Breakdown of Hectares
PORTFOLIO CRESUD
IIIQ24
Agricultural Productive Land Own and Under Concession 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E
Argentina 69,173 67,233 62,496 60,104 54,685 65,335 60,949 62,593 68,554 72,077
Brazil 36,870 40,684 41,422 48,204 43,948 45,739 59,126 58,205 61,581 60,550
Bolivia 8,359 8,484 8,858 8,858 8,858 8,858 8,858 8,776 8,776 7,925
Paraguay 5,562 5,870 7,261 7,263 9,411 11,787 12,373 13,242 13,078 11,964
Total Hectares 119,964 122,271 120,037 124,429 116,902 131,719 141,306 142,816 151,989 152,516
Cattle Productive Land Own and Under Concession 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E
Argentina 163,523 158,932 159,562 147,653 149,666 147,757 144,770 140,971 140,196 140,335
Brazil 4,180 - 0 14,258 11,381 14,912 17,200 7,268 8,813 10,338 10,519
Bolivia - 0 - 0 - 0 - 0 - 0 - 0 - 0 - - -
Paraguay 626 1,126 2,167 3,733 2,859 3,064 2,487 2,488 3,146 4,155
Total Hectares 168,329 160,058 175,987 162,767 167,437 168,021 154,525 152,272 153,680 155,009
Total Productive Lands 288,293 282,329 296,024 287,196 284,339 299,740 295,831 295,088 305,669 307,525
Land Reserve 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E
Argentina 324,015 332,449 333,630 328,440 332,242 323,497 330,799 330,516 325,330 318,156
Brazil 83,306 83,633 83,771 79,083 75,681 92,805 87,698 78,778 85,490 74,815
Bolivia 2,938 4,048 1,017 1,017 1,017 1,017 1,017 1,244 1,244 1,950
Paraguay 52,566 51,758 50,063 48,494 47,220 44,734 44,725 43,855 42,498 42,603
Total Hectares 462,825 471,888 468,481 457,034 456,160 462,053 464,239 454,393 454,562 437,524
Total Hectares 751,118 754,217 764,505 744,230 740,499 761,793 760,070 749,481 760,231 745,049
Planted Surface 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024E
Argentina 120,162 106,200 116,852 111,705 131,125 138,824 129,245 119,078 123,181 118,394
Brazil 68,919 51,000 57,584 65,753 94,526 101,178 106,145 108,960 108,695 120,366
Bolivia 16,336 16,000 16,000 14,004 15,060 14,120 13,479 13,860 11,572 6,653
Paraguay 5,711 6,000 7,261 7,263 7,554 9,966 11,118 13,007 12,160 11,044
Total 211,128 179,200 197,697 198,725 248,265 264,088 259,987 254,905 255,608 256,457
BS
Unaudited Condensed Interim Consolidated Statement of Financial Position as of March 31, 2024 and June 30, 2023
(In ARS million) 03.31.2024 06.30.2023
ASSETS
Non-current assets
Investment properties 1,398,162 1,837,232
Property, plant and equipment 484,142 456,093
Trading properties 17,373 18,911
Intangible assets 61,248 31,232
Group of assets held for sale 6,075 -
Right-of-use assets 63,065 58,720
Biological assets 27,757 29,156
Investment in associates and joint ventures 131,911 124,339
Deferred income tax assets 8,529 4,475
Income tax credit 6 69
Restricted assets 3,990 3,767
Trade and other receivables 90,703 105,632
Investment in financial assets 10,086 6,470
Derivative financial instruments 1,591 1,227
Total non-current assets 2,304,638 2,677,323
Current assets
Trading properties 408 451
Biological assets 96,769 58,578
Inventories 82,797 88,416
Income tax credit 734 3,584
Trade and other receivables 243,182 243,853
Investment in financial assets 140,988 137,314
Derivative financial instruments 12,755 19,308
Cash and cash equivalents 103,653 122,008
Total current assets 681,286 673,512
TOTAL ASSETS 2,985,924 3,350,835
SHAREHOLDERS' EQUITY
Shareholders' equity (according to corresponding statement) 580,270 651,857
Non-controlling interest 754,213 852,640
TOTAL SHAREHOLDERS' EQUITY 1,334,483 1,504,497
LIABILITIES
Non-current liabilities
Trade and other payables 34,345 38,402
Borrowings 450,930 499,328
Deferred income tax liabilities 462,052 606,213
Provisions 20,139 20,259
Payroll and social security liabilities 1,023 1,062
Lease liabilities 51,692 55,887
Derivative financial instruments 1,818 145
Total non-current liabilities 1,021,999 1,221,296
Current liabilities
Trade and other payables 214,349 251,880
Borrowings 325,040 321,816
Provisions 3,533 2,713
Payroll and social security liabilities 14,862 21,290
