BUENOS AIRES, Argentina,
Sept. 9, 2017 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ:
CRESY, BASE: CRES), today announces results for FY 2017 ended
June 30, 2017.
During this year, the Company decided to change the valuation
method of investment properties from acquisition cost to fair
market value, in accordance with the International Financial
Reporting Standards (IFRS). Investment properties includes farms
leased to third parties, shopping malls, offices, land reserves and
real estate properties from Israel
coming from our subsidiary IRSA.
The reason for this change is the need to adjust the valuation
of investment property to its fair market value, for its amortized
acquisition cost is not reflective of its economic substance.
The Company has recognized the effects of this change in its
financial statements for the fourth quarter of 2017 ended
June 30, 2017.
HIGHLIGHTS
- We decided to change the valuation method for the investment
properties from historical cost to reasonable value, which was
reflected in the company's financial statements as of the IVQ of
FY17.
- Net result for FY17 registered a gain of ARS 5,028 million compared to a gain of
ARS 8,537 million in 2016 mainly
explained by lower results from changes in the fair value of
investments properties compensated by the results coming from Adama
sale and the increase in Clal share price added to the fact that we
are consolidating 12 months of 2017 in the Israel Business Center
of our subsidiary IRSA compared to 6 months of 2016.
- The 2017 campaign presented good climate conditions in the
region, except in Bolivia where
climate was adverse. We have planted 203,000 ha and developed
13,326 ha in the region.
- We have sold farms during the year for ARS 479 millones, registering a net gain of
ARS 280 million.
- During the year, our subsidiary Brasilagro acquired a farm of
17,566 ha of crop activity in the state of Maranhão for
R$ 100 million.
- Our urban properties and investments business observed good
operating results in Argentina and
Israel Business Center. EBITDA of the rental segments in
Argentina increased by 27.8% in
the compared year.
- During 2017, IDBD has issued notes in the Israeli market for
NIS 1,060 million at a fixed rate of
5.40% due 2019 and in July 2017 has
issued again notes for NIS 642.1
million at a fixed rate of 5.3% due 2022. Funds were
destinated to refinance its short term debt.
Financial
Highlights (In millions of Argentine Pesos)
FY 2017
Ended June 30, 2017
|
|
|
|
Income
Statement
|
06/30/2017
|
06/30/2016
(adjusted)
|
Agricultural Business
Revenue
|
3,919
|
2,912
|
Agricultural Business
Gross Profit
|
553
|
1,002
|
Urban Properties
Revenues
|
72,733
|
30,361
|
Urban Properties Gross
Profit
|
22,777
|
10,450
|
Consolidated Gross
Profit
|
23,330
|
11,452
|
Consolidated Profit
from Operations
|
10,208
|
20,561
|
Profit / (Loss) For the
Period
|
5,028
|
8,537
|
|
|
|
Attributable
to:
|
|
|
Cresud's
Shareholders
|
718
|
4,670
|
Non-Controlling
interest
|
1,292
|
3,423
|
|
|
|
EPS (Basic)
|
1.44
|
9.43
|
EPS
(Diluted)
|
1.43
|
9.31
|
|
|
|
Balance
Sheet
|
06/30/2017
|
06/30/2016
(adjusted)
|
Current
Assets
|
68,360
|
45,218
|
Non Current
Assets
|
173,086
|
154,433
|
Total Assets
|
241,446
|
199,651
|
Current
Liabilities
|
51,191
|
45,599
|
Non Current
Liabilities
|
141,082
|
116,852
|
Total
Liabilities
|
192,273
|
162,451
|
Non-Controlling
Interest
|
32,768
|
23,539
|
Shareholders'
Equity
|
49,173
|
37,200
|
About Cresud:
Cresud is a leading Argentinean agricultural company with a
growing presence in Latin American countries. Cresud is currently
involved in a range of activities including crop production, cattle
rising and milk production. Cresud's business model, which is being
rolled out regionally in Latin
America, taking into account the specific conditions of each
country, focuses on the acquisition, development and exploitation
of properties having attractive prospects for agricultural
production and/or value appreciation and the selective disposition
of such properties where appreciation has been realized.
Additionally, Cresud owns a 63.77% stake in IRSA Inversiones y
Representaciones S.A., Argentina's
largest, most well-diversified real estate company. Through its
subsidiaries, IRSA manages an expanding top portfolio of shopping
centers and office buildings, primarily in Buenos Aires. Also owns 3 premium hotels in
Argentina, a huge landbank for
future developments, 29,91% of Banco Hipotecario and some
international opportunistic investments, including a 68.3% stake in
the largest holding in Israel, IDB
Development Corporation.
A longer version of this press release with detailed information
is available on the web site: http://www.cresud.com.ar.
Cresud cordially invites you to participate in its FY 2017
Results Conference Call on Monday, September
11, 2017, at 10:00 AM Eastern
Time
If you would like to participate, please call:
United States: (844) 308-3411
International: +1-(412) 717-9604
ID# CRESUD
To access the webcast, click on the link below:
http://webcast.engage-x.com/Cover.aspx?PlatformId=zLxjXkW4UXiPyiv2J0I4kQ%3D%3D
Investor Relations Department
Cresud S.A.C.I.F. y A.
+5411 4323-7449
ir@cresud.com.ar
www.cresud.com.ar
Follow us on Twitter: @cresudir
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SOURCE Cresud S.A.C.I.F. y A.