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 | |
---|---|---|---|---|---|---|---|---|
0.31 | 2.88% | 11.06 | 11.245 | 10.86 | 10.86 | 884,962 | 01:00:00 |
|
Adecoagro S.A.
|
|
|
|
By /s/ Carlos A. Boero Hughes
|
|
|
|
Name: Carlos A. Boero Hughes
|
|
|
|
Title: Chief Financial Officer and Chief Accounting Officer
|
Financial & Operational Performance Highlights
|
◦
|
Adjusted EBITDA for our Sugar, Ethanol & Energy business reached $80.9 in 2Q18, $19.5 million or 31.8% higher than 2Q17. This increase is mainly explained by: (i) the maximization of ethanol production (72.5% of total TRS), enabling us to profit from higher prices. Anhydrous and hydrous ethanol traded at 16.0 cts/lb and 14.7 cts/lb sugar equivalent during the quarter, equivalent to 34.1% and 22.7% premium to sugar respectively, (ii) higher energy revenues due to the combined effect of a 20.7% increase in selling volumes and a 9.9% increase in average selling prices, in dollar terms, (iii) the 53.9% increase in crushing activities as a result of larger cane availability; explained by enhanced industrial efficiencies, together with an increase in effective milling days due to favorable weather conditions; (iv) the reduction in production costs, measured on a per ton basis, driven by higher crushing activities, coupled with the 14% depreciation of the Brazilian Real.
|
◦
|
In our Farming & Land Transformation businesses, Adjusted EBITDA reached $61.2 million, $50.2 million higher than 2Q17. The improvement in financial performance is mainly explained by the $6.5 million and $7.2 million increase in results in our crops and rice businesses respectively as a result of enhanced operational efficiencies and the 30% depreciation of the Argentine Peso, which together resulted in a reduction of production costs. Furthermore, the increase in Adjusted EBITDA is also explained by the proceeds obtained from the sale of Rio de Janeiro and Conquista farms, which recorded a $36.2 million capital gain, compared to a zero result in 2Q17.
|
◦
|
Net Income in the first half of the year was a loss of $22.5 million, compared to a $9.8 million gain recorded in the same period of last year. This is almost entirely explained by the $125.3 million non-cash loss derived from the revaluation of our U.S dollar denominated financial debt, measured in local currency. Indeed, as a result of the sharp depreciation suffered by the Brazilian Real and Argentine Peso during 6M18, we registered a significant loss in our Net Financial Result line. It´s worth mentioning that this result is non-cash in nature and represent no equity loss when measured in U.S dollar.
|
◦
|
Adjusted Net Income, by definition, excludes any non-cash result derived from bilateral exchange variations and includes any gain or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland (the latter is already included in Adj. EBITDA). During the first half of the year, Adjusted Net Income reached $110.1 million, $85.2 million higher compared to 6M17. It is worth noticing that this increase is in line with the one reported in Adjusted EBITDA
(Please refer to page 31 for a reconciliation of Adjusted Net Income to Profit/Loss).
|
◦
|
Adecoagro S.A operates in Brazil and Argentina through its local subsidiaries. Each subsidiary prepares its financial statements in local currency (their functional currency). This means that in Argentina, financial statements are prepared in Argentine Peso and in Brazil they are prepared in Brazilian Real. Afterwards, financial statements of all subsidiaries are translated and consolidated into U.S dollar, Adecoagro´s reporting currency. As a result, the revaluation of the U.S dollar denominated assets and liabilities generates an FX revaluation effect every time there is a variation in the bilateral exchange rate . A depreciation of the functional currency revalues U.S dollar denominated financial debt (implying a negative impact on net income), and also revalues U.S dollar denominated monetary assets (implying a positive impact on net income). These effects, however, are (i) non-cash in nature, since they are fully reversed when calculating the Cash Flow Statement; and (ii) do not affect the net worth of the Company. In fact, total Equity does not change when measured in U.S dollars. The Company owes the same dollar amount, regardless on the foreign exchange rate.
|
Adjusted Net Income
|
|
|
|
|
|
|
|
|
|||||||
$ thousands
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
|
6M18
|
|
6M17
|
|
Chg %
|
|
Net Income
|
11,036
|
|
(4,351
|
)
|
3,739
|
|
11,749
|
|
|
(22,474
|
)
|
9,768
|
|
n.a
|
|
Foreign exchange losses, net
|
9,246
|
|
23,423
|
|
19,062
|
|
38,708
|
|
|
125,272
|
|
11,883
|
|
n.m
|
|
Cash flow hedge - transfer from equity
|
12,031
|
|
32,700
|
|
85,214
|
|
20,758
|
|
|
7,327
|
|
3,320
|
|
121
|
%
|
Reserve from the sale of non-controlling interest in subsidiaries
|
25,508
|
|
16,066
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
n.a
|
|
Adjusted Net Income
|
57,821
|
|
67,838
|
|
108,015
|
|
71,215
|
|
|
110,125
|
|
24,971
|
|
341
|
%
|
Strategy Execution
|
◦
|
During June 2018, we completed the sale of Rio de Janeiro and Conquista farms, located in western Bahia and Tocantins, respectively for a total of 9,300 croppable hectares. The aggregate selling price reached $53.0 million, out of which $34.5 million are paid cash (partially in 2Q18, and the rest during 3Q18); while the balance is payable in four installments. The selling price represent a 37% premium to the latest Cushman and Wakefield´s independent appraisal, as of September 30, 2017.
|
◦
|
The expansion of the cluster in Mato Grosso do Sul is moving forward according to plan and budget. Investments in Angelica mill, as previously announced, are already done and the mill reached a nominal crushing capacity of 1,050 tons/hour. As for the Ivinhema mill, most of the investments are completed.
|
Market Overview
|
◦
|
Sugar prices during 2Q18 were, on average, 12% lower than 1Q18 and 21% lower than same period last year. Prices were under strong pressure in April, trading as low as 10.69 c/lb, the lowest level since September, 2015. Sugar production in India and Thailand was revised up once again, increasing the global surplus even more. Dry weather in Brazil, which poses risks on the current season production, together with strong oil prices resulted in funds covering their short position. As a result, sugar prices recovered and the front month traded as high as 12.97 c/lb. However, political turmoil pressured commodities in general and sugar was no exception. As a result, prices ended up trading close to 11.00 c/lb.
|
◦
|
The ethanol market during 2Q18 was marked by: (i) strong demand prior to the strike, (ii) highly competitive hydrous at the pumps, (iii) record high production figures; (iv) and seasonal fall in prices . According to the ESALQ index, hydrous and anhydrous prices went respectively down 15% and 10% versus previous quarter, respectively. Compared to last year, prices of both hydrous and anhydrous presented an improvement of 12% and 10%, respectively. As reported by UNICA, hydrous sales were 32% above same period last year, what should help to offset current ethanol output in the Center-South and lead to a more constructive price scenario in the next months.
|
◦
|
Energy spot prices in the southeast region of Brazil during 2Q18 were 54% higher than 1Q18. In April, energy prices fell to 109.71 BRL/MWh and increased to 325.46 BRL/MWh in May and to 472.87 BRL/MWh in June. Strong prices are explained by below average rainfalls, coupled with increasing demand.
