6-K 1 s001008x2_6k.htm 6-K

UNITED STATES  

SECURITIES AND EXCHANGE COMMISSION  

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer   

Pursuant to Rule 13a-16 or 15d-16 

under the Securities Exchange Act of 1934

For the month of August, 2015

Commission File Number 001-35052

Adecoagro S.A.  

(Translation of registrant’s name into English)  

13-15 Avenue de la Liberté  

L-1931 Luxembourg 

R.C.S. Luxembourg B 153 681 

(Address of principal executive office)  

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.Yes  ¨            No   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            . 

ANNOUNCEMENT OF RESULTS OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED 

JUNE 30, 2015

On August 13, 2015, the registrant issued a press release pertaining to its results of operations for the three month period ended June 30, 2015 (the “Release”). Registrant hereby furnishes the attached copy of the Release to the Securities and Exchange Commission. The financial and operational information contained in the Release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards.

The attachment contains forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby including cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in the attachment.

The registrant’s forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in the attached relate to, among others: (i) the registrant’s business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing the registrant’s business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which the registrant operate, environmental laws and regulations; (iv) the implementation of the registrant’s business strategy, including its development of the Ivinhema mill and other current projects; (v) the registrant’s plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of the registrant’s financing strategy and capital expenditure plan; (vii) the maintenance of the registrant’s relationships with customers; (viii) the competitive nature of the industries in which the registrant operates; (ix) the cost and availability of financing; (x) future demand for the commodities the registrant produces; (xi) international prices for commodities; (xii) the condition of the registrant’s land holdings; (xiii) the development of the logistics and infrastructure for transportation of the registrant’s products in the countries where it operates; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in the registrant’s other filings and submissions with the United States Securities and Exchange Commission.

These forward-looking statements involve various risks and uncertainties. Although the registrant believes that its expectations expressed in these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant’s actual results could be materially different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in the attached might not occur, and the registrant’s future results and its performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

2

The forward-looking statements made in the attached relate only to events or information as of the date on which the statements are made in the attached. The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Adecoagro S.A.
	By		/s/ Carlos A. Boero Hughes
			Name:		Carlos A. Boero Hughes
			Title:		Chief Financial Officer and Chief Accounting Officer

Date: August 13, 2015

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2Q152Q15Earnings ReleaseConference CallAug 14, 201511 a.m. (US EST)12 p.m. (Buenos Aires and SãoPaulo time)5 p.m. (Luxembourg time)Tel: (877) 317-6776Participants calling from the USTel: +1 (412) 317-6776Participants calling from othercountriesAccess Code: AdecoagroInvestor RelationsCharlie Boero HughesCFOHernan WalkerIR ManagerEmailir@adecoagro.comWebsitewww.adecoagro.comAdecoagro recorded an Adjusted EBITDAof $39.5 million in 2Q15 and $75.3 million in6M15Luxembourg, August 13, 2015 – Adecoagro S.A. (NYSE: AGRO,Bloomberg: AGRO US, Reuters: AGRO.K), one of the leadingagricultural companies in South America, announced today itsresults for the second quarter of 2015. The financial informationcontained in this press release is based on unaudited condensedconsolidated interim financial statements presented in U.S. dollarsand prepared in accordance with International Financial ReportingStandards (IFRS).Financial & Operating Performance$ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Gross Sales 170,926 204,030 (16.2%) 285,144 303,159 (5.9%)Net Sales (1) 164,647 197,538 (16.7%) 273,883 292,075 (6.2%)Adjusted EBITDA (2)Farming & Land Transformation 2,624 41,770 (93.7%) 25,716 77,658 (66.9%)Sugar, Ethanol & Energy 41,071 35,611 15.3% 58,997 39,422 49.7%Corporate Expenses (4,242) (4,579) (7.4%) (9,439) (9,547) (1.1%)Total Adjusted EBITDA 39,453 72,802 (45.8%) 75,274 107,533 (30.0%)Adjusted EBITDA Margin (2) 24.0% 36.9% (35.0%) 27.5% 36.8% (25.3%)Net Income 1,335 1,452 (8.1%) 15,096 4,048 272.9%Farming Planted Area (Hectares) 224,373 219,416 2.3% 224,373 219,416 2.3%Sugarcane Plantation Area (Hectares) 127,688 110,822 15.2% 127,688 110,822 15.2%In 2Q15, Adecoagro’s Net Income totaled $1.3 million in 2Q15in line with 2Q14, while in 6M15 reached 15.1 million, 272.9%higher compared to last year.Adjusted EBITDA(1) in 2Q15 was $39.5 million, 45.8% lowerthan 2Q14. Adjusted EBITDA margin(1) was 24.0% in 2Q15compared to 36.9% in 2Q14.6M15 Adjusted EBITDA was $75.3 million, 30.0% lower than6M14. Adjusted EBITDA margin fell to 27.5% in 6M15 from36.8% in 6M14.(1) Net Sales are equal to Gross Sales minus sales taxes related to sugar, ethanol and energy(2) Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation ofAdjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA is defined as consolidatedprofit from operations before financing and taxation, depreciation, amortization and unrealizedchanges in fair value of long-term biological assets (sugarcane, coffee and cattle) plus the gains orlosses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined asconsolidated profit from operations before financing and taxation, and unrealized changes in fairvalue of long-term biological assets (sugarcane, coffee and cattle) plus the gains or losses fromdisposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBITmargin are calculated as a percentage of net sales.Highlights

22Q15Financial & Operational PerformanceOur Sugar, Ethanol and Energy business delivered strong operational and financial results in the quarter. Our mills crushed a total of 2.9 million tons of sugarcane, 35.9% higher year-over-year, driven by an increase in nominal crushing capacity combined with higher milling efficiency. Our agricultural operations are reaping the benefits of operational improvements and technical enhancements performed during the last 3-years. Sugarcane productivity reached 100 tons/ha while sugar content (TRS) stood at 128.7 kg/ton, resulting in a 34.1% year-over-year increase in TRS content per hectare. As a result of the increase in productivity, production and sales volumes were boosted and production costs diluted. Thus, despite lower sugar and energy prices, adjusted EBITDA in 2Q15 reached $41.1 million, 15.3% higher than 2Q14, while Adjusted EBITDA margin expanded to 47.7% from 46.2% in 2Q14.On a year-to-date basis, Adjusted EBITDA in 6M15 stood at $59.0 million, marking a 49.7% increase over 6M14. In addition to the main drivers explained above, year-to-date results were also enhanced by: (i) an early start of the harvest season which will allow us to extend the season and increase annual milling; and (ii) a $13.9 million gain, which is mostly realized, from the mark-to-market of our sugar hedge position, compared to a $1.9 million gain generated in 6M14.In the Farming and Land Transformation businesses, Adjusted EBITDA in 2Q15 was $2.6 million, compared to $41.8 million in 2Q14. This decrease is primarily explained by (i) absence of gains from land transformation, compared to a $25.6 million gain realized in 2Q14; and (ii) a $7.9 million unrealized mark-to-market loss generated by our commodity hedge positions, compared to a $7.2 million gain generated in 2Q14.Year-to-date, Adjusted EBITDA was $25.7 million, $51.9 million or 66.9% lower than 6M14. This performance is primarily explained by: (i) no land transformation gains as explained above; (ii) lower margins in the Crops, Rice and Dairy segments resulting from lower prices of soybean, corn, wheat and milk, coupled with higher production costs measured in dollars as a result of the appreciation of the Argentine peso in real terms. These effects were partially offset by higher productivity in our soybean, corn and dairy operations.Net income in 2Q15 totaled $1.3 million, essentially the same as in 2Q14. Net income in the quarter was enhanced by: (i) a $4.1 million decrease in interest expense and a $4.1 million decrease in depreciation and amortization, both driven by the weaker Brazilian Real and Argentine Peso in 2Q15 compared to 2Q14; (ii) a $5.9 million increase in the fair value of our sugarcane biological assets resulting from an increase in sugarcane yields. These efects were partially offset by a $6.6 million increase in income tax expense..Market OverviewCorn and soybean prices have been driven by US weather market, which increased production uncertainty and provided price-volatility. In contrast, competition from other origins, such as South America, Ukraine and Russia, in a dollar appreciation has delayed US exports sales, providing demand uncertainty and, hence, bear concerns for grains and soybeans complex.The second quarter of 2015 was marked by the beginning of the 2015/16 harvest in the Brazilian Center-South region. According to UNICA, by the end of June, sugarcane crushing had reached a total of 200.5 million tons, marking a 1.2% decrease year-over-year. During 2Q15, VHP sugar prices continued to fall and were an average of 12% lower than the previous quarter and 28% lower year-on-year. Regarding ethanol, prices traded 2% below 2Q14, as more sugarcane was diverted towards ethanol production, increasing ethanol supply compared to last year. On the demand side, according to ANP, hydrous consumption in 2015

32Q15reached record highs, increasing 35% year-on-year and signalling a more favorable scenario for the ethanol market. Energy spot prices at the beginning of the quarter were being traded at 388.48 BRL/MWh (the maximum rate authorized by the government), but started to ease in May due to the return of rains coupled with a fall in demand.Strategy ExecutionSugar, Ethanol & Energy Ramp UpThe construction of the second phase of the Ivinhema mill was formally completed during 2Q15. Our state-of-the-art cluster in Mato Grosso do Sul has reached full nominal crushing capacity of 9 million tons.In an industry with very high mechanization levels and high fixed cost structure, the completion of the cluster is an important driver of economies of scale and operating synergies.More importantly, during 2015 our operations have shown strong signs of operational improvements and efficiency enhancements related to the training and strengthening of our teams and processes which have resulted in fixed cost dilution and increase in operating margins. Some examples that evidence these operational improvements are: (i) the increase in sugarcane yields and TRS content; (ii) the constant growth in our cogeneration exports, which in the current quarter have reached a record of 65 KWh per ton of sugarcane crushed, which we believe is one of the highest ratios in the industry; (iii) the increase in sugarcane milling per hour. Our operational teams and management remain committed towards reaching operational excellence in each task and process, which will allow us to continue reducing our cost of production.The completion of the cluster in 2Q15 will result in a significant reduction in capex spending. Consolidated capital expenditures in 2015 are expected to reach between $140 and $160 million during the year, compared to $324 million in 2014. Regarding 2016, no major capex has been committed, therefore capex will consist primarily of maintenance capex related to the Sugar, Ethanol & Energy.

42Q152014/15 Harvest YearAs of July 31 2015, 214,860 hectares or 95.8% of our planted area was successfully harvested. The remaining 9,513 hectares of corn and cotton are expected to be harvested by early August.Soybean: As of the end of July the harvest of soybean first crop was completed. The implementation of our sustainable production model together with best practices such as crop rotation and no till among others, coupled with excellence in execution allowed us to profit from average and timely rains reaching yields of 3.2 tons/ha, 9.8% higher than the previous harvest year.Soybean Second Crop: The harvest of soybean second crop was fully completed by the end of July 2015. Average yields reached 2.5 tons/ha, 26.3% above the previous harvest year. Yields were above those of the 2013/14 harvest year due to enhanced operational management.Corn: As of July 31, 2015, the harvested area for early and late corn totaled 24,214 hectares,74.5% of the total planted area. In order to diversify our crop risk and manage water requirements, approximately 29.3%of the corn was planted early in September and 70.7% was planted late during the end of November and December 2014. Average yields obtained by the end of July were 6.1 tons/ha. The early corn planted in our most productive farms yielded in line with expectations, while late corn planted in the same farms yielded well above expectations. By contrast, late corn planted in the north east of Argentina received excess rainfall, negatively affecting yields. In aggregate however, we expect yields for corn to increase compared to the previous harvest season.Farming BusinessOperating Performance Farming Production DataPlanting & ProductionPlanted Area (hectares) 2014/20152013/2014Chg %Hectares% HarvestedProduction2014/20152013/2014Chg %Soybean63,944 58,691 9.0%63,944100.0%205,4883.22.910%Soybean 2nd Crop32,532 24,290 33.9%32,532100.0%79,9692.51.926.3%Corn (1)32,491 45,690 (28.9%)24,21474.5%146,5366.16.2(2.0%)Corn 2nd Crop7,583 5,634 34.6%7,38497.4%29,8224.06.6(38.4%)Wheat (2)37,020 29,412 25.9%37,019100%84,6092.32.6(12.8%)Sunflower12,314 12,880 (4.4%)12,314100%21,7621.81.8(1.7%)Cotton lint3,160 6,217 (49.2%)2,12467.2%2,2731.11.08.7%Total Crops189,044 182,812 3.4%179,53195.0%570,459Rice35,328 36,604 (3.5%)35,328100%180,1495.15.6(9.2%)Total Farming224,373 219,416 2.3% 214,86095.8%750,608Owned Croppable Area124,172 133,612 (7.1%)119,79096.5%470,963Leased Area60,086 55,881 7.5%55,15491.8%182,561Second Crop Area40,115 29,923 34.1%39,91699.5%68,056Total Farming Area224,373 219,416 2.3% 214,86095.8%721,580 Milking Cows (Average Heads) Dairy2Q152Q14 Chg % 2Q152Q14 Chg % 2Q152Q14 Chg % Milk Production6,609 6,295 5.0% 21.0 18.4 14.4% 35.0 32.1 8.9% (1) Includes sorghum and peanut.(2) Includes barley.(3) Yields for 2014/15 season may be partial yields related to the harvested area as of July 31, 2014. Yields for 2013/14 reflect the full harvest season. Note: Some planted areas may reflect immaterial adjustments compared to previous reports due to a more accurate area measurement, which occurred during the current period.2014/15 Harvested AreaYields (Tons per hectare) (3) Milk Production (MM liters) Productivity (Liters per cow per day)

52Q15Corn Second Crop: As of the end of July 2015, we harvested 97.4% of the corn second crop. Yields so far have reached 4.0 tons/ha, suffering a 38.4% decrease with respect to the previous harvest season. The decrease is explained by excess rainfall at harvest time in the north east of Argentina which generated harvest disruptions and yield loss.Cotton: As of July 31, 2015, 67.2% of the planted hectares had been harvested producing yields of 1.1 tons/ha, marking an 8.7% increase compared to the previous harvest season. As we complete the harvest, we expect final yields to remain in line with the previous harvest year.Sunflower: As of the end of July 2015, 100% of our sunflower area was harvested, yielding an average of 1.8 tons/ha, in line with the 2013/14 season.Wheat: As of December 31, 2014, 100% of the wheat area was harvested, and reported on our 4Q14 release. Average yields reached 2.3 tons per hectare, 12.8% lower than the previous harvest due to a higher proportion of area being planted in the north of Argentina which tends to result in lower yields.Rice: The harvest of 35,328 hectares of rice was completed during early April 2015. The average yield in our rice farms was 5.1 tons/ha, 9.2% below the previous harvest year. Supply of water in dams and rivers was sufficient to flood the rice fields throughout the crop's cycle. However, during mid-February through April, a higher than normal number of cloudy and rainy days had a negative impact on yields at some of our farms given that the plant requires sunlight for photosynthesis and plant growth. We expect yields to improve in the upcoming harvest years as we continue with the transformation process and zero-leveling of our rice farms—precise leveling of the land based on GPS and Laser technology, resulting in reduced water irrigation requirements, and lower costs of labor and energy.2015/16 Harvest YearTowards the end of 2Q15, Adecoagro began its planting activities for the 2015/6 harvest year. Good rain levels in Argentina between March and June allowed us to plant 32,900 hectares of wheat under normal conditions.

62Q15Our mills operated close to full capacity during 2Q15 (Ivinhema operated at 80% due to mill expansion activities), crushing a total of 2.9 million tons of sugarcane, 35.9% higher than 2Q14. This increase was driven primarily by a 22% increase in milling per day as a result of the expansion of nominal crushing capacity coupled with enhanced agricultural and industrial efficiencies.As a result of the growth in sugarcane milling coupled with a 6.5% increase in TRS per ton, production measured in tons of TRS equivalent increased by 44.4% in the quarter. Sugar and ethanol production in 2Q15 increased by 56.0% and 34.9%, respectively.Regarding cogeneration, total energy delivered to the grid in 2Q15 increased by 79.3% compared to 2Q14 and equaled 189,017 MWh. Cogeneration exports were enhanced by higher boiler efficiency. Our cogen efficiency ratio, measured by KWh exported per ton of sugarcane milled reached 64.7, 32.0% higher year-over-year.As of June 30, 2015, our sugarcane plantation reached 127,688 hectares, representing a 15.2% growth year-over-year. Expanding and replanting our sugarcane plantation continues to be a key strategy to run our mills at full capacity and at the same time increase the productivity and quality of our plantation. A total of 2,216 hectares were planted during 2Q15, bringing year-to-date planting to 6,191 hectares, 77.7% and 68.3% lower respectively, compared to the same periods of the previous year. As previously anticipated in the 1Q15 earnings release, the slowdown in expansion area is explained by the fact that: (i) we are close to our stabilized plantation size and; (ii) we are attaining higher agricultural yields, thus reducing the need for area expansion. During the quarter we renewed 1,394 hectares and expanded 822 hectares.Sugar, Ethanol & Energy Business Sugar, Ethanol & Energy - Selected Production Datametric2Q152Q14Chg %6M156M14Chg %Crushed Cane tons2,920,8872,149,829 35.9% 3,381,0112,192,092 54.2% Own Cane tons2,634,5921,982,409 32.9% 3,087,1082,023,895 52.5% Third Party Cane tons286,295167,420 71.0% 293,903168,197 74.7% Sugar Produced tons174,061111,547 56.0% 196,528111,547 76% Ethanol ProducedM3113,47784,093 34.9% 130,07286,196 50.9% Hydrous EthanolM358,08843,865 32.4% 72,18545,969 57.0% Anhydrous EthanolM355,38840,227 37.7% 57,88740,227 44% TRS Equivalent Producedtons376,193260,488 44.4% 427,677264,014 62.0% Exported Energy MWh189,017105,416 79.3% 206,201120,673 70.9% Expansion & Renewal Area hectares2,2169,938 (77.7%)6,19119,526 (68.3%)Harvested Area hectares26,77824,905 7.5% 32,99525,528 29.2% Sugarcane Plantation hectares127,688110,822 15.2% 127,688110,822 15.2%

72Q15Farming & Land transformation business - Financial highlights$ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Gross SalesFarming 78,529 120,448 (34.8%) 137,216 166,532 (17.6%)Total Sales 78,529 120,448 (34.8%) 137,216 166,532 (17.6%)Adjusted EBITDA (1)Farming 2,624 16,195 (83.8%) 25,716 52,083 (50.6%)Land Transformation - 25,575 (100.0%) - 25,575 (100.0%)Total Adjusted EBITDA (1)2,624 41,770 (93.7%) 25,716 77,658 (66.9%)Adjusted EBIT (1)(2)Farming 927 14,345 (93.5%) 22,273 48,433 (54.0%)Land Transformation - 25,575 n.a - 25,575 (100.0%)Total Adjusted EBIT (1)(2)927 39,920 (97.7%) 22,273 74,008 (69.9%)Adjusted EBIT(1)(2) for the Farming business in 2Q15 was $0.9 million, $13.4 million or 93.5% lower than 2Q14.This decrease is primarily explained by: (i) lower commodity prices, particularly corn, soybean and wheat; (ii)higher production costs in dollar terms driven by the appreciation of the Argentine peso in real terms, partiallyoffset by cost reduction initiatives; (iii) a $7.9 million unrealized loss generated by the mark-to-market of ourcommodity hedge position as prices increased since mid-June 2015, whereas our hedge in 2Q14 generated anunrealized gain of $7.2 million; and (iv) a 9.6% decrease in rice yields due to adverse weather conditions. Theseeffects were partially offset by higher soybean and corn yields.Regarding the Land Transformation business, no farms were sold in 2Q15, compared to a $25.6 million gaingenerated from farm sales in 2Q14.On a year-to-date basis, Adjusted EBIT for the Farming & Land Transformation businesses in 6M15 stood at$22.3 million, compared to $74.0 million in 6M14. This 69.9% underperformance is mainly attributable to: (i)lower commodity prices; (ii) the real appreciation of the Argentine peso resulting in higher production costsmeasured in dollars; (iii) lower rice yields; and (iv) the fact that no farms sales have been executed during theperiod. The underperformance was partially mitigated by higher productivity in our crop and dairy segments.(1) Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA isdefined as consolidated profit from operations before financing and taxation, depreciation, amortization and unrealized changes in fair value of long-term biological assets(sugarcane, coffee and cattle) plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined as consolidated profit fromoperations before financing and taxation, and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle) plus the gains or losses fromdisposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.(2) Adecoagro uses the Adjusted EBIT performance measure rather than Adjusted EBITDA to compare its different farming businesses. Different farming businesses orproduction models may have more or less depreciation or amortization based on the ownership of fixed assets employed in production. Consequently, similar type costsmay be expensed or capitalized. For example, Adecoagro’s farming business in Argentina is based on a “contractor” production model, whereby Adecoagro hires planting,harvesting and spraying services from specialized third party machine operators. This model minimizes the ownership of fixed assets, thus, reducing depreciation andamortization. On the other hand, operating fees are expensed increasing our production costs. The Adjusted EBIT performance measure controls for such differences inbusiness models and we believe is a more appropriate metric to compare the performance of the company relative to its peers.Farming & Land Transformation BusinessesFinancial Performance

