Cresud S.A.C.I.F. y A. Announces Results for the third quarter of FY 2018 ended March 31, 2018

BUENOS AIRES, Argentina, May 14, 2018 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the IIIQ FY 2018 ended March 31, 2018.

HIGHLIGHTS

  • Net result for 9M18 registered a gain of ARS 10,604 million compared to a gain of ARS 6,516 million in 9M17 (Attributable to Cresud ARS 4,796 million in 9M18 vs. ARS 2,243 million in 9M17) mainly explained by higher agricultural operating results, higher results from changes in the fair value of investment properties coming from the Argentinean business center of our subsidiary IRSA, compensated by a non-cash loss in Israel business center due to a debt exchange at Discount Corporation Ltd.
  • The result of the Agricultural Production segment increased ARS 681 million during the 9M compared period due to a larger planted area, better prices, controlled costs and average yields due to good weather conditions in Brazil and Paraguay, while Argentina and Bolivia presented more adverse conditions.
  • We have increased the planted crop area in the region to 208.258 ha and we expect to transform into productive 10.662 ha in the consolidated region.
  • In relation to Farmland sales, we'll recognize in 4Q18 the result of "La Esmeralda" farm sale in Argentina for USD 19 million announced during IQ18 and Brasilagro's recent partial sale of Araucaria farm for BRL 61.6 million expecting to concrete new farmland sales in the last quarter of FY2018.
  • Our urban properties and investments business observed good operating. EBITDA of the rental segments in Argentina increased by 19.1% in the compared year.
  • During the quarter, we have launched a share repurchase plan for up to ARS 500 million. As of today, we have repurchased a 78.4% of the program.
  • In February 2018, we have issued notes in the local market for USD 113 million at a fixed interest rate of 6.5% due 2023 to cancel short term debt.

 

Financial Highlights

(In millions of Argentine Pesos)

IIIQFY 2018

Ended March 31, 2018




Income Statement

03/31/2018

03/31/2017 (adjusted)

Agricultural Business Revenue

4,087

2,666

Agricultural Business Gross Profit

1,379

375

Urban Properties Revenues

64,460

54,141

Urban Properties Gross Profit

20,981

16,816

Consolidated Gross Profit

22,360

17,191

Consolidated Profit from Operations

20,052

7,561

Profit / (Loss) For the Period

10,604

6,516




Attributable to:



Cresud's Shareholders

4,796

2,242

Non-Controlling interest

5,808

4,274




EPS (Basic)

9.610

4.508

EPS (Diluted)

9.487

4.486




Balance Sheet

03/31/2018

06/30/2017 (adjusted)

Current Assets

89,865

68,360

Non Current Assets

205,393

173,086

Total Assets

295,258

241,446

Current Liabilities

59,493

51,191

Non Current Liabilities

173,914

141,082

Total Liabilities

233,407

192,273

Non-Controlling Interest

42,580

32,768

Shareholders' Equity

61,851

49,173

 

About Cresud:

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 63.77% 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 indirect stakes in two leading holdings in Israel, IDB Development Corporation & Discount Corporation Ltd, DIC.

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 IIIQ FY 2018 Results Conference Call on Tuesday, May 15, 2018, at 01:00 PM EST

If you would like to participate, please call:
United States:  (844) 308-3411
International:  +1-(412) 717-9604
ID# CRESUD

To access the webcast, click on the link below:

http://webcastlite.mziq.com/cover.html?webcastId=5e46d210-0327-433e-822c-9ffdd303f667

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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