Adecoagro S.a. · NYSE:AGRO
Adecoagro — Q3 2019 Earnings Presentation
17 slides from Adecoagro's earnings presentation, Nov 14, 2019
Slide 1: 3rd Quarter 2019 Earnings Webcast
3rd Quarter 2019 Earnings Webcast November 14, 2019
Slide 2: 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,” “estima
Slide 3: Sugar, Ethanol & Energy Business
Slide 4: Rainfalls & Sugarcane Crushing
Sugar, Ethanol & Energy Business– Rainfalls & Sugarcane Crushing Mato Grosso do Sul Rains (In mm) 10 Y. Avg 1,262 9M18 1,163 10 Y. Avg 296 9M19 723 9M19 723 3Q19 99 ∆% (42.8%) ∆% (37.9%) ∆% (66.6%) 233 216 162 298 155 128 126 226 201 205 182 100 157 161 74 67 112 18 53 55 47 57 31 40 - 9 33 Jan-18 J
Slide 5: Operational Metrics 3Q18 vs 3Q19 and 9M18 vs 9M19
Operational Metrics - 3Q18 vs. 3Q19 Operational Metrics - 9M18 vs. 9M19 Operational Metrics 3Q18 3Q19 % Change Operational Metrics 9M18 9M19 % Change Total Days 92 92 0.0% Total Days 273 273 0.0% Effective Milling Days 63 79 25.5% Effective Milling Days 176 197 11.8% Total Crushing (k tons) 3,296 3,
Slide 6: Yield per Hectare, TRS per Ton, TRS per Hectare
Yield per Hectare TRS per Ton TRS per Hectare (tons/hectare) (kg/hectare) (16.4%) - 11,635 (16.6%) 81 143 143 9,701 68 3Q18 3Q19 3Q18 3Q19 3Q18 3Q19 Yield per Hectare TRS per Ton TRS per Hectare (tons/hectare) (kg/hectare) (14.0%) 1.4% (12.1%) 90 131 129 11,471 10,088 77 9M18 9M19 9M18 9M19 9M18 9M1
Slide 7: Price Evolution and Ethanol Production Mix
Price Evolution Ethanol Production Mix Evolution (in cts/lb) (in %) 21.00 19.00 3Q18 3Q19 17.00 26% 17% 15.00 Sugar 50% 53% 13.00 12.2% 11.00 Ethanol 74% 83% 9.00 50% 47% 9M16 9M17 9M18 9M19 Anhydrous MS (cts/lb) Hydrous MS (cts/lb) Sugar (cts/lb) Ethanol Production SE&E EBITDA Distribution (M3) (in
Slide 8: Net Sales 3Q18 vs 3Q19
Ethanol Sales Volume (m3) 8.2% 14.5 Net Sales 3Q18 vs 3Q19 Average 192,897 ($´000) Realized 13.4 Price (1) 13.7% cts/lbs 169,588 2.1% 129,887 127,228 3Q18 3Q19 Energy Sales Volume (MWh) 71 (23.6%) 26.4% 64,469 Average 54 81,505 Realized Price 22.1% 339,154 277,658 Ethanol Sugar Energy 3Q18 3Q19 Suga
Slide 9: Production Cost Breakdown
Industrial Cost Production Cost Breakdown Agricultural Cost (cts/lb) 5.0% 10.2 9.7 13.6% 2.3 2.8 (4.6) (4.0) 5.7 5.6 (1.5%) 7.9 5.8 5.6 7.0 3Q18 3Q19 3Q18 3Q19 3Q18 3Q19 Total Production Cost Total Production Cost D&A and IFRS 16 D&A and IFRS 16 Total Production Costs Total Production Costs (Excl. D
Slide 10: Adjusted EBITDA
Adjusted EBITDA Operative Adjusted EBITDA ($´000) ($´000) Adjusted EBITDA Margin 59.8% Título del gráfico Changes in Faire Value- Unharvested 58.7% Other Operating Income 197,890 192,850 2.6% ( 14,851 ) 14,885 181,605 50,225 157,476 1,400 15.3% 9M18 9M19 9M18 9M19 9M18 9M19
Slide 11: Farming Business
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Slide 12: Planting Plan
Planting Plan Planting & Production Planting Plan (hectares) 2019/20 Planting Progress 2019/2020 2018/2019 Chg % 2019/2020 Chg % Soybean 50,103 47,411 5.7% 1,220 2.4% Soybean 2nd Crop 27,459 25,621 7.2% - 0.0% Corn (1) 55,526 43,449 28% 21,580 38.9% Corn 2nd Crop 6,610 7,913 (16.5%) - 0.0% Wheat (2)
Slide 13: Farming & Land Transformation Adjusted EBITDA 9M19 vs 9M18
Farming & Land Transformation Adjusted EBITDA 9M19 vs. 9M18 ($ ´000) (44.5%) 9M18 9M19 100,422 (51.7%) (74.1%) 55,779 (17.2%) 36,990 36,227 84.2% 21,211 17,874 17,571 (139.7%) 11,307 9,376 6,140 ( 349 ) (146) Crops Rice Dairy Others Land Transformation Farming & LT
Slide 14: Financial Performance
Slide 15: Adjusted EBITDA and Net Sales
Adjusted EBITDA Net Sales (MM USD) (MM USD) 56.9% (26.9%) 41.6% 298 315 276 279 239 899 7.0% 841 770 216 216 (14.3%) 694 181 624 649 596 238 557 265 193 154 167 247 198 297 379 576 470 115 375 569 328 331 100 327 316 274 273 323 300 228 265 89 85 70 54 96 56 51 -23 -23 -22 -21 -22 -20 -15 -15 2013 2
Slide 16: Net Debt, Liquidity and Debt Structure
Short Term Debt Cash & Eq. + Inventories 3Q19 Debt Term Structure L iquidity R atio 1.4 1.2 15.8% 207 206 23% Average life of 5.8 years 77% 298 258 Short term Long Term 2Q19 3Q19 S&E 3Q19 Net Debt Farming ($ million) Net debt/EBITDA LTM 3Q19 Debt Currency Breakdown 899 2.74x 2.97x 655 8% Average Int
Slide 17: Contact details
Charlie Boero Hughes - CFO Juan Ignacio Galleano - IRO Email: Email: [email protected] [email protected] TEL: TEL: +5411 4836 8804 +5411 4836 8624