Adecoagro S.A
(NYSE:AGRO)

Adecoagro S.A. operates as an agro-industrial company in South America. It engages in farming crops and other agricultural products, dairy operations, and land transformation activities, as well as in sugar, ethanol, and energy production activities. The company is involved in the planting, harvesti...

Website: http://www.adecoagro.com

Founded: 2002

Full Time Employees: 7,938

Sector: Consumer Defensive

Industry: Farm Products

Consumer Defensive

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Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-09-05	2017-08-15	2017-05-15	2017-03-16	2016-12-31	2016-11-14	2016-08-11	2016-05-12	2016-03-17	2015-12-31	2015-11-12	2015-08-13	2015-05-14	2015-03-20	2014-12-31	2014-09-02	2014-08-14	2014-05-14	2014-03-20	2013-12-31	2013-11-12	2013-09-05	2013-08-14	2013-05-15	2013-03-21	2012-12-31	2012-11-13	2012-08-14	2012-05-15	2012-03-29	2011-12-31	2011-11-16	2011-08-16	2011-05-16	2011-04-01	2010-12-31

revenue	1,011,798,000	707,586,000	325,506,000	374,220,000	1,144,687,000	673,192,000	261,775,000
yoy	-11.61%	5.11%	24.35%
qoq	42.99%	117.38%	-13.02%	-67.31%	70.04%	157.16%
cost of revenue	-841,418,000	-594,582,000	-276,236,000	-297,905,000	-900,810,000	-539,807,000	-205,341,000
initial recognition and changes in fair value of biological assets and agricultural produce	77,479,000	33,093,000	23,562,000	21,779,000	121,302,000	107,700,000	63,105,000								112,450,000		35,429,000	87,300,000			68,589,000	59,318,000	51,468,000	23,168,000	16,195,000	12,139,000	35,508,000	16,081,000	38,994,000	24,226,000	125,456,000	22,702,000	17,365,000	125,456,000	16,532,000	108,924,000	83,494,000		36,869,000	17,190,000	19,679,000	33,948,000	23,666,000	27,145,000		39,860,000	39,860,000	38,945,000	-39,123,000	-18,316,000	-20,807,000	16,643,000	-15,888,000	2,036,000	16,643,000	-1,853,000	18,496,000	18,317,000	27,109,000	86,811,000	-11,927,000	98,738,000		58,458,000	-30,528,000
changes in net realizable value of agricultural produce after harvest	7,594,000	2,560,000	1,223,000	-8,984,000	-19,453,000	-13,579,000	-9,018,000								-8,806,000		1,897,000	5,108,000			1,825,000	1,245,000	-2,602,000	1,356,000	-909,000	9,552,000	7,348,000	-691,000	816,000	8,036,000	-5,841,000	3,193,000	-227,000	-5,841,000	365,000	-6,206,000	-369,000		14,691,000	4,777,000	9,914,000	3,898,000	-162,000	3,401,000		-1,704,000	-1,704,000	861,000	12,875,000	3,010,000	9,865,000	16,004,000	4,538,000	1,399,000	16,004,000	1,574,000	14,430,000	9,893,000	2,949,000	10,523,000	1,119,000	9,404,000		2,620,000	7,999,000
margin on manufacturing and agricultural activities before operating expenses	255,453,000	148,657,000	74,055,000	89,110,000	345,726,000	227,506,000	110,521,000								229,404,000		107,975,000	227,577,000			286,379,000	207,523,000	143,272,000	60,401,000	198,560,000	156,472,000	128,847,000	50,009,000	90,851,000	147,672,000	310,269,000	85,207,000	43,867,000	310,269,000	99,269,000	211,000,000	135,401,000		220,181,000	85,206,000	134,975,000	103,952,000	47,750,000	208,231,000		101,798,000	101,798,000	62,277,000	126,798,000	39,396,000	87,402,000	148,195,000	48,765,000	23,786,000	148,195,000	44,185,000	104,010,000	60,017,000	43,534,000	225,787,000	21,530,000	204,257,000		65,475,000	52,799,000
general and administrative expenses	-90,014,000	-70,967,000	-32,281,000	-24,922,000	-78,958,000	-54,847,000	-21,684,000								-31,095,000		-15,167,000	-38,261,000			-57,202,000	-40,487,000	-29,616,000	-13,461,000	-56,080,000	-39,312,000	-29,884,000	-15,172,000	-12,816,000	-44,483,000	-50,750,000	-28,501,000	-14,017,000	-50,750,000	-14,546,000	-36,204,000	-21,610,000		-48,425,000	-12,080,000	-36,345,000	-23,485,000	-12,018,000	-52,695,000		-23,634,000	-23,634,000	-10,780,000	-53,352,000	-14,302,000	-39,050,000	-57,691,000	-26,060,000	-11,338,000	-57,691,000	-14,539,000	-43,152,000	-28,171,000	-13,206,000	-65,142,000	-14,527,000	-50,615,000		-17,307,000	-56,562,000
selling expenses	-111,316,000	-76,752,000	-37,146,000	-37,971,000	-115,511,000	-68,721,000	-28,585,000								-50,046,000		-27,971,000	-67,087,000			-106,972,000	-70,732,000	-48,133,000	-20,372,000	-90,215,000	-61,332,000	-39,644,000	-16,326,000	-30,641,000	-64,758,000	-80,673,000	-37,077,000	-16,014,000	-80,673,000	-30,658,000	-50,015,000	-27,165,000		-70,268,000	-22,043,000	-48,225,000	-31,032,000	-13,255,000	-78,864,000		-31,393,000	-31,393,000	-11,636,000	-68,069,000	-22,318,000	-45,751,000	-58,602,000	-28,309,000	-10,443,000	-58,602,000	-13,358,000	-45,244,000	-27,988,000	-13,238,000	-59,404,000	-17,032,000	-42,372,000		-5,870,000	-52,528,000
other operating income/(expense)	12,063,000					1,135,000
profit from operations	66,186,000	9,333,000	3,638,000	47,546,000	134,752,000	105,073,000	39,778,000								136,113,000						121,383,000				156,497,000									170,549,000
finance income	25,036,000	43,357,000	36,400,000	7,644,000	9,164,000	5,025,000	9,504,000								23,425,000		9,242,000	16,812,000			9,908,000	7,290,000	4,765,000	2,933,000	8,581,000	6,494,000	4,843,000	3,006,000	3,002,000	8,742,000	7,957,000	5,222,000	2,112,000	7,957,000	982,000	6,975,000	5,071,000		9,150,000	1,916,000	7,234,000	5,670,000	3,291,000	7,291,000		4,301,000	4,301,000	2,165,000	7,234,000	1,909,000	5,325,000	11,538,000	3,442,000	3,848,000	11,538,000	2,302,000	9,236,000	6,970,000	5,580,000	9,132,000	3,163,000	5,969,000		3,423,000	16,559,000
finance costs	-79,104,000	-47,648,000	-24,974,000	-60,379,000	-106,062,000	-103,027,000	-21,734,000								-74,628,000		-3,151,000	-210,625,000			-202,566,000	-170,858,000	-64,406,000	-44,374,000	-271,263,000	-242,342,000	-169,689,000	-28,217,000	-54,670,000	-76,679,000	-165,380,000	-45,410,000	-19,442,000	-165,380,000	-51,287,000	-114,093,000	-67,918,000		-116,890,000	-52,574,000	-64,316,000	-44,604,000	-27,783,000	-86,472,000		-39,180,000	-39,180,000	-18,338,000	-98,916,000	-22,543,000	-76,373,000	-66,654,000	-56,309,000	-14,386,000	-66,654,000	-17,546,000	-49,108,000	-38,600,000	-9,799,000	-62,341,000	-12,692,000	-49,649,000		-15,308,000	-39,496,000
other financial results - net (loss) / gain of inflation effects on the monetary items	-6,029,000	-5,317,000		-477,750	-1,911,000
financial results	-60,097,000	-9,608,000	11,836,000	-48,403,000	-98,809,000	-92,385,000	20,487,000								-47,566,000		10,614,000	-186,272,000			-100,221,000	-100,984,000	-17,625,000	-23,655,000	-180,754,000	-185,478,000	-164,846,000	-25,211,000	-51,668,000	-67,937,000	-157,423,000	-40,188,000	-17,330,000	-157,423,000	-50,305,000	-107,118,000	-62,847,000		-107,740,000	-50,658,000	-57,082,000	-38,934,000	-24,492,000	-79,181,000		-34,879,000	-34,879,000	-16,173,000	-91,682,000	-20,634,000	-71,048,000	-55,116,000	-52,867,000	-10,538,000	-55,116,000	-15,244,000	-39,872,000	-31,630,000	-4,219,000	-53,209,000	-9,529,000	-43,680,000		-11,885,000	-22,937,000
profit before income tax	6,089,000		15,474,000	-857,000	35,943,000		60,265,000																	482,000			-35,898,000	12,236,000	-4,213,000	9,894,000	13,126,000	15,579,000	9,778,000	13,126,000					22,129,000				18,732,000	8,544,000		9,277,000	9,277,000	9,893,000						3,882,000						71,579,000
income tax benefit /	2,002,000	1,939,000	3,233,000	17,035,000	39,980,000	44,524,000											1,967,500	7,870,000							1,024,000																			-6,106,000					9,277,000						5,436,000	1,313,000	4,123,000	6,875,000
profit for the period	8,091,000		18,707,000	18,980,750	75,923,000	57,212,000	47,344,000																				-22,474,000	8,532,000	1,702,500	6,810,000		9,768,000	5,967,000							4,385,500	17,542,000	15,096,000	13,761,000			4,048,000	-24,347	2,596,000						2,510,000
attributable to:
equity holders of the parent	7,037,000	520,000	18,078,000	16,366,000	75,974,000	56,913,000	47,387,000								35,079,000		47,484,000	-47,072,000			-772,000	-10,407,000	19,838,000	-3,153,000	-24,622,000	-19,852,000	-24,330,000	6,901,000	4,288,000	5,684,000	2,039,000	8,694,000	4,991,000	2,039,000	11,831,000	-9,792,000	-16,385,000		17,133,000	4,171,750	16,687,000	14,272,000	12,827,000	2,518,000		4,069,000	4,069,000	2,590,000	-25,828,000	-7,609,250	-30,437,000	9,397,000	-24,338,000	2,514,000	9,397,000	25,685,000	-16,288,000	-13,520,000	1,243,000	56,018,000	-1,126,000	57,144,000		15,083,000	-43,904,000
non-controlling interest	1,054,000	1,144,000	629,000	-188,000	-51,000	299,000	-43,000								-78,000		-176,000	834,000			1,114,000	1,127,000	1,189,000	918,000	1,389,000	874,000	1,856,000	1,631,000	651,000	1,126,000	1,700,000	1,074,000	976,000	1,700,000	99,000	1,601,000	1,387,000		1,242,000	387,000	855,000	824,000	934,000	-80,000								-118,000
earnings per share attributable to the equity holders of the parent during the period:
basic earnings per share	0.07		0.181	0.165	0.735	0.546	0.452														-0.007				-0.211									0.017
diluted earnings per share	0.07		0.18	0.164	0.732	0.543	0.45														-0.007				-0.211									0.017
other operating income		8,395,000													-12,150,000		-7,948,000	9,935,000			-822,000	615,000			104,232,000	107,521,000	69,629,000	18,936,000	61,000	39,400,000	-8,297,000	36,138,000	13,272,000	-8,297,000	14,656,000	-22,953,000	-34,161,000		31,066,000				21,625,000	11,977,000		-2,384,000			49,650,000	28,134,000	21,516,000	31,097,000	20,054,000	13,117,000	29,818,000	24,185,000	5,633,000	8,361,000	-7,695,000	24,581,000	11,755,000	12,826,000		-5,696,000	18,224,000
(loss) / profit before income tax		-275,000															-13,527,000	-54,108,000				-4,065,000			-24,257,000																								-36,874,000
profit / (loss) for the period		1,664,000													35,001,000								21,027,000																								4,048,000
basic earnings/(loss) per share		0.005													0.3
diluted earnings/(loss) per share		0.005													0.299
other operating expense			-990,000	-4,126,250	-16,505,000		-20,474,000
other financial results - net gain of inflation effects on the monetary items			410,000												3,637,000		4,523,000	7,541,000			92,437,000	62,584,000	42,016,000	17,786,000	81,928,000	50,370,000
other financial results - net gain / (loss) of inflation effects on the monetary items						5,617,000	32,717,000
profit / (loss) before income tax						12,688,000									88,547,000						21,162,000		39,216,000																	5,515,750	22,063,000	24,638,000													3,843,000
income tax expense							-12,921,000																						-771,000	-3,084,000		-5,811,000	-3,811,000										-4,971,000					-7,297,000						-1,372,000
sales of goods and services rendered															464,561,000		243,049,000	574,715,000			887,138,000	607,913,000	387,601,000	159,815,000	793,239,000	550,230,000	371,486,000	155,567,000	164,402,250	657,609,000		394,621,000	166,091,000	869,235,000
cost of goods sold and services rendered															-338,801,000		-172,400,000	-439,546,000			-671,173,000	-460,953,000	-293,195,000	-123,938,000	-609,965,000	-415,449,000	-285,495,000	-120,948,000	-224,528,000	-542,199,000	-678,581,000	-335,309,000	-139,362,000	-678,581,000
income tax (expense) / benefit															-53,546,000						-20,820,000	-5,215,000	-18,189,000
earnings / (loss) per share from operations attributable to the equity holders of the parent during the period:
profit from operations before financing and taxation																	33,041,000	132,164,000				96,919,000	56,841,000	24,137,000		163,349,000	128,948,000	37,447,000	47,455,000	77,831,000	170,549,000	55,767,000	27,108,000		68,721,000	101,828,000	52,465,000		129,869,000	50,724,000	79,145,000	63,572,000	43,224,000	87,725,000		44,156,000		26,066,000	54,808,000					14,420,000						124,788,000
(loss) / profit for the period																	-11,559,500	-46,238,000				-9,280,000
(loss) / profit per share attributable to the equity holders of the parent during the period:
basic																	-0.1	-0.401
diluted																	-0.1	-0.401
profit / (loss) for the year																					342,000
(loss) / earnings per share from operations attributable to the equity holders of the parent during the year:
(loss) / earnings per share attributable to the equity holders of the parent during the period:
basic																						-0.089																																		-0.034	-0.135	-0.225
diluted																						-0.089																																		-0.034	-0.135	-0.225
other operating (loss) / income																							-8,682,000	-2,431,000
earnings / (loss) per share attributable to the equity holders of the parent during the period:
basic																							0.17																																0.077
diluted																							0.168																																0.077
income tax																								-2,717,000
(loss)/profit for the period																								-2,235,000		-18,978,000
(loss)/earnings per share attributable to the equity holders of the parent during the period:
basic																								-0.027		-0.17
diluted																								-0.027		-0.17
(loss) / profit for the year																									-23,233,000																								-25,830,000
(loss)/profit before income tax																										-22,129,000
income tax benefit/																										3,151,000																										5,436,000
income tax benefit																											13,424,000	-3,704,000			-9,387,000			-9,387,000	-6,486,000	-2,901,000	-4,616,000		-3,754,000							-5,229,000				3,690,000	14,760,000		12,339,000							-14,662,000					16,263,000
earnings per share attributable to the equity holders of the parent during the period:
basic																											-0.208	0.059	0.012	0.047	0.017	0.072	0.04																					0.021					0.01	0.479
diluted																												0.058	0.012	0.046	0.017	0.071	0.04																					0.02					0.01	0.475
statements of income data:
sale of goods and services rendered																															869,235,000
share of loss of joint ventures																																								-158,000	-2,527,000	-1,470,000	-878,000			-231,000	-231,000	-225,000		-178,000	-41,000		-36,000			-475,750	-1,903,000	-1,084,000							-50,000
profit for the period / year																															3,739,000
earnings per share from operations attributable to the equity holders of the parent during the period / year:
basic																											-0.208	0.059	0.012	0.047	0.017	0.072	0.04																					0.021					0.01	0.479
diluted																												0.058	0.012	0.046	0.017	0.071	0.04																					0.02					0.01	0.475
share of loss of joint venture																																							-2,685,000					-924,000					-219,000						-2,761,000					-1,034,000
profit for the year																																		3,739,000					18,375,000					2,438,000																56,917,000
earnings per share from operations attributable to the equity holders of the parent during the year:
sales of manufactured products and services rendered																																			101,951,000	407,804,000	210,814,000		490,619,000	174,151,000	316,468,000	198,454,000	84,480,000	513,127,000		189,737,000	189,737,000	68,811,000	425,307,000	144,711,000	280,596,000	379,526,000	179,421,000	70,031,000	379,526,000	123,375,000	256,151,000	147,652,000	67,278,000	365,857,000	111,074,000	254,783,000		26,341,000	294,529,000
cost of manufactured products sold and services rendered																																			-74,880,500	-299,522,000	-158,538,000		-321,998,000	-110,912,000	-211,086,000	-132,348,000	-60,234,000	-335,442,000		-126,095,000	-126,095,000	-46,340,000	-272,261,000	-90,009,000	-182,252,000	-263,978,000	-119,306,000	-49,680,000	-263,978,000	-78,911,000	-185,067,000	-115,845,000	-53,802,000	-237,404,000	-78,736,000	-158,668,000		-21,944,000	-219,201,000
gross profit from manufacturing activities																																			27,070,500	108,282,000	52,276,000		168,621,000	63,239,000	105,382,000	66,106,000	24,246,000	177,685,000		63,642,000	63,642,000	22,471,000	153,046,000	54,702,000	98,344,000	115,548,000	60,115,000	20,351,000	115,548,000	44,464,000	71,084,000	31,807,000	13,476,000	128,453,000	32,338,000	96,115,000			75,328,000
sales of agricultural produce and biological assets																																			32,335,750	129,343,000	79,890,000		183,695,000	34,794,500	139,178,000	86,690,000	29,738,000	209,839,000		113,422,000	113,422,000	30,318,000	219,317,000	48,563,000	194,252,000		118,938,000	35,682,000	225,174,000	48,109,000	177,065,000	117,984,000	41,204,000	182,227,000	40,610,000	141,617,000		31,911,000	131,738,000
cost of agricultural produce sold and direct agricultural selling expenses																																			-32,335,750	-129,343,000	-79,890,000		-183,695,000	-44,517,000	-139,178,000	-86,690,000	-29,738,000	-209,839,000		-113,422,000	-113,422,000	-30,318,000	-219,317,000	-25,065,000	-194,252,000	-225,174,000	-118,938,000	-35,682,000	-225,174,000	-48,109,000	-177,065,000	-117,984,000	-41,204,000	-182,227,000	-40,610,000	-141,617,000		-31,911,000	-131,738,000
gross profit from agricultural activities																																			25,679,500	102,718,000	83,125,000		51,560,000				23,504,000	30,546,000		38,156,000		39,806,000		-15,306,000	-10,942,000			3,435,000		8,231,500	32,926,000		30,058,000	97,334,000	27,035,500	108,142,000
gain before income tax																																			-1,322,500	-5,290,000																							4,943,000		20,019,750	80,079,000
(loss) /gain for the period																																			-2,047,750	-8,191,000
income per share attributable to the equity holders of the parent during the period:
basic																																			-0.02	-0.081	-135			0.035	0.138	0.118	0.106
diluted																																			-0.02	-0.081	-135			0.034	0.136	0.117	0.105
income before income tax																																					-10,382,000													-11,743,000	-46,972,000		-38,453,000												-61,054,000
loss for the period																																					-14,998,000													-7,611,250	-30,445,000		-24,347,000
profit for the year from continuing operations																																							18,375,000					2,438,000
profit for the year from discontinued operations
earnings per share from continuing and discontinued operations attributable to the equity holders of the parent during the year:
from continuing operations																																							0.142					0.021		0.034	0.034	0.021	-0.226	262.774	-263	0.111	-0.214
from discontinued operations																																																	0.014	-13.986	14	-0.034	0.014
gross profit/(loss) from agricultural activities																																								7,398,250	29,593,000	37,846,000					38,156,000						-11,350,000					28,210,000						61,078,000
other operating income / (expense)																																								7,816,750	31,267,000	15,607,000
income tax (expense)/ benefit																																								-1,130,250	-4,521,000	-9,542,000					-5,229,000
profit for the period from continuing operations																																														4,048,000	4,048,000	2,596,000
profit for the period from discontinued operations
non controlling interest																																														-21,000	-21,000	6,000	-2,000	-2,000	-8,000		-9,000	-4,000	-118,000	-1,000	-117,000	-100,000	15,000	899,000	-134,000	1,033,000		278,000	-887,000
income per share from continuing and discontinued operations attributable to the equity holders of the parent during the period:
other operating (expense)/ income																																															-2,384,000
profit /(loss) from operations before financing and taxation																																															44,156,000
income / (loss) per share from continuing and discontinued operations attributable to the equity holders of the parent during the period:
other comprehensive income:
exchange differences on translating foreign operations																																															-66,656
cash flow hedge
other comprehensive loss for the period																																															-66,656
total comprehensive loss income for the period																																															-91,003
total comprehensive income attributable to owners of the parent arising from:
continuing operations																																															-92,758
discontinued operations																																															1,767
other operating (loss)/income/																																																-13,570,000
profit/(loss) for the period from discontinued operations
loss per share from continuing and discontinued operations attributable to the equity holders of the parent during the period:
other comprehensive (loss)/income for the period
total comprehensive (loss)/income for the period
(loss) / gross profit from agricultural activities																																																	-26,248,000
(loss) / profit for the year from continuing operations																																																	-27,597,000
profit / (loss) for the year from discontinued operations																																																	1,767,000
(loss) / earnings per share from continuing and discontinued operations attributable to the equity holders of the parent during the year:
gain from operations before financing and taxation																																																		6,019,000	24,076,000		14,414,000			4,836,000	19,344,000	11,135,000	9,162,000		30,939,750	123,759,000
loss for the period from continuing operations																																																		-8,053,000	-32,212,000		-26,114,000
gain for the period from discontinued operations																																																		441,750	1,767,000		1,767,000
