Adecoagro S.a. · NYSE:AGRO
Adecoagro — Q3 2013 Earnings Presentation
15 slides from Adecoagro's earnings presentation, Nov 13, 2013
Slide 1: 3Q13 Results Conference Call
3Q13 Results Conference Call
Slide 2: Mato Grosso do Sul 2013 Rainfall and TRS Evolution
Sugar, Ethanol & Energy Business Operational Performance Mato Grosso do Sul 2013 Rainfall and TRS Evolution Avg rain 5 years Rain 2013 TRS 2013 TRS Avg 5 years 300 145 140 250 135 200 130 TRS (kg/ton) Rainfall (mm) 125 150 120 100 115 110 50 105 0 100 Jan Feb Mar Apr May Jun Jul Aug Sept Excess Rain
Slide 3: Sugarcane Crushing and Increase in Crushing Capacity
Sugar, Ethanol & Energy Business Operational Performance Sugarcane Crushing 49% (Million tons) 4.7 Cluster UMA 33% 3.1 2.8 3.9 2.1 52% 2.4 1.5 2.4 1.0 1.7 1.2 0.8 0.7 0.8 0.2 0.4 0.5 0.4 2Q12 2Q13 3Q12 3Q13 9M12 9M13 Increase in Crushing Capacity 5.0 4.7 0.8 4.5 Crushed Cane (million tons) 4.0 0.7 3
Slide 4: Sugar, Ethanol and Energy Sales 3Q13
Sugar, Ethanol & Energy Business Operational Performance Sugar, Ethanol and Energy Sales 3Q13 Production (vol. in thousands) Ethanol Sales (thousand m3) Sugar Mix 2.5% 3Q12 Ethanol Mix 3Q13 12.4% 47.8% 47.2% 52.9% 151.9 155.6 120.2 128.6 114.3 81.3 Sugar (tons) Ethanol (m3) Energy (MWh) Sales (vol.
Slide 5: Sugar, Ethanol & Energy Business Financial Performance
Sugar, Ethanol & Energy Business Financial Performance 9M13 Financial Performance Gross Sales Adjusted EBITDA & EBITDA Margin ($ million) ($ million) Adjusted EBITDA 42.1% Margin 32.2% 11.7% 30.8% Sugar 200.3 179.4 Ethanol Energy 83.5 79.9 78.9 46.4 82.3 95.1 18.3 21.3 9M12 9M13 9M12 9M12 9M13 9M13
Slide 6: Sugarcane Plantation
Sugar, Ethanol & Energy Business Operational Performance Sugarcane Plantation Sugarcane Expansion Sugarcane Plantation (hectares) (hectares) 6% 23% 18,367 101,270 17,380 82,262 9M12 9M13 9M12 9M13 6
Slide 7: Farming Production Evolution
Farming Business Operational Performance Farming Production Evolution (thousand tons) (5.3%) 738.8 666.6 699.2 618.9 171.1 172.0 202.6 91.7 Rice 454.6 113.1 415.0 61.2 52.3 Cotton 98.6 92.9 95.0 Sunflower 203.6 237.3 242.2 71.1 169.7 Wheat 69.9 158.4 Corn 119.4 241.8 199.5 189.0 175.5 Soybean 90.7 9
Slide 8: Farming Planted Area Evolution by Crop
Farming Business Operational Performance Farming Planted Area Evolution by Crop (thousand hectares) 3.5% Rice 232.5 224.8 217.2 31.5 192.2 35.2 36.5 Cotton 183.5 9.6 18.1 27.5 12.5 13.3 153.0 14.8 9.9 43.2 28.3 Sunflower 28.6 17.3 119.0 26.3 28.0 16.5 47.4 45.7 50.3 14.8 31.7 7.8 28.7 34.6 Wheat 18.
Slide 9: 2013/14 Harvest Year Planted Area
Farming Business Operational Performance 2013/14 Harvest Year Planted Area as of September 30, 2012 (hectares) 103,944 12,613 Soybean Planted as of September (Ongoing) 30, 2012 To be planted Cotton 36,494 (Ongoing) 120K hectares Rice 46% (Completed) 10,181 Sunflower 104K hectares (Ongoing) 15,703 Co
Slide 10: Farming Business Financial Performance
Farming Business Financial Performance 9.8% Gross Sales 9M13 ($ millions) 273.5 249.0 7.7% 9M12 9M13 169.0 156.8 12.8% 78.2 58.2% 69.3 (56%) 14.3 22.5 8.5 3.7 Crops Rice Dairy Others Farming Consolidated 57.2% 43.7 9M12 9M13 Adjusted EBITDA 9M13 16.2% ($ millions) 28.7 27.8 24.7 (70%) 7.0 6.8 4.4 1.
Slide 11: Adecoagro Consolidated Financial & Operational Overview
Adecoagro Consolidated Financial & Operational Overview Area & Production 2008 2009 2010 2011 2012 9M12 9M13 3Q12 3Q13 Farming Planted Area (hect.) 139,920 153,026 183,454 192,207 232,547 232,547 217,234 232,547 217,234 Sugarcane Planted Area (hect.) 32,616 49,470 53,799 65,308 85,663 17,380 18,367
Slide 12: Farmland Portfolio Cushman & Wakefield Appraisal
Farmland Portfolio Cushman & Wakefield Appraisal Cushman & Wakefield Appraisal ($ millions) 285.8K ha 7.5K ha 2.0 % 278.3K ha $(37.1) $18.4 $919.3 $937.9 278.3K ha $251.8 (1) C&W 2012 Farm Sales Land Transformation C&W 2013 Farmland Appraisal & Appreciation Appraisal Book Value (1) Santa Regina farm
Slide 13: Net Debt
Net Debt 3Q13 Net debt ($ millions) 3Q13 Debt Term Structure 681.0 539.0 24% 420.5 Short term S&E Long Term 260.5 76% Farming 142.0 Debt Cash Net debt 3Q13 Debt Currency Structure Total debt as of September 30, 2013, 7% stands at $681 million Brazilian Reals Debt maturity profile has improved. 36% U
Slide 14: Disclaimer
Disclaimer 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,” “continu
Slide 15: Investor Relations
Investor Relations Charlie Boero Hughes CFO Hernan Walker IR Manager E-mail [email protected] Website www.adecoagro.com 15