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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 | |
---|---|---|---|---|---|---|---|---|
0.08 | 0.73% | 11.05 | 11.21 | 11.005 | 11.01 | 506,639 | 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 $
64.0 million
in 3Q18, $
10.4 million
million or
13.9%
lower than 3Q17. Adjusted EBITDA was positively affected by: (i) a
14.0%
reduction in total production costs, on a per unit basis, as a result of enhanced agricultural and industrial efficiencies, coupled with the depreciation of the Brazilian Real, (ii) a $14.2 million higher gain derived from the mark-to-market of our commodity hedge position; and (iii) our ethanol maximization strategy (
66.9%
of total TRS produced), enabling us to profit from higher relative prices. Indeed, anhydrous and hydrous ethanol traded at 14.1 cts/lb and 13.1 cts/lb sugar equivalent during the quarter, 30.1% and 20.6% premiums to sugar respectively. These positive effects were offset by (i) lower sales, driven by the combination of lower sugar and energy selling volumes, coupled with lower sugar and ethanol prices, measured in U.S. dollar (prices measured in local currency increased by 2.4% year-over-year); coupled with (ii) a $16.2 million loss from the fair value of the unharvested cane, mainly explained by lower sugar prices.
|
◦
|
Adjusted EBITDA
in our Farming and Land Transformation businesses was $20.4 million in 3Q18, $13.5 million higher year-over-year. This increase is mainly attributable to the performance of both our Crops and Rice businesses. Enhanced operational efficiencies and the depreciation of the Argentine Peso, which allowed us to further reduce total cost of production, were responsible for the $10.1 and $5.0 million increase in our Crops and Rice businesses´ EBITDA, respectively.
|
◦
|
On a quarterly basis, Net Income reached $3.5 million, compared to a loss of $1.6 million. Positive results were mainly driven by a better economic performance in our Farming business, partially offset by higher accrued income taxes
|
◦
|
Adjusted Net Income, by definition, excludes: (i) any non-cash result derived from bilateral exchange variations, (ii) any revaluation result from the hectares held as investment property, (iii) any inflation accounting result; and includes (iv) any gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland (the latter is already included in Adj. EBITDA). We believe Adjusted Net Income is a more appropriate metric to reflect the Company´s performance. During the first nine months of the year, Adjusted Net Income reached
$108.2 million
,
$73.1 million
higher compared to 9M17.
(Please refer to page 34 for a reconciliation of Adjusted Net Income to Profit/Loss).
|
Strategy Execution
|
◦
|
As of September 30, 2018, Cushman & Wakefield (C&W) updated its independent appraisal of Adecoagro´s farmland. Adecoagro´s subsidiaries held 252,104 hectares valued by C&W at $846.7 million. Net of minority interests, Adecoagro´s land portfolio consists of 231,712 hectares valued at $790.6 million. Without considering the sale of farmland in Brazil, the total value of our land portfolio reached $829.7 million, or 1.6%. Lower land prices in Uruguay following five years of low crop prices- resulting in deterioration of crop margins-, explain the decrease. At the same time, higher margins in Argentina - as a result of the sharp depreciation of the Argentine Peso partially offset by the reimplementation of export taxes - are not reflected in the valuation of the farmland in Argentina because not many significant transactions throughout the year materialized.
|
◦
|
As of September 30, 2018, the Company changed its accounting policies for its farmland. It is now recognized at fair value following the annual update of Cushman & Wakefield´s independent appraisal. It´s worth highlighting that, before this revaluation, farmland was booked at historical cost in local currency. Accordingly, the book value ($69.1 million as of June 30th), did not properly reflect the actual value of our farmland portfolio. Higher margins, as a result of the ongoing implementation of best practices and cutting edge technology - the essence of our land transformation process - were reflected in the valuation. Furthermore, every time the Argentine peso depreciated, we registered a decrease in the Company´s Equity, measured in U.S. dollar. For more information regarding the change in accounting polices, please refer to page F-25 in our Financial Statements
|
◦
|
The expansion of our cluster in Mato Grosso do Sul is proceeding according to plan. A total of 33,000 hectares have been secured for planting so far, representing 70.5% of the total hectares needed to fully supply the 3 million tons of additional crushing capacity. It´s worth noting that we managed to negotiate the existing terms and conditions for all the new contracts. Low rates constitute one of our main competitive advantages which allow us to be one of the lowest and efficient sugar, ethanol and energy producers within the space. Planting operations are also well underway. As a matter of fact,17,500 hectares have already been planted. We feel very confident that we will be able to lease the remaining hectares throughout 2019. At an industry level, investments in Angelica, as previously announced, are already done and the mill reached a nominal crushing capacity of 1,050 tons/hour. As for Ivinhema mill, investments to increase nominal crushing capacity up to 1,400 tons/hour, are well underway. We expect to conclude them during 2019.
|
◦
|
As of September 12, 2018, Adecoagro announced the withdrawal of its joint-venture offer to SanCor, and submitted a new investment proposal to acquire two milk processing plants and two trademarks. This new offer was formally approved by the constituent member of the Cooperative on October 31. Closing, however, still remains subject to the satisfaction of certain conditions precedent.
|
Application of IAS 29 in financial reporting of Argentine subsidiaries
|
◦
|
As of 2Q18, Argentina´s 3-year accumulated Consumer Price Index (CPI) exceeded 100%. As a result, all necessary conditions set by IAS 29 "Financial Reporting in Hyperinflationary Economies" to be deemed as a hyperinflationary economy were met in Argentina. Accordingly, financial statements of Argentinian Companies need to comply with IAS 29 . This standard requires, as a way to overcome the deficiencies of historical cost basis accounting in high inflation economies, to restate all non-monetary items by applying a general price index since the day they were booked. Many of the historical numbers, under an inflationary scenario, are not economically relevant as prices changed since they were incurred. Figures are simply not additive as they embody different purchasing power.
|
Market Overview
|
◦
|
Sugar prices continued the downward trend during 3Q18 and were, on average, 23% lower compared to the same period last year. When compared to 2Q18, prices were 9% lower. The large global surplus and the announcement from the Indian government of another subsidy package weighted heavily into prices, with Oct 18 futures trading as low as 9.90 c/lb by the end of September. Since then prices recovered impressively, trading above 14 c/lb for the first time since February this year. The recovery was result of production numbers being revised down in the EU, Thailand and India due to weather issues. The Center South of Brazil reducing sugar production by almost 10 mln mt, from last year, resulted in the Indian exports turning from a source of oversupply to a source of stability to balance the trade flows.
|
◦
|
Ethanol market in the 3Q18 was influenced by its traditional seasonal downward movement, as a result of the substantial increase in the Center-South production. Lower prices, in turn, favored hydrous ethanol to remain competitive at the pumps, leading demand to reach record high levels. As a result, ethanol started to gain support throughout the quarter, with prices increasing 23% from August to end-September. According to the ESALQ index, both hydrous and anhydrous prices in BRL were down on the quarter by 3% and 4%, respectively. However when compared to same period last year both prices are 10% up. As reported by UNICA, hydrous sales have exceeded expectations, increasing 31% versus previous quarter and 43% year-on-year, favoring a positive outlook for the inter-harvest period.
|
◦
|
Energy spot prices in the southeast region of Brazil during 3Q18 were 12% higher than 3Q17. During July, energy prices were 505.18 BRL/MWh, 505.18 BRL/MWh in August and 472.75 BRL/MWh in September. Recent rains in October drove prices down to 271,83 BRL/MWh. Demand has been increasing to record levels and the seasonal peak is in the fourth quarter. Reservoirs decreased to 28,34% in September, 3% higher than the same period of 2017 (24,8%).
|
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
|
|
2017/2018
|
2016/2017
|
Chg %
|
Soybean
|
58,119
|
55,237
|
5.2%
|
|
58,120
|
100.0%
|
127,782
|
|
2.2
|
2.9
|
(23.3)%
|
Soybean 2nd Crop
|
23,150
|
29,197
|
(20.7)%
|
|
23,150
|
100.0%
|
27,499
|
|
1.2
|
2.5
|
(52.2)%
|
Corn
(1)
|
45,894
|
34,779
|
32.0%
|
|
44,417
|
96.8%
|
205,210
|
|
4.6
|
6.1
|
(24.4)%
|
Corn 2nd Crop
|
10,847
|
10,023
|
8.2%
|
|
10,613
|
97.8%
|
38,688
|
|
3.6
|
4.5
|
(19.1)%
|
Corn Silage
|
2,589
|
2,355
|
9.9%
|
|
2,589
|
100.0%
|
33,392
|
|
12.9
|
16.0
|
(19.2)%
|
Wheat (2)
|
36,533
|
38,009
|
(3.9)%
|
|
34,631
|
94.8%
|
78,640
|
|
2.3
|
3.0
|
(25.2)%
|
Sunflower
|
2,869
|
5,413
|
(47.0)%
|
|
2,869
|
100.0%
|
5,181
|
|
1.8
|
1.9
|
(3.3)%
|
Cotton
|
3,132
|
2,640
|
18.7%
|
|
3,132
|
100.0%
|
886
|
|
0.3
|
0.3
|
(8.7)%
|
Peanut
|
9,375
|
9,851
|
(4.8)%
|
|
9,375
|
100.0%
|
19,901
|
|
2.1
|
2.2
|
(2.5)%
|
Total Crops
|
192,507
|
187,504
|
2.7%
|
|
188,895
|
98.1%
|
537,181
|
|
|
|
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
|
227,232
|
2.4%
|
|
229,184
|
98.4%
|
813,874
|
|
|
|
|
Owned Croppable Area
|
124,733
|
121,412
|
2.7%
|
|
|
|
|
|
|
|
|
Leased Area
|
72,115
|
64,245
|
12.2%
|
|
|
|
|
|
|
|
|
Second Crop Area
|
35,948
|
39,220
|
(8.3)%
|
|
|
|
|
|
|
|
|
Total Farming Area
|
232,796
|
224,877
|
3.5%
|
|
|
|
|
|
|
|
|
|
Milking Cows (Average Heads)
|
|
Milk Production (MM liters)
(1)
|
|
Productivity (Liters per cow per day)
|
||||||
Dairy
|
3Q18
|
3Q17
|
Chg %
|
|
3Q18
|
3Q17
|
Chg %
|
|
3Q18
|
3Q17
|
Chg %
|
Milk Production
|
7,545
|
7,094
|
6.4%
|
|
26.1
|
24.5
|
6.3%
|
|
37.6
|
37.6
|
—%
|
Farming Production Data
|
|
|
|
|
|
|
|||||
Planting & Production
|
Planting Plan (hectares)
|
|
2018/19 Planting Progress
|
||||||||
|
2018/2019
|
|
2017/2018
|
|
Chg %
|
|
|
2018/2019
|
|
Chg %
|
|
Soybean
|
51,992
|
|
58,119
|
|
(10.5
|
)%
|
|
2,517
|
|
4.8
|
%
|
Soybean 2nd Crop
|
27,981
|
|
23,150
|
|
20.9
|
%
|
|
—
|
|
—
|
%
|
Corn
(1)
|
45,358
|
|
45,894
|
|
(1.2
|
)%
|
|
10,480
|
|
23.2
|
%
|
Corn 2nd Crop
|
12,096
|
|
10,847
|
|
11.5
|
%
|
|
—
|
|
—
|
%
|
Corn Silage
|
3,042
|
|
2,589
|
|
17.5
|
%
|
|
2,030
|
|
66.7
|
%
|
Wheat
(2)
|
39,719
|
|
36,533
|
|
8.7
|
%
|
|
39,678
|
|
99.9
|
%
|
Sunflower
|
4,250
|
|
2,869
|
|
48.1
|
%
|
|
2,978
|
|
70.1
|
%
|
Cotton
|
3,925
|
|
3,132
|
|
25.3
|
%
|
|
—
|
|
—
|
%
|
Peanut
|
8,881
|
|
9,375
|
|
(5.3
|
)%
|
|
3,154
|
|
35.5
|
%
|
Total Crops
|
197,244
|
|
192,507
|
|
2.5
|
%
|
|
60,836
|
|
30.8
|
%
|
Rice
|
40,000
|
|
40,289
|
|
(0.7
|
)%
|
|
18,361
|
|
45.9
|
%
|
Total Farming
|
237,244
|
|
232,796
|
|
1.9
|
%
|
|
79,197
|
|
33.4
|
%
|
Owned Croppable Area
|
114,261
|
|
124,733
|
|
(8.4
|
)%
|
|
|
|
||
Leased Area
|
81,161
|
|
72,115
|
|
12.5
|
%
|
|
|
|
||
Second Crop Area
|
41,822
|
|
35,948
|
|
16.3
|
%
|
|
|
|
||
Total Farming Area
|
237,244
|
|
232,796
|
|
1.9
|
%
|
|
|
|
Farming & Land Transformation Financial Performance
|
Farming & Land transformation business - Financial highlights
|
|
|
|
|
|
|||||||
$ thousands
|
3Q18
|
|
3Q17
|
|
Chg %
|
|
9M18
|
|
9M17
|
|
Chg %
|
|
Gross Sales
|
|
|
|
|
|
|
||||||
Farming
|
74,996
|
|
84,726
|
|
(11.5
|
)%
|
228,130
|
|
232,660
|
|
(1.9
|
)%
|
Total Sales
|
74,996
|
|
84,726
|
|
(11.5
|
)%
|
228,130
|
|
232,660
|
|
(1.9
|
)%
|
Adjusted EBITDA
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Farming
|
20,391
|
|
6,942
|
|
193.7
|
%
|
64,195
|
|
37,579
|
|
70.8
|
%
|
Land Transformation
|
—
|
|
—
|
|
n.a
|
|
36,227
|
|
—
|
|
n.a
|
|
Total Adjusted EBITDA
(1)
|
20,391
|
|
6,942
|
|
193.7
|
%
|
100,422
|
|
37,579
|
|
167.2
