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Cresud(CRESY) - 2023 Q2 - Earnings Call Transcript
2023-02-14 18:44
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]
Cresud(CRESY) - 2023 Q2 - Earnings Call Presentation
2023-02-14 15:10
2 3 5 6 SHARES BUYBACK PROGRAM PROGRESS AND DIVIDEND PAYMENT. Jun 20 325 Jun 21 533 Jun 22 610 Feb 23 566 Jun 20 133 Jun 21 284 Feb 23 268 Jun 22 291 100 200 300 400 500 600 700 05/2009/2001/2105/2109/2101/2205/2209/2201/23 CORN SOYBEAN MAIN HIGHLIGHTS FOR IIQ 2023 & SUBSEQUENT 4 1 CAMPAIGN PROGRESS WITH MIXED CONDITIONS Sustained commodity prices, growing costs and climate challenges. BRASILAGRO: MIXED PRODUCTIVE RESULTS & FARMLAND SALES Good grain results and negative from sugarcane. Lower results from re ...
Cresud(CRESY) - 2023 Q2 - Quarterly Report
2022-12-01 16:00
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Unaudited Condensed Interim Consolidated Financial Statements for the three-month period ended September 30, 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, agricultural, co ...
Cresud(CRESY) - 2023 Q1 - Earnings Call Transcript
2022-11-14 19:05
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q1 2023 Earnings Conference Call November 14, 2022 10:00 AM ET Company Participants Santiago Donato - Investor Relations Alejandro Elsztain - Chief Executive Officer MatÃas Gaivironsky - Chief Administrative & Financial Officer Conference Call Participants Santiago Donato Good morning everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the first quarter 2023 Results Conference Cal ...
Cresud(CRESY) - 2023 Q1 - Earnings Call Presentation
2022-11-14 15:50
Agribusiness Performance - Strong commodity prices and sustained margins per hectare were observed despite the Niña climate effect and higher costs[2] - The company expects a planted area slightly above the previous campaign[2] - Soybean hedge position is at 53% and corn at 25%[3] - Climate challenges affected winter crops, especially wheat sowing progress[4, 5] - Agribusiness Adjusted EBITDA decreased by 57.3% from IQ22 to IQ23[17] - Farming sales decreased by 66.1% from IQ22 to IQ23[17] Real Estate Activities - Acquisition of Panamby Farm in Brazil with a total area of 10,800 hectares for BRL 285.6 million[6] - Partial sale of Morotí Farm in Paraguay for USD 1.5 million, resulting in a USD IRR of 27.9%[6] - Investment in IRSA: Urban Real Estate Business, with Rental Adjusted EBITDA showing recovery[7] - Office building sales during the quarter included 200 Della Paolera Floor 1, with a price of USD 12.6 million[7] Financial Results and Capital Allocation - Net Financial Results increased by 7.6% from IQ22 to IQ23[21] - Shares repurchase plan: 5,676,603 ordinary shares repurchased, representing 99% of the Plan, with an investment of ARS 990 million[27] - Dividend distribution approved for ARS 3,100 million, which is 528.66% of share capital, translating to ARS 5.29 per share[28]
Cresud(CRESY) - 2022 Q4 - Annual Report
2022-10-27 16:00
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 October, 2022 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) Carlos Della Paolera 261 (C1001ADA) Buenos Aires, Argen ...
Cresud(CRESY) - 2022 Q4 - Annual Report
2022-10-27 16:00
United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date ...
Cresud(CRESY) - 2022 Q1 - Earnings Call Presentation
2022-05-17 16:41
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Cresud(CRESY) - 2022 Q3 - Earnings Call Transcript
2022-05-16 18:48
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q3 2022 Earnings Conference Call May 16, 2022 10:00 AM ET Company Representatives Alejandro Elsztain - Chief Executive Officer MatÃas Gaivironsky - Chief Administrative and Financial Officer Santiago Donato - Investor Relations Conference Call Participants Santiago Donato Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the third quarter of fiscal year 2022 result ...
Cresud(CRESY) - 2022 Q2 - Earnings Call Transcript
2022-02-14 19:35
Financial Data and Key Metrics Changes - The company reported a significant gain of ARS 38 billion for the semester, compared to a loss of ARS 4.9 billion in the previous year [40] - Adjusted EBITDA for the agribusiness segment reached ARS 12.1 billion, up from ARS 2.4 billion last year, indicating a strong improvement across all lines [43] - The net financial results generated a gain of ARS 8.3 billion, compared to a loss of ARS 1.4 billion in the previous year [49] Business Line Data and Key Metrics Changes - The agribusiness segment achieved record numbers in EBITDA, driven by improved margins from grains, sugarcane, and farm sales [6][43] - The company sold two farms in Brazil, generating significant gains, reflecting the evolution of farm prices in the region [43][21] - FyO, the agricultural service company, became the largest broker in Argentina, closing the last campaign at 6.4 million tons and forecasting 7 million tons for the next campaign [22][24] Market Data and Key Metrics Changes - Real sales in shopping malls increased by 7.6% compared to pre-pandemic levels, marking the first real sales increase in three years [35] - The office segment experienced mixed results, with a decrease in occupancy due to the pandemic and a shift to higher-quality buildings [37] - The hotel segment continued to be affected by pandemic-related restrictions, particularly in Buenos Aires [39] Company Strategy and Development Direction - The company is focused on expanding its agribusiness operations across four countries, with plans to increase sugarcane plantations in Bolivia [13] - The approval of the Costa Urbana project is expected to drive growth for the next decade, allowing for the development of 900,000 square meters of various uses [32] - The merger between IRSA and IRSA Commercial Properties is anticipated to enhance operational efficiency and market presence [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the agricultural environment, expecting good margins and increased activity in both Argentina and Brazil [55] - The company is preparing for a positive campaign, with expectations of good yields and margins from upcoming harvests [54] - Management highlighted the importance of the Costa Urbana project and the gradual development process expected over the next ten years [61] Other Important Information - The company reduced its debt to $400 million and is working on extending the tenure of part of its debt [50] - The company issued its first bond for FyO, raising $12.3 million at a 0% interest rate, indicating strong market confidence [26] Q&A Session Summary Question: Will the company continue selling farms in Argentina, Brazil, or the rest of the region? - Management indicated that there is increasing interest in farm purchases in Argentina and confirmed strong liquidity in Brazil, expecting active real estate movement in the second semester [52][53] Question: How is the company affected by Central Bank capital restrictions on issued bonds? - Management clarified that there are no complications for bond payments due in 2023, as they do not need to refinance any debt this year [56][57] Question: What is the timing for the Costa Urbana development project? - Management noted that the project is significant and will take more than 10 years to fully develop, with no major capital expenditures expected in the next two years [60][61]