This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Adecoagro Recorded 1Q12 Adjusted EBITDA Of $1.8 Million

LUXEMBOURG, May 15, 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 first quarter ended on March 31, 2012. Highlights:

  • Adecoagro recorded Adjusted EBITDA of $1.8 million in 1Q12, representing an $8.5 million decrease compared to 1Q11.
  • Net income for 1Q12 was $1.3 million, $14.1 million lower than in 1Q11.
  • The Farming and Land Transformation businesses' Adjusted EBITDA in 1Q12 was $12.7 million, $8.1 million lower than 1Q11. This decrease is primarily explained by the drought which impacted our soybean and corn yields in the Humid Pampas and the northwest of Argentina, lower than expected rice yields as a result of cold temperatures during the crop's growth phase and a $2.5 million loss resulting from the mark-to-market of our soybean and corn hedge positions.
  • The Sugar, Ethanol and Energy business underwent the annual inter-harvest maintenance of the mills and equipment in the first quarter. Accordingly, Adjusted EBITDA in 1Q12 reflects the sale of sugar and ethanol inventories, the expenses incurred in sugarcane maintenance and preparation for the next harvest season and hedging results. Inventory sales were significantly higher than 1Q11 and delivered positive margins. Pursuant to our strategy of locking margins and stabilizing cashflow we took advantage of attractive sugar and ethanol pricing opportunities during the end of 2011. As a result of the increase in prices during 1Q12, our operating performance was negatively impacted by an unrealized loss of $5.3 million resulting from the mark-to-market of these open hedge positions. Therefore, Adjusted EBITDA for the quarter was $(4.7) million, $0.7 million better than the same quarter of 2011.
  • Net Income in 1Q12 totaled $1.3 million, $14.1 million less than in 1Q11. This decrease is explained mainly by the drought and low temperatures which impacted our farming operations in Argentina and the mark-to-market of our sugar and ethanol hedges.

To read the full 1Q12 earnings release, please access ir.adecoagro.com. A conference call to discuss 1Q12 results will be held tomorrow with live webcast through the internet:

English Conference Call May 16th, 2012 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 CFO

Hernan Walker IR Manager Email: ir@adecoagro.com Tel: +54 (11)4836-8651

SOURCE Adecoagro S.A.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs