Agricultural Productive Land Own and Under Concession
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024E
Argentina
69,173
67,233
62,496
60,104
54,685
65,335
60,949
62,593
68,554
72,077
Brazil
36,870
40,684
41,422
48,204
43,948
45,739
59,126
58,205
61,581
60,550
Bolivia
8,359
8,484
8,858
8,858
8,858
8,858
8,858
8,776
8,776
7,925
Paraguay
5,562
5,870
7,261
7,263
9,411
11,787
12,373
13,242
13,078
11,964
Total Hectares
119,964
122,271
120,037
124,429
116,902
131,719
141,306
142,816
151,989
152,516
Cattle Productive Land Own and Under Concession
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024E
Argentina
163,523
158,932
159,562
147,653
149,666
147,757
144,770
140,971
140,196
140,335
Brazil
4,180
- 0
14,258
11,381
14,912
17,200
7,268
8,813
10,338
10,519
Bolivia
- 0
- 0
- 0
- 0
- 0
- 0
- 0
-
-
-
Paraguay
626
1,126
2,167
3,733
2,859
3,064
2,487
2,488
3,146
4,155
Total Hectares
168,329
160,058
175,987
162,767
167,437
168,021
154,525
152,272
153,680
155,009
Total Productive Lands
288,293
282,329
296,024
287,196
284,339
299,740
295,831
295,088
305,669
307,525
Land Reserve
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024E
Argentina
324,015
332,449
333,630
328,440
332,242
323,497
330,799
330,516
325,330
318,156
Brazil
83,306
83,633
83,771
79,083
75,681
92,805
87,698
78,778
85,490
74,815
Bolivia
2,938
4,048
1,017
1,017
1,017
1,017
1,017
1,244
1,244
1,950
Paraguay
52,566
51,758
50,063
48,494
47,220
44,734
44,725
43,855
42,498
42,603
Total Hectares
462,825
471,888
468,481
457,034
456,160
462,053
464,239
454,393
454,562
437,524
Total Hectares
751,118
754,217
764,505
744,230
740,499
761,793
760,070
749,481
760,231
745,049
Planted Surface
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024E
Argentina
120,162
106,200
116,852
111,705
131,125
138,824
129,245
119,078
123,181
118,394
Brazil
68,919
51,000
57,584
65,753
94,526
101,178
106,145
108,960
108,695
120,366
Bolivia
16,336
16,000
16,000
14,004
15,060
14,120
13,479
13,860
11,572
6,653
Paraguay
5,711
6,000
7,261
7,263
7,554
9,966
11,118
13,007
12,160
11,044
Total
211,128
179,200
197,697
198,725
248,265
264,088
259,987
254,905
255,608
256,457
BS
Unaudited Condensed Interim Consolidated Statement of Financial Position as of March 31, 2024 and June 30, 2023
(In ARS million)
03.31.2024
06.30.2023
ASSETS
Non-current assets
Investment properties
1,398,162
1,837,232
Property, plant and equipment
484,142
456,093
Trading properties
17,373
18,911
Intangible assets
61,248
31,232
Group of assets held for sale
6,075
-
Right-of-use assets
63,065
58,720
Biological assets
27,757
29,156
Investment in associates and joint ventures
131,911
124,339
Deferred income tax assets
8,529
4,475
Income tax credit
6
69
Restricted assets
3,990
3,767
Trade and other receivables
90,703
105,632
Investment in financial assets
10,086
6,470
Derivative financial instruments
1,591
1,227
Total non-current assets
2,304,638
2,677,323
Current assets
Trading properties
408
451
Biological assets
96,769
58,578
Inventories
82,797
88,416
Income tax credit
734
3,584
Trade and other receivables
243,182
243,853
Investment in financial assets
140,988
137,314
Derivative financial instruments
12,755
19,308
Cash and cash equivalents
103,653
122,008
Total current assets
681,286
673,512
TOTAL ASSETS
2,985,924
3,350,835
SHAREHOLDERS' EQUITY
Shareholders' equity (according to corresponding statement)
580,270
651,857
Non-controlling interest
754,213
852,640
TOTAL SHAREHOLDERS' EQUITY
1,334,483
1,504,497
LIABILITIES
Non-current liabilities
Trade and other payables
34,345
38,402
Borrowings
450,930
499,328
Deferred income tax liabilities
462,052
606,213
Provisions
20,139
20,259
Payroll and social security liabilities
1,023
1,062
Lease liabilities
51,692
55,887
Derivative financial instruments
1,818
145
Total non-current liabilities
1,021,999
1,221,296
Current liabilities
Trade and other payables
214,349
251,880
Borrowings
325,040
321,816
Provisions
3,533
2,713
Payroll and social security liabilities
14,862
21,290
Income tax liabilities
49,906
5,176
Lease liabilities
17,907
18,262
Derivative financial instruments
3,845
3,905
Total Current liabilities
629,442
625,042
TOTAL LIABILITIES
1,651,441
1,846,338
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
2,985,924
3,350,835
IS
Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income for the nine and three-month periods ended March 31, 2024 and 2023
Nine months
Three months
(In ARS million)
03.31.2024
03.31.2023
03.31.2024
03.31.2023
Revenues
450,813
428,532
140,375
109,899
Costs
(253,640)
(254,482)
(77,460)
(67,039)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
5,786
(2,598)
6,358
9,176
Changes in the net realizable value of agricultural products after harvest
3,047
(1,598)
(7,451)
(3,756)
Gross profit
206,006
169,854
61,822
48,280
Net (loss) / gain from fair value adjustment of investment properties
(377,718)
(134,939)
(589,529)
1,438
Gain / (loss) from disposal of farmlands
6,254
2,670
(149)
0
General and administrative expenses
(40,865)
(47,321)
(16,295)
(15,979)
Selling expenses
(36,297)
(31,270)
(11,585)
(10,845)
Other operating results, net
10,280
(20,071)
1,927
(9,674)
Management fees
(884)
(9,048)
7,664
(3,276)
(Loss) / Profit from operations
(233,224)
(70,125)
(546,145)
9,944
Share of profit / (loss) of associates and joint ventures
29,680
2,178
(452)
(1,655)
(Loss) / Profit before financial results and income tax
(203,544)
(67,947)
(546,597)
8,289
Finance income
45,512
6,311
32,377
1,127
Finance cost
(47,293)
(86,856)
(18,972)
(31,287)
Other financial results
110,987
80,883
299,950
44,365
Inflation adjustment
(15,635)
63,434
(119,158)
8,032
Financial results, net
93,571
63,772
194,197
22,237
(Loss) / Profit before income tax
(109,973)
(4,175)
(352,400)
30,526
Income tax
84,327
145,093
141,466
19,559
(Loss) / Profit for the period
(25,646)
140,918
(210,934)
50,085
Other comprehensive income / (loss):
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment and other comprehensive results from associates and joint ventures (i)
13,718
3,900
- 194,357
17,691
Revaluation surplus / (deficit)
1,487
1,662
- 114
185
Total other comprehensive income / (loss) for the period
15,205
5,562
- 194,471
17,876
Total comprehensive (loss) / income for the period
- 10,441
146,480
- 405,405
67,961
Profit / (loss) for the period attributable to:
Equity holders of the parent
22,340
79,463
- 51,652
29,535
Non-controlling interest
- 47,986
61,455
- 159,282
20,550
Total comprehensive income / (loss) attributable to:
Equity holders of the parent
27,879
82,381
- 121,302
36,649
Non-controlling interest
- 38,320
64,099
- 284,103
31,312
Profit / (loss) for the period per share attributable to equity holders of the parent (ii):
Basic
37.73
135.07
- 87.23
50.20
Diluted
31.91
114.16
- 87.23
42.43
CF
Unaudited Condensed Interim Consolidated Statements of Cash Flows for the nine-month periods ended March 31, 2024 and 2023
(In ARS million)
03.31.2024
03.31.2023
Operating activities:
Net cash generated from operating activities before income tax paid
66,559
32,887
Income tax paid
- 5,863
- 7,746
Net cash generated from operating activities
60,696
25,141
Investing activities:
Proceeds from the sale of participation in joint ventures
19,929
-
Capital contributions to associates and joint ventures
- 0
- 78
Proceeds from sales of intangible assets
8
-
Acquisition and improvement of investment properties
- 7,399
- 8,134
Proceeds from sales of investment properties
30,150
70,868
Acquisitions and improvements of property, plant and equipment
- 19,889
- 39,916
Payment of acquisitions of property, plant and equipment
- 33,328
-
Acquisition of intangible assets
- 1,354
- 768
Proceeds from sales of property, plant and equipment
45,776
35,688
Dividends collected from associates and joint ventures
496
1,738
Proceeds from loans granted
1,251
1,396
Acquisitions of investments in financial assets
- 272,425
- 89,163
Proceeds from disposal of investments in financial assets
322,572
96,490
Interest received from financial assets
10,714
361
Payments of derivative financial instruments
- 1,147
1,804
Prepayment for investment properties purchases
-
- 6,555
Net cash generated from investing activities
95,354
63,731
Financing activities:
Borrowings, issuance and new placement of non-convertible notes
214,653
228,738
Payment of borrowings and non-convertible notes
- 181,504
- 321,179
Obtaining of short term loans, net
4,230
32,320
Interest paid
- 84,124
- 83,097
Capital contributions from non-controlling interest in subsidiaries
5,851
- 0
Lease liabilities paid
- 1,440
- 1,183
Repurchase of treasury shares
- 8,776
- 21,077
Dividends paid
- 143,840
- 45,001
Exercise of warrants
4,837
1,565
Repurchase of non-convertible notes
- 4,236
-
Net cash used in financing activities
- 194,349
- 208,914
Net decrease in cash and cash equivalents
- 38,299
- 120,042
Cash and cash equivalents at the beginning of the period
122,008
235,832
Foreign exchange gain on cash and unrealized fair value result for cash equivalents
31,841
10,744
Inflation adjustment
- 11,897
- 7,811
Cash and cash equivalents at the end of the period
103,653
118,723
Consolidated Results
Consolidated Results
(In ARS million)
9M 24
9M 23
YoY Var
Revenues
450,813
428,532
5.2%
Costs
- 253,640
- 254,482
-0.3%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
5,786
- 2,598
-322.7%
Changes in the net realizable value of agricultural produce after harvest
3,047
- 1,598
-290.7%
Gross profit
206,006
169,854
21.3%
Net gain from fair value adjustment on investment properties
- 377,718
- 134,939
-
Gain from disposal of farmlands
6,254
2,670
134.2%
General and administrative expenses
- 40,865
- 47,321
-13.6%
