Adecoagro S.a. · NYSE:AGRO

Adecoagro — Q4 2013 Earnings Presentation

18 slides from Adecoagro's earnings presentation, Mar 21, 2014

  1. Slide 1: 4Q13 Results Conference Call

    4Q13 Results Conference Call

  2. Slide 2: Sugar, Ethanol & Energy Business Operational Performance

    Sugar, Ethanol & Energy Business Operational Performance 6.4 Sugarcane Crushing +43% Cluster 4.5 UMA 5.3 +29% 1.8 3.5 1.4 1.1 1.5 1.0 1.1 0.3 0.3 4Q12 4Q13 2012 2013 Increase in Crushing Capacity 7.0 6.4 Crushed Cane (million tons) 6.0 5.0 4.5 4.0 3.0 2.0 1.0 0.0 Crushed Cane 2012 Higher Capacity Ut

  3. Slide 3: Rainfall and TRS Evolution

    Rainfall and TRS Evolution Mato Grosso do Sul 2013 Rainfall and TRS Evolution Avg rain 5 years Rain 2013 TRS 2013 TRS Avg 5 years 300 140 135 250 130 200 TRS (kg/ton) Rainfall (mm) 125 150 120 115 100 110 50 105 0 100 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Average TRS (kg/ton) 2013 = 126 A

  4. Slide 4: Sugar, Ethanol and Energy Production

    Sugar, Ethanol & Energy Business Operational Performance Sugar, Ethanol and Energy Production (thousand units) +23% +15% 4Q12 4Q13 +14% 2013 99 80 119 70 68 61 26% Sugar (tons) Ethanol (m3) Energy (MWh) 47% +19% 28% 2012 +26% 2013 +46% 336 282 300 268 239 184 Sugar (tons) Ethanol (m3) Energy (MWh) 4

  5. Slide 5: Sugar, Ethanol and Energy Net Sales

    Sugar, Ethanol & Energy Business Operational Performance Sugar, Ethanol and Energy Net Sales Sugar Sales Volumes & Net Prices (thousand tons) Ethanol Sales Volumes & Net Prices (thousand m3) 486 408 652 557 Average 436 Average Price 389 Price 601 US$/ton 325 US$/m3 507 273 243 178 153 119 96 66 2012

  6. Slide 6: Ethanol Carry Strategy

    Sugar, Ethanol & Energy Business Operational Performance Ethanol Carry Strategy 120,000 1,600 100,000 1,500 Ethanol Price (BRL/m3) 80,000 1,400 Volume (m3) 60,000 1,300 40,000 1,200 20,000 1,100 - 1,000 Apr/13 May/13 Jun/13 Jul/13 Aug/13 Sep/13 Oct/13 Nov/13 Dec/13 Jan/14 Feb/14 Mar/14 Production Sa

  7. Slide 7: Sugar, Ethanol & Energy Financial Performance

    Sugar, Ethanol & Energy Financial Performance Financial Performance Net Sales 4Q13 Adjusted EBITDA & EBITDA Margin 4Q ($ millions) ($ millions) 43% Adjusted 34% Others EBITDA 109 Energy 99 Margin 10 -16% Ethanol 7 Sugar +10% 40 49 42 35 52 50 4Q12 4Q13 4Q12 4Q13 Net Sales FY Adjusted EBITDA & EBITDA

  8. Slide 8: Agricultural Operations

    Sugar, Ethanol & Energy Operational Performance Agricultural Operations Sugarcane Planted Area Sugarcane Plantation (hectares) (hectares) +10% +16% 99,409 85,663 25,764 23,391 2012 2013 12/31/2012 12/31/2013 8

  9. Slide 9: Ivinhema Construction Update

    Sugar, Ethanol & Energy Ivinhema Construction Ivinhema Construction Update Highlights CONSTRUCTION UPDATE  Phase I completed with 2.0 million tons nominal crushing capacity  Phase II will expand to milling capacity to 5.0 million tons per year by 2015, rather than 4.0 million tons as originally pl

  10. Slide 10: Farming Business Operational Performance

    Farming Business Operational Performance 2013/14 Planted Area Evolution (thousand hectares) Farming Production Data Planted Area (hectares) 2013/14 (3) 2012/13 % Chg Soybean 58,959 62,540 (6%) nd Soybean 2 Crop 24,118 29,563 (18%) (1) Corn 45,423 41,205 10% nd Corn 2 Crop 5,106 4,528 13% Wheat (2) 2

  11. Slide 11: 2012/13 vs 2013/14 Monthly Rainfall in Argentina Humid Pampas

    Farming Business Operational Performance 2012/13 vs 2013/14 Monthly Rainfall Evolution in Argentina Humid Pampas 250 Average Monthly Rainfalls (mm) 200 150 100 50 0 Sep Oct Nov Dec Jan Feb 2012/13 2013/14 11

  12. Slide 12: Farming Business Financial Performance

    Farming Business Financial Performance Gross Sales 2013 +1% ($ millions) 2012 2013 322 327 -6% 196 185 +14% 107 +63% 94 -68% 19 31 13 4 Crops Rice Dairy Others Farming Consolidated Adjusted EBITDA 2013 ($ millions) +48% 2012 2013 61 +7% 41 34 37 +161% -69% 13 10 5 4 1 -2 Crops Rice Dairy Others Farm

  13. Slide 13: Land Transformation Business Financial Performance

    Land Transformation Business Financial Performance Farmland Sales i. San Agustin: On November 12, 2013, AGRO sold the San Agustin farm for a total price of $17.5 million, equivalent to $3,445 per hectare, representing a 19% premium over the Cushman & Wakefield independent appraisal dated September 3

  14. Slide 14: Adecoagro Consolidated Financial & Operational Overview

    Adecoagro Consolidated Financial & Operational Overview Area & Production 2009 2010 2011 2012 2013 YoY Farming Planted Area (hect.) 153,026 183,454 192,207 232,547 217,234 (6.6%) Sugarcane Planted Area (hect.) 49,470 53,799 65,308 85,663 99,409 16% Farming Production (tons) 414,962 618,834 666,589 7

  15. Slide 15: Net Debt

    Net Debt 4Q13 Net debt ($ millions) 4Q13 Debt Term Structure 660 539 22% 428 Short term S&E Long Term Farming 232 78% 121 Debt Cash Net debt 4Q13 Debt Currency Structure Total debt as of December 31, 2012, stands 5% at $660 million Our long term debt structure increased Brazilian Reals from 66% in 3

  16. Slide 16: 2014 Outlook

    2014 Outlook ARS/USD Devaluation INCREASE IN IVINHEMA CRUSHING CAPACITY Ivinhema will increase its utilization capacity in 8.5 8 2014 7.5 7 6.5 ARS/USD DEVALUATION 6 The net effect of the devaluation of the Argentine 5.5 peso is positive to our margins and our core 5 4.5 business. 4 2/7/2013 3/25/

  17. Slide 17: 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

  18. Slide 18: Investor Relations

    Investor Relations Charlie Boero Hughes CFO Hernan Walker IR Manager E-mail ir@adecoagro.com Website www.adecoagro.com 18

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