Cresud S.A.C.I.F. y A. Announces Results for Fiscal Year 2014 Ended June, 2014
BUENOS AIRES, Argentina, Sept. 9, 2014 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the Fiscal Year 2014 ended June 30, 2014.
HIGHLIGHTS
- The net result for the fiscal year 2014 was a net loss of ARS 1,092.8 million, compared to a gain of ARS 154.3 million in fiscal year 2013, explained by higher exchange rate differences and financial expenses.
- Operating income for fiscal year 2014 was ARS 1,185.2 million, 7.1% higher than in fiscal year 2013, explained by improved results from the Agricultural and Urban Segments, and offset by lower results from the sale of farms and higher administrative expenses mainly due to the one shot effect of an incentive stock plan for employees of the company.
- During this year we transformed 15,378 hectares in the region and sold 2 farms for ARS 148.5 million.
- Weather conditions during the crop season were good in Argentina and Paraguay and unfavorable in Bolivia and Brazil, allowing us to plant 206,000 hectares and to produce 595,000 tons in the region.
- Gross income from the grain segment grew 38.2% in 2014, mainly due to higher production and agricultural yields, while gross income from the sugarcane segment decreased by 75.9% mainly due to a lower recognition of the value of the biological asset.
- Our investment in IRSA generated very good results. Its EBITDA reached ARS 1,463.0 million, 12,9% higher than in 2013.
- During this year we paid a cash dividend of ARS 120 million to our shareholders and we launched a share repurchase plan for up to ARS 200 million or 5% of our stock capital.
- We expect to plant similar area than this campaign in FY 2015.
Financial Highlights |
||
Income Statement |
06/30/2014 |
06/30/2013 |
Agricultural Business Revenue |
1.812,1 |
1.355,4 |
Agricultural Business Gross Profit |
349,4 |
209,9 |
Urban Properties Revenues |
2.897,9 |
2.327,3 |
Urban Properties Gross Profit |
1.500,1 |
1.121,5 |
Consolidated Gross Profit |
1.824,6 |
1.306,5 |
Consolidated Profit from Operations |
1.185,2 |
1.106,4 |
Profit / (Loss) For the Period |
-1.092,8 |
154,3 |
Attributable to: |
||
Cresud's Shareholders |
-888,4 |
-26,9 |
Non-Controlling interest |
-204,4 |
181,2 |
EPS (Basic) |
(1.79) |
(0.05) |
EPS (Diluted) |
(1.79) |
(0.05) |
Balance Sheet |
06/30/2013 |
06/30/2013 |
Current Assets |
4,987.7 |
3,288.2 |
Non Current Assets |
10,796.0 |
9,122.5 |
Total Assets |
15,783.7 |
12,410.7 |
Current Liabilities |
4,800.4 |
2,664.9 |
Non Current Liabilities |
6,227.7 |
5,026.8 |
Total Liabilities |
11,028.1 |
7,691.7 |
Non-Controlling Interest |
2,627.3 |
2,231.1 |
Shareholders' Equity |
2,128.3 |
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 65.45% 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 2014 Results Conference Call on Tuesday, September 09, 2014, at 9:00 PM Eastern Time
If you would like to participate, please call:
United States: (888) 841-3494
International: +1-(706) 758-3350
ID# 88360913
To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=2rdDBZPYuy%2Fag7z12unsNg%3D%3D
Investor Relations Department
Cresud S.A.C.I.F. y A.
[email protected]
SOURCE Cresud S.A.C.I.F. y A.
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