Vanguarda Agro S.A. announced earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's net revenues were BRL 128,178,000 against BRL 131,475,000 a year ago. Operating loss- LBIT was BRL 94,856,000 against BRL 42,447,000 a year ago. Loss before tax and social contribution was BRL 96,023,000 against BRL 74,660,000 a year ago. Loss for the period was BRL 73,944,000 against BRL 24,927,000 a year ago. LBITDA was BRL 81,293,000 against BRL 31,691,000 a year ago. Adjusted EBITDA was BRL 33,913,000 against BRL 32,448,000 a year ago.

For the year, the company's net revenues were BRL 931,127,000 against BRL 787,346,000 a year ago. Operating loss- LBIT was BRL 71,604,000 against BRL 81,683,000 a year ago. Loss before tax and social contribution was BRL 198,435,000 against BRL 148,889,000 a year ago. Loss for the period was BRL 161,500,000 against BRL 75,487,000 a year ago. LBITDA was BRL 16,241,000 against BRL 25,679,000 a year ago. Adjusted EBITDA was BRL 97,764,000 against BRL 79,960,000 a year ago. Net cash provided by operating activities was BRL 86,153,000 against net cash used in operating activities of BRL 124,626,000 a year ago. Land payment was BRL 1,000,000 against BRL 7,334,000 a year ago. Acquisition of fixed assets was BRL 23,568,000 against BRL 37,837,000 a year ago. Intangible acquisition was BRL 610,000 against BRL 813,000 a year ago. The loss largely led by: BRL 54.9 million in write-offs connected with returned leased areas as explained in the third quarter of 2015 Earnings Release; foreign exchange losses totaling BRL 61.2 million due to a 47% depreciation of the real in the year; and an BRL 99.4 million negative impact from hedge accounting (BRL 48.9 million with no cash effect). Net debt was BRL 952,722,000 as on December 31, 2015.