Beijing, China
March 1, 2016

Full release

Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a global agricultural company, today announced its financial results for the six months ended December 31, 2015.

Note: All figures refer to the first half of fiscal year 2016 (i.e. six months ended December 31, 2015) unless otherwise noted. Comparisons of Consolidated Statements of Profit or Loss are to the first half of fiscal 2015 (i.e. six months ended December 31, 2014). Comparisons of Consolidated Statements of Financial Position are to June 30, 2015 unless otherwise noted. While the Company reports results in US Dollars, it transacts the majority of its business in New Zealand dollars. To assist in understanding the underlying economic trends of the business, the presentation below reports results both in USD in conformity with IFRS, and on a "constant currency" basis that removes the significant impact of volatility in the average USD/NZD foreign currency exchange rates during the reporting period (0.6627) by using prior period rates (0.8094) on current period results.

Financial Highlights:

Revenue was $420.2 million, a decrease of 22%. Gross profit of $109.4 million declined by 17%, however gross profit margin increased to 26%, a 150 basis point expansion. Operating expenses were $96.1 million, a 13% decline. Operating profit was $13.6 million, or 3% of revenue, a decline of 39%. Net profit was $2.5 million, or $0.023 per share, down 80%. Net loss attributable to shareholders was $3.8 million, or $(0.035) per share.

During the reporting period, the average US dollar/New Zealand dollar exchange rate appreciated by 22%. The following "constant currency" analysis reports results as if the USD/NZD exchange rate was unchanged during the period. This pro forma analysis does not conform to IFRS, and is offered strictly to aid in understanding the factors driving the Company's results.

On a "constant currency" basis, revenue was $511.6 million, a decrease of 5%. Gross profit of $133.1 million increased by 1%, gross profit margin increased to 26%, a 150 basis point expansion. Operating expenses were $115.8 million, a 5% increase. Operating profit was $17.6 million, or 3% of revenue, a decline of 21%. Net profit was $4.9 million, or $0.044 per share, down 61%. Net loss attributable to shareholders was $2.9 million, or $(0.026) per share on a "constant currency" basis.

The table below summarizes the impact of exchange rate changes on consolidated results.

Balance sheet changes during the period were mixed. Cash increased by approximately $7.7 million, mostly impacted by an inventory decline of $22.8 million, payables increase of $28.6 million, and debt increase of $53.1 million. The major offsetting use of cash was receivables and prepayments, which were up $79.2 million, and non-current assets, mainly in equity accounted investees, which were up $19.3 million. Balance sheet items were not materially affected by exchange rates, since the point measurements of the USD/NZD foreign currency rates were relatively unchanged between the start and end of the period.

Mr. Alan Lai, Agria's Executive Chairman, commented, "Our first half results are modestly disappointing, but not necessarily surprising, given the challenges faced by the global agriculture industry. An exceptionally strong El Niño weather pattern -- the most extreme in 70 years -- is wreaking havoc for growers around the world. Volatility in the foreign exchange markets is doing equal damage, impacting commodity prices and making trade and business planning more difficult for farmers. Those macro factors as well as lower dairy impacted results in the half."

Business Highlights:

Seed and Grain
Operating profit of $6.8 million was 24% of the group total before corporate overhead, and was down 34%. Revenue was $118.3 million, which constituted 28% of group revenue, and was down 25%. On a constant currency basis, revenue of $142.8 million was down 9%, and operating profit of $8.3 million was 19% lower. Lower revenue was primarily driven by soft conditions in South America as wet weather and falling soybean prices impacted demand. Softness in South America was somewhat offset by strong trading conditions in New Zealand, where demand is increasing for the Company's premium forage and crop seeds.

Crop Protection, Nutrients, and Merchandise
Operating profit of $16.7 million was 59% of the group total before corporate overhead, and was down 15%. Revenue was $207.1 million, which constituted 49% of group revenue, and was down 19%. On a constant currency basis, revenue of $252.9 million was down only 1%, and operating profit of $20.4 million was 4% higher. The slightly lower revenue reflected cautious spending by New Zealand farmers, as they react to lower dairy prices. Despite sluggish spending, sales of horticultural products were strong, as were sales of the Company's Fruitfed products.

Rural Services
Operating profit of $4.8 million was 17% of the group total before corporate overhead, and was down 28%. Revenue was $94.9 million, which constituted 23% of group revenue, and was down 25%. On a constant currency basis, revenue of $115.9 million was down 8%, while operating profit of $5.8 million was 12% lower. Results were most impacted by mixed trends in in livestock: domestic beef and sheep volumes were higher, but sheep prices were down and live cattle export activity was soft. Revenue and operating profit from other rural services were down slightly.

Mr. Lai concluded, "We remain optimistic about the prospects for our business. At the highest level, both absolute demand for food and changing composition of diets will cause agricultural industry growth for decades to come. We are also cautiously optimistic that the recently concluded Trans Pacific Partnership can open up new markets for our New Zealand and Australian farmer customers. Finally, we can see internally the traction from our multi-year restructuring efforts. We have rebuilt Agria to be a resilient industry leader, able to manage profitably in tough periods such as today, and thrive when weather and market conditions are better."

About Agria Corporation
Agria (NYSE: GRO) is a global agricultural company with three principal business segments: Seed and Grain; Crop Protection, Nutrients and Merchandise; and Rural Services. The Seed and Grain segment is engaged in research and development, production and sale of a broad range of seed products and trading of seed and grain products globally. The Crop Protection, Nutrients and Merchandise segment operates an extensive chain of retail stores that supply farm input materials. The Rural Services segment provides livestock trading, wool trading, irrigation and pumping, real estate agency and other agriservices. For more information about Agria Corporation, please visit www.agriacorp.com.

Website: http://www.agriacorp.com

Published: March 1, 2016