Languiru members approve negotiation for assets with Chinese group
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Based on the decision taken by the cooperative members, the board is authorized to move forward in negotiations with the Asians, with whom it signed, last week, a protocol of intentions for the creation of a joint venture. A Chinese delegation should come to the State in the next few days and start a process of due diligence, a thorough and detailed investigation of Languiru’s asset numbers, equity, structure and potential. The work will be monitored by Languiru’s Board of Directors and Fiscal Council, in addition to commissions chosen by the members. After evaluating the situation, they will define if they maintain interest in the agreement and what would be the proposed values for the acquisition of command of these segments.
“The members own the cooperative. The decision taken at the ordinary general meeting is the alternative for Languiru to be able to overcome this moment of extreme difficulty, for the continuity, also, of the activities in the rural properties of the associates. We are going to overcome this phase hand in hand”, highlighted president Dirceu Bayer, thanking the participation of the social staff and the serenity in decision-making for “the future of Languiru”.
Among other opportunities, the president highlighted that negotiations with the Chinese are the most advanced and best partnership alternative presented so far. “Let’s look ahead, the decision taken was very wise and allows us to move forward with the negotiations. Thank you for the vote of confidence and, the moment any partnership negotiation takes place, the associates will be the first to know”, he concluded.
At the meeting, the accounts for the 2022 financial year were also approved. A secret ballot was even suggested by a small group, but the idea ended up being rejected by the majority. However, the monthly fees of all board members were redefined with a 50% reduction over current values. The measure is a way of helping to control the cooperative’s finances until the situation improves and was welcomed naturally.
In a year of extreme difficulty, the net result for the period was negative, despite gross revenues of R$ 2.765 billion, with growth of 21.8%. In the participation of the segments, the poultry sector corresponded to 30.08%, milk 20.45% and pork 19.44%. Supermarkets, animal feed, Agrocenter stores, gas stations, beef cattle and pharmacies accounted for the remaining 30%. Performance by segment was also detailed and, at the request of members, the financial statements of all branches were presented.
Regarding investments, R$ 82.5 million were accounted for, mainly in the infrastructure of the industrial units, with machinery, construction and maintenance.
“The financial cost, with rising interest rates, impacts Languiru a lot and, in 2022, it registered an increase of R$ 79 million. In other words, the Cooperative needed this extra value so that it could keep its activities, the production cycle, active. It was necessary to raise funds for working capital, and the cost of money was very high”, explained the Administrative, Commercial and Financial Superintendent, Rafael Lagemann, also citing difficulties due to the high cost of production, especially corn and soybeans. . “The impact of this represents another BRL 40 million in our cost. These are just two of the market factors that directly harm our business.”
The Industrial and Agricultural Development superintendent, Anderson Xavier, spoke about the cooperative’s performance in the foreign market, which represented R$ 85.4 million in exports last year. We are looking for new qualifications to expand exports. For China, for example, we have been aiming for qualification since 2009. In 2022, the volume of business with the foreign market in the poultry sector represented around 15%; and pork approximately 5% of the volume”, he concluded.
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