|
Cayman Islands
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
7371
(Primary Standard Industrial
Classification Code Number) |
| |
Not Applicable
(I.R.S. Employer
Identification Number) |
|
|
Rachel Proffitt
Garth Osterman Kristin VanderPas Peter Byrne Cooley LLP 3 Embarcadero Center, 20th Floor San Francisco, CA 94111 Tel: 415-693-2000 |
| |
Manuel Garciadiaz
Elliot M. de Carvalho W. Soren Kreider IV Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Tel: 212-450-4000 |
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| | | | F-1 | | | |
| | | | II-1 | | | |
ANNEXES | | | |||||
Annex A — Business Combination Agreement | | | | | | | |
Annex B — Form of Plan of Merger | | | | | | | |
| | | | | | | |
Annex D — Voting and Support Agreement | | | | | | | |
Annex E — Lock-up Agreement | | | | | | | |
Annex F — Form of Subscription Agreement | | | | | | | |
Annex G — Amendment to the Sponsor Letter Agreement | | | | | | | |
Annex H — Form of Amended and Restated Registration Rights Agreement | | | | | | | |
Brazil Cluster
|
| |||
Facirolli Comércio e Representações S.A.
Cultivar Agrícola – Comércio, Importação e Exportação S.A. Integra Soluções Agrícolas Ltda. Produtec Comércio e Representações S.A. Produtiva Agronegócios Comércio e Representação Ltda. Qualiciclo Agrícola S.A. Lavoro Agrocomercial S.A. Agrocontato Comércio e Representações de Produtos Agropecuários S.A. PCO – Comércio, Importação, Exportação e Agropecuária Ltda. Agrovenci – Comércio, Importação, Exportação e Agropecuária Ltda. Agrovenci Distribuidora de Insumos Agrícolas Ltda. América Insumos Agrícola Ltda. Central Agricola Rural Distribuidora de Defensivos Ltda. Denorpi Distribuidora de Insumos Agrícolas Ltda. Deragro Distribuidora de Insumos Agrícolas Ltda. Desempar Participações Ltda. Desempar Tecnologia Ltda. Futuragro Distribuidora de Insumos Agrícolas Ltda. Distribuidora Pitangueiras de Produtos Agropecuários S.A. Plenafértil Distribuidora de Insumos Agrícolas Ltda. Realce Distribuidora de Insumos Agrícolas Ltda. Nova Geração Comércio de Produtos Agrícolas Ltda. Lavoro Agro Holding S.A. Floema Soluções Nutricionais de Cultivos Ltda. 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
|
| | | | | | | % | | | | | | | | | % | | | | | | | | | % | | |
| | |
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) | | |
| | |
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) |
| |
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’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% | | | | | | 3,111,048 | | | | | | % | | | |
|
| | | | % | | | |||
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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|
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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* | | | | Amended and Restated Memorandum and Articles of Association of TPB SPAC (incorporated by reference to Exhibit 3.1 to TPB SPAC’s Current Report on Form 8-K filed on August 16, 2021). | |
| | 3.2* | | | | | |
| | 4.1* | | | | | |
| | 4.2* | | | | Specimen Class A Ordinary Share Certificate of TPB SPAC (incorporated by reference to Exhibit 4.2 to TPB SPAC’s Registration Statement on Form S-1 (File No. 333-253325) filed on February 19, 2021). | |
| | 4.3* | | | | | |
| | 4.4* | | | | Warrant Agreement, dated as of August 13, 2021, by and between TPB SPAC and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 4.4 to TPB SPAC’s Current Report on Form 8-K filed on August 16, 2021). | |
| | 5.1 | | | | | |
| | 8.1 | | | | |
Exhibit
No. |
| |
Description
|
| |||
| | 23.4 | | | | | |
| | 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 27, 2022
|
|
|
*
Laurence Beltrão Gomes
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
December 27, 2022
|
|
|
*
Peter Paul Lorenço Estermann
|
| | Director | | |
December 27, 2022
|
|
|
*
Daniel Fisberg
|
| | Director | | |
December 27, 2022
|
|
|
* By:
/s/ Ruy Cunha
Name: Ruy Cunha
Title: Attorney-in-Fact |
| | | | |
Exhibit 5.1
Our ref | MAA/797272-000003/72130859v6 |
Lavoro Limited PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands |
27 December 2022
Lavoro Limited
We have acted as counsel as to Cayman Islands law to Lavoro Limited (the “Company”) in connection with the listing of securities of the Company (the “Listing”) pursuant to the Company’s registration statement on Form F-4, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the “Commission”) under the United States Securities Act of 1933, as amended (the “Act”) (including its exhibits, the “Registration Statement”) for the purposes of, registering with the Commission under the Act, the offering and sale to the public of up to 135,045,373 ordinary shares of a par value of US$0.001 each of the Company (“Shares”).
This opinion letter is given in accordance with the terms of the Legal Matters section of the Registration Statement.