|
%
|
Adjusted EBIT (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Farming
|
19,057
|
|
5,411
|
|
252.2
|
%
|
59,483
|
|
32,916
|
|
80.7
|
%
|
Land Transformation
|
—
|
|
—
|
|
n.a
|
|
36,227
|
|
—
|
|
n.a
|
|
Total Adjusted EBIT
(2)
|
19,057
|
|
5,411
|
|
252.2
|
%
|
95,710
|
|
32,916
|
|
190.8
|
%
|
Crops Segment
|
Crops - Highlights
|
|
|
|
|
|
|
|
|
|
|
metric
|
3Q18
|
3Q17
|
Chg %
|
9M18
|
9M17
|
Chg %
|
Gross Sales
|
$ thousands
|
34,804
|
59,201
|
(41.2)%
|
115,316
|
144,097
|
(20.0)%
|
|
|
|
tons
|
145,997
|
264,539
|
(44.8)%
|
465,864
|
667,414
|
(30.2)%
|
|
|
$ per ton
|
238.4
|
223.8
|
6.5%
|
247.5
|
215.9
|
14.6%
|
Adjusted EBITDA
|
$ thousands
|
12,786
|
2,628
|
386.5%
|
36,990
|
23,052
|
60.5%
|
|
Adjusted EBIT
|
$ thousands
|
12,481
|
2,280
|
447.4%
|
35,888
|
22,012
|
63.0%
|
|
Planted Area
|
hectares
|
192,507
|
185,149
|
3.97%
|
192,507
|
185,149
|
4.0%
|
Crops - Gross Sales Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount ($ '000)
|
|
Volume
|
|
$ per unit
|
||||||
Crop
|
3Q18
|
3Q17
|
Chg %
|
|
3Q18
|
3Q17
|
Chg %
|
|
3Q18
|
3Q17
|
Chg %
|
Soybean
|
21,297
|
26,213
|
(18.8)%
|
|
71,942
|
86,408
|
(16.7)%
|
|
296
|
303
|
(2.4)%
|
Corn
(1)
|
9,910
|
23,784
|
(58.3)%
|
|
66,042
|
158,609
|
(58.4)%
|
|
150
|
150
|
0.1%
|
Wheat
(2)
|
1,279
|
555
|
130.5%
|
|
6,397
|
4,078
|
56.9%
|
|
200
|
136
|
46.9%
|
Sunflower
|
471
|
2,494
|
(81.1)%
|
|
1,616
|
7,905
|
(79.6)%
|
|
291
|
315
|
(7.6)%
|
Cotton Lint
|
—
|
264
|
(100.0)%
|
|
—
|
148
|
(100.0)%
|
|
n.a
|
1,784
|
n.a
|
Others
|
1,847
|
5,891
|
(68.6)%
|
|
|
7,391
|
|
|
|
|
|
Total
|
34,804
|
59,201
|
(41.2)%
|
|
145,997
|
264,539
|
(44.8)%
|
|
|
|
|
Crops - Gross Sales Breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount ($ '000)
|
|
Volume
|
|
$ per unit
|
||||||
Crop
|
9M18
|
9M17
|
Chg %
|
|
9M18
|
9M17
|
Chg %
|
|
9M18
|
9M17
|
Chg %
|
Soybean
|
70,209
|
66,977
|
4.8%
|
|
216,738
|
229,151
|
(5.4)%
|
|
324
|
292
|
11%
|
Corn
(1)
|
31,289
|
55,296
|
(43.4)%
|
|
201,322
|
348,917
|
(42.3)%
|
|
155
|
158
|
(2)%
|
Wheat
(2)
|
7,483
|
11,078
|
(32.5)%
|
|
43,204
|
72,673
|
(40.5)%
|
|
173
|
152
|
14%
|
Sunflower
|
1,454
|
2,932
|
(50.4)%
|
|
4,599
|
9,109
|
(49.5)%
|
|
316
|
322
|
(2)%
|
Cotton Lint
|
—
|
310
|
(100.0)%
|
|
—
|
173
|
(100.0)%
|
|
n.a
|
1,792
|
n.a
|
Others
|
4,881
|
7,504
|
(35.0)%
|
|
|
7,391
|
|
|
|
|
|
Total
|
115,316
|
144,097
|
(20.0)%
|
|
465,864
|
667,414
|
(30.2)%
|
|
|
|
|
Rice Segment
|
Rice - Highlights
|
|
|
|
|
|
|
|
||||||
|
metric
|
3Q18
|
|
3Q17
|
|
Chg %
|
|
9M18
|
|
9M17
|
|
Chg %
|
|
Gross Sales
|
$ thousands
|
31,271
|
|
16,218
|
|
92.8
|
%
|
87,482
|
|
59,497
|
|
47.0
|
%
|
Gross Sales of White Rice
|
thousand tons
(1)
|
84
|
|
47
|
|
79.1
|
%
|
219
|
|
163
|
|
34.4
|
%
|
$ per ton
|
277
|
|
281
|
|
(1.2
|
)%
|
286
|
|
288
|
|
(0.8
|
)%
|
|
$ thousands
|
23,324
|
|
13,183
|
|
76.9
|
%
|
62,621
|
|
46,959
|
|
33.4
|
%
|
|
Gross Sales By-products
|
$ thousands
|
7,947
|
|
3,035
|
|
161.8
|
%
|
24,861
|
|
12,537
|
|
98.3
|
%
|
Adjusted EBITDA
|
$ thousands
|
6,755
|
|
1,692
|
|
299.2
|
%
|
21,211
|
|
6,907
|
|
207.1
|
%
|
Adjusted EBIT
|
$ thousands
|
6,024
|
|
781
|
|
671.3
|
%
|
18,521
|
|
4,110
|
|
350.6
|
%
|
Area under production
(2)
|
|
40,289
|
|
39,728
|
|
1.4
|
%
|
40,289
|
|
39,728
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
||||||
Rice Mills
|
|
|
|
|
|
|
|
||||||
Total Processed Rough Rice
|
thousand tons
(1)
|
80
|
|
65
|
|
22.8
|
%
|
212
|
|
183
|
|
15.8
|
%
|
Ending stock
|
thousand tons
(1)
|
83
|
|
78
|
|
6.7
|
%
|
83
|
|
78
|
|
6.7
|
%
|
Dairy Segment
|
Dairy - Highlights
|
|
|
|
|
|
|
|
|
metric
|
3Q18
|
3Q17
|
Chg %
|
9M18
|
9M17
|
Chg %
|
Gross Sales
|
$ thousands
(1)
|
8,549
|
8,931
|
(4.3)%
|
24,176
|
28.253
|
(14.4)%
|
|
million liters
(2)
|
25.4
|
24.1
|
5.5%
|
69.8
|
73.1
|
(4.5)%
|
|
$ per liter
(3)
|
0.30
|
0.34
|
(13.0)%
|
0.31
|
0.36
|
(14.0)%
|
Adjusted EBITDA
|
$ thousands
|
1,183
|
2,801
|
(57.8)%
|
6,140
|
7,616
|
(19.4)%
|
Adjusted EBIT
|
$ thousands
|
900
|
2,559
|
(64.8)%
|
5,296
|