Income tax liabilities 49,906 5,176
Lease liabilities 17,907 18,262
Derivative financial instruments 3,845 3,905
Total Current liabilities 629,442 625,042
TOTAL LIABILITIES 1,651,441 1,846,338
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 2,985,924 3,350,835
IS
Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income for the nine and three-month periods ended March 31, 2024 and 2023
Nine months Three months
(In ARS million) 03.31.2024 03.31.2023 03.31.2024 03.31.2023
Revenues 450,813 428,532 140,375 109,899
Costs (253,640) (254,482) (77,460) (67,039)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 5,786 (2,598) 6,358 9,176
Changes in the net realizable value of agricultural products after harvest 3,047 (1,598) (7,451) (3,756)
Gross profit 206,006 169,854 61,822 48,280
Net (loss) / gain from fair value adjustment of investment properties (377,718) (134,939) (589,529) 1,438
Gain / (loss) from disposal of farmlands 6,254 2,670 (149) 0
General and administrative expenses (40,865) (47,321) (16,295) (15,979)
Selling expenses (36,297) (31,270) (11,585) (10,845)
Other operating results, net 10,280 (20,071) 1,927 (9,674)
Management fees (884) (9,048) 7,664 (3,276)
(Loss) / Profit from operations (233,224) (70,125) (546,145) 9,944
Share of profit / (loss) of associates and joint ventures 29,680 2,178 (452) (1,655)
(Loss) / Profit before financial results and income tax (203,544) (67,947) (546,597) 8,289
Finance income 45,512 6,311 32,377 1,127
Finance cost (47,293) (86,856) (18,972) (31,287)
Other financial results 110,987 80,883 299,950 44,365
Inflation adjustment (15,635) 63,434 (119,158) 8,032
Financial results, net 93,571 63,772 194,197 22,237
(Loss) / Profit before income tax (109,973) (4,175) (352,400) 30,526
Income tax 84,327 145,093 141,466 19,559
(Loss) / Profit for the period (25,646) 140,918 (210,934) 50,085
Other comprehensive income / (loss):
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment and other comprehensive results from associates and joint ventures (i) 13,718 3,900 - 194,357 17,691
Revaluation surplus / (deficit) 1,487 1,662 - 114 185
Total other comprehensive income / (loss) for the period 15,205 5,562 - 194,471 17,876
Total comprehensive (loss) / income for the period - 10,441 146,480 - 405,405 67,961
Profit / (loss) for the period attributable to:
Equity holders of the parent 22,340 79,463 - 51,652 29,535
Non-controlling interest - 47,986 61,455 - 159,282 20,550
Total comprehensive income / (loss) attributable to:
Equity holders of the parent 27,879 82,381 - 121,302 36,649
Non-controlling interest - 38,320 64,099 - 284,103 31,312
Profit / (loss) for the period per share attributable to equity holders of the parent (ii):
Basic 37.73 135.07 - 87.23 50.20
Diluted 31.91 114.16 - 87.23 42.43
CF
Unaudited Condensed Interim Consolidated Statements of Cash Flows for the nine-month periods ended March 31, 2024 and 2023
(In ARS million) 03.31.2024 03.31.2023
Operating activities:
Net cash generated from operating activities before income tax paid 66,559 32,887
Income tax paid - 5,863 - 7,746
Net cash generated from operating activities 60,696 25,141
Investing activities:
Proceeds from the sale of participation in joint ventures 19,929 -
Capital contributions to associates and joint ventures - 0 - 78
Proceeds from sales of intangible assets 8 -
Acquisition and improvement of investment properties - 7,399 - 8,134
Proceeds from sales of investment properties 30,150 70,868
Acquisitions and improvements of property, plant and equipment - 19,889 - 39,916
Payment of acquisitions of property, plant and equipment - 33,328 -
Acquisition of intangible assets - 1,354 - 768
Proceeds from sales of property, plant and equipment 45,776 35,688
Dividends collected from associates and joint ventures 496 1,738
Proceeds from loans granted 1,251 1,396
Acquisitions of investments in financial assets - 272,425 - 89,163
Proceeds from disposal of investments in financial assets 322,572 96,490
Interest received from financial assets 10,714 361