1 | Documents Reviewed |
We have reviewed originals, copies, drafts or conformed copies of the following documents, and such other documents as we deem necessary:
1.1 | The certificate of incorporation dated 25 August 2022 and the amended and restated memorandum and articles of association of the Company as registered or adopted on 25 August 2022 (the “Memorandum and Articles”) and the amended and restated memorandum and articles of association of the Company to be adopted by special resolution to be effective immediately before the Listing (the “IPO Memorandum and Articles”). |
1.2 | The written resolutions of the board of directors of the Company dated 16 November 2022 (the “Resolutions”) and the corporate records of the Company maintained at its registered office in the Cayman Islands. |
1.3 | A certificate of good standing with respect to the Company issued by the Registrar of Companies (the “Certificate of Good Standing”). |
1.4 | A draft of the written resolutions of the sole shareholder of the Company (the “Shareholder Resolutions”) which include resolutions to re-designate the authorised (and issued) share capital of the Company and increase the authorised share capital of the Company in the manner therein described effective on the Listing and a resolution to approve the adoption of the IPO Memorandum and Articles of Association. |
1.5 | A certificate from a director of the Company a copy of which is attached to this opinion letter (the “Director’s Certificate”). |
1.6 | The Registration Statement. |
2 | Assumptions |
The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director’s Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:
2.1 | Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals. |
2.2 | All signatures, initials and seals are genuine. |
2.3 | No invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any of the Shares. |
2.4 | There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Registration Statement. |
2.5 | No monies paid to or for the account of any party under the Registration Statement or any property received or disposed of by any party to the Registration Statement in each case in connection with the Registration Statement or the consummation of the transactions contemplated thereby represent or will represent proceeds of criminal conduct or criminal property or terrorist property (as defined in the Proceeds of Crime Act (As Revised) and the Terrorism Act (As Revised), respectively). |
2.6 | There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out below. Specifically, we have made no independent investigation of the laws of New York. |
2.7 | The Company will receive money or money’s worth in consideration for the issue of the Shares and none of the Shares were or will be issued for less than par value. |
2.8 | The Shareholder Resolutions will be passed in the manner prescribed in the Memorandum and Articles and will not be amended, varied or revoked in any respect. |
2.9 | At the time of the Listing, the IPO Memorandum and Articles will be in full force and effect and will be unamended. |
Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion letter.
2
3 | Opinions |
Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:
3.1 | The Company has been duly incorporated as an exempted company with limited liability and is validly existing and in good standing with the Registrar of Companies under the laws of the Cayman Islands. |
3.2 | Based solely on Director’s Certificate and our review of the IPO Memorandum and Articles, upon the IPO Memorandum and Articles and the Shareholder Resolution becoming effective, the authorised share capital of the Company will be US$1,500,000 divided into 1,400,000,000 common shares of a nominal or par value of US$0.001 each and 100,000,000 preferred shares of a nominal or par value of US$0.001 each. |
3.3 | The Shares to be offered and issued by the Company as contemplated by the Registration Statement have been duly authorised for issue, and when issued by the Company against payment in full of the consideration as set out in the Registration Statement and in accordance with the terms set out in the Registration Statement, such Shares will be validly issued, fully paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders). |
4 | Qualifications |
The opinions expressed above are subject to the following qualifications:
4.1 | To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law. |
4.2 | Under Cayman Islands law, the register of members (shareholders) is prima facie evidence of title to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraph 3.3, there are no circumstances or matters of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if such an application were made in respect of the Shares, then the validity of such shares may be subject to re-examination by a Cayman Islands court. |
4.3 | Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion letter or otherwise with respect to the commercial terms of the transactions the subject of this opinion letter. |
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4.4 | We express no opinion as to the meaning, validity or effect of any references to foreign (i.e. non-Cayman Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations and any references to them in the Registration Statement. |
4.5 | In this opinion letter the phrase “non-assessable” means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company’s assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the references to our firm under the headings “Additional Information - Legal Matters”, and ” Additional Information - Enforceability of Civil Liabilities Under U.S. Securities Laws” in the prospectus included in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under section 7 of the Act or the Rules and Regulations of the Commission thereunder.
This opinion letter is addressed to you and may be relied upon by you, your counsel and purchasers of Shares pursuant to the Registration Statement. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.
Yours faithfully
/s/ Maples and Calder (Cayman) LLP
Maples and Calder (Cayman) LLP
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Lavoro Limited
PO Box 309, Ugland House
Grand Cayman
KY1-1104
Cayman Islands
To: | Maples and Calder (Cayman) LLP |
PO Box 309, Ugland House
Grand Cayman
KY1-1104
Cayman Islands
27 December 2022
Lavoro Limited (the “Company”)
I, the undersigned, being a director of the Company, am aware that you are being asked to provide an opinion letter (the “Opinion”) in relation to certain aspects of Cayman Islands law. Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given to them in the Opinion. I hereby certify that:
1 | The Memorandum and Articles remain in full force and effect and are unamended. |
2 | The Company has not entered into any mortgages or charges over its property or assets other than those entered in the register of mortgages and charges of the Company. |
3 | The Resolutions were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect. |
4 | Upon adoption of the IPO Memorandum and Articles, the authorised share capital of the Company will be US$1,500,000. |
5 | The shareholders of the Company (the “Shareholders”) have not restricted the powers of the directors of the Company in any way. |
6 | The directors of the Company at the date of the Resolutions were as follows: Peter Estermann and Daniel Fisberg. |
7 | The directors of the Company at the date of this certificate are as follows: Peter Estermann and Daniel Fisberg. |
8 | The minute book and corporate records of the Company as maintained at its registered office in the Cayman Islands and made available to you are complete and accurate in all material respects, and all minutes and resolutions filed therein represent a complete and accurate record of all meetings of the Shareholders and directors (or any committee thereof) of the Company (duly convened in accordance with the Memorandum and Articles) and all resolutions passed at the meetings or passed by written resolution or consent, as the case may be. |
9 | Prior to, at the time of, and immediately following the filing of the Registration Statement, the Company was, or will be, able to pay its debts as they fell, or fall, due and has entered, or will enter, into the transactions contemplated by the Registration Statement for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor or with a view to giving a creditor a preference. |
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10 | Each director of the Company considers the transactions contemplated by the Registration Statement to be of commercial benefit to the Company and has acted in good faith in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of the Opinion. |
11 | To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction. Nor have the directors or Shareholders taken any steps to have the Company struck off or placed in liquidation, nor have any steps been taken to wind up the Company. Nor has any receiver been appointed over any of the Company’s property or assets. |
12 | To the best of my knowledge and belief, having made due inquiry, there are no circumstances or matters of fact existing which may properly form the basis for an application for an order for rectification of the register of members of the Company. |
13 | The Registration Statement has been, or will be, authorised and duly executed and delivered by or on behalf of all relevant parties in accordance with all relevant laws. |
14 | No invitation has been made or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any of the Shares. |
15 | The Shares to be issued pursuant to the Registration Statement have been, or will be, duly registered, and will continue to be registered, in the Company’s register of members (shareholders). |
16 | The Company is not a central bank, monetary authority or other sovereign entity of any state and is not a subsidiary, direct or indirect, of any sovereign entity or state. |
(Signature Page follows)
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I confirm that you may continue to rely on this certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you personally to the contrary.
