Biosev S.A. Announces Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended September 30, 2017; Re-Affirms Capex and Production Guidance for the Fiscal 2018
For the six months, the company reported net revenue of BRL 3,612,283,000 against BRL 3,902,223,000 a year ago. Operating income expenses was BRL 421,000,000 against BRL 343,640,000 a year ago. Loss before taxes on income was BRL 688,857,000 against BRL 50,199,000 a year ago. Net loss was BRL 544,455,000 against BRL 329,789,000 a year ago. Net cash provided by operating activities was BRL 216,697,000 against net cash used in operating activities of BRL 672,274,000 a year ago. Increase in property, plant and equipment was BRL 164,861,000 against BRL 246,132,000 a year ago. Additions to biological assets were BRL 271,622,000 against BRL 238,808,000 a year ago. Increase in intangible assets was BRL 1,285,000 against BRL 2,876,000 a year ago. Adjusted EBITDA (including resale/HACC) was BRL 540 million against BRL 597 million a year ago, down 9.5%. Total CAPEX was BRL 451,713,000 against BRL 512,004,000 a year ago. Net debt as on September 30, 2017 was BRL 4,934 million.)
For the quarter, the company reported total production of 1,787,000 tons against 1,634,000 tons a year ago. Sugar production was 869,000 tons against 830,000 tons a year ago. Ethanol production was 515,000 m3 against 448,000 m3 a year ago. Cogeneration production was 350 GWh against 319 GWh a year ago.
For the six months, the company reported total production of 2,944,000 tons against 2,692,000 tons a year ago. Sugar production was 1,456,000 tons against 1,352,000 tons a year ago. Ethanol production was 835,000 m3 against 749,000 m3 a year ago. Cogeneration production was 628 GWh against 557 GWh a year ago. The increase in production in terms of tons of product explained primarily by the 6.8% increase in crushing volume, the 0.7% increase in Cane TRS and the improvement in industrial efficiency.
The company re-affirmed earnings and production guidance for the fiscal 2018. For the year, the company expects crushing in the range of 31.5 million - 33.5 million tons, sugarcane TRS in the range of 129.0 kg/ton -131.0 kg/ton, total TRS in the range of 4.06 million tons - 4.39 million tons.
For the year, the company re-affirmed guidance for capex of BRL 1,250 million, +/- 90.