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|
Sugar, Ethanol & Energy - Highlights
|
|
|
|
|
|
|
$ thousands
|
3Q21
|
3Q20
|
Chg %
|
9M21
|
9M20
|
Chg %
|
Net Sales (1)(2)
|
148,853
|
112,860
|
31.9%
|
378,123
|
236,257
|
60.0%
|
Margin on Manufacturing and Agricultural Act. Before Opex
|
101,315
|
67,626
|
49.8%
|
218,791
|
117,567
|
86.1%
|
Adjusted EBITDA
|
138,088
|
86,406
|
59.8%
|
269,828
|
172,720
|
56.2%
|
Adjusted EBITDA Margin (3)
|
92.8%
|
76.6%
|
21.2%
|
71.4%
|
73.1%
|
(2.4)%
|
|
|
|
|
|
|
|
(1) Net Sales are calculated as Gross Sales net of sales taxes.
Please see “Reconciliation of Non-IFRS measures” starting on page 37 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss.
|
(2) Net Sales in 9M21 include $9.4 million corresponding to the sale of 23.3 thousand tons of soybean planted as cover crop during the implementation of the agricultural technique known as meiosis. No soybean sales were registered in 3Q21. Meiosis is based on planting 2 lines called “mother lines” for every 8 lines left unplanted. Once the sugarcane in the mother lines grow and the cut is made, it is used as muda for the remaining 8 lines. As 20% of the sugarcane is planted first, it is 1 year older than the 80% balance, allowing for cover crops to be planted in the meantime. Planting harvestable cover crops results in lower sugarcane production costs, greater planting efficiency and the potential to monetize additional sales.
|
(3) The higher-than-normal EBITDA margin figure for 3Q21 is explained by the fact that it includes the farming margin captured by the harvest of cane (at a Consecana price 67% higher than in 3Q20) but the cost of final product does not include our carry over stock as it has not been sold yet (165.1 thousand tons of sugar and 185.6 thousand m3 of ethanol). Costs will flow to results once production is sold.
|
Net sales in 3Q21 reached $148.9 million, 31.9% higher compared to 3Q20. This increase was driven by the higher selling volumes of ethanol and energy and by the higher average selling prices of sugar, ethanol and energy (measured both in BRL as well as in U.S. dollars). On a year-to-date basis, net sales reached $378.1 million marking a 60.0% increase, mostly explained by the higher average selling prices of all three products and the higher selling volumes of ethanol and energy.
Adjusted EBITDA during 3Q21 was $138.1 million, $51.7 million or 59.8% higher compared to 3Q20. This was mainly explained by (i) a $36.0 million year-over-year increase in net sales coupled with (ii) a $20.0 million year-over-year gain in the mark-to-market of our harvested cane led by an increase in Consecana prices of 67.0% which fully offset the 5.2% reduction in volume. The increase in Adjusted EBITDA was partially offset by a $25.2 million increase in cost mainly explained by (i) a 28.2% increase in harvested area to make up for the lower productivity of the cane which resulted in higher salaries, higher use of diesel and higher maintenance cost, among others, as well as by (ii) the higher purchased volume of third party cane, bagasse and wood chip.
During 9M21 adjusted EBITDA reached $269.8 million, 56.2% or $97.1 million higher than during the same period of last year. Higher results were explained by (i) a 60.0% increase in net sales, coupled with (ii) a $39.7 million gain derived from the mark-to-market of our sugarcane, mostly related to harvested cane. This was partially offset by an increase in cost combined with a $23.7 million loss in our commodity hedge position and a $8.8 million increase in selling expenses in line with the increase in sales. End of period stocks amounted to over $135 million, marking a 2.3x increase year-over-year, led by our commercial strategy to carry over stocks in order to benefit from higher expected prices.
The table below reflects the breakdown of net sales for the Sugar, Ethanol & Energy business.
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|
Sugar, Ethanol & Energy - Net Sales Breakdown (1)
|
|
|
|
|
|
|
|
|
|
$ thousands
|
|
|
Units
|
|
|
|
($/unit)
|
|
|
3Q21
|
3Q20
|
Chg %
|
|
3Q21
|
3Q20
|
Chg %
|
|
3Q21
|
3Q20
|
Chg %
|
Sugar (tons)(2)
|
46,625
|
64,049
|
(27.2)%
|
|
122,912
|
249,552
|
(50.7)%
|
|
379
|
257
|
47.8%
|
Ethanol (cubic meters)
|
83,424
|
37,637
|
121.7%
|
|
133,078
|
115,703
|
15.0%
|
|
627
|
325
|
92.7%
|
Energy (Mwh)(3)
|
18,805
|
11,174
|
68.3%
|
|
319,048
|
310,834
|
2.6%
|
|
59
|
36
|
64.0%
|
TOTAL(4)
|
148,853
|
112,860
|
31.9%
|
|
|
|
|
|
|
|
|
|
$ thousands
|
|
|
Units
|
|
|
|
($/unit)
|
|
|
9M21
|
9M20
|
Chg %
|
|
9M21
|
9M20
|
Chg %
|
|
9M21
|
9M20
|
Chg %
|
Sugar (tons)(2)
|
143,347
|
98,759
|
45.1%
|
|
383,333
|
392,621
|
(2.4)%
|
|
374
|
252
|
48.7%
|
Ethanol (cubic meters)
|
191,704
|
113,028
|
69.6%
|
|
354,249
|
311,774
|
13.6%
|
|
541
|
363
|
49.3%
|
Energy (Mwh)(3)
|
33,697
|
24,470
|
37.7%
|
|
715,394
|
692,814
|
3.3%
|
|
47
|
35
|
33.4%
|
TOTAL(4)
|
368,748
|
236,257
|
56.1%
|
|
|
|
|
|
|
|
|
(1) Net Sales are calculated as Gross Sales net of ICMS, PIS COFINS, INSS and IPI taxes.
|
(2) There was no commercialization of third party sugar during the nine month period.
|
(3) Includes commercialization of energy from third parties.
|
(4) Total Net Sales does not include the results generated from the sale of soybean planted as cover crop during the implementation of meiosis.
|
As mentioned in our past release, we expected prices to continue to be accentuated in the upcoming months, as the market factored in (i) the impact of continuous dry weather observed in Center-South Brazil (a region responsible for over 80% of the country's sugarcane production) as well as (ii) the impact of the frost. In line with the reduction in Brazil's sugarcane supply and the earlier start of the interharvest period for most mills, we continue to see a constructive price scenario for our products. This is reflected in the increase in our carry-over stocks of both sugar and ethanol. We believe we are in a good position to continue to capture the increase in prices as we still have unhedged TRS for the 21/22 campaign in addition to 90% of sugar and 100% of ethanol production related to the 22/23 campaign.
Sugar sales during 3Q21 reached $46.6 million, 27.2% lower than during the same period of last year. This decrease was driven by a 50.7% decrease in selling volumes partially offset by a 47.8% increase in average prices which reached 17.2 ct/lb. There are two points worth highlighting (i) during 3Q20 we increased the volume of sugar sold as the market for ethanol was fairly illiquid and prices were low due to the pandemic; and (ii) due to our commercial strategy to carry over stocks in order to profit from higher expected prices, stocks of sugar in 3Q21 almost doubled 3Q20 (165.2 thousand tons compared to 87.4 thousand, respectively). On a nine month basis, sugar sales reached $143.3 million, led by a 48.7% increase in average selling prices which fully offset the 2.4% decrease in selling volume.
Net ethanol sales during 3Q21 amounted to $83.4 million, 2.2x higher year-over-year. This was mostly explained by a 92.7% increase in average selling prices measured in U.S. dollars, led by anhydrous ethanol.
During the quarter hydrous and anhydrous ethanol traded at cts/lb 19.2 and cts/lb 21.2, 2.8% and 13.2% premium to sugar, respectively. Despite the lower production of ethanol during the quarter and our aggressive carry over strategy (185.6 thousand m3), ethanol sales volume presented a 15.0% increase compared to 3Q20. This was fully explained by 2020's dynamics, namely the lockdown measures adopted in response to Covid-19 which negatively affected demand for fuels, resulting in a decrease in sales and a stock build up. This also explains why the volume of current inventories is only 8.7% higher than in 3Q20.
On a year-to-date basis ethanol sales were 69.6% higher than during 9M20. This was explained by a 49.3% increase in average selling prices and 13.6% increase in selling volumes.
During the quarter we sold 255.8 thousand CBios under the RenovaBio program at an average price of 46 BRL/CBio (approximately $8.7/CBio) which are registered under the Other Operating Income line. On an accumulated basis, we sold 367.9 thousand CBios during 2021 at 41.6 BRL/CBio (approximately $7.8/CBio).
