Edgar Filing: CRESUD INC

form6k.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2013

Cresud Sociedad Anónima, Comercial, Inmobiliaria,

Financiera y Agropecuaria

(Exact name of Registrant as specified in its charter)

Cresud Inc.

(Translation of registrant´s name into English)

Republic of Argentina

(Jurisdiction of incorporation or organization)

Moreno 877

(C1091AAQ)

Buenos Aires, Argentina

(Address of principal executive offices)

Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

CRESUD S.A.C.I.F y A.

(THE “COMPANY”)

REPORT ON FORM 6-K

Attached is an English translation of the Financial Startements for the three-month period ended on September 30, 2013 and on September 30, 2012 filed by the Company with the Comisin Nacional de Valores and the Bolsa de Comercio de Buenos Aires::

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Financial Statements as of September 30, 2013 and for the three-month periods ended September 30, 2013 and 2012

Legal Information

Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Fiscal year N°: 81, beginning on July 1, 2013

Legal address: Moreno 877, 23rd floor – Ciudad Autónoma de Buenos Aires, Argentina

Company activity: Real state, agricultural, commercial and financial activities

Date of registration of the By-laws in the Public Registry of Commerce: February 19, 1937

Date of registration of last amendment of the by-laws in the Public Registry of Commerce: February 25, 2013

Expiration of Company charter: June 6, 2082

Common Stock subscribed, issued and paid up: 501,562,730 common shares.

Majority shareholder’s: Inversiones Financieras del Sur S.A.

Legal address: Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay

Parent company Activity: Investment

Capital stock: 190,031,684 common shares

	CAPITAL STATUS
Type of stock	Authorized to be offered publicly (Shares)		Subscribed, Issued and Paid-in (Ps.)
Ordinary certified shares of Ps. 1 face value and 1 vote each		501,562,730		501,562,730

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Financial Position

as of September 30, 2013 and June 30, 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	September 30, 2013			June 30, 2013
ASSETS
Non-current assets
Investment properties	10		4,255,433			4,179,901
Property, plant and equipment	11		1,935,584			1,841,454
Trading properties	12		182,867			182,553
Intangible assets	13		129,153			125,312
Biological assets	14		269,479			303,128
Investments in associates and joint ventures	8, 9		1,553,549			1,486,862
Deferred income tax assets	26		290,141			179,228
Income tax credit			206,036			198,871
Restricted assets	17		57,943			54,631
Trade and other receivables	18		303,123			291,430
Investment in financial assets	19		665,215			253,742
Derivative financial instruments	20		15,273			25,377
Total non-current assets			9,863,796			9,122,489
Current Assets
Trading properties	12		10,813			11,689
Biological assets	14		100,490			97,564
Inventories	15		241,837			252,376
Restricted assets	17		1,179			1,022
Income tax credit			4,897			4,779
Trade and other receivables	18		1,211,625			1,446,091
Investment in financial assets	19		580,358			385,585
Derivative financial instruments	20		18,671			41,544
Cash and cash equivalents	21		634,759			1,047,586
Total current assets			2,804,629			3,288,236
TOTAL ASSETS			12,668,425			12,410,725
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital			496,562			496,562
Treasury stock			5,001			5,001
Inflation adjustment of share capital and treasury stock			65,425			65,425
Share premium			773,079			773,079
Share warrants			106,264			106,264
Cumulative translation adjustment			73,874			2,284
Changes in non-controlling interest			(22,204	)		(21,996	)
Equity-settled compensation			13,917			8,345
Legal reserve			46,835			46,835
Reserve for new developments			337,065			337,065
Special reserve			695,628			695,628
Retained earnings			(124,371	)		(26,522	)
Equity attributable to equity holders of the parent			2,467,075			2,487,970
Non-controlling interest			2,310,410			2,231,096
TOTAL SHAREHOLDERS EQUITY			4,777,485			4,719,066

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Financial Position

as of September 30, 2013 and June 30, 2013 (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	September 30, 2013		June 30, 2013
LIABILITIES
Non-current liabilities
Trade and other payables	22		251,786		228,267
Income tax liabilities			66,979		-
Borrowings	25		4,032,506		4,189,896
Deferred income tax liabilities	26		518,821		530,263
Derivative financial instruments	20		-		2,773
Payroll and social security liabilities	23		5,611		3,984
Provisions	24		102,718		71,626
Total non-current liabilities			4,978,421		5,026,809
Current liabilities
Trade and other payables	22		868,803		911,700
Income tax liabilities			35,005		80,024
Payroll and social security liabilities	23		103,534		120,835
Borrowings	25		1,881,637		1,527,390
Derivative financial instruments	20		8,205		8,691
Provisions	24		15,335		16,210
Total current liabilities			2,912,519		2,664,850
TOTAL LIABILITIES			7,890,940		7,691,659
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES			12,668,425		12,410,725

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Income

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	September 30, 2013			September 30, 2012
Revenues	28		1,126,122			749,968
Costs	29		(885,868	)		(640,722	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest			126,252			188,662
Changes in the net realizable value of agricultural produce after harvest			(8,012	)		23,240
Gross profit			358,494			321,148
Gain from disposal of investment properties			-			29,468
General and administrative expenses	30		(111,242	)		(76,875	)
Selling expenses	30		(80,885	)		(60,427	)
Other operating results	32		(4,718	)		(36,824	)
Profit from operations			161,649			176,490
Share of profit of associates and joint ventures	8, 9		38,366			15,746
Profit from operations before financing and taxation			200,015			192,236
Finance income	33		73,492			51,024
Finance cost	33		(473,780	)		(242,211	)
Other financial results	33		65,876			22,655
Financial results, net	33		(334,412	)		(168,532	)
(Loss) / profit before income tax			(134,397	)		23,704
Income tax expense	26		45,382			(15,703	)
(Loss) / profit for the period			(89,015	)		8,001

Attributable to:
Equity holders of the parent			(97,849	)		(16,518	)
Non-controlling interest			8,834			24,519

Profit per share attributable to equity holders of the parent during the period:
Basic			(0.20	)		(0.03	)
Diluted		(i) (0.20)			(i) (0.03)

(i)	Due to the loss for the period, there is no diluted effect on this result.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Comprehensive Income

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	September 30, 2013			September 30, 2012
(Loss) / profit for the period		(89,015	)		8,001
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment		144,156			50,789
Currency translation adjustment from associates and joint ventures		(855	)		245
Other comprehensive income for the period (i)		143,301			51,034
Total comprehensive income for the period		54,286			59,035

Attributable to:
Equity holders of the parent		(26,259	)		5,979
Non-controlling interest		80,545			53,056

(i)	Components of other comprehensive income have no impact on income tax.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital		Treasury Stock		Inflation adjustment of Share Capital and Treasury Stock		Share premium		Share warrants		Subtotal		Changes in non-controlling interest			Cumulative currency translation adjustment		Equity-settled compensation			Legal reserve		Reserve for new developments		Special reserve (1)		Retained earnings			Subtotal			Non-controlling interest			Total shareholders’ equity
Balance as of July 1, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(21,996	)		2,284		8,345			46,835		337,065		695,628		(26,522	)		2,487,970			2,231,096			4,719,066
(Loss) / gain for the period		-		-		-		-		-		-		-			-		-			-		-		-		(97,849	)		(97,849	)		8,834			(89,015	)
Others comprehensive income for the period		-		-		-		-		-		-		-			71,590		-			-		-		-		-			71,590			71,711			143,301
Total comprehensive income / (loss) for the period		-		-		-		-		-		-		-			71,590		-			-		-		-		(97,849	)		(26,259	)		80,545			54,286
Equity-settled compensation		-		-		-		-		-		-		-			-		5,860			-		-		-		-			5,860			2,638			8,498
Changes in non-controlling interest		-		-		-		-		-		-		(208	)		-		-			-		-		-		-			(208	)		(2,995	)		(3,203	)
Cancellation of Brasilagro warrants		-		-		-		-		-		-		-			-		(288	)		-		-		-		-			(288	)		-			(288	)
Cash dividends		-		-		-		-		-		-		-			-		-			-		-		-		-			-			(509	)		(509	)
Capital contribution of non-controlling interest		-		-		-		-		-		-		-			-		-			-		-		-		-			-			347			347
Capital distribution		-		-		-		-		-		-		-			-		-			-		-		-		-			-			(712	)		(712	)
Balance as of September 30, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(22,204	)		73,874		13,917			46,835		337,065		695,628		(124,371	)		2,467,075			2,310,410			4,777,485

(1)	Related to CNV General Resolution No. 609/12. See Note 27.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital		Treasury Stock		Inflation adjustment of Share Capital and Treasury Stock		Share premium		Share warrants		Subtotal		Changes in non-controlling interest			Cumulative currency translation adjustment			Equity-settled compensation		Legal reserve		Reserve for new developments		Retained earnings			Subtotal			Non-controlling interest			Total shareholders’ equity
Balance as of July 1, 2012		496,562		5,001		166,218		773,079		106,263		1,547,123		(9,596	)		(81,939	)		4,540		42,922		389,202		666,611			2,558,863			2,132,648			4,691,511
(Loss) / Gain for the period		-		-		-		-		-		-		-			-			-		-		-		(16,518	)		(16,518	)		24,519			8,001
Others comprehensive income for the period		-		-		-		-		-		-		-			22,497			-		-		-		-			22,497			28,537			51,034
Total comprehensive (loss) / income for the period		-		-		-		-		-		-		-			22,497			-		-		-		(16,518	)		5,979			53,056			59,035
Changes in non-controlling interest		-		-		-		-		-		-		2,103			-			-		-		-		-			2,103			(8,124	)		(6,021	)
Equity-settled compensation		-		-		-		-		-		-		-			-			1,823		-		-		-			1,823			941			2,764
Capital contribution of non-controlling interest		-		-		-		-		-		-		-			-			-		-		-		-			-			1,700			1,700
Capital distribution		-		-		-		-		-		-		-			-			-		-		-		-			-			(10,215	)		(10,215	)
Exercise of warrants		-		-		-		-		1		1		-			-			-		-		-		-			1			-			1
Balance as of September 30, 2012		496,562		5,001		166,218		773,079		106,264		1,547,124		(7,493	)		(59,442	)		6,363		42,922		389,202		650,093			2,568,769			2,170,006			4,738,775

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Cash Flows

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	September 30, 2013	September 30, 2012
Net cash generated from operating activities:
Cash generated from operations	21	420,589	416,869
Income tax paid		(48,778)	(25,972)
Net cash generated from operating activities		371,811	390,897
Net cash generated from investing activities:
Acquisition of associates and joint ventures		(13,259)	-
Capital contributions to joint ventures		(1,220)	(7,570)
Acquisition of derivative financial instruments		(2,000)	-
Suppliers advances		(13,120)	-
Purchases of investment properties		(71,698)	(37,210)
Proceeds from sale of subsidiaries		274	-
Proceeds from sale of investment properties		119,000	53,487
Purchases of property, plant and equipment		(29,858)	(138,497)
Proceeds from sale of property, plant and equipment		650	2,546
Proceeds from sale of farmlands		15,504	2,270
Purchases of intangible assets		(281)	(707)
Acquisition of Investment in financial assets		(915,896)	(127,302)
Proceeds from disposals of Investment in financial assets		380,089	65,900
Loans granted to associates and joint ventures		(14,280)	(18,245)
Loans repayments received from associates and joint ventures		445	211
Proceeds from sale of joint ventures		7,736	-
Dividends received		15,878	4,953
Net cash used in investing activities		(522,036)	(200,164)
Net cash generated from financing activities:
Repurchase of equity interest		(3,478)	-
Proceeds from issuance of non-convertible notes, net		-	142,168
Payment of non-convertible notes net		(151,538)	(96,904)
Borrowings		248,760	103,624
Payment of seller financing of shares		(1,640)	-
Repayments of borrowings		(215,887)	(258,695)
Payments of borrowings from subsidiaries, associates and joint ventures		(186)	-
Proceeds from borrowings from associates and joint ventures		2,000	47,181
Proceeds from warrants		-	1
Cancellation of Brasilagro warrants		(288)	-
Payment of seller financing		(438)	(2,044)
Acquisition of non-controlling interest in subsidiaries		-	(5,694)
Dividend paid to non-controlling interest		(5,790)	(38,684)
Contributions from non-controlling interest		347	1,700
Capital reduction of subsidiaries		(812)	(10,215)
Interest paid		(174,149)	(130,430)
Net cash used in financing activities		(303,099)	(247,992)
Net decrease in cash and cash equivalents		(453,324)	(57,259)
Cash and cash equivalents at beginning of period	21	1,047,586	471,922
Foreign exchange gain on cash and cash equivalents		40,497	6,694
Cash and cash equivalents at end of period		634,759	421,357

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

1.	General information

1.1	The Group’s business and general information

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (“Cresud” or the “Company”) was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier’s shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.

In 2002, Cresud acquired a 19.85% interest in IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”), a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud’s principal subsidiary.

Cresud and its subsidiaries are collectively referred to hereinafter as the Group. See Note 2.3 to the Consolidated Financial Statements as of June 30, 2013 and 2012 for a description of the Group’s companies.

As of September 30, 2013, the Group operates in two major lines of business: (i) Agricultural business, (ii) Investment and Development Properties business. See Note 7 to the Unaudited Condensed Interim Consolidated Financial Statements as of June 30, 2013 and 2012 for a description of the Group’s segments.

The Group’s Agricultural business operations are comprised of crop production, cattle feeding, raising and fattening, milk production, sugarcane production and brokerage activities. The Group’s Agro-industrial business operations are conducted through its subsidiary, Cactus Argentina S.A., and are engaged in cattle feeding services in specialized feedlots primarily for third parties. Feedlots provide accommodation, health care and animal feeding services based on specialized diets. Cactus also uses the feedlot to finish own cattle prior to slaughter in owned slaughtering houses. The Group currently has agricultural operations and investments in Argentina, Brazil, Uruguay, Paraguay and Bolivia.

The business line known as urban property and investments also includes the Group’s financial transactions. The Group’s Investment and Development Properties business operations are conducted primarily through its subsidiary IRSA and IRSA’s principal subsidiary, Alto Palermo S.A. (“APSA”). Through APSA, the Group primarily owns, manages and develops shopping centers across Argentina. APSA has also a direct 20% stake in a credit card company. Through IRSA, the Group primarily owns, manages and develops a portfolio of office and other rental properties in Buenos Aires, the capital of Argentina. Through IRSA or APSA, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term “real estate” indistinctively in these consolidated financial statements to denote investment, development and/or trading properties activities.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

1.	General information (Continued)

In 2009, IRSA entered into the US real estate market, mainly through the acquisition of non-controlling interests in US assets, primarily office properties and hotel investments.

The Group’s financial transactions and transactions in other businesses are carried out mainly through its subsidiary IRSA and through APSA, which is IRSA’s main subsidiary. IRSA has also a 29.77% interest (without considering treasury shares) in Banco Hipotecario S.A. (“BHSA”). BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA’s shares are listed on the Buenos Aires Stock Exchange. Additionally, APSA holds a participating interest of 20 % in Tarshop S.A. (“Tarshop”), whose main business comprises extending loans and credit cards.

Cresud’s and APSA’s shares are listed and traded on both the Buenos Aires Stock Exchange (“BASE”) and the National Association of Securities Dealers Automated Quotation (“NASDAQ”). IRSA´s shares are listed and traded on both the BASE and the New York Stock Exchange (“NYSE”).

Cresud is the ultimate parent company and is a corporation incorporated and domiciled in the Republic of Argentina. The address of its registered office is Moreno 877, 23rd Floor, Buenos Aires, Argentina.

These consolidated financial statements have been approved for issue by the Board of Directors on November 11, 2013.

2.	Basis of preparation of the Unaudited Condensed Interim Consolidated Financial Statements

2.1.	Basis of preparation

The present unaudited condensed interim consolidated financial statements for the three-month periods ended September 30, 2013 and 2012 (the “Unaudited Condensed Interim Consolidated Financial Statements”) have been prepared in accordance with IAS 34 “Interim Financial Reporting”.

These Unaudited Condensed Interim Consolidated Financial Statements should be read together with the annual consolidated financial statements of the Company as of June 30, 2013. These Unaudited Condensed Interim Consolidated Financial Statements are expressed in thousands of Argentine Pesos.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

2.	Basis of preparation of the unaudited condensed interim consolidated financial statements (Continued)

The Condensed Interim Consolidated Financial Statements corresponding to the three-month periods ended as of September 30, 2013 and 2012 have not been audited. The Company´s management believes they include all necessary adjustments to fairly present the results of each period. Results for the three-month periods ended as of September 30, 2013 and 2012 do not necessarily reflect proportionally the Company’s results for the complete fiscal years.

2.2	Significant Accounting Policies

The accounting policies applied in the preparation of these Unaudited Condensed Interim Consolidated Financial Statements are consistent with those applied in the preparation of the information under IFRS as of June 30, 2013. Most significant accounting policies are described in note 2 included in the Consolidated Financial Statements as of June 30, 2013 and 2012.

2.3	Use of estimates

The preparation of financial statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements.

In the preparation of these condensed interim consolidated financial statements, the significant judgments made by Management in applying the Group’s accounting policies and the main sources of uncertainty were the same applied by the Group in the preparation of the annual consolidated financial statements for the year ended as of June 30, 2013, save for changes in accrued income tax, provision for legal claims and allowance for doubtful accounts.

3.	Seasonal effects on operations

The operations of the Group’s agricultural business are also subject to seasonal effects. The harvests and sale of grains (corn, soybean and sunflower) generally take place between February and June every year. Wheat is generally harvested between November and January. In Bolivia, weather conditions make it possible to have two soybeans, corn and barley seasons and, therefore, these crops are harvested in April and October, whereas wheat and sunflower are harvested in August and September, respectively. Other segments of the agricultural business, such as beef cattle and milk production tend to be more stable. However, beef cattle and milk production is generally larger during the second quarter, when conditions are more favorable. In case of sugar cane, harvest and sale take place between May and November of each year. As a result, there may be material fluctuations in the agricultural business results across quarters.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

3.	Seasonal effects on operations (Continued)

The operations of the Group’s shopping centers are also subject to seasonal effects, which affect the level of sales recorded by lessees. During summer time (January and February), the lessees of shopping centers experience the lowest sales levels in comparison with the winter holidays (July) and December (Christmas) when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping mall sales. Sale discounts at the end of each season also affect the business. As a consequence, a higher level of revenues is generally expected in the second half of the year rather than the first in shopping center operations.

In November, 2012, the Group took control over Ribgy 183 LLC (“Rigby”), a company that owns a rental office building located in New York, US (see Note 4 to the annual consolidated financial statements). Therefore, balances as of September 30, 2012 do not include Rigby’s operations.

4.	Acquisitions and disposals

For the three-month period ended as of September 30, 2013

Subscription of shares of Avenida Inc. and Avenida Compras S.A.

On August 29, 2013, the Group, through Torodur S.A., subscribed 3,703,704 shares of Avenida Inc. and 23,077 shares of Avenida Compras S.A., representing 26.09% and 2.10% of its outstanding capital, respectively. Additionally, Avenida Inc. owns 90.91% of Avenida Compras S.A., thus being the Group’s indirect interest in Avenida Compras of 25.81%. The amount of the transaction was Ps. 13,034, which has already been paid in full. The Group has a warrant to increase such equity interest up to 37.04% of the company.

Stock Call Option Agreement for Arcos del Gourmet S.A.

On September 16, 2013, Alto Palermo S.A. (APSA) entered into an agreement with Messrs. Eduardo Giana, Pablo Bossi and Patricio Tobal whereby the latter grant to APSA an exclusive and irrevocable option to purchase 10% of the equity interest and all the related rights of Sociedad Arcos del Gourmet S.A. The term to exercise the option runs from the execution of the agreement to December 31, 2018. The stock purchase price, in the event the option is exercised, is US$ 0.8 million per each percentage point of the Company’s capital stock. The option price is made up of a fixed amount of US$ 2 million and another variable amount payable monthly, which results from applying 4.5% on the amounts accrued in each previous calendar month for rental and right of admission, net of certain expenses, from the opening of the shopping mall until the end of the lease agreement between APSA and Arcos.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

4.	Acquisitions and disposals (Continued)

Transfer of Entretenimiento Universal S.A.’s shares

On September 11, 2013, Entertainment Holdings S.A. (“EHSA”) sold to APSA 300 shares of stock with a nominal value of Ps. 1 and one voting right each, accounting for 2.5% of Entretenimiento Universal S.A.’s capital stock (“ENUSA”, a company exclusively engaged in the entertainment business and in organizing other social and corporate events), which APSA already owned indirectly. The consideration for the transfer was set at Ps. 0.001 for all shares.

