|
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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Page
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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. Sollo Sul Insumos Agrícolas Ltda. Dissul Insumos Agrícolas Ltda. Casa Trevo Participações S.A. |
| | | |
LATAM Cluster
|
| |||
Agrointegral Andina S.A.S.
Agroquímicos para la Agricultura Colombiana S.A.S. Agricultura y Servicios S.A.S. Cenagral S.A.S. Grupo Cenagro 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)(9)
|
| ||||||||||||||||||
| | |
No Redemptions(2)
|
| |
Interim
Redemptions(3) |
| |
Maximum
Redemptions(4) |
| | |||||||||||
| | |
(Percentage of Outstanding Shares)
|
| | |||||||||||||||||
TPB SPAC Shareholders (other than the Sponsor and TPB SPAC Directors)(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | | | ||
Sponsor (including PIPE Investment)(5)(6)(7)
|
| | | | % | | | | | | % | | | | | | % | | | | ||
TPB SPAC’s Directors(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | | | ||
Investment Funds(5)(6)(8)
|
| | | | % | | | | | | % | | | | | | % | | | | ||
Other Lavoro Shareholders(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | | |
| | |
Assuming No
Redemptions of Public Shares |
| | | | | | | |
Assuming Interim
Redemptions of Public Shares |
| | | | | | | |
Assuming Maximum
Redemptions of Public Shares |
| | | | | | | |||||||||
| | |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| ||||||||||||||||||
Total Ordinary Shares outstanding at Closing(a)
|
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | | | | | % | | |
Ordinary Shares underlying public warrants
|
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | | | | | % | | |
Ordinary Shares underlying the private placement warrants
|
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | | | | | % | | |
Ordinary Shares initially reserved for issuance under the Lavoro Share Plan
|
| | | | | | | | | % | | | | | | | | | | | % | | | | | | | | | | | % | | |
| | |
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 | | | | | $ | 44,040,740 | | | | | $ | | | |
Kerry Cooper
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Share Ownership in New Lavoro(1)(9)
|
| |||||||||||||||
| | |
No
Redemptions(2) |
| |
Interim
Redemptions(3) |
| |
Maximum
Redemptions(4) |
| |||||||||
| | |
(Percentage of Outstanding Shares)
|
| |||||||||||||||
TPB SPAC Shareholders (other than the Sponsor and TPB SPAC Directors)(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | |
Sponsor (including PIPE Investment)(5)(6)(7)
|
| | | | % | | | | | | % | | | | | | % | | |
TPB SPAC’s Directors(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | |
Investment Funds(5)(6)(8)
|
| | | | % | | | | | | % | | | | | | % | | |
Other Lavoro Shareholders(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | |
| | |
Assuming No
Redemptions of Public Shares |
| | | | | | | |
Assuming
Interim Redemptions of Public Shares |
| | | | | | | |
Assuming
Maximum Redemptions of Public Shares |
| | | | | | |
| | |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| |||||||||
Total Ordinary Shares outstanding
at Closing(a) |
| | | | | | | % | | | | | | | | | % | | | | | | | | | % | | |
Ordinary Shares underlying public
warrants |
| | | | | | | % | | | | | | | | | % | | | | | | | | | % | | |
Ordinary Shares underlying the private placement warrants
|
| | | | | | | % | | | | | | | | | % | | | | | | | | | % | | |
Ordinary Shares initially reserved for issuance under the Lavoro Share Plan
|
| | | | | | | % | | | | | | | | | % | | | | | | | | | % | | |
| | |
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 | | | | | $ | 44,040,740 | | | | | $ | | | |
Kerry Cooper
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
As of June 30, 2022
|
| |||
| | |
(in US$ millions)
|
| |||
Sources(1) | | | | | | | |
Existing cash held in Trust Account(2)
|
| | | $ | 180.4 | | |
PIPE Investment(3)
|
| | | $ | 100.0 | | |
Total Sources
|
| | | $ | 280.4 | | |
Uses | | | | | | | |
Cash to balance sheet
|
| | | $ | 226.1 | | |
Secondary proceeds to Investment Funds(4)
|
| | | $ | 30.4 | | |
Transaction expenses(5)
|
| | | $ | 23.9 | | |
Total Uses
|
| | | $ | 280.4 | | |
| | |
No
Redemptions(1) |
| |
Maximum
Redemptions(2) |
| ||||||
IPO underwriting fees(3)
|
| | | US$ | 9,919,964 | | | | | US$ | 9,919,964 | | |
IPO proceeds net of redemptions(4)
|
| | | US$ | 180,362,990 | | | | | US$ | | | |
Underwriting fees as a % of IPO proceeds net of redemptions
|
| | | | 5.5% | | | | | | % | | |
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
US$(1)
|
| |
R$
|
| ||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Revenue
|
| | |
|
1,478.9
|
| | | |
|
7,746.5
|
| | | |
|
5,098.5
|
| | | |
|
2,706.3
|
| |
Cost of goods sold
|
| | | | (1,225.8) | | | | | | (6,421.0) | | | | | | (4,362.7) | | | | | | (2,384.1) | | |
Gross profit
|
| | |
|
253.1
|
| | | |
|
1,325.5
|
| | | |
|
735.9
|
| | | |
|
322.2
|
| |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (195.2) | | | | | | (1,022.4) | | | | | | (619.5) | | | | | | (394.7) | | |
Other operating income, net
|
| | | | 10.8 | | | | | | 56.8 | | | | | | 15.6 | | | | | | 10.8 | | |
Operating profit (loss)
|
| | |
|
68.7
|
| | | |
|
359.9
|
| | | |
|
132.0
|
| | | |
|
(61.7)
|
| |
Finance income
|
| | | | 81.5 | | | | | | 426.9 | | | | | | 227.1 | | | | | | 55.5 | | |
Finance costs
|
| | | | (123.4) | | | | | | (646.4) | | | | | | (312.9) | | | | | | (168.7) | | |
Profit (loss) before income taxes
|
| | |
|
26.8
|
| | | |
|
140.4
|
| | | |
|
46.2
|
| | | |
|
(174.9)
|
| |
Income taxes: | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (21.3) | | | | | | (111.4) | | | | | | (61.7) | | | | | | (23.5) | | |
Deferred
|
| | | | 15.0 | | | | | | 78.7 | | | | | | 37.0 | | | | | | 76.9 | | |
Profit (loss) for the year(2)
|
| | | | 20.6 | | | | | | 107.8 | | | | | | 21.5 | | | | | | (121.5) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 14.9 | | | | | | 78.2 | | | | | | 38.4 | | | | | | (108.7) | | |
Non-controlling interests
|
| | | | 5.7 | | | | | | 29.6 | | | | | | (16.9) | | | | | | (12.8) | | |
| | |
As of June 30,
|
| | |||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| | ||||||||||||||
| | |
US$(1)
|
| |
R$
|
| | ||||||||||||||||||||
| | |
(in millions)
|
| ||||||||||||||||||||||||
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Cash equivalents
|
| | | | 48.6 | | | | | | 254.4 | | | | | | 459.5 | | | | | | 158.5 | | | | ||
Trade receivables
|
| | | | 342.6 | | | | | | 1,794.6 | | | | | | 1,467.2 | | | | | | 1,080.4 | | | | ||
Inventories
|
| | | | 333.9 | | | | | | 1,749.0 | | | | | | 849.1 | | | | | | 431.5 | | | | ||
Taxes recoverable
|
| | | | 17.9 | | | | | | 93.7 | | | | | | 88.4 | | | | | | 35.5 | | | | ||
Derivative financial instruments
|
| | | | 1.5 | | | | | | 7.8 | | | | | | — | | | | | | 4.5 | | | | ||
Commodity forward contracts
|
| | | | 6.3 | | | | | | 32.8 | | | | | | 127.7 | | | | | | 100.5 | | | | ||
Advances to suppliers
|
| | | | 73.2 | | | | | | 383.3 | | | | | | 442.4 | | | | | | 252.5 | | | | ||
Other assets
|
| | | | 11.5 | | | | | | 60.2 | | | | | | 31.8 | | | | | | 36.3 | | | | ||
Total current assets
|
| | |
|
835.4
|
| | | |
|
4,375.7
|
| | | |
|
3,466.1
|
| | | |
|
2,099.7
|
| | | ||
Non-current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Financial investments
|
| | | | 0.2 | | | | | | 1.3 | | | | | | — | | | | | | — | | | | ||
Trade receivables
|
| | | | 7.6 | | | | | | 39.8 | | | | | | — | | | | | | 5.1 | | | | ||
Other assets
|
| | | | 0.5 | | | | | | 2.8 | | | | | | 1.8 | | | | | | 0.4 | | | | ||
Right of use assets
|
| | | | 26.8 | | | | | | 140.2 | | | | | | 64.3 | | | | | | 34.7 | | | | ||
Judicial deposits
|
| | | | 0.7 | | | | | | 3.9 | | | | | | 4.6 | | | | | | 3.5 | | | | ||
Tax recoverable
|
| | | | 9.7 | | | | | | 50.9 | | | | | | — | | | | | | — | | | | ||
Deferred tax assets
|
| | | | 38.4 | | | | | | 201.0 | | | | | | 114.7 | | | | | | 77.7 | | | | ||
Property, plant and equipment
|
| | | | 27.9 | | | | | | 146.2 | | | | | | 93.3 | | | | | | 58.9 | | | | ||
Intangible assets
|
| | | | 138.3 | | | | | | 724.3 | | | | | | 656.8 | | | | | | 382.5 | | | | ||
Total non-current assets
|
| | |
|
250.1
|
| | | |
|
1,310.1
|
| | | |
|
935.5
|
| | | |
|
562.8
|
| | | ||
Total assets
|
| | |
|
1,085.5
|
| | | |
|
5,685.8
|
| | | |
|
4,401.6
|
| | | |
|
2,662.5
|
| | | ||
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Trade payables
|
| | | | 439.4 | | | | | | 2,301.7 | | | | | | 1,563.7 | | | | | | 1,016.3 | | | | ||
Leases liabilities
|
| | | | 13.2 | | | | | | 69.2 | | | | | | 34.5 | | | | | | 8.8 | | | | ||
Borrowings
|
| | | | 130.0 | | | | | | 681.2 | | | | | | 221.8 | | | | | | 160.3 | | | | ||
Payables for the acquisition of subsidiaries
|
| | | | 21.3 | | | | | | 111.7 | | | | | | 215.2 | | | | | | 126.8 | | | | ||
Derivative financial instruments
|
| | | | 1.4 | | | | | | 7.1 | | | | | | 5.1 | | | | | | 14.8 | | | | ||
Commodity forward contracts
|
| | | | 5.2 | | | | | | 27.0 | | | | | | 128.2 | | | | | | 107.4 | | | | ||
Salaries and social charges
|
| | | | 35.8 | | | | | | 187.3 | | | | | | 88.4 | | | | | | 40.4 | | | | ||
Taxes payable
|
| | | | 6.5 | | | | | | 34.2 | | | | | | 32.8 | | | | | | 26.3 | | | | ||
Dividends payable
|
| | | | 0.1 | | | | | | 0.4 | | | | | | 6.9 | | | | | | 6.9 | | | | ||
Advances from customers
|
| | | | 61.2 | | | | | | 320.6 | | | | | | 509.4 | | | | | | 218.7 | | | | ||
Other liabilities
|
| | | | 18.3 | | | | | | 95.9 | | | | | | 62.1 | | | | | | 37.1 | | | |
| | |
As of June 30,
|
| | |||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| | ||||||||||||||
| | |
US$(1)
|
| |
R$
|
| | ||||||||||||||||||||
| | |
(in millions)
|
| ||||||||||||||||||||||||
Total current liabilities
|
| | |
|
732.4
|
| | | |
|
3,836.4
|
| | | |
|
2,868.1
|
| | | |
|
1,763.8
|
| | | ||
Non-current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Leases liabilities
|
| | | | 16.4 | | | | | | 86.0 | | | | | | 40.6 | | | | | | 32.8 | | | | ||
Borrowings
|
| | | | 5.6 | | | | | | 29.3 | | | | | | 20.6 | | | | | | 8.3 | | | | ||
Payables for the acquisition of subsidiaries
|
| | | | 10.1 | | | | | | 52.7 | | | | | | — | | | | | | — | | | | ||
Provision for contingencies
|
| | | | 0.6 | | | | | | 3.0 | | | | | | 3.6 | | | | | | 0.0 | | | | ||
Other liabilities
|
| | | | 0.2 | | | | | | 1.1 | | | | | | 0.5 | | | | | | 1.0 | | | | ||
Deferred tax liabilities
|
| | | | 1.4 | | | | | | 7.5 | | | | | | — | | | | | | — | | | | ||
Total non-current liabilities
|
| | |
|
34.3
|
| | | |
|
179.7
|
| | | |
|
65.3
|
| | | |
|
42.1
|
| | | ||
Net investment: | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Net investment from the parent
|
| | | | 277.1 | | | | | | 1,451.6 | | | | | | 1,345.1 | | | | | | 787.7 | | | | ||
Non-controlling interests
|
| | | | 41.6 | | | | | | 218.1 | | | | | | 123.1 | | | | | | 68.9 | | | | ||
Total net investment
|
| | |
|
318.8
|
| | | |
|
1,669.7
|
| | | |
|
1,468.2
|
| | | |
|
856.6
|
| | | ||
Total liabilities and net investment
|
| | |
|
1,085.5
|
| | | |
|
5,685.8
|
| | | |
|
4,401.6
|
| | | |
|
2,662.5
|
| | | ||
|
| | |
For the Fiscal Year Ended June 30, 2022
|
| | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | |
Pre-Acquisition Period(1)
|
| | | | | | | | ||||||||||||||||||||||||||||||||||||||
| | |
Lavoro
Group Historical |
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral
|
| |
Union Agro
|
| |
AgroZap
|
| |
Nova
Geração |
| |
Pro
Forma Adjustments(1) |
| |
Lavoro
Group Pro Forma |
| |||||||||||||||||||||||||||
| | |
(in R$ millions, except as otherwise indicated)
|
| | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pro forma profit for the year
|
| | | | 107.8 | | | | | | 0.9 | | | | | | 0.6 | | | | | | 1.2 | | | | | | 17.1 | | | | | | 18.1 | | | | | | 6.8 | | | | | | (1.2) | | | | | | 151.3 | | |
(+) Pro forma depreciation and amortization
|
| | | | 118.5 | | | | | | — | | | | | | 0.3 | | | | | | 0.1 | | | | | | 0.4 | | | | | | 0.4 | | | | | | 0.3 | | | | | | 1.7 | | | | | | 121.7 | | |
(+) Fair value on
inventories sold from acquired companies |
| | | | 27.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27.0 | | |
(+) Pro forma income taxes current and deferred
|
| | | | 32.7 | | | | | | — | | | | | | 0.3 | | | | | | 0.3 | | | | | | 2.7 | | | | | | — | | | | | | — | | | | | | (0.5) | | | | | | 35.3 | | |
(+) Pro forma finance income (costs), net
|
| | | | 219.4 | | | | | | (0.1) | | | | | | (0.1) | | | | | | 0.0 | | | | | | 0.2 | | | | | | 3.5 | | | | | | 0.4 | | | | | | — | | | | | | 223.5 | | |
(+) M&A expenses(2)
|
| | | | 15.8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15.8 | | |
(-) Gain on bargain purchases
|
| | | | (18.3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18.3) | | |
Pro Forma Adjusted EBITDA
|
| | |
|
502.9
|
| | | |
|
0.8
|
| | | |
|
1.3
|
| | | |
|
1.5
|
| | | |
|
20.4
|
| | | |
|
22.0
|
| | | |
|
7.4
|
| | | |
|
—
|
| | | |
|
556.3
|
| |
(/) Pro forma revenue
|
| | | | 7,746.5 | | | | | | 18.0 | | | | | | 27.9 | | | | | | 5.3 | | | | | | 95.8 | | | | | | 201.1 | | | | | | 68.6 | | | | | | — | | | | | | 8,163.2 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 6.5% | | | | | | 4.3% | | | | | | 4.5% | | | | | | 28.6% | | | | | | 21.3% | | | | | | 10.9% | | | | | | 10.8% | | | | | | N/A | | | | | | 6.8% | | |
| | |
As of and For the Fiscal Year
Ended June 30, 2022 |
| |||||||||
| | |
(US$)(1)
|
| |
(R$)
|
| ||||||
| | |
(in millions, except as
otherwise indicated) |
| |||||||||
Borrowings (current and non-current)
|
| | | | 135.7 | | | | | | 710.6 | | |
Leases liabilities (current and non-current)
|
| | | | 29.6 | | | | | | 155.3 | | |
Payables for the acquisition of subsidiaries (current and non-current)
|
| | | | 31.4 | | | | | | 164.4 | | |
(-) Cash equivalents
|
| | | | (48.6) | | | | | | (254.4) | | |
Net Debt
|
| | | | 148.1 | | | | | | 775.9 | | |
Pro Forma Adjusted EBITDA
|
| | | | 106.2 | | | | | | 556.3 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio
|
| | | | N/A | | | | | | 1.4x | | |
| | |
For the
Nine Months Ended September 30, 2022 |
| |
For the period
from February 8, 2021 (inception) through December 31, 2021 |
| ||||||
Statement of Operations Data | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 4,412,425 | | | | | | 552,124 | | |
General and administrative expenses – related party
|
| | | | 90,000 | | | | | | 46,774 | | |
Loss from operations
|
| | | | (4,502,425) | | | | | | (598,898) | | |
Other income (expense) | | | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | 1,123,107 | | | | | | 8,508,405 | | |
Income from investments in Trust Account
|
| | | | 989,967 | | | | | | 5,221 | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | (653,860) | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | (577,447) | | |
Total other income, net
|
| | | | 2,113,074 | | | | | | 7,282,319 | | |
Net income (loss)
|
| | | | (2,389,351) | | | | | | 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 (loss) per share, Class A ordinary shares
|
| | | | (0.11) | | | | | | 0.55 | | |
Diluted net income (loss) per share, Class A ordinary shares
|
| | | | (0.11) | | | | | | 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 (loss) per share, Class B ordinary shares
|
| | | | (0.11) | | | | | | 0.55 | | |
Diluted net income (loss) per share, Class B ordinary shares
|
| | | | (0.11) | | | | | | 0.54 | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Total current assets
|
| | | | 1,210,509 | | | | | | 1,075,488 | | |
Total assets
|
| | | | 182,568,687 | | | | | | 181,443,699 | | |
Total current liabilities
|
| | | | 4,761,627 | | | | | | 124,181 | | |
Total liabilities
|
| | | | 17,360,009 | | | | | | 13,845,670 | | |
Class A ordinary shares subject to possible redemption
|
| | | | 180,362,990 | | | | | | 180,362,990 | | |
Total shareholders’ deficit
|
| | | | (16,049,500) | | | | | | (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 | | | | | $ | 44,040,740 | | | | | $ | | | |
Kerry Cooper
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
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 | | | | | $ | 44,040,740 | | | | | $ | | | |
Kerry Cooper
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
No Redemptions(1)
|
| |
Maximum
Redemptions(2) |
| ||||||
IPO underwriting fees(3)
|
| | | US$ | 9,919,964 | | | | | US$ | 9,919,964 | | |
IPO proceeds net of redemptions(4)
|
| | | US$ | 180,362,990 | | | | | US$ | | | |
Underwriting fees as a % of IPO proceeds net of redemptions
|
| | | | 5.5% | | | | | | % | | |
| | |
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% | | |
Company
|
| |
Market Cap
|
| |
Enterprise
Value |
| |
Enterprise
Value / 2022E EBITDA |
| |
Enterprise
Value / 2023E EBITDA |
| ||||||||||||
Lavoro Agro Limited(1)
|
| | | $ | 1,244 | | | | | $ | 1,220 | | | | | | 7.1x | | | | | | 4.4x | | |
Nutrien
|
| | | $ | 55,674 | | | | | $ | 66,625 | | | | | | 5.4x | | | | | | 7.4x | | |
Nutrien agricultural retail (implied)(2)
|
| | | | | | | | | | | | | | |
|
8.7x
|
| | | |
|
9.1x
|
| |
Três Tentos Agroindustrial S.A.
|
| | | $ | 1,064 | | | | | $ | 1,163 | | | | | | 7.7x | | | | | | 6.5x | | |
Vittia Fertilizantes e Biológicos S.A.
|
| | | $ | 296 | | | | | $ | 338 | | | | | | 7.3x | | | | | | 5.2x | | |
AgroGalaxy Participações S.A.