In the case of energy, net sales in 3Q21 were $18.8 million, 68.3% higher compared to 3Q20. Selling volumes reached 319 thousand MWh, marking a 2.6% year-over-year increase and average selling prices were 64.0% higher than in 3Q20. Driven by the low levels of water in the reservoirs, energy spot prices increased and by increasing our energy production we were able to capture the upside in addition to engaging in high margin operations. Net sales during 9M21 were 37.7% higher year-over-year as a consequence of the increase in selling volume and average selling prices.
As shown in the table below, total production costs excluding depreciation and amortization reached 6.1 cents per pound during 3Q21, 57.3% higher year-over-year. The increase in costs is mostly explained by (i) a 28.2% increase in harvested area to compensate for the reduction in productivity, which resulted in an increase in salaries, fuel consumption and maintenance as well as an increase in cane depreciation in line with the increase in harvested area; (ii) an increase in agricultural partnership costs driven by an increase in Consecana prices; (iii) an increase in the amount of wood chips, bagasse and third party cane purchased; (iv) an increase in the costs of inputs; and (v) a 5.2% reduction in crushing volume which resulted in a lower dilution of fixed costs. On a nine month basis, total production costs are 25.4% higher than during the previous year mostly led by an increase in Consecana prices as well as by a reduction in the nominal depreciation of the Brazilian Real from 39.9% in 9M20 to 4.7% in 9M21.
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|
Sugar, Ethanol & Energy - Production Costs
|
|
|
|
|
|
|
|
|
Total Cost (´000)
|
|
Total Cost per Pound (cts/lbs)
|
|
3Q21
|
3Q20
|
Chg %
|
|
3Q21
|
3Q20
|
Chg %
|
Industrial costs
|
36,858
|
24,657
|
49.5%
|
|
3.2
|
1.9
|
69.3%
|
Industrial costs
|
25,108
|
18,691
|
34.3%
|
|
2.2
|
1.4
|
52.1%
|
Cane from 3rd parties
|
11,750
|
5,966
|
97.0%
|
|
1.0
|
0.5
|
123.1%
|
Agricultural costs
|
89,874
|
66,225
|
35.7%
|
|
7.8
|
5.1
|
53.7%
|
Harvest costs
|
37,357
|
25,786
|
44.9%
|
|
3.2
|
2.0
|
64.1%
|
Cane depreciation
|
25,601
|
18,969
|
35.0%
|
|
2.2
|
1.5
|
52.9%
|
Agricultural Partnership Costs
|
11,612
|
8,844
|
31.3%
|
|
1.0
|
0.7
|
48.7%
|
Maintenance costs
|
15,303
|
12,626
|
21.2%
|
|
1.3
|
1.0
|
37.3%
|
Total Production Costs
|
126,732
|
90,882
|
39.4%
|
|
11.0
|
7.0
|
57.9%
|
Depreciation & Amortization PP&E
|
(56,539)
|
(40,336)
|
40.2%
|
|
(4.9)
|
(3.1)
|
58.8%
|
Total Production Costs (excl D&A)
|
70,193
|
50,546
|
38.9%
|
|
6.1
|
3.9
|
57.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sugar, Ethanol & Energy - Production Costs
|
|
|
|
|
|
|
|
|
Total Cost (´000)
|
|
Total Cost per Pound (cts/lbs)
|
|
9M21
|
9M20
|
Chg %
|
|
9M21
|
9M20
|
Chg %
|
Industrial costs
|
65,557
|
47,088
|
39.2%
|
|
2.5
|
2.0
|
24.3%
|
Industrial costs
|
50,138
|
38,506
|
30.2%
|
|
1.9
|
1.6
|
16.3%
|
Cane from 3rd parties
|
15,419
|
8,581
|
79.7%
|
|
0.6
|
0.4
|
60.4%
|
Agricultural costs
|
197,999
|
144,080
|
37.4%
|
|
7.5
|
6.1
|
22.7%
|
Harvest costs
|
77,750
|
51,676
|
50.5%
|
|
3.0
|
2.2
|
34.3%
|
Cane depreciation
|
52,740
|
36,681
|
43.8%
|
|
2.0
|
1.6
|
28.4%
|
Agricultural Partnership Costs
|
27,203
|
19,660
|
38.4%
|
|
1.0
|
0.8
|
23.5%
|
Maintenance costs
|
40,306
|
36,063
|
11.8%
|
|
1.5
|
1.5
|
(0.2)%
|
Total Production Costs
|
263,556
|
191,168
|
37.9%
|
|
10.0
|
8.1
|
23.1%
|
Depreciation & Amortization PP&E
|
(120,925)
|
(89,594)
|
35.0%
|
|
(4.6)
|
(3.8)
|
20.5%
|
Total Production Costs (excl D&A)
|
142,631
|
101,574
|
40.4%
|
|
5.4
|
4.3
|
25.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sugar, Ethanol & Energy - Changes in Fair Value
|
|
|
|
|
$ thousands
|
3Q21
|
3Q20
|
Chg %
|
9M21
|
9M20
|
Chg %
|
|
Sugarcane Valuation Model current period
|
38,226
|
56,704
|
(32.6)%
|
38,226
|
56,704
|
(32.6)%
|
|
Sugarcane Valuation Model previous period
|
52,577
|
53,902
|
(2.5)%
|
71,506
|
55,355
|
29.2%
|
|
Total Changes in Fair Value
|
(14,352)
|
2,803
|
n.a
|
(33,281)
|
1,349
|
n.a
|
|
|
|
|
|
|
|
|
|
Total Changes in Fair Value of Unharvested Biological Assets (what is currently growing on the fields and will be harvested during the next 12 months) represented a year-over-year loss of $17.2 million during 3Q21. This decrease is attributed to (i) the frost that hit Brazil which negatively affected expected yields and (ii) the increase in costs. These effects were partially offset by an increase in expected prices.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Expenses
|
|
|
|
|
|
|
$ thousands
|
3Q21
|
3Q20
|
Chg %
|
9M21
|
9M20
|
Chg %
|
Corporate Expenses
|
(5,856)
|
(4,929)
|
18.8%
|
(15,609)
|
(13,786)
|
13.2%
|
|
|
|
|
|
|
|
Adecoagro’s corporate expenses include items that have not been allocated to a specific business segment, such as the remuneration of executive officers and headquarters staff, certain professional fees, office lease expenses, among others. As shown in the table above, corporate expenses for 3Q21 were $5.9 million, 18.8% higher than in 3Q20 mainly explained by an increase in costs impacted by an inflation in U.S. dollar terms related to our expenses in Argentina.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Income
|
|
|
|
|
|
|
$ thousands
|
3Q21
|
3Q20
|
Chg %
|
9M21
|
9M20
|
Chg %
|
|
|
|
|
|
|
|
Gain / (Loss) from commodity derivative financial instruments
|
(1,375)
|
(4,397)
|
(68.7)%
|
(14,585)
|
1,344
|
(1,185.2)%
|
|
|
|
|
|
|
|
(Loss) from forward contracts
|
—
|
(666)
|
(100.0)%
|
—
|
(805)
|
(100.0)%
|
Gain from disposal of other property items
|
2,429
|
67
|
3525.4%
|
2,345
|
1,767
|
32.7%
|
Net Gain from FV Adjustment in Investment Property
|
864
|
376
|
129.8%
|
(2,014)
|
1,561
|
(229.0)%
|
Other
|
(1,345)
|
1,841
|
(173.1)%
|
2,850
|
6,194
|
(54.0)%
|
Total
|
573
|
(2,779)
|
n.a
|
(11,404)
|
10,061
|
(213.3)%
|
|
|
|
|
|
|
|
During 9M21 Other Operating Income reported a loss of $11.4 million compared to a gain of $10.1 million during the same period of last year. The year-over-year decrease is mainly attributable to (i) $15.9 million lower result from the mark-to-market of our commodity hedge position mainly attributable to the increase in commodity prices coupled with (ii) $3.6 million loss derived from the fair value adjustment of investment property.
During 3Q21, Other Operating Income registered a year-over-year gain of $3.4 million mainly attributable to a loss in the mark-to-market of our commodity hedge position during 3Q20 caused by an increase in commodity prices namely sugar, soybean and corn.
Adecoagro’s financial performance is affected by the volatile price environment inherent in agricultural commodities. The company uses forward and derivative markets to mitigate swings in commodity prices by locking-in margins and stabilizing cash flows.
