 | | | |
Inventories
|
| |
Selling price less all expenses
related to the distribution of that good |
|
Property, plant and equipment
|
| | | | 25,854 | | | | | | 7,958 | | | |
Machinery, furniture, computers and
peripherals |
| |
Replacement cost methodology
|
|
Brand
|
| | | | 5,930 | | | | | | — | | | |
Private label products (Agrobiológica)
|
| |
Relief from Royalty method
|
|
| | | | | 609,713 | | | | | | 158,636 | | | | | | | | |
| | |
2021
|
| |
2020
|
| ||||||
Revenues
|
| | | | 6,231,988 | | | | | | 5,176,161 | | |
Profit (loss) for the year
|
| | | | 81,742 | | | | | | (38,122) | | |
| | |
Revenues
|
| |
Profit (loss)
|
| |
Period from
|
| ||||||
Integra
|
| | | | 144,087 | | | | | | (4,773) | | | |
September 2020
|
|
Agrobiológica
|
| | | | 39,839 | | | | | | 17,217 | | | |
September 2020
|
|
Qualiciclo
|
| | | | 210,521 | | | | | | (12,571) | | | |
December 2020
|
|
América
|
| | | | 74,446 | | | | | | 9,304 | | | |
January 2021
|
|
Cultivar
|
| | | | 15,263 | | | | | | (9,185) | | | |
April 2021
|
|
Desempar
|
| | | | 130,771 | | | | | | (13,409) | | | |
April 2021
|
|
Total
|
| | | | 614,927 | | | | | | (13,417) | | | | | |
| | |
Revenues
|
| |
Profit (loss)
|
| |
Period from
|
| ||||||
AGP Group
|
| | | | 347,609 | | | | | | (28,948) | | | |
February 2020
|
|
AgSe and Fertilyser
|
| | | | 61,094 | | | | | | 326 | | | |
March 2020
|
|
Produtec
|
| | | | 5,255 | | | | | | (1,699) | | | |
April 2020
|
|
Central Agrícola
|
| | | | 14,106 | | | | | | (4,402) | | | |
June 2020
|
|
Total
|
| | | | 428,064 | | | | | | (34,723) | | | | | |
| | |
2021
|
| |
2020
|
| ||||||
Profit (loss) before income taxes
|
| | | | 46,207 | | | | | | (174,878) | | |
Statutory rate(i)
|
| | | | 34% | | | | | | 34% | | |
Income taxes at statutory rate
|
| | | | (15,710) | | | | | | 59,459 | | |
Deferred income taxes not recognized as deferred tax asset(ii)
|
| | | | (11,755) | | | | | | (6,343) | | |
Difference from income taxes calculation based on taxable profit computed as a percentage of gross revenue
|
| | | | 5,375 | | | | | | | | |
Others
|
| | | | (2,586) | | | | | | 259 | | |
Income tax expense
|
| | | | (24,676) | | | | | | 53,375 | | |
Income tax and social contribution at the effective rate
|
| | | | 52% | | | | | | 31% | | |
Current income taxes
|
| | | | (61,676) | | | | | | (23,544) | | |
Deferred income taxes
|
| | | | 37,000 | | | | | | 76,919 | | |
| | |
2021
|
| |
2020
|
| ||||||
Deferred assets and liabilities: | | | | | | | | | | | | | |
Amortization of fair value adjustment
|
| | | | 40,820 | | | | | | 17,680 | | |
Tax losses
|
| | | | 31,801 | | | | | | 27,669 | | |
Allowance for expected credit losses
|
| | | | 30,721 | | | | | | 27,706 | | |
Adjustment to present value
|
| | | | 18,708 | | | | | | 5,910 | | |
Provision for management bonuses
|
| | | | 9,475 | | | | | | 3,394 | | |
Allowance for inventory losses
|
| | | | 2,655 | | | | | | 258 | | |
Financial effect on derivatives
|
| | | | 1,743 | | | | | | 3,515 | | |
Fair value of commodity forward contracts
|
| | | | 194 | | | | | | 2,349 | | |
Unrealized exchange gains or losses
|
| | | | (1,569) | | | | | | 1,868 | | |
Rebates
|
| | | | (19,800) | | | | | | (12,601) | | |
Deferred tax assets, net
|
| | | | 114,748 | | | | | | 77,748 | | |
| | |
Deferred income
taxes |
| |||
At June 30, 2019
|
| | | | (1,587) | | |
Recognized in the statement of profit or loss
|
| | | | 76,919 | | |
Deferred tax from the acquisition of companies
|
| | | | 2,416 | | |
At June 30, 2020
|
| | | | 77,748 | | |
Recognized in the statement of profit or loss
|
| | | | 37,000 | | |
At June 30, 2021
|
| | | | 114,748 | | |
| | |
2021
|
| |
2020
|
| ||||||
Balance as of the beginning of the year
|
| | | | (218,699) | | | | | | (25,652) | | |
Revenue recognized that was included in the contract liability balance at the
beginning of the year |
| | | | 218,699 | | | | | | 25,652 | | |
Increase in advances
|
| | | | (390,809) | | | | | | (109,760) | | |
Advances from acquired companies
|
| | | | (118,594) | | | | | | (108,939) | | |
Balance at the end of the year
|
| | | | (509,403) | | | | | | (218,699) | | |
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Trade receivables(i)
|
| | | | 13,088 | | | | | | 4,667 | | |
Advances to suppliers(i)
|
| | | | 4,825 | | | | | | 5,306 | | |
Total assets
|
| | | | 17,913 | | | | | | 9,973 | | |
Liabilities | | | | | | | | | | | | | |
Advances from customers(i)
|
| | | | (327) | | | | | | (967) | | |
Payables for the acquisition of subsidiaries(ii)
|
| | | | (57,495) | | | | | | (14,711) | | |
Dividends payable
|
| | | | (8,520) | | | | | | (8,520) | | |
Payroll liabilities
|
| | | | (207) | | | | | | (131) | | |
Total liabilities
|
| | | | (66,549) | | | | | | (24,329) | | |
| | |
2021
|
| |
2020
|
| ||||||
Revenue from sales of products(i)
|
| | | | 5,592 | | | | | | 285 | | |
M&A and monitoring expenses(ii)
|
| | | | — | | | | | | (4,564) | | |
Total
|
| | | | 5,592 | | | | | | (4,279) | | |
| | |
2021
|
| |
2020
|
| ||||||
Wages | | | | | 6,540 | | | | | | 5,036 | | |
Direct and indirect benefits
|
| | | | 551 | | | | | | 505 | | |
Variable compensation (bonuses)
|
| | | | 6,148 | | | | | | 5,812 | | |
Short-term benefits
|
| | | | 13,239 | | | | | | 11,353 | | |
|
Carrying amount of non-controlling interests acquired
|
| | | | 57,422 | | |
|
Consideration paid to non-controlling interests
|
| | | | (79,493) | | |
|
Excess of consideration paid recognized in net investment of the Parent
|
| | | | (22,071) | | |
| | |
2021
|
| |
2020
|
| ||||||
Retail sales | | | | | | | | | | | | | |
Brazil
|
| | | | 4,198,570 | | | | | | 2,164,774 | | |
Colombia
|
| | | | 788,674 | | | | | | 510,953 | | |
| | | | | 4,987,244 | | | | | | 2,675,727 | | |
Private Label products | | | | | | | | | | | | | |
Brazil
|
| | | | 41,138 | | | | | | 163 | | |
Services | | | | | | | | | | | | | |
Colombia
|
| | | | 70,163 | | | | | | 30,391 | | |
Total Revenues
|
| | | | 5,098,545 | | | | | | 2,706,281 | | |
Summarized by region | | | | | | | | | | | | | |
Brazil
|
| | | | 4,239,708 | | | | | | 2,164,937 | | |
Colombia
|
| | | | 858,837 | | | | | | 541,344 | | |
| | |
2021
|
| |
2020
|
| ||||||
Cost of inventory(i)
|
| | | | 4,357,001 | | | | | | 2,354,210 | | |
Personnel expenses
|
| | | | 286,086 | | | | | | 151,178 | | |
Maintenance of the units
|
| | | | 22,387 | | | | | | 10,296 | | |
Consulting, legal and other professional services
|
| | | | 67,836 | | | | | | 36,920 | | |
Freight on sales
|
| | | | 31,911 | | | | | | 17,225 | | |
Commissions
|
| | | | 42,447 | | | | | | 6,769 | | |
Storage
|
| | | | 8,425 | | | | | | 5,993 | | |
Travels
|
| | | | 18,444 | | | | | | 9,976 | | |
Depreciation
|
| | | | 5,717 | | | | | | 5,770 | | |
Amortization of intangibles
|
| | | | 29,717 | | | | | | 20,024 | | |
Amortization of rights of use
|
| | | | 17,997 | | | | | | 10,862 | | |
Taxes and fees
|
| | | | 17,948 | | | | | | 7,718 | | |
Short term rentals
|
| | | | 20,525 | | | | | | 5,053 | | |
Business events
|
| | | | 1,951 | | | | | | 1,964 | | |
Marketing and advertising
|
| | | | 4,089 | | | | | | 1,253 | | |
Insurance
|
| | | | 2,877 | | | | | | 1,516 | | |
Utilities
|
| | | | 6,693 | | | | | | 9,027 | | |
Allowance for expected credit losses
|
| | | | 11,094 | | | | | | 86,901 | | |
Losses and damages of inventories
|
| | | | 9,808 | | | | | | 726 | | |
Fuels and lubricants
|
| | | | 4,373 | | | | | | 3,222 | | |
Legal fees
|
| | | | 3,208 | | | | | | 1,476 | | |
Other administrative expenditures
|
| | | | 11,629 | | | | | | 30,658 | | |
| | |
2021
|
| |
2020
|
| ||||||
Total
|
| | | | 4,982,163 | | | | | | 2,778,737 | | |
Classified as: | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 4,362,657 | | | | | | 2,384,080 | | |
Sales, general and administrative expenses
|
| | | | 619,506 | | | | | | 394,657 | | |
Total
|
| | | | 4,982,163 | | | | | | 2,778,737 | | |
|
| | |
2021
|
| |
2020
|
| ||||||
Finance income | | | | | | | | | | | | | |
Interest from cash equivalents
|
| | | | 2,461 | | | | | | 1,507 | | |
Interest arising from revenue contracts
|
| | | | 204,744 | | | | | | 49,010 | | |
Foreign exchange differences
|
| | | | 12,759 | | | | | | — | | |
Gain on changes in fair value of derivative instruments
|
| | | | — | | | | | | 4,260 | | |
Gain on change in fair value of commodity forward contracts
|
| | | | 6,337 | | | | | | — | | |
Other
|
| | | | 798 | | | | | | 712 | | |
Total
|
| | | | 227,099 | | | | | | 55,489 | | |
Finance costs | | | | | | | | | | | | | |
Interest on borrowings
|
| | | | (33,971) | | | | | | (23,010) | | |
Interest on trade payables
|
| | | | (256,122) | | | | | | (45,035) | | |
Foreign exchange differences
|
| | | | — | | | | | | (78,728) | | |
Loss on changes in fair value of derivative instruments
|
| | | | (4,883) | | | | | | — | | |
Loss on changes in fair value of commodity forward contracts
|
| | | | — | | | | | | (6,909) | | |
Other
|
| | | | (17,916) | | | | | | (15,024) | | |
Total
|
| | | | (312,892) | | | | | | (168,706) | | |
Finance income (costs)
|
| | | | (85,793) | | | | | | (113,217) | | |
| | |
Fair value as of
September 2, 2022 |
| |||
Assets | | | | | | | |
Cash
|
| | | | 53,699 | | |
Trade receivables
|
| | | | 35,254 | | |
Inventories
|
| | | | 46,261 | | |
Advances
|
| | | | 3,007 | | |
Other
|
| | | | 5,466 | | |
Fixed assets
|
| | | | 1,223 | | |
Intangible
|
| | | | 26,314 | | |
| | | | | 171,224 | | |
Liabilities | | | | | | | |
Trade payables
|
| | | | 77,070 | | |
Advances
|
| | | | 14,879 | | |
Other
|
| | | | 1,656 | | |
| | | | | 93,605 | | |
Total identifiable net assets at fair value
|
| | | | 77,619 | | |
Goodwill arising on acquisition
|
| | | | 8,655 | | |
Fair value of consideration transferred
|
| | | | 86,274 | | |
Cash paid
|
| | | | 29,250 | | |
Shares issued(i)
|
| | | | 22,500 | | |
Payable in installments
|
| | | | 29,791 | | |
Purchase price adjustment(ii)
|
| | | | 4,733 | | |
Item
|
| |
Total
|
| |
Nature
|
| |
Assessment method
|
| |||
Customer relationship
|
| | | | 26,310 | | | |
A loyal relationship between these
acquirees and its customers, which translates into recurring purchases of products and services |
| |
Multi Period Excess Earnings Method (MPEEM)
|
|
Inventories
|
| | | | 46,261 | | | |
Fair value of inventory considering
the replacement cost methodology |
| |
Selling price less all expenses related to the selling the inventory
|
|
| | | | | 72,571 | | | | | | | | |
| | |
Notes
|
| |
March 31, 2022
|
| |
June 30, 2021
|
| ||||||
| | | | | |
Unaudited
|
| |
Audited
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash equivalents
|
| |
4
|
