Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the third quarter of FY 2021 ended March 31, 2021
Cresud, a leading Argentine agricultural company, reported significant losses in its fiscal year 2021 results. The company recorded a net loss of ARS 9,231 million, compared to a profit of ARS 10,589 million in the previous year. Despite this setback, adjusted EBITDA increased by 40.5% to ARS 20,705 million. The agribusiness sector showed resilience with a 15.4% increase in adjusted EBITDA, totaling ARS 9,215 million. Furthermore, the company expanded its stake in Brasilagro and achieved a record grain production expectation of 850,000 tons.
- Adjusted EBITDA increased by 40.5% to ARS 20,705 million.
- Agribusiness adjusted EBITDA rose by 15.4% to ARS 9,215 million.
- Urban properties and investments adjusted EBITDA surged by 70.1% to ARS 11,482 million.
- Record grain production expected at 850,000 tons.
- Net loss of ARS 9,231 million compared to a gain of ARS 10,589 million.
- Loss from continuing operations of ARS 1,129 million due to negative fair value changes of investment properties.
- Agricultural business revenue declined to ARS 17,112 million from ARS 19,556 million.
- Urban properties revenue fell to ARS 7,209 million from ARS 13,927 million.
- Consolidated profit from operations dropped to ARS 2,530 million from ARS 17,016 million.
BUENOS AIRES, Argentina, May 13, 2021 /PRNewswire/ --
HIGHLIGHTS
- The net result for the nine-month period of fiscal year 2021 recorded a loss of ARS 9,231 million compared to a gain of ARS 10,589 million in the same period of 2020. The result from continuing operations recorded a loss of ARS 1,129 million mainly due to negative results from changes in the fair value of the investment properties from our subsidiary IRSA.
- Adjusted EBITDA reached ARS 20,705 million,
40.5% higher than in the same period of fiscal year 2020. Agribusiness adjusted EBITDA was ARS 9,215 million,15.4% higher than in the same period of fiscal year 2020, and urban properties and investments business (IRSA) adjusted EBITDA was ARS 11,482 million, 70,1% higher than the compared period. - During 2021 Campaign, that is developing with high international commodity prices and under "Niña" weather conditions from moderate, we planted 259,000 hectares in the region and we expect to produce the historical record of 850,000 tons of grains.
- During the quarter, we have sold our lands in Bolivia to our subsidiary Brasilagro for an amount of USD 31 million and we subscribed 6.9 million shares within the framework of its capital increase for BRL 440 million, increasing our participation in Brasilagro, net of treasury shares, from
33.8% to34.1% . - In February 2021, we sold
100% of Sociedad Anónima Carnes Pampeanas S.A., owner of a meatpacking facilities plant in La Pampa, Argentina, for the sum of USD 10 million. - In financial matters, during the quarter we issued 90 million shares for the sum of USD 42.5 million and after the end of the period, our subsidiary IRSA issued 80 million shares for the sum of USD 28.8 million.
Financial Highlights
(In millions of Argentine Pesos)
9M FY 2021 ended March 31, 2021
Income Statement | 03/31/2021 | 03/31/2020 |
Agricultural Business Revenue | 17,112 | 19,556 |
Agricultural Business Gross Profit | 11,441 | 7,689 |
Urban Properties Revenues | 7,209 | 13,927 |
Urban Properties Gross Profit | 4,881 | 10,849 |
Consolidated Gross Profit | 16,000 | 18,291 |
Consolidated Profit from Operations | 2,530 | 17,016 |
(Loss) / Profit for the Period | (9,231) | (10,589) |
Attributable to: | ||
Cresud's Shareholders | (3,997) | (14,529) |
Non-Controlling interest | (5,234) | 3,940 |
EPS (Basic) | (7.56) | (29.53) |
EPS (Diluted) | (7.56) | (29.53) |
Balance Sheet | 03/31/2021 | 06/30/2020 |
Current Assets | 57,963 | 312,742 |
Non-Current Assets | 242,043 | 617,189 |
Total Assets | 300,006 | 929,931 |
Current Liabilities | 76,326 | 234,007 |
Non-Current Liabilities | 120,351 | 530,562 |
Total Liabilities | 196,677 | 764,569 |
Non-Controlling Interest | 67,379 | 131,302 |
Shareholders' Equity | 103,329 | 165,362 |
Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its third quarter of the FY 2021 Results Conference Call on Thursday, May 13, 2021, at 03:00 PM Eastern Time / 04:00 PM BA Time.
To access the Webinar:
https://irsacorp.zoom.us/j/83252953882?pwd=dWx2enlybC9oNVl5ZXBIYjlOdDNWQT09
Webinar ID: 832 5295 3882
Password: 621782
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
View original content:SOURCE Cresud S.A.C.I.F. y A.
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