The table below shows the average selling price of our hedged production volumes, including volumes that have already been invoiced and delivered, forward contracts with fixed-price and volumes hedged through derivative instruments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Hedge Position - as of September 30, 2021
|
|
|
Consolidated Hedge Position
|
Farming
|
|
|
Avg. FAS Price
|
CBOT FOB
|
Results Booked in FY2021
|
|
|
Volume
|
USD/Ton
|
USD/Bu
|
$ thousand
|
2020/2021 Harvest season
|
|
|
|
|
Soybeans
|
|
133,687
|
343.4
|
1,468.7
|
(450.2)
|
Corn
|
|
200,831
|
183.6
|
663.1
|
(1,307.8)
|
2021/2022 Harvest season
|
|
|
|
|
Soybeans
|
|
23,300
|
337.8
|
1,498.8
|
295.9
|
Corn
|
|
79,800
|
194.7
|
615.1
|
11.2
|
|
|
|
|
|
|
|
|
Consolidated Hedge Position
|
Sugar, Ethanol & Energy
|
|
Avg. FOB Price
|
ICE FOB
|
Results Booked in FY2021
|
|
|
Volume
|
USD/Unit
|
Cents/Lb
|
$ thousand
|
2021/2022 Harvest season
|
|
|
|
|
Sugar (tons)
|
|
401,225
|
339.5
|
15.4
|
(10.0)
|
Ethanol (m3)
|
|
276,979
|
569.5
|
n.a
|
(3.0)
|
Energy (MW/h) (1)
|
724,138
|
57.8
|
n.a
|
—
|
2022/2023 Harvest season
|
|
|
|
|
Sugar (tons)
|
|
43,688
|
431.4
|
19.6
|
(0.4)
|
Ethanol (m3)
|
|
—
|
—
|
—
|
—
|
Energy (MW/h) (1)
|
467,808
|
57.3
|
n.a
|
—
|
(1) Energy prices 2021 and 2022 were converted to USD at an exchange rate of BRL/USD 5.30 and BRL/USD 5.00, respectively.
|
|
|
|
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Financial Results
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$ thousands
|
|
|
|
3Q21
|
3Q20
|
Chg %
|
9M21
|
9M20
|
Chg %
|
Interest Expenses, net
|
|
|
|
(14,857)
|
(12,741)
|
16.6%
|
(43,302)
|
(40,184)
|
7.8%
|
Cash Flow Hedge - Transfer from Equity
|
|
|
|
(17,132)
|
(11,494)
|
49.1%
|
(43,707)
|
(24,629)
|
77.5%
|
FX Gain / (Losses), net
|
|
|
|
(10,504)
|
(11,224)
|
(6.4)%
|
9,611
|
(124,185)
|
n.a
|
Gain/loss from derivative financial Instruments
|
|
|
|
(1,250)
|
547
|
(328.5)%
|
642
|
(1,603)
|
n.a
|
Taxes
|
|
|
|
(3,451)
|
(1,181)
|
192.2%
|
(5,553)
|
(3,626)
|
53.1%
|
Finance Cost - Right-of-use Assets
|
|
|
|
(3,408)
|
(1,844)
|
84.8%
|
(13,372)
|
(8,835)
|
51.4%
|
Inflation accounting effects
|
|
|
|
4,582
|
4,776
|
(4.1)%
|
8,219
|
7,541
|
9.0%
|
Other Expenses, net
|
|
|
|
(992)
|
8,233
|
(112.0)%
|
(7,117)
|
9,249
|
(176.9)%
|
Total Financial Results
|
|
|
|
(47,012)
|
(24,928)
|
88.6%
|
(94,579)
|
(186,272)
|
(49.2)%
|
Net financial results in 9M21 totaled a loss of $94.6 million compared to a loss of $186.3 million in 9M20 while on a quarterly basis it totaled a loss of $47.0 million in 3Q21 compared to a loss of $24.9 million in 3Q20. In both cases, the year-over-year variation is explained by the effect of foreign exchange.
The lines "Fx Net" and "Cash Flow Hedge - Transfer from Equity" reflect the impact of foreign exchange variations on our dollar-denominated monetary assets and liabilities. The $34.1 million loss in 9M21 is explained by our negative net foreign currency position. However, year-over-year it presents a $114.7 million gain explained by a reduction in the nominal depreciation of the Brazilian Real from 39.9% during 9M20 to 4.7% during 9M21 and by a reduction in the nominal depreciation of the Argentine Peso from 27.2% in 9M20 to 17.3% in 9M21. In the case of 3Q21 the $27.6 million loss is also explained by our negative net foreign currency position. In this case, it presents a year-over-year loss of $4.9 million driven by an increase in the nominal depreciation of the Brazilian Real from 3.0% during 3Q20 to 8.7% during 3Q21, partially offset by a reduction in the nominal depreciation of the Argentine Peso from 8.1% in 3Q20 to 3.2% in 3Q21.These results are non-cash in nature and do not affect the net worth of the Company in U.S. dollars.
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Net Debt Breakdown
|
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|
$ thousands
|
3Q21
|
2Q21
|
Chg %
|
3Q20
|
Chg %
|
Farming
|
224,787
|
214,774
|
4.7%
|
195,256
|
15.1%
|
Short term Debt
|
177,212
|
145,639
|
21.7%
|
125,203
|
41.5%
|
Long term Debt
|
47,575
|
69,135
|
(31.2)%
|
70,053
|
(32.1)%
|
Sugar, Ethanol & Energy
|
689,846
|
714,727
|
(3.5)%
|
729,660
|
(5.5)%
|
Short term Debt
|
24,182
|
35,603
|
(32.1)%
|
76,973
|
(68.6)%
|
Long term Debt
|
665,664
|
679,124
|
(2.0)%
|
652,687
|
2.0%
|
Total Short term Debt
|
201,394
|
181,242
|
11.1%
|
202,177
|
(0.4)%
|
Total Long term Debt
|
713,239
|
748,259
|
(4.7)%
|
722,740
|
(1.3)%
|
Gross Debt
|
914,633
|
929,501
|
(1.6)%
|
924,917
|
(1.1)%
|
Cash & Equivalents
|
189,703
|
185,165
|
2.5%
|
213,584
|
(11.2)%
|
Net Debt
|
724,930
|
744,336
|
(2.6)%
|
711,333
|
1.9%
|
EOP Net Debt / Adj. EBITDA LTM
|
1.56x
|
1.81x
|
(14.1)%
|
2.29x
|
(31.9)%
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|
|
|
|
|
|
From a seasonality point of view, the second half of the year has lower working capital requirements, since most of our planting and harvesting costs have already been incurred during the first and second quarter. At the same time, we start selling and collecting income from most of our products.
Adecoagro´s net debt as of September 30, 2021 reached $724.9 million, $19.4 million or 2.6% lower compared to 2Q21. This was explained by the combined effect of a 1.6% reduction in gross debt and a 2.5% increase in our cash position as a consequence of greater collections and lower working capital requirements. However, it is worth highlighting that in line with our commercial strategy to carry stocks to benefit from higher expected prices, marketable inventories in 3Q21 amounted to $213.0 million, $66.0 million or 44.9% higher compared to 2Q21.
On a year-over-year basis, net debt in 3Q21 increased by 1.9% compared to the same period of last year. The 1.1% reduction in gross debt was fully offset by an 11.2% decrease in our cash position. This reduction in our cash position was mostly explained by an increase in marketable inventories of $124.0 million compared to the same period of last year.
Our Net Debt ratio (Net Debt / EBITDA) as of September 30, 2021 reached 1.56x, continuing the downward trend compared to both 2Q21 and 3Q20, marking a reduction of 14.1% and 31.9%, respectively. This was mostly explained by higher adjusted EBITDA during the last twelve months. We believe that our balance sheet
is in a healthy position based not only on the adequate overall debt levels but also on the terms of our indebtedness, most of which is long-run debt.
The Company has full capacity to repay short term debt with its cash balances, as shown by our Liquidity ratio above 1.0x. As of September 30, 2021, our Liquidity ratio (Cash & Equivalents + Marketable Inventories / Short Term Debt) reached 2.00x, 8.9% above 2Q21's ratio of 1.84x and 33.8% higher than 3Q20's ratio of 1.49x.
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Capital Expenditures & Investments
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|
$ thousands
|
3Q21
|
3Q20
|
Chg %
|
9M21
|
9M20
|
Chg %
|
Farming & Land Transformation
|
7,986
|
4,209
|
89.8%
|
26,694
|
15,171
|
76.0%
|
Expansion
|
4,426
|
3,376
|
31.1%
|
16,931
|
12,368
|
36.9%
|
Maintenance
|
3,560
|
832
|
327.7%
|
9,763
|
2,802
|
248.4%
|
Sugar, Ethanol & Energy
|
48,060
|
21,077
|
128.0%
|
131,583
|
112,261
|
17.2%
|
Maintenance
|
33,927
|
11,204
|
202.8%
|
97,119
|
81,269
|
19.5%
|
Planting
|
15,269
|
8,232
|
85.5%
|
36,485
|
28,535
|
27.9%
|
Industrial & Agricultural Machinery
|
18,658
|
2,972
|
527.7%
|
60,634
|
52,734
|
15.0%
|
Expansion
|
14,133
|
9,872
|
43.2%
|
34,464
|
30,992
|
11.2%
|
Planting
|
8,837
|
9,188
|
(3.8)%
|
25,114
|
25,494
|
(1.5)%
|
Industrial & Agricultural Machinery
|
5,295
|
684
|
674.0%
|
9,350
|
5,498
|
70.1%
|
Total
|
56,046
|
25,285
|
121.7%
|
158,276
|
127,431
|
24.2%
|
|
|
|
|
|
|
|
Adecoagro´s capital expenditures totaled $56.0 million in 3Q21, 121.7% higher compared to the same period of last year, while 9M21 amounted to $158.3 million, 24.2% higher than 9M20.
