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 800,034 are treasury shares)
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Adecoagro S.A.Condensed Consolidated Interim Statements of Financial Position as of June 30, 2016 and December 31, 2015
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
Note | June 30, 2016 | December 31, 2015 | |
(unaudited) | (revised - see Note 2) | ||
ASSETS Non-Current Assets Property, plant and equipment.................................................. | 6 | 830,705 | 696,889 |
Investment property.................................................................. | 7 | 4,158 | 4,796 |
Intangible assets ....................................................................... | 8 | 17,778 | 16,661 |
Biological assets....................................................................... | 9 | 7,818 | 6,476 |
Deferred income tax assets.................................................. | 18 | 41,906 | 68,744 |
Trade and other receivables...................................................... | 11 | 21,749 | 21,795 |
Other assets .............................................................................. | 726 | 651 | |
Total Non-Current Assets...................................................... | 924,840 | 816,012 | |
Current Assets Biological assets....................................................................... | 9 | 126,748 | 105,342 |
Inventories................................................................................ | 12 | 144,516 | 85,286 |
Trade and other receivables...................................................... | 11 | 195,612 | 145,011 |
Derivative financial instruments............................................... | 10 | 7,346 | 4,849 |
Cash and cash equivalents........................................................ | 13 | 167,587 | 198,894 |
Total Current Assets .............................................................. | 641,809 | 539,382 | |
TOTAL ASSETS.................................................................... | 1,566,649 | 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 | 941,222 | 937,674 |
Cumulative translation adjustment .......................................... | (519,461) | (568,316) | |
Equity-settled compensation..................................................... | 15,071 | 16,631 | |
Cash flow hedge....................................................................... | (71,940) | (137,911) | |
Treasury shares......................................................................... Reserve from the sale of non-controlling interests in subsidiaries ......................................................................... | (1,201) 41,574 | (1,936) 41,574 | |
Retained earnings ..................................................................... | 32,508 | 48,795 | |
Equity attributable to equity holders of the parent ............. | 621,346 | 520,084 | |
Non-controlling interest ........................................................... | 7,693 | 7,335 | |
TOTAL SHAREHOLDERS EQUITY ................................. | 629,039 | 527,419 | |
LIABILITIES Non-Current Liabilities Trade and other payables.......................................................... | 16 | 1,457 | 1,911 |
Borrowings............................................................................... | 17 | 494,201 | 483,651 |
Deferred income tax liabilities ................................................. | 18 | 14,140 | 15,636 |
Payroll and social security liabilities ........................................ | 19 | 1,069 | 1,236 |
Derivatives financial instruments ............................................. | 10 | - | 119 |
Provisions for other liabilities .................................................. | 1,781 | 1,653 | |
Total Non-Current Liabilities................................................ | 512,648 | 504,206 | |
Current Liabilities Trade and other payables.......................................................... | 16 | 65,843 | 53,731 |
Current income tax liabilities ................................................... | 2,645 | 962 | |
Payroll and social security liabilities ........................................ | 19 | 26,027 | 22,153 |
Borrowings............................................................................... | 17 | 296,856 | 239,688 |
Derivative financial instruments............................................... | 10 | 31,938 | 6,575 |
Provisions for other liabilities................................................... | 1,653 | 660 | |
Total Current Liabilities........................................................ | 424,962 | 323,769 | |
TOTAL LIABILITIES .......................................................... | 937,610 | 827,975 | |
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 1,566,649 | 1,355,394 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Adecoagro S.A.Condensed Consolidated Interim Statements of Income for the six-month periods ended June 30, 2016 and 2015
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
Six-months ended June 30 Three-months ended June 30
Note 2016
2015 (revised -
see Note 2) 2016
(unaudited)
2015 (revised -
see Note 2)
Sales of manufactured products and services rendered ......... Cost of manufactured products sold and services rendered ................................................................................ | 21 22 | 210,814 (158,538) | 198,454 (156,020) | 115,693 (85,878) | 113,974 (88,459) |
Gross Profit from Manufacturing Activities..................... | 52,276 | 42,434 | 29,815 | 25,515 | |
Sales of agricultural produce and biological assets ............... Cost of agricultural produce sold and direct agricultural selling expenses .................................................................... | 21 22 | 79,890 (79,890) | 86,690 (86,690) | 53,527 (53,527) | 56,952 (56,952) |
Initial recognition and changes in fair value of biological assets and agricultural produce ............................................. | 9 | 83,494 | 18,333 | 57,661 | 16,636 |
Changes in net realizable value of agricultural produce after harvest .......................................................................... | (369) | 3,898 | (3,028) | 4,060 | |
Gross Profit from Agricultural Activities.......................... | 83,125 | 22,231 | 54,633 | 20,696 | |
Margin on Manufacturing and Agricultural Activities Before Operating Expenses ................................................ | 135,401 | 64,665 | 84,448 | 46,211 | |
General and administrative expenses .................................... | 22 | (21,610) | (23,485) | (11,306) | (11,467) |
Selling expenses.................................................................... | 22 | (27,165) | (31,032) | (16,129) | (17,777) |
Other operating income / (expense), net................................ | 24 | (34,161) | 15,607 | (34,219) | (6,018) |
Share of loss of joint ventures............................................... | - | (1,470) | - | (592) | |
Profit from Operations Before Financing and Taxation............................................................................... | 52,465 | 24,285 | 22,794 | 10,357 | |
Finance income..................................................................... | 25 | 5,071 | 5,670 | 926 | 2,379 |
Finance costs......................................................................... | 25 | (67,918) | (44,604) | (39,205) | (16,821) |
Financial results, net ............................................................. | 25 | (62,847) | (38,934) | (38,279) | (14,442) |
Loss Before Income Tax .................................................... | (10,382) | (14,649) | (15,485) | (4,085) | |
Income tax (expense)/ benefit ............................................... | 18 | (4,616) | 3,816 | (2,265) | (1,174) |
Loss for the Period.............................................................. | (14,998) | (10,833) | (17,750) | (5,259) | |
Attributable to: | |||||
Equity holders of the parent .................................................. | (16,385) | (11,657) | (17,985) | (5,149) | |
Non-controlling interest ........................................................ | 1,387 | 824 | 235 | (110) | |
Income per share Attributable to the equity holders of the parent during the period: Basic | (0,135) | (0.097) | (0,148) | (0.043) | |
Diluted | (0,135) | (0.097) | (0,148) | (0.043) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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Adecoagro SA published this content on 11 August 2016 and is solely responsible for the information contained herein.
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