statement of income data:
sale of agricultural produce and biological assets																																																				225,174,000
gross profit/ (loss) from agricultural activities																																																				32,647,000
excess of fair value of net assets acquired over cost
profit / (loss) from operations before financing and taxation																																																				62,999,000			58,959,000
profit/ (loss) before income tax																																																				7,883,000
profit / (loss) for the year from continuing operations																																																				13,319,000
loss for the year from discontinued operations																																																				-4,040,000
profit /(loss) for the year																																																				9,279,000
earnings/(loss) per share from continuing and discontinued operations attributable to the equity holders of the parent during the year:
share of loss in joint ventures																																																						-702,000					-233,000
earnings per share for loss attributable to the equity holders of the parent during the period:
basic																											-0.208	0.059	0.012	0.047	0.017	0.072	0.04																					0.021					0.01	0.479
diluted																												0.058	0.012	0.046	0.017	0.071	0.04																					0.02					0.01	0.475
gross profit / (loss) from agricultural activities																																																							32,647,000
profit/ (loss) for the year																																																							9,279,000
earnings / (loss) per share attributable to the equity holders of the parent during the year:
basic																							0.17																																0.077
diluted																							0.168																																0.077
(loss)/gain before income tax																																																								-5,132,000	-20,528,000	-20,495,000
(loss)/gain for the period																																																								-4,101,250	-16,405,000	-13,620,000
income tax charge																																																											-3,685,000
gain for the period																																																											1,258,000		14,544,250	58,177,000
earnings per share attributable to the equity holders of the parent during the year:
basic																											-0.208	0.059	0.012	0.047	0.017	0.072	0.04																					0.021					0.01	0.479
diluted																												0.058	0.012	0.046	0.017	0.071	0.04																					0.02					0.01	0.475
share of (loss)/ benefit of joint ventures																																																													-84,250	-337,000
income tax (charge) / benefit																																																													-5,475,500	-21,902,000		-9,356,000
gains per share for loss attributable to the equity holders of the parent during the period:
basic																																																													0.12	0.479
diluted																																																													0.119	0.475
gross profit/(loss) from manufacturing activities																																																																4,397,000
gain/(loss) from operations before financing and taxation																																																																36,602,000
gain/(loss) before income tax																																																																24,717,000
gain/(loss) for the period																																																																15,361,000
gains/(losses) per share for loss attributable to the equity holders of the parent during the period:
basic																																																																0.141
diluted																																																																0.14
gross (loss) / profit from agricultural activities																																																																	-22,529,000
(loss) / profit from operations before financing and taxation																																																																	-38,117,000
loss for the year																																																																	-44,791,000
loss per share attributable to the equity holders of the parent during the year:
basic																																																																	-0.361
diluted

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-08-15	2017-06-30	2017-05-15	2017-03-31	2017-03-16	2016-12-31	2016-11-14	2016-09-30	2016-08-11	2016-06-30	2016-03-31	2016-03-17	2016-03-16	2015-12-31	2015-09-30	2015-06-30	2015-05-14	2015-03-31	2015-03-20	2015-03-17	2014-12-31	2014-09-30	2014-09-02	2014-06-30	2014-03-31	2014-03-20	2013-12-31	2013-11-12	2013-09-30	2013-06-30	2013-05-15	2013-03-31	2013-03-20	2012-12-31	2012-09-30	2012-09-05	2012-06-30	2012-03-31	2012-03-29	2012-03-21	2011-12-31	2011-11-16	2011-09-30	2011-06-30	2011-03-31	2011-03-29	2010-12-31	2010-04-01

assets
non-current assets
property, plant and equipment	1,681,601,000	1,661,565,000	1,638,986,000	1,548,589,000	1,597,718,000	1,582,210,000	1,640,862,000	1,549,565,000	1,565,355,000	1,553,517,000	1,550,369,000	1,579,592,000	1,422,623,000	1,409,122,000	1,426,236,000	1,348,085,000	1,358,292,000	1,332,793,000	1,357,345,000	1,396,340,000	1,493,220,000	1,455,228,000	1,613,844,000	1,586,758,000	1,480,439,000	1,416,269,000	708,366,000	852,159,000	820,931,000	847,443,000	837,360,000	837,360,000	872,816,000	872,816,000	802,608,000	802,608,000	815,592,000	815,592,000	830,705,000	830,705,000	761,283,000	540,218,000	802,608,000	540,218,000	578,210,000	713,824,000	711,450,000	711,450,000	776,905,000	540,218,000	776,905,000	805,755,000	867,036,000	867,036,000	856,004,000	776,905,000	790,520,000	830,006,000	830,006,000	855,486,000	937,499,000	937,499,000	790,520,000	880,897,000	850,656,000	880,897,000	822,770,000	841,561,000	759,696,000	880,897,000	759,696,000	729,317,000	729,317,000	781,737,000	755,089,000	759,696,000	751,992,000	751,992,000
right of use assets	400,871,000	404,571,000	388,215,000	373,846,000	387,375,000	368,205,000	408,775,000	406,713,000	360,181,000	332,639,000	358,026,000	388,106,000	260,776,000	249,525,000	259,499,000	216,747,000	209,694,000	195,202,000	200,543,000	210,934,000	238,053,000	225,121,000	249,103,000	206,001,000
investment property	34,208,000	33,542,000	33,542,000	33,542,000	33,542,000	33,364,000	33,364,000	33,364,000	33,330,000	33,330,000	32,132,000	32,132,000	32,132,000	32,132,000	27,753,000	31,395,000	31,179,000	31,395,000	34,295,000	34,295,000	34,295,000	34,295,000	40,725,000	40,725,000	40,725,000	40,725,000	1,434,000	2,102,000	2,271,000	2,447,000	2,547,000	2,547,000	2,752,000	2,752,000	2,666,000	2,666,000	2,767,000	2,767,000	4,158,000	4,158,000	4,255,000	4,796,000	2,666,000	4,796,000	6,638,000	6,281,000	6,470,000	6,470,000	6,675,000	4,796,000	6,675,000	7,461,000	8,136,000	8,136,000	8,269,000	6,675,000	10,147,000	13,194,000	13,194,000	14,186,000	14,923,000	14,923,000	10,147,000	15,542,000	16,273,000	15,542,000	16,884,000	27,405,000	27,883,000	15,542,000	27,883,000	29,711,000	29,711,000	20,568,000	20,852,000	27,883,000	21,417,000	21,417,000
intangible assets	35,423,000	37,415,000	38,717,000	37,231,000	38,224,000	36,674,000	35,132,000	27,519,000	36,120,000	36,026,000	35,083,000	34,379,000	31,337,000	30,233,000	29,416,000	27,191,000	26,930,000	30,353,000	30,588,000	31,947,000	33,679,000	30,928,000	36,372,000	33,075,000	27,909,000	24,191,000	14,869,000	16,850,000	17,192,000	17,658,000	16,966,000	16,966,000	17,640,000	17,640,000	17,252,000	17,252,000	17,572,000	17,572,000	17,778,000	17,778,000	17,082,000	16,661,000	17,252,000	16,661,000	19,499,000	22,033,000	21,556,000	21,556,000	23,778,000	16,661,000	23,778,000	23,817,000	25,459,000	25,459,000	25,011,000	23,778,000	27,341,000	29,902,000	29,902,000	30,891,000	32,236,000	32,236,000	27,341,000	32,880,000	33,780,000	32,880,000	34,579,000	36,511,000	36,755,000	32,880,000	36,755,000	32,072,000	32,072,000	29,222,000	28,786,000	36,755,000	28,653,000	28,653,000
biological assets	41,331,000	44,036,000	43,552,000	43,418,000	42,414,000	37,387,000	32,674,000	23,706,000	30,622,000	26,519,000	24,739,000	22,339,000	19,355,000	18,852,000	16,931,000	15,333,000	14,725,000	13,867,000	12,976,000	13,753,000	13,303,000	11,714,000	13,420,000	12,503,000	11,270,000	8,890,000	10,657,000	11,639,000	11,276,000	9,117,000	8,951,000	8,951,000	8,939,000	8,939,000	8,516,000	8,516,000	8,651,000	8,651,000	7,818,000	7,818,000	6,512,000	253,005,000	8,516,000	253,005,000	231,732,000	290,843,000	261,823,000	261,823,000	286,044,000	253,005,000	286,044,000	289,136,000	293,389,000	293,389,000	254,781,000	286,044,000	225,203,000	229,236,000	229,236,000	223,001,000	243,254,000	243,254,000	225,203,000	224,966,000	218,048,000	224,966,000	214,078,000	233,145,000	187,973,000	224,966,000	187,973,000	185,239,000	185,239,000	162,937,000	144,012,000	187,973,000	104,216,000	104,216,000
deferred income tax assets	20,968,000	17,065,000	45,852,000	15,507,000	6,554,000	10,164,000	8,964,000	9,777,000	8,758,000	16,911,000	8,659,000	22,775,000	10,321,000	12,660,000	23,822,000	34,642,000	19,821,000	33,058,000	42,280,000	37,151,000	13,664,000	15,087,000	8,890,000	17,054,000	16,191,000	22,541,000	56,740,000	39,586,000	43,437,000	42,911,000	37,096,000	37,096,000	32,247,000	32,247,000	38,586,000	38,586,000	39,407,000	39,407,000	41,906,000	41,906,000	75,151,000	60,857,000	38,586,000	60,857,000	66,387,000	44,136,000	54,224,000	54,224,000	45,597,000	60,857,000	45,597,000	51,109,000	47,079,000	47,079,000	50,079,000	45,597,000	48,368,000	44,993,000	44,993,000	42,961,000	35,553,000	35,553,000	48,368,000	35,391,000	35,714,000	35,391,000	41,774,000	38,619,000	37,081,000	35,391,000	37,081,000	48,210,000	48,210,000	56,792,000	57,631,000	37,081,000	67,463,000	67,463,000
trade and other receivables	56,968,000	56,262,000	48,880,000	38,510,000	37,872,000	37,209,000	36,464,000	39,060,000	44,558,000	41,009,000	42,227,000	51,086,000	42,231,000	52,372,000	53,958,000	57,070,000	52,266,000	38,036,000	36,601,000	41,483,000	44,993,000	42,754,000	45,115,000	48,956,000	38,820,000	22,747,000	28,046,000	21,462,000	22,107,000	17,763,000	18,002,000	18,002,000	20,279,000	20,279,000	17,412,000	17,412,000	15,674,000	15,674,000	21,749,000	21,749,000	18,613,000	21,795,000	17,412,000	21,795,000	33,927,000	41,789,000	44,417,000	44,417,000	50,590,000	21,795,000	50,590,000	51,703,000	55,876,000	55,876,000	55,021,000	50,590,000	53,252,000	68,257,000	68,257,000	61,465,000	50,748,000	50,748,000	53,252,000	44,030,000	38,044,000	44,030,000	31,672,000	21,168,000	15,746,000	44,030,000	15,746,000	18,398,000	18,398,000	25,265,000	29,548,000	15,746,000	30,752,000	30,752,000
derivative financial instruments	9,219,000	8,348,000	7,315,000	5,482,000	15,183,000	17,081,000	17,911,000	18,001,000	5,208,000	2,140,000	5,439,000	2,472,000	757,000		4,437,000	1,370,000	1,951,000	151,000	409,000	1,128,000	1,435,000	1,163,000	1,716,000	5,372,000	6,286,000	5,285,000	8,185,000	12,058,000	4,483,000	5,673,000	3,015,000	3,015,000	12,546,000	12,546,000	3,398,000	3,398,000	402,000	402,000	7,346,000	7,346,000	9,798,000	4,849,000	3,398,000	4,849,000	5,640,000	6,113,000	18,898,000	18,898,000	7,966,000	4,849,000	7,966,000	9,618,000	4,445,000	4,445,000	1,142,000	7,966,000	4,102,000	5,845,000	5,845,000	7,189,000	17,196,000	17,196,000	4,102,000	5,212,000	3,314,000	5,212,000	5,000	4,266,000	10,353,000	5,212,000	10,353,000	10,222,000	10,222,000	215,604,000	2,397,000	10,353,000	876,000	876,000
other assets	3,426,000	3,646,000	3,806,000	3,761,000	2,163,000	2,103,000	2,142,000	1,515,000	1,701,000	1,618,000	1,625,000	1,655,000	1,071,000	782,000	870,000	807,000	809,000	765,000	797,000	850,000	1,034,000	1,063,000	1,098,000	1,144,000	1,184,000	646,000	535,000	522,000	535,000	768,000	555,000	555,000	572,000	572,000	566,000	566,000	609,000	609,000			691,000	651,000	566,000	651,000	1,233,000	506,000	498,000	498,000	587,000	651,000	587,000	626,000	698,000	698,000	690,000	587,000	707,000	766,000	766,000	1,251,000	1,375,000	1,375,000	707,000	1,398,000	1,343,000	1,398,000	1,397,000	1,507,000	1,408,000	1,398,000	1,408,000	52,000	52,000	25,000	25,000	1,408,000	26,000	26,000
total non-current assets	2,284,015,000	2,266,450,000	2,248,865,000	2,099,886,000	2,161,045,000	2,124,397,000	2,216,288,000	2,109,220,000	2,085,833,000	2,043,709,000	2,058,299,000	2,134,536,000	1,820,603,000	1,805,678,000	1,842,922,000	1,732,640,000	1,715,667,000	1,675,469,000	1,715,425,000	1,766,753,000	1,872,241,000	1,816,190,000	2,008,567,000	1,946,216,000	1,616,538,000	1,536,009,000	820,647,000	944,320,000	917,749,000	938,107,000	921,477,000	921,477,000	955,245,000	955,245,000	887,606,000	887,606,000	900,674,000	900,674,000	924,840,000	924,840,000	883,587,000	897,983,000	887,606,000	897,983,000	937,731,000	1,120,612,000	1,102,277,000	1,102,277,000	1,192,928,000	897,983,000	1,192,928,000	1,232,909,000	1,301,333,000	1,301,333,000	1,253,568,000	1,192,928,000	1,158,717,000	1,220,125,000	1,220,125,000	1,233,301,000	1,329,284,000	1,329,284,000	1,158,717,000	1,249,595,000	1,198,788,000	1,249,595,000	1,169,627,000	1,204,007,000	1,070,841,000	1,249,595,000	1,070,841,000	1,048,332,000	1,048,332,000	1,081,999,000	1,042,125,000	1,070,841,000	1,010,790,000	1,010,790,000
current assets
inventories	407,286,000	355,856,000	318,527,000	289,664,000	400,630,000	455,387,000	353,981,000	256,051,000	274,022,000	372,841,000	393,016,000	282,580,000	239,524,000	330,263,000	282,389,000	176,803,000	133,461,000	159,846,000	164,968,000	121,584,000	112,790,000	191,558,000	200,853,000	130,089,000	128,102,000	159,712,000	172,140,000	136,614,000	108,919,000	173,678,000	151,052,000	151,052,000	118,431,000	118,431,000	111,754,000	111,754,000	163,271,000	163,271,000	144,516,000	144,516,000	97,611,000	77,703,000	111,754,000	77,703,000	141,095,000	148,714,000	97,240,000	97,240,000	104,919,000	77,703,000	104,919,000	149,010,000	150,600,000	150,600,000	107,364,000	104,919,000	108,389,000	140,182,000	140,182,000	119,879,000	96,614,000	96,614,000	108,389,000	95,321,000	135,544,000	95,321,000	117,003,000	87,180,000	96,147,000	95,321,000	96,147,000	134,308,000	134,308,000	135,833,000	96,994,000	96,147,000	57,170,000	57,170,000
short-term investments	25,464,000	25,065,000	59,440,000	46,097,000	15,351,000	58,616,000																																																																		48,000,000	48,000,000	48,000,000
cash and cash equivalents	339,998,000	180,607,000	179,530,000	211,244,000	198,255,000	140,311,000	135,511,000	339,781,000	230,653,000	159,362,000	188,351,000	142,920,000	199,766,000	189,703,000	185,165,000	208,584,000	336,282,000	213,584,000	236,259,000	235,425,000	290,276,000	145,833,000	137,990,000	156,889,000	273,635,000	180,828,000	144,708,000	183,775,000	269,195,000	523,175,000	219,934,000	219,934,000	231,321,000	231,321,000	158,568,000	158,568,000	136,482,000	136,482,000	167,587,000	167,587,000	223,688,000	198,894,000	158,568,000	198,894,000	224,349,000	163,466,000	198,279,000	198,279,000	113,795,000	198,894,000	113,795,000	196,792,000	199,327,000	199,327,000	247,431,000	113,795,000	232,147,000	260,529,000	260,529,000	204,020,000	210,437,000	210,437,000	232,147,000	218,809,000	223,368,000	218,809,000	233,743,000	282,910,000	330,546,000	218,809,000	330,546,000	292,430,000	292,430,000	209,006,000	451,246,000	330,546,000	70,269,000	70,269,000
total current assets	1,361,032,000	1,011,433,000	1,101,428,000	1,015,002,000	1,066,665,000	1,023,975,000	1,006,621,000	1,055,674,000	1,023,022,000	1,012,023,000	956,697,000	861,347,000	761,798,000	789,779,000	745,206,000	721,501,000	766,569,000	609,297,000	596,847,000	570,210,000	649,066,000	556,364,000	574,960,000	524,845,000	660,834,000	618,584,000	613,520,000	651,323,000	689,452,000	1,003,441,000	650,064,000	650,064,000	681,262,000	681,262,000	568,160,000	568,160,000	664,987,000	664,987,000	641,809,000	641,809,000	617,015,000	472,722,000	568,160,000	472,722,000	545,824,000	493,268,000	492,126,000	492,126,000	446,394,000	472,722,000	446,394,000	544,456,000	549,247,000	549,247,000	562,465,000	446,394,000	552,759,000	559,700,000	559,700,000	494,868,000	499,107,000	499,107,000	552,759,000	528,360,000	530,202,000	528,360,000	536,298,000	581,699,000	629,854,000	528,360,000	629,854,000	655,243,000	655,243,000	767,437,000	762,532,000	629,854,000	330,061,000	330,061,000
total assets	3,645,047,000	3,277,883,000	3,350,293,000	3,114,888,000	3,227,710,000	3,148,372,000	3,222,909,000	3,164,894,000	3,108,855,000	3,055,732,000	3,014,996,000	2,995,883,000	2,582,401,000	2,595,457,000	2,588,128,000	2,454,141,000	2,482,236,000	2,284,766,000	2,312,272,000	2,336,963,000	2,521,307,000	2,372,554,000	2,583,527,000	2,471,061,000	2,277,372,000	2,154,593,000	1,434,167,000	1,595,643,000	1,607,201,000	1,941,548,000	1,571,541,000	1,571,541,000	1,636,507,000	1,636,507,000	1,455,766,000	1,455,766,000	1,565,661,000	1,565,661,000	1,566,649,000	1,566,649,000	1,500,602,000	1,370,705,000	1,455,766,000	1,370,705,000	1,483,555,000	1,613,880,000	1,594,403,000	1,594,403,000	1,639,322,000	1,370,705,000	1,639,322,000	1,777,365,000	1,850,580,000	1,850,580,000	1,816,033,000	1,639,322,000	1,711,476,000	1,779,825,000	1,779,825,000	1,745,860,000	1,828,391,000	1,828,391,000	1,711,476,000	1,777,955,000	1,728,990,000	1,777,955,000	1,705,925,000	1,785,706,000	1,700,695,000	1,777,955,000	1,700,695,000	1,703,575,000	1,703,575,000	1,849,436,000	1,804,657,000	1,700,695,000	1,340,851,000	1,340,851,000
shareholders equity
capital and reserves attributable to equity holders of the parent
share capital	158,073,000	158,073,000	167,073,000	167,073,000	167,073,000	167,073,000	167,073,000	167,073,000	167,073,000	167,073,000	167,073,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,573,000	183,562,000	183,562,000	183,573,000	183,331,000	183,331,000	183,331,000	181,894,000	181,894,000	180,800,000	183,331,000	180,800,000	180,749,000	180,749,000	180,104,000	180,104,000	180,800,000	120,000,000	120,000,000
share premium	636,139,000	636,091,000	633,276,000	659,399,000	666,839,000	680,990,000	725,595,000	743,810,000	793,169,000	801,326,000	811,666,000	842,969,000	851,060,000	861,101,000	889,533,000	895,130,000	902,815,000	903,157,000	904,926,000	900,744,000	901,739,000	903,663,000	904,958,000	900,503,000	900,503,000	900,503,000	900,496,000	897,536,000	908,934,000	931,751,000	933,961,000	933,961,000	936,191,000	936,191,000	937,250,000	937,250,000	940,336,000	940,336,000	941,222,000	941,222,000	937,855,000	937,674,000	937,250,000	937,674,000	937,395,000	937,525,000	933,790,000	933,790,000	933,044,000	937,674,000	933,044,000	932,936,000	932,741,000	932,741,000	929,166,000	933,044,000	939,072,000	942,718,000	942,718,000	943,053,000	940,332,000	940,332,000	939,072,000	940,332,000	940,332,000	940,332,000	933,178,000	931,831,000	926,005,000	940,332,000	926,005,000	926,002,000	926,002,000	926,269,000	925,416,000	926,005,000	563,343,000	563,343,000
cumulative translation adjustment	-424,636,000	-385,666,000	-348,710,000	-413,757,000	-378,876,000	-416,132,000	-442,436,000	-603,861,000	-456,029,000	-456,226,000	-458,916,000	-438,137,000	-514,609,000	-523,781,000	-515,841,000	-569,001,000	-555,044,000	-592,415,000	-773,604,000	-755,067,000	-680,315,000	-712,803,000	-637,554,000	-675,824,000	-666,037,000	-679,854,000	-611,020,000	-545,834,000	-541,545,000	-519,870,000	-535,516,000	-535,516,000	-512,862,000	-512,862,000	-527,364,000	-527,364,000	-522,290,000	-522,290,000	-519,461,000	-519,461,000	-552,914,000	-567,133,000	-527,364,000	-567,133,000	-546,838,000		-473,654,000	-473,654,000	-395,804,000	-567,133,000	-395,804,000	-359,773,000	-298,718,000	-298,718,000	-325,585,000	-395,804,000	-311,807,000	-268,322,000	-268,322,000	-248,898,000	-181,705,000	-181,705,000	-311,807,000	-182,929,000	-173,515,000	-182,929,000	-162,275,000	-84,586,000	-99,202,000	-182,929,000	-99,202,000	-89,255,000	-89,255,000	42,108,000	20,623,000	-99,202,000		11,273,000
equity-settled compensation	11,291,000	11,207,000	20,638,000	17,264,000	16,128,000	14,984,000	19,961,000	18,654,000	18,792,000	16,694,000	14,621,000	17,012,000	16,073,000	14,877,000	13,722,000	15,781,000	14,795,000	13,971,000	13,151,000	16,192,000	15,354,000	14,451,000	13,565,000	17,178,000	16,191,000	15,391,000	14,528,000	19,185,000	17,852,000	16,538,000	15,142,000	15,142,000	18,647,000	18,647,000	17,218,000	17,218,000	16,451,000	16,451,000	15,071,000	15,071,000	17,768,000	16,631,000	17,218,000	16,631,000	15,488,000	14,397,000	17,401,000	17,401,000	16,735,000	16,631,000	16,735,000	15,829,000	14,680,000	14,680,000	17,942,000	16,735,000	17,352,000	16,779,000	16,779,000	16,589,000	18,863,000	18,863,000	17,352,000	17,952,000	16,820,000	17,952,000	15,655,000	16,100,000	15,306,000	17,952,000	15,306,000	14,714,000	14,714,000	13,713,000	14,001,000	15,306,000	13,659,000	13,659,000
other reserves	153,237,000	153,253,000	149,765,000	151,261,000	151,254,000	151,250,000	150,684,000	150,677,000	126,925,000	122,174,000	119,114,000	109,587,000	106,172,000	99,712,000	93,050,000	87,830,000	83,406,000	76,571,000	72,895,000	71,220,000	66,047,000	53,833,000	45,613,000	38,964,000	32,380,000																														-159,000		-161,000	-162,000	-162,000	-164,000	-575,000	-575,000	-161,000	-349,000	-350,000	-349,000	-350,000	-531,000	-526,000	-349,000	-526,000	-552,000	-552,000			-526,000
treasury shares	-7,940,000	-7,965,000	-17,080,000	-16,989,000	-15,814,000	-13,377,000	-11,187,000	-8,062,000	-4,792,000	-2,902,000	-455,000	-18,960,000	-16,909,000	-14,518,000	-9,118,000	-9,421,000	-7,630,000	-7,567,000	-6,829,000	-8,384,000	-7,946,000	-7,349,000	-6,907,000	-8,741,000	-8,741,000	-8,741,000	-8,742,000	-9,061,000	-6,967,000	-2,759,000	-2,368,000	-2,368,000	-2,030,000	-2,030,000	-1,859,000	-1,859,000	-1,342,000	-1,342,000	-1,201,000	-1,201,000	-1,907,000	-1,936,000	-1,859,000	-1,936,000	-1,977,000		-2,699,000	-2,699,000	-2,840,000	-1,936,000	-2,840,000	-2,866,000	-2,902,000	-2,902,000	-3,379,000	-2,840,000	-961,000	-87,000	-87,000	-1,000	-11,000	-11,000	-961,000	-6,000	-5,000	-6,000	-5,000	-5,000	-4,000	-6,000	-4,000					-4,000
revaluation surplus	279,150,000	246,486,000	237,351,000	245,261,000	246,699,000	253,715,000	275,748,000	317,598,000	281,909,000	278,615,000	272,878,000	277,807,000	289,982,000	297,564,000	292,071,000	341,729,000	343,570,000	346,264,000	342,449,000	342,998,000	337,877,000	348,867,000	365,771,000	383,200,000	383,889,000	398,096,000
reserve from the sale of non-controlling interests in subsidiaries	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	41,574,000	25,508,000	25,508,000	25,508,000	25,508,000	25,508,000	41,574,000	25,508,000					25,508,000
retained earnings	525,101,000	518,584,000	536,142,000	518,064,000	501,698,000	482,637,000	466,176,000	418,789,000	202,342,000	203,833,000	184,318,000	175,633,000	115,735,000	63,247,000	33,250,000	22,461,000	8,671,000	-33,637,000	137,983,000	146,352,000	206,669,000	209,248,000	247,718,000	232,745,000	237,188,000	244,998,000	36,666,000	67,897,000	60,984,000	56,682,000	59,692,000	59,692,000	55,989,000	55,989,000	50,998,000	50,998,000	39,101,000	39,101,000	32,508,000	32,508,000	50,395,000	62,923,000	50,998,000	62,923,000	62,467,000	60,020,000	58,471,000	58,471,000	45,644,000	62,923,000	45,644,000	58,550,000	47,195,000	47,195,000	45,639,000	45,644,000	43,018,000	38,068,000	38,068,000	43,431,000	70,265,000	70,265,000	43,018,000	67,647,000	41,962,000	67,647,000	44,770,000	59,467,000	57,497,000	67,647,000	57,497,000	58,606,000	58,606,000	28,904,000	15,340,000	57,497,000	257,000	257,000
equity attributable to equity holders of the parent	1,371,989,000	1,371,637,000	1,420,029,000	1,369,150,000	1,396,575,000	1,362,497,000	1,376,008,000	1,229,128,000	1,126,091,000	1,126,439,000	1,103,766,000	1,134,853,000	1,011,719,000	960,497,000	950,988,000	918,904,000	925,041,000	841,085,000	823,323,000	852,396,000	988,269,000	954,930,000	1,100,965,000	1,050,674,000	1,063,636,000	1,018,606,000	508,066,000	626,559,000	639,714,000	683,392,000	656,251,000	656,251,000	695,175,000	695,175,000	664,091,000	664,091,000	640,349,000	640,349,000	621,346,000	621,346,000	564,288,000	535,395,000	664,091,000	535,395,000	533,693,000	679,306,000	657,435,000	657,435,000	762,796,000	535,395,000	762,796,000	819,459,000	889,760,000	889,760,000	827,038,000	762,796,000	854,304,000	908,437,000	908,437,000	937,583,000	1,030,731,000	1,030,731,000	854,304,000	1,025,978,000	1,008,575,000	1,025,978,000	1,012,867,000	1,104,170,000	1,079,876,000	1,025,978,000	1,079,876,000	1,090,264,000	1,090,264,000	1,191,098,000	1,155,484,000	1,079,876,000	708,532,000	708,532,000
non-controlling interest	64,569,000	40,113,000	39,764,000	38,951,000	39,470,000	39,417,000	38,342,000	36,520,000	37,552,000	38,540,000	37,577,000	38,350,000	36,111,000	36,362,000	36,451,000	39,826,000	38,683,000	40,035,000	41,171,000	41,355,000	40,614,000	40,773,000	45,733,000	45,365,000	44,509,000	43,831,000	4,773,000	6,576,000	5,417,000	6,460,000	6,670,000	6,670,000	7,109,000	7,109,000	7,582,000	7,582,000	7,769,000	7,769,000	7,693,000	7,693,000	7,640,000	7,335,000	7,582,000	7,335,000	7,615,000	7,865,000	8,275,000	8,275,000	7,589,000	7,335,000	7,589,000					7,589,000
total shareholders equity	1,436,558,000	1,411,750,000	1,459,793,000	1,408,101,000	1,436,045,000	1,401,914,000	1,414,350,000	1,265,648,000	1,163,643,000	1,164,979,000	1,141,343,000	1,173,203,000	1,047,830,000	996,859,000	987,439,000	958,730,000	963,724,000	881,120,000	864,494,000	893,751,000	1,028,883,000	995,703,000	1,146,698,000	1,096,039,000	1,108,145,000	1,062,437,000	512,839,000	633,135,000	645,131,000	689,852,000	662,921,000	662,921,000	702,284,000	702,284,000	671,673,000	671,673,000	648,118,000	648,118,000	629,039,000	629,039,000	571,928,000	542,730,000	671,673,000	542,730,000	541,308,000	687,171,000	665,710,000	665,710,000	770,385,000	542,730,000	770,385,000	827,105,000	897,732,000	897,732,000	827,077,000	770,385,000	854,349,000	908,483,000	908,483,000	937,636,000	1,030,792,000	1,030,792,000	854,349,000	1,026,043,000	1,008,644,000	1,026,043,000	1,020,999,000	1,113,033,000	1,094,869,000	1,026,043,000	1,094,869,000	1,104,914,000	1,104,914,000	1,206,860,000	1,170,539,000	1,094,869,000	723,102,000	723,102,000
liabilities
non-current liabilities
trade and other payables	990,000	978,000	983,000	767,000	494,000	478,000	1,041,000	1,008,000	17,210,000	14,646,000	13,472,000	354,000	284,000	293,000	311,000	263,000	290,000	3,808,000	3,647,000	3,603,000	3,599,000	3,586,000	3,517,000	3,430,000	211,000	1,991,000	256,000	823,000	827,000	871,000	892,000	892,000	1,442,000	1,442,000	1,427,000	1,427,000	1,441,000	1,441,000	1,457,000	1,457,000	1,951,000	1,911,000	1,427,000	1,911,000	1,792,000	1,847,000	2,363,000	2,363,000	2,391,000	1,911,000	2,391,000	2,415,000	2,451,000	2,451,000	2,967,000	2,391,000	2,951,000	2,978,000	2,978,000	3,995,000	4,601,000	4,601,000	2,951,000	4,575,000	6,705,000	4,575,000	8,652,000	8,716,000	8,418,000	4,575,000	8,418,000	8,362,000	8,362,000	11,224,000	11,524,000	8,418,000	11,785,000	11,785,000
borrowings	1,054,192,000	682,995,000	685,581,000	680,005,000	688,628,000	678,805,000	694,079,000	697,843,000	727,983,000	742,637,000	748,888,000	759,471,000	705,487,000	713,239,000	748,259,000	787,313,000	813,464,000	722,740,000	724,464,000	741,526,000	780,202,000	693,703,000	706,469,000	710,658,000	718,484,000	649,761,000	667,668,000	643,845,000	663,060,000	925,589,000	537,484,000	537,484,000	565,607,000	565,607,000	430,304,000	430,304,000	439,188,000	439,188,000	494,201,000	494,201,000	511,705,000	483,651,000	430,304,000	483,651,000	562,585,000	554,677,000	584,696,000	584,696,000	491,324,000	483,651,000	491,324,000	580,070,000	646,677,000	646,677,000	629,889,000	491,324,000	512,164,000	518,936,000	518,936,000	405,201,000	391,864,000	391,864,000	512,164,000	354,249,000	304,953,000	354,249,000	205,823,000	223,194,000	203,409,000	354,249,000	203,409,000	184,920,000	184,920,000	254,060,000	247,931,000	203,409,000	250,672,000	250,672,000
lease liabilities	317,869,000	316,244,000	279,132,000	287,679,000	301,465,000	289,818,000	355,138,000	325,569,000	283,549,000	260,022,000	270,666,000	306,335,000	201,718,000	194,640,000	200,368,000	169,319,000	159,435,000	144,683,000	145,953,000	157,811,000	174,570,000	163,442,000	172,487,000	143,375,000
deferred income tax liabilities	344,906,000	330,367,000	362,701,000	330,336,000	352,272,000	351,002,000	403,551,000	376,331,000	301,414,000	306,773,000	286,590,000	310,273,000	265,848,000	293,161,000	279,203,000	209,876,000	182,377,000	182,407,000	177,476,000	172,078,000	165,508,000	153,308,000	181,445,000	175,647,000	168,171,000	158,391,000	5,050,000	8,526,000	10,457,000	14,493,000	14,491,000	14,491,000	17,207,000	17,207,000	14,689,000	14,689,000	14,772,000	14,772,000	14,140,000	14,140,000	19,836,000	15,636,000	14,689,000	15,636,000	27,612,000	34,987,000	38,829,000	38,829,000	39,635,000	15,636,000	39,635,000	45,198,000	48,552,000	48,552,000	52,197,000	39,635,000	57,623,000	59,467,000	59,467,000	66,789,000	73,190,000	73,190,000	57,623,000	75,389,000	82,697,000	75,389,000	88,103,000	95,343,000	92,989,000	75,389,000	92,989,000	110,114,000	110,114,000	93,714,000	105,260,000	92,989,000	111,495,000	111,495,000
payroll and social security liabilities	560,000	544,000	1,628,000	1,454,000	1,278,000	1,099,000	1,745,000	1,570,000	1,581,000						930,000			970,000		1,285,000		1,084,000				1,109,000	980,000	1,373,000		1,204,000	1,070,000	1,070,000	1,371,000	1,371,000			1,194,000	1,194,000	1,069,000	1,069,000	1,306,000				1,457,000	1,376,000	1,322,000	1,322,000				1,227,000	1,179,000	1,179,000	1,498,000			1,399,000	1,399,000	1,343,000	1,555,000	1,555,000			1,446,000		1,298,000	1,453,000				1,270,000	1,270,000	1,230,000	1,192,000
derivatives financial instruments	1,206,000	1,105,000	2,370,000	3,983,000					96,000	47,000	85,000																				1,439,000	1,439,000	978,000	978,000	662,000	662,000	2,293,000	2,293,000				119,000	662,000	119,000			44,000	44,000	39,000	119,000	39,000	7,847,000	5,311,000	5,311,000		39,000
provisions for other liabilities	2,668,000	2,792,000	2,705,000	2,244,000	2,742,000	2,734,000	2,840,000	2,871,000	2,526,000	2,582,000	2,846,000	3,096,000	2,565,000	2,573,000	3,174,000	2,495,000	2,705,000	2,486,000	2,666,000	2,759,000	2,936,000	2,806,000	3,294,000	3,131,000	3,296,000	2,971,000	3,020,000	3,877,000	4,078,000	4,055,000	3,175,000	3,175,000	3,648,000	3,648,000	3,299,000	3,299,000	3,004,000	3,004,000	1,781,000	1,781,000	1,643,000	1,653,000	3,299,000	1,653,000	2,002,000	2,217,000	1,971,000	1,971,000	2,013,000	1,653,000	2,013,000	2,310,000	2,421,000	2,421,000	2,446,000	2,013,000	2,293,000	1,000	1,000	1,872,000	2,162,000	2,162,000	2,293,000	1,892,000	3,871,000	1,892,000	3,395,000	3,435,000	3,358,000	1,892,000	3,358,000	3,569,000	3,569,000	4,265,000	3,930,000	3,358,000	4,606,000	4,606,000
total non-current liabilities	1,722,391,000	1,335,025,000	1,335,100,000	1,306,468,000	1,346,879,000	1,323,936,000	1,458,394,000	1,405,192,000	1,334,359,000	1,328,022,000	1,323,604,000	1,380,890,000	1,177,145,000	1,204,985,000	1,232,245,000	1,170,528,000	1,159,346,000	1,057,094,000	1,055,094,000	1,079,062,000	1,128,024,000	1,017,929,000	1,068,168,000	1,037,588,000	891,381,000	814,223,000	676,974,000	658,444,000	679,662,000	946,212,000	558,551,000	558,551,000	590,253,000	590,253,000	451,616,000	451,616,000	461,892,000	461,892,000	512,648,000	512,648,000	536,441,000	504,206,000	451,616,000	504,206,000	595,448,000	595,104,000	629,225,000	629,225,000	536,680,000	504,206,000	536,680,000	639,067,000	706,591,000	706,591,000	688,997,000	536,680,000	576,489,000	584,701,000	584,701,000	479,200,000	473,372,000	473,372,000	576,489,000	437,617,000	399,672,000	437,617,000	307,271,000	332,141,000	309,605,000	437,617,000	309,605,000	308,235,000	308,235,000	364,493,000	369,837,000	309,605,000	379,736,000	379,736,000
current liabilities
current income tax liabilities	828,000	955,000	2,428,000	3,471,000	6,342,000	2,093,000	5,089,000	5,023,000	422,000	1,162,000	3,085,000	2,263,000	1,625,000	1,901,000	2,408,000	685,000	760,000	1,103,000	1,056,000	683,000	754,000	1,079,000	1,562,000	1,704,000	1,398,000	1,111,000	1,668,000	774,000	503,000	11,553,000	2,461,000	2,461,000	2,164,000	2,164,000	1,387,000	1,387,000	3,860,000	3,860,000	2,645,000	2,645,000	12,284,000	962,000	1,387,000	962,000	1,136,000	1,353,000	170,000	170,000	76,000	962,000	76,000	1,109,000	1,350,000	1,350,000	384,000	76,000	310,000	409,000	409,000	432,000	304,000	304,000	310,000	187,000	358,000	187,000	1,034,000	936,000	872,000	187,000	872,000	3,994,000	3,994,000	4,063,000	3,455,000	872,000	978,000	978,000
total current liabilities	486,098,000	531,108,000	555,400,000	400,319,000	444,786,000	422,522,000	350,165,000	494,054,000	610,853,000	562,731,000	550,049,000	441,790,000	357,426,000	393,613,000	368,444,000	324,883,000	359,166,000	346,552,000	392,684,000	364,150,000	364,400,000	358,922,000	368,661,000	337,434,000	277,846,000	277,933,000	244,354,000	304,064,000	282,408,000	305,484,000	350,069,000	350,069,000	343,970,000	343,970,000	332,477,000	332,477,000	455,651,000	455,651,000	424,962,000	424,962,000	392,233,000	323,769,000	332,477,000	323,769,000	346,799,000	331,605,000	299,468,000	299,468,000	332,257,000	323,769,000	332,257,000	311,193,000	246,257,000	246,257,000	299,959,000	332,257,000	280,638,000	286,641,000	286,641,000	316,619,000	324,227,000	324,227,000	280,638,000	314,295,000	320,674,000	314,295,000	377,655,000	340,532,000	296,221,000	314,295,000	296,221,000	290,426,000	290,426,000	278,083,000	264,281,000	296,221,000	238,013,000	238,013,000
total liabilities	2,208,489,000	1,866,133,000	1,890,500,000	1,706,787,000	1,791,665,000	1,746,458,000	1,808,559,000	1,899,246,000	1,945,212,000	1,890,753,000	1,873,653,000	1,822,680,000	1,534,571,000	1,598,598,000	1,600,689,000	1,495,411,000	1,518,512,000	1,403,646,000	1,447,778,000	1,443,212,000	1,492,424,000	1,376,851,000	1,436,829,000	1,375,022,000	1,169,227,000	1,092,156,000	921,328,000	962,508,000	962,070,000	1,251,696,000	908,620,000	908,620,000	934,223,000	934,223,000	784,093,000	784,093,000	917,543,000	917,543,000	937,610,000	937,610,000	928,674,000	827,975,000	784,093,000	827,975,000	942,247,000	926,709,000	928,693,000	928,693,000	868,937,000	827,975,000	868,937,000	950,260,000	952,848,000	952,848,000	988,956,000	868,937,000	857,127,000	871,342,000	871,342,000	808,224,000	797,599,000	797,599,000	857,127,000	751,912,000	720,346,000	751,912,000	684,926,000	672,673,000	605,826,000	751,912,000	605,826,000	598,661,000	598,661,000	642,576,000	634,118,000	605,826,000	617,749,000	617,749,000
total shareholders equity and liabilities	3,645,047,000	3,277,883,000	3,350,293,000	3,114,888,000	3,227,710,000	3,148,372,000	3,222,909,000	3,164,894,000	3,108,855,000	3,055,732,000	3,014,996,000	2,995,883,000	2,582,401,000	2,595,457,000	2,588,128,000	2,454,141,000	2,482,236,000	2,284,766,000	2,312,272,000	2,336,963,000	2,521,307,000	2,372,554,000	2,583,527,000	2,471,061,000	2,277,372,000	2,154,593,000	1,434,167,000	1,595,643,000	1,607,201,000	1,941,548,000	1,571,541,000	1,571,541,000	1,636,507,000	1,636,507,000	1,455,766,000	1,455,766,000	1,565,661,000	1,565,661,000	1,566,649,000	1,566,649,000	1,500,602,000	1,370,705,000	1,455,766,000	1,370,705,000	1,483,555,000	1,613,880,000	1,594,403,000	1,594,403,000	1,639,322,000	1,370,705,000	1,639,322,000	1,777,365,000	1,850,580,000	1,850,580,000	1,816,033,000	1,639,322,000	1,711,476,000	1,779,825,000	1,779,825,000	1,745,860,000	1,828,391,000	1,828,391,000	1,711,476,000	1,777,955,000	1,728,990,000	1,777,955,000	1,705,925,000	1,785,706,000	1,700,695,000	1,777,955,000	1,700,695,000	1,703,575,000	1,703,575,000	1,849,436,000	1,804,657,000	1,700,695,000	1,340,851,000	1,340,851,000
cash flow hedge						-217,000	-17,180,000	-17,124,000	-44,872,000	-45,722,000	-48,107,000	-56,205,000	-60,932,000	-62,852,000	-70,826,000	-90,752,000	-90,689,000	-90,406,000	-92,795,000	-86,806,000	-76,303,000	-80,127,000	-57,346,000	-62,498,000	-56,884,000	-76,934,000	-49,009,000	-28,311,000	-24,691,000	-24,097,000	-39,807,000	-39,807,000	-25,907,000	-25,907,000	-37,299,000	-37,299,000	-57,054,000	-57,054,000	-71,940,000	-71,940,000	-112,056,000	-137,911,000	-37,299,000	-137,911,000	-141,923,000		-84,955,000	-84,955,000	-43,064,000	-137,911,000	-43,064,000	-34,298,000	-12,384,000	-12,384,000	-20,159,000	-43,064,000	-15,782,000	-4,130,000	-4,130,000				-15,782,000
short-term investment							46,109,000	62,637,000
restricted short-term investment									98,571,000
restricted short-term investments										79,365,000
payroll and social liabilities										1,315,000	1,057,000	1,361,000	1,243,000	1,079,000		1,262,000	1,075,000		888,000		1,209,000		956,000	1,347,000	1,219,000				1,240,000						1,235,000	1,235,000						1,236,000	1,235,000	1,236,000					1,278,000	1,236,000	1,278,000					1,278,000	1,458,000						1,458,000	1,512,000		1,512,000			1,431,000	1,512,000	1,431,000					1,431,000	1,178,000	1,178,000
investments in joint ventures																																													105,000	1,200,000	1,839,000	1,839,000	2,752,000		2,752,000	3,302,000	3,660,000	3,660,000	3,713,000	2,752,000	3,179,000	3,771,000	3,771,000	4,060,000	1,818,000	1,818,000	3,179,000	2,613,000	4,930,000	2,613,000	6,473,000	4,091,000	4,299,000	2,613,000	4,299,000	5,333,000	5,333,000	5,453,000	6,182,000	4,299,000	6,271,000	6,271,000
other assets .																																							726,000	726,000
reserve from the sale of non controlling interests in subsidiaries																																																				25,508,000	25,575,000	25,575,000
non controlling interest																																																				7,646,000	7,972,000	7,972,000	39,000		45,000	46,000	46,000	53,000	61,000	61,000	45,000	65,000	69,000	65,000	8,132,000	8,863,000	14,993,000	65,000	14,993,000	14,650,000	14,650,000	15,762,000	15,055,000	14,993,000	14,570,000	14,570,000
financial assets																																																													11,878,000	11,878,000		11,878,000		11,878,000				11,878,000
assets classified as held for sale																																																												17,691,000
liabilities classified as held for sale																																																												12,405,000
spin-off assets
cumulative translation adjustment.																																																																													11,273,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-08-15	2017-05-15	2017-03-16	2016-11-14	2016-08-11	2015-05-14	2015-03-20	2014-09-02	2013-11-12	2013-05-15	2012-03-29	2011-11-16

cash flows from operating activities:
profit for the year	241,132,000									11,749,000				3,739,000				2,438,000				56,917,000
adjustments to reconcile profit for the year to net cash flows from operating activities:
income tax expense	2,050,000						12,921,000	-13,424,000	3,704,000	-6,068,000	3,084,000	5,811,000	3,811,000	9,387,000	2,901,000	4,616,000	4,971,000	6,106,000			1,372,000	14,662,000
loss on derecognition of property, plant and equipment	3,765,000
depreciation of property, plant and equipment	33,715,000	51,589,000	30,163,000		64,124,000	64,763,000	39,958,000
depreciation of right-of-use assets	420,000
financial accretion of lease liability and decommissioning provision	1,624,000
benefit from doubtful trade receivables	991,000
accrued interests	4,106,000
exchange differences and others	21,113,000
changes in assets and liabilities:
trade receivables	-12,873,000
other receivables	-36,252,000
inventories	-16,209,000
accounts payable	4,872,000
taxes payable	-2,596,000
salaries and social security	4,288,000
other liabilities	22,000
contract liabilities	-4,124,000
income tax payments	-59,658,000
net cash flows from operating activities	186,386,000
cash flows from investing activities:
proceeds from sell/maturity of investments in financial assets	1,500,389,000
proceeds from acquisition of investments in financial assets	-1,406,455,000
acquisition of property, plant and equipment	-41,428,000
net cash from investing activities	52,506,000	-23,826,000	-98,898,000	-84,510,000	-3,954,000	-55,657,000	-87,444,000	-108,016,000	-61,367,000	-188,335,000	-134,315,000	-101,391,000	-56,992,000	-122,014,000	-82,251,000	-55,463,000	-60,613,000	-313,454,000	-166,372,000	-128,722,000	-59,651,000	-140,493,000
cash flows from financing activities:
dividends paid	-228,788,000
proceeds from loans	104,324,000
payments of negotiable obligations
payments of loans	-108,967,000
interests paid	-4,280,000
lease payments	-881,000	-40,404,000	-19,881,000	-17,722,000	-25,306,000	-37,156,000	-18,294,000
net cash flows from financing activities	-238,592,000
increase/(decrease) in cash and cash and equivalents	300,000
cash and cash equivalents at the beginning of the year	3,838,000
cash and cash equivalents at the end of the year	4,138,000
profit for the period		-17,043,000	18,707,000		18,711,000	9,868,000	47,344,000	-22,474,000	8,532,000		6,810,000	9,768,000	5,967,000		-8,191,000		13,761,000		4,048,000		2,510,000
adjustments for:
income tax
depreciation of right of use assets		22,561,000	15,811,000	13,740,000	16,761,000	30,843,000	16,523,000
net (gain) / income from the fair value adjustment of investment properties
amortization of intangible assets		452,000	623,000		624,000	581,000	564,000
gain from the sale of farmland and other assets				0	0
(gain) / loss from disposal of other property items
equity settled share-based compensation granted		10,382,000	1,512,000	1,599,000	1,615,000	1,622,000	1,844,000	2,544,000	1,345,000	5,552,000	4,224,000	2,807,000	1,429,000	4,796,000	3,925,000	2,545,000	919,000	3,867,000	1,707,000	2,837,000	1,015,000
(gain) from derivative financial instruments									-16,572,000				-14,571,000
interest, finance cost related to lease liabilities and other financial expense		16,956,000	22,831,000	9,430,000	14,098,000	27,984,000	16,803,000
initial recognition and changes in fair value of non-harvested biological assets		7,226,000	-13,385,000	24,205,000	35,219,000	653,000	-41,776,000
changes in net realizable value of agricultural produce after harvest		-4,012,000	1,875,000	5,493,000	-3,254,000	1,824,000	3,264,000	-7,863,000	-910,000	-2,371,000	-3,211,000	-616,000	174,000	90,000	840,000	1,542,000	157,000	-1,134,000	2,305,000	70,000	-415,000	-1,816,000	-150,000
provision and allowances		14,000	22,000	173,000	-2,005,000	269,000	-257,000	276,000	29,000	825,000	673,000	298,000	68,000	341,000	85,000	48,000	458,000	355,000	42,000	848,000	378,000	-3,147,000	-3,802,000
tax credit recognized		1,176,000	-4,595,000
net income / (gain) of inflation effects on the monetary items
foreign exchange (gains) / losses
cash flow hedge – transfer from equity				426,000	1,912,000			7,327,000	2,101,000	20,758,000	10,689,000	3,320,000	-666,000	85,214,000	52,186,000	23,594,000	-464,000	12,031,000	4,609,000
subtotal		83,759,000	40,404,000	124,417,000	165,036,000	143,858,000	81,753,000	115,996,000	33,879,000	221,268,000	154,040,000	77,126,000	24,283,000	308,052,000	182,309,000	81,816,000	8,260,000	182,680,000	72,487,000	92,163,000	6,542,000
changes in operating assets and liabilities:
increase in trade and other receivables		19,561,000	-119,563,000		-113,241,000	-5,393,000	-32,358,000	-54,218,000	-32,399,000		-48,530,000	-29,055,000			-77,361,000			-38,622,000	-23,700,000	-20,236,000
increase in inventories		-38,364,000	-14,460,000		55,994,000	-102,847,000	-64,226,000	-82,485,000				-29,724,000	2,276,000			-37,455,000	-891,000	-22,027,000	-49,251,000	-51,201,000			-87,547,000
decrease in biological assets		40,814,000	72,785,000		-57,527,000	90,553,000	31,323,000	32,561,000	9,332,000		24,560,000	25,671,000	2,616,000		-107,314,000	15,538,000	11,296,000		45,059,000	38,802,000	25,311,000	6,745,000	41,461,000
decrease / (increase) in other assets		72,000	133,000
(increase) / decrease in derivative financial instruments		2,651,000	-4,494,000
decrease / (increase) in trade and other payables		23,854,000	4,489,000
decrease / (increase) in payroll and social security liabilities		-480,000	1,581,000
increase in provisions for other liabilities		-135,000	225,000	209,000	433,000	197,000	271,000		-221,000	855,000	429,000	-88,000	111,000	1,175,000	1,008,000	1,640,000	19,000	-179,000	191,000		-9,000	-641,000	-2,000
net cash from operating activities before taxes paid		131,732,000	-18,900,000		51,470,000
income tax paid		-1,625,000	-170,000	-2,322,000	-2,404,000	-1,691,000	-868,000	-897,000	-131,000	-2,860,000	-2,248,000	-1,653,000	-278,000	-1,149,000	-1,001,000	-911,000	-90,000	-458,000	-268,000	-306,000		-16,656,000	-13,763,000
net cash from operating activities		130,107,000	-19,070,000		49,066,000	154,502,000	-38,701,000
capital expenditures		-53,358,000	-84,323,000		-49,056,000	-60,143,000	-93,954,000
free cash flows		76,749,000	-103,393,000		10,000	94,359,000	-132,655,000
note		0	2,025,000	0	0					2,017,000				2,016,000
acquisition of a business, net of cash and cash equivalents acquired					-658,000	-2,529,000	-12,736,000
purchases of property, plant and equipment		-53,358,000	-84,323,000	-57,058,000	-49,056,000	-60,143,000	-93,954,000	-112,947,000	-62,418,000	-198,550,000	-142,223,000	-106,053,000	-58,535,000	-134,105,000	-92,930,000	-60,034,000	-51,284,000	-207,712,000	-113,081,000	-95,210,000	-47,232,000	-90,422,000
purchases of cattle and non-current biological assets		-2,401,000	-141,000		-261,000	-1,000,000	-184,000
purchases of intangible assets		-509,000	-309,000	-171,000	-462,000	39,000	-596,000	-2,149,000	-456,000	-2,141,000	-1,390,000	-576,000	-101,000	-1,218,000	-1,017,000	-804,000	-195,000	-2,098,000	-658,000	-1,326,000	-39,000	-195,000
interest received and others		2,186,000	1,814,000	1,351,000	2,023,000	2,167,000	2,306,000
proceeds from sale of property, plant and equipment		407,000	208,000		270,000	261,000	359,000	746,000	508,000		1,859,000	798,000	222,000		1,550,000	754,000	127,000	1,024,000	745,000	2,470,000	1,220,000	2,611,000
proceeds from sale of farmlands and other assets					3,215,000
acquisition of short-term investment		-28,523,000	-44,244,000	-14,175,000	0	-30,102,000	-3,609,000
disposal of short-term investment		56,771,000	28,097,000		40,975,000	15,606,000	20,970,000
proceeds from equity settled share-based compensation exercise											39,000
proceeds from long-term borrowings		15,025,000	12,522,000	32,163,000	74,225,000	17,381,000	2,988,000	50,729,000	8,728,000	232,433,000	230,391,000	189,769,000	149,801,000	167,385,000	111,580,000	42,701,000	160,746,000	180,048,000	159,104,000	255,894,000	49,989,000	34,980,000
payments of long-term borrowings		-21,169,000	-21,433,000	-9,022,000	-84,987,000			-62,867,000	-6,074,000	-602,700,000	-329,872,000	-103,724,000	-45,567,000	-277,913,000	-162,729,000	-69,514,000	-11,189,000	-177,027,000	-59,539,000	-53,326,000	-13,787,000	-82,244,000
proceeds from short-term borrowings		24,691,000	142,034,000	79,965,000	40,065,000	40,141,000	9,730,000	142,212,000	39,335,000	106,730,000	92,728,000	84,595,000	52,604,000	257,395,000	207,446,000	147,496,000	5,216,000	152,216,000
payment of short-term borrowings		-55,420,000	-8,733,000		-4,617,000	-46,814,000	-70,229,000	-122,546,000	-23,934,000		-28,492,000	-9,531,000	-2,021,000		-144,520,000	-94,929,000	-19,810,000
payments of derivative financial instruments		111,000	-78,000		-502,000	-139,000	60,000
interest paid		-10,836,000	-15,684,000	-5,565,000	-10,993,000	4,013,000	-12,084,000	-26,360,000	-21,035,000	-41,612,000	-33,438,000	-22,540,000	-10,046,000	-48,400,000	-31,815,000	-20,504,000	-9,718,000	-48,899,000	-25,182,000	-23,384,000	-5,091,000	-33,481,000	-25,556,000
purchase of own shares		0	-10,210,000	-8,608,000	-16,584,000	-20,362,000	-21,333,000	-15,725,000	-13,492,000	-38,367,000	-11,342,000	-8,681,000	-1,230,000	-4,772,000	-1,028,000			-12,992,000	-12,992,000	-418,000
dividends paid to non-controlling interest				-360,000	-252,000	0	-124,000	-1,195,000	-1,195,000	-1,664,000	-1,506,000	-1,506,000	-659,000
dividends to shareholders					0
net cash from financing activities		-105,457,000	78,537,000	-63,685,000	-28,853,000	-72,176,000	-109,286,000
net decrease in cash and cash equivalents		824,000	-39,431,000		16,259,000	26,669,000	-235,431,000	-111,676,000	-83,989,000		369,594,000	68,471,000	74,717,000				107,069,000		-57,232,000	57,820,000	-8,775,000
cash and cash equivalents at beginning of period		0	211,244,000		0	0	339,781,000	269,195,000	269,195,000		158,568,000	158,568,000	158,568,000		198,894,000	198,894,000	113,795,000		232,147,000	218,809,000	218,809,000
effect of exchange rate changes and inflation on cash and cash equivalents		253,000	7,717,000	-2,280,000	41,685,000	-21,869,000	31,161,000
cash and cash equivalents at end of period		1,077,000	179,530,000		57,944,000	4,800,000	135,511,000	144,708,000	183,775,000		523,175,000	219,934,000	231,321,000		136,482,000	167,587,000	198,279,000		199,327,000	260,529,000	210,437,000
income tax (benefit) / expense			-3,233,000	-17,035,000	4,544,000
net income from the fair value adjustment of investment properties			1,450,000		2,679,000	5,503,000	14,302,000
loss /(gain) from disposal of other property items			50,000
loss from derivative financial instruments			2,209,000				9,322,000
net gain of inflation effects on the monetary items			-410,000
foreign exchange gains			-33,226,000				-5,624,000						3,684,000		15,184,000	12,276,000	13,694,000		3,268,000	16,201,000	4,233,000
depreciation								69,474,000	24,228,000	150,071,000	108,721,000	55,750,000	17,458,000	126,799,000	81,887,000	41,592,000	4,742,000	89,147,000	34,273,000	50,741,000	5,600,000	33,847,000	25,902,000
amortization								523,000	265,000	936,000	665,000	416,000	191,000	701,000	482,000	313,000	135,000	509,000	192,000	274,000	84,000	337,000	283,000
gain from the disposal of other property items														1,255,000				-985,000				-394,000
impairment due to fire				223,000
bargain purchase gain on acquisition
net gain from the fair value adjustment of investment properties
(gain) / income from derivative financial instruments and forwards																					-14,204,000	-12,084,000
tax credits recognized
net (gain) / loss of inflation effects on the monetary items				-4,332,000	7,528,000	27,100,000	-32,717,000
foreign exchange losses / (gain)
decrease in trade and other receivables																-43,937,000	24,435,000				1,716,000	-15,850,000	-20,015,000
decrease in inventories									-17,801,000		-56,892,000				46,936,000						-2,425,000	-49,776,000
increase in biological assets																		-5,418,000
increase in other assets				-1,680,000	17,000	-10,000	-381,000									-60,000
decrease in derivative financial instruments								27,657,000	12,579,000	40,910,000	40,136,000	40,010,000	8,066,000	-17,892,000							-2,411,000		569,000
decrease in trade and other payables				-51,283,000	-8,097,000	10,666,000	-51,632,000	-9,150,000	-13,699,000								-13,027,000		-13,583,000
increase in payroll and social security liabilities				-877,000				2,653,000	3,690,000	1,953,000	7,268,000	1,578,000	3,860,000	3,052,000	5,888,000	1,243,000	486,000	6,253,000	3,721,000	6,660,000	157,000	1,785,000	4,799,000
net cash generated from operating activities before taxes paid							-37,833,000			239,965,000				256,550,000				133,591,000
net cash generated from operating activities								31,734,000	-4,765,000	237,105,000	98,614,000	50,899,000	-8,469,000	255,401,000	35,091,000	9,762,000	41,803,000	133,133,000	26,559,000	60,001,000	16,425,000		5,040,000
acquisition of subsidiaries net of cash and cash equivalents acquired
purchase of cattle and non-current biological assets
proceeds from disposal of other property items										2,820,000
proceeds from the sale of farmland and other assets
proceeds from the sale of subsidiary
disposals of short-term investment
payments of short-term borrowings										-64,787,000				-272,033,000				-70,239,000
proceeds from exercise of employee share options
collections / (payments) of derivatives financial instruments
dividends paid to shareholders
net increase in cash and cash equivalents										118,964,000				-48,295,000	-70,280,000			-107,032,000				276,885,000
cash and cash equivalents at beginning of year										158,568,000				198,894,000				232,147,000				70,269,000
cash and cash equivalents at end of year										269,195,000				158,568,000				113,795,000				330,546,000
gain from disposal of other property items							-718,000				529,000	618,000	557,000								-368,000		-203,000
(gain) / loss from derivative financial instruments					6,226,000
foreign exchange loss / (gains)					-16,972,000
decrease / (increase) in derivative financial instruments					-288,000	20,641,000	118,000
(increase) / decrease in payroll and social security liabilities
decrease in payroll and social security liabilities							-2,701,000
(gain) / income from the disposal of other property items
decrease / (increase) in trade and other receivables
(increase) / decrease in inventories
(increase) / decrease in biological assets
increase in derivative financial instruments															-27,411,000	-19,623,000		4,493,000				-248,000
increase / (decrease) in provisions for other liabilities
acquisition of business, net of cash and cash equivalents acquired
borrowings prepayment related expenses
(payments) / collections of derivatives financial instruments
net cash used from financing activities
net increase / (decrease) in cash and cash equivalents
4q21 earning release conference call
english conference call
9 a.m.
10 a.m.
2 p.m.
tel: +1 (412) 317-6366
participants calling from other countries outside the us
tel: +1 (844) 435-0324
participants calling from the us
investor relations
charlie boero hughes
cfo
victoria cabello
ir manager
email
website:
financial & operational performance highlights
4q20 earning release conference call
11 a.m.
3 p.m.
juan ignacio galleano
profit / (loss) for the period
income tax expense /
net income/(gain) from the fair value adjustment of investment properties
income from derivative financial instruments
initial recognition and changes in fair value of non harvested biological assets								-7,496,000	-9,296,000	-14,645,000	8,390,000	2,441,000	-5,843,000	-9,811,000	-36,464,000	-49,592,000	-20,065,000	15,783,000	-11,199,000	36,704,000	-2,005,000	-17,136,000
foreign exchange (gains)/losses
decrease in other assets								-67,000	6,000	2,000	-207,000	24,000		83,000	51,000		6,000	21,000	10,000	632,000	24,000	-1,382,000	-26,000
(increase) in payroll and social security liabilities
(decrease) / increase in provisions for other liabilities
purchases of cattle and non current biological assets								-3,115,000	-1,464,000
proceeds / (payments) of derivatives financial instruments
prepayment related expenses										-6,080,000
loss / (gain) from derivative financial instruments
net income of inflation effects on the monetary items
foreign exchange losses								125,272,000	9,348,000	38,708,000	18,510,000	11,883,000		19,062,000				9,246,000
(increase) in trade and other receivables										-9,476,000			-20,864,000	-30,996,000
(increase) in inventories										-4,089,000				-22,301,000
(decrease) / increase in payroll and social security liabilities
cash flow data:
net cash generated from financing activities									-17,857,000		405,295,000	118,963,000	140,178,000	-181,682,000	-23,120,000	4,313,000	125,879,000	73,289,000	82,581,000	126,541,000	34,451,000	360,792,000
(a) includes 23,550 and 7,598 of the combined effect of ias 29 and ias 21 of the argentine subsidiaries for 2019 and 2018, respectively.
(b) includes 3,851 and 4,122 of the combined effect of ias 29 and ias 21 of the argentine subsidiaries for 2019 and 2018, respectively.
(c) includes (14,340) and (8,231) of the combined effect of ias 29 and ias 21 of the argentine subsidiaries for 2019 and 2018, respectively.
other financial data:
adjusted segment ebitda
crops
rice
dairy
all other segments
farming subtotal
ethanol, sugar and energy
land transformation
corporate
adjusted consolidated ebitda
statement of financial position data:
biological assets
property, plant and equipment
right of use assets
total assets
non-current lease liabilities
total lease liabilities
non-current borrowings
total borrowings
share capital
equity attributable to equity holders of the parent
non-controlling interest
number of shares
loss for the period																-14,998,000				-30,445,000
acquisition of subsidiaries
gain from derivative financial instruments								-25,137,000
interest and other income											33,737,000	21,188,000	12,024,000		30,996,000	18,940,000	10,783,000		25,768,000	33,387,000	7,640,000
(proceeds) / payments of derivatives financial instruments
(loss) / profit for the period
proceeds of derivatives financial instruments								358,000
profit / (loss) for the year
income from the disposal of other property items
net (loss) / gain from the fair value adjustment of investment properties
gain from derivative financial instruments and forwards														21,745,000				-6,548,000	2,620,000				-6,936,000
(increase) / decrease in other assets
increase in trade and other payables										6,555,000	-19,942,000	-32,990,000	-28,522,000	39,054,000	11,986,000	11,511,000		6,390,000				19,855,000	11,687,000
purchase of cattle and non current biological assets										-1,694,000
issuance of senior notes										495,678,000	496,151,000
proceeds from equity settled shared-based compensation exercised										39,000				380,000				839,000				214,000
collection of derivatives financial instruments
net cash (used) / generated from financing activities
(gain) / income from disposal of other property items
gain from the sale of subsidiaries								-36,227,000
(increase) in other assets													-17,000
(decrease) / increase in trade and other payables
(decrease) in provisions for other liabilities
interest received								4,242,000	2,463,000	11,230,000	8,446,000	5,021,000	1,422,000	7,671,000	6,723,000	4,621,000	2,568,000	7,068,000	3,393,000	4,740,000	1,761,000	8,019,000
net income / (gain) from the fair value adjustment of investment properties
(decrease) in trade and other payables
◦
(loss) / profit for the year
interest and other financial expense										53,446,000				44,734,000				50,941,000
decrease / (increase) in biological assets
proceeds from disposal of subsidiaries														3,423,000	3,423,000			1,318,000	1,003,000	10,998,000	6,717,000
payment of derivatives financial instruments									-190,000	-9,476,000	-9,364,000	-9,419,000	-2,704,000	-3,724,000	-2,330,000	-1,213,000
(loss)/profit for the period
income tax (benefit) /expense
income from disposal of other property items
(increase) / decrease in provisions for other liabilities
net cash generated in operating activities before taxes paid								32,631,000	-4,634,000		100,862,000	52,552,000
proceeds from sale of subsidiaries								5,207,000
payments of derivatives financial instruments
net cash (used)/generated from financing activities								-35,394,000
loss from disposal of other property items								57,000	-120,000
interest and other expense								23,144,000	11,225,000
decrease in provisions for other liabilities								-316,000												-374,000
effect of exchange rate changes on cash and cash equivalents								-12,811,000	-1,431,000	-8,337,000	-4,987,000	-7,105,000	-1,964,000	7,969,000	7,868,000	10,081,000	-22,585,000	-11,320,000	24,412,000	-16,100,000	403,000	-16,608,000
gain from disposal of farmlands and other assets
loss from the disposal of other property items										986,000
loss from derivative financial instruments and forwards										-38,679,000
share of loss from joint venture
(increase) in biological assets										-18,013,000				-23,677,000
proceeds from sale of farmland and other assets																				7,048,000
loans to joint venture																	-561,000
net proceeds from the sale of non-controlling interest in subsidiaries																		49,343,000
net cash generated/used from financing activities										70,194,000
(gain) / income from derivative financial instruments											-38,781,000	-36,558,000
purchases of cattle											-1,007,000	-581,000
loss / (gain) from disposal of other property items
decrease /(increase) in derivative financial instruments
f - 8
cash and cash equivalent at the beginning of the period
net cash generated (used by)/from operating activities
net cash generated by financial activities
effect of exchange rate changes on cash and cash equivalent
cash and cash equivalent at the end of the period
22
net cash generated in operating activities before interest and taxes paid													-8,191,000		36,092,000	10,673,000	41,893,000		26,827,000
(decrease)/increase in inventories
share of income from joint venture																	878,000	924,000	231,000	41,000	702,000	1,034,000	337,000
proceeds from disposal of other property items,														2,215,000
investment in joint ventures																		-1,372,000
payment of seller financing arising on subsidiaries acquired																		-684,000		-1,555,000
•
gain from of disposal of other property items															-77,000	-181,000	-393,000		-606,000	-413,000
(gain)/income from derivative financial instruments and forwards															38,555,000	41,121,000	-21,316,000
proceeds from equity settled share-based compensation exercised															276,000	276,000	634,000		576,000
income tax expense/
decrease/(increase) in inventories
(increase)/decrease in biological assets
decrease/(increase) in other assets
(decrease)/increase in derivative financial instruments
increase/(decrease) in trade and other payables
the accompanying notes are an integral part of these condensed consolidated interim financial statements.
net increase/decrease in cash and cash equivalents																-41,388,000
(increase)/decrease in trade and other receivables
increase/(decrease) in other assets
increase /(decrease) in derivative financial instruments
increase/(decrease) in provisions for other liabilities
profit/(loss) for the period
(increase)/decrease in inventories
decrease/(increase) in biological assets
decrease /(increase) in derivative financial
loss/(gain) from the disposal of other property items
loss/(gain) from derivative financial instruments and forwards
increase / (decrease) in trade and other payables
discontinued operations																				-1,767,000
purchase of cattle and planting cost of non-current biological assets
proceeds from sales of financial assets																				13,066,000
net cash generated from financial activities
the accompanying notes are an integral part of these condensed consolidated interim financial statements.f-8
f -8
decrease in derivative financial																	11,309,000
purchase of cattle and non-current biological assets planting cost																	-11,268,000
investments in joint ventures																			-1,372,000	-4,164,000
(increase)/decrease in trade and other payables
increase /(decrease) in payroll and social security liabilities
purchase of cattle and planting cost of non current biological assets																		-110,998,000				-63,074,000
gain from disposal of farmland and other assets																				-5,082,000
gain from disposal of subsidiary																				-1,967,000
decrease/(increase) in derivative financial
f-8
income tax benefit																			5,229,000	-14,760,000
(increase) in derivative financial instruments																			-8,107,000
continuing operations:
purchase of cattle and non current biological assets planting cost																			-56,402,000	-69,889,000	-25,096,000
net proceeds from the sale of minority interest in subsidiaries																			49,414,000
net increase in short-term borrowings																			-28,800,000	-52,225,000	3,340,000	19,545,000
net (decrease)/increase in short-term borrowings
(loss) / gain from derivative financial instruments and forwards
increase / (decrease) in derivative financial instruments
f-10
loss / gain from derivative financial instruments and forwards
net cash generated from operating activities before interest and taxes paid																							44,359,000
acquisition of subsidiaries, net of cash acquired																						-11,617,000
net proceeds from ipo and private placement																						421,778,000
income from derivative financial instruments and forwards																				5,494,000
(decrease ) / increase in derivative financial instruments																				-428,000
(decrease ) / increase in trade and other payables																				-5,711,000	-12,480,000
net cash from operating activities before interest and taxes paid																				60,307,000	16,425,000
proceeds from sale of farmlands																					3,018,000	20,532,000
increase / (decrease) in other assets
net (decrease) / increase in short-term borrowings
net cash generated from/ (used in) operating activities
coffee
cattle
(loss)/gain for the period
income tax (benefit)/charge
decrease (increase) in other assets
short-term investments
net (decrease)/increase in cash and cash equivalents
loss/(gain) from disposal of other property items
decrease/(increase) in derivative financial instruments
net cash generated from/(used in) operating activities
acquisition of currency forward
gain for the period																							58,177,000
income tax loss
decrease (increase) in inventories
decrease (increase) in derivative financial
net cash generated from (used in) operating activities
net (decrease)/ increase in cash and cash equivalents
gain from disposal of farmlands																						-8,832,000
equity settled shared-based compensation granted																						3,677,000	2,935,000
interest expense																						33,006,000
foreign exchange losses / (gains)																						12,683,000
net cash generated from/ (used in) operating activities before interest and taxes paid																						73,242,000
net cash generated from / (used in) operating activities																						56,586,000
payment of escrows arising on subsidiaries acquired																						-6,347,000
capital contributions from shareholders
(increase) / decrease in trade and other receivables
(decrease) / increase in other assets
increase/ (decrease) in trade and other payables
increase/ (decrease) in provisions for other liabilities
net (decrease) / increase in cash and cash equivalents
income tax charge/																							21,902,000
interest and other incomes																							27,177,000
initial recognition and changes in fair value of biological assets																							-40,788,000
foreign exchange losses/(gains)																							8,599,000
proceeds from disposal of subsidiary
payment of deferred consideration for subsidiaries acquired
increase in short-term investments
gain /(loss) for the period
(increase)/ decrease in trade and other receivables
(increase)/decrease in other assets
(decrease)/increase in provisions for other liabilities
net increase/(decrease) in cash and cash equivalents
employee share options granted
foreign exchange (gains)/ losses
income tax loss/
gain/(loss) from derivative financial instruments and forwards
(decrease) / increase in derivative financial instruments
finance costs
financial results
(loss)/profit before income tax
income tax benefit/
(loss)/profit for the year
attributable to:
equity holders of the parent
(losses)/earnings per share for (loss)/profit attributable to the equity holders of the parent during the year:
basic
diluted
loss for the year
gain from disposal of farmland
employee share/options granted
loss/ (gain) from derivative financial instruments and forwards
gain from the sale of farmland businesses
excess of fair value of net assets acquired over cost
decrease/ (increase) in trade and other receivables
decrease/ (increase) in inventories
decrease/ (increase) in other assets
(decrease)/ increase in derivative financial instruments
decrease in other financial assets at fair value through profit or loss
(decrease)/ increase in trade and other payables
net cash generated from / (used in) operating activities before interest and taxes paid
purchase & cattle and non-current biological assets planting costs
acquisition of non controlling interest in subsidiaries
effect of exchange rate changes on cash

Adecoagro S.A(NYSE:AGRO)

Adecoagro S.A
(NYSE:AGRO)