CRESUD SACIFyA announces its results for the second quarter of Fiscal Year 2023 ended December 31, 2022

Rhea-AI Summary

Cresud S.A.C.I.F. y A (NASDAQ: CRESY) reported its FY 2023 Q2 results, marking a significant decline in performance. The company posted a profit of ARS 19,237 million, down from ARS 74,081 million in the same period last year. Adjusted EBITDA also fell 40.3% to ARS 17,579 million, primarily due to lower productivity in sugarcane activities and reduced farmland sales in Brazil. Agricultural revenues dropped to ARS 36,905 million from ARS 48,794 million, while gross profit for the agricultural business decreased to ARS 5,584 million from ARS 15,393 million. The ongoing drought in Argentina continues to pose challenges.

Positive

• Ongoing buyback program increased shareholding in IRSA to 56.7%.
• Continued dividend payments, with ARS 3,100 million distributed in November 2022.

Negative

• Profit decreased by 74% compared to the prior year.
• Adjusted EBITDA down 40.3%, indicating operational struggles.
• Agribusiness revenue declined significantly, impacting overall financial health.

BUENOS AIRES, Argentina, Feb. 10, 2023 /PRNewswire/ -- 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 2023 ended December 31, 2022.

HIGHLIGHTS

• The net result for the first half of fiscal year 2023 showed a gain of ARS 19,237 million compared to a gain of ARS 74,081 million registered in the same period of 2022.
• Adjusted EBITDA for the first half of 2023 reached ARS 17,579 million, decreasing by 40.3% compared to the same period in 2022. Agribusiness adjusted EBITDA was ARS 4,754 million, 78.5% lower than the same period of 2022, mainly explained by lower productive results from the sugarcane activity in Brazil and lower farmland sales.
• The 2023 campaign is progressing with mixed conditions, sustained commodity prices, rising costs and climatic challenges in Argentina, where crop yields are being affected by a severe drought.
• During the quarter, our subsidiary Brasilagro sold a fraction of 1,965 hectares of its Rio Do Meio farm, in the State of Bahia, Brazil, for the sum of BRL 62.4 million and a fraction of 863 hectares of the "Morotí" farm located in the State of Boquerón, Paraguay, for an amount of USD 1.5 million.
• During the period, we continued with the share's buyback program, reaching approximately 1% of the share capital and increased our stake in IRSA. CRESUD' s direct and indirect holding in IRSA amounts to 56.7% to date.
• In November 2022, the Company made available to shareholders a cash dividend in the amount of ARS 3,100 million, equivalent to ARS/share 5.29 and ARS/ADS 52.86.

Financial Highlights
(In millions of Argentine Pesos)
6M FY 2023 ended December 31, 2022

Income Statement	12/31/2022	12/31/2021
Agricultural Business Revenue	36,905	48,794
Agricultural Business Gross Profit	5,584	15,393
Urban Properties Revenues	24,916	17,173
Urban Properties Gross Profit	20,587	13,534
Consolidated Gross Profit	25,748	28,524
Consolidated Result from Operations	(16,959)	66,126
Profit for the Period	19,237	74,081
Attributable to:
Cresud's Shareholders	10,574	41,310
Non-Controlling interest	8,663	32,771
EPS (Basic)	18.08	70.02
EPS (Diluted)	15.30	59.44
Balance Sheet	12/31/2022	06/30/2022
Current Assets	138,046	161,651
Non-Current Assets	575,557	595,514
Total Assets	713,603	757,165
Current Liabilities	137,508	211,142
Non-Current Liabilities	279,005	250,170
Total Liabilities	416,513	461,312
Non-Controlling Interest	172,593	178,103
Shareholders' Equity	297,090	295,853

The Company's market capitalization as of December 31, 2022, was approximately USD 396 million. (59,217,257 ADS with a price per ADS of USD 6.69)

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 2023 Results Conference Call on Tuesday, February 14, 2023, at 10:00 AM Eastern Time / 12:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/webinar/register/WN_dWGbz9GMScqh1q4YhqS71Q 
Webinar ID: 895 0262 1386
Password: 001102

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 4510 or +972 3 978 6688 or +972 2 376 4509

Brasil: +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788  or +55 11 4700 9668

Estados Unidos: +1 386 347 5053 or +1 507 473 4847 or +1 564 217 2000 or +1 646 558 8656 or +1 646 931 3860 or +1 669 444 9171 or +1 669 900 9128 or +1 689 278 1000 or +1 719 359 4580  or +1 253 205 0468  or +1 253 215 8782  or +1 301 715 8592  or +1 305 224 1968  or +1 309 205 3325  or +1 312 626 6799  or +1 346 248 7799  or +1 360 209 5623

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

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 are the financial results for CRESY in FY 2023 Q2?

Cresud reported a profit of ARS 19,237 million for FY 2023 Q2, significantly lower than ARS 74,081 million in the same period last year.

How did CRESY's adjusted EBITDA perform in FY 2023?

Adjusted EBITDA for CRESY in the first half of FY 2023 was ARS 17,579 million, a decrease of 40.3% compared to the previous year.

What challenges is Cresud facing in its agricultural business?

Cresud is facing challenges from severe drought conditions in Argentina, impacting crop yields and overall productivity.

What was the agricultural revenue for CRESY in FY 2023 Q2?

Cresud's agricultural revenue for the first half of FY 2023 was ARS 36,905 million, a decline from ARS 48,794 million in the same period of 2022.