Adecoagro SA
NYSE:AGRO
Income Statement
Earnings Waterfall
Adecoagro SA
Revenue
|
1.3B
USD
|
Cost of Revenue
|
-973.2m
USD
|
Gross Profit
|
327.5m
USD
|
Operating Expenses
|
-202.4m
USD
|
Operating Income
|
125.1m
USD
|
Other Expenses
|
101.2m
USD
|
Net Income
|
226.3m
USD
|
Income Statement
Adecoagro SA
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
658
N/A
|
650
-1%
|
656
+1%
|
680
+4%
|
726
+7%
|
741
+2%
|
714
-4%
|
685
-4%
|
689
+1%
|
699
+1%
|
690
-1%
|
754
+9%
|
863
+14%
|
905
+5%
|
971
+7%
|
998
+3%
|
942
-6%
|
931
-1%
|
923
-1%
|
836
-9%
|
792
-5%
|
799
+1%
|
798
0%
|
842
+5%
|
889
+6%
|
884
-1%
|
847
-4%
|
860
+1%
|
825
-4%
|
840
+2%
|
937
+12%
|
1 025
+9%
|
1 112
+8%
|
1 146
+3%
|
1 227
+7%
|
1 284
+5%
|
1 325
+3%
|
1 366
+3%
|
1 403
+3%
|
1 408
+0%
|
1 301
-8%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(492)
|
(483)
|
(493)
|
(512)
|
(605)
|
(626)
|
(639)
|
(591)
|
(558)
|
(559)
|
(523)
|
(604)
|
(679)
|
(719)
|
(775)
|
(792)
|
(767)
|
(748)
|
(717)
|
(640)
|
(610)
|
(613)
|
(618)
|
(656)
|
(671)
|
(668)
|
(648)
|
(650)
|
(612)
|
(616)
|
(681)
|
(756)
|
(855)
|
(900)
|
(994)
|
(1 052)
|
(1 076)
|
(1 100)
|
(1 086)
|
(1 065)
|
(973)
|
|
Gross Profit |
166
N/A
|
168
+1%
|
163
-3%
|
168
+3%
|
121
-28%
|
115
-5%
|
75
-34%
|
94
+25%
|
131
+40%
|
140
+6%
|
167
+20%
|
150
-10%
|
185
+23%
|
186
+1%
|
195
+5%
|
206
+5%
|
175
-15%
|
183
+4%
|
206
+13%
|
196
-5%
|
182
-7%
|
186
+2%
|
181
-3%
|
186
+3%
|
218
+17%
|
215
-1%
|
199
-8%
|
210
+6%
|
213
+1%
|
224
+5%
|
257
+15%
|
269
+5%
|
257
-5%
|
246
-4%
|
234
-5%
|
232
-1%
|
250
+8%
|
266
+6%
|
317
+19%
|
343
+8%
|
328
-5%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(120)
|
(121)
|
(121)
|
(127)
|
(130)
|
(133)
|
(130)
|
(124)
|
(118)
|
(115)
|
(113)
|
(120)
|
(131)
|
(142)
|
(67)
|
(75)
|
(153)
|
(153)
|
(236)
|
(223)
|
(146)
|
(186)
|
(196)
|
(197)
|
(165)
|
(161)
|
(146)
|
(153)
|
(143)
|
(141)
|
(157)
|
(170)
|
(186)
|
(204)
|
(207)
|
(218)
|
(220)
|
(223)
|
(235)
|
(234)
|
(202)
|
|
Selling, General & Administrative |
(114)
|
(115)
|
(117)
|
(124)
|
(131)
|
(133)
|
(128)
|
(121)
|
(118)
|
(111)
|
(109)
|
(116)
|
(126)
|
(135)
|
(143)
|
(149)
|
(146)
|
(147)
|
(149)
|
(135)
|
(136)
|
(137)
|
(141)
|
(144)
|
(150)
|
(149)
|
(137)
|
(141)
|
(131)
|
(132)
|
(146)
|
(155)
|
(165)
|
(172)
|
(183)
|
(196)
|
(201)
|
(206)
|
(203)
|
(197)
|
(176)
|
|
Depreciation & Amortization |
(7)
|
(7)
|
0
|
0
|
(1)
|
(2)
|
(3)
|
(5)
|
(1)
|
(4)
|
(4)
|
(4)
|
(6)
|
(5)
|
(5)
|
(5)
|
(7)
|
(7)
|
(7)
|
(9)
|
(10)
|
(12)
|
(14)
|
(13)
|
(14)
|
(15)
|
(15)
|
(18)
|
(17)
|
(18)
|
(19)
|
(21)
|
(23)
|
(25)
|
(27)
|
(28)
|
(27)
|
(28)
|
(32)
|
(32)
|
(24)
|
|
Other Operating Expenses |
1
|
1
|
(5)
|
(3)
|
1
|
1
|
1
|
1
|
0
|
1
|
1
|
1
|
1
|
(2)
|
81
|
80
|
(0)
|
1
|
(80)
|
(79)
|
0
|
(37)
|
(42)
|
(40)
|
(1)
|
3
|
6
|
5
|
6
|
9
|
8
|
5
|
2
|
(7)
|
3
|
6
|
8
|
11
|
1
|
(4)
|
(3)
|
|
Operating Income |
46
N/A
|
46
+1%
|