| | | | 306,726 | | | | | | 459,458 | | |
Trade receivables
|
| |
5
|
| | | | 3,744,255 | | | | | | 1,467,200 | | |
Inventories
|
| |
8
|
| | | | 1,555,853 | | | | | | 849,143 | | |
Taxes recoverable
|
| |
9
|
| | | | 134,490 | | | | | | 88,400 | | |
Commodity forward contracts
|
| |
10
|
| | | | 129,263 | | | | | | 127,671 | | |
Advances to suppliers
|
| | | | | | | 185,786 | | | | | | 442,408 | | |
Other assets
|
| | | | | | | 50,123 | | | | | | 31,842 | | |
Total current assets
|
| | | | | | | 6,106,496 | | | | | | 3,466,122 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Financial investments
|
| | | | | | | 1,881 | | | | | | — | | |
Trade receivables
|
| |
5
|
| | | | 74,120 | | | | | | — | | |
Other assets
|
| | | | | | | 8,264 | | | | | | 6,337 | | |
Right of use assets
|
| |
11
|
| | | | 131,949 | | | | | | 64,296 | | |
Deferred tax assets
|
| |
18
|
| | | | 119,114 | | | | | | 114,748 | | |
Property, plant and equipment
|
| |
12
|
| | | | 139,855 | | | | | | 93,260 | | |
Intangible assets
|
| |
13
|
| | | | 730,339 | | | | | | 656,810 | | |
Total non-current assets
|
| | | | | | | 1,205,522 | | | | | | 935,451 | | |
Total assets
|
| | | | | | | 7,312,018 | | | | | | 4,401,573 | | |
| | |
Notes
|
| |
March 31, 2022
|
| |
June 30, 2021
|
| ||||||
| | | | | |
Unaudited
|
| |
Audited
|
| ||||||
Liabilities | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| |
14
|
| | | | 3,905,857 | | | | | | 1,563,664 | | |
Leases liabilities
|
| |
11
|
| | | | 66,560 | | | | | | 34,525 | | |
Borrowings
|
| |
15
|
| | | | 381,376 | | | | | | 221,772 | | |
Payables for the acquisition of subsidiaries
|
| |
16
|
| | | | 208,399 | | | | | | 215,158 | | |
Derivative financial instruments
|
| | | | | | | 37,726 | | | | | | 5,126 | | |
Commodity forward contracts
|
| |
10
|
| | | | 131,907 | | | | | | 128,243 | | |
Salaries and social charges
|
| | | | | | | 155,109 | | | | | | 88,385 | | |
Taxes payable
|
| | | | | | | 51,754 | | | | | | 32,805 | | |
Dividends payable
|
| | | | | | | 3,478 | | | | | | 6,854 | | |
Advances from customers
|
| | | | | | | 147,210 | | | | | | 509,403 | | |
Other liabilities
|
| | | | | | | 7,584 | | | | | | 62,137 | | |
Total current liabilities
|
| | | | | | | 5,096,960 | | | | | | 2,868,072 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | 5,351 | | | | | | — | | |
Leases liabilities
|
| |
11
|
| | | | 82,200 | | | | | | 40,613 | | |
Borrowings
|
| |
15
|
| | | | 120,333 | | | | | | 20,632 | | |
Payables for the acquisition of subsidiaries
|
| |
16
|
| | | | 33,100 | | | | | | — | | |
Provision for contingencies
|
| |
19
|
| | | | 12,172 | | | | | | 3,602 | | |
Other liabilities
|
| | | | | | | — | | | | | | 484 | | |
Total non-current liabilities
|
| | | | | | | 253,156 | | | | | | 65,331 | | |
Net investment | | | | | | | | | | | | | | | | |
Net investment from the parent
|
| |
21
|
| | | | 1,696,317 | | | | | | 1,345,114 | | |
Non-controlling interests
|
| | | | | | | 265,585 | | | | | | 123,056 | | |
Total net investment
|
| | | | | | | 1,961,902 | | | | | | 1,468,170 | | |
Total liabilities and net investment
|
| | | | | | | 7,312,018 | | | | | | 4,401,573 | | |
| | |
Notes
|
| |
March 31, 2022
|
| |
March 31, 2021
|
| ||||||
| | | | | |
Unaudited
|
| |||||||||
Revenue
|
| |
22
|
| | | | 6,624,581 | | | | | | 4,219,866 | | |
Cost of goods sold
|
| |
23
|
| | | | (5,481,228) | | | | | | (3,620,235) | | |
Gross profit
|
| | | | | | | 1,143,353 | | | | | | 599,631 | | |
Operating expenses | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| |
23
|
| | | | (697,163) | | | | | | (405,420) | | |
Other operating income, net
|
| |
25
|
| | | | 35,001 | | | | | | 8,389 | | |
Operating profit
|
| | | | | | | 481,191 | | | | | | 202,600 | | |
Finance Income (costs) | | | | | | | | | | | | | | | | |
Finance income
|
| |
24
|
| | | | 342,312 | | | | | | 174,539 | | |
Finance costs
|
| |
24
|
| | | | (477,909) | | | | | | (220,458) | | |
| | | | | | | | (135,597) | | | | | | (45,919) | | |
Profit before income taxes | | | | | | | | 345,594 | | | | | | 156,681 | | |
Income taxes
|
| | | | | | | | | | | | | | | |
Current
|
| |
18
|
| | | | (117,836) | | | | | | (58,751) | | |
Deferred
|
| |
18
|
| | | | 13,432 | | | | | | (5,638) | | |
Profit for the period
|
| | | | | | | 241,190 | | | | | | 92,292 | | |
Attributable to: | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | | | | 187,643 | | | | | | 84,760 | | |
Non-controlling interests
|
| | | | | | | 53,547 | | | | | | 7,532 | | |
| | |
March 31, 2022
|
| |
March 31, 2021
|
| ||||||
| | |
Unaudited
|
| |||||||||
Profit for the period
|
| | | | 241,190 | | | | | | 92,292 | | |
Items that may be reclassified to profit or loss in subsequent periods | | | | | | | | | | | | | |
Exchange differences on translation of foreign operations
|
| | | | (24,808) | | | | | | 15,167 | | |
Total comprehensive income for the period
|
| | | | 216,382 | | | | | | 107,459 | | |
Attributable to: | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 168,343 | | | | | | 99,927 | | |
Non-controlling interests
|
| | | | 48,039 | | | | | | 7,532 | | |
| | |
Notes
|
| |
Net investment of
the Parent |
| |
Non-controlling
interests |
| |
Total Net
investment |
| |||||||||
At June 30, 2020
|
| | | | | | | 787,707 | | | | | | 68,922 | | | | | | 856,629 | | |
Capital contributions
|
| |
21
|
| | | | 494,760 | | | | | | 67,385 | | | | | | 562,145 | | |
Acquisition of non-controlling interests
|
| |
21
|
| | | | (9,575) | | | | | | (29,425) | | | | | | (39,000) | | |
Acquisition of subsidiaries
|
| | | | | | | 2,789 | | | | | | 28,065 | | | | | | 30,854 | | |
Profit for the period
|
| | | | | | | 84,760 | | | | | | 7,532 | | | | | | 92,292 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | 15,167 | | | | | | — | | | | | | 15,167 | | |
At March 31, 2021 (unaudited)
|
| | | | | | | 1,375,608 | | | | | | 142,479 | | | | | | 1,518,087 | | |
At June 30, 2021 (audited)
|
| | | | | | | 1,345,114 | | | | | | 123,056 | | | | | | 1,468,170 | | |
Capital contributions
|
| |
21
|
| | | | 182,002 | | | | | | 9,893 | | | | | | 191,895 | | |
Acquisition of subsidiaries
|
| |
17
|
| | | | 6,366 | | | | | | 79,089 | | | | | | 85,455 | | |
Profit for the period
|
| | | | | | | 187,643 | | | | | | 53,547 | | | | | | 241,190 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (24,808) | | | | | | — | | | | | | (24,808) | | |
At March 31, 2022 (unaudited)
|
| | | | | | | 1,696,317 | | | | | | 265,585 | | | | | | 1,961,902 | | |
| | |
Notes
|
| |
March 31, 2022
|
| |
March 31, 2021
|
| ||||||
| | | | | |
Unaudited
|
| |||||||||
Operating activities | | | | | | | | | | | | | | | | |
Profit for the period
|
| | | | | | | 241,190 | | | | | | 92,292 | | |
Adjustments to reconcile profit for the period to net cash flow: | | | | | | | | | | | | | | | | |
Allowance for expected credit losses
|
| |
23
|
| | | | 24,066 | | | | | | 17,835 | | |
Foreign exchange differences
|
| |
24
|
| | | | (22,613) | | | | | | (9,137) | | |
Accrued interest expenses
|
| |
24
|
| | | | 433,726 | | | | | | 210,809 | | |
Interest arising from revenue contracts
|
| |
24
|
| | | | (312,913) | | | | | | (161,806) | | |
Loss (gain) on derivatives
|
| |
24
|
| | | | 35,450 | | | | | | (2,239) | | |
Other finance loss, net
|
| |
24
|
| | | | 6,675 | | | | | | 8,136 | | |
Fair value on commodity forward contracts
|
| |
24
|
| | | | 2,056 | | | | | | 1,513 | | |
Income taxes
|
| |
18
|
| | | | 104,404 | | | | | | 64,391 | | |
Amortization of intangibles
|
| |
23
|
| | | | 43,580 | | | | | | 19,966 | | |
Amortization of right of use
|
| |
23
|
| | | | 38,284 | | | | | | 12,869 | | |
Depreciation
|
| |
23
|
| | | | 6,850 | | | | | | 7,400 | | |
Losses and damages of inventories
|
| |
23
|
| | | | 8,920 | | | | | | 8,117 | | |
Others
|
| | | | | | | (4,688) | | | | | | 36,162 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | (1,992,828) | | | | | | (1,505,093) | | |
Inventories
|
| | | | | | | (530,739) | | | | | | (78,021) | | |
Advances to suppliers
|
| | | | | | | 271,725 | | | | | | 79,377 | | |
Taxes recoverable
|
| | | | | | | (33,791) | | | | | | (13,863) | | |
Other receivables
|
| | | | | | | (12,682) | | | | | | 22,413 | | |
Liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | 1,949,259 | | | | | | 1,231,448 | | |
Advances from customers
|
| | | | | | | (380,324) | | | | | | (156,785) | | |
Derivative financial instruments
|
| | | | | | | (2,850) | | | | | | (10,073) | | |
Salaries and social charges
|
| | | | | | | 59,416 | | | | | | 26,681 | | |
Taxes payable
|
| | | | | | | 5,408 | | | | | | 12,909 | | |
Other payables
|
| | | | | | | (85,489) | | | | | | 6,425 | | |
Interest paid on borrowings
|
| |
15
|
| | | | (19,888) | | | | | | (30,132) | | |
Interest paid on trade payables, acquisition of subsidiary and lease liabilities
|
| | | | | | | (263,133) | | | | | | (101,959) | | |
Interest received from revenue contracts
|
| | | | | | | 214,534 | | | | | | 95,595 | | |
Income taxes paid
|
| | | | | | | (101,182) | | | | | | (38,570) | | |
Net cash flows used in operating activities
|
| | | | | | | (317,575) | | | | | | (153,340) | | |
Investing activities: | | | | | | | | | | | | | | | | |
Acquisition of subsidiary, net of cash acquired
|
| |
16 and 17
|
| | | | (123,566) | | | | | | (96,731) | | |
Acquisition of non-controlling interests
|
| |
21
|
| | | | — | | | | | | (39,000) | | |
Additions to property, plant and equipment and intangible assets
|
| | | | | | | (34,389) | | | | | | (44,819) | | |
Net cash flows used in investing activities
|
| | | | | | | (157,955) | | | | | | (180,550) | | |
Financing activities: | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| |
15
|
| | | | 377,766 | | | | | | 413,433 | | |
Repayment of borrowings
|
| |
15
|
| | | | (212,321) | | | | | | (405,981) | | |
Payment of principal portion of lease liabilities
|
| | | | | | | (31,166) | | | | | | (10,485) | | |
Dividend payments
|
| | | | | | | (3,375) | | | | | | — | | |
Capital contributions
|
| |
21
|
| | | | 191,894 | | | | | | 562,145 | | |
Net cash flows provided by financing activities
|
| | | | | | | 322,798 | | | | | | 559,112 | | |
Net (decrease) increase in cash equivalents
|
| | | | | | | (152,732) | | | | | | 225,222 | | |
Cash equivalents at beginning of period
|
| | | | | | | 459,458 | | | | | | 158,496 | | |
Cash equivalents at end of period
|
| | | | | | | 306,726 | | | | | | 383,718 | | |
Name
|
| |
Core activities
|
| |
Location
|
| |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
|
Ownership %
|
| |||||||||||||||||
Lavoro Brasil: | | | | | | | | | | | | | | | | | | | |
Lavoro Agro Holding S.A.
