CRESUD S.A.C.I.F y A. announces its Results for the Fiscal Year 2020 ended June 30, 2020
BUENOS AIRES, Argentina, Sept. 29, 2020 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today results for the Fiscal Year 2020 ended June 30, 2020.
HIGHLIGHTS
The net result for fiscal year 2020 registered a gain of ARS 20,003 million compared to a loss of ARS 40,729 million in 2019. This gain is mainly explained by an increase in pesos of the valuation of investment properties from our subsidiary IRSA in Argentina.
Agribusiness Adjusted EBITDA of fiscal year 2020 reached ARS 7,267 million, 34.7% above 2019 mainly explained by higher productive results of the grain and sugar cane segment, offset by lower results from farmland sales.
The 2020 campaign presented very good weather conditions in the region. We planted a historical record of 264,000 hectares and reached a crop production of 828.000 grain tons.
In relation to the COVID-19 pandemic, our agricultural operations continue to develop normally, following strict protocols, as agricultural production is an essential activity to guarantee food supply. The urban properties and investments business (IRSA) has been affected by the closure of the operations of shopping centers and hotels in Argentina due to the social, preventive and mandatory isolation decreed since March 20.
During the fiscal year, our subsidiary BrasilAgro completed the merger operation with Agrifirma, adding 28,930 additional hectares to its portfolio, acquired a 4,500 hectares field in Piauí and sold four fractions in Alto Taquarí and Jatobá for a total of BRL 84.2 million.
During the fiscal year, we have issued notes in the local market for the sum of USD 194 million and after the end of the fiscal year, an additional USD 25 million. The funds will be used to refinance short-term liabilities.
In Israel Business Center, in September 2020, IDBD creditors asked the Tel Aviv District Court to order the opening of a liquidation procedure against IDBD. Following the Court's adverse ruling, we are evaluating the possible alternatives. Regarding our individual financial statements, the investment in IDBD and DIC as of June 30, 2020 is valued at zero.
Financial Highlights
(In millions of Argentine Pesos)
FY 2020
Ended June 30, 2020
Income Statement
06/30/2020
06/30/2019
Agricultural Business Revenue
26,259
19,061
Agricultural Business Gross Profit
7,256
4,888
Urban Properties Revenues
92,775
88,593
Urban Properties Gross Profit
33,724
32,966
Consolidated Gross Profit
40,769
37,619
Consolidated Profit / (Loss) from Operations
44,073
(24,489)
Profit / (Loss) For the Period
20,003
(40,729)
Attributable to:
Cresud's Shareholders
3,929
-26,796
Non-Controlling interest
16,074
-13,933
EPS (Basic)
(7.87)
(54.79)
EPS (Diluted)
(7.63)
(54.79)
Balance Sheet
06/30/2020
06/30/2019
Current Assets
231,023
218,757
Non-Current Assets
455,917
507,277
Total Assets
686,940
726,034
Current Liabilities
172,861
128,063
Non-Current Liabilities
391,926
470,770
Total Liabilities
564,787
598,833
Non-Controlling Interest
96,994
103,159
Shareholders' Equity
122,153
127,201
Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its Fiscal Year 2020 Results Conference Call on Wednesday, September 30, 2020, at 01:00 PM Eastern Time / 02:00 PM BA Time.
In addition, you can participate communicating to this numbers: Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986 Israel: +972 3 978 6688 or +972 55 330 1762 Brazil: +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788 or +55 11 4700 9668 Estados Unidos de América: +1 253 215 8782 or +1 301 715 8592 or +1 312 626 6799 or +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 Chile: +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066 or +56 232 938 848
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