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Press Release: Cresud S.A.C.I.F. y A. Announces Results for the FY 2017 ended June 30, 2017

9 Sep 2017 6:41 am

Cresud S.A.C.I.F. y A. Announces Results for the FY 2017 ended June 30, 2017

PR Newswire

BUENOS AIRES, Argentina, Sept. 9, 2017

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

View original content:http://www.prnewswire.com/news-releases/cresud-sacif-y-a-announces-results-for-the-fy-2017-ended-june-30-2017-300516686.html

SOURCE Cresud S.A.C.I.F. y A.

/Web site: http://www.cresud.com.ar
 

(END) Dow Jones Newswires

September 09, 2017 02:41 ET (06:41 GMT)
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