|
| | | $ | 255 | | | | | $ | 543 | | | | | | 3.9x | | | | | | 4.3x | | |
Brazilian Agriculture Peer Average
|
| | | | | | | | | | | | | | | | 6.3x | | | | | | 5.3x | | |
Bunge
|
| | | $ | 5,542 | | | | | $ | 22,860 | | | | | | 7.5x | | | | | | 7.7x | | |
Archer-Daniels-Midland
|
| | | $ | 50,204 | | | | | $ | 62,035 | | | | | | 10.0x | | | | | | 11.5x | | |
Agricultural Processor Average
|
| | | | | | | | | | | | | | | | 8.7x | | | | | | 9.6x | | |
Yara International ASA
|
| | | $ | 10,907 | | | | | $ | 14,432 | | | | | | 3.2x | | | | | | 4.1x | | |
CF Industries
|
| | | $ | 23,583 | | | | | $ | 27,336 | | | | | | 4.5x | | | | | | 6.0x | | |
The Mosaic Company
|
| | | $ | 21,327 | | | | | $ | 24,780 | | | | | | 3.5x | | | | | | 4.3x | | |
Fertilizer Average
|
| | | | | | | | | | | | | | | | 3.7x | | | | | | 4.8x | | |
FMC Corporation
|
| | | $ | 14,349 | | | | | $ | 17,801 | | | | | | 12.7x | | | | | | 11.6x | | |
Bayer
|
| | | $ | 52,730 | | | | | $ | 89,337 | | | | | | 6.8x | | | | | | 6.7x | | |
Corteva
|
| | | $ | 44,783 | | | | | $ | 44,363 | | | | | | 14.6x | | | | | | 13.1x | | |
Agricultural Inputs Supplier Average
|
| | | | | | | | | | | | | | | | 11.3x | | | | | | 10.4x | | |
| | |
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 | | | | | $ | 44,040,740 | | | | | $ | | | |
Kerry Cooper
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
Neil Renninger
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
April Underwood
|
| | | | 35,000 | | | | | $ | 350,000 | | | | | | | | |
David Friedberg
|
| | | | — | | | | | | — | | | | | | — | | |
Bharat Vasan
|
| | | | — | | | | | | — | | | | | | — | | |
William Hauser
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Share Ownership in New Lavoro(1)(9)
|
| |||||||||||||||
| | |
No
Redemptions(2)(3) |
| |
Interim
Redemptions(3)(4) |
| |
Maximum
Redemptions(4) |
| |||||||||
| | |
(Percentage of Outstanding Shares)
|
| |||||||||||||||
TPB SPAC Shareholders (other than the Sponsor and TPB SPAC Directors)(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | |
Sponsor (including PIPE Investment)(5)(6)(7)
|
| | | | % | | | | | | % | | | | | | % | | |
TPB SPAC’s Directors(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | |
Investment Funds(5)(6)(8)
|
| | | | % | | | | | | % | | | | | | % | | |
Other Lavoro Shareholders(5)(6)
|
| | | | % | | | | | | % | | | | | | % | | |
| | |
Assuming No
Redemptions of Public Shares |
| | | | | | | |
Assuming Interim
Redemptions of Public Shares |
| | | | | | | |
Assuming Maximum
Redemptions of Public Shares |
| | ||||||||||||||
| | |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| |
Shares
|
| |
Percentage
|
| ||||||||||||||||||
Total Ordinary Shares
outstanding at Closing(a) |
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | | | | | % | | |
Ordinary Shares underlying public warrants
|
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | | | | | % | | |
Ordinary Shares underlying the private placement warrants
|
| | | | | | | | | | % | | | | | | | | | | | | % | | | | | | | | | | | | % | | |
Ordinary Shares
initially reserved for issuance under the Lavoro Share Plan |
| | | | | | | | | % | | | | | | | | | | | % | | | | | | | | | | | % | | |
|
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). Sponsor has no further designation rights following the initial board composition. 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 | |
| | |
Lavoro
Group Historical |
| |
TPB SPAC
(Historical) (After IFRS conversion)(1) |
| |
Scenario 1 — Assuming no redemptions
|
| |
Scenario 2 — Assuming maximum redemptions
|
| ||||||||||||||||||||||||||||||
| | |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 254,413 | | | | | | 5,890 | | | | | | 1,304,262 | | | |
B
|
| | | | 1,452,151 | | | | | | 1,062,731 | | | |
B
|
| | | | 1,210,620 | | |
| | | | | | | | | | | | | | | | | (112,414) | | | |
D
|
| | | | | | | | | | (112,414) | | | |
D
|
| | | | | | |
Trade receivables
|
| | | | 1,794,602 | | | | | | — | | | | | | — | | | | | | | | | 1,794,602 | | | | | | — | | | | | | | | | 1,794,602 | | |
Inventories
|
| | | | 1,749,041 | | | | | | — | | | | | | — | | | | | | | | | 1,749,041 | | | | | | — | | | | | | | | | 1,749,041 | | |
Taxes recoverable
|
| | | | 93,725 | | | | | | — | | | | | | — | | | | | | | | | 93,725 | | | | | | — | | | | | | | | | 93,725 | | |
Derivative financial instruments
|
| | | | 7,677 | | | | | | — | | | | | | — | | | | | | | | | 7,677 | | | | | | — | | | | | | | | | 7,677 | | |
Commodity forward contracts
|
| | | | 32,800 | | | | | | — | | | | | | — | | | | | | | | | 32,800 | | | | | | — | | | | | | | | | 32,800 | | |
Advances to suppliers
|
| | | | 383,257 | | | | | | — | | | | | | — | | | | | | | | | 383,257 | | | | | | — | | | | | | | | | 383,257 | | |
Prepaid expenses
|
| | | | — | | | | | | 2,269 | | | | | | (2,108) | | | |
D
|
| | | | 161 | | | | | | (2,108) | | | |
D
|
| | | | 161 | | |
Other assets
|
| | | | 60,165 | | | | | | — | | | | | | (7,477) | | | |
D
|
| | | | 52,688 | | | | | | (7,477) | | | |
D
|
| | | | 52,688 | | |
Total current assets
|
| | | | 4,375,680 | | | | | | 8,159 | | | | | | 1,182,263 | | | | | | | | | 5,566,102 | | | | | | 940,732 | | | | | | | | | 5,324,571 | | |
Financial investments
|
| | | | 1,344 | | | | | | — | | | | | | — | | | | | | | | | 1,344 | | | | | | — | | | | | | | | | 1,344 | | |
Trade receivables
|
| | | | 39,751 | | | | | | — | | | | | | — | | | | | | | | | 39,751 | | | | | | — | | | | | | | | | 39,751 | | |
Other assets
|
| | | | 2,473 | | | | | | — | | | | | | — | | | | | | | | | 2,473 | | | | | | — | | | | | | | | | 2,473 | | |
Right of use assets
|
| | | | 140,179 | | | | | | — | | | | | | — | | | | | | | | | 140,179 | | | | | | — | | | | | | | | | 140,179 | | |
Judicial deposits
|
| | | | 3,887 | | | | | | — | | | | | | — | | | | | | | | | 3,887 | | | | | | — | | | | | | | | | 3,887 | | |
Tax recoverable
|
| | | | 50,937 | | | | | | — | | | | | | — | | | | | | | | | 50,937 | | | | | | — | | | | | | | | | 50,937 | | |
Deferred tax assets
|
| | | | 200,986 | | | | | | — | | | | | | — | | | | | | | | | 200,986 | | | | | | — | | | | | | | | | 200,986 | | |
Property, plant and equipment
|
| | | | 146,205 | | | | | | — | | | | | | — | | | | | | | | | 146,205 | | | | | | — | | | | | | | | | 146,205 | | |
Intangible assets
|
| | | | 724,321 | | | | | | — | | | | | | — | | | | | | | | | 724,321 | | | | | | — | | | | | | | | | 724,321 | | |
Investments held in Trust Account
|
| | | | — | | | | | | 945,220 | | | | | | 523,800 | | | |
A
|
| | | | — | | | | | | 523,800 | | | |
A
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (1,469,020) | | | |
B
|
| | | | | | | | | | (1,469,020) | | | |
B
|
| | | | | | |
Total non-current assets
|
| | | | 1,310,083 | | | | | | 945,220 | | | | | | (945,220) | | | | | | | | | 1,310,083 | | | | | | (945,220) | | | | | | | | | 1,310,083 | | |
Total assets
|
| | | | 5,685,763 | | | | | | 953,379 | | | | | | 237,043 | | | | | | | | | 6,876,185 | | | | | | (4,488) | | | | | | | | | 6,634,654 | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 2,301,700 | | | | | | 5,318 | | | | | | (5,318) | | | |
D
|
| | | | 2,301,700 | | | | | | (5,318) | | | |
D
|
| | | | 2,301,700 | | |
Lease liabilities
|
| | | | 69,226 | | | | | | — | | | | | | — | | | | | | | | | 69,226 | | | | | | — | | | | | | | | | 69,226 | | |
Borrowings
|
| | | | 681,217 | | | | | | — | | | | | | — | | | | | | | | | 681,217 | | | | | | — | | | | | | | | | 681,217 | | |
Payables for the acquisition of
subsidiaries |
| | | | 111,684 | | | | | | — | | | | | | — | | | | | | | | | 111,684 | | | | | | — | | | | | | | | | 111,684 | | |
Derivative financial instruments
|
| | | | 7,121 | | | | | | — | | | | | | — | | | | | | | | | 7,121 | | | | | | — | | | | | | | | | 7,121 | | |
Commodity forward contracts
|
| | | | 27,038 | | | | | | — | | | | | | — | | | | | | | | | 27,038 | | | | | | — | | | | | | | | | 27,038 | | |
Salaries and social charges
|
| | | | 187,285 | | | | | | — | | | | | | — | | | | | | | | | 187,285 | | | | | | — | | | | | | | | | 187,285 | | |
Taxes payable
|
| | | | 34,216 | | | | | | — | | | | | | — | | | | | | | | | 34,216 | | | | | | — | | | | | | | | | 34,216 | | |
Dividends payable
|
| | | | 411 | | | | | | — | | | | | | — | | | | | | | | | 411 | | | | | | — | | | | | | | | | 411 | | |
Advances from customers
|
| | | | 320,560 | | | | | | — | | | | | | — | | | | | | | | | 320,560 | | | | | | — | | | | | | | | | 320,560 | | |
Accrued expenses
|
| | | | — | | | | | | 4,911 | | | | | | (4,911) | | | |
D
|
| | | | — | | | | | | (4,911) | | | |
D
|
| | | | — | | |
Note Payable – Related Party
|
| | | | — | | | | | | 5,238 | | | | | | (5,238) | | | |
B
|
| | | | — | | | | | | (5,238) | | | |
B
|
| | | | — | | |
Other liabilities
|
| | | | 95,893 | | | | | | — | | | | | | — | | | | | | | | | 95,893 | | | | | | — | | | | | | | | | 95,893 | | |
Total current liabilities
|
| | | | 3,836,351 | | | | | | 15,467 | | | | | | (15,467) | | | | | | | | | 3,836,351 | | | | | | (15,467) | | | | | | | | | 3,836,351 | | |
Leases liabilities
|
| | | | 86,027 | | | | | | — | | | | | | — | | | | | | | | | 86,027 | | | | | | — | | | | | | | | | 86,027 | | |
| | |
Lavoro
Group Historical |
| |
TPB SPAC
(Historical) (After IFRS conversion)(1) |
| |
Scenario 1 — Assuming no redemptions
|
| |
Scenario 2 — Assuming maximum
redemptions |
| ||||||||||||||||||||||||||||||
| | |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||||||||||||||
Borrowings
|
| | | | 29,335 | | | | | | — | | | | | | — | | | | | | | | | 29,335 | | | | | | — | | | | | | | | | 29,335 | | |
Payables for the acquisition of
subsidiaries |
| | | | 52,747 | | | | | | — | | | | | | — | | | | | | | | | 52,747 | | | | | | — | | | | | | | | | 52,747 | | |
Provision for contingencies
|
| | | | 2,966 | | | | | | — | | | | | | — | | | | | | | | | 2,966 | | | | | | — | | | | | | | | | 2,966 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | — | | | | | | 33,066 | | | | | | (33,066) | | | |
D
|
| | | | — | | | | | | (33,066) | | | |
D
|
| | | | — | | |
Derivative warrant liabilities
|
| | | | — | | | | | | 10,588 | | | | | | — | | | | | | | | | 10,588 | | | | | | — | | | | | | | | | 10,588 | | |
Other liabilities
|
| | | | 1,119 | | | | | | — | | | | | | — | | | | | | | | | 1,119 | | | | | | — | | | | | | | | | 1,119 | | |
Deferred tax liabilities
|
| | | | 7,491 | | | | | | — | | | | | | — | | | | | | | | | 7,491 | | | | | | — | | | | | | | | | 7,491 | | |
Class A ordinary shares
$10.00 per share redemption value |
| | | | — | | | | | | 944,741 | | | | | | 523,800 | | | |
A
|
| | | | — | | | | | | 523,800 | | | |
A
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (1,468,541) | | | |
C
|
| | | | | | | | | | (401,051) | | | |
B
|
| | | | | | |
| | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | | (1,067,490) | | | |
C
|
| | | | | | |
Total non-current liabilities
|
| | | | 179,685 | | | | | | 988,395 | | | | | | (977,807) | | | | | | | | | 190,273 | | | | | | (977,807) | | | | | | | | | 190,273 | | |
Total liabilities
|
| | | | 4,016,036 | | | | | | 1,003,862 | | | | | | (993,274) | | | | | | | | | 4,026,624 | | | | | | (993,274) | | | | | | | | | 4,026,624 | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment from the Parent
|
| | | | 1,451,647 | | | | | | — | | | | | | (485) | | | |
E (ii)
|
| | | | — | | | | | | (501) | | | |
E (ii)
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (1,451,162) | | | |
E (ii)
|
| | | | | | | | | | (1,451,146) | | | |
E (ii)
|
| | | | | | |
Class B ordinary shares
|
| | | | — | | | | | | 2 | | | | | | 15 | | | |
C
|
| | | | — | | | | | | 11 | | | |
C
|
| | | | — | | |
| | | | | | | | | | | | | | | | | (17) | | | |
E (i)
|
| | | | | | | | | | (13) | | | |
E (i)
|
| | | | | | |
Share capital (Lavoro Limited)
|
| | | | — | | | | | | — | | | | | | 155 | | | |
E (i)
|
| | | | 640 | | | | | | 131 | | | |
E (i)
|
| | | | 632 | | |
| | | | | | | | | | | | | | | | | 485 | | | |
E (ii)
|
| | | | | | | | | | 501 | | | |
E(ii)
|
| | | | | | |
Additional paid-in capital (“APIC”)
|
| | | | — | | | | | | — | | | | | | (159,520) | | | |
B
|
| | | | 2,924,952 | | | | | | 1,067,958 | | | |
C
|
| | | | 2,683,632 | | |
| | | | | | | | | | | | | | | | | 1,469,005 | | | |
C
|
| | | | | | | | | | (78,704) | | | |
D
|
| | | | | | |
| | | | | | | | | | | | | | | | | (78,704) | | | |
D
|
| | | | | | | | | | (50,964) | | | |
E (i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (50,964) | | | |
E (i)
|
| | | | | | | | | | (118) | | | |
E (i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (138) | | | |
E (i)
|
| | | | | | | | | | 1,474,258 | | | |
E (ii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 1,474,274 | | | |
E (ii)
|
| | | | | | | | | | 271,202 | | | |
E (iii)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 270,999 | | | |
E (iii)
|
| | | | | | | | | | | | | | | | | | | | | |
Retained earnings (deficit)
|
| | | | — | | | | | | (50,485) | | | | | | (479) | | | |
C
|
| | | | (270,999) | | | | | | (479) | | | |
C
|
| | | | (271,202) | | |
| | | | | | | | | | | | | | | | | 50,964 | | | |
E (i)
|
| | | | | | | | | | 50,964 | | | |
E (i)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (270,999) | | | |
E (iii)
|
| | | | | | | | | | (271,202) | | | |
E (iii)
|
| | | | | | |
Accumulated other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (23,112) | | | |
E (ii)
|
| | | | (23,112) | | | | | | (23,112) | | | |
E (ii)
|
| | | | (23,112) | | |
Equity attributable to owners of the
company |
| | | | 1,451,647 | | | | | | (50,483) | | | | | | 1,230,317 | | | | | | | | | 2,631,481 | | | | | | 988,786 | | | | | | | | | 2,389,950 | | |
Non-controlling interest
|
| | | | 218,080 | | | | | | — | | | | | | — | | | | | | | | | 218,080 | | | | | | — | | | | | | | | | 218,080 | | |
Total net investment
|
| | | | 1,669,727 | | | | | | (50,483) | | | | | | 1,230,317 | | | | | | | | | 2,849,561 | | | | | | 988,786 | | | | | | | | | 2,608,030 | | |
Total Liabilities and Shareholders’ Deficit
|
| | | | 5,685,763 | | | | | | 953,379 | | | | | | 237,043 | | | | | | | | | 6,876,185 | | | | | | (4,488) | | | | | | | | | 6,634,654 | | |
|
| | |
Pro forma
Lavoro Group(1) |
| |
TPB SPAC
Historical(2) |
| |
Scenario 1 — Assuming no redemptions
|
| |
Scenario 2 — Assuming maximum redemptions
|
| ||||||||||||||||||||||||||||||
| | |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| |
Transaction
Accounting Adjustments |
| |
Footnote
reference |
| |
Pro Forma
Combined |
| ||||||||||||||||||||||||
Revenue
|
| | | | 8,163,196 | | | | | | — | | | | | | — | | | | | | | | | 8,163,196 | | | | | | — | | | | | | | | | 8,163,196 | | |
Cost of goods sold
|
| | | | (6,745,048) | | | | | | — | | | | | | — | | | | | | | | | (6,745,048) | | | | | | — | | | | | | | | | (6,745,048) | | |
Gross profit
|
| | | | 1,418,148 | | | | | | — | | | | | | — | | | | | | | | | 1,418,148 | | | | | | — | | | | | | | | | 1,418,148 | | |
Sales, general and administrative expenses
|
| | | | (1,069,207) | | | | | | (15,107) | | | | | | 12,965 | | | |
DD
|
| | | | (1,071,349) | | | | | | 12,965 | | | |
DD
|
| | | | (1,071,349) | | |
Other operating income (loss), net
|
| | | | 61,092 | | | | | | — | | | | | | (270,999) | | | |
CC
|
| | | | (209,907) | | | | | | (271,202) | | | |
CC
|
| | | | (210,110) | | |
Operating profit (loss)
|
| | | | 410,033 | | | | | | (15,107) | | | | | | (258,034) | | | | | | | | | 136,892 | | | | | | (258,237) | | | | | | | | | 136,689 | | |
Finance income
|
| | | | 427,492 | | | | | | — | | | | | | — | | | | | | | | | 427,492 | | | | | | — | | | | | | | | | 427,492 | | |
Finance costs
|
| | | | (650,985) | | | | | | — | | | | | | — | | | | | | | | | (650,985) | | | | | | — | | | | | | | | | (650,985) | | |
Change in fair value of derivative warrant liabilities
|
| | | | — | | | | | | 72,869 | | | | | | — | | | | | | | | | 72,869 | | | | | | — | | | | | | | | | 72,869 | | |
Income from investments in Trust
Account |
| | | | — | | | | | | 479 | | | | | | (479) | | | |
AA
|
| | | | — | | | | | | (479) | | | |
AA
|
| | | | — | | |
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | (3,429) | | | | | | — | | | | | | | | | (3,429) | | | | | | — | | | | | | | | | (3,429) | | |
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | (3,028) | | | | | | — | | | | | | | | | (3,028) | | | | | | — | | | | | | | | | (3,028) | | |
Profit (loss) before income taxes
|
| | | | 186,540 | | | | | | 51,784 | | | | | | (258,513) | | | | | | | | | (20,189) | | | | | | (258,716) | | | | | | | | | (20,392) | | |
Income taxes | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (114,646) | | | | | | — | | | | | | — | | | | | | | | | (114,646) | | | | | | — | | | | | | | | | (114,646) | | |
Deferred
|
| | | | 79,341 | | | | | | — | | | | | | — | | | | | | | | | 79,341 | | | | | | — | | | | | | | | | 79,341 | | |
Profit (loss) for the period
|
| | | | 151,235 | | | | | | 51,784 | | | | | | (258,513) | | | | | | | | | (55,494) | | | | | | (258,716) | | | | | | | | | (55,697) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent/controlling interest
|
| | | | 112,274 | | | | | | 51,784 | | | | | | (258,513) | | | | | | | | | (94,455) | | | | | | (258,716) | | | | | | | | | (94,658) | | |
Non-controlling interests
|
| | | | 38,961 | | | | | | — | | | | | | — | | | | | | | | | 38,961 | | | | | | — | | | | | | | | | 38,961 | | |
Total comprehensive income (loss) for the period
|
| | | | 151,235 | | | | | | 51,784 | | | | | | (258,513) | | | | | | | | | (55,494) | | | | | | (258,716) | | | | | | | | | (55,697) | | |
Total comprehensive loss for the year attributable to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent/controlling interest
|
| | | | 112,274 | | | | | | 51,784 | | | | | | (258,513) | | | | | | | | | (94,455) | | | | | | (258,716) | | | | | | | | | (94,658) | | |
Non-controlling interests
|
| | | | 38,961 | | | | | | — | | | | | | — | | | | | | | | | 38,961 | | | | | | — | | | | | | | | | 38,961 | | |
Weighted average Class A common shares outstanding – basic and diluted(3)
|
| | | | | | | | | | 18,036,299 | | | | | | 104,115,502 | | | |
BB
|
| | | | 122,151,801 | | | | | | 99,508,253 | | | |