The Sugar, Ethanol and Energy business accounted for 85.8% or $48.1 million of total capex in 3Q21, representing an increase of 2.3x compared to 3Q20. Maintenance capex increased by 3.0x mainly related to the impact of the adverse weather conditions on our sugarcane plantation. In this regard, we incurred in additional replanting costs as well as in the purchase of five two-line harvesters and three one-line harvesters to accelerate harvesting activities and thus prevent cane from further deteriorating. Expansion capex increased by 43.2% as it includes, among others, (i) a portion of the investment in the peneira molecular to increase our capacity to dehydrate ethanol, and (ii) investments in the biogas project which, once fully operative, will produce enough biomethane to replace our whole diesel consumption. Year-to-date capital expenditure was 17.2% higher than in 9M20 mostly driven by the third quarter dynamics.
Farming & Land Transformation businesses accounted for 14.2%, or $8.0 million of total capex in 3Q21, presenting a year-over-year increase of 89.8%. This increase is mainly explained by the acquisition and replacement of vehicles and machinery, minor investments in expanding the capacity of one of our rice handling and conditioning facilities and improvements in our peanut facility's finished product storage, among others. Year-to-date total capex in the Farming & Land Transformation businesses increased by 76.0% compared to 9M20 also explained by minor investments to improve the efficiency and sustainability of our operations.
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|
End of Period Inventories
|
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|
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|
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|
|
|
|
Volume
|
|
thousand $
|
Product
|
Metric
|
9M21
|
9M20
|
% Chg
|
|
9M21
|
9M20
|
% Chg
|
Soybean
|
tons
|
43,525
|
19,753
|
120.3%
|
|
14,338
|
4,524
|
217.0%
|
Corn (1)
|
tons
|
82,970
|
34,098
|
143.3%
|
|
16,035
|
5,014
|
219.8%
|
Wheat (2)
|
tons
|
20,976
|
8,035
|
161.1%
|
|
4,558
|
1,473
|
209.5%
|
Sunflower
|
tons
|
4,185
|
930
|
350.0%
|
|
2,523
|
699
|
261.1%
|
Cotton
|
tons
|
1,359
|
853
|
59.3%
|
|
2,569
|
680
|
277.9%
|
Rice (3)
|
tons
|
47,551
|
18,127
|
162.3%
|
|
13,273
|
3,431
|
286.8%
|
Peanut
|
tons
|
13,798
|
10,295
|
34.0%
|
|
11,911
|
8,660
|
37.5%
|
Organic Sugar
|
tons
|
7,298
|
8,721
|
(16.3)%
|
|
2,693
|
1,956
|
37.7%
|
Sugar
|
tons
|
157,851
|
78,727
|
100.5%
|
|
49,915
|
13,642
|
265.9%
|
Ethanol
|
m3
|
185,654
|
170,780
|
8.7%
|
|
82,504
|
43,151
|
91.2%
|
Fluid Milk
|
Th Lts
|
6,328
|
5,740
|
10.2%
|
|
3,243
|
2,184
|
48.5%
|
Powder Milk
|
tons
|
2,466
|
941
|
162.0%
|
|
7,754
|
2,261
|
243.0%
|
Cheese
|
tons
|
219
|
—
|
n.m
|
|
888
|
—
|
n.m
|
Others
|
tons
|
1,644
|
1,592
|
3.3%
|
|
751
|
803
|
(6.5)%
|
Total
|
|
575,823
|
358,592
|
60.6%
|
|
212,954
|
88,478
|
140.7%
|
(1) Includes sorghum
(2) Includes barley
(3) Expressed in white rice equivalent
Variations in inventory levels between 9M21 and 9M20 are attributable to changes in (i) production volumes resulting from changes in planted area, (ii) production mix between different crops and in yields obtained; (iii) different percentage of area harvested during the period; and (iv) commercial strategy or selling pace for each product.
◦After a sharp increase in August, sugar price found an equilibrium throughout the quarter. Indian producers started to sell their raw sugar for future delivery at the high end of the price range, while destination countries had also priced when market presented an opportunity to do so. Poor Brazilian crop and forecasted implications for 2022 remains the main market driver. The trade flow looks tight for the coming months and any additional shock in supply has a potential to increase prices. During 3Q21 prices were, on average, 11% higher than 2Q21 and 52% higher than in 3Q20, according to ICE futures (Sugar #11). Looking forward, the market will remain supported by the need for Indian exports and concerns about Brazil's 2022 crop, as summer rains will be especially important. Sugar price will also be underpinned by the need to trade at an attractive premium over ethanol parity, which is expected to remain firm.
◦Ethanol market during 3Q21 was marked by further price increases. The rise continues to reflect the tightness in supply caused by a poor crop and recovering fuel demand. According to the ESALQ index, hydrous and anhydrous prices increased 11% and 13%, respectively, compared to the previous quarter. On a year-over-year basis, hydrous and anhydrous prices posted a substantial improvement of 81% and 83%, respectively. The vast majority of mills will finish the current harvest earlier than usual, which means lower ethanol stocks for the intercrop period. Price shall pursuit a level that reflects not only the inventory levels but also the improvement in the international fuel market. As a result, we expect prices to remain firm at least until 2Q22. Looking ahead to 2022, with only a modest recovery in the crop expected in 22/23, it seems that ethanol will provide a firm support for sugar prices and the competition between both products for the TRS should be strong.
◦Under Brazil's RenovaBio program, approximately 10.7 million CBios were sold during 3Q21 to fuel distributors. On a year-to-date basis, volume sold amounted to 20.9 million CBios at an average price of 34.2 BRL/CBio (approximately $6.4/CBio). CBios prices are still in sharp contrast with EU credits which stand at $69.2/Mt of carbon and Californian credits at $165/Mt.
◦Energy spot prices in the southeast region of Brazil during 3Q21 were 604% higher than during the same period of last year. During July, August and September, energy prices were 583.9 BRL/MWh, 583.9 BRL/MWh and 577.3 BRL/MWh, respectively. In October the PLD (Preço de Liquidação das Diferenças or settlement price for differences) decreased to levels of 200.0 BRL/MWh (ceiling price) as a result of the recent rains. Consumption showed an increase of 6.9% when compared to last year, according to CCEE. The level of the southeast reservoirs was 17% by the end of September, 14% lower than the same period of 2020.
◦During 3Q21, soybean prices traded 10% lower at CBOT compared to 2Q21 while corn prices traded 9% lower. Weaker prices were driven by (i) an increase in USA's ending stocks compared to previous estimations as production was confirmed to be higher than last year, and (ii) a lower expected impact from La Niña in Brazil and Argentina. Weaker dollar and firm energy prices prevented the market from dropping further. Over this period, funds' net positions remained net long on corn and soybean. Prices at the local market traded 5% higher on soybean and 3% higher on corn compared to 2Q21. The market was supported by an increase in soybean crushing of 14% compared to last year and an increase in corn exports of 11% compared to last year.
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Forward-looking Statements
|
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 impact of the COVID-19 pandemic, weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy, including the expansion of our sugarcane cluster in Mato Grosso do Sul and other current projects; (v) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures, including our recent acquisitions in the Dairy business; (vi) the implementation of our financing strategy, capital expenditure plan and distribution policy; (vii) the maintenance of our relationships with customers; (viii) the competitive nature of the industries in which we operate; (ix) the cost and availability of financing; (x) future demand for the commodities we produce; (xi) international prices for commodities; (xii) the condition of our land holdings; (xiii) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Reais, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in the registrant’s other filings and submissions with the United States Securities and Exchange Commission.
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.
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Reconciliation of Non-IFRS measures
|
To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures in this press release:
•Adjusted EBITDA
•Adjusted EBIT
•Adjusted EBITDA margin
•Net Debt
•Net Debt to Adjusted EBITDA
•Adjusted Net Income
In this section, we provide an explanation and a reconciliation of each of our non-IFRS financial measures to their most directly comparable IFRS measures. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS.
We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management for financial and operational decision making and as a means to evaluate period-to-period.
There are limitations associated with the use of non-IFRS financial measures as an analytical tool. In particular, many of the adjustments to our IFRS financial measures reflect the exclusion of items, such as depreciation and amortization, changes in fair value and the related income tax effects of the aforementioned exclusions and exchange differences generated by the net liability monetary position in USD in the countries where the functional currency is the local currency, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes.