Transactions with non-controlling interest

BRASILAGRO

During the three-month period ended September 30, the Group sold 10,400 shares of BrasilAgro, representing a 0.02% interest, for a total amount of Ps. 0.27 million. Consequently, the Company recognized an increase in non-controlling interest for an amount of Ps. 0.25 million and an increase in equity attributable to owners of the parent of Ps. 0.02 million. The effect on shareholders’ equity of this change in the equity interest in BrasilAgro is summarized as follows:

	Ps. (million)
Carrying value of the non controlling interests sold by the Group		(0.25	)
Consideration collected from non-controlling interests		0.27
Reserve recorded in shareholders’ equity		0.02

On the other hand, on September 2, 2103, BrasilAgro approved a share repurchase program for up to 3,511,130 common shares and for up to an aggregate amount not to exceed the balance of profits or available reserves disclosed in BrasilAgro’s latest financial statements. As of September 30, 2013, BrasilAgro purchased 95,900 common shares for an aggregate amount of R$ 0.9 million. Below is a summary of the effects of such transaction on shareholders’ equity:

	Ps. (million)
Amount paid for repurchase		(2.29	)
Decrease in non-controlling interest		2.31
Reserve recorded in shareholders’ equity		0.02

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

4.	Acquisitions and disposals (Continued)

IRSA

On July 25, 2013, IRSA’s Board of Directors set forth the terms and conditions governing the purchase of the Company's own stock pursuant to Section 64 of Law No. 26,831 and the CNV’s regulations, for up to an aggregate amount of Ps. 200.0 million and up to 5% of the capital stock, in the form of shares or Global Depositary Shares (GDS) representing 10 shares each, and up to a daily limit of 25% of the average daily transaction volume experienced by the IRSA’s shares, along with the markets where they are listed, during the prior 90 business days, and at a price ranging from a minimum of Ps. 1 up to Ps. 8 per share, payable in Argentine legal tender. Subsequently, the Board of Directors decided to increase the maximum price to Ps. 14.50 per common share and US$ 15.00 per GDS (see Note 37). The effect on shareholders’ equity of that transaction is summarized as follows:

	Ps. (million)
Amount paid for repurchase		(1.18	)
Decrease in non-controlling interest		0.93
Reserve recorded in shareholders’ equity		(0.25	)

5.	Financial risk management

The group´s diverse activities are exposed to a variety of financial risk: market risk (including foreing currency risk, interest rate risk and price risk) credit risk, liquidity risk and capital risk.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment reporting

Below is a summarized analysis of the lines of business of the Group for the three-month period ended September 30, 2013:

	Agricultural business (I)			Urban properties and investments (II)			Total
Revenues		506,329			638,375			1,144,704
Costs		(592,527	)		(307,656	)		(900,183	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		126,604			-			126,604
Changes in the net realizable value of agricultural produce after harvest		(8,012	)		-			(8,012	)
Gross profit		32,394			330,719			363,113
General and administrative expenses		(53,239	)		(58,698	)		(111,937	)
Selling expenses		(50,302	)		(31,821	)		(82,123	)
Other operating results		4,678			(10,237	)		(5,559	)
(Loss) / profit from operations		(66,469	)		229,963			163,494
Share of profit of associates		2			34,356			34,358
Segment (loss) / profit		(66,467	)		264,319			197,852

Investment properties		24,150			4,392,113			4,416,263
Property, plant and equipment		1,778,459			229,373			2,007,832
Trading properties		-			205,164			205,164
Goodwill		6,872			79,692			86,564
Biological assets		371,554			-			371,554
Inventories		230,024			15,361			245,385
Interests in associates		27,893			1,217,520			1,245,413
Total segment assets		2,438,952			6,139,223			8,578,175

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

Below is a summarized analysis of the lines of business of the Group for the three-month period ended September 30, 2012:

	Agricultural business (I)			Urban properties and investments (II)			Total
Revenues		268,791			532,689			801,480
Costs		(401,633	)		(280,353	)		(681,986	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		189,643			-			189,643
Changes in the net realizable value of agricultural produce after harvest		23,240			-			23,240
Gross Profit		80,041			252,336			332,377
Gain from disposal of investment properties		-			29,468			29,468
General and administrative expenses		(34,276	)		(43,986	)		(78,262	)
Selling expenses		(37,076	)		(27,334	)		(64,410	)
Other operating results		(27,955	)		(9,379	)		(37,334	)
(Loss) / profit from operations		(19,266	)		201,105			181,839
Share of profit of associates		1,408			13,043			14,451
Segment (loss) / profit		(17,858	)		214,148			196,290

Investment properties		42,262			3,573,644			3,615,906
Property, plant and equipment		1,729,189			246,669			1,975,858
Trading properties		-			256,460			256,460
Goodwill		6,120			25,533			31,653
Biological assets		384,912			-			384,912
Inventories		270,796			17,728			288,524
Interests in associates		28,323			1,218,070			1,246,393
Total segment assets		2,461,602			5,338,104			7,799,706

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

(I)	Agriculture line of business:

The following tables present the reportable segments of the agriculture line of business of the Group:

	September 30, 2013
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agriculture Rentals and services			Agriculture Subtotal			Land transformation and sales			Agro-industrial			Other segments			Total agricultural business (i)
Revenues		271,079			24,422			11,763			66,735			2,124			376,123			-			105,089			25,117			506,329
Costs		(295,301	)		(52,568	)		(22,895	)		(107,124	)		(2,573	)		(480,461	)		(1,763	)		(89,972	)		(20,331	)		(592,527	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		63,265			10,860			11,482			40,997			-			126,604			-			-			-			126,604
Changes in the net realizable value of agricultural produce after harvest		(8,012	)		-			-			-			-			(8,012	)		-			-			-			(8,012	)
Gross profit / (loss)		31,031			(17,286	)		350			608			(449	)		14,254			(1,763	)		15,117			4,786			32,394
General and administrative expenses		(26,278	)		(7,252	)		(1,671	)		(10,720	)		(2,361	)		(48,282	)		(306	)		(3,417	)		(1,234	)		(53,239	)
Selling expenses		(32,368	)		(4,127	)		(439	)		(339	)		(239	)		(37,512	)		107			(10,454	)		(2,443	)		(50,302	)
Other operating results		5,346			(960	)		(220	)		-			(310	)		3,856			(40	)		(924	)		1,786			4,678
(Loss) / profit from operations		(22,269	)		(29,625	)		(1,980	)		(10,451	)		(3,359	)		(67,684	)		(2,002	)		322			2,895			(66,469	)
Share of (loss)/profit of associates		(37	)		-			-			-			-			(37	)		-			-			39			2
Segment (loss)/profit		(22,306	)		(29,625	)		(1,980	)		(10,451	)		(3,359	)		(67,721	)		(2,002	)		322			2,934			(66,467	)

Investment properties		-			-			-			-			24,150			24,150			-			-			-			24,150
Property, plant and equipment		1,189,688			139,824			21,262			324,994			481			1,676,249			57,684			20,006			24,520			1,778,459
Goodwill		4,742			-			-			2,130			-			6,872			-			-			-			6,872
Biological assets		67,694			189,800			27,935			86,059			-			371,488			-			66			-			371,554
Inventories		171,830			18,543			-			1,354			-			191,727			-			13,635			24,662			230,024
Interests in associates		25,489			-			-			-			-			25,489			-			-			2,404			27,893
Total segment assets		1,459,443			348,167			49,197			414,537			24,631			2,295,975			57,684			33,707			51,586			2,438,952

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

	September 30, 2012
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agriculture Rentals and services			Agriculture Subtotal			Land transformation and sales			Agro-industrial			Other segments			Total agricultural business (i)
Revenues		155,914			18,250			8,446			42,181			6,587			231,378			-			18,865			18,548			268,791
Costs		(231,070	)		(31,475	)		(17,019	)		(81,965	)		(1,835	)		(363,364	)		(1,645	)		(21,418	)		(15,206	)		(401,633	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		108,349			11,390			9,613			60,341			-			189,693			-			-			(50	)		189,643
Changes in the net realizable value of agricultural produce after harvest		23,254			(14	)		-			-			-			23,240			-			-			-			23,240
Gross profit / (loss)		56,447			(1,849	)		1,040			20,557			4,752			80,947			(1,645	)		(2,553	)		3,292			80,041
General and administrative expenses		(16,923	)		(4,307	)		(846	)		(7,947	)		(1,065	)		(31,088	)		(146	)		(2,212	)		(830	)		(34,276	)
Selling expenses		(31,279	)		(2,659	)		(334	)		(6	)		(440	)		(34,718	)		(16	)		(1,268	)		(1,074	)		(37,076	)
Other operating results		(26,411	)		(798	)		(155	)		(29	)		(195	)		(27,588	)		(27	)		51			(391	)		(27,955	)
(Loss) / profit from operations		(18,166	)		(9,613	)		(295	)		12,575			3,052			(12,447	)		(1,834	)		(5,982	)		997			(19,266	)
Share of profit / (loss) of associates		881			-			-			-			-			881			-			-			527			1,408
Segment (loss) / profit		(17,285	)		(9,613	)		(295	)		12,575			3,052			(11,566	)		(1,834	)		(5,982	)		1,524			(17,858	)

Investment properties		-			-			-			-			42,262			42,262			-			-			-			42,262
Property, plant and equipment		931,541			132,507			20,938			556,254			2,714			1,643,954			57,668			20,725			6,842			1,729,189
Goodwill		4,286			-			-			1,834			-			6,120			-			-			-			6,120
Biological assets		82,792			187,723			27,010			87,387			-			384,912			-			-			-			384,912
Inventories		257,129			1,931			-			6,334			-			265,394			-			5,402			-			270,796
Interests in associates		12,783			7,304			522			2,087			261			22,957			-			1,043			4,323			28,323
Total segment assets		1,288,531			329,465			48,470			653,896			45,237			2,365,599			57,668			27,170			11,165			2,461,602

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

(II)	Urban properties and investments

The following tables present the reportable segments of the urban properties and investments line of business of the Group:

	September 30, 2013
	Shopping Center Properties			Offices			Sales and developments			Hotel			International			Financial operations and others			Total urban and investment properties (II)
Revenues		455,839			74,004			16,060			72,927			19,361			184			638,375
Costs		(204,865	)		(29,181	)		(11,871	)		(49,745	)		(11,745	)		(249	)		(307,656	)
Gross profit / (loss)		250,974			44,823			4,189			23,182			7,616			(65	)		330,719
General and administrative expenses		(24,994	)		(8,134	)		(7,325	)		(13,867	)		(4,323	)		(55	)		(58,698	)
Selling expenses		(14,044	)		(6,968	)		(2,532	)		(8,674	)		-			397			(31,821	)
Other operating results		(5,909	)		(868	)		(1,147	)		(106	)		(135	)		(2,072	)		(10,237	)
Profit / (loss) from operations		206,027			28,853			(6,815	)		535			3,158			(1,795	)		229,963
Share of profit / (loss) of associates		-			1,173			632			129			(23,437	)		55,859			34,356
Segment profit / (loss)		206,027			30,026			(6,183	)		664			(20,279	)		54,064			264,319

Investment properties		2,304,091			847,645			438,246			-			794,211			7,920			4,392,113
Property, plant and equipment		18,723			28,825			4,010			177,611			204			-			229,373
Trading properties		1,484			99			122,563			-			81,018			-			205,164
Goodwill		8,582			11,661			4,541			-			54,908			-			79,692
Inventories		8,101			-			508			6,752			-			-			15,361
Interests in associates		-			25,268			33,391			21,468			974			1,136,419			1,217,520
Total segment assets		2,340,981			913,498			603,259			205,831			931,315			1,144,339			6,139,223

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

	September 30, 2012
	Shopping Center Properties			Offices			Sales and developments			Hotels			International			Financial operation and others			Total urban properties and investments (II)
Revenues		355,578			70,122			52,503			53,793			-			693			532,689
Costs		(170,526	)		(29,543	)		(39,139	)		(40,729	)		-			(416	)		(280,353	)
Gross profit		185,052			40,579			13,364			13,064			-			277			252,336
Gain from disposal of investment properties		-			-			29,468			-			-			-			29,468
General and administrative expenses		(14,408	)		(6,752	)		(6,981	)		(12,348	)		(3,241	)		(256	)		(43,986	)
Selling expenses		(11,902	)		(2,852	)		(5,044	)		(6,990	)		-			(546	)		(27,334	)
Other operating results		(5,902	)		(819	)		(1,675	)		185			(2,084	)		916			(9,379	)
Profit / (loss) from operations		152,840			30,156			29,132			(6,089	)		(5,325	)		391			201,105
Share of profit / (loss) of associates		-			-			564			43			(18,339	)		30,775			13,043
Segment profit / (loss)		152,840			30,156			29,696			(6,046	)		(23,664	)		31,166			214,148

Investment properties		2,050,028			969,754			545,327			-			-			8,535			3,573,644
Property, plant and equipment		14,613			36,732			3,761			191,364			199			-			246,669
Trading properties		-			127			189,742			-			66,591			-			256,460
Goodwill		7,422			13,232			4,879			-			-			-			25,533
Inventories		11,312			-			484			5,932			-			-			17,728
Interests in associates		-			-			41,423			21,299			104,192			1,051,156			1,218,070
Total segment assets		2,083,375			1,019,845			785,616			218,595			170,982			1,059,691			5,338,104

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

The following tables present reconciliation between the total results of segment operations and the results of operations as per the statement of income. The adjustments relate to the presentation of the results of operations of joint ventures accounted for under the equity method under IFRS.

	September 30, 2013
	Total segment information			Adjustment for share of profit / (loss) of joint ventures			Total Statement of Income
Revenues		1,144,704			(18,582	)		1,126,122
Costs		(900,183	)		14,315			(885,868	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		126,604			(352	)		126,252
Changes in the net realizable value of agricultural produce after harvest		(8,012	)		-			(8,012	)
Gross profit / (loss)		363,113			(4,619	)		358,494
General and administrative expenses		(111,937	)		695			(111,242	)
Selling expenses		(82,123	)		1,238			(80,885	)
Other operating results		(5,559	)		841			(4,718	)
Profit from operations before share of associates and Joint Ventures		163,494			(1,845	)		161,649
Share of profit of associates and joint ventures		34,358			4,008			38,366
Profit from operations before Financing and Taxation		197,852			2,163			200,015

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

	September 30, 2012
	Total segment information			Adjustment for share of profit / (loss) of joint ventures			Total Statement of Income
Revenues		801,480			(51,512	)		749,968
Costs		(681,986	)		41,264			(640,722	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		189,643			(981	)		188,662
Changes in the net realizable value of agricultural produce after harvest		23,240			-			23,240
Gross profit		332,377			(11,229	)		321,148
Gain from disposal of investment properties		29,468			-			29,468
General and administrative expenses		(78,262	)		1,387			(76,875	)
Selling expenses		(64,410	)		3,983			(60,427	)
Other operating results		(37,334	)		510			(36,824	)
Profit from operations before share of associates and Joint Ventures		181,839			(5,349	)		176,490
Share of profit of associates and joint ventures		14,451			1,295			15,746
Profit from operations before Financing and Taxation		196,290			(4,054	)		192,236

Total segment assets are allocated based on the operations of the segment and the physical location of the asset. In line with the analysis above, segment assets include the proportionate share of the assets of joint ventures. The statement of financial position under IFRS shows the net investment in these joint ventures as a single item.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6. Segment information (Continued)

Total reportable segments’ assets are reconciled to total assets as per the statement of financial position as follows:

	September 30, 2013
Total reportable assets as per Segment Information		8,578,175
Deconsolidation of investment properties		(160,830	)
Deconsolidation of property, plant and equipment		(72,248	)
Deconsolidation of trading properties		(11,484	)
Deconsolidation of goodwill		(5,235	)
Deconsolidation of biological assets		(1,585	)
Deconsolidation of inventories		(3,548	)
Deconsolidation of investments in associates and joint ventures		308,136
Total assets as per the Statement of Financial Position		8,631,381

7.	Information about principal subsidiaries

The Group conducts its business through several operating and holding subsidiaries See breakdown of Group, their percentage of ownership interest, materiality criteria and other relevant information on the Group’s subsidiaries in Note 2.3.a) of the Consolidated Financial Statements as of June 30, 2013 and 2012.

Set out below is the summarized financial information for each subsidiary that has non-controlling interests that are material to the Group:

Summarized statements of financial position

	IRSA				Brasilagro
	September 30, 2013		June 30, 2013		September 30, 2013		June 30, 2013
Assets
Non-current assets		7,096,268		6,487,209		1,267,709		1,210,560
Current assets		1,301,673		1,839,320		705,318		667,656
Total assets		8,397,941		8,326,529		1,973,027		1,878,216
Liabilities
Non-current liabilities		3,853,168		3,590,593		161,438		168,553
Current liabilities		1,351,138		1,605,247		295,520		278,594
Total liabilities		5,204,306		5,195,840		456,958		447,147
Net assets		3,193,635		3,130,689		1,516,069		1,431,069

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

7.	Information about principal subsidiaries (Continued)

Summarized statements of income and statements of comprehensive income

	IRSA						Brasilagro
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Revenues		621,447			483,047			93,474			88,539
Profit before income tax		48,216			88,436			(12,592	)		(809	)
Income tax expense		(12,948	)		(37,626	)		2,656			1,337
Profit / (loss) for the period		35,268			50,810			(9,936	)		528
Other comprehensive income		23,293			10,490			96,476			41,071
Total other comprehensive income		58,561			61,300			86,540			41,599
Loss attributable to non-controlling interest		(11,268	)		(9,668	)		-			-

Summarized cash flows

	IRSA						Brasilagro
	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Cash flow from operating activities
Net cash generated from operating activities		203,441			246,108			104,398			96,001
Cash flow from investing activities
Net cash used in investing activities		(493,797	)		(72,077	)		(12,324	)		(115,586	)
Cash flow from financing activities
Net cash used in financing activities		(246,189	)		(153,759	)		(18,872	)		(11,377	)
Net (decrease) / increase in cash and cash equivalents		(536,545	)		20,272			73,202			(30,962	)
Cash and cash equivalents at beginning of period		796,902			259,169			197,113			151,064
Foreign exchange gain on cash and cash equivalents		20,831			1,901			18,015			4,347
Cash and cash equivalents at end of period		281,188			281,342			288,330			124,449

The information above is the corresponding to balances and transactions before inter-company eliminations.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

8.	Interests in joint ventures

As of June 30, 2013 the joint ventures of the Group were Cresca, Cyrsa S.A., Puerto Retiro S.A., Baicom Networks S.A., Quality Invest S.A., Nuevo Puerto Santa Fe S.A. (NPSF) and Entertainment Holdings S.A.

As stated in Note 4, APSA acquired shares of ENUSA. Thus as of September 30, 2013, the joint ventures of the Group are Cresca, Cyrsa S.A., Puerto Retiro S.A., Baicom Networks S.A., Quality Invest S.A., Nuevo Puerto Santa Fe S.A. (NPSF), EHSA and ENUSA (indirectly through an investment in EHSA. See Note 4). The shares in these joint ventures are not publicly traded.

As of November 29, 2012, APSA acquired shares representing 50% of capital stock and votes of EHSA.

On September 25, 2013, Sociedad Rural Argentina (SRA), La Rural de Palermo S.A. (LRPSA), Boulevard Norte S.A. (BNSA), Ogden Argentina S.A. (OASA), EHSA, ENUSA and La Rural S.A. (LRSA) executed a joint venture agreement and a shareholder’s agreement mostly amending certain provisions set forth in prior agreements. APSA is now in the process of assessing any potential effect on the preliminary allocation of the purchase price of said acquisition.

Changes in the Group’s investments in joint ventures for the three-month period ended as of September 30, 2013 and for the year ended June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		324,194			260,994
Acquisition of Joint Ventures (ii)		(12	)		25,899
Capital contribution		1,220			42,892
Disposal of joint ventures		-			(6,534	)
Cash dividends (i)		-			(1,250	)
Share of profit/(loss)		5,183			(661	)
Currency translation adjustments		2,795			2,854
End of the period / year (iii)		333,380			324,194

(i)	During year ended on 2013, the Group cashed dividends from Nuevo Puerto Santa Fe in the amount of Ps. 1.3 million.

(ii)	See Note 4.

(iii)

Include a balance of Ps. (22) reflecting interests in companies with negative equity as of September 30, 2013 which are reclassified to “Provision”. See Note 24.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

9.	Interests in associates

As of June 30, 2013, the associates of the Group were New Lipstick LLC, BHSA, Tarshop S.A., Manibil S.A., Lipstick Management LLC, Banco de Crédito and Securitización S.A. ("BACS"), Bitania 26 S.A., Agrouranga S.A. and Agromanagers S.A..

As stated in Note 4, the Group acquired, through a subsidiary, equity interest in Avenida Inc and Avenida Compras S.A. (which will be dedicated to e-commerce business). Thus as of September 30, 2013, the associates of the Group are New Lipstick LLC, BHSA, Tarshop S.A., Manibil S.A., Lipstick Management LLC, BACS and Bitania 26 S.A., Agrouranga S.A., Agromanagers S.A., Avenida Inc and Avenida Compra S.A..

The evolution of the Group’s investments in associates for the three-month period ended as of September 30, 2013 and for the year ended as of June 30, 2013 was as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		1,123,577			1,239,566
Acquisition of Associates		13,057			-
Capital contribution		-			37,721
Business combinations		-			(103,315	)
Share of profit / (loss)		33,183			(9,157	)
Currency translation adjustments		(3,650	)		(1,139	)
Cash dividends (i)		(12,476	)		(40,099	)
End of the period / year (ii)		1,153,691			1,123,577

(i)

As of September, 2013, the Group cashed dividends from Agro-Uranga S.A. and BHSA in the amount of Ps. 2.0 million and Ps. 9.1 million, respectively. During the year ended on 2013, the Group cash dividends from Agro-Uranga S.A., Manibil S.A. and BHSA in the amount of Ps. 3.4 million, Ps. 4.8 million and Ps. 30.5 million, respectively.

(ii)	Include a balance of Ps. (66,456) and Ps. (39,091) reflecting interests in companies with negative equity as of September 30, 2013 and June 30, 2013, respectively, which is reclassified to “Provisions” (see Note 24).

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

10.	Investment properties

The evolution of the Group’s investment properties for the three-month period ended as of September 30, 2013 and for the year ended as of June 30, 2013 was as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		4,179,901			3,463,941
Additions		71,698			213,052
Reclassification of property, plant and equipment		(2,932	)		10,095
Acquisition of interest in subsidiaries		-			679,219
Disposals		(64	)		(69,505	)
Depreciation charge (i)		(50,844	)		(195,911	)
Currency translation adjustments		57,674			79,010
End of the period / year		4,255,433			4,179,901

(i)	Depreciation charges of investment properties were included in “Group Costs” in the Statement of Income (Note 30).

The following amounts have been recognized in the statement of income:

	September 30, 2013			September 30, 2012
Rental and service income		557,390			436,022
Direct operating expenses		(245,217	)		(200,015	)
Gain from disposal of investment properties		-			29,468

Properties under development mainly comprise works in Shopping Neuquén S.A. and Arcos del Gourmet S.A.. As of September 30, 2013 and June 30, 2013 works in Shopping Neuquén amount to Ps. 51,014 and Ps. 43,138, respectively. Works in Arcos del Gourmet as of September 30, 2013 and June 30, 2013 amount to Ps. 185,389 and Ps. 136,313, respectively.

As of September 30, 2013 contractual obligations mainly correspond to constructions regarding to both projects. In Shopping Neuquén S.A. contractual obligations amount to Ps. 205 million and the Project is expected to be completed in September, 2014. In Arcos del Gourmet S.A. contractual obligations amount to Ps. 234 million and the Project is expected to be completed in December, 2013.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

11.	Property, plant and equipment

The evolution of the Group’s property, plant and equipment for the three-month period ended as of September 30, 2013 and for the year ended as of June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		1,841,454			1,872,920
Currency translation adjustments		78,421			100,895
Additions		29,858			140,014
Reclassifications to investment properties		2,932			(10,095	)
Reclassifications to intangibles assets		-			(336	)
Disposals		(801	)		(183,143	)
Depreciation charge (Note 30) (i)		(16,280	)		(78,801	)
End of the period / year		1,935,584			1,841,454

(i)

For the three-month period ended as of September 30, 2013, depreciation charges of property, plant and equipment were included as follows: Ps. 1,465 under the line item “General and administrative expenses”, Ps. 69 under the line item “Selling expenses” and Ps. 14,746 under the line item “Cost” in the Statement of Income. For the fiscal year ended June 30, 2013, depreciation charges of property, plant and equipment were included as follows: Ps. 5,663 under the line item “General and administrative expenses”, Ps. 279 under the line item “Selling expenses” and Ps. 72,859 under the line item “Cost” in the Statement of Income.

12.	Trading properties

The evolution of the Group’s trading property for the three-month period ended as of September 30, 2013 and for the year ended as of June 30, 2013 was as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		194,242			181,001
Currency translation adjustments		(30	)		17,757
Additions		588			1,482
Disposals		(1,120	)		(5,998	)
End of the period / year		193,680			194,242

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

13.	Intangible assets

The evolution of the Group’s intangible assets for the three-month period ended as of September 30, 2013 and for the year ended as of June 30, 2013 was as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		125,312			75,077
Currency translation adjustments		4,671			6,514
Additions		281			2,691
Reclassification to property, plant and equipment		-			336
Acquisition of interest in subsidiaries		-			45,723
Disposals		-			(3	)
Amortization charge (i)		(1,111	)		(5,026	)
End of the period / year		129,153			125,312

(i)	Amortization charges are included in “General and administrative expenses” in the Statement of Income. (Note 30). There was no impairment charges for any of the periods presented.

14.	Biological assets

The evolutions of the Group’s biological assets for the three-month period ended as of September 30, 2013 and for the year ended as of June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		400,692			363,459
Purchases		341			8,375
Initial recognition and changes in the fair value of biological assets		115,173			851,289
Harvest		(125,510	)		(756,067	)
Sales		(28,334	)		(73,788	)
Consumes		(223	)		(1,232	)
Currency translation adjustments		7,830			8,656
End of the period / year		369,969			400,692

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

14.	Biological assets (Continued)

Biological assets as of September 30, 2013 and June 30, 2013 were as follows:

	Classification	September 30, 2013		June 30, 2013
Non-current
Cattle for dairy production	Production		27,817		27,957
Breeding cattle	Production		146,938		155,058
Sugarcane	Production		86,059		111,063
Others	Production		8,665		9,050
Non-current biological assets			269,479		303,128
Current
Cattle for dairy production	Consumable		118		177
Cattle for sale	Consumable		32,121		40,692
Crops	Consumable		67,260		55,879
Others	Consumable		991		816
Current biological assets			100,490		97,564
Total biological assets			369,969		400,692

15.	Inventories

Group’s inventories as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Current
Crops		27,007		120,697
Materials and inputs		177,303		92,900
Seeds and fodder		16,997		22,397
Hotel supplies		6,752		5,962
Beef		11,856		8,985
Others		1,922		1,435
Current inventories		241,837		252,376
Total inventories		241,837		252,376

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category

Determining fair values

IFRS 9 defines the fair value of a financial instrument as the amount for which a financial asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. The initial basis for the allocation is the “economic investment class”. Only if this does not result in an appropriate allocation the Company deviates from such an approach in individual cases. The allocation reflects which of the fair values derive from transactions in the market and where valuation is based on models because market transactions are lacking.

In the case of Level 1, valuation is based on non-adjusted quoted prices in active markets for identical financial assets or liabilities that the Group can refer to at the date of the statement of financial position. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. The financial instruments the Group has allocated to this level mainly comprise equity investments, mutual funds, government bonds and corporate bonds for which quoted prices in active markets are available. In the case of shares, the Group allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis of actual market transactions.

In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs for valuation must be observable for the whole of this period. The financial instruments the Group has allocated to this level mainly comprise interest rate swaps and foreign currency contracts.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group’s assumptions regarding the factors which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The financial instruments that the Group has allocated to this level mainly comprise warrants and shares without market price.

As of September 30, 2013, the Group has determined that Arcos del Gourmet S.A.’s stock option is a Level 3 financial instrument and is currently estimating its fair value, to be updated in the next accounting period.

Since June 30, 2013, there have been no transfers between the several tiers used in estimating the fair value of the Group’s financial instruments, or reclassifications among their respective categories.

The Group’s Finance Division has a team in place in charge of estimating valuation of financial assets required to be reported in the financial statements, including the fair value of Level 3 instruments. The team directly reports to the Chief Financial Officer (CFO).

The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, if necessary, on a quarterly basis, in line with the Group’s quarterly reports.

According to the Group’s policy, transfers among the several categories of valuation tiers are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer.

The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of September 30, 2013 and June 30, 2013 and their allocation to the fair value hierarchy:

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

	September 30, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss
- Investment in equity securities in TGLT		54,517		-		-		54,517
- Investment in equity securities in Hersha		32,159		-		-		32,159
- Other equity securities in public companies		894		-		-		894
- Corporate bonds		25,051		-		-		25,051
- Mutual funds		681,276		-		-		681,276
- Shares of Supertel		-		-		121,426		121,426
- Non-convertible notes		25,680		-		-		25,680
- Don Mario S.G.R.		12,213		-		-		12,213
- Government bonds		292,357		-		-		292,357
Derivative financial instruments:
- Commodity derivatives		14,542		-		-		14,542
- Foreign-currency contracts		-		4,129		-		4,129
- Interest-rate swaps		-		3,223		-		3,223
- Warrants of Supertel		-		-		10,050		10,050
- Stock call option for the shares of Arcos del Gourmet S.A.		-		-		2,000		2,000
Cash and cash equivalents		168,011		-		-		168,011
Total assets		1,306,700		7,352		133,476		1,447,528
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		1,639		-		1,639
- Interest-rate swaps		-		818		-		818
- Commodity derivatives		5,748		-		-		5,748
Total liabilities		5,748		2,457		-		8,205

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

	June 30, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Investment in equity securities in TGLT		56,859		-		-		56,859
- Investment in equity securities in Hersha		30,163		-		-		30,163
- Corporate bonds		26,738		-		-		26,738
- Other equity securities in public companies		323		-		-		323
- Mutual funds		195,814		15,851		-		211,665
- Shares of Supertel		-		-		139,120		139,120
- Non-convertible notes		5,136		-		-		5,136
- Don Mario S.G.R.		11,691		-		-		11,691
- Government bonds		157,632		-		-		157,632
Derivative financial instruments:
- Commodity derivatives		35,706		-		-		35,706
- Foreign-currency contracts		-		10,007		-		10,007
- Interest-rate swaps		-		4,259		-		4,259
- Warrants of Supertel		-		-		16,949		16,949
Cash and cash equivalents		129,880		-		-		129,880
Total assets		649,942		30,117		156,069		836,128
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		11,461		-		11,461
- Commodity derivatives		3		-		-		3
Total liabilities		3		11,461		-		11,464

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

The following table presents the changes in Level 3 instruments for the years ended September 30, 2013:

	Purchase option for the shares of Arcos		Warrants of Supertel			Shares of Supertel			Total
Balance as of June 30, 2013		-		16,949			139,120			156,069
Acquisition		2,000		-			-			2,000
Total losses for the period (i)		-		(6,899	)		(17,694	)		(24,593	)
Balance as of September 30, 2013		2,000		10,050			121,426			133,476

(i)	The gain / (loss) is not realized as of September 30, 2013 and is accounted for under “Other financial results” in the Statement of Income (Note 33)

Upon initial recognition (January, 2012), the consideration paid for the Shares and Warrants was assigned to both instruments based on the relative fair values of those instruments upon acquisition. The fair value of these instruments exceeded the transaction price and were determined using a valuation technique that uses inputs not observable in the market. As a result of the use of this technique, the Group has not recognized a gain at the time of initial recognition in the amount of US$ 7.9 million.

According to Group estimates, all factors being constant, a 10% decline in the price of the underlying assets of Level 3 financial instruments (data observed in the market) as of September 30, 2013, would reduce pre-tax income by Ps. 16.2 million.

According to Group estimates, all factors being constant, a 10% increase in the credit spread (data which is not observable in the market) used in the valuation model applied to Level 3 financial instruments as of September 30, 2013, would reduce pre-tax income by Ps. 2.7 million. The rate used as of September 30, 2013 was 14.01%.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Company uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table:

Description	Pricing model	Pricing method	Parameters
Foreign-currency contracts	Present value method	Theoretical price	Money market curve; Interest curve Foreign exchange curve.
Swaps	Cash flows	Theoretical price	Interest rate futures and flows of funds
Shares of Supertel	Binomial tree	Theoretical price	Underlying asset (market price) and (historic) stock volatility and market interest rate (Libor curve)
Warrants of Supertel	Black-Scholes	Theoretical price	Price of underlying asset (market price) and (historic) stock volatility and market interest rate (Libor curve)
Call option of Arcos del Gourmet S.A.	Cost	-	-

17.	Restricted assets

The following table presents the restricted assets as of September 30, 2013 and June 30, 2013:

	September 30, 2013		June 30, 2013
Non-current
Escrow deposits		14,018		10,881
Mutual funds		43,925		43,750
Total Non-Current		57,943		54,631
Current
Escrow deposits		1,179		1,022
Total Current		1,179		1,022
Total restricted assets		59,122		55,653

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

18.	Trade and other receivables

The table below shows trade and other receivables of the Group as of September 30, 2013 and June 30, 2013:

	September 30, 2013			June 30, 2013
Non-current
Leases and services receivable		59,926			58,783
Consumer financing receivables		-			214
Receivables from sale of agriculture products		1,636			-
Property sales receivable (i)		86,842			88,387
Less: Allowance for doubtful accounts		(2,208	)		(2,266	)
Non-current trade receivables		146,196			145,118
Trade receivables from disposal of joint ventures		2,317			2,147
Prepayments		4,624			5,210
VAT receivables		21,134			28,944
Other tax receivables		71,031			62,759
Loans		1,667			-
Others		6,753			4,499
Non-current other receivables		107,526			103,559
Related parties (Note 35)		49,401			42,753
Non-current trade and other receivables		303,123			291,430
Current
Consumer financing receivables		15,681			15,735
Leases and services receivable		215,786			369,289
Receivables from sale of agriculture products and farmlands leases		217,172			407,127
Receivables from hotel operations		32,134			26,201
Deferred checks received		193,932			213,541
Debtors under legal proceedings		54,145			51,610
Property sales receivable (i)		85,072			91,142
Less: allowance for doubtful accounts		(88,143	)		(84,418	)
Trade receivables		725,779			1,090,227
Trade receivables from disposal of joint ventures		13,894			20,555
Prepayments		64,975			78,603
VAT receivables		44,120			39,342
Gross sales tax credit		3,211			2,420
Other tax receivables		42,474			37,353
Loans		10,410			8,982
Expenses and services to recover		4,306			3,757
Suppliers advances		152,234			54,961
Guarantee deposits		48,024			10
Dividends received		345			2,828
Others		29,821			29,906
Less: allowance for doubtful accounts		(218	)		(218	)
Current other receivables		413,596			278,499
Related parties (Note 35)		72,250			77,365
Current trade and other receivables		1,211,625			1,446,091
Total trade and other receivables		1,514,748			1,737,521

(i) Property sales receivables primarily comprise trading properties, investment properties and farmlands.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

18.	Trade and other receivables (Continued)

The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature.

The evolution of the Group’s provision for impairment of trade receivables were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		86,902			72,480
Charge for the year		10,134			32,229
Unused amounts reversed		(4,800	)		(16,142	)
Used during the period/year		(2,043	)		(1,610	)
Receivables written off		-			(235	)
Currency translation adjustments		376			180
End of the period / year		90,569			86,902

The creation and release of provision for impaired receivables have been included in “Selling expenses” in the statement of income (Note 30). Amounts charged to the provision account are generally written off when there is no expectation of recovering additional cash.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

19.	Investment in financial assets

Group’s investment in financial assets as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Non-current
Financial assets at fair value through profit or loss
Investment in equity securities in TGLT		54,517		56,859
Investment in equity securities in Hersha		32,159		30,163
Mutual Funds (Note 35) (i)		446,753		17,249
Shares of Supertel		121,426		139,120
Other equity securities in public companies		90		93
Don Mario S.G.R.		10,060		10,060
Shares		210		198
Total Investment in Financial Assets Non-current		665,215		253,742
Current
Financial assets at fair value trough profit or loss
Mutual funds		234,523		194,416
Don Mario S.G.R.		2,153		1,631
Corporate Notes – Related Parties		-		22,261
Non-convertible notes		25,680		5,136
Corporate bonds		25,051		4,477
Government bonds		292,357		157,632
Others		594		32
Total Investment in Financial Assets current		580,358		385,585
Total Investment in Financial Assets		1,245,573		639,327

(i) During the quarter the Group has subscribed, through subsidiaries Tyrus and Ritelco, shares from Dolphin for the amount of US$ 75 million. See Note 37.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

20.	Derivative financial instruments

Group’s derivative financial instruments as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Assets
Non-current
Swaps		3,223		4,259
Foreign-currency contracts		-		4,169
Supertel warrants (i)		10,050		16,949
Call option of Arcos del Gourmet S.A. (Note 4)		2,000		-
Total non-current		15,273		25,377
Current
Commodities		14,542		35,706
Foreign-currency contracts		4,129		5,838
Total current		18,671		41,544
Total assets		33,944		66,921

Liabilities
Non-current
Foreign-currency contracts		-		2,773
Total non-current		-		2,773
Current
Commodities		5,748		3
Foreign-currency contracts		1,639		8,688
Swaps		818		-
Total current		8,205		8,691
Total liabilities		8,205		11,464

(i)	The balance represents the fair value of Supertel’s warrants, which were acquired in February 2012.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

21.	Cash flow information

The following table shows the amounts of cash and cash equivalents as of September 30, 2013 and June 30, 2013:

	September 30, 2013		June 30, 2013
Cash at bank and on hand		263,692		769,485
Short-term bank deposits		203,056		148,221
Mutual funds		168,011		129,880
Total cash and cash equivalents		634,759		1,047,586

Following is a detailed description of cash flows generated by the Group’s operations for the three-month periods ended as of September 30, 2013 and 2012.

	Note	September 30, 2013			September 30, 2012
(Loss) Gain for the period			(89,015	)		8,001
Adjustments for:
Income tax expense			(45,382	)		15,703
Depreciation and amortization			68,235			67,521
Gain from disposal of investment properties			-			(29,468	)
Loss (Gain) on the revaluation of receivables arising from the sale of farmland			761			(4,890	)
Loss (Gain) from disposal of property, plant and equipment			8			(239	)
Release of investment property and property, plant and equipment			155			885
Dividends income			(3,061	)		(6,657	)
Share-based payments			8,498			2,764
Unrealized gain on derivative financial instruments			(4,988	)		(40,583	)
Changes in the fair value of financial assets			(61,963	)		6,590
Interest expense, net			131,693			107,124
Unrealized initial recognition and changes in the fair value of biological assets and agricultural produce			(48,193	)		(41,658	)
Changes in the net realizable value of agricultural produce after harvest			8,012			(23,240	)
Provisions and allowances			25,211			28,245
Share of loss of associates and joint ventures			(38,366	)		(15,746	)
Unrealized foreign exchange loss, net			227,720			101,721
Result from purchase of joint venture			12			-
Result from repurchase of Non-convertible Notes			14,271			(42	)
Other finance results			-			(11,892	)
Changes in operating assets and liabilities:
Decrease in biological assets			91,590			56,048
Decrease in inventories			5,638			54,071
Decrease in trading properties			533			56
Decrease (increase) in trade and other receivables			121,364			(23,226	)
Increase in derivative financial instruments			(1,098	)		(20,622	)
Increase in trade and other payables			25,837			211,038
Decrease in payroll and social security liabilities			(16,864	)		(23,684	)
Decrease in provisions			(19	)		(951	)
Net cash generated from operating activities before income tax paid			420,589			416,869

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

21.	Cash flow information (Continued)

The following table shows a detail of non-cash transactions occurred in the three-month periods ended September 30, 2013 and 2012:

	September 30, 2013			September 30, 2012
Transferences of property, plant and equipment to investment property		-			(6,502	)
Increase of interest in associates and joint ventures by exchange differences on translating foreign operations		-			10,849
Decrease of interest in associates and joint ventures through an increase in trade and other receivables		(476	)		33,813
Acquisition of non-controlling interest		-			333
Increase in trade and other receivables through an increase in trade and other payables		-			803
Financed sales of property, plant and equipment		-			125

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

22.	Trade and other payables

Group’s trade and other payables as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Non-current
Admission rights		115,408		112,654
Sales, rent and services payments received in advance		52,982		53,300
Guarantee deposits		17,966		17,352
Non-current trade payables		186,356		183,306
Minimum presumed income tax		7,450		-
Other tax payables		15,096		14,136
Deferred income		8,571		8,660
Shareholders´ personal tax payable		1,399		1,476
Tax amnesty plan for payable taxes		15,408		15,641
Others		5,428		5,028
Non-current other payables		53,352		44,941
Related parties (Note 35)		12,078		20
Non-current trade and other payables		251,786		228,267
Current
Trade payables		277,536		212,797
Accrued invoices		136,337		141,657
Admission rights		102,864		98,656
Sales, rent and services payments received in advance		206,786		199,909
Guarantee deposits		9,459		13,477
Current trade payables		732,982		666,496
Withholdings tax		14,075		9,800
VAT payables		22,997		26,739
Gross sales tax payable		979		1,836
Minimum presumed income tax		6,833		12,158
Other tax payables		33,345		41,996
Deferred revenue		356		1,246
Dividends payable		5,710		11,445
Tax amnesty plan for payable taxes		309		310
Shareholders´ personal tax payable		5,936		3,220
Others		16,051		6,930
Current other payables		106,591		115,680
Related parties (Note 35)		29,230		129,524
Current trade and other payables		868,803		911,700
Total trade and other payables		1,120,589		1,139,967

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

22.	Trade and other payables (Continued)

The fair values of current trade and other payables approximate their respective carrying amounts due to their short-term nature.

23.	Payroll and social security liabilities

Group’s Salaries and social security liabilities as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Non-current
Others		5,611		3,984
Non-current payroll and social security liabilities		5,611		3,984
Current
Provision for vacation and bonuses		64,908		89,238
Social security payable		35,981		28,967
Salaries payable		1,610		1,776
Others		1,035		854
Current payroll and social security liabilities		103,534		120,835
Total payroll and social security liabilities		109,145		124,819

24.	Provisions

The table below shows the movements in the Group's provisions for other liabilities categorized by type of provision:

	Labor and legal claims			Tax and social security claims			Investments in associates (i)		Total
As of June 30, 2013		47,054			1,691			39,091		87,836
Additions		5,127			224			23,571		28,922
Used during period		(1,514	)		(138	)		-		(1,652	)
Currency translation adjustments		(869	)		-			3,816		2,947
As of September 30, 2013		49,798			1,777			66,478		118,053

(i)	Corresponds to equity interests in associates with negative equity.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

24.	Provisions (Continued)

The analysis of total provisions is as follows:

	September 30, 2013		June 30, 2013
Non-current		102,718		71,626
Current		15,335		16,210
		118,053		87,836

25.	Borrowings

Group’s borrowings as of September 30, 2013 and June 30, 2013 were as follows:

							Book value
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal value (in millions)		September 30, 2013		June 30, 2013
Non-current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.50%		60		-		322,925
CRESUD NCN Class XI due 2015	Unsecured	Ps.	Floating	Badlar + 375 bps		80.5		39,495		39,415
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps		102		33,959		67,819
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90%		79		458,544		425,658
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50%		32		184,134		171,084
IRSA NCN Class I due 2017	Unsecured	US$	Fixed	8.50%		150		815,886		784,855
IRSA NCN Class II due 2020	Unsecured	US$	Fixed	11.50%		150		842,002		781,338
APSA NCN Class I due 2017	Unsecured	US$	Fixed	7.87%		120		613,550		568,362
Syndicated loan (I)	Unsecured	Ps.	Fixed	15.01%		229		150,603		175,604
Banco M&T loan	Secured	US$	Floating	Libor + 3.25%		75		429,975		399,691
Long term loans	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)		15		83,648		77,780
Long term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days		20		20,000		19,784
Long term loans	Unsecured	Ps.	Fixed	15.01%		24		13,572		13,543
Long term loans	Secured	Rs.	Floating	TJLP + 1.95 to 3.10 and 5.5 to 10		20.5		13,633		17,162
Long term loans	Secured	Rs.	Fixed	7.23%		98.7		119,642		121,289
Other long term loans		Ps.	Fixed			-		15,990		19,163
Other long term loans		Bol.	Floating					6,813		6,136
Seller financing	Secured	US$	Fixed	3.50 % and 5%		17.9		85,150		78,371
Finance leases	Secured	US$	Fixed	7.50%		792		1,554		1,590
Related parties								104,356		98,327
Non-current borrowings								4,032,506		4,189,896

(i) Includes Ps. 35,557 in Banco Hipotecario as of June 30, 2013. See Note 35.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

25.	Borrowings (Continued)

							Book value
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal value (in millions)		September 30, 2013			June 30, 2013
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.5%		60		347,765			6,074
CRESUD NCN Class IX due 2014	Unsecured	Ps.	Floating	Badlar + 300 bps		161		50,714			101,316
CRESUD NCN Class X due 2014	Unsecured	US$	Fixed	7.75%		31.5		178,548			165,810
CRESUD NCN Class X – 2nd tranche due 2014	Unsecured	US$	Fixed	7.75%		30		175,185			163,477
CRESUD NCN Class XI due 2015	Unsecured	Ps.	Floating	Badlar + 375 bps		80.5		19,641			19,652
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps		102		69,379			35,083
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90%		79		(1,907	)		(1,954	)
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50%		32		(55	)		(74	)
IRSA NCN Class I due 2017	Unsecured	US$	Fixed	8.50		150		10,344			26,675
IRSA NCN Class II due 2020	Unsecured	US$	Fixed	11.50		150		18,726			40,604
IRSA NCN Class III due 2013	Unsecured	Ps.	Floating	Badlar + 249 bps		153		-			52,240
IRSA NCN Class IV due 2014	Unsecured	US$	Fixed	7.45%		16.9		98,838			137,750
APSA NCN due 2014 (Note 35)	Unsecured	US$	Fixed	10.00%		50		-			-
APSA NCN Class I due 2017	Unsecured	US$	Fixed	7.88%		120		19,012			5,499
APSA NCN Class II due 2012	Unsecured	Ps.	Fixed	11%				-			-
Bank overdrafts	Unsecured	Ps.	Fixed	-				520,378			444,527
Short term loans	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)		15		5,449			6,266
Short term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days		20		164			893
Short term loans	Unsecured	Rs.	Floating	TJLP + 1.95 to 3.10'		84.1		84,145			-
Short term loans	Unsecured	Rs.	Fixed	7.23%		19.1		-			19,081
Short term loans	Unsecured	Ps.	Fixed	15.01%		24		7,684			6,895
Short term loans	Secured	Rs.	Fixed	7.23%		11.9		20,503			-
Short term loans	Secured	Rs.	Floating	9.54 TJLP + 1.95 to 3.10		-		-			84,933
Short term loans	Secured	Rs.	Floating	5.5 to 10 TJLP + 1.95 to 3.10		5.5		5,527			5,263
Other short term loans		Ps.	Fixed					(3	)		9,625
Syndicated loans (i)	Unsecured	Ps.	Fixed	15.01%		229		76,596			51,005
Other short term loans		Bol.	Floating					23,932			9,968
Seller financing	Secured	US$	Fixed	3.5%		1.8		25,925			12,809
Seller financing	Unsecured	Rs.	Floating	IGPM/CDI		102		123,490			106,165
Other seller - financed debt						9.9		-			16,348
Finance lease obligations	Secured	US$	Fixed	10.75% y7.5%		792		1,657			1,460
Current borrowings								1,881,637			1,527,390
Total borrowings								5,914,143			5,717,286

(i) Includes Ps. 9,738 with Banco Hipotecario as of June 30, 2013. See Note 35.

During the three-month period, the Group, through APSA, acquired nominal value 770,000 of IRSA´s Non-convertible Notes due 2020, for a total amount of Ps. 7.2 million and nominal value 1,000,000 of IRSA´s Non-convertible Notes due 2017, for a total amount of Ps. 8.5 million. In addition, during the same period, the Group, through Panamerican Mall S.A., acquired nominal value 3,125,000 of IRSA´s Non-convertible Notes due 2020, for a total amount of Ps. 25.8 million. These acquisitions of own Non-convertible Notes generated a loss of Ps. 14.2 million included in “Financial results, net”.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

26.

Taxation

The details of the provision for the Group’s income tax are as follows:

	September 30, 2013			September 30, 2012
Current income tax		(73,623	)		(71,210	)
Deferred income tax		119,209			55,617
Minimum Presumed Income Tax		(204	)		(110	)
Income tax expense		45,382			(15,703	)

The gross movement on the deferred income tax account was as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		(351,035	)		(549,337	)
Currency translation adjustments		3,146			5,965
Additions for business combinations		-			(26,103	)
Charged / Credited to the statement of income		119,209			218,440
End of the period / year		(228,680	)		(351,035	)

The Group did not recognize deferred income tax assets of Ps. 62.1 million and Ps. 70.1 million as of September 30, 2013 and June 30, 2013, respectively. Although management believes that it will become profitable in the foreseeable future, as a result of the history of recent losses incurred during the development phase of the different Group’s business operations and the lack of verifiable and objective evidence due to the limited operating history of the Group itself, the Board of Directors has determined that there is sufficient uncertainty as to the generation of sufficient income to utilize the losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

26.	Taxation (Continued)

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

	September 30, 2013			September 30, 2012
Tax calculated at the tax rates applicable to profits in the respective countries		(43,583	)		9,598
Permanent differences:
Share of loss of associates and joint ventures		(13,428	)		(5,511	)
Non-taxable income		8,968			(4,638	)
Others		2,661			16,254
Income tax expense		(45,382	)		15,703

27.	Shareholders' Equity

Special Reserve

Pursuant to CNV General Ruling No. 609/12, the Company set up a special reserve, to reflect the positive difference between the balance at the beginning of retained earnings disclosed in the first financial statements prepared according to IFRS and the balance at closing of retained earnings disclosed in the last financial statements prepared in accordance with previously effective accounting standards. This reserve may not be used to make distributions in kind or in cash, and may only be reversed to be capitalized, or otherwise to absorb potential negative balances in Retained Earnings. See Note 37.

Dividends

Cash dividends in respect of the year ended as of June 30, 2013 amounted to Ps. 120 million have been approved at the annual general ordinary and extraordinary shareholders’ meeting on October 31, 2013. See Note 37.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

28.

