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 June, 2015

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 Statements for the nine-month periods ended on March 31, 2015 and on March 31, 2014 filed by the Company with the Comisión 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 March 31, 2015 and June 30, 2014 and for the nine-month periods ended March 31, 2015 and 2014

Legal Information

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

Fiscal year N°: 82, beginning on July 1, 2014

Legal address: Moreno 877, 23rd floor – Autonomous City of 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: 187,651,850 common shares

Type of stock	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 March 31, 2015 and June 30, 2014

(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		03.31.15		06.30.14
ASSETS
Non-current assets
Investment properties		10	3,475,633		3,454,616
Property, plant and equipment		11	2,171,317		2,381,956
Trading properties		12	131,397		132,555
Intangible assets		13	173,188		175,007
Biological assets		14	402,644		444,853
Investments in associates and joint ventures		8, 9	2,680,109		2,375,339
Deferred income tax assets		26	784,827		852,642
Income tax credit			184,748		177,547
Restricted assets		17	37,986		50,897
Trade and other receivables		18	396,263		475,349
Investment in financial assets		19	390,083		275,012
Derivative financial instruments		20	172,642		233
Total non-current assets			11,000,837		10,796,006
Current Assets
Trading properties		12	1,354		4,596
Biological assets		14	478,153		195,830
Inventories		15	288,061		439,771
Restricted assets		17	9,148		-
Income tax credit			9,753		19,694
Assets held for sale		41	-		1,357,866
Trade and other receivables		18	1,681,341		1,438,408
Investment in financial assets		19	381,355		497,399
Derivative financial instruments		20	80,153		31,131
Cash and cash equivalents		21	490,792		1,002,987
Total current assets			3,420,110		4,987,682
TOTAL ASSETS			14,420,947		15,783,688
SHAREHOLDERS’ EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital			493,494		490,997
Treasury stock			8,069		10,566
Inflation adjustment of share capital			64,373		64,047
Inflation adjustment of treasury stock			1,052		1,378
Share premium			552,198		773,079
Cost of treasury stock			(32,198	)	(54,876	)
Share warrants			106,264		106,264
Changes in non-controlling interest			22,360		(15,429	)
Cumulative translation adjustment			390,725		633,607
Equity-settled compensation			93,748		70,028
Legal reserve			-		81,616
Reserve for new developments			-		17,065
Special reserve			-		633,940
Reserve for the acquisition of securities issued by the company			32,198		200,000
Retained earnings			(487,001	)	(1,066,428	)
Equity attributable to equity holders of the parent			1,245,282		1,945,854
Non-controlling interest			1,968,735		2,488,932
TOTAL SHAREHOLDERS’ EQUITY			3,214,017		4,434,786

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


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Financial Position

as of March 31, 2015 and June 30, 2014 (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		03.31.15	06.30.14
LIABILITIES
Non-current liabilities
Trade and other payables		22	246,519	216,760
Borrowings		25	5,689,625	5,315,335
Deferred income tax liabilities		26	283,401	470,045
Derivative financial instruments		20	271,056	320,847
Payroll and social security liabilities		23	7,860	5,041
Provisions		24	322,776	220,489
Total non-current liabilities			6,821,237	6,548,517
Current liabilities
Trade and other payables		22	1,121,750	1,004,180
Income tax liabilities			201,448	73,429
Payroll and social security liabilities		23	176,985	202,546
Borrowings		25	2,454,093	2,639,491
Derivative financial instruments		20	288,095	53,419
Provisions		24	143,322	20,708
Liabilities held for sale		41	-	806,612
Total current liabilities			4,385,693	4,800,385
TOTAL LIABILITIES			11,206,930	11,348,902
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES			14,420,947	15,783,688

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


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Income

for the nine and three-month periods beginning on July 1, 2014 and 2013 and January 1, 2015 and 2014 and ended March 31, 2015 and 2014

(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

			Nine months						Three months
	Note		2015			2014			2015			2014
Revenues		28		4,071,181			3,135,854			1,130,087			997,860
Costs		29		(3,447,285	)		(2,643,191	)		(931,823	)		(877,981	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest				1,011,984			955,724			291,830			531,216
Changes in the net realizable value of agricultural produce after harvest				(18,608	)		(7,811	)		(2,657	)		1,406
Gross profit				1,617,272			1,440,576			487,437			652,501
Gain from disposal of investment properties				795,864			113,338			13			106,187
Gain from disposal of farmlands				1,345			-			1,345			-
General and administrative expenses		30		(428,722	)		(351,362	)		(153,670	)		(114,594	)
Selling expenses		30		(324,069	)		(223,819	)		(97,418	)		(67,281	)
Other operating results		32		75,428			(52,360	)		23,251			(35,698	)
Profit from operations				1,737,118			926,373			260,958			541,115
Share of (loss) / profit of associates and joint ventures		8, 9		(842,981	)		115,183			(169,066	)		67,414
Profit from operations before financing and taxation				894,137			1,041,556			91,892			608,529
Finance income		33		169,258			279,405			70,805			161,764
Finance cost		33		(1,245,276	)		(2,578,166	)		(431,882	)		(1,414,181	)
Other financial results		33		(38,727	)		371,719			(57,433	)		283,275
Financial results, net		33		(1,114,745	)		(1,927,042	)		(418,510	)		(969,142	)
Loss before income tax				(220,608	)		(885,486	)		(326,618	)		(360,613	)
Income tax expense		26		(232,304	)		357,973			37,332			187,869
Loss for the period				(452,912	)		(527,513	)		(289,286	)		(172,744	)

Attributable to:
Equity holders of the parent				(487,511	)		(494,238	)		(271,628	)		(162,208	)
Non-controlling interest				34,599			(33,275	)		(17,658	)		(10,536	)

Loss per share attributable to equity holders of the parent during the period:
Basic				(0.99	)		(0.68	)		(0.55	)		(0.01	)
Diluted			(i) (0.99)			(i) (0.68)			(i) (0.55)			(i) (0.01)

(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.


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Comprehensive Income

for the nine and three-month periods beginning on July 1, 2014 and 2013 and January 1, 2015 and 2014 and ended March 31, 2015 and 2014

(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 the publication in Argentina

	Nine months						Three months
	2015			2014			2015			2014
Loss for the period		(452,912	)		(527,513	)		(289,286	)		(172,744	)
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment		(616,079	)		912,423			(19,277	)		575,477
Currency translation adjustment from associates and joint ventures		62,763			432			(161,625	)		7,786
Other comprehensive (loss) / income for the period (i)		(553,316	)		912,855			(180,902	)		583,263
Total comprehensive (loss) / income for the period		(1,006,228	)		385,342			(470,188	)		410,519

Attributable to:
Equity holders of the parent		(730,393	)		(49,923	)		(330,385	)		113,033
Non-controlling interest		(275,835	)		435,265			(139,803	)		297,486

(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.


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2015 and 2014

(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	Inflation adjustment of Treasury Stock	Share premium	Cost of Treasury Stock	Share warrants	Subtotal	Changes in non-controlling interests	Cumulative translation adjustment	Equity-settled compensation	Legal reserve	Reserve for new developments	Special reserve	Reserve for the acquisition of securities issued by the company	Retained earnings	Subtotal	Non-controlling interest	Total shareholders’ equity
Balances as of June 30, 2014	490,997	10,566	64,047	1,378	773,079	(54,876)	106,264	1,391,455	(15,429)	633,607	70,028	81,616	17,065	633,940	200,000	(1,066,428)	1,945,854	2,488,932	4,434,786
Loss for the period	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(487,511)	(487,511)	34,599	(452,912)
Other comprehensive income for the period	-	-	-	-	-	-	-	-	-	(242,882)	-	-	-	-	-	-	(242,882)	(310,434)	(553,316)
Total comprehensive loss for the period	-	-	-	-	-	-	-	-	-	(242,882)	-	-	-	-	-	(487,511)	(730,393)	(275,835)	(1,006,228)
Appropriation of retained earnings resolved by Shareholders’ Meeting held on November 14, 2014:
- Share Distribution	5,565	(5,565)	726	(726)	-	54,876	-	54,876	-	-	-	-	-	-	(54,876)	-	-	-	-
Loss absorption:
- Share Premium	-	-	-	-	(220,881)	-	-	(220,881)	-	-	-	-	-	-	-	220,881	-	-	-
- Legal Reserve	-	-	-	-	-	-	-	-	-	-	-	(81,616)	-	-	-	81,616	-	-	-
- Special Reserve	-	-	-	-	-	-	-	-	-	-	-	-	-	(633,940)	-	633,940	-	-	-
- Reserve for the repurchase of equity interest	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(112,926)	112,926	-	-	-
- Reserve for new developments	-	-	-	-	-	-	-	-	-	-	-	-	(17,065)	-	-	17,065	-	-	-
Cash dividends	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(23,083)	(23,083)
Equity-settled compensation	-	-	-	-	-	-	-	-	-	-	23,720	-	-	-			23,720	6,510	30,230
Acquisition of Treasury stock	(3,068)	3,068	(400)	400	-	(32,198)	-	(32,198)	-	-	-	-	-	-	-	-	(32,198)	-	(32,198)
Changes in non-controlling interest	-	-	-	-	-		-	-	37,789	-	-	-	-	-			37,789	(252)	37,537
Reimbursement of expired dividends	-	-	-	-	-	-	-	-	-	-	-	-	-	-		510	510	301	811
Capital reduction	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(228,101)	(228,101)
Capital contribution	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	263	263
Balances as of March 31, 2015	493,494	8,069	64,373	1,052	552,198	(32,198)	106,264	1,193,252	22,360	390,725	93,748	-	-	-	32,198	(487,001)	1,245,282	1,968,735	3,214,017

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


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2015 and 2014

(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	Inflation adjustment of Treasury Stock	Share premium	Share warrants	Subtotal	Changes in non-controlling interests	Cumulative translation adjustment	Equity- settled compensation	Legal reserve	Reserve for new developments	Special reserve (1)	Retained earnings	Subtotal	Non-controlling interest	Total shareholders’ equity
Balances as of June 30, 2013	496,562	5,001	64,773	652	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 for the period	-	-	-	-	-	-	-	-	-	-	-	-	-	(494,238)	(494,238)	(33,275)	(527,513)
Other comprehensive income for the period	-	-	-	-	-	-	-	-	444,315	-	-	-	-	-	444,315	468,540	912,855
Total comprehensive income / (loss) for the period	-	-	-	-	-	-	-	-	444,315	-	-	-	-	(494,238)	(49,923)	435,265	385,342
Appropriation of retained earnings resolved by Shareholders’ Meeting held on October 31, 2013:
- Legal reserve	-	-	-	-	-	-	-	-	-	-	34,781	-	(34,781)	-	-	-	-
- Other reserves	-	-	-	-	-	-	-	-	-	-	-	-	(26,907)	26,907	-	-	-
- Cash dividends	-	-	-	-	-	-	-	-	-	-	-	(120,000)	-	-	(120,000)	(103,563)	(223,563)
Equity-settled compensation	-	-	-	-	-	-	-	-	-	12,107	-	-	-	-	12,107	5,438	17,545
Changes in interest in subsidiaries	-	-	-	-	-	-	-	11,192	-	-	-	-	-	-	11,192	(48,678)	(37,486)
Cancellation of BrasilAgro warrants	-	-	-	-	-	-	-	-	-	(1,059)	-	-	-	-	(1,059)	-	(1,059)
Capital reduction	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(3,917)	(3,917)
Capital contribution of non-controlling interest	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	587	587
Reimbursement of expired dividends	-	-	-	-	-	-	-	-	-	-	-	-	-	494	494	289	783
Balances as of March 31, 2014	496,562	5,001	64,773	652	773,079	106,264	1,446,331	(10,804)	446,599	19,393	81,616	217,065	633,940	(493,359)	2,340,781	2,516,517	4,857,298

(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.


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Cash Flows

for the nine-month periods ended March 31, 2015 and 2014

(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		03.31.15		03.31.14
Operating activities:
Cash generated from operations		21	801,663		626,192
Income tax paid			(288,317	)	(230,400	)
Net cash generated from operating activities			513,346		395,792
Investing activities:
Acquisition of associates and joint ventures			(1,062,313	)	(13,045	)
Capital contributions to associates and joint ventures			(126,354	)	(40,109	)
Suppliers advances			(14,858	)	(28,999	)
Acquisition of investment properties			(206,279	)	(180,233	)
Proceeds from sale of associates and joint ventures			55,830		15,536
Proceeds from sale of investment properties			2,050,020		254,729
Acquisition of property, plant and equipment			(183,503	)	(83,231	)
Proceeds from sale of property, plant and equipment			1,380		691
Payments of purchase of farms			-		(5,730	)
Proceeds from sale of farmlands			62,563		54,794
Acquisition of intangible assets			(6,436	)	(13,364	)
Acquisition of Investment in financial assets			(3,018,410	)	(3,662,905	)
Proceeds from disposals of Investment in financial assets			3,046,785		3,026,333
Loans granted to associates and joint ventures			40		-
Loans repayments received from associates and joint ventures			9,116		1,335
Interest received from financial assets			90,580		5,588
Dividends received			25,324		19,322
Net cash generated from / (used in) investing activities			723,485		(649,288	)
Financing activities:
Repurchase of non-convertible notes			(85,510	)	(24,014	)
Purchase of treasury stock			(32,198	)	(37,942	)
Proceeds from issuance of non-convertible notes			693,542		1,051,823
Payment of non-convertible notes			(893,339	)	(635,759	)
Borrowings			1,092,385		379,822
Payment of trust debt titles			(9,733	)	-
Payment of seller financing of shares			(105,861	)	(1,640	)
Repayments of borrowings			(1,238,555	)	(511,805	)
Payments of borrowings from associates and joint ventures			-		(186	)
Proceeds from borrowings from associates and joint ventures			-		17,138
Borrowings from associates and joint ventures			22,009		-
Cancellation of Brasilagro warrants			-		(1,059	)
Payment of seller financing			(2,196	)	(1,308	)
Acquisition of non-controlling interest in subsidiaries			(56,296	)	(20	)
Dividend paid			(19,720	)	(236,057	)
Payments of derivative financial instruments			(231,526	)	(903	)
Proceeds from derivative financial instruments			131		45,696
Capital reduction			-		(4,017	)
Sale of equity in subsidiaries to non-controlling interest			128,173		379
Capital distribution to non-controlling interest in subsidiaries			(228,101	)	-
Capital contributions of non-controlling interest			263		587
Interest paid			(644,351	)	(467,334	)
Net cash used in financing activities			(1,610,883	)	(426,599	)
Net decrease in cash and cash equivalents			(374,052	)	(680,095	)
Cash and cash equivalents at beginning of period		21	1,002,987		1,047,586
Foreign exchange (loss) gain on cash and cash equivalents			(138,143	)	131,170
Cash and cash equivalents at end of period			490,792		498,661

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


				Eduardo S. Elsztain 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, 2014 and 2013 for a description of the Group’s companies.

As of March 31, 2015, the Group operates in two major lines of business: (i) Agricultural business, (ii) Urban Properties and Investments business. See Note 6 to the Unaudited Condensed Interim Consolidated Financial Statements as of June 30, 2014 and 2013 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 currently has agricultural operations and investments in Argentina, Brazil, Uruguay, Paraguay and Bolivia.

The Urban Properties and Investments business operations are conducted primarily through IRSA and IRSA’s principal subsidiary, IRSA Propiedades Comerciales S.A. (formerly Alto Palermo S.A. (“APSA”) which changed its legal name to “IRSA Propiedades Comerciales”). Through IRSA Propiedades Comerciales and IRSA, the Group owns, manages and develops shopping centers across Argentina, a portfolio of office and other rental properties in the Autonomous City of Buenos Aires, capital of Argentina, and since 2009 it entered into the US real estate market, mainly through the acquisition of non-controlling interests in office buildings and hotels. Through IRSA or IRSA Propiedades Comerciales, 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 Condensed Interim 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)

During fiscal year 2014, the Group made an investment in the Israeli market, through Dolphin Fund Ltd. (“DFL”) and Dolphin Netherlands B.V. (“DN B.V.”, and together with DFL “Dolphin”), in IDB Development Corporation (IDBD) an Israeli company, with an initial interest of 26.65%. As of March 31, 2015 the indirect equity interest in IDBD amounts to 49.0%. IDBD is one of the Israeli biggest and most diversified investment groups, which is involved, through its subsidiaries, in several markets and industry, including real estate, retail, agribusiness, insurance, telecommunications, etc.; controlling companies as: Clal Insurance (Insurance Company), Cellcom (Mobile phone services), Adama (Agrochemicals), Super-Sol (supermarket), PBC (Real Estate), among others. IDBD went public in Tel Aviv Exchange in May, 2014.

The activities of the Group’s segment “Financial operations and others” is carried out mainly through Banco Hipotecario S.A. (“BHSA”), where it has a 29.99% interest (without considering treasury shares). BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small, medium-sized and large corporations, including the provision of mortgaged loans. BHSA’s shares are listed on the Buenos Aires Stock Exchange. Additionally, the Group has a 43.08% interest in Tarshop S.A (“Tarshop”) whose main business comprises credit cards activities and the provision of loans.

Cresud’s and IRSA Propiedades Comerciales’s shares are listed and traded on both the Buenos Aires Stock Exchange (“BCBA”) and the National Association of Securities Dealers Automated Quotation (“NASDAQ”). IRSA´s shares are listed and traded on both the BCBA 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 May 12, 2015.

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 nine-month periods ended March 31, 2015 and 2014 (the “Unaudited Condensed Interim Consolidated Financial Statements”) have been prepared in accordance with IAS 34 “Interim Financial Reporting”.

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)

These Unaudited Condensed Interim Consolidated Financial Statements should be read together with the Annual Consolidated Financial Statements of the Company as of June 30, 2014. These Unaudited Condensed Interim Consolidated Financial Statements are expressed in thousands of Argentine Pesos.

The Condensed Interim Consolidated Financial Statements corresponding to the nine-month periods ended as of March 31, 2015 and 2014 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 nine-month periods ended March 31, 2015 and 2014 do not necessarily reflect proportionally the Company’s results for the complete fiscal years.

2.2	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, 2014, except for those mentioned below which were applied in these financial statements. Most significant accounting policies are described in note 2 included in the Consolidated Financial Statements as of June 30, 2014 and 2013.

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 Unaudited Condensed Interim Consolidated Financial Statements.

In the preparation of these Unaudited 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 as of June 30, 2014, save for changes in accrued income tax, provision for legal claims and allowance for doubtful accounts.

Total or partial disposal of foreign operation

The disposal of a Group’s interest in any foreign operation amounts to any reduction of such ownership interest in the operation. The Group may fully or partially dispose its interest in foreign operation through sale, liquidation or return of contributed capital.

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)

In the case of total or partial disposals of foreign operations and once such disposal becomes effective, the Group proportionally reclassifies the disposal made, the accumulated exchange differences related to the foreign operations recognized under Other comprehensive income and accumulated under a separate item in shareholders’ equity.

Onerous contract

An onerous contract is defined under IAS 37 (Provisions, Contingent Liabilities and Contingent Assets) as a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Current obligations under an onerous contract are recognized and valued in the Group financial statements as a provision.

Acquisition of assets carried out between entities under common control

The Group has elected to recognize acquisition of assets or group of assets carried out between entities under common control who also qualify as “Business Combination” according to IFRS 3, using acquisition method.

2.4	Comparative information

Amounts as of March 31, 2014 and June 30, 2014, which are disclosed for comparative purposes have been taken from the Consolidated Financial Statements as of such dates. The financial statements originally issued have been subject to certain reclassifications required in order to present these figures comparatively with this period.

During the nine-month period ended March 31, 2015, the Real Brasileño (RS) has depreciated against the Argentine Peso and other currencies by around 25.5%, which affects the comparability of the figures reported in the current financial statements given its negative impact on the financial position and results of operations of the Group, due mainly to the foreign exchange rate exposure to net assets and liabilities denominated in foreign currency and investments in joint ventures with a functional currency different from the Real.

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

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 January and September every year. Wheat is generally harvested between November and February. 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.

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 year-end celebrations (December) 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 impact 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.

4.	Acquisitions and disposals

For the nine-month period ended as of March 31, 2015

Sale of Cresca farmland

On April 3, 2014, Cresca S.A. signed a bill of sale whereby it sells an area of 24,624 hectares located in Chaco Paraguayo. The total price is US$ 14.7 million, which amount shall be collectable as follows US$ 1.8 million were collected upon execution of the bill of sale, US$ 4.3 million upon execution of the conveyance deed; US$ 3.7 million interest-free in July, 2015; US$ 4.9 million interest-free in July, 2016. Possession was delivered upon execution of the conveyance deed of title and constitution of a mortgage to secure payment of the balance, on July 14, 2014.

Lease purchase agreement of a farmland

On October 30, 2014, Brasilagro entered into 4 lease-purchase agreements with Agri Brasil Holding S.A. and Nassau Foods Holdings BV. Under the terms of the agreement, the counterpart may choose to buy all of the Campo Jatobá farmland with a total area of 31,606 hectares.

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)

Sale of investment properties

On July 7, 2014, IRSA signed the transfer deed for the sale of the 19th and 20th floors of the Building Maipú 1300. The total price of the transaction was Ps. 24.7. Such transaction generated a profit before tax of approximately Ps. 21.0 million.

On September 29, 2014, the Group finalized the sale of the Madison 183 Building through the subsidiary Rigby 183 LLC (“Rigby 183”), in the city of New York, United States, in the sum of US$ 185 million, thus discharging the mortgage levied on the asset in the amount of US$ 75 million. Such transaction generated a gain before tax of approximately Ps. 296.5 million.

On October 8, 2014, the Group through IRSA signed the transfer deed for the sale of the 22th and 23th floors of the Building Bouchard 551. The total price of the transaction was Ps. 168.7 million. Such transaction generated a gain before tax of approximately Ps. 151.4 million.

On October 22, 2014, the Group through IRSA signed the transfer deed for the sale of the 10th floor and two parking units of the Building Maipú 1300 and one parking unit of the building Libertador 498. The total price of the transaction was Ps. 12.0 million. Such transaction generated a gain before tax of approximately Ps. 10.4 million.

On October 28, 2014, the Group through IRSA signed the transfer deed for the sale of 9th, 10th and 11th floors of the building Bouchard 551. The total price of the transaction was Ps. 279.4 million. Such transaction generated a gain before tax of approximately Ps. 238.9 million.

On November 7, 2014, the Group through IRSA signed the transfer deed for the sale of the 21th floor of the Building Bouchard 551. The total price of the transaction was Ps. 75.6 million. Such transaction generated a gain before tax of approximately Ps. 66.7 million.

On December 10, 2014, the Group through IRSA signed the transfer deed for the sale of the 9th floor of the Building Maipú 1300. The total price of the transaction was Ps. 12.5 million. Such transaction generated a gain before tax of approximately Ps. 11.0 million.

All sales of the period led to a combined profit for the Group of Ps. 795.9 million approximately, disclosed within the line “Gain from disposal of investment properties” in the statement of income.

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)

Decreased shareholding in Avenida Inc.

On July 18, 2014, the Group, through Torodur S.A., exercised the warrant that remained associated to this investment and consequently had increased its interest in Avenida Inc. to 6,172,840 shares or 35.46%. Nevertheless, simultaneously, a new investor acquired 35.12% of interest in the Company, diluting the Group’s holding to 23.01%.

On September 2, 2014, Torodur S.A. sold 1,430,000 shares representing 5% of the Avenida Inc.’s capital stock in the amount of Ps. 19.1 million (US$ 2.3 million), thus reducing the ownership percentage to 17.68% of its share capital. Such transaction generated a gain of Ps. 8.8 million which are shown in the line "Other operating results, net" in the statement of income.

As a result of the sale of the interest, the Group has forborne to recognize the equity interest in Avenida Inc. as investment in associates and began to consider it as a financial asset at fair value in the financial statements at March 31, 2015.

Acquisition of additional interest in BHSA

During the period ended March 31, 2015, the Group acquired 3,289,029 additional shares of BHSA in a total amount of Ps. 14.2 million, thus increasing its interest in such company from 29.77% to 29.99%, without consideration of Treasury shares.

Investment in IDBD

On July 1st, 2014 Dolphin exercised all the rights granted and acquired on June 30, 2014, to purchase additional shares of IDBD. As a result of exercising the mentioned rights, Dolphin received 23.1 million shares and 16 million warrants of Series 1, 2 and 3. ETH had the same amount of rights and, as a result, acquired the same amount of shares and warrants as Dolphin.

Between July 9 and July 14, 2014, Dolphin acquired 0.42 million shares and 0.34 million warrants (series 2) through open market operations in the amount of NIS 1.77 million (equal to approximately US$ 0.52 million at such date). Fifty percent of such shares and warrants Series 2 were sold to ETH in accordance with the terms and conditions of the agreement opportunely entered into between the parties.

On November 2, 2014, Dolphin exercised 15,998,787 warrants Series 1 and ETH its corresponding proportion.

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)

On January 19, 2015, Dolphin acquired in the open market 94,000 shares of IDBD for a total amount of NIS 0.13 million (equal to US$ 0.03 million on the purchase date) and later sold 50% to ETH in accordance with the terms and conditions of the agreement opportunely executed between the parties. Additionally, Dolphin acquired 42,564 shares of Discount Investment Corporation Ltd, ("DIC") a subsidiary of IDBD, for a consideration of NIS 0.24 million (equal to US$ 0.06 million on the purchase date), 50% of which were offered to ETH under the terms and conditions of the agreement entered into between the parties. This time, ETH decided not to acquire the 50% of such shares.

Besides, on January 19, 2015, IDBD issued a prospectus for a rights offering (the “Rights Offering”) for approximately NIS 800 million (the “Maximum Immediate Payment”) pursuant to the irrevocable tender offer of Dolphin, granting on January 26, 2015 on 1 Right (a “New Right”) for each 25 shares of IDBD held. Each New Right would allow to subscribe on February 10, 2015 an amount of 45 common shares of IDBD at a price of NIS 68.04 (NIS 1.512 per share) and 20 Warrants Series 4, 19 Warrants Series 5 and 17 Warrants Series 6 issued by IDBD, with no charge. Each warrant issued by IDBD would allow to the acquisition of one common share of IDBD. Series 4 falls due on February 10, 2016 and will be exercisable at NIS 1.663 per warrant. Series 5 falls due on February 12, 2017 and will be exercisable at NIS 1.814 per warrant. Series 6 falls due on February 12, 2018 and will be exercisable at NIS 1.966 per warrant.

Furthermore, Dolphin agreed to (i) exercise Series 4 of Warrants for a total amount of NIS 150 million (equal to US$ 37.6 million as of March 31, 2015) provided it is so requested by the Board of IDBD within 6 to 12 months of the Rights Offering date, and (ii) exercise the remaining Warrants of Series 4, and Series 5 and 6 received as part of the Rights Offering, if two conditions are simultaneously met, to wit: (a) that IDBD and its lenders reach an agreement to amend some covenants, and (b) that the Commissioner of Capital Markets, Insurance and Savings of Israel approves control over Clal Insurance Company Ltd. (“Clal”).

As a result of the Rights Offering described above, on January 26, 2015, Dolphin received 3.7 million New Rights. ETH received the same amount of New Rights in accordance with its equity participation. The Rights Offering prospectus also provided that on February 5, 2015, rights received could be traded in the open market only the mentioned date.

As a result of the issuance of New Rights, the prices corresponding to committed Tender Offers mentioned in Note 9 have been adjusted accordingly to NIS 7.798 and NIS 8.188 per share for the 2015 and 2016 commitments, respectively (from NIS 8.344 and 8.761 per share, respectively), and the number of shares pledged by Dolphin were adjusted accordingly.

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)

Additionally, on February 5, 2015, Dolphin acquired 2.05 million New Rights for a total amount of NIS 0.94 million (equal to US$ 0.24 million on the purchase date), 50% of which were offered to ETH pursuant to the terms and conditions of the agreement opportunely entered into between the parties. This time, ETH decided not to acquire the 50% of such shares.

On February 10, 2015 Dolphin executed all New Rights received and acquired in the market. Following the execution of those New Rights, Dolphin received 258,970,184 shares, 115,097,859 warrants Series 4, 109,342,966 warrants Series 5 and 97,833,180 warrants Series 6. ETH did not execute any of the New Rights it held. On that same date, Dolphin sold 71.39 million IDBD shares to IFISA, an entity indirectly controlled by Eduardo Elsztain, at the closing price of NIS 1.39 per share, making a total of NIS 99.23 million, or US$ 25.65 million at the exchange rate prevailing on the transaction date.

Additionally, between February 9 and February 16, 2015, Dolphin acquired in the market 0.36 million shares of DIC for a total amount of NIS 2.88 million, equal to US$ 0.74 million at the exchange rate prevailing on each transaction date, 50% of which was offered to ETH under the terms of the agreement entered into between the parties. At that time, ETH decided not to acquire 50% of the said shares.

As a result of transactions described above, on March 31, 2015, Dolphin had a total of 280,247,664 shares, 16,170,392 warrants Series 2, 15,988,787 warrants Series 3, 115,097,859 warrants Series 4, 109,342,966 warrants Series 5 and 97,833,180 warrants Series 6, which makes up an equity interest of 49.0% held by IDBD. Additionally, on March 31, 2015, Dolphin held 406,978 DIC shares, which represents a direct holding of 0.48%.

During February and March 2015, Dolphin and ETH exchanged communications mainly in relation to claims raised by ETH in relation to the Rights Offering and ETH’s claim to acquire its pro rata shares in IDBD owned by Dolphin, subscribed during the Rights Offering and all of the shares subsequently acquired by IFISA raising in this last case its right of first refusal. On these premises, and in accordance with the provisions agreed between Dolphin and ETH in relation to the resolution of controversies, an arbitrage proceeding has been commenced in English in Tel Aviv under Israeli Law. On the balance sheet date, an arbitrator has been appointed and the time limit applicable for Dolphin to be notified of the arbitrage claim has already started to run.

As of March 31, 2015 IDBD’s Board of Directors consists of nine members, three of whom were designated by Dolphin, Eduardo Sergio Elsztain, Alejandro Gustavo Elsztain and Saúl Zang.

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)

Disposal of financial assets

During August 2014, IRSA has sold through its subsidiary REIG IV the balance of 1 million shares in Hersha Hospitality Trust, at an average price of US$ 6.74 per share.

Transactions with non-controlling interests

IRSA

During the nine-month period ended March 31, 2015, the Group sold a 1.50% interest in IRSA for a total amount of Ps. 128.1 million. This resulted in an increase in non-controlling interests of Ps. 29.0 million and a decrease in equity attributable to owners of the parent of Ps. 64.7 million, net of tax effect. The effect of changes in the ownership interest of IRSA on the equity attributable to owners of the Group is summarized as follows:

	Ps. (million)
Carrying amount of the non-controlling interests sold by the Group		(29.0	)
Consideration collected		128.1
Tax effect		(34.4	)
Reserve recorded in within parent’s equity		64.7

During the nine-month period ended March 31, 2015, the Group acquired a 0.65% interest in IRSA for a total consideration of Ps. 50.7 million. This resulted in a decrease in non-controlling interests of Ps. 12.7 million and an increase in equity attributable to owners of the parent of Ps. 38.0 million, net of tax effect. The effect of changes in the ownership interest of IRSA on the equity attributable to owners of the Group is summarized as follows:

	Ps. (million)
Carrying amount of group’s interest acquired of		12.7
Consideration paid for non-controlling interests		(50.7	)
Reserve recorded in within parent’s equity		(38.0	)

As a result of the transactions mentioned above, as of March 31, 2015, the equity interest in IRSA amounts to 65.16%.

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 Propiedades Comerciales

During the nine-month period ended March 31, 2015, the Group, through IRSA, acquired an additional 0.10% interest in IRSA Propiedades Comerciales for a total amount of Ps. 5.6 million. This resulted in a decrease in non-controlling interests of Ps. 0.9 million and a decrease in equity attributable to the owners of the parent of Ps. 4.7 million. As of March 31, 2015, IRSA's equity interest in IRSA Propiedades Comerciales amounts to 95.80%. The effect of changes in the ownership interest of IRSA Propiedades Comerciales on the equity attributable to owners of the Group is summarized as follows:

	Ps. (million)
Carrying amount of group’s interest acquired of		0.9
Consideration paid for non-controlling interests		(5.6	)
Reserve recorded in within parent’s equity	(i) (4.7)

(i)	The reserve includes Ps. 1.6 million for non-controlling interest

Dolphin

On October 30, 2014, the Group – through its subsidiaries — subscribed an additional sum of US$ 21 million in Dolphin. Such amount was allocated to increase Dolphin’s investment in IDBD.

Furthermore, during February 2015, the Group through its subsidiaries, contributed an amount of US$ 105 million in Dolphin. Such amount was also allocated to increase Dolphin’s investment in IDBD.

As a result, Group’s economic interest in Dolphin amounts to approximately 99.9%. Consequently, the Company recognized a decrease in non-controlling interest for an amount of Ps. 21.2 million (the reserve includes Ps. 6.9 million to the non-controlling interest) and an increase in equity attributable to holders of the parent.