Adjusted EBITDA, Adjusted EBIT & Adjusted EBITDA margin
Our Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDA for each of our operating segments. We define “Adjusted Consolidated EBITDA” as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets, net gain from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results; (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders' equity, including (a) the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of non-controlling interests in subsidiaries” and (b) the net increase in value of sold
farmland, which has been recognized in either revaluation surplus of retained earnings which is reflected in the Shareholders’ equity under the line item “Reverse of revaluation surplus derived from the disposals of assets; and (iv) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations. (See Item 5. “Operating and Financial Review and Prospects - A. Operating Results - Critical Accounting Policies and Estimates" in our Annual Report on Form 20-F for the year ended December 31, 2018)
We define “Adjusted Segment EBITDA” for each of our operating segments as (i) the segment’s share of consolidated profit (loss) from operations before financing and taxation as per segment information for the year, as applicable, before depreciation of property, plant and equipment and amortization of intangible assets; and (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders' equity, including (a) the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of non-controlling interests in subsidiaries” and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus of retained earnings which is reflected in the Shareholders’ equity under the line item “Reverse of revaluation surplus derived from the disposals of assets;. and (iv) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations.
We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are important measures of operating performance for our company and each operating segment, respectively, because they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation of property plan and equipment and amortization of intangible assets), tax consequences (income taxes), foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can also evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment’s profit from operations before financing and taxation and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our company’s operating performance, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate the financial performance of our company and other companies in the agricultural industry. These non-IFRS measures should be considered in addition to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information.
Reconciliation of both Adjusted EBITDA and Adjusted EBIT starts on page 29.
Net Debt & Net Debt to Adjusted EBITDA
Net debt is defined as the sum of long- and short-term debt less cash and cash equivalents. This measure is widely used by management and investment analysts and we believe it shows the financial strength of the Company
Management is consistently tracking our leverage position and our ability to repay and service our debt obligations over time. We have therefore set a leverage ratio target that is measured by net debt divided by Adjusted EBITDA.
We believe that this metric provides useful information to investors because management uses it to manage our debt-equity ratio in order to promote access to debt financing instruments in the capital markets and our ability to meet scheduled debt service obligations.
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|
|
Reconciliation - Net Debt
|
|
|
|
|
|
$ thousands
|
9M21
|
6M21
|
Chg %
|
9M20
|
Chg %
|
Total Borrowings
|
914,633
|
929,501
|
(1.6)%
|
924,917
|
(1.1)%
|
Cash and Cash equivalents
|
189,703
|
185,165
|
2.5%
|
213,584
|
(11.2)%
|
Net Debt
|
724,930
|
744,336
|
(2.6)%
|
711,333
|
1.9%
|
Adjusted Net Income
We define Adjusted Net Income as (i) Profit/ (Loss) of the period/year before net gain from fair value adjustments of investment property land; plus (ii) any non-cash finance costs resulting from foreign exchange gain/losses for such period, which are composed by both Exchange Differences and Cash Flow Hedge Transfer from Equity, included in Financial Results, net, in our statement of income; net of the related income tax effects, plus (iii) gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, which are reflected in our Shareholders Equity under the line item. “Reserve from the sale of non-controlling interests in subsidiaries”, plus (iv) the reversal of the aforementioned income tax effect, plus (v) any inflation accounting effect; plus (vi) the net increase in value of sold farmland, which has been recognized in either Revaluation surplus or Retained earnings.
We believe that Adjusted Net Income is an important measure of performance for our company allowing investors to properly assess the impact of the results of our operations in our Equity. In effect, results arising from the revaluation effect of our net monetary position held in foreign currency in the countries where our functional currency is the local currency do not affect the Equity of the Company, when measured in foreign / reporting currency. Conversely, the tax effect resulting from the aforementioned revaluation effect does impact
the Equity of the Company, since it reduces/increases the income tax to be paid in each country; which is why we decided to add back the income tax effect to the Adjusted Net Income considering this tax effect.
In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can also include the full value and returns generated by our land transformation activities.
Other companies may calculate Adjusted Net Income differently, and therefore our Adjusted Net Income may not be comparable to similarly titled measures used by other companies. Adjusted Net Income is not a measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss). This non-IFRS measure should be considered in addition to, but not as a substitute for or superior to, the information contained in our financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
|
|
|
|
|
|
|
$ thousands
|
3Q21
|
3Q20
|
Chg %
|
9M21
|
9M20
|
Chg %
|
Net Income/(Loss)
|
36,963
|
20,267
|
82.4%
|
71,964
|
(46,238)
|
n.a
|
Foreign exchange losses, net
|
10,504
|
11,224
|
(6.4)%
|
(9,611)
|
124,185
|
(107.7)%
|
Cash flow hedge - transfer from equity
|
17,132
|
11,494
|
49.1%
|
43,707
|
24,629
|
77.5%
|
Inflation Accounting Effects
|
(4,582)
|
(4,776)
|
(4.1)%
|
(8,219)
|
(7,541)
|
9.0%
|
Revaluation Result - Investment Property
|
(864)
|
(376)
|
129.8%
|
2,014
|
(1,561)
|
n.a
|
Revaluation surplus of farmland sold
|
—
|
—
|
n.a
|
—
|
8,008
|
(100.0)%
|
Adjusted Net Income
|
59,153
|
37,833
|
56.4%
|
99,855
|
101,482
|
(1.6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA & Adjusted EBITDA Reconciliation to Profit/Loss - 3Q21
|
|
|
|
|
|
|
|
|
|
$ thousands
|
|
Crops
|
Rice
|
Dairy
|
Others
|
Farming
|
|
Sugar, Ethanol & Energy
|
|
Land Transformation
|
|
Corporate
|
|
Total
|
Sales of goods and services rendered
|
|
76,145
|
31,687
|
51,150
|
598
|
159,580
|
|
157,372
|
|
—
|
|
—
|
|
316,952
|
Cost of goods sold and services rendered
|
|
(67,409)
|
(26,897)
|
(43,763)
|
(468)
|
(138,537)
|
|
(99,348)
|
|
—
|
|
—
|
|
(237,885)
|
Initial recog. and changes in FV of BA and agricultural produce
|
|
13,952
|
1,920
|
5,700
|
123
|