6,879
|
(23.0)%
|
Milking Cows
|
Average Heads
|
7,545
|
7,094
|
6.4%
|
7,429
|
6,901
|
7.7%
|
Cow Productivity
|
Liter/Cow/Day
|
37.6
|
37.6
|
—%
|
36.2
|
36.1
|
0.3%
|
Total Milk Produced
|
million liters
|
26.1
|
24.5
|
6.3%
|
73.5
|
68.1
|
7.9%
|
All Other Segments
|
All Other Segments - Highlights
|
|
|
|
|
|
|
|
|
metric
|
3Q18
|
3Q17
|
Chg %
|
9M18
|
9M17
|
Chg %
|
Gross Sales
|
$ thousands
|
344
|
375
|
(8.3)%
|
1,148
|
813
|
41.2%
|
Adjusted EBITDA
|
$ thousands
|
(333)
|
(180)
|
84.8%
|
(146)
|
4
|
n.a
|
Adjusted EBIT
|
$ thousands
|
(348)
|
(209)
|
66.3%
|
(222)
|
(85)
|
160.7%
|
Land transformation business
|
Operational Performance
|
Sugar, Ethanol & Energy - Selected Information
|
|
|
|||||
|
metric
|
3Q18
|
3Q17
|
Chg %
|
9M18
|
9M17
|
Chg %
|
Milling
|
|
|
|
|
|
|
|
Sugarcane Milled
|
tons
|
3,295,659
|
4,116,044
|
(19.9)%
|
8,611,975
|
8,040,480
|
7.1%
|
Own Cane
|
tons
|
3,005,049
|
3,529,781
|
(14.9)%
|
8,103,449
|
7,100,094
|
14.1%
|
Third Party Cane
|
tons
|
290,610
|
586,263
|
(50.4)%
|
508,526
|
940,386
|
(45.9)%
|
Production
|
|
|
|
|
|
|
|
TRS Equivalent Produced
|
tons
|
487,941
|
584,646
|
(16.5)%
|
1,151,316
|
1,050,732
|
9.6%
|
Sugar
|
tons
|
140,770
|
267,674
|
(47.4)%
|
282,474
|
470,129
|
(39.9)%
|
Ethanol
|
M3
|
200,390
|
178,363
|
12.3%
|
504,116
|
327,778
|
53.8%
|
Hydrous Ethanol
|
M3
|
133,070
|
97,773
|
36.1%
|
352,301
|
192,106
|
83.4%
|
Anhydrous Ethanol
|
M3
|
67,320
|
80,590
|
(16.5)%
|
151,815
|
135,672
|
11.9%
|
Sugar mix in production
|
%
|
33%
|
48%
|
(30.8)%
|
28%
|
47%
|
(40.1)%
|
Ethanol mix in production
|
%
|
67%
|
52%
|
28.3%
|
72%
|
53%
|
35.2%
|
Energy Exported (sold to grid)
|
MWh
|
252,781
|
273,804
|
(7.7)%
|
554,211
|
543,583
|
2.0%
|
Cogen efficiency (KWh sold per ton crushed)
|
KWh/ton
|
76.7
|
66.5
|
15.3%
|
64.4
|
67.6
|
(4.8)%
|
Agricultural Metrics
|
|
|
|
|
|
|
|
Harvested own sugarcane
|
tons
|
3,005,049
|
3,529,781
|
(14.9)%
|
8,103,449
|
7,100,094
|
14.1%
|
Harvested area
|
Hectares
|
37,015
|
44,059
|
(16.0)%
|
90,221
|
84,249
|
7.1%
|
Yield
|
tons/hectare
|
81.2
|
80.1
|
1.3%
|
89.8
|
84.3
|
6.6%
|
TRS content
|
kg/ton
|
143.3
|
137.7
|
4.1%
|
128.7
|
127.2
|
1.2%
|
TRS per hectare
|
kg/hectare
|
11,635
|
11,030
|
5.5%
|
11,563
|
10,722
|
7.8%
|
Mechanized harvest
|
%
|
98.3%
|
98.2%
|
0.1%
|
98.6%
|
98.3%
|
0.3%
|
Area
|
|
|
|
|
|
|
|
Sugarcane Plantation
|
hectares
|
151,597
|
142,133
|
6.7%
|
151,597
|
142,133
|
6.7%
|
Expansion & Renewal Area
|
hectares
|
8,095
|
7,503
|
7.9%
|
23,599
|
17,881
|
32.0%
|
Financial Performance
|
Sugar, Ethanol & Energy - Highlights
|
|
|
|
|
|
|
$ thousands
|
3Q18
|
3Q17
|
Chg %
|
9M18
|
9M17
|
Chg %
|
Net Sales
(1)
|
127,228
|
170,451
|
(25.4)%
|
328,496
|
404,150
|
(18.7)%
|
Margin on Manufacturing and Agricultural Act. Before Opex
|
35,141
|
54,041
|
(35.0)%
|
103,907
|
101,848
|
2.0%
|
Adjusted EBITDA
|
63,976
|
74,341
|
(13.9)%
|
192,850
|
165,967
|
16.2%
|
Adjusted EBITDA Margin
|
50.3%
|
43.6%
|
15.3%
|
58.7%
|
41.1%
|
43.0%
|
Adjusted EBITDA Margin (net of third party commercialization)
|
54.8%
|
51.2%
|
7.2%
|
67.9%
|
48.0%
|
41.4%
|
(1) Net Sales are calculated as Gross Sales net of sales taxes.
|
|
|
|
|
|
Corporate Expenses
|
Corporate Expenses
|
|
|
|
|
|
|
$ thousands
|
3Q18
|
3Q17
|
Chg %
|
9M18
|
9M17
|
Chg %
|
Corporate Expenses
|
(4,726)
|
(5,999)
|
(21.2)%
|
(14,686)
|
(16,329)
|
(10.1)%
|
Other Operating Income
|
Other Operating Income
|
|
|
|
|
|
|
||||||
$ thousands
|
3Q18
|
|
3Q17
|
|
Chg %
|
|
9M18
|
|
9M17
|
|
Chg %
|
|
Gain from the sale of subsidiaries
|
123
|
|
—
|
|
n.a.
|
|
36,350
|
|
—
|
|
n.a.
|
|
Gain / (Loss) from commodity derivative financial instruments
|
19,840
|
|
2,080
|
|
853.8
|
%
|
51,982
|
|
40,833
|
|
27.3
|
%
|
Gain from disposal of other property items
|
(160
|
)
|
89
|
|
(279.8
|
)%
|
(217
|
)
|
(529
|
)
|
(59.0
|
)%
|
Net Gain from FV Adjustement in Investment Property
|
2,465
|
|
1,753
|
|
40.6
|
%
|
18,457
|
|
3,634
|
|
407.9
|
%
|
Other
|
(111.313
|
)
|
976
|
|
n.a.
|
|
1,206
|
|
(904
|
)
|
n.a.
