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 893,973 are treasury shares)
F - 2
Adecoagro S.A.Condensed Consolidated Interim Statements of Financial Position as of September 30, 2016 and December 31, 2015
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
Note | September 30, 2016 | December 31, 2015 | |
(unaudited) | (revised - see Note 2) | ||
ASSETS Non-Current Assets Property, plant and equipment.................................................. | 6 | 815,592 | 696,889 |
Investment property.................................................................. | 7 | 2,767 | 4,796 |
Intangible assets ....................................................................... | 8 | 17,572 | 16,661 |
Biological assets....................................................................... | 9 | 8,651 | 6,476 |
Deferred income tax assets.................................................. | 18 | 39,407 | 68,744 |
Trade and other receivables...................................................... | 11 | 15,674 | 21,795 |
Derivative financial instruments............................................... | 10 | 402 | - |
Other assets .............................................................................. | 609 | 651 | |
Total Non-Current Assets...................................................... | 900,674 | 816,012 | |
Current Assets Biological assets....................................................................... | 9 | 131,114 | 105,342 |
Inventories................................................................................ | 12 | 163,271 | 85,286 |
Trade and other receivables...................................................... | 11 | 228,444 | 145,011 |
Derivative financial instruments............................................... | 10 | 5,676 | 4,849 |
Cash and cash equivalents........................................................ | 13 | 136,482 | 198,894 |
Total Current Assets .............................................................. | 664,987 | 539,382 | |
TOTAL ASSETS.................................................................... | 1,565,661 | 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 | 940,336 | 937,674 |
Cumulative translation adjustment .......................................... | (522,290) | (568,316) | |
Equity-settled compensation..................................................... | 16,451 | 16,631 | |
Cash flow hedge....................................................................... | (57,054) | (137,911) | |
Treasury shares......................................................................... Reserve from the sale of non-controlling interests in subsidiaries ......................................................................... | (1,342) 41,574 | (1,936) 41,574 | |
Retained earnings ..................................................................... | 39,101 | 48,795 | |
Equity attributable to equity holders of the parent ............. | 640,349 | 520,084 | |
Non-controlling interest ........................................................... | 7,769 | 7,335 | |
TOTAL SHAREHOLDERS EQUITY ................................. | 648,118 | 527,419 | |
LIABILITIES Non-Current Liabilities Trade and other payables.......................................................... | 16 | 1,441 | 1,911 |
Borrowings............................................................................... | 17 | 439,188 | 483,651 |
Deferred income tax liabilities ................................................. | 18 | 14,772 | 15,636 |
Payroll and social security liabilities ........................................ | 19 | 1,194 | 1,236 |
Derivatives financial instruments ............................................. | 10 | 2,293 | 119 |
Provisions for other liabilities .................................................. | 3,004 | 1,653 | |
Total Non-Current Liabilities................................................ | 461,892 | 504,206 | |
Current Liabilities Trade and other payables.......................................................... | 16 | 67,300 | 53,731 |
Current income tax liabilities ................................................... | 3,860 | 962 | |
Payroll and social security liabilities ........................................ | 19 | 30,247 | 22,153 |
Borrowings............................................................................... | 17 | 337,601 | 239,688 |
Derivative financial instruments............................................... | 10 | 16,102 | 6,575 |
Provisions for other liabilities................................................... | 20 | 541 | 660 |
Total Current Liabilities........................................................ | 455,651 | 323,769 | |
TOTAL LIABILITIES .......................................................... | 917,543 | 827,975 | |
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 1,565,661 | 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 nine-month periods ended September 30, 2016 and 2015
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
Nine-months ended September 30
2015 (revised -
Three-months ended
September 30
2015 (revised
Note 2016
see Note 2) 2016
(unaudited)
- see Note 2)
Sales of manufactured products and services rendered ......... Cost of manufactured products sold and services rendered ................................................................................ | 21 22 | 407,804 (299,522) | 316,468 (243,463) | 196,990 (140,984) | 118,014 (87,443) |
Gross Profit from Manufacturing Activities ..................... | 108,282 | 73,005 | 56,006 | 30,571 | |
Sales of agricultural produce and biological assets ............... Cost of agricultural produce sold and direct agricultural selling expenses .................................................................... | 21 22 | 129,343 (129,343) | 139,178 (139,178) | 49,453 (49,453) | 52,488 (52,488) |
Initial recognition and changes in fair value of biological assets and agricultural produce.............................................. | 9 | 108,924 | 33,428 | 25,430 | 15,095 |
Changes in net realizable value of agricultural produce after harvest........................................................................... | (6,206) | 9,914 | (5,837) | 6,016 | |
Gross Profit from Agricultural Activities.......................... | 102,718 | 43,342 | 19,593 | 21,111 | |
Margin on Manufacturing and Agricultural Activities Before Operating Expenses ................................................ | 211,000 | 116,347 | 75,599 | 51,682 | |
General and administrative expenses .................................... | 22 | (36,204) | (36,345) | (14,594) | (12,860) |
Selling expenses.................................................................... | 22 | (50,015) | (48,225) | (22,850) | (17,193) |
Other operating (expense) / income, net................................ | 24 | (22,953) | 31,267 | 11,208 | 15,660 |
Share of loss of joint ventures ............................................... - (2,527) - (1,057)
Profit from Operations Before Financing and
Taxation............................................................................... 101,828 60,517 49,363 36,232
Finance income .....................................................................
25 6,975 7,234 1,904 1,564
Finance costs......................................................................... | 25 | (114,093) | (64,316) | (46,175) | (19,712) |
Financial results, net ............................................................. | 25 | (107,118) | (57,082) | (44,271) | (18,148) |
(Loss)/Gain before Income Tax......................................... | (5,290) | 3,435 | 5,092 | 18,084 | |
Income tax (expense) / benefit .............................................. | 18 | (2,901) | 1,812 | 1,715 | (2,004) |
(Loss) /Gain for the Period ................................................. | (8,191) | 5,247 | 6,807 | 16,080 | |
Attributable to: | |||||
Equity holders of the parent .................................................. | (9,792) | 4,392 | 6,593 | 16,049 | |
Non-controlling interest ........................................................ | 1,601 | 855 | 214 | 31 | |
Income per share Attributable to the equity holders of the parent during the period: Basic | (0.081) | 0.036 | 0.054 | 0.133 | |
Diluted | (0.081) | 0.036 | 0.053 | 0.131 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
F - 4
Adecoagro SA published this content on 14 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 November 2016 21:28:09 UTC.
Original documenthttp://ir.adecoagro.com/download/20161114182405.pdf
Public permalinkhttp://www.publicnow.com/view/9FAEF4FE37CFA6AF7F496073F59614DECD9435E7