21,695
|
|
43,293
|
|
—
|
|
—
|
|
64,988
|
Gain from changes in NRV of agricultural produce after harvest
|
|
(1,075)
|
—
|
—
|
—
|
(1,075)
|
|
(2)
|
|
—
|
|
—
|
|
(1,077)
|
Margin on Manufacturing and Agricultural Act. Before Opex
|
|
21,613
|
6,710
|
13,087
|
253
|
41,663
|
|
101,315
|
|
—
|
|
—
|
|
142,978
|
General and administrative expenses
|
|
(2,617)
|
(2,221)
|
(1,409)
|
(31)
|
(6,278)
|
|
(4,528)
|
|
—
|
|
(6,053)
|
|
(16,859)
|
Selling expenses
|
|
(6,636)
|
(3,821)
|
(6,428)
|
(92)
|
(16,977)
|
|
(14,232)
|
|
—
|
|
(46)
|
|
(31,255)
|
Other operating income, net
|
|
(295)
|
94
|
(23)
|
864
|
640
|
|
(1,003)
|
|
861
|
|
75
|
|
573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from Operations Before Financing and Taxation
|
|
12,065
|
762
|
5,227
|
994
|
19,048
|
|
81,552
|
|
861
|
|
(6,024)
|
|
95,437
|
Net loss from Fair value adjustment of Investment property
|
|
—
|
—
|
—
|
(864)
|
(864)
|
|
—
|
|
—
|
|
—
|
|
(864)
|
Adjusted EBIT
|
|
12,065
|
762
|
5,227
|
130
|
18,184
|
|
81,552
|
|
861
|
|
(6,024)
|
|
94,573
|
(-) Depreciation and Amortization
|
|
1,631
|
2,035
|
2,021
|
31
|
5,718
|
|
56,536
|
|
—
|
|
168
|
|
62,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
13,696
|
2,797
|
7,248
|
161
|
23,902
|
|
138,088
|
|
861
|
|
(5,856)
|
|
156,995
|
Reconciliation to Profit/(Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156,995
|
(+) Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(62,422)
|
(+) Financial result, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(47,012)
|
(+) Revaluation Result - Investment Property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
864
|
(+) Income Tax (Charge)/Benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,265)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(+) Translation Effect (IAS 21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,803
|
Profit/(Loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,963
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA & Adjusted EBITDA Reconciliation to Profit/Loss - 3Q20
|
|
|
|
|
|
|
|
|
|
$ thousands
|
|
Crops
|
Rice
|
Dairy
|
Others
|
Farming
|
|
Sugar, Ethanol & Energy
|
|
Land Transformation
|
|
Corporate
|
|
Total
|
Sales of goods and services rendered
|
|
54,680
|
26,583
|
37,554
|
666
|
119,483
|
|
118,508
|
|
—
|
|
—
|
|
237,991
|
Cost of goods sold and services rendered
|
|
(46,579)
|
(17,445)
|
(31,533)
|
(569)
|
(96,126)
|
|
(74,143)
|
|
—
|
|
—
|
|
(170,269)
|
Initial recog. and changes in FV of BA and agricultural produce
|
|
5,491
|
438
|
3,611
|
4
|
9,544
|
|
23,261
|
|
—
|
|
—
|
|
32,805
|
Gain from changes in NRV of agricultural produce after harvest
|
|
(39)
|
—
|
1
|
—
|
(38)
|
|
—
|
|
—
|
|
—
|
|
(38)
|
Margin on Manufacturing and Agricultural Act. Before Opex
|
|
13,553
|
9,576
|
9,633
|
101
|
32,863
|
|
67,626
|
|
—
|
|
—
|
|
100,489
|
General and administrative expenses
|
|
(1,848)
|
(1,688)
|
(1,254)
|
(29)
|
(4,819)
|
|
(3,865)
|
|
—
|
|
(4,867)
|
|
(13,551)
|
Selling expenses
|
|
(4,693)
|
(3,509)
|
(3,681)
|
(99)
|
(11,982)
|
|
(14,778)
|
|
—
|
|
(41)
|
|
(26,801)
|
Other operating income, net
|
|
(2,653)
|
58
|
96
|
376
|
(2,123)
|
|
(2,913)
|
|
2,346
|
|
(89)
|
|
(2,779)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from Operations Before Financing and Taxation
|
|
4,359
|
4,437
|
4,794
|
349
|
13,939
|
|
46,070
|
|
2,346
|
|
(4,997)
|
|
57,358
|
Net gain from Fair value adjustment of Investment property
|
|
—
|
—
|
—
|
(376)
|
(376)
|
|
—
|
|
—
|
|
—
|
|
(376)
|
Adjusted EBIT
|
|
4,359
|
4,437
|
4,794
|
(27)
|
13,563
|
|
46,070
|
|
2,346
|
|
(4,997)
|
|
56,982
|
(-) Depreciation and Amortization
|
|
1,451
|
1,664
|
1,594
|
33
|
4,742
|
|
40,336
|
|
—
|
|
68
|
|
45,146
|
Reverse of revaluation surplus derived from the disposals of assets
|
|
—
|
—
|
—
|
—
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Adjusted EBITDA
|
|
5,810
|
6,101
|
6,388
|
6
|
18,305
|
|
86,406
|
|
2,346
|
|
(4,929)
|
|
102,128
|
Reconciliation to Profit/(Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102,128
|
(+) Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(45,146)
|
(+) Financial result, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(24,928)
|
(+) Revaluation Result - Investment Property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
376
|
(+) Income Tax (Charge)/Benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,925)
|
(-) Reverse of revaluation surplus derived from the disposals of assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
(+) Translation Effect (IAS 21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(238)
|
Profit/(Loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA & Adjusted EBITDA Reconciliation to Profit/Loss - 9M21
|
|
|
|
|
|
|
|
|
|
$ thousands
|
|
Crops
|
Rice
|
Dairy
|
Others
|
Farming
|
|
Sugar, Ethanol & Energy
|
|
Land Transformation
|
|
Corporate
|
|
Total
|
Sales of goods and services rendered
|
|
162,973
|
90,501
|
124,635
|
1,451
|
379,560
|
|
397,618
|
|
—
|
|
—
|
|
777,178
|
Cost of goods sold and services rendered
|
|
(144,139)
|
(73,913)
|
(106,001)
|
(1,065)
|
(325,118)
|
|
(248,446)
|
|
—
|
|
—
|
|
(573,564)
|
Initial recog. and changes in FV of BA and agricultural produce
|
|
52,800
|
36,328
|
13,062
|
(285)
|
101,905
|
|
71,148
|
|
—
|
|
—
|
|
173,053
|
Gain from changes in NRV of agricultural produce after harvest
|
|
(8,090)
|
—
|
—
|
—
|
(8,090)
|
|
(1,529)
|
|
—
|
|
—
|
|
(9,619)
|
Margin on Manufacturing and Agricultural Act. Before Opex
|
|
63,544
|
52,916
|
31,696
|
101
|
148,257
|
|
218,791
|
|
—
|
|
—
|
|
367,048
|
General and administrative expenses
|
|
(6,543)
|
(6,298)
|
(3,888)
|
(91)
|
(16,820)
|
|
(14,490)
|
|
—
|
|
(15,792)
|
|
(47,102)
|
Selling expenses
|
|
(13,995)
|
(11,977)
|
(14,000)
|
(157)
|
(40,129)
|
|
(40,166)
|
|
—
|
|
(151)
|
|
(80,446)
|
Other operating income, net
|
|
271
|
295
|
(117)
|
(2,122)
|
(1,673)
|
|
(15,224)
|
|
5,592
|
|
(99)
|
|
(11,404)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from Operations Before Financing and Taxation
|
|
43,277
|
34,936
|
13,691
|
(2,269)
|
89,635
|
|
148,911
|
|
5,592
|
|
(16,042)
|
|
228,096
|
Net loss from Fair value adjustment of Investment property
|
|
—
|
—
|
—
|
2,014
|
2,014
|
|
—
|
|
—
|
|
—
|
|
2,014
|
Adjusted EBIT
|
|
43,277
|
34,936
|
13,691
|
(255)
|
91,649
|
|
148,911
|
|
5,592
|
|
(16,042)
|
|
230,110
|
(-) Depreciation and Amortization
|
|
4,595
|
5,796
|
5,633
|
95
|
16,119
|
|
120,917
|
|
—
|
|
433
|
|
137,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
47,872
|
40,732
|
19,324
|
(160)
|
107,768
|
|
269,828
|
|
5,592
|
|
(15,609)
|
|
367,579
|
Reconciliation to Profit/(Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
367,579
|
(+) Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(137,469)
|
(+) Financial result, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(94,579)
|
(+) Revaluation Result - Investment Property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,014)
|
(+) Income Tax (Charge)/Benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(68,811)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(+) Translation Effect (IAS 21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,258
|
Profit/(Loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA & Adjusted EBITDA Reconciliation to Profit/Loss - 9M20
|
|
|
|
|
|
|
|
|
|
$ thousands
|
|
Crops
|
Rice
|
Dairy
|
Others
|
Farming
|
|
Sugar, Ethanol & Energy
|
|
Land Transformation
|
|
Corporate
|
|