Selling expenses
- 36,297
- 31,270
16.1%
Other operating results, net
10,280
- 20,071
-
Management Fee
- 884
- 9,048
-90.2%
Result from operations
- 233,224
- 70,125
-
Depreciation and Amortization
24,127
23,703
1.8%
Rights of use installments
- 10,753
- 11,558
-7.0%
EBITDA (unaudited)
- 219,850
- 57,980
-
Adjusted EBITDA (unaudited)
164,332
101,820
61.4%
Loss from joint ventures and associates
29,680
2,178
1262.7%
Result from operations before financing and taxation
- 203,544
- 67,947
-
Financial results, net
93,571
63,772
46.7%
Result before income tax
- 109,973
- 4,175
-
Income tax expense
84,327
145,093
-41.9%
Result for the period
- 25,646
140,918
-118.2%
Attributable to
Equity holder of the parent
22,340
79,463
-71.9%
Non-controlling interest
- 47,986
61,455
-178.1%
Operations by Segment
Description of Operations by Segment
9M 2024
Agribusiness
Urban Properties and Investments
Total
9M 24 vs. 9M 23
Revenues
238,561
177,236
415,797
6.5%
Costs
- 184,422
- 31,238
- 215,660
1.2%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
5,295
-
5,295
-
Changes in the net realizable value of agricultural produce after harvest
3,047
-
3,047
-
Gross profit
62,481
145,998
208,479
20.8%
Net gain from fair value adjustment on investment properties
- 44
- 377,736
- 377,780
173.1%
Gain from disposal of farmlands
6,254
-
6,254
134.2%
General and administrative expenses
- 20,459
- 20,744
- 41,203
-13.9%
Selling expenses
- 25,123
- 11,961
- 37,084
14.3%
Other operating results, net
14,132
- 4,052
10,080
-
Result from operations
37,241
- 268,495
- 231,254
262.8%
Share of profit of associates
1,106
28,272
29,378
583.1%
Segment result
38,347
- 240,223
- 201,876
239.6%
9M 2023
Agribusiness
Urban Properties and Investments
Total
Revenues
221,656
168,834
390,490
Costs
- 182,803
- 30,277
- 213,080
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
- 3,270
-
- 3,270
Changes in the net realizable value of agricultural produce after harvest
- 1,598
-
- 1,598
Gross profit
33,985
138,557
172,542
Net gain from fair value adjustment on investment properties
- 287
- 138,044
- 138,331
Gain from disposal of farmlands
2,670
-
2,670
General and administrative expenses
- 18,525
- 29,354
- 47,879
Selling expenses
- 21,080
- 11,376
- 32,456
Other operating results, net
- 1,621
- 18,664
- 20,285
Result from operations
- 4,858
- 58,881
- 63,739
Share of profit of associates
- 3,165
7,466
4,301
Segment result
- 8,023
- 51,415
- 59,438
Agribusiness Results
I) Land Development, Transformation and Sales
in ARS million
9M 24
9M 23
YoY Var
Revenues
-
-
-
Costs
- 146
- 202
-27.7%
Gross loss
- 146
- 202
-27.7%
Net gain from fair value adjustment on investment properties
- 44
- 287
-84.7%
Gain from disposal of farmlands
6,254
2,670
134.2%
General and administrative expenses
- 37
- 31
19.4%
Selling expenses
- 82
- 19
331.6%
Other operating results, net
3,876
- 3,444
-
Profit from operations
9,821
- 1,313
-
Segment profit
9,821
- 1,313
-
EBITDA
9,845
- 1,266
-
Adjusted EBITDA
9,889
- 979
-
II) Agricultural Production
in ARS million
9M 24
9M 23
YoY Var
Revenues
163,884
154,512
6.1%
Costs
- 138,555
- 140,094
-1.1%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
5,295
- 3,270
-