Revenues

	September 30, 2013								September 30, 2012
	Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total		Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total
Trading properties		4,286		-		-		4,286		7,625		-		-		7,625
Crops		-		270,022		-		270,022		-		155,110		-		155,110
Cattle		-		23,906		-		23,906		-		17,393				17,393
Milk		-		11,763		-		11,763		-		8,446		-		8,446
Sugarcane		-		66,735		-		66,735		-		42,181		-		42,181
Beef		-		-		105,089		105,089		-		-		18,338		18,338
Supplies		-		12,626		-		12,626		-		10,359		-		10,359
Agriculture products and services income		4,286		385,052		105,089		494,427		7,625		233,489		18,338		259,452
Base rent		239,807		2,102		-		241,909		180,791		6,561		-		187,352
Contingent rent		71,744		-		-		71,744		55,668		-		-		55,668
Admission rights		28,508		-		-		28,508		24,232		-		-		24,232
Parking fees		19,653		-		-		19,653		15,090		-		-		15,090
Commissions		8,330		-		-		8,330		4,195		-		-		4,195
Property management fee		6,365		-		-		6,365		8,255		-		-		8,255
Expenses and Collective Promotion Funds		160,908		-		-		160,908		126,978		-		-		126,978
Flattening of tiered lease payments		7,541		-		-		7,541		4,671		-		-		4,671
Agricultural services		-		22		-		22		-		23		521		544
Advertising and brokerage fees		-		12,009		-		12,009		-		7,616		-		7,616
Others		-		401		-		401		848		573		-		1,421
Leases and service income		542,856		14,534		-		557,390		420,728		14,773		521		436,022
Other revenues:
Consumer financing		184		-		-		184		-		-		-		-
Hotel operations		72,927		-		-		72,927		53,793		-		-		53,793
Others		1,194		-		-		1,194		695		-		6		701
Other revenues		74,305		-		-		74,305		54,488		-		6		54,494
Total Group revenue		621,447		399,586		105,089		1,126,122		482,841		248,262		18,865		749,968

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

29.

Costs

	September 30, 2013								September 30, 2012
	Urban properties and investments		Agricultural		Feed lot/ slaughtering house		Total		Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total
Cost of leases and services		-		1,934		-		1,934		-		1,821		-		1,821
Other operative costs		-		1,763		-		1,763		-		1,646		-		1,646
Cost of property operations		-		3,697		-		3,697		-		3,467		-		3,467
Crops		-		293,390		-		293,390		-		228,650		-		228,650
Cattle		-		51,683		-		51,683		-		30,341		-		30,341
Milk		-		22,895		-		22,895		-		17,019		-		17,019
Sugarcane		-		107,124		-		107,124		-		81,965		-		81,965
Beef		-		-		85,893		85,893		-		-		20,014		20,014
Supplies		-		10,118		-		10,118		-		9,306		-		9,306
Agriculture services		-		639		4,079		4,718		-		-		1,404		1,404
Brokerage fees		-		7,281		-		7,281		-		4,759		-		4,759
Others		-		2,953		-		2,953		-		1,528		-		1,528
Cost of agricultural sales and services		-		496,083		89,972		586,055		-		373,568		21,418		394,986
Cost of sale of trading properties		3,189		-		-		3,189		3,288		-		-		3,288
Cost from hotel operations		49,548		-		-		49,548		40,529		-		-		40,529
Cost of leases and services		243,283		-		-		243,283		198,194		-		-		198,194
Other costs		96		-		-		96		258		-		-		258
Other costs		296,116		-		-		296,116		242,269		-		-		242,269
Total Group costs		296,116		499,780		89,972		885,868		242,269		377,035		21,418		640,722

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Expenses by nature

For the three-month period ended as of September 30, 2013:

	Group costs
	Cost of property operations		Cost of agricultural sales and services		Cost of agriculture production		Cost of sale of trading properties		Cost from Consumer Financing		Cost from hotel operations		Other operative costs		General and administrative expenses		Selling expenses		Total
Leases, services charges and vacant property costs		3,789		314		300		363		-		206		38		2,842		284		8,136
Depreciation and amortization		53,316		6,774		1,535		143		-		2,729		1,093		2,576		69		68,235
Allowance for doubtful accounts		-		-		-		-		-		-		-		29		5,394		5,423
Advertising, publicity and other selling expenses		26,152		-		-		-		-		-		-		-		4,961		31,113
Taxes, rates and contributions		18,520		378		1,210		805		-		106		59		1,867		30,375		53,320
Maintenance and repairs		58,199		4,145		3,840		847		-		6,221		188		5,770		199		79,409
Fees and payments for services		7,059		28,212		1,067		13		93		209		58		11,531		1,648		49,890
Director´s fees		-		-		-		-		-		-		-		34,197		-		34,197
Payroll and social security expenses		71,686		18,180		9,808		38		-		28,168		1,242		46,067		7,539		182,728
Cost of sale of properties		-		-		-		974		-		2,713		-		-		-		3,687
Food, beverage and lodging expenses		-		-		-		-		-		8,176		-		1,422		772		10,370
Changes in biological assets and agricultural produce		-		355,551		-		-		-		-		-		-		-		355,551
Supplies and labor		-		13,807		135,484		-		-		-		114		-		154		149,559
Freights		13		302		2,550		-		-		-		13		13		21,762		24,653
Bank commissions and expenses		-		888		5		1		-		925		-		1,660		1,201		4,680
Conditioning and clearance		-		-		-		-		-		-		-		-		5,524		5,524
Others		4,549		1,410		1,074		5		3		95		113		3,268		1,003		11,520
Total expenses by nature		243,283		429,961		156,873		3,189		96		49,548		2,918		111,242		80,885		1,077,995

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Expenses by nature (Continued)

For the three-month period ended as of September 30, 2012:

	Group costs
	Cost of property operations		Cost of agricultural sales and services		Cost of agriculture production		Cost of sale of trading properties		Cost from Consumer Financing		Cost from hotel operations		Other operative costs		General and administrative expenses		Selling expenses		Total
Leases, services charges and vacant property costs		7,114		277		226		498		-		136		33		580		314		9,178
Depreciation and amortization		45,248		11,990		1,301		-		-		3,304		884		4,508		286		67,521
Allowance for doubtful accounts		-		-		-		-		-		-		-		-		3,902		3,902
Advertising, publicity and other selling expenses		18,907		-		-		-		-		163		2		1		2,741		21,814
Taxes, rates and contributions		13,632		357		683		300		-		73		69		2,371		16,270		33,755
Maintenance and repairs		50,431		1,030		2,826		510		22		6,056		602		5,178		242		66,897
Fees and payments for services		6,849		20,959		1,066		19		234		178		33		10,856		1,730		41,924
Director´s fees		-		-		-		-		-		-		-		17,661		-		17,661
Payroll and social security expenses		53,737		13,026		8,131		62		2		22,048		1,222		31,382		4,960		134,570
Cost of sale of properties		-		-		-		1,890		-		-		-		-		-		1,890
Food, beverage and lodging expenses		-		-		-		-		-		7,365		-		589		155		8,109
Changes in biological assets and agricultural produce		-		119,160		4,396		-		-		-		-		-		-		123,556
Supplies and labor		-		140,168		60,323		-		-		-		389		-		2,027		202,907
Freights		22		63		1,317		-		-		29		15		60		19,822		21,328
Bank commissions and expenses		-		427		37		-		-		830		-		30		2,455		3,779
Conditioning and clearance		-		-		-		-		-		-		-		-		4,050		4,050
Others		2,254		5,142		2,081		9		-		347		218		3,659		1,473		15,183
Total expenses by nature		198,194		312,599		82,387		3,288		258		40,529		3,467		76,875		60,427		778,024

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

31.	Employee costs

	September 30, 2013		September 30, 2012
Salaries, bonuses and social security costs		173,348		131,418
Share-based payments		8,498		2,764
Pension costs – defined contribution plan		882		388
		182,728		134,570

32.	Other operating results

	September 30, 2013			September 30, 2012
Gain (loss) from commodity derivative financial instruments		8,970			(24,615	)
Gain from disposal of other property items		(8	)		239
Tax on personal assets		(4,350	)		(4,248	)
Management fee		(338	)		249
Contingencies		(4,792	)		(4,154	)
Donations		(2,871	)		(1,186	)
Project Analysis and Assessment		(1,176	)		(1,615	)
Unrecoverable VAT		(493	)		(109	)
Others		340			(1,385	)
Total other operating results, net		(4,718	)		(36,824	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

33.	Financial results, net

	September 30, 2013			September 30, 2012
Finance income:
- Interest income		16,788			7,341
- Foreign exchange gains		53,582			37,398
- Dividends income		3,061			6,657
- Gain from repurchase of Non-convertible Notes		-			42
- Others		61			(414	)
Finance income		73,492			51,024

Finance costs:
- Interest expense		(148,481	)		(114,465	)
- Foreign exchange losses		(289,528	)		(113,591	)
- Loss from repurchase of Non-convertible Notes		(14,271	)		-
- Other financial costs		(27,890	)		(14,930	)
Finance cost		(480,170	)		(242,986	)
Less Finance costs capitalized		6,390			775
Total financial costs		(473,780	)		(242,211	)
Other finance results:
- Fair value gains of financial assets at fair value through profit or loss		69,719			17,162
- (Loss) gain from derivative financial instruments (except commodities)		(3,082	)		603
- (Loss) gain on the revaluation of receivables arising from the sale of farmland		(761	)		4,890
Total other financial income		65,876			22,655
Total financial results, net		(334,412	)		(168,532	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

34.	Share-based payments

Established by the Company and subsidiaries

Equity Incentive Plan

The Group incurred in a charge of Ps. 7.7 million and Ps. 2.3 million for the three-month period ended September 30, 2013 and 2012, respectively, related to the awards granted under the Equity Incentive Plan.

Movements in the number of equity-settled options outstanding under the Equity Incentive Plan were as follows:

	September 30, 2013			June 30, 2013
At the beginning		3,232,474			1,671,666
Granted		2,299,448			1,566,060
Canceled		(58,380	)		(5,252	)
At the end		5,473,542			3,232,474

Established only by subsidiary undertakings

Brasilagro Stock Option Plan

For the three-month period ended September 30, 2013 and 2012, the Group incurred in a charge of Ps. 0.8 million and Ps. 0.5 million, respectively, related to the awards granted under the Brasilagro Stock Option Plan.

Movements in the number of equity-settled options outstanding under the Brasilagro Stock Option Plan were as follows:

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

34.	Share-based payments (Continued)

Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Brasilagro Stock Option Plan are as follows:

	September 30, 2013
	First tranche				Second tranche				Third tranche
	Exercise price		Options		Exercise price		Options		Exercise price		Options
At the beginning	R$	8.97		370,007	R$	8.25		315,479	R$	8.52		315,479
Granted		-		-		-		-		-		-
Forfeited		-		-		-		-		-		-
Exercised		-		-		-		-		-		-
Expired		-		-		-		-		-		-
At the end	R$	8.97		370,007	$	8.25		315,479	R$	8.52		315,479

	June 30, 2013
	First tranche				Second tranche				Third tranche
	Exercise price		Options		Exercise price		Options		Exercise price		Options
At the beginning	R$	8.97		370,007	R$	8.25		315,479	R$	8.52		315,479
Granted		-		-		-		-		-		-
Forfeited		-		-		-		-		-		-
Exercised		-		-		-		-		-		-
Expired		-		-		-		-		-		-
At the end	R$	8.97		370,007	R$	8.25		315,479	R$	8.52		315,479

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions

See description of the main transactions conducted with related parties in Note 39 to the consolidated financial statements as of June 30, 2013 and 2012.

The following is a summary of the balances with related parties as of September 30, 2013:

Related party	Description of transaction	Investments in Financial Assets Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current			Trade and other payables Current			Borrowings Non-current			Borrowings Current			Derivative financial instruments
Associates
Tarshop S.A.	Reimbursement of expenses		-		-		-		1,695		-			(1	)		-			-			-
	Leases and/or rights to use		-		-		-		-		(237	)		(153	)		-			-			-
New Lipstick LLC	Reimbursement of expenses		-		-		-		1,636		-			-			-			-			-
IRSA Developments LP	Capital contributions		-		-		-		-		-			(6	)		-			-			-
	Reimbursement of expenses		-		-		-		2		-			-			-			-			-
Lipstick Management LLC	Reimbursement of expenses		-		-		-		545		-			-			-			-			-
Agro-Uranga S.A	Dividends receivable		-		-		-		1,413		-			-			-			-			-
	Purchase – Sale of goods and/or services		-		-		-		-		-			(286	)		-			-			-
Agro Managers S.A.	Reimbursement of expenses		-		-		-		153		-			-			-			-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		-		-		-		-			(241	)		-			-			-
	Borrowings		-		-		-		-		-			-			(30,557	)		(14,746	)		-
	Mortgage bonds		-		594		-		-		-			-			-			-			-
	Foreign-currency contract		-		-		-		-		-			-			-			-			(600	)
	Leases and/or rights to use		-		-		-		1,855		-			-			-			-			-
Manibil S.A.	Other liabilities		-		-		-		-		-			(781	)		-			-
Total Associates			-		594		-		7,299		(237	)		(1,468	)		(30,557	)		(14,746	)		(600	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current		Trade and other payables Current		Borrowings Non-current			Borrowings Current		Derivative financial instruments
Joint Ventures
Cresca S.A.	Management fee		-		-		-		1,835		-		-		-			-		-
	Reimbursement of expenses		-		-		-		76		-		(168		-			-		-
	Financial operations		-		-		48,368		-		-		-		-			-		-
Puerto Retiro S.A.	Constributions to be paid in		-		-		-		101		-		-		-			-		-
	Reimbursement of expenses		-		-		-		188		-		-		-			-		-
	Financial operations		-		-		-		4,147		-		-		-			-		-
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		-		-		204		-		(51		-			-		-
	Leases and/or rights to use		-		-		-		-		-		(214		-			-		-
	Management fee		-		-		-		690		-		-		-			-		-
Baicom Networks S.A.	Management fee		-		-		-		5		-		-		-			-		-
	Constributions to be paid in		-		-		-		60		-		-		-			-		-
	Financial operations		-		-		1,033		-		-		-		-			-		-
	Reimbursement of expenses		-		-		-		17		-		(2		-			-		-
Quality Invest S.A.	Management fee		-		-		-		23		-		(45		-			-		-
	Reimbursement of expenses		-		-		-		81		-		-		-			-		-
Cyrsa S.A.	Financial operations		-		-		-		-		-		-		(104,356	)		-		-
	Reimbursement of expenses		-		-		-		113		-		(185		-			-		-
Boulevard Norte S.A.	Reimbursement of expenses		-		-		-		42		-		-		-			-		-
Total Joint Ventures			-		-		49,401		7,582		-		(665		(104,356	)		-		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current			Trade and other payables Current			Borrowings Non-current			Borrowings Current			Derivative financial instruments
Other Related Parties
Consultores Asset Management S.A. (CAMSA)	Advances to be recovered		-		-		-		9,342		-			-			-			-			-
	Reimbursement of expenses		-		-		-		2,549		-			(44	)		-			-			-
Estudio Zang, Bergel & Viñes	Sale of goods and/or services		-		-		-		53		-			-			-			-			-
	Legal services		-		-		-		10		-			(856	)		-			-			-
Fundación IRSA	Reimbursement of expenses		-		-		-		52		-			(1	)		-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		-		-		37,942		-			(4	)		-			-			-
	Reimbursement of expenses		-		-		-		7		-			-			-			-			-
Museo de los niños	Reimbursement of expenses		-		-		-		113		-			(5	)		-			-			-
	Leases and/or rights to use		-		-		-		885		-			(3	)		-			-			-
Elsztain Managing Partners	Management fee		-		-		-		-		-			(22	)		-			-			-
Dolphin Fund PLC	Capital contributions		446,753		-		-		-		-			-			-			-			-
	Reimbursement of expenses		-		-		-		133		-			-			-			-			-
Total Other related parties			446,753		-		-		51,086		-			(935	)		-			-			-
Directors and Senior Management
Directors and Senior Management	Management fee		-		-		-		5,955		(11,342	)		(11,486	)		-			-			-
	Director's fees provision		-		-		-		-		(479	)		(14,571	)		-			-			-
	Guarantee deposits		-		-		-		-		(20	)		-			-			-			-
	Reimbursement of expenses		-		-		-		328		-			(105	)		-			-			-
Total Directors and Senior Management			-		-		-		6,283		(11,841	)		(26,162	)		-			-			-
Total			446,753		594		49,401		72,25		(12,078	)		(29,23	)		(134,913	)		(14,746	)		(600	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

The following is a summary of the balances with related parties as of June 30, 2013:

Related party	Description of transaction	Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Associates
Tarshop S.A.	Reimbursement of expenses		-		-		1,759		-		(1	)		-			-
	Management fee		-		-		226		-		-			-			-
New Lipstick LLC	Reimbursement of expenses		-		-		1,525		-		-			-			-
IRSA Developments LP	Reimbursement of expenses		-		-		32		-		(5	)		-			-
Lipstick Management LLC	Reimbursement of expenses		-		-		507		-		-			-			-
Agro-Uranga S.A	Dividends receivable		-		-		1,471		-		-			-			-
	Sale of goods and/or services		-		-		708		-		(364	)		-			-
Agro Managers S.A.	Reimbursement of expenses		-		-		113		-		-			-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		-		298		-		(372	)		-			-
	Borrowings		-		-		-		-		-			(35,557	)		(9,738	)
	Non-convertible notes		5,135		-		-		-		-			-			-
	Mortgage bonds		540		-		-		-		-			-			-
	Leases and/or rights to use		-		-		11		-		-			-			-
Manibil S.A.	Other liabilities		-		-		-		-		(781	)		-			-
Total Associates			5,675		-		6,650		-		(1,523	)		35,557			(9,738	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35. Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current		Trade and other payables Current		Borrowings Non-current			Borrowings Current
Joint Ventures
Cresca S.A.	Management fee		-		-		1,693		-		-		-			-
	Reimbursement of expenses		-		-		49		-		(157		-			-
	Financial operations		-		41,746		-		-		-		-			-
Puerto Retiro S.A.	Constributions to be paid in		-		-		101		-		-		-			-
	Reimbursement of expenses		-		-		180		-		-		-			-
	Financial operations		-		-		3,916		-		-		-			-
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		-		275		-		(142		-			-
	Leases and/or rights to use		-		-		11		-		(261		-			-
	Management fee		-		-		629		-		-		-			-
Baicom Networks S.A.	Management fee		-		1,007		1		-		-		-			-
	Reimbursement of expenses		-		-		18		-		(2		-			-
Quality Invest S.A.	Management fee		-		-		46		-		(45		-			-
	Reimbursement of expenses		-		-		77		-		-		-			-
	Financial operations		-		-		500		-		-		-			-
Cyrsa S.A.	Financial operations		-		-		-		-		-		(98,327	)		-
	Reimbursement of expenses		-		-		6,039		-		(254		-			-
Boulevard Norte S.A.	Reimbursement of expenses		-		-		29		-		-		-			-
Total Joint Ventures			-		42,753		13,564		-		(861		(98,327	)		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current			Trade and other payables Current			Borrowings Non-current			Borrowings Current
Other related parties
Consultores Asset Management S.A. (CAMSA)	Management fee		-		-		9,342		-			-			-			-
	Reimbursement of expenses		-		-		2,659		-			(43	)		-			-
Estudio Zang, Bergel & Viñes	Sale of goods and/or services		-		-		60		-			-			-			-
	Legal services		-		-		22		-			(1,432	)		-			-
Fundación IRSA	Reimbursement of expenses		-		-		51		-			(2	)		-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		-		34,669		-			-			-			-
	Reimbursement of expenses		-		-		268		-			(3	)		-			-
Museo de los niños	Reimbursement of expenses		-		-		133		-			(11	)		-			-
	Leases and/or rights to use		-		-		928		-			(3	)		-			-
Elsztain Managing Partners Master	Reimbursement of expenses		-		-		-		-			(61	)		-			-
Elsztain Managing Partners Ltd.	Reimbursement of Capital		-		-		-		-			(105,326	)		-			-
Decater	Reimbursement of Capital		-		-		-		-			(6,661	)		-			-
Dolphin Fund PLC	Capital contributions		149,707		-		-		-			-			-			-
	Reimbursement of expenses		-		-		133		-			-			-			-
Total Other related parties			149,707		-		48,265		-			(113,542	)		-			-
Directors and Senior Management
Directors and Senior Management	Management fee		-		-		7,599		-			(11,754	)		-			-
	Advances		-		-		1,204		-			(1,746	)		-			-
	Guarantee deposits		-		-		-		(20	)		-			-			-
	Reimbursement of expenses		-		-		83		-			(98	)		-			-
Total Directors and Senior Management			-		-		8,886		(20	)		(13,598	)		-			-
Total			155,382		42,753		77,365		(20	)		(129,524	)		(133,884	)		(9,738	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

The following is a summary of the transactions with related parties for the three-month period ended as of September 30, 2013:

Related party	Leases and/or rights to use			Management fee			Sale of goods and/or services		Remuneration of Board of Directors and senior management			Legal services			Financial operations			Donations
Associates
Agro-Uranga S.A.		-			-			1,914		-			-			-			-
Tarshop S.A.		1,598			-			-		-			-			-			-
Banco Hipotecario S.A.		120			-			-		-			-			(676	)		-
Total Associates		1,718			-			1,914		-			-			(676	)		-
Joint Ventures
Cyrsa S.A.		-			-			-		-			-			(4,027	)		-
Cresca S.A.		-			14			-		-			-			1,135			-
Baicom Networks S.A.		-			3			-		-			-			28			-
Nuevo Puerto Santa Fe S.A.		(126	)		117			-		-			-			-			-
Puerto Retiro S.A.		-			-			-		-			-			231			-
Quality Invest S.A.		-			54			-		-			-			-			-
Canteras Natal Crespo S.A.		-			-			-		-			-			-			-
Total Joint Ventures		(126	)		188			-		-			-			(2,633	)		-
Other related parties
Inversiones Financieras del Sur S.A.		-			-			-		-			-			3,434			-
Fundación IRSA		-			-			-		-			-			-			(550	)
Estudio Zang, Bergel & Viñes		-			-			-		-			(745	)		-			-
Dolphin Fund PLC (i)		-			-			-		-			-			14,296			-
Hamonet S.A.		(83	)		-			-		-			-			-			-
Isaac Elzstain e Hijos S.C.A.		(157	)		-			-		-			-			-			-
Total Other related parties		(240	)		-			-		-			(745	)		17,730			(550	)
Directors and Senior Management
Directors and Senior Management		-			(14,851	)		-		(15,138	)		-			-			-
Total Directors and Senior Management		-			(14,851	)		-		(15,138	)		-			-			-
Total		1,352			(14,663	)		1,914		(15,138	)		(745	)		14,421			(550	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35. Related party transactions (Continued)

The following is a summary of the transactions with related parties for the three-month period ended as of September 30, 2012:

Related party	Leases and/or rights to use		Management fee			Sale of goods and/or services		Corporate services		Remuneration of Board of Directors and senior management		Legal services			Financial operations			Donations
Associates
Agro-Uranga S.A.		-		-			-		-		-		(488	)		-			-
Tarshop S.A.		1,915		76			-		-		-		-			-			-
Total Associates		1,915		76			-		-		-		(488	)		-			-
Joint Ventures
Cyrsa S.A.		6		-			-		-		-
Cresca S.A.		-		(492	)		-		-		-		-			1,031			-
Baicom Networks S.A.		-		-			-		3		-		-			22			-
Puerto Retiro S.A.		-		-			-		-		-		-			(82	)		-
Quality Invest S.A.		-		54			-		-		-		-			-			-
Canteras Natal Crespo S.A.		-		36			-		-		-		-			4			-
Total Joint Ventures		6		(402	)		-		3		-		-			975			-
Other related parties
Fundación IRSA		-		-			-		-		-		-			-			(1,662	)
Estudio Zang, Bergel & Viñes		-		281			-		-		-		(2,026	)		-			-
Dolphin Fund PLC (i)		-		-			-		-		-		-			-			-
Inversiones Financieras del Sur S.A.		-		-			-		-		-		-			(758	)		-
Total Other related parties		-		281			-		-		-		(2,026	)		(758	)		(1,662	)
Directors and Senior Management		-
Directors and Senior Management		-		(6,699	)		-		-		-		-			-			-
Total Directors and Senior Management		-		(6,699	)		-		-		-		-			-			-
Total		1,921		(6,744	)		-		3		-		(2,514	)		217			(1,662	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

36.	Negative working capital

At the end of the year, the Company carried a working capital deficit of Ps. 107,890 whose treatment is being considered by the Board of Directors and the respective Management.