Disposal of Associates

On February 5, 2014, the Group, through Ritelco, sold its interest in Bitania 26 S.A., representing 49% of its capital stock, for an amount of US$ 4.2 million. Such transaction generated a net gain of approximately Ps. 13.3 million which are shown in the line "Other operating results, net" in the statement of income.

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)

Capital reduction of Rigby 183 LLC

On October 17, 2014, Rigby 183 LLC reduced its capital stock by distributing among existing shareholders, proportionally to their shareholdings, the gain made on the sale of the Madison building. The total amount distributed is US$ 103.8 million, of which the Group received US$ 77.4 million (US$ 26.5 million through IRSA International and US$ 50.9 million through IMadison LLC) and US$ 26.4 were distributed to other shareholders. As a result of such reduction, the Group has decided to reverse the corresponding accumulated conversion difference on a pro rata basis, which amounted to Ps. 188.3 million. This reversal has been recognized in the line "Other operating results, net" in the statement of income.

Conil Barter

On November 5, 2014, the Group executed a conveyance deed evidencing a barter to convey title on four plots of land located in Avellaneda district. The agreement provides for the development by the acquirer of two building construction undertakings. In consideration for such work, the compensation agreed included the amount of US$ 0.01 million and delivery, within 24 months as from such agreement execution, of two functional units for commercial purposes and one functional unit for office purposes (the non-monetary compensation was valued at US$ 0.7 million).

5.	Financial risk management

5.1. Financial risk

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

The Unaudited Condensed Interim Consolidated Financial Statements do not include all the information and disclosures of the risk management, so they should be read together with the annual consolidated financial statements as of June 30, 2014. There have been no changes in the risk management or risk management policies applied by the Group since the fiscal year-end.

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

5.	Financial risk management (Continued)

5.2. Fair value estimates

Since June 30, 2014, to the balance sheet date, there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities (either measured at fair value or amortized cost). Neither have been transfers between the several tiers used in estimating the fair value of the Group’s financial instruments.

6.	Segment information

The Group’s Executive Board periodically reviews the results and certain asset categories corresponding to these segments. The valuation criteria used in preparing this information are consistent with IFRS standards used for the preparation of the consolidated financial statements, except for the investments in joint ventures: Cresca S.A., Nuevo Puerto Santa Fe S.A. (“NPSF”) and Quality Invest S.A., which are reported to the Group’s Executive Board, applying proportional consolidation method. Under this method the income/loss generated and assets, are reported in the income statement line-by-line rather than in a single item as required by IFRS. Management believes that the proportional consolidation method provides more useful information to understand the business return. Moreover, operating results of Entertainment Holding S.A. (“EHSA”) joint venture is accounted for under the equity method. Management believes that, in this case, this method provides more adequate information for this type of investment, given its low materiality and considering it is a company without direct trade operations, where the main asset consists of an indirect interest of 25% of la Rural S.A..

The following asset categories are reviewed by the Group's Executive Board: investment properties, property, plant and equipment, trading properties, goodwill, rights to receive future units through barter agreements, assets held for sale, biological assets, inventories, investments in associates and investment in EHSA joint venture. The aggregate of these assets, classified by business segment, are disclosed as “segment assets”. The measurement principles for the segment assets are based on the IFRS principles adopted in the preparation of the consolidated financial statements, except for the Group’s share of assets of the joint ventures: Cresca S.A., Nuevo Puerto Santa Fe S.A. and Quality Invest S.A., which are all reported to the Executive Board under the proportionate consolidation method. Under this method, each of the segment assets reported includes the proportionate share of the Group in the same operating assets of these joint ventures. As an example, the investment properties amount reported to the Executive Board includes (i) the investment property balance as per the statement of financial position plus (ii) the Group’s share of the investment properties of these joint ventures. Under IFRS 11, the investment properties of these joint ventures are included together with all other of the joint ventures’ net assets in the single line item titled “Investments in associates and joint ventures” in the statement of financial position. Assets are allocated to each segment based on the operations and/or their physical location. Assets and services exchanged between segments are calculated on the basis of market prices. Intercompany transactions between segments, if any, are eliminated.

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 nine-month period ended March 31, 2015:

	Agricultural business (I)			Urban properties and investments business (II)			Total
Revenues		1,642,560			2,539,884			4,182,444
Costs		(2,426,725	)		(1,132,855	)		(3,559,580	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		1,026,913			-			1,026,913
Changes in the net realizable value of agricultural produce after harvest		(18,608	)		-			(18,608	)
Gross profit		224,140			1,407,029			1,631,169
Gain from disposal of investment properties		-			795,864			795,864
Gain from disposal of farmlands		17,046			-			17,046
General and administrative expenses		(170,699	)		(264,206	)		(434,905	)
Selling expenses		(190,620	)		(137,615	)		(328,235	)
Other operating results, net		12,161			63,537			75,698
(Loss) / Profit from operations		(107,972	)		1,864,609			1,756,637
Share of profit / (loss) of associates and joint ventures		273			(852,768	)		(852,495	)
Segment (Loss) / Profit		(107,699	)		1,011,841			904,142

Investment properties		383,210			3,526,948			3,910,158
Property, plant and equipment		1,933,961			239,827			2,173,788
Trading properties		-			135,891			135,891
Goodwill		7,918			24,441			32,359
Rights to receive future units under barter agreements		-			90,486			90,486
Biological assets		900,344			-			900,344
Inventories		272,595			21,492			294,087
Investments in associates and joint ventures		32,770			2,293,314			2,326,084
Total segment assets		3,530,798			6,332,399			9,863,197

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 nine-month period ended March 31, 2014:

	Agricultural business (I)			Urban properties and investments business (II)			Total
Revenues		1,141,493			2,062,551			3,204,044
Costs		(1,750,009	)		(960,128	)		(2,710,137	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		971,418			-			971,418
Changes in the net realizable value of agricultural produce after harvest		(7,811	)		-			(7,811	)
Gross Profit		355,091			1,102,423			1,457,514
Gain from disposal of investment properties		-			113,338			113,338
General and administrative expenses		(159,180	)		(195,448	)		(354,628	)
Selling expenses		(123,725	)		(102,905	)		(226,630	)
Other operating results		(24,959	)		(29,525	)		(54,484	)
Profit from operations		47,227			887,883			935,110
Share of profit of associates and joint ventures		10,444			85,945			96,389
Segment Profit		57,671			973,828			1,031,499

Investment properties		43,759			4,627,553			4,671,312
Property, plant and equipment		2,474,572			220,317			2,694,889
Trading properties		-			150,624			150,624
Goodwill		10,012			100,628			110,640
Rights to receive future units under barter agreements		-			85,077			85,077
Biological assets		1,030,663			-			1,030,663
Inventories		254,902			18,465			273,367
Investments in associates		38,335			1,326,351			1,364,686
Total segment assets		3,852,243			6,529,015			10,381,258

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:

	March 31, 2015
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agricultural Rental and services			Agricultural Subtotal			Land Transformation and Sales			Agro-industrial			Other segments			Total Agricultural business (i)
Revenues		612,034			121,632			53,176			155,043			23,994			965,879			-			588,638			88,043			1,642,560
Costs		(1,258,630	)		(180,555	)		(98,352	)		(260,701	)		(14,949	)		(1,813,187	)		(5,763	)		(528,913	)		(78,862	)		(2,426,725	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		743,042			102,074			55,289			126,508			-			1,026,913			-			-			-			1,026,913
Changes in the net realizable value of agricultural produce after harvest		(18,609	)		1			-			-			-			(18,608	)		-			-			-			(18,608	)
Gross Profit / (Loss)		77,837			43,152			10,113			20,850			9,045			160,997			(5,763	)		59,725			9,181			224,140
Gain from disposal of farmlands		-			-			-			-			-			-			17,046			-			-			17,046
General and administrative expenses		(95,585	)		(18,240	)		(3,221	)		(28,065	)		(1,429	)		(146,540	)		(731	)		(18,329	)		(5,099	)		(170,699	)
Selling expenses		(98,245	)		(16,802	)		(2,533	)		(4,864	)		(595	)		(123,039	)		(1,495	)		(56,695	)		(9,391	)		(190,620	)
Other operating results, net		15,855			(2,393	)		(450	)		-			(200	)		12,812			(102	)		(119	)		(430	)		12,161
(Loss) / Profit from Operations		(100,138	)		5,717			3,909			(12,079	)		6,821			(95,770	)		8,955			(15,418	)		(5,739	)		(107,972	)
Share of profit / (loss) of associates		556			-			-			-			-			556			-			-			(283	)		273
Segment (Loss) / Profit		(99,582	)		5,717			3,909			(12,079	)		6,821			(95,214	)		8,955			(15,418	)		(6,022	)		(107,699	)

Investment properties		-			-			-			-			36,577			36,577			346,633			-			-			383,210
Property, plant and equipment		1,308,998			146,692			21,225			332,402			849			1,810,166			51,659			17,978			54,158			1,933,961
Goodwill		5,022			-			-			2,253			-			7,275			-			-			643			7,918
Biological assets		438,642			324,665			39,581			97,456			-			900,344			-			-			-			900,344
Inventories		118,673			35,717			493			2,098			-			156,981			-			27,572			88,042			272,595
Investments in associates		30,240			20			-			-			-			30,260			-			-			2,510			32,770
Total segment assets		1,901,575			507,094			61,299			434,209			37,426			2,941,603			398,292			45,550			145,353			3,530,798

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)

	March 31, 2014
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agricultural Rental and services			Agricultural Subtotal			Land Transformation and Sales			Agro-industrial			Other segments			Total Agricultural business (i)
Revenues		459,882			72,589			37,006			87,253			15,213			671,943			-			378,338			91,212			1,141,493
Costs		(983,553	)		(122,112	)		(70,999	)		(157,075	)		(11,364	)		(1,345,103	)		(8,162	)		(329,815	)		(66,929	)		(1,750,009	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		764,563			90,419			39,579			76,857			-			971,418			-			-			-			971,418
Changes in the net realizable value of agricultural produce after harvest		(7,990	)		179			-			-			-			(7,811	)		-			-			-			(7,811	)
Gross Profit / (Loss)		232,902			41,075			5,586			7,035			3,849			290,447			(8,162	)		48,523			24,283			355,091
General and administrative expenses		(92,027	)		(18,950	)		(4,001	)		(24,557	)		(1,879	)		(141,414	)		(787	)		(11,731	)		(5,248	)		(159,180	)
Selling expenses		(63,478	)		(11,018	)		(1,559	)		(2,282	)		(581	)		(78,918	)		(210	)		(36,996	)		(7,601	)		(123,725	)
Other operating results		(22,947	)		(2,957	)		(625	)		58			(316	)		(26,787	)		(123	)		(869	)		2,820			(24,959	)
Profit / (Loss) from Operations		54,450			8,150			(599	)		(19,746	)		1,073			43,328			(9,282	)		(1,073	)		14,254			47,227
Share of profit / (loss) of associates		10,173			31			-			-			-			10,204			-			-			240			10,444
Segment Profit / (Loss)		64,623			8,181			(599	)		(19,746	)		1,073			53,532			(9,282	)		(1,073	)		14,494			57,671

Investment properties		-			-			-			-			43,759			43,759			-			-			-			43,759
Property, plant and equipment		1,760,323			162,629			19,061			423,685			9,636			2,375,334			51,370			19,598			28,270			2,474,572
Goodwill		6,468			-			-			2,900			-			9,368			-			-			644			10,012
Biological assets		597,151			262,100			30,903			136,815			-			1,026,969			-			66			3,628			1,030,663
Inventories		152,013			22,813			275			823			-			175,924			-			17,628			61,350			254,902
Investments in associates		35,623			107			-			-			-			35,730			-			-			2,605			38,335
Total segment assets		2,551,578			447,649			50,239			564,223			53,395			3,667,084			51,370			37,292			96,497			3,852,243

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:

	March 31, 2015
	Shopping Center Properties			Offices			Sales and developments			Hotels			International			Financial operations and others			Total Urban Properties and Investment business (II)
Revenues		1,879,195			304,805			10,925			316,733			28,131			95			2,539,884
Costs		(806,223	)		(90,494	)		(14,504	)		(211,768	)		(9,379	)		(487	)		(1,132,855	)
Gross Profit / (Loss)		1,072,972			214,311			(3,579	)		104,965			18,752			(392	)		1,407,029
Gain from disposal of investment properties		-			-			499,355			-			296,509			-			795,864
General and administrative expenses		(91,276	)		(40,446	)		(35,319	)		(56,823	)		(40,342	)		-			(264,206	)
Selling expenses		(77,590	)		(13,082	)		(6,919	)		(39,754	)		-			(270	)		(137,615	)
Other operating results, net		(20,149	)		(112,816	)		(2,006	)		12,895			187,434			(1,821	)		63,537
Profit / (Loss) from Operations		883,957			47,967			451,532			21,283			462,353			(2,483	)		1,864,609
Share of profit / (loss) of associates and joint ventures		-			3,042			1,554			1,254			(973,216	)		114,598			(852,768	)
Segment Profit / (Loss)		883,957			51,009			453,086			22,537			(510,863	)		112,115			1,011,841

Investment properties		2,368,298			963,840			187,806			-			-			7,004			3,526,948
Property, plant and equipment		38,081			27,811			1,243			171,316			1,376			-			239,827
Trading properties		1,484			-			134,407			-			-			-			135,891
Goodwill		8,239			11,661			4,541			-			-			-			24,441
Rights to receive future units under barter agreements		9,264			5,409			75,813			-			-			-			90,486
Inventories		14,000			-			738			6,754			-			-			21,492
Investments in associates and joint ventures		-			26,350			47,192			-			858,570			1,361,202			2,293,314
Total segment assets		2,439,366			1,035,071			451,740			178,070			859,946			1,368,206			6,332,399

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)

	March 31, 2014
	Shopping Center Properties			Offices			Sales and developments			Hotels			International			Financial operations and others			Total Urban Properties and Investment business (II)
Revenues		1,454,461			242,889			46,451			253,971			64,322			457			2,062,551
Costs		(651,160	)		(80,728	)		(25,543	)		(159,506	)		(42,492	)		(699	)		(960,128	)
Gross Profit / (Loss)		803,301			162,161			20,908			94,465			21,830			(242	)		1,102,423
Gain from disposal of investment properties		-			-			113,338			-			-			-			113,338
General and administrative expenses		(72,207	)		(31,430	)		(27,726	)		(44,609	)		(19,421	)		(55	)		(195,448	)
Selling expenses		(49,275	)		(13,962	)		(8,314	)		(31,604	)		-			250			(102,905	)
Other operating results		(23,007	)		(1,765	)		(2,414	)		(761	)		423			(2,001	)		(29,525	)
Profit / (Loss) from Operations		658,812			115,004			95,792			17,491			2,832			(2,048	)		887,883
Share of profit / (loss) of associates		-			(244	)		3,874			556			(80,848	)		162,607			85,945
Segment Profit / (Loss)		658,812			114,760			99,666			18,047			(78,016	)		160,559			973,828

Investment properties		2,262,715			850,410			420,888			-			1,085,925			7,615			4,627,553
Property, plant and equipment		18,224			26,137			3,806			171,887			263			-			220,317
Trading properties		1,484			86			149,054			-			-			-			150,624
Goodwill		8,582			11,661			4,541			-			75,844			-			100,628
Rights to receive future units under barter agreements		9,264			-			75,813			-			-			-			85,077
Inventories		9,861			-			582			8,022			-			-			18,465
Investments in associates and joint ventures		-			23,951			35,795			21,895			1,637			1,243,073			1,326,351
Total segment assets		2,310,130			912,245			690,479			201,804			1,163,669			1,250,688			6,529,015

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)

The following tables present a reconciliation between the profit / (loss) from operations as per the segment information and the results of operations as per the income statements. The adjustments relate to the presentation of the results of operations of joint ventures accounted for under the equity method under IFRS.

	March 31, 2015
	Total segment information			Adjustment for share of profit / (loss) of joint ventures			Adjustment to income for elimination of inter-segment transactions			Total Income statements
Revenues		4,182,444			(34,678	)		(76,585	)		4,071,181
Costs		(3,559,580	)		41,300			70,995			(3,447,285	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		1,026,913			(14,929	)		-			1,011,984
Changes in the net realizable value of agricultural produce after harvest		(18,608	)		-			-			(18,608	)
Gross Profit / (Loss)		1,631,169			(8,307	)		(5,590	)		1,617,272
Gain from disposal of investment properties		795,864			-			-			795,864
Gain from disposal of farmlands		17,046			(20,295	)		4,594			1,345
General and administrative expenses		(434,905	)		4,422			1,761			(428,722	)
Selling expenses		(328,235	)		3,891			275			(324,069	)
Other operating results, net		75,698			770			(1,040	)		75,428
Profit / (Loss) from operations before share of profit / (loss) of associates and joint ventures		1,756,637			(19,519	)		-			1,737,118
Share of (loss) / profit of associates and joint ventures		(852,495	)		9,514			-			(842,981	)
Profit / (Loss) from Operations before Financing and Taxation		904,142			(10,005	)		-			894,137

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)

	March 31, 2014
	Total segment information			Adjustment for share of profit / (loss) of joint ventures			Adjustment to income for elimination of inter-segment transactions			Total Income statements
Revenues		3,204,044			(40,122	)		(28,068	)		3,135,854
Costs		(2,710,137	)		39,096			27,850			(2,643,191	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		971,418			(15,694	)		-			955,724
Changes in the net realizable value of agricultural produce after harvest		(7,811	)		-			-			(7,811	)
Gross Profit / (Loss)		1,457,514			(16,720	)		(218	)		1,440,576
Gain from disposal of investment properties		113,338			-			-			113,338
General and administrative expenses		(354,628	)		2,356			910			(351,362	)
Selling expenses		(226,630	)		2,701			110			(223,819	)
Other operating results		(54,484	)		2,926			(802	)		(52,360	)
Profit / (loss) from operations before share of profit / (loss) of associates and joint ventures		935,110			(8,737	)		-			926,373
Share of profit of associates and joint ventures		96,389			18,794			-			115,183
Profit from operations before Financing and Taxation		1,031,499			10,057			-			1,041,556

The following tables present a reconciliation between total segment assets as per segment information and total assets as per the statement of financial position. Adjustments are mainly related to the filing of certain classes of assets in segment information and to the proportional consolidation of joint ventures mentioned previously.

	March 31, 2015			March 31, 2014
Total Assets per segment based on Segment Information		9,863,197			10,381,258
Less:
Proportionate share in reportable assets per segment of joint ventures (*)		(470,929	)		(526,584	)
Plus:
Investments in joint ventures (**)		354,025			397,951
Other non-reportable assets		4,674,654			5,003,676
Total Consolidated Assets as per Statement of financial position		14,420,947			15,256,301

(*) Below is a detail of the proportionate share in assets by segment of joint ventures included in the information reported by segment.

(**)	Represents the equity-accounted amount of those joint ventures, which were proportionate-consolidated for segment information purposes.

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)

	March 31, 2015		March 31, 2014
Investment properties		434,525		137,908
Goodwill		5,220		5,235
Trading properties		3,140		6,339
Rights to receive future units under barter agreements		-		-
Property, plant and equipment		2,471		345,891
Biological assets		19,547		22,547
Inventories		6,026		8,664
Total proportionate share in assets per segment of joint ventures		470,929		526,584

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, 2014 and 2013.

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
	March 31, 2015		June 30, 2014		March 31, 2015		June 30, 2014
Assets
Non-current assets		7,572,419		6,851,085		1,686,371		2,049,257
Current assets		1,689,990		2,959,021		582,538		879,255
Total assets		9,262,409		9,810,106		2,268,909		2,928,512
Liabilities
Non-current liabilities		4,628,472		4,834,086		204,912		239,790
Current liabilities		2,584,226		2,419,424		436,926		655,174
Total liabilities		7,212,698		7,253,510		641,838		894,964
Net assets		2,049,711		2,556,596		1,627,071		2,033,548

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 income statements and statements of comprehensive income

	IRSA						Brasilagro
	March 31, 2015			March 31, 2014			March 31, 2015			March 31, 2014
Revenues		2,509,034			2,022,219			321,141			196,473
Profit / (Loss) before income tax		226,185			(191,140	)		84,311			(41,700	)
Income tax expense		(389,626	)		112,298			(17,957	)		19,404
Profit / (Loss) for the period		(163,441	)		(78,842	)		66,354			(22,296	)
Other comprehensive (loss) / income		(106,513	)		149,786			538,468			644,785
Total other comprehensive (loss) / income		(269,954	)		70,944			604,822			622,489
(Loss) / Profit attributable to non-controlling interest		97,864			56,845			-			-

Summarized cash flows

	IRSA						Brasilagro
	March 31, 2015			March 31, 2014			March 31, 2015			March 31, 2014
Cash flow from operating activities
Net cash generated from (used in) operating activities		735,574			686,420			(162,645	)		(71,731	)
Cash flow from investing activities
Net cash generated from (used in) investing activities		300,928			(597,560	)		(44,395	)		(60,777	)
Cash flow from financing activities
Net cash (used in) generated from financing activities		(1,297,559	)		(688,495	)		11,352			16,834
Net increase (decrease) in cash and cash equivalents		(261,057	)		(599,635	)		(195,688	)		(115,674	)
Cash and cash equivalents at beginning of period		609,907			796,902			320,349			197,113
Foreign exchange (loss) / gain on cash and cash equivalents		(111,203	)		42,010			(29,327	)		75,045
Cash and cash equivalents at end of period		237,647			239,277			95,334			156,484

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

8.	Interests in joint ventures

As of March 31, 2015 and June 30, 2014 the joint ventures of the Group are Cresca S.A., Cyrsa S.A., Puerto Retiro S.A., Baicom Networks S.A., Quality Invest S.A., Nuevo Puerto Santa Fe S.A. ("NPSF"), Entretenimiento Universal S.A. and Entertainment Holdings S.A. ("EHSA"). The shares in these joint ventures are not publicly traded.

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 (Continued)

Changes in the Group’s investments in joint ventures for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	March 31, 2015			June 30, 2014
Beginning of the year		395,243			324,194
Capital contribution		95,446			43,583
Capital reduction (iii)		(110,860	)		-
Cash dividends (i)		(33,614	)		-
Share of profit		12,556			15,742
Currency translation adjustment		21,603			11,724
End of the period / year (ii)		380,374			395,243

(i)	During the nine-month period ended March 31, 2015, the Group cashed dividends from Nuevo Puerto Santa Fe in the amount of Ps. 2.6 million and from Cyrsa in the amount of Ps. 31.0 million.

(ii)	Includes a balance of Ps. (59) reflecting interests in companies with negative equity as of June 30, 2014 which is included in “Provisions” (Note 24).

(iii)

During the nine-month period ended March 31, 2015, Cyrsa S.A. reduced its capital stock in the amount of Ps. 110.9 million.

9.	Interests in associates

As of June 30, 2014, the associates of the Group were Agro-Uranga S.A., Agromanagers S.A., New Lipstick LLC, BHSA, IDBD, Tarshop S.A., Manibil S.A., Lipstick Management LLC, Banco de Crédito y Securitización S.A. ("BACS"), Bitania 26 S.A., and Avenida Inc.

As of March 31, 2015, the associates of the Group were Agro-Uranga S.A., Agromanagers S.A., New Lipstick LLC, BHSA, IDBD, Tarshop S.A., Manibil S.A., Lipstick Management LLC and Banco de Crédito y Securitización S.A. ("BACS").

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 (Continued)

The evolution of the Group’s investments in associates for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 was as follows:

	March 31, 2015			June 30, 2014
Beginning of the year		1,803,114			1,123,577
Acquisition of associates		1,062,313			1,131,806
Capital contribution		30,908			16,716
Share of profit / (loss)		500			92,568
Currency translation adjustment		41,160			(29,133	)
Cash dividends (i)		(17,601	)		(15,459	)
Disposal of associates		(33,755	)		-
Reclassification to financial instruments (Note 4)		(30,089	)		-
Unrealized gain from investments at fair value		(856,037	)		(516,961	)
End of the period / year (ii)		2,000,513			1,803,114

(i)

As of March 31, 2015, the Group cashed dividends from Agromanagers S.A., Agro-Uranga S.A. and BHSA in the amount of Ps. 0.02 million, Ps. 4.2 million and Ps. 12.9 million, respectively. During the year 2014, the Group cash dividends from Agro-Uranga S.A., Manibil and BHSA in the amount of Ps. 5.5 million, Ps. 9.2 million and Ps. 0.8 million, respectively.

(ii)	Includes a balance of Ps. (299,222) and Ps. (176,982) reflecting interests in companies with negative equity as of March 31, 2015 and June 30, 2014, respectively, which are reclassified to “Provisions” (see note 24).

Restrictions, commitments and other matters related to associates

IDBD

As part of the purchase agreement, Dolphin and ETH have agreed to participate jointly and severally in capital increases resolved by the Board of Directors of IDBD to carry out their business plan during 2014 and 2015, in amounts of at least NIS 300 million in 2014 and NIS 500 million in 2015 (approximately equal to US$ 75.4 million and US$ 125.6 million at the exchange rate prevailing on March 31, 2015). As of March 31, 2015, Dolphin has made a total capital contribution of NIS 595.1 million (NIS 400 million as advance payment of the commitment assumed) and ETH has contributed NIS 203.5 million in IDBD. As a result, Dolphin has completed required contributions, while IDBD is still claiming ETH for the payment of the remaining balance committed by ETH for a total of NIS 196.5 million, with joint and several liability of Dolphin.

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 (Continued)

Furthermore, under the purchase agreement, Dolphin and ETH have agreed jointly and severally to make one or more Tender Offers for the purchase of shares in IDBD for an aggregate amount of NIS 512.09 million (equal to approximately US$ 128.7 million at the exchange rate prevailing on March 31, 2015), based on the following scheme: (i) before December 31, 2015, an amount of at least NIS 249.8 million at a share price of NIS 7.798 (adjusted for Rights Offering as of March 31, 2015, subject to adjustments) and (ii) before December 31, 2016 in the amount of at least NIS 512.09 million less the tender offer conducted in 2015, at a share price of NIS 8.188 (adjusted for Rights Offering as of March 31, 2015, subject to adjustments). To secure compliance with the tender offers, an aggregate amount of 34,130,119 shares of IDBD were pledged as of March 31, 2015. On the balance sheet date, no tender offers had been made. Additionally, on March 31, 2015, 49,695,135 shares, 23,950,072 warrants Series 4, 22,752,569 warrants Series 5 and 20,357,561 warrants Series 6 in IDBD held by Dolphin were deposited in an escrow account and pledged, and they should be shortly transferred to an account without restrictions. As of the date of issuance of these Unaudited Financial Statements, Tender Offers have not been carried out.

On the other hand, the purchase agreement provides that Dolphin and ETH shall jointly and severally pay to creditors who participate in the restructuring arrangement indicated above the additional sum of NIS 100 million (equal approximately to US$ 26 million at the exchange rate prevailing on December 31, 2014), in the event that IDBD executes the sale of its equity interest in the subsidiary Clal Insurance Enterprises Holdings Ltd. before December 31, 2014 and provided that: (i) the sale price shall not be lower than NIS 4,200 million (equal to approximately US$ 1,078 million at the exchange rate prevailing on December 31, 2014) and (ii) the transaction is closed before June 30, 2015, provided that IDBD has received by the latter date a payment of at least NIS 1,344 million (gross) (equal to approximately US$ 345 million at the exchange rate prevailing on December 31, 2014). As of December 31, 2014, IDBD did not execute the sale of its interest in Clal Insurance Enterprises Holdings Ltd. Given that, as of December 31, 2014, IDBD did not perfect the above mentioned sale, the additional commitment assumed by Dolphin and ETH ceased to have effect.

On May 12, 2014, shares of IDBD started to trade in the Tel Aviv Stock Exchange, Israel; as a result, all of the shares (including pledged shares) were held in trust at Bank Leumi Le-Israel to secure compliance with lock-up provisions of Chapter D of the Tel Aviv Stock Exchange Rules, whereby shares listed under an IPO (initial public offering) may not be freely disposed of for a term of 18 months, which are then released at a rate of 2.5% per month beginning on the fourth month of the IPO date.

Hence, in accordance with Tel Aviv Rules applicable to March 31, 2015, 47,489,037 shares and 335,715 warrants of each of the Series 2 and 3 were still subject to lock-up provisions under the terms described above.

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 (Continued)

Furthermore, as established in Note 4, Dolphin agreed to (i) exercise Series 4 of Warrants for a total amount of NIS 150 million (equal to US$ 37.6 million as of March 31, 2015) provided it is so requested by the Board of IDBD within 6 to 12 months of the Rights Offering date, and (ii) exercise the remaining warrants of Series 4, and Series 5 and 6 received as part of the Rights Offering, if two conditions are simultaneously met, to wit: (a) that IDBD and its lenders reach an agreement to amend some covenants, and (b) that the Commissioner of Capital Markets, Insurance and Savings of Israel approves control over Clal Insurance Company Ltd. (“Clal”).

Finally, Dolphin agreed to a capital injection, directly or through any of its affiliates, to IDBD in an amount ranging between NIS 256 million and NIS 400 million, as follows: (i) NIS 256 million by exercising New Rights of Dolphin resulting from the Rights Offering; (ii) an additional investment (the “Additional Investment”) in a sum equal to (a) the Maximum Immediate Payment less (b) the amount received by IDBD as a result of the Rights Offering, excluding the exercise of the New Warrants, but in no case will it exceed the amount of NIS 144 million. The Additional Investment would be made by Dolphin or any of its affiliate by exercising the additional rights to be acquired by them, or –should such rights not be acquired – by participating in another rights offering to be executed by IDBD. On February 10, 2015 Dolphin subscribed a total of NIS 391.6 million, with a remaining commitment to contribute NIS 8.4 million. Additionally, see Note 43 "Subsequent events".

BHSA

On October 31, 2014 the Bank was notified of Ruling 685 dated October 29, 2014 issued by the Superintendence of Financial Entities and Exchange Offices in proceedings conducted pursuant to Financial Investigation Case Number 1320, whereby the Bank and its officers were charged with alleged infringements to rulings on assistance to Non-Financial Public Sector, excess credit risk exposure to non-financial public sector, excess collateralization, failure to comply with minimum capital requirements and objections to the accounting treatment afforded to the transaction “Cer Swap Linked to PG08 and External Debt”; and moreover, delays in communicating the appointment of new members of the board and to file documentation related to new members of the board designated by the Shareholders’ Meetings.

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 (Continued)

Such a ruling assessed a fine in the amount of Ps. 4.04 million to BHSA and fines of diverse amounts to incumbent and former members of the Board and managers. Against such penalty, on November 25, 2014 BHSA and other affected parties filed a writ of appeal, as per the provisions of section 42 of the Financial Entities Act, which was sent by the BCRA to the National Court of Appeals in Administrative Litigation Matters, and will be decided by Division I of said Court of Appeals. Moreover, the same Division will also decide on motions for injunctions filed on December 30, 2014 by the Bank and the persons affected by the collection proceedings filed by the BCRA for the collection of penalties. Notwithstanding the expectations to get a judicial revocation of the penalties applied by the BCRA, Banco Hipotecario S.A. has set up an allowance equal to 100% of the penalty applied by the ruling.

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

Changes in the Group’s investment properties for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	Shopping Center Properties			Office buildings and other rental properties portfolio			Undeveloped parcels of land			Leased out farmland			Properties under development (iii)			Total
Year ended June 30, 2014
Opening net book amount		1,890,531			1,630,509			421,240			42,998			186,123			4,171,401
Additions		61,108			23,988			454			7,069			156,927			249,546
Reclassification to available for sale		-			(1,098,990	)		-			-			-			(1,098,990	)
Reclassification to property, plant and equipment		-			(12,231	)		-			(3,657	)		-			(15,888	)
Reclassifications of trading properties		-			251			1,550			-			(803	)		998
Capitalized borrowing costs		-			-			-			-			22,376			22,376
Disposals		(35	)		(51,457	)		-			(1,080	)		(766	)		(53,338	)
Depreciation charge (i)		(134,325	)		(68,529	)		-			(2,134	)		-			(204,988	)
Currency translation adjustment		-			375,261			-			8,238			-			383,499
Transfers		(25,332	)		27,056			(1,724	)		-			-			-
Closing net book amount		1,791,947			825,858			421,520			51,434			363,857			3,454,616
At June 30, 2014
Cost		3,166,103			1,077,824			421,520			51,434			363,857			5,080,738
Accumulated depreciation		(1,374,156	)		(251,966	)		-			-			-			(1,626,122	)
Net book amount		1,791,947			825,858			421,520			51,434			363,857			3,454,616
Period ended March 31, 2015
Opening net book amount		1,791,947			825,858			421,520			51,434			363,857			3,454,616
Additions		26,394			216,739			(214,281	)		2,572			174,855			206,279
Reclassification of property, plant and equipment		-			7,545			9,820			-			-			17,365
Reclassification to property, plant and equipment		-			-			-			(5,028	)		(3,922	)		(8,950	)
Transfers (ii)		502,104			-			-			-			(502,104	)		-
Disposals		-			(61,196	)		(1,687	)		(13	)		(2,806	)		(65,702	)
Depreciation charge (i)		(87,696	)		(27,892	)		-			(344	)		-			(115,932	)
Currency translation adjustment		-			-			-			(12,043	)		-			(12,043	)
Closing net book amount		2,232,749			961,054			215,372			36,578			29,880			3,475,633
At March 31, 2015
Cost		3,560,276			1,175,318			215,372			36,578			29,880			5,017,424
Accumulated depreciation		(1,327,527	)		(214,264	)		-			-			-			(1,541,791	)
Net book amount		2,232,749			961,054			215,372			36,578			29,880			3,475,633

(i)	Depreciation charge of investment property has been charged in “Costs” in the income statements (Note 30).

(ii)	As of March 31, 2015 includes Ps. 27,713 corresponding to works in Alto Comahue Shopping Center and Ps. 1,311 in Distrito Arcos Shopping Center.

(iii)

Includes transfers due to the inauguration of Alto Comahue and Distrito Arcos Shopping Centers.

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 (Continued)

The following amounts have been recognized in the income statements:

	March 31, 2015		March 31, 2014
Rental and service income		2,193,731		1,742,865
Direct operating expenses		895,182		787,415
Development expenses		2,376		3,756
Gain from disposal of investment properties		795,864		113,338

Borrowing costs incurred during the nine-month period ended March 31, 2015 of Ps. 12,956, were capitalized at the rate of the Company’s general borrowings, which amounts to 15%. Those costs correspond to Alto Comahue. Capitalization of financial costs has ceased since the completion of the shopping mall.

In respect of Arcos del Gourmet S.A., on December 10, 2013, the Judicial Branch confirmed an injunction order that suspended the opening of the shopping center on the grounds that it did not have certain governmental permits in the context of two legal proceedings, where a final decision has been rendered for the company.

The plaintiff filed a petition for the continuation of the preliminary injunction by means of an extraordinary appeal of unconstitutionality which was by the lower and appellate courts; consequently, it filed an appeal with the Supreme Court of Justice of the Autonomous City of Buenos Aires, which so far has not rendered a decision.

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

Changes in the Group’s property, plant and equipment for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	Owner occupied farmland			Hotel buildings and facilities			Other buildings and facilities			Furniture and fixtures			Machinery and equipment			Vehicles			Total
Year ended June 30, 2014
Opening net book amount		1,538,708			180,348			57,239			7,178			52,961			5,020			1,841,454
Currency translation adjustment		518,869			-			3,363			1,238			13,751			240			537,461
Additions		96,785			9,980			4,633			3,953			15,581			3,247			134,179
Reclassifications of investment properties		3,657			-			12,231			-			-			-			15,888
Reclassifications to intangibles assets		-			-			(30	)		-			-			-			(30	)
Disposals		(56,763	)		(24	)		(133	)		(7	)		(2,589	)		(497	)		(60,013	)
Depreciation charge (i)		(44,062	)		(14,559	)		(10,559	)		(1,524	)		(14,519	)		(1,760	)		(86,983	)
Closing net book amount		2,057,194			175,745			66,744			10,838			65,185			6,250			2,381,956
At June 30, 2014
Cost		2,261,176			402,647			141,704			25,144			191,561			12,578			3,034,810
Accumulated depreciation		(203,982	)		(226,902	)		(74,960	)		(14,306	)		(126,376	)		(6,328	)		(652,854	)
Net book amount		2,057,194			175,745			66,744			10,838			65,185			6,250			2,381,956
Period ended March 31, 2015
Opening net book amount		2,057,194			175,745			66,744			10,838			65,185			6,250			2,381,956
Currency translation adjustment		(289,327	)		-			(4,475	)		(628	)		(8,395	)		54			(302,771	)
Additions		140,370			6,786			7,503			2,158			20,893			6,830			184,540
Reclassifications to investment properties		(9,820	)		-			(7,545	)		-			-			-			(17,365	)
Reclassifications of investment properties		5,028			-			-			2,112			1,810			-			8,950
Disposals		(3,160	)		(3,001	)		(342	)		(148	)		(2,756	)		(71	)		(9,478	)
Depreciation charge (i)		(42,567	)		(11,214	)		(4,462	)		(1,624	)		(12,690	)		(1,958	)		(74,515	)
Closing net book amount		1,857,718			168,316			57,423			12,708			64,047			11,105			2,171,317
As of March 31, 2015
Cost		2,124,611			391,873			130,398			27,595			197,397			19,231			2,891,105
Accumulated depreciation		(266,893	)		(223,557	)		(72,975	)		(14,887	)		(133,350	)		(8,126	)		(719,788	)
Net book amount		1,857,718			168,316			57,423			12,708			64,047			11,105			2,171,317

(i)

For the nine-month period ended as of March 31, 2015, the depreciation charges of property, plant and equipment were included as follows: Ps. 4,417 under the line item “General and administrative expenses”, Ps. 1,062 under the line item “Selling expenses” and Ps. 69,036 under the line item “Cost” in the income statements For the fiscal year ended June 30, 2014, depreciation charges of property, plant and equipment were included as follows: Ps. 9,973 under the line item “General and administrative expenses”, Ps. 1,808 under the line item “Selling expenses” and Ps. 285,138 under the line item “Cost” in the income statements

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

12.	Trading properties

Changes in the Group’s trading property for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	Completed properties			Properties under development			Undeveloped sites			Total
At June 30, 2013		8,659			88,879			11,979			109,517
Additions		1,400			2,694			-			4,094
Currency translation adjustment		-			27,630			-			27,630
Reclassifications of / to investment properties and intangible assets		7,897			-			(747	)		7,150
Disposals		(11,225	)		(15	)		-			(11,240	)
At June 30, 2014		6,731			119,188			11,232			137,151
Additions		-			920			-			920
Currency translation adjustment		-			(3,919	)		-			(3,919	)
Disposals		(1,401	)		-			-			(1,401	)
At March 31, 2015		5,330			116,189			11,232			132,751

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

Changes in the Group’s intangible assets for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	Goodwill			Computer software			Rights of use			Units to be received (ii)			Others			Total
Year ended June 30, 2014
Opening net book amount		77,052			8,189			39,939			93,225			132			218,537
Currency translation adjustment		29,352			2,955			-			-			-			32,307
Additions		658			2,947			-			-			10,954			14,559
Disposals		-			(245	)		-			-			-			(245	)
Reclassifications to trading properties		-			-			-			(8,148	)		-			(8,148	)
Reclassification to assets held for sale		(77,085	)		-			-			-			-			(77,085	)
Reclassification of property, plant and equipment		-			30			-			-			-			30
Amortization charge (i)		-			(4,116	)		(752	)		-			(80	)		(4,948	)
Closing net book amount		29,977			9,760			39,187			85,077			11,006			175,007
At June 30, 2014
Cost		29,977			36,680			40,691			85,077			11,861			204,286
Accumulated amortization		-			(26,920	)		(1,504	)		-			(855	)		(29,279	)
Net book amount		29,977			9,760			39,187			85,077			11,006			175,007
Period ended March 31, 2015
Opening net book amount		29,977			9,760			39,187			85,077			11,006			175,007
Currency translation adjustments		(2,495	)		(1,866	)		-			-			-			(4,361	)
Additions		-			2,693			-			5,409			-			8,102
Disposals		(343	)		(173	)		-			-			-			(516	)
Amortization charge (i)		-			(3,640	)		(802	)		-			(602	)		(5,044	)
Closing net book amount		27,139			6,774			38,385			90,486			10,404			173,188
At March 31, 2015
Cost		27,139			37,333			40,691			90,486			11,860			207,509
Accumulated amortization		-			(30,559	)		(2,306	)		-			(1,456	)		(34,321	)
Net book amount		27,139			6,774			38,385			90,486			10,404			173,188

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

(ii)	Correspond to receivables in kind representing the right to receive residential apartments in the future by way of barter agreements.

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

Changes in the Group’s biological assets for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	March 31, 2015			June 30, 2014
Beginning of the year		640,683			400,692
Purchases		10,114			37,823
Initial recognition and changes in the fair value of biological assets		935,221			1,075,567
Decrease due to harvest		(532,033	)		(915,871	)
Decrease due to sales		(106,979	)		(76,394	)
Consume		(1,323	)		(477	)
Currency translation adjustment		(64,886	)		119,343
End of the period / year		880,797			640,683

Biological assets as of March 31, 2015 and June 30, 2014 were as follows:

	Classification	March 31, 2015		June 30, 2014
Non-current
Cattle for dairy production	Production		39,569		37,217
Breeding cattle	Production		255,190		254,398
Sugarcane fields	Production		97,456		142,873
Other cattle	Production		5,100		5,682
Others biological assets	Production		5,329		4,683
Non-current biological assets			402,644		444,853
Current
Cattle for dairy production	Consumable		12		46
Cattle for sale	Consumable		53,033		47,767
Crops fields	Consumable		423,612		147,356
Other cattle	Consumable		1,496		661
Current biological assets			478,153		195,830
Total biological assets			880,797		640,683

The fair value less estimated point of sale costs of agricultural produce at the point of harvest amount to Ps. 577,895 and Ps. 966,754 for the period ended March 31, 2015 and for the year ended June 30, 2014, respectively.

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)

The following tables present the Group’s biological assets measured at fair value as of March 31, 2015 and June 30, 2014 and their allocation to the fair value hierarchy:

	March 31, 2015
	Level 1		Level 2	Level 3	Total
Cattle for dairy production	-		39,581	-	39,581
Breeding cattle and cattle for sale	-		308,223	-	308,223
Sugarcane fields	-		-	97,456	97,456
Other cattle	-		6,596	-	6,596
Others biological assets	5,329		-	-	5,329
Crops fields	235,494	(i)	-	188,118	423,612
Total	240,823		354,400	285,574	880,797

	June 30, 2014
	Level 1		Level 2	Level 3	Total
Cattle for dairy production	-		37,263	-	37,263
Breeding cattle and cattle for sale	-		302,165	-	302,165
Sugarcane fields	-		-	142,873	142,873
Other cattle	-		6,343	-	6,343
Others biological assets	4,683		-	-	4,683
Crops fields	10,736	(i)	-	136,620	147,356
Total	15,419		345,771	279,493	640,683

(i)	Biological assets that has no significant growth, valued at cost, since it is considered that this value is similar to fair value.

The following table presents the changes in Level 3 instruments for the nine-month period ended March 31, 2015 and the year ended June 30, 2014:

	Crops fields with significant biological growth			Sugarcane
At June 30, 2013		43,770			111,063
Initial recognition and changes in the fair value of biological assets		813,631			82,778
Harvest		(789,630	)		(100,791	)
Currency translation adjustment		68,849			49,823
At June 30, 2014		136,620			142,873
Purchases		-			269
Initial recognition and changes in the fair value of biological assets		352,687			108,849
Harvest		(304,245	)		(131,813	)
Currency translation adjustment		3,056			(22,722	)
At March 31, 2015		188,118			97,456

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)

When no quoted prices in an active market are available, values are based on recognized valuation methods. The company uses a range of valuation models for the measurement of Level 2 and Level 3 biological assets. The following table presents models and main parameters:

Level 2

Description	Pricing model	Parameters
Cattle	Comparable market	Price per livestock head/kg and per category

Level 3

Description	Pricing model	Pricing method		Parameters	Range
Crops	Discounted cash flows		-	Yields – Operating cost – Selling expenses - Future of sale prices	Argentina:
					Yields 0.9 - 6 tn/ha
					Future of sale prices: 1,978 - 2,105 Ps./tn
					Selling expenses: 210 - 669 Ps./tn
					Operating cost: 832 - 4,198 Ps. /ha
					Brazil:
					Yields 3.17 - 3.43 tn/ha
					Future of sale prices: 323-891 Rs./tn
					Operating cost: 316-783 Rs./tn

					Bolivia:
					Yields 1.80 - 4.29 tn/ha
					Future of sale prices: 165 - 300 US$/tn
					Selling expenses: 24.5 US$/tn
					Operating cost: 129 - 130.7 US$/tn

Sugarcane	Discounted cash flows		-	Yields – Operating cost – Selling expenses - Future of sale prices Discount rate	Brazil:
			-		Yields 86.2 tn/ha
					Future of sale prices: 71.9 Rs./tn
					Operating cost: 52.9 Rs./tn
					Bolivia:
					Yields 40.8 - 113 tn/ha
					Future of sale prices: 23.89 – 24.12 US$/tn
					Selling expenses: 4.2 US$/tn
					Operating cost: 275 – 520 US$/tn
					Discount rate: 15.14%

During the nine-month period ended March 31, 2015 and the year ended June 30, 2014 there have been no transfers between the several tiers used in estimating the fair value of the Group’s biological assets, or reclassifications among their respective categories.

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)

See information on valuation processes used by the entity and on the sensitivity of fair value valuation to changes in material non-observable input data in Note 5.c. to the consolidated financial statements as of June 30, 2014 and 2013.

As of March 31, 2015 and June 30, 2014, the better and maximum use of biological assets shall not significantly differ from the current use.

15.	Inventories

Breakdown of Group’s inventories as of March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Crops		91,010		241,061
Materials and inputs		130,078		141,495
Seeds and fodders		36,056		28,329
Hotel supplies		6,754		6,011
Beef		24,163		22,875
Total inventories		288,061		439,771

As of March 31, 2015 and June 30, 2014 the cost of inventories recognized as expense amounted to Ps. 605,353 and Ps. 813,593, respectively and they have been included in “Costs” in the income statements.

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.

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 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can refer to at the date of valuation. A market is deemed active if transactions of assets or liabilities take place with sufficient frequency and in sufficient quantity. 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 and mortgage 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 future contracts.

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 that information is not available. The inputs used reflect the Group’s assumptions regarding the factors which any market player would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group has allocated to this level shares and warrants of Supertel, Arcos del Gourmet S.A. stock option (its fair value at the end of the period is zero) and commitment to tender offer of shares in IDBD.

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.

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 tables present the Group’s financial assets and financial liabilities that are measured at fair value as of March 31, 2015 and June 30, 2014 and their allocation to the fair value hierarchy:

	March 31, 2015
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Investment in equity securities in TGLT		72,242		-		-		72,242
- Investment in equity securities in Avenida Inc.		65,856		-		-		65,856
- Other equity securities in public shares		17,475		-		-		17,475
- Corporate bonds		1,722		-		-		1,722
- Government bonds		257,461		-		-		257,461
- Mutual funds		104,943		-		-		104,943
- Shares of Supertel		-		-		251,739		251,739
Derivative financial instruments:
- Commodity future		31,451		-		-		31,451
- Commodity options		-		-		-
- Warrants of IDBD		173,495		47,623		-		221,118
- Foreign-currency contracts		-		226		-		226
Cash and cash equivalents		20,846		-		-		20,846
Investment in associates:
- IDBD		834,882		-		-		834,882
Total assets		1,580,373		47,849		251,739		1,879,961
Liabilities
Derivative financial instruments:
- Commitment to tender offer shares in IDBD		-		-		513,683		513,683
- Foreign-currency contracts		-		41,806				41,806
- Commodity future		1,501		-				1,501
- Commodity options		2,161		-				2,161
Provisions:
- Onerous contract		-		89,438		-		89,438
Total liabilities		3,662		131,244		513,683		648,589

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, 2014
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Investment in equity securities in TGLT		63,546		-		-		63,546
- Investment in equity securities in Hersha		53,901		-		-		53,901
- Corporate bonds		1,438		-		-		1,438
- Government bonds		203,216		-		-		203,216
- Mutual funds		222,760		-		-		222,760
- Other equity securities in public companies		16,380		-		-		16,380
- Shares of Supertel		-		-		211,170		211,170
Derivative financial instruments:
- Commodity future contracts		2,984		-		-		2,984
- IDBD Rights (i)		10,986		-		-		10,986
- Foreign-currency contracts		-		16,305		-		16,305
- Swaps		-		1,089		-		1,089
Cash and cash equivalents		24,590		-		-		24,590
Investment in associates:
- IDBD		595,342		-		-		595,342
Total assets		1,195,143		17,394		211,170		1,423,707
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		52,666		-		52,666
- Commodity future contracts		753		-		-		753
- Commitment to tender offer shares in IDBD		-		-		320,847		320,847
- Borrowings		22,901		51,443		-		74,344
Total liabilities		23,654		104,109		320,847		448,610

(i)	On July 3 rights for the purchase of additional shares and warrants of IDBD were exercised.

The following table presents the changes in Level 3 instruments for the nine-month period ended March 31, 2015:

	Warrants of Supertel		Shares of Supertel		Commitment to tender offer shares in IDBD			Total
Balance at June 30, 2014		-		211,170		(320,847	)		(109,677	)
Acquisition		-		-		(33,336	)		(33,336	)
Total gain and losses for the period (i)		-		40,569		(159,500	)		(118,931	)
Balance at March 31, 2015		-		251,739		(513,683	)		(261,944	)

(i)	The gain / (loss) is not realized as of March 31, 2015 and is accounted for under “Other financial results” in the income statements (Note 33).

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)

Upon initial recognition (January, 2012), the consideration paid for the Shares and Warrants of Supertel 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. On June 30, 2014, the fair value of warrants of Supertel as determined pursuant to the indicated method was lower than the gain not recognized upon initial recording; therefore, warrants are valued at zero.

According to Group estimates, all factors being constant, a 10% decline in the price of the underlying assets of Level 3 Shares and Warrants of Supertel (data observed in the market) as of March 31, 2015, would reduce pre-tax income by Ps. 28.5 million.

According to Group estimates, all factors being constant, a 10% decrease in the credit spread (data which is not observable in the market) of shares and warrants of Supertel used in the valuation model applied to Level 3 financial instruments as of March 31, 2015, would increase pre-tax income by Ps. 1.8 million. The rate used as of March 31, 2015 was 13.94%.

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	Range
Foreign-currency contracts	Present value method	Theoretical price	Money market curve; interest curve; foreign exchange curve.		-
Derivative on tender offer IDBD	Black-Scholes	Theoretical price	Price of underlying asset, stock volatility (historic) and market interest rate (ILS rate curve).	Price of underlying asset 1.1 to 1.6 Stock volatility 60% to 80% Market interest rate 0.25% to 0.4%
Onerous contract and warrant IDBD	Black-Scholes	Theoretical price	Price of underlying asset, stock volatility (historic) and market interest rate (ILS rate curve).	Price of underlying asset 1.1 to 1.6 Stock volatility 60% to 80% Money market interest-rate 0.25% to 0.4%
Loan for the purchase of IDBD shares	Market price of underlying asset	Theoretical price	Price of underlying asset		-
Interest-rate swaps	Cash flows	Theoretical price	Interest rate futures and flows of funds		-
Preferred shares of Supertel	Binomial tree	Theoretical price	Price of underlying asset (market price) and stock volatility (historic) and market interest rate (Libor curve).	Price of underlying assets 1.58 to 1.93 Stock volatility 56% to 75% Market interest rate 0.95% to 1.19%
Warrants of Supertel	Black-Scholes	Theoretical price	Price of underlying asset (market price) and stock volatility (historic) and market interest rate (Libor curve).	Price of underlying assets 1.58 to 1.93 Stock volatility 56% to 75% Money market interest-rate 0.95% to 1.19%
Call option for the shares of Arcos	Discounted cash flows	-	Projected income and discount rate.		-

17.	Restricted assets

The table below shows the Group's restricted assets as of March 31, 2015 and June 30, 2014:

	March 31, 2015		June 30, 2014
Non-current
Mutual funds		37,986		50,897
Total non-current		37,986		50,897
Current
Escrow deposits		9,148		-
Total current		9,148		-
Total restricted assets		47,134		50,897

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 March 31, 2015 and June 30, 2014:

	March 31, 2015			June 30, 2014
Non-current
Leases and services receivable		60,658			55,105
Receivables from sale of agricultural products and farmlands leases		1,235			2,090
Property sales receivable (i)		90,083			154,582
Less: allowance for doubtful accounts		(2,208	)		(2,208	)
Non-current trade receivables		149,768			209,569
Trade receivables from disposal of joint ventures		3,489			3,213
Prepayments		4,353			14,332
VAT receivables		25,378			22,342
Other tax receivables		80,908			110,238
Guarantee deposits		16,244			17,150
Suppliers advances		7,078			-
Others		407			1,093
Non-current other receivables		137,857			168,368
Related parties (Note 35)		108,638			97,412
Non-current trade and other receivables		396,263			475,349
Current
Consumer financing receivables		14,661			14,861
Leases and services receivable		333,991			256,123
Receivables from sale of agricultural products and farmlands leases		207,331			281,711
Receivables from hotel operations		44,317			33,861
Deferred checks received		283,957			211,278
Debtors under legal proceedings		66,283			61,573
Property sales receivable (i)		116,086			131,573
Less: allowance for doubtful accounts		(101,690	)		(88,088	)
Trade receivables current		964,936			902,892
Contributions to be paid in by non-controlling interests		-			12,840
Prepayments		120,651			90,754
VAT receivables		60,164			61,024
Gross sales tax credit		7,074			4,957
Other tax receivables		29,144			33,457
Loans		16,289			12,751
Expenses and services to recover		2,655			3,024
Suppliers advances		126,610			144,656
Guarantee deposits		16,396			49,572
Dividends receivables		-			11,778
Others		32,251			24,898
Less: allowance for doubtful accounts		(185	)		(195	)
Current other receivables		411,049			449,516
Related parties (Note 35)		305,356			86,000
Current trade and other receivables		1,681,341			1,438,408
Total trade and other receivables		2,077,604			1,913,757

(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 value of current trade and other receivables approximate their respective carrying amounts due to their short-term nature, as the impact of discounting is not considered significant. Fair values are based on discounted cash flows (Level 2 of fair value hierarchy).

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

	March 31, 2015			June 30, 2014
Beginning of the year		90,491			86,902
Creation		26,708			24,150
Recovery		(11,950	)		(13,689	)
Used during the period / year		(1,278	)		(9,370	)
Currency translation adjustment		112			2,498
End of the period / year		104,083			90,491

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

19.	Investment in financial assets

Group’s investment in financial assets as of March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Non-current
Financial assets at fair value
Investment in equity securities in TGLT		72,242		63,546
Investments in equity securities in Avenida Inc. S.A.		65,856		-
Investment in equity securities in Supertel		251,739		211,170
Other investment in equity securities		246		296
Total Investment in Financial Assets Non-current		390,083		275,012
Current
Financial assets at fair value
Mutual funds		104,943		222,760
Investment in equity securities in Hersha		-		53,901
Other investment in equity securities		17,229		16,084
Corporate bonds		1,722		1,438
Government bonds		257,461		203,216
Total Investment in Financial Assets current		381,355		497,399
Total Investment in Financial Assets		771,438		772,411

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 March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Assets
Non-current
Foreign-currency contracts		-		233
Warrants IDBD (Note 4)		172,642		-
Total non-current		172,642		233
Current
Commodities options		-		-
Commodities futures		31,451		2,984
IDBD Warrants (Note 4)		48,476		-
IDBD preemptive rights (Note 4)		-		10,986
Foreign-currency contracts (Note 35)		226		16,072
Swaps		-		1,089
Total current		80,153		31,131
Total assets		252,795		31,364

Liabilities
Non-current
Commitment to tender offer shares in IDBD (Note 4)		271,056		320,847
Total non-current		271,056		320,847
Current
Commodities options		2,161		-
Commodities futures		1,501		753
Foreign-currency contracts		41,806		52,666
Commitment to tender offer shares in IDBD (Note 4)		242,627		-
Total current		288,095		53,419
Total liabilities		559,151		374,266

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 March 31, 2015 and June 30, 2014:

	March 31, 2015		June 30, 2014
Cash at bank and on hand		395,415		724,900
Short-term bank deposits		74,531		251,822
Financial trust		-		1,675
Mutual funds		20,846		24,590
Total cash and cash equivalents		490,792		1,002,987

Following is a detailed description of cash flows generated by the Group’s operations for the nine-month periods ended as of March 31, 2015 and 2014.

	Note	March 31, 2015			March 31, 2014
Loss for the period			(452,912	)		(527,513	)
Adjustments for:
Income tax expense			232,304			(357,973	)
Depreciation and amortization			195,491			218,449
Gain from disposal of investment property			(795,864	)		(113,338	)
Gain from disposal of farmlands			(1,345	)		-
Gain from disposal of property, plant and equipment			1,360			-
Loss on the revaluation of receivables arising from the sale of farmland			(46,865	)		(17,828	)
Gain from disposal of property, plant and equipment			-			(833	)
Release of investment property and property, plant and equipment			3,200			2,619
Dividends income			(12,449	)		(10,741	)
Equity settled compensation			28,654			17,550
Unrealized Gain / (Loss) on derivative financial instruments			124,707			(7,074	)
Changes in fair value of financial assets at fair value through profit or loss			(50,957	)		(368,092	)
Interest expense, net			570,806			444,268
Unrealized initial recognition and changes in fair value of biological assets and agricultural produce at the point of harvest			(100,603	)		(697,406	)
Changes in the net realizable value of agricultural produce after harvest			18,608			7,811
Provisions			104,880			77,560
Share of profit / (loss) of associates and joint ventures			842,981			(115,183	)
Unrealized foreign exchange loss, net			458,640			1,770,181
Loss from disposal of subsidiaries and joint ventures			(22,075	)		-
Gain from repurchase of Non-convertible Notes			400			34,861
Changes in operating assets and liabilities:
Increase (Decrease) in biological assets			(218,450	)		185,671
Decrease in inventories			112,976			248,242
Decrease in trading properties			481			2,497
(Increase) Decrease in trade and other receivables			(358,706	)		117,555
Decrease (Increase) in derivative financial instruments			83,667			(10,214	)
Increase (Decrease) in trade and other payables			104,141			(255,341	)
Decrease in payroll and social security liabilities			(18,257	)		(15,616	)
Decrease in provisions			(3,150	)		(3,920	)
Net cash generated from operating activities before income tax paid			801,663			626,192

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 for the nine-month periods ended as of March 31, 2015 and 2014:

	March 31, 2015			March 31, 2014
Reimbursement of expired dividends		811			783
Dividends payable		12,524			-
Dividends not collected		(515	)		(412	)
Increase in property, plant and equipment through an increase in borrowings		697			539
Decrease in borrowings trough a decrease in investment in associates and joint ventures		136,685			-
Increase in property, plant and equipment through an increase in trade and other payables		340			-
Decrease in investment properties through an increase in intangible assets		1,666			-
Increase in restricted assets through a decrease in assets held for sale		8,742			-
Increase in trade and other receivables through a decrease in property, plant and equipment		485			-

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 March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Non-current
Admission rights		135,661		113,617
Sales, rent and services payments received in advance		68,422		51,638
Guarantee deposits		6,053		6,759
Total non-current trade payables		210,136		172,014
Other tax payables		5,316		9,166
Deferred income		7,543		7,914
Shareholders’ personal tax payable		941		1,170
Tax amnesty plan for payable taxes		11,460		15,014
Others		11,072		11,287
Total non-current other payables		36,332		44,551
Related parties (Note 35)		51		195
Total non-current trade and other payables		246,519		216,760
Current
Trade payables		373,895		289,825
Accrued invoices		177,105		173,193
Admission rights		131,462		111,024
Sales, rent and services payments received in advance		225,826		244,700
Guarantee deposits		16,401		13,413
Total current trade payables		924,689		832,155
Withholdings tax		2,449		3,020
VAT payables		39,940		28,521
Gross sales tax payable		624		1,150
Other tax payables		47,454		59,303
Deferred incomes		5,335		495
Dividends payable		26,559		24,032
Tax amnesty plan for payable taxes		319		306
Shareholders’ personal tax payable		10,830		5,076
Capital contributions paid in by minority shareholders		13,161		-
Others		8,224		11,117
Total current other payables		154,895		133,020
Related parties (Note 35)		42,166		39,005
Total current trade and other payables		1,121,750		1,004,180
Total trade and other payables		1,368,269		1,220,940

The fair values of current trade and other payables approximate their respective carrying amounts due to their short-term nature, as the impact of discounting is considered as not significant. Fair values are based on discounted cash flows (Level 2 of 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

23.	Payroll and social security liabilities

Group’s Salaries and social security liabilities as of March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Non-current
Provision for vacations and bonuses		3,742		-
Social security payable		2,501		4,598
Others		1,617		443
Non-current payroll and social security liabilities		7,860		5,041
Current
Provision for vacation and bonuses		145,048		166,276
Social security payable		25,641		28,600
Salaries payable		1,132		2,247
Share-based payments		3,342		-
Others		1,822		5,423
Current payroll and social security liabilities		176,985		202,546
Total payroll and social security liabilities		184,845		207,587

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			Investments in associates and joint ventures (i)			Onerous contracts (ii)		Total
At June 30, 2014		62,623			1,592			176,982			-		241,197
Additions		42,221			217			104,825			86,115		233,378
Used during period		(28,012	)		(397	)		(59	)		-		(28,468	)
Contributions		-			-			(1,502	)		-		(1,502	)
Currency translation adjustment		(806	)		-			18,976			3,323		21,493
At March 31, 2015		76,026			1,412			299,222			89,438		466,098

(i)	Corresponds to equity interests in associates with negative equity, mainly New Lipstick LLC. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures".

(ii)	See Note 9. Additions and recoveries are included in "Other financial results".

The analysis of total provisions is as follows:

	March 31, 2015		June 30, 2014
Non-current		322,776		220,489
Current		143,322		20,708
		466,098		241,197

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

Group’s borrowings as of March 31, 2015 and June 30, 2014 were as follows:

						Book value
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal value (in million)	March 31, 2015	June 30, 2014
Non-current
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50%	32	281,602	259,192
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23,67%	176	-	117,299
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50%	109	970,039	896,032
CRESUD NCN Class XVIII due 2019	Unsecured	US$	Fixed	4.00%	34	299,056	-
CRESUD NCN Class XIX due 2016	Unsecured	Ps.	Floating	Badlar + 350 bps	187	184,188	-
CRESUD NCN Class XX due 2017 (i)	Unsecured	US$	Fixed	2.5%	18.2	55,589	-
IRSA NCN Class I due 2015	Unsecured	Ps.	Floating	Badlar + 395 bps	-	-	209,297
IRSA NCN Class II due 2017	Unsecured	Ps.	Floating	Badlar + 450 bps	10.8	8,059	10,734
IRSA NCN Class I due 2017	Unsecured	US$	Fixed	8.50%	149	1,316,364	1,210,359
IRSA NCN Class II due 2020	Unsecured	US$	Fixed	11.50%	145.7	1,165,523	1,070,428
IRSA Propiedades Comerciales NCN Class I due 2017	Unsecured	US$	Fixed	7.87%	116	975,473	839,081
Syndicated loan (ii)	Unsecured	Ps.	Fixed	(II)	126.5	10,504	74,964
Long term loans	Unsecured	US$	Floating	Libor + 300 BPS or 6% (the higher)	15	114,116	111,363
Long term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days	20	9,910	16,665
Long term loans	Unsecured	Ps.	Fixed	15.01%	24	3,419	6,804
Long term loans (iii)	Unsecured	Ps.	Fixed	15.25%	14.0	13,185	13,359
Long term loans	Secured	Ps.	Fixed	6%		-	-
Long term loans	Secured	Rs.	Floating	TJLP + 3.00 to 3.10	-	-	5,946
Long term loans	Secured	Rs.	Floating	5.50 to 8.70	-	792	3,900
Long term loans	Secured	Rs.	Floating	4.00 to 7.23 and TJLP + 3.45 to 4.45 SELIC + 3.45	-	185,023	204,012
Long term loans	Secured	Bol.	Fixed	7%	13.5	4,936	5,799
Seller financing (iv)	Secured	US$	Fixed	3.50 % and 5%	6.8	68,460	121,256
Finance leases	Secured	US$	Fixed	10.75% to 7% a 14.5%	5.3	569	1,187
Related parties (Note 35)	Unsecured	Ps.	Fixed/ Floating			22,818	137,658
Non-current borrowings						5,689,625	5,315,335

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 %	Value Nominal (in million)	March 31, 2015	June 30, 2014
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.50%	60	-	499,113
CRESUD NCN Class XI due 2015	Unsecured	Ps.	Floating	Badlar + 375 bps	80.5	26,939	39,647
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps	102	-	69,971
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90%	79	306,561	644,965
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50%	32	55	150
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23.67%	176	180,634	63,883
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50%	109	4,706	4,222
CRESUD NCN Class XVII due 2016	Unsecured	Ps.	Floating	Badlar + 250 bps	176	172,326	-
CRESUD NCN Class XVIII due 2019	Unsecured	US$	Fixed	4.00%	34	1,111	-
CRESUD NCN Class XIX due 2016	Unsecured	Ps.	Fixed	27.5%	187	2,780	-
CRESUD NCN Class XX due 2017	Unsecured	US$	Fixed	2.5%	18.2	(551)	-
IRSA NCN Class I due 2017	Unsecured	US$	Fixed	8.50%	149	17,126	41,472
IRSA NCN Class I due 2015	Unsecured	Ps.	Floating	Badlar + 395 bps	209.4	213,584	4,325
IRSA NCN Class II due 2017	Unsecured	Ps.	Floating	Badlar + 450 bps	10.80	211	255
IRSA NCN Class II due 2020	Unsecured	US$	Fixed	11.50%	145.7	25,965	55,494
IRSA Propiedades Comerciales NCN Class I due 2017	Unsecured	US$	Fixed	7.88%	116	29,744	8,732
Bank overdrafts	Unsecured	Ps.	Fixed	21.34%	8,076	245,350	153,330
Bank overdrafts	Unsecured	Ps.	Floating	-	-	630,837	401,963
Short term loans	Unsecured	US$	Floating	Libor + 300 BPS or 6% (the higher)	15	8,095	9,267
Short term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days	20	6,950	4,285
Short term loans	Secured	Rs.	Floating	5.50 to 8.70	-	2,954	6,699
Short term loans	Secured	Rs.	Floating	TJLP + 3.00 to 3.10		4,345	11,024
Short term loans	Unsecured	Ps.	Fixed	15.25%	14.45	6,732	2,873
Short term loans	Secured	Rs.	Floating	7.51% to 15.12%	-	128,117	165,121
Short term loans	Unsecured	Ps.	Fixed	15.01%	24	7,275	6,880
Short term loans	Secured	Rs.	Floating	4.00 to 7.23 and TJLP + 3.45 to 4.45 SELIC + 3.45	11.9	33,382	47,056
Short term loans	Secured	US$	Fixed	7.50%	-	-	74,344
Short term loans	Secured	Rs.	Floating	1.69 + Var. Cam.	-	13,681	-
Short term loans	Secured	Bol.	Fixed	7%	13.5	2,942	2,603
Short term loans	Secured	Bol.	Fixed	6%	2.9	3,778	-
Short term loans	-	Ps.	Fixed	-	-	-	9,733
Short term loans (iii)	Unsecured	Ps.	Fixed	-	132.9	130,491	12,886
Syndicated loans (ii)	Unsecured	Ps.	Fixed	(II)	126.5	88,563	101,339
Seller financing (ii)	Secured	US$	Fixed	3.50 % and 5%	-	-	28,670
Seller financing	Secured	Rs.	Floating	-	-	130,823	165,521
Finance lease obligations	Secured	US$	Fixed	10.75% and 7% to 14.5%	2.4	1,902	2,102
Other short term loans	Unsecured	-	-	-	-	16,431	-
Related parties (Note 35)	Unsecured	Ps.	Fixed / Floating	-	-	10,254	1,566
Current borrowings						2,454,093	2,639,491
Total borrowings						8,143,718	7,954,826

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)

(i)	Includes an outstanding balance of Ps. 20,379 and Ps. 87,342 with ERSA and PAMSA, respectively, as of 03.31.15.