|
|
Total
|
37,891
|
|
5,015
|
|
656
|
%
|
107,520
|
|
43,034
|
|
149.8
|
%
|
Commodity Hedging
|
Financial Results
|
Financial Results
|
|
|
|
|
|
|
||||||
$ thousands
|
3Q18
|
|
3Q17
|
|
Chg %
|
|
9M18
|
|
9M17
|
|
Chg %
|
|
Interest Expenses, net
|
(7,381
|
)
|
(10,730
|
)
|
(31.2
|
)%
|
(30,543
|
)
|
(31,507
|
)
|
(3.1
|
)%
|
Cash Flow Hedge - Transfer from Equity
|
(519
|
)
|
(7,369
|
)
|
(93.0
|
)%
|
(7,846
|
)
|
(10,689
|
)
|
(26.6
|
)%
|
FX (Losses), net
|
(62,932
|
)
|
(6,627
|
)
|
n.m
|
|
(188,204
|
)
|
(18,510
|
)
|
n.m
|
|
Gain/loss from derivative financial Instruments
|
923
|
|
143
|
|
545.5
|
%
|
(5,836
|
)
|
(2,052
|
)
|
184.4
|
%
|
Taxes
|
(13
|
)
|
(972
|
)
|
(98.7
|
)%
|
(2,081
|
)
|
(2,276
|
)
|
(8.6
|
)%
|
Inflation accounting effects
|
50,370
|
|
—
|
|
n.a.
|
|
50,370
|
|
—
|
|
n.a.
|
|
Other Expenses, net
|
(1,080
|
)
|
(2,194
|
)
|
(50.8
|
)%
|
(1,338
|
)
|
(2,903
|
)
|
(53.9
|
)%
|
Total Financial Results
|
(20,632
|
)
|
(27,749
|
)
|
(25.6
|
)%
|
(185,478
|
)
|
(67,937
|
)
|
173
|
%
|
(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 (43.0% and 3.8%, respectively) during 3Q18, foreign exchange losses stood at $63.5 , marking a $49.5 higher loss compared to 3Q17. It´s worth highlighting that these results are non-cash in nature and represent no equity loss, in US dollar.
|
(ii)
|
Interest expenses: our net interest expenses in 3Q18 were
$7.4 million
,
25.6%
lower year-over-year. This difference is mainly explained by the depreciation of the Brazilian Real, coupled with a lower average debt compared to 3Q17.
|
(iii)
|
Inflation accounting effects reflect the results derived from the exposure of our net monetary position to inflation. In this line, monetary assets generate a loss when exposed to inflation while monetary liabilities generate a gain, every time inflation reduces the owed balance, in real terms. During 3Q18, since we had a negative net monetary position (monetary liabilities were higher than monetary assets), we registered a
$50.4 million
gain.
|
Indebtedness
|
Net Debt Breakdown
|
|
|
|
|
|
$ thousands
|
3Q18
|
2Q18
|
Chg %
|
3Q17
|
Chg %
|
Farming
|
179,813
|
177,307
|
1.4%
|
165,989
|
8.3%
|
Short term Debt
|
94,446
|
86,210
|
9.6%
|
115,946
|
(18.5)%
|
Long term Debt
|
85,367
|
91,097
|
(6.3)%
|
50,043
|
70.6%
|
Sugar, Ethanol & Energy
|
635,319
|
633,614
|
0.3%
|
641,301
|
(0.9)%
|
Short term Debt
|
71,633
|
59,212
|
21.0%
|
67,226
|
6.6%
|
Long term Debt
|
563,686
|
574,402
|
(1.9)%
|
574,075
|
(1.8)%
|
Bond Proceeds at Holding
|
—
|
—
|
n.a
|
301,587
|
(100.0)%
|
Total Short term Debt
|
166,079
|
145,422
|
14.2%
|
183,172
|
(9.3)%
|
Total Long term Debt
|
649,053
|
665,498
|
(2.5)%
|
925,705
|
(29.9)%
|
Gross Debt
|
815,132
|
810,920
|
0.5%
|
1,108,877
|
(26.5)%
|
Cash & Equivalents
|
180,829
|
144,708
|
25.0%
|
523,175
|
(65.4)%
|
Net Debt
|
634,303
|
666,212
|
(4.8)%
|
585,702
|
8.3%
|
EOP Net Debt / Adj. EBITDA LTM
|
1.73x
|
1.83x
|
(5.9)%
|
1.95x
|
(11.3)%
|
Capital Expenditures & Investments
|
Capital Expenditu
res & Investments
|
|
|
|
|
|
|
$ thousands
|
3Q18
|
3Q17
|
Chg %
|
9M18
|
9M17
|
Chg %
|
Farming & L
and Transformation
|
22,664
|
4,575
|
395.4%
|
33,700
|
11,935
|
182.4%
|
Expansion
|
21,100
|
3,165
|
566.8%
|
30,856
|
7,853
|
292.9%
|
Maintenance
|
1,564
|
1,410
|
10.9%
|
2,844
|
4,082
|
(30.3)%
|
Sugar, Ethanol & Energy
|
91,380
|
32,168
|
184.1%
|
131,484
|
131,229
|
0.2%
|
Maintenance
|
70,637
|
18,741
|
276.9%
|
98,717
|
99,224
|
(0.5)%
|
Planting
|
31,239
|
16,833
|
85.6%
|
45,658
|
40,001
|
14.1%
|
Industrial & Agricultural Machinery
|
39,398
|
1,908
|
1,964.9%
|
53,058
|
59,223
|
(10.4)%
|
Expansion
|
20,744
|
13,427
|
54.5%
|
32,768
|
32,005
|
2.4%
|
Planting
|
13,303
|
7,946
|
67.4%
|
24,965
|
21,606
|
15.5%
|
Industrial & Agricultural Machinery
|
7,441
|
5,481
|
35.7%
|
7,802
|
10,399
|
(25.0)%
|
Total
|
114,045
|
36,743
|
210.4%
|
165,184
|
143,164
|
15.4%
|
Inventories
|
End of Period Inventories
|
|
|
||||||
|
|
Volume
|
|
thousand $
|
||||
Product
|
Metric
|
3Q18
|
3Q17
|
% Chg
|
|
3Q18
|
3Q17
|
% Chg
|
Soybean
|
tons
|
67,138
|
96,735
|
(30.6)%
|
|
17,139
|
24,162
|
(29.1)%
|
Corn
(1)
|
tons
|
96,454
|
56,965
|
69.3%
|
|
11,847
|
7,207
|
64.4%
|
Wheat
(2)
|
tons
|
7,770
|
15,127
|
(48.6)%
|
|
1,775
|
2,143
|
(17.2)%
|
Sunflower
|
tons
|
2,180
|
16
|
n.m.
|
|
735
|
6
|
n.m.
