Cresud S.A.C.I.F. y A. Announces Results for the second quarter of FY 2018 ended December 31, 2017
Wednesday, February 14, 2018 1:45:00 PM ET
Cresud S.A.C.I.F. y A. (CRESY, BASE: CRES ), today announces results for the IIQ FY 2018 ended December 31, 2017.
-- Net result for 6M18 registered a gain of ARS 9,929 million compared to a gain of ARS 6,724 million in 6M17 (Attributable to Cresud ARS 4,613 million in 6M18 vs. ARS 2,197 million in 6M17) mainly explained by higher results from changes in the fair value of investment properties coming from the Argentinean business center of our subsidiary IRSA due to the positive tax reform impact in Argentina and exchange rate, compensated by a non-cash loss in Israel business center due to a debt exchange at Discount Corporation Ltd.
-- We have concluded the sowing in the region expecting to have a 2008 campaign similar than the previous year.
-- During IQ18, we have sold "La Esmeralda" farm in Argentina for USD 19 million. Gain will be recognized in our Financial Statements of IVQ18 together with the sign of the deed. We expect to concrete new farmland sales in the second semester of FY2018.
-- Our urban properties and investments business observed good operating. EBITDA of the rental segments in Argentina increased by 18.6% in the compared year.
-- During November, we have distributed a cash dividend to the shareholders for the sum of ARS 395 million (ARS/share 0.7874 and ARS/ADR 7.8741).
-- As a subsequent event, we have issued a bond in the local market for the sum of USD 113 million at a fixed rate of 6.5% with maturity in 2023. The funds will be used to cancel existing liabilities.
(In millions of Argentine Pesos)
Ended December 31, 2017
Income Statement 12/31/2017 12/31/2016 (adjusted)
Agricultural Business Revenue 2,983 1,969
Agricultural Business Gross Profit 760 207
Urban Properties Revenues 42,214 36,106
Urban Properties Gross Profit 13,801 11,234
Consolidated Gross Profit 14,518 11,413
Consolidated Profit from Operations 15,823 6,354
Profit / (Loss) For the Period 9,929 6,724
Cresuds Shareholders 4,613 2,197
Non-Controlling interest 5,316 4,527
EPS (Basic) 9.24 4.43
EPS (Diluted) 9.20 4.41
Balance Sheet 12/31/2017 06/30/2016 (adjusted)
Current Assets 83,550 68,360
Non Current Assets 189,354 173,086
Total Assets 272,904 241,446
Current Liabilities 55,514 51,191
Non Current Liabilities 157,072 141,082
Total Liabilities 212,586 192,273
Non-Controlling Interest 40,923 32,768
Shareholders Equity 60,318 49,173
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. Cresuds 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 63.76% stake in IRSA Inversiones y Representaciones S.A., Argentinas 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 a 100.0% stake in the largest holding in Israel, IDB Development Corporation.
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 IIQ FY 2018 Results Conference Call on Friday, February 16, 2018, at 02:00 PM EST
If you would like to participate, please call: United States: (844) 308-3411International: +1-(412) 717-9604 ID# CRESUD
To access the webcast, click on the link below: http://webcast.engage-x.com/Cover.aspx?PlatformId=rmYZREJG4bo4JBaE3cwWVw%3D%3D
Investor Relations DepartmentCresud S.A.C.I.F. y A. +5411 4323-7449 firstname.lastname@example.org www.cresud.com.ar Follow us on Twitter: @cresudir
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SOURCE Cresud S.A.C.I.F. y A.