ADECOAGRO S.A. Denomination: Adecoagro S.A.
Legal address: Vertigo Naos Building, 6, Rue Eugène Ruppert, L-2453, Luxembourg
Company activity: Agricultural and agro-industrial
Date of registration: June 11, 2010
Expiration of company charter: No term defined
Number of register (RCS Luxembourg): B153.681
Capital stock: 122,381,815 common shares (of which 1,270,199 are treasury shares)
F - 2
Adecoagro S.A.Condensed Consolidated Interim Statements of Financial Position as of March 31, 2016 and December 31, 2015
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
Note | March 31, 2016 | December 31, 2015 | |
(unaudited) | (revised - see Note 2) | ||
ASSETS Non-Current Assets Property, plant and equipment.................................................. | 6 | 761,283 | 696,889 |
Investment property.................................................................. | 7 | 4,255 | 4,796 |
Intangible assets ....................................................................... | 8 | 17,082 | 16,661 |
Biological assets....................................................................... | 9 | 6,512 | 6,476 |
Deferred income tax assets.................................................. | 18 | 75,151 | 68,744 |
Trade and other receivables...................................................... | 11 | 18,613 | 21,795 |
Other assets .............................................................................. | 691 | 651 | |
Total Non-Current Assets...................................................... | 883,587 | 816,012 | |
Current Assets Biological assets....................................................................... | 9 | 108,885 | 105,342 |
Inventories................................................................................ | 12 | 97,611 | 85,286 |
Trade and other receivables...................................................... | 11 | 177,033 | 145,011 |
Derivative financial instruments............................................... | 10 | 9,798 | 4,849 |
Cash and cash equivalents........................................................ | 13 | 223,688 | 198,894 |
Total Current Assets .............................................................. | 617,015 | 539,382 | |
TOTAL ASSETS.................................................................... | 1,500,602 | 1,355,394 | |
SHAREHOLDERS EQUITY Capital and reserves attributable to equity holders of the parent Share capital ......................................................................... | 14 | 183,573 | 183,573 |
Share premium ........................................................................ | 14 | 937,855 | 937,674 |
Cumulative translation adjustment .......................................... | (552,914) | (568,316) | |
Equity-settled compensation..................................................... | 17,768 | 16,631 | |
Cash flow hedge....................................................................... | (112,056) | (137,911) | |
Treasury shares......................................................................... Reserve from the sale of non-controlling interests in subsidiaries ......................................................................... | (1,907) 41,574 | (1,936) 41,574 | |
Retained earnings ..................................................................... | 50,395 | 48,795 | |
Equity attributable to equity holders of the parent ............. | 564,288 | 520,084 | |
Non-controlling interest ........................................................... | 7,640 | 7,335 | |
TOTAL SHAREHOLDERS EQUITY ................................. | 571,928 | 527,419 | |
LIABILITIES Non-Current Liabilities Trade and other payables.......................................................... | 16 | 1,951 | 1,911 |
Borrowings............................................................................... | 17 | 511,705 | 483,651 |
Deferred income tax liabilities ................................................. | 18 | 19,836 | 15,636 |
Payroll and social security liabilities ........................................ | 19 | 1,306 | 1,236 |
Derivatives financial instruments ............................................. | 10 | - | 119 |
Provisions for other liabilities .................................................. | 1,643 | 1,653 | |
Total Non-Current Liabilities................................................ | 536,441 | 504,206 | |
Current Liabilities Trade and other payables.......................................................... | 16 | 64,146 | 53,731 |
Current income tax liabilities ................................................... | 12,284 | 962 | |
Payroll and social security liabilities ........................................ | 19 | 24,917 | 22,153 |
Borrowings............................................................................... | 17 | 283,180 | 239,688 |
Derivative financial instruments............................................... | 10 | 7,081 | 6,575 |
Provisions for other liabilities................................................... | 625 | 660 | |
Total Current Liabilities........................................................ | 392,233 | 323,769 | |
TOTAL LIABILITIES .......................................................... | 928,674 | 827,975 | |
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 1,500,602 | 1,355,394 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
F - 3
Adecoagro S.A.Condensed Consolidated Interim Statements of Income for the three-month periods ended March 31, 2016 and 2015
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
March 31,
2016
March 31,
2015
Note | (revised) (unaudited) | |
Sales of manufactured products and services rendered ... | 21 | 95,121 84,480 |
Cost of manufactured products sold and services | ||
rendered........................................................................... | 22 | (72,660) (67,561) |
Gross Profit from Manufacturing Activities ............... | 22,461 16,919 | |
Sales of agricultural produce and biological assets ......... | 21 | 26,363 29,738 |
Cost of agricultural produce sold and direct | ||
agricultural selling expenses............................................ | 22 | (26,363) (29,738) |
Initial recognition and changes in fair value of | ||
biological assets and agricultural produce....................... | 9 | 25,833 1,697 |
Changes in net realizable value of agricultural | ||
produce after harvest ....................................................... | 2,659 (162) | |
Gross Profit from Agricultural Activities.................... | 28,492 1,535 | |
Margin on Manufacturing and Agricultural | ||
Activities Before Operating Expenses.......................... | 50,953 18,454 | |
General and administrative expenses............................... | 22 | (10,304) (12,018) |
Selling expenses .............................................................. | 22 | (11,036) (13,255) |
Other operating (expense)/ income, net........................... | 24 | 58 21,625 |
Share of loss of joint ventures ......................................... | - (878) | |
Profit from Operations Before Financing and | ||
Taxation ......................................................................... | 29,671 13,928 | |
Finance income ............................................................... | 25 | 4,145 3,291 |
Finance costs ................................................................... | 25 | (28,713) (27,783) |
Financial results, net........................................................ | 25 | (24,568) (24,492) |
Profit / (Loss) Before Income Tax ................................ | 5,103 (10,564) | |
Income tax expense/(benefit) .......................................... | 18 | (2,351) 4,990 |
Profit / (Loss) for the Period......................................... | 2,752 (5,574) | |
Attributable to: | ||
Equity holders of the parent ............................................ | 1,600 (6,508) | |
Non-controlling interest .................................................. | 1,152 934 | |
Earnings/(loss) per share attributable to the equity | ||
holders of the parent during the period: Basic................................................................................ | 0.013 (0.054) | |
Diluted............................................................................. | 0.013 - |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
F - 4
Adecoagro SA published this content on 12 May 2016 and is solely responsible for the information contained herein.
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