Signature: | /s/ Daniel Fisberg | |
Name: | Daniel Fisberg | |
Title: | Director |
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Exhibit 8.1
December 27, 2022
TPB Acquisition Corporation I
1 Letterman Drive
Suite A3-1
San Francisco, CA 94129
Ladies and Gentlemen:
We have acted as United States counsel to TPB Acquisition Corporation I, an exempted company incorporated with limited liability in the Cayman Islands (“SPAC”) in connection with the transactions (the “Business Combination”) contemplated by the Business Combination Agreement, dated as of September 12, 2022 (as it may be amended and/or restated from time to time, the “Business Combination Agreement”), by and among Lavoro Limited, an exempted company incorporated with limited liability in the Cayman Islands (“New PubCo”), Lavoro Merger Sub I Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo (“First Merger Sub”), Lavoro Merger Sub II Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo (“Second Merger Sub”), Lavoro Merger Sub III Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo (“Third Merger Sub”), Lavoro Agro Limited, an exempted company incorporated with limited liability in the Cayman Islands (the “Company”), and SPAC.
Pursuant to the Business Combination Agreement, (i) on the day prior to the Closing Date and at the First Effective Time, First Merger Sub will merge with and into SPAC, with SPAC surviving as a direct, wholly owned subsidiary of New PubCo (the “First Merger”), (ii) immediately following the First Effective Time on the day prior to the Closing Date and at the Second Effective Time, SPAC will merge with and into Second Merger Sub, with Second Merger Sub surviving as a direct, wholly owned subsidiary of New PubCo (together with the First Merger, the “SPAC Mergers”), and (iii) on the Closing Date and at the Third Effective Time, Third Merger Sub will merge with and into the Company, with the Company surviving as a direct, wholly owned subsidiary of New PubCo.
This opinion is being delivered in connection with the preparation and filing of the Registration Statement on Form F-4 of New PubCo, and the proxy statement/prospectus contained therein, filed in connection with the Business Combination (the “Registration Statement”). Capitalized terms not defined herein have the meanings set forth in the Business Combination Agreement. All section references, unless otherwise indicated, are to the U.S. Internal Revenue Code of 1986, as amended (the “Code”).
In preparing this opinion, we have examined and relied upon the Business Combination Agreement, the Registration Statement, certain customary tax representation letters provided by New PubCo, the Company, and SPAC (the “Tax Representation Letters”), and such other documents as we have deemed necessary or appropriate to enable us to render this opinion. In our examination of documents, we have assumed the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the due and valid execution and delivery of documents where such execution and delivery are a prerequisite to the effectiveness of such documents.
In rendering this opinion, we have assumed without investigation or verification that the facts and factual statements set forth in the Business Combination Agreement and the Registration Statement, or otherwise made to us, are true, correct, and complete; that the Business Combination will be completed in accordance with the Business Combination Agreement; that the statements, representations, and agreements contained in the Tax Representation Letters are true, accurate, and complete; that there is no change in applicable law between the date hereof and the effective times of the Business Combination; that any representation in any of the documents referred to herein that is made based on the knowledge, belief, or intention (or similar qualification) of any person or party is true, correct, and complete without such qualification; and that, as to all matters for which a person or entity has represented that such person or entity is not a party to, does not have, or is not aware of, any plan, intention, understanding, or agreement, there is no such plan, intention, understanding, or agreement. Any inaccuracy or change in, or breach of, any of the aforementioned statements, representations, or assumptions could adversely affect this opinion.
Cooley
LLP 1333 2nd Street Suite 400 Santa Monica, CA 90401
t: +1 310 883 6400 f: +1 310 883 6500 cooley.com
December 27, 2022
Page Two
This opinion is based on existing provisions of the Code, the Treasury Regulations promulgated thereunder, judicial decisions, and rulings and other pronouncements of the United States Internal Revenue Service (the “IRS”) as in effect on the date hereof, all of which are subject to change or reinterpretation (possibly with retroactive effect). This opinion is limited solely to matters governed by United States federal income tax law. No opinion may be implied or inferred beyond that which is stated expressly in this opinion. This opinion is not binding upon the IRS or the courts, and there is no assurance that the IRS will not assert a contrary position or that a court will not sustain such contrary position. In addition, there is no assurance that a change in the law on which this opinion is based, or the interpretation thereof, will not occur or that such change will not affect this opinion. We undertake no responsibility to advise of any such developments in the law.
Based on our examination of the foregoing items and subject to the assumptions, limitations, qualifications, and caveats set forth therein and herein, it is our opinion, under currently applicable United States federal income tax law, that the SPAC Mergers, taken together, will qualify as a “reorganization” within the meaning of Section 368(a) of the Code and the Treasury Regulations promulgated thereunder.
