Q4 2014 INTERIM REPORT PRESENTATION CEO D Ry Wagner and CFO John - - PowerPoint PPT Presentation
Q4 2014 INTERIM REPORT PRESENTATION CEO D Ry Wagner and CFO John Janczak CEO D. Ry Wagner and CFO John Janczak April 2015 Bringing Prosperity to the Grower, the Crop and the Soil TM ospe ty Prosperity Bringing Bringing Prosperity to the
Q4 2014 INTERIM REPORT PRESENTATION
CEO D Ry Wagner and CFO John Janczak April 2015 CEO D. Ry Wagner and CFO John Janczak
Bringing Prosperity to the Grower, the Crop and the Soil TM
Bringing Prosperity to the Grower, the Crop and the Soil TM
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Cautionary Statement on Forward-looking Statements
Certain statements in this document constitute "forward looking statements '' All statements other than statements of historical facts included in this
Forward looking Statements
Certain statements in this document constitute forward-looking statements. All statements other than statements of historical facts included in this document, including those regarding our future financial position and results, business strategy, plans and objectives of management for future
words such as "expects," "looks forward to," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," "project" or words of similar meaning. Such forward looking statements involve known and unknown risks uncertainties and other factors which may cause our actual results business Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, business strategy, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we will operate in the future. Factors that could cause our actual results, performance or achievements to differ materially from those in the forward looking statements include among others changes in the political economic or regulatory conditions in the to differ materially from those in the forward-looking statements include, among others, changes in the political, economic or regulatory conditions in the markets in which we operate, and currency exchange fluctuations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
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Highlights
Consolidation, corporate development activities and financing
Directors initiated
conversions
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Bringing Prosperity to the Grower, the Crop and the Soil TM
Financial Summary Q4 2014
revenue recognized in Mexico.
units in Mexico
redundancy costs related to reduction in manning and moving of certain corporate functions to the US.
during the quarter. Additional financing of USD 17.3m bond issue and USD 2.0m subscription rights conversion off set by net loss before depreciation of USD 5.7m.
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Q4 Sales Revenue 36% above Q4 2013; FY 2014 55% above FY 2013 FY 2014 55% above FY 2013
7 Group sales revenue
Quarterly and accumulative per year, USD million
6.7 1.9 4 5 5 5.5 6 6.5 4.8 1.4 0.6 3.1 4.5 4.2 3 3.5 4 4.5 0.7 1.1 3.9 1.3 2.0 1 1.5 2 2.5 1.3 0.3 0.3 0.5 1 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4
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Profit and Loss
Condensed and Unaudited
USD YE 2014 Q4 2014 YE 2013 Sales revenue 6,670,499 1,868,979 4,392,522
revenue recognized for sales to distributors in Mexico
Salaries and personnel costs impacted by the provisions of
Other operating revenue 865,604 298,237 4,942,853 Operating revenue 7,536,103 2,167,216 9,335,375 Cost of goods sold
Salaries and personnel costs
USD 0.3m for reduction in mannaing and moving of corporate functions to the US
Depreciation and amortization
Other operating expenses
Earn-out
6,710,264 Total operating expenses
Operating income 23 411 799 8 563 333 78 195 158
Mexican market
Operating income
Net financial income / expense (-) 5,076,849 3,691,624 8,341,919 Net income / loss (-) before taxes -18,334,950
Tax expense
916,631 Minority Interest
Net income / loss (-)
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Balance Sheet - Assets
Condensed and Unaudited
USD 12.31.2014 09.30.2014 12.31.2013 Assets Goodw ill 6,059,319 7,275,514 8,658,890
quarter A t i bl i d b USD 0 8 t USD 23 9
Other intangible assets 1,437,192 1,669,214 1,894,907 Deferred Tax Asset 905,883 987,669 1,020,617 Total intangible assets 8,402,394 9,932,397 11,574,414 Land 67,968 74,109 76,480 Buildings 2 936 094 3 092 628 3 145 202
during the quarter. The item includes invoiced interest costs and services in Mexico of USD 1.7m. Accounts receivable towards the distributors in Mexico ended at USD 21.6m in Q4.
Buildings 2,936,094 3,092,628 3,145,202 Improvements to leased premises 1,230,843 596,668 256,935 Vehicles 670,609 810,200 1,239,757 Machines, fixtures and fittings etc. 6,166,190 6,669,466 6,981,277 Accumulated depreciation
Total tangible fixed assets 7 954 900 8 079 122 9 125 428
In the receivables figure is VAT of USD 8.1m, of which the largest part is related to operations in Mexico.
Total tangible fixed assets 7,954,900 8,079,122 9,125,428 Total non-current assets 16,357,294 18,011,519 20,699,842 Inventories 9,679,505 10,732,164 12,339,969 Accounts receivable 23,948,714 23,196,110 22,058,279 Other receivables 8 962 735 11 762 239 12 822 622 Other receivables 8,962,735 11,762,239 12,822,622 Total receivables 32,911,449 34,958,349 34,880,901 Bank deposits, cash etc. 20,570,194 8,909,086 25,066,669 Total current assets 63,161,148 54,599,599 72,287,539 Total assets 79,518,442 72,611,118 92,987,381
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Balance Sheet – Equity and Liabilities
Condensed and Unaudited
USD 12.31.2014 09.30.2014 12.31.2013 Share capital 97,803 100,607 106,729 Premium reserve 131 176 300 148 922 928 157 989 676
the end of the quarter.
figure is USD 12 3m classified as a deferred revenue accrual
Premium reserve 131,176,300 148,922,928 157,989,676 Total paid in capital 131,274,103 149,023,535 158,096,405 Minority interests
Accumulated P&L
Total equity 36,320,612 43,520,193 61,951,347
figure is USD 12.3m classified as a deferred revenue accrual, VAT of USD 6.3m, accrued earn-out of USD 1.0m related to the acquisition of Bioderpac, and redundancy and closing costs of USD 3.0m
Deferred tax
15,886,991 378,448 630,233 Total non-current liabilities 15,886,991 378,448 630,233 Accounts payable 4,136,713 4,455,752 6,450,462 Current tax payable 1,154,020 607,005 874,421 Other current liabilities 22,020,106 23,649,720 23,080,918 Total current liabilities 27,310,839 28,712,477 30,405,801 Total liabilities 43 197 830 29 090 925 31 036 034 Total liabilities 43,197,830 29,090,925 31,036,034 Total equity and liabilities 79,518,442 72,611,118 92,987,381
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Cash Flow
Condensed and Unaudited
USD YE 2014 Q4 2014 YE 2013 Cash flow from operating activities Profit/Loss (-) before tax
amounted to USD 11.6m in the quarter. This was driven by the bond issuance in the amount
Depreciation and amortisation 2,655,732 639,752 3,691,328 Changes in inventories, receivables and payables
Changes in other accruals/currency effects
66,431 -31,537,077 Net cash flow from operating activities
rights conversion
Cash flow from investment activities Investments/disposals of tangible fixed assets
Changes in other investments Net cash flow from investment activities
Cash flow from financing activities
quarter
Cash flow from financing activities Proceeds from borrowings (current and non-current) 15,065,703 15,317,488 363,241 Net proceeds from issuance of shares 2,041,600 2,041,600 26,646,951 Net cash flow from financing activities 17,107,303 17,359,088 27,010,192 Net change in cash and cash equivalents
Net change in cash and cash equivalents 4,496,475 11,661,108 9,131,919 Cash and cash equivalents at beginning of period 25,066,669 8,909,086 34,198,588 Cash and cash equivalents at end of period 20,570,194 20,570,194 25,066,669 Bringing Prosperity to the Grower, the Crop and the Soil TM
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Bringing Prosperity to the Grower, the Crop and the Soil TM
Focus on 4-Dimensional Approach c s s pp c
Organization – Crops – Geography – Technology
Agrinos is committed to developing these four Agrinos is committed to developing these four dimensions to grow as a company
g g p y g p g g p around the world
for the development of New Technologies
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A leader in Biological Inputs for Crop Productivity g c p s C p c y
USA China USA Europe Mexico Brazil India Malaysia/Indonesia
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Plant Date: Harvest Date: Crop: Location: Variety: November 2013 August, 2014 Wheat Tri cities Washington Soft white wheat Rates/Application: Method: Pre plant Pivot application of HYT A + HYT B Pivot and Spray Approximately 129 acres
Example Farm Trial Results
US WHEAT
Variety: Soft white wheat Approximately 129 acres
147.16
150
Washington State Farm Trial Data
133.61
140 145 d (BU/AC)
Control
HYTA + HYTB
133.61
125 130 135 Yield
Treated
Greater than 3:1 Return on Investment
Grower Standard
125
Yield/bu/ac
Treatment
to the Grower
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Creating the R&D Infrastructure for Innovation
development of Biological Solutions: Davis, CA
– Serves to attract and retain strong talent to Agrinos – Linkages to major agricultural and biotech expertise and collaboration opportunities with the University of California, Davis – Pilot fermentation capability, microbiology, analytical biochemistry, data analysis to become an internal core competency
expand to 19,000 sq. feet by early 2016 in the same facility, w ith expansion suitable for laboratory space already in place.
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Agrinos Product Development Pipeline: Accelerating Innovation Accelerating Innovation
Market expansion for current product lines Market introduction of enhancements of current products & testing of new products
2014 2016 2017 2018 2015
Market introduction of new products
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Outlook and Focus for FY 2015
Focus on core business units to create strong revenue growth driven by
expansion of the distribution networks
equipped in 2015
expertise in agricultural technologies and markets
Main forecast assumptions
demand and decreasing inventory
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Bringing Prosperity to the Grower, the Crop and the Soil TM
YTD 2014 Development Enables Financing and Implementation of Growth Strategy p gy
f S functions together in the U.S
growth
development operations, will remain key priorities moving into 2015
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