Changes in the net realizable value of agricultural produce after harvest
3,047
- 1,598
-
Gross profit
33,671
9,550
252.6%
General and administrative expenses
- 11,959
- 9,732
22.9%
Selling expenses
- 17,164
- 15,022
14.3%
Other operating results, net
6,373
361
1665.4%
Results from operations
10,921
- 14,843
-
Results from associates
2,783
- 803
-
Segment results
13,704
- 15,646
-
EBITDA
18,522
- 8,203
-
Adjusted EBITDA
14,071
- 21,588
-
II.a) Crops and Sugarcane
Crops
in ARS million
9M 24
9M 23
YoY Var
Revenues
112,506
109,186
3.0%
Costs
- 96,923
- 99,123
-2.2%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
11,920
11,442
4.2%
Changes in the net realizable value of agricultural produce after harvest
3,031
- 1,598
-
Gross profit
30,534
19,907
53.4%
General and administrative expenses
- 8,559
- 6,660
28.5%
Selling expenses
- 15,022
- 12,284
22.3%
Other operating results, net
6,926
- 1,361
-
Profit from operations
13,879
- 398
-
Results from associates
2,750
- 791
-
Activity Profit
16,629
- 1,189
-
Sugarcane
in ARS million
9M 24
9M 23
YoY Var
Revenues
28,822
28,338
1.7%
Costs
-24,820
-27,275
-9.0%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest
-3,618
-1,439
151.4%
Gross profit
384
-376
-
General and administrative expenses
-1,846
-1,672
10.4%
Selling expenses
-883
-1,404
-37.1%
Other operating results, net
-254
1,590
-
Profit from operations
-2,599
-1,862
39.6%
Activity profit
-2,599
-1,862
39.6%
II.b) Cattle Production
In ARS Million
9M 24
9M 23
YoY Var
Revenues
15,840
13,160
20.4%
Costs
- 12,387
- 11,299
9.6%
Initial recognition and changes in the fair value of biological assets and agricultural produce
- 3,007
- 13,273
-77.3%
Changes in the net realizable value of agricultural produce after harvest
16
-
-
Gross Profit
462
- 11,412
-
General and administrative expenses
- 1,140
- 927
23.0%
Selling expenses
- 969
- 958
1.1%
Other operating results, net
- 244
120
-303.3%
Result from operations
- 1,891
- 13,177
-85.6%
Results from associates
33
- 12
-
Activity Result
- 1,858
- 13,189
-85.9%
II.c) Agricultural Rental and Services
In ARS Million
9M 24
9M 23
YoY Var
Revenues
6,716
3,828
75.4%
Costs
- 4,425
- 2,397
84.6%
Gross profit
2,291
1,431
60.1%
General and Administrative expenses
- 414
- 473
-12.5%
Selling expenses
- 290
- 376
-22.9%
Other operating results, net
- 55
12
-558.3%
Result from operations
1,532
594
157.9%
Activity Result
1,532
594
157.9%
III) Other Segments
In ARS Million
9M 24
9M 23
YoY Var
Revenues
74,677
67,144
11.2%
Costs
- 45,721
- 42,507
7.6%
Gross profit
28,956
24,637
17.5%
General and administrative expenses
- 5,798
- 5,419
7.0%
Selling expenses
- 7,877
- 6,039
30.4%
Other operating results, net
3,883
1,462
165.6%
Profit from operations
19,164
14,641
30.9%
Profit from associates
- 1,677
- 2,362
-29.0%
Segment Profit
17,487
12,279
42.4%
EBITDA
20,591
15,432
33.4%
Adjusted EBITDA
21,542
15,796
36.4%
IV) Corporate Segment
In ARS Million
9M 24
9M 23
YoY Var
General and administrative expenses
- 2,665
- 3,343
-20.3%
Loss from operations
- 2,665
- 3,343
-20.3%
Segment loss
- 2,665
- 3,343
-20.3%
EBITDA
- 2,665
- 3,331
-20.0%
Adjusted EBITDA
- 2,665
- 3,331
-20.0%
Urban Business Results
Consolidated Results of our Subsidiary IRSA Inversiones y Representaciones S.A.