(ii)

On November 16, 2012 the Company subscribed a syndicated loan for Ps. 118,000. Principal will be payable in 9 quarterly consecutive installments and shall accrue interest at rate of 15.01%. On June 12, 2013 the Company subscribed a new syndicated loan for Ps. 111,000. Principal will be payable in 9 quarterly consecutive installments and shall accrue interest at rate of 15.25%. Both loans have been entered into with various banking institutions, one of which is Banco Hipotecario (Note 35).

(iii)

On December 12, 2012, a loan has been entered into with Banco Provincia de Buenos Aires in the amount of Ps. 29 million. Principal will be repaid in 9 consecutive quarterly installments beginning in December 2013. Additionally, on February 3, 2014 a new loan has been subscribed for Ps. 20 million. As of the date of these financial statements, the mentioned capital is fully canceled. On December 23, 2014, the Group subscribed a new loan with Banco Provincia de Buenos Aires for Ps. 120 million. Principal will be payable in only one installment due on June 19, 2015.

(iv)

Debt incurred to fund the purchase of Soleil Factory net assets (investment property): Mortgage financing of US$ 20.7 million with a fixed 5% interest rate due in June 2017. As of the date of these financial statements, the mentioned capital is fully canceled. Debt incurred to the purchase of Zetol S.A.'s shares (trading properties): Mortgage financing of US$ 7 million with a fixed 3.5% interest rate. The balance is payable, by choice of the seller, in money or with the delivery of units in buildings to be built representative of 12% of the total marketable square meters built. Seller financing of plot of land - Vista al Muelle S.A. in Canelones, Uruguay (trading properties).

(v)	Includes an outstanding balance of Ps. 5,068 and Ps. 9,010 with ERSA and PAMSA, respectively, as of 06.30.14.

(vi)	Includes an outstanding balance of Ps. 416 and Ps. 1,785 with ERSA and PAMSA, respectively, and Ps. (551) of issuance expenditures as of 03.31.15.

Notes issued by Cresud

Classes XIX and XX NCN

On March 13, 2015, the tenth Series of simple corporate notes was issued in the amount equivalent to Ps. 352.8 million nominal value, in two classes.

Class XIX Non-Convertible Notes, for a face value of Ps. 187.0 million and falling due 18 months after the issuance date, will accrue interest at fixed rate of 27.5% during the first twelve months and will accrue interest at floating rate the remaining six months (Badlar plus 350 basis points). The issuance price was 100% of the nominal value. Interest will be payable quarterly in arrears whereas the principal will be amortized in one payment 18 months following the issuance date.

Class XX Non-Convertible Notes, for a face value of US$ 18.2 million, with an issuance price of 104% of the nominal value resulting US$ 18.9 equivalent to Ps. 165.8 million and falling due 24 months after the issuance date, will accrue interest at fixed annual rate of 2.5%. Interest will be payable quarterly in arrears whereas the principal will be amortized in one payment 24 months following the issuance date.

Classes XVII and XVIII NCN

On September 12, 2014, the Ninth Series of simple corporate notes was issued in the equivalent amount of Ps. 455.3 million, in two classes.

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)

Class XVII Non-Convertible Notes, for a face value of 171.8 million and falling due 15 months after the issuance date, will accrue interest at a variable rate (Badlar plus 250 basis points). Interest will be payable quarterly in arrears whereas the principal will be amortized in one payment 6 months following the issuance date. The issuance price was 100.0% of the nominal value.

Class XVIII Non-Convertible Notes, for a face value of US$ 33.7 million, with an issuance price of 102.179% of the nominal value resulting US$ 34.4 equivalent to Ps. 289.7 million and falling due 60 months after the issuance date, will accrue interest at fixed annual rate of 4%. Interest will be payable quarterly in arrears whereas the principal will be amortized in two consecutive payments on the 54 and 60 months following the issuance date.

Repurchase of Non-convertible Notes Class XIII

On November 17, 2014, the Company repurchased 10,000,000 bond of NCN Class XIII, due on May 22, 2015 in the amount of Ps. 85.5 million.

26.

Taxation

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

	March 31, 2015			March 31, 2014
Current income tax		(639,721	)		(195,447	)
Deferred income tax		410,952			553,420
Minimum Presumed Income Tax		(3,535	)		-
Income tax expense		(232,304	)		357,973

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

	March 31, 2015			June 30, 2014
Beginning of the year		382,597			(351,035	)
Currency translation adjustment		(39,014	)		24,150
Reserve for changes in non-controlling interest		(34,358	)		-
Reclassification to assets held for sale		(33,346	)		-
Use of tax loss carryforwards		(185,405	)		-
Additions for business combination		-			33,346
Charged / (Credited) to the income		410,952			676,136
End of the period / year		501,426			382,597

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 Group did not recognize deferred income tax assets of Ps. 59.5 million and Ps. 57.1 million as of March 31, 2015 and June 30, 2014, 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.

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:

	March 31, 2015			March 31, 2014
Tax calculated at the tax rates applicable to profits in the respective countries		144,682			307,032
Permanent differences:
Share of (loss) / profit of associates and joint ventures		(393,470	)		24,446
Unrecognized tax losses		(6,537	)		1,088
Difference between the tax return and provision		1,306			(1,676	)
Valuation changes and sale of shares Avenida in Torodur		14,602			-
Capital indexation of foreign companies		2,025			1,613
Non-deductible expenses		(3,781	)		22,275
Others		8,869			3,195
Income tax		(232,304	)		357,973

Entities in Argentina are subject to the Minimum Presumed Income Tax (“MPIT”). Pursuant to this tax regime, an entity is required to pay the greater of the income tax or the MPIT. Tax is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period.

The Company does not set up an allowance for Minimum Presumed Income Tax and is considering filing a declaratory action under the terms of section 322 of the Civil and Commercial Procedural Code against the AFIP seeking certainty as to the application of the MPIT for the fiscal year 2014, 2015 and advance payments from 7 through 11 corresponding to fiscal year 2014, in relation to the decision by the Argentine Supreme Court in the case “Hermitage” on September 15, 2010 and “Perfil” on February 11, 2014. In such judicial precedents, the Court had declared such tax to be unconstitutional given that, under certain circumstances, it proves to be unreasonable and inconsistent with the ability-to-pay principle.

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

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 cannot be used to make distributions in kind or in cash, and can only be reversed to be capitalized, or otherwise to absorb potential negative balances in Retained Earnings. The mentioned Reserve was reversed under the appropriation of Retained Earnings resolved by Shareholders’ Meeting held on November 14, 2014.

Treasury stock

During the nine-month period ended March 31, 2015 Cresud repurchased 37,657 common, registered shares of own stock of Ps. 1 nominal value and 1 vote per share, in exchange for Ps. 0.5 million and 303.018 American Depositary Shares or ADRs representing 10 shares each for a total amount of US$ 3.9 million, thus completing the terms and conditions of the share repurchase plan. On the balance sheet date, no deadline has been established for the sale of repurchased shares.

On December 12, 2014, as per the powers delegated by the Regular General Shareholders’ Meeting on October 31, 2014, the Board decided to distribute pro rata among shareholders 5,565,479 Treasury shares, which represent 0.0114% per share or 1.1406% on the outstanding capital of 487,928,660.

Share Warrants

As a result of the allocation of Treasury shares indicated above, the terms and conditions of outstanding options (warrants) to purchase common shares have been somewhat modified:

Number of shares to be issued per warrant:

Ratio before allocation: 0.3673

Ratio after allocation (in force): 0.3715

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

27.	Shareholders’ Equity (Continued)

Exercise price per future share to be issued:

Price before allocation: US$1.5247.

Current price after allocation: US$1.5075.

Restrictions on distribution of dividends

-	Legal reserve

According to Argentine law, 5% of the profit of the year is separated to constitute a legal reserve until they reach legal capped amounts (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. Shareholders’ Meeting held on November 14, 2014 resolved the use of the statutory reserve in the amount of Ps. 81,616 to absorb accumulated losses. The Company shall have to fully replenish such reserve before any distribution of accumulated earnings.

-	Treasury stock

Given that the repurchase of shares for subsequent sale is to be funded out of net cash income or free reserves, pursuant to section 220.2. of Act 19,550, insofar as the Company maintains Treasury shares there is a restriction on the distribution of retained earnings or free reserves, equal to the acquisition cost.

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

	March 31, 2015								March 31, 2014
	Urban properties and investments		Agricultural		Agroindustrial		Total		Urban properties and investments		Agricultural		Agroindustrial		Total
Trading properties		6,366		-		-		6,366		25,933		-		-		25,933
Crops		-		606,349		-		606,349		-		458,877		-		458,877
Cattle		-		47,533		-		47,533		-		51,068		-		51,068
Dairy		-		53,176		-		53,176		-		37,006		-		37,006
Sugarcane		-		155,043		-		155,043		-		87,253		-		87,253
Beef		-		-		588,638		588,638		-		-		373,191		373,191
Supplies		-		45,093		-		45,093		-		54,428		-		54,428
Sales income		6,366		907,194		588,638		1,502,198		25,933		688,632		373,191		1,087,756
Base rent		913,588		8,509		-		922,097		779,963		1,007		-		780,970
Contingent rent		340,034		-		-		340,034		230,725		-		-		230,725
Admission rights		113,147		-		-		113,147		92,538		-		-		92,538
Parking fees		78,627		-		-		78,627		59,446		-		-		59,446
Commissions		33,747		-		-		33,747		32,824		-		-		32,824
Property management fees		4,507		-		-		4,507		1,127		-		-		1,127
Expenses and Collective Promotion Funds		670,541		-		-		670,541		527,721		-		-		527,721
Flattening of tiered lease payments		24,871		-		-		24,871		14,038		-		-		14,038
Leases and agricultural services		-		15,475		-		15,475		-		14,108		-		14,108
Advertising and brokerage fees		-		39,820		-		39,820		-		35,582		-		35,582
Others		6,160		3,129		-		9,289		3,476		1,115		-		4,591
Leases and service income		2,185,222		66,933		-		2,252,155		1,741,858		51,812		-		1,793,670
Consumer financing		95		-		-		95		457		-		-		457
Hotel operations		316,733		-		-		316,733		253,971		-		-		253,971
Other revenues		316,828		-		-		316,828		254,428		-		-		254,428
Total Group revenue		2,508,416		974,127		588,638		4,071,181		2,022,219		740,444		373,191		3,135,854

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

	March 31, 2015								March 31, 2014
	Urban properties and investments		Agricultural		Agroindustrial		Total		Urban properties and investments		Agricultural		Agroindustrial		Total
Cost of leases and services		-		9,358		-		9,358		-		5,916		-		5,916
Other operative costs		-		17,422		-		17,422		-		8,162		-		8,162
Cost of property operations		-		26,780		-		26,780		-		14,078		-		14,078
Crops		-		1,237,332		-		1,237,332		-		971,506		-		971,506
Cattle		-		176,758		-		176,758		-		114,113		-		114,113
Dairy		-		98,352		-		98,352		-		70,999		-		70,999
Sugarcane		-		260,701		-		260,701		-		157,075		-		157,075
Supplies		-		34,056		-		34,056		-		41,378		-		41,378
Beef		-		-		456,298		456,298		-		-		303,100		303,100
Leases and agricultural services		-		5,590		-		5,590		-		5,448		6,942		12,390
Advertising and brokerage operations		-		37,742		-		37,742		-		25,466		-		25,466
Cost of agricultural sales and services		-		1,850,531		456,298		2,306,829		-		1,385,985		310,042		1,696,027
Cost of sale of trading properties		9,735		-		-		9,735		10,513		-		-		10,513
Cost from hotel operations		211,177		-		-		211,177		158,917		-		-		158,917
Cost of leases and services		892,735		-		-		892,735		763,415		-		-		763,415
Costs from Consumer Financing		29		-		-		29		241		-		-		241
Total Group costs		1,113,676		1,877,311		456,298		3,447,285		933,086		1,400,063		310,042		2,643,191

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 nine-month period ended as of March 31, 2015:

	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		9,926			4,822		380		773		-		275		82		7,530		1,418		25,206
Depreciation and amortization		124,843			41,440		8,230		211		-		8,587		1,657		9,461		1,062		195,491
Allowance for doubtful accounts		-			-		-		-		-		-		-		-		14,758		14,758
Advertising, publicity and other selling expenses		136,869			-		-		-		-		5,193		-		-		41,368		183,430
Taxes, rates and contributions		77,321			2,073		8,155		2,423		-		245		8,605		11,024		119,771		229,617
Maintenance and repairs		230,667			9,555		15,061		4,193		10		26,033		949		23,077		2,069		311,614
Fees and payments for services		4,846			87,475		3,173		176		19		1,570		570		72,724		5,608		176,161
Director´s fees		-			-		-		-		-		-		-		90,503		-		90,503
Payroll and social security expenses (Note 31)		289,254			82,008		45,845		551		-		121,146		2,163		172,728		30,592		744,287
Cost of sale of properties		-			-		-		1,192		-		-		-		-		-		1,192
Food, beverage and other lodging expenses		-			-		-		-		-		47,704		-		6,377		3,645		57,726
Changes in biological assets and agricultural produce		-			1,129,780		-		-		-		-		-		-		-		1,129,780
Supplies and labor		-			1,422		839,888		-		-		-		9		6		1,489		842,814
Freights		479			1,460		10,143		2		-		-		15		43		80,191		92,333
Commissions and expenses		(8	)		5,988		366		111		-		-		-		10,038		2,933		19,428
Conditioning and clearance		-			-		-		-		-		-		-		-		15,388		15,388
Others		18,538			14,127		7,591		103		-		424		577		25,211		3,777		70,348
Total expenses by nature		892,735			1,380,150		938,832		9,735		29		211,177		14,627		428,722		324,069		4,200,076

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 nine-month period ended as of March 31, 2014:

	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		8,386		6,498		821		974		-		285		102		10,235		3,905		31,206
Depreciation and amortization		162,572		31,949		5,657		4		-		8,285		1,371		7,237		1,374		218,449
Allowance for doubtful accounts		-		-		-		-		-		-		-		38		9,000		9,038
Advertising, publicity and other selling expenses		118,212		-		-		10		-		-		-		-		21,965		140,187
Taxes, rates and contributions		62,543		1,391		3,795		1,823		-		-		168		11,338		91,789		172,847
Maintenance and repairs		181,489		7,807		12,343		2,627		3		18,778		244		17,386		816		241,493
Fees and payments for services		2,806		50,082		3,308		34		236		1,726		35		46,257		6,028		110,512
Director´s fees		-		-		-		-		-		-		-		100,453		-		100,453
Payroll and social security expenses (Note 31)		215,906		57,094		34,217		106		-		90,079		1,910		132,520		24,022		555,854
Cost of sale of properties		-		-		-		4,910		-		-		-		-		-		4,910
Food, beverage and other lodging expenses		-		-		-		-		-		36,105		-		4,802		2,788		43,695
Changes in biological assets and agricultural produce		-		790,752		-		-		-		-		-		-		518		791,270
Supplies and labor		-		6,376		663,359		-		-		-		-		-		430		670,165
Freights		65		1,001		8,367		-		-		-		6		20		38,244		47,703
Commissions and expenses		-		3,042		128		1		-		3,352		-		6,881		4,695		18,099
Conditioning and clearance		-		-		-		-		-		-		-		-		10,660		10,660
Others		11,436		13,191		4,337		24		2		307		754		14,195		7,585		51,831
Total expenses by nature		763,415		969,183		736,332		10,513		241		158,917		4,590		351,362		223,819		3,218,372

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

	March 31, 2015		March 31, 2014
Salaries, bonuses and social security costs		665,977		500,423
Equity settled compensation		28,654		17,550
Pension costs – defined contribution plan		2,716		2,826
Others		46,940		35,055
		744,287		555,854

32.	Other operating results, net

	March 31, 2015			March 31, 2014
Gain / (Loss) from commodity derivative financial instruments		31,655			(18,106	)
(Loss) / Gain from disposal of other property items		(1,360	)		833
Recovery of allowances		-			152
Gain from disposal of interest in associates		22,075			-
Reversal of currency translation adjustment (ii)		188,323			-
Expenses related to transfers of investment properties to subsidiaries (i)		(110,482	)		-
Tax on personal assets		(11,459	)		(11,772	)
Administration fee		149			-
Management fee (Note 35)		-			46
Contingencies (iii)		(26,430	)		(6,403	)
Donations		(13,949	)		(16,131	)
Project Analysis and Assessment		-			(2,963	)
Unrecoverable VAT		(167	)		(486	)
Others		(2,927	)		2,470
Total other operating results, net		75,428			(52,360	)

(i)

On December 22, 2014, IRSA conveyed title on the properties located in Bouchard 710, Suipacha 652, Torre BankBoston, Edificio República, Edificios Intercontinental Plaza and the plot of land next to the latter, onto its subsidiary IRSA Propiedades Comerciales, which as from such date continued to operate such properties. This transfer has had no effects whatsoever in the consolidated financial statements of the Group other than the expenses and taxes associated to the transfer.

(ii)	Pertains to the reversal of the translation reserve generated in Rigby following the partial repayment of principal of the company (Note 4).

(iii)

Including costs and legal expenses.

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

	March 31, 2015			March 31, 2014
Finance income:
- Interest income		68,874			80,452
- Foreign exchange gains		87,935			188,212
- Dividends income		12,449			10,741
Finance income		169,258			279,405

Finance costs:
- Interest expense		(652,637	)		(541,926	)
- Foreign exchange losses		(511,113	)		(1,986,573	)
- Other financial costs		(94,483	)		(66,873	)
Finance costs		(1,258,233	)		(2,595,372	)
Less finance costs capitalized		12,957			17,206
Total financial costs		(1,245,276	)		(2,578,166	)
Other finance results:
- Fair value gains of financial assets and liabilities at fair value through profit or loss		50,957			368,092
- (Loss) Gain from derivative financial instruments (except commodities)		(136,149	)		20,660
- Gain on the revaluation of receivables arising from the sale of farmland		46,865			17,828
- Loss from repurchase of Non-convertible Notes		(400	)		(34,861	)
Total other finance results		(38,727	)		371,719
Total financial results, net		(1,114,745	)		(1,927,042	)

34.	Share-based payments

Established by the Company and subsidiaries

Equity Incentive Plan

For the nine month periods ended March 31, 2015 and 2014, the Group incurred in a charge of Ps. 28.4 million and Ps. 17.5 million, 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:

	March 31, 2015			June 30, 2014
At the beginning		10,033,784			3,232,474
Granted		-			6,922,478
Canceled		(431,978	)		(121,168	)
At the end		9,601,806			10,033,784

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)

Established only by subsidiary undertakings

BrasilAgro Stock Option Plan

For the nine-month periods ended March 31, 2015 and 2014, the Group incurred in a charge of Ps. 0.3 million and Ps. 0.1 million, respectively, related to the awards granted under the BrasilAgro Stock Option Plan.

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:

	March 31, 2015
	First tranche				Second tranche				Third tranche
	Option’s Exercise price		Options		Option’s Exercise price		Options		Option’s Exercise price		Options
At the beginning	Rs 8.97			301,848	Rs 8.25			260,952	Rs 8.52			260,952
Granted		-		-		-		-		-		-
Forfeited		-		-		-		-		-		-
Exercised		-		-		-		-		-		-
Expired		-		-		-		-		-		-
At the end	Rs 8.97			301,848	Rs 8.25			260,952	Rs 8.52			260,952

	June 30, 2014
	First tranche					Second tranche					Third tranche
	Option’s Exercise price		Options			Option’s Exercise price		Options			Option’s Exercise price		Options
At the beginning	Rs 8.97			370,007		Rs 8.25			315,479		Rs 8.52			315,479
Granted		-		-			-		-			-		-
Cancelled		-		-			-		(54,527	)		-		(54,527	)
Exercised		-		-			-		-			-		-
Expired		-		(68,159	)		-		-			-		-
At the end	Rs 8.97			301,848		Rs 8.25			260,952		Rs 8.52			260,952

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

35.	Related party transactions

During the normal course of business, the Group conducts transactions with different entities or parties related to it. An individual or legal entity is considered a related party where:

-	An entity, individual or close relative of such individual or legal entity exercises control, or joint control, or significant influence over the reporting entity, or is a member of the Board of Directors or the Senior Management of the entity or its controlling company.

-	An entity is a subsidiary, associate or joint venture of the entity or its controlling or controlled company.

Main transactions conducted with related parties are described in Note 39 to the Consolidated Financial Statements as of June 30, 2014 and 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

35.	Related party transactions (Continued)

See description of the main transactions conducted with related parties in Note 39 to the Consolidated Financial Statements as of June 30, 2014 and 2013.

The following is a summary of the balances with related parties as of March 31, 2015:

Related party	Description of transaction	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		-		817		-			-			-			-
	Leases and/or rights of use		-		-		(31	)		(271	)		-			-
New Lipstick LLC	Reimbursement of expenses		-		2,492		-			-			-			-
Supertel	Financial operations				24,531		-			-			-			-
Lipstick Management LLC	Reimbursement of expenses		-		829		-			-			-			-
Agro-Uranga S.A	Dividends receivable		-		515		-			-			-			-
	Purchase of goods and/or services		-		-		-			(1,871	)		-			-
	Sale of goods and/or services		-		1,487		-			-			-			-
	Brokerage		-		392		-			-			-			-
Agro Managers S.A.	Reimbursement of expenses		-		253		-			-			-			-
	Dividends receivable		-		15		-			-			-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		122		-			(56	)		-			-
	Commission per supermarket aisle		-		47		-			-			-			-
	Mortgage bonds		-		8		-			-			-			-
	Non-convertible notes		-		-		-			-			(11,527	)		(20,356	)
	Borrowings		-		-		-			-			(280	)		(390	)
	Leases and/or rights of use		-		121		-			-			-			-
Banco de Crédito y Securitización	Leases and/or rights of use		-		44		-			-			-			-
Total Associates			-		31,673		(31	)		(2,198	)		(11,807	)		(20,746	)

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	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.	Loans granted		107,396		-		-		-			-			-
Puerto Retiro S.A.	Reimbursement of expenses		-		221		-		-			-			-
	Borrowings		-		2,049		-		-			-			-
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		1,059		-		(5	)		-			-
	Borrowings		-		-		-		-			-			(7,437	)
	Leases’ collections		-		-		-		(4	)		-			-
	Leases and/or rights of use		-		-		-		(424	)		-			-
	Management fees		-		2,179		-		-			-			-
Quality Invest S.A.	Management fees		-		22		-		(6	)		-			-
Quality Invest S.A.	Reimbursement of expenses		-		91		-		-			-			-
Baicom Networks S.A.	Management fees		-		12		-		-			-			-
	Borrowings		1,242		212		-		-			-			-
	Contributions to be paid in		-		10		-		-			-			-
	Reimbursement of expenses		-		742		-		-			-			-
Cyrsa S.A.	Borrowings		-		-		-		-			(13,792	)		-
	Credit due to capital reduction		-		8,841		-		-			-			-
	Reimbursement of expenses		-		21		-		(17	)		-			-
Entretenimiento Universal S.A.	Reimbursement of expenses		-		139		-		-			-			-
	Borrowings		-		77		-		-			-			-
Entertainment Holding S.A.	Reimbursement of expenses		-		249		-		-			-			-
	Borrowings		-		69		-		-			-			-
Total Joint Ventures			108,638		15,993		-		(456	)		(13,792	)		(7,437	)

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	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”)	Advances to be recovered		-		1,466		-			-			-			-
Consultores Asset Management S.A. (“CAMSA”)	Reimbursement of expenses		-		3,937		-			-			-			-
Estudio Zang, Bergel & Viñes	Advances		-		34		-			-			-			-
Estudio Zang, Bergel & Viñes	Legal services		-		14		-			(790	)		-			-
Fundación IRSA	Reimbursement of expenses		-		97		-			-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		246,855		-			-			-			-
Boulevard Norte S.A.	Reimbursement of expenses		-		915		-			-			-			-
	Borrowings		-		5		-			-			-			-
Museo de los Niños	Reimbursement of expenses		-		92		-			-			-			-
Museo de los Niños	Leases and/or rights of use		-		762		-			-			-			-
Austral Gold	Reimbursement of expenses		-		183		-			(1	)		-			-
Ogden Argentina S.A.	Reimbursement of expenses		-		312		-			-			-			-
	Borrowings		-		5		-			-			-			-
Consultores Venture Capital Uruguay	Management fees		-		787		-			-			-			-
Elsztain Managing Partners	Management fees		-		-		-			(33	)		-			-
Total Other related parties			-		255,464		-			(824	)		-			-
Directors and Senior Management
Directors and Senior Management	Fees		-		-		-			(38,684	)		-			-
	Advances		-		2,165		-			-			-			-
	Guarantee deposits		-		-		(20	)		-			-			-
	Reimbursement of expenses		-		61		-			(4	)		-			-
Total Directors and Senior Management			-		2,226		(20	)		(38,688	)		-			-
Total			108,638		305,356		(51	)		(42,166	)		(25,599	)		(28,183	)

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, 2014:

Related party	Description of transaction	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		-		689		-			-			-			-			-
	Commisions per supermarket aisle		-		19		-			-			-			-			-
	Leases and/or rights of use		-		-		(175	)		(677	)		-			-			-
New Lipstick LLC	Reimbursement of expenses		-		2,297		-			-			-			-			-
Lipstick Management LLC	Reimbursement of expenses		-		765		-			-			-			-			-
Agro-Uranga S.A	Dividends receivables		-		39		-			-			-			-			-
	Purchase of goods and/or services		-		-		-			(112	)		-			-			-
	Brokerage		-		29		-			(70	)		-			-			-
	Sale of inputs		-		425		-			-			-			-			-
Agro Managers S.A.	Reimbursement of expenses		-		303		-			-			-			-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		12		-			(1,547	)		-			-			-
	Commisions per supermarket aisle		-		59		-			-			-			-			-
	Borrowings		-		-		-			-			(18,376	)		(23,530	)		-
	Derivatives		-		-		-			-			-			-			(5,225	)
	Leases and/or rights of use		-		200		-			-			-			-			-
Banco de Crédito y Securitización	Leases and/or rights of use		-		19		-			(80	)		-			-			-
Total Associates			-		4,856		(175	)		(2,486	)		(18,376	)		(23,530	)		(5,225	)

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	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 fees		-		38		-		-			-			-			-
Cresca S.A.	Loans granted		96,269		-		-		-			-			-			-
Puerto Retiro S.A.	Contributions to be paid in		-		160		-		-			-			-			-
	Reimbursement of expenses		-		213		-		-			-			-			-
	Financial operations		-		3,230		-		-			-			-			-
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		223		-		(72	)		-			-			-
	Borrowings		-		-		-		-			-			(71	)		-
	Share-based payments		-		304		-		-			-			-			-
	Leases’ collections		-		-		-		(18	)		-			-			-
	Leases and/or rights of use		-		-		-		(630	)		-			-			-
	Management fees		-		1,338		-		-			-			-			-
Quality Invest S.A.	Management fees		-		22		-		(45	)		-			-			-
Quality Invest S.A.	Reimbursement of expenses		-		64		-		-			-			-			-
Baicom Networks S.A.	Management fees		-		2		-		-			-			-			-
	Borrowings		1,143		-		-		-			-			-			-
	Contributions to be paid in		-		10		-		-			-			-			-
	Reimbursement of expenses		-		193		-		-			-			-			-
Cyrsa S.A.	Borrowings		-		-		-		-			(133,314	)		-			-
Cyrsa S.A.	Reimbursement of expenses		-		140		-		(9	)		-			-			-
Boulevard Norte S.A.	Reimbursement of expenses		-		864		-		-			-			-			-
	Borrowings		-		4		-		-			-			-			-
Entertainment Holding S.A.	Reimbursement of expenses		-		165		-		-			-			-			-
	Borrowings		-		20		-		-			-			-			-
Total Joint Ventures			97,412		6,990		-		(774	)		(133,314	)		(71	)		-

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	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
CAMSA	Advances to be recovered		-		1,468		-			-			-			-			-
	Management fees		-		11,595		-			(11,098	)		-			-			-
	Reimbursement of expenses		-		4,713		-			(1	)		-			-			-
Estudio Zang, Bergel & Viñes	Advances		-		4		-			-			-			-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-		-			(739	)		-			-			-
Fundación IRSA	Reimbursement of expenses		-		75		-			-			-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		54,724		-			(5	)		-			-			-
Museo de los Niños	Reimbursement of expenses		-		767		-			(9	)		-			-			-
Austral Gold	Reimbursement of expenses		-		8		-			(1	)		-			-			-
Entretenimiento Universal S.A.	Reimbursement of expenses		-		103		-			-			-			-			-
	Borrowings		-		68		-			-			-			-			-
Ogden Argentina S.A.	Reimbursement of expenses		-		228		-			-			-			-			-
	Borrowings		-		4		-			-			-			-			-
IRSA Real Estate Strategies LP	Capital contribution		-		-		-			(8	)		-			-			-
IRSA Developments LP	Capital contribution		-		-		-			(13	)		-			-			-
EMP	Management fees		-		-		-			(31	)		-			-			-
Total Other related parties			-		73,757		-			(11,905	)		-			-			-
Directors and Senior Management
Directors and Senior Management	Management fees		-		301		-			(23,830	)		-			-			-
	Guarantee deposits		-		-		(20	)		-			-			-			-
	Reimbursement of expenses		-		96		-			(10	)		-			-			-
Total Directors and Senior Management			-		397		(20	)		(23,840	)		-			-			-
Total			97,412		86,000		(195	)		(39,005	)		(151,690	)		(23,601	)		(5,225	)

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 nine-month period ended as of March 31, 2015:

Related party	Leases and/or rights to use			Administration and management fees		Sale of goods and/or services		Compensation of Directors and senior management			Legal services			Financial operations			Commissions		Donations
Associates
Agro-Uranga S.A.		-			-		6,976		-			-			-			-		-
Tarshop S.A.		7,302			-		-		-			-			-			21		-
Banco Crédito y Securitización S.A.		3,219			-		-		-			-			-			-		-
Banco Hipotecario S.A.		1,547			-		-		-			-			(13,880	)		5		-
Total Associates		12,068			-		6,976		-			-			(13,880	)		26		-
Joint Ventures
Cyrsa S.A.		-			-		-		-			-			(8,530	)		-		-
Cresca S.A.		-			-		20		-			-			-			-		-
Baicom Networks S.A.		-			-		-		-			-			116			-		-
Nuevo Puerto Santa Fe S.A.		(542	)		1,663		-		-			-			(1,010	)		-		-
Entretenimiento Universal S.A.		-			-		-		-			-			10			--		-
Entertainment Holdings S.A.		-			-		-		-			-			9			--		-
Puerto Retiro S.A.		-			-		-		-			-			463			-		-
Quality Invest S.A.		-			162		-		-			-			-			-		-
Total Joint Ventures		(542	)		1,825		20		-			-			(8,942	)		-		-
Other related parties
Consultores Asset Management S.A. (“CAMSA”)		243			-		-		-			-			-			-		-
Inversiones Financieras del Sur S.A.		-			-		-		-			-			8,158			-		-
Estudio Zang, Bergel & Viñes		-			-		-		-			(3,371	)		-			-		-
Fundación IRSA		-			-		-		-			-			-			-		(2,949	)
Hamonet S.A.		(337	)		-		-		-			-			-			-		-
Isaac Elsztain e Hijos S.C.A.		(643	)		-		-		-			-			-			-		-
Total Other related parties		(737	)		-		-		-			(3,371	)		8,158			-		(2,949	)
Directors and Senior Management
Directors		-			-		-		(67,238	)		-			-			-		-
Senior Management		-			-		-		(14,618	)		-			-			-		-
Total Directors and Senior Management		-			-		-		(81,856	)		-			-			-		-
Total		10,789			1,825		6,996		(81,856	)		(3,371	)		(14,664	)		26		(2,949	)

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 nine-month period ended as of March 31, 2014:

Related party	Leases and/or rights to use			Administration and management fees			Sale of goods and/or services		Compensation of Directors and senior management			Legal services			Financial operations			Donations
Associates
Agro-Uranga S.A.		-			-			6,926		-			-			-			-
Tarshop S.A.		4,399			(239	)		-		-			-			-			-
Banco Crédito y Securitización S.A.		530			-			-		-			-			-			-
Banco Hipotecario S.A.		343			-			-		-			-			43,189			-
Total Associates		5,272			(239	)		6,926		-			-			43,189			-
Joint Ventures
Cyrsa S.A.		-			-			-		-			-			(14,596	)		-
Cresca S.A.		-			46			-		-			-			2,216			-
Baicom Networks S.A.		-			9			-		-			-			96			-
Nuevo Puerto Santa Fe S.A.		(426	)		1,090			-		-			-			-			-
Puerto Retiro S.A.		-			-			-		-			-			790			-
Quality Invest S.A.		-			162			-		-			-			-			-
Canteras Natal Crespo S.A.		-			-			-		-			-			-			-
Total Joint Ventures		(426	)		1,307			-		-			-			(11,494	)		-
Other related parties
Inversiones Financieras del Sur S.A.		-			-			-		-			-			19,874			-
Fundación IRSA		-			-			1		-			-			-			(2,250	)
Estudio Zang, Bergel & Viñes		-			-			-		-			(2,725	)		-			-
Dolphin Fund PLC (i)		-			-			-		-			-			-			-
Hamonet S.A.		(293	)		-			-		-			-			-			-
Isaac Elsztain e Hijos S.C.A.		(534	)		-			-		-			-			-			-
Total Other related parties		(827	)		-			1		-			(2,725	)		19,874			(2,250	)
Directors and Senior Management
Directors		-			-			-		(88,606	)		-			-			-
Senior Management		-			-			-		(10,548	)		-			-			-
Total Directors and Senior Management		-			-			-		(99,154	)		-			-			-
Total		4,019			1,068			6,927		(99,154	)		(2,725	)		51,569			(2,250	)

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.	CNV General Resolution No. 622

As required by Section 1°, Chapter III, Title IV of CNV General Resolution No. 622, below there is a detail of the notes to the Unaudited Condensed Interim Consolidated Financial Statements that disclosure the information required by the Resolution in Exhibits.

