BUENOS AIRES, Argentina, May 10, 2024 /PRNewswire/ -- CRESUD S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Latin American agricultural company, announces today its results for the third quarter of FY 2024 ended March 31, 2024. HIGHLIGHTS The net result for the nine-month period of fiscal year 2024 recorded a loss of ARS 25,646 million compared to a profit of ARS 140,918 million in the same period of 2023 due to the impact of exposure to inflation on the fair value of investment properties of IRSA. T ...

Business Operations - As of December 31, 2023, Cresud operates in two major business lines: agricultural business and urban property and investment business[29]. - Agricultural business revenues reached ARS 114,924 million, while urban properties and investment business revenues totaled ARS 77,591 million, leading to total revenues of ARS 192,515 million[47]. - Total revenues for the agricultural business reached ARS 103,563 million, while urban properties and investment business generated ARS 84,304 million, leading to total segment revenues of ARS 187,867 million[75]. Financial Performance - The company reported a net loss from operations of ARS 50,795 million, with a segment loss of ARS 46,966 million[47]. - Profit for the period increased to ARS 122,205 million in 2023 from ARS 59,907 million in 2022, representing a growth of 104.5%[142]. - Financial results, net improved to ARS 67,759 million in 2023 compared to a loss of ARS 34,867 million in 2022[142]. - The company reported a profit from operations of ARS 213,709 million, demonstrating strong operational performance[75]. Assets and Liabilities - Reportable assets amounted to ARS 1,455,130 million, while reportable liabilities were ARS 1,297,053 million, resulting in net reportable assets of ARS 925,161 million[47]. - Reportable assets totaled ARS 2,052,314 million, while reportable liabilities were ARS 1,551,249 million, resulting in net reportable assets of ARS 1,142,484 million[75]. - Total liabilities as of December 31, 2023, are ARS 927,214 million, an increase from ARS 998,190 million as of June 30, 2023[134]. - Borrowings as of December 31, 2023, stand at ARS 740,618 million, unchanged from the previous period[134]. Shareholder Returns - The company plans to distribute 13,928,410 own shares to shareholders, with a nominal value adjustment resulting in 12,644,273 shares of nominal value ARS 10[17]. - The company plans to allocate ARS 54,483.3 million for dividend distribution to shareholders, reflecting a commitment to return value to investors[58]. - A total dividend distribution of ARS 40,693.3 million was approved, which updated to ARS 48,659.4 million, including ARS 22,000 million in cash and shares valued at ARS 22,090,627[174]. - The cash dividend for Global Depositary Shares (GDS) holders was set at USD 0.370747 per ADS, including yields from the Super Ahorro fund[180]. Legal and Regulatory Matters - The company is involved in a legal process regarding the land regularization of "Las Londras," with prospects for revocation of a ruling being evaluated[27]. - The company is currently involved in a judicial process regarding environmental concerns, with a favorable resolution expected[91]. - IDBD filed a lawsuit against Dolphin BV and IRSA for NIS 140 million, plus interest and costs on December 26, 2021[196]. Market and Economic Conditions - The accumulated inflation rate in Argentina over three years exceeds 100%, categorizing the economy as highly inflationary[31]. - The value of office buildings and other rental properties decreased by 9.18% during the six-month period due to exchange rate variations[79]. Investments and Acquisitions - Significant acquisitions included the sale of the 25th and 26th floors of the "261 Della Paolera" tower for approximately USD 14.9 million[68]. - The company plans to invest up to USD 40 million in infrastructure and public space works as part of the "Costa Urbana" project, which will enhance urban development[114]. Operational Efficiency - General and administrative expenses totaled ARS 20,907 million, while selling expenses were ARS 14,087 million[47]. - The company recognized a gain from the disposal of farmlands amounting to ARS 1,761 million[47]. - The company reported a decrease in inventories by ARS 3,321 million in 2023, compared to an increase of ARS 1,956 million in 2022[142]. Cash Flow and Financial Stability - The net cash generated from operating activities before adjustments was ARS 2 million in 2023, a slight improvement from a loss of ARS 6 million in 2022[142]. - The Group's cash flows from operations for the six-month periods ended December 31, 2023, and 2022 showed significant non-cash transactions, indicating ongoing operational stability[167].