|
◦
|
Soybean prices decreased 1.2% during 2Q18 and were on average 5.7% higher year-over-year. CBOT corn prices decreased 9.7% in the quarter and were on average 4.6% higher than a year ago. Prices were mostly pressured on strong U.S. crop prospects and U.S. trade tensions re-emerging with China. Fund selling weighed on grain markets in general. Chinese tariffs make U.S. shipments less competitive to China while making them more competitive to other destinations.
|
Application of IAS 29 in financial reporting of Argentine subsidiaries
|
◦
|
In accordance with IAS 29 provision under IFRS, companies operating in economies presenting an accumulated inflation rate during the previous 12 quarters that equals or exceeds 100%, among other triggering factors, must adopt inflation accounting. As of June 30th, accumulated inflation in Argentina exceeded the threshold. Thus, the Company needs to adopt inflation accounting for Argentinean subsidiaries going forward. Under Inflation Accounting, financial statements must be expressed at current value as at the end of the reporting period (i.e. adjusted by the inflation index). This is further discussed in note 27 (Basis of preparation and presentation) in our 2Q18 Financial Statements.
|
Operational Performance
|
Farming Production Data
|
|||||||||||
Planting & Production
|
Planted Area (hectares)
|
|
2017/18 Harvested Area
|
|
Yields (Tons per hectare)
(3)
|
||||||
|
2017/18
|
2016/17
|
Chg %
|
|
Hectares
|
% Harvested
|
Production
|
|
2017/18
|
2016/17
|
Chg %
|
Soybean
|
58,119
|
55,237
|
5.2%
|
|
58,064
|
99.9%
|
126,723
|
|
2.2
|
3.0
|
(27.0)%
|
Soybean 2nd Crop
|
23,150
|
29,197
|
(20.7)%
|
|
23,150
|
100.0%
|
27,287
|
|
1.2
|
2.4
|
(51.4)%
|
Corn
(1)
|
45,894
|
38,790
|
18.3%
|
|
29,434
|
64.1%
|
145,929
|
|
5.0
|
6.4
|
(22.9)%
|
Corn 2nd Crop
|
10,847
|
9,987
|
8.6%
|
|
5,702
|
52.6%
|
17,997
|
|
3.2
|
4.7
|
(33.0)%
|
Corn Silage
|
2,589
|
2,171
|
19.3%
|
|
2,589
|
100.0%
|
100,177
|
|
38.7
|
27.3
|
41.7%
|
Wheat (2)
|
36,533
|
38,008
|
(3.9)%
|
|
36,530
|
100.0%
|
79,622
|
|
2.2
|
3.0
|
(28.2)%
|
Sunflower
|
2,869
|
5,413
|
(47.0)%
|
|
2,869
|
100.0%
|
5,181
|
|
1.8
|
1.9
|
(3.3)%
|
Cotton
|
3,132
|
2,640
|
18.6%
|
|
2,691
|
85.9%
|
113
|
|
—
|
—
|
n.a
|
Peanut
|
9,375
|
5,840
|
60.5%
|
|
8,817
|
94.0%
|
19,190
|
|
2.2
|
-
|
n.a
|
Total Crops
|
192,507
|
187,284
|
2.8%
|
|
169,846
|
88.2%
|
522,218
|
|
|
|
n.a
|
Rice
|
40,289
|
39,728
|
1.4%
|
|
40,289
|
100.0%
|
276,693
|
|
6.9
|
5.9
|
16.2%
|
Total Farming
|
232,796
|
227,012
|
2.5%
|
|
210,134
|
90.3%
|
798,912
|
|
|
|
|
Owned Croppable Area
|
124,733
|
123,582
|
0.9%
|
|
|
|
|
|
|
|
|
Leased Area
|
72,115
|
64,245
|
12.2%
|
|
|
|
|
|
|
|
|
Second Crop Area
|
35,948
|
39,184
|
(8.3)%
|
|
|
|
|
|
|
|
|
Total Farming Area
|
232,796
|
227,011
|
2.5%
|
|
|
|
|
|
|
|
|
|
Milking Cows (Average Heads)
|
|
Milk Production (MM liters)
(1)
|
|
Productivity (Liters per cow per day)
|
||||||
Dairy
|
2Q18
|
2Q17
|
Chg %
|
|
2Q18
|
2Q17
|
Chg %
|
|
2Q18
|
2Q17
|
Chg %
|
Milk Production
|
7,440
|
6,836
|
8.8%
|
|
21.6
|
21.4
|
0.8%
|
|
35.5
|
35.2
|
1.0%
|
Farming & Land Transformation Financial Performance
|
Farming & Land transformation business - Financial highlights
|
|
|
|
|
|
|||||||
$ thousands
|
2Q18
|
|
2Q17
|
|
Chg %
|
|
6M18
|
|
6M17
|
|
Chg %
|
|
Gross Sales
|
|
|
|
|
|
|
||||||
Farming
|
95,478
|
|
92,495
|
|
3.2
|
%
|
153,134
|
|
147,934
|
|
3.5
|
%
|
Total Sales
|
95,478
|
|
92,495
|
|
3.2
|
%
|
153,134
|
|
147,934
|
|
3.5
|
%
|
Adjusted EBITDA
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Farming
|
24,973
|
|
10,986
|
|
127.3
|
%
|
43,804
|
|
30,637
|
|
43.0
|
%
|
Land Transformation
|
36,227
|
|
—
|
|
n.a
|
|
36,227
|
|
—
|
|
n.a
|
|
Total Adjusted EBITDA
(1)
|
61,200
|
|
10,986
|
|
457.1
|
%
|
80,031
|
|
30,637
|
|
161.2
|
%
|
Adjusted EBIT (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Farming
|
23,439
|
|
9,379
|
|
149.9
|
%
|
40,426
|
|
27,505
|
|
47.0
|
%
|
Land Transformation
|
36,227
|
|
—
|
|
n.a
|
|
36,227
|
|
—
|
|
n.a
|
|
Total Adjusted EBIT
(2)
|
59,666
|
|
9,379
|
|
536.2
|
%
|
76,653
|
|
27,505
|
|
178.7
|
%
|
Crops Segment
|
Crops - Highlights
|
|
|
|
|
|
|
|
|
|
|
metric
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Gross Sales
|
$ thousands
|
46,811
|
59,700
|
(21.6)%
|
80,512
|
84,896
|
(5.2)%
|
|
|
|
tons
|
161,430
|
265,264
|
(39.1)%
|
319,867
|
402,875
|
(20.6)%
|
|
|
$ per ton
|
290.0
|
225.1
|
28.8%
|
251.7
|
210.7
|
19.4%
|
Adjusted EBITDA
|
$ thousands
|
14,355
|
7,904
|
81.6%
|
24,204
|
20,424
|
18.5%
|
|
Adjusted EBIT
|
$ thousands
|
14,019
|
7,547
|
85.8%
|
23,407
|
19,732
|
18.6%
|
|
Planted Area
(1)
|
hectares
|
192,507
|
187,284
|
2.8%
|
192,507
|
187,284
|
2.8%
|
Crops - Gross Sales Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount ($ '000)
|
|
Volume
|
|
$ per unit
|
||||||
Crop
|
2Q18
|
2Q17
|
Chg %
|
|
2Q18
|
2Q17
|
Chg %
|
|
2Q18
|
2Q17
|
Chg %
|
Soybean
|
37,196
|
35,402
|
5.1%
|
|
106,074
|
126,074
|
(15.9)%
|
|
351
|
281
|
24.9%
|
Corn
(1)
|
7,764
|
22,098
|
(64.9)%
|
|
49,997
|
134,066
|
(62.7)%
|
|
155
|
165
|
(5.8)%
|
Wheat
(2)
|
679
|
823
|
(17.5)%
|
|
4,528
|
5,088
|
(11.0)%
|
|
150
|
162
|
(7.3)%
|
Sunflower
|
273
|
16
|
1,606.3%
|
|
830
|
11
|
7,454.6%
|
|
329
|
1,456
|
(77.4)%
|
Cotton Lint
|
—
|
46
|
(100.0)%
|
|
—
|
25
|
(100.0)%
|
|
n.a
|
1,840
|
n.a
|
Others
|
899
|
1,315
|
(31.6)%
|
|
|
|
|
|
|
|
|
Total
|
46,811
|
59,700
|
(21.6)%
|
|
161,430
|
265,264
|
(39.1)%
|
|
|
|
|
Crops - Gross Sales Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount ($ '000)
|
|
Volume
|
|
$ per unit
|
||||||
Crop
|
6M18
|
6M17
|
Chg %
|
|
6M18
|
6M17
|
Chg %
|
|
6M18
|
6M17
|
Chg %
|
Soybean
|
48,912
|
40,764
|
20.0%
|
|
144,796
|
142,743
|
1.4%
|
|
338
|
286
|
18%
|
Corn
(1)
|
21,379
|
31,512
|
(32.2)%
|
|
135,280
|
190,308
|
(28.9)%
|
|
158
|
166
|
(5)%
|
Wheat
(2)
|
6,204
|
10,523
|
(41.0)%
|
|
36,807
|
68,595
|
(46.3)%
|
|
169
|
153
|
10%
|
Sunflower
|
983
|
438
|
124.4%
|
|
2,983
|
1,204
|
147.8%
|
|
330
|
364
|
(9)%
|
Cotton Lint
|
—
|
46
|
(100.0)%
|
|
—
|
25
|
(100.0)%
|
|
n.a
|
1,840
|
n.a
|
Others
|
3,034
|
1,613
|
88.1%
|
|
|
|
|
|
|
|
|
Total
|
80,512
|
84,896
|
(5.2)%
|
|
319,867
|
402,875
|
(20.6)%
|
|
|
|
|
Rice Segment
|
Rice - Highlights
|
|
|
|
|
|
|
|
||||||
|
metric
|
2Q18
|
|
2Q17
|
|
Chg %
|
|
6M18
|
|
6M17
|
|
Chg %
|
|
Gross Sales
|
$ thousands
|
40,863
|
|
24,018
|
|
70.1
|
%
|
56,211
|
|
43,278
|
|
29.9
|
%
|
Gross Sales of White Rice
|
thousand tons
(1)
|
110
|
|
60
|
|
83.2
|
%
|
139
|
|
123
|
|
13.0
|
%
|
$ per ton
|
282
|
|
337
|
|
(16.1
|
)%
|
293
|
|
301
|
|
(2.6
|
)%
|
|
$ thousands
|
31,140
|
|
20,267
|
|
53.7
|
%
|
40,776
|
|
37,035
|
|
10.1
|
%
|
|
Gross Sales By-products
|
$ thousands
|
9,723
|
|
3,751
|
|
159.2
|
%
|
15,435
|
|
6,243
|
|
147.2
|
%
|
Adjusted EBITDA
|
$ thousands
|
7,672
|
|
483
|
|
1,488.5
|
%
|
14,456
|
|
5,215
|
|
177.2
|
%
|
Adjusted EBIT
|
$ thousands
|
6,752
|
|
(481
|
)
|
(1,503.7
|
)%
|
12,497
|
|
3,329
|
|
275.4
|
%
|
Area under production
(2)
|
|
40,279
|
|
39,728
|
|
1.4
|
%
|
40,279
|
|
39,728
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
||||||
Rice Mills
|
|
|
|
|
|
|
|
||||||
Total Procesed Rough Rice
|
thousand tons
(1)
|
85
|
|
63
|
|
35.7
|
%
|
132
|
|
121
|
|
9.2
|
%
|
Ending stock
|
thousand tons
(1)
|
196
|
|
139
|
|
41.1
|
%
|
196
|
|
139
|
|
41.1
|
%
|
Dairy Segment
|
Dairy - Highlights
|
|
|
|
|
|
|
|
|
metric
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Gross Sales
|
$ thousands
(1)
|
7,344
|
8,510
|
(13.7)%
|
15,607
|
19.322
|
(19.2)%
|
|
million liters
(2)
|
21.6
|
21.4
|
0.8%
|
44.4
|
49.0
|
(9.4)%
|
|
$ per liter
(3)
|
0.30
|
0.37
|
(18.1)%
|
0.31
|
0.36
|
(14.3)%
|
Adjusted EBITDA
|
$ thousands
|
2,653
|
2,536
|
4.6%
|
4,957
|
4814
|
3.0%
|
Adjusted EBIT
|
$ thousands
|
2,396
|
2,280
|
5.1%
|
4,396
|
4320
|
1.8%
|
Milking Cows
|
Average Heads
|
7,440
|
6,836
|
8.8%
|
7,371
|
6,805
|
8.3%
|
Cow Productivity
|
Liter/Cow/Day
|
35.5
|
35.2
|
1.0%
|
35.5
|
35.3
|
0.5%
|
Total Milk Produced
|
million liters
|
24.1
|
21.9
|
9.9%
|
47.4
|
43.5
|
8.8%
|
All Other Segments
|
All Other Segments - Highlights
|
|
|
|
|
|
|
|
|
metric
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Gross Sales
|
$ thousands
|
460
|
267
|
72.3%
|
804
|
438
|
83.6%
|
Adjusted EBITDA
|
$ thousands
|
292
|
63
|
363.5%
|
187
|
184
|
1.6%
|
Adjusted EBIT
|
$ thousands
|
272
|
33
|
724.2%
|
126
|
124
|
1.6%
|
Land transformation business
|
Land transformation - Highlights
|
|
|
|
|
|
|
|
|
metric
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Adjusted EBITDA
|
$ thousands
|
36,227
|
—
|
n.a
|
36,227
|
—
|
n.a
|
Adjusted EBIT
|
$ thousands
|
36,227
|
—
|
n.a
|
36,227
|
—
|
n.a
|
Land sold
|
Hectares
|
9,300
|
—
|
n.a
|
9,300
|
—
|
n.a
|
Operational Performance
|
Sugar, Ethanol & Energy - Selected Information
|
|
|
|||||
|
metric
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Milling
|
|
|
|
|
|
|
|
Sugarcane Milled
|
tons
|
3,792,480
|
2,463,768
|
53.9%
|
5,316,316
|
3,924,436
|
35.5%
|
Own Cane
|
tons
|
3,588,296
|
2,331,565
|
53.9%
|
5,098,400
|
3,570,313
|
42.8%
|
Third Party Cane
|
tons
|
204,184
|
132,203
|
54.4%
|
217,916
|
354,123
|
(38.5)%
|
Production
|
|
|
|
|
|
|
|
TRS Eq
uivalent Produced
|
tons
|
489,763
|
299,839
|
63.3%
|
662,997
|
466,086
|
42.2%
|
Sugar
|
to
ns
|
120,979
|