Exhibit A - Property, plant and equipment	Note 10 - Investment properties
	Note 11 - Property, plant and equipment
Exhibit B - Intangible assets	Note 13 - Intangible assets
Exhibit C - Equity investments	Note 37 - Investments in associates and joint ventures
Exhibit D - Other investments	Note 16 - Financial instruments by category
	Note 17 - Restricted assets
Exhibit E - Provisions	Note 18 - Trade and other receivables
	Note 24 - Provisions
Exhibit F - Cost of sale and services	Note 38 - Cost of sales and services provided
Exhibit G - Foreign currency assets and liabilities	Note 39 - Foreign currency assets and liabilities
Exhibit H - Exhibit of expenses	Note 30 - Expenses by nature

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.	Investments in associates and joint ventures

Issuer and type of securities	Class	Amount	Value recorded as of 03.31.15	Value recorded as of 06.30.14	Market value as of 03.31.15	Issuer´s information					% of ownership interest in common stock
						Main activity	Place of business / country of incorporation	Last financial statement issued
						Main activity	Place of business / country of incorporation	Common stock (nominal value)	Income (loss) for the period	Shareholders' equity
Associates

Avenida Inc.	Shares	4,742,836	-	2,023	-	Investment	United States	-	-	-	-
	Higher value		-	9,073
			-	11,096

Agromanagers S.A.	Shares	981,029	1,714	2,011	Not publicly traded	Investment	Argentina	2,094	(327)	3,936	46.84%
	Goodwill		796	796
			2,510	2,807

Agrouranga S.A.	Shares	893,069	19,081	23,239	Not publicly traded	Agricultural	Argentina	2,500	(8,358)	43,472	35.72%
	Higher value		11,179	11,179
			30,260	34,418

Banco de Crédito y Securitización S.A. (1)	Shares	3,984,375	15,367	13,610	Not publicly traded	Financing	Argentina	62,500	7,014	246,906	6.38%
			15,367	13,610

Banco Hipotecario S.A. (1)	Shares	449,804,237	1,307,918	1,212,781	5.95	Financing	Argentina	1,500,000	176,081	4,531,034	29.99%
	Higher value	449,804,237	(739)	(2,613)
	Goodwill		4,881	-
			1,312,060	1,210,168

Bitania 26 S.A.	Shares	4,724,203	-	12,308	Not publicly traded	Real Estate	Argentina	-	-	-	49.00%
	Goodwill		-	1,736
	Higher value		-	8,085
			-	22,129

IDB Development Corporation Ltd.	Shares	280,247,664	834,882	595,342	1.344 (3)	Investment	Israel	N/A	N/A	N/A	49.00%
			834,882	595,342

Lipstick Management LLC	Shares	N/A	2,452	1,689	Not publicly traded	Management company	United States	N/A	(2) 142	(2) 584	49.00%
	Irrevocable contributions		56	50
			2,508	1,739

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.	Investments in associates and joint ventures (Continued)

Issuer and type of securities	Class	Amount	Value recorded as of 03.31.15	Value recorded as of 06.30.14	Market value as of 03.31.15	Issuer´s information					% of ownership interest in common stock
						Main activity	Place of business / country of incorporation	Last financial statement issued
						Main activity	Place of business / country of incorporation	Common stock (nominal value)	Income (loss) for the period	Shareholders' equity

Manibil S.A.	Shares	37,747,880	39,832	38,279	Not publicly traded	Real Estate	Argentina	77,037	3,170	96,291	49.00%
	Irrevocable contributions		7,350	-
	Goodwill		10	10
			47,192	38,289

New Lipstick LLC	Shares	N/A	(300,724)	(193,590)	Not publicly traded	Real Estate	United States	N/A	(2) (24,796)	(2) (97,224)	49.87%
	Irrevocable contributions		1,502	16,667
			(299,222)	(176,923)

Supertel	Shares	1,261,723	21,180	31,577	Not publicly traded	Management company	United States	(2) 47	(2) (6,243)	(2) (14,875)	25.63%
			21,180	31,577

Tarshop S.A.	Shares	48,759,288	15,785	23,530	Not publicly traded	Consumer financing	Argentina	-	-	-	20.00%
	Irrevocable contributions		22,000	-
	Higher value		(4,009)	(4,668)
			33,776	18,862
Total Associates			2,000,513	1,803,114

Joint Ventures

Baicom Networks S.A.	Shares	4,701,455	2,724	2,950	Not publicly traded	Real Estate	Argentina	9,403	(1,130)	5,449	50.00%
	Irrevocable contributions		-	340
	Higher value		276	276
			3,000	3,566

Cresca S.A.	Shares	N/A	83,480	23,630	Not publicly traded	Agricultural	Paraguay	69,077	1,775	128,235	50.00%
	Irrevocable contributions		87,077	40,251
			170,557	63,881

Cyrsa S.A.	Shares	8,748,269	16,752	152,229	Not publicly traded	Real Estate	Argentina	17,497	12,745	33,503	50.00%
	Higher value	8,748,269	2,753	2,753
			19,505	154,982

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.	Investments in associates and joint ventures (Continued)

Issuer and type of securities	Class	Amount	Value recorded as of 03.31.15	Value recorded as of 06.30.14	Market value as of 03.31.15	Issuer´s information					% of ownership interest in common stock
						Main activity	Place of business / country of incorporation	Last financial statement issued
						Main activity	Place of business / country of incorporation	Common stock (nominal value)	Income (loss) for the period	Shareholders' equity
Entertainment Holdings S.A.	Shares	22,395,574	22,773	19,092	Not publicly traded	Investment	Argentina	44,791	4,964	44,051	50.00%
	Irrevocable contributions		100	721
	Goodwill		26,647	26,647
	Higher value		(23,192)	(23,192)
			26,328	23,268

Entretenimiento Universal S.A.	Shares	300	22	(59)	Not publicly traded	Event organization and others	Argentina	12	2,990	1,298	2.5%
			22	(59)

Nuevo Puerto Santa Fé S.A.	Shares	138,750	22,350	21,566	Not publicly traded	Commercial real estate	Argentina	27,750	6,819	44,702	50.00%
	Goodwill		1,323	3,980
	Higher value		3,848	1,323
			27,521	26,869

Puerto Retiro S.A.	Shares	23,067,250	14,613	13,868	Not publicly traded	Real Estate	Argentina	46,135	(2,071)	32,764	50.00%
	Irrevocable contributions		1,769	1,781
	Higher value		41,160	41,160
			57,542	56,809

Quality Invest S.A.	Shares	70,314,342	68,379	64,402	Not publicly traded	Real Estate	Argentina	140,629	6,953	149,757	50.00%
	Irrevocable contributions		6,500	500
	Goodwill		3,911	3,911
	Higher value		(2,891)	(2,886)
			75,899	65,927
Total Joint Ventures			380,374	395,243
Total investments in associates and joint ventures as of 03.31.15			(*) 2,380,887	-
Total investments in associates and joint ventures as of 06.30.14			-	(*) 2,198,357

(*) Include a balance of Ps. (299,222) and Ps. (176,982) reflecting interests in companies with negative equity as of March 31, 2015 and June 30, 2014, respectively, which is reclassified to “Provisions” (Note 24).

(1) Amounts correspond to the Financial Statements of Banco Hipotecario S.A. and Banco Crédito y Securitización S.A. prepared in accordance with the Central Bank of the Argentine Republic (“BCRA”) standards. For the purpose of the valuation of the

investment in the Company, the adjustments necessary to adequate the financial statements to IFRS have been considered.

(2) Amounts stated in US dollar.

(3) Market value in NIS.

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

38.	Cost of sales and services provided

Description	Agricultural business				Urban properties and investments business						Total as of 03.31.14
Description	Biological assets	Inventories	Agricultural services	Subtotal Agricultural business	Services and other operating costs	Trading properties	Hotels inventories	Others	Subtotal Urban properties and investments business	Total as of 03.31.15	Total as of 03.31.14
Inventories as of the period / year	345,771	420,387	-	766,158	-	137,151	6,011	-	143,162	(i) 909,320	(ii) 667,280

Initial recognition and changes in the fair value of biological assets and agriculture produce at the point of harvest	106,553	23,245	-	129,798	-	-	-	-	-	129,798	143,971

Changes in the net realizable value of agriculture produce after harvest	-	(18,608)	-	(18,608)	-	-	-	-	-	(18,608)	(7,811)

Decrease due to harvest	-	579,972	-	579,972	-	-	-	-	-	579,972	350,659
Acquisitions and classifications	9,078	948,697	-	957,775	-	-	-	-	-	957,775	870,680
Consume	(544)	(493,161)	-	(493,705)	-	-	-	-	-	(493,705)	(424,978)
Additions	-	-	-	-	-	921	-	-	921	921	5,872
Disposals	-	-	-	-	-	(1,054)	1,156	-	102	102	(4,786)
Expenses incurred	-	65,230	43,839	109,069	892,736	9,386	210,764	28	1,112,914	1,221,983	1,010,908
Currency translation adjustment	-	(29,465)	-	(29,465)	-	(3,918)	-	-	(3,918)	(33,383)	52,687
Inventories as of the period / year	(353,879)	(266,965)	-	(620,844)	-	(132,751)	(6,754)	-	(139,505)	(iii) (760,349)	(iv) (762,213)
Costs as of 03.31.15	106,979	1,229,332	43,839	1,380,150	892,736	9,735	211,177	28	1,113,676	2,493,826	-
Costs as of 03.31.14	59,833	871,219	38,131	969,183	763,415	10,513	158,917	241	933,086	-	1,902,269

(i) Includes Ps. (13,373) corresponding to materials of IRSA and FyO as of June 30, 2014.

(ii) Includes Ps. (10,358) corresponding to materials and inputs of IRSA as of June 30, 2013.

(iii) Includes Ps. (14,342) corresponding to materials and inputs of IRSA and FyO as of March 31, 2015. Does not include Ps. (521) corresponding to fattening (Biological assets).

(iv) Includes Ps. (12,715) corresponding to materials and inputs of IRSA and FyO as of March 31, 2014.

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

39.	Foreign currency assets and liabilities

Book amounts of foreign currency assets and liabilities as of March 31, 2015 and June 30, 2014 are as follows:

Items (3)	Amount of foreign currency (2)	Prevailing exchange rate (1)	Total as of 03.31.15	Amount of foreign currency (2)	Prevailing exchange rate (1)	Total as of 06.30.14
Assets
Restricted assets
US Dollar	1,321	8.722	11,523	6,372	8.033	51,189
Total restricted assets			11,523			51,189
Trade and other receivables
Uruguayan Peso	1,011	0.341	345	1,162	0.356	414
US Dollar	10,417	8.722	90,856	21,085	8.033	169,375
Euros	0.3207	9.355	3	2	10.991	26
Swiss francs	76	8.961	683	27	9.051	242
Receivables with related parties:
US Dollar	11,088	8.722	96,706	8,561	8.033	68,769
Total trade and other receivables			188,593			238,826
Investment in financial assets
US Dollar	6,423	8.722	56,024	67,062	8.033	538,710
New Israel Shekel	3,029	2.220	6,724	5	2.377	13
Uruguayan Peso	798	12.943	10,323	39,871	0.356	14,206
Investments with related parties:
US Dollar	-	-	-	-	-	-
Total Investment in financial assets			73,071			552,929
Derivative financial instruments
US Dollar	1,922	8.722	16,765	3,839	8.033	30,841
New Israel Shekel	99,603	2.220	221,118	-	-	-
Total Derivative financial instruments			237,883			30,841
Cash and cash equivalents
Uruguayan Peso	176	0.341	60	101	0.356	36
US Dollar	51,997	8.722	453,521	19,605	8.033	157,484
Euros	114	9.355	1,067	121	10.991	1,329
Swiss francs	-	-	-	1	9.051	1
New Israel Shekel	4,160	2.220	9,235	116,210	2.377	276,235
Pounds	2	12.943	30	2	13.913	32
Yenes	55	0.073	4	2	2.377	4
Brazilian Reais	10	3.250	32	3	3.550	9
Total Cash and cash equivalents			463,949			435,130
Total Assets			975,019			1,308,915

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

39.	Foreign currency assets and liabilities (Continued)

Items (3)	Amount of foreign currency (2)	Prevailing exchange rate (1)	Total as of 03.31.15	Amount of foreign currency (2)	Prevailing exchange rate (1)	Total as of 06.30.14
Liabilities
Trade and other payables
Uruguayan Peso	53	0.342	18	1,520	0.382	580
US Dollar	14,242	8.822	125,644	15,883	8.133	129,176
Euros	0.3163	9.485	3	1	11.148	3
Payables with related parties:
US Dollar	62	8.822	545	2,147	8.133	17,459
Total trade and other payables			126,210			147,218
Borrowings
US Dollar	657,394	8.822	5,799,534	712,773	8.133	5,796,986
Borrowings with related parties
US Dollar	-	-	-	-	-	-
Total borrowings			5,799,534			5,796,986
Derivative financial instruments
US Dollar	-	-	-	204	3.69	753
New Israel Shekel	271,677	2.22	603,122	134,978	2.377	320,847
Total Derivative financial instruments			603,122			321,600
Provisions
US Dollar	10	8.822	88	200	8.133	1,627
Total provisions			88			1,627
Payroll and social security liabilities
US Dollar	23	8.822	200	-	-	-
Total payroll and social security liabilities			200			-
Total Liabilities			6,529,154			6,267,431

(1)	Exchange rate as of March 31, 2015 and June 30, 2014 according to Banco Nación Argentina records.

(2)	Considering foreign currencies those that differ from Company’s functional currency at each period/year-end.

(3)	The Company uses derivative financial instruments as complement in order to reduce its exposure to exchange rate movements (Note 20).

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

40.	CNV General Ruling No. 629/14 – Storage of documentation

On August 14, 2014, the CNV issued General Ruling N° 629 whereby it introduced amendments to rules related to storage and conservation of corporate books, accounting books and commercial documentation. In this sense, it should be noted that the Group has entrusted the storage of certain non-sensitive and old information to the following providers:

Documentation storage provider	Location
Bank S.A.	Gral. Rivas 401, Avellaneda, Province of Buenos Aires
	Ruta Panamericana Km 37,5, Garín, Province of Buenos Aires
	Av. Fleming 2190, Munro, Province of Buenos Aires
	Carlos Pellegrini 1401, Avellaneda, Province of Buenos Aires

Iron Mountain Argentina S.A.	Av. Amancio Alcorta 2482, Autonomous City of Buenos Aires
	Pedro de Mendoza 2143, Autonomous City of Buenos Aires
	Saraza 6135, Autonomous City of Buenos Aires
	Azara 1245, Autonomous City of Buenos Aires
	Polígono industrial Spegazzini, Autopista Ezeiza Km 45, Cañuelas, Province of Buenos Aires
	Cañada de Gomez 3825, Autonomous City of Buenos Aires

It is further noted that a detailed list of all documentation held in custody by providers, as well as documentation required in section 5 a.3) of section I, Chapter V, Title II of the RULES (2013 as amended) are available at the registered office.

On February 5, 2014 there was a widely known fire in Iron Mountain’s warehouse, which company is a supplier of the Group and where Group’s documentation was being kept. Based on the internal review carried out by the Group, duly reported to the CNV on February 12, 2014, the information kept at the Iron Mountain premises that were on fire do not appear to be sensitive or capable of affecting normal operations.

41.	Group of assets held for sale

Assets and liabilities related to the operation of the building located in 183 Madison Av., NY, United States, owned by the subsidiary of the Group, Rigby 183 LLC, and that formed part of the international business segment, have been reported in the balance sheet as of June 30, 2014 as available for sale as per the contract for the sale of the building entered on May 16, 2014. The transaction was subject to compliance with certain conditions which were complied in September 2014. Upon completion of such conditions, the company should left in an escrow account the amount of US$ 1 million for a term of nine months to cover potential hidden defects. Such amount is included in Restricted Assets.

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

41.	Group of assets held for sale (Continued)

Pursuant to IFRS 5, assets and liabilities available for sale were valued at the lower of their book value or fair value less selling cost. Since fair value is higher than book value of the pool of assets available for sale including some goodwill related to the acquisition, no impairment has been recorded as of June 30, 2014.

The following table shows the main assets and liabilities held for sale:

Group’s assets held for sale

			06.30.14
Investment properties			1,098,990
Intangible assets - Goodwill			77,086
Restricted assets			163,501
Trade and other receivables			17,990
Derivative financial instruments			299
Total			1,357,866

Group’s liabilities directly associated to assets classified as held for sale

			06.30.14
Trade and other payables			170,245
Deferred income tax liabilities			33,346
Borrowings			603,021
Total			806,612

As indicated in note 4, on September 29, 2014, the sale of the Madison 183 Building was finalized in the amount of US$ 185 million. Proceeds from the sale were Ps. 1,535 million, while associated costs amounted to Ps. 1,238 million, thus making a gain on the transaction of Ps. 296.5 million, included in the line item Gain from disposal of investment properties in the Income Statement.

42.	Negative working capital

At the end of the period, the Group carried a working capital deficit, whose treatment is being considered by the Board of Directors and Management.

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

43.	Subsequent events

· On April 24, 2015, our associate Tarshop S.A. issued non-convertible notes Class XX and XXI for a nominal value of Ps. 149,600. On April 14, 2015, this issuance was authorized by the Issue Activity Department at the National Securities Exchange Commission, for a joint nominal value of Ps. 40,000, or a greater or lower amount as determined by the Company, for a total authorized sum of Ps. 300,000. As of April 24, 2015 Class XX was placed for a total nominal value of Ps. 69,100 and Class XXI for a total nominal value of Ps. 80,500. Class XX will accrue interests at an annual nominal fixed rate of 27.50%. Payment dates of mentioned interests will be: July 24, 2015, October, 24, 2015 and January 24, 2016. The payment date is January 24, 2016. CN Class XXI will accrue interest from the date of issue at a bid nominal fixed rate of 28.50% p.a., until the end of the twelfth month, and at an annual floating nominal rate equal to BADLAR Private rate plus 500 basis points, beginning on the thirteenth month until its maturity date. Net funds resulting from placing both classes XX and XXI were earmarked for paying in working capital in Argentina in accordance with the corporate objective of the Company.

· On May 5, 2015, the Group has signed a bill of sale to transfer to a non-related party 8.470 square meters corresponding to nine offices floors and 72 parking units of Intercontinental Plaza building. The amount of the transaction was Ps. 376.4 million, which has already been paid in full by the purchaser. The gross income of the transaction amounts to approximately Ps. 315.1 million, which will be reflected in the Group’s financial statements upon execution of the title conveyance deed and delivery of possession, scheduled for July this year.

· After the balance sheet date, on May 6, 2015, Dolphin submitted for approval of the IDBD Board a binding and irrevocable proposal, that provides as follows:

(i)	Appointment of Eduardo Sergio Elsztain as single Chairmen of the Board of IDBD;

(ii)

Commitment by Dolphin (directly or through any other vehicle controlled by Eduardo Sergio Elsztain) to an early exercise of warrants Series 4 issued by IDBD in the amount of NIS 150 million (the “Warrants”), as a result, IDBD may request that they be exercised as from May 20, 2015, provided that before such date, IDBD should receive an irrevocable written commitment by bondholders’ representatives that they won’t call for a Bondholders Meeting until July 20, 2015 (unless they are required to do so by applicable laws) including any of the following items of the agenda:

(a)	appointment of advisors (financial, legal or any other type of advisors);

(b)	appointment of a committee to represent IDBD bondholders;

(c)	commencement of legal actions against IDBD; and

(d)	demand for acceleration and immediate payment of any debt held by IDBD.

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

43.	Subsequent events (Continued)

(iii)

The Board of Directors of IDBD shall set up a committee, composed by two members of IDBD monitoring committee and two members of IDBD Board appointed by Dolphin, which will be in charge of the following tasks, subject to applicable legislation:

(a)	lead, discuss, negotiate and finalize negotiations with representatives of IDBD bondholders with respect to their requests;

(b)	negotiate with IDBD financial creditors a new set of commitments governing IDBD financial liabilities; and

(c)	develop a business and financial plan for IDBD.

(iv)	Dolphin (directly or through any vehicle controlled by Eduardo Sergio Elsztain) commits to make an additional capital contribution for up to NIS 100 million in IDBD, subject to –but not limited to- the following conditions:

(a)	IDBD should make a public offering of shares, with terms and conditions acceptable to the market and approved by the IDBD Board, in an amount of at least NIS 100 million which should not exceed NIS 125 million, which public offering should be made between October 1, 2015 and November 15, 2015.

(b)

The commitment assumed by Dolphin will automatically expire upon occurrence of any of the following events before the public offering date: (i) if any of IDBD creditors or any of the representatives of IDBD bondholders start legal actions against IDBD, including a claim for acceleration and immediate payment of any debt owed by IDBD; (ii) should a meeting of IDBD bondholders is called to discuss any of the items specified under Section 2 above; (iii) should IDBD receive capital contributions for a total amount of NIS 100 million in any way, whether through a rights offering, the exercise of warrants, a private or public offering, and whether such capital contributions are made by Dolphin directly or through any vehicle controlled by Eduardo Sergio Elsztain (apart from the capital contributions to discharge the obligation of NIS 158.5 million pursuant to the irrevocable proposal made by Dolphin on December 29, 2014), or by any other person or entity, or by the public, and in the event that the aggregate amount of such capital contributions under subsection 5 (d) (iii) of the submitted proposal is lower than NIS 100 million, Dolphin’s commitment under section 5 (c) above shall be reduced accordingly; or (iv) should an adverse event or change occur in IDBD or its control structure or in any of its material affiliates.

On May 7, the Board of IDBD approved the proposal; nevertheless, the proposal is yet to be approved by the representatives of IBDB’s bondholders.

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

REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders, President and Directors of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Legal address: Moreno 877 – 23° floor

Autonomous City Buenos Aires

Tax Code No. 30-50930070-0

Introduction

We have reviewed the unaudited condensed interim consolidated financial statements attached of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries (hereinafter “the Company”) which included the unaudited condensed interim consolidated statements of financial position as of March 31, 2015, the unaudited condensed interim consolidated statement of income and comprehensive income for the nine and three-month period ended March 31, 2015, the unaudited condensed interim consolidated statement of changes in shareholders’ equity and the unaudited condensed interim consolidated statement of cash flows for the nine-month period ended March 31, 2015 and selected explanatory notes.

The balances and other information corresponding to the fiscal year ended June 30, 2014 and the interim periods within that fiscal period are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.

Management responsibility

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 the International Financial Reporting Standards , adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as professional accounting standards and added by the National Securities Commission (CNV) to its regulations as approved by the International Accounting Standard Board (IASB) and , for this reason, is responsible for the preparation and presentation of the unaudited condensed interim consolidated financial statements mentioned in first paragraph according to the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34).

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

REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Scope of our review

Our review was limited to the application of the procedures established in the International Standard on Review Engagements ISRE 2410 "Review of interim financial information performed by the independent auditor of the entity", which was adopted as a review standard in Argentina through Technical Resolution No. 33 of the FACPCE as approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries of persons responsible for the preparation of the information included in the unaudited condensed interim consolidated financial statements, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated statement of financial position, the consolidated statement of income and comprehensive income and the consolidated statement of cash flow of the Company.

Conclusion

Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim consolidated financial statements mentioned in the first paragraph of this report have not been prepared in all material respects in accordance with the regulations of the International Accounting Standard No. 34.

Report on compliance with current regulations

In accordance with current regulations, we report about Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria 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 comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and in 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 aspects in conformity with the applicable legal provisions;

c)	we have read the Business Summary (“Reseña Informativa”) on which, as regards these matters that are within our competence, we have no observations to make;

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

REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)

d)	at March 31, 2015, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentina Integrated Pension System which arises from accounting records and submissions amounted to Ps. 3,633,490 which was no callable at that date.

Autonomous City of Buenos Aires, May 12, 2015

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 March 31, 2015 and June 30, 2014 and for the nine-month periods ended March 31, 2015 and 2014

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Financial Position

as of March 31, 2015 and June 30, 2014

(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		03.31.15		06.30.14
ASSETS
Non-current assets
Investment properties		7	17,372		20,184
Property, plant and equipment		8	459,606		422,113
Intangible assets		9	17,936		18,355
Biological assets		10	305,188		301,980
Investments in subsidiaries, associates and joint ventures		6	2,203,089		2,901,451
Deferred income tax assets		21	433,753		302,991
Income tax and minimum presumed income tax credits			59,977		66,052
Trade and other receivables		13	12		-
Total Non-current assets			3,496,933		4,033,126
Current assets
Biological assets		10	258,885		188,231
Inventories		11	164,125		217,078
Income tax and minimum presumed income tax credits			1,894		165
Trade and other receivables		13	318,324		341,158
Derivative financial instruments		15	280		405
Investment in financial assets		14	95,194		258,774
Cash and cash equivalents		16	114,297		53,472
Total Current assets			952,999		1,059,283
TOTAL ASSETS			4,449,932		5,092,409
SHAREHOLDERS’ EQUITY
Share capital			493,494		490,997
Treasury stock			8,069		10,566
Inflation adjustment of share capital			64,373		64,047
Inflation adjustment of treasury stock			1,052		1,378
Share premium…………………………………………………………………			552,198		773,079
Cost of treasury stock			(32,198	)	(54,876	)
Share warrants			106,264		106,264
Changes in interest in subsidiaries			22,360		(15,429	)
Cumulative translation adjustment			390,725		633,607
Equity-settled compensation			93,748		70,028
Legal reserve			-		81,616
Reserve for new developments			-		17,065
Special reserve			-		633,940
Reserve for the acquisition of securities issued by the Company			32,198		200,000
Retained earnings			(487,001	)	(1,066,428	)
TOTAL SHAREHOLDERS’ EQUITY			1,245,282		1,945,854
LIABILITIES
Non-current liabilities
Trade and other payables		17	941		1,170
Borrowings		20	2,025,852		1,407,570
Provisions		19	2,068		1,687
Total Non-current liabilities			2,028,861		1,410,427
Current Liabilities
Trade and other payables		17	177,681		116,702
Payroll and social security liabilities		18	45,105		52,774
Borrowings		20	951,097		1,522,853
Derivative financial instruments		15	18		38,441
Provisions		19	1,888		80
Minimum Presumed Income tax			-		5,278
Total Current liabilities			1,175,789		1,736,128
TOTAL LIABILITIES			3,204,650		3,146,555
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES			4,449,932		5,092,409

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


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Income for the nine and three-month periods beginning on July 1, 2014 and 2013 and January 1, 2015 and 2014 and ended March 31, 2015 and 2014

(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

			Nine months								Three months
	Note		2015				2014				2015			2014
Revenues		23		574,368				412,982				86,293			69,877
Costs		24		(962,427	)			(661,203	)			(235,858	)		(196,994	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest				478,175				510,078				145,481			355,170
Changes in the net realizable value of agricultural produce after harvest				(12,616	)			722				(3,211	)		4,591
Gross Profit / (Loss)				77,500				262,579				(7,295	)		232,644
Gain from disposal of farmlands				195,596				-				(279	)		-
General and administrative expenses		25		(73,950	)			(78,221	)			(27,443	)		(19,236	)
Selling expenses		25		(108,813	)			(56,373	)			(24,823	)		(9,532	)
Other operating results, net		27		4,247				(4,722	)			555			(7,810	)
Profit / (Loss) from operations				94,580				123,263				(59,285	)		196,066
Share of loss of subsidiaries, associates and joint ventures		6		(363,559	)			(70,099	)			(151,377	)		(16,938	)
(Loss) / Profit before financing and taxation				(268,979	)			53,164				(210,662	)		179,128
Finance incomes		28		23,237				119,855				8,018			78,614
Finance costs		28		(357,501	)			(1,010,411	)			(128,448	)		(566,397	)
Other financial results		28		(49,786	)			112,595				(1,061	)		71,289
Financial results, net		28		(384,050	)			(777,961	)			(121,491	)		(416,494	)
Loss before Income tax				(653,029	)			(724,797	)			(332,153	)		(237,366	)
Income tax gain		21		165,518				230,559				60,525			75,158
Loss for the period				(487,511	)			(494,238	)			(271,628	)		(162,208	)


Loss per share for the period:
Basic				(0.99	)			(0.68	)			(0.55	)		(0.01	)
Diluted				(0.99	)	(i)		(0.68	)	(i)		(0.55	)		(0.01	)

(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.


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Comprehensive Income

for the nine and three-month periods beginning on July 1, 2014 and 2013 and January 1, 2015 and 2014 and ended March 31, 2015 and 2014

(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

	Nine months		Three months
	2015	2014	2015	2014
Loss for the period	(487,511)	(494,238)	(271,628)	(162,208)
Other Comprehensive Income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment from subsidiaries, associates and joint ventures	(242,882)	444,315	(58,757)	275,241
Other comprehensive (loss) / income for the period (i)	(242,882)	444,315	(58,757)	275,241
Total comprehensive (loss) / income for the period	(730,393)	(49,923)	(330,385)	113,033

(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.


