Cresud S.A.C.I.F. y A. Announces Results for the First nine months 2013 Ended March, 2013

News provided by

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

May 17, 2013, 04:53 ET

BUENOS AIRES, Argentina, May 17, 2013 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the First nine months of Fiscal Year 2013 ended March 31, 2013.

HIGHLIGHTS

  • Net income for the first nine months of 2013 amounted to ARS 263.2 million, compared to ARS 93.2 million in the same period of 2012.
  • Operating income for the first nine months of 2013 reached ARS 753.2 million (+51.3% compared to 2012) mainly driven by better Sale Farm results from our subsidiary Brasilagro, the good performance of the Shopping Centers' Segment and the consolidation of the Madison Building, in New York, by IRSA.
  • During season 2012/2013 our crop production has shown better results compared to last season mainly due to the increase in crop prices observed during the period and the larger areas planted. During 9M 2013 the Gross profit for the Grains' segment reached ARS 98.0 million, and the Gross profit for the Sugarcane segment reached ARS 36.9 million.
  • The Urban business, through our subsidiary IRSA, has generated very good results for our company. EBITDA during the first nine months of this fiscal year reached ARS 912.4 million, 36.3% higher than in the first nine months of 2012.

Financial Highlights

(In millions of Argentine Pesos)

Nine month period 9M 2013

Ended March 31, 2013

Income Statement

03/31/2013

03/31/2012

Agricultural Business Revenue

748.6

705.5

Agricultural Business Gross Profit

163.4

134.7

Urban Properties Revenues

1,715.3

1,378.3

Urban Properties Gross Profit

819.4

696.2

Consolidated Gross Profit

964.5

813.7

Consolidated Profit from Operations

753.2

497.8

Profit / (Loss) For the Period

263.2

93.2



Attributable to:

Cresud's Shareholders

84.5

3.1

Non-Controlling interest

178.7

90.0



EPS (Basic)

0.17

0.01

EPS (Diluted)

0.15

0.01



Balance Sheet

03/31/2013

06/30/2012

Current Assets

2,706.5

1,783.9

Non Current Assets

9,456.7

8,541.0

Total Assets

12,163.2

10,324.9

Current Liabilities

2,527.8

2,018.2

Non Current Liabilities

4,625.7

3,615.2

Total Liabilities

7,153.5

5,633.4

Non-Controlling Interest

2,393.3

2,132.6

Shareholders' Equity

2,616.3

2,558.9

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 65.19% 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 nine month 2013 Results Conference Call on Tuesday, May 21, 2013, at 3:00 PM Eastern Time

If you would like to participate, please call:
United States:  (888) 841-3494
International:  +1-(706) 758-3350
ID# 48238743

To access the webcast, click on the link below:

http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=1220

Investor Relations Department
Cresud S.A.C.I.F. y A.
[email protected]

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