82Q15Crops - Highlightsmetric 2Q15 2Q14 Chg % 6M15 6M14 Chg %Gross Sales $ thousands 49,079 76,277 (35.7%) 70,908 98,458 (28.0%)thousand tons 203.9 246.9 (17.4%) 290.6 341.6 (14.9%)$ per ton 240.7 309.0 (22.1%) 244.0 288.2 (15.3%)Adjusted EBITDA $ thousands 692 11,640 (94.1%) 15,983 32,690 (51.1%)Adjusted EBIT $ thousands 209 11,092 (98.1%) 15,007 31,696 (52.7%)Planted Area(1) hectares 148,929 152,889 (2.6%) 148,929 152,889 (2.6%)(1) Does not include second crop planted area.Adjusted EBIT for our crops segment stood at $0.2 million during 2Q15 compared to $11.1 million in 2Q14. On acumulative basis, 6M15 Adjusted EBIT reached $15.0 million, representing a 52.7% decrease compared to6M14. The decrease is primarily attributable to (i) lower commodity prices; and (ii) higher production costsmeasured in dollar terms given the real appreciation of the argentine peso. This decrease was partially offsetby higher soybean and corn yields.Crops - Gross Sales BreakdownAmount ($ '000) Volume (tons) $ per unitCrop 2Q15 2Q14 Chg % 2Q15 2Q14 Chg % 2Q15 2Q14 Chg %Soybean 33,316 55,834 (40.3%) 127,065 151,839 (16.3%) 262 368 (28.7%)Corn (1) 9,909 17,026 (41.8%) 62,969 84,671 (25.6%) 157 201 (21.7%)Wheat (2) 681 1,247 (45.4%) 4,833 5,213 (7.3%) 141 239 (41.1%)Sunflower 4,409 1,896 132.5% 8,799 5,141 71.1% 501 369 35.9%Cotton 212 - n.a 181 - n.a 1,168 n.a - %Others 552 274 101.3% 0 - n.aTotal 49,079 76,277 (35.7%) 203,847 246,865 (17.4%)Amount ($ '000) Volume (tons)Crop 6M15 6M14 Chg % 6M15 6M14 Chg % 6M15 6M14 Chg %Soybean 38,533 58,018 (33.6%) 144,553 158,412 (8.7%) 267 366 (27.2%)Corn (1) 14,058 28,983 (51.5%) 90,446 144,023 (37.2%) 155 201 (22.8%)Wheat (2) 7,542 6,620 13.9% 35,462 28,014 26.6% 213 236 (10.0%)Sunflower 9,046 3,896 132.2% 19,313 10,985 75.8% 468 355 32.1%Cotton 925 333 178.0% 770 201 282.7% 1,202 1,654 (27.4%)Others 804 608 32.2% - - n.a n.a n.a -Total 70,908 98,458 (28.0%) 290,543 341,635 (15.0%)(1) Includes sorghum(2) Includes barleyNote: Prices per unit are a result of the averaging of different local market prices such as FAS Rosario (Arg), FOB Nueva Palmira (Uru) and FOT Luis Eduardo Magalhaes (BR)$ per unitOn a cumulative basis, crop sales in 6M15 reached $70.9 million, 28.0% lower than in 6M14. The decrease insales is primarily driven by significantly lower soybean and corn prices coupled with lower soybean and cornvolumes sold. The decrease in sales volumes is mainly explained by a late corn harvest compared to theprevious year, due to the utilization of late-planting corn hybrids to diversify climate risk.Crops

92Q15Crops - Changes in Fair Value Breakdown6M15metric SoySoy 2ndCrop CornCorn 2ndCrop Wheat Sunflower Cotton2014/15 Harvest YearTotal planted Area Plan Hectares 63,944 32,532 32,491 7,583 37,020 12,314 3,160Planted area in initial growing stages Hectares - - - - - - -Planted area with significant biological growth Hectares - 71 19,355 6,303 - - 1,624Changes in Fair Value in 2Q15 from planted area2014/2015 with significant biological growth (i)$ thousands - (7) (45) 60 - - 12(i) Area harvested in previous periods 5,927 - 6,243 - 37,020 10,461 -Area harvested in 4Q14 Hectares - - - - 35,862 2,312 -Area harvested in 1Q15 Hectares 5,927 - 6,243 1,158 8,149 -(ii) Area harvested in 2Q15 58,017 32,462 6,893 1,280 -- 1,853 1,536(i) + (ii) Total area harvested Hectares 63,944 32,462 13,136 1,280 37,020 12,314 1,536Changes in Fair Value in 2Q15 from harvested area2014/15 (ii)$ thousands 10,491 5,287 (552) (199) 251 681 (505)Total Changes in Fair Value in 6M15 (i+ii) $ thousands 10,491 5,280 (597) (139) 251 681 (493)The table above shows the gains or losses from crop production generated during 6M15. A total of 189,044hectares were planted in the 2014/15 crop. As of June 30, 2015, 27,353 hectares pertaining to the 2014/15 cropremained unharvested, but had attained significant biological growth and were therefore valued at fair value (netpresent value of expected margin reflected in “Changes in Fair Value of Biological Assets” line item in ourincome statement). As a result of the currently weak spot commodity prices, these hectares generated Changesin Fair Value of essentially zero.As of June 30, 2015, a total of 161,691 hectares have been successfully harvested. Yields for most of our cropshave improved by enhanced operating efficiencies and favorable weather. Harvested crops generated“Changes in Fair Value of Agricultural Produce” of $15.5 million in 6M15 compared to $42.8 million during6M14. Despite higher productivity, margins were negatively affected by the decrease in commodity prices yearover-year.

102Q15Rice - Highlightsmetric 2Q15 2Q14 Chg % 6M15 6M14 Chg %Gross Sales $ thousands 20,239 36,857 (45.1%) 48,727 53,342 (8.7%)$ thousands 17,065 31,876 (46.5%) 43,381 42,708 1.6%thousand tons (1) 39.7 92.4 (57.1%) 113.3 119.8 (5.4%)$ per ton 430 345 24.7% 383 356 7.4%Gross Sales of By-products $ thousands 3,174 4,980 (36.3%) 5,346 10,634 (49.7%)Adjusted EBITDA $ thousands 86 2,359 (96%) 6,021 15,291 (60.6%)Adjusted EBIT $ thousands (680) 1,543 n.a 4,460 13,619 (67.3%)Area under production (2) hectares 35,328 36,604 (3.5%) 35,328 36,604 (3.5%)Rice MillsTotal Rice Produced thousand tons (1) 22.4 74.0 (69.7%) 75 134 (44.0%)Ending stock thousand tons (1) 138 99 38.7% 138 99 38.7%(1) Of rough rice equivalent.(2) Areas under production correspond to the 2014/15 and 2013/14 harvest yearsGross Sales of White RiceDue to the seasonality and growth cycle of the rice crop, most of the margin generated in the 2014/15 harvestwas recognized throughout the fourth quarter of 2014 and the first quarter of 2015. Only a nominal portion of therice crop was harvested in 2Q15, therefore Adjusted EBIT in the quarter is primarily explained by the sales ofprocessed rice and by-products.Sales for the six-month period ended on June 30, 2015, reached $48.7 million, 8.7% million lower than 6M14,as a result of a postponement of export sales towards the second half of the year.. Adjusted EBIT for 6M15totaled $4.5 million, $9.2 million or 67.3% lower than 6M14. Weak financial performance is explained by lowerrice farm margins reflected in “Changes in Fair Value” resulting from a 9.6% reduction in agricultural yields dueto adverse weather conditions. Margins were also negatively affected by higher production costs measured indollars resulting from the appreciation of the Argentine peso in real terms.Rice - Changes in Fair Value Breakdown6M15 metric Rice2014/15 harvest yearTotal Planted Area Plan Hectares 35,328Planted area in initial growing stages (a) Hectares -Planted area with significant biological growth (b) Hectares -Area to be planted (c) Hectares -Changes in Fair Value 2Q15 from planted area 2014/15 with significant biological growth (i) $ thousands -Area harvested in previous period (d) Hectares 31,183Area harvested in current period (d) Hectares 4,145Changes in Fair Value 6M15 from harvested area in 2014/15 (ii) $ thousands 3,755Total Changes in Fair Value in 6M15 (i+ii) $ thousands 3,755Rice

112Q15As shown in the chart above, during 2Q15, we harvested 4,145 hectares, completing the total planted area of35,328 hectares. Changes in Fair Value during 6M15 totaled $3.8 million, compared to $11.6 million in 6M14.As explained above, this $7.8 million or 67.5% decrease is mainly explained by lower yields.Dairy - Highlightsmetric 2Q15 2Q14 Chg % 6M15 6M14 Chg %Gross Sales $ thousands (1) 8,859 6,868 29.0% 16,919 13,943 21.3%million liters (2) 19.9 15.5 28.2% 39.4 33.6 17.1%$ per liter (3) 0.37 0.38 (4.3%) 0.37 0.37 (1.1%)Adjusted EBITDA $ thousands 1,717 1,840 (6.7%) 3,404 3,636 (6.4%)Adjusted EBIT $ thousands 1,342 1,459 (8.0%) 2,649 2,861 (7.4%)Milking Cows Average Heads 6,609 6,295 5.0% 6,577 6,346 3.6%Cow Productivity Liter/Cow/Day 35.0 32.1 8.9% 34.7 32.8 5.8%Total Milk Produced million liters 21.0 18.4 14.4% 41.3 37.6 9.7%(1) Includes (i) $902.4 K from sales of culled cows for 2Q15 and $605.3 K for 2Q14 and (ii) $671.6 K from sales of powdered milk for 2Q15 and $322.4 for 2Q14(2) 0.7 million and 2.5 million liters of milk were destined towards powdered milk production for 2Q15 and 2Q14, respectively(3) Sales price reflects the sale of fluid milkOur focus on operational efficiencies and improved cow management has allowed us to reach optimum levelsof cow herd size and productivity. During 2Q15, our milking cow herd grew by 5.0% to 6,609 heads, whileproductivity per cow per day increased by 8.9%, reaching our target level of 35 liters per cow per day. As aresult of these variables, milk production reached 21.0 million liters in 2Q15 and 41.3 million liters in 6M15,marking a 14.4% and 9.7% increase over the same periods of the previous year, respectively.Gross sales reached $8.9 million in 2Q15 and $16.9 million in 6M15, marking an increase of 29.0% and 21.3%,respectively compared to last year. This was mainly driven by the increase in sales volume both on a quarterlyand on a cumulative basis (28.2% and 17.1% increase, respectively) and partially offset by slightly lower prices.Adjusted EBIT reached $1.3 million in 2Q15 and $2.6 million in 6M15, reflecting an 8.0% and 7.4% decrease,respectively compared to last year. This is explained by the increase in the dollar production costs driven by theappreciation of the Argentine Peso in real terms.Dairy