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2015 and 2014

(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	Inflation adjustment of treasury stock	Share premium	Cost of treasury stock	Share warrants	Subtotal	Changes in interest in subsidiaries	Cumulative translation adjustment	Equity-settled compensation	Legal reserve	Reserve for new developments	Special reserve	Reserve for the acquisition of securities issued by the Company	Retained earnings	Total shareholders’ equity
Balance as of June 30, 2014	490,997	10,566	64,047	1,378	773,079	(54,876)	106,264	1,391,455	(15,429)	633,607	70,028	81,616	17,065	633,940	200,000	(1,066,428)	1,945,854
Loss for the period	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(487,511)	(487,511)
Other comprehensive loss for the period	-	-	-	-	-	-	-	-	-	(242,882)	-	-	-	-	-	-	(242,882)
Total comprehensive loss for the period	-	-	-	-	-	-	-	-	-	(242,882)	-	-	-	-	-	(487,511)	(730,393)
Appropriation of retained earnings resolved by Shareholders’ Meeting held on November 14, 2014:
- Share distribution	5,565	(5,565)	726	(726)	-	54,876	-	54,876	-	-	-	-	-	-	(54,876)	-	-
Loss absorption:
- Share premium	-	-	-	-	(220,881)	-	-	(220,881)	-	-	-	-	-	-	-	220,881	-
- Legal reserve	-	-	-	-	-	-	-	-	-	-	-	(81,616)	-	-	-	81,616	-
- Special reserve	-	-	-	-	-	-	-	-	-	-	-	-	-	(633,940)	-	633,940	-
- Reserve for repurchase of share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(112,926)	112,926	-
- Reserve for new developments	-	-	-	-	-	-	-	-	-	-	-	-	(17,065)	-	-	17,065	-
Equity-settled compensation	-	-	-	-	-	-	-	-	-	-	23,720	-	-	-			23,720
Acquisition of treasury stock	(3,068)	3,068	(400)	400	-	(32,198)	-	(32,198)	-	-	-	-	-	-	-	-	(32,198)
Changes in interest in subsidiaries	-	-	-	-	-		-	-	37,789	-	-	-	-	-			37,789
Reimbursement of expired dividends	-	-	-	-	-		-	-	-	-	-	-	-	-		510	510
Balance as of March 31, 2015	493,494	8,069	64,373	1,052	552,198	(32,198)	106,264	1,193,252	22,360	390,725	93,748	-	-	-	32,198	(487,001)	1,245,282

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


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2015 and 2014

(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	Inflation adjustment of treasury stock	Share premium	Share warrants	Subtotal	Changes in interest in subsidiaries	Cumulative translation adjustment	Equity-settled compensation	Legal reserve	Reserve for new developments	Special reserve (1)	Retained earnings	Total shareholders’ equity
Balance as of June 30, 2013	496,562	5,001	64,773	652	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	-	-	-	-	-	-	-	-	-	-	-	-	-	(494,238)	(494,238)
Other comprehensive income for the period	-	-	-	-	-	-	-	-	444,315	-	-	-	-	-	444,315
Total comprehensive income / (loss) for the period	-	-	-	-	-	-	-	-	444,315	-	-	-	-	(494,238)	(49,923)
Appropriation of retained earnings resolved by Shareholders’ Meeting held on October 31, 2013:
- Legal reserve	-	-	-	-	-	-	-	-	-	-	34,781	-	(34,781)	-	-
- Other reserves	-	-	-	-	-	-	-	-	-	-	-	-	(26,907)	26,907	-
- Cash dividends	-	-	-	-	-	-	-	-	-	-	-	(120,000)	-	-	(120,000)
Equity-settled compensation	-	-	-	-	-	-	-	-	-	12,107	-	-	-	-	12,107
Changes in interest in subsidiaries	-	-	-	-	-	-	-	11,192	-	-	-	-	-	-	11,192
Cancellation of BrasilAgro warrants	-	-	-	-	-	-	-	-	-	(1,059)	-	-	-	-	(1,059)
Reimbursement of expired dividends	-	-	-	-	-	-	-	-	-	-	-	-	-	494	494
Balance as of March 31, 2014	496,562	5,001	64,773	652	773,079	106,264	1,446,331	(10,804)	446,599	19,393	81,616	217,065	633,940	(493,359)	2,340,781

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

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


				Eduardo S. Elsztain President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Cash Flows

for the nine-month periods ended March 31, 2015 and 2014

(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		03.31.15		03.31.14
Operating activities:
Cash generated from operations		16	(84,696	)	(150,834	)
Net cash used in operating activities			(84,696	)	(150,834	)
Investing activities:
Proceeds from sale of companies			-		379
Acquisition of non-controlling interest in subsidiaries			(19,993	)	-
Proceeds from sale of interest in companies			129,534		-
Capital contribution to subsidiaries, associates and joint ventures		6	(791	)	(4,589	)
Acquisition of investment properties		7	(2,572	)	(1,603	)
Proceeds from sale of investment properties			12		79
Acquisition of property, plant and equipment		8	(51,414	)	(22,767	)
Proceeds from sale of property, plant and equipment			1,380		691
Proceeds from sale of farmlands			161,783		-
Acquisition of intangible assets		9	(173	)	(17	)
Purchase of investment in financial assets			(1,291,921	)	(1,901,668	)
Proceeds from disposals of investments in financial assets			1,543,972		1,905,343
Loans granted to subsidiaries, associates and joint ventures			(1,600	)	(52,077	)
Loans repayments received from subsidiaries, associates and joint ventures			44,636		1,624
Dividends received			41,814		11,299
Cash incorporated by merger			508		-
Net cash generated from / (used in) investing activities			555,175		(63,306	)
Financing activities:
Purchase of treasury stock			(32,198	)	-
Proceeds from issuance of non-convertible notes			803,464		833,561
Repayment of non-convertible notes			(900,338	)	(387,314	)
Repurchase of non-convertible notes			(85,510	)	(24,014	)
Dividends paid			-		(120,000	)
Proceeds from borrowings			173,770		51,853
Borrowings from subsidiaries, associates and joint ventures			-		23,292
Repayment of derivative financial instruments			(122,287	)	-
Repayment of borrowings			(98,257	)	(17,620	)
Repayment of borrowings from subsidiaries, associates and joint ventures			-		(186	)
Repayment of warrants			-		(1,059	)
Repayment of seller financing			(328	)	(93	)
Interest paid			(148,142	)	(141,785	)
Net Cash flows (used in) / generated from financing activities			(409,826	)	216,635
Net increase in cash and cash equivalents			60,653		2,495
Cash and cash equivalents at beginning of the period		16	53,472		36,739
Foreign exchange gain on cash and cash equivalents			172		1,288
Cash and cash equivalents at the end of the period			114,297		40,522

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


				Eduardo S. Elsztain 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 May 12, 2015.

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

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”.

Furthermore, some additional issues were included as required by the Business Companies Act and/or regulations of the CNV, including supplementary information provided in the last paragraph of article 1, Chapter III, Title IV of General Ruling 622/13. Such information is included in the Notes to the Unaudited Condensed Interim Separate Financial Statements according to International Financial Reporting Standards ("IFRS").

These Unaudited Condensed Interim Separate Financial Statements should be read together with the annual audited Separate Financial Statements of the Company as of June 30, 2014. These Unaudited Condensed Interim Separate Financial Statements are expressed in thousands of Argentine Pesos.

The Unaudited Condensed Interim Separate Financial Statements for the nine-month periods ended March 31, 2015 and 2014 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 nine-month periods ended March 31, 2015 and 2014 do not necessarily reflect proportionally the Company’s results for the complete fiscal years.

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 Statements (Continued)

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, 2014 and are based on those IFRS in force as of June 30, 2014 (except for the accounting of investments in subsidiaries, associates and joint ventures, which are accounted for under the equity method as required in RT 26). Furthermore, the most significant accounting policies are described in the annual Consolidated Financial Statements as of June 30, 2014.

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. Future results might differ from the estimates and evaluations made at the date of preparation of these Unaudited Interim Condensed Separate Financial Statements.

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 separate financial statements for the fiscal year ended June 30, 2014, except for changes in provisions for income tax, for legal claims and for doubtful accounts.

2.4.	Merger with Cactus Argentina S.A.

During September 2014, the Company entered into a pre-merger commitment with its wholly-owned subsidiary Cactus Argentina S.A. whereby the Company would be the absorbent Company and Cactus would be the absorbed Company.

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 Statements (Continued)

The following table shows a summary of the effect that Cactus merge would have had on the condensed interim separate statements of financial position as of June 30, 2014.

Caption	Issued Financial Statements as of 06.30.14 Ps.		Cactus as of 06.30.14 Ps.		Eliminations / Reclassifications as of 06.30.14 Ps.			Financial Statements considering the merger as of 06.30.14 Ps.
Non-current assets		4,033,126		56,430		(113,876	)		3,975,680
Current assets		1,059,283		68,547		(34,483	)		1,093,347
Total assets		5,092,409		124,977		(148,359	)		5,069,027
Non-current liabilities		1,410,427		777		(398	)		1,410,806
Current liabilities		1,736,128		7,299		(31,060	)		1,712,367
Total liabilities		3,146,555		8,076		(31,458	)		3,123,173
Shareholders’ Equity		1,945,854		116,901		(116,901	)		1,945,854

The following table shows a summary of the effect that Cactus merge would have had on the condensed interim separate statements of income and the condensed interim separate statements of cash flows as of March 31, 2014.

	Issued Financial Statements as of 03.31.14 Ps.			Cactus as of 03.31.14 Ps.			Eliminations / Reclassifications as of 03.31.14 Ps.			Financial Statements considering the merger as of 03.31.14 Ps.
Caption	Information about profit / (loss) for the nine-month period
Revenues		412,982			5,298			(5,245	)		413,035
Costs		(661,203	)		(6,980	)		5,245			(662,938	)
Gross Profit / (Loss)		262,579			(1,682	)		-			260,897
Profit / (Loss) from Operations		123,263			(2,304	)		-			120,959
(Loss) / Profit for the period		(494,238	)		3,945			(3,945	)		(494,238	)
	Information about profit / (loss) for the nine-month period
Net cash used in operating activities		(150,834	)		(2,392	)		-			(153,226	)
Net cash (used in) / generated from investing activities		(63,306	)		587			1,553			(61,166	)
Net cash generated from financing activities		216,635			1,865			(1,553	)		216,947

2.5.	Comparative information

Amounts as of March 31, 2014 and June 30, 2014, which are disclosed for comparative purposes have been taken from the separate financial statements as of such dates. The financial statements originally issued have been subject to certain reclassifications required in order to present these figures comparatively with this period.

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

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 January and September every year. Wheat is generally harvested between November and February every year. 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 each quarter.

4.	Acquisitions and disposals

On July 31, 2014 the Company transferred to IRSA an area of 1,058 hectares located in Luján, in Buenos Aires Province. The amount of the transaction was Ps. 210 million, which has already been paid in full.

On February 25, 2015 the Company transferred to HELMIR the 5% of the equity interest in SOCIEDAD ANÓNIMA CARNES PAMPEANAS S.A. (formerly EXPORTACIONES AGROINDUSTRIALES ARGENTINAS S.A.). The amount of the transaction was Ps. 1.4 million, which has already been paid in full.

See summary of acquisitions and additional disposals of the Company for the nine-month period ended March 31, 2015 in Note 4 to Unaudited Condensed Interim Consolidated Financial Statements.

5.	Financial risk management and fair value estimates

5.1.	Financial risk

The Company’s activities are exposed to several financial risks: 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, 2014 and 2013. Since June 30, 2014 there have been no changes in the risk management or risk management policies applied by the Company.

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 (Continued)

5.2. Fair value estimates

Since June 30, 2014 there have been no significant changes in business or economic circumstances affecting the fair value of the Company's financial assets, liabilities or biological assets (either measured at fair value or amortized cost). Nor there have been transfers between the several hierarchies 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 subsidiaries, associates and joint ventures.

Set out below are the changes in Company’s investment in subsidiaries, associates and joint ventures for the nine-month period ended March 31, 2015 and for the fiscal year ended June 30, 2014:

	March 31, 2015			June 30, 2014
Beginning of the year		2,901,451			2,872,627
Balance incorporated by merger with Cactus		(63,671	)		-
Acquisition of subsidiaries, associates and joint ventures (i)		(4,531	)		(8,657	)
Capital contribution		791			79,411
Disposal of interest in subsidiaries		(30,330	)		14,862
Share of loss		(363,559	)		(528,037	)
Currency translation adjustment		(242,882	)		631,323
Equity-settled compensation		11,915			30,571
Dividends distributed		(5,867	)		(210,299	)
Reimbursement of expired dividends		510			1,067
Intergroup transactions		(738	)		18,583
End of the period / year		2,203,089			2,901,451

(i)	Includes the effect of changes in subsidiaries as consequence of repurchase of equity interest.

See changes in Company’s investment in associates and joint ventures for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 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 nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	March 31, 2015			June 30, 2014
Beginning of the year		20,184			25,838
Additions		2,572			2,106
Reclassification to property, plant and equipment		(5,028	)		(7,293	)
Disposals		(12	)		(79	)
Depreciation charges (i)		(344	)		(388	)
End of the period / year		17,372			20,184

(i)	Depreciation charges of investment property were included in “Costs” in the Income Statement (Note 25).

The following amounts have been recognized in the income statement:

	March 31, 2015		March 31, 2014
Rental and service incomes		14,968		14,206
Direct operating expenses		6,082		5,448

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

8.	Property, plant and equipment

Changes in Company’s property, plant and equipment ("PPE") for the nine-month period ended March 31, 2015 and for the fiscal year ended June 30, 2014 were as follows:

	Owner-occupied farmland (ii)			Other buildings and facilities			Furniture and fixtures			Machinery and equipment			Vehicles			Total
At June 30, 2013:
Costs		408,158			819			1,280			23,020			6,655			439,932
Accumulated depreciation		(32,596	)		(658	)		(876	)		(14,630	)		(3,185	)		(51,945	)
Net book amount		375,562			161			404			8,390			3,470			387,987
Year ended June 30, 2014:
Opening net book amount		375,562			161			404			8,390			3,470			387,987
Additions		32,369			10			122			2,883			2,371			37,755
Reclassifications of investment properties		7,293			-			-			-			-			7,293
Disposals		(665	)		-			(3	)		(5	)		(220	)		(893	)
Depreciation charges (i)		(7,108	)		(51	)		(73	)		(1,757	)		(1,040	)		(10,029	)
Closing net book amount		407,451			120			450			9,511			4,581			422,113
Period ended March 31, 2015:
Opening net book amount		407,451			120			450			9,511			4,581			422,113
Residual value from merger with Cactus		1,713			-			5			172			-			1,890
Additions		44,845			84			112			3,177			3,536			51,754
Reclassifications of investment properties		5,028			-			-			-			-			5,028
Disposals		(10,921	)		(10	)		(1	)		(198	)		(71	)		(11,201	)
Depreciation charges (i) (Note 25)		(7,073	)		(29	)		(61	)		(1,639	)		(1,176	)		(9,978	)
Closing net book amount		441,043			165			505			11,023			6,870			459,606
At March 31, 2015:
Costs		489,980			903			1,519			28,506			11,930			532,838
Accumulated depreciation		(48,937	)		(738	)		(1,014	)		(17,483	)		(5,060	)		(73,232	)
Net book amount		441,043			165			505			11,023			6,870			459,606

(i)

For the nine-month period ended March 31, 2015, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 734 under the line item “General and administrative expenses”, Ps. 168 under the line item “Selling expenses” and Ps. 9,076 under the line item “Cost” in the Income Statement. For the fiscal year ended June 30, 2014, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 1,480 under the line item “General and administrative expenses”, Ps. 75 under the line item “Selling expenses” and Ps. 8,474 under the line item “Cost” in the Income Statement.

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 the Company’s intangible assets for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	Computer software			Rights of use			Total
Opening net book amount		91			19,065			19,156
Additions		37			-			37
Amortization charges (i)		(86	)		(752	)		(838	)
Net book amount as of June 30, 2014		42			18,313			18,355
Additions		173			-			173
Amortization charges (i)		(28	)		(564	)		(592	)
Net book amount as of March 31, 2015		187			17,749			17,936
Costs		582			19,818			20,400
Accumulated depreciation		(395	)		(2,069	)		(2,464	)
Net book amount as of March 31, 2015		187			17,749			17,936

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

10.	Biological assets

Changes in the Company’s biological assets for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 were as follows:

	March 31, 2015			June 30, 2014
Beginning of the year		490,211			274,834
Increase due to purchases		9,077			37,482
Initial recognition and changes in the fair value of biological assets		430,719			610,162
Decrease due to harvest		(257,697	)		(355,887	)
Decrease due to sales		(106,979	)		(75,900	)
Decrease due to consumption		(1,323	)		(480	)
Incorporated by merger		65			-
End of the period / year		564,073			490,211

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 March 31, 2015 and June 30, 2014 were as follows:

	Classification	March 31, 2015		June 30, 2014
Non-current
Cattle for dairy production	Production		39,569		37,217
Breeding cattle	Production		255,190		254,398
Other cattle	Production		5,100		5,682
Others biological assets	Production		5,329		4,683
Non-current biological assets			305,188		301,980
Current
Cattle for dairy production	Consumable		12		46
Cattle for sale	Consumable		53,033		47,702
Crops fields	Consumable		204,865		139,822
Other cattle	Consumable		975		661
Current biological assets			258,885		188,231
Total biological assets			564,073		490,211

The following tables present the Company’s biological assets that are measured at fair value as of March 31, 2015 and June 30, 2014 and their allocation to the fair value hierarchy:

	March 31, 2015
	Level 1		Level 2	Level 3	Total
Cattle for dairy production	--		39,581	--	39,581
Breeding cattle and cattle for sale	--		308,223	--	308,223
Other cattle	--		6,075	--	6,075
Other biological assets (i)	5,329		--	--	5,329
Crops fields	46,161	(i)	--	158,704	204,865
Total	51,490		353,879	158,704	564,073

(i)	Biological assets that have no significant growth, are valued at cost, since it is considered that this value is similar to fair value.

	June 30, 2014
	Level 1		Level 2	Level 3	Total
Cattle for dairy production	--		37,263	-	37,263
Breeding cattle and cattle for sale	--		302,100	-	302,100
Other cattle	--		6,343	-	6,343
Other biological assets (i)	4,683		-	-	4,683
Crops fields	8,561	(i) (i)	-	131,261	139,822
Total	13,244		345,706	131,261	490,211

(i)	Biological assets that have no significant growth, are valued at cost, since it is considered that this value is similar to fair value.

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)

Changes in Level 3 biological assets for the nine-month period ended March 31, 2015 and for the year ended June 30, 2014 are included in the following table:

	Crop fields with significant biological growth
As of June 30, 2013		37,400
Initial recognition and changes in the fair value of biological assets		424,298
Harvest		(330,437	)
As of June 30, 2014		131,261
Initial recognition and changes in the fair value of biological assets		274,834
Harvest		(247,391	)
As of March 31, 2015		158,704

Level 2

Description	Pricing model	Parameters
Cattle	Comparable market prices	Price per livestock head/kg and per category

Level 3

Description	Pricing model	Pricing method		Parameters	Range
Crop fields	Discounted cash flows		-	Yields – Operating cost – Selling expenses - Future of sale prices	Argentina
					Yields 0.9 - 6 tn/ha
					Future of sale prices: 1,978 - 2,105 Ps./tn
					Selling expenses: 210 - 669 Ps./tn
					Operating cost: 832 - 4,198 Ps. /ha

During the nine-month period ended March 31, 2015 and the year ended June 30, 2014 there have been no transfers between the several tiers used in estimating the fair value of the Company’s biological assets, or reclassifications among their respective categories.

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)

As of March 31, 2015 and June 30, 2014, the better and maximum use of biological assets shall not significantly differ from the current use.

11.	Inventories

Company’s inventories as of March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Current
Crops		60,143		131,975
Materials and inputs		68,359		56,774
Seeds and fodders		35,623		28,329
Total inventories		164,125		217,078

As of March 31, 2015 and June 30, 2014 the cost of inventories recognized as expense amounted to Ps. 314,680 and Ps. 374,001, 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 Condensed Interim Consolidated Financial Statements.

The following tables present the Company’s financial assets and financial liabilities that are measured at fair value as of March 31, 2015 and June 30, 2014 and their allocation to the fair value hierarchy:

	March 31, 2015
	Level 1		Level 2		Level 3		Total
Assets
Investment in financial assets:
- Mutual funds		27,885		-		-		27,885
- Corporate bonds related parties		58,728		-		-		58,728
- Government bonds		8,581		-		-		8,581
Derivative financial instruments:
- Commodity futures		280		-		-		280
Cash and cash equivalents:
- Mutual funds		2,370		-		-		2,370
Total Assets		97,844		-		-		97,844

	March 31, 2015
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative financial instruments:
- Commodity futures		18		-		-		18
Total Liabilities		18		-		-		18

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Assets
Investment in financial assets:
- Mutual funds		3,147		-		-		3,147
- Corporate bonds related parties		62,687		-		-		62,687
- Government bonds		192,940		-		-		192,940
Derivative financial instruments:
- Swaps		-		405		-		405
Cash and cash equivalents:
- Mutual funds		2,605		-		-		2,605
Total Assets		261,379		405		-		261,784

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 (Continued)

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		38,441		-		38,441
Total Liabilities		-		38,441		-		38,441

13.	Trade and other receivables

The detail of the Company’s trade and other receivables as of March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015			June 30, 2014
Non-current
Others		12			-
Total Non-current other receivables		12			-
Total Non-current trade and other receivables		12			-
Current
Receivables from sale of agricultural products and services		43,412			64,378
Deferred checks received		3,159			3,624
Debtors under legal proceedings		1,501			556
Less: allowance for doubtful accounts		(7,764	)		(893	)
Current trade receivables		40,308			67,665
Prepayments		54,838			35,864
VAT receivables		31,877			14,206
Personnel Loans		5,639			3,557
Gross sales tax credit		3,216			1,556
Other tax receivables		4,700			1,538
Advance payments		1,911			2,659
Expenses and services to recover		2,655			2,219
Others		233			2,198
Less: allowance for doubtful accounts		(20	)		-
Total Current other receivables		105,049			63,797
Related parties (Note 30)		172,967			209,696
Total Current trade and other receivables		318,324			341,158
Total trade and other receivables		318,336			341,158

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 (Continued)

The fair value of current trade and other receivables approximate their respective carrying amounts because due to their short-term nature, as the impact of discounting is not considered significant. The fair values are based on discounted cash flows (Level 2 of fair value hierarchy).

The carrying amounts of the Company’s trade and other receivables denominated in foreign currencies are detailed in Note 34.

Trade receivables are generally presented in the statement of financial position net of allowances for doubtful receivables. Impairment policies and procedures by type of receivables are discussed in detail in Note 2.18 to the Annual Consolidated Financial Statements as of June 30, 2014.

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

	March 31, 2015			June 30, 2014
Beginning of the year		893			415
Cash incorporated by merger with Cactus		1,434			-
Charges		6,089			481
Used during the period / year		(632	)		(3	)
End of the period / year		7,784			893

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

14.	Investment in financial assets

Company’s investments in financial assets as of March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014

Current
Corporate bonds related parties (Note 30)		58,728		62,687
Government bonds		8,581		192,940
Mutual funds		27,885		3,147
Total Current		95,194		258,774
Total Investment in Financial Assets		95,194		258,774

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

15.	Derivative financial instruments

Derivative financial instruments of the Company as of March 31, 2015 and June 30, 2014 are as follows:

	March 31, 2015		June 30, 2014
Assets
Current
Commodities futures		280		-
Swaps		-		405
Total current assets		280		405
Total assets		280		405

Liabilities
Current
Commodities futures		18		-
Foreign-currency contracts		-		38,441
Total current liabilities		18		38,441
Total liabilities		18		38,441

16.	Cash flow information

The following table shows the amounts of cash and cash equivalents as of March 31, 2015 and June 30, 2014:

	March 31, 2015		June 30, 2014
Cash on hand and at banks		111,927		50,867
Mutual funds		2,370		2,605
Total cash and cash equivalents		114,297		53,472

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 nine-month periods ended March 31, 2015 and 2014:

	March 31, 2015			March 31, 2014
Loss for the period		(487,511	)		(494,238	)
Adjustments for:
Income tax expense		(165,518	)		(230,559	)
Depreciation		10,322			7,630
Amortization		592			644
Gain from disposal of farmlands		(195,596	)		-
(Gain) / Loss from disposal and release of investment property and property, plant and equipment		(176	)		84
Share-based payments		4,183			3,572
Unrealized loss from derivative financial instruments (except commodities)		84,251			-
Unrealized (Gain) / Loss from derivative financial instruments of commodities		(280	)		10,777
Changes in fair value of financial assets at fair value through profit or loss		(34,865	)		(118,951	)
Accrued interest, net		126,763			125,516
Unrealized initial recognition and changes in the fair value of biological assets		(154,716	)		(451,895	)
Changes in the net realizable value of agricultural produce after harvest		12,616			(722	)
Provisions		11,861			5,578
Loss from repurchase of Non-convertible Notes		400			(289	)
Share of loss of subsidiaries, associates and joint ventures		363,559			70,099
Unrealized foreign exchange loss, net		178,489			756,428
Changes in operating assets and liabilities:
Decrease in biological assets		80,919			105,003
Decrease in inventories		40,337			53,325
Decrease in trade and other receivables		(640	)		27,735
Decrease / (Increase) in derivative financial instruments		18			(4,717	)
Increase / (Decrease) in trade and other payables		48,201			(6,283	)
Decrease in payroll and social security liabilities		(7,799	)		(9,571	)
Decrease in provisions		(106	)		-
Net cash used in operating activities before income tax paid		(84,696	)		(150,834	)

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

16.	Cash flow information (Continued)

The following table shows a detail of non-cash transaction occurred during the nine-month periods ended March 31, 2015 and 2014:

	March 31, 2015			March 31, 2014
Non-cash activities
Reimbursement of expired dividends		510			494
Increase in loans granted through a decrease in dividends receivable		-			(161,797	)
Increase of investment in subsidiaries, associates and joint ventures through a decrease in trade and other receivables		(2,547	)		(72,417	)
Decrease (Increase) of investment in subsidiaries, associates and joint ventures by exchange differences on translating foreign operations		242,882			(444,315	)
Increase in property, plant and equipment through an increase in trade payables		340			-
Increase in Investment in financial assets through a decrease in property, plant and equipment		48,217			-
Increase in trade and other receivables through a decrease in property, plant and equipment		485			-
Repayment of loan as a result of merger		(25,243	)		-
Dividends not collected		(515	)		(412	)
Equity-settled compensation		19,537			8,535
Borrowings incorporated by merger		8,219			-

Cash incorporated by merger

	March 31, 2015
Assets
Property, plant and equipment		1,890
Investments in associates and joint ventures		(63,671	)
Income tax credit		2,372
Biological assets		65
Trade and other receivables		66,912
Total assets		7,568

Liabilities
Deferred income tax liabilities		(398	)
Provisions		(1,005	)
Trade and other payables		(3,847	)
Income tax and minimum presumed income tax		(679	)
Payroll and social security liabilities		(130	)
Borrowings		(2,017	)
Total liabilities		(8,076	)
Cash incorporated by merger		(508	)

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 March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Non-current
Tax on shareholders’ personal assets		941		1,170
Total non-current other payables		941		1,170
Total non-current trade and other payables		941		1,170
Current
Trade payables		74,364		38,490
Provisions		64,198		45,419
Total current trade payables		138,562		83,909
Sales, rent and services payments received in advance		13,327		2,084
Guarantee deposits		-		3,428
Gross sales tax payable		182		717
Tax amnesty plan for payable taxes		305		306
Withholdings tax		890		1,762
Tax on shareholders’ personal assets		10,830		5,067
Others		984		638
Total current other payables		26,518		14,002
Related parties (Note 30)		12,601		18,791
Total current trade and other payables		177,681		116,702
Total trade and other payables		178,622		117,872

The fair value of trade and other payables approximate their respective carrying amounts due to their short-term nature, as the impact of discounting is considered as not significant. Fair values are based on discounted cash flows (Level 2 of fair value hierarchy).

Book value of trade and other payables denominated in foreign currencies are detailed in Note 34.

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

18.	Payroll and social security liabilities

The detail of the Company’s salaries and social security liabilities as of March 31, 2015 and June 30, 2014 were as follows:

	March 31, 2015		June 30, 2014
Current
Provision for vacations and bonuses		36,586		43,080
Social security payable		5,120		6,026
Salaries payable		57		40
Social security payable of equity-settled compensation		3,342		3,628
Total current payroll and social security liabilities		45,105		52,774
Total payroll and social security liabilities		45,105		52,774

19.	Provisions

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

	Labor, legal and other claims			Tax and social security			Total
As of June 30, 2013		1,617			5			1,622
Additions		148			-			148
Used during period		-			(3	)		(3	)
As of June 30, 2014		1,765			2			1,767
Cash incorporated by merger with Cactus		1,005			-			1,005
Additions		1,464			-			1,464
Used during period		(174	)		-			(174	)
Payments		(106	)		-			(106	)
As of March 31, 2015		3,954			2			3,956

The analysis of total provisions was as follows:

	March 31, 2015		June 30, 2014
Non-current		2,068		1,687
Current		1,888		80
		3,956		1,767

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 March 31, 2015 and June 30, 2014 were as follows:

						Value as of
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal Value (in million)	March 31, 2015	June 30, 2014
Non-current
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50 %	32	281,602	259,192
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23.67%	176	-	117,299
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50 %	109	970,039	896,032
CRESUD NCN Class XVIII due 2019	Unsecured	US$	Fixed	4.00 %	34	299,056	-
CRESUD NCN Class XIX due 2016	Unsecured	Ps.	Floating	Badlar + % + 350 bps	187	184,188	-
CRESUD NCN Class XX due 2017 (ii)	Unsecured	US$	Fixed	2.5 %	18.2	163,310	-
Loan from Banco Ciudad	Unsecured	US$	Floating	Libor + 300 bps or 6% (the higher)	15	114,116	111,363
Loan from Banco de La Pampa	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days	20	9,910	16,665
Loan from Banco de la Provincia de Buenos Aires	Unsecured	Ps.	Fixed	15.01%	24	3,419	6,804
Finance lease obligations	Secured	US$	Fixed	10.75%	-	212	215
Non-current borrowings						2,025,852	1,407,570

						Value as of
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal Value (in million)	March 31, 2015	June 30, 2014
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.5%	60	-	499,113
CRESUD NCN Class XI due 2015 (i)	Unsecured	Ps.	Floating	Badlar + 375 bps	80.5	26,939	53,726
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps	102	-	69,971
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90 %	79	306,561	644,965
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50 %	32	55	150
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23.67 %	176	180,634	63,883
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50 %	109	4,706	4,222
CRESUD NCN Class XVII due 2016	Unsecured	Ps.	Floating	Badlar + 250 bps	176	172,326	-
CRESUD NCN Class XVIII due 2019	Unsecured	US$	Fixed	4.00 %	34	1,111	-
CRESUD NCN Class XIX due 2016	Unsecured	Ps.	Fixed	27.5%	187	2,780	-
CRESUD NCN Class XX due 2017 (iii)	Unsecured	US$	Fixed	2.5%	18.2	1,650	-
Loan from Banco Ciudad	Unsecured	US$	Floating	Libor + 300 bps or 6% (the higher)	15	8,095	9,267
Loan from Banco de La Pampa	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days	20	6,950	4,285
Loan from Banco de la Provincia de Buenos Aires	Unsecured	Ps.	Fixed	15.01%	24	7,275	6,880
Loan from Cactus	Unsecured	Ps.	Floating	Badlar	23	-	25,243
Finance lease obligations	Secured	US$	Fixed	10.75%	-	422	323
Bank overdrafts	Unsecured	Ps.	Fixed	-	-	231,593	140,825
Current borrowings						951,097	1,522,853
Total borrowings						2,976,949	2,930,423

(i)	Includes an outstanding balance of Ps. 5,068 and Ps. 9,010 with ERSA and PAMSA, respectively, as of 06.30.14.

(ii)	Includes an outstanding balance of Ps. 20,379 and Ps. 87,342 with ERSA and PAMSA, respectively, as of 03.31.15.

(iii)

Includes an outstanding balance of Ps. 416 and Ps. 1,785 with ERSA and PAMSA, respectively, and Ps. (551) corresponding to issuance expenditures as of 03.31.15.

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 at fixed-rate and current and non-current borrowings at floating-rate equals their carrying amount, as the impact of discounting is not significant. Fair values are based on discounted cash flows (Level 2 of fair value hierarchy).

The fair values of non-current borrowings at fixed rate (excluding finance leases) are as follows:

	March 31, 2015		June 30, 2014
CRESUD Class XIV NCN due 2018		282,626		260,673
CRESUD Class XVI NCN due 2018		963,859		888,920
CRESUD Class XVIII NCN due 2019		297,874		-
CRESUD Class XX NCN due 2017		160,764
Long-term loans		12,572		20,206
Total		1,717,695		1,169,799

See description of Non-convertible notes issued by the Company in Note 25 to the Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2015.

21.

Taxation

The detail for the Company’s income tax is as follows:

	March 31, 2015		March 31, 2014
Deferred income tax		165,518		230,559
Income tax		165,518		230,559

The gross movements on the deferred income tax account were as follows:

	March 31, 2015			June 30, 2014
Beginning of the period / year		302,991			15,212
Balance from merger with Cactus		(398	)		-
Reserve for changes in investment in subsidiaries		(34,358	)		-
Charged to the income statement		165,518			287,779
End of the period / year		433,753			302,991

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:

	March 31, 2015			March 31, 2014
Tax calculated at the tax applicable tax rate in effect		228,560			253,679
Permanent differences:
Share of loss of subsidiaries, associates and joint ventures		(55,575	)		(16,738	)
Donations		(95	)		-
Tax on personal assets		(2,714	)		(2,824	)
Others		(4,658	)		(3,558	)
Income tax expense		165,518			230,559

22.	Shareholders’ Equity

See description of movements on Shareholder’s equity in Note 27 to the Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2015.

23.

Revenues

	March 31, 2015		March 31, 2014
Crops		381,390		289,958
Cattle		120,147		70,841
Dairy		53,176		37,006
Supplies		4,687		971
Leases and agricultural services		14,968		14,206
Total revenues		574,368		412,982

24.

