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Adecoagro's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Adecoagro S.A. (AGRO)

Q2 2012 Earnings Call

August 15, 2012, 11:00 a.m. ET


Hernan Walker – Investor Relations Manager

Mariano Bosch – CEO

Charlie. Boero Hughes – CFO

Walter Marcelo Sanchez - CCO


Isabella Simonato – BofA/Merrill Lynch

Giovana Araujo – Itau BBA

Alessandro Baldoni – Deutsche Bank

Rodrigo Mugaburu – Morgan Stanley

Martin Garzaron – City of London Investment Management

[Inaudible] – HSBC Securities

Thiago C. L. Duarte – BTG Pactual

Pedro Richards – Raymond James



Good morning ladies and gentlemen and thank you for waiting. At this time we would like to welcome everyone to Adecoagro’s second quarter 2012 results conference call. Today with us we have Mr. Mariano Bosch, CEO, Mr. Charlie Boero Hughes, CFO and Mr. Hernan Walker, Investor Relations Manager. (Operator Instructions)

Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Adecoagro’s management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events, and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Adecoagro and could cause results to differ materially from those expressed in such forward-looking statements. Now I’ll turn the call over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.

Mariano Busch

Good morning everyone, and thank you for joining Adecoagro’s second quarter ending results call. During this quarter, we started [inaudible] season. We finished [inaudible] of main annual crops, and we are preparing the company for our next agricultural season. On the sugar and ethanol business, because of the high amount of rainfall, we have not been able to crush the amount of cane we expected during this period. Nevertheless, the cane is still in our fields waiting to be harvested. Under normal weather conditions, we should [inaudible] our remaining season, compensating the lower volumes crushed during the second quarter.

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