Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the second quarter of FY 2022 ended December 31, 2021

Rhea-AI Summary

Cresud, an Argentine agricultural company, reported a net profit of ARS 38,030 million for the first half of FY 2022, up from a loss of ARS 4,924 million in FY 2021. This improvement is attributed to strong agricultural operating results and gains from fair value changes in investment properties. Adjusted EBITDA rose by 21.7% to ARS 15,829 million. Agricultural revenue increased to ARS 25,047 million, while urban properties revenue also grew. A merger involving subsidiaries is underway, affecting CRES's stake in IRSA.

Positive

• Net profit for H1 FY 2022: ARS 38,030 million vs. loss of ARS 4,924 million in H1 FY 2021.
• Adjusted EBITDA increased by 21.7% to ARS 15,829 million.
• Agricultural revenue rose to ARS 25,047 million, up from ARS 17,977 million.

Negative

• None.

BUENOS AIRES, Argentina, Feb. 11, 2022 /PRNewswire/ -- HIGHLIGHTS

• The net result for the first half of fiscal year 2022 recorded a gain of ARS 38,030 million compared to ARS 4,924 million loss in the same period of 2021, mainly due to higher agricultural operating results and the gain from changes in fair value of investment properties from IRSA.
  
  
• Adjusted EBITDA for the period reached ARS 15,829 million, 21.7% higher than in 2021. Adjusted EBITDA of the agribusiness segments reached ARS 12,098 million, due to higher results from grains, sugar cane and farmland sales.
  
  
• The 2022 campaign is developing with La Niña weather conditions, high international commodity prices and higher margins than the previous one, although with rising costs. We planted approximately 256,000 ha in the region.
  
  
• During the semester, our subsidiary Brasilagro sold a fraction of its Rio do Meio farm for BRL 130.1 million and completed the sale of a fraction of its Alto Taquarí farm for BRL 336.0 million.
  
  
• Regarding urban segment, in December 2021, the Shareholders' Meetings of IRSA and IRSA PC approved the merger by absorption between the companies, in which IRSA absorbs IRSA PC. The merger has an effective date of July 1, 2021, and the exchange of IRSA PC shares for IRSA shares will take place in the coming months. As a result of the merger, CRESUD stake in IRSA is reduced to 53.68%.

Financial Highlights
(In millions of Argentine Pesos)
6M FY 2022 ended December 31, 2021

Income Statement	12/31/2021	12/31/2020
Agricultural Business Revenue	25,047	17,977
Agricultural Business Gross Profit	7,900	5,983
Urban Properties Revenues	8,816	5,818
Urban Properties Gross Profit	6,947	3,671
Consolidated Gross Profit	14,643	8,665
Consolidated Profit from Operations	33,946	13,521
Profit / (Loss) for the Period	38,030	(4,924)
Attributable to:
Cresud's Shareholders	21,207	(4,528)
Non-Controlling interest	16,823	(396)
EPS (Basic)	35.94	(9.07)
EPS (Diluted)	30.51	(9.07)
Balance Sheet	12/31/2021	06/30/2021
Current Assets	74,734	84,285
Non-Current Assets	333,605	324,215
Total Assets	408,339	408,500
Current Liabilities	61,383	84,820
Non-Current Liabilities	195,730	196,142
Total Liabilities	257,113	280,962
Non-Controlling Interest	95,811	88,460
Shareholders' Equity	151,226	127,538

Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its second quarter of the FY 2022 Results Conference Call on Monday, February 14, 2022, at 12:00 PM Eastern Time / 02:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/81712882109?pwd=dXdSTG43OFB1QjJzekdMRFVULzBMUT09 
Webinar ID: 817 1288 2109
Password: 149734

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 55 330 1762 or +972 3 978 6688 

Brazil : +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 +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592

Chile: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

UK: +44 330 088 5830 or +44 131 460 1196 or +44 203 481 5237 or +44 203 481 5240 or +44 208 080 6591

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 Twitter: @cresudir

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

FAQ

What was Cresud's net profit for the first half of FY 2022?

Cresud reported a net profit of ARS 38,030 million for the first half of FY 2022.

How much did Cresud's Adjusted EBITDA increase in FY 2022?

Adjusted EBITDA increased by 21.7% to ARS 15,829 million in FY 2022.

What are the revenue figures for Cresud's agricultural business in FY 2022?

Cresud's agricultural business generated revenue of ARS 25,047 million in FY 2022.

What significant corporate action is Cresud undertaking?

Cresud is undergoing a merger involving its subsidiaries which will affect its stake in IRSA.