Total
|
Sales of goods and services rendered
|
|
140,222
|
84,469
|
102,698
|
1,254
|
328,643
|
|
251,620
|
|
—
|
|
—
|
|
580,263
|
Cost of goods sold and services rendered
|
|
(126,670)
|
(62,347)
|
(88,642)
|
(946)
|
(278,605)
|
|
(165,447)
|
|
—
|
|
—
|
|
(444,052)
|
Initial recog. and changes in FV of BA and agricultural produce
|
|
29,867
|
18,168
|
10,386
|
(316)
|
58,105
|
|
31,394
|
|
—
|
|
—
|
|
89,499
|
Gain from changes in NRV of agricultural produce after harvest
|
|
5,193
|
—
|
—
|
—
|
5,193
|
|
—
|
|
—
|
|
—
|
|
5,193
|
Margin on Manufacturing and Agricultural Act. Before Opex
|
|
48,612
|
40,290
|
24,442
|
(8)
|
113,336
|
|
117,567
|
|
—
|
|
—
|
|
230,903
|
General and administrative expenses
|
|
(4,903)
|
(4,967)
|
(3,618)
|
(89)
|
(13,577)
|
|
(11,634)
|
|
—
|
|
(13,842)
|
|
(39,053)
|
Selling expenses
|
|
(14,085)
|
(11,518)
|
(10,761)
|
(155)
|
(36,519)
|
|
(31,313)
|
|
—
|
|
(170)
|
|
(68,002)
|
Other operating income, net
|
|
(8,450)
|
534
|
(292)
|
1,555
|
(6,653)
|
|
8,506
|
|
8,275
|
|
(67)
|
|
10,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit from Operations Before Financing and Taxation
|
|
21,174
|
24,339
|
9,771
|
1,303
|
56,587
|
|
83,126
|
|
8,275
|
|
(14,079)
|
|
133,909
|
Net gain from Fair value adjustment of Investment property
|
|
—
|
—
|
—
|
(1,561)
|
(1,561)
|
|
—
|
|
—
|
|
—
|
|
(1,561)
|
Adjusted EBIT
|
|
21,174
|
24,339
|
9,771
|
(258)
|
55,026
|
|
83,126
|
|
8,275
|
|
(14,079)
|
|
132,348
|
(-) Depreciation and Amortization
|
|
4,092
|
5,196
|
4,804
|
105
|
14,197
|
|
89,594
|
|
—
|
|
293
|
|
104,084
|
Reverse of revaluation surplus derived from the disposals of assets
|
|
—
|
—
|
—
|
—
|
|
|
—
|
|
8,008
|
|
—
|
|
8,008
|
Adjusted EBITDA
|
|
25,266
|
29,535
|
14,575
|
(153)
|
69,223
|
|
172,720
|
|
16,283
|
|
(13,786)
|
|
244,440
|
Reconciliation to Profit/(Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244,440
|
(+) Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(104,084)
|
(+) Financial result, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(186,272)
|
(+) Revaluation Result - Investment Property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,561
|
(+) Income Tax (Charge)/Benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,870
|
(-) Reverse of revaluation surplus derived from the disposals of assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,008)
|
(+) Translation Effect (IAS 21)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,745)
|
Profit/(Loss) for the Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(46,238)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Income
|
|
|
|
|
|
|
|
|
|
|
|
$ thousands
|
3Q21
|
|
3Q20
|
|
Chg %
|
|
9M21
|
|
9M20
|
|
Chg %
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of goods and services rendered
|
325,616
|
|
236,732
|
|
37.5%
|
|
790,177
|
|
574,715
|
|
37.5%
|
Cost of goods sold and services rendered
|
(244,706)
|
|
(169,303)
|
|
44.5%
|
|
(583,507)
|
|
(439,546)
|
|
32.8%
|
Initial recognition and changes in fair value of biological assets and agricultural produce
|
70,435
|
|
32,520
|
|
116.6%
|
|
182,885
|
|
87,300
|
|
109.5%
|
Changes in net realizable value of agricultural produce after harvest
|
(1,507)
|
|
(65)
|
|
2,218.5%
|
|
(10,313)
|
|
5,108
|
|
(301.9)%
|
Margin on manufacturing and agricultural activities before operating expenses
|
149,838
|
|
99,884
|
|
50.0%
|
|
379,242
|
|
227,577
|
|
66.6%
|
General and administrative expenses
|
(18,121)
|
|
(13,390)
|
|
35.3%
|
|
(49,216)
|
|
(38,261)
|
|
28.6%
|
Selling expenses
|
(32,775)
|
|
(26,606)
|
|
23.2%
|
|
(82,821)
|
|
(67,087)
|
|
23.5%
|
Other operating income, net
|
299
|
|
(2,768)
|
|
(110.8)%
|
|
(11,851)
|
|
9,935
|
|
(219.3)%
|
Profit from operations before financing and taxation
|
99,241
|
|
57,120
|
|
73.7%
|
|
235,354
|
|
132,164
|
|
78.1%
|
Finance income
|
(9,522)
|
|
11,147
|
|
(185.4)%
|
|
13,903
|
|
16,812
|
|
(17.3)%
|
Finance costs
|
(42,073)
|
|
(40,850)
|
|
3.0%
|
|
(116,701)
|
|
(210,625)
|
|
(44.6)%
|
Other financial results - Net gain of inflation effects on the monetary items
|
4,582
|
|
4,775
|
|
(4.0)%
|
|
8,219
|
|
7,541
|
|
9.0%
|
Financial results, net
|
(47,013)
|
|
(24,928)
|
|
88.6%
|
|
(94,579)
|
|
(186,272)
|
|
(49.2)%
|
(Loss)/Profit before income tax
|
52,228
|
|
32,192
|
|
62.2%
|
|
140,775
|
|
(54,108)
|
|
(360.2)%
|
Income tax benefit/(expense)
|
(15,265)
|
|
(11,925)
|
|
28.0%
|
|
(68,811)
|
|
7,870
|
|
(974.3)%
|
(Loss)/Profit for the period
|
36,963
|
|
20,267
|
|
82.4%
|
|
71,964
|
|
(46,238)
|
|
(255.6)%
|
|
|
|
Condensed Consolidated Statement of Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Cashflows
|
|
|
|
|
|
|
|
|
|
|
|
$ thousands
|
3Q21
|
|
3Q20
|
|
Chg %
|
|
9M21
|
|
9M20
|
|
Chg %
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) / Profit for the year
|
36,963
|
|
20,267
|
|
82.4%
|
|
71,964
|
|
(46,238)
|
|
(255.6)%
|
Adjustments for:
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
15,265
|
|
11,925
|
|
28.0%
|
|
68,811
|
|
(7,870)
|
|
(974.3)%
|
Depreciation
|
62,734
|
|
44,822
|
|
40.0%
|
|
137,495
|
|
102,890
|
|
33.6%
|
Amortization
|
442
|
|
240
|
|
84.2%
|
|
1,177
|
|
752
|
|
56.5%
|
Depreciation of right of use assets
|
12,743
|
|
9,995
|
|
27.5%
|
|
35,723
|
|
30,506
|
|
17.1%
|
Gain from the disposal of other property items
|
(2,432)
|
|
(68)
|
|
3,476.5%
|
|
(2,164)
|
|
(1,704)
|
|
27.0%
|
Gain from the sale of farmland and other assets
|
—
|
|
9
|
|
(100.0)%
|
|
—
|
|
(2,048)
|
|
(100.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss / (gain) from the Fair value adjustment of Investment properties
|
(654)
|
|
(366)
|
|
78.7%
|
|
2,303
|
|
(1,541)
|
|
(249.4)%
|
Equity settled share-based compensation granted
|
1,813
|
|
1,127
|
|
60.9%
|
|
4,545
|
|
2,706
|
|
68.0%
|
Loss / (gain) from derivative financial instruments
|
3,214
|
|
4,912
|
|
(34.6)%
|
|
13,294
|
|
1,315
|
|
911.0%
|
Interest, finance cost related to lease liabilities and other financial expense, net
|
21,285
|
|
5,339
|
|
298.7%
|
|
64,885
|
|
37,931
|
|
71.1%
|
Initial recognition and changes in fair value of non harvested biological assets (unrealized)
|
11,047
|
|
(2,950)
|
|
(474.5)%
|
|
(3,881)
|
|
(31,228)
|
|
(87.6)%
|
Changes in net realizable value of agricultural produce after harvest (unrealized)
|
(379)
|
|
993
|
|
(138.2)%
|
|
2,387
|
|
(67)
|
|
(3,662.7)%
|
Provision and allowances
|
(10)
|
|
1,013
|
|
n . a
|
|
923
|
|
1,839
|
|
(49.8)%
|
Net gain of inflation effects on the monetary items
|
(4,582)
|
|
(4,776)
|
|
(4.1)%
|
|
(8,219)
|
|
(7,541)
|
|
9.0%
|
Foreign exchange losses, net
|
10,504
|
|
11,224
|
|
(6.4)%
|
|
(9,611)
|
|
124,185
|
|
(107.7)%
|
Cash flow hedge – transfer from equity
|
17,132
|
|
11,494
|
|
49.1%
|
|
43,707
|
|
24,629
|
|
77.5%
|
Subtotal
|
185,085
|
|
115,200
|
|
60.7%
|
|
423,339
|
|
228,516
|
|
85.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) in trade and other receivables
|
(7,762)
|
|
(20,353)
|
|
(61.9)%
|
|
(66,780)
|
|
(42,060)
|
|
58.8%
|
(Increase) in inventories
|
(50,508)
|
|
745
|
|
(6,879.6)%
|
|
(190,365)
|
|
(63,973)
|
|
197.6%
|
Decrease / (Increase) in biological assets
|
(4,201)
|
|
(17,530)
|
|
(76.0)%
|
|
86,137
|
|
38,477
|
|
123.9%
|
(Increase) / Decrease in other assets
|
3
|
|
7
|
|
(57.1)%
|
|
12
|
|
18
|
|
(33.3)%
|
Decrease / (Increase) in derivative financial instruments
|
(1,371)
|
|
(1,661)
|
|
(17.5)%
|
|
(25,400)
|
|
4,083
|
|
(722.1)%
|
Decrease in trade and other payables
