Biosev closed 2014/15 crop year with adjusted EBITDA of R$1.3 billion and positive Free Cash Flow
SAO PAULO, June 9, 2015 /PRNewswire/ -- Biosev (BSEV3: BM&FBOVESPA), the second largest sugarcane processor in the world, posted an adjusted EBITDA of R$1.3 billion for the 2014/15 crop year, 16.3% higher than in the previous crop year, while adjusted EBITDA margin was 29.6%. On track with its turnaround plan, this performance reflects Biosev's financial and operating discipline and the successful commercial strategy, which contributed to improve operating performance during the crop year.
Biosev's Free Cash Flow was positive R$16 million, above the target of breakeven, a turnaround of R$208 million from the previous crop year. In addition to the improved operating performance, this result reflects the discipline and selectivity adopted in its investments coupled with a substantial reduction of R$160 million in working capital needs.
During the crop year, the company reduced short-term debt by R$291 million, to 26% of the total debt, reinforcing the commitment to lengthen its debt maturity profile.
Net revenue from the company's cogeneration operations amounted to R$284 million, up 16.7%, driven by higher prices and productivity gains.
Total net revenue came to R$4.5 billion, increasing 5.8% on the previous crop year. This performance was supported by the company's commercial strategy, which ensured better prices despite lower global sugar prices, by using hedge instruments, building inventories for sale in the intercrop period, and selling higher value-added products.
The crushing volume was 28.3 million metric tons in the crop year, and sugarcane total recoverable sugar rate (TRS) increased at all Biosev's Clusters, with an average growth of 3.1%, to 128.7 kg/ton.
About Biosev
Biosev is the world's second largest sugarcane processor, with 11 industrial units strategically located in four Agroindustrial Clusters in Brazil. The company, controlled by Louis Dreyfus Commodities Holdings Group, kicked-off its operations in the sugar and ethanol industry in the year 2000, with the acquisition of its first unit in Brazil. It currently has a processing capacity of 36.4 million tons of sugarcane annually, manages 340,000 hectares of land, and has surplus biomass power generation capacity of 1,346 GWh/year. Biosev adopts the highest corporate governance standards and its stock is traded on BM&FBovespa's Novo Mercado segment.
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SOURCE Biosev S.A.
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