This opinion is being furnished in connection with the preparation and filing of the Registration Statement and cannot be relied upon for any other purpose without our prior written consent. We consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm name therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules or regulations of the Securities and Exchange Commission promulgated thereunder. This opinion is being delivered prior to the consummation of the Business Combination and therefore is prospective and dependent on future events. We are under no obligation to supplement or revise this opinion to reflect any legal developments or factual matters arising subsequent to the date hereof or the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue, inaccurate, or incomplete, in which case, this opinion shall be void and of no force or effect, but only to the extent that such untruth, inaccuracy, or incompletion affects the accuracy of this opinion.
Sincerely,
/s/ COOLEY LLP
COOLEY LLP
Cooley LLP 1333 2nd Street Suite 400 Santa Monica, CA 90401
t: +1 310 883 6400 f: +1 310 883 6500 cooley.com
EXHIBIT 10.6
This Long-Term Incentive Policy of Lavoro Agro Holding SA (“Company”) is governed by the provisions below and applicable law.
1. DEFINITIONS
1.1. Definitions. The following words, expressions and abbreviations with capital letters, when not defined elsewhere in this Policy, in the singular or in the plural, shall have the meaning assigned to them in this Clause 1.1, unless expressly indicated otherwise or if the context is inconsistent with any meaning attributed herein:
Action(s) | means the share(s) issued by the Offshore Holding. |
Shares Received | has the meaning given to it in Clause 6.1 of this Policy. |
Affiliates of the Current Controllers | means companies, funds or any entities (a) controlled by the Current Controllers of the Offshore Holding; (b) under common Control with the Current Controllers of the Offshore Holding; (c) controllers of the Current Controllers of the Offshore Holding; and (d) managed by the managers of the funds that constitute or control the Current Controllers of the Offshore Holding. |
Disposal of Control | means the transfer, directly or indirectly, of Shares that implies a change in Control of the Offshore Holding, either through a single operation or through successive operations, so that the Current Controllers cease to hold Control of the Offshore Holding. |
Current Controlling Shareholders or Controlling Shareholder(s) | means the companies, persons, funds or any entities that, on the date of this Policy, have, directly or indirectly, the Control of the Offshore Holding, as well as the Affiliates of the Current Controllers that, together, hold or will hold the Control of the Offshore Holding. |
Bad Leaver | means the Participant, in relation to which the Termination has occurred and who is not classified as a Good Leaver , regardless of the type of Termination and/or the party that caused it. Participants who leave the Company on their own initiative after becoming aware of the definition of the strategy to operationalize the divestment by the Company’s Current Controllers through a Liquidity Event will also be characterized as Bad Leavers. |
Disposal Commitment | has the meaning given to it in Clause 4.2 (iii) of this Policy. |
Conditions for Receiving the Incentive | has the meaning given to it in Clause 4.2 of this Policy. |
Adhesion Contract(s) | means the contract by means of which (i) the Participant adheres to and is subject to all the terms and conditions of this Policy; and (ii) the granting of Reference Options by the Company to the Participant is formalized. |
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Control (and its variations) | means the ownership of a majority of the voting capital stock of the Offshore Holding, or the de facto ability to elect a majority of the members of Offshore Holding’s management, whether via a voting agreement, shareholders’ agreement, or otherwise, and to determine, directly or indirectly, the corporate activities and guide the functioning of the Offshore Holding’s governing bodies, pursuant to art. 116 of the Brazilian Corporate Law. In the event of Control shared by more than one entity or person, all said entities or persons will be considered holders of Control for the purposes of this Policy. |
Liquidity Event Costs per Share | means all commissions, expenses, fees and other costs incurred by the Current Controllers for the realization of a Liquidity Event. |
Grant Date | means the date considered, for the purposes of this Policy, of granting the Reference Options to the Participant, as established in the Contract of Adhesion or otherwise determined by the Board of Directors. |
Termination | means any act or fact that ends the Participant’s legal relationship with the Company. Termination covers, among others, the events of retirement, death, permanent disability, voluntary termination of the Participant, resignation, resignation from the position, dismissal, dismissal with or without just cause, dismissal for breach of duties and attributions, replacement or non-reelection as administrator and termination with or without just cause of employment or service contract. |
Termination for Just Cause | means any act or fact that puts an end to the Participant’s legal relationship with the Company according to the cases of dismissal for just cause provided for in Brazil’s Consolidated Labor Laws, as per the wording in force at the time, in the case of Participants who are employees of the Company; and in the case of Participants who are non-employed statutory administrators or service providers, the following hypotheses: (a) Participant’s negligence in the exercise of responsibilities arising from his/her mandate as administrator or contracted service provider; (b) criminal conviction, even if subject to appeal, related to intentional crimes; (c) the practice, by the Participant, of dishonest or fraudulent acts against the Company or against its subsidiaries or affiliates; (d) any act or omission resulting from intent or fault of the Participant that is harmful to the business, image, or financial situation of the Company, its shareholders, or any controlled or affiliated companies, provided that it is duly proven; (e) significant violation of the instrument that regulates the exercise of the statutory manager’s mandate or service provider agreement entered into by the Participant with the Company or any amendments to such instrument or agreement; (f) non-compliance with the Company’s Bylaws, Code of Ethics and other corporate provisions applicable to the Participant, as an administrator or service provider; and (g) failure to comply with the obligations set forth in the Brazilian Corporation Law, applicable to managers of corporations, including, but not limited to, those provided for in arts. 153 to 157 of the Brazilian Corporation Law, obligations that will also analogously apply to service providers. |