|
Rough Rice
(3)
|
tons
|
25,333
|
54,287
|
(53.3)%
|
|
3,060
|
11,633
|
(73.7)%
|
Sugar
|
tons
|
52,892
|
66,080
|
(20.0)%
|
|
11,433
|
17,139
|
(33.3)%
|
Ethanol
|
m3
|
144,817
|
135,771
|
6.7%
|
|
47,817
|
70,469
|
(32.1)%
|
Total
|
|
397,056
|
424,982
|
(6.6)%
|
|
94,255
|
132,757
|
(29.0)%
|
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
|
|
3Q18
|
|
|
2Q 18
|
|
|
% Chg
|
|
|
3Q17
|
|
|
% Chg
|
|
Total Borrowings
|
|
815,132
|
|
|
810,920
|
|
|
0.5
|
%
|
|
1,108,877
|
|
|
(26.5
|
)%
|
Cash and Cash equivalents
|
|
180,829
|
|
|
144,708
|
|
|
25.0
|
%
|
|
523,175
|
|
|
(65.4
|
)%
|
Net Debt
|
|
634,303
|
|
|
666,212
|
|
|
(4.8
|
)%
|
|
585,702
|
|
|
8.3
|
%
|
Adjusted Net Income
|
|
|
|
|
|
|
||||||
$ thousands
|
3Q18
|
|
3Q17
|
|
Chg %
|
|
9M18
|
|
9M17
|
|
Chg %
|
|
Net Income
|
3,496
|
|
(1,644
|
)
|
n.a
|
|
(18,978
|
)
|
9,535
|
|
n.a
|
|
Foreign exchange losses, net
|
62,932
|
|
6,627
|
|
850
|
%
|
188,204
|
|
18,510
|
|
917
|
%
|
Cash flow hedge - transfer from equity
|
519
|
|
7,369
|
|
(93
|
)%
|
7,846
|
|
10,689
|
|
(27
|
)%
|
Income tax effect on Exchange Differences and Cash Flow Hedge
|
(19,992
|
)
|
(4,616
|
)
|
333
|
%
|
(62,588
|
)
|
(9,392
|
)
|
566
|
%
|
Inflation Accounting Effects
|
(50,370
|
)
|
—
|
|
n.a
|
|
(50,370
|
)
|
—
|
|
n.a
|
|
Revaluation Result - Investment Property
|
(2,465
|
)
|
(1,753
|
)
|
|
(18,457
|
)
|
(3,634
|
)
|
|
||
Reverse of Income tax effect on Exchange Differences and Cash Flow Hedge
|
19,992
|
|
4,616
|
|
333
|
%
|
62,588
|
|
9,392
|
|
|
|
Adjusted Net Income
|
14,112
|
|
10,599
|
|
33
|
%
|
108,245
|
|
35,100
|
|
208
|
%
|
Condensed Consolidated Statement of Income
|
Statement of Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||
$ thousands
|
3Q18
|
|
|
3Q17
|
|
|
Chg %
|
|
|
9M18
|
|
|
9M17
|
|
|
Chg %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sales of goods and services rendered
|
178,744
|
|
|
262,988
|
|
|
(32.0
|
)%
|
|
550,230
|
|
|
657,609
|
|
|
(16.3
|
)%
|
Cost of goods sold and services rendered
|
(129,954
|
)
|
|
(206,890
|
)
|
|
(37.2
|
)%
|
|
(415,449
|
)
|
|
(542,199
|
)
|
|
(23.4
|
)%
|
Initial recognition and changes in fair value of biological assets and agricultural produce
|
(23,369
|
)
|
|
1,524
|
|
|
(1,633.4
|
)%
|
|
12,139
|
|
|
24,226
|
|
|
(49.9
|
)%
|
Changes in net realizable value of agricultural produce after harvest
|
2,204
|
|
|
4,843
|
|
|
(54.5
|
)%
|
|
9,552
|
|
|
8,036
|
|
|
18.9
|
%
|
Margin on manufacturing and agricultural activities before operating expenses
|
27,625
|
|
|
62,465
|
|
|
(55.8
|
)%
|
|
156,472
|
|
|
147,672
|
|
|
6.0
|
%
|
General and administrative expenses
|
(9,428
|
)
|
|
(15,982
|
)
|
|
(41.0
|
)%
|
|
(39,312
|
)
|
|
(44,483
|
)
|
|
(11.6
|
)%
|
Selling expenses
|
(21,688
|
)
|
|
(27,681
|
)
|
|
(21.7
|
)%
|
|
(61,332
|
)
|
|
(64,758
|
)
|
|
(5.3
|
)%
|
Other operating income, net
|
37,892
|
|
|
5,015
|
|
|
655.6
|
%
|
|
107,521
|
|
|
43,034
|
|
|
149.9
|
%
|
Profit from operations before financing and taxation
|
34,401
|
|
|
23,817
|
|
|
44.4
|
%
|
|
163,349
|
|
|
81,465
|
|
|
100.5
|
%
|
Finance income
|
1,651
|
|
|
3,520
|
|
|
(53.1
|
)%
|
|
6,494
|
|
|
8,742
|
|
|
(25.7
|
)%
|
Finance costs
|
(72,653
|
)
|
|
(31,269
|
)
|
|
132.3
|
%
|
|
(242,342
|
)
|
|
(76,679
|
)
|
|
216.0
|
%
|
Other financial, results
|
50,370
|
|
|
—
|
|
|
|
|
50,370
|
|
|
—
|
|
|
|
||
Financial results, net
|
(20,632
|
)
|
|
(27,749
|
)
|
|
(25.6
|
)%
|
|
(185,478
|
)
|
|
(67,937
|
)
|
|
173.0
|
%
|
(Loss)/Profit before income tax
|
13,769
|
|
|
(3,932
|
)
|
|
(450.2
|
)%
|
|
(22,129
|
)
|
|
13,528
|
|
|
(263.6
|
)%
|
Income tax benefit/(expense)
|
(10,273
|
)
|
|
2,288
|
|
|
(549.0
|
)%
|
|
3,151
|
|
|
(3,993
|
)
|
|
(178.9
|
)%
|
(Loss)/Profit for the period
|
3,496
|
|
|
(1,644
|
)
|
|
(312.7
|
)%
|
|
(18,978
|
)
|
|
9,535
|
|
|
(299.0
|
)%
|
Condensed Consolidated Interim Statement of Cash Flow
|
Statement of Cashflows
|
|
|
|
|
|
|
|
|
|
|
|
||||||
$ thousands
|
3Q18
|
|
|
3Q17
|
|
|
Chg %
|
|
|
9M18
|
|
|
9M17
|
|
|
Chg %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(Loss)/Profit for the period
|
3,496
|
|
|
(1,644
|
)
|
|
(312.7
|
)%
|
|
(18,978
|
)
|
|
9,535
|
|
|
(299.0
|
)%
|
Adjustments for
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income tax (benefit) /expense
|
10,273
|
|
|
(2,288
|
)
|
|
(549.0
|
)%
|
|
(3,151
|
)
|
|
3,993
|
|
|
(178.9
|
)%
|
Depreciation
|
42,582
|
|
|
52,971
|
|
|
(19.6
|
)%
|
|
112,056
|
|
|
108,721
|
|
|
3.1
|
%
|
Amortization
|
278
|
|
|
249
|
|
|
11.6
|
%
|
|
801
|
|
|
665
|
|
|
20.5
|
%
|
Loss from disposal of other property items
|
160
|
|
|
(89
|
)
|
|
—
|
%
|
|
217
|
|
|
529
|
|
|
—