42
-9%
|
41
-3%
|
(9)
N/A
|
(19)
-101%
|
(55)
-194%
|
(30)
+45%
|
13
N/A
|
25
+97%
|
54
+116%
|
31
-43%
|
54
+74%
|
44
-18%
|
128
+191%
|
131
+2%
|
22
-83%
|
30
+35%
|
(30)
N/A
|
(27)
+10%
|
36
N/A
|
(0)
N/A
|
(16)
-15 400%
|
(11)
+32%
|
53
N/A
|
54
+3%
|
53
-3%
|
57
+8%
|
70
+23%
|
84
+20%
|
100
+20%
|
99
-1%
|
71
-28%
|
42
-41%
|
27
-36%
|
13
-50%
|
30
+124%
|
43
+45%
|
82
+90%
|
109
+33%
|
125
+14%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(66)
|
(98)
|
(65)
|
(51)
|
(64)
|
(29)
|
(40)
|
(41)
|
(83)
|
(101)
|
(154)
|
(192)
|
(153)
|
(145)
|
(153)
|
(132)
|
(58)
|
(59)
|
(91)
|
(104)
|
(81)
|
(107)
|
(13)
|
(77)
|
(111)
|
(187)
|
(228)
|
(150)
|
(208)
|
(147)
|
(88)
|
(118)
|
(132)
|
(54)
|
(124)
|
(106)
|
(109)
|
(149)
|
(106)
|
(108)
|
10
|
|
Non-Reccuring Items |
(10)
|
27
|
39
|
45
|
101
|
64
|
110
|
94
|
63
|
87
|
97
|
146
|
133
|
124
|
72
|
40
|
51
|
51
|
100
|
75
|
52
|
97
|
70
|
101
|
70
|
69
|
75
|
100
|
126
|
177
|
177
|
217
|
224
|
233
|
262
|
239
|
230
|
209
|
175
|
161
|
99
|
|
Total Other Income |
(7)
|
(7)
|
(5)
|
(3)
|
(7)
|
(16)
|
(17)
|
(19)
|
(6)
|
(8)
|
(6)
|
(5)
|
(7)
|
(4)
|
(6)
|
(8)
|
(6)
|
(6)
|
(6)
|
46
|
(31)
|
(13)
|
9
|
(20)
|
10
|
7
|
(4)
|
(35)
|
25
|
5
|
(1)
|
10
|
12
|
20
|
24
|
18
|
(16)
|
(23)
|
(10)
|
40
|
71
|
|
Pre-Tax Income |
(37)
N/A
|
(32)
+14%
|
11
N/A
|
31
+185%
|
22
-31%
|
1
-95%
|
(2)
N/A
|
4
N/A
|
(12)
N/A
|
3
N/A
|
(8)
N/A
|
(21)
-163%
|
27
N/A
|
18
-35%
|
41
+130%
|
32
-22%
|
10
-69%
|
16
+57%
|
(27)
N/A
|
(10)
+65%
|
(24)
-151%
|
(23)
+5%
|
51
N/A
|
(6)
N/A
|
21
N/A
|
(56)
N/A
|
(104)
-85%
|
(29)
+72%
|
13
N/A
|
119
+786%
|
188
+59%
|
208
+11%
|
175
-16%
|
241
+38%
|
188
-22%
|
164
-13%
|
135
-17%
|
80
-41%
|
140
+76%
|
202
+44%
|
305
+51%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
9
|
3
|
(8)
|
(11)
|
(11)
|
2
|
(2)
|
(3)
|
8
|
1
|
(1)
|
3
|
(13)
|
(11)
|
(11)
|
(11)
|
5
|
4
|
21
|
8
|
1
|
(1)
|
(31)
|
(7)
|
(21)
|
5
|
17
|
(8)
|
(12)
|
(44)
|
(86)
|
(89)
|
(44)
|
(64)
|
(9)
|
1
|
(27)
|
(13)
|
(46)
|
(55)
|
(79)
|
|
Income from Continuing Operations |
(28)
|
(28)
|
3
|
20
|
11
|
3
|
(4)
|
1
|
(4)
|
4
|
(9)
|
(18)
|
14
|
7
|
30
|
22
|
15
|
20
|
(7)
|
(2)
|
(23)
|
(24)
|
20
|
(14)
|
0
|
(52)
|
(87)
|
(37)
|
1
|
75
|
103
|
119
|
131
|
177
|
179
|
165
|
109
|
66
|
94
|
147
|
227
|
|
Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(3)
|
(2)
|
(1)
|
(1)
|
(2)
|
(3)
|
(3)
|
(2)
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
(1)
|
(0)
|
(0)
|
|
Net Income (Common) |
(26)
N/A
|
(26)
+0%
|
3
N/A
|
20
+673%
|
11
-45%
|
2
-81%
|
(5)
N/A
|
0
N/A
|
(6)
N/A
|
3
N/A
|
(10)
N/A
|
(20)
-90%
|
12
N/A
|
5
-53%
|
29
+428%
|
20
-29%
|
13
-35%
|
18
+33%
|
(9)
N/A
|
(3)
+67%
|
(25)
-694%
|
(25)
-2%
|
20
N/A
|
(15)
N/A
|
(1)
+95%
|
(53)
-6 500%
|
(88)
-66%
|
(38)
+57%
|
0
N/A
|
74
+18 350%
|
103
+39%
|
119
+16%
|
131
+10%
|
176
+35%
|
178
+1%
|
164
-8%
|
108
-34%
|
66
-39%
|
94
+41%
|
147
+57%
|
226
+54%
|