142,771
|
(15.3)%
|
141,342
|
202,455
|
(30.2)%
|
Hydrous Ethanol
|
M3
|
144,676
|
53,514
|
170.3%
|
219,231
|
94,333
|
132.4%
|
Anhydrous Ethanol
|
M3
|
69,068
|
34,819
|
98.4%
|
84,495
|
55,081
|
53.4%
|
Sugar mix in production
|
%
|
27%
|
50%
|
(44.8)%
|
23%
|
45%
|
(49.1)%
|
Ethanol mix in production
|
%
|
73%
|
50%
|
44.4%
|
77%
|
55%
|
40.8%
|
Energy Exported (sold to grid)
|
MWh
|
229,666
|
164,810
|
39.4%
|
301,430
|
269,779
|
11.7%
|
Cogen efficiency (KWh sold per ton crushed)
|
KWh/ton
|
60.6
|
66.9
|
(9.5)%
|
56.7
|
68.7
|
(17.5)%
|
Agricultural Metrics
|
|
|
|
|
|
|
|
Harvested own sugarcane
|
tons
|
3,588,296
|
2,331,565
|
53.9%
|
5,098,400
|
3,570,313
|
42.8%
|
Harvested area
|
Hectares
|
39,142
|
27,025
|
44.8%
|
53,206
|
40,190
|
32.4%
|
Yield
|
tons/hectare
|
91.7
|
86.4
|
6.1%
|
95.8
|
88.9
|
7.8%
|
TRS content
|
kg/ton
|
124.4
|
120.0
|
3.7%
|
119.7
|
116.3
|
3.0%
|
TRS per hectare
|
kg/hectare
|
11,404
|
10,367
|
10.0%
|
11,471
|
10,340
|
10.9%
|
Mechanized harvest
|
%
|
98.4%
|
98.5%
|
(0.1)%
|
98.8%
|
97.6%
|
1.2%
|
Area
|
|
|
|
|
|
|
|
Sugarcane Plantation
|
hectares
|
149,237
|
139,605
|
6.9%
|
149,237
|
139,605
|
6.9%
|
Expansion & Renewal Area
|
hectares
|
9,970
|
4,865
|
104.9%
|
15,504
|
10,378
|
49.4%
|
Financial Performance
|
Sugar, Ethanol & Energy - Highlights
|
|
|
|
|
|
|
$ thousands
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Net Sales
(1)
|
110,958
|
129,277
|
(14.2)%
|
201,267
|
233,699
|
(13.9)%
|
Margin on Manufacturing and Agricultural Act. Before Opex
|
39,562
|
28,532
|
38.7%
|
75,238
|
52,935
|
42.1%
|
Adjusted EBITDA
|
80,886
|
61,362
|
31.8%
|
128,874
|
91,626
|
40.7%
|
Adjusted EBITDA Margin
|
72.9%
|
47.5%
|
53.6%
|
64.0%
|
39.2%
|
63.3%
|
Adjusted EBITDA Margin (net of third party commercialization)
|
60.8%
|
58.6%
|
3.8%
|
60.8%
|
46.9%
|
29.7%
|
(1) Net Sales are calculated as Gross Sales net of sales taxes.
|
|
|
|
|
|
Sugar, Ethanol & Energy - Changes in Fair Value
|
|
|
|
|
|||
$ thousands
|
2Q18
|
2Q17
|
Chg %
|
|
6M18
|
6M17
|
Chg %
|
Sugarcane Valuation Model current period
|
70,785
|
71,017
|
(0.3)%
|
|
70,785
|
71,017
|
(0.3%)
|
Sugarcane Valuation Model previous period
|
84,982
|
81,406
|
4.4%
|
|
93,177
|
82,380
|
13.1%
|
Total Changes in Fair Value
|
(14,197)
|
(10,389)
|
36.7%
|
|
(22,393)
|
(11,363)
|
97.1%
|
Corporate Expenses
|
Corporate Expenses
|
|
|
|
|
|
|
$ thousands
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Corporate Expenses
|
(5,081)
|
(5,172)
|
(1.8)%
|
(9,960)
|
(10,330)
|
(3.6)%
|
Other Operating Income
|
Other Operating Income
|
|
|
|
|
|
|
||||||
$ thousands
|
2Q18
|
|
2Q17
|
|
Chg %
|
|
6M18
|
|
6M17
|
|
Chg %
|
|
Gain from the sale of subsidiaries
|
36,227
|
|
—
|
|
n.a
|
|
36,227
|
|
—
|
|
n.a
|
|
Gain / (Loss) from commodity derivative financial instruments
|
12,352
|
|
22,479
|
|
(45.1
|
)%
|
32,142
|
|
38,753
|
|
(17.1
|
)%
|
Gain from disposal of other property items
|
(177
|
)
|
(61
|
)
|
190.2
|
%
|
(57
|
)
|
(618
|
)
|
(90.8
|
)%
|
(Loss) from disposal of biological assets
|
—
|
|
(6
|
)
|
(100.0
|
)%
|
—
|
|
(6
|
)
|
(100.0
|
)%
|
Other
|
2,291
|
|
578
|
|
296.4
|
%
|
1,317
|
|
(1,874
|
)
|
n.a
|
|
Total
|
50,693
|
|
22,866
|
|
121.7
|
%
|
69,629
|
|
36,138
|
|
92.7
|
%
|
Commodity Hedging
|
Financial Results
|
Financial Results
|
|
|
|
|
|
|
||||||
$ thousands
|
2Q18
|
|
2Q17
|
|
Chg %
|
|
6M18
|
|
6M17
|
|
Chg %
|
|
Interest Expenses, net
|
(11,995
|
)
|
(8,946
|
)
|
34.1
|
%
|
(23,162
|
)
|
(20,777
|
)
|
11.5
|
%
|
Cash Flow Hedge - Transfer from Equity
|
(5,226
|
)
|
(3,986
|
)
|
31.1
|
%
|
(7,327
|
)
|
(3,320
|
)
|
120.7
|
%
|
FX (Losses), net
|
(115,924
|
)
|
(8,199
|
)
|
n.m
|
|
(125,272
|
)
|
(11,883
|
)
|
n.m
|
|
Gain/loss from derivative financial Instruments
|
(5,301
|
)
|
(492
|
)
|
977.4
|
%
|
(6,759
|
)
|
(2,195
|
)
|
207.9
|
%
|
Taxes
|
(1,018
|
)
|
(787
|
)
|
29.4
|
%
|
(2,068
|
)
|
(1,304
|
)
|
58.6
|
%
|
Other Expenses, net
|
(171
|
)
|
(448
|
)
|
(61.8
|
)%
|
(258
|
)
|
(709
|
)
|
(63.6
|
)%
|
Total Financial Results
|
(139,635
|
)
|
(22,858
|
)
|
510.9
|
%
|
(164,846
|
)
|
(40,188
|
)
|
310.2
|
%
|
(i)
|
Foreign exchange losses (composed of “Cash Flow Hedge - Transfer from Equity
(1)
and “Fx Gain/Loss line” items) reflect the impact of foreign exchange variations on our dollar denominated monetary assets and liabilities. As a result of the sharp depreciations experienced by the Argentina Peso and Brazilian Real (30% and 14%, respectively) during 2Q18, foreign exchange losses stood at $121.1 million, marking a $108.9 million higher loss compared to 2Q17. As explained in
“Adjusted Net Income”
section above, this result is non-cash in nature.