|
%
|
Gain from the sale of subsidiaries
|
—
|
|
|
—
|
|
|
—
|
%
|
|
(36,227
|
)
|
|
—
|
|
|
—
|
%
|
Net gain from the Fair value adjustment of Investment properties
|
(18,457
|
)
|
|
(1,753
|
)
|
|
(100.0
|
)%
|
|
(18,457
|
)
|
|
(3,634
|
)
|
|
(100.0
|
)%
|
Equity settled share-based compensation granted
|
1,208
|
|
|
1,417
|
|
|
(14.7
|
)%
|
|
3,752
|
|
|
4,224
|
|
|
(11.2
|
)%
|
Gain from derivative financial instruments
|
(21,009
|
)
|
|
(2,223
|
)
|
|
845.1
|
%
|
|
(46,146
|
)
|
|
(38,781
|
)
|
|
19.0
|
%
|
Interest and other expense, net
|
7,792
|
|
|
12,549
|
|
|
(37.9
|
)%
|
|
30,936
|
|
|
33,737
|
|
|
(8.3
|
)%
|
Initial recognition and changes in fair value of non harvested biological assets (unrealized)
|
15,100
|
|
|
5,949
|
|
|
153.8
|
%
|
|
7,604
|
|
|
8,390
|
|
|
(9.4
|
)%
|
Changes in net realizable value of agricultural produce after harvest (unrealized)
|
(3,492
|
)
|
|
(2,595
|
)
|
|
34.6
|
%
|
|
(11,355
|
)
|
|
(3,211
|
)
|
|
253.6
|
%
|
Provision and allowances
|
669
|
|
|
375
|
|
|
78.4
|
%
|
|
945
|
|
|
673
|
|
|
40.4
|
%
|
Net gain of inflation effects on the monetary items
|
(50,370
|
)
|
|
—
|
|
|
—
|
%
|
|
(50,370
|
)
|
|
—
|
|
|
—
|
%
|
Foreign exchange losses, net
|
62,932
|
|
|
6,627
|
|
|
849.6
|
%
|
|
188,204
|
|
|
18,510
|
|
|
916.8
|
%
|
Cash flow hedge – transfer from equity
|
519
|
|
|
7,369
|
|
|
(93.0
|
)%
|
|
7,846
|
|
|
10,689
|
|
|
(26.6
|
)%
|
Subtotal
|
51,681
|
|
|
76,914
|
|
|
(32.8
|
)%
|
|
167,677
|
|
|
154,040
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Increase in trade and other receivables
|
(58,520
|
)
|
|
(19,475
|
)
|
|
200.5
|
%
|
|
(112,738
|
)
|
|
(48,530
|
)
|
|
132.3
|
%
|
Increase in inventories
|
12,769
|
|
|
(27,168
|
)
|
|
(147.0
|
)%
|
|
(69,716
|
)
|
|
(56,892
|
)
|
|
22.5
|
%
|
Decrease in biological assets
|
5,333
|
|
|
(1,111
|
)
|
|
(580.0
|
)%
|
|
37,894
|
|
|
24,560
|
|
|
54.3
|
%
|
Increase in other assets
|
(207
|
)
|
|
(231
|
)
|
|
(10.4
|
)%
|
|
(274
|
)
|
|
(207
|
)
|
|
32.4
|
%
|
Decrease in derivative financial instruments
|
23,366
|
|
|
126
|
|
|
18,444.4
|
%
|
|
51,023
|
|
|
40,136
|
|
|
27.1
|
%
|
Decrease / (increase) in trade and other payables
|
32,358
|
|
|
13,048
|
|
|
148.0
|
%
|
|
23,208
|
|
|
(19,942
|
)
|
|
(216.4
|
)%
|
Increase in payroll and social security liabilities
|
3,503
|
|
|
5,690
|
|
|
(38.4
|
)%
|
|
6,156
|
|
|
7,268
|
|
|
(15.3
|
)%
|
(Increase) / decrease in provisions for other liabilities
|
(17
|
)
|
|
517
|
|
|
(103.3
|
)%
|
|
(333
|
)
|
|
429
|
|
|
(177.6
|
)%
|
Net cash generated in operating activities before taxes paid
|
70,266
|
|
|
48,310
|
|
|
45.4
|
%
|
|
102,897
|
|
|
100,862
|
|
|
2.0
|
%
|
Income tax paid
|
(576
|
)
|
|
(595
|
)
|
|
(3.2
|
)%
|
|
(1,473
|
)
|
|
(2,248
|
)
|
|
(34.5
|
)%
|
Net cash generated from operating activities
|
69,690
|
|
|
47,715
|
|
|
46.1
|
%
|
|
101,424
|
|
|
98,614
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Purchases of property, plant and equipment
|
(39,549,000
|
)
|
|
(36,170
|
)
|
|
9.3
|
%
|
|
(152,496
|
)
|
|
(142,223
|
)
|
|
7.2
|
%
|
Purchases of cattle and non current biological assets
|
(432
|
)
|
|
(426
|
)
|
|
1.4
|
%
|
|
(3,547
|
)
|
|
(1,007
|
)
|
|
252.2
|
%
|
Purchases of intangible assets
|
(210
|
)
|
|
(814
|
)
|
|
(74.2
|
)%
|
|
(2,359
|
)
|
|
(1,390
|
)
|
|
69.7
|
%
|
Interest received
|
1,538
|
|
|
3,425
|
|
|
(55.1
|
)%
|
|
5,780
|
|
|
8,446
|
|
|
(31.6
|
)%
|
Proceeds from sale of property, plant and equipment
|
487
|
|
|
1,061
|
|
|
100.0
|
%
|
|
1,233
|
|
|
1,859
|
|
|
100.0
|
%
|
Proceeds from sale of subsidiaries
|
26,304,000
|
|
|
—
|
|
|
—
|
%
|
|
31,511
|
|
|
—
|
|
|
—
|
%
|
Net cash used in investing activities
|
(11,862
|
)
|
|
(32,924
|
)
|
|
(64.0
|
)%
|
|
(119,878
|
)
|
|
(134,315
|
)
|
|
(10.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Proceeds from equity settled share-based compensation exercise
|
—
|
|
|
39
|
|
|
—
|
%
|
|
—
|
|
|
39
|
|
|
—
|
%
|
Issuance of senior notes
|
—
|
|
|
496,151
|
|
|
—
|
%
|
|
—
|
|
|
496,151
|
|
|
(100.0
|
)%
|
Proceeds from long-term borrowings
|
(13,512
|
)
|
|
40,622
|
|
|
(133.3
|
)%
|
|
37,217
|
|
|
230,391
|
|
|
(83.8
|
)%
|
Payments of long-term borrowings
|
13,033
|
|
|
(226,148
|
)
|
|
(105.8
|
)%
|
|
(49,834
|
)
|
|
(329,872
|
)
|
|
(84.9
|
)%
|
Proceeds from short-term borrowings
|
36,915
|
|
|
8,133
|
|
|
353.9
|
%
|
|
179,127
|
|
|
92,728
|
|
|
93.2
|
%
|
Payment of short-term borrowings
|
(29,121
|
)
|
|
(18,961
|
)
|
|
53.6
|
%
|
|
(151,667
|
)
|
|
(28,492
|
)
|
|
432.3
|
%
|
Payments of derivatives financial instruments
|
(1,588
|
)
|
|
55
|
|
|
—
|
%
|
|
(1,230
|
)
|
|
(9,364
|
)
|
|
'
|
|