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Dividends | means the net amount of taxes paid per Share by way of distributions of dividends, interest on shareholders’ equity and other earnings. |
Change of Control Event | means the sale, directly or indirectly, of part or all of the Shares (or shares issued by Nova Holding) owned by the Current Controllers, or any transaction or corporate act, including corporate reorganizations, the result of which is the Disposal of Control through: (a) private sale of part or all of the Shares (or shares issued by Nova Holding) to a Third Party Acquirer, with effective receipt of the amount, or part of the amount, in local currency or in US dollars; or (b) secondary offering of all Shares (or shares issued by Nova Holding) or a controlling interest (direct or indirect) on a stock exchange, in Brazil or abroad. |
Partial Liquidity Event | means the disposal of part or all of the Shares (or shares issued by Nova Holding) owned by the Current Controllers, or any corporate transaction or act, including corporate reorganizations, the result of which is the disposal of the Shares (or shares issued by Nova Holding) without the occurrence of Disposal of Control, including through: (a) private sale of part of the Shares (or shares issued by Nova Holding) to a Third Party Acquirer, with effective receipt of the amount, or part of the amount, in local currency or US dollars; or (b) secondary offering of part of the Shares (or shares issued by Nova Holding) (interest not representing Control) on a stock exchange, in Brazil or abroad. |
Liquidity Event | means the occurrence of a Change of Control Event or a Partial Liquidity Event. |
Good Leaver | means the Participant, in relation to which the Termination has occurred through: (a) execution of an exit agreement between the Company and the Participant, duly formalized by means of a specific instrument signed by the Company and the Participant; (b) the Company’s initiative, except in the case of Termination for Cause; and (c) death or permanent disability of the Participant. |
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Offshore Holding | Company named “Lavoro Agro Limited,” headquartered in the Cayman Islands, which holds indirect Control of the Company. |
Incentive | means the incentive embodied in the receipt of value in cash, or in goods, linked to the potential appreciation of the Shares, proportional to the number of Reference Options attributed to the Participant, calculated in accordance with Clause 5.2 . |
IPCA | means the Extended National Consumer Price Index, published by the Brazilian Institute of Geography and Statistics - IBGE. |
Law | means any law, authorization, statute, regulation, rule, court or arbitration decision, or requirement enacted or imposed by any governmental authority. |
Corporation Law | means Law No. 6,404, of December 15, 1976, as amended. |
New Holding | means any legal entity, fund or entity that, within the scope of a corporate reorganization of the Offshore Holding, comes to be constituted and starts to hold the Control of the Offshore Holding. |
Reference Option | means the reference unit for calculating the Incentive to which the Participant will be entitled upon verification of all the Conditions for Receiving the Incentive. |
Reference Options Acquired | means the Reference Options, whose respective Grace Period has elapsed. |
Reference Options Not Acquired | means the Reference Options, whose respective Grace Period has not elapsed. |
Participants | means the Eligible Persons to which the Company has granted Reference Options. |
Eligible Persons | means the Officers, Managers, Superintendents and other employees of the Company and/or its controlled companies, as well as individuals considered “key” to the Company, as defined by the Board of Directors. |
Policy | means the present Long-Term Incentive Policy of the Company that replaces the Long-Term Incentive Policy, approved on March 15, 2018 and canceled on August 17, 2022 by the Company’s Board of Directors (“1st Policy”), such that the Participants of the 1st Policy will have their rights guaranteed. In this way, the Reference Options granted, Exercise Price, beginning and end of the Grace Period, will observe the conditions set forth in the 1st Policy. |
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Grace period | means the period(s) after which the Reference Options become Reference Options Acquired, so that they may be exercisable upon verification of the Conditions for Receiving the Incentive. |
Disposal Price per Share, or DPS | means the amount per Share (or shares issued by Nova Holding) effectively received by the Current Controllers in an Event of Liquidity, and said amount may be received by the Current Controllers in cash or in goods.
For clarification purposes, the Disposal Price per Share is considered to be the amount received by the Current Controllers (Controlling Shareholders) within the scope of the Liquidity Event, after subtracting the Costs per Share of the Liquidity Event, except in cases where the Board of Directors, at its sole discretion, define the non-application of the Cost per Share of the Liquidity Event.
In the event of a Liquidity Event through the sale of shares issued by Nova Holding, the Board of Directors will indicate the value attributed to the Shares of the Offshore Holding within the scope of the transaction. Accordingly, the value attributed to the Shares will be the Disposal Price per Share, or DPS, for the purposes of this Policy.
The Disposal Price per Share will be corrected by the variation of the IPCA from the closing date of the transaction that characterized the Liquidity Event and compliance with the Conditions for Receipt of the Incentive until the date of payment of the Incentive.
In the event of a Liquidity Event embodied in US dollars (USD), the Disposal Price per Share will be calculated using the average between the official selling price (PTAX) and the official buying price (PTAX) disclosed by the Central Bank of Brazil (BACEN) on a daily basis, considering the same date used for (a) the closing of the respective private sale of part or all of the Shares (or shares issued by Nova Holding) to a Third Party Acquirer; or (b) the pricing of the secondary offering of the Shares (or shares issued by Nova Holding) on a stock exchange in Brazil or abroad. |
Disposal Price per Share - Participant | means the amount per Share (or per share issued by Nova Holding) to be received by the Participant, in a Liquidity Event, as a result of the sale of Shares Received, in the event that the Incentive is paid upon delivery of Shares (or shares issued by Nova Holding), pursuant to Clause 6 of this Policy. |
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Reference Exercise Price | Means (a) the amount used to calculate the Minimum Return pursuant to Clause 4.2 (ii) of this Policy, equivalent to R$ 1.00 (one real); and (b) the amount used to calculate the Incentive pursuant to Clause 5.2 of this Policy, equivalent to R$ 1.00 (one real) adjusted by the IPCA variation since August 1, 2017 until payment of the Incentive to the Participant.
