Adecoagro S.a. · NYSE:AGRO
Adecoagro — Q3 2022 Earnings Presentation
18 slides from Adecoagro's earnings presentation, November 2022
Slide 1: Adecoagro 3Q22 Earnings Webcast
G& adecoagro ADECOAGRO 3®2 QUARTER 2022 EARNINGS WEBCAST
Slide 2: 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 3: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS
Slide 4: Rainfalls
SUGAR, ETHANOL AND ENERGY BUSINESS RAINFALLS Mato Grosso do Sul Rains (In mm) YoY Rains 3Q22 vs 10 year Avg. YoY Rains 3Q21 68 10 Y. Avg 244 9M21 924 3Q22 341 3Q22 341 9M22 1,136 ∆% 402.5% ∆% 28.8% ∆% 22.9% 10 y. Avg 2021 2022 436 237 190 183 183 212 204 153 132 175 112 100 111 115 90 107 76 80 89 4
Slide 5: Sugarcane Crushing
SUGAR, ETHANOL AND ENERGY BUSINESS SUGARCANE CRUSHING Operational Metrics - 3Q21 vs. 3Q22 Operational Metrics - 9M21 vs. 9M22 Operational Metrics 3Q21 3Q22 % Change Operational Metrics 9M21 9M22 % Change Total Days 92 92 0.0% Total Days 258 196 (24.1%) Effective Milling Days 81 71 (13.0%) Effective
Slide 6: Productivity
SUGAR, ETHANOL AND ENERGY BUSINESS PRODUCTIVITY Yields per Hectare TRS per Ton TRS per Hectare (Tons/Hectare) (Kg/Ton) (Kg/Hectare) 141 9,130 132 16.3% 9.4% 6.4% 7,847 65 59 3Q21 3Q22 3Q21 3Q22 3Q21 3Q22 69 8,889 129 129 (10.7%) 0.2% (10.6%) 7,951 62 9M21 9M22 9M21 9M22 9M21 9M22 6
Slide 7: Production Mix
SUGAR, ETHANOL AND ENERGY BUSINESS PRODUCTION MIX Price Evolution Production Mix (in cts/lb) (in %) 28.00 15% 23.00 38% 31% 44% 42% 18.00 13.00 85% 62% 69% 56% 58% 8.00 08/04/2022 25/09/2020 23/09/2022 25/10/2019 20/11/2020 14/02/2020 09/04/2020 15/01/2021 05/07/2019 20/12/2019 11/02/2022 29/07/2022
Slide 8: Avg Price & Quantity Sold by Product
SUGAR, ETHANOL AND ENERGY BUSINESS AVG PRICE & QUANTITY SOLD BY PRODUCT 22.7 13.7% 19.3 22.8% 17.0 Average 18.5 Average Realized Realized Price(1) 385,191 Price(1) 383,333 (cts/lb) 354,249 (cts/lb) 8.7% (41.5%) 224,198 9M21 9M22 9M21 9M22 18.1 47.1 (9.1%) 170.2% 42.8 6.7 Average 715,394 Average 456,
Slide 9: Anhydrous Ethanol Sales ($'000)
SUGAR, ETHANOL AND ENERGY BUSINESS ANHYDROUS ETHANOL SALES ($’000) 51.6% $ 76,334 $ 50,367 $ 26,844 155 USD/M3 23,136 M3 267 USD/M3 61,639 M3 3Q21 DM Price DM Volumes Total DM Exp Price Exp Volume 3Q22 74.2% $ 181,338 $ 104,089 $ 116,344 5,070 M3 100 USD/M3 82,062 M3 87 USD/M3 9M21 DM Price DM Volum
Slide 10: Sales
SUGAR, ETHANOL AND ENERGY BUSINESS SALES Net Sales 3Q21 vs. 3Q22 (1) Net Sales 9M21 vs. 9M22 (1) ($’000) ($’000) Ethanol 7.2% Sugar 395,207 9.5% 162,944 Energy 368,748 CBios 148,853 40.5% 83,464 191,704 269,344 83,424 0.0% 44.3% 67,273 143,347 46,625 (33.5%) 95,311 18,805 (41.3%) 11,036 33,697 (33.9
Slide 11: Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Adjusted EBITDA by Product (1) ($’000) (%) Ethanol 92.8% (26.6%) 68.1% Sugar 138,088 0.8% 3.1% Energy 8.1% 111,002 CBios (19.7%) 24.3% (19.6%) 30.2% 3Q21 3Q22 71.4% (5.8%) 67.2% 16.5% 71.8% 269,828 272,638 61.7% 1.0% 9M21 9M22 9M21 9
Slide 12: Farming Business
FARMING BUSINESS
Slide 13: Farming Business 2022/23 Planting Plan
FARMING BUSINESS 2022/23 PLANTING PLAN 13
Slide 14: Farming & Land Transformation Business Financial Performance
FARMING & LAND TRANSFORMATION BUSINESS FINANCIAL PERFORMANCE Farming & LT Adj. EBITDA 3Q21 vs. 3Q22 (31.1%) ($ ‘000) 3Q21 3Q22 24,763 (57.5%) 17,055 (23.3%) 29.6% 13,696 9,394 7,248 (81.1%) 5,818 2,797 2,144 161 (464) 861 163 Crops Rice Dairy Others Land Transformation Farming & LT Farming & LT Adj.
Slide 15: Financial Review
FINANCIAL REVIEW
Slide 16: Performance Overview
PERFORMANCE OVERVIEW $437 24.8% $ 1,098 $368 $ 970 $315 $342 $327 $305 $ 899 $ 892 $276 (11.0%) $ 822 $ 777 $ 770 335 254 270 562 424 238 253 273 411 247 532 398 576 470 536 546 360 411 380 96 107 124 113 323 300 51 72 73 -22 -20 -20 -19 -22 -16 -18 2017 2018 2019 2020 2021 9M21 9M22 2017 2018 2019
Slide 17: Performance Overview
PERFORMANCE OVERVIEW Liquidity Ratio Cash & Eq + Restricted Short-term Investments + Marketable Inventories ($mn) Short term Short Term Debt ($mn) 1.34x Long Term 1.31x 30% 312 70% 269 Average life of 4.1 years 353 418 2Q22 3Q22 S&E Cash & Equivalents Farming & LT Restricted Short-term Investments N
Slide 18: Thank You!
THANK YOU! Website: ir.adecoagro.com Charlie Boero Hughes - CFO Victoria Cabello - IRO Investor Relations Department chboero@adecoagro.com vcabello@adecoagro.com ir@adecoagro.com TEL: +5411 4836 8804 TEL: +5411 4836 8651