Adecoagro S.a. · NYSE:AGRO
Adecoagro — Q4 2013 Earnings Presentation
18 slides from Adecoagro's earnings presentation, Mar 21, 2014
Slide 1: 4Q13 Results Conference Call
4Q13 Results Conference Call
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
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
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
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
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
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
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
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
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
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
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
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 $3,445 per hectare, representing a 19% premium over the Cushman & Wakefield independent appraisal dated September 3
Slide 14: Adecoagro Consolidated Financial & Operational Overview
Adecoagro Consolidated Financial & Operational Overview Area & Production 2009 2010 2011 2012 2013 YoY Farming Planted Area (hect.) 153,026 183,454 192,207 232,547 217,234 (6.6%) Sugarcane Planted Area (hect.) 49,470 53,799 65,308 85,663 99,409 16% Farming Production (tons) 414,962 618,834 666,589 7
Slide 15: Net Debt
Net Debt 4Q13 Net debt ($ 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
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/
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
Slide 18: Investor Relations
Investor Relations Charlie Boero Hughes CFO Hernan Walker IR Manager E-mail ir@adecoagro.com Website www.adecoagro.com 18