If, since August 1, 2017, the Current Controllers have received amounts as dividends from the Offshore Holding, or payment of interest on equity, as well as arising from a capital reduction of the Offshore Holding, such amounts will be subtracted from the Reference Exercise Price. The amounts received, for purposes of calculating the Incentive pursuant to Clause 5.2 of this Policy, under the terms above, will be corrected according to the positive variation of the IPCA, from the date of each receipt by the Current Controllers, and until the date of payment of the Incentive to the Participant.
In the event that the distributions provided for above are made in US dollars, the conversion of the amount to be deducted from the Reference Exercise Price will be carried out using the average between the official selling price (PTAX) and the official price (PTAX) of purchase disclosed by the Central Bank of Brazil (BACEN) on a daily basis, considering the date on which each distribution to the Current Controllers took place. |
Minimum Return | means the greater of the following values: (a) DPS ≥ the multiplication by 3 (three) of the Reference Exercise Price; or (b) the value obtained by applying the following formula: DPS ≥ Reference Exercise Price * (1.25) n where n = number of years (i) from August 1, 2017 , (ii) to the date of Liquidity Event; it may be a fractional number, depending on the calculation month, pursuant to Clause 4.2 (ii) of this Policy. |
Third Party Purchaser | means any individual or legal entity or unincorporated entity, including, but not limited to, companies of any kind, de facto or de jure, consortium, partnership, association, joint venture and investment funds, which acquires Shares of the Company (or shares of issuance of Nova Holding) within the scope of a Liquidity Event and, on the date of approval of this Policy, is not (a) a shareholder, directly or indirectly, of the Company (nor its successor or heir) or (b) Affiliate of the Current Controllers. |
2. OBJECTIVE
2.1. The purpose of this Policy is (a) to establish the main conditions regarding the granting of Reference Options to Eligible Persons; (b) replace the Company’s 1st Long-Term Incentive Policy, approved on March 15, 2018, and canceled on August 17, 2022 by the Company’s Board of Directors; (c) encourage the expansion, success and achievement of the Company’s corporate objectives; (d) align the interests of the Company’s shareholders with those of the Eligible Persons; and (e) encourage the generation of sustainable results.
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2.2. The terms and conditions set forth herein and the procedures for granting the Reference Options will also be detailed in the respective Contracts of Adhesion to be prepared and previously approved by the Company’s competent corporate bodies, in accordance with market practices and in compliance with applicable legislation, the Company’s corporate acts and shareholders’ agreements filed at its Corporate headquarters.
2.3. The Company’s relevant corporate bodies may, at their sole discretion, approve a different long-term incentive structure, in place of this Policy, so that the Eligible Persons receive share purchase options (or shares issued by Nova Holding), which will be calculated according to the parameters set forth in this Policy and will be subject to the same conditions and terms stipulated herein.
3. GENERAL CONDITIONS FOR GRANTING REFERENCE OPTIONS
3.1. Granting of Reference Options. The granting of Reference Options will be made by the Company’s Board of Directors, observing the guidelines established in this Policy. The Board of Directors may establish different terms and conditions for each Participant, without the need to apply any rules for equitability, even between people who are in similar or identical situations. Acceptance of the Reference Options and the signature of the Contract of Adhesion by the Participant are optional.
3.2. Conditions for Acquisition of Right. Once the requirements and conditions set forth in this Policy and in the respective Contracts of Adhesion are met, the Participant will be granted Reference Options, which will entitle him/her to, after verifying all the Conditions for Receiving the Incentive, to receive the payment of the Incentive from the Company.
3.3. No Link Maintenance Warranty. No provision of this Policy or the Contract of Adhesion will grant any Participant rights with respect to the permanence or maintenance of his/her relationship with the Company and will not interfere, in any way, with the Company’s right to discontinue, at any time, his/her mandate or contract with the Company.
3.4. Quantitative Limit. The granting of Reference Options, under the terms of this Policy, is subject to a global limit equivalent to a maximum of 3% (three percent) of the total amount, on the Grant Date, of Shares representing the Offshore Holding’s capital stock.
4. CONDITIONS FOR RECEIVING THE INCENTIVE
4.1. Grace Period. The Reference Options will be subject to the Grace Period that will occur in stages, according to dates to be defined by the Board of Directors and provided for in the relevant Contracts of Adhesion, so that, after the Grace Period has expired, the Reference Options will become Purchased Reference Options and the Participant will be entitled to receive the Incentive linked to the Purchased Reference Options, provided that the Conditions for Receipt of the Incentive provided for in Clause 4.2 below are verified. Unless otherwise approved by the Board of Directors and regulated in the respective Contracts of Adhesion, the Grace Period of the Reference Options granted to Participants shall observe the following rules:
(i) 1/3 (one third) of the Reference Options will become Purchased Reference Options on the 3rd (third) anniversary of the Grant Date;
(ii) 1/3 (one third) of the Reference Options will become Purchased Reference Options on the 4th (fourth) anniversary of the Grant Date; and
(iii) 1/3 (one third) of the Reference Options will become Purchased Reference Options on the 5th (fifth) anniversary of the Grant Date.
4.2. Conditions for Exercise of Reference Options and Consequent Receipt of the Incentive. Only the Reference Options Acquired (ie, those whose Grace Period has already expired) will be entitled to receive the Incentive, in any case, solely and exclusively, when all, and not less than all, of the following conditions for exercise of the Reference Options and consequent receipt of the Incentive (“Conditions for Receiving the Incentive”):
(i) occurrence of a Liquidity Event with the verification of the Minimum Return; and
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(ii) the Disposal Price per Share in the Liquidity Event, is equal to or greater than the highest of the following values:
(a) the multiplication by 3 (three) of the Reference Exercise Price or
(b) the value obtained by applying the following formula:
DPS³ Reference Exercise Price*(1.25) n
Where:
n = is the number of years from August 1, 2017 to the date of the Liquidity Event, which may be a fractional number, depending on the calculation month.
