We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 11.11 | 0 | 12:00:06 |
LUXEMBOURG, Nov. 12, 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 third quarter of 2015.
Main highlights for the period:
Financial & Operational Highlights
Our mills crushed a total of 3.2 million tons of sugarcane in 3Q15, 15.1% higher year-over-year, driven by an increase in nominal crushing capacity combined with higher milling efficiency. Sugarcane productivity increased by 10.5% reaching 86.3 tons/ha while sugar content (TRS) stood at 140.5 kg/ton, resulting in a 14.2% year-over-year growth in TRS per hectare. Our cogeneration operation has reached a record productivity ratio of 72.2 KWh per ton of sugarcane crushed. As a result of these productivity enhancements our sugar, ethanol and energy production increased by 11.7%, 26.9% and 40.2% respectively during the quarter.
Adjusted EBITDA in 3Q15 was $47.1 million, 13.9% lower than 3Q14. Despite higher productivity metrics and production volumes, financial performance was affected by a 14.9% decrease in net sales, primarily explained by: (i) lower prices; and (ii) the implementation of a sugar and ethanol carry strategy. We are seeking to capture higher prices towards the end of the year, which has resulted in increased sugar and ethanol inventories by 82.6% and 24.9% respectively year-over-year. Adjusted EBITDA margin during the quarter expanded from 49.2% in 3Q14 to 49.8%, driven by productivity gains and dilution of fixed costs.
On a year-to-date basis, Adjusted EBITDA was $34.8 million, $65.4 million or 65.2% lower than 9M14. In addition to the drivers described above, this gap is explained by the absence of recorded gains from land transformation sales in 9M15, compared to a $25.5 million gain realized in 9M14.
On a year-to-date basis, net income was $17.5 million, 14.7% higher than 9M14. Despite lower Adjusted EBITDA, net income was enhanced by (i) a $15.6 million decrease in depreciation and amortization, driven by the weaker Brazilian Real and Argentine peso; and (ii) a $16.8 million increase in the fair value of our sugarcane biological assets. These effects were partially offset by a $4.1 million increase in financial losses as a result of the devaluation of the Brazilian Real.
Strategy Execution
Independent Farmland Appraisal Report
We believe the increase in the value of our farmland is mainly explained by: (i) the transformation of undermanaged and underdeveloped land into croppable land; and (ii) the ongoing transformation or continuous productivity enhancements of all our croppable land.
These gains are not reflected in Adecoagro's financial statements since the Company does not mark-to-market the value of farmland assets on its balance sheet. However, land transformation and appreciation are an important part of Adecoagro's business strategy and a component of total return on invested capital.The construction of the second phase of the Ivinhema mill was formally completed during 2Q15. Our state-of-the-art cluster in Mato Grosso do Sul has reached full nominal crushing capacity of 9 million tons.
Share Repurchase Program
(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 3Q15 earnings release, please access ir.adecoagro.com. A conference call to discuss 3Q15 results will be held on November 13, 2015 with a live webcast through the internet:
English Conference Call
November 13, 2015
11 a.m. (US EST)
1 p.m. Buenos Aires
2 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-497-million-in-3q15-and-1249-million-in-9m15-300178083.html
SOURCE Adecoagro S.A.
Copyright 2015 PR Newswire
1 Year Adecoagro Chart |
1 Month Adecoagro Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions