Fonte: Infomoney
Source: Infomoney/ Por Reuters
SÃO PAULO – BrasilAgro (AGRO3) announced this Thursday the sale of Fazenda Alto Taquari, in Mato Grosso, for 589 million reais, in the biggest negotiation in the company's history, as the prices of agricultural commodities, especially soybeans , boost the company's real estate business. The 3,723-hectare property, with 2,694 useful hectares, was sold at a price 65% higher than the company's own valuation, disclosed in the last balance sheet, in August, the company informed in a material fact. But the dimension of the deal becomes clearer – as well as the impact of agricultural commodity prices on land valuation – when comparing the amount that BrasilAgro paid, in 2007, for the area of the farm sold: just around 30 million reais. At the time of the acquisition of the property, BrasilAgro paid for each useful hectare of Alto Taquari around 320 bags of soybeans, while the closed deal has now priced the hectare of the property in the municipality of the same name at 1,100 bags, noted the CEO of BrasilAgro, André Guillaumon.
“We took advantage of the good moment of commodities and carried out asset sales. If you don't sell, you don't realize (the profit)”, said the executive. He added that investments made in the last few years also allowed for a sale above the appraised value and with an Internal Rate of Return of almost 20%. By way of comparison, the negotiation surpassed the company's IPO in 2006, when BrasilAgro raised 582 million reais. And it shows the attractiveness of the company's business model, which mixes the purchase and sale of rural properties and the production of food, fibers and bioenergy, said the executive. Guillaumon believes that land prices will remain sustained for about two years, with strong demand from Asia leaving agricultural commodity prices firm. He also pointed out that the farmers are in a good financial position, after large harvests at good prices, which allows for interesting deals involving land.
"Today the producer is capitalized and very liquid to buy farm", he said. The area sold produces sugarcane and grains. According to the company, the delivery of ownership of the areas and, consequently, the recognition of sales revenue, will be carried out in two stages: a total of 2,566 hectares (1,537 usable ha) in October 2021, in the amount of 336 million reais, and 1,157 useful hectares in September 2024, in the amount of approximately 253
million reais. The gains from the first stage of the agreement will be recognized in the current crop year, said the executive, guaranteeing profits in the company's real estate segment.
The buyer of the area, whose name was not revealed, has already paid the first installment, of 16.5 million reais, and will pay another 31.4 million reais this year. The remaining balance is indexed to bags of soybeans with annual payments. This is the second farm sale announced by BrasilAgro this quarter. The company sold part of Fazenda Rio do Meio, located in the municipality of Correntina, in Bahia, for BRL 130.1 million. The value was equivalent to 250 bags of soybeans per useful hectare. In all, the company has already obtained more than 1.5 billion reais from land sales in its history and has about 3.5 billion reais in properties in its portfolio, said the CEO.