122Q15All Other Segments - Highlightsmetric 2Q15 2Q14 Chg % 6M15 6M14 Chg %Gross Sales $ thousands 352 446 (21.1%) 662 788 (16.0%)Adjusted EBITDA $ thousands 129 356 (63.7%) 307 466 (34.1%)Adjusted EBIT $ thousands 56 251 (77.6%) 156 257 (39.2%)All Other Segments is comprised of our Cattle and Coffee segments. Our Cattle segment consists of hectares ofpastures that are not suitable for crop production and as a result are leased to third parties for cattle grazingactivities. Our Coffee segment currently consists of leasing 728 hectares of coffee trees on our Rio de Janeirofarm in Western Bahía, Brazil, to a third party for a 8-year period.Adjusted EBIT for All Other Segments fell by $0.2 million in 2Q15 and by $0.1 million in 6M15, explained by areduction in leased area.Land transformation - Highlightsmetric 2Q15 2Q14 Chg % 6M15 6M14 Chg %Adjusted EBITDA $ thousands - 25,575 n.a - 25,575 n.aAdjusted EBIT $ thousands - 25,575 n.a - 25,575 n.aLand sold Hectares - 12,887 n.a - 12,887 n.aThere were no farm sales during 2Q15. In 2Q14, farm sales generated a $25.6 million gainLand transformation is an ongoing process in our farms, which consists of transforming undervalued andundermanaged land into its highest production capabilities. Adecoagro is currently engaged in thetransformation of several farms, especially in the northeastern region of Argentina, where farms formerly usedfor cattle grazing are being successfully transformed into high yielding crop and rice farms.The company is continuously seeking to recycle its capital by disposing of a portion of its developed farms andallocate its capital to other farms or projects with higher risk-adjusted returns, thereby enhancing return oninvested capital.Land transformation businessAll Other Segments

132Q15Sugar, Ethanol & Energy - Highlights $ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Net Sales (1) 86,118 77,090 11.7% 136,667 125,543 8.9%Gross Profit Manufacturing Activities 38,443 31,725 21.2% 57,250 50,215 14.0%Adjusted EBITDA 41,071 35,611 15.3% 58,997 39,422 49.7%Adjusted EBITDA Margin 47.7% 46.2% 3.2% 43.2% 31.4% 37.5%(1) Net Sales are calculated as Gross Sales net of sales taxes.Our Sugar, Ethanol & Energy business delivered solid operational and financial results during 2Q15. From anoperational stand point, sugarcane crushing reached 2.9 million tons, 35.9% higher year-over-year. Productionwas further enhanced by a 6.5% increase in TRS content resulting in a 44.4% increase in total TRS produced.On the financial side, despite lower sugar and ethanol prices, net sales in 2Q15 grew 11.7% reaching $86.1million, on account of higher volumes. Adjusted EBITDA in the quarter reached $41.1 million, 15.3% higher than2Q14. Adjusted EBITDA margin also increased, from 46.2% to 47.7%. Financial performance was primarilydriven by: (i) the increase in sugar, ethanol and energy sales volumes, resulting from the increase in production;(ii) a 25.9% increase in sugarcane yields coupled with a 6.5% increase in TRS content, which resulted in a34.1% increase in TRS per hectare; and (iii) lower production costs driven by fixed cost dilution.On a cumulative basis, Adjusted EBITDA for 6M15 reached $59.0 million, 49.7% higher year-over-year. Inaddition to the drivers that explain the quarterly variations, year-to-date performance was enhanced by a $13.9million gain generated by the mark-to-market of our sugar hedge position, contrasted by a $1.9 million gain in6M14.The table below reflects the breakdown of net sales for our Sugar, Ethanol & Energy business.Sugar, Ethanol & Energy - Net Sales Breakdown (1)$ thousands Units ($/unit)2Q15 2Q14 Chg % 2Q15 2Q14 Chg % 2Q15 2Q14 Chg %Sugar (tons) 39,333 29,791 32.0% 122,352 75,233 62.6% 321 396 (18.8%)Ethanol (cubic meters) 29,352 34,012 (13.7%) 76,562 61,809 23.9% 383 550 (30.3%)Energy (Mwh) 17,433 13,288 31.2% 189,017 105,416 79.3% 92 126 (26.8%)TOTAL 86,118 77,090 11.7% 387,930 242,458$ thousands Units ($/unit)6M15 6M14 Chg % 6M15 6M14 Chg % 6M15 6M14 Chg %Sugar (tons) 53,148 42,726 24.4% 157,343 109,479 43.7% 338 390 (13.4%)Ethanol (cubic meters) 64,414 66,456 (3.1%) 155,985 119,777 30.2% 413 555 (25.6%)Energy (Mwh) 19,105 16,361 16.8% 206,201 120,673 70.9% 93 136 (31.7%)TOTAL 136,667 125,543 8.9% 519,529 349,929(1) Net Sales are calculated as Gross Sales net of ICMS, PIS, CONFINS, INSS and IPI taxes.In 2Q15, total net sales stood at $86.1 million, 11.7% above that of 2Q14. Sales were negatively affected bylower sugar, ethanol and energy prices measured in dollar terms, but more than offset by a significant increasein sales volumes. Sugar and energy volumes increased by 62.6% and 79.3% in 2Q15, thanks to the increase inmilling and growth in production. Ethanol volumes only increased by 23.9%, since as of June 2015 we decidedto stockpile ethanol for a carry trade instead of selling in the spot market.Sugar, Ethanol & Energy business

142Q15Ethanol prices experienced their seasonal downward trend, driven by the commencement of the BrazilianCenter-South harvest and growth in ethanol supply. Hydrous and anhydrous prices denominated in localcurrency have decreased by 1.3% and 3.0% respectively, compared to last year. This is explained by thegrowth in ethanol supply as mills have been maximizing ethanol production because of its higher relative priceand shorter cash conversion cycle. In the case of sugar, prices during 2Q15 averaged 12.4 US cents/lb, 28%lower than 2Q14 and 12% lower than 1Q15. Energy started the quarter trading at the ceiling price of 388BRL/MWh and finished the quarter at 369 BRL/MWh, due to the return of rains. As a result of the above,coupled with the depreciation of the Brazilian Real, our realized sugar, ethanol and energy prices in US dollarswere 18.8%, 30.3% and 26.8% lower year-over-year.Sugar, Ethanol & Energy - Industrial indicatorsmetric 2Q15 2Q14 Chg % 6M15 6M14 Chg %Milling Cluster tons 2,531,032 1,770,609 42.9% 2,991,156 1,812,873 65.0%Milling UMA tons 389,855 379,220 2.8% 389,855 379,220 2.8%Milling Total tons 2,920,887 2,149,829 35.9% 3,381,011 2,192,092 54.2%Own sugarcane % 90.2% 92.2% (2.2%) 91.3% 92.3% (1.1%)Sugar mix in production % 48.3% 44.7% 8.1% 47.9% 44.1% 8.8%Ethanol mix in production % 51.7% 55.3% (6.5%) 52.1% 55.9% (6.9%)Exported energy per ton crushed KWh/ton 64.7 49.0 32.0% 61.6 54.9 12.2%A total of 2.5 million tons of sugarcane were milled at our cluster in Mato Grosso do Sul during 2Q15, 42.9%more than the previous year, while Usina Monte Alegre milled 0.4 million tons, 2.8% above 2Q14. Ownedsugarcane supply accounted for 90.2% of total cane milled during 2Q15.In terms of production mix, 51.7% of the sugar content (TRS) was directed towards ethanol production and48.3% towards sugar. Our mix favored ethanol since it offered higher relative prices and margins in the period.The ethanol mix was lower year-over-year because the distillery at the Ivinhema mill was being expanded andthus not able operate at full capacity during the quarter.Regarding Cogeneration, exports to the grid reached 189,017 MWh in 2Q15, 79.3% higher than 2Q14 and70.9% higher on a year-to-date basis. This growth is the result of the higher volume of cane crushed andenhanced operational efficiencies. Our cogeneration efficiency ratio, measured in kilowatts exported per ton ofsugarcane crushed, increased by 33.3%, from 48.9 to 65.2 KWh/ton.Agricultural Produce - Productive Indicatorsmetric 2Q15 2Q14 Chg % 6M15 6M14 Chg %Harvested own sugarcane thousand tons 2,634,592 2,145,783 22.8% 3,223,602 2,327,252 38.5%Harvested area Hectares 26,280 24,905 5.5% 32,995 25,528 29.2%Yield tons/hectare 100.2 79.6 25.9% 98.7 79.3 24.5%TRS content kg/ton 128.7 120.8 6.5% 127.0 120.4 5.5%TRS per hectare kg/hectare 12,896 9,616 34.1% 12,535 9,548 31.3%Mechanized harvest % 98.0% 96.0% 2.1% 98.0% 96.2% 1.9%

152Q15The table above shows operational indicators related to our owned sugarcane production (“AgriculturalProduce”) which is planted, harvested, and then transferred to our mills for processing.In 2Q15, our sugarcane yields experienced a 25.9% increase compared to 2Q14, reaching a record of 100.2tons per hectare. In addition, TRS content in sugarcane also expanded by 6.5%, reaching 128.7 kg/ton. As aresult of these two factors, TRS per hectare increased by 34.1%. This productivity growth was the result offavorable weather conditions coupled with enhancements in our agricultural operations. Some examplesinclude: (i) the effective implementation of pest controls; (ii) the selection of specific cane varieties for the region;(iii) the extension of the sugarcane growth cycle; (iv) the implementation of GPS controlled auto pilot in plantersand combines; and (v) the timely renewal of sugarcane plantation.Considering that sugarcane production represents roughly 70% of sugar and ethanol production costs, coupledwith the fact that approximately 85% of total costs are fixed, attaining high agricultural productivity is a key driverto be a low cost producer.Sugar, Ethanol & Energy - Changes in Fair ValueBiological Asset$ Hectares $/hectare $ Hectares $/hectare(a) Sugarcane plantations at begining of period 251,241 125,895 1,996 244,966 104,897 2,335(b) Planting investment (1) 14,575 2,216 5,335 31,272 9,938 3,147(c) Increase due to purchases - - - -(d) Exchange difference 8,660 7,215(e) Sugarcane w/ significant biological growth at end of period 280,344 122,398 2,290 283,494 110,822 2,558Changes in Fair Value of Biological Assets (e) - [ (a) + (b) + (c) + (d) ] 5,867 41Agricultural produce$ Tons $/ton $ Tons $/ton(a) Harvested own sugarcane (2)(3) 52,558 2,671,790 19.7 53,940 2,145,783 25.14(b) Crop maintenance costs (8,937) (3.3) (13,553) (6.3)(c) Leasing Costs (9,403) (3.5) (10,052) (4.7)(d) Harvest costs (37,532) (14.0) (39,134) (18.2)Changes in Fair Value of Agricultural Produce (a) + (b) + (c) + (d) (3,314) (8,800)Total Changes in Fair Value 2,553 (8,758)(2) Sugarcane transfer prices are set by Consecana Index, which is the Council of Sugarcane, Sugar and Ethanol Producers in the State of São Paulo.(3) $ and $/ton values includes 99,296 tons of sugarcane seed for planting in 2015 and 139,983 tons in 2014.(1) Sugarcane planting area includes $2,753 for work-in-progress planting activities over 1,508 hectares in 2015.2Q15 2Q14In 2Q15, Changes in Fair Value of Biological Assets (unrealized) showed a $5.9 million gain, compared topractically nil in 2Q14. The year-over-year growth was primarily the result of an increase in the fair value of oursugarcane plantation, from an average of $1,996 per hectare at the beginning of 2 Q15 to $2,290 per hectareat the end of the period. The increase in per hectare value is explained by the higher sugarcane yields in thecurrent season and upcoming years.Changes in Fair Value of Agricultural Produce (realized) in 2Q15 was negative $3.3 million compared tonegative $8.8 million in 2Q14. As we increased the size of our plantation, attained economies of scale, andenhanced production efficiencies in our cluster, we managed to obtain operational leverage and dilute costs. Asa result, sugarcane production costs, including crop maintenance, land leasing, and harvest in dollars per tonhave decreased 29.3% year-over-year, generating a 48.4% increase in Changes in Fair Value of Agricultural

