Cresud S.A.C.I.F. y A. Announces Results for the period FY 2012 Ended June 30, 2012
BUENOS AIRES, Argentina, Sept. 11, 2012 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the period FY 2012 Ended June 30, 2012.
HIGHLIGHTS
- Operating Income totaled ARS 654.5 million, 10.0% lower than in 2011.
- During this year the region has been witness to a severe drought which, although not as tough as the one experienced during the 2008/2009 season, has affected a large portion of the core agricultural areas in South America. In our case, it has mainly affected our farms in Brazil and the farms leased by us from third parties in Argentina.
- The lower operating income the Agricultural business is mainly explained by the drought, lower results from our Beef Cattle and Feed Lot segments and losses from holdings and derivatives in BrasilAgro that carried out its hedging transactions before June 30 of this year, which are expected to be recovered in the next fiscal year as harvesting makes progress. This result was offset by a 26.9% year-on-year increase in operating income from the Real Estate segment.
- Net Income for fiscal year 2012 was ARS 78.3 million, 64.7% lower than in 2011, mainly explained by exchange rate differences and higher financial charges.
- Crop production grew by 153.2% compared to the same period of the previous fiscal year, reflecting the consolidation of our subsidiary BrasilAgro.
- The beef cattle segment recorded an increase of 75.9% in production results, thanks to the 38.1% increase in beef production, which reached 9,000 tons, and posted higher market prices. However, operating income from this segment fell 57.2% during this fiscal year, mainly due to an ARS 50.2 million drop in holding results.
- As concerns milk production, productivity keeps rising thanks to the consolidation of production in our "El Tigre" dairy facility. During this period we produced 16.6 million liters with an average of 2,112 milking cows per day, reaching an output of 21.5 liters, 12.6% higher than in fiscal year 2011.
- We have increased our interest in BrasilAgro to 39.64%. We have also increased our stake in IRSA, reaching 64.20% of its stock capital. During this year, IRSA's EBITDA rose by 20.1%, generating very good results for our Company.
- During fiscal year 2012 we issued two series of notes: In September 2011, we issued series VIII notes for a principal amount of USD 60 million, due in 2014, offered in the global markets, and in June 2012 we issued series IX, X and XI in the local market, for a total of ARS 383.1 million.
- In November 2011 we paid to our shareholders a cash dividend of ARS 63.8 million, representing ARS 0.149/share and a dividend yield of 2.62%.
Financial Highlights
(In thousands of Argentine Pesos)
Period FY 2012
Ended June 30, 2012
|
Income Statement |
06/30/2012 |
06/30/2011 |
|
Total Production Revenues |
700,396 |
406,481 |
|
Production Results |
87,117 |
126,403 |
|
Total Agribusiness Revenues |
1,090,746 |
564,854 |
|
Agribusiness Results |
159,369 |
101,648 |
|
Total Real Estate Sales |
1,566,465 |
1,441,887 |
|
Real Estate Results |
1,001,389 |
822,148 |
|
Gross Profit |
1,231,937 |
1,054,014 |
|
Operating Profit |
654,486 |
727,128 |
|
Net Income (loss) |
78,263 |
221,993 |
|
EPS (Basic) |
0.16 |
0.45 |
|
EPS (Dilluted) |
0.14 |
0.40 |
|
Balance Sheet |
06/30/2012 |
06/30/2011 |
|
Current Assets |
1,922,229 |
2,265,588 |
|
Non Current Assets |
7,832,983 |
7,455,432 |
|
Total Assets |
9,755,212 |
9,721,020 |
|
Current Liabilities |
2,100,356 |
2,364,192 |
|
Non Current Liabilities |
3,600,797 |
2,299,229 |
|
Total Liabilities |
5,701,153 |
5,356,482 |
|
Minority Interest |
1,990,778 |
2,262,857 |
|
Shareholders' Equity |
2,063,281 |
2,101,681 |
About Cresud:
Cresud is a leading Argentine agricultural company with a growing presence in Latin American countries. Cresud is currently involved in a range of activities including crop production, cattle raising 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 64,20% 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 2012 Results Conference Call on Friday, September 14, 2012, at 11:00 Eastern Time
If you would like to participate, please call:
United States: (888) 841-3494
International: +1-(706) 758-3350
ID# 28547390
To access the webcast, click on the link below: http://webcast.mzvaluemonitor.com/Home/Login/405
SOURCE Cresud S.A.C.I.F. y A.
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