LUXEMBOURG, Nov. 16, 2011 /PRNewswire/ -- Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), one of the leading agricultural companies in South America, announced today its results for the third quarter of 2011. Highlights:
- Adecoagro recorded Adjusted EBITDA of $50.1 million in 3Q11 (adjusted EBITDA margin of 31.0%), representing an 92.2% increase compared to 3Q10 and $125.9 million in 9M11(adjusted EBITDA margin of 31.8%), $85.0 million or 207.4% higher than 9M10.
- 3Q11 Net Income totaled $30.1 million, $49.0 million above 3Q10, driving 9M11 Net Income to $58.1 million, $147.7 million higher than the same period of the previous year.
- Farming and Land Transformation businesses' Adjusted EBITDA grew 121.0% in 3Q11 compared to 3Q10, from $7.1 million to $15.6 million and reached $59.3 million in 9M11, 98.5% higher than previous year. This increase was mainly driven by an expansion in planted area, higher rice and coffee yields and price increases across several agricultural commodities.
- Sugar, Ethanol and Energy business continues to deliver good operating and economic results throughout 2011. Sugarcane crushing grew 7.2% in 3Q11 to a total of 1.78 million tons, generating an Adjusted EBITDA of $42.9 million and an Adjusted EBITDA margin of 50.5%, outperforming 3Q10 by 89.7% and 63.9% respectively.
- The development of the Ivinhema mill in Mato Grosso do Sul is advancing as planned, and is expected to begin milling in 2013.
- During the quarter and the first days of November, Adecoagro expanded its farmland portfolio by incorporating 13,003 new hectares, for a total investment of $47.7 million. This investment represents an attractive opportunity for Adecoagro to continue generating value through the transformation of underproductive land and expanding its production of agricultural commodities. Adecoagro's land portfolio has increased to 295,801 hectares
- As of September 30, 2011, Cushman & Wakefield updated its independent appraisal of Adecoagro's farmland. Adecoagro's farms were valued at $899.1 million, 115.5 million higher than C&W's previous appraisal. This value creation mainly reflects Adecoagro's focus on land transformation and soil productivity improvement through its sustainable production model.
- On August 22, 2011, Adecoagro's soybean operations were certified by the Round Table on Responsible Soybean (RTRS), evidencing the Company's strong commitment to the highest sustainability standards.
To read the full 3Q11 earnings release, please access ir.adecoagro.com. A conference call to discuss 3Q11 results will be held tomorrow with live webcast through the internet:
English Conference Call Nov. 17th, 2011 11 a.m. (US EST)Tel: (877) 317-6776 Participants calling from the US Tel: +1 (412) 317-6776 Participants calling from other countries Access Code: Adecoagro
Investor Relations Department Charlie Boero Hughes CFOHernan Walker IR Manager Email: email@example.com About Adecoagro: Adecoagro is a leading agricultural company in South America. Adecoagro owns over 295 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces over 1 million tons of agricultural products including corn, wheat, soybeans, rice, dairy products, sugar, ethanol and electricity among others. SOURCE Adecoagro S.A.
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