162Q15Produce for the quarter. Total Changes in Fair Value of Biological Assets and Agricultural Produce in 2Q15reached $2.5 million, compared to an $8.8 million loss in 2Q14.Commodity HedgingAdecoagro’s performance is affected by the volatile price environment inherent to agricultural commodities. Thecompany uses both forward contracts and derivative markets to mitigate swings in prices by locking in marginswith the aim to stabilize profits and cash flows.The table below shows the average selling prices for Adecoagro’s physical sales (i.e., volumes and averageprices including both sales invoiced/delivered and fixed-price forwards and futures contracts).Total Volume and Average PricesVolume Local Sale Price Local Sale Price(thousand tons) FAS $/ton FOB cts/bushel (1)2014/15 Harvest YearSoybean Argentina 179.7 269 1,210Brazil 22.5 338 1,151Uruguay 8.0 369 1,169Corn Argentina 187.0 152 528Uruguay 0.5 150 432Wheat Argentina 30.1 180 687Uruguay 2.0 163 4992015/16 Harvest YearSoybean Argentina 165.4 205 1,006Brazil - - -Uruguay - - -Corn Argentina 141.4 109 436Brazil - - -Uruguay - - -Cotton Argentina - - -Brazil 0.5 1,565 71Volume Local Sale price Local Sale price(thousands) FCA $/unit FOB cts/lb (1)2014/15 Harvest YearVHP Sugar Brazil 337.4 374 17Ethanol (2) Brazil 299.8 468 -Energy (MWh) (3) Brazil 442.7 133 -2015/16 Harvest YearVHP Sugar Brazil 390.5 343 15.5Ethanol (2) Brazil 73.3 435 -Energy (MWh) (3) Brazil 504.3 91 -2016/17 Harvest YearVHP Sugar Brazil 114.9 325 14.6Ethanol (2) Brazil - - -Energy (MWh) (3) Brazil 323.4 80 -(1) Equivalent FOB price - includes freight, export taxes and fobbing costs (elevation, surveyor, quality certifications and customs costs).(2) Ethanol prices are net of PIS/COFINS, ICMS and INSS(3) Considers exchange rate of BRL/USD 3.10Farming CountrySugar, Ethanol & Energy CountryThe table below summarizes the results generated by Adecoagro’s derivative positions in 2Q15 and in previousperiods. Realized gains and losses correspond to results generated by derivative contracts that were closed.Unrealized gains and losses correspond to results generated by derivative positions that were still open at theend of the period, and therefore, may generate additional gains or losses in future periods.

172Q15Gain/Loss from derivative instruments(thousand tons) Unrealized Realized Total 20152013/14 Harvest YearSoybean - - 30 30 (4,140) (4,110)Corn - - 520 520 6,028 6,548Wheat - - - - (248) (248)Cotton - - - - (111) (111)Coffee - - - - 203 203Total - - 550 550 1,732 2,2822014/15 Harvest Year Soybean 78 (1,631) 4,882 3,251 2,422 5,673Corn 123 (1,573) 2,778 1,205 6,342 7,548Wheat (1) (25) 366 341 (552) (210)Total 200 (3,228) 8,027 4,798 8,212 13,0102015/16 Harvest YearSoybean 165 (4,168) 1,235 (2,933) (326) (3,259)Corn 141 (2,165) 614 (1,551) (588) (2,140)Total 307 (6,333) 1,848 (4,484) (914) (5,399)Subtotal Farming (i) 507 (9,561) 10,425 864 9,030 9,894Sugar, Ethanol & Energy(thousand tons) Unrealized Realized Total 20152014/15 Harvest YearSugar 7 152 (154) (3) 8,442 8,439Ethanol - - - - - -Total - 152 (154) (3) 8,442 8,4392015/16 Harvest YearSugar 123 2,997 8,994 11,991 6,860 18,851Ethanol 4 9 53 63 - 63Total 126 3,007 9,047 12,054 6,860 18,9142016/17 Harvest YearSugar (2) 115 1,820 - 1,820 - 1,820Ethanol - - - - -Total 115 1,820 - 1,820 - 1,820Subtotal Sugar, Ethanol and Energy (ii) 241 4,978 8,893 13,871 15,302 29,173Total (i+ii) 748 (4,583) 19,318 14,735 24,332 39,067FarmingOpen hedgepositions (1)2015 Gains/(Losses)(thousands $)Gains/(Losses) Bookedin previous years(thousands $)Gains/(Losses)Harvest Year(thousands $)Gains/(Losses) Bookedin previous years(thousands $)Gains/(Losses)Harvest Year(thousands $)Open hedgepositions (1)2015 Gains/(Losses)(thousands $)

182Q15Corporate ExpensesCorporate Expenses$ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Corporate Expenses (4,242) (4,579) (7.4%) (9,439) (9,547) (1.1%)Adecoagro’s Corporate expenses include items that have not been allocated to a specific business segment,such as executive officers and headquarters staff, and certain professional fees, travel expenses, and officelease expenses, among others.Corporate expenses in 2Q15 reached $4.2 million, 7.4% lower than the 2Q14. Year-to-date, corporate expenseswere $9.4 million, 1.1% lower than the previous year. The decrease is mainly explained by cost reductioninitiatives and partially offset by the appreciation of the Argentine Peso in real terms.Other Operating IncomeOther Operating Income$ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Gain / (Loss) from commodity derivative financial instruments (6,384) 8,392 - 14,735 (3,208) -Gain/(Loss) from forward contracts 30 2,195 (98.6%) 1 (132) -Gain from disposal of other property items 487 255 91.2% 880 606 45%Other (160) 344 - (9) 350 -Total (6,018) 11,185 - 15,607 (2,385) -Other Operating Income in 2Q15 reported a loss of $6.0 million, compared to a gain of $11.2 million in 2Q14.The decrease is primarily explained by the losses resulting from the mark-to-market of our commodity hedgeposition. By the end of the quarter, soybean, corn and wheat prices rallied between 15% and 20% from mid-June lows resulting in a $6.4 million unrealized mark-to-market loss. The increase in commodity pricesmaterialized when USDA reported lower than expected U.S. stocks. Also, excess rains led the market to adjustits expectations in respect of planted area as well as yields. For more information on this regard, please seecommodity hedge details on page 17.On a year-to-date basis, Other Operating Income stands at a gain of $15.6 million, compared to a $2.4 millionloss.

192Q15Financial ResultsFinancial Results$ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Interest Expenses, net (9,098) (13,200) (31.1%) (19,245) (24,416) (21.2%)Cash Flow Hedge - Transfer from Equity (8,218) (4,364) 88.3% (7,754) (4,609) 68.2%FX Gain/(Loss), net 4,041 434 831.1% (9,653) (3,268) 195.4%Gain/(Loss) from derivative financial Instruments 344 128 168.8% 570 720 (20.8%)Taxes (752) (1,211) (37.9%) (1,457) (1,954) (25.4%)Other Expenses, net (759) (493) 54.0% (1,395) (1,352) 3.2%Total Financial Results (14,442) (18,706) (22.8%) (38,934) (34,879) 11.6%In 2Q15 we booked a financial loss of $14.4 million, compared to a loss of $18.7 million in 2Q14. The $4.3million decrease in financial loss is mainly explained by:(i) a $4.1 million or 31.1% decrease in interest expenses mainly as a result of the 40.9% devaluationof the Brazilian Real between June 2014 and June 2015 coupled with lower cost of debt in ourBrazilian operations.(ii) a $3.6 million foreign exchange gain resulting from the 3.3% appreciation of the Brazilian Realduring 2Q15 compared to a 2.7% appreciation in 2Q14;(iii) offset by a $3.9 million increase in losses derived from “Cash Flow Hedge – Transfer fromEquity”, which reflects the effect of the accumulated depreciation of the Brazilian Real andArgentine Peso, since the adoption of cash flow hedge (July 1, 2014), in respect of our dollardenominated debt. Cash flow hedge gains or losses are reclassified from equity to profit or lossproportionally to the amortization schedule of each loan. The higher loss in 2Q15 compared to2Q14 is explained by the acceleration of local currency devaluation and a larger dollardenominated debt amortization.