BB
|
| | | | 117,544,552 | | |
Basic and diluted EPS per Class A common
stock |
| | | | | | | | | | 2.29 | | | | | | | | | | | | | | | (0.77) | | | | | | | | | | | | | | | (0.80) | | |
Weighted average Class B common shares outstanding – basic and diluted
|
| | | | | | | | | | 4,549,939 | | | | | | (4,549,939) | | | |
BB
|
| | | | — | | | | | | (4,549,939) | | | |
BB
|
| | | | — | | |
Basic and diluted EPS per Class B common
stock |
| | | | | | | | | | 2.29 | | | | | | | | | | | | | | | N/A | | | | | | | | | | | | | | | N/A | | |
| | |
Lavaro
(Historical) |
| |
Produttiva
Historical(i) |
| |
Cenagro
Historical(ii) |
| |
Cenagral
Historical(iii) |
| |
Union Agro
Historical(iv) |
| |
AgroZap
Historical(v) |
| |
Nova
Geração(vi) |
| |
Pro forma
adjustments |
| |
Note
|
| |
Pro forma
Lavoro Group |
| |||||||||||||||||||||||||||
Revenue
|
| | | | 7,746,534 | | | | | | 17,967 | | | | | | 27,874 | | | | | | 5,286 | | | | | | 95,846 | | | | | | 201,103 | | | | | | 68,586 | | | | | | — | | | | | | | | | 8,163,196 | | |
Cost of goods sold
|
| | | | (6,421,037) | | | | | | (15,306) | | | | | | (23,705) | | | | | | (3,211) | | | | | | (61,899) | | | | | | (167,853) | | | | | | (52,037) | | | | | | — | | | | | | | | | (6,745,048) | | |
Gross profit
|
| | | | 1,325,497 | | | | | | 2,661 | | | | | | 4,169 | | | | | | 2,075 | | | | | | 33,947 | | | | | | 33,250 | | | | | | 16,549 | | | | | | — | | | | | | | | | 1,418,148 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (1,022,388) | | | | | | (2,160) | | | | | | (3,103) | | | | | | (616) | | | | | | (14,006) | | | | | | (15,477) | | | | | | (9,708) | | | | | | (1,314) | | | |
b(i)
|
| | | | (1,069,207) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (435) | | | |
b(ii)
|
| | | | | | |
Other operating income (expenses), net
|
| | | | 56,759 | | | | | | 232 | | | | | | (84) | | | | | | (13) | | | | | | 34 | | | | | | 3,873 | | | | | | 291 | | | | | | | | | | | | | | | 61,092 | | |
Operating profit (loss)
|
| | | | 359,868 | | | | | | 733 | | | | | | 982 | | | | | | 1,446 | | | | | | 19,975 | | | | | | 21,646 | | | | | | 7,132 | | | | | | (1,749) | | | | | | | | | 410,033 | | |
Finance Income (Costs) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 426,933 | | | | | | 197 | | | | | | 7 | | | | | | — | | | | | | 149 | | | | | | 137 | | | | | | 69 | | | | | | | | | | | | | | | 427,492 | | |
Finance costs
|
| | | | (646,377) | | | | | | (53) | | | | | | (97) | | | | | | (12) | | | | | | (362) | | | | | | (3,641) | | | | | | (443) | | | | | | | | | | | | | | | (650,985) | | |
Loss before income tax and social contribution
|
| | | | 140,424 | | | | | | 877 | | | | | | 892 | | | | | | 1,434 | | | | | | 19,762 | | | | | | 18,142 | | | | | | 6,758 | | | | | | (1,749) | | | | | | | | | 186,540 | | |
Income tax and social contribution
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | (111,409) | | | | | | — | | | | | | (265) | | | | | | (283) | | | | | | (2,689) | | | | | | — | | | | | | — | | | | | | | | | | | | | | | (114,646) | | |
Deferred
|
| | | | 78,747 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 594 | | | |
b(iii)
|
| | | | 79,341 | | |
Profit (loss) for the period
|
| | | | 107,762 | | | | | | 877 | | | | | | 627 | | | | | | 1,151 | | | | | | 17,073 | | | | | | 18,142 | | | | | | 6,758 | | | | | | (1,155) | | | | | | | | | 151,235 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the parent
|
| | | | 78,170 | | | | | | 877 | | | | | | 502 | | | | | | 921 | | | | | | 12,412 | | | | | | 13,606 | | | | | | 6,758 | | | | | | (972) | | | |
b(iv)
|
| | | | 112,274 | | |
Non-controlling interest
|
| | | | 29,592 | | | | | | — | | | | | | 125 | | | | | | 230 | | | | | | 4,661 | | | | | | 4,536 | | | | | | — | | | | | | (183) | | | |
b(iv)
|
| | | | 38,961 | | |
Total comprehensive income (loss) for the year
|
| | | | 107,762 | | | | | | 877 | | | | | | 627 | | | | | | 1,151 | | | | | | 17,073 | | | | | | 18,142 | | | | | | 6,758 | | | | | | (1,155) | | | | | | | | | 151,235 | | |
| | |
Produttiva
|
| |
Cenagro
|
| |
Cenagral(*)
|
| |
Union Agro
|
| |
Agrozap
|
| |
Nova
Geração |
| |
Note
|
| ||||||||||||||||||
Customer relationship
|
| | | | 26,070 | | | | | | 2,609 | | | | | | — | | | | | | 6,970 | | | | | | 6,015 | | | | | | 4,258 | | | |
(a)
|
|
Brand
|
| | | | 4 | | | | | | — | | | | | | 7,437 | | | | | | 1,323 | | | | | | — | | | | | | — | | | |
(b)
|
|
| | |
For the year ended June 30, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
Produttiva
|
| |
Cenagro
|
| |
Union Agro
|
| |
AgroZap
|
| |
Nova
Geração |
| |
Total
adjustments |
| ||||||||||||||||||
Estimated useful life (years)
|
| | | | 9.2 | | | | | | 11.0 | | | | | | 7.2 | | | | | | 11.0 | | | | | | 13.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.162 | | | | | | 0.177 | | | | | | 0.329 | | | | | | 0.466 | | | | | | 0.737 | | | | | | — | | |
Pro forma adjustments
|
| | | | 458 | | | | | | 42 | | | | | | 318 | | | | | | 255 | | | | | | 241 | | | | | | 1,314 | | |
| | |
For the year ended
June 30, 2022 |
| |||
| | |
Union Agro
|
| |||
Estimated useful life (years)
|
| | | | 1.0 | | |
Pre-acquisition period (years)
|
| | | | 0.329 | | |
Pro forma adjustments
|
| | | | 435 | | |
| | |
For the year ended June 30, 2022
|
| |||||||||||||||||||||
| | |
Cenagro
|
| |
Union Agro
|
| |
AgroZap
|
| |
Total
adjustments |
| ||||||||||||
Pro forma adjustments | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (42) | | | | | | (753) | | | | | | (255) | | | | | | — | | |
Income taxes effect (34% Brazil and 32% Colombia)
|
| | | | 14 | | | | | | 256 | | | | | | 87 | | | | | | — | | |
Non-controlling interest (%)
|
| | | | 20% | | | | | | 27% | | | | | | 25% | | | | | | — | | |
Pro forma adjustments
|
| | | | (6) | | | | | | (136) | | | | | | (42) | | | | | | (183) | | |
| | |
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 | | | | | | 81.38% | | |
TPB SPAC public shareholders(3)
|
| | | | 18.0 | | | | | | 14.77% | | | | | | 10.4 | | | | | | 8.83% | | |
PIPE Investors
|
| | | | 10.0 | | | | | | 8.19% | | | | | | 10.0 | | | | | | 8.51% | | |
Sponsors(4) | | | | | 1.5 | | | | | | 1.23% | | | | | | 1.5 | | | | | | 1.28% | | |
Total shares(5)
|
| | | | 122.1 | | | | | | 100.00% | | | | | | 117.6 | | | | | | 100.00% | | |
| | |
As of June 30, 2022
|
| ||||||||||||||||||
| | |
Historical
US GAAP |
| |
IFRS Policy and
Presentation Alignment |
| |
Footnote
reference |
| |
Historical
IFRS |
| |||||||||
| | |
(in Brazilian Reais)
|
| ||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | | 5,890 | | | | | | — | | | | | | | | | 5,890 | | |
Prepaid expenses
|
| | | | 2,269 | | | | | | — | | | | | | | | | 2,269 | | |
Total current assets
|
| | | | 8,159 | | | | | | — | | | | | | | | | 8,159 | | |
Investments held in Trust Account
|
| | | | 945,220 | | | | | | — | | | | | | | | | 945,220 | | |
Total assets
|
| | | | 953,379 | | | | | | — | | | | | | | | | 953,379 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 5,318 | | | | | | — | | | | | | | | | 5,318 | | |
Accrued expenses
|
| | | | 4,911 | | | | | | — | | | | | | | | | 4,911 | | |
Note Payable – Related Party
|
| | | | 5,238 | | | | | | — | | | | | | | | | 5,238 | | |
Total current liabilities
|
| | | | 15,467 | | | | | | — | | | | | | | | | 15,467 | | |
| | |
As of June 30, 2022
|
| ||||||||||||||||||
| | |
Historical
US GAAP |
| |
IFRS Policy and
Presentation Alignment |
| |
Footnote
reference |
| |
Historical
IFRS |
| |||||||||
| | |
(in Brazilian Reais)
|
| ||||||||||||||||||
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | 33,066 | | | | | | — | | | | | | | | | 33,066 | | |
Derivative warrant liabilities
|
| | | | 10,588 | | | | | | — | | | | | | | | | 10,588 | | |
Class A ordinary shares, $0.0001 par value; 18,036,299 shares subject to possible redemption at $10.00 per share redemption value
|
| | | | — | | | | | | 944,741 | | | |
(a)
|
| | | | 944,741 | | |
Total Liabilities
|
| | | | 59,121 | | | | | | 944,741 | | | | | | | | | 1,003,862 | | |
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
|
| | | | 944,741 | | | | | | (944,741) | | | |
(a)
|
| | | | — | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | — | | |
Preference shares
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Class A ordinary shares
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 4,509,074 shares issued and outstanding
|
| | | | 2 | | | | | | — | | | | | | | | | 2 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | | | | — | | |
Accumulated deficit
|
| | | | (50,485) | | | | | | — | | | | | | | | | (50,485) | | |
Total Shareholders’ Equity
|
| | | | (50,483) | | | | | | — | | | | | | | | | (50,483) | | |
Total liabilities and stockholders’ equity
|
| | | | 953,379 | | | | | | — | | | | | | | | | 953,379 | | |
|
| | |
Scenario 1:
Assuming no redemptions |
| |
Scenario 2:
Assuming maximum redemptions |
| ||||||
| | |
(in thousands of Reais)
|
| |||||||||
Estimated deemed cost of shares issued to the TPB SPAC(1)
|
| | | | 1,654,254 | | | | | | 1,253,406 | | |
Net assets of the TPB SPAC as of June 30, 2022(2)
|
| | | | 1,464,322 | | | | | | 1,464,322 | | |
Effect redemption of TPB SPAC ordinary shares
|
| | | | — | | | | | | (401,051) | | |
Less: TPB SPAC transaction costs
|
| | | | (81,067) | | | | | | (81,067) | | |
Adjusted net assets of the TPB SPAC as of June 30, 2022
|
| | | | 1,383,255 | | | | | | 982,204 | | |
IFRS 2 charge for listing services
|
| | | | 270,999 | | | | | | 271,202 | | |
Name
|
| |
Age
|
| |
Position
|
|
David Friedberg | | |
42
|
| |
Chief Executive Officer, Director, Founder and Chairman of the Board
|
|
William Hauser | | |
37
|
| | Chief Financial Officer | |
Bharat Vasan | | |
46
|
| | Director | |
Kerry Whorton Cooper | | |
50
|
| | Director | |
Neil Renninger | | |
48
|
| | Director | |
April Underwood | | |
42
|
| | Director | |
| | |
For the Fiscal Year Ended
June 30, |
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| |||||||||||||||||||||
| | |
(US$)(1)
|
| |
(R$)
|
| ||||||||||||||||||
Revenue
|
| | | | 1,478.9 | | | | | | 7,746.5 | | | | | | 5,098.5 | | | | | | 2,706.3 | | |
Revenue growth(2)
|
| | | | N/A | | | | | | 51.9% | | | | | | 88.4% | | | | | | N/A | | |
Gross margin(3)
|
| | | | N/A | | | | | | 17.1% | | | | | | 14.4% | | | | | | 11.9% | | |
Profit (loss) for the period/year
|
| | | | 20.6 | | | | | | 107.8 | | | | | | 21.5 | | | | | | (121.5) | | |
| | |
As of and For the Fiscal Year
Ended June 30, |
| |||||||||
| | |
2022
|
| |
2022
|
| ||||||
| | |
(in US$
millions)(1) |
| |
(in millions, except as
otherwise indicated) |
| ||||||
| | | | | | | | |
(in R$ millions)
|
| |||
Pro forma revenue
|
| | | | 1,558.5 | | | | | | 8,163.2 | | |
Pro forma gross margin(2)
|
| | | | N/A | | | | | | 17.4% | | |
Pro forma profit for the period/year
|
| | | | 28.9 | | | | | | 151.3 | | |
Pro Forma Adjusted EBITDA(3)
|
| | | | 106.2 | | | | | | 556.3 | | |
Pro Forma Adjusted EBITDA Margin(3)
|
| | | | N/A | | | | | | 6.8% | | |
Borrowings (current and non-current)
|
| | | | 135.7 | | | | | | 710.6 | | |
Net Debt(4)
|
| | | | 148.1 | | | | | | 775.9 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio(4)
|
| | | | N/A | | | | | | 1.4x | | |
Working capital/pro forma revenue(5)
|
| | | | N/A | | | | | | 15.1% | | |
| | |
As of June 30,
|
| |||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2022 – 2021
Variation (%) |
| |
2021 – 2020
Variation (%) |
| |||||||||||||||
Number of stores
|
| | | | 193 | | | | | | 152 | | | | | | 126 | | | | | | 27.0% | | | | | | 20.6% | | |
Number of RTVs(1)
|
| | | | 924 | | | | | | 744 | | | | | | 460 | | | | | | 24.2% | | | | | | 61.7% | | |
Number of employees(2)
|
| | | | 3,379 | | | | | | 2,375 | | | | | | 1,435 | | | | | | 42.3% | | | | | | 65.5% | | |
Number of clients(3)
|
| | | | 60,839 | | | | | | 47,567 | | | | | | 21,237 | | | | | | 27.9% | | | | | | 124.0% | | |
Type of Property
|
| |
Number
|
| |
% of Total
|
| ||||||
Administrative Offices
|
| | | | 13 | | | | | | 6.2% | | |
Silos
|
| | | | 3 | | | | | | 1.4% | | |
Stores
|
| | | | 193 | | | | | | 92.3% | | |
Total | | | | | 209 | | | | | | 100.0% | | |
Function
|
| |
Number of
Employees |
| |
% of Total
|
| ||||||
Management
|
| | | | 322 | | | | | | 9.5% | | |
Technology
|
| | | | 25 | | | | | | 0.7% | | |
Sales and Marketing
|
| | | | 1,038 | | | | | | 30.7% | | |
Customer Support
|
| | | | 13 | | | | | | 0.4% | | |
General and Administrative
|
| | | | 1,981 | | | | | | 53.6% | | |
Total | | | | | 3,379 | | | | | | 100% | | |
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% | | |
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$)
|
| | | | | | | |||||||||
Fertilizers
|
| | | | 6,486 | | | | | | 7,229 | | | | | | 2.7% | | |
Crop Protection
|
| | | | 2,636 | | | | | | 2,934 | | | | | | 2.7% | | |
Seeds
|
| | | | 722 | | | | | | 808 | | | | | | 2.9% | | |
Total | | | | | 9,843 | | | | | | 10,970 | | | | | | 2.7% | | |
| | |
As of and For the Fiscal
Year Ended June 30, |
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| ||||||||||||||||||
| | |
(in millions, except as otherwise indicated)
|
| |||||||||||||||||||||
Pro forma revenue
|
| | | | 1,558.5 | | | | | | 8,163.2 | | | | | | 6,987.3 | | | | | | 5,729.4 | | |
Pro forma gross margin(2)
|
| | | | N/A | | | | | | 17.4% | | | | | | 15.0% | | | | | | 14.0% | | |
Pro forma profit (loss) for the year
|
| | | | 28.9 | | | | | | 151.3 | | | | | | 108.9 | | | | | | (1.0) | | |
Pro Forma Adjusted EBITDA(3)
|
| | | | 106.2 | | | | | | 556.3 | | | | | | 415.1 | | | | | | 276.2 | | |
Pro Forma Adjusted EBITDA Margin(3)
|
| | | | N/A | | | | | | 6.8% | | | | | | 5.94% | | | | | | 4.8% | | |
Net Debt(4)
|
| | | | 148.1 | | | | | | 775.9 | | | | | | 73.2 | | | | | | 178.5 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio(4)
|
| | | | N/A | | | | | | 1.4x | | | | | | 0.2x | | | | | | 0.7x | | |
Working capital/pro forma revenue(5)
|
| | | | N/A | | | | | | 15.1% | | | | | | 9.0% | | | | | | 8.8% | | |
| | |
As of June 30,
|
| |
2022 – 2021
Variation (%) |
| |
2021 – 2020
Variation (%) |
| |||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||
Number of stores
|
| | | | 193 | | | | | | 152 | | | | | | 126 | | | | | | 27.0% | | | | | | 20.6% | | |
Number of RTVs(1)
|
| | | | 924 | | | | | | 744 | | | | | | 460 | | | | | | 24.2% | | | | | | 61.7% | | |
Number of employees(2)
|
| | | | 3,379 | | | | | | 2,375 | | | | | | 1,435 | | | | | | 42.3% | | | | | | 65.5% | | |
Number of clients(3)
|
| | | | 60,839 | | | | | | 47,567 | | | | | | 21,237 | | | | | | 27.9% | | | | | | 124.0% | | |
| | |
Fiscal Year Ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
| | |
(in percentages, except as otherwise indicated)
|
| |||||||||||||||
Brazil | | | | | | | | | | | | | | | | | | | |
Inflation (IGP-M)
|
| | | | 10.7 | | | | | | 35.8 | | | | | | 7.3 | | |
Inflation (IPCA)
|
| | | | 11.9 | | | | | | 8.3 | | | | | | 2.1 | | |
CDI Rate (average)(1)
|
| | | | 8.7 | | | | | | 2.3 | | | | | | 4.6 | | |
Period-end exchange rate – R$ per US$1.00
|
| | | | 5.2380 | | | | | | 5.0022 | | | | | | 5.4760 | | |
Average exchange rate – R$ per US$1.00(2)
|
| | | | 5.2440 | | | | | | 5.3854 | | | | | | 4.4692 | | |
Appreciation (depreciation) of the real vs. US$ in the period(3)
|
| | | | (4.7) | | | | | | 8.7 | | | | | | (42.9) | | |
Colombia | | | | | | | | | | | | | | | | | | | |
Inflation (CPI)
|
| | | | 9.7 | | | | | | 3.6 | | | | | | 2.2 | | |
TIB Rate (average)
|
| | | | 3.4 | | | | | | 1.8 | | | | | | 4.0 | | |
Period-end exchange rate – COP$ per US$1.00
|
| | | | 4,127 | | | | | | 3,757 | | | | | | 3,759 | | |
Average exchange rate – COP$ per US$1.00(1)
|
| | | | 3,888 | | | | | | 3,659 | | | | | | 3,530 | | |
Appreciation (depreciation) of the COP$ vs. US$ in the
period(4) |
| | | | (9.9) | | | | | | 0.1 | | | | | | (17.3) | | |
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Revenue | | | | | 1,478.9 | | | | | | 7,746.5 | | | | | | 5,098.5 | | | | | | 51.9% | | |
Cost of goods sold
|
| | | | (1,225.8) | | | | | | (6,421.0) | | | | | | (4,362.7) | | | | | | 47.2% | | |
Gross profit
|
| | | | 253.1 | | | | | | 1,325.5 | | | | | | 735.9 | | | | | | 80.1% | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (195.2) | | | | | | (1,022.4) | | | | | | (619.5) | | | | | | 65.0% | | |
Other operating income, net
|
| | | | 10.8 | | | | | | 56.8 | | | | | | 15.6 | | | | | | 264.1% | | |
Operating profit
|
| | | | 68.7 | | | | | | 359.9 | | | | | | 132.0 | | | | | | 172.7% | | |
Finance income (costs): | | | | | | | | | | | | | | | | | | | | | |||||
Finance income
|
| | | | 81.5 | | | | | | 426.9 | | | | | | 227.1 | | | | | | 88.0% | | |
Finance costs
|
| | | | (123.4) | | | | | | (646.4) | | | | | | (312.9) | | | | | | 106.6% | | |
Profit before income taxes
|
| | | | 26.8 | | | | | | 140.4 | | | | | | 46.2 | | | | | | 203.9% | | |
Current income taxes
|
| | | | (21.3) | | | | | | (111.4) | | | | | | (61.7) | | | | | | 80.6% | | |
Deferred income taxes
|
| | | | 15.0 | | | | | | 78.7 | | | | | | 37.0 | | | | | | 112.7% | | |
Profit for the year
|
| | | | 20.6 | | | | | | 107.8 | | | | | | 21.5 | | | | | | 401.4% | | |
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2021
|
| |
2020
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Revenue
|
| | |
|
973.4
|
| | | |
|
5,098.5
|
| | | |
|
2,706.3
|
| | | |
|
88.4%
|
| |
Cost of goods sold
|
| | | | (832.9) | | | | | | (4,362.7) | | | | | | (2,384.1) | | | | | | 83.0% | | |
Gross profit
|
| | |
|
140.5
|
| | | |
|
735.9
|
| | | |
|
322.2
|
| | | |
|
128.4%
|
| |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| | | | (118.3) | | | | | | (619.5) | | | | | | (394.7) | | | | | | 57.0% | | |
Other operating income, net
|
| | | | 3.0 | | | | | | 15.6 | | | | | | 10.8 | | | | | | 44.4% | | |
Operating profit (loss)
|
| | |
|
25.2
|
| | | |
|
132.0
|
| | | |
|
(61.7)
|
| | | |
|
n.m.
|
| |
Finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 43.4 | | | | | | 227.1 | | | | | | 55.5 | | | | | | 309.2% | | |
Finance costs
|
| | | | (59.7) | | | | | | (312.9) | | | | | | (168.7) | | | | | | 85.5% | | |
Profit (loss) before income taxes
|
| | |
|
8.8
|
| | | |
|
46.2
|
| | | |
|
(174.9)
|
| | | |
|
n.m.