37.	Subsequent events

Ordinary and Extraordinary Shareholders’ Meeting

On October 31, 2013, the Company’s Annual Shareholder’s Meeting for fiscal year ended June 30, 2013 was held at Bolívar 108, 1st Floor, City of Buenos Aires, in order to discuss and approve the following issues: (i) analysis of the provisions set forth in Ruling No. 609/ 2012 of the National Securities Commission (CNV) and setting up of a special reserve under Shareholder’s Equity, deciding that (a) a special reserve be set up under Shareholder’s Equity reflecting the positive difference between the balance at the beginning of retained earnings disclosed in the first financial statements prepared according to IFRS, and the balance at closing of retained earnings disclosed in the last financial statements prepared under the previously effective accounting standards, and (b) the amount of Ps. 34,781,400 be deducted from the “Special Reserve” to be reallocated to the Legal Reserve; (ii) the documents set forth in Section 234, subsection 1 of Act No. 19,550 for fiscal year ended June 30, 2013; (iii) the treatment and allocation of income/loss for the year ended June 30, 2013 to be offset against the “Special Reserve” balance; (iv) the partial reversal of the Reserve for New Developments to be applied to the payment of cash dividends for up to Ps. 120,000,000; delegating to the Board of Directors the payment of such dividends to shareholders within the effective statutory term, and the payment of such dividends to GDS holders; ratifying the dividend paid the prior year; (v) consideration of the Board of Director’s and Supervisory Committee’s performance; (vi) the Directors’ fees in the amount of Ps. 17,547,324; vii) fixing the number and electing permanent and alternate directors, and members of the Supervisory Committee; viii) the designation of Mr. Carlos Martin Barbafina, member of PriceWaterhouseCoopers, as the certifying accountant of the financial statements for the following fiscal year and determination of fees payable; (ix) the update of the share services contract report; (x) the approval of the amounts payable as shareholders’ tax on personal assets; (xi) the delegation of the Incentive Plan implementation to the Board of Directors, and approval of the final terms and conditions of the Program and Trust Agreement; (xii) the consideration of the renewed delegation to the Board of Directors of the authority to fix the timing, currency of issue and other terms and conditions of short-term debt securities pursuant to the decisions made at the Shareholder’s Meeting held on October 29, 2009 and October 31, 2011 to be issued for an outstanding amount that may not exceed at any time the equivalent in Argentine Pesos to US$ 30 million.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

37.	Subsequent events (Continued)

Sale of farmland

On October 17, 2013, the Group through its subsidiary Yuchán, signed a purchase-sale agreement involving a sale subject to retention of title involving 1,643 hectares of "La Fon Fon" for an overall amount of US$ 7 million. To date, the Company has collected US$ 0.2 million and the remaining balance will be paid in 7 semi-annual consecutive installments, being the last one in June 2017.

Issuance of Non-Convertible Notes - Class XV and XVI

Under the Plan approved by the Meeting of Shareholders for a maximum amount of US$ 300 million and authorized by the Argentine Securities and Exchange Commission on October 22, 2013, the Board of Directors approved on October 31, 2013 a Pricing Supplement for the issue of Series 8, Class XV and XVI simple (non-convertible) corporate notes. On November 5, 2013, the Securities Exchange Commission approved the Pricing Supplement and posted the related Subscription Notice. The dissemination period begins on November 6, 2013 and ends on November 12, 2013 and the auction will take place on November 13, 2013, in accordance with the Securities Exchange Commission's rules.

Below is a detail of the main features of the Corporate Notes:

-	Class XV to be issued in Argentine Pesos for a principal amount of up to Ps. 100 million, accruing interest at Badlar rate plus a margin to be tendered. Interest shall be paid on a quarterly basis. Principal will be repaid in 3 installments on the 18th, 21th and 24th months from the issue date.

Class XVI to be issued in US dollars (but to be paid in and settled in Argentine Pesos, at the applicable exchange rate) for a principal amount of up to the equivalent to Ps. 200 million, accruing interest at fixed rate of 1.50%, the price will be tendered in the auction and interest will be paid on a quarterly basis. Principal will be paid in 2 installments on the 54th and the 60th months from the issue date.

The total amount of the series may be increased up to the total authorized amount of the Program.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

37.	Subsequent events (Continued)

Forward operations

During October 2013, Alto Palermo S.A. and Banco Hipotecario S.A. carried out US-dollar forward transactions as per the following detail:

Buyer	Seller	Asset	Amount	Term Price		Date of Execution	Settlement
Alto Palermo S.A.	Banco Hipotecario S.A.	US$	5 million		6,420	10/01/2013	01/31/2014
Alto Palermo S.A.	Banco Hipotecario S.A.	US$	5 million		6,418	10/01/2013	01/31/2014

Repurchase plan involving common shares and GDS issued by IRSA

On October 15, 2013, IRSA’s Board of Directors approved a new increase to the maximum price, raising it to Ps.11.00 per common share and US$ 11.50 per GDS.

On October 22, 2013 IRSA’s Board of Directors approved a new increase to the maximum price, raising it to Ps.14.50 per common share and US$ 15.00 per GDS.

During October 2013, IRSA acquired 123,000 common shares (at a nominal value of Ps. 1 per share) for a total amount of Ps. 1.2 million and 62,079 GDS (representing 620,790 common shares) for a total amount of US$ 0.62 million.

Subscription Dolphin Fund Ltd. (“Dolphin”)

During the three-month period, the Group, through its subsidiaries Tyrus and Ritelco, subscribed shares of Dolphin for an amount of US$ 75 million. After September 30, 2013, trough Tyrus, the Group, subscribed shares of Dolphin for an amount of US$ 9 million, and has given a loan for an amount of US$ 6 million.

On November 3, 2013, Dolphin, along with other investors, made an offer to purchase up to a 45% interest in IDB Development Corporation (“IDBD”), an Israeli company, within the framework of a debt restructuring process that its controlling company, IDBH, is currently negotiating with creditors, pursuant to Israel’s applicable laws. Among other things, the process is subject to the approval of creditor’s committees and courts with competent jurisdiction over the matter.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

37.	Subsequent events (Continued)

Dolphin plans to invest the funds contributed by its shareholders in IDBD by subscribing shares issued by said company and by making a payment to IDBH’s creditors. As proof of Dolphin’s engagement in the restructuring process, Dolphin and other investors have set up an escrow account for up to US$ 75 million and, in order to submit its purchase offer, deposited US$ 20.6 million in escrow in favor of the competent Court.

IDBD controls certain Israeli and international companies, and is involved in several markets and industry sectors, including real estate, insurance, agribusiness, banks and financial sector, retail, new technologies, telecommunications, utilities and oil & gas production.

Subject to the latest judicial developments, the acquisition process is expected to conclude during the first quarter of 2014.

Free translation from the original prepared in Spanish for publication in Argentina

Limited Review Report

To the Shareholders, President and Board of Directors of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Legal address: Moreno 877 - 23° floor - Autonomous City of Buenos Aires

CUIT: 30-50930070-0

We have reviewed the accompanying unaudited condensed interim consolidated statement of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries as of September 30, 2013, and the related unaudited condensed interim consolidated statements of income and comprehensive income for the three-month period ended September 30, 2013, and the unaudited condensed interim consolidated statements of changes in shareholders’ equity and cash flows for the three-month period ended September 30, 2013 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2013 and the interim periods within that fiscal year are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.

The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The IFRS as issued by the International Accounting Standard Board (IASB) were adopted as accounting standards by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) and incorporated by the National Securities Commission (CNV) to its regulations. Therefore, the Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34). Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.

We conducted our review in accordance with Technical Resolution No. 7 issued by the FACPCE for a review of interim financial statements. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit, the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

4.	Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim consolidated financial statements have not been prepared in all material respects in accordance with IAS 34.

Free translation from the original prepared in Spanish for publication in Argentina

Limited Review Report (Continued)

5.	In accordance with current regulations, we hereby inform that :

the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria are recorded in the "Inventory and Balance Sheet Book" and carried in all formal respects in conformity with legal requirements, and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the National Securities Commission;

b)	the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal respects in accordance with applicable legal provisions;

we have read the Business Summary (“Reseña Informativa”) and the Additional Information to the notes to the unaudited condensed interim consolidated financial statements required by Article 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make;

d)	at September 30, 2013, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 7,024,038, which was not callable at that date.

Autonomous City of Buenos Aires, November 11, 2013

PRICE WATERHOUSE & Co. S.R.L.

(Partner)

C.P.C.E.C.A.B.A. Tº 1 Fº 17

Dr. Carlos Martín Barbafina

Public Accountant (U.C.A.)

C.P.C.E.C.A.B.A. Tº 175 Fº 65

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Financial Statements as of September 30, 2013 and for the three-month periods ended September 30, 2013 and 2012

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Financial Position

as of September 30, 2013 and June 30, 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	September 30, 2013			June 30, 2013
ASSETS
Non-current assets
Investment properties	7		23,608			25,838
Property, plant and equipment	8		398,971			387,987
Intangible assets	9		18,942			19,156
Biological assets	10		183,354			192,065
Investments in subsidiaries, associates and joint ventures	6		3,038,498			2,872,627
Deferred income tax assets	21		76,467			15,212
Income tax credit			72,067			67,752
Trade and other receivables	13		-			80,837
Investment in financial assets	14		21			21
Total Non-current assets			3,811,928			3,661,495
Current assets
Biological assets	10		51,803			82,769
Inventories	11		113,166			144,222
Income tax credit			1,774			1,938
Trade and other receivables	13		268,683			254,850
Investment in financial assets	14		152,437			148,715
Cash and cash equivalents	16		40,342			36,739
Total Current assets			628,205			669,233
TOTAL ASSETS			4,440,133			4,330,728
SHAREHOLDERS EQUITY
Share capital			496,562			496,562
Treasury stock……			5,001			5,001
Inflation adjustment of share capital and treasury stock			65,425			65,425
Share premium			773,079			773,079
Share warrants			106,264			106,264
Cumulative translation adjustment			73,874			2,284
Equity-settled compensation			13,917			8,345
Legal reserve			46,835			46,835
Reserve for new developments			337,065			337,065
Special reserve			695,628			695,628
Retained earnings			(124,371	)		(26,522	)
Acquisition of subsidiaries			(22,204	)		(21,996	)
TOTAL SHAREHOLDERS EQUITY			2,467,075			2,487,970
LIABILITIES
Non-current liabilities
Trade and other payables	17		1,887			1,499
Borrowings	20		847,637			1,152,328
Provisions	19		1,617			1,612
Total Non-current liabilities			851,141			1,155,439
Current Liabilities
Trade and other payables	17		150,191			108,136
Payroll and social security liabilities	18		31,555			36,440
Borrowings	20		939,564			542,733
Derivative financial instruments	15		599			-
Provisions	19		8			10
Total Current liabilities			1,121,917			687,319
TOTAL LIABILITIES			1,973,058			1,842,758
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES			4,440,133			4,330,728

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Income

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	September 30, 2013			September 30, 2012
Revenues	23		265,720			134,894
Costs	24		(299,764	)		(164,706	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest			50,975			56,211
Changes in the net realizable value of agricultural produce after harvest			(4,284	)		11,701
Gross profit			12,647			38,100
General and administrative expenses	25		(31,010	)		(14,682	)
Selling expenses	25		(32,793	)		(27,905	)
Other operating loss net	27		(3,217	)		(6,950	)
Loss from operations			(54,373	)		(11,437	)
Share of profit of subsidiaries, associates and joint ventures	6		18,490			25,386
(Loss) / profit before Financing and Taxation			(35,883	)		13,949
Finance income	28		12,163			8,767
Finance costs	28		(149,681	)		(58,854	)
Other financial results	28		14,297			(122	)
Financial results, net	28		(123,221	)		(50,209	)
Loss before Income tax			(159,104	)		(36,260	)
Income tax gain	21		61,255			19,742
Loss for the period			(97,849	)		(16,518	)


Loss per share for the period:
Basic			(0.20	)		(0.03	)
Diluted		(i) (0.20)			(i) (0.03)

(i) Due to the loss for the period, there is no diluted effect on this result.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Comprehensive Income

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	September 30, 2013			September 30, 2012
Loss for the period		(97,849	)		(16,518	)
Other Comprehensive Income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment from subsidiaries, associates and joint ventures		71,590			22,497
Other Comprehensive income for the period (i)		71,590			22,497
Total Comprehensive (loss) / income for the period		(26,259	)		5,979

(i) Items included in other comprehensive income do not generate any impact on the income tax.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital		Treasury Stock		Inflation Adjustment of Share Capital and Treasury Stock		Share Premium		Share Warrants		Subtotal		Acquisition of subsidiaries			Cumulative currency translation adjustment		Equity-settled compensation			Legal Reserve		Reserve for new developments		Special Reserve (1)		Retained Earnings			Total shareholders’ equity
Balance as of July 1, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(21,996	)		2,284		8,345			46,835		337,065		695,628		(26,522	)		2,487,970
Loss for the period		-		-		-		-		-		-		-			-		-			-		-		-		(97,849	)		(97,849	)
Other comprehensive income for the period		-		-		-		-		-		-		-			71,590		-			-		-		-		-			71,590
Total comprehensive income / (loss) for the period		-		-		-		-		-		-		-			71,590		-			-		-		-		(97,849	)		(26,259	)
Equity-settled compensation		-		-		-		-		-		-		-			-		5,860			-		-		-		-			5,860
Changes in interest in subsidiaries		-		-		-		-		-		-		(208	)		-		-			-		-		-		-			(208	)
Cancellation of Brasilagro warrants		-		-		-		-		-		-		-			-		(288	)		-		-		-		-			(288	)
Balance as of September 30, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(22,204	)		73,874		13,917			46,835		337,065		695,628		(124,371	)		2,467,075

(1) Corresponding to General Resolution 609/12 of the National Securities Commission. See Note 27 to the Unaudited Interim Consolidated Financial Statements.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital	Treasury Stock	Inflation Adjustment of Share Capital and Treasury Stock	Share Premium	Share Warrants	Subtotal	Acquisition of subsidiaries		Cumulative currency translation adjustment		Equity -settled compensation	Legal Reserve	Reserve for new developments	Retained Earnings		Total shareholders’ Equity
Balance as of July 1, 2012	496,562	5,001	166,218	773,079	106,263	1,547,123	(9,596	)	(81,939	)	4,540	42,922	389,202	666,611		2,558,863
Loss for the period	-	-	-	-	-	-	-		-		-	-	-	(16,518	)	(16,518	)
Other comprehensive income for the period	-	-	-	-	-	-	-		22,497		-	-	-			22,497
Total comprehensive income / (loss) for the period	-	-	-	-	-	-	-		22,497		-	-	-	(16,518	)	5,979
Acquisition of subsidiaries	-	-	-	-	-	-	2,103		-		-	-	-	-		2,103
Equity-settled compensation	-	-	-	-	-	-	-		-		1,823	-	-	-		1,823
Exercise of warrants	-	-	-	-	1	1	-		-		-	-	-	-		1
Balance as of September 30, 2012	496,562	5,001	166,218	773,079	106,264	1,547,124	(7,493	)	(59,442	)	6,363	42,922	389,202	650,093		2,568,769

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Cash Flows

for the three-month periods ended September 30, 2013 and 2012

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	September 30, 2013			September 30, 2012
Operating activities:
Cash provided by operations	15		71,179			12,034
Income tax paid			-			-
Net cash provided by operating activities			71,179			12,034
Investing activities:
Acquisition of subsidiaries, associates and joint ventures	4		-			(5,694	)
Capital contribution to subsidiaries, associates and joint ventures	6		(3,918	)		(20,397	)
Proceeds from sale of companies			274			-
Purchases of investment properties	7		(878	)		(441	)
Proceeds from sale of investment properties			64			-
Purchases of property, plant and equipment	8		(11,092	)		(13,308	)
Proceeds from sale of property, plant and equipment			633			-
Purchase of intangible assets	9		(17	)		-
Payment of investment in financial assets			(125,326	)		-
Proceeds from disposals of Investment in financial assets			136,500			928
Loans granted to subsidiaries, associates and joint ventures			(14,280	)		(18,245	)
Loans repayments received from subsidiaries, associates and joint ventures			734			29,192
Dividends received			2,738			-
Net cash used in investing activities			(14,568	)		(27,965	)
Financing activities:
Proceeds from issuance of non-convertible notes			-			142,168
Payment of non-convertible notes			(53,651	)		(96,904	)
Proceeds from borrowings			72,655			72,338
Repayments of borrowings			(22,368	)		(71,851	)
Proceeds from borrowings from subsidiaries, associates and joint ventures			-			-
Payments of borrowings from subsidiaries, associates and joint ventures			(186	)		-
Payments of warrants			(288	)		-
Proceeds from warrants			-			1
Payment of seller financing			(48	)		(44	)
Interest paid			(50,268	)		(32,425	)
Net Cash flows (used in) provided by financing activities			(54,154	)		13,283
Net increase (decrease) in cash and cash equivalents			2,457			(2,648	)
Cash and cash equivalents at beginning of period	15		36,739			8,194
Foreign exchange gain on cash and cash equivalents			1,146			18
Cash and cash equivalents at end of period			40,342			5,564

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Alejandro G. Elsztain
		Alejandro G. Elsztain
		Vice- President II acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

1.	General information

1.1	The Company’s business and general information

Cresud is a company organized and domiciled in the Republic of Argentina. The address of its registered office is Moreno 877, 23rd Floor, Buenos Aires, Argentina.

These Unaudited Condensed Interim Separate Financial Statements have been approved for issue by the Board of Directors on November 11, 2013.

2.	Basis of preparation of the Unaudited Condensed Interim Separate Financial Statement

2.1. Basis of preparation

These Unaudited Condensed Interim Separate Financial Statements of the Company have been prepared in accordance with Technical Resolutions No. 26 (RT 26) of Argentine Federation of Professional Councils of Economic Sciences (“F.A.C.P.C.E.”, as per its Spanish acronym) and IAS 34 “Interim Financial Reporting”.

These Unaudited Condensed Interim Separate Financial Statements should be read together with the annual Separate Financial Statements of the Company as of June 30, 2013. These Unaudited Condensed Interim Separate Financial Statements are expressed in thousands of Argentine Pesos.

The Unaudited Condensed Interim Separate Financial Statements for the three-month periods ended September 30, 2013 and 2012 have not been audited. The Company´s management believes they include all necessary adjustments to fairly present the results of each period. Results for the three-month periods ended September 30, 2013 and 2012 do not necessarily reflect proportionally the Company’s results for the complete fiscal years.

2.2.	Significant accounting policies

The accounting policies applied in the preparation of these Unaudited Condensed Interim Separate Financial Statements are consistent with those applied in the preparation of the information under RT 26 as of June 30, 2013. Most significant accounting policies are described in Note 2 to the annual Consolidated Financial Statements.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

2.	Basis of preparation of the Unaudited Condensed Interim Separate Financial Statement (Continued)

2.3.	Use of estimates

In the preparation of these Unaudited Condensed Interim Separate Financial Statements, the significant judgments made by Management in applying the Company’s accounting policies and the main sources of uncertainty were the same applied by the Company in the preparation of the annual financial statements relative to the year ended June 30, 2013, except for changes in accrued income tax, provision for legal claims and allowance for doubtful accounts.

3.	Seasonal effects on operations

The operations of the Company are also subject to seasonal effects. The harvests and sale of grains (corn, soybean and sunflower) generally take place between February and June every year. Wheat is generally harvested between November and January. However, milk production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results across quarters.

4.	Acquisitions and disposals

On September 30, 2013, the Company sold receivables due from Agropecuaria Acres de Sud S.A., Yuchán Agropecuaria S.A., Yatay Agropecuaria S.A. and Ombú Agropecuaria S.A. to Doneldon, for a total amount of US$ 12.4 million, which were capitalized on that same date.

See summary of acquisition and additional disposal of the Company for the three-month period ended September 30, 2013 in Note 4 to Unaudited Condensed Interim Consolidated Financial Statements.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

5.	Financial risk management and fair value estimates

5.1.	Financial risk

The Company’s activities are exposed to several financial risks, namely: market risk (including exchange rate risk, interest rate risk and price risk), credit risk, liquidity risk and capital risk.

Note 5 to the annual Consolidated Financial Statements provide information on financial risk management as of June 30, 2013 and 2012 and July 1, 2011. Since June 30, 2013 there have been no changes in the risk management or risk management policies applied by the Company.

5.2. Fair value estimates

Since June 30, 2013 there have been no significant changes in business or economic circumstances affecting the fair value of the Company's financial assets or liabilities (either measured at fair value or amortized cost). Nor there have been transfers between the several tiers used in estimating the fair value of the Company’s financial instruments, or reclassifications among their respective categories.

6.	Information about principal subsidiaries, associates and joint ventures

The Company conducts its business through several operating and holding subsidiaries, associates and joint ventures.

Set out below are the changes in Company’s investment in subsidiaries, associates and joint ventures for the three-month period ended September 30, 2013 and for the fiscal year ended June 30, 2013:

	September 30, 2013			June 30, 2013
Beginning of the period / year		2,872,627			2,656,655
Acquisition of subsidiaries		(229	)		(7,521	)
Capital contribution		76,334			109,504
Disposal of subsidiaries		(255	)		(1,192	)
Share of profit, net		18,490			131,953
Cumulative translation adjustments		71,590			100,778
Equity- settled compensation		4,052			4,886
Dividend paid		(4,111	)		(122,819	)
Reimbursement of expired dividends		-			383
End of the period / year		3,038,498			2,872,627

See changes in Company’s investment in associates and joint ventures for the three-month periods ended September 30, 2013 and 2012 in Notes 8 and 9 to the Unaudited Condensed Interim Consolidated Financial Statements.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

7.	Investment properties

Changes in Company’s investment properties for the three-month period ended September 30, 2013 and for the fiscal year ended as of June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		25,838			15,995
Additions		878			2,532
Reclassifications of Property, plant and equipment		(2,932	)		8,579
Disposals		(64	)		(907	)
Depreciation charge (i)		(112	)		(361	)
End of the period / year		23,608			25,838

(i)	Depreciation charges of investment property were included in “Costs” in the Statement of Income (Note 24).

The following amounts have been recognized in the statement of income:

		September 30, 2013				September 30, 2012
Rental and service income			2,102				6,079

8.	Property, plant and equipment

Changes in Company’s property, plant and equipment ("PPE") for the three-month period ended September 30, 2013 and for the fiscal year ended as of June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		387,987			360,329
Additions		11,092			51,535
Reclassifications to investment properties		2,932			(8,579	)
Disposals		(640	)		(7,016	)
Depreciation charge (i) (Note 25)		(2,400	)		(8,282	)
End of the period / year		398,971			387,987

(i)

For the three-month period ended as of September 30, 2013, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 143 under the line item “General and administrative expenses” and Ps. 11 under the line item “Selling expenses” and Ps. 2,246 under the line item “Cost” in the Statement of Income. For the fiscal year ended June 30, 2013, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 436 under the line item “General and administrative expenses” and Ps. 7,846 under the line item “Cost” in the Statement of Income.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

9.	Intangible assets

Changes in Company’s intangible assets for the three-month period ended September 30, 2013 and for the fiscal year ended June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		19,156			20,151
Additions		17			57
Amortization charge (i)		(231	)		(1,052	)
End of the period / year		18,942			19,156

(i)	Amortization charges are included in “General and administrative expenses” in the Statement of Income. There is no impairment charges for any of the periods presented.