|
13,588
|
|
(9,055)
|
|
(250.1)%
|
|
(14,632)
|
|
(27,038)
|
|
(45.9)%
|
Increase in payroll and social security liabilities
|
4,911
|
|
4,588
|
|
7%
|
|
4,444
|
|
2,895
|
|
54%
|
(Decrease) / Increase in provisions for other liabilities
|
(415)
|
|
(164)
|
|
153.0%
|
|
(203)
|
|
442
|
|
(145.9)%
|
Net cash generated from operating activities before taxes paid
|
139,330
|
|
71,777
|
|
94.1%
|
|
216,552
|
|
141,360
|
|
53.2%
|
Income tax paid
|
(1,161)
|
|
(580)
|
|
100.2%
|
|
(1,809)
|
|
(1,650)
|
|
9.6%
|
Net cash generated from operating activities
|
138,169
|
|
71,197
|
|
94.1%
|
|
214,743
|
|
139,710
|
|
53.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Cash Flow
|
Statement of Cashflows
|
|
|
|
|
|
|
|
|
|
|
|
$ thousands
|
3Q21
|
|
3Q20
|
|
Chg %
|
|
9M21
|
|
9M20
|
|
Chg %
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
(61,761)
|
|
(25,320)
|
|
143.9%
|
|
(163,624)
|
|
(126,667)
|
|
29.2%
|
Purchase of cattle and non current biological assets
|
(6,481)
|
|
(2,557)
|
|
153.5%
|
|
(8,765)
|
|
(5,114)
|
|
71.4%
|
Purchases of intangible assets
|
(565)
|
|
(162)
|
|
248.8%
|
|
(1,560)
|
|
(840)
|
|
85.7%
|
Interest received and others
|
2,141
|
|
10,880
|
|
(80.3)%
|
|
3,191
|
|
16,395
|
|
(80.5)%
|
Proceeds from sale of property, plant and equipment
|
828
|
|
398
|
|
108.0%
|
|
2,797
|
|
2,108
|
|
32.7%
|
Proceeds from sale of farmlands and other assets
|
10
|
|
(51)
|
|
n . a
|
|
8,099
|
|
15,930
|
|
n . a
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from the sale of farmland and other assets
|
(65,828)
|
|
(16,812)
|
|
291.6%
|
|
(159,862)
|
|
(98,188)
|
|
62.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term borrowings
|
4,300
|
|
24,030
|
|
(82.1)%
|
|
4,300
|
|
34,131
|
|
(87.4)%
|
Payments of long-term borrowings
|
(11,193)
|
|
(9,347)
|
|
19.7%
|
|
(103,985)
|
|
(25,583)
|
|
306.5%
|
Proceeds from short-term borrowings
|
32,641
|
|
21,321
|
|
53.1%
|
|
217,589
|
|
170,187
|
|
27.9%
|
Payments of short-term borrowings
|
(23,090)
|
|
(69,875)
|
|
(67.0)%
|
|
(162,701)
|
|
(155,958)
|
|
4.3%
|
Interest paid
|
(22,613)
|
|
(22,504)
|
|
0.5%
|
|
(44,950)
|
|
(52,101)
|
|
(13.7)%
|
Prepayment related expenses
|
(3,068)
|
|
—
|
|
n . a
|
|
(3,068)
|
|
—
|
|
n . a
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds / (payment) of derivatives financial instruments
|
1,898
|
|
(11)
|
|
n . a
|
|
2,257
|
|
(63)
|
|
n . a
|
Lease Payments
|
(14,776)
|
|
(8,085)
|
|
82.8%
|
|
(51,317)
|
|
(33,130)
|
|
54.9%
|
Purchase of own shares
|
(33,832)
|
|
(2,500)
|
|
n . a
|
|
(54,048)
|
|
(3,923)
|
|
1,277.7%
|
Dividends paid to non-controlling interest
|
—
|
|
(529)
|
|
n . a
|
|
(12)
|
|
(529)
|
|
n . a
|
Net cash (used) / generated from financing activities
|
(69,733)
|
|
(67,500)
|
|
3.3%
|
|
(195,935)
|
|
(66,969)
|
|
192.6%
|
Net increase / (decrease) in cash and cash equivalents
|
2,608
|
|
(13,115)
|
|
(119.9)%
|
|
(141,054)
|
|
(25,447)
|
|
454.3%
|
Cash and cash equivalents at beginning of period
|
185,165
|
|
236,259
|
|
(21.6)%
|
|
336,282
|
|
290,276
|
|
15.8%
|
Effect of exchange rate changes and inflation on cash and cash equivalents
|
(1,138)
|
|
(9,560)
|
|
(88.1)%
|
|
(5,525)
|
|
(51,245)
|
|
(89.2)%
|
Cash and cash equivalents at end of year
|
186,635
|
|
213,584
|
|
(12.6)%
|
|
189,703
|
|
213,584
|
|
(11.2)%
|
(a) Includes (8,527) and (1,583) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2021 and 2020, respectively.
(b) Includes (3,090) and 202 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2021 and 2020, respectively.
(c) Includes (8) and 10,324 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2021 and 2020, respectively.
(d) Includes 14,990 and (8,943) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2021 and 2020, respectively.
(e) Includes (3,373) and (nil) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2021 and 2020, respectively.
(*) Prior periods have been recast to reflect the Company's change in accounting policy for the reclassification within financial results as explained in Note 28.
|
|
|
Condensed Consolidated Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Financial Position
|
|
|
|
|
|
|
$ thousands
|
|
September 30, 2021
|
|
December 31, 2020 (*)
|
|
Chg %
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Non-Current Assets
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
1,409,122
|
|
1,358,292
|
|
3.7%
|
Right of use assets
|
|
249,525
|
|
209,694
|
|
19.0%
|
Investment property
|
|
32,132
|
|
31,179
|
|
3.1%
|
Intangible assets, net
|
|
30,233
|
|
26,930
|
|
12.3%
|
Biological assets
|
|
18,852
|
|
14,725
|
|
28.0%
|
Deferred income tax assets
|
|
12,660
|
|
19,821
|
|
(36.1)%
|
Trade and other receivables, net
|
|
52,372
|
|
52,266
|
|
0.2%
|
Derivative financial instruments
|
|
—
|
|
1,951
|
|
(100.0)%
|
Other assets
|
|
782
|
|
809
|
|
(3.3)%
|
Total Non-Current Assets
|
|
1,805,678
|
|
1,715,667
|
|
5.2%
|
Current Assets
|
|
|
|
|
|
|
Biological assets
|
|
88,043
|
|
150,968
|
|
(41.7)%
|
Inventories
|
|
330,263
|
|
133,461
|
|
147.5%
|
Trade and other receivables, net
|
|
181,750
|
|
145,662
|
|
24.8%
|
Derivative financial instruments
|
|
5
|
|
151
|
|
(96.7)%
|
Other assets
|
|
15
|
|
45
|
|
(66.7)%
|
Cash and cash equivalents
|
|
189,703
|
|
336,282
|
|
(43.6)%
|
Total Current Assets
|
|
789,779
|
|
766,569
|
|
3.0%
|
TOTAL ASSETS
|
|
2,595,457
|
|
2,482,236
|
|
4.6%
|
|
|
|
|
|
|
|
SHAREHOLDERS EQUITY
|
|
|
|
|
|
|
Capital and reserves attributable to equity holders of the parent
|
|
|
|
|
|
|
Share capital
|
|
183,573
|
|
183,573
|
|
—%
|
Share premium
|
|
861,101
|
|
902,815
|
|
(4.6)%
|
Cumulative translation adjustment
|
|
(523,781)
|
|
(555,044)
|
|
(5.6)%
|
Equity-settled compensation
|
|
14,877
|
|
14,795
|
|
0.6%
|
Cash flow hedge
|
|
(62,852)
|
|
(90,689)
|
|
(30.7)%
|
Other reserves
|
|
99,712
|
|
83,406
|
|
19.6%
|
Treasury shares
|
|
(14,518)
|
|
(7,630)
|
|
90.3%
|
Revaluation surplus
|
|
297,564
|
|
343,570
|
|
(13.4)%
|
Reserve from the sale of non-controlling interests in subsidiaries
|
|
41,574
|
|
41,574
|
|
—%
|
Retained earnings
|
|
63,247
|
|
8,671
|
|
629.4%
|
Equity attributable to equity holders of the parent
|
|
960,497
|
|
925,041
|
|
3.8%
|
Non-controlling interest
|
|
36,362
|
|
38,683
|
|
(6.0)%
|
TOTAL SHAREHOLDERS EQUITY
|
|
996,859
|
|
963,724
|
|
3.4%
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
293
|
|
290
|
|
1.0%
|
Borrowings
|
|
713,239
|
|
813,464
|
|
(12.3)%
|
Lease liabilities
|
|
194,640
|
|
159,435
|
|
22.1%
|
Deferred income tax liabilities
|
|
293,161
|
|
182,377
|
|
60.7%
|
Payroll and social liabilities
|
|
1,079
|
|
1,075
|
|
0.4%
|
|
|
|
|
|
|
|
Provisions for other liabilities
|
|
2,573
|
|
2,705
|
|
(4.9)%
|
Total Non-Current Liabilities
|
|
1,204,985
|
|
1,159,346
|
|
3.9%
|
Current Liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
125,733
|
|
126,315
|
|
(0.5)%
|
Current income tax liabilities
|
|
1,901
|
|
760
|
|
150.1%
|
Payroll and social liabilities
|
|
25,715
|
|
23,333
|
|
10.2%
|
Borrowings
|
|
201,394
|
|
157,626
|
|
27.8%
|
Lease liabilities
|
|
36,560
|
|
36,337
|
|
0.6%
|
Derivative financial instruments
|
|
1,652
|
|
13,141
|
|
(87.4)%
|
Provisions for other liabilities
|
|
658
|
|
1,654
|
|
(60.2)%
|
Total Current Liabilities
|
|
393,613
|
|
359,166
|
|
9.6%
|
TOTAL LIABILITIES
|
|
1,598,598
|
|
1,518,512
|
|
5.3%
|
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES
|
|
2,595,457
|
|
2,482,236
|
|
4.6%
|