|
| |
Current income taxes
|
| | | | (11.8) | | | | | | (61.7) | | | | | | (23.5) | | | | | | 162.6% | | |
Deferred income taxes
|
| | | | 7.1 | | | | | | 37.0 | | | | | | 76.9 | | | | | | (51.9)% | | |
Profit (loss) for the year
|
| | | | 4.1 | | | | | | 21.5 | | | | | | (121.5) | | | | | | n.m. | | |
| | |
Pro forma
|
| |||||||||||||||||||||
| | |
Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Variation (%)
|
| ||||||||||||
| | |
(in US$
millions)(1) |
| |
(in R$ millions, except as
otherwise indicated) |
| ||||||||||||||||||
Pro forma revenue
|
| | | | 1,558.5 | | | | | | 8,163.2 | | | | | | 6,987.3 | | | | | | 16.8% | | |
Pro forma cost of goods sold
|
| | | | (1,287.7) | | | | | | (6,745.0) | | | | | | (5,935.9) | | | | | | 13.6% | | |
Pro forma gross profit
|
| | | | 270.8 | | | | | | 1,418.2 | | | | | | 1,051.6 | | | | | | 34.9% | | |
Pro forma operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma sales, general and administrative expenses
|
| | | | (204.1) | | | | | | (1,069.2) | | | | | | (819.9) | | | | | | 30.4% | | |
Pro forma other operating income, net
|
| | | | 11.7 | | | | | | 61.1 | | | | | | 27.0 | | | | | | 126.6% | | |
Pro forma operating profit
|
| | | | 78.3 | | | | | | 410.1 | | | | | | 258.7 | | | | | | 58.5% | | |
Pro forma finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma finance income
|
| | | | 81.6 | | | | | | 427.5 | | | | | | 271.6 | | | | | | 57.4% | | |
Pro forma finance costs
|
| | | | (124.3) | | | | | | (651.0) | | | | | | (370.2) | | | | | | 75.8% | | |
Pro forma profit before income taxes
|
| | | | 35.6 | | | | | | 186.6 | | | | | | 160.1 | | | | | | 16.5% | | |
Pro forma income taxes
|
| | | | (6.7) | | | | | | (35.3) | | | | | | (51.2) | | | | | | (31.1)% | | |
Pro forma profit for the period
|
| | | | 28.9 | | | | | | 151.3 | | | | | | 108.9 | | | | | | 38.9% | | |
| | |
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
|
| | | | 1,334.0 | | | | | | 6,987.3 | | | | | | 5,729.4 | | | | | | 22.0% | | |
Pro forma cost of goods sold
|
| | | | (1,133.2) | | | | | | (5,935.9) | | | | | | (4,925.7) | | | | | | 20.5% | | |
Pro forma gross profit
|
| | | | 200.8 | | | | | | 1,051.6 | | | | | | 803.5 | | | | | | 30.9% | | |
Pro forma operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma sales, general and administrative expenses
|
| | | | (156.5) | | | | | | (819.9) | | | | | | (673.9) | | | | | | 21.7% | | |
Pro forma other operating income, net
|
| | | | 5.1 | | | | | | 27.0 | | | | | | 17.2 | | | | | | 57.0% | | |
Pro forma operating profit
|
| | | | 49.4 | | | | | | 258.7 | | | | | | 146.8 | | | | | | 76.2% | | |
Pro forma finance income (costs) | | | | | | | | | | | | | | | | | | | | | | | | | |
Pro forma finance income
|
| | | | 51.9 | | | | | | 271.6 | | | | | | 135.3 | | | | | | 100.7% | | |
Pro forma finance costs
|
| | | | (70.7) | | | | | | (370.2) | | | | | | (299.6) | | | | | | 23.6% | | |
Pro forma profit (loss) before income taxes
|
| | | | 30.6 | | | | | | 160.1 | | | | | | (17.5) | | | | | | n.m. | | |
Pro forma income taxes
|
| | | | (9.8) | | | | | | (51.2) | | | | | | 16.5 | | | | | | n.m. | | |
Pro forma profit (loss) for the year
|
| | | | 20.8 | | | | | | 108.9 | | | | | | (1.0) | | | | | | n.m. | | |
| | |
Lavoro
Group Historical |
| |
Integra
Historical (i) |
| |
Qualicitrus
Historical (ii) |
| |
América
Historical (iii) |
| |
Desempar
Historical (iv) |
| |
Cultivar
Historical (v) |
| |
Agrobiológica
Historical (vi) |
| |
Produttiva
Historical (vii) |
| |
Cenagro
Historical (viii) |
| |
Cenagral
Historical (ix) |
| |
Union
Agro Historical (x) |
| |
AgroZap
Historical (xi) |
| |
Nova
Geração Historical (xii) |
| |
Pro
forma adjust- ments |
| |
Note
|
| |
Lavoro
Group 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
|
| | | |
|
17.0
|
| | | |
|
—
|
| | | | | | | | | |
|
6,987.3
|
| |
Cost of goods sold
|
| | | | (4,362.7) | | | | | | (9.5) | | | | | | (110.0) | | | | | | (128.7) | | | | | | (469.3) | | | | | | (224.8) | | | | | | (1.0) | | | | | | (153.7) | | | | | | (140.7) | | | | | | (9.1) | | | | | | (104.3) | | | | | | (209.2) | | | | | | (13.1) | | | | | | — | | | | | | | | | | | | (5,935.9) | | |
Gross profit
|
| | | | 735.9 | | | | | | 2.0 | | | | | | 9.8 | | | | | | 16.7 | | | | | | 88.7 | | | | | | 69.5 | | | | | | 3.6 | | | | | | 21.5 | | | | | | 23.2 | | | | | | 7.1 | | | | | | 48.7 | | | | | | 21.0 | | | | | | 3.9 | | | | | | — | | | | | | | | | | | | 1,051.6 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative
expenses |
| | | | (619.5) | | | | | | (2.5) | | | | | | (3.2) | | | | | | (4.6) | | | | | | (44.9) | | | | | | (36.6) | | | | | | (0.5) | | | | | | (9.4) | | | | | | (18.7) | | | | | | (1.5) | | | | | | (19.0) | | | | | | (38.9) | | | | | | (3.5) | | | | | | (17.2) | | | | | |
2(a) 2(b) 2(c) 2(d) |
| | | | | (819.9) | | |
Other operating income (expenses), net
|
| | | | 15.6 | | | | | | — | | | | | | 0.6 | | | | | | (4.9) | | | | | | 2.1 | | | | | | 2.7 | | | | | | (0.4) | | | | | | 7.3 | | | | | | (0.7) | | | | | | 0.0 | | | | | | (0.3) | | | | | | 4.7 | | | | | | 0.2 | | | | | | — | | | | | | | | | | | | 27.0 | | |
Operating profit (loss)
|
| | |
|
132.0
|
| | | |
|
(0.5)
|
| | | |
|
7.3
|
| | | |
|
7.1
|
| | | |
|
45.9
|
| | | |
|
35.6
|
| | | |
|
2.7
|
| | | |
|
19.4
|
| | | |
|
3.9
|
| | | |
|
5.7
|
| | | |
|
29.4
|
| | | |
|
(13.3)
|
| | | |
|
0.6
|
| | | |
|
(17.2)
|
| | | | | | | | | |
|
258.7
|
| |
Finance income (costs): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | 227.1 | | | | | | 0.0 | | | | | | 0.1 | | | | | | — | | | | | | 35.4 | | | | | | 4.6 | | | | | | 0.0 | | | | | | 0.1 | | | | | | 3.2 | | | | | | — | | | | | | 0.2 | | | | | | 0.8 | | | | | | 0.1 | | | | | | — | | | | | | | | | | | | 271.6 | | |
Finance costs
|
| | | | (312.9) | | | | | | (0.0) | | | | | | (0.0) | | | | | | (0.4) | | | | | | (38.5) | | | | | | (10.2) | | | | | | (0.2) | | | | | | (0.5) | | | | | | (1.7) | | | | | | (0.0) | | | | | | (1.4) | | | | | | (4.5) | | | | | | (0.0) | | | | | | — | | | | | | | | | | | | (370.2) | | |
Profit (loss) before income taxes
|
| | | | 46.2 | | | | | | (0.5) | | | | | | 7.4 | | | | | | 6.8 | | | | | | 42.9 | | | | | | 30.0 | | | | | | 2.6 | | | | | | 19.0 | | | | | | 5.4 | | | | | | 5.7 | | | | | | 28.2 | | | | | | (17.0) | | | | | | 0.7 | | | | | | (17.2) | | | | | | | | | | | | 160.1 | | |
Income taxes
|
| | | | (24.7) | | | | | | (0.1) | | | | | | (0.0) | | | | | | (4.1) | | | | | | (13.8) | | | | | | (3.7) | | | | | | — | | | | | | — | | | | | | (2.9) | | | | | | (2.1) | | | | | | (5.6) | | | | | | — | | | | | | — | | | | | | 5.8 | | | | | | 2(e) | | | | | | (51.2) | | |
Net income (loss)
|
| | |
|
21.5
|
| | | |
|
(0.6)
|
| | | |
|
7.4
|
| | | |
|
2.7
|
| | | |
|
29.1
|
| | | |
|
26.3
|
| | | |
|
2.6
|
| | | |
|
19.0
|
| | | |
|
2.5
|
| | | |
|
3.6
|
| | | |
|
22.6
|
| | | |
|
(17.0)
|
| | | |
|
0.7
|
| | | |
|
(11.3)
|
| | | | | | | | | |
|
108.9
|
| |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity holders of the parent
|
| | | | 38.4 | | | | | | (0.6) | | | | | | 5.2 | | | | | | 2.7 | | | | | | 29.1 | | | | | | 19.4 | | | | | | 2.6 | | | | | | 19.0 | | | | | | 2.0 | | | | | | 2.8 | | | | | | 16.4 | | | | | | (12.8) | | | | | | 0.7 | | | | | | (10.6) | | | | | | | | | | | | 114.2 | | |
Non-controlling interest
|
| | | | (16.9) | | | | | | — | | | | | | 2.2 | | | | | | — | | | | | | — | | | | | | 7.0 | | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | 0.7 | | | | | | 6.2 | | | | | | (4.3) | | | | | | — | | | | | | (0.7) | | | | | | 2(f) | | | | | | (5.4) | | |
| | |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral(*)
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Note
|
|
Customer relationship
|
| |
8.4
|
| |
11.8
|
| |
32.2
|
| |
55.4
|
| |
6.2
|
| |
5.5
|
| |
26.1
|
| |
2.6
|
| |
—
|
| |
7.0
|
| |
6.0
|
| |
4.3
|
| |
2(a)
|
|
Purchase contracts
|
| |
—
|
| |
—
|
| |
8.6
|
| |
—
|
| |
—
|
| |
0.0
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
2(b)
|
|
Property, plant and equipment
|
| |
—
|
| |
0.3
|
| |
—
|
| |
2.4
|
| |
2.0
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
2(c)
|
|
Brands | | |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
—
|
| |
5.9
|
| |
0.0
|
| |
—
|
| |
7.4
|
| |
1.3
|
| |
—
|
| |
—
|
| |
2(d)
|
|
| | |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |
Total
pro forma adjustment |
|
Estimated useful life (years)
|
| |
7.6
|
| |
8.0
|
| |
5.3
|
| |
8.3
|
| |
16.5
|
| |
3.0
|
| |
9.2
|
| |
11.0
|
| |
7.2
|
| |
11.0
|
| |
13.0
|
| |
—
|
|
Pre-acquisition period (years)
|
| |
0.173
|
| |
0.384
|
| |
0.501
|
| |
0.754
|
| |
0.754
|
| |
0.170
|
| |
0.995
|
| |
1.096
|
| |
1.000
|
| |
0.970
|
| |
0.984
|
| |
—
|
|
Pro forma adjustments
|
| |
0.2
|
| |
0.6
|
| |
3.0
|
| |
5.0
|
| |
0.3
|
| |
0.3
|
| |
2.8
|
| |
0.3
|
| |
1.0
|
| |
0.5
|
| |
0.3
|
| |
14.3
|
|
| | |
América
|
| |
Agrobiológica
|
| |
Total
pro forma adjustment |
| |||||||||
Estimated useful life (years)
|
| | | | 4.0 | | | | | | 3.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.501 | | | | | | 0.170 | | | | | | — | | |
Pro forma adjustments
|
| | | | 1.0 | | | | | | 0.0 | | | | | | 1.0 | | |
| | |
Qualicitrus
|
| |
Desempar
|
| |
Cultivar
|
| |
Total
pro forma adjustment |
| ||||||||||||
Estimated useful life (years)
|
| | | | 8.9 | | | | | | 8.9 | | | | | | 8.9 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.384 | | | | | | 0.754 | | | | | | 0.754 | | | | | | — | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 0.2 | | | | | | 0.2 | | | | | | 0.4 | | |
| | |
Agrobiológica
|
| |
Union Agro
|
| |
Total
adjustment |
| |||||||||
Estimated useful life (years)
|
| | | | 20.0 | | | | | | 1.0 | | | | | | — | | |
Pre-acquisition period (years)
|
| | | | 0.170 | | | | | | 1.000 | | | | | | — | | |
Pro forma adjustments
|
| | | | 0.0 | | | | | | 1.3 | | | | | | 1.3 | | |
| | |
Qualicitrus
|
| |
Cultivar
|
| |
Cenagro
|
| |
Union Agro
|
| |
AgroZap
|
| |
Total
Pro forma adjustment |
| ||||||||||||||||||
Pro forma adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (0.6) | | | | | | (0.5) | | | | | | (0.2) | | | | | | (2.3) | | | | | | (0.5) | | | | | | — | | |
Income taxes effect (34%)
|
| | | | 0.2 | | | | | | 0.2 | | | | | | 0.1 | | | | | | 0.8 | | | | | | 0.2 | | | | | | — | | |
Non-controlling interest (%)
|
| | | | 29% | | | | | | 26% | | | | | | 20% | | | | | | 27% | | | | | | 25% | | | | | | — | | |
Pro forma adjustments
|
| | | | (0.1) | | | | | | (0.1) | | | | | | (0.0) | | | | | | (0.4) | | | | | | (0.1) | | | | | | (0.7) | | |
| | |
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) |
| |
Nova
Geração Historical (xvii) |
| |
Pro
forma adjustments |
| |
Note
|
| |
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 | | | | | | 21.9 | | | | | | — | | | | | | | | | | | | 5,729.4 | | |
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) | | | | | | (16.6) | | | | | | — | | | | | | | | | | | | (4,925.7) | | |
Gross profit
|
| | |
|
322.2
|
| | | |
|
40.3
|
| | | |
|
27.2
|
| | | |
|
43.8
|
| | | |
|
1.1
|
| | | |
|
8.4
|
| | | |
|
28.7
|
| | | |
|
30.0
|
| | | |
|
28.2
|
| | | |
|
88.7
|
| | | |
|
49.1
|
| | | |
|
36.8
|
| | | |
|
13.8
|
| | | |
|
17.4
|
| | | |
|
0.3
|
| | | |
|
42.7
|
| | | |
|
19.5
|
| | | | | 5.3 | | | | |
|
—
|
| | | | | | | | | |
|
803.5
|
| |
Operating expenses:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2(a) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2(c) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2(d) | | | | | | | | |
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) | | | | | | (2.1) | | | | | | (33.2) | | | | | | 2(b) | | | | | | (673.9) | | |
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 | | | | | | 0.1 | | | | | | — | | | | | | | | | | | | 17.2 | | |
Operating profit
(loss) |
| | | | (61.7) | | | | | | 23.8 | | | | | | 19.6 | | | | | | 37.5 | | | | | | 0.2 | | | | | | (1.1) | | | | | | 20.4 | | | | | | (2.5) | | | | | | 21.9 | | | | | | 32.8 | | | | | | 14.8 | | | | | | 23.9 | | | | | | 11.8 | | | | | | 3.4 | | | | | | 0.1 | | | | | | 24.7 | | | | | | 7.2 | | | | | | 3.2 | | | | | | (33.2) | | | | | | | | | | | | 146.8 | | |
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 | | | | | | 0.0 | | | | | | — | | | | | | | | | | | | 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) | | | | | | 0.0 | | | | | | — | | | | | | | | | | | | (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 | | | | | | 3.3 | | | | | | (33.2) | | | | | | | | | | | | (17.5) | | |
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) | | | | | | — | | | | | | (0.9) | | | | | | 11.3 | | | | | | 2(e) | | | | | | 16.5 | | |
Net income (loss)
|
| | | | (121.5) | | | | | | 11.1 | | | | | | 16.5 | | | | | | 7.8 | | | | | | (0.2) | | | | | | (2.4) | | | | | | 2.4 | | | | | | 0.3 | | | | | | 12.9 | | | | | | 27.7 | | | | | | 1.6 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 4.1 | | | | | | 0.1 | | | | | | 20.3 | | | | | | 2.4 | | | | | | 2.4 | | | | | | (21.9) | | | | | | | | | | | | (1.0) | | |
Attributable to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Equity holders
of the parent |
| | | | (108.7) | | | | | | 11.1 | | | | | | 10.7 | | | | | | 7.8 | | | | | | (0.2) | | | | | | (2.3) | | | | | | 2.4 | | | | | | 0.2 | | | | | | 12.9 | | | | | | 27.7 | | | | | | 1.2 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 3.3 | | | | | | 0.1 | | | | | | 14.7 | | | | | | 1.8 | | | | | | 2.4 | | | | | | (20.9) | | | | | | | | | | | | (0.4) | | |
Non-controlling
interest |
| | | | (12.8) | | | | | | — | | | | | | 5.8 | | | | | | — | | | | | | (0.0) | | | | | | (0.1) | | | | | | — | | | | | | 0.1 | | | | | | — | | | | | | — | | | | | | 0.4 | | | | | | — | | | | | | — | | | | | | 0.9 | | | | | | 0.0 | | | | | | 5.6 | | | | | | 0.6 | | | | | | — | | | | | | (1.0) | | | | | | 2(f) | | | | | | (0.6) | | |
| | |
AGP
Group |
| |
Produtec
|
| |
Central
Agrícola |
| |
Integra
|
| |
Qualicitrus
|
| |
América
|
| |
Desempar
|
| |
Cultivar
|
| |
Agrobiológica
|
| |
Produttiva
|
| |
Cenagro
|
| |
Cenagral(*)
|
| |
Union
Agro |
| |
AgroZap
|
| |
Nova
Geração |
| |||||||||||||||||||||||||||||||||||||||||||||
Customer relationship(2(a))
|
| | | | 65.6 | | | | | | 2.8 | | | | | | 2.5 | | | | | | 8.4 | | | | | | 11.8 | | | | | | 32.2 | | | | | | 55.4 | | | | | | 6.2 | | | | | | 5.5 | | | | | | 26.1 | | | | | | 2.6 | | | | | | — | | | | | | 7.0 | | | | | | 6.0 | | | | | | 4.3 | | |
Purchase
contracts(2(b)) |
| | | | — | | | | | | — | | | | | | 0.2 | | | | | | — | | | | | | — | | | | | | 8.6 | | | | | | — | | | | | | — | | | | | | 0.0 | | | | | | 0.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Property, plant and equipment(2(c))
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.3 | | | | | | — | | | | | | 2.4 | | | | | | 2.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brands(2(d)) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5.9 | | | | | | — | | | | | | — | | | | | | 7.4 | | | | | | 1.3 | | | | | | — | | | | | | — | | |
| | |
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
|
| | | |
|
1.3
|
| | | |
|
1.6
|
| |
| | |
Produtec
|
| |
Qualicitrus
|
| |
Cultivar
|
| |
Cenagro
|
| |
Union
Agro |
| |
AgroZap
|
| |
Total
pro forma adjustments |
| |||||||||||||||||||||
Pro forma adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | (0.5) | | | | | | (1.5) | | | | | | (0.6) | | | | | | (0.2) | | | | | | (2.3) | | | | | | (0.5) | | | | | | — | | |
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) | | | | | | (0.4) | | | | | | (0.1) | | | | | | (1.0) | | |
| | |
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 |
| |
Agro
Zap |
| |
Nova
Geração |
| |
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)
|
| | | |
|
7.3
|
| | | |
|
2.7
|
| | | |
|
29.1
|
| | | |
|
26.3
|
| | | |
|
2.6
|
| | | |
|
19.0
|
| | | |
|
2.5
|
| | | |
|
3.6
|
| | | |
|
22.6
|
| | | |
|
(17.0)
|
| | | |
|
0.7
|
| | | |
|
(11.3)
|
| | | |
|
108.9
|
| |
(+) 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 | | | | | | 0.1 | | | | | | 17.2 | | | | | | 76.5 | | |
(+) 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 | | | | | | — | | | | | | — | | | | | | (5.8) | | | | | | 51.2 | | |
(+) Pro forma finance income (costs), net
|
| | | | 85.8 | | | | | | — | | | | | | (0.1) | | | | | | 0.4 | | | | | | 3.0 | | | | | | 5.6 | | | | | | 0.1 | | | | | | 0.4 | | | | | | (1.5) | | | | | | 0.0 | | | | | | 1.2 | | | | | | 3.8 | | | | | | (0.1) | | | | | | 0.0 | | | | | | 98.6 | | |
(+) M&A expenses(2)
|
| | | | 40.2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40.2 | | |
Pro Forma Adjusted EBITDA
|
| | |
|
265.1
|
| | | |
|
(0.5)
|
| | | |
|
7.4
|
| | | |
|
7.3
|
| | | |
|
46.9
|
| | | |
|
36.0
|
| | | |
|
2.7
|
| | | |
|
19.6
|
| | | |
|
5.6
|
| | | |
|
5.9
|
| | | |
|
30.7
|
| | | |
|
(12.4)
|
| | | |
|
0.7
|
| | | |
|
—
|
| | | |
|
415.1
|
| |
(/) 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 | | | | | | 17.0 | | | | |
|
—
|
| | | | | 6,987.3 | | |
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)% | | | | | | 4.0% | | | | | | N/A | | | | | | 5.9% | | |
| | |
As of and For the
Fiscal Year Ended June 30, 2021 |
| |||
| | |
(in R$ millions,
except as otherwise indicated) |
| |||
Borrowings (current and non-current)
|
| | | | 242.4 | | |
Leases liabilities (current and non-current)
|
| | | | 75.1 | | |
Payables for the acquisition of subsidiaries (current and non-current)
|
| | | | 215.2 | | |
(-) Cash equivalents
|
| | | | (459.5) | | |
Net Debt
|
| | | | 73.2 | | |
Pro Forma Adjusted EBITDA
|
| | | | 415.1 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio
|
| | | | 0.2x | | |
| | |
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
|
| |
Nova
Geração |
| |
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) | | | | | | (2.4) | | | | | | 2.4 | | | | | | 0.3 | | | | | | 12.9 | | | | | | 27.7 | | | | | | 1.6 | | | | | | 23.9 | | | | | | 11.5 | | | | | | 4.1 | | | | | | 0.1 | | | | | | 20.3 | | | | | | 2.4 | | | | | | 2.4 | | | | | | (21.9) | | | | | | (1.0) | | |
(+) 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 | | | | | | 0.1 | | | | | | 33.2 | | | | | | 79.0 | | |
(+) 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 | | | | | | — | | | | | | 0.9 | | | | | | (11.3) | | | | | | (16.5) | | |
(+) 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 | | | | | | (0.0) | | | | | | — | | | | | | 164.1 | | |
(+) M&A expenses(2)
|
| | | | 36.9 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36.9 | | |
Pro Forma Adjusted EBITDA
|
| | | | 25.7 | | | | | | 24.2 | | | | | | 19.6 | | | | | | 38.0 | | | | | | 0.2 | | | | | | (1.0) | | | | | | 20.4 | | | | | | (1.9) | | | | | | 22.3 | | | | | | 35.2 | | | | | | 15.2 | | | | | | 23.9 | | | | | | 12.0 | | | | | | 4.7 | | | | | | 0.2 | | | | | | 25.9 | | | | | | 8.1 | | | | | | 3.4 | | | | | | (0.0) | | | | | | 276.2 | | |
(/) 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 | | | | | | 21.9 | | | | | | — | | | | | | 5,729.4 | | |
Pro Forma Adjusted EBITDA Margin
|
| | | | 0.9% | | | | | | 5.8% | | | | | | 17.1% | | | | | | 10.7% | | | | | | 5.0% | | | | | | (1.7)% | | | | | | 16.2% | | | | | | (0.6)% | | | | | | 12.9% | | | | | | 5.6% | | | | | | 6.0% | | | | | | 55.8% | | | | | | 10.5% | | | | | | 3.8% | | | | | | 11.3% | | | | | | 24.6% | | | | | | 4.4% | | | | | | 15.5% | | | | |
|
N/A
|
| | | | | 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
|
| | | | 178.5 | | |
Pro Forma Adjusted EBITDA
|
| | | | 276.2 | | |
Net Debt/Pro Forma Adjusted EBITDA Ratio
|
| | | | 0.7x | | |
| | |
