1Q16 Adjusted EBITDA & Adjusted EBITDA
Reconciliation to Profit/Loss - 1Q16 Sugar, Land Ethanol & Transformati $ thousands Crops
Rice Dairy Others Farming Energy on Corporate Total Sales of manufactured products
and services rendered 595 20,547 162 266 21,570 73,551 - - 95,121 Cost of manufactured products sold and services rendered (451)
(18,412) (146) (32) (19,041) (53,619) - - (72,660) Gross Profit from Manufacturing
Activities 144 2,135 16 234 2,529 19,932 - - 22,461 Sales of agricultural
produce and biological assets 21,354 2 5,007 - 26,363 - - - 26,363 Cost of agricultural produce and biological assets (21,354)
(2) (5,007) - (26,363) - - - (26,363) Initial recog. and changes in FV of BA and agricultural produce 16,040 8,479 434 66
25,019 814 - - 25,833 Gain from changes in NRV of agricultural produce after harvest 2,659 - - - 2,659 - - - 2,659
Gross Profit from Agricultural Activities 18,699 8,479 434 66 27,678 814 - - 28,492
Gross Margin Before Operating Expenses 18,843 10,614 450 300 30,207 20,746 - - 50,953
General and administrative expenses (575) (626) (256) (58) (1,515) (3,666) - (5,123) (10,304) Selling expenses (793) (2,164)
(101) (11) (3,069) (7,942) - (25) (11,036) Other operating income, net (823) 198 31 1 (593) 582 - 69 58 Share of gain/(loss)
of joint ventures - - - - - - - - - Profit from Operations Before Financing
and Taxation 16,652 8,022 124 232 25,030 9,720 - (5,079) 29,671 (-)
Depreciation and Amortization 323 555 243 53 1,174 12,368 - - 13,542
Adjusted EBITDA 16,975 8,577 367 285 26,204 22,088 - (5,079) 43,213 Reconciliation to Profit/(Loss) Adjusted EBITDA 43,213
(+) Depreciation (13,542) (+) Financial result,
net (24,568) (+) Income Tax (Charge)/Benefit (2,351)
Profit/(Loss) for the Period 2,752 Adjusted
EBITDA & Adjusted EBITDA Reconciliation to Profit/Loss - 1Q15 Sugar, Land Ethanol & Transformat
$ thousands Crops Rice Dairy Others Farming Energy ion Corporate Total
Sales of manufactured products and services rendered 77 28,479 83 310 28,949 55,531 - - 84,480 Cost of manufactured products
sold and services rendered (0) (23,156) (168) (186) (23,510) (44,051) - - (67,561)
Gross Profit from Manufacturing Activities 77 5,323 (85) 124 5,439 11,480 - - 16,919
Sales of agricultural produce and biological assets 21,752 9 7,977 - 29,738 - - - 29,738 Cost of agricultural produce and
biological assets (21,752) (9) (7,977) - (29,738) - - - (29,738) Initial recog. and changes in FV of BA and agricultural produce
9,004 4,717 1,955 (1) 15,675 (13,978) - - 1,697 Gain from changes in NRV of agricultural produce after harvest (162)
- - - (162) - - - (162) Gross Profit from Agricultural Activities 8,842
4,717 1,955 (1) 15,513 (13,978) - - 1,535 Margin Before Operating Expenses 8,919
10,040 1,870 123 20,952 (2,498) - - 18,454 General and administrative expenses
(1,403) (1,087) (370) (19) (2,879) (4,421) - (4,718) (12,018) Selling expenses (802) (4,291) (165) (7) (5,265) (7,506) - (484)
(13,255) Other operating income, net 8,962 479 (28) 2 9,415 12,205 - 5 21,625 Share of gain/(loss) of joint ventures (878)
- - - (878) - - - (878) Profit from Operations Before Financing and Taxation 14,798
5,141 1,307 99 21,345 (2,220) - (5,197) 13,928 (-) Depreciation and Amortization 493
795 380 78 1,746 4,612 - - 6,358 Adjusted EBITDA 15,291 5,936 1,687 177 23,091
2,392 - (5,197) 20,286 Reconciliation to Profit/(Loss) Adjusted EBITDA 20,286
(+) Depreciation (6,358) (+) Financial result,
net (24,492) (+) Income Tax (Charge)/Benefit 4,990
Profit/(Loss) for the Period (5,574)
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