|
| | Holding | | | São Paulo – Brazil | | | | | 100% | | | | | | 100% | | |
Lavoro Agrocomercial S.A.
|
| |
Distributor of agricultural inputs
|
| | Rondonópolis – Brazil | | | | | 92% | | | | | | 92% | | |
Agrocontato Comércio e Representações de Produtos Agropecuários S.A.
|
| |
Distributor of agricultural inputs
|
| | Sinop – Brazil | | | | | 100% | | | | | | 100% | | |
PCO Comércio, Importação, Exportação e Agropecuária Ltda.
|
| |
Distributor of agricultural inputs
|
| | Campo Verde – Brazil | | | | | 100% | | | | | | 100% | | |
Agrovenci Distribuidora de Insumos Agrícolas Ltda.(i)
|
| |
Distributor of agricultural inputs
|
| |
Chapadão do Sul – Brazil
|
| | | | 100% | | | | | | — | | |
Produtiva Agronegócios Comércio e Representação Ltda.
|
| |
Distributor of agricultural inputs
|
| | Paracatu – Brazil | | | | | 100% | | | | | | — | | |
Facirolli Comércio e Representação S.A.
|
| |
Distributor of agricultural inputs
|
| | Uberaba – Brazil | | | | | 75% | | | | | | — | | |
Agrovenci Comércio, Importação, Exportação e Agropecuária Ltda.
|
| |
Distributor of agricultural inputs
|
| | Campo Verde – Brazil | | | | | 100% | | | | | | 100% | | |
Central Agrícola Rural Distribuidora de Defensivos Ltda.
|
| |
Distributor of agricultural inputs
|
| | Vilhena – Brazil | | | | | 100% | | | | | | 100% | | |
Distribuidora Pitangueiras de Produtos Agropecuários S.A.
|
| |
Distributor of agricultural inputs
|
| | Ponta Grossa – Brazil | | | | | 86.22% | | | | | | 86.22% | | |
Produtec Comércio e Representações S.A.
|
| |
Distributor of agricultural inputs
|
| | Cristalina – Brazil | | | | | 72.48% | | | | | | 72.42% | | |
Qualiciclo Agrícola S.A.
|
| |
Distributor of agricultural inputs
|
| | Limeira – Brazil | | | | | 70.77% | | | | | | 70.77% | | |
Desempar Participações Ltda.
|
| | Holding | | | Palmeira – Brazil | | | | | 100% | | | | | | 100% | | |
Denorpi Distribuidora de Insumos Agrícolas Ltda.
|
| |
Distributor of agricultural inputs
|
| | Palmeira – Brazil | | | | | 100% | | | | | | 100% | | |
Deragro Distribuidora de Insumos Agrícolas Ltda.
|
| |
Distributor of agricultural inputs
|
| | Palmeira – Brazil | | | | | 100% | | | | | | 100% | | |
Desempar Tecnologia Ltda.
|
| | Holding | | | Palmeira – Brazil | | | | | 100% | | | | | | 100% | | |
Name
|
| |
Core activities
|
| |
Location
|
| |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
|
Ownership %
|
| |||||||||||||||||
Futuragro Distribuidora de Insumos Agrícolas Ltda.
|
| |
Distributor of agricultural inputs
|
| | Palmeira – Brazil | | | | | 100% | | | | | | 100% | | |
Plenafértil Distribuidora de Insumos Agrícolas Ltda.
|
| |
Distributor of agricultural inputs
|
| | Palmeira – Brazil | | | | | 100% | | | | | | 100% | | |
Realce Distribuidora de Insumos Agrícolas Ltda.
|
| |
Distributor of agricultural inputs
|
| | Palmeira – Brazil | | | | | 100% | | | | | | 100% | | |
Cultivar Agrícola Comércio, Importação e Exportação S.A.
|
| |
Distributor of agricultural inputs
|
| |
Chapadão do Sul – Brazil
|
| | | | 73.76% | | | | | | 73.76% | | |
América Insumos Agrícolas Ltda.
|
| |
Distributor of agricultural inputs
|
| | Sorriso – Brazil | | | | | 100% | | | | | | 100% | | |
Integra Soluções Agrícolas Ltda.
|
| |
Distributor of agricultural inputs
|
| | Catalão – Brazil | | | | | 100% | | | | | | 100% | | |
Lavoro Colombia: | | | | | | | | | | | | | | | | | | | |
Lavoro Colombia S.A.S.
|
| | Holding | | | Bogota – Colombia | | | | | 94.9% | | | | | | — | | |
Crop Care Colombia S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Bogota – Colombia | | | | | 100% | | | | | | 100% | | |
Agricultura y Servicios S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Ginebra – Colombia | | | | | 100% | | | | | | 100% | | |
Fertilizantes Liquidos y Servicios S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Cali – Colombia | | | | | 100% | | | | | | 100% | | |
Grupo Cenagro S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Yumbo – Colombia | | | | | 100% | | | | | | — | | |
Cenagral S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Yumbo – Colombia | | | | | 100% | | | | | | — | | |
Grupo Gral S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Bogota – Colombia | | | | | 100% | | | | | | 100% | | |
Agrointegral Andina S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Bogota – Colombia | | | | | 100% | | | | | | 100% | | |
Servigral Praderas S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Bogota – Colombia | | | | | 100% | | | | | | 100% | | |
Agroquímicos para la Agricultura Colombiana S.A.S.
|
| |
Distributor of agricultural inputs
|
| | Bogota – Colombia | | | | | 100% | | | | | | 100% | | |
Crop Care: | | | | | | | | | | | | | | | | | | | |
Crop Care Holding S.A.
|
| | Holding | | | São Paulo – Brazil | | | | | 100% | | | | | | 100% | | |
Perterra Insumos Agropecuários
S.A. |
| | Private label products | | | São Paulo – Brazil | | | | | 100% | | | | | | 100% | | |
Araci Administradora de Bens S.A.
|
| | Private label products | | | São Paulo – Brazil | | | | | 100% | | | | | | 100% | | |
Agrobiológica Sustentabilidade S.A.
|
| | Private label products | | | São Paulo – Brazil | | | | | 65% | | | | | | 65% | | |
Union Agro S.A.
|
| | Private label products | | | Pederneiras – Brazil | | | | | 73% | | | | | | — | | |
Agrobiológica Soluções Naturais Ltda.
|
| | Private label products | | | Leme – Brazil | | | | | 100% | | | | | | 100% | | |
Perterra Trading S.A.
|
| | Private label products | | | Montevideu – Uruguay | | | | | 100% | | | | | | — | | |
Description
|
| |
Brazil
Cluster |
| |
LATAM
Cluster |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalentes
|
| | | | 234,900 | | | | | | 12,900 | | | | | | 35,900 | | | | | | 23,026 | | | | | | 306,726 | | |
Trade receivables
|
| | | | 3,707,800 | | | | | | 291,100 | | | | | | 291,400 | | | | | | (471,925) | | | | | | 3,818,375 | | |
Inventories
|
| | | | 1,252,600 | | | | | | 177,800 | | | | | | 66,800 | | | | | | 58,653 | | | | | | 1,555,853 | | |
Advances to Suppliers
|
| | | | 498,200 | | | | | | 5,800 | | | | | | — | | | | | | (318,214) | | | | | | 185,786 | | |
Total assets
|
| | | | 7,082,100 | | | | | | 586,700 | | | | | | 396,700 | | | | | | (753,482) | | | | | | 7,312,018 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 4,027,300 | | | | | | 289,500 | | | | | | 32,400 | | | | | | (437,992) | | | | | | 3,911,208 | | |
Borrowings
|
| | | | 344,700 | | | | | | 22,200 | | | | | | 83,900 | | | | | | 50,909 | | | | | | 501,709 | | |
Advances from customers
|
| | | | 459,000 | | | | | | 15,300 | | | | | | 11,000 | | | | | | (338,090) | | | | | | 147,210 | | |
Total liabilities
|
| | | | 5,593,300 | | | | | | 378,200 | | | | | | 167,600 | | | | | | (788,984) | | | | | | 5,350,116 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 5,882,300 | | | | | | 884,000 | | | | | | 369,600 | | | | | | — | | | | | | (110,000) | | | | | | (401,319) | | | | | | 6,624,581 | | |
Cost of goods sold
|
| | | | (4,928,800) | | | | | | (728,400) | | | | | | (211,600) | | | | | | — | | | | | | 110,000 | | | | | | 277,572 | | | | | | (5,481,228) | | |
Sales, general and administrative expenses
|
| | | | (356,900) | | | | | | (69,600) | | | | | | (74,500) | | | | | | (63,500) | | | | | | — | | | | | | (28,129) | | | | | | (592,629) | | |
Other operating income, net
|
| | | | (117,400) | | | | | | (16,200) | | | | | | 11,800 | | | | | | 54,800 | | | | | | — | | | | | | 102,001 | | | | | | 35,001 | | |
Financial income (costs)
|
| | | | (135,000) | | | | | | (4,200) | | | | | | (1,000) | | | | | | (1,300) | | | | | | — | | | | | | 5,903 | | | | | | (135,597) | | |
Income taxes
|
| | | | (75,200) | | | | | | (18,000) | | | | | | (15,800) | | | | | | 2,000 | | | | | | — | | | | | | 2,596 | | | | | | (104,404) | | |
Profit (loss) for the period
|
| | | | 177,600 | | | | | | 41,300 | | | | | | 74,600 | | | | | | (19,200) | | | | | | — | | | | | | (33,110) | | | | | | 241,190 | | |
Depreciation and amortization
|
| | | | (91,400) | | | | | | (6,300) | | | | | | (3,900) | | | | | | (11,200) | | | | | | — | | | | | | 8,266 | | | | | | (104,534) | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalentes
|
| | | | 440,178 | | | | | | 7,188 | | | | | | 97,937 | | | | | | (85,845) | | | | | | 459,458 | | |
Trade receivables
|
| | | | 1,601,382 | | | | | | 188,294 | | | | | | 101,663 | | | | | | (424,139) | | | | | | 1,467,200 | | |
Inventories
|
| | | | 870,908 | | | | | | 97,195 | | | | | | 43,777 | | | | | | (162,737) | | | | | | 849,143 | | |
Advances to Suppliers
|
| | | | 517,131 | | | | | | 1,911 | | | | | | 13,676 | | | | | | (90,310) | | | | | | 442,408 | | |
Total assets
|
| | | | 4,531,410 | | | | | | 345,221 | | | | | | 159,314 | | | | | | (634,372) | | | | | | 4,401,573 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,760,866 | | | | | | 187,227 | | | | | | 21,320 | | | | | | (405,749) | | | | | | 1,563,664 | | |
Borrowings
|
| | | | 241,528 | | | | | | 20,089 | | | | | | 29,514 | | | | | | (48,727) | | | | | | 242,404 | | |
Advances from customers
|
| | | | 465,963 | | | | | | 2,713 | | | | | | 12,320 | | | | | | 28,407 | | | | | | 509,403 | | |
Total liabilities
|
| | | | 3,178,024 | | | | | | 231,409 | | | | | | 71,538 | | | | | | (547,568) | | | | | | 2,933,403 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 4,964,900 | | | | | | 765,300 | | | | | | 168,200 | | | | | | — | | | | | | 3,100 | | | | | | (1,681,634) | | | | | | 4,219,866 | | |
Cost of goods sold
|
| | | | (4,254,600) | | | | | | (631,900) | | | | | | (87,500) | | | | | | — | | | | | | (3,100) | | | | | | 1,356,865 | | | | | | (3,620,235) | | |
Sales, general and administrative expenses
|
| | | | (297,600) | | | | | | (69,400) | | | | | | (38,300) | | | | | | (30,200) | | | | | | — | | | | | | 84,802 | | | | | | (350,698) | | |
Other operating income, net
|
| | | | (75,800) | | | | | | (17,000) | | | | | | (7,800) | | | | | | 43,400 | | | | | | — | | | | | | 65,589 | | | | | | 8,389 | | |
Financial income (costs)
|
| | | | (72,900) | | | | | | (5,100) | | | | | | 200 | | | | | | (2,600) | | | | | | — | | | | | | 34,481 | | | | | | (45,919) | | |
Income taxes
|
| | | | (67,600) | | | | | | (13,500) | | | | | | (5,900) | | | | | | (6,500) | | | | | | — | | | | | | 29,111 | | | | | | (64,389) | | |
Profit (loss) for the period
|
| | | | 156,300 | | | | | | 23,600 | | | | | | 26,000 | | | | | | (2,600) | | | | | | — | | | | | | (111,008) | | | | | | 92,292 | | |
Depreciation and amortization
|
| | | | (40,100) | | | | | | (4,800) | | | | | | (2,900) | | | | | | (6,700) | | | | | | — | | | | | | (222) | | | | | | (54,722) | | |
| | |
Annual yield
|
| |
March 31, 2022
|
| |
June 30, 2021
|
| ||||||
Cash equivalents (Brazil)
|
| |
100% CDI(i)
|
| | | | 294,574 | | | | | | 446,155 | | |
Cash equivalents (Colombia)
|
| |
100% DTF(ii)
|
| | | | 12,152 | | | | | | 13,303 | | |
Total cash equivalentes
|
| | | | | | | 306,726 | | | | | | 459,458 | | |
| | |
March 31, 2022
|
| |
June 30, 2021
|
| ||||||
Trade receivables (Brazil)
|
| | | | 3,657,662 | | | | | | 1,266,226 | | |
Trade receivables (Colombia)
|
| | | | 307,308 | | | | | | 312,943 | | |
(-) Allowance for expected credit losses
|
| | | | (146,595) | | | | | | (111,969) | | |
Total
|
| | | | 3,818,375 | | | | | | 1,467,200 | | |
Current
|
| | | | 3,744,255 | | | | | | 1,467,200 | | |
Non-current
|
| | | | 74,120 | | | | | | — | | |
| | |
March 31, 2022
|
| |
March 31, 2022
|
| ||||||
Opening balance
|
| | | | (111,969) | | | | | | (89,173) | | |
Increase in allowance(i)
|
| | | | (24,066) | | | | | | (17,835) | | |
Allowance for credit losses from acquisitions
|
| | | | (14,522) | | | | | | (5,148) | | |
Trade receivables write-off
|
| | | | 5,189 | | | | | | — | | |
Exchange rate translation adjustment
|
| | | | (1,227) | | | | | | 1,304 | | |
Ending balance
|
| | | | (146,595) | | | | | | (110,852) | | |
| | |
March 31, 2022
|
| |
June 30, 2021
|
| ||||||
Current (not past due)
|
| | | | 3,384,177 | | | | | | 1,203,320 | | |
Overdue | | | | | | | | | | | | | |
1 to 60 days
|
| | | | 376,307 | | | | | | 96,797 | | |
61 to 180 days
|
| | | | 51,459 | | | | | | 164,698 | | |
181 to 365 days
|
| | | | 41,639 | | | | | | 47,661 | | |
Over 365 days
|
| | | | 111,388 | | | | | | 66,693 | | |
Allowance for expected credit losses
|
| | | | (146,595) | | | | | | (111,969) | | |
| | | | | 3,818,375 | | | | | | 1,467,200 | | |
| | |
March 31, 2022
|
| |||||||||
| | |
Amortized
cost |
| |
Fair value through
profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 3,818,375 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 129,263 | | |
Total assets
|
| | | | 3,818,375 | | | | | | 129,263 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 3,911,208 | | | | | | — | | |
Leases liabilities
|
| | | | 148,760 | | | | | | — | | |
Borrowings
|
| | | | 501,709 | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 241,499 | | | | | | — | | |
Derivative financial instruments
|
| | | | — | | | | | | 37,726 | | |
Salaries and social charges
|
| | | | 155,109 | | | | | | — | | |
Taxes payable
|
| | | | 51,754 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 131,907 | | |
Dividends payable
|
| | | | 3,478 | | | | | | — | | |
Total liabilities
|
| | | | 5,013,517 | | | | | | 169,633 | | |
| | |
June 30, 2021
|
| |||||||||
| | |
Amortized
cost |
| |
Fair value through
profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 1,467,200 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 127,671 | | |
Total assets
|
| | | | 1,467,200 | | | | | | 127,671 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,563,664 | | | | | | — | | |
Leases liabilities
|
| | | | 75,138 | | | | | | — | | |
Borrowings
|
| | | | 242,404 | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 215,158 | | | | | | — | | |
Derivative financial instruments
|
| | | | — | | | | | | 5,126 | | |
Salaries and social charges
|
| | | | 88,385 | | | | | | — | | |
Taxes payable
|
| | | | 32,805 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 128,243 | | |
Dividends payable
|
| | | | 6,854 | | | | | | — | | |
Total liabilities
|
| | | | 2,224,408 | | | | | | 133,369 | | |
Credit rating
|
| |
%
Customers |
| |
Risk classification
|
| |
% of guarantees required on sales
|
| ||||||||||||
|
Medium farmers
|
| |
Other
|
| |||||||||||||||||
AA & A
|
| | | | 16% | | | |
Very small
|
| | | | 80 – 90% | | | | | | 0% | | |
B
|
| | | | 55% | | | |
Medium
|
| | | | 100% | | | | | | 30% | | |
C
|
| | | | 13% | | | |
High
|
| | | | 100% | | | | | | 60% | | |
Simplified
|
| | | | 15% | | | |
Small farmers
|
| | | | N/A | | | | | | N/A | | |
| | |
March 31, 2022
|
| |
June 30, 2021
|
| ||||||
Trade receivables (current and non-current)
|
| | | | 3,818,375 | | | | | | 1,467,200 | | |
Advances to suppliers
|
| | | | 185,786 | | | | | | 442,408 | | |
| | | | | 4,004,161 | | | | | | 1,909,608 | | |
| | |
March 31, 2022
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 5 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 4,071,043 | | | | | | 5,351 | | | | | | 4,076,394 | | |
Leases liabilities
|
| | | | 70,769 | | | | | | 92,598 | | | | | | 163,367 | | |
Borrowings
|
| | | | 405,498 | | | | | | 135,555 | | | | | | 541,053 | | |
Payables for the acquisition of subsidiaries
|
| | | | 221,580 | | | | | | 37,287 | | | | | | 258,867 | | |
Commodity forward contracts
|
| | | | 131,907 | | | | | | — | | | | | | 131,907 | | |
Derivative financial instruments
|
| | | | 37,727 | | | | | | — | | | | | | 37,727 | | |
Salaries and social charges
|
| | | | 155,109 | | | | | | — | | | | | | 155,109 | | |
Taxes payable
|
| | | | 50,317 | | | | | | 1,437 | | | | | | 51,754 | | |
Dividends payable
|
| | | | 3,478 | | | | | | — | | | | | | 3,478 | | |
| | | | | 5,147,428 | | | | | | 272,228 | | | | | | 5,419,656 | | |
| | |
June 30, 2021
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 5 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 1,579,300 | | | | | | — | | | | | | 1,579,300 | | |
Leases liabilities
|
| | | | 35,561 | | | | | | 43,862 | | | | | | 79,423 | | |
Borrowings
|
| | | | 228,425 | | | | | | 22,283 | | | | | | 250,708 | | |
Payables for the acquisition of subsidiaries
|
| | | | 220,537 | | | | | | — | | | | | | 220,537 | | |
Commodity forward contracts
|
| | | | 128,243 | | | | | | | | | | | | 128,243 | | |
Derivative financial instruments
|
| | | | 5,177 | | | | | | — | | | | | | 5,177 | | |
Salaries and social charges
|
| | | | 88,827 | | | | | | — | | | | | | 88,827 | | |
Taxes payable
|
| | | | 33,133 | | | | | | — | | | | | | 33,133 | | |
Dividends payable
|
| | | | 6,923 | | | | | | — | | | | | | 6,923 | | |
| | | | | 2,326,126 | | | | | | 66,145 | | | | | | 2,392,271 | | |
| | |
March 31, 2022
|
| |
June 30, 2021
|
| ||||||
Borrowings
|
| | | | 501,709 | | | | | | 242,404 | | |
(-) Cash equivalents
|
| | | | (306,726) | | | | | | (459,458) | | |
Net debt
|
| | | | 194,983 | | | | | | (217,054) | | |
| | |
As of March 31, 2022
|
| ||||||||||||||||||
| | | | | |
Effect on profit or loss
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| |||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (12.65%)
|
| | | | 68,007 | | | | | | 81,423 | | | | | | 94,838 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (5.15%)
|
| | | | 1,536 | | | | | | 2,153 | | | | | | 2,435 | | |
| | | | | | | | 69,543 | | | | | | 83,576 | | | | | | 97,273 | | |
| | |
As of March 31, 2022
|
| |||||||||||||||||||||
| | |
Current
Index |
| |
Effect on profit or loss
|
| ||||||||||||||||||
| | |
Probable
|
| |
Possible (+25%)
|
| |
Remote (+50%)
|
| |||||||||||||||
Trade receivables in U.S. Dollars
|
| | | | 5.01 | | | | | | 22,045 | | | | | | 125,239 | | | | | | 228,434 | | |
Trade payables in U.S. Dollars
|
| | | | 5.01 | | | | | | (22,089) | | | | | | (125,491) | | | | | | (228,893) | | |
Net impacts on commercial operations
|
| | | | | | | | | | (44) | | | | | | (252) | | | | | | (459) | | |
Derivative financial instruments
|
| | | | 5.01 | | | | | | 634 | | | | | | 3,603 | | | | | | 6,572 | | |
Total impact, net of derivatives
|
| | | | | | | | | | 590 | | | | | | 3,351 | | | | | | 6,113 | | |
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market |
| |
+25% current
|
| |
+50% current
|
| |||||||||||||||||||||||||||
Position
|
| |
Market
|
| |
Impact
|
| |
Market
|
| |
Impact
|
| |||||||||||||||||||||||||||||||||
Soybean 2022
|
| | | | 170,033 | | | | Purchased | | | | | 116,498 | | | | | | 169.12 | | | | | | 211.40 | | | | | | 29,125 | | | | | | 253.68 | | | | | | 58,249 | | |
Soybean 2022
|
| | | | 186,943 | | | | Sold | | | | | (106,233) | | | | | | 169.12 | | | | | | 211.40 | | | | | | (26,558) | | | | | | 253.68 | | | | | | (53,117) | | |
Corn 2022
|
| | | | 61,365 | | | | Purchased | | | | | 8,183 | | | | | | 65.29 | | | | | | 81.61 | | | | | | 2,046 | | | | | | 97.93 | | | | | | 4,091 | | |
Corn 2022
|
| | | | 58,885 | | | | Sold | | | | | (13,307) | | | | | | 65.29 | | | | | | 81.61 | | | | | | (3,327) | | | | | | 97.93 | | | | | | (6,654) | | |
Soybean 2023
|
| | | | 66,628 | | | | Purchased | | | | | (22,468) | | | | | | 121.35 | | | | | | 151.68 | | | | | | (5,617) | | | | | | 182.02 | | | | | | (11,234) | | |
Soybean 2023
|
| | | | 55,264 | | | | Sold | | | | | 14,957 | | | | | | 121.35 | | | | | | 151.68 | | | | | | 3,739 | | | | | | 182.02 | | | | | | 7,478 | | |
Corn 2023
|
| | | | 2,943 | | | | Purchased | | | | | 5 | | | | | | 66.60 | | | | | | 83.25 | | | | | | 1 | | | | | | 99.90 | | | | | | 3 | | |
Corn 2023
|
| | | | 2,943 | | | | Sold | | | | | (278) | | | | | | 66.60 | | | | | | 83.25 | | | | | | (70) | | | | | | 99.90 | | | | | | (139) | | |
Net Exposure
|
| | | | | | | | | | | | | (2,643) | | | | | | | | | | | | | | | | | | (661) | | | | | | | | | | | | (1,323) | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Goods for resale
|
| | | | 1,567,091 | | | | | | 856,951 | | |
(-) Allowance for inventory losses
|
| | | | (11,238) | | | | | | (7,808) | | |
Total
|
| | | | 1,555,853 | | | | | | 849,143 | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
State VAT (“ICMS”)(i)
|
| | | | 50,614 | | | | | | 27,270 | | |
Brazilian federal contributions
|
| | | | 50,112 | | | | | | 58,727 | | |
Colombian federal contributions
|
| | | | 33,764 | | | | | | 2,403 | | |
Total
|
| | | | 134,490 | | | | | | 88,400 | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Fair value of commodity forward contracts as of June: | | | | | | | | | | | | | |
Assets
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | 122,448 | | | | | | 126,187 | | |
Sale contracts
|
| | | | 6,814 | | | | | | 1,484 | | |
| | | | | 129,262 | | | | | | 127,671 | | |
Liabilities
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | (20,231) | | | | | | (1,515) | | |
Sale contracts
|
| | | | (111,676) | | | | | | (126,728) | | |
| | | | | (131,907) | | | | | | (128,243) | | |
Changes in fair value recognized in the statements of profit or loss
|
| | | | (8,982) | | | | | | 6,337 | | |
| | |
Outstanding
Volume (tons) |
| |
Average of
contract prices R$/Bag |
| |
Average
Market Prices (Corn R$/bag(ii); Soybean US$/bu(i)) |
| |
Soybean
market premium (US$/bu) |
| |
Freight
(R$/ton) |
| |||||||||||||||
Purchase Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 128,645 | | | | | | 117.43 | | | | | | 13.65 | | | | | | 0.2 | | | | | | 201.37 | | |
As of March 31, 2022
|
| | | | 236,661 | | | | | | 109.40 | | | | | | 13.88 | | | | | | 1.65 | | | | | | 271.01 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 193,748 | | | | | | 35.73 | | | | | | 90.26 | | | | | | N/A | | | | | | 495.86 | | |
As of March 31, 2022
|
| | | | 64,308 | | | | | | 40.93 | | | | | | 88.00 | | | | | | N/A | | | | | | 378.30 | | |