BUENOS AIRES, Argentina, Feb. 8, 2024 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the second quarter of FY 2024 ended December 31, 2023. HIGHLIGHTS The net result for the first semester of fiscal year 2024 recorded a gain of ARS 122,205 million compared to ARS 59,907 million in the same period of 2023, mainly due to the gain from changes in the fair value of IRSA's investment properties. The gain attributable to ...

On October 20, 2023, CRESUD reported that it had made the payment of the dividend approved at the meeting held on October 5, 2023 in Argentina. ● Number of shares to be issued per warrant: Pre-dividend ratio: 1.1232. Post-dividend ratio: 1.2548. ● Exercise price per new share to be issued: Pre-dividend price: USD 0.5036. Post-dividend price: USD 0.4508. 33 We have reviewed the accompanying unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Fina ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 191 Series XXXV Notes Series XXXVI Notes Series XXXVII Notes Series XXXVIII Notes 192 Series XXXIX Notes Series XL Notes Series XLI and XLII Notes Helmir bank loan Series I Notes (issued by FYO) Series II Notes (issued by FYO) 193 The proceeds have been used mainly to attend working capital needs. On April 25, 2023, FYO issued Series III Notes in the local market for an amount of USD 20.0 million. The note is dollar denominated and paya ...

Financial Data and Key Metrics Changes - The company reported a net result of ARS75.3 billion, down from ARS135 billion the previous year, indicating a significant decline in profitability [54] - Inflation accelerated to 116% compared to 64% in the previous year, impacting financial results [9] - The net financial results showed a gain of ARS24.2 billion, down from ARS47.3 billion last year, primarily due to the appreciation of the peso affecting dollar-denominated debt [11] Business Line Data and Key Metrics Changes - The agricultural operational results saw a reduction of 85.9%, with a loss of ARS7.8 billion compared to a gain of ARS23 billion last year [69] - The company achieved record farm sales of ARS122 million, although this was lower than the previous record of ARS134 million in 2015 [5] - The service company, FyO, experienced a drop in sales volume from 6.6 million tons to 5.3 million tons, representing about 8% of the Argentine market share [21] Market Data and Key Metrics Changes - The company faced significant drought conditions in Argentina, affecting yields, particularly in soybeans and corn, with losses of 50% and 35% respectively [3][10] - The company noted a drop in corn production of approximately 10% year-over-year in Argentina, while the overall region saw a 4% decline [19] - The prices of soybeans and corn dropped by 9% and more significantly for corn, indicating a tougher pricing environment for the upcoming campaign [61] Company Strategy and Development Direction - The company plans to increase its planted area by 6% to 7% while reducing leased areas to third parties, focusing on self-planting [73] - The company is optimistic about the upcoming year, expecting better operational performance due to recovering yields and lower costs [73] - The company is actively involved in real estate, with plans to continue buying and selling properties in Argentina and the broader region [79] Management's Comments on Operating Environment and Future Outlook - Management highlighted the severe drought in Argentina as a significant challenge but noted that the company's diversification mitigated some impacts [60] - The company anticipates a more normal year for yields, with expectations of lower prices but also lower costs, leading to improved margins [73] - Management expressed optimism about the future, despite uncertainties related to upcoming elections and potential economic changes in Argentina [79] Other Important Information - The company obtained RTRS certification for over 4,000 hectares of soybean production, emphasizing its commitment to sustainable practices [7] - The company increased its stake in IRSA from 54% to 57%, recognizing strong operational performance in malls and hotels [8] - The company plans to distribute a dividend proposal of ARS22 billion and 3% of IRSA shares, pending shareholder approval [71] Q&A Session All Questions and Answers Question: What is the reason for distributing IRSA shares? - Management indicated that the expiration of warrants is in 2026, and there are no plans to exercise them before that date [29] Question: Can you provide more details on the provision or legal proceedings in Israel? - Management explained that IRSA signed a commitment for two installments of $20 million, which were not fulfilled, leading to a conservative provision of $20 million [30] Question: Do you plan to purchase further Argentine farmland? - Management confirmed intentions to continue purchasing farmland in Argentina if opportunities arise [31] Question: Will the cash dividend be distributed as a lump sum? - Management stated that the details about the dividend distribution will be decided by the shareholders' meeting [39]

