CRESUD announces the results for the FY 2023, ended June 30, 2023

Rhea-AI Summary

Cresud announces FY 2023 results with a profit of ARS 75,287 million, down 44.6% from the previous year. Operating result decreased by 83.2% due to lower productive results. Sold 4 fractions of farms for USD 122 million. Acquired 'Los Sauces' farm for USD 4.5 million. Issued debt for USD 196.3 million. Shareholders' Meeting called to distribute dividend of up to ARS 22,000 million in cash and 24,334,124 IRSA shares. Financial highlights show decrease in gross profit and profit from operations.

Positive

• Profit of ARS 75,287 million
• Sold farms for USD 122 million
• Acquired 'Los Sauces' farm for USD 4.5 million
• Issued debt for USD 196.3 million
• Dividend proposal of up to ARS 22,000 million in cash and IRSA shares

Negative

• Decrease in operating result
• Decrease in gross profit and profit from operations

BUENOS AIRES, Argentina, Sept. 7, 2023 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the Fiscal Year 2023 ended June 30, 2023.

HIGHLIGHTS

• The net result for the fiscal year 2023 showed a profit of ARS 75,287 million compared to a profit of ARS 135,815 million registered in 2022.
• The operating result of the agricultural business in 2023 reached ARS 6,454 million, decreasing by 83.2% compared to 2022, mainly explained by lower productive results from the grain and livestock activity in Argentina, sugar cane in Brazil and a loss from changes in the fair value of investment properties.
• We sowed 283,000 hectares in the region during the 22/23 campaign, including our own farms leased to third parties, and we reached a crop production of approximately 764,000 tons, 4% below the previous campaign due to the impact of the severe argentine drought on crop yields.
• During the fiscal year, our subsidiary BrasilAgro sold 4 fractions of farms for a total amount of USD 122 million.
• In June 2023, we acquired the 1,250-hectare "Los Sauces" farm in La Pampa for USD 4.5 million
• During fiscal year 2023, we issued debt in the local market for USD 196.3 million and successfully completed the exchange of the Series XXIII Notes for USD 113 million.
• We paid dividends on two occasions during the fiscal year for a total amount of USD 61 million and distributed treasury shares, equivalent to 2.2% of the share capital.
• On September 6, 2023, the Board of Directors called a Shareholders' Meeting in order to distribute a dividend in cash and in kind, among other points to be discussed. The dividend proposal is for up to ARS 22,000 million in cash and for up to 24,334,124 IRSA Inversiones y Representaciones S.A. shares. Additionally, it proposes to distribute treasury shares for approximately 1% of the stock capital.

 

Financial Highlights (In millions of Argentine Pesos) FY 2023 ended June 30, 2023
Income Statement	06/30/2023	06/30/2022
Agricultural Business Revenue	101,777	138,851
Agricultural Business Gross Profit	13,262	49,502
Urban Properties Revenues	72,303	55,174
Urban Properties Gross Profit	59,016	43,640
Consolidated Gross Profit	71,271	91,542
Consolidated Profit from Operations	-24,840	93,193
Result for the Period	75,287	135,815
Attributable to:
Cresud's Shareholders	42,224	79,954
Non-Controlling interest	33,063	55,861
EPS (Basic)	72.48	135.58
EPS (Diluted)	61.64	115.03
Balance Sheet	06/30/2023	06/30/2022
Current Assets	214,938	243,580
Non-Current Assets	854,415	897,329
Total Assets	1,069,353	1,140,909
Current Liabilities	199,467	318,149
Non-Current Liabilities	389,752	376,961
Total Liabilities	589,219	695,110
Non-Controlling Interest	272,106	268,368
Shareholders' Equity	480,134	445,799

 

Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its Fiscal Year 2023 Results Conference Call on Monday, September 11, 2023, at 9:00 AM Eastern Time / 10:00 AM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/webinar/register/WN_8IX4_5MxQRCGUGJQWDqu0w
Webinar ID: 833 2316 1678
Password: 240197

In addition, you can participate communicating to this numbers:

Argentina: +54 341 512 2188 or +54 343 414 5986 or +54 112 040 0447 or +54 115 983 6950
Israel: +972 2 376 4509 or +972 2 376 4510 or +972 3 978 6688
Brazil: +55 11 4680 6788 or +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237
US: +1 346 248 7799 or +1 360 209 5623 or +1 386 347 5053 or +1 507 473 4847 or +1 564 217 2000
Chile: +56 23 210 9066 or +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305

Investor Relations Department.
https://www.cresud.com.ar/home-inversores.php?lng=en
Cresud S.A.C.I.F. y A.
+5411 4323-7449
ir@cresud.com.ar
Follow us on X: @cresudir

 

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SOURCE Cresud S.A.C.I.F. y A.