Selling Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 128,020 | | | | | | 117.84 | | | | | | 13.65 | | | | | | 0.2 | | | | | | 201.11 | | |
As of March 31, 2022
|
| | | | 242,207 | | | | | | 111.89 | | | | | | 13.88 | | | | | | 0.3 | | | | | | 353.11 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 189,998 | | | | | | 34.58 | | | | | | 90.23 | | | | | | N/A | | | | | | 497.88 | | |
As of March 31, 2022
|
| | | | 61,828 | | | | | | 39.88 | | | | | | 88.00 | | | | | | N/A | | | | | | 282.87 | | |
| | |
Vehicles
|
| |
Buildings
|
| |
Machinery
and equipment |
| |
Total
|
| ||||||||||||
Cost
|
| | | | 10,470 | | | | | | 58,357 | | | | | | 2,161 | | | | | | 70,988 | | |
Accumulated depreciation
|
| | | | (868) | | | | | | (5,709) | | | | | | (115) | | | | | | (6,692) | | |
Balance at June 30, 2021
|
| | | | 9,602 | | | | | | 52,648 | | | | | | 2,046 | | | | | | 64,296 | | |
Cost
|
| | | | 74,013 | | | | | | 125,917 | | | | | | 23,082 | | | | | | 223,012 | | |
Accumulated depreciation
|
| | | | (25,697) | | | | | | (55,204) | | | | | | (10,162) | | | | | | (91,063) | | |
Balance at March 31, 2022
|
| | | | 48,316 | | | | | | 70,713 | | | | | | 12,920 | | | | | | 131,949 | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Vehicles
|
| | | | 51,353 | | | | |
|
11,786
|
| |
Buildings
|
| | | | 82,766 | | | | |
|
59,761
|
| |
Machinery and equipment
|
| | | | 14,640 | | | | |
|
3,591
|
| |
Total
|
| | | | 148,759 | | | | |
|
75,138
|
| |
Current | | | | | 66,559 | | | | | | 34,525 | | |
Non-current | | | | | 82,200 | | | | | | 40,613 | | |
| | |
Vehicles
|
| |
Lands,
buildings and improvements |
| |
Machines,
equipment and facilities |
| |
Furniture
and fixtures |
| |
Computer
equipment |
| |
Total
|
| ||||||||||||||||||
Cost
|
| | | | 43,277 | | | | | | 73,372 | | | | | | 32,830 | | | | | | 8,805 | | | | | | 4,489 | | | | | | 162,773 | | |
Accumulated depreciation
|
| | | | (27,681) | | | | | | (18,625) | | | | | | (16,449) | | | | | | (3,509) | | | | | | (3,249) | | | | | | (69,513) | | |
Balance at June 30, 2021
|
| | | | 15,596 | | | | | | 54,747 | | | | | | 16,381 | | | | | | 5,296 | | | | | | 1,240 | | | | | | 93,260 | | |
Cost
|
| | | | 44,380 | | | | | | 89,904 | | | | | | 51,905 | | | | | | 12,058 | | | | | | 1,951 | | | | | | 200,198 | | |
Accumulated depreciation
|
| | | | (27,286) | | | | | | (4,776) | | | | | | (22,018) | | | | | | (4,393) | | | | | | (1,870) | | | | | | (60,343) | | |
Balance at March 31, 2022
|
| | | | 17,094 | | | | | | 85,128 | | | | | | 29,887 | | | | | | 7,665 | | | | | | 81 | | | | | | 139,855 | | |
| | |
Goodwill
|
| |
Customer
relationship |
| |
Purchase
contracts and brands |
| |
Software
and other |
| |
Total
|
| |||||||||||||||
Cost: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2020
|
| | | | 259,526 | | | | | | 138,179 | | | | | | 204 | | | | | | 4,599 | | | | | | 402,508 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 13,653 | | | | | | 13,653 | | |
Business combination
|
| | | | 56,336 | | | | | | 57,160 | | | | | | 271 | | | | | | 49 | | | | | | 113,816 | | |
At March 31, 2021
|
| | | | 315,862 | | | | | | 195,339 | | | | | | 475 | | | | | | 18,301 | | | | | | 529,977 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 256,225 | | | | | | 15,031 | | | | | | 38,580 | | | | | | 706,552 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 14,592 | | | | | | 14,592 | | |
| | |
Goodwill
|
| |
Customer
relationship |
| |
Purchase
contracts and brands |
| |
Software
and other |
| |
Total
|
| |||||||||||||||
Business combination(i)
|
| | | | 56,862 | | | | | | 40,243 | | | | | | 6,908 | | | | | | 716 | | | | | | 104,729 | | |
Translation adjustment
|
| | | | (1,514) | | | | | | (258) | | | | | | (439) | | | | | | — | | | | | | (2,211) | | |
At March 31, 2022
|
| | | | 452,064 | | | | | | 296,210 | | | | | | 21,500 | | | | | | 53,888 | | | | | | 823,662 | | |
Amortization: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
At June 30, 2020
|
| | | | — | | | | | | 19,344 | | | | | | 4 | | | | | | 676 | | | | | | 20,024 | | |
Amortization for the period
|
| | | | — | | | | | | 17,559 | | | | | | 565 | | | | | | 1,842 | | | | | | 19,966 | | |
At March 31, 2021
|
| | | | — | | | | | | 36,903 | | | | | | 569 | | | | | | 2,518 | | | | | | 39,990 | | |
At June 30, 2021
|
| | | | — | | | | | | 45,760 | | | | | | 1,085 | | | | | | 2,897 | | | | | | 49,742 | | |
Amortization for the period
|
| | | | — | | | | | | 35,633 | | | | | | 2,125 | | | | | | 5,823 | | | | | | 43,581 | | |
At March 31, 2022
|
| | | | — | | | | | | 81,393 | | | | | | 3,210 | | | | | | 8,720 | | | | | | 93,323 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 210,465 | | | | | | 13,946 | | | | | | 35,683 | | | | | | 656,810 | | |
At March 31, 2022
|
| | | | 452,064 | | | | | | 214,817 | | | | | | 18,290 | | | | | | 45,168 | | | | | | 730,339 | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Trade payables – Brazil
|
| | | | 3,622,380 | | | | | | 1,245,465 | | |
Trade payables – Colombia
|
| | | | 288,828 | | | | | | 318,199 | | |
Total
|
| | | | 3,911,208 | | | | | | 1,563,664 | | |
Current
|
| | | | 3,905,857 | | | | | | 1,563,664 | | |
Non-current
|
| | | | 5,351 | | | | | | — | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Borrowing in Colombia
|
| | | | 21,181 | | | | | | 25,018 | | |
Borrowings in Brazil
|
| | | | 480,528 | | | | | | 217,386 | | |
Total borrowings
|
| | | | 501,709 | | | | | | 242,404 | | |
| | |
Average interest
rate March 31, 2022(i) |
| |
March 31,
2022) |
| |
Average interest
rate June 30, 2021 |
| |
June 30,
2021 |
| ||||||||||||
Debt contracts in Brazil in: | | | | | | | | | | | | | | | | | | | | | | | | | |
R$, indexed to CDI(ii) (iv)
|
| | | | 14.45% | | | | | | 409,861 | | | | | | 6.04% | | | | | | 163,254 | | |
R$, with fixed interest(iv)
|
| | | | 8.58% | | | | | | 70,667 | | | | | | 7.40% | | | | | | 54,132 | | |
Debt contracts in Colombia in: | | | | | | | | | | | | | | | | | | | | | | | | | |
COP, indexed to DTF and IBR(iii) / (iv)
|
| | | | 14.26% | | | | | | 21,181 | | | | | | 4.10% | | | | | | 25,018 | | |
Total
|
| | | | | | | | | | 501,709 | | | | | | | | | | | | 242,404 | | |
Current
|
| | | | | | | | | | 381,376 | | | | | | | | | | | | 221,772 | | |
Non-current
|
| | | | | | | | | | 120,333 | | | | | | | | | | | | 20,632 | | |
|
At June 30, 2021
|
| | | | 242,404 | | |
|
Proceeds from borrowings
|
| | | | 377,766 | | |
|
Repayment of principal amount
|
| | | | (212,321) | | |
|
Accrued interest
|
| | | | 34,845 | | |
|
Borrowings from acquired companies
|
| | | | 78,903 | | |
|
Interest payment
|
| | | | (19,888) | | |
|
At March 31, 2022
|
| | | | 501,709 | | |
| | |
March31,
2022 |
| |||
2023
|
| | | | 95,730 | | |
2024
|
| | | | 14,276 | | |
2025
|
| | | | — | | |
2026
|
| | | | 239 | | |
2027
|
| | | | 10,088 | | |
Total
|
| | | | 120,333 | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Lavoro Agrocomercial
|
| | | | — | | | | | | 3,176 | | |
AGP
|
| | | | 20,575 | | | | | | 20,575 | | |
Produtec
|
| | | | 8,762 | | | | | | — | | |
Union
|
| | | | 23,508 | | | | | | — | | |
Produttiva
|
| | | | 24,753 | | | | | | — | | |
Agrozap
|
| | | | 18,489 | | | | | | — | | |
Integra
|
| | | | — | | | | | | 16,505 | | |
Qualiciclo
|
| | | | 7,708 | | | | | | 40,879 | | |
América
|
| | | | — | | | | | | 19,768 | | |
Cultivar
|
| | | | 16,326 | | | | | | 20,591 | | |
Desempar
|
| | | | 66,188 | | | | | | 60,604 | | |
Pitangueiras
|
| | | | 41,042 | | | | | | 18,912 | | |
Impacto
|
| | | | 14,148 | | | | | | 14,148 | | |
Total
|
| | | | 241,499 | | | | | | 215,158 | | |
Current
|
| | | | 208,399 | | | | | | 215,158 | | |
Non-current
|
| | | | 33,100 | | | | | | — | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||||||||
Assets
|
| |
Produttiva
(c) |
| |
Cenagro
(d) |
| |
Cenagral
(e) |
| |
Union Agro
(f) |
| |
Agrozap
(g) |
| |
Total
|
| ||||||||||||||||||
Cash equivalents
|
| | | | 53,699 | | | | | | 2,142 | | | | | | 1,064 | | | | | | 66,256 | | | | | | 9,028 | | | | | | 132,189 | | |
Trade receivables
|
| | | | 27,610 | | | | | | 11,792 | | | | | | 7,492 | | | | | | 117,882 | | | | | | 103,320 | | | | | | 268,096 | | |
Inventories
|
| | | | 46,261 | | | | | | 22,670 | | | | | | 5,833 | | | | | | 42,435 | | | | | | 91,621 | | | | | | 208,820 | | |
Other assets
|
| | | | 8,472 | | | | | | 11,516 | | | | | | 1,023 | | | | | | 4,526 | | | | | | 16,792 | | | | | | 42,327 | | |
Property, plant and equipment
|
| | | | 1,223 | | | | | | 1,266 | | | | | | 363 | | | | | | 26,659 | | | | | | 2,642 | | | | | | 32,153 | | |
Intangible assets
|
| | | | 26,314 | | | | | | 3,311 | | | | | | 7,437 | | | | | | 8,350 | | | | | | 6,015 | | | | | | 51,427 | | |
| | | | | 163,579 | | | | | | 52,697 | | | | | | 23,212 | | | | | | 266,108 | | | | | | 229,416 | | | | | | 735,012 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 77,063 | | | | | | 17,008 | | | | | | 2,097 | | | | | | 24,750 | | | | | | 141,619 | | | | | | 262,537 | | |
Borrowings
|
| | |
|
—
|
| | | | | 3,045 | | | | | | — | | | | | | 25,157 | | | | | | 50,701 | | | | | | 78,903 | | |
Provision for contingencies
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | 11,362 | | | | | | — | | | | | | 11,362 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||||||||
Assets
|
| |
Produttiva
(c) |
| |
Cenagro
(d) |
| |
Cenagral
(e) |
| |
Union Agro
(f) |
| |
Agrozap
(g) |
| |
Total
|
| ||||||||||||||||||
Other liabilities
|
| | | | 8,897 | | | | | | 18,410 | | | | | | 5,750 | | | | | | 9,923 | | | | | | 19,464 | | | | | | 62,444 | | |
| | | | | 85,960 | | | | | | 38,463 | | | | | | 7,847 | | | | | | 71,192 | | | | | | 211,784 | | | | | | 415,246 | | |
Total identifiable net assets at fair value
|
| | | | 77,619 | | | | | | 14,234 | | | | | | 15,365 | | | | | | 194,916 | | | | | | 17,632 | | | | | | 319,766 | | |
Non-controlling interests(i)
|
| | | | — | | | | | | (2,847) | | | | | | (3,073) | | | | | | (52,627) | | | | | | (4,408) | | | | | | (62,955) | | |
Goodwill arising on acquisition
|
| | | | 8,655 | | | | | | 11,468 | | | | | | 9,003 | | | | | | — | | | | | | 27,736 | | | | | | 56,862 | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | — | | | | | | (15,456) | | | | | | — | | | | | | (15,456) | | |
Consideration transferred
|
| | | | 86,274 | | | | | | 22,855 | | | | | | 21,295 | | | | | | 126,833 | | | | | | 40,960 | | | | | | 298,217 | | |
Cash paid
|
| | | | 36,385 | | | | | | 16,724 | | | | | | 15,376 | | | | | | 103,325 | | | | | | 18,813 | | | | | | 190,623 | | |
Shares issued(i)
|
| | | | 22,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,500 | | |
Payable in installments
|
| | | | 27,389 | | | | | | 6,131 | | | | | | 5,919 | | | | | | 23,508 | | | | | | 22,147 | | | | | | 85,094 | | |
Item
|
| |
March 31,
2022 |
| |
Nature
|
| |
Valuation method
|
| |||