Unaudited Condensed Interim Consolidated Financial Statements for the nine and three-month periods ended March 31, 2023, presented comparatively. Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Legal address: Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina Date of registration of the by-laws in the Public Registry of Commerce: February 19, 1937 Expiration of Company charter: June 6, 2082 Stock: 592,172,576 common shares (***). Contro ...

Financial Data and Key Metrics Changes - The company reported a significant drop in operational income, with a decrease of 59.2% compared to the previous year, primarily due to adverse agricultural conditions and higher costs [50] - Net income attributable to controlling interest was ARS20.4 billion, down from ARS40 billion in the previous year [51] - The net financial results showed a gain of ARS16.4 billion, lower than the previous year's gain of ARS34.5 billion [23] Business Line Data and Key Metrics Changes - In the agricultural segment, the company expects a year-to-year drop of 4% in yields, with total crop production forecasted to decrease from 798,000 tonnes to 765,000 tonnes [12] - The service area is expected to maintain stable revenues despite lower volumes due to drought conditions in Argentina [16] - The real estate segment saw a significant sale in Brazil, with a total valuation of BRL409 million, which will be recognized in the next quarter [43] Market Data and Key Metrics Changes - The company noted a decrease in commodity prices post-pandemic, with prices for soybeans, corn, and sugarcane under pressure [7] - Argentina's soybean yield is expected to drop by 47%, while corn yields are projected to be 28% below last year's levels [9][37] - The occupancy rate for IRSA reached 97%, recovering from a pandemic low of 89% [20] Company Strategy and Development Direction - The company is focusing on maintaining stable sales and achieving breakeven in the current challenging environment, particularly in Argentina [17] - There is an emphasis on expanding operations in Brazil, with plans to increase service offerings and potentially raise capital to support growth [56] - The company is optimistic about future recovery in Argentina, particularly with government announcements regarding soybean pricing [34] Management's Comments on Operating Environment and Future Outlook - Management highlighted the adverse effects of drought on yields and the high cost of inputs, which have pressured margins [33] - The expectation of improved rainfall patterns with the potential shift from La Niña to El Niño could positively impact agricultural yields in the future [68] - The company remains cautious but optimistic about the agricultural sector's recovery, particularly in Brazil [72] Other Important Information - The company extended its buyback program for an additional 180 days, having already repurchased 80% of the planned shares [25] - A dividend of ARS9.5 billion was announced, translating to a 6% annual yield [52] - The company raised $20 million in pesos at zero interest for a period of 1.5 years, reflecting a credit rating upgrade from AA to AA+ [61] Q&A Session Summary Question: What is the outlook for farmland prices in Argentina? - Management indicated that farmland prices in Argentina have not followed the upward trends seen in the US and Brazil, but they expect potential increases with the next government [54] Question: When can ADR investors expect to receive cash and stock dividends? - The company is working with Bank of New York to expedite the distribution of dividends, expected to be processed within 10 days [30] Question: Are there any reductions in fertilizer costs? - There has been a significant drop in fertilizer prices, approximately 30% year-over-year, which is expected to help margins in the upcoming campaign [57] Question: What are the expectations for rainfall in the next 12 months? - If El Niño conditions develop, it is anticipated that rainfall could exceed 1,000 mm in key agricultural areas, which would be beneficial for yields [68] Question: Are there plans to list a brokerage company on an exchange? - Currently, there are no plans for such a listing, but the company is considering capital needs for its expanding operations in Brazil [69]

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Unaudited Condensed Interim Consolidated Financial Statements for the six and three-month periods ended December 31, 2022, presented comparatively. Legal information Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Fiscal year N°: 90, beginning on July 1, 2022 Legal address: Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina Company activity: Real estate, agricul ...