Costs

	March 31, 2015		March 31, 2014
Crops		672,343		460,756
Cattle		176,758		119,358
Dairy		98,352		70,999
Leases and agricultural services		6,082		5,448
Supplies		3,129		17
Other costs		5,763		4,625
Total costs		962,427		661,203

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 nine-month period ended as of March 31, 2015:

	Costs
	Cost of sales and agricultural services			Cost of agricultural production		Others operating costs		General and administrative expenses		Selling expenses		Total
Supplies and labor		1,801			394,671		9		6		168		396,655
Leases and expenses		13			972		82		2,477		112		3,656
Amortization and depreciation (i)		1,085			6,963		1,657		1,326		168		11,199
Doubtful accounts		-			-		-		-		5,939		5,939
Changes in biological assets and agricultural produce		465,744			-		-		-		-		465,744
Advertising, publicity and other selling expenses		-			-		-		-		1,204		1,204
Maintenance and repairs		1,662			13,519		949		2,564		314		19,008
Payroll and social security expenses (note 26)		1,282			41,875		2,163		43,240		3,337		91,897
Fees and payments for services		31			2,667		271		6,676		621		10,266
Freights		20			8,942		15		20		61,911		70,908
Bank commissions and expenses		-			366		-		2,703		2,212		5,281
Conditioning and clearance		-			-		-		-		13,751		13,751
Director’s fees		-			-		-		12,041		-		12,041
Taxes, rates and contributions		324			7,709		39		247		18,899		27,218
Others		(128	)		7,146		578		2,650		177		10,423
Total expenses by nature		471,834			484,830		5,763		73,950		108,813		1,145,190

(i)	Includes Ps. 285 corresponding to shared services amortization.

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 nine-month period ended as of March 31, 2014:

	Costs
	Cost of sales and agricultural services		Cost of agricultural production		Others operating costs		General and administrative expenses		Selling expenses		Total
Supplies and labor		1,745		249,969		-		-		11		251,725
Leases and expenses		15		696		102		2,105		134		3,052
Amortization and depreciation (i)		846		4,693		1,799		1,098		103		8,539
Doubtful accounts		-		-		-		-		1,066		1,066
Changes in biological assets and agricultural produce		337,346		-		-		-		-		337,346
Advertising, publicity and other selling expenses		-		-		-		-		348		348
Maintenance and repairs		1,800		8,943		244		2,041		147		13,175
Payroll and social security expenses (note 26)		894		31,064		1,910		33,624		3,862		71,354
Fees and payments for services		35		3,098		35		3,931		316		7,415
Freights		10		7,315		6		9		26,365		33,705
Bank commissions and expenses		-		387		-		1,579		1,285		3,251
Conditioning and clearance		-		-		-		-		8,057		8,057
Director’s fees		-		-		-		29,653		-		29,653
Taxes, rates and contributions		116		3,690		168		2,222		14,480		20,676
Others		-		3,916		361		1,959		199		6,435
Total expenses by nature		342,807		313,771		4,625		78,221		56,373		795,797

(i)	Includes Ps. 244 corresponding to shared services amortization.

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

	March 31, 2015		March 31, 2014
Salaries, bonuses and social security costs		79,080		63,000
Other benefits and expenses		8,454		4,166
Share-based payments		4,183		3,572
Pension costs – defined contribution plan		180		616
		91,897		71,354

27.	Other operating results, net

	March 31, 2015			March 31, 2014
Administration fees		1,537			1,252
Management fees		-			2,546
Gain (Loss) from commodity derivative financial instruments		2,287			(4,305	)
Gain (Loss) from disposal of property, plant and equipment		176			(84	)
Tax on shareholders’ personal assets		(7,754	)		(8,068	)
Donations		(271	)		(165	)
Project analysis and assessment		-			(2,963	)
Contingencies		(1,762	)		(930	)
Transfer of consulting arrangement		10,627			7,538
Others		(593	)		457
Total other operating results, net		4,247			(4,722	)

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

	March 31, 2015			March 31, 2014
Finance income:
- Interest income		10,880			18,292
- Foreign exchange gains		12,357			101,563
Finance income		23,237			119,855

Finance costs:
- Interest expense		(137,643	)		(143,808	)
- Foreign exchange losses		(200,157	)		(851,818	)
- Other finance costs		(19,701	)		(14,785	)
Finance costs		(357,501	)		(1,010,411	)

Other finance results:
- Fair value gains of financial assets at fair value through profit or loss		34,865			118,951
- Loss from derivative financial instruments (except commodities)		(84,251	)		(6,645	)
- Loss from repurchase of non-convertible notes		(400	)		289
Total other finance results		(49,786	)		112,595
Total financial results, net		(384,050	)		(777,961	)

29.	Share-based payments

See description of share-based payments in Note 34 to the Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2015.

30.	Related party transactions

Below is a description of the new main transactions conducted during the nine-month period ended March 31, 2015:

Transfer of tax credits: In February 2015, Sociedad Anónima Carnes Pampeanas S.A. (formerly Exportaciones Agroindustriales Argentinas S.A.) and Cresud S.A.C.I.F. y A., assigned upon IRSA Propiedades Comerciales S.A. (formerly company due to change of corporate name of Alto Palermo S.A. (APSA)), Ps. 19 million and Ps. 1.6 million, respectively, pertaining to VAT refunds for exports originated in such companies’ economic activities.

Acquisition of financial assets: In March 2015, the Group, through Emprendimientos Recoleta S.A. (ERSA) and Panamerican Mall S.A. (PAMSA), purchased 12,072,900 non-convertible notes at nominal value from CRESUD S.A.C.I.F. y A., for a total amount of Ps. 109.9 million

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)

Additionally, see description of the main transactions conducted with related parties in Note 38 to the Consolidated Financial Statements as of June 30, 2014.

The following is a summary of the balances with related parties as of March 31, 2015:

Related party	Description of transaction	Investments in Financial assets 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		-		13,833		-			-		-
	Share-based payments		-		6,491		-			-		-
	Non-convertible notes		43,436		-		-			-		-
	Leases		-		-		(569	)		-		-
	Fees		-		12		-			-		-
	Sale of goods and/or services		-		-		(216	)		-		-
	Reimbursement of expenses		-		3,508		-			-		-
BrasilAgro Companhia Brasileira de Propriedades Agrícolas (“BrasilAgro”)	Reimbursement of expenses		-		1,258		(3,056	)		-		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Reimbursement of expenses		-		67		-			-		-
	Sale of goods and/or services		-		18,150		(9	)		-		-
	Financial operations		-		1,833		-			-		-
Ombú Agropecuaria S.A.	Administration fees		-		1,574		-			-		-
Agropecuaria Acres del Sud S.A.	Financial operations		-		8,831		-			-		-
	Administration fees		-		1,919		-			-		-
	Reimbursement of expenses		-		302		-			-		-
Yatay Agropecuaria S.A.	Administration fees		-		1,574		-			-		-
Yuchán Agropecuaria S.A.	Administration fees		-		1,574		-			-		-

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	Investments in Financial assets current		Trade and other receivables current		Trade and other payables current			Borrowings non-current			Borrowings current
Futuros y Opciones.Com S.A.	Brokerage		-		8,646		-			-			-
	Reimbursement of expenses		-		98		-			-			-
	Regional Table Gs Services		-		-		(42	)		-			-
	Supplies purchase transactions		-		1,125		(100	)		-			-
	Others		-		-		-			-			-
	Administration fee		-		83		-			-			-
Total Subsidiaries			43,436		70,878		(3,992	)		-			-

Associates
Agro Managers S.A.	Reimbursement of expenses		-		253		-			-			-
	Dividends receivable		-		15		-			-			-
Agro-Uranga S.A.	Dividends receivable		-		515		-			-			-
	Sale of goods and/or services		-		1,487		-			-			-
	Purchase of goods and/or services		-		-		(1,871	)		-			-
Total Associates			-		2,270		(1,871	)		-			-

Subsidiaries of the subsidiaries
IRSA Propiedades Comerciales S.A. (formerly company due to change of corporate name of ALTO PALERMO S.A. ("APSA"))	Reimbursement of expenses		-		6,136		-			-			-
	Share-based payments		-		14,863		-			-			-
	Non-convertible Notes		15,292		-		-			-			-
	Corporate services		-		21,292		-			-			-
Nuevas Fronteras S.A.	Provision of services		-		-		(15	)		-			-
Fibesa S.A.	Reimbursement of expenses		-		24		-			-			-
Emprendimiento Recoleta S.A.	Non-convertible Notes									(20,379	)		(416	)
Panamerican Mall S.A.	Reimbursement of expenses		-		-		(18	)
	Non-convertible Notes		-		-		-			(87,342	)		(1,785	)
Total Subsidiaries of the subsidiaries			15,292		42,315		(33	)		(107,721	)		(2,201	)

Associates of the subsidiaries
Tarshop S.A.	Reimbursement of expenses		-		2					-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		-		(32	)		-			-
Total Associates of the subsidiaries			-		2		(32	)		-			-

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	Investments in Financial assets 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		-		-		(4	)		-			-
Total Joint Ventures of the subsidiaries			-		-		(4	)		-			-

Other Related parties
Consultores Asset Management S.A. (“CAMSA”)	Advances to be recovered		-		1,466		-			-			-
Consultores Asset Management S.A. (“CAMSA”)	Reimbursement of expenses		-		706		(1	)		-			-
Fundación IRSA	Reimbursement of expenses		-		3		-			-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-		(291	)		-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		55,085		-			-			-
Austral Gold	Reimbursement of expenses		-		181		-			-			-
Other Related parties			-		57,441		(292	)		-			-

Directors and Senior Management
Directors and Senior Management	Reimbursement of expenses		-		61					-			-
Directors and Senior Management	Directors´ fees		-		-		(6,377	)		-			-
Total Directors and Senior Management			-		61		(6,377	)		-			-
			58,728		172,967		(12,601	)		(107,721	)		(2,201	)

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, 2014:

Related party	Description of transaction	Investments in financial assets current		Trade and other receivables current		Trade and other payables current			Borrowings current
Subsidiaries IRSA Inversiones y Representaciones S.A.
	Corporate services		-		12,492		-			-
	Leases		-		-		(1,598	)		-
	Non-convertible notes		40,781		-		-			-
	Sale of goods and/or services		-		-		(701	)		-
	Share-based payments		-		3,673		-			-
	Dividends receivable		-		36,462		-			-
	Reimbursement of expenses		-		814		-			-
BrasilAgro	Financial operations		-		7,600		-			-
BrasilAgro	Reimbursement of expenses		-		788		(2,727	)		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Reimbursement of expenses		-		331		-			-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Sale of goods and/or services		-		9,802		(30	)		-
Helmir S.A.	Financial operations		-		10,069		-			-
Ombú Agropecuaria S.A.	Administration fees		-		1,190		-			-
Agropecuaria Acres del Sud S.A.	Administration fees		-		1,919		-			-
Agropecuaria Acres del Sud S.A.	Reimbursement of expenses		-		202		-			-
Cactus Argentina S.A.	Reimbursement of expenses		-		196		-			-
	Financial operations		-		1,671		-			(25,243	)
	Purchase of goods and/or services		-		-		(922	)		-
	Management fees		-		3,029		-			-
Yatay Agropecuaria S.A.	Administration fees		-		1,190		-			-

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	Investments in financial assets current		Trade and other receivables current		Trade and other payables current			Borrowings current
Yuchán Agropecuaria S.A.	Administration fees		-		1,190		-			-
Futuros y Opciones.Com S.A.	Brokerage		-		6,840		(1,888	)		-
	Reimbursement of expenses		-		117		-			-
	Financial operations		-		16,540		-			-
	Administration fees		-		636		-			-
Total Subsidiaries			40,781		116,751		(7,866	)		(25,243	)

Associates
Agro Managers S.A.	Reimbursement of expenses		-		303		-			-
Agro-Uranga S.A.	Purchase of goods and/or services		-		-		(112	)		-
Agro-Uranga S.A.	Dividends receivable		-		39		-			-
Total Associates			-		342		(112	)		-

Subsidiaries of the subsidiaries
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		-		(1	)		-
Nuevas Fronteras S.A.	Reimbursement of expenses		-		-		(2	)		-
IRSA Propiedades Comerciales S.A. (formerly company due to change of corporate name of ALTO PALERMO S.A. ("APSA"))	Reimbursement of expenses		-		2,873		-			-
	Share-based payments		-		10,557		-			-
	Non-convertible Notes		21,906		-		-			-
	Corporate services		-		21,218		-			-
Emprendimiento Recoleta S.A.	Reimbursement of expenses		-		7		-			-
Emprendimiento Recoleta S.A.	Non-convertible Notes		-		-		-			(5,068	)
Panamerican Mall S.A.	Reimbursement of expenses		-		27		-			-
	Non-convertible Notes		-		-		-			(9,010	)
Fibesa S.A.	Reimbursement of expenses		-		2		-			-
Total Subsidiaries of the subsidiaries			21,906		34,684		(3	)		(14,078	)

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	Investments in financial assets current		Trade and other receivables current		Trade and other payables 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		-		74		-			-
Total Joint Ventures of the subsidiaries			-		74		-			-

Other Related parties
Consultores Asset Management S.A. (“CAMSA”)	Advances		-		1,468		-			-
Consultores Asset Management S.A. (“CAMSA”)	Reimbursement of expenses		-		1,930		-			-
Fundación IRSA	Reimbursement of expenses		-		3		-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-		(205	)		-
Inversiones Financieras del Sur S.A.	Financial operations		-		54,346		-			-
Other Related parties			-		57,747		(205	)		-

Directors and Senior Management
Directors and Senior Management	Reimbursement of expenses		-		96		-			-
Directors and Senior Management	Fees		-		-		(10,605	)		-
Total Directors and Senior Management			-		96		(10,605	)		-
			62,687		209,696		(18,791	)		(39,321	)

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 nine-month period ended as of March 31, 2015:

Related party	Leases and/or rights of use			Administration and management fees		Sale of goods and/or services		Purchase of goods and/or services			Corporate services		Legal services		Financial operations			Compensation of Directors and Senior Management
Subsidiaries
IRSA Inversiones y Representaciones S.A.		(618	)		-		-		-			21,418		-		6,154			-
BrasilAgro		-			-		10,627		-			-		-		767			-
Futuros y Opciones.Com S.A.		-			236		3,136		(9,327	)		-		-		90			-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		-			-		72,622		-			-		-		233			-
Helmir S.A.		-			-		-		-			-		-		458			-
Agropecuaria Acres del Sud S.A.		-			-		-		-			-		-		9			-
Ombú Agropecuaria S.A.		-			384		-		-			-		-		-			-
Yuchán Agropecuaria S.A.		-			384		-		-			-		-		-			-
Yatay Agropecuaria S.A.		-			384		-		-			-		-		-			-
Total Subsidiaries		(618	)		1,388		86,385		(9,327	)		21,418		-		7,711			-

Associates
Agro-Uranga S.A.		-			-		6,851		-			-		-		-			-
Total Associates		-			-		6,851		-			-		-		-			-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-			-		-		-			-		-		(492	)		-
Panamerican Mall S.A.		-			-		-		-			-		-		(874	)		-
IRSA Propiedades Comerciales S.A. (formerly company due to change of corporate name of ALTO PALERMO S.A. ("APSA"))		(386	)		-		-		-			44,730		-		2,908			-
Total Subsidiaries of the subsidiaries		(386	)		-		-		-			44,730		-		1,542			-

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			Administration and management fees		Sale of goods and/or services		Purchase of goods and/or services			Corporate services		Legal services			Financial operations			Compensation of Directors and Senior Management
Associates of the subsidiaries
Banco Hipotecario S.A.		-			-		-		-			-		-			(13,853	)		-
Total Associates of the subsidiaries		-			-		-		-			-		-			(13,853	)		-

Other related parties
Estudio Zang, Bergel & Viñes		-			-		-		-			-		(657	)		-			-
Inversiones Financieras del Sur S.A.		-			-		-		-			-		-			8,101			-
Hamonet S.A.		(127	)		-		-		-			-		-			-			-
Isaac Elsztain e Hijos S.C.A.		(242	)		-		-		-			-		-			-			-
Total Other Related parties		(369	)		-		-		-			-		(657	)		8,101			-

Directors and Senior Management
Directors		-			-		-					-		-			-			(12,041	)
Senior Management		-			-		-		-			-		-			-			(4,399	)
Total Directors and Senior Management		-			-		-		-			-		-			-			(16,440	)
		(1,373	)		1,388		93,236		(9,327	)		66,148		(657	)		3,501			(16,440	)

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

30. Related party transactions (Continued)

The following is a summary of the transactions with related parties for the nine-month period ended as of March 31, 2014:

Related party	Leases and/or rights of use			Administration and management fees		Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services		Financial operations			Compensation of Directors and Senior Management
Subsidiaries
IRSA Inversiones y Representaciones S.A.		(1,303	)		-		-		-			22,016		-		3,977			-
BrasilAgro		-			-		-		-			-		-		1,703			-
Cactus Argentina S.A.		-			2,500		45		(5,245	)		-		-		(662	)		-
Futuros y Opciones.Com S.A.		-			100		-		-			-		-		(792	)		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		-			-		19,773		-			-		-		-			-
Helmir S.A.		-			-		-		-			-		-		15,039			-
Agropecuaria Acres del Sud S.A.		-			-		-		-			-		-		(1,489	)		-
Ombú Agropecuaria S.A.		-			384		-		-			-		-		(2,779	)		-
Yuchán Agropecuaria S.A.		-			384		-		-			-		-		(1,473	)		-
Yatay Agropecuaria S.A.		-			384		-		-			-		-		(1,316	)		-
Total Subsidiaries		(1,303	)		3,752		19,818		(5,245	)		22,016		-		12,208			-

Associates
Agro-Uranga S.A.		-			-		5,592		-			-		-		-			-
Total Associates		-			-		5,592		-			-		-		-			-

Joint Ventures of the subsidiaries
Cresca S.A.		-			46		-		-			-		-		-			-
Total Joint Ventures		-			46		-		-			-		-		-			-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-			-		-		-			-		-		(3,055	)		-
Panamerican Mall S.A.		-			-		-		-			-		-		(2,692	)		-
IRSA Propiedades Comerciales S.A. (formerly company due to change of corporate name of ALTO PALERMO S.A. ("APSA"))		-			-		-		-			53,269		-		624			-
Total Subsidiaries of the subsidiaries		-			-		-		-			53,269		-		(5,123	)		-

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			Administration and management fees		Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services			Financial operations		Compensation of Directors and Senior Management
Other related parties
Estudio Zang, Bergel & Viñes		-			-		-		-			-		(437	)		-		-
Inversiones Financieras del Sur S.A.		-			-		-		-			-		-			19,642		-
Hamonet S.A.		(102	)		-		-		-			-		-			-		-
Isaac Elsztain e Hijos S.C.A.		(176	)		-		-		-			-		-			-		-
Total other Related parties		(278	)		-		-		-			-		(437	)		19,642		-

Directors and Senior Management
Directors		-			-		-		-			-		-			-		(29,653	)
Senior Management		-			-		-		-			-		-			-		(4,577	)
Total Directors and Senior Management		-			-		-		-			-		-			-		(34,230	)
		(1,581	)		3,798		25,410		(5,245	)		75,285		(437	)		26,727		(34,230	)

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.	CNV General Resolution N° 622/13

As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622, below there is a detail of the notes to the Unaudited Condensed Interim Separate Financial Statements that disclosure the information required by the Resolution in Exhibits.

Exhibit A - Property, plant and equipment	Note 7 - Investment properties
	Note 8 - Property, plant and equipment
Exhibit B - Intangible assets	Note 9 - Intangible assets
Exhibit C - Equity investments	Note 32 - Investments in subsidiaries, associates and joint ventures
Exhibit D - Other investments	Note 12 - Financial instruments by category
Exhibit E - Provisions	Note 13 - Trade and other receivables
	Note 19 - Provisions
Exhibit F - Cost of sales and services	Note 33 - Cost of sales and services provided
Exhibit G - Foreign currency assets and liabilities	Note 34 - Foreign currency assets and liabilities
Exhibit H - Exhibit of expenses	Note 25 - Expenses by nature

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

32.	Investments in subsidiaries, associates and joint ventures

Issuer and type of securities	Class	Amount	Value recorded as of 03.31.15	Value recorded as of 06.30.14	Market value as of 03.31.15	Issuer’s information					Interest in common stock
						Main activity	Place of business / country of incorporation	Last financial statement issued
						Main activity	Place of business / country of incorporation	Common stock (nominal value)	Income (loss) for the period	Shareholders’ equity
Subsidiaries

BrasilAgro	Shares	23,150,050	646,900	808,513	Rs. 8.8700	Agricultural	Brazil	875,381	66,356	1,627,071	39.76%
	Higher value		107,636	107,636
	Goodwill		7,275	9,770
	Intergroup transactions		(1,389)	(1,389)
			760,422	924,530

Cactus Argentina S.A.	Shares	-	-	100,056	Not publicly traded	Agroindustrial	Argentina	-	-	-	-
			-	100,056

Doneldon S.A.	Shares	262,664,792	360,955	32,704	Not publicly traded	Agricultural	Uruguay	262,665	(3,937)	203,292	100.00%
	Intergroup transactions		(157,663)	157,662
			203,292	190,366

Futuros y Opciones.Com S.A.	Shares	972,614	12,494	14,134	Not publicly traded	Brokerage	Argentina	1,632	(844)	20,965	59.59%
			12,494	14,134

FyO Trading S.A.	Shares	4,832	4	5	Not publicly traded	Brokerage	Argentina	220	(36)	175	2.20%
			4	5

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

32.	Investments in subsidiaries, associates and joint ventures (Continued)

Issuer and type of securities	Class	Amount	Value recorded as of 03.31.15	Value recorded as of 06.30.14	Market value as of 03.31.15	Issuer’s information					Interest in common stock
						Main activity	Place of business / country of incorporation	Last financial statement issued
						Main activity	Place of business / country of incorporation	Common stock (nominal value)	Income (loss) for the period	Shareholders’ equity

Granos Olavarría S.A.	Shares	264	86	24	Not publicly traded	Warehousing and	Argentina	512	2,784	3,913	2.20%
	Goodwill		15	15		Brokerage
			101	39

Helmir S.A.	Shares	548,347,685	202,496	209,133	Not publicly traded	Investment	Uruguay	90,624	12,423	230,073	100.00%
			202,496	209,133

IRSA Inversiones y	Shares	371,607,397	1,085,340	1,307,667	23.500	Real Estate	Argentina	573,771	(244,697)	1,675,794	64.77%
Representaciones S.A.	Intergroup transactions		(222,124)	(17,681)
	Higher value		100,147	107,527
	Goodwill		14,331	14,331
			977,694	1,411,844

Sociedad Anónima Carnes Pampeanas S.A.	Shares	28,500,410	13,816	14,119	Not publicly traded	Agroindustrial	Argentina	30,000	(21,315)	14,543	95.00%
			13,816	14,119
Total Subsidiaries			2,170,319	2,864,226

Associates

Agromanagers S.A.	Shares	981,029	1,714	2,011	Not publicly traded	Investment	Argentina	2,094	(604)	3,659	46.84%
	Goodwill		796	796
			2,510	2,807

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

32.	Investments in subsidiaries, associates and joint ventures (Continued)

Issuer and type of securities	Class	Amount	Value recorded as of 03.31.15	Value recorded as of 06.30.14	Market value as of 03.31.15	Issuer’s information					Interest in common stock
						Main activity	Place of business / country of incorporation	Last financial statement issued
						Main activity	Place of business / country of incorporation	Common stock (nominal value)	Income (loss) for the period	Shareholders’ equity

Agrouranga S.A.	Shares	893,069	19,081	23,239	Not publicly traded	Agricultural	Argentina	2,500	1,598	53,414	35.72%
	Higher value		11,179	11,179
			30,260	34,418
Total Associates			32,770	37,225
Total investments in subsidiaries, associates and joint ventures as of 03.31.15			2,203,089	-
Total investments in subsidiaries, associates and joint ventures as of 06.30.14			-	2,901,451

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

33.	Cost of sales and services provided

Description	Biological assets	Inventories	Others	Total as of 03.31.15	Total as of 03.31.14
Beginning of the period	345,706	217,078	-	562,784	375,176
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	106,553	-	-	106,553	127,675

Changes in the net realizable value of agricultural produce after harvest	-	(12,616)	-	(12,616)	722

Increase due to harvest	-	305,153	-	305,153	94,081
Purchases and classifications	9,078	262,050	-	271,128	315,203
Consume	(544)	(248,774)	-	(249,318)	(193,831)
Incorporated by merger	65	-	-	65	-
Expenses incurred	-	-	6,089	6,089	5,461
End of the period	(353,879)	(164,125)	-	(518,004)	(381,680)
Cost as of 03.31.15	106,979	358,766	6,089	471,834	-
Cost as of 03.31.14	59,832	277,514	5,461	-	342,807

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

34.	Foreign currency assets and liabilities

Book amounts of foreign currency assets and liabilities as of March 31, 2015 and June 30, 2014 are as follows:

Items	Amount of foreign currency	Prevailing exchange rate (1)	Total as of 03.31.15	Amount of foreign currency	Prevailing exchange rate (2)	Total as of 06.30.14
Assets
Cash and cash equivalents
US Dollar	11,156	8.722	97,306	3,489	8.033	28,029
Brazilian Reais	-	-	-	1	3.350	3
Euro	5	9.355	47	5	10.991	51
Yenes	55	0.073	4	50	0.079	4
Total cash and cash equivalents			97,357			28,087

Trade and other receivables
US Dollar	1,116	8.722	9,734	1,160	8.033	9,321
Receivables with related parties:
US Dollar	7,407	8.722	64,604	11,104	8.033	89,202
Total trade and other receivables			74,338			98,523

Investment in financial assets
US Dollar	984	8.722	8,581	24,018	8.033	192,940
Investments with related parties:
US Dollar	6,733	8.722	58,728	7,804	8.033	62,687
Total investment in financial assets			67,309			255,627

Derivative financial instruments
US Dollar	32	8.722	280	-	-	-
Total derivative financial instruments			280			-

Trade and other payables
US Dollar	3,043	8.822	26,845	440	8.133	3,582
Euros	0.32	9.485	3	0.27	11.148	3
Payables with related parties:
US Dollar	56	8.822	494	232	8.133	1,888
Brazilian Reais	849	3.600	3,056	718	3.800	2,727
Total trade and other payables			30,398			8,200

Borrowings
US Dollar	243,815	8.822	2,150,934	298,149	8.133	2,424,842
Total borrowings			2,150,934			2,424,842

(1)	Exchange rate as of March 31, 2015 according to Banco Nación Argentina records.

(2)	Exchange rate as of June 30, 2014 according to Banco Nación Argentina records.

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

35.	CNV General Ruling No. 629/14 – Storage of documentation

On August 14, 2014, the CNV issued General Ruling N° 629 whereby it introduced amendments to rules related to storage and conservation of corporate books, accounting books and commercial documentation. In this sense, it should be noted that the Company has entrusted the storage of certain non-sensitive and old information to the following providers:

Documentation storage provider	Location
Bank S.A.	Ruta Panamericana Km 37,5, Garín, Province of Buenos Aires
	Av. Fleming 2190, Munro, Province of Buenos Aires
	Carlos Pellegrini 1401, Avellaneda, Province of Buenos Aires

Iron Mountain Argentina S.A.	Av. Amancio Alcorta 2482, Autonomous City of Buenos Aires
	Pedro de Mendoza 2143, Autonomous City of Buenos Aires
	Saraza 6135, Autonomous City of Buenos Aires
	Azara 1245, Autonomous City of Buenos Aires
	Polígono industrial Spegazzini, Autopista Ezeiza Km 45, Cañuelas, Province of Buenos Aires
	Cañada de Gomez 3825, Autonomous City of Buenos Aires

On February 5, 2014 there was a widely known fire in Iron Mountain’s warehouse, which is a supplier of the Company and where Company’s documentation was being kept. Based on the internal review carried out by the Company, duly reported to the Argentine Securities Exchange Commission on February 12, 2014, the information kept at the Iron Mountain premises that were on fire do not appear to be sensitive or capable of affecting normal operations.

36.	Negative working capital

At the end of the period, the Company carried a working capital deficit of Ps. 222,790 whose treatment is being considered by the Board of Directors and the respective Management.

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

37.	Subsequent events

· On April 15, 2015, Cresud sold 1,705,000 APSA' Non-convertible Notes due 2017, for a total amount of Ps. 20.8 million.

· On April 23, 2015, Cresud sold to Helmir S.A. 2,700,000 IRSA' Non-convertible Notes due 2020, for a total amount of US$ 3.10 million.

· During April and May, Cresud, through various open market transactions, has sold 270,365 ADRs, representing 10 common shares, for an amount of US$ 5.15 million and 378,783 shares for an amount of Ps. 8.55 million.

Additionally, see subsequent events in Note 42 to the Unaudited Condensed Interim Consolidated Financial Statements.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

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

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2015

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.

Items		Falling due (Point 3.a.)	Without term (Point 3.b.)	Without term (Point 3.b.)	To be due (Point 3.c.)								Total
Items		03.31.15	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	Total
Accounts receivables	Trade and other receivables	-	50,871	-	211,695	1,838	53,920	-	12	-	-	-	318,336
	Income tax credit and deferred income tax	-	-	493,730	1,894	-	-	-	-	-	-	-	495,624
	Total	-	50,871	493,730	213,589	1,838	53,920	-	12	-	-	-	813,960
Liabilities	Trade and other payables	-	-	-	175,600	-	-	2,081	611	305	25	-	178,622
	Borrowings	-	-	-	637,187	63,965	66,578	183,367	373,958	168,072	1,274,675	209,147	2,976,949
	Payroll and social security liabilities	-	-	-	16,508	28,597	-	-	-	-	-	-	45,105
	Provisions	-	1,888	2,068	-	-	-	-	-	-	-	-	3,956
	Total	-	1,888	2,068	829,295	92,562	66,578	185,448	374,569	168,377	1,274,700	209,147	3,204,632

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

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

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2015

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.

Items		Current			Non-current			Total
		Local currency	Foreign currency	Total	Local currency	Foreign currency	Total	Local currency	Foreign currency	Total

Accounts receivables	Trade and other receivables	243,983	74,341	318,324	12	-	12	243,995	74,341	318,336
	Income tax credit and deferred income tax	1,894	-	1,894	493,730	-	493,730	495,624	-	495,624
	Total	245,877	74,341	320,218	493,742	-	493,742	739,619	74,341	813,960
Liabilities	Trade and other payables	147,286	30,395	177,681	941	-	941	148,227	30,395	178,622
	Borrowings	628,498	322,599	951,097	197,517	1,828,335	2,025,852	826,015	2,150,934	2,976,949
	Payroll and social security liabilities	45,105	-	45,105	-	-	-	45,105	-	45,105
	Provisions	1,888	-	1,888	2,068	-	2,068	3,956	-	3,956
	Total	822,777	352,994	1,175,771	200,526	1,828,335	2,028,861	1,023,303	2,181,329	3,204,632

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

On March 31, 2014 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

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2015

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 accrual.

Items		Current				Non-current				Accruing interest		Non Accruing interest	Total
		Accruing interest		Non-accruing interest	Subtotal	Accruing interest		Non-accruing interest	Subtotal	Accruing interest
		Fixed	Floating	Non-accruing interest	Subtotal	Fixed	Floating	Non-accruing interest	Subtotal	Fixed	Floating
Accounts receivables	Trade and other receivables	-	64,584	253,740	318,324	-	-	12	12	-	64,584	253,752	318,336
	Income tax credit and deferred income tax	-	-	1,894	1,894	-	-	493,730	493,730	-	-	495,624	495,624
	Total	-	64,584	255,634	320,218	-	-	493,742	493,742	-	64,584	749,376	813,960
Liabilities	Trade and other payables	-	-	177,681	177,681	-	-	941	941	-	-	178,622	178,622
	Borrowings	593,716	339,733	17,648	951,097	1,830,753	187,028	8,071	2,025,852	2,424,469	526,761	25,719	2,976,949
	Payroll and social security liabilities	-	-	45,105	45,105	-	-	-	-	-	-	45,105	45,105
	Provisions	-	-	1,888	1,888	-	-	2,068	2,068	-	-	3,956	3,956
	Total	593,716	339,733	242,322	1,175,771	1,830,753	187,028	11,080	2,028,861	2,424,469	526,761	253,402	3,204,632

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

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

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2015

Stated in thousands of pesos

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

5.	Companies under section 33 of law N° 19,550 and other related parties.

a.	Interest in companies under section 33 of law N° 19,550.

Name of the entity	Place of business / country of incorporation	Principal activity (*)	% of ownership interest held by the Group
Direct equity interest:
BrasilAgro-Companhía Brasileira de Propiedades Agrícolas (1)	Brazil	Agricultural		39.76	%
Doneldon S.A.	Uruguay	Investment		100	%
Futuros y Opciones.Com S.A.	Argentina	Brokerage		59.59	%
Helmir S.A.	Uruguay	Investment		100.00	%
IRSA	Argentina	Real Estate		64.22	% (2)
FyO Trading S.A.	Argentina	Brokerage		2.20	%
Sociedad Anónima Carnes Pampeanas	Argentina	Agro-industrial		95.00	%
Agromanagers S.A.	Argentina	Financing		46.84	%
Agrouranga S.A.	Argentina	Agricultural		35.72	%
Granos de Olavarría S.A.	Argentina	Warehousing and brokerage		2.20	%

(*)	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.

