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 2021 ended December 31, 2020.

Rhea-AI Summary

Cresud, an Argentine agricultural firm, reported a significant net loss of ARS 3,264 million for the first semester of fiscal year 2021, contrasting with a profit of ARS 2,278 million in 2020. Notably, adjusted EBITDA rose by 10.2% year-on-year to ARS 8,894 million. The company benefitted from high commodity prices and weather conditions, planning to plant 260,000 hectares. Subsequent to this period, it sold assets in Bolivia for USD 30 million and increased its stake in Brasilagro.

Positive

• Adjusted EBITDA increased by 10.2% YoY to ARS 8,894 million.
• The company expects to plant approximately 260,000 hectares in the 2021 campaign.
• Sold lands in Bolivia for USD 30 million, increasing stake in Brasilagro.

Negative

• Net loss of ARS 3,264 million compared to a profit of ARS 2,278 million last year.
• Agricultural business revenue decreased from ARS 17,455 million to ARS 15,795 million YoY.
• Urban properties revenue dropped significantly from ARS 8,891 million to ARS 3,854 million YoY.

BUENOS AIRES, Argentina, March 12, 2021 /PRNewswire/ -- 

HIGHLIGHTS

• The net result for the first semester of fiscal year 2021 recorded a loss of ARS 3,264 million compared to a gain of ARS 2,278 million in the same period of 2020. The result from continuing operations recorded a gain of ARS 3,856 million mainly due to higher results from changes in the fair value of the investment properties from our subsidiary IRSA and lower losses from net financial results.
• Adjusted EBITDA for the first semester of fiscal year 2021 reached ARS 8.894 million, 10.2% higher than in the same period of fiscal year 2020. Agribusiness adjusted EBITDA was ARS 1,354 million and urban properties and investments business (IRSA) adjusted EBITDA was ARS 7,540 million.
• 2021 Campaign is developing with high international commodity prices and under "Niña" weather conditions from moderate to neutral. We expect to plant approximately 260,000 ha.
• As a subsequent event, we have sold our lands in Bolivia to our subsidiary Brasilagro for an amount of USD 30 million and subsequently, 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% to 34.1%.
• 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 completed an exchange of the Series XXIV Notes for a nominal value of USD 73.6 million and, as a subsequent event, we issued 90 million shares and 90 million warrants for the sum of USD 42.5 million.

 

Financial Highlights
(In millions of Argentine Pesos)
6M FY 2021 ended December 31, 2021
Income Statement	12/31/2020	12/31/2019
Agricultural Business Revenue	15,795	17,455
Agricultural Business Gross Profit	4,348	4,773
Urban Properties Revenues	3,854	8,891
Urban Properties Gross Profit	2,432	7,013
Consolidated Gross Profit	6,597	11,613
Consolidated Profit from Operations	9,221	12,753
(Loss) / Profit for the Period	(3,264)	2,278
Attributable to:
Cresud's Shareholders	(3,002)	(6,461)
Non-Controlling interest	(262)	8,739
EPS (Basic)	(6.01)	(13.19)
EPS (Diluted)	(6.01)	(13.19)
Balance Sheet	12/31/2020	06/30/2020
Current Assets	39,962	276,879
Non-Current Assets	233,520	546,412
Total Assets	273,482	823,291
Current Liabilities	67,894	207,172
Non-Current Liabilities	113,989	469,720
Total Liabilities	181,883	676,892
Non-Controlling Interest	61,584	116,246
Shareholders' Equity	91,599	146,399

 

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 2021 Results Conference Call on Monday, March 15, 2021, at 10:00 AM Eastern Time / 12:00 PM BA Time.

To access the Webinar:

https://irsacorp.zoom.us/j/86466122327?pwd=cjRzT2lpUCtucmRjREhRNGJVWVhZZz09

Webinar ID: 864 6612 2327

Password: 737007

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 were Cresud's financial results for the first semester of FY 2021?

Cresud reported a net loss of ARS 3,264 million for the first semester of FY 2021, a decline from a profit of ARS 2,278 million in the same period last year.

What is the adjusted EBITDA for Cresud in FY 2021?

Cresud's adjusted EBITDA for the first semester of FY 2021 reached ARS 8,894 million, reflecting a 10.2% increase compared to the previous year.

When will Cresud hold its results conference call?

Cresud will hold its second quarter FY 2021 results conference call on March 15, 2021, at 10:00 AM Eastern Time.

What asset sales did Cresud complete in FY 2021?

Cresud sold its lands in Bolivia for USD 30 million and disposed of Sociedad Anónima Carnes Pampeanas S.A. for USD 10 million.

How much did Cresud's agricultural business revenue decrease?

Cresud's agricultural business revenue decreased from ARS 17,455 million in the previous year to ARS 15,795 million in FY 2021.