4Q11 Results Conference Call - Adecoagro IR · 4Q11 Results Conference Call . 2 47.4 64.0 87.5 90.1...
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4Q11 Results Conference Call
Transcript of 4Q11 Results Conference Call - Adecoagro IR · 4Q11 Results Conference Call . 2 47.4 64.0 87.5 90.1...
4Q11 Results Conference Call
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47.464.0
87.5 90.1 92.130.4
21.8
34.6 31.747.8
13.528.7
26.3 28.0
43.2
14.8
17.3
18.1 27.5
31.5
140
153
183192
232
2007/2008 2008/2009 2009/2010 2010/2011 2011/2012
Coffee
Rice
Cotton
Sunflower
Wheat
Corn
Soybean
Farming Business
Operational Performance
Farming Planted Hectares Evolution
(Thousand hectares)
+21%
2
3
90.7 97.0
241.8199.5
158.4 119.4
203.6
169.671.169.9
61.2
92.998.695.0
91.7 172.0
453.4415.0
618.8666.3
2007/2008 2008/2009 2009/2010 2010/2011
Coffee
Rice
Cotton
Sunflower
Wheat
Corn
Soybean
Farming Business
Operational Performance
Farming Production Evolution
(Thousand tons)
+8%
3
4
108.2
61.6
14.3 13.7
197.7
147.9
83.2
19.7 19.9
270.8
Crops Rice Dairy Others Farming Consolidated
33.6
7.1
2.61.5
44.942.6
6.6
3.4
6.0
58.6
Crops Rice Dairy Others Farming Consolidated
Sales 2011 (US$ Millions)
Adjusted EBITDA 2011 (US$ Millions)
+37%
+35%
+38% +45%
+37%
+27%
-7%
+29% +294%
+31%
Farming Business
Financial Performance
2010 2011
35.9
8.2
4Q10 4Q11
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Farming Business
Financial Performance
4Q11 Farming and Land Transformation
Adjusted EBITDA (US$ Millions)
0
100
200
300
400
500
600
700
800
0
20
40
60
80
100
120
140
160
180
200
Apr May Jun Jul Agu Sep Oct Nov Dec Jan Feb
Acc
um
ula
ted
Rai
nfa
ll (m
m)
Mo
nth
ly R
ain
fall
(mm
)
2011/12
Historical Average
2011/12 Harvest Year Rainfalls
49.8
118.8
118.8
205.8
2010 2011
Angelica
UMA
324.7
168.6
6
Crushed cane Million Tons Sugar Production Thousand Tons
Ethanol Production Thousand M3 Exported Energy Thousand MWh
+3% +5%
-7% +46%
Sugar, Ethanol and Energy Production 2011
Sugar, Ethanol & Energy Business
Operational Performance
87.4 77.8
148.3 170.0
2010 2011
Angelica
UMA247.8
235.7
37.8 36.0
136.5125.4
2010 2011
Angelica
UMA161.4
174.3
1.1 1.0
2.9 3.2
2010 2011
Angelica
UMA
4.24.1
51.7
109.5
2010 2011
15.0 24.4
114.8116.6
98.4
130.3
6.0
2010 2011
Others
Sugar
Ethanol
Energy
7
+21%
277.3
228.5
Sugar, Ethanol & Energy Business
Financial Performance
+112%
Sugar, Ethanol and Energy Sales (US$ Millions)
Sugar, Ethanol and Energy Adjusted EBITDA (US$ Millions)
25.3%
42.3% Adjusted EBITDA Margin
7
8
32.6
49.5
53.8
65.3
31/12/2008 31/12/2009 31/12/2010 31/12/2011
8
+21%
Sugar, Ethanol & Energy Business
Operational Performance
1.4
2.2
4.1 4.2
2008 2009 2010 2011
+3%
Sugarcane Plantation (Thousand Hectares)
Sugarcane Crushing (Million tons)
9
25.0 22.6
35.9
8.1
(6.7) (6.7)
S&E
Farming
Corporate
24.1
54.1
(22.4) (26.9)
51.7
109.5
65.7
67.4
Farming
S&E
Corporate
150.1
95.1
Adjusted EBITDA 2011
+58% -55%
-9%
-77% +3%
+112%
Adjusted EBITDA 4Q11
2010 2011 4Q10 4Q11
23.7%
28.3% 39.2%
16.4%
Adjusted EBITDA Margin Adjusted EBITDA Margin
Adecoagro Consolidated Financial Summary
+20% -1%
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Adecoagro Consolidated
Adjusted EBITDA evolution
Adjusted EBITDA 2007 2008 2009 2010 2011
Farming + Land Transformation 58.8 58.6 51.7 65.7 67.4
Sugar, Ethanol and Energy (10.1) (7.0) (26.9) 51.7 109.5
Corporate Expenses (11.4) (23.1) (22.3) (22.4) (26.8)
Total Adjusted EBITDA 37.2 28.5 2.5 95.1 150.1
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164.4 30.2
196.3
330.5
Debt Cash & ST Investments
Net debt
S&E
Farming
Net Debt
4Q11 Debt Currency Structure
4Q11 Net debt ($ Millions) 4Q11 Debt Term Structure
Total debt as of December 31, 2011,
stands at $360.7 million
IDB loan amendment: (i) outstanding
increase of $30.8 million, (ii) reduction
in interest rate, (iii) extended maturity
44%
56%
Short term
Long Term
44%
56%Brazilian Reais
US Dollars
23.8
33.4
2009-2011 Average liters per cow per day
2009-2011 Cow ProductivityGrazing Dairies
Free Stall Unit
Free Stall Dairy Expansion
2012 CAPEX
Dairy Business
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+40%
Successful Implementation of the free stall model Second Free Stall construction ongoing
0.98
1.36
2009-2011 Feed to Milk Conversion Ratio
2009-2011 Feed to Milk Conversion Ratio
Grazing Dairies
Free Stall Unit +39%
Ivinhema Greenfield Update
2012 CAPEX
Sugar, Ethanol & Energy Business
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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,” “continue,”
“estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.
The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii)
the implementation of our business strategy, including our development of the Ivinhema project; (iii) our plans relating to acquisitions, joint ventures,
strategic alliances or divestitures; (iv) the implementation of our financing strategy and capital expenditure plan; (v) the maintenance of our
relationships with customers; (vi) the competitive nature of the industries in which we operate; (vii) the cost and availability of financing; (viii) future
demand for the commodities we produce; (ix) international prices for commodities; (x) the condition of our land holdings; (xi) the development of the
logistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the South American and
world economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan
Peso compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business,
including environmental laws and regulations.
These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-
looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our
expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release
might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to,
inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on
these estimates and forward-looking statements.
The forward-looking statements made in this press release related only to events or information as of the date on which the statements are made in
this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the
statements are made or to reflect the occurrence of unanticipated events.
Disclaimer
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Investor Relations
Charlie Boero Hughes
CFO
Hernan Walker
IR Manager
E-mail [email protected]
Website www.adecoagro.com
