Latest quarterly results published by the Company
See a summary of the Results Release for 3Q18 (second quarter of 2018) available on the CVM website and also a summary of the latest quarterly results published by the Company.
Highlights of the period
|Change Fair Value of Biol. Assets||340,753||656,799||92.7%||101,442||129,134||27.3%|
|Gross margin||44.3%||56.4%||12.1 p.p||33.8%||28.0%||-5.8 p.p|
|Operating margin||34.7%||46.4%||11.7 p.p||24.8%||16.8%||-8.0 p.p|
|Net margin||20.2%||28.8%||8.6 p.p||15.3%||8.7%||-6.6 p.p|
|Adjusted EBITDA (1)||314,087||397,588||26.6%||116,834||88,298||-24.4%|
|Adjusted EBITDA margin||27.3%||30.7%||3.4 p.p||25.4%||21.6%||-3.8 p.p|
|Adjusted Net debt (2)||844,882||1,189,668||40.8%||844,882||1,189,668||40.8%|
(1) Excludes the effects from Biological Assets, since they are noncash, and excluding the write-off of Property, Plant and Equipment. (2) Adjustes by gain and losses with derivatives.
Variation in commodity prices
The average cotton spot price on the ICE US during 3Q18 was de 84.4 USc per pound, slightly below the average price in the prior quarter, but presenting a downward trend towards the close of the quarter. Supply and demand in the short term remains favorable for cotton, with consumption following a solid upward path in recent years to set new records.
The average spot soybean price on the CBOT was 14% lower than the average price in the prior quarter and 12% lower than the price at the start of the year, basically due to the confirmation by China of the 25% duty on soybean imports from the United States, which is one of the developments of the trade war cited earlier.
The average corn price of the first contracts traded on the Chicago Board of Trade (CBOT) in 3Q18 was slightly lower than the average price in the previous quarter and, by the end of September, was basically at the same level observed at the start of 2018.
Harvest was concluded on the 230,127 hectares in the current crop year dedicated for this crop, where we registered a record yield of 3,756 kg/ha, which is 11.8% more than initially projected.
The area cultivated for cotton crops in 2017/18 was 95,124 ha, divided between the initial cotton crop and the 2nd cotton crop.
The productivity of the corn grown in the 2nd crop was 9,912 per hectare. The planting of the corn 2nd crop began in the second half of January 2018, as the harvest of early soybean varieties advanced.
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