202Q15Net Debt Breakdown$ thousands 2Q15 1Q15 Chg %Farming 108,793 108,106 0.6%Short term Debt 81,022 68,824 17.7%Long term Debt 27,772 39,282 (29.3%)Sugar, Ethanol & Energy 676,254 669,731 1.0%Short term Debt 149,349 124,317 20.1%Long term Debt 526,905 545,414 (3.4%)Total Short term Debt 230,371 193,141 19.3%Total Long term Debt 554,677 584,696 (5.1%)Gross Debt 785,047 777,837 0.9%Cash & Equivalents 163,466 198,279 (17.6%)Net Debt 621,581 579,558 7.3%As of June 30, 2015, Adecoagro’s gross indebtedness was $785.0 million, 0.9% higher than the previousquarter.In the Farming business, debt remained essentially the same quarter-over-quarter. In the Sugar, Ethanol andEnergy business, outstanding debt increased by $6.5 million reaching $676.3 million, primarily for workingcapital.Cash and equivalents as of June 30, 2015 stood at $163.5 million, 17.6% lower than as of March 31, 2015.As a result of the increase in outstanding debt and the reduction in cash, net debt during 2Q15 increased by7.3% compared to 1Q15 reaching a total amount of $621.6 million.Indebtedness29%71%Short termLong Term36%62%2%Brazilian RealsUS DollarsArgentine Pesos

212Q15Capital Expenditures & Investments$ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Farming & Land Transformation 1,131 1,621 (30.2%) 7,311 3,585 103.9%Land Acquisitions - - - - - -Land Transformation 558 734 (23.9%) 4,938 1,010 388.8%Rice Mill 161 37 333.2% 400 461 (13.1%)Dairy Free Stall Unit 106 167 (36.5%) 242 792 (69.5%)Others 305 683 (55.3%) 1,731 1,323 30.8%Sugar, Ethanol & Energy 31,953 48,393 (34.0%) 88,769 184,254 (51.8%)Sugar & Ethanol Mills 16,249 16,738 (2.9%) 62,989 127,399 (50.6%)Sugarcane Planting 15,704 31,655 (50.4%) 25,780 56,855 (54.7%)Total 33,084 50,013 (33.9%) 96,080 187,840 (48.8%)Adecoagro’s capital expenditures during 2Q15 totaled $33.1 million, 33.9% lower than 2Q14. Year-to-date, capitalexpenditures stand at $96.1 million, marking a 48.8% decrease over the same period of the previous year.Regarding the Farming and Land Transformation businesses, total capital expenditures during 2Q15 reached $1.1million, 30.2% lower than 2Q14. On a year-to-date basis, capex in the business increased from $3.6 million to $7.3million. This increase is mainly related to land transformation developments. The most relevant project is theconstruction of a reservoir for irrigation in our Ita Caabo farm, which will allow us to expand our rice production area by6,000 hectares.In the Sugar, Ethanol & Energy business, capital expenditures during 2Q15 totaled $88.8 million, $95.5 million or51.8% lower year-over-year. The reduction in capex is explained by the completion of the Ivinhema mill, which webegan building in March 2012, and has now reached full nominal crushing capacity of 5.0 million tons of sugarcane.Consolidated capex spending is expected to slowdown in 2015 due to the completion of the sugarcane cluster, and isexpected to reach between $140 and $160 million. As of today, no major growth capex has been committed for 2016,therefore it will consist primarily of maintenance related to the Sugar, Ethanol & Energy business.Capital Expenditures & Investments

222Q15End of Period InventoriesProduct Metric 2Q15 2Q14 % Chg 2Q15 2Q14 % ChgSoybean tons 149,946 86,633 73.1% 30,587 21,810 40.2%Corn tons 52,877 98,163 (46.1%) 4,302 16,577 (74.0%)Wheat tons 52,280 18,095 188.9% 4,194 3,515 19.3%Sunflower tons 5,089 11,282 (54.9%) 1,983 4,257 (53.4%)Cotton lint tons 1,503 1,508 (0.4%) 1,496 1,491 0.4%Rough Rice tons 137,799 104,877 31.4% 31,963 27,238 17.3%Sugar tons 87,399 56,910 53.6% 16,252 14,465 12.4%Ethanol m3 66,361 39,570 67.7% 23,538 21,052 11.8%Total 114,315 110,405 3.5%(1) Includes sorghum.(2) Includes barley.(3) Expressed in rough rice equivalentVolume thousand $Variations in inventory levels between 2Q15 and 2Q14 are attributable to (i) changes in production volumesresulting from changes in planted area, production mix between different crops and yields obtained, (ii) differentpercentage of area harvested during the period, and (iii) changes in commercial strategy or selling pace foreach product.Inventories

232Q15This 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 statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy, including our development of the Ivinhema mill and other current projects; (v) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of our financing strategy and capital expenditure plan; (vii) the maintenance of our relationships with customers; (viii) the competitive nature of the industries in which we operate; (ix) the cost and availability of financing; (x) future demand for the commodities we produce; (xi) international prices for commodities; (xii) the condition of our land holdings; (xiii) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in our other filings and submissions with the United States Securities and Exchange Commission.These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.The forward-looking statements made in this press release related only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.Forward-looking Statements

242Q15Corn:The closing price of corn nearby futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 3.66 in 2Q15, 5.2% lower than 1Q15, when the closing price averaged US$/bu 3.85. 2Q14 prices averaged USD/bu 4.79, 23.6% higher than 2Q15.Corn prices traded lower most of the quarter pressured by good US crop conditions and big old crop stocks. However, excess rains and lower than expected quarterly stocks provided bullish support at the end of the quarter and prices rallied 20% from mid-June lows. USDA’s quarterly stocks came out on June 30, with stocks in all positions estimated at 4.447 billion bushels versus 3.852 billion bushels a year ago and 7.745 billion reported on March 31. As for the new crop, plantings were reported at 88.9 million acres, down from 90.6 million acres planted a year ago. In addition, on July 10th, USDA published their monthly World Agricultural Supply and Demand Estimates, with 2015/16´s US and World ending stocks slightly lower versus previous month and a year ago. US ending stocks were reported at 1.599 billion bushels, down from 1.771 a month ago and 1.779 Year-over-Year. World ending stocks were reported at 190 million tons, down from 195.2 a month ago and 194 Year-over-Year. Finally, according to the USDA, 2015/16 stock-to-use ratio will likely decrease 0.7% Year-over-Year, to 19.2%, but still the second highest level in more than ten years.AppendixMarket Outlook

252Q15Soybean:The closing price of soybean nearby futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 9.65 in 2Q15, 2.6% lower than 1Q15, when the closing price averaged US$/bu 9.90. 2Q14 prices averaged USD/bu 14.70, 34.4% higher than 2Q15.Soybeans prices traded lower most of the quarter pressured by good US crop outlook. However, excess rains have slowed planting, providing concerns on final area and yield. In addition, lower than expected quarterly stocks provided more bullish support at the end of the quarter and prices rallied 16% from mid-June lows. USDA’s quarterly stocks came out on June 30, with stocks in all positions estimated at 0.625 billion bushels versus 0.405 billion bushels a year ago and 1.334 billion reported on March 31. As for the new crop, planting intentions were reported at 85.14 million acres, up from 84.8 million acres planted a year ago and historical high. However, USDA said it would resurvey bean area and publish the results in August. In addition, on July 10th, USDA published their monthly World Agricultural Supply and Demand Estimates, with 2015/16´s US ending stocks reported at 0.425 billion bushels, down from 0.475 a month ago but up from 0.255 a year ago. World ending stocks were reported at 91.8 million tons, down from 93.2 a month ago and up from 81.7 a year ago. Finally, according to the USDA, 2015/16 stock-to-use ratio will likely increase 2.4%, to 30%, the highest level in more than ten years.Wheat:The closing price of wheat nearby futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 5.04 in 2Q15, 3.8% lower than 1Q15, when the closing price averaged US$/bu 5.23. 2Q14 prices averaged USD/bu 6.53, 29.6% higher than 2Q15.USDA’s quarterly stocks came out on June 30, with stocks in all positions estimated at 0.753 billion bushels versus 0.59 billion bushels a year ago and 0.684 billion reported on March 31. As for the new crop, planting intentions were reported at 56.08 million acres, down from 56.82 million acres planted a year ago. In addition, on July 10th, USDA published their monthly World Agricultural Supply and Demand Estimates, with 2015/16´s US ending stocks reported at 0.842 billion bushels, up from 0.814 a month ago and 0.753 a year ago. World ending stocks were reported at 219.8 million tons, up from 202.4 a month ago and 212.1 a year ago. Finally, according to the USDA, 2015/16 stock-to-use ratio will likely increase 0.8%, to 30.9%, the highest level in more than ten years.Rice:In Thailand, rice prices fell again between 2% and 3% according to the categories. The 25% broken rice prices were particularly down due to the strong competition among Asian exporters, who try to get contracts in the Philippine market. The Thai government should offer 1Mt of public stocks, but it is unlikely that it manages to sell all for human consumption, because of the grains’ degraded quality. Thai exports accuse a delay of 5% compared to last year's same period. But forecasts remain optimistic that foreign sales could reach about 11 Mt in 2015.In Vietnam, foreign prices slightly decreased. Exports were reactivated in June to 600,000 tons against 525,000 tons in May. The accumulated delay would be of 10% compared to the same period in last year. In the coming weeks, Vietnam counts on the increase of Philippine demand to keep its exports active. But the competition will remain strong since all exporters have large surpluses. In June, the Viet 5% was stable at $ 350/ton.

262Q15In India, unlike other Asian markets, export prices remained high, fueled by the appreciation of domestic prices. In contrast, exports had little progress. Basmati rice market goes through a difficult year due to the temporary interruption of Iranian imports. Sales of Basmati to this country could restart only in a few months. The sales of non-aromatic rice could also decline if import restrictions are confirmed by Nigeria. In June, the Indian rice increased 5% to $ 380/ton.In Pakistan, export prices began to stabilize after a quarter with consecutive increases. Exports have slowed down again and surpluses remain high. Exporters have requested support from the government to sell some of the surplus. Anyway export prospects remain optimistic in 2015 to 3.8 Mt against 3.7 Mt in 2014.In the United States, export prices decreased by more than 3% in one month. The stiff competition in traditional markets of Central America weighs on US prices. However, exports were more active in June, reaching 375,000 tons against 295,000 tons in May, 1.5% more compared to last year's same period. The indicative price for the Long Grain 2/4 decreased to $ 465/ton.In South America, the FOB average price for high-quality milled rice was $485 per ton during 2Q15, compared to an average of $590 in 2Q14 and $540 in 1Q15.Sugar:Raw sugar prices continued to collapse in 2Q15, settling as low as at 11.12 cl/lb on the 19th June 2015, the lowest price level since December 2008. Prices in 2Q15 were in average 12.44 c/lb, 28% lower when compared to the same period last year, and 12% lower than prices in 1Q15. After the decline in the end of March, sugar prices recovered and stabilized around 13.00 from April until mid-May. This short lived rally was driven by funds shifting from a record short to a small long position, a stronger BRL, healthy demand for ethanol in Brazil and the strengthening changes of El Nino happening this year. However, fundamentals weighted once again. Sugar outputs in Thailand and India surprised on the upside, with new forthcoming crops looking strong again. China imports disappointed this year due to local government imposing import licenses. At the same time, the weather in Center South Brazil was good for cane crushing and crop developed well during the period. As a result, funds moved again to record net short position pressuring prices to 6 and half years low.Ethanol:Ethanol prices started its seasonal downward trend, driven by the start of the Brazilian Center-South harvest and the increase of the availability of ethanol in the market. Compared to the same period last year, both hydrous and anhydrous price were traded lower, 1.3% and 3.0% respectively, which is explained by the higher quantity of sugarcane diverted towards ethanol production versus 2014. According to UNICA, ethanol consumption during 2Q15 was 17.2% higher YoY and 3.8% higher than previous quarter. This increase was driven by a 41.2% YoY increase in hydrous demand, which was boosted after the changes in the gasoline price and taxes.Energy:Energy spot price in the Southeast region throughout the 2Q14 was 1,74% below the 1Q15, but it is still higher than the historical average. In April, energy prices were at the ceiling (388,48 BRL/MWh), but dropped in May and June, reaching 387 BRL/MWh and 369 BRL/MWh respectively. For the following months our expectation is prices lower than the first two quarters, due to the rain and specially the demand reduction. However, prices should remain above the historical average, as the level of the Southeast reservoirs is currently 36.1%, while in the same period of 2014 it was 36,3%.

