Cresud S.A.C.I.F. y A. Announces Results for Fiscal Year 2015 Ended June 30, 2015
BUENOS AIRES, Argentina, Sept. 7, 2015 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the Fiscal Year 2015 ended June 30, 2015.
HIGHLIGHTS
- The net income for the fiscal year 2015 was a net gain of ARS 756.8 million, compared to a net loss of ARS 1,408.4 million in fiscal year 2014, explained by a higher operating income, lower exchange rate differences and losses of IRSA investment in IDBD Development Corporation valued at fair value.
- Operating income for fiscal year 2015 was ARS 2,792.2 million, 135.6% higher than in fiscal year 2014, explained by improved results from Farmland Sales and Sales of Investment Properties from our subsidiary IRSA.
- During this year we sold farms for approximately USD 130 million and transformed 11,545 hectares in the region.
- Weather conditions during the crop season were good in the region, allowing us to plant 211,776 hectares and to produce 627,203 tons in the region. However, the depressed levels of commodity prices did not allow us to reach a productive return according the campaign.
- Grain and Sugarcane Segment registered operating losses of ARS 252.9 million and ARS 12.1 million respectively. Cattle and Milk segment observed operating gains of ARS 36.7 million and ARS 4.2 million respectively, higher than in 2014 due to an increase in meat production, milk productivity and solid growth in prices of both products.
- Our investment in IRSA generated very good results. Its EBITDA reached ARS 2,801.1 million, 91.5% higher than in 2014.
- We expect a "Nino" campaign for 2016 with rain levels above average. In Argentina, due to the current macroeconomic conditions and the profitability equation of the sector, the company is analyzing the surface to plant in owned farms and the surface that will lease to third parties.
Financial Highlights
(In millions of Argentine Pesos)
Fiscal Year 2015
Ended June 30, 2015
Income Statement |
06/30/2015 |
06/30/2014 |
Agricultural Business Revenue |
2.361,0 |
1.812,1 |
Agricultural Business Gross Profit |
288,3 |
349,4 |
Urban Properties Revenues |
2.547,1 |
2.155,8 |
Urban Properties Gross Profit |
1.913,3 |
1.507,5 |
Consolidated Gross Profit |
2.201,9 |
1.856,9 |
Consolidated Profit from Operations |
2.826,9 |
1.203,0 |
Profit / (Loss) For the Period |
756.8 |
-1.408,4 |
Attributable to: |
||
Cresud's Shareholders |
114.0 |
-1,067,9 |
Non-Controlling interest |
642.8 |
-340.5 |
EPS (Basic) |
0.23 |
(2.15) |
EPS (Diluted) |
0.21 |
(2.15) |
Balance Sheet |
06/30/2015 |
06/30/2014 |
Current Assets |
4,227.4 |
4,987.7 |
Non Current Assets |
11,684.9 |
10,796.0 |
Total Assets |
15,912.3 |
15,783.7 |
Current Liabilities |
4,488.5 |
4,800.4 |
Non Current Liabilities |
6,909.1 |
6,548.5 |
Total Liabilities |
11,397.5 |
11,348.9 |
Non-Controlling Interest |
2,558.9 |
2,488.9 |
Shareholders' Equity |
4,514.8 |
4,434.8 |
About Cresud:
Cresud is a leading South American 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 64.61% 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. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels.
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 Fiscal Year 2015 Results Conference Call on Tuesday, September 08, 2015, at 5:00 PM Eastern Time
If you would like to participate, please call:
United States: (888) 841-3494
International: +1-(706) 758-3350
ID# 15840118
To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=hV2k43sY%2BRPQHFY5OCsnPg%3D%3D
Investor Relations Department
Cresud S.A.C.I.F. y A.
[email protected]
www.cresud.com.ar
+5411-4323-7449
Follow us on Twitter @cresudir
SOURCE Cresud S.A.C.I.F. y A.
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