Financial Data and Key Metrics Changes - The net result for the semester is a gain of ARS 19.2 billion compared to ARS 74 billion last year, indicating a significant reduction primarily related to the fair value of investment properties [17] - Adjusted EBITDA for the agricultural business decreased from ARS 9.3 billion last year to ARS 800 million this year, with grains also seeing a reduction from ARS 1.9 billion to ARS 220 million [22][23] - Operating income on a consolidated basis reduced by 44.3%, excluding the effect of changes in fair value related to the investment in IRSA [25] Business Line Data and Key Metrics Changes - The company increased its stake in IRSA from 54% to 57%, with strong operational and financial results, including EBITDA surpassing pre-pandemic levels [5][12][13] - The agricultural business faced challenges, particularly in sugarcane, which saw a reduction in results due to lower prices and adverse climate conditions [4][22] - The agricultural brand and services segment reported a gain of 116%, increasing from ARS 1.8 billion to ARS 4 billion during the year [24] Market Data and Key Metrics Changes - Inflation during the semester was 43%, and devaluation was 41%, leading to a real appreciation of the peso by 1% [14] - The drought in Argentina is expected to impact commodity prices, with the market anticipating a lower yield of approximately 35 million tons compared to previous years [44][60] - The regional balance is better in Brazil, with good rainfall leading to positive expectations for corn and soybeans, while Argentina is facing more challenges [3][10] Company Strategy and Development Direction - The company is optimistic about the second semester, expecting improved operational results in IRSA and growth in the agricultural sector, particularly in Brazil [51][54] - There is a focus on increasing the size of leased lands and expanding operations in Brazil, where liquidity is high [8][46] - The company plans to continue executing its share buyback program and is optimistic about future dividends, although no specific guidance was provided [29][38] Management's Comments on Operating Environment and Future Outlook - Management noted mixed conditions across different countries and crops, with sustained commodity prices but increased growing costs affecting margins [3][6] - The company remains optimistic about the agricultural campaign in Argentina and Brazil, despite the challenges posed by drought [10][51] - Future expectations include a potential rebound in land prices in Argentina due to government measures and increased activity in the real estate sector [47][54] Other Important Information - The company received dividends from subsidiaries totaling $34.8 million during the semester, with expectations for more in the future [27] - A successful debt refinancing was achieved, with a significant reduction in net debt from nearly $1.2 billion to $680 million since 2020 [28][29] Q&A Session Summary Question: Do you expect farmland sales in Argentina for the next semester of this year 2023 and also in the region? - Management indicated that while the first semester was not very active in real estate, they are optimistic about increased activity in the second semester, particularly in Brazil [21] Question: Can you explain the reasons for the significant tax credit in the P&L in the latest quarter results? - The tax credit was due to a conservative approach in recognizing losses in previous quarters, reversed following a Supreme Court decision allowing inflation adjustments in tax balance sheets [33] Question: What is the outlook for commodity prices given the drought in Argentina? - The drought is expected to keep prices stable, with the market not anticipating a significant rebound due to Brazil's larger production offsetting Argentina's losses [44] Question: Any guidance on dividend and share repurchase going forward? - The company plans to continue executing its buyback program but prefers not to provide specific guidance on dividends [38] Question: What is the average market price of agricultural land in Argentina and Brazil? - Prices in Brazil have rebounded significantly, while Argentina's land prices remain lower due to government interventions and taxes on exports [40][41]