272Q15We define Adjusted EBITDA for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before depreciation and amortization and unrealized changes in fair value of long-term biological assets and adjusted by profit or loss from discontinued operations and by gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland which are reflected in our Shareholders Equity under the line item “Reserve from the sale of minority interests in subsidiaries”.We define Adjusted EBIT for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before unrealized changes in fair value of long-term biological assets and adjusted by profit from discontinued operations and by gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland which are reflected in our Shareholders Equity under “Reserve from the sale of minority interests in subsidiaries”.We believe that Adjusted EBITDA and Adjusted EBIT are for the Company and each operating segment, respectively important measures of operating performance because they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), tax consequences (income taxes), unrealized changes in fair value of long term biological assets, foreign exchange gains or losses and other financial expenses. In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted EBITDA and Adjusted EBIT differently, and therefore Adjusted EBITDA and Adjusted EBIT may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and Adjusted EBIT are not a measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, profit from operations before financing and taxation and other measures determined in accordance with IFRS.Segment Information - Reconciliation of Non-IFRS measures (Adjusted EBITDA & Adjusted EBIT) to Profit/(Loss)

282Q15Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 2Q15$ thousands Crops Rice Dairy Others FarmingSugar,Ethanol &Energy Land Transformation Corporate TotalSales of manufactured products and services rendered 354 20,200 671 352 21,577 92,397 - - 113,974Cost of manufactured products sold and services rendered (262) (17,037) (716) (145) (18,160) (53,954) - - (72,114)Gross Profit from Manufacturing Activities 92 3,163 (45) 207 3,417 38,443 - - 41,860Sales of agricultural produce and biological assets 48,725 39 8,188 - 56,952 - - - 56,952Cost of agricultural produce and biological assets (48,725) (39) (8,188) - (56,952) - - - (56,952)Initial recog. and changes in FV of BA and agricultural produce 6,469 (962) 2,223 (1) 7,729 2,553 - - 10,282Gain from changes in NRV of agricultural produce after harvest 4,060 - - - 4,060 - - - 4,060Gross Profit from Agricultural Activities 10,529 (962) 2,223 (1) 11,789 2,553 - - 14,342Gross Margin Before Operating Expenses 10,621 2,201 2,178 206 15,206 40,996 - - 56,202General and administrative expenses (389) (531) (377) (22) (1,319) (5,731) - (4,417) (11,467)Selling expenses (1,949) (2,472) (181) (6) (4,608) (13,127) - (42) (17,777)Other operating income, net (7,482) 122 (278) (1) (7,639) 1,404 - 217 (6,018)Share of gain/(loss) of joint ventures (592) - - - (592) - - - (592)Profit from Operations Before Financing and Taxation 209 (680) 1,342 177 1,048 23,542 - (4,242) 20,348Profit from discontinued operations - - - - - - - - -(-) Initial recog. and changes in F.V. of long term BA (unrealized) - - - (121) (121) (5,866) - - (5,987)Reserve from the sale of minority interests in subsidiaries - - - - - - - - -Adjusted EBIT 209 (680) 1,342 56 927 17,676 - (4,242) 14,361(-) Depreciation PPE 483 766 375 73 1,697 23,395 - - 25,092Adjusted EBITDA 692 86 1,717 129 2,624 41,071 - (4,242) 39,453Reconciliation to Profit/(Loss)Adjusted EBITDA 39,453(+) Initial recog. and changes in F.V. of BA (unrealized) 5,987Reserve from the sale of minority interests in subsidiaries -(+) Depreciation PPE (25,092)(+) Financial result, net (14,442)(+) Income Tax (Charge)/Benefit (4,571)Profit/(Loss) for the Period 1,335Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 2Q14$ thousands Crops Rice Dairy Others FarmingSugar,Ethanol &EnergyLandTransformation Corporate TotalSales of manufactured products and services rendered 33 36,543 322 446 37,344 83,582 - - 120,926Cost of manufactured products sold and services rendered 0 (27,561) (322) (15) (27,898) (51,857) - - (79,755)Gross Profit from Manufacturing Activities 33 8,982 0 431 9,446 31,725 - - 41,171Sales of agricultural produce and biological assets 76,244 314 6,546 - 83,104 - - - 83,104Cost of agricultural produce and biological assets (76,244) (314) (6,546) - (83,104) - - - (83,104)Initial recog. and changes in FV of BA and agricultural produce 8,782 (958) 1,958 (108) 9,674 (8,759) - - 915Gain from changes in NRV of agricultural produce after harvest (2,565) - - - (2,565) - - - (2,565)Gross Profit from Agricultural Activities 6,217 (958) 1,958 (108) 7,109 (8,759) - - (1,650)Margin Before Operating Expenses 6,250 8,024 1,958 323 16,555 22,966 - - 39,521General and administrative expenses (1,103) (790) (383) (49) (2,325) (6,422) - (4,107) (12,854)Selling expenses (1,307) (5,743) (117) (9) (7,176) (12,070) - (511) (19,757)Other operating income, net 7,258 52 1 (14) 7,297 3,850 - 39 11,186Share of gain/(loss) of joint ventures (6) - - - (6) - - - (6)Profit from Operations Before Financing and Taxation 11,092 1,543 1,459 251 14,345 8,324 - (4,579) 18,090Profit from discontinued operations (unrealized) - - - - - - - - -(-) Initial recog. and changes in F.V. of long term BA (unrealized) - - - 0 0 (42) - - (42)Reserve from the sale of minority interests in subsidiaries - - - - - - 25,575 - 25,575Adjusted EBIT 11,092 1,543 1,459 251 14,345 8,282 25,575 (4,579) 43,623(-) Depreciation PPE 548 816 381 105 1,850 27,329 - - 29,179Adjusted EBITDA 11,640 2,359 1,840 356 16,195 35,611 25,575 (4,579) 72,802Reconciliation to Profit/(Loss)Adjusted EBITDA 72,802(+) Initial recog. and changes in F.V. of BA (unrealized) 42Reserve from the sale of minority interests in subsidiaries (25,575)(+) Depreciation PPE (29,179)(+) Financial result, net (18,706)(+) Income Tax (Charge)/Benefit 2,068Profit/(Loss) for the Period 1,452

292Q15Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 6M15$ thousands Crops Rice Dairy Others FarmingSugar,Ethanol &Energy Land Transformation Corporate TotalSales of manufactured products and services rendered 431 48,679 754 662 50,526 147,928 - - 198,454Cost of manufactured products sold and services rendered (262) (40,193) (884) (331) (41,670) (90,678) - - (132,348)Gross Profit from Manufacturing Activities 169 8,486 (130) 331 8,856 57,250 - - 66,106Sales of agricultural produce and biological assets 70,477 48 16,165 - 86,690 - - - 86,690Cost of agricultural produce and biological assets (70,477) (48) (16,165) - (86,690) - - - (86,690)Initial recog. and changes in FV of BA and agricultural produce 15,473 3,755 4,178 (2) 23,404 10,544 - - 33,948Gain from changes in NRV of agricultural produce after harvest 3,898 - - - 3,898 - - - 3,898Gross Profit from Agricultural Activities 19,371 3,755 4,178 (2) 27,302 10,544 - - 37,846Gross Margin Before Operating Expenses 19,540 12,241 4,048 329 36,158 67,794 - - 103,952General and administrative expenses (1,792) (1,618) (747) (41) (4,198) (10,152) - (9,135) (23,485)Selling expenses (2,751) (6,763) (346) (13) (9,873) (20,633) - (526) (31,032)Other operating income, net 1,480 601 (306) 1 1,776 13,609 - 222 15,607Share of gain/(loss) of joint ventures (1,470) - - - (1,470) - - - (1,470)Profit from Operations Before Financing and Taxation 15,007 4,461 2,649 276 22,393 50,618 - (9,439) 63,572Profit from discontinued operations - - - - - - - - -(-) Initial recog. and changes in F.V. of long term BA (unrealized) - - - (120) (120) (18,147) - - (18,267)Reserve from the sale of minority interests in subsidiaries - - - - - - - - -Adjusted EBIT 15,007 4,461 2,649 156 22,273 32,471 - (9,439) 45,305(-) Depreciation PPE 976 1,561 755 151 3,443 26,526 - - 29,969Adjusted EBITDA 15,983 6,022 3,404 307 25,716 58,997 - (9,439) 75,274Reconciliation to Profit/(Loss)Adjusted EBITDA 75,274(+) Initial recog. and changes in F.V. of BA (unrealized) 18,267Reserve from the sale of minority interests in subsidiaries -(+) Depreciation PPE (29,969)(+) Financial result, net (38,934)(+) Income Tax (Charge)/Benefit (9,542)Profit/(Loss) for the Period 15,096Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 6M14$ thousands Crops Rice Dairy Others FarmingSugar,Ethanol &EnergyLandTransformation Corporate TotalSales of manufactured products and services rendered 117 51,883 322 788 53,110 136,627 - - 189,737Cost of manufactured products sold and services rendered - (39,328) (322) (33) (39,683) (86,412) - - (126,095)Gross Profit from Manufacturing Activities 117 12,555 - 755 13,427 50,215 - - 63,642Sales of agricultural produce and biological assets 98,341 1,460 13,621 - 113,422 - - - 113,422Cost of agricultural produce and biological assets (98,341) (1,460) (13,621) - (113,422) - - - (113,422)Initial recog. and changes in FV of BA and agricultural produce 42,871 11,557 3,890 (386) 57,932 (18,072) - - 39,860Gain from changes in NRV of agricultural produce after harvest (1,704) - - - (1,704) - - - (1,704)Gross Profit from Agricultural Activities 41,167 11,557 3,890 (386) 56,228 (18,072) - - 38,156Gross Margin Before Operating Expenses 41,284 24,112 3,890 369 69,655 32,143 - - 101,798General and administrative expenses (2,083) (1,602) (777) (84) (4,546) (10,132) - (8,956) (23,634)Selling expenses (2,029) (9,126) (272) (13) (11,440) (19,225) - (728) (31,393)Other operating income, net (5,245) 235 20 (15) (5,005) 2,484 - 137 (2,384)Share of gain/(loss) of joint ventures (231) - - - (231) - - - (231)Profit from Operations Before Financing and Taxation 31,696 13,619 2,861 257 48,433 5,270 - (9,547) 44,156Profit from discontinued operations - - - - - - - - -(-) Initial recog. and changes in F.V. of long term BA (unrealized) - - - - - 3,337 - - 3,337Reserve from the sale of minority interests in subsidiaries - - - - - - 25,575 - 25,575Adjusted EBIT 31,696 13,619 2,861 257 48,433 8,607 25,575 (9,547) 73,068(-) Depreciation PPE 994 1,672 775 209 3,650 30,815 - - 34,465Adjusted EBITDA 32,690 15,291 3,636 466 52,083 39,422 25,575 (9,547) 107,533Reconciliation to Profit/(Loss)Adjusted EBITDA 107,533(+) Initial recog. and changes in F.V. of BA (unrealized) (3,337)Reserve from the sale of minority interests in subsidiaries (25,575)(+) Depreciation PPE (34,465)(+) Financial result, net (34,879)(+) Income Tax (Charge)/Benefit (5,229)Profit/(Loss) for the Period 4,048