10.	Biological assets

Changes in Company’s biological assets for the three-month period ended as of September 30, 2013 and for the fiscal year ended as of June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Beginning of the period / year		274,834			249,180
Increase due to purchases		-			712
Initial recognition and changes in the fair value of biological assets		39,896			350,846
Decrease due to harvest		(51,016	)		(260,704	)
Decrease due to sales		(28,334	)		(63,969	)
Decrease due to consumption		(223	)		(1,231	)
End of the period / year		235,157			274,834

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

10. Biological assets (Continued)

Biological assets as of September 30, 2013 and June 30, 2013 were as follows:

	Classification	September 30, 2013		June 30, 2013
Non-current
Cattle for dairy production	Production		27,817		27,957
Breeding cattle	Production		146,938		155,058
Other cattle	Production		5,981		6,320
Others biological assets	Production		2,618		2,730
Non-current biological assets			183,354		192,065
Current
Cattle for dairy production	Consumable		118		177
Breeding cattle	Consumable		32,121		40,692
Crops	Consumable		18,949		41,150
Other cattle	Consumable		615		750
Current biological assets			51,803		82,769
Total biological assets			235,157		274,834

11.	Inventories

Company’s inventories as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Current
Crops		18,305		74,929
Materials and inputs		78,585		46,998
Seeds and fodders		16,276		22,295
Total inventories		113,166		144,222

As of September 30, 2013 and June 30, 2013 the cost of inventories recognized as expense amounted to Ps. 193,259 and Ps. 343,505, respectively and they have been included in “Costs”.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

12.	Financial instruments by category

Determining fair values

See determination of the fair value of the Company in Note 16 to the Unaudited Consolidated Financial Statements.

The following tables present the Company’s financial assets and financial liabilities that are measured at fair value as of September 30, 2013 and June 30, 2013 and their allocation to the fair value hierarchy:

Determining fair values

	September 30, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Mutual funds		128,237		-		-		128,237
- Shares		-		21		-		21
- Corporate bonds		24,200		-		-		24,200
Cash and cash equivalents		112		-		-		112
Total assets		152,549		21		-		152,570
Liabilities
- Interest-rate swaps		-		599		-		599
Total liabilities		-		599		-		599

	June 30, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Mutual funds		127,235		-		-		127,235
- Shares		-		21		-		21
- Corporate bonds		21,480		-		-		21,480
Cash and cash equivalents		160		-		-		161
Total assets		148,875		21		-		148,897

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

13.	Trade and other receivables

Company’s trade and other receivables as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013			June 30, 2013
Non-current
VAT receivables		-			7,202
Non-current other receivables		-			7,202
Related parties (Note 30)		-			73,635
Non-current trade and other receivables		-			80,837
Current
Receivables from sale of agricultural products and services		73,818			51,427
Deferred checks received		7,043			11,101
Debtors under legal proceedings		281			281
Less: allowance for doubtful accounts		(689	)		(415	)
Trade receivables		80,453			62,394
Prepayments		22,535			23,686
VAT receivables		14,553			5,905
Gross sales tax credit		2,602			1,904
Other tax receivables		1,908			951
Advance payments		1,244			133
Expenses and services to recover		4,125			3,522
Others		4,604			17,851
Current other receivables		51,571			53,952
Related parties (Note 30)		136,659			138,504
Current trade and other receivables		268,683			254,850
Total trade and other receivables		268,683			335,687

The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature.

Movements on the Company’s allowance for doubtful accounts are as follows:

	September 30, 2013		June 30, 2013
Beginning of the period / year		415		474
Additions		274		38
Unused amounts reversed / uses		-		(97	)
End of the period / year		689		415

The creation and release of provision for impaired receivables have been included in “Selling expenses” in the statement of income (Note 25). Amounts charged to the provision account are generally written off when there is no expectation of recovering additional cash.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

14.	Investment in financial assets

Company’s investments in financial assets as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Non-current
Shares		21		21
Total non-Current financial assets		21		21

Current
Corporate bonds		24,200		21,480
Mutual funds		128,237		127,235
Total current financial assets		152,437		148,715
Total Investment in financial assets		152,458		148,736

15.	Derivative financial instruments

Derivative financial instruments of the Company as of September 30, 2013 and June 30, 2013 are as follows:

	September 30, 2013		June 30, 2013
Liabilities
Current
Swaps		599		-
Total current liabilities		599		-
Total liabilities		599		-

16.	Cash flow information

The following table shows the amounts of cash and cash equivalents as of September 30, 2013 and June 30, 2013:

	September 30, 2013		June 30, 2013
Cash at bank and on hand		26,203		8,504
Short-term bank deposits		14,027		28,074
Mutual funds		112		161
Total cash and cash equivalents		40,342		36,739

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Cash flow information (Continued)

Following is a detailed description of cash flows used in the Company’s operations for the three-month period ended September 30, 2013 and 2012.

	September 30, 2013			September 30, 2012
Loss for the period		(97,849	)		(16,518	)
Adjustments for:
Income tax expense		(61,255	)		(19,742	)
Depreciation		2,512			2,095
Amortization		231			248
Gain from disposal of property, plant and equipment		21			(112	)
Share-based payments		1,808			557
Release of investment property and property, plant and equipment		-			242
Unrealized loss on derivative financial instruments		1,513			2,279
Changes in the fair value of financial assets at fair value through profit or loss		(14,896	)		(47	)
Accrued interest, net		41,149			24,762
Unrealized initial recognition and changes in the fair value of biological assets and agricultural produce		(31,360	)		(26,962	)
Changes in the net realizable value of agricultural produce after harvest		4,284			(11,701	)
Provisions		2,720			2,872
Share of (profit) / loss of Investment in subsidiaries, associates and joint ventures		(18,490	)		(25,386	)
Unrealized foreign exchange loss, net		98,436			26,036
Changes in operating assets and liabilities:
Decrease / (Increase) in biological assets		71,040			(4,344	)
Decrease in inventories		26,772			61,737
Decrease in trade and other receivables		14,578			16,694
Increase in derivative financial instruments		(914	)		(2,619	)
Decrease in trade and other payables		35,763			(7,731	)
Decrease in payroll and social security liabilities		(4,884	)		(10,326	)
Net cash generated from operating activities before income tax paid		71,179			12,034

The following table shows a detail of non-cash transaction occurred for the three-month period ended as of September 30, 2013 and 2012:

	September 30, 2013			September 30, 2012
Non-cash activities
Unpaid dividends		(1,373	)		-
Increase of interest in subsidiaries, associates and joint venture by exchange differences on translating foreign operations		(71,588	)		(22,498	)
Decrease of interest in subsidiaries, associates and joint ventures through an increase in trade and other receivables		(476	)		-
Increase of interest in subsidiaries, associates and joint ventures through a decrease in trade and other receivables		71,941			-
Equity- settled compensation		4,052			1,265
Transfers of property, plant and equipment to investment properties		2,932			(6,502	)
Decrease in biological assets due to harvest		-			(50,725	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

17.	Trade and other payables

The detail of the Company’s trade and other payables as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Tax on shareholders’ personal assets		1,399		1,476
Others		9		23
Total non-current other payables		1,408		1,499
Related parties (Note 30)		479		-
Total non-current trade and other payables		1,887		1,499
Current
Trade payables		78,066		39,517
Provisions		27,624		43,126
Total current trade payables		105,690		82,643
Guarantee deposits		2,212		7,503
Gross sales tax payable		710		1,389
Tax amnesty plan for payable taxes		309		310
Withholdings tax		10,000		6,979
MPIT		2,243		-
Tax on shareholders’ personal assets		5,925		-
Others		545		3,503
Total current other payables		21,944		19,684
Related parties (Note 30)		22,557		5,809
Total current trade and other payables		150,191		108,136
Total trade and other payables		152,078		109,635

The values of current trade and other payables approximate their respective carrying amounts due to their short-term nature.

18.	Payroll and social security liabilities

The detail of the Company’s salaries and social security liabilities as of September 30, 2013 and June 30, 2013 were as follows:

	September 30, 2013		June 30, 2013
Current
Provision for vacation and bonuses		17,373		27,835
Social security payable		13,469		8,530
Salaries payable		309		-
Others		404		75
Current payroll and social security liabilities		31,555		36,440
Total payroll and social security liabilities		31,555		36,440

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

19.	Provisions

The table below shows the movements in Company's provisions for other liabilities categorized by type of provision:

	Labor, legal and other claims			Tax and social security			Total
As of June 30, 2012		1,572			5			1,577
Additions		114			-			114
Used during period		(69	)		-			(69	)
As of June 30, 2013		1,617			5			1,622
Additions		6			-			6
Used during period		-			(3	)		(3	)
As of September 30, 2013		1,623			2			1,625

The analysis of total provisions was as follows:

	September 30, 2013		June 30, 2013
Non-current		1,617		1,612
Current		8		10
		1,625		1,622

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

20.	Borrowings

The detail of the Company’s borrowings as of September 30, 2013 and June 30, 2013 were as follows:

Value as of

Secured/ unsecured

Currency

Fixed/ Floating

Effective interest rate %

Nominal Value (in millions)

September 30,

2013

June 30,

2013

Non-current

CRESUD NCN Class VIII due 2014

Unsecured

US$

Fixed

7.50 %'

322,925

CRESUD NCN Class XI due 2015 (i)

Unsecured

Ps.

Floating

Badlar + 375 bps

80.5

53,495

53,415

CRESUD NCN Class XII due 2014 (iii)

Unsecured

Ps.

Floating

Badlar + 410 bps

102

33,959

67,819

CRESUD NCN Class XIII due 2015 (iii)

Unsecured

US$

Fixed

1.90 %'

458,544

425,658

CRESUD NCN Class XIV due 2018 (iii)

Unsecured

US$

Fixed

1.50 %'

184,134

171,084

Loan from Banco Ciudad

Unsecured

US$

Floating

Libor + 300 bps o 6% (the higher)

83,648

77,780

Loan from Banco de La Pampa

Unsecured

Ps.

Floating

Rate Survey PF 30-59 days

20,000

19,784

Loan from Banco de la Provincia de Buenos Aires

Unsecured

Ps.

Fixed

15.01%'

21.2

13,572

13,543

Finance lease obligations

Secured

US$

Fixed

7.50%'

285

320

Non-current borrowings

847,637

1,152,328

							Value as of
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal Value (in millions)		September 30, 2013			June 30, 2013
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.5%		60		347,765			6,074
CRESUD NCN Class IX due 2014 (ii)	Unsecured	Ps.	Floating	Badlar + 300 bps		53.7		53,726			107,344
CRESUD NCN Class X due 2014 (iii)	Unsecured	US$	Fixed	7.75%		31.5		182,339			169,338
CRESUD NCN Class X – 2nd tranche due 2014	Unsecured	US$	Fixed	7.75%		30		175,185			163,477
CRESUD NCN Class XI due 2015 (iv)	Unsecured	Ps.	Floating	Badlar + 375 bps		80.5		26,727			26,752
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps		102		69,379			35,083
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90 %		79		(1,907	)		(1,954	)
CRESUD NCN Class XIV due 2018 (iii)	Unsecured	US$	Fixed	1.50 %		32		(55	)		(74	)
Loan from Banco Ciudad	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)		15		5,449			6,266
Loan from Banco de La Pampa	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days		20		164			893
Loan from Banco de la Provincia de Buenos Aires	Unsecured	Ps.	Fixed	15.01%		21.2		7,684			6,895
Finance lease obligations	Secured	US$	Fixed	10.75%		-		230			217
Bank overdrafts	Unsecured	Ps.	Fixed	-		-		72,878			22,422
Current borrowings								939,564			542,733
Total borrowings								1,787,201			1,695,061

(i) Includes an outstanding balance of Ps. 5,040 and Ps. 8,960 with ERSA and PAMSA, respectively, as of 09/30/13 and 06/30/13.

(ii) Includes an outstanding balance of Ps. 1,084 and Ps. 1,928 with ERSA and PAMSA, respectively, as of 09/30/13. Includes an outstanding balance of Ps. 2,170 and Ps. 3,858 with ERSA and PAMSA, respectively, as of 06/30/13.

(iii) Includes an outstanding balance of Ps. 3,791 with ERSA as of 09/30/13 and a balance of Ps. 3,528 with ERSA as of 06/30/13.

(iv) It includes an outstanding balance of Ps. 2,551 and Ps. 4,535 with ERSA and PAMSA, respectively as of 09/30/13. Includes an outstanding balance of Ps. 2,556 and Ps. 4,544 with ERSA and PAMSA, respectively, as of 06/30/13.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

20.	Borrowings (Continued)

The fair value of current borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values of non-current borrowings (excluding finance leases) were as follows:

	September 30, 2013		June 30, 2013
CRESUD Class VIII NCN due 2014		-		330,873
CRESUD Class XI NCN due 2015		53,495		80,502
CRESUD Class XII NCN due 2015		33,959		102,073
CRESUD Class XIII NCN due 2015		458,544		429,071
CRESUD Class XIV NCN due 2018		184,391		172,692
Long-term loans		124,610		126,564
Total		854,999		1,241,775

21.

Taxation

The details of the provision for the Company’s income tax were as follows:

	September 30, 2013		September 30, 2012
Deferred income tax		61,255		19,742
Income tax gain		61,255		19,742

The gross movement on the deferred income tax account was as follows:

	September 30, 2013		June 30, 2013
Beginning of period / year		15,212		(61,025	)
Charged to statement of income		61,255		76,237
End of period/year		76,467		15,212

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

21.	Taxation (Continued)

The Company´s income tax expense charge differs from the theoretical amount that would arise using the weighted average tax rate applicable to Company´s profit before tax as follows:

	September 30, 2013			September 30, 2012
Tax calculated at the tax applicable tax rate in effect		55,686			12,691
Tax effect of:
Share of profit of subsidiaries, associates and joint ventures		6,471			8,886
Tax on personal assets		(949	)		(1,057	)
Others		47			(778	)
Income tax expense		61,255			19,742

22.	Shareholders' Equity

Special Reserve

Dividends

Cash dividends for the year ended June 30, 2013 for an amount of up to Ps. 120 million have been approved at the annual general ordinary and extraordinary shareholders’ meeting on October 31, 2013. See Note 37 to the Unaudited Condensed Interim Consolidated Financial Statements

23.

Revenues

	September 30, 2013		September 30, 2012
Crops		220,491		102,407
Cattle		30,885		17,793
Milk		11,763		8,581
Supplies		457		11
Leases		2,102		6,079
Agricultural services		22		23
Total revenue		265,720		134,894

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

24.

Costs

	September 30, 2013		September 30, 2012
Crops		218,445		113,682
Cattle		55,503		30,529
Milk		22,895		17,019
Agricultural services		639		994
Leases		515		826
Supplies		4		10
Other costs		1,763		1,646
Total costs		299,764		164,706

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

25.	Expenses by nature

For the three-month period ended as of September 30, 2013:

	Costs
	Cost of sale and agricultural services		Cost of agricultural production		Other agricultural operating costs		General and administrative expenses		Selling expenses		Total
Supplies and labor		-		57,004		114		-		-		57,118
Leases, expenses and vacant property costs		-		265		38		680		37		1,020
Amortization and depreciation		16		1,322		1,093		368		15		2,814
Doubtful accounts		-		-		-		-		274		274
Changes in biological assets and agricultural produce		220,901		-		-		-		-		220,901
Advertising, publicity and other selling expenses		-		-		-		-		72		72
Maintenance and repairs		28		2,485		188		556		16		3,273
Payroll and social security expenses		495		9,074		1,241		11,962		916		23,688
Fees and payments for services		-		1,012		58		969		72		2,111
Freights		-		2,224		13		1		18,244		20,482
Commissions		-		146		-		-		781		927
Conditioning and clearance		-		-		-		-		5,264		5,264
Directors' fees		-		-		-		15,216		-		15,216
Taxes, rates and contributions		-		1,007		59		116		7,055		8,237
Others		5		863		113		1,142		47		2,170
Total expenses by nature		221,445		75,402		2,917		31,010		32,793		363,567

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

25.	Expenses by nature (Continued)

For the three-month period ended as of September 30, 2012:

	Costs
	Cost of sale and agricultural services		Cost of agricultural production		Other agricultural operating costs		General and administrative expenses		Selling expenses			Total
Supplies and labor		9		39,082		389		-		-			39,480
Leases, expenses and vacant property costs		-		226		34		572		43			875
Amortization and depreciation		15		1,106		884		330		8			2,343
Doubtful accounts		-		-		-		-		(65	)		(65	)
Changes in biological assets and agricultural produce		106,329		-		-		-		-			106,329
Advertising, publicity and other selling expenses		-		-		2		-		142			144
Maintenance and repairs		27		2,420		602		666		26			3,741
Payroll and social security expenses		85		7,659		1,221		9,256		856			19,077
Fees and payments for services		-		907		33		1,115		201			2,256
Freights		-		1,148		14		-		17,882			19,044
Commissions		-		37		-		-		536			573
Conditioning and clearance		-		-		-		-		3,561			3,561
Directors' fees		-		-		-		683		-			683
Taxes, rates and contributions		-		683		69		48		3,998			4,798
Others		-		1,507		218		2,012		717			4,454
Total expenses by nature		106,465		54,775		3,466		14,682		27,905			207,293

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

26.	Employee costs

	September 30, 2013		September 30, 2012
Salaries, bonuses and social security costs		20,465		17,397
Other benefits and expenses		1,362		1,003
Share-based payments		1,808		557
Pension costs – defined contribution plan		53		120
		23,688		19,077

27.	Other operating losses, net

	September 30, 2013			September 30, 2012
Management fee		14			516
Gain (loss) from commodity derivative financial instruments		807			(4,281	)
(Loss) gain from disposal of property, plant and equipment		(21	)		112
Tax on shareholders personal assets		(2,712	)		(3,019	)
Donations		(113	)		(85	)
Project analysis and assessment		(711	)		-
Others		(481	)		(193	)
Total other operating expense, net		(3,217	)		(6,950	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

28.	Financial results, net

	September 30, 2013			September 30, 2012
Finance income:
- Interest income		3,342			3,112
- Foreign exchange gains		8,821			5,655
Finance income		12,163			8,767

Finance costs:
- Interest expense		(44,491	)		(27,874	)
- Foreign exchange losses		(102,590	)		(27,164	)
- Other finance costs		(2,600	)		(3,816	)
Finance costs		(149,681	)		(58,854	)
Other finance results:
- Fair value gains of financial assets at fair value through profit or loss		14,896			(86	)
- Loss of derivative financial instruments (except commodities)		(599	)		(36	)
Total other finance results		14,297			(122	)
Total financial results, net		(123,221	)		(50,209	)

29.	Share-based payments

See Note 28 to the Unaudited Condensed Interim Consolidated Financial Statements as of September 30, 2013 and 2012.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions

See description of the main transactions conducted with related parties in Note 39 to the Consolidated Financial Statements as of June 30, 2013 and 2012.

The following is a summary of the balances with related parties as of September 30, 2013:

Related party	Description of transaction	Trade and other receivables Current		Trade and other payables Non-current		Trade and other payables Current			Borrowings Non-current		Borrowings Current
Subsidiaries
IRSA Inversiones y Representaciones S.A.	Corporate services		4,788		-		-			-		-
	Share-based payments		-		-		(559	)		-		-
	Sale of goods and/or services		-		-		(701	)		-		-
	Reimbursement of expenses		1,461		-		-			-		-
BrasilAgro	Reimbursement of expenses		466		-		-			-		-
	Dividends receivable		1,891		-		-			-		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Reimbursement of expenses		32		-		-			-		-
	Sale of goods and/or services		8,337		-		-			-		-
Helmir S.A.	Financial operations		21,510		-		-			-		-
Ombú Agropecuaria S.A.	Management fee		844		-		-			-		-
FyO Trading S.A.	Reimbursement of expenses		4		-		-			-		-
Agropecuaria Acres del Sud S.A.	Management fee		1,919		-		-			-		-
	Reimbursement of expenses		140		-		-			-		-
Agrotech S.A.	Reimbursement of expenses		71		-		-			-		-
Cactus Argentina S.A.	Reimbursement of expenses		152		-		-			-		-
	Financial operations		1,592		-		-			-		-
	Leases		3		-		-			-		-
	Purchase-Sale of goods and/or services		-		-		(5,370	)		-		-
	Management fee		19		-		-			-		-
Yatay Agropecuaria S.A.	Management fee		844		-		-			-		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Yuchán Agropecuaria S.A.	Management fee		844		-		-			-			-
Futuros y Opciones.Com S.A.	Reimbursement of expenses		89		-		-			-			-
	Purchase-Sale of goods and/or services		12,370		-		(194	)		-			-
Total Subsidiaries			57,376		-		(6,824	)		-			-

Associates
Agro Managers S.A.	Reimbursement of expenses		153		-		-			-			-
Agro-Uranga S.A.	Dividends receivables		1,413		-		-			-			-
	Purchase-Sale of goods and/or services		-		-		(215	)		-			-
Total Associates			1,566		-		(215	)		-			-

Joint Ventures
Cresca S.A.	Reimbursement of expenses		76		-		(168	)		-			-
	Management fee		1,835		-		-			-			-
Total Joint Ventures			1,911		-		(168	)		-			-

Subsidiaries of the subsidiaries
Nuevo Puerto Santa Fe	Reimbursement of expenses		-		-		(1	)		-			-
Alto Palermo S.A.	Reimbursement of expenses		10,825		-		-			-			-
	Share-based payments		-		-		(538	)		-			-
	Corporate services		17,749		-		-			-			-
Emprendimiento Recoleta S.A.	Reimbursement of expenses		-		-		(7	)		-			-
	Non-convertible Notes		-		-		-			(5,040	)		(7,426	)
E-Commerce Latina S.A.	Reimbursement of expenses		33		-		-			-			-
Panamerican Mall S.A.	Reimbursement of expenses		19		-		-			-			-
	Non-convertible Notes		-		-		-			(8,960	)		(6,463	)
Fibesa S.A.	Reimbursement of expenses		2		-		-			-			-
Total Subsidiaries of the subsidiaries			28,628		-		(546	)		(14,000	)		(13,889	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Trade and other receivables Current		Trade and other payables Non-current			Trade and other payables Current			Borrowings Non-current			Borrowings Current
Associates of the subsidiaries
Tarshop S.A.	Reimbursement of expenses		2		-			-			-			-
Total Associates of the subsidiaries			2		-			-			-			-

Joint Ventures of the subsidiaries
Cyrsa S.A.	Reimbursement of expenses		58		-			-			-			-
Total Joint Ventures of the subsidiaries			58		-			-			-			-

Other Related parties
Consultores Asset Management S.A. (CAMSA)	Advances to be recovered		9,342		-			-			-			-
	Reimbursement of expenses		89		-			(3	)		-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-			(230	)		-			-
Inversiones Financieras del Sur S.A.	Financial operations		37,598		-			-			-			-
	Reimbursement of expenses		7		-			-			-			-
Other Related parties			47,036		-			(233	)		-			-

Directors and Senior Management
Directors and Senior Management	Reimbursement of expenses		82		-			-			-			-
	Directors' fees		-		(479	)		(14,571	)		-			-
Total Directors and Senior Management			82		(479	)		(14,571	)		-			-
			136,659		(479	)		(22,557	)		(14,000	)		(13,889	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

The following is a summary of the balances with related parties as of June 30, 2013:

Related party	Description of transaction	Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current		Borrowings Current
Subsidiaries
IRSA Inversiones y Representaciones S.A.	Corporate services		-		8,503		-			-		-
	Dividends receivables		-		-		-			-		-
	Leases and/or rights of use		-		-		-			-		-
	Sale of goods and/or services		-		-		(701	)		-		-
	Reimbursement of expenses		-		-		(1,030	)		-		-
BrasilAgro	Reimbursement of expenses		-		457		-			-		-
	Dividends receivables		-		1,891		-			-		-
	Sale of goods and/or services		-		-		(12	)		-		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Reimbursement of expenses		-		25		(7	)		-		-
	Sale of goods and/or services		-		4,227		-			-		-
Helmir S.A.	Financial operations		-		6,755		-			-		-
Northagro S.A.	Reimbursement of expenses		-		-		-			-		-
	Financial operations		-		288		-			-		-
Ombú Agropecuaria S.A.	Financial operations		28,987		-		-			-		-
	Management fee		-		679		-			-		-
Pluriagro S.A.	Reimbursement of expenses		-		288		-			-		-
	Financial operations		-		-		-			-		-
FyO Trading S.A.	Reimbursement of expenses		-		4		-			-		-
Agropecuaria Acres del Sud S.A.	Financial operations		15,417		-		-			-		-
	Management fee		-		1,919		-			-		-
	Reimbursement of expenses		-		60		-			-		-
Agrotech S.A.	Reimbursement of expenses		-		66		-			-		-
Cactus Argentina S.A.	Reimbursement of expenses		-		490		-			-		-
	Financial operations		-		1,566		-			-		-
	Purchase-Sale of goods and/or services		-		1,192		(916	)		-		-
	Management fee		-		19		-			-		-
Yatay Agropecuaria S.A.	Financial operations		13,718		-		-			-		-
	Management fee		-		679		-			-		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Yuchán Agropecuaria S.A.	Financial operations		15,513		-		-			-			-
	Management fee		-		679		-			-			-
Futuros y Opciones.Com S.A.	Reimbursement of expenses		-		39		-			-			-
	Purchase-Sale of goods and/or services		-		17,361		(27	)		-			-
Total Subsidiaries			73,635		47,187		(2,693	)		-			-

Associates
Agro Managers S.A.	Reimbursement of expenses		-		113		-			-			-
Agro-Uranga S.A.	Dividends receivables		-		1,471		-			-			-
	Purchase-Sale of goods and/or services		-		765		(215	)		-			-
Total Associates			-		2,349		(215	)		-			-

Joint Ventures
Cresca S.A.	Reimbursement of expenses		-		49		(157	)		-			-
	Management fee		-		1,693		-			-			-
Total Joint Ventures			-		1,742		(157	)		-			-

Subsidiaries of the subsidiaries
Nuevo Puerto Santa Fe	Reimbursement of expenses		-		-		(1	)		-			-
Nuevas Fronteras S.A.	Service provider		-		-		(2	)		-			-
Alto Palermo S.A.	Reimbursement of expenses		-		11,679		-			-			-
	Financial operations		-		-		(537	)		-			-
	Corporate services		-		24,176		-			-			-
Emprendimiento Recoleta S.A.	Reimbursement of expenses		-		-		(7	)		-			-
	Non-convertible Notes		-		-		-			(5,040	)		(8,254	)
Panamerican Mall S.A.	Non-convertible Notes		-		-		-			(8,960	)		(8,402	)
Tyrus	Reimbursement of expenses		-		23		-			-			-
Fibesa S.A.	Reimbursement of expenses		-		1		-			-			-
Total Subsidiaries of the subsidiaries			-		35,879		(547	)		(14,000	)		(16,656	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Joint Ventures of the subsidiaries
Cyrsa S.A.	Reimbursement of expenses		-		5,955		-			-			-
Total Joint Ventures of the subsidiaries			-		5,955		-			-			-

Other Related parties
Consultores Asset Management S.A. (CAMSA)	Management fee		-		9,342		-			-			-
	Reimbursement of expenses		-		89		(2	)		-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-		(419	)		-			-
	Sale of goods and/or services		-		-		-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		34,669		-			-			-
	Reimbursement of expenses		-		7		-			-			-
Total Other Relates Parties			-		44,107		(421	)		-			-

Directors and Senior Management
Directors	Reimbursement of expenses		-		81		(30	)		-			-
	Advances to directors		-		1,204		(1,746	)		-			-
Total Directors and Senior Management			-		1,285		(1,776	)		-			-
			73,635		138,504		(5,809	)		(14,000	)		(16,656	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

The following is a summary of the transactions with related parties for the three-month period ended as of September 30, 2013:

Related party	Leases and/or rights of use			Directors/ Management fee		Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services		Financial operations
Subsidiaries
IRSA Inversiones y Representaciones S.A.		(316	)		-		-		-			7,606		-		-
Cactus Argentina S.A.		-			-		-		(3,919	)		-		-		26
Futuros y Opciones.Com S.A.		-			29		-		-			-		-		(461	)
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		-			-		6,979		-			-		-		-
Helmir S.A.		-			-		-		-			-		-		761
Agrotech S.A.		-			-		-		-			-		-		-
Agropecuaria Acres del Sud S.A.		-			-		-		-			-		-		1,489
Ombú Agropecuaria S.A.		-			166		-		-			-		-		2,779
Yuchán Agropecuaria S.A.		-			166		-		-			-		-		1,473
Yatay Agropecuaria S.A.		-			166		-		-			-		-		1,316
Total Subsidiaries		(316	)		527		6,979		(3,919	)		7,606		-		7,383

Associates
Agro-Uranga S.A.		-			-		-		1,886			-		-		-
Total Associates		-					-		1,886			-		-		-

Joint Ventures
Cresca S.A.		-			14		-		-			-		-		-
Total Joint Ventures		-			14		-		-			-		-		-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-			-		-		-			-		-		(853	)
Panamerican Mall S.A.		-			-		-		-			-		-		(915	)
Alto Palermo S.A.		-			-		-		-			20,245		-		-
Total Subsidiaries of the subsidiaries		-			-		-		-			20,245		-		(1,768	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30. Related party transactions (Continued)

Related party	Leases and/or rights of use			Directors/ Management fee			Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services			Financial operations
Other related parties
Estudio Zang, Bergel & Viñes		-			-			-		-			-		(36	)		-
Inversiones Financieras del Sur S.A.		-			-			-		-			-		-			3,373
Hamonet S.A.		(28	)		-			-		-			-		-			-
Isaac Elsztain e Hijos S.C.A.		(52	)		-			-		-			-		-			-
Employees		-			-			-		-			-		-			-
Total other related parties		(80	)		-			-		-			-		(36	)		3,373

Directors and Senior Management
Directors and Senior Management		-			(15,216	)		-		-			-		-			-
Total directors and Senior Management		-			(15,216	)		-		-			-		-			-
		(396	)		(14,675	)		6,979		(2,033	)		27,851		(36	)		8,988

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30. Related party transactions (Continued)

The following is a summary of the transactions with related parties for the three-month period ended as of September 30, 2012:

Related party	Leases and/or rights of use			Directors/ Management fee		Sale of goods and/or services		Purchase of goods and/or services			Corporate services			Remuneration of the board of Directors		Legal services		Financial operations
Subsidiaries
IRSA Inversiones y Representaciones S.A.		(206	)		-		-		-			6,159			-		-		-
Cactus Argentina S.A.		6			24		135		(265	)		-			-		-		27
Futuros y Opciones.Com S.A.		-			-		-		-			-			-		-		(585	)
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		-			-		535		-			-			-		-		-
Helmir S.A.		-			-		-		-			-			-		-		360
Agrotech S.A.		-			-		-		-			-			-		-		-
Agropecuaria Acres del Sud S.A.		-			-		-		-			-			-		-		297
Ombú Agropecuaria S.A.		-			81		-		-			-			-		-		580
Yuchán Agropecuaria S.A.		-			81		-		-			-			-		-		313
Yatay Agropecuaria S.A.		-			81		-		-			-			-		-		276
Total Subsidiaries		(200	)		267		670		(265	)		6,159			-		-		1,268

Associates
Agro-Uranga S.A.		-			-		488		-			-			-		-		-
Total Associates		-			-		488		-			-			-		-		-

Joint Ventures
Cresca S.A.		-			492		-		-			-			-		-		-
Total Joint Ventures		-			492		-		-			-			-		-		-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-			-		-					-			-		-		(546	)
Panamerican Mall S.A.		-			-		-					-			-		-		(822	)
Alto Palermo S.A.		-			-		-		-			(16,597	)		-		-		-
Total Subsidiaries of the subsidiaries		-			-		-		-			(16,597	)		-		-		(1,368	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30. Related party transactions (Continued)

Related party	Leases and/or rights of use			Directors/ Management fee			Sale of goods and/or services		Purchase of goods and/or services			Corporate Services			Remuneration of the board of Directors		Legal Services			Financial operations
Other related parties
Estudio Zang, Bergel & Viñes		-			-			-		-			-			-		(281	)		-
Inversiones Financieras del Sur S.A.		-			-			-		-			-			-		-			844
Employees		-			-			-		-			-			-		-			392
Total other related parties		-			-			-		-			-			-		(281	)		1,236

Directors and Senior Management
Directors and Senior Management		-			(387	)		-		-			-			-		-			-
Total directors and Senior Management		-			(387	)		-		-			-			-		-			-
		(200	)		372			1,158		(265	)		(10,438	)		-		(281	)		1,136

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

31.	Negative working capital

As of fiscal year-end, the Company presents a working capital deficit of Ps. 493,712 treatment of which is being considered by the Board of Directors and the respective Management.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

Unaudited Condensed Interim Statement of Financial Position as of September 30, 2013

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

1.	Specific and significant legal systems that imply contingent lapsing or rebirth of benefits envisaged by such provisions

None.

Significant changes in the Company´s activities or other similar circumstances that occurred during the fiscal years included in the financial statements, which affect their comparison with financial statements filed in previous fiscal years, or that could affect those to be filed in future fiscal years

Are detailed in the Business Review.

3.	Receivables and liabilities by maturity date

		Falling due (Point 3.a.)		Without term (Point 3.b.)		Without term (Point 3.b.)		To be due (Point 3.c.)																Total
Items			09.30.13	Current		Non-current		Up to 3 months		From 3 to 6 months		From 6 to 9 months		From 9 to 12 months		From 1 to 2 years		From 2 to 3 years		From 3 to 4 years		From 4 years on
Accounts receivables	Trade and other receivables		-		20,51		-		187,476		-		-		60,697		-		-		-		-		268,683
	Deferred income tax		-		1,774		148,534		-		-		-		-		-		-		-		-		150,308
	Total		-		22,284		148,534		187,476		-		-		60,697		-		-		-		-		418,991
Liabilities	Trade and other payables		-		-		-		150,189		2		-		-		870		305		305		407		152,078
	Borrowings		-		-		-		135,895		121,318		156,781		525,57		563,454		17,587		15,042		251,554		1,787,201
	Payroll and social security liabilities		-		-		-		17,079		-		8,049		6,427		-		-		-		-		31,555
	Provisions		-		8		1,617		-		-		-		-		-		-		-		-		1,625
	Total		-		8		1,617		303,163		121,32		164,83		531,997		564,324		17,892		15,347		251,961		1,972,459

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

Unaudited Condensed Interim Statement of Financial Position as of September 30, 2013

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

4.a.	Breakdown of accounts receivable and liabilities by currency and maturity

		Current						Non-current						Totals
Items		Local currency		Foreign currency		Total		Local currency		Foreign currency		Total		Local currency		Foreign currency		Total
Accounts receivables	Trade and other receivables		183,469		85,214		268,683		-		-		-		183,469		85,214		268,683
	Income tax credit and Deferred income tax		1,774		-		1,774		148,534		-		148,534		150,308		-		150,308
	Total		185,243		85,214		270,457		148,534		-		148,534		333,777		85,214		418,991
Liabilities	Trade and other payables		149,027		1,164		150,191		1,887		-		1,887		150,914		1,164		152,078
	Borrowings		230,558		709,006		939,564		121,026		726,611		847,637		351,584		1,435,617		1,787,201
	Payroll and social security liabilities		31,555		-		31,555		-		-		-		31,555		-		31,555
	Provisions		8		-		8		1,617		-		1,617		1,625		-		1,625
	Total		411,148		710,17		1,121,318		124,53		726,611		851,141		535,678		1,436,781		1,972,459

4.b.	Breakdown of accounts receivable and liabilities by adjustment clause

As of September 30, 2013 there are no receivable and liabilities subject to adjustment clause.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

Unaudited Condensed Interim Statement of Financial Position as of September 30, 2013

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

4.c.	Breakdown of accounts receivable and liabilities by interest clause

		Current								Non-current
Description		Accruing interest				Non-accruing interest		Subtotal		Accruing interest				Non-accruing interest			Subtotal		Accruing interest				Non Accruing interest		Total
		Fixed		Floating						Fixed		Floating							Fixed		Floating
Accounts receivables	Trade and other receivables		60,596		101		207,986		268,683		-		-		-			-		60,596		101		207,986		268,683
	Income tax credit and deferred income tax		-		-		1,774		1,774		-		-		148,534			148,534		-		-		150,308		150,308
	Total		60,596		101		209,76		270,457		-		-		148,534			148,534		60,596		101		358,294		418,991
Liabilities	Trade and other payables		-		-		150,191		150,191		-		-		1,887			1,887		-		-		152,078		152,078
	Borrowings		783,728		153,211		2,625		939,564		679,145		171,876		(3,384	)		847,637		1,462,873		325,087		-759		1,787,201
	Payroll and social security liabilities		-		-		31,555		31,555		-		-		-			-		-		-		31,555		31,555
	Provisions		-		-		8		8		-		-		1,617			1,617		-		-		1,625		1,625
	Total		783,728		153,211		184,379		1,121,318		679,145		171,876		120			851,141		1,462,873		325,087		184,499		1,972,459

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

Unaudited Condensed Interim Statement of Financial Position as of September 30, 2013

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

5.	Related parties

a.	Interest in related parties

Name of the entity	Place of business / country of incorporation	Principal activity (*)	% of ownership interest held by the Group
Direct equity interest:
Agrotech S.A.	Argentina	Investment		95	%
BrasilAgro-Companhía Brasileira de Propiedades Agrícolas (1)	Brazil	Agricultural		39.69	%
Sedelor S.A.	Uruguay	Investment		100	%
Doneldon S.A.	Uruguay	Investment		100	%
Codalis S.A.	Uruguay	Investment		100	%
Alafox S.A.	Uruguay	Investment		100	%
Cactus Argentina S.A.	Argentina	Agro-industrial		95.07	%
Futuros y Opciones.Com S.A.	Argentina	Brokerage		60.50	%
Helmir S.A.	Uruguay	Investment		100.00	%
IRSA	Argentina	Real estate		64.58	%

(*) All companies whose principal activity is “Investment” do not have significant assets and liabilities other than their respective interest holdings in operating entities.

(1) The Group has consolidated the investment in BrasilAgro-Companhía Brasileira de Propiedades Agrícolas (“BrasilAgro”) considering that the Company exercises “de facto control” over it.

b.	Related parties debit / credit balances. See Note 30.

6.	Loans to directors

See Note 30.

7.	Inventories

The company conducts physical inventories once a fiscal year in each property, covering all the assets under such account. There is no relevant immobilization of inventory.

8.	Current values

See Note 2 to the Consolidated Financial Statements as of June 30, 2013 and 2012.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

Unaudited Condensed Interim Statement of Financial Position as of September 30, 2013

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

9.	Appraisal revaluation of property, plant and equipment

None.

10.	Obsolete unused property, plant and equipment

None.

11.	Equity interest in other companies in excess of that permitted by section 31 of law N° 19,550

None.

12.	Recovery values

See Note 2 to the Consolidated Financial Statements as of June 30, 2013 and 2012.

13.	Insurances

The types of insurance used by the company were the following:

Insured property	Risk covered	Amount insured Ps.		Book value Ps.
Buildings, machinery, silos, installation and furniture and equipment	Theft, fire and technical insurance		324,463		8,459
Vehicles	Third parties, theft, fire and civil liability		9,726		3,035

14.	Allowances and provisions that, taken individually or as a whole, exceed 2% of the shareholder´s equity

None.

15.	Contingent situations at the date of the financial statements which probabilities are not remote and the effects on the Company´s financial position have not been recognized

Not applicable.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

Unaudited Condensed Interim Statement of Financial Position as of September 30, 2013

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

16.	Status of the proceedings leading to the capitalization of irrevocable contributions towards future subscriptions

Not applicable.

17.	Unpaid accumulated dividends on preferred shares

None.

18.	Restrictions on distributions of profits

According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserves until they reach legal capped amounts (20% of total capital). These legal reserves are not available for dividend distribution.

In addition, according to CNV General Resolution No. 609/12, a special reserve was constituted which could not be released to make distributions in cash or in kind. See Note 27 to the Unaudited Condensed Interim Consolidated Financial Statements

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

BUSINESS HIGHLIGHTS

Comparative Shareholders’ Equity Structure

	09.30.13	06.30.13
Non-current Assets	9,863,796	9,122,489
Current Assets	2,804,629	3,288,236

Non-current Liabilities	4,978,421	5,026,809
Current Liabilities	2,912,519	2,664,850

Minority interest	2,310,410	2,231,096
Shareholders' Equity	4,777,485	4,719,066

(1)	Amounts have not been revised to account for the adjustments to retained earnings following the recognition of deferred income taxes as indicated in Note 2.r to the Unaudited Financial Statements.

Comparative Income Structure

	09.30.13		06.30.13
Other operating results, net	(4,718	)	92,332
Operating results	161,649		1,106,361
Financial results, net	(334,412	)	(908,761	)
Share of profit / (loss) of associates and joint ventures	38,366		(9,818	)

(Loss) / profit before Income tax	(134,397	)	187,782
Income tax expense	45,382		(33,519	)
(Loss) / profit for the period	(89,015	)	154,263

Attributable to:
Equity holders of the parent	(97,849	)	(26,907	)
Non-controlling interest	8,834		181,170

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

BUSINESS HIGHLIGHTS

Production volume

	Three-month period ended September 30, 2013		Accumulated July 1, 2013 to September 30, 2013
Beef Cattle (in tons)		1,664		1,664
Butyraceous (in tons)		207		207
Crops (in tons)		545,461		545,461

Sales volume

	Three-month period ended September 30, 2013		Accumulated July 1, 2013 to September 30, 2013
Beef Cattle (in tons)		4,005		4,005
Butyraceous (in tons)		207		207
Crops (in tons)		660,332		660,332

Local Market

	Three-month period ended September 30, 2013		Accumulated July 1, 2013 to September 30, 2013
Beef Cattle (in tons)		4,005		4,005
Butyraceous (in tons)		207		207
Crops (in tons)		660,332		660,332

Free translation from the original prepared in Spanish for publication in Argentina

Limited Review Report

To the Shareholders, President and Board of Directors of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Legal address: Moreno 877 - 23° floor - Autonomous City of Buenos Aires

CUIT: 30-50930070-0

We have reviewed the accompanying unaudited condensed interim separate statement of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria as of September 30, 2013, and the related unaudited condensed interim separate statements of income and comprehensive income for the three month period ended September 30, 2013, and the unaudited condensed interim separate statements of changes in shareholders’ equity and cash flows for the three-month period ended September 30, 2013 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2013 and the interim periods within that fiscal year are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.

The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim separate financial statements in accordance with professional accounting standards of Technical Resolution No. 26 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) added by the National Securities Commission (CNV) to its regulations. Those standards differ from the International Financial Reporting Standards (IFRS) and, especially, from the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34) approved by the International Accounting Standard Board (IASB) and used for the preparation of the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria. Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.

Limited Review Report (Continued)

Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim separate financial statements have not been prepared in all material respects in accordance with Technical Pronouncement No. 26 of the FACPCE for separate financial statements of a parent company.

5.	In accordance with current regulations, we hereby inform that :

the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria are recorded in the "Inventory and Balance Sheet Book" and carried in all formal respects in conformity with legal requirements, and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the National Securities Commission;

b)	the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal respects in accordance with applicable legal provisions;

c)	we have read the Additional Information to the notes to the unaudited condensed interim separate financial statements required by Article 68 of the Buenos Aires Stock Exchange Regulations, on which, as regards those matters that are within our competence, we have no observations to make;

d)	at September 30, 2013, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 7,024,038, which was not callable at that date.

Autonomous City of Buenos Aires, November 11, 2013

PRICE WATERHOUSE & Co. S.R.L.

(Partner)

C.P.C.E.C.A.B.A. Tº 1 Fº 17

Dr. Carlos Martín Barbafina

Public Accountant (U.C.A.)

C.P.C.E.C.A.B.A. Tº 175 Fº 65

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Buenos Aires, November 11, 2013 - Cresud S.A.C.I.F. y A. (NASDAQ: CRESY – BCBA: CRES), one of the leading agricultural companies in South America, announces today its results for the first three months of fiscal year 2014 ended September 30, 2013.

Results and highlights for the period

	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		1,126.0		750.0		50.1	%		3,528.6		2,859.8		23.4	%
Costs		-885.9		-640.7		38.3	%		-3,120.5		-2,464.2		26.6	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		126.3		188.7		-33.1	%		886.7		700.9		26.5	%
Changes in the net realizable value of agricultural produce after harvest		-8.0		23.2		-			11.8		2.7		332.2	%
Gross Income		358.4		321.1		11.6	%		1,306.5		1,099.3		18.9	%
Gain from disposal of investment properties		-		29.5		-100.0	%		178.0		116.7		52.6	%
Gain from disposal of farmlands		-		-		-			149.6		45.5		228.8	%
General and administrative expenses		-111.2		-76.9		44.7	%		-342.5		-312.0		9.8	%
Selling expenses		-80.9		-60.4		33.9	%		-277.6		-200.5		38.5	%
Management fee		-		-		-			-		-8.7		-100.0	%
Other operating results, net		-4.7		-36.8		-87.2	%		92.3		-93.4		-
Operating Income		161.6		176.5		-8.5	%		1,106.4		647.0		71.0	%
Share of profit / (loss) of associates and joint ventures		38.4		15.7		143.7	%		-9.8		2.8		-
Income before financial income / (loss) and income tax		199.9		192.2		4.0	%		1,096.5		649.8		68.8	%
Financial results, net		-334.4		-168.5		98.4	%		-908.8		-575.2		58.0	%
Income / (loss) before income tax		-134.5		23.7		-			187.8		74.5		152.0	%
Income tax expense		45.4		-15.7		-			-33.5		-16.0		109.1	%
Net income / (loss)		-89.1		8.0		-			154.3		58.5		163.8	%

Attributable to:
Equity holders of the parent Company		-97.8		-16.5		492.4	%		-26.9		-21.3		26.2	%
Non-controlling interest		8.8		24.5		-64.0	%		181.2		79.8		127.0	%

►

During this quarter our revenues were 50.1% higher than in the same period of the previous fiscal year. This was mainly due to a 88.4% increase in the agricultural segment, explained by higher sales of grains, sugarcane, beef cattle and milk, along with a 19.8% increase in revenues from the urban segment.

►

Gross income rose 11.6% thanks to a 31.1% increase in the urban segment, offset by a drop of 59.5% in gross income from the agricultural segment, mainly grains, sugarcane and beef cattle, which recorded a decrease in the fair value of biological assets. The slight increase in gross income, coupled with the higher selling and administrative expenses, led to a decrease in operating income attributable to the agricultural segment, as the urban segment showed better operating results.

►	The strong depreciation experienced during the past year had a negative impact on our financial income / (loss), net, which went down from a loss of ARS 168.5 million in 1Q13 to a loss of ARS 334.4 million during this period.

