IPO and Acquisitions - Adecoagro completed its IPO on January 28, 2011, with 28,405,925 shares issued at a price of $11.00 per share, trading under the symbol "AGRO"[331] - The company acquired rice production operations from Viterra Limited for approximately $18 million, enhancing its vertically integrated rice business and expanding its global footprint[328] - In 2019, Adecoagro acquired two milk processing plants and trademarks for a total consideration of $47 million, strengthening its position in the dairy market in Argentina[327] - The acquisition of a peanut processing facility in February 2019 for $10 million supports Adecoagro's diversification strategy in the agricultural sector[326] - Adecoagro's acquisition of Pilagá S.A. in 2007 expanded its land portfolio to over 88,000 hectares, significantly increasing its agricultural production capacity[317] - The company has executed transactions for farmland purchases and dispositions totaling over US$780 million, generating capital gains of approximately US$250 million[368] - The company has sold over 102,000 hectares of land over the last 16 fiscal years, generating capital gains of approximately US$250 million[344] - The company has sold 25 farms since 2006, generating capital gains of approximately US$250 million from transformed farmland[509] Land and Production Capacity - As of December 31, 2022, the company owned a total of 219,850 hectares of land, comprising 18 farms in Argentina, eight farms in Brazil, and one farm in Uruguay[343] - The company has a total of more than 74,000 hectares of farmland acquired since its inception, making it one of the largest agricultural companies in Argentina[314] - The company has effectively put into production over 171,000 hectares of land that were previously undeveloped or undermanaged since its inception[356] - The company operates in the Argentine humid pampas region, achieving one of the lowest costs per ton of grain produced and delivered due to high productivity and efficient logistics[361] - The company has a total sugarcane plantation of 192,987 hectares, with 96% of the sugarcane crushed at its mills supplied from its own plantations[344] - The company has a mechanization rate of 99.6% in its sugarcane harvesting operations, significantly reducing environmental impact compared to manual harvesting[472] Financial Performance - The company issued $500 million in senior notes due 2027 at a 6.000% interest rate, providing capital for future growth initiatives[337] - Capital expenditures totaled $229.1 million, $213.0 million, and $166.7 million for the years ended December 31, 2022, 2021, and 2020, respectively[341] - Total sales for soybeans in 2022 amounted to $72,323 thousand, up 26.6% from $56,997 thousand in 2021[393] - Corn sales reached $72,427 thousand in 2022, an increase of 26% from $57,504 thousand in 2021[393] - Dairy sales in 2022 were $235.0 million, up 28.4% from $183.1 million in 2021[425] - Sugar sales accounted for 14.0% of total consolidated sales in 2022, down from 18.5% in 2021[482] - Ethanol sales comprised 28.7% of total consolidated sales in 2022, an increase from 26.0% in 2021[486] Crop and Dairy Production - During the 2021/2022 harvest year, the company harvested 230,986 hectares and produced 769,524 tons of grains, including soybeans, corn, wheat, peanut, sunflower, and cotton[344] - The company produced 185.6 million liters of raw milk in 2022, with an average of 14,415 milking cows, delivering an average of 35.3 liters of milk per cow per day[347] - The company processed 359.4 million liters of milk in 2022, producing 161 million liters of fluid milk and over 4,260 tons of semi-hard cheese[347] - Crop production for the 2021/2022 harvest year totaled 1,186,259 tons, an increase of 9.8% from 1,080,019 tons in 2020/2021[386] - Dairy production reached 185,583 thousand liters in 2022, up from 173,148 thousand liters in 2021, representing a growth of 7.8%[386] - The planted area for crops in the 2021/2022 harvest year was 241,192 hectares, compared to 223,165 hectares in 2020/2021, marking an increase of 8.1%[390] Sustainability and Technology - Adecoagro's first bio-digester, completed in October 2017, generates 1.4 MW of electricity, enhancing sustainability and reducing greenhouse gas emissions from dairy operations[325] - The proprietary technology developed for biogas production from vinasse enhances sustainability and creates an additional revenue stream for the company[380] - Investments in the rice segment have included the implementation of zero-level technology over 39,000 hectares, significantly reducing water consumption and increasing yields[372] - The implementation of the free-stall system increased cow productivity by up to 40% compared to traditional grazing systems, enhancing overall efficiency[434] - The company aims to maintain a diversified product mix to mitigate cash flow volatility and reduce exposure to commodity price cycles[365] - The application of sustainable agricultural practices is ongoing, enhancing soil quality and land productivity over time[507] Sugar and Ethanol Production - In the year ended December 31, 2022, the company crushed 10.5 million tons of sugarcane, producing 481,919 tons of sugar and 540,231 cubic meters of ethanol[351] - Sugar production in 2022 was 481,919 tons, with total sales for sugarcane by-products reaching $630,760,000[458][459] - The total installed crushing capacity of the company's mills reached 14.2 million tons of sugarcane as of December 31, 2022, with 10.5 million tons crushed during the 2022 harvest[476] - Ethanol production capacity was approximately 3,350 cubic meters per day, leading to a maximum annual production capacity of over 692,953 cubic meters[486] - The total installed cogeneration capacity across the mills reached 241 MW, with 155 MW available for sale to the market[489] Land Transformation and Management - The company aims to optimize land use and increase the value of farmland through its land transformation business model[501] - The transformation of undeveloped land requires initial investments over one to three years, with stable productivity achieved by the third to seventh year[504] - Approximately 70,000 hectares of undeveloped land have been converted into productive arable land since 2002[505] - Over 100,000 hectares of underutilized farmland have been transformed into arable land since 2002, with high growth rates in crop yields during the first three to five years[506] - The land transformation process is tracked by crop yields and the duration of land under production, impacting financial results seasonally[508] - The company reinvests proceeds from land sales into acquiring strategic farmland with potential for transformation and appreciation[509]

Adecoagro S.A. (NYSE:AGRO) Q4 2022 Earnings Conference Call March 10, 2023 9:00 AM ET Company Participants Mariano Bosch - Chief Executive Officer Emilio Gnecco - Chief Financial Officer Renato Junqueira Pereira - Sugar, Ethanol & Energy VP Victoria Cabello - Investor Relations Officer. Conference Call Participants Henrique Brustolin - BTG Pactual Santhosh Seshadri - HSBC Securities Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Ade ...