For the Fiscal Year Ended June 30,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(US$ millions(1))
|
| |
(R$ millions)
|
| ||||||||||||||||||
Cash Flow Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash flows (used in) from operating activities
|
| | | | (46.7) | | | | | | (244.6) | | | | | | 53.8 | | | | | | (11.4) | | |
Net cash flows used in investing activities
|
| | | | (56.1) | | | | | | (294.0) | | | | | | (393.4) | | | | | | (280.4) | | |
Net cash flows provided by financing activities
|
| | | | 63.7 | | | | | | 333.5 | | | | | | 640.5 | | | | | | 381.0 | | |
| | |
Payments Due By Period
as of June 30, 2022 |
| |||||||||||||||
| | |
Total
|
| |
Up to 1 year
|
| |
1-3 years
|
| |||||||||
| | |
(in R$ millions)
|
| |||||||||||||||
Leases liabilities
|
| | | | 165.7 | | | | | | 72.2 | | | | | | 93.5 | | |
Borrowings
|
| | | | 741.0 | | | | | | 709.3 | | | | | | 31.8 | | |
Payables for the acquisition of subsidiaries
|
| | | | 170.0 | | | | | | 114.5 | | | | | | 55.4 | | |
Total
|
| | |
|
1,076.7
|
| | | |
|
896.0
|
| | | |
|
180.7
|
| |
| | |
As of June 30,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(US$ millions(1))
|
| |
(R$ millions)
|
| ||||||||||||||||||
Trade receivables (current and non-current)
|
| | | | 350.2 | | | | | | 1,834.4 | | | | | | 1,467.2 | | | | | | 1,085.5 | | |
Advances to suppliers
|
| | | | 73.2 | | | | | | 383.3 | | | | | | 442.4 | | | | | | 252.5 | | |
Total | | | | | 423.4 | | | | | | 2,217.6 | | | | | | 1,909.6 | | | | | | 1,338.0 | | |
| | | | | |
As of June 30, 2022
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| |||||||||
| | | | | |
(in R$ millions)
|
| |||||||||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (13.15%)
|
| | | | 114.1 | | | | | | 22.7 | | | | | | 45.4 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (7.72%)
|
| | | | 3.9 | | | | | | 1.4 | | | | | | 2.2 | | |
Total
|
| | | | | |
|
118.0
|
| | | |
|
24.1
|
| | | |
|
47.6
|
| |
| | | | | |
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 | | |
Total | | | | | | | | 22.5 | | | | | | 26.8 | | | | | | 31.0 | | |
| | | | | | | | |
As of June 30, 2022
|
| |||||||||||||||
| | | | | | | | |
Effect of Profit or Loss and Net Investments
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||
| | | | | | | | |
(in R$ millions)
|
| |||||||||||||||
Trade receivables in U.S. dollars
|
| | | R$ | 5.2570 | | | | | | 5.1 | | | | | | 71.9 | | | | | | 138.7 | | |
Trade payables in U.S. dollars
|
| | | R$ | 5.2570 | | | | | | (4.9) | | | | | | (69.6) | | | | | | (134.2) | | |
Borrowings in U.S. Dollars
|
| | | R$ | 5.2570 | | | | | | (2.8) | | | | | | (40.0) | | | | | | (77.1) | | |
Net impacts on commercial operations
|
| | | | | | | | | | (2.7) | | | | | | (37.6) | | | | | | (72.6) | | |
Derivative financial instruments
|
| | | R$ | 5.2570 | | | | | | 0.0 | | | | | | 0.1 | | | | | | 0.3 | | |
Total impact, net of derivatives
|
| | | | | | | | |
|
(2.7)
|
| | | |
|
(37.5)
|
| | | |
|
(72.3)
|
| |
| | | | | | | | |
As of June 30, 2021
|
| |||||||||||||||
| | | | | | | | |
Effect of Profit or Loss and Net Investments
|
| |||||||||||||||
| | |
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 | | |
Total impact, net of derivatives
|
| | | | | | | | | | (1.3) | | | | | | (5.0) | | | | | | (8.7) | | |
| | |
As of June 30, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||||||||
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market (R$) |
| |
Market
(R$) |
| |
Impact
|
| |
Market
(R$) |
| |
Impact
|
| |||||||||||||||||||||
| | |
(in R$ thousands, except as otherwise indicated)
|
| ||||||||||||||||||||||||||||||||||||||||||
Position | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean 2022
|
| | | | 104 | | | | Purchased | | | | | 23 | | | | | | 16.75 | | | | | | 20.94 | | | | | | 6 | | | | | | 25.13 | | | | | | 12 | | |
Soybean 2022
|
| | | | 804 | | | | Sold | | | | | (61) | | | | | | 16.75 | | | | | | 20.94 | | | | | | (15) | | | | | | 25.13 | | | | | | (31) | | |
Corn 2022
|
| | | | 66,038 | | | | Purchased | | | | | (1,562) | | | | | | 87.29 | | | | | | 109.11 | | | | | | (391) | | | | | | 130.94 | | | | | | (781) | | |
Corn 2022
|
| | | | 65,438 | | | | Sold | | | | | 3,447 | | | | | | 87.29 | | | | | | 109.11 | | | | | | 862 | | | | | | 130.94 | | | | | | 1723 | | |
Soybean 2023
|
| | | | 80,465 | | | | Purchased | | | | | 10,461 | | | | | | 14.53 | | | | | | 18.17 | | | | | | 2,615 | | | | | | 21.80 | | | | | | 5,230 | | |
Soybean 2023
|
| | | | 69,387 | | | | Sold | | | | | (9,480) | | | | | | 14.53 | | | | | | 18.17 | | | | | | (2,370) | | | | | | 21.80 | | | | | | (4,740) | | |
Corn 2023
|
| | | | 115,438 | | | | Purchased | | | | | (8,672) | | | | | | 86.75 | | | | | | 108.44 | | | | | | (2,168) | | | | | | 130.13 | | | | | | (4,336) | | |
Corn 2023
|
| | | | 48,626 | | | | Sold | | | | | 10,797 | | | | | | 86.75 | | | | | | 108.44 | | | | | | 2699 | | | | | | 130.13 | | | | | | 5,398 | | |
Soybean 2024
|
| | | | 450 | | | | Purchased | | | | | 234 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 58 | | | | | | 19.92 | | | | | | 117 | | |
Soybean 2025
|
| | | | 180 | | | | Purchased | | | | | 260 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 65 | | | | | | 19.92 | | | | | | 130 | | |
Soybean 2026
|
| | | | 180 | | | | Purchased | | | | | 314 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 79 | | | | | | 19.92 | | | | | | 157 | | |
Net exposure
|
| | | | | | | | | | | |
|
5,761
|
| | | | | | | | | | | | | | | |
|
1,440
|
| | | | | | | | | |
|
2,879
|
| |
| | |
As of June 30, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |
Possible(1)
|
| |
Remote(2)
|
| ||||||||||||||||||
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market (R$) |
| |
Market
(R$) |
| |
Impact
|
| |
Market
(R$) |
| |
Impact
|
| |||||||||||||||||||||
| | |
(in R$ thousands, except as otherwise indicated)
|
| ||||||||||||||||||||||||||||||||||||||||||
Position | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corn 2021
|
| | | | 3,008 | | | | Purchased | | | | | 79,382 | | | | | | 60.06 | | | | | | 75.08 | | | | | | 19,846 | | | | | | 90.09 | | | | | | 39,691 | | |
Corn 2020
|
| | | | 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) | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Ricardo Leonel Scavazza
|
| |
43
|
| | Chairman | |
Peter Paul Lorenço Estermann
|
| |
63
|
| | Director | |
Daniel Fisberg
|
| |
38
|
| | Director | |
David Friedberg
|
| |
42
|
| | Director | |
Michael Stern
|
| |
61
|
| | 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(7) |
| |
Post-Business
Combination Assuming Maximum Redemption(6)(7) |
| |||||||||||||||||||||||||||
| | |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||
Name and Address of Beneficial Owner
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
TPB SPAC’s Officers, Directors and 5% or More Holders Pre-Business Combination:(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
David Friedberg(2)
|
| | | | 4,404,074 | | | | | | 19.5% | | | | | | 1,503,024 | | | | | | % | | | | | | | | | | | | % | | |
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% | | | | | | 1,503,024 | | | | | | % | | | | | | | | | | | | % | | |
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
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Peter Paul Lorenço Estermann
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Daniel Fisberg
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
David Friedberg(2)
|
| | | | 4,404,074 | | | | | | 19.5% | | | | | | | | | | | | % | | | | | | | | | | | | % | | |
Michael Stern
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
All directors and executive officers as a
group ( individuals) |
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
5% or More Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment Funds(4)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Patria Investments Limited(5)
|
| | | | — | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
TPB Acquisition Sponsor I, LLC(6)
|
| | | | 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 — Combined Financial Statements as of and for the Fiscal Years ended June 30, 2022, 2021 and 2020
|
| | | | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| | | | | F-47 | | | |
| | | | | F-48 | | | |
| | | | | F-49 | | | |
| | | | | F-51 | | |
| 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% | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(unaudited)
|
| | | | | | | |||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 875,113 | | | | | $ | 481,265 | | |
Prepaid expenses
|
| | | | 335,396 | | | | | | 594,223 | | |
Total current assets
|
| | | | 1,210,509 | | | | | | 1,075,488 | | |
Investments held in Trust Account
|
| | | | 181,358,178 | | | | | | 180,368,211 | | |
Total Assets
|
| | | $ | 182,568,687 | | | | | $ | 181,443,699 | | |
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 1,434,585 | | | | | $ | 2,600 | | |
Accrued expenses
|
| | | | 1,327,042 | | | | | | 121,581 | | |
Note Payable – Related Party
|
| | | | 2,000,000 | | | | | | — | | |
Total current liabilities
|
| | | | 4,761,627 | | | | | | 124,181 | | |
Deferred underwriting commissions in connection with the Initial Public Offering
|
| | | | 6,312,705 | | | | | | 6,312,705 | | |
Derivative warrant liabilities
|
| | | | 6,285,677 | | | | | | 7,408,784 | | |
Total Liabilities
|
| | | | 17,360,009 | | | | | | 13,845,670 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 18,036,299 shares subject to possible redemption at $10.05 and $10.00 per share as of September 30, 2022 and December 31, 2021, respectively
|
| | | | 181,258,178 | | | | | | 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
|
| | | | (16,049,951) | | | | | | (12,765,412) | | |
Total shareholders’ deficit
|
| | | | (16,049,500) | | | | | | (12,764,961) | | |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | $ | 182,568,687 | | | | | $ | 181,443,699 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine
Months Ended September 30, 2022 |
| |
For the Period from
February 8, 2021 (inception) through September 30, 2022 |
| | | |||||||||||||||||||
| | |
2022
|
| |
2021
|
| | | | | | | ||||||||||||||||||
General and administrative expenses
|
| | | $ | 2,125,950 | | | | | $ | 367,280 | | | | | $ | 4,412,425 | | | | | $ | 431,855 | | | | | ||||
General and administrative expenses – related party
|
| | | | 30,000 | | | | | | 16,774 | | | | | | 90,000 | | | | | | 16,774 | | | | | ||||
Loss from operations
|
| | | | (2,155,950) | | | | | | (384,054) | | | | | | (4,502,425) | | | | | | (448,629) | | | | | ||||
Other income (expenses): | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Change in fair value of derivative
warrant liabilities |
| | | | (4,264,321) | | | | | | 496,075 | | | | | | 1,123,107 | | | | | | 496,075 | | | | | ||||
Income from investments in Trust
Account |
| | | | 903,792 | | | | | | 739 | | | | | | 989,967 | | | | | | 739 | | | | | ||||
Loss upon issuance of private placement warrants
|
| | | | — | | | | | | (653,860) | | | | | | — | | | | | | (653,860) | | | | | ||||
Offering costs associated with derivative warrant liabilities
|
| | | | — | | | | | | (577,447) | | | | | | — | | | | | | (577,447) | | | | | ||||
Total other income (expense),
net |
| | | | (3,360,529) | | | | | | (734,493) | | | | | | 2,113,074 | | | | | | (734,493) | | | | | ||||
Net loss
|
| | | $ | (5,516,479) | | | | | $ | (1,118,547) | | | | | $ | (2,389,351) | | | | | $ | (1,183,122) | | | | | ||||
Weighted average number of shares outstanding of Class A ordinary shares, basic and diluted
|
| | | | 18,036,299 | | | | | | 9,582,972 | | | | | | 18,036,299 | | | | | | 3,751,632 | | | | | ||||
Basic and diluted net loss per share, Class A ordinary shares
|
| | | $ | (0.24) | | | | | $ | (0.08) | | | | | $ | (0.11) | | | | | $ | (0.15) | | | | | ||||
Weighted average number of shares outstanding of Class B ordinary shares – basic and diluted
|
| | |
|
4,509,074
|
| | | |
|
4,440,580
|
| | | |
|
4,509,074
|
| | | |
|
4,400,674
|
| | | | ||||
Basic and diluted net loss per share, Class B ordinary shares
|
| | | $ | (0.24) | | | | | $ | (0.08) | | | | | $ | (0.11) | | | | | $ | (0.15) | | | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – December 31, 2021 (audited)
|
| | | | — | | | | | $ | — | | | | | | 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) | | |
Net loss
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | (5,516,479) | | | | | | (5,516,479) | | |
Accretion to Class A ordinary shares to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (895,188) | | | | | | (895,188) | | |
Balance – September 30, 2022 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 4,509,074 | | | | | $ | 451 | | | | | $ | — | | | | | $ | (16,049,951) | | | | | $ | (16,049,500) | | |
| | |
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 | | |
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) | | | | | | (12,346) | | |
Balance – June 30, 2021 (unaudited)
|
| | | | — | | | | | | — | | | | | | 5,031,250 | | | | | | 503 | | | | | | 24,497 | | | | | | (64,575) | | | | | | (39,575) | | |
Forfeiture of Class B Shares
|
| | | | — | | | | | | — | | | | | | (522,176) | | | | | | (52) | | | | | | 52 | | | | | | — | | | | | | — | | |
Accretion to Class A ordinary shares to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | (24,549) | | | | | | (19,333,833) | | | | | | (19,358,382) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,118,547) | | | | | | (1,118,547) | | |
Balance – September 30, 2021 (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 4,509,074 | | | | | $ | 451 | | | | | $ | — | | | | | $ | (20,516,955) | | | | | $ | (20,516,504) | | |
| | |
Nine Months
Ended September 30, 2022 |
| |
For the Period from
February 8, 2021 (inception) through September 30, 2021 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (2,389,351) | | | | | $ | (1,183,122) | | |
Adjustments to reconcile net loss 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
|
| | | | (989,967) | | | | | | (739) | | |
Change in fair value of derivative warrant liabilities
|
| | | | (1,123,107) | | | | | | (496,075) | | |
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
|
| | | | 258,827 | | | | | | (709,084) | | |
Accounts payable
|
| | | | 1,431,985 | | | | | | 68,604 | | |
Accrued expenses
|
| | | | 1,205,461 | | | | | | 248,950 | | |
Net cash used in operating activities
|
| | | | (1,606,152) | | | | | | (818,759) | | |
Cash Flows from Investing Activities
|
| | | | | | | | | | | | |
Cash deposited in Trust Account
|
| | | | — | | | | | | (180,362,990) | | |
Cash used in investing activities
|
| | | | — | | | | | | (180,362,990) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from note payable to related party
|
| | | | 2,000,000 | | | | | | 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
|
| | | | — | | | | | | (4,393,455) | | |
Net cash provided by financing activities
|
| | | | 2,000,000 | | | | | | 182,076,795 | | |
Net change in cash
|
| | | | 393,848 | | | | | | 895,046 | | |
Cash – beginning of the period
|
| | | | 481,265 | | | | | | — | | |
Cash – end of the period
|
| | | $ | 875,113 | | | | | $ | 895,046 | | |
Supplemental schedule of noncash investing and financing activities: | | | | | | | | | | | | | |
Accretion to Class A ordinary shares to redemption amount
|
| | | $ | 895,188 | | | | | $ | 19,358,382 | | |
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 | | |
| | |
For the Three Months Ended
September 30, 2022 (Unaudited) |
| |
For the Nine Months Ended
September 30, 2022 (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
|
| | | $ | (4,413,183) | | | | | $ | (1,103,296) | | | | | $ | (1,911,481) | | | | | $ | (477,870) | | |
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 loss per ordinary share
|
| | | $ | (0.24) | | | | | $ | (0.24) | | | | | $ | (0.11) | | | | | $ | (0.11) | | |
| | |
For the Three Months Ended
September 30, 2021 (Unaudited) |
| |
For the Period from
February 8, 2021 (inception) through September 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
|
| | | $ | (764,357) | | | | | $ | (354,190) | | | | | $ | (544,464) | | | | | $ | (638,658) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares
outstanding |
| | | | 9,582,972 | | | | | | 4,440,580 | | | | | | 3,751,632 | | | | | | 4,400,674 | | |
Basic and diluted net loss per ordinary share
|
| | | $ | (0.08) | | | | | $ | (0.08) | | | | | $ | (0.15) | | | | | $ | (0.15) | | |
|
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 ordinary shares subject to possible redemption, December 31, 2021 (audited)
|
| | | | 180,362,990 | | |
|
Increase in redemption value of Class A ordinary shares subject to possible redemption
|
| | | | 895,188 | | |
|
Class A ordinary shares subject to possible redemption as of September 30, 2022 (unaudited)
|
| | | $ | 181,258,178 | | |
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
|
| | | $ | 181,358,178 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Level 1
|
| | | $ | 3,727,501 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Level 3
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,558,176 | | |
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
September 30, 2022 (unaudited) |
| |
As of
December 31, 2021 (audited) |
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Stock price
|
| | | $ | 9.92 | | | | | $ | 9.80 | | |
Volatility
|
| | | | 1.8% | | | | | | 12.1% | | |
Term (years)
|
| | | | 5.54 | | | | | | 6.12 | | |
Risk-free rate
|
| | | | 4.04% | | | | | | 1.36% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
|
Level 3 derivative warrant liabilities at December 31, 2021
|
| | | $ | 3,019,952 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (1,212,068) | | |
|
Level 3 derivative warrant liabilities at March 31, 2022
|
| | | | 1,807,884 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | (988,948) | | |
|
Level 3 derivative warrant liabilities at June 30, 2022
|
| | | | 818,936 | | |
|
Change in fair value of derivative warrant liabilities
|
| | | | 1,739,240 | | |
|
Level 3 derivative warrant liabilities at September 30, 2022
|
| | | $ | 2,558,176 | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | |
Cash equivalents
|
| |
5
|
| | | | 254,413 | | | | | | 459,458 | | |
Trade receivables
|
| |
6
|
| | | | 1,794,602 | | | | | | 1,467,200 | | |
Inventories
|
| |
9
|
| | | | 1,749,041 | | | | | | 849,143 | | |
Taxes recoverable
|
| |
10
|
| | | | 93,725 | | | | | | 88,400 | | |
Derivative financial instruments
|
| | | | | | | 7,677 | | | | | | — | | |
Commodity forward contracts
|
| |
11
|
| | | | 32,800 | | | | | | 127,671 | | |
Advances to suppliers
|
| |
12
|
| | | | 383,257 | | | | | | 442,408 | | |
Other assets
|
| | | | | | | 60,165 | | | | | | 31,842 | | |
Total current assets
|
| | | | | | | 4,375,680 | | | | | | 3,466,122 | | |
Non-current assets | | | | | | | | | | | | | | | | |
Financial investments
|
| | | | | | | 1,344 | | | | | | — | | |
Trade receivables
|
| |
6
|
| | | | 39,751 | | | | | | — | | |
Other assets
|
| | | | | | | 2,473 | | | | | | 1,754 | | |
Right of use assets
|
| |
13
|
| | | | 140,179 | | | | | | 64,296 | | |
Judicial deposits
|
| | | | | | | 3,887 | | | | | | 4,583 | | |
Tax recoverable
|
| |
10
|
| | | | 50,937 | | | | | | — | | |
Deferred tax assets
|
| |
21
|
| | | | 200,986 | | | | | | 114,748 | | |
Property, plant and equipment
|
| |
14
|
| | | | 146,205 | | | | | | 93,260 | | |
Intangible assets
|
| |
15
|
| | | | 724,321 | | | | | | 656,810 | | |
Total non-current assets
|
| | | | | | | 1,310,083 | | | | | | 935,451 | | |
Total assets
|
| | | | | | | 5,685,763 | | | | | | 4,401,573 | | |
Liabilities | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | |
Trade payables
|
| |
17
|
| | | | 2,301,700 | | | | | | 1,563,664 | | |
Lease liabilities
|
| |
13
|
| | | | 69,226 | | | | | | 34,525 | | |
Borrowings
|
| |
18
|
| | | | 681,217 | | | | | | 221,772 | | |
Payables for the acquisition of subsidiaries
|
| |
19
|
| | | | 111,684 | | | | | | 215,158 | | |
Derivative financial instruments
|
| | | | | | | 7,121 | | | | | | 5,126 | | |
Commodity forward contracts
|
| |
11
|
| | | | 27,038 | | | | | | 128,243 | | |
Salaries and social charges
|
| | | | | | | 187,285 | | | | | | 88,385 | | |
Taxes payable
|
| | | | | | | 34,216 | | | | | | 32,805 | | |
Dividends payable
|
| | | | | | | 411 | | | | | | 6,854 | | |
Advances from customers
|
| |
23
|
| | | | 320,560 | | | | | | 509,403 | | |
Other liabilities
|
| | | | | | | 95,893 | | | | | | 62,137 | | |
Total current liabilities
|
| | | | | | | 3,836,351 | | | | | | 2,868,072 | | |
Non-current liabilities | | | | | | | | | | | | | | | | |
Leases liabilities
|
| |
13
|
| | | | 86,027 | | | | | | 40,613 | | |
Borrowings
|
| |
18
|
| | | | 29,335 | | | | | | 20,632 | | |
Payables for the acquisition of subsidiaries
|
| | | | | | | 52,747 | | | | | | — | | |
Provision for contingencies
|
| |
22
|
| | | | 2,966 | | | | | | 3,602 | | |
Other liabilities
|
| | | | | | | 1,119 | | | | | | 484 | | |
Deferred tax liabilities
|
| | | | | | | 7,491 | | | | | | — | | |
Total non-current liabilities
|
| | | | | | | 179,685 | | | | | | 65,331 | | |
Net investment | | | | | | | | | | | | | | | | |
Net investment from the Parent
|
| |
25
|
| | | | 1,451,647 | | | | | | 1,345,114 | | |
Non-controlling interests
|
| | | | | | | 218,080 | | | | | | 123,056 | | |
Total net investment
|
| | | | | | | 1,669,727 | | | | | | 1,468,170 | | |
Total liabilities and net investment
|
| | | | | | | 5,685,763 | | | | | | 4,401,573 | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenue
|
| |
26
|
| | | | 7,746,534 | | | | | | 5,098,545 | | | | | | 2,706,281 | | |
Cost of goods sold
|
| |
27
|
| | | | (6,421,037) | | | | | | (4,362,657) | | | | | | (2,384,080) | | |
Gross profit
|
| | | | | |
|
1,325,497
|
| | | |
|
735,888
|
| | | |
|
322,201
|
| |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | |
Sales, general and administrative expenses
|
| |
27
|
| | | | (1,022,388) | | | | | | (619,506) | | | | | | (394,657) | | |
Other operating income, net
|
| | | | | | | 56,759 | | | | | | 15,618 | | | | | | 10,795 | | |
Operating profit (loss)
|
| | | | | | | 359,868 | | | | | | 132,000 | | | | | | (61,661) | | |
Finance Income (costs) | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| |
28
|
| | | | 426,933 | | | | | | 227,099 | | | | | | 55,489 | | |
Finance costs
|
| |
28
|
| | | | (646,377) | | | | | | (312,892) | | | | | | (168,706) | | |
Profit (loss) before income taxes
|
| | | | | | | 140,424 | | | | | | 46,207 | | | | | | (174,878) | | |
Income taxes | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| |
21
|
| | | | (111,409) | | | | | | (61,676) | | | | | | (23,544) | | |
Deferred
|
| |
21
|
| | | | 78,747 | | | | | | 37,000 | | | | | | 76,919 | | |
Profit (loss) for the year
|
| | | | | | | 107,762 | | | | | | 21,531 | | | | | | (121,503) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | | | | 78,170 | | | | | | 38,390 | | | | | | (108,700) | | |
Non-controlling interests
|
| | | | | | | 29,592 | | | | | | (16,859) | | | | | | (12,803) | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Profit (loss) for the year
|
| | | | 107,762 | | | | | | 21,531 | | | | | | (121,503) | | |
Items that may be reclassified to profit or loss in subsequent periods Exchange differences on translation of foreign operations
|
| | | | (34,263) | | | | | | (16,436) | | | | | | 25,864 | | |
Total comprehensive income (loss) for the year
|
| | | | 73,499 | | | | | | 5,095 | | | | | | (95,639) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | |
Net investment of the Parent
|
| | | | 45,630 | | | | | | 22,346 | | | | | | (83,454) | | |
Non-controlling interests
|
| | | | 27,829 | | | | | | (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 | | |
Capital contributions
|
| |
25
|
| | | | 190,003 | | | | | | 12,422 | | | | | | 202,425 | | |
Dividends paid
|
| | | | | | | (131,979) | | | | | | (1,090) | | | | | | (133,069) | | |
Acquisition of non-controlling interests
|
| |
25
|
| | | | (3,257) | | | | | | (31,094) | | | | | | (34,351) | | |
Acquisition of subsidiaries
|
| |
20
|
| | | | 6,136 | | | | | | 86,917 | | | | | | 93,053 | | |
Profit for the year
|
| | | | | | | 78,170 | | | | | | 29,592 | | | | | | 107,762 | | |
Exchange differences on translation of foreign operations
|
| | | | | | | (32,540) | | | | | | (1,723) | | | | | | (34,263) | | |
At June 30, 2022
|
| | | | | | | 1,451,647 | | | | | | 218,080 | | | | | | 1,669,727 | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Operating activities | | | | | | | | | | | | | | | | | | | | | | |
Profit (loss) for the year
|
| | | | | |
|
107,762
|
| | | |
|
21,531
|
| | | |
|
(121,503)
|
| |
Adjustments for: | | | | | | | | | | | | | | | | | | | | | | |
Allowance for expected credit losses
|
| |
6 and 27
|
| | | | 27,393 | | | | | | 11,094 | | | | | | 86,901 | | |
Foreign exchange differences
|
| |
28
|
| | | | 1,957 | | | | | | (12,759) | | | | | | 78,728 | | |
Accrued interest expenses
|
| |
28
|
| | | | 594,076 | | | | | | 295,169 | | | | | | 70,103 | | |
Interest arising from revenue contracts
|
| |
28
|
| | | | (407,449) | | | | | | (204,744) | | | | | | (49,010) | | |
Loss (gain) on derivatives
|
| |
28
|
| | | | 26,323 | | | | | | 4,883 | | | | | | (4,260) | | |
Other finance income (cost), net
|
| |
28
|
| | | | 22,440 | | | | | | 12,042 | | | | | | 12,254 | | |
Fair value on commodity forward contracts
|
| |
28
|
| | | | (9,200) | | | | | | (6,337) | | | | | | 6,909 | | |
Income taxes
|
| |
21
|
| | | | 32,662 | | | | | | 24,676 | | | | | | (53,375) | | |
Amortization of intangibles
|
| |
27
|
| | | | 57,607 | | | | | | 29,717 | | | | | | 20,024 | | |
Amortization of right of use assets
|
| |
27
|
| | | | 51,203 | | | | | | 17,997 | | | | | | 10,862 | | |
Depreciation
|
| |
27
|
| | | | 9,697 | | | | | | 5,717 | | | | | | 5,770 | | |
Losses and damages of inventories
|
| |
27
|
| | | | 23,339 | | | | | | 9,808 | | | | | | 726 | | |
Gain on bargain purchase
|
| |
20
|
| | | | (18,295) | | | | | | — | | | | | | — | | |
Contingencies provision
|
| | | | | | | (11,998) | | | | | | (3,564) | | | | | | (38) | | |
Others
|
| | | | | | | (26,495) | | | | | | (7,484) | | | | | | 9,633 | | |
| | | | | | | | 481,022 | | | | | | 197,746 | | | | | | 73,724 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | |
Trade receivables
|
| | | | | | | 19,563 | | | | | | 262,671 | | | | | | (88,585) | | |
Inventories
|
| | | | | | | (721,602) | | | | | | 5,745 | | | | | | (19,916) | | |
Advances to suppliers
|
| | | | | | | 74,542 | | | | | | (201,351) | | | | | | (43,234) | | |
Derivative financial instruments
|
| | | | | | | (7,677) | | | | | | — | | | | | | 23,765 | | |
Taxes recoverable
|
| | | | | | | (41,685) | | | | | | (23,374) | | | | | | (14,692) | | |
Other receivables
|
| | | | | | | (6,765) | | | | | | 4,493 | | | | | | (29,992) | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | | | | 273,611 | | | | | | (316,575) | | | | | | (46,855) | | |
Advances from customers
|
| | | | | | | (207,440) | | | | | | 187,035 | | | | | | 130,912 | | |
Derivative financial instruments
|
| | | | | | | (24,328) | | | | | | (14,250) | | | | | | — | | |
Salaries and social charges
|
| | | | | | | 91,540 | | | | | | 46,363 | | | | | | 24,969 | | |
Taxes payable
|
| | | | | | | (39,463) | | | | | | 25,518 | | | | | | 8,674 | | |
Other payables
|
| | | | | | | (2,237) | | | | | | 25,051 | | | | | | 31,880 | | |
Interest paid on borrowings
|
| |
18
|
| | | | (7,401) | | | | | | (30,424) | | | | | | (23,009) | | |
Interest paid on trade payables and lease liabilities
|
| | | | | | | (360,665) | | | | | | (208,938) | | | | | | (27,860) | | |
Interest received from revenue contracts
|
| | | | | | | 310,967 | | | | | | 179,796 | | | | | | 28,120 | | |
Income taxes paid
|
| | | | | | | (76,546) | | | | | | (85,682) | | | | | | (39,334) | | |
Net cash flows (used in) from operating activities
|
| | | | | | | (244,564) | | | | | | 53,824 | | | | | | (11,433) | | |
Investing activities: | | | | | | | | | | | | | | | | | | | | | | |
Acquisition of subsidiary, net of cash acquired
|
| |
19 and 20
|
| | | | (213,212) | | | | | | (283,171) | | | | | | (247,145) | | |
Acquisition of non-controlling interests
|
| |
25
|
| | | | (34,351) | | | | | | (79,493) | | | | | | — | | |
Additions to property, plant and equipment and intangible assets
|
| | | | | | | (47,697) | | | | | | (34,940) | | | | | | (33,840) | | |
Proceeds from the sale of property, plant and equipment
|
| | | | | | | 1,309 | | | | | | 4,242 | | | | | | 551 | | |
Net cash flows used in investing activities
|
| | | | | | | (293,951) | | | | | | (393,362) | | | | | | (280,434) | | |
| | |
Notes
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Financing activities: | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from borrowings
|
| |
18
|
| | | | 615,984 | | | | | | 466,280 | | | | | | 62,105 | | |
Repayment of borrowings
|
| |
18
|
| | | | (299,613) | | | | | | (472,909) | | | | | | (171,439) | | |
Payment of principal portion of lease liabilities
|
| | | | | | | (45,814) | | | | | | (7,957) | | | | | | (1,673) | | |
Dividends paid
|
| | | | | | | (139,512) | | | | | | — | | | | | | — | | |
Capital contributions
|
| | | | | | | 202,425 | | | | | | 655,085 | | | | | | 492,004 | | |
Net cash flows provided by financing activities
|
| | | | | | | 333,470 | | | | | | 640,499 | | | | | | 380,997 | | |
Net (decrease) increase in cash equivalents
|
| | | | | | | (205,045) | | | | | | 300,961 | | | | | | 89,130 | | |
Cash equivalents at beginning of year
|
| | | | | | | 459,458 | | | | | | 158,497 | | | | | | 69,367 | | |
Cash equivalents at end of year
|
| | | | | | | 254,413 | | | | | | 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
|
| |
2022
|
| |
2021
|
| |
2020
|
|
Lavoro Brasil: | | | | | | | | | | | | | | | | |
Lavoro Agro Holding S.A.
|
| |
Holding
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Lavoro Agrocomercial S.A.
|
| |
Distributor of agricultural inputs
|
| |
Rondonópolis – Brazil
|
| |
97.42%
|
| |
91.65%
|
| |
82.25%
|
|
Impacto Insumos Ltda.(i) | | |
Distributor of agricultural inputs
|
| |
Sorriso – Brazil
|
| |
0%
|
| |
0%
|
| |
100%
|
|
Agrocontato Comércio e Representações de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Sinop – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
PCO Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Agrovenci Distribuidora de Insumos Agrícolas Ltda. (MS)(ii) | | |
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. (Agrozap) | | |
Distributor of agricultural inputs
|
| |
Uberaba – Brazil
|
| |
71.64%
|
| |
—
|
| |
—
|
|
Agrovenci Comércio, Importação, Exportação e Agropecuária Ltda. | | |
Distributor of agricultural inputs
|
| |
Campo Verde – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Central Agrícola Rural Distribuidora de Defensivos Ltda. | | |
Distributor of agricultural inputs
|
| |
Vilhena – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Distribuidora Pitangueiras de Produtos Agropecuários S.A. | | |
Distributor of agricultural inputs
|
| |
Ponta Grossa – Brazil
|
| |
86,22%
|
| |
86.22%
|
| |
70%
|
|
Produtec Comércio e Representações S.A. | | |
Distributor of agricultural inputs
|
| |
Cristalina – Brazil
|
| |
87.40%
|
| |
72.42%
|
| |
64.75%
|
|
Qualiciclo Agrícola S.A. | | |
Distributor of agricultural inputs
|
| |
Limeira – Brazil
|
| |
71.69%
|
| |
70.77%
|
| |
—
|
|
Desempar Participações Ltda. | | |
Distributor of agricultural inputs
|
| |
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%
|
| |
—
|
|
| | | | | | | | |
Direct and indirect control
|
| ||||||
Name
|
| |
Core activities
|
| |
Location
|
| |
2022
|
| |
2021
|
| |
2020
|
|
Desempar Tecnologia Ltda. | | |
Holding
|
| |
Palmeira – Brazil
|
| |
100%
|
| |
100%
|
| |
—
|
|
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%
|
| |
—
|
|
Nova Geração | | |
Distributor of agricultural inputs
|
| |
Pinhalzinho – Brazil
|
| |
100%
|
| |
—
|
| |
—
|
|
Lavoro Colômbia: | | | | | | | | | | | | | | | | |
Lavoro Colombia S.A.S. | | |
Holding
|
| |
Bogota – Colombia
|
| |
94.9%
|
| |
—
|
| |
—
|
|
Crop Care Colombia | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Agricultura y Servicios S.A.S. | | |
Distributor of agricultural inputs
|
| |
Ginebra – Colombia
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Fertilizantes Liquidos y Servicios S.A.S.(iii) | | |
Distributor of agricultural inputs
|
| |
Cali – Colombia
|
| |
0%
|
| |
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%
|
| |
100%
|
|
Agrointegral Andina S.A.S.
|
| |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Servigral Praderas S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Agroquímicos para la Agricultura Colombiana S.A.S. | | |
Distributor of agricultural inputs
|
| |
Bogota – Colombia
|
| |
100%
|
| |
100%
|
| |
100%
|
|
| | | | | | | | |
Direct and indirect control
|
| ||||||
Name
|
| |
Core activities
|
| |
Location
|
| |
2022
|
| |
2021
|
| |
2020
|
|
Crop Care: | | | | | | | | | | | | | | | | |
Crop Care Holding S.A. | | |
Holding
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Perterra Insumos Agropecuários S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Araci Administradora de Bens S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
100%
|
| |
100%
|
| |
100%
|
|
Union Agro S.A | | |
Private label products
|
| |
Pederneiras – Brazil
|
| |
73.00%
|
| |
—
|
| |
—
|
|
Agrobiológica Sustentabilidade S.A. | | |
Private label products
|
| |
São Paulo – Brazil
|
| |
65.13%
|
| |
65.13%
|
| |
100%
|
|
Agrobiológica Soluções Naturais Ltda. | | |
Private label products
|
| |
Leme – Brazil
|
| |
100%
|
| |
100%
|
| |
—
|
|
Perterra Trading S.A. | | |
Private label products
|
| |
Montevideu – Uruguay
|
| |
100%
|
| |
—
|
| |
—
|
|
Description
|
| |
Brazil Cluster
|
| |
Cluster LATAM
|
| |
Crop Care Cluster
|
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 183,000 | | | | | | 16,400 | | | | | | 41,100 | | | | | | 13,913 | | | | | | 254,413 | | |
Trade receivables
|
| | | | 1,337,800 | | | | | | 306,600 | | | | | | 155,600 | | | | | | (5,398) | | | | | | 1,794,602 | | |
Inventories
|
| | | | 1,381,100 | | | | | | 173,800 | | | | | | 121,600 | | | | | | 72,541 | | | | | | 1,749,041 | | |
Advances to Suppliers
|
| | | | 172,400 | | | | | | 1,400 | | | | | | 73,600 | | | | | | 135,857 | | | | | | 383,257 | | |
Total assets(ii)
|
| | | | 4,297,400 | | | | | | 582,600 | | | | | | 493,300 | | | | | | 312,463 | | | | | | 5,685,763 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 1,891,800 | | | | | | 309,400 | | | | | | 37,000 | | | | | | 63,500 | | | | | | 2,301,700 | | |
Borrowings
|
| | | | 549,600 | | | | | | 40,500 | | | | | | 110,500 | | | | | | 9,952 | | | | | | 710,552 | | |
Advances from customers
|
| | | | 420,600 | | | | | | 8,000 | | | | | | 31,400 | | | | | | (139,440) | | | | | | 320,560 | | |
Total liabilities(ii)
|
| | | | 4,297,400 | | | | | | 582,600 | | | | | | 493,300 | | | | | | 312,463 | | | | | | 5,685,763 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 6,643,900 | | | | | | 1,197,100 | | | | | | 438,600 | | | | | | — | | | | | | (112,300) | | | | | | (420,766) | | | | | | 7,746,534 | | |
Cost of goods sold
|
| | | | (5,606,500) | | | | | | (991,400) | | | | | | (249,300) | | | | | | — | | | | | | 112,300 | | | | | | 313,863 | | | | | | (6,421,037) | | |
Sales, general and administrative expenses
|
| | | | (597,900) | | | | | | (115,200) | | | | | | (91,800) | | | | | | (18,400) | | | | | | — | | | | | | (80,581) | | | | | | (903,881) | | |
Other operating income, net
|
| | | | (105,000) | | | | | | (2,000) | | | | | | (500) | | | | | | 42,800 | | | | | | — | | | | | | 121,459 | | | | | | 56,759 | | |
Financial income (costs)
|
| | | | (190,700) | | | | | | (11,500) | | | | | | (9,100) | | | | | | (5,300) | | | | | | — | | | | | | (2,844) | | | | | | (219,444) | | |
Income taxes
|
| | | | 3,200 | | | | | | (22,700) | | | | | | (13,900) | | | | | | 1,200 | | | | | | — | | | | | | (462) | | | | | | (32,662) | | |
Profit (loss) for the year
|
| | | | 31,100 | | | | | | 41,600 | | | | | | 68,300 | | | | | | 4,700 | | | | | | — | | | | | | (37,938) | | | | | | 107,762 | | |
Depreciation and
amortization |
| | | | (115,900) | | | | | | (12,700) | | | | | | (5,700) | | | | | | (15,600) | | | | | | — | | | | | | 31,393 | | | | | | (118,507) | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||
Main Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash equivalents
|
| | | | 419,700 | | | | | | 21,100 | | | | | | 97,900 | | | | | | (79,242) | | | | | | 459,458 | | |
Trade receivables
|
| | | | 797,600 | | | | | | 276,100 | | | | | | 99,200 | | | | | | 294,300 | | | | | | 1,467,200 | | |
Inventories
|
| | | | 713,600 | | | | | | 157,300 | | | | | | 43,800 | | | | | | (65,557) | | | | | | 849,143 | | |
Advances to Suppliers
|
| | | | 141,600 | | | | | | 2,500 | | | | | | 13,700 | | | | | | 284,608 | | | | | | 442,408 | | |
Total assets
|
| | | | 2,944,200 | | | | | | 542,300 | | | | | | 156,900 | | | | | | 758,173 | | | | | | 4,401,573 | | |
Main Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 955,700 | | | | | | 288,100 | | | | | | 21,300 | | | | | | 299,048 | | | | | | 1,564,148 | | |
Borrowings
|
| | | | 206,400 | | | | | | 35,000 | | | | | | 28,500 | | | | | | (27,496) | | | | | | 242,404 | | |
Advances from customers
|
| | | | 490,500 | | | | | | 9,300 | | | | | | 15,600 | | | | | | (5,997) | | | | | | 509,403 | | |
Total liabilities
|
| | | | 2,944,200 | | | | | | 542,300 | | | | | | 156,900 | | | | | | 758,173 | | | | | | 4,401,573 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Eliminations
between segments(ii) |
| |
Adjustments(i)
|
| |
Combined
|
| |||||||||||||||||||||
Revenue
|
| | | | 5,740,500 | | | | | | 1,016,700 | | | | | | 204,500 | | | | | | — | | | | | | (4,100) | | | | | | (1,859,055) | | | | | | 5,098,545 | | |
Cost of goods sold
|
| | | | (4,956,100) | | | | | | (840,600) | | | | | | (107,200) | | | | | | — | | | | | | 4,100 | | | | | | 1,537,143 | | | | | | (4,362,657) | | |
Sales, general and administrative expenses
|
| | | | (508,475) | | | | | | (110,200) | | | | | | (57,400) | | | | | | 6,375 | | | | | | — | | | | | | (3,237) | | | | | | (672,937) | | |
Other operating income, net
|
| | | | (22,874) | | | | | | (2,000) | | | | | | (5,800) | | | | | | 15,374 | | | | | | — | | | | | | 30,918 | | | | | | 15,618 | | |
Financial income (costs)
|
| | | | (100,636) | | | | | | (6,800) | | | | | | (4,200) | | | | | | (2,664) | | | | | | — | | | | | | 28,507 | | | | | | (85,793) | | |
Income taxes
|
| | | | (20,083) | | | | | | (16,800) | | | | | | (7,100) | | | | | | (6,517) | | | | | | — | | | | | | 25,824 | | | | | | (24,676) | | |
Profit (loss) for the year
|
| | | | 55,564 | | | | | | 30,800 | | | | | | 17,300 | | | | | | 5,036 | | | | | | — | | | | | | (87,169) | | | | | | 21,531 | | |
Depreciation and
amortization |
| | | | (76,769) | | | | | | (9,500) | | | | | | (5,500) | | | | | | (7,531) | | | | | | — | | | | | | 152,731 | | | | | | 53,431 | | |
Description
|
| |
Brazil
Cluster |
| |
Cluster
LATAM |
| |
Crop Care
Cluster |
| |
Corporate
|
| |
Adjustments(i)
|
| |
Combined
|
| ||||||||||||||||||
Revenue
|
| | | | 4,618,800 | | | | | | 780,200 | | | | | | 147,500 | | | | | | — | | | | | | (2,840,219) | | | | | | 2,706,281 | | |
Cost of goods sold
|
| | | | (4,061,600) | | | | | | (642,700) | | | | | | (67,700) | | | | | | — | | | | | | 2,387,920 | | | | | | (2,384,080) | | |
Sales, general and administrative expenses
|
| | | | (342,000) | | | | | | (87,500) | | | | | | (42,200) | | | | | | (27,300) | | | | | | 104,343 | | | | | | (394,657) | | |
Other operating income, net
|
| | | | (100,250) | | | | | | (9,800) | | | | | | (1,300) | | | | | | 17,350 | | | | | | 104,795 | | | | | | 10,795 | | |
Financial income (costs)
|
| | | | (75,900) | | | | | | (7,300) | | | | | | (1,800) | | | | | | 1,800 | | | | | | (30,017) | | | | | | (113,217) | | |
Income taxes
|
| | | | (6,950) | | | | | | (5,300) | | | | | | (5,300) | | | | | | 6,350 | | | | | | 64,575 | | | | | | 53,375 | | |
Profit (loss) for the year
|
| | | | (5,100) | | | | | | 19,100 | | | | | | 26,900 | | | | | | (7,600) | | | | | | (154,803) | | | | | | (121,503) | | |
Depreciation and amortization
|
| | | | (36,700) | | | | | | (8,500) | | | | | | (2,300) | | | | | | (5,800) | | | | | | 2,796 | | | | | | (50,504) | | |
| | |
Annual yield
|
| |
2022
|
| |
2021
|
| ||||||
Cash equivalents (Brazil)
|
| |
100% CDI
|
| | | | 237,462 | | | | | | 446,155 | | |
Cash equivalents (Colombia)
|
| |
100% DTF
|
| | | | 16,951 | | | | | | 13,303 | | |
Total cash equivalents
|
| | | | | | | 254,413 | | | | | | 459,458 | | |
| | |
2022
|
| |
2021
|
| ||||||
Trade receivables (Brazil)
|
| | | | 1,639,637 | | | | | | 1,266,226 | | |
Trade receivables (Colombia)
|
| | | | 345,830 | | | | | | 312,943 | | |
(-) Allowance for expected credit losses
|
| | | | (151,114) | | | | | | (111,969) | | |
Total | | | | | 1,834,353 | | | | | | 1,467,200 | | |
Current
|
| | | | 1,794,602 | | | | | | 1,467,200 | | |
Non-current
|
| | | | 39,751 | | | | | | — | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Opening balance
|
| | | | (111,969) | | | | | | (89,173) | | | | | | (9,781) | | |
Increase in allowance(i)
|
| | | | (27,393) | | | | | | (11,094) | | | | | | (86,901) | | |
Allowance for credit losses from acquisitions
|
| | | | (16,274) | | | | | | (12,623) | | | | | | (14,229) | | |
Trade receivables write-off
|
| | | | 3,492 | | | | | | 3,058 | | | | | | 18,502 | | |
Exchange rate translation adjustment
|
| | | | 1,030 | | | | | | (2,137) | | | | | | 3,236 | | |
Closing balance
|
| | | | (151,114) | | | | | | (111,969) | | | | | | (89,173) | | |
| | |
2022
|
| |
2021
|
| ||||||
Current (not past due)
|
| | | | 1,534,224 | | | | | | 1,203,320 | | |
Overdue | | | | | | | | | | | | | |
1 to 60 days
|
| | | | 93,436 | | | | | | 96,798 | | |
61 to 180 days
|
| | | | 240,320 | | | | | | 164,698 | | |
181 to 365 days
|
| | | | 7,157 | | | | | | 47,660 | | |
Over 365 days
|
| | | | 110,398 | | | | | | 66,693 | | |
Allowance for expected credit losses
|
| | | | (151,182) | | | | | | (111,969) | | |
| | | | | 1,834,353 | | | | | | 1,467,200 | | |
| | |
2022
|
| |||||||||
| | |
Amortized cost
|
| |
Fair value
through profit or loss |
| ||||||
Assets: | | | | | | | | | | | | | |
Trade receivables
|
| | | | 1,834,353 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 32,800 | | |
Derivative financial instruments
|
| | | | — | | | | | | 7,677 | | |
Financial investments
|
| | | | 1,344 | | | | | | — | | |
Total assets
|
| | | | 1,835,697 | | | | | | 40,477 | | |
Liabilities: | | | | | | | | | | | | | |
Trade payables
|
| | | | 2,301,700 | | | | | | — | | |
Leases liabilities
|
| | | | 155,253 | | | | | | — | | |
Borrowings
|
| | | | 710,552 | | | | | | — | | |
Payables for the acquisition of subsidiaries
|
| | | | 164,431 | | | | | | — | | |
Derivative financial instruments
|
| | | | — | | | | | | 7,121 | | |
Salaries and social charges
|
| | | | 187,285 | | | | | | — | | |
Taxes payable
|
| | | | 34,216 | | | | | | — | | |
Commodity forward contracts
|
| | | | — | | | | | | 27,038 | | |
Dividends payable
|
| | | | 411 | | | | | | | | |
Total liabilities
|
| | | | 3,553,848 | | | | | | 34,159 | | |
| | |
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 | | |
| | | | | | | | | | | |
% Of guarantees
required on sales |
| |||||||||
Credit rating
|
| |
%
Customers |
| |
Risk classification
|
| |
Medium
farmers |
| |
Other
|
| |||||||||
AA & A
|
| | | | 18% | | | |
Very small
|
| | | | 80 – 90% | | | | | | 0% | | |
B
|
| | | | 49% | | | |
Medium
|
| | | | 100% | | | | | | 30% | | |
C & D
|
| | | | 15% | | | |
High
|
| | | | 100% | | | | | | 60% | | |
Simplified
|
| | | | 18% | | | |
Small farmers
|
| |
N/A
|
| |
N/A
|
|
| | |
2022
|
| |
2021
|
| ||||||
Trade receivables (current and non-current)
|
| | | | 1,834,353 | | | | | | 1,467,200 | | |
Advances to suppliers
|
| | | | 383,257 | | | | | | 442,408 | | |
Total | | | | | 2,217,610 | | | | | | 1,909,608 | | |
| | |
2022
|
| |||||||||||||||
| | |
Up to 1 year
|
| |
From 1 to 3 years
|
| |
Total
|
| |||||||||
Trade payables
|
| | | | 2,377,256 | | | | | | — | | | | | | 2,377,256 | | |
Leases liabilities
|
| | | | 72,228 | | | | | | 93,487 | | | | | | 165,715 | | |
Borrowings
|
| | | | 709,266 | | | | | | 31,751 | | | | | | 741,017 | | |
Payables for the acquisition of subsidiaries
|
| | | | 114,540 | | | | | | 55,444 | | | | | | 169,984 | | |
Commodity forward contracts
|
| | | | 27,729 | | | | | | — | | | | | | 27,729 | | |
Derivative financial instruments
|
| | | | 7,303 | | | | | | — | | | | | | 7,303 | | |
Salaries and social charges
|
| | | | 188,083 | | | | | | — | | | | | | 188,083 | | |
Taxes payable
|
| | | | 34,362 | | | | | | — | | | | | | 34,362 | | |
Dividends payable
|
| | | | 422 | | | | | | — | | | | | | 422 | | |
Total
|
| | |
|
3,531,189
|
| | | |
|
180,682
|
| | | |
|
3,711,871
|
| |
| | |
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 | | |
Total
|
| | |
|
2,326,126
|
| | | |
|
66,145
|
| | | |
|
2,392,271
|
| |
| | |
2022
|
| |
2021
|
| ||||||
Borrowings
|
| | | | 706,662 | | | | | | 242,404 | | |
(-) Cash equivalents
|
| | | | (254,413) | | | | | | (459,458) | | |
Net debt
|
| | |
|
452,249
|
| | | |
|
(217,054)
|
| |
| | |
As of June 30, 2022
|
| ||||||||||||||||||
| | | | | |
Effect on profit or loss and
net investment |
| |||||||||||||||
| | |
Current Index
|
| |
Probable
(Base Value) |
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| |||||||||
Floating rate borrowings in Brazil
|
| |
CDI Rate (13.15)%
|
| | | | 114,081 | | | | | | 22,686 | | | | | | 45,373 | | |
Floating rate borrowings in Colombia
|
| |
DTF Rate (7.72)%
|
| | | | 3,926 | | | | | | 1,436 | | | | | | 2,231 | | |
| | | | | | | | 118,007 | | | | | | 24,122 | | | | | | 47,604 | | |
| | |
As of June 30, 2022
|
| |||||||||||||||||||||
| | | | | | | | |
Effect on profit or loss and net investments
|
| |||||||||||||||
| | |
Current Index
|
| |
Probable
|
| |
Possible
(+25%) |
| |
Remote
(+50%) |
| ||||||||||||
Trade receivables in U.S. Dollars
|
| | | | 5.2570 | | | | | | 5,106 | | | | | | 71,925 | | | | | | 138,744 | | |
Trade payables in U.S. Dollars
|
| | | | 5.2570 | | | | | | (4,939) | | | | | | (69,581) | | | | | | (134,223) | | |
Borrowings in U.S. Dollars
|
| | | | 5.2570 | | | | | | (2,837) | | | | | | (39,971) | | | | | | (77,105) | | |
Net impacts on commercial operations
|
| | | | | | | | | | (2,670) | | | | | | (37,627) | | | | | | (72,584) | | |
Derivative financial instruments
|
| | | | 5.2570 | | | | | | 2 | | | | | | 142 | | | | | | 281 | | |
Total impact, net of derivatives
|
| | | | | | | | | | (2,668) | | | | | | (37,485) | | | | | | (72,303) | | |
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market |
| |
+25% current
|
| |
+50% current
|
| |||||||||||||||||||||||||||
Position
|
| |
Market
|
| |
Impact
|
| |
Market
|
| |
Impact
|
| |||||||||||||||||||||||||||||||||
Soybean 2022
|
| | | | 104 | | | | Purchased | | | | | 23 | | | | | | 16.75 | | | | | | 20.94 | | | | | | 6 | | | | | | 25.13 | | | | | | 12 | | |
Soybean 2022
|
| | | | 804 | | | | Sold | | | | | (61) | | | | | | 16.75 | | | | | | 20.94 | | | | | | (15) | | | | | | 25.13 | | | | | | (31) | | |
Corn 2022
|
| | | | 66,038 | | | | Purchased | | | | | (1,562) | | | | | | 87.29 | | | | | | 109.11 | | | | | | (391) | | | | | | 130.94 | | | | | | (781) | | |
Corn 2022
|
| | | | 65,438 | | | | Sold | | | | | 3,447 | | | | | | 87.29 | | | | | | 109.11 | | | | | | 862 | | | | | | 130.94 | | | | | | 1,723 | | |
Soybean 2023
|
| | | | 80,465 | | | | Purchased | | | | | 10,461 | | | | | | 14.53 | | | | | | 18.17 | | | | | | 2,615 | | | | | | 21.80 | | | | | | 5,230 | | |
Soybean 2023
|
| | | | 69,387 | | | | Sold | | | | | (9,480) | | | | | | 14.53 | | | | | | 18.17 | | | | | | (2,370) | | | | | | 21.80 | | | | | | (4,740) | | |
| | |
Tons
|
| |
Position
|
| |
Current
Risk |
| |
Current
Market |
| |
+25% current
|
| |
+50% current
|
| |||||||||||||||||||||||||||
Position
|
| |
Market
|
| |
Impact
|
| |
Market
|
| |
Impact
|
| |||||||||||||||||||||||||||||||||
Corn 2023
|
| | | | 115,438 | | | |
Purchased
|
| | | | (8,672) | | | | | | 86.75 | | | | | | 108.44 | | | | | | (2,168) | | | | | | 130.13 | | | | | | (4,336) | | |
Corn 2023
|
| | | | 48,626 | | | | Sold | | | | | 10,797 | | | | | | 86.75 | | | | | | 108.44 | | | | | | 2,699 | | | | | | 130.13 | | | | | | 5,398 | | |
Soybean 2024
|
| | | | 450 | | | |
Purchased
|
| | | | 234 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 58 | | | | | | 19.92 | | | | | | 117 | | |
Soybean 2025
|
| | | | 180 | | | |
Purchased
|
| | | | 260 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 65 | | | | | | 19.92 | | | | | | 130 | | |
Soybean 2026
|
| | | | 180 | | | |
Purchased
|
| | | | 314 | | | | | | 13.28 | | | | | | 16.60 | | | | | | 79 | | | | | | 19.92 | | | | | | 157 | | |
Net Exposure
|
| | | | | | | | | | | | | 5,761 | | | | | | | | | | | | | | | | | | 1,440 | | | | | | | | | | | | 2,879 | | |
|
| | |
2022
|
| |
2021
|
| ||||||
Goods for resale
|
| | | | 1,759,227 | | | | | | 856,951 | | |
(-) Allowance for inventory losses
|
| | | | (10,186) | | | | | | (7,808) | | |
Total | | | | | 1,749,041 | | | | | | 849,143 | | |
| | |
2022
|
| |
2021
|
| ||||||
State VAT (“ICMS”)(i)
|
| | | | 63,671 | | | | | | 27,270 | | |
Brazilian federal contributions(ii)
|
| | | | 59,975 | | | | | | 58,727 | | |
Colombian federal contributions
|
| | | | 21,016 | | | | | | 2,403 | | |
Total | | | | | 144,662 | | | | | | 88,400 | | |
Current | | | | | 93,725 | | | | | | 88,400 | | |
Non-current | | | | | 50,937 | | | | | | — | | |
| | |
2022
|
| |
2021
|
| ||||||
Liabilities
|
| | | | | | | | | | | | |
Purchase contracts
|
| | | | (14,995) | | | | | | (1,515) | | |
Sale contracts
|
| | | | (12,043) | | | | | | (126,728) | | |
| | | | | (27,038) | | | | | | (128,243) | | |
Changes in fair value recognized in the statements of profit or loss
|
| | | | 9,200 | | | | | | 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 June 30, 2022
|
| | | | 81,379 | | | | | | 147.65 | | | | | | 14.52 | | | | | | 0.4 | | | | | | 358.55 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 193,748 | | | | | | 35.73 | | | | | | 90.26 | | | | | | N/A | | | | | | 495.86 | | |
As of June 30, 2022
|
| | | | 181,475 | | | | | | 67.47 | | | | | | 86.95 | | | | | | N/A | | | | | | 381.00 | | |
Selling Contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Soybean | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 128,020 | | | | | | 117.84 | | | | | | 13.65 | | | | | | 0.2 | | | | | | 201.11 | | |
As of June 30, 2022
|
| | | | 70,191 | | | | | | 147.46 | | | | | | 14.56 | | | | | | 0.5 | | | | | | 367.46 | | |
Corn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As of June 30, 2021
|
| | | | 189,998 | | | | | | 34.58 | | | | | | 90.23 | | | | | | N/A | | | | | | 497.88 | | |
As of June 30, 2022
|
| | | | 114,063 | | | | | | 67.45 | | | | | | 87.06 | | | | | | N/A | | | | | | 451.83 | | |
| Vehicles | | | 3.4 years | |
| Buildings | | | 4.9 years | |
| Machines and equipment | | | 3 years | |
| | |
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
|
| | | | 74,604 | | | | | | 124,594 | | | | | | 46,110 | | | | | | 245,308 | | |
Accumulated depreciation
|
| | | | (28,756) | | | | | | (60,564) | | | | | | (15,809) | | | | | | (105,129) | | |
Balance at June 30, 2022
|
| | | | 45,848 | | | | | | 64,030 | | | | | | 30,301 | | | | | | 140,179 | | |
| | |
2022
|
| |
2021
|
| ||||||
Vehicles
|
| | | | 49,588 | | | | | | 11,786 | | |
Buildings
|
| | | | 80,768 | | | | | | 59,761 | | |
Machinery and equipment
|
| | | | 24,897 | | | | | | 3,591 | | |
Total | | | | | 155,253 | | | | | | 75,138 | | |
Current
|
| | | | 69,226 | | | | | | 34,525 | | |
Non-current
|
| | | | 86,027 | | | | | | 40,613 | | |
| 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
|
| | | | 43,277 | | | | | | 73,371 | | | | | | 32,830 | | | | | | 8,805 | | | | | | 4,489 | | | | | | 162,772 | | |
Accumulated depreciation
|
| | | | (27,681) | | | | | | (18,624) | | | | | | (16,449) | | | | | | (3,509) | | | | | | (3,249) | | | | | | (69,512) | | |
Balance at June 30, 2021
|
| | | | 15,596 | | | | | | 54,747 | | | | | | 16,381 | | | | | | 5,296 | | | | | | 1,240 | | | | | | 93,260 | | |
Cost
|
| | | | 36,316 | | | | | | 99,541 | | | | | | 53,699 | | | | | | 11,892 | | | | | | 4,372 | | | | | | 205,820 | | |
Accumulated depreciation
|
| | | | (26,208) | | | | | | (7,968) | | | | | | (18,581) | | | | | | (5,031) | | | | | | (1,827) | | | | | | (59,615) | | |
Balance at June 30, 2022
|
| | | | 10,108 | | | | | | 91,573 | | | | | | 35,118 | | | | | | 6,861 | | | | | | 2,545 | | | | | | 146,205 | | |
| Customer relationship | | | 9 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
|
| | | | 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
|
| | | | 137,190 | | | | | | 118,046 | | | | | | 14,827 | | | | | | 1,966 | | | | | | 272,029 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 256,225 | | | | | | 15,031 | | | | | | 38,580 | | | | | | 706,552 | | |
Additions
|
| | | | — | | | | | | — | | | | | | — | | | | | | 17,793 | | | | | | 17,793 | | |
Business combination(i)
|
| | | | 71,348 | | | | | | 45,922 | | | | | | 8,764 | | | | | | — | | | | | | 126,034 | | |
Translation adjustment
|
| | | | (1,559) | | | | | | (670) | | | | | | (1,949) | | | | | | — | | | | | | (4,178) | | |
Others(ii)
|
| | | | (14,531) | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,531) | | |
At June 30, 2022
|
| | | | 451,974 | | | | | | 301,477 | | | | | | 21,846 | | | | | | 56,373 | | | | | | 831,670 | | |
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 | | |
Amortization for the year
|
| | | | — | | | | | | 43,742 | | | | | | 5,844 | | | | | | 8,021 | | | | | | 57,607 | | |
At June 30, 2022
|
| | | | — | | | | | | 89,502 | | | | | | 6,929 | | | | | | 10,918 | | | | | | 107,349 | | |
At June 30, 2021
|
| | | | 396,716 | | | | | | 210,465 | | | | | | 13,946 | | | | | | 35,683 | | | | | | 656,810 | | |
At June 30, 2022
|
| | | | 451,974 | | | | | | 211,975 | | | | | | 14,917 | | | | | | 45,455 | | | | | | 724,321 | | |
Segment
|
| |
Identified CGUs
|
|
LATAM Cluster | | |
Colombia CGU
|
|
Brazil Cluster | | |
North CGU, East CGU, South CGU
|
|
Crop Care Cluster | | |
Biological products and special fertilizers CGU
|
|
Cash-generating unit
|
| |
Revenue
growth rate |
| |
Gross
margin average |
| |
Pre Tax
discount rate |
| |
Recoverable
amount |
| ||||||||||||
Colombia CGU
|
| | | | 6.8% | | | | | | 20,1% | | | | | | 15.9% | | | | | | 121,863 | | |
North CGU
|
| | | | 18.7% | | | | | | 15.7% | | | | | | 17.0% | | | | | | 1,113,280 | | |
East CGU
|
| | | | 4.2% | | | | | | 16.6% | | | | | | 18.2% | | | | | | 138,999 | | |
South CGU
|
| | | | 4.4% | | | | | | 16.7% | | | | | | 18.2% | | | | | | 330,575 | | |
Biological products and special fertilizers CGU
|
| | | | 22.4% | | | | | | 45.5% | | | | | | 19.2% | | | | | | 194,603 | | |
| | |
2022
|
| |
2021
|
| ||||||
Trade payables – Brazil
|
| | | | 1,990,089 | | | | | | 1,245,465 | | |
Trade payables – Colombia
|
| | | | 311,611 | | | | | | 318,199 | | |
Total | | | | | 2,301,700 | | | | | | 1,563,664 | | |
| | |
2022
|
| |
2021
|
| ||||||
Borrowing in Colombia
|
| | | | 39,755 | | | | | | 25,018 | | |
Borrowings in Brazil
|
| | | | 670,797 | | | | | | 217,386 | | |
Total borrowings
|
| | | | 710,552 | | | | | | 242,404 | | |
| | |
Average
interest rate 2022(i) |
| |
2022
|
| |
Average
interest rate 2021(i) |
| |
2021
|
| ||||||||||||
Debt contracts in Brazil in: | | | | | | | | | | | | | | | | | | | | | | | | | |
R$, indexed to CDI(ii)(iv)
|
| | | | 14,99% | | | | | | 525,099 | | | | | | 6.04% | | | | | | 163,254 | | |
R$, with fixed interest(iv)
|
| | | | — | | | | | | — | | | | | | 7.40% | | | | | | 54,132 | | |
U.S. Dollars, with fixed interest(iv)
|
| | | | 3,16% | | | | | | 145,698 | | | | | | — | | | | | | — | | |
Debt contracts in Colombia in: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Average
interest rate 2022(i) |
| |
2022
|
| |
Average
interest rate 2021(i) |
| |
2021
|
| ||||||||||||
COP, indexed to DTF and IBR(iii)(iv)
|
| | | | 14,26% | | | | | | 39,755 | | | | | | 4.10% | | | | | | 25,018 | | |
Total | | | | | | | | | | | 710,552 | | | | | | | | | | | | 242,404 | | |
Current
|
| | | | | | | | | | 681,217 | | | | | | | | | | | | 221,772 | | |
Non-current
|
| | | | | | | | | | 29,335 | | | | | | | | | | | | 20,632 | | |
|
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 | | |
|
Proceeds from borrowings
|
| | | | 615,984 | | |
|
Repayment of principal amount
|
| | | | (299,613) | | |
|
Accrued interest
|
| | | | 74,081 | | |
|
Borrowings from acquired companies
|
| | | | 85,097 | | |
|
Interest payment
|
| | | | (7,401) | | |
|
At June 30, 2022
|
| | | | 710,552 | | |
| | |
2022
|
| |
2021
|
| ||||||
2023
|
| | | | 4,509 | | | | | | 15,889 | | |
2024
|
| | | | 23,842 | | | | | | 4,159 | | |
2025
|
| | | | 929 | | | | | | 584 | | |
2026
|
| | | | 55 | | | | | | — | | |
Total | | | | | 29,335 | | | | | | 20,632 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Produttiva
(e) |
| |
Cenagro
(f) |
| |
Cenagral
(g) |
| |
Union
Agro (h) |
| |
Agrozap
(i) |
| |
Nova
Geração (j) |
| |
Total
|
| |||||||||||||||||||||
Cash and cash equivalents
|
| | | | 53,699 | | | | | | 2,142 | | | | | | 1,064 | | | | | | 66,256 | | | | | | 9,028 | | | | | | 1,617 | | | | | | 133,806 | | |
Trade receivables
|
| | | | 27,610 | | | | | | 11,792 | | | | | | 7,492 | | | | | | 117,882 | | | | | | 98,201 | | | | | | 47,978 | | | | | | 310,955 | | |
Inventories
|
| | | | 46,261 | | | | | | 22,670 | | | | | | 5,833 | | | | | | 42,435 | | | | | | 85,683 | | | | | | 9,631 | | | | | | 212,513 | | |
Other assets
|
| | | | 8,472 | | | | | | 12,225 | | | | | | 1,023 | | | | | | 4,524 | | | | | | 22,204 | | | | | | 2,893 | | | | | | 51,341 | | |
Property, plant and equipment
|
| | | | 1,223 | | | | | | 1,266 | | | | | | 363 | | | | | | 26,659 | | | | | | 2,642 | | | | | | 585 | | | | | | 32,738 | | |
Intangible assets(i)
|
| | | | 26,074 | | | | | | 2,602 | | | | | | 7,437 | | | | | | 8,293 | | | | | | 6,015 | | | | | | 4,265 | | | | | | 54,686 | | |
| | | | | 163,339 | | | | | | 52,697 | | | | | | 23,212 | | | | | | 266,049 | | | | | | 223,773 | | | | | | 66,969 | | | | | | 796,039 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 77,063 | | | | | | 17,008 | | | | | | 2,097 | | | | | | 24,750 | | | | | | 136,086 | | | | | | 37,532 | | | | | | 294,536 | | |
Borrowings
|
| | | | — | | | | | | 3,045 | | | | | | — | | | | | | 25,157 | | | | | | 50,701 | | | | | | 6,194 | | | | | | 85,097 | | |
Provision for contingencies
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11,362 | | | | | | — | | | | | | | | | | | | 11,362 | | |
Other liabilities
|
| | | | 8,898 | | | | | | 18,410 | | | | | | 5,750 | | | | | | 9,923 | | | | | | 25,029 | | | | | | 743 | | | | | | 68,753 | | |
| | | | | 85,961 | | | | | | 38,463 | | | | | | 7,847 | | | | | | 71,192 | | | | | | 211,816 | | | | | | 44,469 | | | | | | 459,748 | | |
Total identifiable net assets at fair value
|
| | | | 77,378 | | | | | | 14,234 | | | | | | 15,365 | | | | | | 194,857 | | | | | | 11,957 | | | | | | 22,500 | | | | | | 336,291 | | |
Non-controlling interests (i)
|
| | | | — | | | | | | (2,847) | | | | | | (3,073) | | | | | | (52,611) | | | | | | (4,215) | | | | | | — | | | | | | (62,746) | | |
Goodwill arising on acquisition
|
| | | | 9,491 | | | | | | 11,468 | | | | | | 9,003 | | | | | | — | | | | | | 33,218 | | | | | | 8,168 | | | | | | 71,348 | | |
Gain on bargain purchase
|
| | | | — | | | | | | — | | | | | | — | | | | | | (18,295) | | | | | | — | | | | | | | | | | | | (18,295) | | |
Consideration transferred
|
| | | | 86,869 | | | | | | 22,855 | | | | | | 21,295 | | | | | | 123,951 | | | | | | 40,960 | | | | | | 30,668 | | | | | | 326,598 | | |
| | |
Fair value as of the acquisition date
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Produttiva
(e) |
| |
Cenagro
(f) |
| |
Cenagral
(g) |
| |
Union
Agro (h) |
| |
Agrozap
(i) |
| |
Nova
Geração (j) |
| |
Total
|
| |||||||||||||||||||||
Cash paid
|
| | | | 36,385 | | | | | | 16,724 | | | | | | 15,376 | | | | | | 103,800 | | | | | | 18,813 | | | | | | 15,574 | | | | | | 206,672 | | |
Shares issued (i)
|
| | | | 22,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,807 | | | | | | 30,307 | | |
Payable in installments
|
| | | | 27,984 | | | | | | 6,131 | | | | | | 5,919 | | | | | | 20,151 | | | | | | 22,147 | | | | | | 7,287 | | | | | | 89,619 | | |
| | |
Fair value as of the acquisition date in 2021
|
| |||||||||||||||||||||||||||||||||||||||
Assets
|
| |
Integra
(k) |
| |
Quali
Ciclo (l) |
| |
América
(m) |
| |
Culti
Var (n) |
| |
Desem
Par (o) |
| |
Agrobi
Ológica (p) |
| |
Total
|
| |||||||||||||||||||||
Cash and 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) | | |
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
|
| | | | 15,212 | | | | | | 39,584 | | | | | | 19,137 | | | | | | 20,554 | | | | | | 60,000 | | | | | | 6,997 | | | | | | 161,484 | | |
| | |
Fair value as of the acquisition date in 2020
|
| |||||||||||||||||||||||||||
| | |
AGP
(q) |
| |
AgSe and
Fertilyser (r) |
| |
Produtec
(s) |
| |
Central
Agrícola (t) |
| |
Total
|
| |||||||||||||||
Cash and 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 | | | | | | 155,689 | | |
Shares issued
|
| | | | — | | | | | | — | | | | | | — | | | | | | 566 | | | | | | 566 | | |
Payable in installments
|
| | | | 82,641 | | | | | | — | | | | | | 18,565 | | | | | | 13,750 | | | | | | 114,956 | | |
Item
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
Nature
|
| |
Valuation method
|
| |||||||||
Customer relationship
|
| | | | 45,922 | | | | | | 119,466 | | | | | | 70,975 | | | |
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
|
| | | | 212,513 | | | | | | 449,865 | | | | | | 138,415 | | | |
Inventories
|
| |
Selling price less all expenses
related to the distribution of that good |
|
Brand
|
| | | | 8,764 | | | | | | 5,930 | | | | | | — | | | |
Private label products (Produttiva, Union and Cengral)
|
| |
Relief from Royalty method
|
|
Purchase Contracts
|
| | | | — | | | | | | 8,598 | | | | | | 204 | | | |
Favorable purchase contract with suppliers
|
| |
Multi Period Excess Earnings
Method (MPEEM) |
|
| | | |
|
267,199
|
| | | | | 583,859 | | | | | | 209,594 | | | | | | | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenues
|
| | | | 8,163,196 | | | | | | 6,231,988 | | | | | | 5,176,161 | | |
Profit (loss) for the year
|
| | | | 151,235 | | | | | | 81,742 | | | | | | (38,122) | | |
| | |
Revenues
|
| |
Profit (loss)
|
| |
Period from
|
| ||||||
Produttiva
|
| | | | 175,335 | | | | | | 14,152 | | | |
September 2021
|
|
Cenagro
|
| | | | 156,722 | | | | | | 6,372 | | | |
September 2021
|
|
Cenagral
|
| | | | 26,267 | | | | | | (1,013) | | | |
September 2021
|
|
Union Agro
|
| | | | 156,000 | | | | | | 23,428 | | | |
November 2021
|
|
Agrozap
|
| | | | 132,911 | | | | | | 1,632 | | | |
January 2022
|
|
Nova Geração
|
| | | | 7,179 | | | | | | (3,828) | | | |
April 2022
|
|
Total
|
| | | | 654,414 | | | | | | 40,743 | | | | | |
| | |
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) | | | | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Profit (loss) before income taxes
|
| | | | 140,424 | | | | | | 46,207 | | | | | | (174,878) | | |
Statutory rate(i)
|
| | | | 34% | | | | | | 34% | | | | | | 34% | | |
Income taxes at statutory rate
|
| | | | (47,744) | | | | | | (15,710) | | | | | | 59,459 | | |
Deferred income taxes not recognized as deferred tax asset(ii)
|
| | | | (7,055) | | | | | | (11,755) | | | | | | (6,343) | | |
Difference from income taxes calculation based on taxable profit computed as a percentage of gross revenue
|
| | | | 7,080 | | | | | | 5,375 | | | | | | — | | |
Tax benefits(iii)
|
| | | | 15,066 | | | | | | — | | | | | | — | | |
Others
|
| | | | (9) | | | | | | (2,586) | | | | | | 259 | | |
Income tax expense
|
| | | | (32,662) | | | | | | (24,676) | | | | | | 53,375 | | |
Income tax and social contribution at the effective rate
|
| | | | 23% | | | | | | 52% | | | | | | 31% | | |
Current income taxes
|
| | | | (111,409) | | | | | | (61,676) | | | | | | (23,544) | | |
Deferred income taxes
|
| | | | 78,747 | | | | | | 37,000 | | | | | | 76,919 | | |
| | |
2022
|
| |
2021
|
| ||||||
Deferred assets and liabilities: | | | | | | | | | | | | | |
Amortization of fair value adjustment
|
| | | | 32,787 | | | | | | 40,820 | | |
Tax losses
|
| | | | 49,332 | | | | | | 31,801 | | |
Allowance for expected credit losses
|
| | | | 51,379 | | | | | | 30,721 | | |
Adjustment to present value
|
| | | | 40,639 | | | | | | 18,708 | | |
Provision for management bonuses
|
| | | | 26,738 | | | | | | 9,475 | | |
Allowance for inventory losses
|
| | | | 3,463 | | | | | | 2,655 | | |
Financial effect on derivatives
|
| | | | 2,001 | | | | | | 1,743 | | |
Fair value of commodity forward contracts
|
| | | | (1,959) | | | | | | 194 | | |
Unrealized exchange gains or losses
|
| | | | (1,803) | | | | | | (1,569) | | |
Gain on bargain purchase
|
| | | | (6,221) | | | | | | — | | |
Rebates
|
| | | | (7,325) | | | | | | (19,800) | | |
Other provisions
|
| | | | 4,464 | | | | | | — | | |
Deferred tax assets
|
| | | | 200,986 | | | | | | 114,748 | | |
Deferred tax liabilities
|
| | | | (7,491) | | | | | | — | | |
Deferred tax assets, net
|
| | | | 193,495 | | | | | | 114,748 | | |
| | |
Deferred income
taxes |
| |||
Reconciliation of deferred tax assets, net: | | | | | | | |
At June 30, 2020
|
| | | | 77,748 | | |
Recognized in the statement of profit or loss
|
| | | | 37,000 | | |
At June 30, 2021
|
| | | | 114,748 | | |
Recognized in the statement of profit or loss
|
| | | | 78,747 | | |
At June 30, 2022
|
| | | | 193,495 | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance as of the beginning of the year
|
| | | | 509,403 | | | | | | 218,699 | | | | | | 25,652 | | |
Revenue recognized that was included in the contract liability balance at the beginning of the year
|
| | | | (509,403) | | | | | | (218,699) | | | | | | (25,652) | | |
Increase in advances
|
| | | | 301,963 | | | | | | 390,809 | | | | | | 109,760 | | |
Advances from acquired companies
|
| | | | 18,597 | | | | | | 118,594 | | | | | | 108,939 | | |
Balance at the end of the year
|
| | | | 320,560 | | | | | | 509,403 | | | | | | 218,699 | | |
| | |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Trade receivables(i)
|
| | | | 11,677 | | | | | | 13,088 | | |
Advances to suppliers(i)
|
| | | | 67 | | | | | | 4,825 | | |
Total assets
|
| | | | 11,744 | | | | | | 17,913 | | |
Liabilities | | | | | | | | | | | | | |
Trade payables(i)
|
| | | | 274 | | | | | | — | | |
| | |
2022
|
| |
2021
|
| ||||||
Advances from customers(i)
|
| | | | 1,097 | | | | | | 327 | | |
Payables for the acquisition of subsidiaries(ii)
|
| | | | 63,930 | | | | | | 57,495 | | |
Dividends payable
|
| | | | — | | | | | | 8,520 | | |
Payroll liabilities
|
| | | | — | | | | | | 207 | | |
Total liabilities
|
| | | | 65,301 | | | | | | 66,549 | | |
|
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenue from sales of products(i)
|
| | | | 13,046 | | | | | | 5,592 | | | | | | 285 | | |
M&A and monitoring expenses(ii)
|
| | | | (2,504) | | | | | | — | | | | | | (4,564) | | |
Other expenses
|
| | | | (1,417) | | | | | | — | | | | | | — | | |
Total | | | | | 9,125 | | | | | | 5,592 | | | | | | (4,279) | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Wages
|
| | | | 7,241 | | | | | | 6,540 | | | | | | 5,036 | | |
Direct and indirect benefits
|
| | | | 509 | | | | | | 551 | | | | | | 505 | | |
Variable compensation (bonuses)
|
| | | | 3,950 | | | | | | 6,148 | | | | | | 5,812 | | |
Short-term benefits
|
| | | | 11,700 | | | | | | 13,239 | | | | | | 11,353 | | |
|
Carrying amount of non-controlling interests acquired in cash
|
| | | | 32,972 | | |
|
Difference between consideration paid in shares and non-controlling interest acquired
|
| | | | (1,878) | | |
|
Total carrying amount of non-controlling interests acquired, net
|
| | | | 31,094 | | |
|
Consideration paid in cash to non-controlling interests
|
| | | | (34,351) | | |
|
Excess of consideration paid recognized in net investment of the Parent
|
| | | | (3,257) | | |
|
Carrying amount of non-controlling interests acquired
|
| | | | 57,422 | | |
|
Consideration paid in cash to non-controlling interests
|
| | | | (79,493) | | |
|
Excess of consideration paid recognized in net investment of the Parent
|
| | | | (22,071) | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Retail sales | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 6,248,591 | | | | | | 4,198,570 | | | | | | 2,164,774 | | |
Colombia
|
| | | | 1,088,328 | | | | | | 788,674 | | | | | | 510,953 | | |
| | | | | 7,336,919 | | | | | | 4,987,244 | | | | | | 2,675,727 | | |
Private Label products | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 331,527 | | | | | | 41,138 | | | | | | 163 | | |
Services | | | | | | | | | | | | | | | | | | | |
Colombia
|
| | | | 78,088 | | | | | | 70,163 | | | | | | 30,391 | | |
Total Revenues
|
| | |
|
7,746,534
|
| | | |
|
5,098,545
|
| | | |
|
2,706,281
|
| |
Summarized by region | | | | | | | | | | | | | | | | | | | |
Brazil
|
| | | | 6,580,118 | | | | | | 4,239,708 | | | | | | 2,164,937 | | |
Colombia
|
| | | | 1,166,416 | | | | | | 858,837 | | | | | | 541,344 | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Cost of inventory(i)
|
| | | | 6,368,444 | | | | | | 4,357,001 | | | | | | 2,354,210 | | |
Personnel expenses
|
| | | | 485,643 | | | | | | 286,086 | | | | | | 151,178 | | |
Maintenance of the units
|
| | | | 30,567 | | | | | | 22,387 | | | | | | 10,296 | | |
Consulting, legal and other professional services
|
| | | | 118,056 | | | | | | 67,836 | | | | | | 36,920 | | |
Freight on sales
|
| | | | 47,979 | | | | | | 31,911 | | | | | | 17,225 | | |
Commissions
|
| | | | 33,874 | | | | | | 42,447 | | | | | | 6,769 | | |
Storage
|
| | | | 5,363 | | | | | | 8,425 | | | | | | 5,993 | | |
Travels
|
| | | | 23,605 | | | | | | 18,444 | | | | | | 9,976 | | |
Depreciation
|
| | | | 9,697 | | | | | | 5,717 | | | | | | 5,770 | | |
Amortization of intangibles
|
| | | | 57,607 | | | | | | 29,717 | | | | | | 20,024 | | |
Amortization of rights of use
|
| | | | 51,203 | | | | | | 17,997 | | | | | | 10,862 | | |
Taxes and fees
|
| | | | 29,849 | | | | | | 17,948 | | | | | | 7,718 | | |
Short term rentals
|
| | | | 11,733 | | | | | | 20,525 | | | | | | 5,053 | | |
Business events
|
| | | | 4,893 | | | | | | 1,951 | | | | | | 1,964 | | |
Marketing and advertising
|
| | | | 18,181 | | | | | | 4,089 | | | | | | 1,253 | | |
Insurance
|
| | | | 3,395 | | | | | | 2,877 | | | | | | 1,516 | | |
Utilities
|
| | | | 12,696 | | | | | | 6,693 | | | | | | 9,027 | | |
Allowance for expected credit losses
|
| | | | 27,393 | | | | | | 11,094 | | | | | | 86,901 | | |
Losses and damages of inventories
|
| | | | 23,339 | | | | | | 9,808 | | | | | | 726 | | |
Fuels and lubricants
|
| | | | 23,705 | | | | | | 4,373 | | | | | | 3,222 | | |
Legal fees
|
| | | | 7,025 | | | | | | 3,208 | | | | | | 1,476 | | |
Other administrative expenditures
|
| | | | 49,178 | | | | | | 11,629 | | | | | | 30,658 | | |
Total | | | | | 7,443,425 | | | | | | 4,982,163 | | | | | | 2,778,737 | | |
Classified as: | | | | | | | | | | | | | | | | | | | |
Cost of goods sold
|
| | | | 6,421,037 | | | | | | 4,362,657 | | | | | | 2,384,080 | | |
Sales, general and administrative expenses
|
| | | | 1,022,388 | | | | | | 619,506 | | | | | | 394,657 | | |
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Finance income | | | | | | | | | | | | | | | | | | | |
Interest from cash equivalents
|
| | | | 8,703 | | | | | | 2,461 | | | | | | 1,507 | | |
Interest arising from revenue contracts
|
| | | | 407,449 | | | | | | 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
|
| | | | 9,200 | | | | | | 6,337 | | | | | | — | | |
Other
|
| | | | 1,581 | | | | | | 798 | | | | | | 712 | | |
Total | | | | | 426,933 | | | | | | 227,099 | | | | | | 55,489 | | |
Finance costs | | | | | | | | | | | | | | | | | | | |
Interest on borrowings
|
| | | | (74,081) | | | | | | (33,971) | | | | | | (23,010) | | |
Interest on leases
|
| | | | (13,217) | | | | | | (5,076) | | | | | | (2,058) | | |
Interest on trade payables
|
| | | | (506,778) | | | | | | (256,122) | | | | | | (45,035) | | |
Foreign exchange differences
|
| | | | (1,957) | | | | | | — | | | | | | (78,728) | | |
Loss on changes in fair value of derivative instruments
|
| | | | (26,323) | | | | | | (4,883) | | | | | | — | | |
Loss on changes in fair value of commodity forward contracts
|
| | | | — | | | | | | — | | | | | | (6,909) | | |
Other
|
| | | | (24,021) | | | | | | (12,840) | | | | | | (12,966) | | |
Total | | | | | (646,377) | | | | | | (312,892) | | | | | | (168,706) | | |
Finance income (costs)
|
| | | | (219,444) | | | | | | (85,793) | | | | | | (113,217) | | |
|
Cash paid
|
| | | | 25,294 | | |
|
Payable in installments
|
| | | | 12,296 | | |
|
Shares issued(i)
|
| | | | 11,595 | | |
|
Fair value of consideration transferred
|
| | | | 49,185 | | |
| (-) Fair value of net assets acquired: | | | | | | | |
| Assets | | | | | | | |
|
Cash and cash equivalents
|
| | | | 24,167 | | |
|
Trade receivables
|
| | | | 44,702 | | |
|
Inventories
|
| | | | 52,133 | | |
|
Other assets
|
| | | | 11,737 | | |
|
Property, plant and equipment
|
| | | | 1,152 | | |
|
Intangible
|
| | | | 14,881 | | |
| | | | | | 148,772 | | |
| Liabilities | | | | | | | |
|
Trade payables
|
| | | | 88,902 | | |
|
Other liabilities
|
| | | | 26,353 | | |
| | | | | | 115,255 | | |
|
Total identifiable net assets at fair value
|
| | | | 33,517 | | |
|
Preliminary goodwill arising on acquisition
|
| | | | 15,668 | | |
Item
|
| |
Total
|
| |
Nature
|
| |
Assessment method
|
| |||
Customer relationship
|
| | | | 14,881 | | | |
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
|
| | | | 52,133 | | | |
Fair value of inventory considering
the replacement cost methodology |
| |
Selling price less all expenses related to the selling the inventory
|
|
| | | | | 67,014 | | | | | | | | |
|
Cash paid
|
| | | | 14,221 | | |
|
Payable in installments
|
| | | | 7,467 | | |
|
Fair value of consideration transferred
|
| | | | 21,688 | | |
| (-) Fair value of net assets acquired: | | | | | | | |
| Assets | | | | | | | |
|
Cash and cash equivalents
|
| | | | 10,479 | | |
|
Trade receivables
|
| | | | 7,514 | | |
|
Inventories
|
| | | | 6,634 | | |
|
Property, plant and equipment
|
| | | | 817 | | |
|
Intangible
|
| | | | 10,218 | | |
| | | | | | 35,662 | | |
| Liabilities | | | | | | | |
|
Trade payables
|
| | | | 11,635 | | |
|
Deferred tax liabilities
|
| | | | 4,110 | | |
|
Other liabilities
|
| | | | 909 | | |
| | | | | | 16,654 | | |
|
Total identifiable net assets at fair value
|
| | | | 19,008 | | |
|
Preliminary goodwill arising on acquisition
|
| | | | 2,680 | | |
Item
|
| |
Total
|
| |
Nature
|
| |
Assessment method
|
| |||
Customer relationship
|
| | | | 10,218 | | | |
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
|
| | | | 6,634 | | | |
Fair value of inventory considering
the replacement cost methodology |
| |
Selling price less all expenses related to the selling the inventory
|
|
| | | | | 16,852 | | | | | | | | |
| | |
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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* | | | | | |
| | 4.3* | | | | | |
| | 4.4* | | | | | |
| | 5.1+ | | | |
Opinion of Maples and Calder (Cayman) LLP, Cayman Islands counsel to New Lavoro, as to the
validity of the securities being registered. |
|
| | 8.1+ | | | | Opinion of Cooley LLP regarding certain tax matters. | |
Exhibit
No. |
| |
Description
|
| |||
| | 10.1†* | | | | | |
| | 10.2†* | | | | | |
| | 10.3* | | | | | |
| | 10.4* | | | | | |
| | 10.5* | | | | | |
| | 10.6#+ | | | | Form of New Lavoro Equity Plan. | |
| | 10.7* | | | | | |
| | 10.8* | | | | | |
| | 10.9* | | | | | |
| | 10.10* | | | | | |
| | 10.11* | | | | | |
| | 10.12* | | | | | |
| | 10.13* | | | | | |
| | 10.14* | | | | | |
| | 10.15* | | | | | |
| | 10.16* | | | | | |
| | 21.1* | | | | | |
| | 23.1 | | | | | |
| | 23.2 | | | | | |
| | 23.3+ | | | | Consent of Maples and Calder (Cayman) LLP (included as part of Exhibit 5.1). | |
Exhibit
No. |
| |
Description
|
| |||
| | 24.1* | | | | | |
| | 99.1+ | | | | Form of Class A Proxy Card for the Extraordinary General Meeting of the Registrant. | |
| | 99.2+ | | | | Form of Class B Proxy Card for the Extraordinary General Meeting of the Registrant. | |
| | 99.3* | | | | | |
| | 99.4* | | | | | |
| | 99.5 | | | | | |
| | 99.6+ | | | | Consent of to be named as a director. | |
| | 99.7+ | | | | Consent of to be named as a director. | |
| | 107.1* | | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Ruy Cunha
Ruy Cunha
|
| |
Chief Executive Officer
(Principal Executive Officer) |
| |
December 5, 2022
|
|
|
*
Laurence Beltrão Gomes
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
December 5, 2022
|
|
|
*
Peter Paul Lorenço Estermann
|
| | Director | | |
December 5, 2022
|
|
|
*
Daniel Fisberg
|
| | Director | | |
December 5, 2022
|
|
|
* By:
/s/ Ruy Cunha
Name: Ruy Cunha
Title: Attorney-in-Fact |
| | | | |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this Registration Statement on Amendment No. 1 to 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
December 5, 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 dated December 5, 2022, in Amendment No. 1 to the Registration Statement (Form F-4 No. 333-267653) and related Proxy Statement/Prospectus of Lavoro Limited for the registration of shares of its common stock and warrants, dated December 5, 2022.
/s/ ERNST & YOUNG
Auditores Independentes S.S.
São Paulo, Brazil
December 5, 2022
Exhibit 99.5
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: December 5, 2022
/s/ Michael Stern | |
Michael Stern |