(2)	The effect of treasury shares as of March 31, 2015 was not considered.

b.	Related parties debit / credit balances under section 33 of law N° 19,550. 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, 2014 and 2013.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

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

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2015

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, 2014 and 2013.

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		496,587		470,108
Vehicles	Third parties, theft, fire and civil liability		15,902		6,870

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.

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

Not applicable.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

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

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2015

Stated in thousands of pesos

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

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.

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

REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM SEPARATE FINANCIAL STATEMENTS

To the Shareholders, President and Directors of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Legal address: Moreno 877 – 23° floor

Autonomous City Buenos Aires

Tax Code No. 30-50930070-0

Introduction

We have reviewed the unaudited condensed interim separate financial statements attached of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (hereinafter “the Company”) which included the unaudited condensed interim separate statements of financial position as of March 31, 2015, the unaudited condensed interim separate statements of income and comprehensive income for the nine and three-month period ended March 31, 2015, the unaudited condensed interim separate statements of changes in shareholders’ equity and the unaudited condensed interim separate statements of cash flows for the nine-month period ended March 31, 2015 and selected explanatory notes.

Management responsibility

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 with its subsidiaries as to the aspects mentioned in note 2.2 to the unaudited condensed interim separate financial statements attached.

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

Scope of our review

Our review was limited to the application of the procedures established in the International Standard on Review Engagements ISRE 2410 "Review of interim financial information performed by the independent auditor of the entity", which was adopted as a review standard in Argentina through Technical Resolution No. 33 of the FACPCE as approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries of persons responsible for the preparation of the information included in the unaudited condensed interim separate financial statements, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the separate statement of financial position, the separate statements of income and comprehensive income and the separate statement of cash flow of the Company.

Conclusion

Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim separate financial statements mentioned in the first paragraph of this report have not been prepared in all material respects in accordance with the regulations of Technical Resolution No. 26 of the Argentine Federation of Professional Councils in Economic Sciences for separate financial statements of a parent company.

Report on compliance with current regulations

In accordance with current regulations, we report about Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria 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 comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and in 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 aspects in conformity with the applicable legal provisions;

we have read the additional information to the notes to the unaudited condensed interim separate financial statements required by section 68 of the listing regulations of the Buenos Aires Stock Exchange and by section 12 of Chapter III Title IV of the text of the National Securities Commission, on which, as regards those matters that are within our competence, we have no observations to make;

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

d)	at March 31, 2015, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentina Integrated Pension System which arises from accounting records and submissions amounted to Ps. 3,633,490 which was no callable at that date.

Autonomous City of Buenos Aires, May 12, 2015

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 March 31, 2015

Buenos Aires, May 12, 2015 - 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 nine months of fiscal year 2015 ended March 31, 2015.

Highlights

Throughout the current season we had better rainfall levels than in 2014. As of March 2015, crop harvesting in the combined countries where we operate has reached a 23%, and we expect to plant approximately 210,000 hectares. Price-wise, the sector is facing the juncture of large American and Brazilian harvests, causing prices to remain low in comparison with previous years. We expect the 2015 season to end with normal weather conditions and yields that partially offset the drop in commodity prices.

As concerns land development and sale of farms, we plan to develop during this season an aggregate of approximately 12,000 hectares in the region during this season and to consummate more sales of farms that have reached optimum appreciation. During the first quarter of fiscal year 2015, we had sold, through our subsidiary Brasilagro, a fraction of undeveloped land in Paraguay for a very attractive price, whereas in the second and third quarters of fiscal year 2015 we made no farm sales.

Operating results from our subsidiary IRSA keeps reflecting the soundness of its business, mainly its shopping center and office building segments. IRSA’s EBITDA, excluding the effect of the disposal of investment properties and the reversal of the conversion reserve generated in Rigby 183 due to the sale of the Madison building in New York, rose 19.1% for the first nine months of fiscal year 2015, reaching ARS 1,122.4 million.

Consolidated Results

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		1,130.1			997.9			13.3	%	4,071.2		3,135.9			29.8	%
Costs		(931.8	)		(878.0	)		6.1	%	(3,447.3	)	(2,643.2	)		30.4	%
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		291.8			531.2			(45.1	%)	1,012.0		955.7			5.9	%
Changes in the net realizable value of agricultural products after harvest		(2.7	)		1.4			-		(18.6	)	(7.8	)		138.2	%
Gross profit		487.4			652.5			(25.3	%)	1,617.3		1,440.6			12.3	%
Gain from disposal of investment properties		0.0			106.2			(100.0	%)	795.9		113.3			602.2	%
Gain from disposal of farmlands		1.3			-			-		1.3		-			-
General and administrative expenses		(153.7	)		(114.6	)		34.1	%	(428.7	)	(351.4	)		22.0	%
Selling expenses		(97.4	)		(67.3	)		44.8	%	(324.1	)	(223.8	)		44.8	%
Management fees		-			-			-		-		-			-
Other operating results, net		23.3			(35.7	)		-		75.4		(52.4	)		-
Profit from operations		261.0			541.1			(51.8	%)	1,737.1		926.4			87.5	%
Share of (loss) / profit of associates and joint ventures		(169.1	)		67.4			-		(843.0	)	115.2			-
Profit from operations before financing and taxation		91.9			608.6			(84.9	%)	894.1		1,041.6			(14.2	%)
Financial results, net		(418.5	)		(969.1	)		(56.8	%)	(1,114.7	)	(1,927.0	)		(42.2	%)
Loss before income tax		(326.6	)		(360.6	)		(9.4	%)	(220.6	)	(885.5	)		(75.1	%)
Income tax expense		37.3			187.9			(80.1	%)	(232.3	)	358.0			-
Loss for the period		(289.3	)		(172.7	)		67.5	%	(452.9	)	(527.5	)		(14.1	%)

Attributable to:
Cresud’s Shareholders		(271.6	)		(162.2	)		67.5	%	(487.5	)	(494.2	)		(1.4	%)
Non-controlling interest		(17.7	)		(10.5	)		67.6	%	34.6		(33.3	)		-

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

Summary as of March 31, 2015

►

During this quarter our revenues were 29.8% higher than in the same period of the previous fiscal year. This was mainly due to a 43.9% increase in the agricultural segment, explained by higher sales of crops, sugarcane, beef cattle and milk, along with a 23.1% increase in revenues from the urban segment.

►

Gross profit rose 12.3% during the first nine months of fiscal year 2015, mainly due to higher revenues and higher recognition of the fair value of biological assets and agricultural products at the point of harvest. Besides, profit from operations increased by 87.5%, mainly explained by the sale of the Madison 183 building in New York recorded in the first quarter of 2015 and the sales of several office floors in Maipú 1300, Libertador 498 and Bouchard Plaza 551 buildings made by our subsidiary IRSA.

►

Despite the considerable increase in profit from operations, we recorded a loss for the period of ARS 487.5 million, compared to a loss for the period of ARS 494.2 million in the same period of fiscal year 2014, explained mainly by the losses resulting from the investment of our subsidiary IRSA in the Israeli company IDBD, whose stock price decreased significantly, and it is recorded at market value.

Description of Operations by Segment

	9M 2015			9M 2014			Variation
	Agri	Urban	Total	Agri	Urban	Total	Agri	Urban	Total
Revenues	1,642.6	2,539.9	4,182.4	1,141.5	2,062.6	3,204.0	43.9%	23.1%	30.5%
Costs	(2,426.7)	(1,132.9)	(3,559.6)	(1,750.0)	(960.1)	(2,710.1)	38.7%	18.0%	31.3%
Initial Recognition and Changes in the fair value of biological assets and agricultural products at the point of harvest	1,026.9	-	1,026.9	971.4	-	971.4	5.7%	-	5.7%
Changes in the net realizable value of agricultural products after harvest	(18.6)	-	(18.6)	(7.8)	-	(7.8)	138.2%	-	138.2%
Gross profit	224.1	1,407.0	1,631.2	355.1	1,102.4	1,457.5	(36.9%)	27.6%	11.9%
Gain from disposal of investment properties	-	795.9	795.9	-	113.3	113.3	-	602.2%	602.2%
Gain from disposal of farmlands	17.0	-	17.0	-	-	-	-	-	-
General and administrative expenses	(170.7)	(264.2)	(434.9)	(159.2)	(195.4)	(354.6)	7.2%	35.2%	22.6%
Selling expenses	(190.6)	(137.6)	(328.2)	(123.7)	(102.9)	(226.6)	54.1%	33.7%	44.8%
Other operating results, net	12.2	63.5	75.7	(25.0)	(29.5)	(54.5)	-	-	-
Profit / (loss) from operations	(108.0)	1,864.6	1,756.6	47.2	887.9	935.1	-	110.0%	87.9%
Share of (loss) / profit of associates and joint ventures	0.3	(852.8)	(852.5)	10.4	85.9	96.4	(97.4%)	-	-
Segment Profit / (Loss)	(107.7)	1,011.8	904.1	57.7	973.8	1,031.5	-	3.9%	(12.3%)

Our Portfolio

Our portfolio is composed of 313,850 hectares in operation and 552,365 hectares of land reserves distributed among 4 countries in the region: Argentina, with a mixed model combining land

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

Summary as of March 31, 2015

development and agricultural production; Bolivia, with a productive model in Santa Cruz de la Sierra; and through our subsidiary BrasilAgro, Brazil and Paraguay, where the strategy is exclusively focused on the development of lands.

Breakdown of Hectares

(Own and under Concession)

	Productive Lands				Land Reserves
	Agricultural		Beef Cattle / Dairy		Under Development		Reserved		Total
Argentina		69,801		163,975		5,580		319,058		558,413
Brazil		53,789		4,180		14,193		79,812		151,974
Bolivia		9,730		-		-		4,167		13,898
Paraguay		11,124		1,252		5,067		124,487		141,930
Total		144,444		169,407		24,840		527,525		866,215

* Includes Paraguay and Brazil at 100%, Agrouranga at 35.723% and 132,000 hectares under concession.

**Includes 85,000 hectares intended for sheep breeding.

Segment Income

Agricultural Segment:

I)	Development, Transformation and Sale of Farmlands

We periodically sell properties that have reached a considerable appraisal to reinvest in new farms with higher appreciation potential. We analyze the possibility of selling based on a number of factors, including the expected future yield of the farmland for agricultural and livestock exploitation, the availability of other investment opportunities and cyclical factors that have a bearing on the global values of farmlands.

During the first nine-month period of fiscal year 2015 we sold a fraction of 24,624 hectares in the farm situated in Paraguay owned by Cresca, through our subsidiary Brasilagro. The preliminary sale agreement had been executed on April 3, 2014, and possession was surrendered upon the execution of the deed of sale and mortgage dated July 14, 2014.

No sales were made during the third quarter of fiscal year 2015.

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues
Costs		(1.6	)		(5.2	)		(69.8	%)	(5.8	)	(8.2	)		(29.4	%)
Gross loss		(1.6	)		(5.2	)		(69.8	%)	(5.8	)	(8.2	)		(29.4	%)
Gain from disposal of investment properties		-			-			-		-		-			-
Gain from disposal of farmlands		1.3			-			-		17.0		-			-
Profit / (loss) from operations		(0.6	)		(5.6	)		(89.3	%)	9.0		(9.3	)		-
Segment Profit / (Loss)		(0.6	)		(5.6	)		(89.3	%)	9.0		(9.3	)		-

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

Summary as of March 31, 2015

Area under Development (hectares)	Developed in 2013/2014		Projected for 2014/2015
Argentina		2,378		1,703
Brazil		13,000		7,475
Paraguay (1)		-		2,766
Total		15,378		11,944

(1) Includes the farms of Cresca S.A. at 100%.

►	During the past season we developed more than 15,000 hectares in the region. We expect to develop 11,944 additional hectares during this season.

II)	Agricultural Production

II.a) Crops and Sugarcane

Throughout this season we had better rainfall levels than in 2014, although in some of our farms, mainly in Argentina, rains have been excessive. To date, as concerns our operations in Argentina, we have completed our wheat harvest, while sunflower harvesting is at 90%. In addition, we started soybean harvesting activities, with 20% degree of progress. Besides, corn harvesting activities commenced recently, with 5% degree of progress. It should be noted that 78% of the corn planted by us is late corn; therefore, harvesting will start by the end of June. In our farms in Bolivia, where we are able to develop two planting and harvesting cycles per year, the winter crops, including soybean, corn and sorghum, have been completely harvested. On the other hand, harvesting of soybean summer crops has reached 98%, whereas corn harvesting is at 40%. Harvesting progress in the Brazilian farms is 25% as concerns soybean and 7% in the case of corn. Price-wise, the sector is facing the juncture of large American and Brazilian harvests, causing prices to remain low in comparison with previous years. We expect the 2015 season to end with normal weather conditions and yields that partially offset the drop in commodity prices.

Crops

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		110.3			141.5			(22.1	%)	612.0		459.9			33.1	%
Costs		(330.8	)		(400.2	)		(17.3	%)	(1,258.6	)	(983.6	)		28.0	%
Initial Recognition and Changes in the fair value of biological assets and agricultural products at the point of harvest		234.7			454.4			(48.4	%)	743.0		764.6			(2.8	%)
Changes in the net realizable value of agricultural products after harvest		(2.7	)		1.2			-		(18.6	)	(8.0	)		132.9	%
Gross profit		11.5			197.0			(94.2	%)	77.8		232.9			(66.6	%)
General and administrative expenses		(36.4	)		(35.5	)		2.6	%	(95.6	)	(92.0	)		3.9	%
Selling expenses		(20.9	)		(15.5	)		34.7	%	(98.2	)	(63.5	)		54.8	%
Other operating results, net		31.0			(29.8	)		-		15.9		(22.9	)		-
Gain / (loss) from operations		(14.8	)		116.2			-		(100.1	)	54.5			-
Share of (loss) / profit of associates and joint ventures		3.6			8.2			(56.5	%)	0.6		10.2			(94.5	%)
Segment Profit / (Loss)		(11.3	)		124.3			-		(99.6	)	64.6			-

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

Summary as of March 31, 2015

Sugarcane

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		3.8			11.1			(65.3	%)	155.0		87.3			77.7	%
Costs		(15.1	)		(15.0	)		0.9	%	(260.7	)	(157.1	)		66.0	%
Initial Recognition and Changes in the fair value of biological assets and agricultural products at the point of harvest		20.5			12.8			60.8	%	126.5		76.9			64.6	%
Changes in the net realizable value of agricultural products after harvest		-			-			-		-		-			-
Gross profit / (loss)		9.2			8.8			4.4	%	20.9		7.0			196.4	%
General and administrative expenses		(2.6	)		(2.2	)		20.8	%	(28.1	)	(24.6	)		14.3	%
Selling expenses		(0.0	)		1.6			-		(4.9	)	(2.3	)		113.1	%
Other operating results, net		(0.1	)		0.1			-		-		0.1			(100.0	%)
Loss from operations		6.5			8.3			(21.5	%)	(12.1	)	(19.7	)		(38.8	%)
Share of (loss) / profit of associates and joint ventures		-			-			-		-		-			-
Segment Loss		6.5			8.3			(21.5	%)	(12.1	)	(19.7	)		(38.8	%)

Operations

	Production			Sales
In Tons	9M 2015	9M 2014	YoY Var	9M 2015	9M 2014	YoY Var
Corn	231,764	79,677	190.9%	237,283	152,318	55.8%
Soybean	57,202	72,486	(21.1%)	118,098	108,368	9.0%
Wheat	15,952	12,427	28.4%	5,678	5,129	10.7%
Sorghum	1,740	3,571	(51.3%)	1,300	3,347	(61.1%)
Sunflower	10,824	5,434	99.2%	2,293	6,836	(66.5%)
Other	2,716	1,283	111.7%	1,536	6,130	(75.0%)
Total Crops and Other Production	320,199	174,879	83.1%	366,188	282,128	29.8%
Sugarcane	680,359	520,442	30.7%	680,359	540,506	25.9%
Total Agricultural Production	1.000.558	695.321	43,9%	1.046.548	822.634	27,2%

►	The Crops segment decreased by ARS 164.2 million during the nine-month period as compared to the same period of the previous fiscal year, mainly due to:

·	a reduction in production results of ARS 182 million, mainly from Argentina, where despite expecting better yields, it has been affected by lower expected results in corn and soybean primarily as a consequence of the decreased in these commodity prices and a less than expected devaluation; and

·	a reduction of ARS 10.6 million in holding results from Argentina and Brazil, originated mainly by the lower price of corn recorded throughout the first quarter, at the time this crop was harvested and stock volumes were thus higher.

►	The Sugarcane segment decreased its loss during the first nine months of 2015 compared to the same period of 2014 by ARS 7.7 million, mainly due to:

·	an increase in production results of ARS 17.4 million, originated mainly by a significant increase in yields forecasted and achieved in Brazil and a 34.6% rise in prices;

·	a reduction in the result from sales net of selling expenses, derived from Brazil, of ARS 6.2 million; and

·	higher administrative expenses of ARS 3.5 million, derived mainly from Brazil, mostly related to payroll expenses incurred as a result of an organizational restructuring.

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

Summary as of March 31, 2015

Area in Operation - Crops (hectares) 1	As of 3/31/15		As of 3/31/14		YoY Var
Own farms		127,581		125,500		1.7	%
Leased farms		53,848		58,393		(7.8	%)
Farms under concession		23,331		20,936		11.4	%
Own farms leased to third parties		8,858		8,101		9.3	%
Total Area Assigned to Crop Production		213,617		212,930		0.3	%

The area assigned to the crop segment increased by 0.3% as compared to the same period of the previous fiscal year, reaching 213,617 hectares. This was caused mainly by an increase of 1.7% in the operation of own farms, offset by a reduction of 7.8% in leased farms.

II.b) Cattle and Dairy Production

During the third quarter of fiscal year 2015 we recorded positive results in our cattle and dairy business in Argentina, reflecting the combined effect of higher beef production volumes, a slight decrease in milk production due to a smaller number of milking cows, and a strong increase in both livestock and milk prices.

Cattle

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		22.7			8.2			176.2	%	121.6		72.6			67.5	%
Costs		(36.8	)		(19.9	)		85.4	%	(180.6	)	(122.1	)		47.9	%
Initial Recognition and Changes in the fair value of biological assets and agricultural products		29.3			62.7			(53.3	%)	102.1		90.4			12.9	%
Changes in the net realizable value of agricultural products		-			0.2			(100.0	%)	-		0.2			(99.4	%)
Gross profit		15.2			51.2			(70.3	%)	43.2		41.1			5.1	%
Profit from operations		3.3			42.2			(92.2	%)	5.7		8.2			(29.9	%)
Segment Profit		3.3			42.2			(92.2	%)	5.7		8.2			(30.1	%)

Beef Cattle (tons)	IIIQ 2015		IIIQ 2014		YoY Var			9M15	9M14	YoY Var
Beef production		1,803		2,050		(12.1	%)	5,926	5,726		3.5	%
Beef sales		1,339		575		132.9	%	7,571	7,729		(2.0	%)

►	Revenues from the Cattle segment decreased 30.1% during the first nine months of fiscal year 2015 compared to the same period of 2014, explained mainly by:

·	a reduction in holding results of ARS 13.8 million, reflecting the significant increase in prices during the previous period originated by the strong devaluation of the Argentine peso occurred from January to March 2014, and partially offset by;

·	an increase in production results of ARS 9.1 million, generated by a strong rise in prices and an increase in kilograms produced.

Area in Operation – Beef Cattle (hectares)	As of 3/31/15		As of 3/31/14		YoY Var
Own farms		74,633		77,278		(3.4	%)
Leased farms		13,501		18,549		(27.2	%)
Farms under concession		869		-		-
Own farms leased to third parties		5,323		5,495		(3.1	%)
Total Area Assigned to Beef Cattle Production		94,326		101,322		(6.9	%)

1 Includes surface area under double cropping, all the farms in Argentina, Bolivia, Paraguay and Brazil, and AgroUranga (Subsidiary – 35.72%).

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

Summary as of March 31, 2015

►	We decreased by 6.9% the area of farms assigned to cattle production, mainly as a result of a reduction in the operation of own farms, leased farms and own farms leased to third parties.

Stock of Cattle Herds	As of 3/31/15		As of 3/31/14		YoY Var
Breeding stock		53,958		62,484		(14	%)
Winter grazing stock		11,022		4,799		123	%
Milk farm stock		6,015		6,888		(13	%)
Total Stock (heads)		70,995		74,171		(4	%)

Dairy

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		17.7			12.5			41.2	%	53.2		37.0			43.7	%
Costs		(33.6	)		(23.9	)		40.4	%	(98.4	)	(71.0	)		38.5	%
Changes in the net realizable value of biological assets and agricultural products		16.6			14.5			14.6	%	55.3		39.6			39.7	%
Gross profit		0.7			3.1			(76.3	%)	10.1		5.6			81.0	%
Profit / (loss) from operations		(1.7	)		0.9			-		3.9		(0.6	)		-
Segment Profit / (Loss)		(1.7	)		0.9			-		3.9		(0.6	)		-

Dairy Production	IIIQ 2015		IIIQ 2014		YoY Var			9M15	9M14	YoY Var
Milk Production (thousands of liters)		4,125		4,549		(9.3	%)	13,254	14,678		(9.7	%)
Milk sales (liters)		3,991		4,451		(10.3	%)	12,813	14,311		(10.5	%)
Daily average milking cows (heads)		2,222		2,631		(15.5	%)	2,212	2,586		(14.5	%)
Milk Production / Milking Cow / Day (liters)		21		20		3.2	%	21	20		7.5	%

►

During the nine-month period of fiscal year 2015, we saw an increase of 44% in sales as compared to the same period of the previous year, mainly explained by a significant increase in the price of milk, which offset the 10% reduction in the volume sold. Besides, costs increased slightly below revenues.

►	As a result of the foregoing, coupled with a positive change in the net realizable value of biological assets, Profit from the Dairy segment rose by ARS 4.5 million.

Area in Operation – Dairy (hectares)

As of 3/31/15

As of 3/31/14

YoY Var

Own farms

2,864

►	We perform our milking business in El Tigre farm. There were no changes in the area assigned to milking cows.

III: Other Segments

Under “Other” we report the results from Leases and Agricultural Services, Agro-industrial Activities and our investment in FyO.

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

Summary as of March 31, 2015

Leases and Agricultural Services

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		6.8			8.1			(15.4	%)	24.0		15.2			57.7	%
Costs		(4.5	)		(5.4	)		(16.1	%)	(14.9	)	(11.4	)		31.5	%
Gross profit		2.3			2.7			(14.1	%)	9.0		3.8			135.0	%
Profit / (loss) from operations		1.4			1.8			(18.3	%)	6.8		1.1			535.7	%
Segment Profit		1.4			1.8			(18.3	%)	6.8		1.1			535.7	%

►	The Leases and Agricultural Services segment increased by ARS 5.7 million, mainly due to income from seed multiplication services at Cresud, lease of machinery at Brasilagro, a new lease agreement in the Chaparral farm in Brazil, not present in the same period of the previous fiscal year.

Agro-industrial Activities

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		175.7			143.5			22.5	%	588.6		378.3			55.6	%
Costs		(163.0	)		(121.3	)		34.3	%	(528.9	)	(329.8	)		60.4	%
Gross profit / (loss)		12.8			22.1			(42.4	%)	59.7		48.5			23.1	%
Loss from operations		(11.1	)		3.3			-		(15.4	)	(1.1	)		1,336.9	%
Segment Loss		(11.1	)		3.3			-		(15.4	)	(1.1	)		1,336.9	%

►	The Agro-industrial segment’s gross income rose by ARS 11.2 million. General and administrative expenses increased by 56% due to the incorporation of new staff to support the higher operational volumes explaining the loss of the segment this quarter.

FyO

In ARS MM	IIIQ 2015			IIIQ 2014			YoY Var			9M15		9M14		YoY Var
Revenues		19.8			32.0			(38.3	%)	88.0		91.2			(3.5	%)
Costs		(12.1	)		(15.4	)		(21.2	%)	(78.9	)	(66.9	)		17.8	%
Changes in the net realizable value of biological assets and agricultural products		-			-			-		-		-			-
Gross profit		7.6			16.7			(54.2	%)	9.2		24.3			(62.2	%)
Management fees		-			-			-		-		-			-
Loss from operations		2.0			20.0			(90.1	%)	(5.7	)	14.3			-
Segment Loss		1.7			20.2			(91.6	%)	(6.0	)	14.5			-

►	There has been a fall in the operating income in this segment, mainly due to lower brokerage fees and advertising revenues.

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

Summary as of March 31, 2015

Urban Segment:

Urban Properties and Investments through our subsidiary IRSA (Inversiones y Representaciones Sociedad Anónima)

We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of March 31, 2015, our equity interest in IRSA was 64.61% over stock capital (65.16% considering repurchased treasury stock).

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 and offices, through its interest of 95.80% in IRSA Propiedades Comerciales S.A. (continuing company of Alto Palermo S.A.), one of Argentina’s leading operators of commercial real estate with a controlling interest in 15 shopping centers and 6 office buildings totaling 428,834 sqm of Gross Leaseable Area (333,432 in shopping centers and 95,002 in offices).

►	The acquisition and development of residential properties and the acquisition of undeveloped land reserves for future development or sale.

►	The acquisition and operation of luxury hotels.

►	Selective investments outside Argentina.

►	Financial investments, including IRSA’s current 29.99% 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 March 31, 2015:

	IIIQ 15			IIIQ 14			YoY Var			9M 15		9M 14		YoY Var
Revenues		812.5			664.3			22.3	%	2,509.0		2,022.2			24.1	%
Profit from operations		281.1			364.2			(22.8	%)	1,866.7		888.8			110.0	%
Depreciation and amortization		49.3			55.4			(11.0	%)	134.5		168.7			(20.3	%)
EBITDA *		330.4			419.6			(21.3	%)	2,111.7		1,057.5			99.7	%
Loss for the period		(210.3	)		(52.8	)		298.3	%	(163.4	)	(78.8	)		107.4	%

*Does not include stamp tax expenses incurred in the transfer of assets to our indirect subsidiary IRSA Propiedades Comerciales S.A.

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).

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

Summary as of March 31, 2015

Financial Indebtedness and Other

As of March 31, 2015, Cresud had a total net indebtedness equivalent to USD 842.2 million, consolidating IRSA. The following table contains a breakdown of Cresud’s indebtedness:

Description	Currency	Amount (1)	Interest Rate	Maturity
Short Term	ARS	29.6	Float	< 30 days
Loan	USD	13.7	Libor 180 days + 300 bps; floor: 6%	18-Jan-22
Loan	ARS	1.9	Floating [10.5% ; 14.5%]	03-Aug-17
Cresud 2015 Series XI Notes	ARS	3.0	Badlar + 375 bps	22-Jun-15
Cresud 2015 Series XIII Notes (3)	USD	39.7	1.90%	22-May-15
Cresud 2018 Series XIV Notes	USD	32.0	1.50%	22-May-18
Cresud 2015 Series XV Notes	ARS	20.0	Badlar + 399 bps	18-Nov-15
Cresud 2018 Series XVI Notes	USD	109.1	1.50%	19-Nov-18
Cresud 2016 Series XVII Notes	ARS	19.5	Badlar +250 bps	14-Mar-16
Cresud 2019 Series XVIII Notes	USD	33.7	4.00%	12-Sep-19
Cresud 2016 Series XIX Notes	ARS	21.2	27.5% / Badlar + 350 bps	13-Sep-16
Cresud 2016 Series XX Notes (6)	USD	18.2	2.50%	13-Mar-17
Communication 5319 Loan	ARS	1.2	15.01%	05-Dec-15
Futuros y Opciones Communication 5449 Loan	ARS	0.1	15.25%	28-Dec-16
Bolivia Investment Loan	BOB	1.0	7.00%	25-May-17
Bolivia Loan	USD	0.6	10.00%	30-Nov-17
Cresud’s Total Debt		344.4
IRSA 2017 Series I Notes (4)	USD	150.0	8.50%	02-Feb-17
IRSA 2020 Series II Notes (5)	USD	150.0	11.50%	20-Jul-20
Series V Notes	ARS	23.7	Badlar + 395 bps	26-Aug-15
Series VI Notes	ARS	1.2	Badlar + 450 bps	27-Feb-17
Short Term	ARS	30.3	Floating	< 30 days
HASA 5449 Loan	ARS	0.5	15.25%	29-Dec-16
Llao Llao 5449 Loan	ARS	0.4	15.25%	29-Dec-16
Nuevas Fronteras 5600 Loan	ARS	0.8	Floating	29-Dec-17

IRSA’s Total Debt		356.9
APSA 2017 Series I Notes (2)	USD	120.0	7.88%	11-May-17
Short Term	ARS	56.6	Floating	< 180 days
Syndicated Loan - Arcos	ARS	4.5	15.01%	16-Nov-15
Communication 5319 Loan	ARS	1.1	15.01%	12-Dec-15
Syndicated Loan - Neuquen	ARS	7.0	15.25%	14-Jun-16
CAPEX Communication 5449 Loan	ARS	0.5	15.25%	23-Dec-16
NPSF Communication 5449 Loan	ARS	1.0	15.25%	29-Dec-16
CAPEX 5600	ARS	1.2	26.50%	02-Jan-18
Debt for asset purchase	USD	246.4	8.50%	20-Jul-20
IRCP’s Total Debt		438.2
Brasilagro’s Total Debt		46.3
Cresud’s Consolidated Total Debt		939.4
Consolidated Cash		55.7
Repurchased Debt		41.5
Net Consolidated Debt		842.2

(1) Principal amount in USD (million) at an exchange rate of 8.82 ARS = 6.96 BOB = 2.25 BRL =1 USD, without considering

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

Summary as of March 31, 2015

accrued interest or elimination of balances with subsidiaries.

(2) As of March 31, 2015, the Company had repurchased a principal amount of USD 7.4 million.

(3) As of March 31, 2015, the Company had repurchased a principal amount of USD 10 million.

(4) As of March 31, 2015, the Company had repurchased a principal amount of USD 0.7 million.

(5) As of March 31, 2015, the Company had repurchased a principal amount of USD 11.3 million.

(6) As of March 31, 2015, the Company had repurchased a principal amount of USD 12.1 million.

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

Summary as of March 31, 2015

Material Events Occurred during the Period and Subsequent Events

Issue of Series XIX and XX Notes

Under the Global Note Program for a principal amount of up to US$ 300,000,000 (or its equivalent in other currencies) authorized by the Argentine Securities Commission on October 22, 2013, the Company’s Board of Directors has approved the issue of the Tenth Tranche of Series XIX and XX Notes.

Series XIX

Issue Date: March 13, 2015

Principal Amount: ARS.187,028,000

Issue Price: 100% at face value

Mixed Interest Rate: Fixed rate during the first 12 months and floating rate during the 6 remaining months, calculated based on the BADLAR Rate (as defined in the Pricing Supplement) plus 350 basis points.

Fixed Rate: 27.5%

Stated Maturity Date: September 13, 2016

Interest Payment Dates: Every three months

Principal Payment Date: September 13, 2016

Series XX

Issue Date: March 13, 2015

Principal Amount: US$18,206,853

Initial Exchange Rate Applicable: ARS 8.7547 per U.S. Dollar.

Issue Price: 104% of face value

IRR: 0.49%

Fixed Interest Rate: 2.5%

Stated Maturity Date: March 13, 2017

Interest Payment Dates: Every three months

Principal Payment Date: March 13, 2017

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

Summary as of March 31, 2015

Prospects for the next fiscal year

After a neutral 2014 season in the region, with improved weather conditions in Argentina and Paraguay and greater problems in Brazil and Bolivia, production forecasts for this season are better than in 2014. To date, as concerns our activities in Argentina, we have completed wheat harvesting, while sunflower harvesting has progressed significantly. Moreover, we have started harvesting of soybean and corn, with over 50% degree of progress in the case of soybean. We expect to plant an aggregate of 210,000 hectares in the combined countries of the region where we operate and to reach higher production figures than those recorded in the previous season. Price-wise, the sector is facing the juncture of large American and Brazilian harvests, causing prices to remain very depressed. We expect the 2015 season to end with highly satisfactory weather conditions and yields that partially offset the drop in commodity prices.

As concerns our cattle and dairy business in Argentina, we have observed positive results during the third quarter of 2015, reflecting the combined effect of higher livestock production volumes, a slight decrease in the production of milk due to a smaller number of milking cows, and a strong increase in both livestock and milk prices. In addition, we continued to roll out our strategy of supplementing agriculture in own farms with agriculture in leased farms and farms under concession. In this way, we expect to obtain good results from this business if the weather proves to be favorable during the last quarter of this season.

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 12,000 hectares that will be placed into production during this fiscal year and in 2016. 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.

Our urban real estate business, through our subsidiary IRSA, records sound revenue levels in all rental properties. We expect to continue leveraging on the good results derived from our investment in this company during the rest of the fiscal year.

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
June 25, 2015
	By:	/S/ Saúl Zang
		Saúl Zang
		Responsible for the relationship with the markets