LUXEMBOURG, March 29, 2012 /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 fourth quarter of 2011. Highlights:
- Adecoagro recorded Adjusted EBITDA of $150.1 million in 2011 (adjusted EBITDA margin of 28.3%), representing a 57.8% increase compared to 2010.
- Net income for the 2011 fiscal year reached $56.9 million, $101.7 million higher than in 2010.
- The Farming and Land Transformation businesses' Adjusted EBITDA increased 2.6% in 2011 compared to 2010, from $65.7 million to $67.4 million.
- The Sugar, Ethanol and Energy business delivered solid performance throughout 2011. A total of 4.2 million tons of sugarcane were crushed in our two mills, generating an Adjusted EBITDA of $109.5 million and an Adjusted EBITDA margin of 42.3%, outperforming 2010 by 111.7% and 67.0% respectively.
- Adecoagro completed its planting activities for the 2011/12 harvest year. A total of 232 thousand hectares have been successfully planted, 20.8% higher than the previous harvest year.
- The development of the Ivinhema greenfield mill in Mato Grosso do Sul is advancing as planned. Adecoagro expects Ivinhema to undergo test runs in late 2012 and be ready to commence milling at the start of the 2013 harvest.
- During the fourth quarter of 2011, Adecoagro began the construction of its second free-stall dairy. This new facility will have a capacity of 3,500 milking cows and produce approximately 125 thousand liters of milk per day, over 45 million liters per year.
- Since the start of the 2011/12 planting season, Adecoagro transformed and planted an incremental 13,676 hectares of land that were previously undeveloped. Of this total area, 5,091 hectares correspond to rice land and 8,586 hectares to land for row crops.
- On November 30, 2011, Adecoagro completed the sale of La Alegria farm at a 23.0% premium over the Cushman and Wakefield independent appraisal dated September 2011. The farm sale generated an Adjusted EBITDA of $8.8 million and resulted in an investment with an internal rate of return of 23.2%.
To read the full 4Q11 earnings release, please access ir.adecoagro.com. A conference call to discuss 4Q11 results will be held tomorrow with live webcast through the internet: