BUENOS AIRES, Argentina,
June 9, 2020 /PRNewswire/ --
HIGHLIGHTS
- Net result for nine-month period of fiscal year 2020 recorded a
loss of ARS 7,421 million compared to
a loss of ARS 14,523 million in the
same period of fiscal year 2019. This lower loss is explained by
better results in agribusiness and mixed effects in our subsidiary
IRSA, such as the positive result from the deconsolidation of
Gav-Yam, offset by lower results of the market valuation of Clal in
the Israel operations center and
net financial losses in Argentina.
- Net result attributable to the controlling shareholder
registered a loss of ARS 10,185
million compared to a loss of ARS
10,076 million in the same period of 2019.
- Adjusted EBITDA for the period reached ARS 26,559 million, of which ARS 5,372 million come from the agricultural
business due to higher productive results of grains and sugarcane
activity offset by lower results from farmland sales and
ARS 21,187 million come from the
urban properties and investments business (IRSA), ARS 5,362 million from Argentina Business Center
and ARS 15,825 million from Israel
Business Center.
- In relation to the COVID-19 pandemic, our agricultural
operations continue to develop normally, following strict
protocols, as agricultural production is an essential activity to
guarantee food supplies. The urban properties and investments
business (IRSA) have been affected by the closure of the operations
of shopping malls and hotels in Argentina due to the social, preventive and
compulsory isolation decreed since March
20.
- During the quarter, our subsidiary Brasilagro has completed the
merger transaction with Agrifirma, adding 28,930 additional
hectares to its portfolio. Subsequently, it acquired a 4,500
hectares farm in PiauĂ and sold a new fraction of 105 ha of its
Alto Taquari farm.
- As a subsequent event, in June
2020, we have issued notes in the local market for the
approximate amount of USD 83 million,
USD linked with a term of 18 months. The funds will be used mainly
to refinance short-term liabilities.
Financial
Highlights
|
(In millions of
Argentine Pesos)
|
9M FY 2020 ended
March 31, 2020
|
|
|
|
Income
Statement
|
03/31/2020
|
03/31/2019
|
Agricultural Business
Revenue
|
18,504
|
11,667
|
Agricultural Business
Gross Profit
|
5,835
|
3,311
|
Urban Properties
Revenues
|
67,149
|
63,595
|
Urban Properties Gross
Profit
|
25,847
|
24,123
|
Consolidated Gross
Profit
|
31,505
|
27,267
|
Consolidated Profit
from Operations
|
11,283
|
1,023
|
Profit / (Loss) For the
Period
|
(7,421)
|
(14,523)
|
|
|
|
Attributable
to:
|
|
|
Cresud's
Shareholders
|
(10,185)
|
(10,076)
|
Non-Controlling
interest
|
2,764
|
(4,447)
|
|
|
|
EPS (Basic)
|
(20.70)
|
(20.62)
|
EPS
(Diluted)
|
(20.70)
|
(20.62)
|
|
|
|
Balance
Sheet
|
03/31/2020
|
06/30/2019
|
Current
Assets
|
195,927
|
207,592
|
Non-Current
Assets
|
380,567
|
481,394
|
Total
Assets
|
576,494
|
688,986
|
Current
Liabilities
|
148,658
|
121,527
|
Non-Current
Liabilities
|
343,816
|
446,755
|
Total
Liabilities
|
492,474
|
568,282
|
Non-Controlling
Interest
|
74,908
|
97,893
|
Shareholders'
Equity
|
84,020
|
120,704
|
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 2020
Results Conference Call on Wednesday, June
10, 2020, at 01:00 PM Eastern
Time / 02:00 PM BA Time.
To access the
Webinar:
https://irsacorp.zoom.us/j/91637305588?pwd=U3MvekJ2RUFpM2pWY01idjQ2VDZQdz09
Webinar ID: 916 3730 5588
Password: 878322
In addition, you can participate communicating to this
numbers:
Argentina: +54
112 040 0447 or +54 341 512 2188 or +54 343 414 5986
Israel: +972 55 330 1762 or +972 3
978 6688
Brazil: +55 21 3958 7888 or +55 11
4680 6788
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 23 210 9066 or +56 232
938 848 or +56 41 256 0288
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.