Investor Presentaiton
OTHER HIGHLIGHTS
70%
Gross Margin
60%
50%
40%
30%
20%
10%
36%
59%
48%
62%
山
0%
Q4 2019
Q4 2020
FY 2019
FY 2020
Average GM since production started: 53%
The key reason for the GM improvement in 2020 was the reduction of production costs
per tonne.
The reduction of 46% in Q4 2020 compared to Q4 2019 was due to cost efficiency
enhancement of 17% and as a result of devaluation of the Brazilian Real by 29% against
the Canadian Dollar.
For FY 2020, production costs were reduced by 45% compared to FY 2019, again due to
cost efficiency improvements and the devaluation of the Brazilian Real against the
Canadian Dollar.
The increase in CIF (Cost Insurance and Freight) share of total sales in FY 2020 versus FY
2019 compared to FOB (Free on Board) had a positive impact of 2% in GM.
VERDE
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