5. INCENTIVE
5.1. Once the requirements and conditions set forth in this Policy are met, including the Conditions for Receiving the Incentive in the event of a Liquidity Event occurring, the Participant will be entitled to receive the Incentive.
5.2. The Incentive will be calculated according to the following formula:
INCENTIVE = (DPS - Reference Exercise Price) × ORA x Y%
Where:
INCENTIVE | means the amount, in national currency, to which the Participant will be entitled as an Incentive. |
ORA | means the number of Reference Options Purchased from the Participant on the date on which the Incentive Receipt Conditions were verified. |
Y% | means (a) in the case of a Partial Liquidity Event, the percentage of shareholding held by the Controlling Shareholders and which was the object of the Partial Liquidity Event; and (b) in the case of a Change of Control Event, Y will always be equal to 100% (one hundred percent). |
5.2.1. After the occurrence of a Partial Liquidity Event, when any new Liquidity Event takes place that meets the Conditions for Receiving the Incentive, the Incentive will be calculated in accordance with Clause 5.2 above, provided, for purposes of calculation, that the shareholding held by the Controlling Shareholder that was the object of the new Liquidity Event (“Y”, as provided for in Clause 5.2 ) shall only include the percentage of Shares that were already paid in on the date of the occurrence of the first Liquidity Event.
5.2.2. For clarification purposes, after the occurrence of a Change of Control Event, in which the Current Controlling Shareholders remain holders of equity interest (despite the Company’s Transfer of Control), without verifying the Minimum Return, all Options for Reference, including the Purchased Reference Options, will be automatically extinguished, by operation of law, regardless of prior notice or payment of any amount or indemnity of any nature by the Company to the Participant.
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5.3. Inability to receive the Incentive relating to Reference Options Not Acquired. In the event of a Liquidity Event and compliance with the Conditions for Receiving the Incentive, only the Incentive related to the Purchased Reference Options will be paid to each Participant. The payment of the Incentive referring to the Reference Options Not Acquired will remain subject to compliance with the Grace Periods, accordingly, if (a) the Participant remains with the Company after the Liquidity Event, subject to the provisions of Clause 5.4 below, in which the Conditions for Receiving the Incentive have been met; and (b) complies with the respective Grace Periods, the Reference Options Not Acquired will become Reference Options Acquired, under the terms of this Policy, and the corresponding Incentive payment may be made. In such situations, the Participant will be entitled to receive the Incentive related to such Reference Options Acquired, calculated under the terms of Clause 5.2 above, observing the terms and conditions of this Policy and the respective Contract of Adhesion.
5.3.1. For clarification purposes, if the Participant holds Reference Options Not Acquired on the date of a Partial Liquidity Event, but which become Reference Options Acquired after the completion of a Partial Liquidity Event due to the course of the Grace Period, the Participant will be entitled to receive the Incentive related to such Reference Options Acquired in proportion to the shareholding held by the Controlling Shareholder that was the object of the Partial Liquidity Event (“Y,” as provided for in Clause 5.2 ), observing the conditions set forth in this Policy. In this case, the Disposal Price per Share will be adjusted by the IPCA from the date of the Liquidity Event until receipt of the Incentive, for purposes of calculating the Incentive pursuant to Clause 5.2 above.
5.4. Termination by Company Initiative after Disposal of Control. Notwithstanding the provisions of Clause 5.3 above, if, after the occurrence of a Liquidity Event Control and compliance with the Conditions for Receipt of the Incentive, a Good Leaver is terminated, the Grace Period of all Reference Options Not Acquired held by the respective Participant will become Reference Options Acquired on the date of Termination—so that the Participant will be entitled to receive the Incentive related to 100% (one hundred percent) of the Reference Options held by him/her. For the avoidance of doubt, only the Termination of a Good Leaver after a Disposal of Control anticipates the Grace Period, provided that, for the purposes of this Clause 5.4, a Termination, even if of Good Leaver, after the occurrence of a Liquidity Event Partial does not bring forward the Grace Period.
5.5. Receipt of Incentive. Notwithstanding the provisions of Clause 5.5.2 below, upon the occurrence of a Liquidity Event, the payment of the Incentive shall (a) be in cash or in goods, without prejudice to the provisions of Clause 6 below; (b) be under the same conditions, terms and form as those applicable to the Current Controlling Shareholders in the Event of Liquidity; or, alternatively; and (c) at the discretion of the Board of Directors, be under conditions, terms and form different from those applicable to the Current Controllers, provided that, in this case, such conditions, terms and form are not less beneficial than those applicable to the Current Controllers.
5.5.1. Payment in Goods. If the payment of the Sale Price per Share is made to the Current Controllers in assets, the Current Controllers will define the amount to be attributed to said assets for purposes of calculating the DPS value. In this case, the Participants shall receive the payment of the Incentive in assets, in the same proportion as the amount received by the Current Controllers, and may, at the sole discretion of the Board of Directors, receive in cash the amount corresponding to the value of the assets. If the payment of the DPS to the Current Controllers is made in shares of a publicly-held company and listed on a stock exchange, the value attributed to calculate the number of shares to be delivered to the Participant will be equivalent to the average value of the quotations of said shares of the last 60 (sixty) trading days prior to the Liquidity Event date.
5.5.2. Notwithstanding the provisions of Clause 5.5 above, in the event of a Change of Control Event in which it is stipulated that the Controlling Shareholder will receive the payment in cash and it is in the interest of the Third Party Acquirer, the Board of Directors may determine that the payment of the Incentive due to the Participants is deferred up to 2 (two) installments, being (i) 75% (seventy-five percent) of the amount due within 15 (fifteen) business days from the date the payment is received by the Controlling Shareholder; and (ii) 25% (five percent) of the amount due on the last business day of the 12th (twelfth) month following receipt of the installment referred to in item (i) of this Clause, provided that a Bad Leaver Termination does not occur in this period.