👍 adecoagro ADECOACRO 4 TH QUARTER 2022 E A R N I N G S W E B C A S T DISCLAIMER 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 st ...

Adecoagro S.A. (NYSE:AGRO) Q3 2022 Earnings Conference Call November 10, 2022 8:00 AM ET Company Participants Mariano Bosch – Chief Executive Officer Charlie Boero Hughes – Chief Financial Officer Renato Junqueira-Santos Pereira – Director of Sugar & Ethanol Operations Victoria Cabello – Investor Relations Manager Conference Call Participants Henrique Brustolin – BTG Pactual Christian Audi – Santander Operator Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welc ...

Adecoagro S.A. (NYSE:AGRO) Q2 2022 Results Conference Call August 12, 2022 11:00 AM ET Company Participants Mariano Bosch - Chief Executive Officer Charlie Boero Hughes - Chief Financial Officer Renato Junqueira-Santos Pereira - Director of Sugar & Ethanol Operations Conference Call Participants Guilherme Palhares - Bank of America Lucas Federa - JPMorgan Henrique Brustolin - BTG Operator Good morning, ladies and gentlemen. And thank you for waiting. At this time, we would like to welcome everyone to Adecoa ...

Adecoagro S.A. (NYSE:AGRO) Q1 2022 Earnings Conference Call May 13, 2022 9:00 AM ET Company Participants Mariano Bosch – Chief Executive Officer Carlos A. Boero Hughes – Chief Financial Officer Renato Junqueira Santos Pereira – Director, Sugar & Ethanol Operations Conference Call Participants Guilherme Palhares – Bank of America Thiago Callegari L. Duarte – BTG Pactual Lucas Ferreira – JPMorgan Christian Audi – Santander Operator Good morning, ladies and gentlemen. And thank you for waiting. At this time ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED ON DECEMBER 31, 2021 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO ________________ OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR ...

Financial Data and Key Metrics Changes - The company achieved record sales exceeding $1 billion, with adjusted EBITDA of nearly $440 million and over $150 million in adjusted free cash flow from operations [4] - Adjusted EBITDA for the full year reached a new record of $437 million, marking a 27.8% increase compared to the previous year [25] - Total cash costs on a per unit basis increased by 33.4% compared to the previous year, reaching 10.50 cents per pound of sugar equivalent [20] Business Segment Data and Key Metrics Changes - In the farming business, over 1 million tons of grains were produced, and the dairy operation reached a record production of half a million liters of raw milk per day [5] - Adjusted EBITDA in the farming and land transformation business amounted to $124 million for the full year, marking a 15.8% year-over-year increase [23] - The sugar, ethanol, and energy business saw adjusted EBITDA of $335 million for the full year, a 31.9% increase from the previous year [21] Market Data and Key Metrics Changes - Sugarcane crushing volume decreased by 50.4% year-over-year due to weaker agricultural productivity and lower sugarcane availability [11] - Ethanol net sales for the full year amounted to $172 million, a 50.4% increase year-over-year, driven by a 46.1% increase in average selling prices [16] - Net sales of sugar reached $207 million, a 23.1% increase year-over-year, primarily due to a 46.8% increase in average selling prices [18] Company Strategy and Development Direction - The company is committed to improving efficiency and sustainability, having become the first to commercialize carbon credits under the RenovaBio program [7] - A strategic decision was made to enter the Uruguayan rice production market, expected to generate IRRs above 30% and contribute over $10 million to adjusted EBITDA [5] - The company plans to distribute $35 million in dividends and continue share repurchases under its buyback program [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in benefiting from higher prices for all products produced, with more than 70% of this year's production remaining unhedged [7] - The company anticipates below-average agricultural productivity indicators during the first half of the year due to adverse weather but expects recovery in the second half [10] - Management noted that the current cash position and debt levels are healthy, with a net debt ratio decreasing to 1.4 times [26] Other Important Information - The company repurchased 6.2 million shares during 2021, representing more than 5% of its equity [4] - The company has secured over 50% of its input needs for the next season in light of potential input scarcity [5] Q&A Session Summary Question: Insights on sugar and ethanol costs and area growth expectations - Management indicated that costs per unit should remain largely flat in 2022-2023, despite area expansion, due to expected higher yields and reduced agricultural input increases [34][35] Question: Yield expectations and weather impacts in Argentina - Management expects an increase in sugarcane yields between 5% and 10% for the year, with a recovery in the second half of 2022 [40] Question: Distribution policy and potential for increasing shareholder returns - The company confirmed a commitment to a minimum distribution of 40% of net cash from operations, with potential for increases depending on opportunities [45] Question: Impact of agricultural prices on rice prices - Management noted that rice prices are already increasing and are expected to continue rising in line with other commodities [46]