►	Therefore, a net loss of ARS 89.1 million was recorded, out of which a loss of ARS 97.8 million is attributable to Cresud’s shareholders.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Description of Operations by Segment

	IQ 2014						IQ 2013						Variation
	Agri1		Urban2		Total		Agri		Urban		Total		Agri			Urban			Total
Revenues		506.2		638.4		1,144.6		268.8		532.7		801.5		88.3	%		19.8	%		42.8	%
Costs		-592.4		-307.7		-900.1		-401.6		-280.4		-682.0		47.5	%		9.7	%		32.0	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		126.6		-		126.6		189.6		-		189.6		-33.2	%		-			-33.2	%
Changes in the net realizable value of agricultural produce after harvest		-8.0		-		-8.0		23.2		-		23.2		-			-			-
Gross income		32.4		330.7		363.1		80.0		252.3		332.4		-59.5	%		31.1	%		9.2	%
Gain from disposal of investment properties		-		-		-		-		29.5		29.5		-			-100.0	%		-100.0	%
General and administrative expenses		-53.2		-58.7		-111.9		-34.3		-44.0		-78.3		55.3	%		33.4	%		43.0	%
Selling expenses		-50.3		-31.8		-82.1		-37.1		-27.3		-64.4		35.7	%		16.4	%		27.5	%
Other operating results, net		4.7		-10.2		-5.6		-28.0		-9.4		-37.3		-			9.1	%		-85.1	%
Operating Income / (Loss)		-66.5		230.0		163.5		-19.3		201.1		181.8		245.0	%		14.3	%		-10.1	%
Share of profit of associates and joint ventures		0.0		34.4		34.4		1.4		13.0		14.5		-99.9	%		163.4	%		137.8	%
Segment Income / (Loss)		-66.5		264.3		197.9		-17.9		214.1		196.3		272.2	%		23.4	%		0.8	%

1 Corresponds to the segments referred to as “Agricultural Business”.

2 Corresponds to the segments referred to as “Urban Properties and Investments”.

Grains and Sugarcane

We have ended a season that was severely affected by the summer drought experienced in the regions where most of the farms of our portfolio are located, causing production volumes to be lower than expected. Fortunately, in the last weeks it has rained again in the regions of Salta and Paraguay, allowing us to expect a 2013/2014 season with regular to good results. To date, we have completed sunflower and wheat planting activities in Argentina. Over the next weeks we will start harvesting of our wheat, soybean and corn planting. In our farms of Bolivia, where we are able to carry out two planting and harvesting cycles per year, we have completed planting of our winter crops, including soybean, corn and wheat. Planting activities in our farms of Paraguay have not started yet, whereas in Brazil, where we operate through our subsidiary Brasilagro, planting of soybean has started and sugarcane crops are developing.

Grains

in ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FT 2012		YoY var
Revenues		271.1		155.9		73.9	%		750.2		636.1		17.9	%
Costs		-295.3		-231.1		27.8	%		-1,227.8		-1,051.9		16.7	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at point of harvest		63.3		108.3		-41.6	%		572.1		513.4		11.4	%
Changes in the net realizable value of agricultural produce after harvest		-8.0		23.3		-			11.8		2.5		379.7	%
Gross income		31.0		56.4		-45.0	%		106.2		100.1		6.1	%
General and administrative expenses		-26.3		-16.9		55.3	%		-87.7		-86.8		1.1	%
Selling expenses		-32.4		-31.3		3.5	%		-115.0		-88.4		30.1	%
Other operating results, net		5.3		-26.4		-			-11.2		-58.1		-80.6	%
Operating Income / (Loss)		-22.3		-18.2		22.6	%		-107.7		-133.1		-19.1	%
Share of profit /(loss) of associates and joint ventures		-0.0		0.9		-			8.1		6.0		34.9	%
Segment Income / (Loss)		-22.3		-17.3		29.0	%		-99.6		-127.1		-21.7	%

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Sugarcane

In ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		66.7		42.2		58.2	%		160.3		98.9		62.1	%
Costs		-107.1		-82.0		30.7	%		-302.2		-167.9		80.0	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		41.0		60.3		-32.1	%		197.3		82.3		139.9	%
Changes in the fair value of agricultural produce after harvest		-		-		-			-		-		-
Gross income		0.6		20.6		-97.0	%		55.4		13.2		319.1	%
General and administrative expenses		-10.7		-7.9		34.9	%		-24.2		-19.4		24.4	%
Selling expenses		-0.3		-0.0		5550.0	%		-4.0		-		-
Other operating results, net		-		-0.0		-100.0	%		-0.0		-0.0		125.0	%
Operating Income / (Loss)		-10.5		12.6		-			27.2		-6.2		-
Share of profit /(loss) of associates and joint ventures		-		-		-			-		-		-
Segment Income / (Loss)		-10.5		12.6		-			27.2		-6.2		-

Operations

	Production							Sales
In tons	IQ 2014		IQ 2013		YoY var			IQ 2014		IQ 2013		YoY var
Corn		5,381		4,642		15.9	%		138,326		102,257		35.3	%
Soybean		-		-		-			52,809		27,657		90.9	%
Wheat		-		657		-100.0	%		211		4,321		-95.1	%
Sorghum		3,255		3,855		-15.6	%		2,450		3,518		-30.4	%
Sunflower		-		-		-			5,741		1,671		243.5	%
Other		-		2,358		-100.0	%		5,517		6,579		-16.2	%
Total Grains and Other Production		8,636		11,512		-25.0	%		205,053		146,003		40.4	%
Sugarcane		437,407		420,214		4.1	%		396,309		355,616		11.4	%
Total Agricultural Production		446,044		431,726		3.3	%		601,362		501,619		19.9	%

►

During this quarter there was a fall in production amounts of grains caused by lower yields in our farms of Bolivia. We have still not started coarse crop harvesting in those farms or planting activities for most of our crops in Argentina, Bolivia and Brazil. Sales of grains were 40.4% higher as the past season was better than the former one, leading to higher amounts of soybean and corn available for sale.

►

Gross income from the Grains segment for this period shows a fall compared to the same quarter of the previous fiscal year. This is explained mainly by the lower fair value recognized and net realizable value of agricultural produce, as in the past season we had calculated higher yields which turned out to be lower and had to be offset during this quarter.

►

The fall in Gross income was offset by an increase in Other operating income / (loss), net, originated in forward transactions which, despite their adverse impact, generated lower losses in the segment, and derive from our subsidiary Brasilagro, which recorded a profit of approximately ARS 8.2 million in such transactions, and from our operations in Argentina, which posted income for ARS 0.8 million. These items had totaled a loss of ARS 24.5 million during the same period of fiscal year 2013.

►	Due to the lower gross income and stable administrative and selling expenses, loss from this segment totaled ARS 22.3 million.

►	The drop in Gross income in the sugarcane segment reflected the fact that in the production of both Bolivia and Brazil, we changed our output estimations, recognizing lower values in biological assets. This led to a loss from this segment of ARS 10.5 million.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Area in Operation – Grains (hectares) 3	As of 09/30/13		As of 09/30/12		YoY var
Own farms		129,825		133,599		-2.8	%
Leased farms		50,631		41,926		20.8	%
Farms under concession		21,444		11,216		91.2	%
Own farms leased to third parties		5,059		25,453		-80.1	%
Total Area Assigned to Grain Production		206,960		212,194		-2.5	%

3Includes surface area under double cropping totaling 18,968 hectares, our proportional interest in AgroUranga and all of Cresca S.A.‘s farms.

►

The area in operation for the Grains segment decreased by 2.5%, reaching 206,960 hectares. This was mainly due to a reduction in the area in operation in our own farms, close to 2.8%, and the smaller area consisting of farms leased to third parties (80.1%) while the area in operation in leased farms grew by 20.8% accompanied by an increase in the area in operation in farms under concession (91.2%).

►	The area of own farms decreased mainly due to the sale of farms during the past year, offset by an expansion in productive areas in Paraguay, Brazil and Argentina.

►	During the season that starts during this quarter we have expanded the area of leased farms assigned to agricultural production in Argentina. We expect a regular season, and for such reason we increased the area by almost 9,000 hectares.

►	We have increased the area assigned to agricultural production in the farms under the long term concession granted to Cresud in the Province of Salta, where we will operate more than 21,400 hectares during this season, as we have reduced the area leased to third parties in this farm.

Beef Cattle

in ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		24.4		18.3		33.8	%		76.7		132.3		-42.0	%
Costs		-52.5		-31.5		66.7	%		-145.9		-163.5		-10.8	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		10.9		11.4		-4.7	%		79.3		79.0		0.4	%
Changes in the net realizable value of agricultural produce after harvest		-		-0.0		-100.0	%		-0.0		0.1		-
Gross Income / (Loss)		-17.2		-1.8		829.5	%		10.0		47.9		-79.0	%
Operating Income / (Loss)		-29.5		-9.6		207.1	%		-17.0		18.4		-
Segment Income / (Loss)		-29.5		-9.6		207.1	%		-17.0		18.4		-

Beef Cattle (tons)	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Beef cattle production		1,796		2,364		-24.0	%		8,196		9,329		-12.1	%
Beef cattle sales		4,225		2,462		71.6	%		10,180		15,437		-34.1	%

►	During this quarter, beef cattle production was lower than in the same quarter of the previous year, while cattle sales grew strongly by 71.6%.

►

The higher number of tons sold caused sales from this segment to rise by 33.8%; however, costs grew at a higher rate, generating gross losses of ARS 17.2 million. The increase in costs was motivated by the drought in the region of Salta, which led us to increase the amount of cattle fed in feed lots.

Area in Operation – Beef Cattle (hectares)	As of 09/30/13		As of 09/30/12		YoY var
Own farms		75,482		74,122		1.8	%
Leased farms		12,635		12,635		0.0	%
Own farms leased to third parties		5,495		7,479		-26.5	%
Total Area Assigned to Beef Cattle Production		93,613		94,236		-0.7	%

►	The reduction in the area of own farms assigned to beef cattle production has been mild. Besides, we have reduced the area of own farms with beef cattle production leased to third parties.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Stock of Cattle Heads	As of 09/30/13		As of 09/30/12		YoY var
Breeding stock		44,766		46,590		-3.92	%
Winter grazing stock		8,952		14,160		-36.78	%
Milk farm stock		6,666		6,870		-2.97	%
Total Stock (heads)		60,384		67,620		-10.70	%

►	The fall in beef cattle stocks is explained by sales made during the past fiscal year.

Milk

in ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		11.8		8.4		39.3	%		38.8		30.2		28.7	%
Costs		-22.9		-17.0		34.5	%		-74.8		-57.8		29.4	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		11.5		9.6		19.4	%		40.7		34.0		19.8	%
Gross Income		0.4		1.0		-66.3	%		4.7		6.3		-25.3	%
Operating Income / (Loss)		-2.0		-0.3		571.2	%		-0.6		1.6		-
Segment Income / (Loss)		-2.0		-0.3		571.2	%		-0.6		1.6		-

Milk Production	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Milk Production (liters)		4,771		4,093		16.6	%		18,459		16,563		11.4	%
Milk sales (liters)		4,611		4,022		14.6	%		16,563		16,267		1.8	%
Daily average milking cows (heads)		2,484		2,248		10.5	%		2,392		2,046		16.9	%
Milk Production / Milking Cow / Day (liters)		20.9		21.2		-1.5	%		21.1		22.1		-4.4	%

►

We have increased milk production hand in hand with the number of milking cows per day. On the contrary, there has been a slight fall in the level of production per milking cow per day. This notwithstanding, the levels of more than 20 liters by milking cow per day still exceed the targets set by us following the consolidation of our operations in our state-of-the-art milking facility.

►

There has been an increase in revenues from sales of this segment compared to the same quarter of the previous fiscal year, thanks to an increase in production and higher sales of milk, along with better prices. However, the increase in costs and lower income from changes in the value of biological assets have generated gross income for only ARS 0.4 million.

►	Therefore, the slim gross income and higher selling and administrative expenses have led to a deterioration in this segment, which posted a loss of ARS 2.0 million.

Area in Operation – Milk (hectares)		As of 09/30/13				As of 09/30/12				YoY var
Own farms			2,864				2,780				3.0	%

►	We perform our milking business in El Tigre farm. The change in the area assigned to milking cows is explained by a variation in the areas planted with crops.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Leases and Agricultural Services

in ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		2.1		6.6		-67.8	%		30.8		25.3		21.8	%
Costs		-2.6		-1.8		40.2	%		-12.1		-2.6		369.5	%
Gross Income / (loss)		-0.4		4.8		-			18.8		22.7		-17.5	%
Operating Income / (loss)		-3.4		3.1		-			12.1		17.0		-29.0	%
Segment Income / (loss)		-3.4		3.1		-			12.1		17.0		-29.0	%

►

In this segment we report the results from the lease of farms, mainly developed in our Santa Bárbara and La Gramilla farms. We have reduced leased acreage due to the non-renewal of lease agreements, resulting in a decrease in income as compared to the same period of the previous fiscal year. For this reason, and also due to higher costs, there has been a deterioration in this segment.

Sales and Transformation of Lands

in ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Gross Loss		-1.8		-1.6		7.2	%		-5.7		-4.7		22.0	%
Gain from disposal of farmlands		-		-		-			149.6		45.5		228.8	%
Operating Income / (Loss)		-2.0		-1.8		9.2	%		132.6		39.2		238.1	%
Segment Income / (Loss)		-2.0		-1.8		9.2	%		132.6		39.2		238.1	%

►	During the first quarter of this fiscal year no significant transactions were made in this segment, similarly to what happened in the same period of the previous fiscal year. The costs shown here refer to the land development process.

Area under Development (hectares)	Developed in 2012/2013		Projected for 2013/2014
Argentina		7,600		4,386
Brazil		11,800		11,883
Paraguay		900		1,000
Total		20,300		17,269

►	During the previous season, we developed more than 20,000 hectares in the region, and we expect to develop 17,269 additional hectares during this season.

Agro-industrial activities

in ARS MM	IQ2014		IQ2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		105.0		18.9		456.5	%		207.8		100.1		107.6	%
Costs		-90.0		-21.4		320.1	%		-198.4		-110.8		79.1	%
Gross Income / (loss)		15.0		-2.6		-			9.4		-10.7		-
Operating Income/ (loss)		0.2		-6.0		-			-24.4		-25.6		-4.5	%
Segment Income / (loss)		0.2		-6.0		-			-24.4		-25.6		-4.5	%

►

In this segment we report the results from our meat packing and feedlot business through our subsidiary Cactus. We see an improvement as compared to the previous year, with marginally positive segment results. This is good news if we compare these figures against the results for the previous years. We expect that the context of this industry will improve in the future, leading to higher results.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Other Segments

in ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		25.1		18.5		35.4	%		83.3		55.1		51.3	%
Costs		-20.3		-15.2		33.7	%		-71.2		-46.1		54.5	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		-		-0.1		-100.0	%		-1.0		0.1		-
Gross Income		4.8		3.3		45.4	%		11.1		9.0		23.1	%
Management fee		-		-		-			-		-8.7		-100.0	%
Operating Loss		2.9		1.0		190.4	%		13.0		-9.2		-
Segment Loss		2.9		1.5		92.5	%		14.1		-9.6		-

►	In this segment we report the results from our controlled company Futuros y Opciones S.A: (“FyO”). There has been an operating improvement as compared to the same quarter of the previous fiscal year, and we expect this trend to continue during the current fiscal year.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Urban Properties and Investments: IRSA Inversiones y Representaciones Sociedad Anónima

We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of September 30, 2013, our equity interest in IRSA was 65.47%4.

IRSA is one of Argentina’s leading real estate companies in terms of total assets. IRSA is engaged, directly or indirectly through subsidiaries and joint businesses, in a range of diversified real estate related activities in Argentina and abroad, including:

►

The acquisition, development and operation of shopping centers, through its interest of 95.68% in Alto Palermo S.A. (“APSA”) (Nasdaq: APSA, BCBA: APSA). APSA is one of Argentina’s leading operators of shopping centers and holds a controlling interest in 13 shopping centers with more than 307,000 square meters of Gross Leaseable Area.

►	The acquisition, development and exploitation of office buildings and other non-shopping center properties primarily for rental, for which purpose it has over 130,000 square meters of office leaseable space.

►	The acquisition and development of residential properties and the acquisition of undeveloped land reserves for future development or sale.

►	The acquisition and exploitation of luxury hotels.

►	Selective investments outside Argentina.

►	Financial investments, including IRSA’s current 29.77% equity interest in Banco Hipotecario, which is one of the leading financial institutions in Argentina.

The following information has been extracted from the financial statements of our controlled company IRSA as of September 30, 2013:

in ARS MM	IQ 2014		IQ 2013		YoY var			FY 2013		FY 2012		YoY var
Revenues		621.4		483.0		28.7	%		2,187.2		1,790.3		22.2	%
Operating Income		229.1		197.9		15.7	%		1,075.6		756.8		42.1	%
EBITDA		284.2		248.4		14.4	%		1,295.7		925.7		40.0	%
Income attributable to IRSA’s shareholders		32.4		41.1		-21.3	%		238.7		203.9		17.1	%

Our stake in IRSA has a high impact on our results, therefore we recommend the reading of detailed information on IRSA provided in its website (www.irsa.com.ar), in the Argentine Securities Commission website (www.cnv.gob.ar) and in the Securities and Exchange Commission website (www.sec.gov).

4 Considering that as of 09/30/2013 IRSA had repurchased a total amount equivalent to 170,332 common shares (including common shares and ADRs)

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Financial Indebtedness and Other

As of September 30, 2013 Cresud had a total net indebtedness equivalent to USD 869.2 million, consolidating IRSA. The following table contains a breakdown of Cresud’s indebtedness:

Description	Currency	Amount (1)		Interest Rate	Maturity
Bank overdraft	ARS		13.4	Floating	< 365 d
Cresud’s Tranche IV Series VIII Notes	USD		60.0	7.50%	Sep-14
Cresud’s Tranche V Series IX Notes (2)	ARS		9.3	BADLAR + 300 bps	Dec-13
Cresud’s Tranche V Series X Notes (3)	USD		61.5	7.75%	Jun-14
Cresud’s Tranche V Series XI Notes (4)	ARS		13.9	BADLAR + 375 bps	Jun-15
Cresud’s Tranche VI Series XII Notes	ARS		17.6	BADLAR + 410 bps	Nov-14
Cresud’s Tranche VI Series XIII Notes	USD		79.4	1.900%	May-15
Cresud’s Tranche VII Series XIV Notes	USD		32.0	1.500%	May-18
Bolivia farms (5)	BOB / USD		3.1	5%-7%	2013-2017
Land development financing	ARS		3.5	15.01%	Dec-15
Banco de La Pampa Loan	ARS		3.5	Float [10.5% ; 14.5%]	Aug-17
Land development financing	USD		15.3	LIBOR 6m; floor: 6%	Jan -22
Paraguay rural properties	USD		0.2	0.1	Jul-14
Cresud’s Total Debt			312.4
Bank overdraft	ARS		46.8	Floating	< 180 d
IRSA’s Tranche I Series I Notes	USD		150.0	8.50%	Feb-17
IRSA’s Tranche II Series II Notes (6)	USD		150.0	11.50%	Jul-20
IRSA’s Tranche III Series IV Notes	USD		16.9	7.450%	Feb-14
Belmont Madison Building Mortgage	USD		75.0	4.22%	Aug-17
IRSA’s Total Debt			438.7
Bank overdraft	ARS		30.0	Floating	< 30 d
Syndicated loan – Arcos	ARS		20.4	15.01%	Nov-15
Syndicated loan - Neuquén	ARS		19.2	15.25%	Jun-16
Other Loans	ARS		5.0	15.01%	Dec-15
APSA’s Tranche I Series I Notes (7)	USD		120.0	7.88%	May-17
Seller Financing	USD		13.9	5.00%	Jul-17
APSA’ Total Debt			208.5
Brasilagro’s Total Debt			43.5
Total Consolidated Debt			1,003.1
Consolidated cash			109.6
Repurchase of Debt			23.9
Net Consolidated Debt			869.2

1 Principal face value in USD (million) at an exchange rate of 5.790 ARS = 6.910 BOB = 2.216 BRL = 1 USD, without considering accrued interest or elimination of balances with subsidiaries.
2 As of September 30, 2013 the Company had repurchased a face value of ARS 9.0 million.
3 As of September 30, 2013 the Company had repurchased a face value of USD 0.7 million.
4 As of September 30, 2013 the Company had repurchased a face value of ARS 21.0 million.
5 Purchase of farms in Bolivia by Acres del Sud.
6 As of September 30, 2013 the Company had repurchased a face value of USD 8.8 million.
7 As of September 30, 2013 the Company had repurchased a face value of USD 10.4 million.

Evolution of Exchange Rate

During the last months, the depreciation of the Argentine Peso to the U.S. Dollar accelerated as compared to the previous months. Whereas in the first quarter of fiscal year 2013 the Argentine currency had depreciated 3.8%, during IQ14 it depreciated 7.5%. Given that a significant portion of our debt is denominated in USD, this process had an adverse impact on our financial income / (loss), net. However, our assets are mostly valued at historical cost plus investments, and are not affected by any kind of revaluation due to the fluctuation of market prices.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Below is the evolution of the exchange rate as published by Banco de la Nación Argentina.

Source: Banco de la Nación Argentina

Shareholders’ Meeting dated October 31, 2012

On October 31, 2013, a General Ordinary and Extraordinary Shareholders’ Meeting was held, in which it was resolved, inter alia:

►	To pay ARS 120.0 million as cash dividends, equivalent to ARS 0.2417 per share (ARS 2.417 per ADR), representing a dividend yield of 2.5%.

Dividends receivable from IRSA

On October 31, 2013, IRSA approved the payment of a cash dividend to its shareholders for up to ARS 250 million, equivalent to ARS 0.4321 per share (ARS 4.321 per ADR), representing a dividend yield of 4.1%.

Dividends receivable from Brasilagro

On October 29, 2013, Brasilagro approved the payment of a cash dividend to its shareholders for up to BRL 5.9 million, equivalent to BRL 0.1 per share, representing a dividend yield of 1.0%

Dividends receivable from FyO

On August 16, 2013, FyO approved the payment of a cash dividend to its shareholders for up to ARS 1.28 million, out of which Cresud was entitled to the sum of ARS 0.78 million, which amount was received by it on September 19 past.

Cresud S.A.C.I.F. y A.

Summary as of September 30, 2013

Prospects for the next fiscal year

After two years of experiencing severe droughts in the region, the 2014 season has started with a better outlook. There have been good rainfall levels and there are no signs of drought conditions, at least for the time being. In Salta (north of Argentina) and Paraguay rains have already started, leaving behind the emergency situation suffered during the past season. We expect 2014 to continue with regular weather conditions and that the season will be neutral to positive. In this regard, we expect regular harvesting yields and higher production levels than in the past fiscal year. We expect to sow approximately 207,000 hectares in the group of countries of the region where we have operations.

In terms of prices, the sector is withstanding the juncture of a great U.S. harvest; therefore, prices are expected to remain a their current levels during the next quarter. We will keep track of the evolution of commodity prices in calendar year 2014, in light of the seeding estimations in the USA.

As concerns our beef cattle business in Argentina, although we had meager results during this quarter, we have started to stabilize production as weather conditions in Salta improve, whereas cattle pries continue to recover after the severe drought experienced in 2012. On the other hand, we expect sound prices for the milk business and a competitive margin from our “El Tigre” dairy facility. In addition, we will continue to roll out our strategy of supplementing agriculture in our own farms with agriculture in leased farms and farms under concession. We expect to increase the area of leased farms, relocating part of our portfolio in better areas. In this way, we will be able to obtain good results from this business if the weather proves to be favorable throughout the 2014 season. Our feedlot and meat packing businesses, which we hold through Cactus Argentina, have started to show positive signs, as no losses were recorded during this quarter. We hope that market conditions will improve in the short or medium term, so that the segment becomes profitable again.

As concerns land transformation and value-adding activities, we will make progress in the development of our farms in Argentina, Paraguay and Brazil, where we plan to transform approximately 17,269 hectares that will be placed into production during this fiscal year and in 2015. We remain watchful of sale opportunities that may arise, by disposing of those farms that have reached their highest degree of appreciation. In addition, we will continue to analyze opportunities in other countries of the region, as we plan to form a regional portfolio with high potential for development and valorization.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.

	Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
December 13, 2013
	By:	/S/ Saúl Zang
		Saúl Zang
		Responsible for the relationship with the markets