Cresud S.A.C.I.F. y A. Announces Results for the FY 2019 ended June 30, 2019

BUENOS AIRES, Argentina, Sept. 10, 2019 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), today announces results for FY 2019 ended June 30, 2019.

HIGHLIGHTS

  • The net result for fiscal year 2019 registered a loss of ARS 28,497 million compared to a profit of ARS 19,185 million in 2018, mainly due to the loss recorded from changes in the fair value of investment properties from the IRSA Argentine Business Center.
  • Adjusted EBITDA of fiscal year 2019 grew by 21.1% compared to 2018 reaching ARS 22,902 million, of which ARS 3,771 million come from the agricultural business with higher productive results of the grain segment and higher results from farm sales and ARS 19,131 million come from the urban property and investment business (IRSA), whose rental segment in Argentina increased by 6.8% in the period.
  • The 2019 campaign presented very good weather conditions in the region. We planted a historical record of 242,000 hectares and reached a crop production of 812.000 tons.
  • Our subsidiary Brasilagro has sold 3 fractions of farms during the year for the sum of BRL 238.4 million. As a subsequent event, it has completed a new partial sale for BRL 23.2 million.
  • During the year, we have completed two programs to repurchase our own shares for ARS 600 million (approximately 2.6% of the share capital). Subsequently, we launched a new plan for up to ARS 300 million.

 

Financial Highlights

(In millions of Argentine Pesos)
FY 2019
Ended June 30, 2019

 




Income Statement

06/30/2019

06/30/2018

Agricultural Business Revenue

13,249

10,681

Agricultural Business Gross Profit

3,334

2,960

Urban Properties Revenues

67,256

55,844

Urban Properties Gross Profit

27,889

24,245

Consolidated Gross Profit

31,223

27,205

Consolidated Profit from Operations

(10,517)

31,162

Profit / (Loss) For the Period

(28,497)

19,185




Attributable to:



Cresud's Shareholders

(18,749)

4,272

Non-Controlling interest

(9,748)

14,913




EPS (Basic)

(38.34)

8.60

EPS (Diluted)

(38.34)

8.27




Balance Sheet

06/30/2019

06/30/2018

Current Assets

153,059

159,473

Non-Current Assets

354,930

398,201

Total Assets

507,989

557,674

Current Liabilities

89,602

88,952

Non Current Liabilities

329,387

345,261

Total Liabilities

418,989

434,213

Non-Controlling Interest

72,180

86,213

Shareholders' Equity

89,000

123,461

Cresud is a leading Argentinean agricultural company with a growing presence in Latin American countries. Cresud is currently involved in a range of activities including crop production, cattle rising and milk production. Cresud's business model, which is being rolled out regionally in Latin America, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.

Additionally, Cresud owns a 62.35% stake in IRSA Inversiones y Representaciones S.A., Argentina's largest, most well-diversified real estate company. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. Also owns 3 premium hotels in Argentina, a huge landbank for future developments, 29,91% of Banco Hipotecario and some international opportunistic investments, including 100.0% indirect stake in IDB Development Corporation and 82.3% indirect stake in Discount Investment Corporation Ltd., leading conglomerates in Israel.

A longer version of this press release with detailed information is available on the web site: http://www.cresud.com.ar.

Cresud cordially invites you to participate in its FY 2019 Results Conference Call on Tuesday, September 10, 2019, at 11:00 AM Eastern Time

If you would like to participate, please call:
United States: 1-844-686-3840
International: 1-412-317-6377
ID# CRESUD

To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=bddad504-b796-4af4-9ba4-5727c173d0f0

Investor Relations Department.
Cresud S.A.C.I.F. y A.
+5411 4323-7449
ir@cresud.com.ar
www.cresud.com.ar
Follow us on Twitter: @cresudir

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

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