Adecoagro S.a. · NYSE:AGRO
Adecoagro — Q2 2019 Earnings Presentation
17 slides from Adecoagro's earnings presentation, Aug 16, 2019
Slide 1: 2nd Quarter 2019 Earnings Webcast
2nd Quarter 2019 Earnings Webcast August 16, 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: Sugar, Ethanol & Energy Business – Rainfalls & Sugarcane Crushing
Sugar, Ethanol & Energy Business– Rainfalls & Sugarcane Crushing Mato Grosso do Sul Rains (In mm) 10 Y. Avg 996 6M18 846 6M19 624 6M19 624 ∆% (35.4%) ∆% (26.2%) 10 year 298 Avg. 226 233 201 216 182 157 161 162 128 126 100 53 55 47 31 40 18 Jan-18 Jan-19 Feb-18 Feb-19 Mar-18 Mar-19 Abr-18 Abr-19 May-
Slide 5: Operational Metrics - 2Q18 vs. 2Q19 and 6M19 vs. 6M18
Operational Metrics - 2Q18 vs. 2Q19 Operational Metrics - 6M19 vs. 6M18 Operational Metrics 2Q18 2Q19 % Change Operational Metrics 6M18 6M19 % Change Total Days 91 91 0.0% Total Days 181 181 0.0% Effective Milling Days 71 75 5.1% Effective Milling Days 113 118 4.3% Total Crushing (k tons) 3,792 4,03
Slide 6: Yield per Hectare, TRS per Ton, TRS per Hectare
Yield per Hectare TRS per Ton TRS per Hectare (tons/hectare) (kg/hectare) (9.7%) 2.1% (7.8%) 11,404 124 127 10,513 92 83 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 Yield per Hectare TRS per Ton TRS per Hectare (tons/hectare) (kg/hectare) (11.3%) 2.0% (9.6%) 96 11,471 85 10,370 122 120 6M18 6M19 6M18 6M19 6M18 6M
Slide 7: Ethanol Production Mix Evolution and Price Evolution
Price Evolution Ethanol Production Mix Evolution 22.00 (in cts/lb) (in %) 20.00 18.00 6M18 6M19 20% 23% 16.00 Sugar 45% 45% 14.00 3.9% Ethanol 77% 80 12.00 55% 55% 10.00 6M16 6M17 6M18 6M19 Anhydrous MS (cts/lb) Sugar (cts/lb) Hydrous MS (cts/lb) Ethanol Production SE&E EBITDA Distribution (M3) (in
Slide 8: Net Sales 2Q18 vs 2Q19
Ethanol Sales Volume (m3) 15.9 (3.1%) 15.4 Net Sales 2Q18 vs 2Q19 Average 173,940 ($´000) Realized Price (1) 137,653 26.4% cts/lbs 7.5% 110,958 119,318 2Q18 2Q19 Energy Sales Volume (MWh) 67 (26.4%) 23.0% Average 35.9% 49 Realized Price 62,736 77,165 315,884 232,364 Ethanol Sugar Energy 2Q18 2Q19 Su
Slide 9: Production Cost Breakdown
2.6% Production Cost Breakdown (cts/lb) (4.8%) (22.2%) 10.4 9.9 7.7 7.9 2.7 2.1 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 Agricultural Cost Agricultural Cost* Industrial Cost Industrial Cost Total Production Costs Total Production Costs Production Cost Breakdown 2.5% (cts/lb) (3.4%) 11.8 11.4 (21.4%) 9 9.2 2.8
Slide 10: Adjusted EBITDA and Operative Adjusted EBITDA
Adjusted EBITDA Operative Adjusted EBITDA ($´000) ($´000) Other Operating Income Adjusted EBITDA Margin(1) 82.9% Título Changes delValue- in Faire gráfico Unharvested 69.1% 128,874 (12.5%) 3.1% 112,798 13,974 2,836 106,994 110,315 353 35,854 6M18 6M19 6M18 6M19 6M18 6M19 (1) Net of 3rd party commerc
Slide 11: Farming Business
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Slide 12: Farming Production Data
Farming Production Data Planting & Production Planted Area (hectares) 2018/19 Harvested Area Yields (Tons per hectare) (3) 2018/19 2017/18 Chg % Hectares % Harvested Production 2018/19 2017/18 Chg % Soybean 47,690 58,119 (17.9%) 47,679 100.0% 150,362 3.2 2.2 44.5% nd Soybean 2 Crop 25,620 23,150 10.
Slide 13: Farming & Land Transformation Adjusted EBITDA 6M19 vs. 6M18
Farming & Land Transformation Adjusted EBITDA 6M19 vs. 6M18 ($ ´000) (46.9%) 80,031 6M18 6M19 (74.1%) (65.2%) 42,410 36,227 18.4% 24,204 50.2% 17,112 14,456 8,435 9,376 7,443 4,957 187 44 Crops Rice Dairy Others Land Transformation Farming & LT
Slide 14: Financial Performance
Slide 15: Adjusted EBITDA, Net Sales and Production
Adjusted EBITDA Net Sales (MM USD) (MM USD) 56.9% (26.9%) 41.6% 298 315 276 (27.0%) 841 899 216 770 199 649 238 145 2.8% 265 247 167 129 576 470 354 364 375 569 113 201 201 70 54 96 80 274 273 323 300 51 42 153 163 -22 -21 -22 -20 -10 -10 2015 2016 2017 2018 6M18 6M19 2015 2016 2017 2018 6M18 6M19 F
Slide 16: 2Q19 Net Debt and Debt Term Structure
2Q19 Net Debt 2Q19 Debt Term Structure ($ million) S&E Farming Net debt/EBITDA LTM 23% Average life of 5.7 years 913 2.97x 2.34x 77% 670 Short term Long Term 775 729 2Q19 Debt Currency Breakdown Average Interest (1) 9% BRL 4.9% USD 6.1% (1) As of June 30, 2019 243 138 91% Debt Cash Net debt Net debt
Slide 17: Investor relations contacts
Charlie Boero Hughes - CFO Juan Ignacio Galleano - IRO Email: Email: chboero@adecoagro.com jgalleano@adecoagro.com TEL: TEL: +5411 4836 8804 +5411 4836 8624