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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adecoagro SA | NYSE:AGRO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.26 | 7 | 14:14:49 |
LUXEMBOURG, Aug. 11, 2016 /PRNewswire/ -- Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), one of the leading agricultural companies in South America, announced today its results for the first quarter of 2016.
Main highlights for the period:
Financial & Operational Highlights
Results were partially offset by a $21.0 million loss generated by the mark-to-market of our commodity hedge positions, of which $8.7 million or 41.5% is related to the current crop and $12.3 million or 58.5% is related to the new crop. The hedging losses related to the current crop are offset by the higher fair value of biological assets and the mark-to-market of grain inventories. Hedging losses related to next year's crop are offset the following fiscal year as the crop is planted and harvested.
Year-to-date, Adjusted EBITDA reached $31.3 million compared to $25.8 million. The increase is explained by the same drivers influencing quarterly results.
On a cumulative basis, Adjusted EBITDA for 6M16 grew by 41.5% reaching $72.7 million. Adjusted EBITDA margin expanded to 46.7%. These results are primarily explained by (i) a 24.2% increase in crushing volumes, coupled with a 17.0% increase in TRS sold, as a result of the early start of the harvest due to the implementation of the "continuous harvest" model; (ii) enhanced agricultural efficiencies and BRL devaluation resulting in a 20.4% dilution of unitary production costs; and (iv) higher sugar prices and yields resulted in a $27.7 million year-over-year gain from the Fair Value of unharvested sugarcane. Results were partially offset by a $12.3 million loss generated by the mark-to-market of our sugar hedge position, compared to a $13.9 million gain generated in 6M15.
Since mid-June and throughout July, rainfalls in Mato Grosso do Sul in Brazil have normalized, returning to the historical average. As a result, our mills have been able to accelerate the pace of harvest and compensate the crushing delay generated in the second quarter.
(1) Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation, amortization plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined as consolidated profit from operations before financing and taxation, plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.
To read the full 2Q16 earnings release, please access ir.adecoagro.com. A conference call to discuss 2Q16 results will be held on August 12, 2016 with a live webcast through the internet:
English Conference Call
August 12, 2016
11 a.m. (US EST)
12 p.m. Buenos Aires
12 p.m. Sao Paulo
5 p.m. Luxembourg
Tel: +1 (844) 836-8746
Participants calling from the US
Tel: +1 (412) 317-2501
Participants calling from other countries
Access Code: Adecoagro
Investor Relations Department
Charlie Boero Hughes
CFO
Hernan Walker
IR Manager
Email: ir@adecoagro.com
Tel: +54 (11) 4836-8651
About Adecoagro:
Adecoagro is a leading agricultural company in South America. Adecoagro owns over 247 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces over 1.7 million tons of agricultural products including corn, wheat, soybeans, rice, dairy products, sugar, ethanol and electricity among others.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/adecoagro-recorded-adjusted-ebitda-of-512-million-in-2q16-and-944-million-for-6m16-76-and-392-higher-year-over-year-respectively-300312731.html
SOURCE Adecoagro S.A.
Copyright 2016 PR Newswire
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