302Q15Statement of Income$ thousands 2Q15 2Q14 Chg % 6M15Sales of manufactured products and services rendered 113,974 120,926 (5.7%) 198,454Cost of manufactured products sold and services rendered (72,114) (79,755) (9.6%) (132,348)Gross Profit from Manufacturing Activities 41,860 41,171 1.7% 66,106Sales of agricultural produce and biological assets 56,952 83,104 (31.5%) 86,690Cost of agricultural produce sold and direct agricultural selling expenses (56,952) (83,104) (31.5%) (86,690)Initial recognition and changes in fair value of biological assets and agriculturalproduce 10,282 915 1,023.7% 33,948Changes in net realizable value of agricultural produce after harvest 4,060 (2,565) - % 3,898Gross Profit/(Loss) from Agricultural Activities 14,342 (1,650) n.m 37,846Margin on Manufacturing and Agricultural Activities Before Operating Expenses 56,202 39,521 42.2% 103,952General and administrative expenses (11,467) (12,854) (10.8%) (23,485)Selling expenses (17,777) (19,757) (10.0%) (31,032)Other operating income, net (6,018) 11,186 (153.8%) 15,607Share of loss of joint ventures (592) (6) 9,766.7% (1,470)Profit from Operations Before Financing and Taxation 20,348 18,090 12.5% 63,572Finance income 2,379 2,136 11.4% 5,670Finance costs (16,821) (20,842) (19.3%) (44,604)Financial results, net (14,442) (18,706) (22.8%) (38,934)Profit (Loss) Before Income Tax 5,906 (616) - % 24,638Income tax benefit (4,571) 2,068 (321.0%) (9,542)Profit (Loss) for the Period from Continuing Operations 1,335 1,452 (8.1%) 15,096Profit (loss) for the Period from discontinued operations - - - % -Income / (Loss) for the Period 1,335 1,452 (8.1%) 15,096Condensed Consolidated Interim Statement of IncomeCondensed Consolidated Interim Financial Statements

312Q15Condensed Consolidated Interim Balance sheetStatement of Financial Position$ thousands June 30, 2015 December 31, 2014 Chg %ASSETS Non-Current Assets Property, plant and equipment 713,824 776,905 (8.1%)Investment property 6,281 6,675 (5.9%)Intangible assets 22,033 23,778 (7.3%)Biological assets 290,843 286,044 1.7%Investments in joint ventures 1,200 2,752 (56.4%)Deferred income tax assets 44,136 45,597 (3.2%)Trade and other receivables 41,789 50,590 (17.4%)Other assets 506 587 (13.8%)Total Non-Current Assets 1,120,612 1,192,928 (6.1%)Current AssetsBiological assets 20,020 55,188 (63.7%)Inventories 148,714 104,919 41.7%Trade and other receivables 154,955 164,526 (5.8%)Derivative financial instruments 6,113 7,966 (23.3%)Cash and cash equivalents 163,466 113,795 43.6%Total Current Assets 493,268 446,394 10.5%TOTAL ASSETS 1,613,880 1,639,322 (1.6%)SHAREHOLDERS EQUITYCapital and reserves attributable to equity holders of the parentShare capital 183,573 183,573 - %Share premium 937,525 933,044 0.5%Cumulative translation adjustment (467,250) (395,804) 18.1%Equity-settled compensation 14,397 16,735 (14.0%)Cash flow hedge (72,524) (43,064) 68.4%Other reserves - - - %Reserve for the sale of non contolling interests in subsidiaries 25,508 25,508 - %Treasury shares (1,943) (2,840) (31.6%)Retained earnings 60,020 45,644 31.5%Equity attributable to equity holders of the parent 679,306 762,796 (10.9%)Non controlling interest 7,864 7,589 3.6%TOTAL SHAREHOLDERS EQUITY 687,170 770,385 (10.8%)LIABILITIESNon-Current LiabilitiesTrade and other payables 1,847 2,391 (22.8%)Borrowings 554,677 491,324 12.9%Deferred income tax liabilities 34,987 39,635 (11.7%)Payroll and social security liabilities 1,376 1,278 7.7%Derivatives financial instruments - 39 - %Provisions for other liabilities 2,217 2,013 10.1%Total Non-Current Liabilities 595,104 536,680 10.9%Current LiabilitiesTrade and other payables 49,075 83,100 (40.9%)Current income tax liabilities 1,353 76 1,680.3%Payroll and social security liabilities 26,408 27,315 (3.3%)Borrowings 230,371 207,182 11.2%Derivative financial instruments 23,683 13,860 70.9%Provisions for other liabilities 715 724 (1.2%)Total Current Liabilities 331,605 332,257 (0.2%)TOTAL LIABILITIES 926,709 868,937 6.6%TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 1,613,879 1,639,322 (1.6%)

322Q15Condensed Consolidated Interim Statement of Cash FlowStatement of Cash Flows$ thousands 2Q15 2Q14 Chg % 6M15 6M14 Chg %Profit for the period 1,335 1,452 (8.1%) 15,096 4,048 272.9%Adjustments for:Income tax benefit 4,571 (2,068) (321.0%) 9,542 5,229 82.5%Depreciation 24,932 29,087 (14.3%) 29,674 34,273 (13.4%)Amortization 160 91 75.8% 295 192 53.6%Gain from disposal of farmland and other assets - - - % - - - %Gain from of disposal of other property items (487) (255) 91.0% (880) (606) 45.2%Gain from disposal of subsidiary - - - % - - - %Equity settled share-based compensation granted 1,066 909 17.3% 1,985 1,707 16.3%Loss/(Gain) from derivative financial instruments and forwards 6,010 (10,715) - % (15,306) 2,620 - %Interest and other expense, net 9,857 13,693 (28.0%) 20,640 25,768 (19.9%)Initial recognition and changes in fair value of non harvested biological assets (unrealized) (4,663) 17,588 (126.5%) (24,728) (11,199) 120.8%Changes in net realizable value of agricultural produce after harvest (unrealized) (1,237) 2,114 - % (1,080) 2,305 - %Provision and allowances 402 (2,052) (120%) 860 42 1,947.6%Share of loss from joint venture 592 6 9,767% 1,470 231 536.4%Foreign exchange gains, net (4,041) (434) 831.1% 9,653 3,268 195.4%Cash flow hedge – transfer from equity 8,218 4,364 88.3% 7,754 4,609 68.2%Discontinued operations - - - % - - - %Subtotal 46,715 53,780 (13.1%) 54,975 72,487 (24.2%)Changes in operating assets and liabilities:Increase in trade and other receivables (17,009) (30,646) (44.5%) 7,426 (23,700) - %Increase in inventories (51,719) (45,608) 13.4% (52,610) (49,251) 6.8%Decrease in biological assets 25,975 26,730 (2.8%) 37,271 45,059 (17.3%)Decrease in other assets 6 (7) - % 12 10 20.0%(Increase) in derivative financial instruments 14,496 (5,127) - % 25,805 (8,107) - %Decrease in trade and other payables (13,935) (18,021) (22.7%) (26,962) (13,583) 98.5%(Decrease)/Increase in payroll and social security liabilities 1,478 4,816 (69.3%) 1,964 3,721 (47.2%)Increase/(Decrease) in provisions for other liabilities (260) (90) 188.9% (241) 191 - %Net cash generated in operating activities before interest and taxes paid 5,747 (14,173) - % 47,640 26,827 77.6%Income tax paid (61) (268) (77.2%) (151) (268) (43.7%)Net cash generated from operating activities 5,686 (14,356) - % 47,489 26,559 78.8%Cash flows from investing activities:Continuing operations:Purchases of property, plant and equipment (18,615) (25,118) (25.9%) (69,899) (113,081) (38.2%)Purchases of intangible assets (616) (420) 46.7% (811) (658) 23.3%Purchase of cattle and non current biological assets planting cost (14,582) (31,272) (53.4%) (25,850) (56,402) (54.2%)Interest received 2,338 1,916 22.0% 4,906 3,393 44.6%Loans to subsidiaries (7,351) - - % (7,912) - - %Investments in joint ventures - - - % - (1,372) - %Proceeds from sale of farmland and other assets (127) - - % - - - %Proceeds from sale of property, plant and equipment 424 477 (11.1%) 424 745 (43.1%)Proceeds from disposal of subsidiaries - 1,003 - % - 1,003 - %Proceeds from sales of financial assets - - - % - - - %Discontinued operations - - - % - - - %Net cash used in investing activities (38,529) (53,414) (27.9%) (99,142) (166,372) (40.4%)Cash flows from financing activities:Proceeds from equity settled share-based compensation exercised 543 117 364.1% 1,177 576 104.3%Proceeds from long-term borrowings 6,128 38,334 (84.0%) 166,874 159,104 4.9%Payments of long-term borrowings (37,739) (29,347) 28.6% (48,928) (59,539) (17.8%)Proceeds from the sale of minority interest in subsidiaries - 49,414 - % - 49,414 - %Net increase in short-term borrowings 32,283 (36,517) (188.4%) 17,689 (28,800) - %Interest paid (10,538) (14,981) (29.7%) (20,256) (25,182) (19.6%)Purchase of own shares - - - % - (12,992) - %Net cash generated from financing activities (9,323) 7,020 (232.8%) 116,556 82,581 41.1%Net increase/(decrease) in cash and cash equivalents (42,166) (60,750) (30.6%) 64,903 (57,232) (213.4%)Cash and cash equivalents at beginning of period 198,279 247,431 - % 113,795 232,147 (51.0%)Effect of exchange rate changes on cash and cash equivalents 7,353 12,646 (41.9%) (15,232) 24,412 - %Cash and cash equivalents at end of period 163,466 199,327 (18.0%) 163,466 199,327 (18.0%)Cash flows from operating activities: