About São Martinho

Institutional

São Martinho is one of the largest sugar and ethanol groups in Brazil, with annual sugarcane crushing capacity of 24 million metric tons. It operates four mills: São Martinho, in Pradópolis (in the Ribeirão Preto region of São Paulo); Iracema, in Iracemápolis, (in the Limeira region of São Paulo), Santa Cruz, in Américo Brasiliense (SP) and Boa Vista, in Quirinópolis, 300 kilometers from Goiânia (GO). The company also has a production unit of ribonucleic acid, Omtek, located in Iracemápolis too. The group‘s average harvest mechanization ratio is 99.8%, with this figure reaching 100% at Boa Vista Mill.

São Martinho, Iracema and Santa Cruz mills produce both sugar and ethanol, while Boa Vista mill exclusively produces ethanol. All the mills generate electric power from the burning of sugarcane bagasse, assuring electricity self-sufficiency and the sale of surplus power (except for Iracema mill).

In the 2017/2018 crop year, the Company processed 22.2 million tons of sugarcane. This raw material processing resulted in the production of 1,407 thousand tons of sugar and 953 thousand m³ of ethanol.

Following a comprehensive professionalization process, in February 2007, São Martinho stock began trading on the Novo Mercado Special Corporate Governance Segment of the São Paulo Stock Exchange (BM&FBovespa), the highest corporate governance level, under the ticker SMTO3.

Shareholders and their Respective Holdings:

Shareholders Shares % Preferred Shares % Total %
LJN Participações S.A. 190,242,864 52.26 - - 190,242,864 52.26
Indirect Controllers 12,789,105 3.51 - - 12,789,105 3.51
Administration 2,044,815 0.56 - - 2,044,815 0.56
Treasury shares 5,431,517 1.49 - - 5,431,517 1.49
Free Float 153,503,028 42.17 - - 153,503,028 42.17
Total 364,011,329 100.00 - - 364,011,329 100.00

São Martinho Corporate Structure:

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Operational

2007/2008
Apr/07 to Mar/08
2008/2009
Apr/08 to Mar/09
2009/2010
Apr/09 to Mar/10
2010/2011
Apr/10 to Mar/11
2011/2012
Apr/11 to Dec/11
2012/2013
Apr/12 to Mar/13
2013/2014
Apr/13 to Mar/14
2014/2015
Apr/14 to Mar/15
2015/2016
Apr/15 to Mar/16
2016/2017
Apr/16 to Mar/17
2017/2018
Apr/17 to Mar/18
Crushed Sugarcane (‘000 tonnes) 10.2 12.0 12.9 13.1 11.4 12.9 15.6 18.7 20.0 19.3 22.2
Sugar (‘000 tonnes) 527 555 702 873 774 969 986 1,231 1,230 1,301 1,407
Ethanol (‘000 m³) 520 674 594 565 447.8 451 640 791 750 667 953
Energy (MWh) - 89.4 158.5 163 212.7 176 442 720 741 720 -

The table below shows production details per mill/unit.

2008/09 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill
Crushed Sugarcane (‘000 tonnes) 2.79 8.00 1.21
Sugar (‘000 tonnes) 109 446 -
Ethanol (‘000 m³) 156 411 107
Energy (MWh) - 24.8 64.6

2009/10 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill
Crushed Sugarcane (‘000 tonnes) 2.75 8.10 2.06
Sugar (‘000 tonnes) 184 518 -
Ethanol (‘000 m³) 101 319 174
Energy (MWh) - 28.4 130.1

2010/11 Harvest Information (until Dec/10) Iracema Mill São Martinho Mill Boa Vista Mill
Crushed Sugarcane (‘000 tonnes) 2.7 8.4 2.0
Sugar (‘000 tonnes) 219.0 654.4 -
Ethanol (‘000 m³) 77.8 311.5 176.1
Energy (MWh) - 28.1 135.1

2011/12 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill
Crushed Sugarcane (‘000 tonnes) 2.46 6.73 2.21
Sugar (‘000 tonnes) 229.4 544.7 -
Ethanol (‘000 m³) 77.7 183.2 186.9
Energy (MWh) - 15.9 196.7

2012/13 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill Usina Santa Cruz
Crushed Sugarcane (‘000 tonnes) 2,704.6 7,601.6 1,381.2 1,198.2
Sugar (‘000 tonnes) 236.3 638.7 - 94.2
Ethanol (‘000 m³) 89.7 211.7 112.4 36.9
Energy (MWh) - 21.7 101.7 52.3

2013/14 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill Usina Santa Cruz
Crushed Sugarcane (‘000 tonnes) 3,101.18 9.003.86 2,070.20 1,417.19
Sugar (‘000 tonnes) 216.13 663.93 - 1066.08
Ethanol (‘000 m³) 127.00 290.20 179.10 43.38
Energy (MWh) - 215.32 156.22 70.61

2014/15 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill Usina Santa Cruz
Crushed Sugarcane (‘000 tonnes) 2,714.78 9,292.91 2,278.62 4,431.16
Sugar (‘000 tonnes) 178.64 718.13 - 333.76
Ethanol (‘000 m³) 117.70 325.55 195.47 152.47
Energy (MWh) - 320.21 171.20 229.06

2015/16 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill Usina Santa Cruz
Crushed Sugarcane (‘000 tonnes) 2,830 10,033 2,448 4,712
Sugar (‘000 tonnes) 186 711 - 333
Ethanol (‘000 m³) 100 302 200 148
Energy (MWh) - 334.3 173.3 233.4

2016/17 Harvest Information Iracema Mill São Martinho Mill Boa Vista Mill
(50.95%)
Usina Santa Cruz
Crushed Sugarcane (‘000 tonnes) 2,859 9,338 2,477 4,607
Sugar (‘000 tonnes) 212 751 - 338
Ethanol (‘000 m³) 77 243 210 138
Energy (MWh) - 317 179 224

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Financial

R$ MM 2007/2008
Apr/07 to Mar/08
2008/2009
Apr/08 to Mar/09
2009/2010
Apr/09 to Mar/10
2010/2011
Apr/10 to Dec/10
2011/2012
Apr/11 to Mar/12
2012/2013
Apr/12 to Mar/13
2013/2014
Apr/13 to Mar/14
2014/2015
Apr/14 to Mar/15
2015/2016
Apr/15 to Mar/16
2016/2017
Apr/16 to Mar/17
Gross Revenue 787.4 867.6 1,282.1 1,079.2 1,447.2 1,708.57 2,047.16 2,454.52 2,941.37 3,249.62
Net Revenue 712.4 774.4 1,183.3 1,014.5 1,366.9 1,635.96 1,971.18 2,349.76 2,831.12 3,122.35
Net Income (48.8) (71.9) 93.2 123.4 126.6 72.95 135.00 286.06 194.3 283.9
Adjusted EBITDA 132.8 189.8 363.6 411.4 529.9 650.10 766.60 1,091.59 1,301.24 1,445.08
Adjusted EBITDA Margin (%) 18.8 24.5 30.7 40.6 38.8 39.7 38.9 46.5 46.0 46.3

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