BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (NYSE:LND) Q1 2024 Results Conference Call November 8, 2023 8:00 AM ET

Company Participants

Ana Paula Zerbinati - Investor Relations and Capital Markets Head

André Guillaumon - Chief Executive Officer

Gustavo Lopez - Chief Financial Officer & IRO

Conference Call Participants

Thiago Duarte - BTG

Ana Paula Zerbinati

Good morning. We would like to begin the conference call of BrasilAgro Q1 2024 -- 2023, 2024, reminding you that our year goes from July 1 to June 30, following the harvest year. So now we're reporting on the first three months of 2024, Q1 2024.

We're a little earlier today. But we have some information on the screen for asking questions. Those who are hearing in English, the presentation is available in chat and to hear simultaneous translation, please click Simultaneous Translation.

I'd like to thank you all for your presence, André, Gustavo are with us once again. And I would like to pass the floor to André to begin.

André Guillaumon

Thank you, Ana. I'd like to thank you all for participating here and we will try and to be as brief as possible in the explanations, talking about the challenges we have had during the year. And we want to leave a lot of time for the Q&A session that are very good during this opportunity together. So I'll try to accelerate the presentation so we can spend time with questions. Here, we have the highlights, net revenue, Q1, BRL272 million; net profit, BRL30 million; adjusted EBITDA, BRL23 million.

Later on, we will see that there was a drop in net profit in relation to Q1 last year approximately 29%. When we look at the estimates. We have the same estimates, 2.6 million tons with grains, cotton, sugarcane, a small reduction in the planted area. We will give you more details. And this reduction comes because we stopped planting corn in some units where we saw that productivity is risky and due to the current production costs, we're being very strict in choosing the highest productivity levels because the price of corn is low.

Dividends, we approved this during the last meeting. The Company once again is paying dividends. We know that this is very important for many investors. And here we are sure that having flexibility, we can be more aggressive. I said this many times. If we have projects, we will hold on. And the fourth -- the fourth year, very important, the planted area -- the growth of planted area by 11,000 hectares and independent of the reduction in the planted area of corn.