|
(ii)
|
A loss of $5.3 million from financial derivative instruments was reported in 2Q18. This result was mainly explained by the negative mark-to-market of our ethanol hedge position and our foreign exchange forward contracts. Its worth highlighting that the result related to the ethanol hedge position is expected to be reverted as we will capture higher prices as we enter into the inter-harvest season.
|
(iii)
|
Interest expense: our net interest expense in 2Q18 was $12.0 million, 34.1% above the previous quarter. This difference is mainly explained by: (i) a $0.8 million reduction in interest income resulting from lower cash and equivalents during the period; coupled with (ii) slightly higher interest expenses.
|
(1)
|
Effective July 1, 2014, Adecoagro formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars and foreign currency forward contracts. Cash flow hedge accounting permits that gains and losses arising from the effect of changes in foreign currency exchange rates on derivative and non-derivative hedging instruments not be immediately recognized in profit or loss, but be reclassified from equity to profit or loss in the same periods during which the future sales occur, thus allowing for a more appropriate presentation of the results for the period reflecting Adecoagro's Risk Management Policy.
|
Indebtedness
|
Net Debt Breakdown
|
|
|
|
|
|
$ thousands
|
2Q18
|
1Q18
|
Chg %
|
2Q17
|
Chg %
|
Farming
|
177,307
|
171,714
|
3.3%
|
175,792
|
0.9%
|
Short term Debt
|
86,210
|
131,343
|
(34.4)%
|
119,927
|
(28.1)%
|
Long term Debt
|
91,097
|
40,371
|
125.6%
|
55,865
|
63.1%
|
Sugar, Ethanol & Energy
|
633,614
|
611,714
|
3.6%
|
618,487
|
2.4%
|
Short term Debt
|
59,212
|
52,592
|
12.6%
|
136,875
|
(56.7)%
|
Long term Debt
|
574,402
|
604,225
|
(4.9)%
|
481,612
|
19.3%
|
Total Short term Debt
|
145,422
|
183,935
|
(20.9)%
|
256,802
|
(43.4)%
|
Total Long term Debt
|
665,498
|
644,596
|
3.2%
|
537,477
|
23.8%
|
Gross Debt
|
810,920
|
828,531
|
(2.1)%
|
794,279
|
2.1%
|
Cash & Equivalents
|
144,708
|
183,775
|
(21.3)%
|
219,934
|
(34.2)%
|
Net Debt
|
666,212
|
644,756
|
3.3%
|
574,345
|
16.0%
|
EOP Net Debt / Adj. EBITDA LTM
|
1.83x
|
2.2x
|
(16.6)%
|
1.82x
|
0.8%
|
Capital Expenditures & Investments
|
Capital Expenditures & Investments
|
|
|
|
|
|
|
$ thousands
|
2Q18
|
2Q17
|
Chg %
|
6M18
|
6M17
|
Chg %
|
Farming & Land Transformation
|
11,035
|
3,666
|
201.0%
|
18,156
|
7,360
|
146.7%
|
Expansion
|
9,756
|
2,221
|
339.3%
|
16,397
|
4,688
|
249.8%
|
Maintenance
|
1,279
|
1,445
|
(11.5)%
|
1,759
|
2,672
|
(34.2)%
|
Sugar, Ethanol & Energy
|
40,104
|
44,218
|
(9.3)%
|
95,721
|
99,061
|
(3.4)%
|
Maintenance
|
28,080
|
35,194
|
(20.2)%
|
66,968
|
80,483
|
(16.8)%
|
Planting
|
14,420
|
10,509
|
37.2%
|
25,199
|
23,168
|
8.8%
|
Industrial & Agricultural Machinery
|
13,660
|
24,685
|
(44.7)%
|
41,769
|
57,315
|
(27.1)%
|
Expansion
|
12,024
|
9,024
|
33.3%
|
28,753
|
18,578
|
54.8%
|
Planting
|
11,662
|
8,052
|
44.8%
|
18,684
|
13,660
|
36.8%
|
Industrial & Agricultural Machinery
|
362
|
972
|
(62.8)%
|
10,069
|
4,918
|
104.7%
|
Total
|
51,139
|
47,884
|
6.8%
|
113,877
|
106,421
|
7.0%
|
Inventories
|
End of Period Inventories
|
|
|
||||||
|
|
Volume
|
|
thousand $
|
||||
Product
|
Metric
|
2Q18
|
2Q17
|
% Chg
|
|
2Q18
|
2Q17
|
% Chg
|
Soybean
|
tons
|
129,604
|
154,361
|
(16.0)%
|
|
34,661
|
36,511
|
(5.1)%
|
Corn
(1)
|
tons
|
70,243
|
82,582
|
(14.9)%
|
|
9,033
|
9,675
|
(6.6)%
|
Wheat
(2)
|
tons
|
15,329
|
20,651
|
(25.8)%
|
|
3,237
|
2,591
|
24.9%
|
Sunflower
|
tons
|
2,180
|
7,928
|
(72.5)%
|
|
735
|
2,897
|
(74.6)%
|
Rough Rice
(3)
|
tons
|
30,884
|
34,493
|
(10.5)%
|
|
4,703
|
6,698
|
(29.8)%
|
Sugar
|
tons
|
56,295
|
42,498
|
32.5%
|
|
13,079
|
12,972
|
0.8%
|
Ethanol
|
m3
|
115,697
|
40,113
|
188.4%
|
|
39,369
|
18,317
|
114.9%
|
Total
|
|
420,232
|
382,627
|
9.8%
|
|
104,817
|
89,661
|
16.9%
|
Forward-looking Statements
|
Reconciliation of Non-IFRS measures
|
•
|
Adjusted EBITDA
|
•
|
Adjusted EBIT
|
•
|
Adjusted EBITDA margin
|
•
|
Net Debt
|
•
|
Net Debt to Adjusted EBITDA
|
•
|
Adjusted Net Income
|
Reconciliation - Net Debt
|
|
|
|
|
|
|
|
|
|
|
|||||
$ thousands
|
|
2Q 2018
|
|
|
1Q 2018
|
|
|
% Chg
|
|
|
2Q 2017
|
|
|
% Chg
|
|
Total Borrowings
|
|
810,920
|
|
|
828,531
|
|
|
(2.1
|
)%
|
|
794,279