Payments of derivative financial instruments - 1,147 1,804
Prepayment for investment properties purchases - - 6,555
Net cash generated from investing activities 95,354 63,731
Financing activities:
Borrowings, issuance and new placement of non-convertible notes 214,653 228,738
Payment of borrowings and non-convertible notes - 181,504 - 321,179
Obtaining of short term loans, net 4,230 32,320
Interest paid - 84,124 - 83,097
Capital contributions from non-controlling interest in subsidiaries 5,851 - 0
Lease liabilities paid - 1,440 - 1,183
Repurchase of treasury shares - 8,776 - 21,077
Dividends paid - 143,840 - 45,001
Exercise of warrants 4,837 1,565
Repurchase of non-convertible notes - 4,236 -
Net cash used in financing activities - 194,349 - 208,914
Net decrease in cash and cash equivalents - 38,299 - 120,042
Cash and cash equivalents at the beginning of the period 122,008 235,832
Foreign exchange gain on cash and unrealized fair value result for cash equivalents 31,841 10,744
Inflation adjustment - 11,897 - 7,811
Cash and cash equivalents at the end of the period 103,653 118,723
Consolidated Results
Consolidated Results
(In ARS million) 9M 24 9M 23 YoY Var
Revenues 450,813 428,532 5.2%
Costs - 253,640 - 254,482 -0.3%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 5,786 - 2,598 -322.7%
Changes in the net realizable value of agricultural produce after harvest 3,047 - 1,598 -290.7%
Gross profit 206,006 169,854 21.3%
Net gain from fair value adjustment on investment properties - 377,718 - 134,939 -
Gain from disposal of farmlands 6,254 2,670 134.2%
General and administrative expenses - 40,865 - 47,321 -13.6%
Selling expenses - 36,297 - 31,270 16.1%
Other operating results, net 10,280 - 20,071 -
Management Fee - 884 - 9,048 -90.2%
Result from operations - 233,224 - 70,125 -
Depreciation and Amortization 24,127 23,703 1.8%
Rights of use installments - 10,753 - 11,558 -7.0%
EBITDA (unaudited) - 219,850 - 57,980 -
Adjusted EBITDA (unaudited) 164,332 101,820 61.4%
Loss from joint ventures and associates 29,680 2,178 1262.7%
Result from operations before financing and taxation - 203,544 - 67,947 -
Financial results, net 93,571 63,772 46.7%
Result before income tax - 109,973 - 4,175 -
Income tax expense 84,327 145,093 -41.9%
Result for the period - 25,646 140,918 -118.2%
Attributable to
Equity holder of the parent 22,340 79,463 -71.9%
Non-controlling interest - 47,986 61,455 -178.1%
Operations by Segment
Description of Operations by Segment
9M 2024 Agribusiness Urban Properties and Investments Total 9M 24 vs. 9M 23
Revenues 238,561 177,236 415,797 6.5%
Costs - 184,422 - 31,238 - 215,660 1.2%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 5,295 - 5,295 -
Changes in the net realizable value of agricultural produce after harvest 3,047 - 3,047 -
Gross profit 62,481 145,998 208,479 20.8%
Net gain from fair value adjustment on investment properties - 44 - 377,736 - 377,780 173.1%
Gain from disposal of farmlands 6,254 - 6,254 134.2%
General and administrative expenses - 20,459 - 20,744 - 41,203 -13.9%
Selling expenses - 25,123 - 11,961 - 37,084 14.3%
Other operating results, net 14,132 - 4,052 10,080 -
Result from operations 37,241 - 268,495 - 231,254 262.8%
Share of profit of associates 1,106 28,272 29,378 583.1%
Segment result 38,347 - 240,223 - 201,876 239.6%
9M 2023 Agribusiness Urban Properties and Investments Total
Revenues 221,656 168,834 390,490
Costs - 182,803 - 30,277 - 213,080
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest - 3,270 - - 3,270
Changes in the net realizable value of agricultural produce after harvest - 1,598 - - 1,598
Gross profit 33,985 138,557 172,542
Net gain from fair value adjustment on investment properties - 287 - 138,044 - 138,331
Gain from disposal of farmlands 2,670 - 2,670
General and administrative expenses - 18,525 - 29,354 - 47,879
Selling expenses - 21,080 - 11,376 - 32,456
Other operating results, net - 1,621 - 18,664 - 20,285
Result from operations - 4,858 - 58,881 - 63,739
Share of profit of associates - 3,165 7,466 4,301
