Start Time: 10:00 January 1, 0000 10:49 AM ET
Adecoagro S.A. (NYSE:AGRO)
Q4 2023 Earnings Conference Call
March 15, 2024, 10:00 AM ET
Company Participants
Mariano Bosch - CEO
Emilio Gnecco - CFO
Renato Junqueira Pereira - VP Sugar, Ethanol and Energy Business
Vitoria Cabello - IR Officer
Conference Call Participants
Isabella Simonato - Bank of America
Thiago Duarte - BTG Pactual
Larissa Pérez - Itaú BBA
Operator
Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to Adecoagro's Fourth Quarter 2023 Results Conference Call.
Today with us, we have Mr. Mariano Bosch, CEO; Mr. Emilio Gnecco, CFO; Mr. Renato Junqueira Pereira, Sugar, Ethanol and Energy VP; and Mrs. Vitoria Cabello, Investor Relations Officer.
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 session. At this time, further instructions will be given.
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'll turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.
Mariano Bosch
Good morning and thank you for joining Adecoagro's 2023 fourth quarter results conference. We are presenting all-time records in gross sales, adjusted EBITDA and net cash from operations. Despite having experienced the worst drought in Argentina's history, these accomplishments were possible because of the investment made through the years to grow our production capability, strengthen our asset base and teams, the synergies achieved across all our businesses, our continuous focus on efficiency and being the low-cost producer, our geographic and product diversification, our flexibility to shift across markets and products.
These results made us reduce our net debt by more than $150 million, while we continued investing in growth projects with attractive IRRs and also distributing to shareholders via dividends and buybacks. Based on the results presented and according to our distribution policy, this year we will distribute at least $70 million, a new record for the company.