6. PAYMENT OF THE INCENTIVE BY DELIVERY OF SHARES
6.1. Incentive paid upon Delivery of Shares. At the sole discretion of the Company and subject to the approval of the competent corporate bodies, the Company may pay the Incentive upon delivery to the Participant of Shares of the Offshore Holding (or Nova Holding), upon the occurrence of a Liquidity Event and provided that the Shares (or shares issued by Nova Holding) are listed on a stock exchange. The number of Shares (or shares issued by Nova Holding) to be received by the Participants (“Shares Received”) will be calculated by dividing (i) the total value of the Incentive, calculated pursuant to Clause 5.2 above, by (ii) Disposal Price per Share within the scope of the public offering.
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6.2. Payment of Incentive in Shares within the scope of a Public Offering. In the event of payment of the Incentive upon delivery of Shares (or shares issued by Nova Holding), whose Liquidity Event has occurred through a secondary public offering of Shares (or shares issued by Nova Holding), the following rules will apply:
(i) If the delivery of Shares Received occurs concomitantly with the Liquidity Event, then the Participant may, at its discretion: (a) participate in the secondary public offering, selling its Shares Received together with the Current Controlling Shareholders, in which case the Participant will sign any and all documents necessary or convenient to carry out the secondary offering of shares, as well as provide the same representations and guarantees as the Current Controllers, and shall also bear the Costs per Share of the Liquidity Event in proportion to the number of Shares held by each Participant at the time of the Liquidity Event, if it has not been considered for purposes of calculating the number of Shares Received pursuant to Clause 6.1 above and unless otherwise resolved by the Company’s Board of Directors; or (b) not sell their Shares Received, being, however, prevented from carrying out the sale of Shares Received during the period established by Law or in the documents of the secondary public offering, as the case may be, as contracted with the coordinators of said secondary public offering , unless otherwise resolved by the Company’s Board of Directors; or
(ii) If the delivery of the Shares Received occurs after the Liquidity Event, the calculation of the Incentive, as well as the number of Shares to be delivered to the Participant, will be carried out at the time of the occurrence of the Liquidity Event and the effective delivery of the Shares Received will occur when the expiration of the Grace Period of the Reference Options Not Acquired. In this case, the Participant will remain the holder of its Received Shares, being able to sell them on the stock exchange, provided that the term established in Clause 6.2 (i) (b) above is complied with and upon prior communication to the Company’s investor relations department.
7. RULES REGARDING PARTICIPANT TERMINATION
7.1. Good Leaver Shutdown. Without prejudice to the provisions Clause 5.4 above , or the exceptions approved at the Board of Directors’ Meeting, in the event of Termination of the Participant, classified as Good Leaver, the Reference Options held by them at the time of Termination shall observe the following:
(i) the Reference Options Not Acquired will be automatically extinguished, by operation of law, regardless of prior notice or payment of any amount or indemnity of any nature by the Company to the Participant; and
(ii) the Reference Options Acquired will remain valid, which will continue to be held by the Participant (or his successors, as the case may be) and may be exercised when and if the Conditions for Receiving the Incentive are fulfilled. At the sole discretion of the Board of Directors, (a) restrictions may be imposed for the maintenance, by the Participant, of the Reference Options Acquired, as provided for in the employment contract or employment contract (e.g. non-compete obligation); and (b) the Company may immediately liquidate the Reference Options Acquired, through price and payment method to be established by the Board of Directors.
7.2. Bad Leaver Shutdown. In the event of Termination of the Participant, classified as Bad Leaver, all Reference Options Acquired and Reference Options Not Acquired will be automatically extinguished, by operation of law, regardless of prior notice or payment of any amount or indemnity of any nature by the Company to the Participant.
7.3. Termination by the Participant. In the event of the Participant’s Termination, on his/her own initiative, all Reference Options Acquired and Reference Options Not Acquired will be automatically extinguished, by operation of law, regardless of prior notice or payment of any amount or indemnity of any nature by the Company to the Participant. For the avoidance of doubt, upon Termination by the Participant, there will be no qualification of Good Leaver (unless the conclusion and formalization of a departure agreement takes place, pursuant to item (a) of the definition of the term Good Leaver) or Bad Leaver.
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8. GENERAL PROVISIONS
8.1. Taxes. Any and all amounts paid by the Company to the Participants as an Incentive will be net of all taxes, fees, contributions and charges levied on said Incentive, which will be borne by the Participants, the Company being expressly authorized to carry out any and all withholdings that required by law. The Participant will be solely responsible for the payment of taxes eventually levied on the sale of Shares Received under the terms of Clause 6, as well as, when applicable, any other form of long-term incentive that may replace this Policy.
8.2. Term. This Policy enters into force immediately after its approval by the Company’s Board of Directors and remains in force for a period of 5 years. This Policy may be extinguished, amended or replaced, by a new policy, by the Board of Directors, provided that the rights already granted to the Participants and in compliance with the Contracts of Adhesion already executed, referring to the granting of Referential Shares, will remain in force, in accordance with their terms and conditions.
8.3. The Board of Directors may establish special treatment for certain cases and situations, during the term of the Plan, provided that the neither the rights already granted to the Participants, nor the basic principles of the Plan, are affected. Such particular treatment will not constitute a precedent invoked by other Participants.
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Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this Registration Statement on Amendment No. 2 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 27, 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. 2 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 27, 2022.
/s/ ERNST & YOUNG
Auditores Independentes S.S.
São Paulo, Brazil
December 27, 2022