3Q11 Results Conference Call · 3Q11 Results Conference Call . 47.4 64.0 87.5 90.1 220 Est. 25.3...
Transcript of 3Q11 Results Conference Call · 3Q11 Results Conference Call . 47.4 64.0 87.5 90.1 220 Est. 25.3...
3Q11 Results Conference Call
47.4 64.087.5 90.1
220 Est.
25.321.8
34.6 31.7
18.628.7
26.3 28.0
14.8
17.3
18.1 27.5
7.8
16.5
14.8 9.9
2007/2008 2008/2009 2009/2010 2010/2011 2011/12
Coffee
Rice
Cotton
Sunflower
Wheat
Corn
Soybean
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Farming production evolution (Thousand tons)
Farming Business
Operational Performance
Farming planted hectares evolution (Thousand hectares)
453K 415K
619K 666K
220K
192K 183K
153K
140K
+8%
+15%
90.7 97.0
241.8 199.5
158.4 119.4
203.6169.671.1
69.9
61.292.998.6
95.0
91.7 172.0
2007/2008 2008/2009 2009/2010 2010/2011
Coffee
Rice
Cotton
Sunflower
Wheat
Corn
Soybean
42.6K
7.7K3.0K
18.7K
71.9K
Wheat (Completed)
Corn (Ongoing)
Sunflower (Ongoing)
Rice (Ongoing)
Total Planted Area (Ongoing)
2011/2012 Harvest Year
Planted Area as of September 30, 2011
Farming Business
Operational Performance
3
4
90.0
45.4
10.08.8
159.3
119.0
57.1
14.212.2
202.5
Crops Rice Dairy Others Farming Consolidated
24.8
0.61.5 2.9
29.9
45.3
4.3
2.7
7.0
59.3
Crops Rice Dairy Others Farming Consolidated
Gross Sales 9M
Adjusted EBITDA 9M
9M10
9M11
+32%
+26%
+41% +39%
+31%
+82%
+650% +72%
+142%
+99%
Sugar, Ethanol & Energy Business
Operational Performance
39.3 30.1
60.7
167.5
9M10 9M11
Angelica
UMA 197.6
100.1
29.5 28.7
104.5 106.5
9M10 9M11
Angelica
UMA 135.2134.1
0.93 0.82
2.022.63
9M10 9M11
Angelica
UMA 3.45
2.94
73.4 59.8
92.6 134.6
9M10 9M11
Angelica
UMA
194.4
166.0
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Crushed cane Million Tons Sugar Production Thousand Tons
Ethanol Production Thousand M3 Exported Energy Thousand MWh
+17% +17%
+1% +97%
Sugar, Ethanol and Energy Production 9M
Sugar, Ethanol & Energy Business
Operational Performance
119.1
256.5
9M10 9M11
3.430.7
113.0 22.7
9M10 9M11
Hydrous
Anhydrous
139.9
171.7
9M10 9M11
9.8 24.3
64.573.4
50.0
96.1
9M10 9M11
Sugar
Ethanol
Energy
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Sugar (Thousand tons) Ethanol (Thousand M3)
Electricity (Thousand MWh) Total Sales ($ Millions)
+23%
(34%)
+115%
+56%
560
358
555
958
$/ton $/M3
83
95 $/MWh
76.6
193.9
124.6
Sugar, Ethanol & Energy Business
Operational Performance
Sugar, Ethanol and Energy Sales 9M
116.3
32,616
49,47053,799
63,104
31/12/2008 31/12/2009 31/12/2010 30/09/2011
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Sugarcane Plantation Evolution (Hectares)
+17%
Sugar, Ethanol & Energy Business
Operational Performance
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Adjusted EBITDA 3Q11
+92% +207%
+225%
+99% +121%
+90%
Adjusted EBITDA 9M11
3Q10 3Q11 9M10 9M11
21.1%
31.0%
14.7%
31.8%
Adjusted EBITDA Margin Adjusted EBITDA Margin
Adecoagro Consolidated Financial Summary
+134% +29.2%
(15.6) (20.2)
26.8
86.929.9
59.3
Farming
S&E
Corporate
126.0
41.0
(3.6)(8.4)
22.6
42.97.1
15.6
Farming
S&E
Corporate
50.1
26.1
134.0
(5.6)
200.8
340.4
Debt Cash & ST Investments
Net debt
S&E
Farming
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Net Debt
3Q11 Debt Currency Structure
3Q11 Net debt ($ Millions) 3Q11 Debt Term Structure
Total debt as of September 30, 2011,
stands at $335 million
$37 million of our cash balance were
deployed in CAPEX during the quarter
$48 million of our IPO proceeds
remain invested in short term deposits
Net debt remains negative at $5.6
million
45%
55%Short term
Long Term
49%
51%
Brazilian Reais
US Dollars
132,195 9,907 18,210
76,245 236,557
59,244 295,801
58,536
76,923 431,260
Crops, Rice & Coffee
Sugarcane Potentially Croppable land
Cattle Grazing Total Productive Farmland
Land Reserves Total Own Land
Leased Crops Leased Sugarcane
Total Land Under
Management
Land Breakdown (hectares)
Land Portfolio
Hectare Breakdown
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$783,587
$(30,555) $40,522
$105,584
$899,138
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Cushman & Wakefield Appraisal
Farmland
Cushman & Wakefield Appraisal
287.9K ha 5.1K ha 9.6K ha
292.4K ha
La Macarena Sale (1) C&W 2010 Valuation Recent Purchases (2) C&W 2011 Valuation (2) Land Transformation & Appreciation
(1) La Macarena was sold in December 2010 for a total of $34 million. In September 2010, the farm had been appraised by Cushman & Wakefield at $30.5 million. (2) Does not include the purchase of 3,400 hectares acquired in November 2011.
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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.
The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii)
the implementation of our business strategy, including our development of the Ivinhema project; (iii) our plans relating to acquisitions, joint ventures,
strategic alliances or divestitures; (iv) the implementation of our financing strategy and capital expenditure plan; (v) the maintenance of our
relationships with customers; (vi) the competitive nature of the industries in which we operate; (vii) the cost and availability of financing; (viii) future
demand for the commodities we produce; (ix) international prices for commodities; (x) the condition of our land holdings; (xi) the development of the
logistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the South American and
world economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan
Peso compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business,
including environmental laws and regulations.
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 related 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.
Disclaimer
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Investor Relations
Charlie Boero Hughes
CFO
Hernan Walker
IR Manager
E-mail [email protected]
Website www.adecoagro.com