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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 | |
---|---|---|---|---|---|---|---|---|
0.13 | 1.17% | 11.24 | 11.35 | 11.20 | 11.20 | 809,391 | 23:00:05 |
LUXEMBOURG, May 13, 2021 /PRNewswire/ -- Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading agro-industrial company in South America, announced today its results for the first quarter ended March 31, 2021. The financial information contained in this press release is based on unaudited condensed consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 30 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release.
Main highlights for the period:
Financial & Operational Highlights
Adjusted EBITDA in the Rice business during 1Q21 reached $28.3 million, 86.7% higher compared to the same period of last year. This increase was explained by (i) an 11.9% increase in yields and an increase in prices which led to a $13.7 million increase in the mark-to-market of our biological asset and agricultural produce; and (ii) an increase in gross sales driven by higher average selling prices. We were able to achieve these results because for the past years we have focused on three main goals: (i) productivity as the key variable to minimize costs per ton, (ii) grain quality to improve industrial efficiencies coupled with traceability to be used as a commercial tool; and (iii) efficiency throughout the value chain by focusing on synergies at every level. In this line, by carrying out investments to improve logistics and enhance efficiencies at the farm level we were able to achieve higher yields and reduce cost per ton. And by diversifying our product portfolio, offering tailor-made products traceable from field to fork, working on our own genetics and achieving a customer centric view, among others, we have successfully increased our average selling prices and opened doors to new markets.
The Crops business generated an adjusted EBITDA of $17.9 million in 1Q21, more than 4x higher than during 1Q20. Gross sales decreased compared to 1Q20, despite an increase in average selling prices, due to a 43.8% reduction in selling volumes mainly explained by the intensive rains registered during March which led to a lower harvesting progress achieved during the quarter, which has since been resumed with no impact on yields. This was fully offset by (i) a $5.8 million gain in the mark-to-market of our biological assets, driven by an increase in commodity prices especially soybean and corn, despite lower yields and harvested area; and (ii) a $9.0 million cost reduction due to lower volume, enhanced efficiencies and the depreciation of the Argentine peso, which led to a dilution of costs in U.S. dollars.
Remarks
A solid start to the year
Share repurchase program update
Non-Gaap Financial Measures: For a full reconciliation of non-gaap financial measures please refer to page 30 of our 1Q21 Earnings Release found on Adecoagro's website (ir.adecoagro.com)
Forward-Looking Statements: This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements can be identified by words or phrases such as "anticipate," "forecast", "believe," "continue," "estimate," "expect," "intend," "is/are likely to," "may," "plan," "should," "would," or other similar expressions.
These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
To read the full 1Q21 earnings release, please access ir.adecoagro.com. A conference call to discuss 1Q21 results will be held on May 14, 2021 with a live webcast through the internet:
Conference Call
May 14, 2021
9 a.m. (US EST)
10 a.m. Buenos Aires
10 a.m. Sao Paulo
3 p.m. Luxembourg
Participants calling from the US: Tel: +1 (844) 435-0324
Participants calling from other countries: Tel: +1 (412) 317-6366
Access Code: Adecoagro
Conference Call Replay
Participants calling from the US: Tel: +1 (877) 344-7529
Participants calling from other countries: Tel: +1 (412) 317-0088
Access Code: 101552278
Investor Relations Department
Charlie Boero Hughes
CFO
Juan Ignacio Galleano
IRO
Email: ir@adecoagro.com
Tel: +54 (11) 4836-8624
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 1.9 million tons of agricultural products including sugar, ethanol, bio-electricity, milled rice, corn, wheat, soybean and dairy products, among others.
View original content:http://www.prnewswire.com/news-releases/adecoagros-adjusted-ebitda-reached-109-1-million-during-1q21--marking-a-record-high-for-the-first-three-months-of-the-year-301291303.html
SOURCE Adecoagro S.A.
Copyright 2021 PR Newswire
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