Interest paid
|
(17,123
|
)
|
|
(10,898
|
)
|
|
57.1
|
%
|
|
(43,483
|
)
|
|
(33,438
|
)
|
|
30.0
|
%
|
Purchase of own shares
|
—
|
|
|
(2,661
|
)
|
|
(100.0
|
)%
|
|
(15,725
|
)
|
|
(11,342
|
)
|
|
38.6
|
%
|
Dividends paid to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
%
|
|
(1,195
|
)
|
|
(1,506
|
)
|
|
(20.7
|
)%
|
Net cash (used)/generated from financing activities
|
(11,396
|
)
|
|
286,332
|
|
|
(104.0
|
)%
|
|
(46,790
|
)
|
|
405,295
|
|
|
(111.5
|
)%
|
Net decrease in cash and cash equivalents
|
46,432
|
|
|
301,123
|
|
|
(84.6
|
)%
|
|
(65,244
|
)
|
|
369,594
|
|
|
(117.7
|
)%
|
Cash and cash equivalents at beginning of period
|
144,708
|
|
|
219,934
|
|
|
(34.2
|
)%
|
|
269,195
|
|
|
158,568
|
|
|
69.8
|
%
|
Effect of exchange rate changes and inflation on cash and cash equivalents
|
(10,312
|
)
|
|
2,118
|
|
|
(586.9
|
)%
|
|
(23,123
|
)
|
|
(4,987
|
)
|
|
363.7
|
%
|
Cash and cash equivalents at end of period
|
180,828
|
|
|
523,175
|
|
|
(65.4
|
)%
|
|
180,828
|
|
|
523,175
|
|
|
(65.4
|
)%
|
Condensed Consolidated Interim Balance Sheet
|
Statement of Financial Position
|
|
|
|
|
|
|
|||
$ thousands
|
|
September 30, 2018
|
|
December 31, 2017
|
|
Chg %
|
|
||
ASSETS
|
|
|
|
|
|
|
|||
Non-Current Assets
|
|
|
|
|
|
|
|||
Property, plant and equipment
|
|
1,416,269
|
|
|
831,377
|
|
|
70.4
|
%
|
Investment property
|
|
40,725
|
|
|
42,342
|
|
|
(3.8
|
)%
|
Intangible assets
|
|
24,191
|
|
|
17,192
|
|
|
40.7
|
%
|
Biological assets
|
|
8,890
|
|
|
11,276
|
|
|
(21.2
|
)%
|
Deferred income tax assets
|
|
22,541
|
|
|
30,808
|
|
|
—
|
%
|
Trade and other receivables
|
|
22,747
|
|
|
22,107
|
|
|
2.9
|
%
|
Other assets
|
|
646
|
|
|
535
|
|
|
20.7
|
%
|
|
|
|
|
|
|
|
|||
Total Non-Current Assets
|
|
1,536,009
|
|
|
955,637
|
|
|
60.7
|
%
|
Current Assets
|
|
|
|
|
|
|
|||
Biological assets
|
|
73,749
|
|
|
156,718
|
|
|
(52.9
|
)%
|
Inventories
|
|
159,712
|
|
|
108,919
|
|
|
46.6
|
%
|
Trade and other receivables
|
|
198,950
|
|
|
150,107
|
|
|
32.5
|
%
|
Derivative financial instruments
|
|
5,285
|
|
|
4,483
|
|
|
17.9
|
%
|
Other assets
|
|
60
|
|
|
30
|
|
|
100.0
|
%
|
Cash and cash equivalents
|
|
180,828
|
|
|
269,195
|
|
|
(32.8
|
)%
|
Total Current Assets
|
|
618,584
|
|
|
689,452
|
|
|
(10.3
|
)%
|
TOTAL ASSETS
|
|
2,154,593
|
|
|
1,645,089
|
|
|
31.0
|
%
|
SHAREHOLDERS EQUITY
|
|
|
|
|
|
|
|||
Capital and reserves attributable to equity holders of the parent
|
|
|
|
|
|
|
|||
Share capital
|
|
183,573
|
|
|
183,573
|
|
|
—
|
%
|
Share premium
|
|
900,503
|
|
|
908,934
|
|
|
(0.9
|
)%
|
Cumulative translation adjustment
|
|
(679,854
|
)
|
|
(552,604
|
)
|
|
23.0
|
%
|
Equity-settled compensation
|
|
15,391
|
|
|
17,852
|
|
|
(13.8
|
)%
|
Cash flow hedge
|
|
(76,934
|
)
|
|
(24,691
|
)
|
|
211.6
|
%
|
Treasury shares
|
|
(8,741
|
)
|
|
(6,967
|
)
|
|
25.5
|
%
|
Revaluation surplus
|
|
398,096
|
|
|
—
|
|
|
|
|
Reserve from the sale of non-controlling interests in subsidiaries
|
|
41,574
|
|
|
41,574
|
|
|
—
|
%
|
Retained earnings
|
|
244,998
|
|
|
106,209
|
|
|
130.7
|
%
|
Equity attributable to equity holders of the parent
|
|
1,018,606
|
|
|
673,880
|
|
|
51.2
|
%
|
Non-controlling interest
|
|
43,831
|
|
|
9,139
|
|
|
379.6
|
%
|
TOTAL SHAREHOLDERS EQUITY
|
|
1,062,437
|
|
|
683,019
|
|
|
55.6
|
%
|
LIABILITIES
|
|
|
|
|
|
|
|||
Non-Current Liabilities
|
|
|
|
|
|
|
|||
Trade and other payables
|
|
1,991
|
|
|
827
|
|
|
140.7
|
%
|
Borrowings
|
|
649,761
|
|
|
663,060
|
|
|
(2.0
|
)%
|
Deferred income tax liabilities
|
|
158,391
|
|
|
10,457
|
|
|
1,414.7
|
%
|
Payroll and social security liabilities
|
|
1,109
|
|
|
1,240
|
|
|
(10.6
|
)%
|
Derivatives financial instruments
|
|
—
|
|
|
—
|
|
|
—
|
%
|
Provisions for other liabilities
|
|
2,971
|
|
|
4,078
|
|
|
(27.1
|
)%
|
Total Non-Current Liabilities
|
|
814,223
|
|
|
679,662
|
|
|
19.8
|
%
|
Current Liabilities
|
|
|
|
|
|
|
|||
Trade and other payables
|
|
77,143
|
|
|
98,423
|
|
|
(21.6
|
)%
|
Current income tax liabilities
|
|
1,111
|
|
|
503
|
|
|
120.9
|
%
|
Payroll and social security liabilities
|
|
26,797
|
|
|
27,267
|
|
|
(1.7
|
)%
|
Borrowings
|
|
165,372
|
|
|
154,898
|
|
|
6.8
|
%
|
Derivative financial instruments
|
|
6,820
|
|
|
552
|
|
|
1,135.5
|
%
|
Provisions for other liabilities
|
|
690
|
|
|
765
|
|
|
(9.8
|
)%
|
Total Current Liabilities
|
|
277,933
|
|
|
282,408
|
|
|
(1.6
|
)%
|
TOTAL LIABILITIES
|
|
1,092,156
|
|
|
962,070
|
|
|
13.5
|
%
|
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES
|
|
2,154,593
|
|
|
1,645,089
|
|
|
31.0
|
%
|
1 Year Adecoagro Chart |
1 Month Adecoagro Chart |
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