|
|
|
2.1
|
%
|
Cash and Cash equivalents
|
|
144,708
|
|
|
183,775
|
|
|
(21.3
|
)%
|
|
219,934
|
|
|
(34.2
|
)%
|
Net Debt
|
|
666,212
|
|
|
644,756
|
|
|
3.3
|
%
|
|
574,345
|
|
|
16.0
|
%
|
Adjusted Net Income
|
|
|
|
|
|
|
|
|
|||||||
$ thousands
|
2014
|
|
2015
|
|
2016
|
|
2,017
|
|
|
6M18
|
|
6M17
|
|
Chg %
|
|
Net Income
|
11,036
|
|
(4,351
|
)
|
3,739
|
|
11,749
|
|
|
(22,474
|
)
|
9,768
|
|
n.a
|
|
Foreign exchange losses, net
|
9,246
|
|
23,423
|
|
19,062
|
|
38,708
|
|
|
125,272
|
|
11,883
|
|
n.m
|
|
Cash flow hedge - transfer from equity
|
12,031
|
|
32,700
|
|
85,214
|
|
20,758
|
|
|
7,327
|
|
3,320
|
|
121
|
%
|
Income tax effect on Exchange Differences and Cash Flow Hedge
|
(7,754
|
)
|
(19,998
|
)
|
(35,921
|
)
|
(19,108
|
)
|
|
(42,596
|
)
|
(4,776
|
)
|
n.m
|
|
Reserve from the sale of non-controlling interest in subsidiaries
|
25,508
|
|
16,066
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
n.a
|
|
|
50,067
|
|
47,840
|
|
72,094
|
|
52,107
|
|
|
67,529
|
|
20,195
|
|
234
|
%
|
Reverse of Income tax effect on Exchange Differences and Cash Flow Hedge
|
7,754
|
|
19,998
|
|
35,921
|
|
19,108
|
|
|
42,596
|
|
4,776
|
|
n.m
|
|
Adjusted Net Income
|
57,821
|
|
67,838
|
|
108,015
|
|
71,215
|
|
|
110,125
|
|
24,971
|
|
341
|
%
|
Condensed Consolidated Statement of Income
|
Statement of Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||
$ thousands
|
2Q18
|
|
|
2Q17
|
|
|
Chg %
|
|
|
6M18
|
|
|
6M17
|
|
|
Chg %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of goods and services rendered
|
215,919
|
|
|
228,530
|
|
|
(5.5
|
)%
|
|
371,486
|
|
|
394,621
|
|
|
(5.9
|
)%
|
Cost of goods sold and services rendered
|
(164,547
|
)
|
|
(195,947
|
)
|
|
(16.0
|
)%
|
|
(285,495
|
)
|
|
(335,309
|
)
|
|
(14.9
|
)%
|
Initial recognition and changes in fair value of biological assets and agricultural produce
|
19,427
|
|
|
5,337
|
|
|
264.0
|
%
|
|
35,508
|
|
|
22,702
|
|
|
56.4
|
%
|
Changes in net realizable value of agricultural produce after harvest
|
8,039
|
|
|
3,420
|
|
|
135.1
|
%
|
|
7,348
|
|
|
3,193
|
|
|
130.1
|
%
|
Margin on manufacturing and agricultural activities before operating expenses
|
78,838
|
|
|
41,340
|
|
|
90.7
|
%
|
|
128,847
|
|
|
85,207
|
|
|
51.2
|
%
|
General and administrative expenses
|
(14,712
|
)
|
|
(14,484
|
)
|
|
1.6
|
%
|
|
(29,884
|
)
|
|
(28,501
|
)
|
|
4.9
|
%
|
Selling expenses
|
(23,318
|
)
|
|
(21,063
|
)
|
|
10.7
|
%
|
|
(39,644
|
)
|
|
(37,077
|
)
|
|
6.9
|
%
|
Other operating income, net
|
50,693
|
|
|
22,866
|
|
|
121.7
|
%
|
|
69,629
|
|
|
36,138
|
|
|
92.7
|
%
|
Profit from operations before financing and taxation
|
91,501
|
|
|
28,659
|
|
|
219.3
|
%
|
|
128,948
|
|
|
55,767
|
|
|
131.2
|
%
|
Finance income
|
1,837
|
|
|
3,110
|
|
|
(40.9
|
)%
|
|
4,843
|
|
|
5,222
|
|
|
(7.3
|
)%
|
Finance costs
|
(141,472
|
)
|
|
(25,968
|
)
|
|
444.8
|
%
|
|
(169,689
|
)
|
|
(45,410
|
)
|
|
273.7
|
%
|
Financial results, net
|
(139,635
|
)
|
|
(22,858
|
)
|
|
510.9
|
%
|
|
(164,846
|
)
|
|
(40,188
|
)
|
|
310.2
|
%
|
(Loss)/Profit before income tax
|
(48,134
|
)
|
|
5,801
|
|
|
(929.8
|
)%
|
|
(35,898
|
)
|
|
15,579
|
|
|
(330.4
|
)%
|
Income tax benefit/(expense)
|
17,128
|
|
|
(2,000
|
)
|
|
(956.4
|
)%
|
|
13,424
|
|
|
(5,811
|
)
|
|
(331.0
|
)%
|
(Loss)/Profit for the period
|
(31,006
|
)
|
|
3,801
|
|
|
(915.7
|
)%
|
|
(22,474
|
)
|
|
9,768
|
|
|
(330.1
|
)%
|
Condensed Consolidated Interim Statement of Cash Flow
|
Statement of Cashflows
|
|
|
|
|
|
|
|
|
|
|
|
||||||
$ thousands
|
2Q18
|
|
|
2Q17
|
|
|
Chg %
|
|
|
6M18
|
|
|
6M17
|
|
|
Chg %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loss/profit for the period
|
(31,006
|
)
|
|
3,801
|
|
|
(915.7
|
)%
|
|
(22,474
|
)
|
|
9,768
|
|
|
(330.1
|
)%
|
Adjustments for:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income tax expenses
|
(17,128
|
)
|
|
2,000
|
|
|
(956.4
|
)%
|
|
(13,424
|
)
|
|
5,811
|
|
|
(331.0
|
)%
|
Depreciation
|
45,246
|
|
|
38,292
|
|
|
18.2
|
%
|
|
69,474
|
|
|
55,750
|
|
|
24.6
|
%
|
Amortization
|
258
|
|
|
225
|
|
|
14.7
|
%
|
|
523
|
|
|
416
|
|
|
25.7
|
%
|
Loss from of disposal of other property items
|
177
|
|
|
61
|
|
|
190.2
|
%
|
|
57
|
|
|
618
|
|
|
(90.8
|
)%
|
Gain from the sale of subsidiary
|
(36,227
|
)
|
|
—
|
|
|
(100.0
|
)%
|
|
(36,227
|
)
|
|
—
|