Segment result - 8,023 - 51,415 - 59,438
Agribusiness Results
I) Land Development, Transformation and Sales
in ARS million 9M 24 9M 23 YoY Var
Revenues - - -
Costs - 146 - 202 -27.7%
Gross loss - 146 - 202 -27.7%
Net gain from fair value adjustment on investment properties - 44 - 287 -84.7%
Gain from disposal of farmlands 6,254 2,670 134.2%
General and administrative expenses - 37 - 31 19.4%
Selling expenses - 82 - 19 331.6%
Other operating results, net 3,876 - 3,444 -
Profit from operations 9,821 - 1,313 -
Segment profit 9,821 - 1,313 -
EBITDA 9,845 - 1,266 -
Adjusted EBITDA 9,889 - 979 -
II) Agricultural Production
in ARS million 9M 24 9M 23 YoY Var
Revenues 163,884 154,512 6.1%
Costs - 138,555 - 140,094 -1.1%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 5,295 - 3,270 -
Changes in the net realizable value of agricultural produce after harvest 3,047 - 1,598 -
Gross profit 33,671 9,550 252.6%
General and administrative expenses - 11,959 - 9,732 22.9%
Selling expenses - 17,164 - 15,022 14.3%
Other operating results, net 6,373 361 1665.4%
Results from operations 10,921 - 14,843 -
Results from associates 2,783 - 803 -
Segment results 13,704 - 15,646 -
EBITDA 18,522 - 8,203 -
Adjusted EBITDA 14,071 - 21,588 -
II.a) Crops and Sugarcane
Crops
in ARS million 9M 24 9M 23 YoY Var
Revenues 112,506 109,186 3.0%
Costs - 96,923 - 99,123 -2.2%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 11,920 11,442 4.2%
Changes in the net realizable value of agricultural produce after harvest 3,031 - 1,598 -
Gross profit 30,534 19,907 53.4%
General and administrative expenses - 8,559 - 6,660 28.5%
Selling expenses - 15,022 - 12,284 22.3%
Other operating results, net 6,926 - 1,361 -
Profit from operations 13,879 - 398 -
Results from associates 2,750 - 791 -
Activity Profit 16,629 - 1,189 -
Sugarcane
in ARS million 9M 24 9M 23 YoY Var
Revenues 28,822 28,338 1.7%
Costs -24,820 -27,275 -9.0%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -3,618 -1,439 151.4%
Gross profit 384 -376 -
General and administrative expenses -1,846 -1,672 10.4%
Selling expenses -883 -1,404 -37.1%
Other operating results, net -254 1,590 -
Profit from operations -2,599 -1,862 39.6%
Activity profit -2,599 -1,862 39.6%
II.b) Cattle Production
In ARS Million 9M 24 9M 23 YoY Var
Revenues 15,840 13,160 20.4%
Costs - 12,387 - 11,299 9.6%
Initial recognition and changes in the fair value of biological assets and agricultural produce - 3,007 - 13,273 -77.3%
Changes in the net realizable value of agricultural produce after harvest 16 - -
Gross Profit 462 - 11,412 -
General and administrative expenses - 1,140 - 927 23.0%
Selling expenses - 969 - 958 1.1%
Other operating results, net - 244 120 -303.3%
Result from operations - 1,891 - 13,177 -85.6%
Results from associates 33 - 12 -
Activity Result - 1,858 - 13,189 -85.9%
II.c) Agricultural Rental and Services
In ARS Million 9M 24 9M 23 YoY Var
Revenues 6,716 3,828 75.4%
Costs - 4,425 - 2,397 84.6%
Gross profit 2,291 1,431 60.1%
General and Administrative expenses - 414 - 473 -12.5%
Selling expenses - 290 - 376 -22.9%
Other operating results, net - 55 12 -558.3%
Result from operations 1,532 594 157.9%
Activity Result 1,532 594 157.9%
III) Other Segments
In ARS Million 9M 24 9M 23 YoY Var
Revenues 74,677 67,144 11.2%
Costs - 45,721 - 42,507 7.6%
Gross profit 28,956 24,637 17.5%
General and administrative expenses - 5,798 - 5,419 7.0%
Selling expenses - 7,877 - 6,039 30.4%
Other operating results, net 3,883 1,462 165.6%
Profit from operations 19,164 14,641 30.9%
Profit from associates - 1,677 - 2,362 -29.0%
Segment Profit 17,487 12,279 42.4%
EBITDA 20,591 15,432 33.4%
Adjusted EBITDA 21,542 15,796 36.4%
IV) Corporate Segment
In ARS Million 9M 24 9M 23 YoY Var
General and administrative expenses - 2,665 - 3,343 -20.3%
Loss from operations - 2,665 - 3,343 -20.3%
Segment loss - 2,665 - 3,343 -20.3%
EBITDA - 2,665 - 3,331 -20.0%
Adjusted EBITDA - 2,665 - 3,331 -20.0%
Urban Business Results
Consolidated Results of our Subsidiary IRSA Inversiones y Representaciones S.A.
In ARS Millions 9M 24 9M 23 YoY Var
Revenues 213,481 208,720 2.3%
Results from operations - 269,680 - 56,488 377.4%
EBITDA - 264,068 - 53,877 390.1%
Adjusted EBITDA 123,631 122,050 1.3%
Segment results - 240,223 - 51,415 367.2%
Summary FS
Comparative Summary Consolidated Balance Sheet Data
In ARS million Mar-24 Mar-23 Mar-22 Mar-21 Mar-20
Current assets 681,286 643,583 694,767 703,304 3,391,225
Non-current assets 2,304,638 2,644,437 2,674,446 2,936,882 6,587,083
Total assets 2,985,924 3,288,020 3,369,213 3,640,186 9,978,308
Current liabilities 629,442 549,029 608,303 926,119 2,573,061
Non-current liabilities 1,021,999 1,281,876 1,505,832 1,460,304 5,950,978
Total liabilities 1,651,441 1,830,905 2,114,135 2,386,423 8,524,039
Total capital and reserves attributable to the shareholders of the controlling company 580,270 621,867 456,444 436,209 157,715
Minority interests 754,213 835,248 798,634 817,554 1,296,554
Shareholders' equity 1,334,483 1,457,115 1,255,078 1,253,763 1,454,269
Total liabilities plus minority interests plus shareholders' equity 2,985,924 3,288,020 3,369,213 3,640,186 9,978,308
Comparative Summary Consolidated Statement of Income Data
In ARS million Mar-24 Mar-23 Mar-22 Mar-21 Mar-20
Gross profit 206,006 169,854 228719 194140 221943
Profit from operations - 233,224 - 70,125 80401 22663 206467
Results from associates and joint ventures 29,680 2,178 -4185 -24986 10146
Profit from operations before financing and taxation - 203,544 - 67,947 76216 -2323 216613
Financial results, net 93,571 63,772 133714 16069 -277497
Profit before income tax - 109,973 - 4,175 209930 13746 -60884
Income tax expense 84,327 145,093 40920 -35478 -54635
Result of the period of continuous operations - 25,646 140,918 250850 -21732 -115519
Result of discontinued operations after taxes - - - -90277 -12963
Result for the period - 25,646 140,918 250850 -112009 -128482
Controlling company's shareholders 27,879 82,381 102871 -95493 -214713
Non-controlling interest - 38,320 64,099 19459 -153022 160322
Comparative Summary Consolidated Statement of Cash Flow Data
In ARS million Mar-24 Mar-23 Mar-22 Mar-21 Mar-20
Net cash generated by operating activities 60,696 25,141 78,990 - 61,652 447,566
Net cash generated by investment activities 95,354 63,731 86,153 712,291 278,762
Net cash used in financing activities - 194,349 - 208,914 - 247,670 - 471,059 - 1,162,180
Total net cash generated during the fiscal period - 38,299 - 120,042 - 82,527 179,580 - 435,852
Ratios
In ARS million Mar-24 Mar-23 Mar-22 Mar-21 Mar-20
Liquidity (1) 1.082 1.172 1.142 0.759 1.318
Solvency (2) 0.808 0.796 0.594 0.525 0.171
Restricted capital (3) 0.772 0.804 0.794 0.807 0.660
(1) Current Assets / Current Liabilities
(2) Total Shareholders' Equity/Total Liabilities
(3) Non-current Assets/Total Assets
EBITDA Reconciliation
EBITDA Reconciliation
For the nine-month period ended March 31 (in ARS million)
2024 2023
Result for the period - 25,646 140,918
Income tax expense - 84,327 - 145,093
Net financial results - 93,571 - 63,772
Share of profit of associates and joint ventures - 29,680 - 2,178
Depreciation and amortization 24,127 23,703
Rights of use installments - 10,753 - 11,558
EBITDA (unaudited) - 219,850 - 57,980
Gain from fair value of investment properties, not realized - agribusiness 44 287
Gain from fair value of investment properties, not realized - Urban Properties Business 377,674 134,652
Realized sale - Real Estate 21,560 37,883
Initial recognition and changes in fair value of biological assets - 4,294 - 10,271
Realized initial recognition and changes in fair value of biological assets 794 - 2,751
Others (recovery of provision) - 11,596 -
Adjusted EBITDA (unaudited) 164,332 101,820

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Cresud S.A.C.I.F. y A. published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 19:52:03 UTC.