In ARS Millions
9M 24
9M 23
YoY Var
Revenues
213,481
208,720
2.3%
Results from operations
- 269,680
- 56,488
377.4%
EBITDA
- 264,068
- 53,877
390.1%
Adjusted EBITDA
123,631
122,050
1.3%
Segment results
- 240,223
- 51,415
367.2%
Summary FS
Comparative Summary Consolidated Balance Sheet Data
In ARS million
Mar-24
Mar-23
Mar-22
Mar-21
Mar-20
Current assets
681,286
643,583
694,767
703,304
3,391,225
Non-current assets
2,304,638
2,644,437
2,674,446
2,936,882
6,587,083
Total assets
2,985,924
3,288,020
3,369,213
3,640,186
9,978,308
Current liabilities
629,442
549,029
608,303
926,119
2,573,061
Non-current liabilities
1,021,999
1,281,876
1,505,832
1,460,304
5,950,978
Total liabilities
1,651,441
1,830,905
2,114,135
2,386,423
8,524,039
Total capital and reserves attributable to the shareholders of the controlling company
580,270
621,867
456,444
436,209
157,715
Minority interests
754,213
835,248
798,634
817,554
1,296,554
Shareholders' equity
1,334,483
1,457,115
1,255,078
1,253,763
1,454,269
Total liabilities plus minority interests plus shareholders' equity
2,985,924
3,288,020
3,369,213
3,640,186
9,978,308
Comparative Summary Consolidated Statement of Income Data
In ARS million
Mar-24
Mar-23
Mar-22
Mar-21
Mar-20
Gross profit
206,006
169,854
228719
194140
221943
Profit from operations
- 233,224
- 70,125
80401
22663
206467
Results from associates and joint ventures
29,680
2,178
-4185
-24986
10146
Profit from operations before financing and taxation
- 203,544
- 67,947
76216
-2323
216613
Financial results, net
93,571
63,772
133714
16069
-277497
Profit before income tax
- 109,973
- 4,175
209930
13746
-60884
Income tax expense
84,327
145,093
40920
-35478
-54635
Result of the period of continuous operations
- 25,646
140,918
250850
-21732
-115519
Result of discontinued operations after taxes
-
-
-
-90277
-12963
Result for the period
- 25,646
140,918
250850
-112009
-128482
Controlling company's shareholders
27,879
82,381
102871
-95493
-214713
Non-controlling interest
- 38,320
64,099
19459
-153022
160322
Comparative Summary Consolidated Statement of Cash Flow Data
In ARS million
Mar-24
Mar-23
Mar-22
Mar-21
Mar-20
Net cash generated by operating activities
60,696
25,141
78,990
- 61,652
447,566
Net cash generated by investment activities
95,354
63,731
86,153
712,291
278,762
Net cash used in financing activities
- 194,349
- 208,914
- 247,670
- 471,059
- 1,162,180
Total net cash generated during the fiscal period
- 38,299
- 120,042
- 82,527
179,580
- 435,852
Ratios
In ARS million
Mar-24
Mar-23
Mar-22
Mar-21
Mar-20
Liquidity (1)
1.082
1.172
1.142
0.759
1.318
Solvency (2)
0.808
0.796
0.594
0.525
0.171
Restricted capital (3)
0.772
0.804
0.794
0.807
0.660
(1) Current Assets / Current Liabilities
(2) Total Shareholders' Equity/Total Liabilities
(3) Non-current Assets/Total Assets
EBITDA Reconciliation
EBITDA Reconciliation
For the nine-month period ended March 31 (in ARS million)
2024
2023
Result for the period
- 25,646
140,918
Income tax expense
- 84,327
- 145,093
Net financial results
- 93,571
- 63,772
Share of profit of associates and joint ventures
- 29,680
- 2,178
Depreciation and amortization
24,127
23,703
Rights of use installments
- 10,753
- 11,558
EBITDA (unaudited)
- 219,850
- 57,980
Gain from fair value of investment properties, not realized - agribusiness
44
287
Gain from fair value of investment properties, not realized - Urban Properties Business
377,674
134,652
Realized sale - Real Estate
21,560
37,883
Initial recognition and changes in fair value of biological assets
- 4,294
- 10,271
Realized initial recognition and changes in fair value of biological assets
794
- 2,751
Others (recovery of provision)
- 11,596
-
Adjusted EBITDA (unaudited)
164,332
101,820
Attachments
Original Link
Original Document
Permalink
Disclaimer
Cresud S.A.C.I.F. y A. published this content on
13 May 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
13 May 2024 19:52:03 UTC.
Cresud SACIF y A is an Argentina-based company engaged mainly in telecommunications sector. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. It is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.