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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 | |
---|---|---|---|---|---|---|---|---|
-0.11 | -1.01% | 10.75 | 11.10 | 10.72 | 11.06 | 762,173 | 21:03:36 |
LUXEMBOURG, Aug. 13, 2015 /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 second quarter of 2015.
Main highlights for the period:
Financial & Operational Highlights
On a year-to-date basis, Adjusted EBITDA in 6M15 stood at $59.0 million, marking a 49.7% increase over 6M14. In addition to the main drivers explained above, year-to-date results were also enhanced by: (i) an early start of the harvest season which will allow us to extend the season and increase annual milling; and (ii) a $13.9 million gain, which is mostly realized, from the mark-to-market of our sugar hedge position, compared to a $1.9 million gain generated in 6M14.
Year-to-date, Adjusted EBITDA was $25.7 million, $51.9 million or 66.9% lower than 6M14. This performance is primarily explained by: (i) no land transformation gains as explained above; (ii) lower margins in the Crops, Rice and Dairy segments resulting from lower prices of soybean, corn, wheat and milk, coupled with higher production costs measured in dollars as a result of the appreciation of the Argentine peso in real terms. These effects were partially offset by higher productivity in our soybean, corn and dairy operations.
Strategy Execution
Sugar, Ethanol & Energy Ramp Up
(1) Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation, amortization and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle) 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, and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle) 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 2Q15 earnings release, please access ir.adecoagro.com. A conference call to discuss 2Q15 results will be held tomorrow with live webcast through the internet:
English Conference Call
August 14, 2015
11 a.m. (US EST)
12 p.m. Buenos Aires
12 p.m. Sao Paulo
5 p.m. Luxembourg
Tel: +1 (877) 317-6776
Participants calling from the US
Tel: +1 (412) 317-6776
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 257 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-an-adjusted-ebitda-of-395-million-in-2q15-and-753-million-in-6m15-300128561.html
SOURCE Adecoagro S.A.
Copyright 2015 PR Newswire
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