Cresud S.A.C.I.F. y A. Announces Results for the First Quarter Fiscal Year 2014 ended September, 2013

BUENOS AIRES, Argentina, Nov. 11, 2013 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the First Quarter Fiscal Year 2014 ended September 30, 2013.

HIGHLIGHTS

  • During the first quarter of fiscal year 2014 a net loss of ARS 89.0 million was recorded, explained mainly by exchange rate differences and higher financial charges.
  • Operating income reached ARS 161.6 million, 8.4% lower than in the first quarter of 2013, mainly due to higher operating losses in the main segments of the agricultural business, offset by higher results from the urban business.
  • The grains and sugarcane segments saw a fall in the fair value of biological assets due to the prior recognition of higher yields than those actually recorded, 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.
  • During this season we expect to plant 207,000 hectares and to transform approximately 17,300 hectares in the region.
  • The shareholders' meeting held on October 31, past approved the payment of a cash dividend for ARS 120.0 million (ARS 0.2417 per share and ARS 2.417 per ADR).

 

Financial Highlights
(In millions of Argentine Pesos)
First Quarter Fiscal Year 2014
Ended September 30, 2013

 

Income Statement

09/30/2013

09/30/2012

Agricultural Business Revenue

506.2

705.5

Agricultural Business Gross Profit

32.4

134.7

Urban Properties Revenues

638.4

1,378.3

Urban Properties Gross Profit

330.7

696.2

Consolidated Gross Profit

358.4

1.099,3

Consolidated Profit from Operations

161.6

647,0

Profit / (Loss) For the Period

-89.0

58,5




Attributable to:



Cresud's Shareholders

-97.8

-21,3

Non-Controlling interest

8.8

79,8




EPS (Basic)

-0.20

-0.03

EPS (Diluted)

-0.20

-0.03




Balance Sheet

09/30/2013

06/30/2013

Current Assets

2,804.6

3,288.2

Non Current Assets

9,863.8

9,122.5

Total Assets

12,668.4

12,410.7

Current Liabilities

2,912.5

2,664.9

Non Current Liabilities

4,978.4

5,026.8

Total Liabilities

7,890.9

7,691.7

Non-Controlling Interest

2,310.4

2,231.1

Shareholders' Equity

4,777.5

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 65.47% 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 Quarter 2014 Results Conference Call on Friday, November 15, 2013, at 12:00 PM Eastern Time

If you would like to participate, please call:
United States:  (888) 841-3494
Argentina:  0 800 666 0273
International:  +1-(706) 758-3350
ID# 99634590

To access the webcast, click on the link below:

http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=1863

Investor Relations Department
Cresud S.A.C.I.F. y A.
ir@cresud.com.ar

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



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

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