|
|
(100.0
|
)%
|
Equity settled share-based compensation granted
|
1,199
|
|
|
1,378
|
|
|
(13.0
|
)%
|
|
2,544
|
|
|
2,807
|
|
|
(9.4
|
)%
|
Gain from derivative financial instruments
|
(8,565
|
)
|
|
(21,987
|
)
|
|
(61.0
|
)%
|
|
(25,137
|
)
|
|
(36,558
|
)
|
|
(31.2
|
)%
|
Interest and other expense, net
|
11,919
|
|
|
9,164
|
|
|
30.1
|
%
|
|
23,144
|
|
|
21,188
|
|
|
9.2
|
%
|
Initial recognition and changes in fair value of non harvested biological assets (unrealized)
|
1,800
|
|
|
8,284
|
|
|
(78.3
|
)%
|
|
(7,496
|
)
|
|
2,441
|
|
|
(407.1
|
)%
|
Changes in net realizable value of agricultural produce after harvest (unrealized)
|
(6,953
|
)
|
|
(790
|
)
|
|
780.1
|
%
|
|
(7,863
|
)
|
|
(616
|
)
|
|
1,176.5
|
%
|
Provision and allowances
|
247
|
|
|
230
|
|
|
7.4
|
%
|
|
276
|
|
|
298
|
|
|
(7.4
|
)%
|
Foreign exchange losses, net
|
115,924
|
|
|
8,199
|
|
|
1,313.9
|
%
|
|
125,272
|
|
|
11,883
|
|
|
954.2
|
%
|
Cash flow hedge – transfer from equity
|
5,226
|
|
|
3,986
|
|
|
31.1
|
%
|
|
7,327
|
|
|
3,320
|
|
|
120.7
|
%
|
Subtotal
|
82,117
|
|
|
52,843
|
|
|
55.4
|
%
|
|
115,996
|
|
|
77,126
|
|
|
50.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Increase in trade and other receivables
|
(21,819
|
)
|
|
(8,191
|
)
|
|
166.4
|
%
|
|
(54,218
|
)
|
|
(29,055
|
)
|
|
86.6
|
%
|
Increase Decrease in inventories
|
(64,684
|
)
|
|
(32,000
|
)
|
|
102.1
|
%
|
|
(82,485
|
)
|
|
(29,724
|
)
|
|
177.5
|
%
|
Decrease in biological assets
|
23,229
|
|
|
23,055
|
|
|
0.8
|
%
|
|
32,561
|
|
|
25,671
|
|
|
26.8
|
%
|
Increase in other assets
|
(73
|
)
|
|
41
|
|
|
(278.0
|
)%
|
|
(67
|
)
|
|
24
|
|
|
(379.2
|
)%
|
Decrease in derivative financial instruments
|
15,078
|
|
|
31,944
|
|
|
(52.8
|
)%
|
|
27,657
|
|
|
40,010
|
|
|
(30.9
|
)%
|
Decrease in trade and other payables
|
4,549
|
|
|
(4,468
|
)
|
|
(201.8
|
)%
|
|
(9,150
|
)
|
|
(32,990
|
)
|
|
(72.3
|
)%
|
Increase in payroll and social security liabilities
|
(1,037
|
)
|
|
(2,282
|
)
|
|
(54.6
|
)%
|
|
2,653
|
|
|
1,578
|
|
|
68.1
|
%
|
Decrease Increase in provisions for other liabilities
|
(95
|
)
|
|
(199
|
)
|
|
(52.3
|
)%
|
|
(316
|
)
|
|
(88
|
)
|
|
259.1
|
%
|
Net cash generated in operating activities before interest and taxes paid
|
37,265
|
|
|
60,743
|
|
|
(38.7
|
)%
|
|
32,631
|
|
|
52,552
|
|
|
(37.9
|
)%
|
Income tax paid
|
(766
|
)
|
|
(1,375
|
)
|
|
(44.3
|
)%
|
|
(897
|
)
|
|
(1,653
|
)
|
|
(45.7
|
)%
|
Net cash generated from operating activities
|
36,499
|
|
|
59,368
|
|
|
(38.5
|
)%
|
|
31,734
|
|
|
50,899
|
|
|
(37.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchases of property, plant and equipment
|
(50,529
|
)
|
|
(47,518
|
)
|
|
6.3
|
%
|
|
(112,947
|
)
|
|
(106,053
|
)
|
|
6.5
|
%
|
Purchases of intangible assets
|
(1,693
|
)
|
|
(475
|
)
|
|
256.4
|
%
|
|
(2,149
|
)
|
|
(576
|
)
|
|
273.1
|
%
|
Purchase of cattle and non current biological assets
|
(1,651
|
)
|
|
(581
|
)
|
|
184.2
|
%
|
|
(3,115
|
)
|
|
(581
|
)
|
|
436.1
|
%
|
Interest received
|
1,779
|
|
|
3,599
|
|
|
(50.6
|
)%
|
|
4,242
|
|
|
5,021
|
|
|
(15.5
|
)%
|
Proceeds from sale of property, plant and equipment
|
238
|
|
|
576
|
|
|
(58.7
|
)%
|
|
746
|
|
|
798
|
|
|
(6.5
|
)%
|
Proceeds from sale of subsidiaries
|
5,207
|
|
|
—
|
|
|
100.0
|
%
|
|
5,207
|
|
|
—
|
|
|
100.0
|
%
|
Net cash used in investing activities
|
(46,649
|
)
|
|
(44,399
|
)
|
|
5.1
|
%
|
|
(108,016
|
)
|
|
(101,391
|
)
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from long-term borrowings
|
42,001
|
|
|
39,968
|
|
|
5.1
|
%
|
|
50,729
|
|
|
189,769
|
|
|
(73.3
|
)%
|
Payments of long-term borrowings
|
(56,793
|
)
|
|
(58,157
|
)
|
|
(2.3
|
)%
|
|
(62,867
|
)
|
|
(103,724
|
)
|
|
(39.4
|
)%
|
Proceeds from short-term borrowings
|
102,877
|
|
|
31,991
|
|
|
221.6
|
%
|
|
142,212
|
|
|
84,595
|
|
|
68.1
|
%
|
Payment of short-term borrowings
|
(98,612
|
)
|
|
(7,510
|
)
|
|
1,213.1
|
%
|
|
(122,546
|
)
|
|
(9,531
|
)
|
|
1,185.8
|
%
|
Interest paid
|
(5,325
|
)
|
|
(12,494
|
)
|
|
(57.4
|
)%
|
|
(26,360
|
)
|
|
(22,540
|
)
|
|
16.9
|
%
|
Proceed of derivatives financial instruments
|
548
|
|
|
(6,715
|
)
|
|
(108.2
|
)%
|
|
358
|
|
|
(9,419
|
)
|
|
(103.8
|
)%
|
Purchase of own shares
|
(2,233
|
)
|
|
(7,451
|
)
|
|
(70.0
|
)%
|
|
(15,725
|
)
|
|
(8,681
|
)
|
|
81.1
|
%
|