Customer relationship
|
| | | | 37,640 | | | |
A loyal relationship between the
acquirees and its customers, which translates into recurring purchases of products and services |
| | Multi Period Excess Earnings Method (MPEEM) | |
Inventories
|
| | | | 208,820 | | | |
Inventories
|
| | Selling price less all expenses related to the distribution of that good | |
Brand
|
| | | | 7,650 | | | |
Private label products (Produttiva, Union and Cenagral)
|
| |
Relief from Royalty method
|
|
| | | | | 254,110 | | | | | | | | |
| | |
March 31,
2022 |
| |||
Revenues
|
| | | | 6,983,061 | | |
Profit for the period
|
| | | | 291,445 | | |
| | |
Revenues
|
| |
Profit
|
| |
Period from
|
| ||||||
Produttiva
|
| | | | 131,693 | | | | | | 15,600 | | | |
September 2021
|
|
Cenagro
|
| | | | 105,369 | | | | | | 9,128 | | | |
January 2021
|
|
Cenagral
|
| | | | 103,616 | | | | | | 365 | | | |
November 2021
|
|
Union Agro
|
| | | | 110,573 | | | | | | 4,672 | | | |
September 2021
|
|
Agrozap
|
| | | | 18,385 | | | | | | 458 | | | |
September 2021
|
|
Total
|
| | | | 469,636 | | | | | | 30,223 | | | | | |
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Profit before income taxes
|
| | | | 352,882 | | | | | | 156,681 | | |
Statutory rate(i)
|
| | | | 34% | | | | | | 34% | | |
Income taxes at statutory rate
|
| | | | (119,980) | | | | | | (53,272) | | |
Deferred income taxes not recognized as deferred tax asset(ii)
|
| | | | 18,697 | | | | | | (14,243) | | |
Difference from income taxes calculation based on taxable profit computed as a percentage of gross revenue
|
| | | | 7,422 | | | | | | 3,854 | | |
Others
|
| | | | (10,543) | | | | | | (728) | | |
Income tax expense
|
| | | | (104,404) | | | | | | (64,389) | | |
Income tax and social contribution at the effective rate
|
| | | | 29.59% | | | | | | 41.10% | | |
Current income taxes
|
| | | | (117,836) | | | | | | (58,751) | | |
Deferred income taxes
|
| | | | 13,432 | | | | | | (5,638) | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Deferred assets and liabilities: | | | | | | | | | | | | | |
Amortization of fair value adjustment
|
| | | | 22,525 | | | | | | 40,820 | | |
Tax losses
|
| | | | 27,200 | | | | | | 31,801 | | |
Allowance for expected credit losses
|
| | | | 49,842 | | | | | | 30,721 | | |
Adjustment to present value
|
| | | | 23,418 | | | | | | 18,708 | | |
Provision for management bonuses
|
| | | | 16,378 | | | | | | 9,475 | | |
Allowance for inventory losses
|
| | | | 3,821 | | | | | | 2,655 | | |
| | |
March 31,
2022 |
| |
June 30,
2021 |
| ||||||
Financial effect on derivatives
|
| | | | (12,827) | | | | | | 1,743 | | |
Fair value of commodity forward contracts
|
| | | | 1,579 | | | | | | 194 | | |
Unrealized exchange gains or losses
|
| | | | 1,530 | | | | | | (1,569) | | |
Gain on bargain puchase
|
| | | | (5,255) | | | | | | — | | |
Rebates
|
| | | | (9,097) | | | | | | (19,800) | | |
Deferred tax assets, net
|
| | | | 119,114 | | | | | | 114,748 | | |
|
| | |
Deferred income
tax and social contribution |
| |||
At June 30, 2020
|
| | | | 77,749 | | |
Recognized in the statement of income
|
| | | | 37,000 | | |
At June 30, 2021
|
| | | | 114,747 | | |
Recognized in the statement of income
|
| | | | 13,432 | | |
Deferred tax from the acquisition of companies
|
| | | | (9,065) | | |
At March 31, 2021
|
| | | | 119,114 | | |
| | |
March 31,
2022 |
| |
June 31,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Trade receivables(i)
|
| | | | 28,783 | | | | | | 13,088 | | |
Advances to suppliers(i)
|
| | | | 8,600 | | | | | | 4,825 | | |
Total assets
|
| | | | 37,383 | | | | | | 17,913 | | |
Liabilities | | | | | | | | | | | | | |
Advances from customers(i)
|
| | | | (735) | | | | | | (327) | | |
Payables for the acquisition of subsidiaries(ii)
|
| | | | (134,237) | | | | | | (57,495) | | |
| | |
March 31,
2022 |
| |
June 31,
2021 |
| ||||||
Dividends payable
|
| | | | (3,478) | | | | | | (8,520) | | |
Payroll liabilities
|
| | | | — | | | | | | (207) | | |
Total liabilities
|
| | |
|
(138,450)
|
| | | | | (66,549) | | |
|
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Revenue from sales of products(i)
|
| | | | 32,246 | | | | | | 4,794 | | |
M&A and monitoring expenses(ii)
|
| | | | (1,992) | | | | | | — | | |
Total
|
| | |
|
30,254
|
| | | |
|
4,794
|
| |
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Wages
|
| | | | 11,164 | | | | | | 4,853 | | |
Direct and indirect benefits
|
| | | | 427 | | | | | | 330 | | |
Variable compensation (bonuses)
|
| | | | 3,992 | | | | | | 1,588 | | |
Short-term benefits
|
| | | | 15,583 | | | | | | 6,771 | | |
|
Carrying amount of non-controlling interests acquired
|
| | | | 29,425 | | |
|
Consideration paid to non-controlling interests
|
| | | | (39,000) | | |
|
Excess of consideration paid recognized in net investment of the Parent
|
| | | | (9,575) | | |
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Retail sales | | | | | | | | | | | | | |
Brazil
|
| | | | 5,505,144 | | | | | | 3,501,288 | | |
Colombia
|
| | | | 802,546 | | | | | | 625,217 | | |
Private Label products | | | | | | | | | | | | | |
Brazil
|
| | | | 266,685 | | | | | | 33,064 | | |
Services | | | | | | | | | | | | | |
Colombia
|
| | | | 50,206 | | | | | | 60,297 | | |
Total Revenues
|
| | | | 6,624,581 | | | | | | 4,219,866 | | |
Summarized by region | | | | | | | | | | | | | |
Brazil
|
| | | | 5,771,829 | | | | | | 3,534,352 | | |
Colombia
|
| | | | 852,752 | | | | | | 685,514 | | |
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Cost of inventory(i)
|
| | | | 5,431,314 | | | | | | 3,586,301 | | |
Personnel expenses
|
| | | | 343,008 | | | | | | 199,662 | | |
Maintenance of the units
|
| | | | 25,513 | | | | | | 14,739 | | |
Consulting, legal and other professional services
|
| | | | 87,132 | | | | | | 42,720 | | |
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Freight on sales
|
| | | | 33,856 | | | | | | 24,080 | | |
Commissions
|
| | | | 28,849 | | | | | | 20,580 | | |
Storage
|
| | | | 3,895 | | | | | | 5,901 | | |
Travels
|
| | | | 15,796 | | | | | | 13,265 | | |
Depreciation
|
| | | | 6,850 | | | | | | 7,400 | | |
Amortization of intangibles
|
| | | | 43,580 | | | | | | 19,966 | | |
Amortization of rights of use
|
| | | | 38,284 | | | | | | 12,869 | | |
Taxes and fees
|
| | | | 19,508 | | | | | | 13,026 | | |
Short term rentals
|
| | | | 7,989 | | | | | | 11,500 | | |
Business events
|
| | | | 3,277 | | | | | | 1,490 | | |
Marketing and advertising
|
| | | | 14,408 | | | | | | 3,086 | | |
Insurance
|
| | | | 1,339 | | | | | | 1,879 | | |
Utilities
|
| | | | 16,348 | | | | | | 4,743 | | |
Allowance for expected credit losses
|
| | | | 24,066 | | | | | | 17,835 | | |
Losses and damages of inventories
|
| | | | 8,920 | | | | | | 8,117 | | |
Fuels and lubricants
|
| | | | 16,900 | | | | | | 3,214 | | |
Legal fees
|
| | | | 4,152 | | | | | | 2,355 | | |
Other administrative expenditures
|
| | | | 3,407 | | | | | | 10,927 | | |
Total
|
| | | | 6,178,391 | | | | | | 4,025,655 | | |
Classified as: | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 5,481,228 | | | | | | 3,620,235 | | |
Sales, general and administrative expenses
|
| | | | 697,163 | | | | | | 405,420 | | |
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Finance income | | | | | | | | | | | | | |
Interest from cash equivalents
|
| | | | 6,786 | | | | | | 507 | | |
Interest arising from revenue contracts
|
| | | | 312,913 | | | | | | 161,806 | | |
Foreign exchange differences
|
| | | | 22,613 | | | | | | 9,138 | | |
Gain on changes in fair value of derivative instruments
|
| | | | — | | | | | | 2,239 | | |
Other
|
| | | | — | | | | | | 849 | | |
Total
|
| | | | 342,312 | | | | | | 174,539 | | |
Finance costs | | | | | | | | | | | | | |
Interest on borrowings and leases
|
| | | | (44,429) | | | | | | (27,051) | | |
Interest on trade payables and acquisitions of subsidiary
|
| | | | (389,297) | | | | | | (183,758) | | |
Loss on derivatives
|
| | | | (35,450) | | | | | | — | | |
Loss on fair value of commodity forward contracts
|
| | | | (2,056) | | | | | | (1,513) | | |
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Other
|
| | | | (6,675) | | | | | | (8,136) | | |
Total
|
| | | | (477,907) | | | | | | (220,458) | | |
Finance income (costs)
|
| | | | (135,595) | | | | | | (45,919) | | |
|
| | |
March 31,
2022 |
| |
March 31,
2021 |
| ||||||
Gain on bargain purchase(i)
|
| | | | 15,457 | | | | | | — | | |
Sales of fixed assets
|
| | | | 2,816 | | | | | | 2,328 | | |
Other operating income
|
| | | | 16,728 | | | | | | 6,061 | | |
Total
|
| | | | 35,001 | | | | | | 8,389 | | |
| | |
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|
SIGNED by
|
| | ) | | | | |
| Duly authorised for | | | ) | | | | |
| and on behalf of | | | ) | | | Director | |
| Lavoro Merger Sub I Limited | | | ) | | | | |
|
SIGNED by
|
| | ) | | | | |
| Duly authorised for | | | ) | | | | |
| and on behalf of | | | ) | | | Director | |
| TPB Acquisition Corporation I | | | ) | | | | |
|
Articles
|
| | these Amended and Restated Articles of Association of the Company, as further amended from time to time by Special Resolution; | |
|
Auditors
|
| | the auditor or auditors for the time being of the Company; | |
|
Board of Directors
|
| | the Directors assembled as a board or assembled as a committee appointed by that board; | |
|
Companies Act
|
| | the Companies Act ((As Revised)); | |
|
Company
|
| | the above-named company; | |
|
Designated Stock Exchange
|
| | any U.S. national securities exchange on which the securities of the Company are listed for trading; | |
|
Directors
|
| | the directors of the Company for the time being; | |
|
Electronic Record
|
| | has the same meaning as in the Electronic Transactions Act; | |
| Electronic | | |
the Electronic Transactions Act ((As Revised));
|
|
| Transactions Act | | | | |
|
Effective Date
|
| | means [•], 2022. | |
|
Exchange Act
|
| | the United States Securities Exchange Act of 1934, (As Revised), and any successor thereto, as the same shall be in effect from time to time; | |
|
Governmental Authority
|
| | any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court or tribunal; | |
|
Governmental Order
|
| | any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case, entered by or with any Governmental Authority; | |
|
Law
|
| | any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any Governmental Authority; | |
|
Memorandum
|
| | the Amended and Restated Memorandum of Association of the Company, as further amended and restated from time to time by Special Resolution; | |
|
Ordinary Resolution
|
| | a resolution passed by a simple majority of the votes of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy, at a general meeting, and includes a unanimous written resolution; | |
|
paid up
|
| | paid up as to the par value and any premium payable in respect of the issue of any Shares and includes credited as paid up; | |
|
person
|
| | any individual, firm, corporation, company, partnership, limited liability company, incorporated or unincorporated association, joint venture, joint stock company, Governmental Authority or instrumentality or other entity of any kind; | |
|
Register of Members
|
| | the register of Shareholders to be kept pursuant to these Articles; | |
|
Registered Office
|
| | the registered office of the Company for the time being; | |
|
Seal
|
| | the common seal of the Company including any duplicate seal; | |
|
Secretary
|
| | any person appointed by the Directors to perform any of the duties of the secretary of the Company, including a joint, assistant or deputy secretary; | |
| Securities and Exchange Commission | | |
the United States Securities and Exchange Commission;
|
|
|
Share
|
| | a share in the capital of the Company of any class including a fraction of such share; | |
|
Shareholder
|
| | any person registered in the Register of Members as the holder of Shares of the Company and, where two or more persons are so registered as the joint holders of such Shares, the person whose name stands first in the Register of Members as one of such joint holders; | |
|
Share Premium Account
|
| | the share premium account established in accordance with these Articles and the Companies Act; | |
|
signed
|
| | includes an electronic signature and a signature or representation of a signature affixed by mechanical means; | |
|
Special Resolution
|
| | has the same meaning as in the Companies Act, and includes a unanimous written resolution; | |
|
Subsidiary
|
| | with respect to a person, a corporation or other entity of which more than 50% of the voting power of the equity securities or equity interests is owned, directly or indirectly, by such person; and | |
|
Treasury Shares
|
| | Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled. | |
| | | | TPB ACQUISITION CORP. I | | |||
| | | | By: | | |
/s/ David Friedberg
Name: David Friedberg
Title: Chief Executive Officer |
|
| | | | LAVORO AGRO LIMITED | | ||||||
| | | | By: | | |
/s/ Ruy Marcos Laguna Cunha
|
| |||
| | | | | | | Name: | | | Ruy Marcos Laguna Cunha | |
| | | | | | | Title: | | | Director | |
| | | | By: | | |
/s/ Laurence Beltrão Gomes
|
| |||
| | | | | | | Name: | | | Laurence Beltrão Gomes | |
| | | | | | | Title: | | | Chief Financial Officer | |
| | | | LAVORO LIMITED | | ||||||
| | | | By: | | |
/s/ Daniel Fisberg
|
| |||
| | | | | | | Name: | | | Daniel Fisberg | |
| | | | | | | Title: | | | Director | |
| | | | By: | | |
/s/ Peter Estermann
|
| |||
| | | | | | | Name: | | | Peter Estermann | |
| | | | | | | Title: | | | Director | |
| | | | PRIVATE EQUITY INVESTMENTS V, L.P. | | |||
| | | | By: | | |
/s/ Ricardo Scavazza
Name: Ricardo Scavazza
Title: Partner Address: Suite 302, 4001 Kennett Pike, Wilmington, DE 19807, United States |
|
| | | | BRAZILIAN PRIVATE EQUITY OPPORTUNITIES V, L.P. | | |||
| | | | By: | | |
/s/ Ricardo Scavazza
Name: Ricardo Scavazza
Title: Partner Address: Suite 302, 4001 Kennett Pike, Wilmington, DE 19807, United States |
|
| | | | PE FUND V, L.P. | | |||
| | | | By: | | |
/s/ Ricardo Scavazza
Name: Ricardo Scavazza
Title: Partner Address: Suite 302, 4001 Kennett Pike, Wilmington, DE 19807, United States |
|
| | | | PBPE FUND V (CAYMAN 2), L.P. | | |||
| | | | By: | | |
/s/ Ricardo Scavazza
Name: Ricardo Scavazza
Title: Partner Address: PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands |
|
Shareholder
|
| |
Shares
|
| |||
Private Equity Investments V, L.P.
|
| | | | 32.70 | | |
Brazilian Private Equity Opportunities V, L.P.
|
| | | | 32.65 | | |
PE Fund V, L.P.
|
| | | | 32.03 | | |
PBPE Fund V (Cayman 2), L.P.
|
| | | | 2.62 | | |
TOTAL
|
| | | | 100 | | |
| | | | TPB ACQUISITION CORPORATION I | | |||
| | | | By: | | |
/s/ David Friedberg
Name: David Friedberg
Title: Chief Executive Officer |
|
| SUBSCRIBER: | | | ||
| Signature of the Subscriber: | | | Signature of Joint Subscriber, if applicable: | |
| By: | | | By: | |
|
Name:
Title: |
| |
Name:
Title: |
|
| Date: | | | | |
| Name of the Subscriber: | | | Name of Joint Subscriber, if applicable: | |
|
(Please print. Please indicate name and
capacity of person signing above) |
| |
(Please Print. Please indicate name and
capacity of person signing above) |
|
|
Name in which securities are to be registered
(if different from the name of the Subscriber listed directly above): |
| | | |
| Email Address: | | | | |
| If there are joint investors, please check one: | | | | |
| ☐ Joint Tenants with Rights of Survivorship | | | | |
| ☐ Tenants-in-Common | | | | |
| ☐ Community Property | | | | |
| The Subscriber’s EIN: | | | Joint Subscriber’s EIN: | |
| Business Address-Street: | | | Mailing Address-Street (if different): | |
|
|
| |
|
|
|
City, State, Zip:
|
| |
City, State, Zip:
|
|
| Attn: | | | Attn: | |
| Telephone No.: | | |
|
|
| Facsimile No.: | | | Facsimile No.: | |
|
Shares issued in the Subscription:
|
| | | |
| Applicable Purchase Price: $ . | | | | |
| | | | COMPANY: | | ||||||
| | | | LAVORO LIMITED | | ||||||
| | | | By: | | |
|
| |||
| | | | | | | Name: | | | Daniel Fisberg | |
| | | | | | | Title: | | | Director | |
| | | | By: | | |
|
| |||
| | | | | | | Name: | | | Peter Estermann | |
| | | | | | | Title: | | | Director | |
| | | | HOLDERS: | | ||||||
| | | | TPB ACQUISITION SPONSOR I, LLC | | ||||||
| | | | By: | | |
|
| |||
| | | | | | | Name: | | | David Friedberg | |
| | | | | | | Title: | | | Manager | |
| | | |
William Hauser
|
| ||||||
| | | |
Bharat Vasan
|
| ||||||
| | | |
Kerry Whorton Cooper
|
| ||||||
| | | |
Neil Renninger
|
| ||||||
| | | |
April Underwood
|
|
| | | | NEW HOLDERS: | | ||||||
| | | | [For New Holders who are entities] | | ||||||
| | | | [•] | | ||||||
| | | | By: | | |
|
| |||
| | | | | | | Name: | | | | |
| | | | | | | Title: | | | |
Exhibit
No. |
| |
Description
|
| |||
| | 2.1† | | | | | |
| | 2.2 | | | | | |
| | 3.1 | | | | | |
| | 3.2 | | | | | |
| | 4.1 | | | | | |
| | 4.2 | | | | Specimen Class A Ordinary Share Certificate of TPB SPAC (incorporated by reference to Exhibit 4.2 to TPB SPAC’s Registration Statement on Form S-1 (File No. 333-253325) filed on February 19, 2021). | |
| | 4.3 | | | | | |
| | 4.4 | | | |
Warrant Agreement, dated as of August 13, 2021, by and between TPB SPAC and Continental
Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.4 to TPB SPAC’s Current Report on Form 8-K filed on August 16, 2021). |
|
| | 5.1* | | | | Opinion of Maples and Calder (Cayman) LLP, Cayman Islands counsel to New Lavoro, as to the validity of the securities being registered. | |
| | 10.1† | | | | |
Exhibit
No. |
| |
Description
|
| |||
| | 99.5* | | | | Consent of to be named as a director. | |
| | 99.6* | | | | Consent of to be named as a director. | |
| | 99.7* | | | | Consent of to be named as a director. | |
| | 99.8 | | | | | |
| | 107.1 | | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Ruy Cunha
Ruy Cunha
|
| |
Chief Executive Officer
(Principal Executive Officer) |
| |
September 29, 2022
|
|
|
/s/ Laurence Beltrão Gomes
Laurence Beltrão Gomes
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
September 29, 2022
|
|
|
/s/ Peter Paul Lorenço Estermann
Peter Paul Lorenço Estermann
|
| | Director | | |
September 29, 2022
|
|
|
/s/ Daniel Fisberg
Daniel Fisberg
|
| | Director | | |
September 29, 2022
|
|
Exhibit 21.1
SUBSIDIARIES OF LAVORO LIMITED
The following list of subsidiaries applies after completion of the Business Combination:
Name | Location | |
Lavoro Agro Cayman Limited | Cayman Islands | |
Abakel Company S.A. | Uruguay | |
Lavoro Agro Holding S.A. | Brazil | |
Produtec Comércio e Representações S.A. | Brazil | |
Integra Soluções Agrícolas Ltda. | Brazil | |
Produtiva Agronegócios Comércio e Representação Ltda. | Brazil | |
Facirolli Comércio e Representações S.A. | Brazil | |
Lavoro Agrocomercial S.A. | Brazil | |
Agrocontato Comércio e Representações de Produtos Agropecuários S.A. | Brazil | |
Agrovenci - Comércio, Importação, Exportação e Agropecuária Ltda. | Brazil | |
PCO - Comércio, Importação, Exportação e Agropecuária Ltda. | Brazil | |
C.A. Rural Distribuidora de Defensivos Ltda. | Brazil | |
América Insumos Agrícola Ltda. | Brazil | |
Distribuidora Pitangueiras de Produtos Agropecuários S.A. | Brazil | |
Desempar Participações Ltda. | Brazil | |
Denorpi Distribuidora de Insumos Agrícolas Ltda. | Brazil | |
Deragro Distribuidora de Insumos Agrícolas Ltda. | Brazil | |
Plenafértil Distribuidora de Insumos Agrícolas Ltda. | Brazil | |
Futuragro Distribuidora de Insumos Agrícolas Ltda. | Brazil | |
Realce Distribuidora de Insumos Agrícolas Ltda. | Brazil | |
Desempar Tecnologia Ltda. | Brazil | |
Qualiciclo Agrícola S.A. | Brazil | |
Cultivar Agrícola – Comércio, Importação e Exportação S.A. | Brazil | |
Agrovenci Distribuidora de Insumos Agrícolas Ltda. (i) | Brazil | |
Crop Care Holding S.A. | Brazil | |
Agrobiológica Sustentabilidade S.A. | Brazil | |
Agrobiológica Soluções Naturais Ltda. | Brazil | |
Araci Administradora de Bens S.A. | Brazil | |
Union Agro S.A. | Brazil | |
Perterra Insumos Agropecuários S.A. | Brazil | |
Perterra Trading S.A. | Uruguay | |
Gestão e Transformação Consultoria S.A. | Brazil | |
Sariri Investments 2017 S.L. | Spain | |
Lavoro Colombia S.A.S. | Colombia | |
Crop Care Colombia S.A.S. | Colombia | |
Agricultura y Servicos S.A.S. | Colombia | |
Fertilizantes Liquidos y Servicios S.A.S. | Colombia | |
Grupo Cenagro S.A.S. | Colombia | |
Cenagral S.A.S. | Colombia | |
Grupo Gral S.A.S. | Colombia | |
Agrointegral Andina S.A.S. | Colombia | |
Servigral Praderas S.A.S. | Colombia | |
Agroquímicos para la Agricultura Colombiana S.A.S. | Colombia | |
Nova Geração Comércio de Produtos Agrícolas Ltda. | Brazil | |
Provecampo S.A.S. | Colombia | |
Alsag Investments Limitada | Costa Rica | |
Lavoro Merger Sub I Limited | Cayman Islands | |
Lavoro Merger Sub II Limited | Cayman Islands | |
Lavoro Merger Sub III Limited | Cayman Islands | |
Floema Soluções Nutricionais de Cultivos Ltda. | Brazil | |
Casa Trevo Participações S.A. | Brazil |
(i) | Agrovenci Distribuidora de Insumos Agrícolas Ltda. was incorporated in August 2021. |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this Registration Statement on Form F-4 of our report dated March 30, 2022 relating to the balance sheet of TPB Acquisition Corporation I as of December 31, 2021, and the related statements of operations, changes in shareholders’ deficit and cash flows for the period from February 8, 2021 (inception) through December 31, 2021, appearing in the proxy statement/prospectus, which is a part of this Registration Statement, and to the reference to our Firm under the caption “Experts” in the proxy statement/prospectus.
/s/ Frank, Rimerman + Co. LLP
San Francisco, California
September 29, 2022
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption “Experts” and to the use of our report on the combined financial statements of the Lavoro Group dated March 21, 2022, in the proxy statement/prospectus (Form F-4) of Lavoro Limited dated September 29, 2022.
/s/ Ernst & Young Auditores Independentes S.S.
São Paulo, Brazil
September 29, 2022
Exhibit 99.3
Consent
In connection with the filing by Lavoro Limited of the Registration Statement on Form F-4 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named in the Registration Statement, including any and all amendments and supplements thereto and any prospectus and/or proxy statement contained therein, as a nominee or potential nominee for director of Lavoro Limited following the consummation of the business combination. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.
Dated: September 29, 2022.
/s/ Ricardo Leonel Scavazza | |
Ricardo Leonel Scavazza |
Exhibit 99.4
Consent
In connection with the filing by Lavoro Limited of the Registration Statement on Form F-4 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named in the Registration Statement, including any and all amendments and supplements thereto and any prospectus and/or proxy statement contained therein, as a nominee or potential nominee for director of Lavoro Limited following the consummation of the business combination. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.
Dated: September 29, 2022.
/s/ David Friedberg | |
David Friedberg |
Exhibit 99.8
September 29, 2022
VIA EDGAR
U.S. Securities and Exchange Commission
Division of Corporation Finance
100 F. Street, N.E.
Washington, D.C. 20549
Re: | Lavoro Limited |
Registration Statement on Form F-4
Request for Waiver and Representation under Item 8.A.4 of Form 20-F
Ladies and Gentlemen:
In connection with the filing on the date hereof of a registration statement on Form F-4 (the “Registration Statement”) for Lavoro Limited, a foreign private issuer newly formed under the laws of the Cayman Islands (the “Company”) in the context of a potential business combination of TPB Acquisition Corporation I, a special purpose acquisition company (“SPAC”) with Lavoro Agro Limited, an exempted company incorporated with limited liability in the Cayman Islands (“Target”), and simultaneous listing in the United States of the Company’s class A ordinary shares, the Company is submitting this letter via EDGAR to the U.S. Securities and Exchange Commission (the “Commission”) to request a waiver and provide certain representations under Item 8.A.4 of Form 20-F.
The Company has included in the Registration Statement the following financial statements:
● | audited combined financial statements of the Target, a Brazilian company qualifying as a foreign private issuer and emerging growth company, as of June 30, 2021 and 2020 and for the years ended June 30, 2021 and 2020; and |
● | unaudited interim combined financial information of the Target as of March 31, 2022 and for the nine months ended March 31, 2022 and 2021. |
The Company respectfully requests that the Commission waive in relation to the Target the requirement of Item 8.A.4 of Form 20-F, which states that in the case of a company’s initial public offering, the registration statement must contain audited financial statements of a date not older than 12 months from the date of the offering (the “12-Month Requirement”). See also Division of Corporation Finance, Financial Reporting Manual, Section 6220.3.
The Company is submitting this waiver request pursuant to Instruction 2 to Item 8.A.4 of Form 20-F, which provides that the Commission will waive the 12-Month Requirement “in cases where the company is able to represent adequately to us that it is not required to comply with this requirement in any other jurisdiction outside the United States and that complying with this requirement is impracticable or involves undue hardship.” See also the 2004 release entitled International Reporting and Disclosure Issues in the Division of Corporation Finance (available on the Commission’s website at http://www.sec.gov/divisions/corpfin/internatl/cfirdissues1104.htm) by the staff of the Division of Corporation Finance of the Commission at Section III.B.c, in which the staff notes that:
“the instruction indicates that the staff will waive the 12-month requirement where it is not applicable in the registrant’s other filing jurisdictions and is impracticable or involves undue hardship. As a result, we expect that the vast majority of IPOs will be subject only to the 15-month rule. The only times that we anticipate audited financial statements will be filed under the 12-month rule are when the registrant must comply with the rule in another jurisdiction, or when those audited financial statements are otherwise readily available.”
In connection with this waiver request, the Company represents to the Commission that:
1. | None of the Company or the Target is currently a public reporting company in any jurisdiction. |
2. | Accordingly, the Company and the Target are not required by any jurisdiction outside the United States to prepare consolidated financial statements audited under any generally accepted auditing standards for any period. |
3. | Full compliance with Item 8.A.4 of Form 20-F at present is impracticable and involves undue hardship for the Company and Target. |
4. | The Target does not anticipate that its audited financial statements for the fiscal year ended June 30, 2022 will be available until the fourth quarter of 2022. |
5. | In no event will the Company seek effectiveness of the Registration Statement if the Target’s audited financial statements are older than 15 months. |
The Company will file this letter as an exhibit to the Registration Statement pursuant to Instruction 2 to Item 8.A.4 of Form 20-F.
Sincerely, LAVORO LIMITED | ||
By: | /s/ Daniel Fisberg | |
Name: Daniel Fisberg | ||
Title: Director |
Exhibit 107.1
CALCULATION OF FILING FEE TABLES
Form F-4
(Form Type)
LAVORO LIMITED
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered Securities
Security Type | Security Class Title | Fee Calculation Rule | Amount Registered(1) | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee | |||||||||||||||||||||
Fees to Be Paid | Equity | New Lavor Class A Ordinary Shares(2) | 457(f) | (1) | 135,045,373 | 9.92 | (3) | $ | 1,339,650,100.16 | $92.70 per $1,000,000.00 | (4) | $ | 124,185.57 | |||||||||||||||
Fees Previously Paid | Equity | New Lavoro Class A Ordinary Shares | — | — | — | — | — | — | ||||||||||||||||||||
Fees to Be Paid | Other | Warrants to purchase Ordinary Shares(5) | 457(g) | 10,083,606 | — | — | — | — | (6) | |||||||||||||||||||
Fees Previously Paid | Other | Warrants to purchase Ordinary Shares | — | — | — | — | — | — | ||||||||||||||||||||
Carry Forward Securities | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Offering Amounts | — | — | — | $ | 124,185.57 | |||||||||||||||||||||||
Total Fees Previously Paid | — | — | — | — | ||||||||||||||||||||||||
Total Fee Offsets | — | — | — | — | ||||||||||||||||||||||||
Net Fee Due | — | — | — | $ | 124,185.57 |
(1) | Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the “Securities Act”), there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends, or similar transactions. |
(2) | The number of Class A ordinary shares, par value US$0.001 per share, of New Lavoro (as defined in the accompanying proxy statement/prospectus) (the “New Lavoro Class A Ordinary Shares”) to be issued in respect of (i) 18,036,299 shares of Class A ordinary shares, par value US$0.0001 per share, underlying ordinary shares issued in TPB Acquisition Corporation I’s (“TPB SPAC”) initial public offering (“TPB SPAC Class A Ordinary Shares”) issued and outstanding immediately prior to the First Merger (as defined in the accompanying proxy statement/prospectus), which shall convert into an equal number of New Lavoro Class A Ordinary Shares in connection with the proposed transaction described in the accompanying proxy statement/prospectus, (ii) 4,509,074 shares of Class B ordinary shares, par value US$0.0001 per share, of TPB SPAC issued and outstanding immediately prior to the First Merger held by TPB Acquisition Sponsor I, LLC (the “Sponsor”) and the TPB SPAC initial shareholders, which shall convert into an equal number of New Lavoro Class A Ordinary Shares in connection with the proposed transaction described in the accompanying proxy statement/prospectus, and (iii) 112,500,000 New Lavoro Class A Ordinary Shares to be issued to the holders of ordinary shares, par value US$0.00005 per share, of Lavoro (as defined in the accompanying proxy statement/prospectus) estimated to be issued in connection with the consummation of the transactions contemplated by the Business Combination Agreement (as defined in the accompanying proxy statement/prospectus) in the Third Merger in accordance with the exchange ratio as set forth in the Business Combination Agreement. Although the number of shares issuable to the holders of ordinary shares of Lavoro is subject to adjustment as described in the accompanying proxy statement/prospectus depending upon (x) the number of shares held by public shareholders of TPB SPAC that are redeemed and the amount of SPAC Cash (as defined in the accompanying proxy statement/prospectus) and (y) the calculation of the Adjustment Factor (as defined in the accompanying proxy statement/prospectus), the number of New Lavoro Class A Ordinary Shares issuable to the holders of ordinary shares of Lavoro set forth in the table above assumes the maximum number of TPB SPAC Class A Ordinary Shares subject to redemption rights are redeemed and an Adjustment Factor equal to 100%, resulting in a mix of share and cash consideration to the holders of ordinary shares of Lavoro most heavily weighted towards share consideration. |
(3) | Estimated solely for the purpose of calculating the registration fee, based upon the average of the high and low prices of TPB SPAC Class A Ordinary Shares on the Nasdaq Capital Market on September 23, 2022 ($9.92 per TPB SPAC Class A Ordinary Share). |
(4) | Pursuant to Section 6(b) of the Securities Act, a rate equal to US$92.70 per US$1,000,000 of the proposed maximum aggregate offering price. |
(5) | The number of warrants to purchase New Lavoro Class A Ordinary Shares being registered represents (i) 6,012,099 warrants to purchase one TPB SPAC Class A Ordinary Share underlying the units issued in TPB SPAC’s initial public offering (the “IPO”) and (ii) 4,071,507 warrants to purchase one TPB SPAC Class A Ordinary Share issued to the Sponsor in a private placement simultaneously with the closing of the IPO. |
(6) | No fee pursuant to Rule 457(g) of the Securities Act. |
Table 2: Fee Offset Claims and Sources
Registrant or Filer Name | Form or Filing Type | File Number | Initial Filing Date | Filing Date | Fee Offset Claimed | Security Type Associated with Fee Offset Claimed | Security Title Associated with Fee Offset Claimed | Unsold Securities Associated with Fee Offset Claimed | Unsold Aggregate Offering Amount Associated with Fee Offset Claimed | Fee Paid with Fee Offset Source | ||||||||||||||||||||||||||||||||||
Rule 457(b) and 0-11(a)(2) | ||||||||||||||||||||||||||||||||||||||||||||
Fee Offset Claims | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Fee Offset Sources | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Rule 457(p) | ||||||||||||||||||||||||||||||||||||||||||||
Fee Offset Claims | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Fee Offset Sources | — | — | — | — | — |
Table 3: Combined Prospectuses
Security Type | Security Class Title | Amount of Securities Previously Registered | Maximum Aggregate Offering Price of Securities Previously Registered | Form Type | File Number | Initial Effective Date | |||||||||||||||||||
— | — | — | — | — | — | — |