Adecoagro S.A. (NYSE:AGRO) Q2 2022 Results Conference Call August 12, 2022 11:00 AM ET
Company Participants
Mariano Bosch - Chief Executive Officer
Charlie Boero Hughes - Chief Financial Officer
Renato Junqueira-Santos Pereira - Director of Sugar & Ethanol Operations
Conference Call Participants
Guilherme Palhares - Bank of America
Lucas Federa - JPMorgan
Henrique Brustolin - BTG
Operator
Good morning, ladies and gentlemen. And thank you for waiting. At this time, we would like to welcome everyone to Adecoagro’s Second Quarter 2022 Results Conference Call. Today with us we have Mr. Mariano Bosch, CEO, and Mr. Charlie Boero Hughes, CFO.
We would like to inform you that this event is being recorded and all participants will be in a listen-only mode during the Company’s presentation. After the Company’s remarks are completed, there will be a question-and-answer section. At this time, further instructions will be given. [Operator Instructions]
Before proceeding, let me mention that Forward-Looking Statements are based on the beliefs and assumptions of Adecoagro’s management and on information currently available to the Company. They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Adecoagro, and could cause results to differ materially from those expressed in such Forward-Looking Statements.
Now, I will turn the call over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.
Mariano Bosch
Good morning and thank you for joining at Adecoagro of 2022 second quarter results conference. Before going into the results of the quarter, a brief update on our distribution policy. As you know, we have committed to distribute via a dividend and buyback and minimum of 40% of the net cash flow from operations generated in the previous year.
In May, 2022, we marked the milestone for Adecoagro as it was the first time in our history that we made a cash dividend payment. We paid out the first installment of $17.5 million, and in November of this year, we will pay the second installment.
As announced, this will amount to a cash dividend distribution of $35 million, approximately $0.32 per share. At the same time, we continue buying shares under our buyback program and during the first seven-months of the year. We repurchased 2.7 million shares totaling more than $20 million.