Bioceres Crop Solutions Corp (NYSE:BIOX) Q4 2020 Earnings Conference Call - Final Transcript
Sep 10, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Bioceres Crop Solutions Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]
I would now like to hand the conference over to your first speaker for today, Max Goya, Investor Relations. Please go ahead, Mr. Goya.
Thank you. Good day, everyone, and thank you for joining us. Presenting during today's earnings call will be Federico Trucco, Bioceres Chief Executive Officer; and Enrique Lopez Lecube, our Chief Financial Officer. Both will be available for the Q&A session.
Before we proceed, I would like to make the following safe harbor statement. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of today's earnings release and presentation as well as our recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.
Also, please note that for comparison purposes and a better understanding the whole Company's underlying performance in addition to discussing as reported results during our presentation today, we will discuss comparable results which exclude the impact of hyperinflation accounting in Argentina. Additional informations in connection with the application of rule IAS 29 can be found in our earnings report.
I would now like to turn the call over to our CEO, Federico Trucco.
Thank you, Max. Today's financial and operating results reflect the hard work of our more than 400 collaborators, the commitment of our customers and partners in the 31 countries where our products are sold, and the resiliency of our organization and growth strategy. In a year when growers' incomes were under pressure, economic conditions in our key markets had deteriorated, and where we witnessed one of the most dramatic disruptions to our lives, due to COVID-19, being able to say that we achieved our initial growth and profitability objectives fills me with great pride.
We had a strong finish to our fiscal year with comparable revenues growing 46% for the quarter, driving adjusted EBITDA up by 67% in the period. Our fourth quarter performance allowed us to maintain our track record of double-digit annual growth with revenues rising to $174 million, while adjusted EBITDA increased to $46.5 million. We were able to deliver this performance while significantly strengthening our balance sheet and improving our credit rating. We raised $65 million during the period and reduced our net debt-to-EBITDA ratio from 2.2 times to slightly under 2 times.
Our current cash, cash equivalents and short-term investments, mean our HB4 ramp up program is fully financed. I would like to congratulate our Corporate Finance team for a terrific year, and I would like to thank the community of financial institutions and investors that have supported our growth plans with a special recognition to Solel Capital Partners.
We are now in a position to advance HB4 program from thousands of hectares to hundreds of thousands, further validating the value of these