Dividends paid to non-controlling interest
|
—
|
|
|
(847
|
)
|
|
(100.0
|
)%
|
|
(1,195
|
)
|
|
(1,506
|
)
|
|
(20.7
|
)%
|
Net cash used in financing activities from continuing operations
|
(17,537
|
)
|
|
(21,215
|
)
|
|
(17.3
|
)%
|
|
(35,394
|
)
|
|
118,963
|
|
|
(129.8
|
)%
|
Net decrease in cash and cash equivalents
|
(27,687
|
)
|
|
(6,246
|
)
|
|
343.3
|
%
|
|
(111,676
|
)
|
|
68,471
|
|
|
(263.1
|
)%
|
Cash and cash equivalents at beginning of period
|
183,775
|
|
|
231,321
|
|
|
(20.6
|
)%
|
|
269,195
|
|
|
158,568
|
|
|
69.8
|
%
|
Effect of exchange rate changes on cash and cash equivalents
|
(11,380
|
)
|
|
(5,141
|
)
|
|
121.4
|
%
|
|
(12,811
|
)
|
|
(7,105
|
)
|
|
80.3
|
%
|
Cash and cash equivalents at end of period
|
144,708
|
|
|
219,934
|
|
|
(34.2
|
)%
|
|
144,708
|
|
|
219,934
|
|
|
(34.2
|
)%
|
Condensed Consolidated Interim Balance Sheet
|
Statement of Financial Position
|
|
|
|
|
|
|
|||
$ thousands
|
|
June 30, 2018
|
|
December 31, 2017
|
|
Chg %
|
|
||
ASSETS
|
|
|
|
|
|
|
|||
Non-Current Assets
|
|
|
|
|
|
|
|||
Property, plant and equipment
|
|
708,366
|
|
|
820,931
|
|
|
(13.7
|
)%
|
Investment property
|
|
1,434
|
|
|
2,271
|
|
|
(36.9
|
)%
|
Intangible assets
|
|
14,869
|
|
|
17,192
|
|
|
(13.5
|
)%
|
Biological assets
|
|
10,657
|
|
|
11,276
|
|
|
(5.5
|
)%
|
Deferred income tax assets
|
|
56,740
|
|
|
43,437
|
|
|
30.6
|
%
|
Trade and other receivables
|
|
28,046
|
|
|
22,107
|
|
|
26.9
|
%
|
Other assets
|
|
535
|
|
|
535
|
|
|
—
|
%
|
Total Non-Current Assets
|
|
820,647
|
|
|
917,749
|
|
|
(10.6
|
)%
|
Current Assets
|
|
|
|
|
|
|
|||
Biological assets
|
|
84,547
|
|
|
156,718
|
|
|
(46.1
|
)%
|
Inventories
|
|
172,140
|
|
|
108,919
|
|
|
58.0
|
%
|
Trade and other receivables
|
|
203,925
|
|
|
150,107
|
|
|
35.9
|
%
|
Derivative financial instruments
|
|
8,185
|
|
|
4,483
|
|
|
82.6
|
%
|
Cash and cash equivalents
|
|
144,708
|
|
|
269,195
|
|
|
(46.2
|
)%
|
Other assets
|
|
15
|
|
|
30
|
|
|
(50.0
|
)%
|
Total Current Assets
|
|
613,520
|
|
|
689,452
|
|
|
(11.0
|
)%
|
TOTAL ASSETS
|
|
1,434,167
|
|
|
1,607,201
|
|
|
(10.8
|
)%
|
|
|
|
|
|
|
|
|||
SHAREHOLDERS EQUITY
|
|
|
|
|
|
|
|||
Capital and reserves attributable to equity holders of the parent
|
|
|
|
|
|
|
|||
Share capital
|
|
183,573
|
|
|
183,573
|
|
|
—
|
%
|
Share premium
|
|
900,496
|
|
|
908,934
|
|
|
(0.9
|
)%
|
Cumulative translation adjustment
|
|
(611,020
|
)
|
|
(541,545
|
)
|
|
12.8
|
%
|
Equity-settled compensation
|
|
14,528
|
|
|
17,852
|
|
|
(18.6
|
)%
|
Cash flow hedge
|
|
(49,009
|
)
|
|
(24,691
|
)
|
|
98.5
|
%
|
Reserve from the sale of non contolling interests in subsidiaries
|
|
41,574
|
|
|
41,574
|
|
|
—
|
%
|
Treasury shares
|
|
(8,742
|
)
|
|
(6,967
|
)
|
|
25.5
|
%
|
Retained earnings
|
|
36,666
|
|
|
60,984
|
|
|
(39.9
|
)%
|
Equity attributable to equity holders of the parent
|
|
508,066
|
|
|
639,714
|
|
|
(20.6
|
)%
|
Non controlling interest
|
|
4,773
|
|
|
5,417
|
|
|
(11.9
|
)%
|
TOTAL SHAREHOLDERS EQUITY
|
|
512,839
|
|
|
645,131
|
|
|
(20.5
|
)%
|
|
|
|
|
|
|
|
|||
LIABILITIES
|
|
|
|
|
|
|
|||
Non-Current Liabilities
|
|
|
|
|
|
|
|||
Trade and other payables
|
|
256
|
|
|
827
|
|
|
(69.0
|
)%
|
Borrowings
|
|
667,668
|
|
|
663,060
|
|
|
0.7
|
%
|
Deferred income tax liabilities
|
|
5,050
|
|
|
10,457
|
|
|
(51.7
|
)%
|
Payroll and social security liabilities
|
|
980
|
|
|
1,240
|
|
|
(21.0
|
)%
|
Provisions for other liabilities
|
|
3,020
|
|
|
4,078
|
|
|
(25.9
|
)%
|
Total Non-Current Liabilities
|
|
676,974
|
|
|
679,662
|
|
|
(0.4
|
)%
|
|
|
|
|
|
|
|
|||
Current Liabilities
|
|
|
|
|
|
|
|||
Trade and other payables
|
|
66,560
|
|
|
98,423
|
|
|
(32.4
|
)%
|
Current income tax liabilities
|
|
1,668
|
|
|
503
|
|
|
231.6
|
%
|
Payroll and social security liabilities
|
|
24,626
|
|
|
27,267
|
|
|
(9.7
|
)%
|
Borrowings
|
|
143,252
|
|
|
154,898
|
|
|
(7.5
|
)%
|
Derivative financial instruments
|
|
7,476
|
|
|
552
|
|
|
1,254.3
|
%
|
Provisions for other liabilities
|
|
772
|
|
|
765
|
|
|
0.9
|
%
|
Total Current Liabilities
|
|
244,354
|
|
|
282,408
|
|
|
(13.5
|
)%
|
TOTAL LIABILITIES
|
|
921,328
|
|
|
962,070
|
|
|
(4.2
|
)%
|
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES
|
|
1,434,167
|
|
|
1,607,201
|
|
|
(10.8
|
)%
|
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