Cresud S.A.C.I.F. y A. Announces Results for the First Half 2014 ended December 2013

BUENOS AIRES, Argentina, Feb. 11, 2014 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the First Half 2014 ended December 31, 2013.

HIGHLIGHTS

  • During the first six-month period of 2014 a net loss of ARS 332.0 million was recorded, explained mainly by financial losses originated in exchange rate differences.
  • Operating income reached ARS 385.3 million, 30.8% lower than in the first six-month period of 2013, mainly due to operating losses in the main segments of the agricultural business, accompanied by a slight fall in the operating income from the urban business.
  • The grains and sugarcane segments saw falls in the fair value of biological assets due to the prior recognition of higher yields than those actually recorded and lower NRV due to lower prices of our products, whereas the beef cattle segment was impacted by higher feeding costs resulting from the drought experienced in Salta.
  • At the start of this season, weather conditions are normal, and our farms in Salta and Paraguay are recovering from the past drought conditions. Soybean and corn planting activities have been already completed in Argentina and Brazil.
  • During this season we expect to plant 220,000 hectares and to transform approximately 21,300 hectares in the region, an area which is larger than such estimated at the start of the season.
  • We have sold our interest in Cresca operations (Paraguay) to our subsidiary Brasilagro for a total amount of USD 18.5 million.

 

Financial Highlights
(In millions of Argentine Pesos)
First Half 2014
Ended December 31, 2013

Income Statement

12/31/2013

12/31/2012

Agricultural Business Revenue

784.6

529.4

Agricultural Business Gross Profit

58.7

108.5

Urban Properties Revenues

1,402.8

1,159.6

Urban Properties Gross Profit

736.7

559.3

Consolidated Gross Profit

787.4

649.3

Consolidated Profit from Operations

385.3

556.9

Profit / (Loss) For the Period

-354.8

176.7




Attributable to:



Cresud's Shareholders

-332.0

60.8

Non-Controlling interest

-22.7

116.0




EPS (Basic)

-0.67

0.12

EPS (Diluted)

-0.67

0.11




Balance Sheet

12/31/2013

06/30/2013

Current Assets

3,176.4

3,288.2

Non Current Assets

10,676.2

9,122.5

Total Assets

13,852.7

12,410.7

Current Liabilities

3,245.0

2,664.9

Non Current Liabilities

6,157.7

5,026.8

Total Liabilities

9,402.7

7,691.7

Non-Controlling Interest

2,221.1

2,231.1

Shareholders' Equity

4,450.0

2,488.0

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 65.92% 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 First Half 2014 Results Conference Call on Friday, February 14, 2014, at 2:00 PM EST

If you would like to participate, please call: 
United States:  (888) 841-3494
Argentina:  0 800 666 0273
International:  +1-(706) 758-3350
ID# 21133244

To access the webcast, click on the link below:
http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=2134

Investor Relations Department
Cresud S.A.C.I.F. y A.
+54-11-4323-7449
ir@cresud.com.ar 

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



RELATED LINKS
http://www.cresud.com.ar

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.