Cresud S.A.C.I.F. y A. Announces Results for the first quarter of the Fiscal Year 2019 ended September 30, 2018

BUENOS AIRES, Argentina, Nov. 12, 2018 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), today announces results for the first quarter of FY 2019 ended September 30, 2018.

HIGHLIGHTS

• The net result of the first quarter of fiscal year 2019 recorded a gain of ARS 7,439 million compared to a gain of ARS 28 million in the same period of the FY 2018, mainly driven by higher results due to changes in the fair value of investment properties in Argentina's Business Center and a higher market valuation of the investment in CLAL, in the Israel Business Center, both effects from our subsidiary IRSA.
• Adjusted EBITDA for the period reached ARS 4,486 million, of which ARS 1,666 million come from the agricultural business due to higher production results, grain holdings and farmland sales, and ARS 2,592 million from the urban property and investment business (IRSA).
• Very good weather conditions in the region are expected for 2019 campaign. We hope to plant approximately 257,000 ha and to develop 8,500 ha in the region.
• Our subsidiary Brasilagro has completed a partial sale of 9,784 hectares of its Jatobá farm (Jaborandi - Bahía), for an amount of BRL 177.8 million.
• The Adjusted EBITDA of the urban rental segments in Argentina (IRSA) grew by 31.3% in the compared period.
• On October 29, our Shareholders Meeting approved a distribution among its shareholders of 20,656,215 treasury shares, representative of 4.1% of the share capital.
• On November 8, we issued a bond in the local market for the sum of USD 73.6 million at a fixed annual interest rate of 9% due 2020. The funds will be used to refinance short-term debt.

Financial Highlights
(In millions of Argentine Pesos)
IQFY 2019 ended September 30, 2018

Cresud is a leading Argentinean agricultural company with a growing presence in Latin American countries. Cresud's business model 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. The company is also involved in farming activity, through crops and cattle production in the region.

Additionally, Cresud owns a 63.74% 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. Also owns 3 premium hotels in Argentina, a huge landbank for future developments, 29,91% of Banco Hipotecario and some international investments, including 100.0% indirect stake in IDB Development Corporation and 77.92% indirect stake in Discount Investment Corporation Ltd., leading conglomerates in Israel.

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 of the FY 2019 Results Conference Call on Tuesday, November 13, 2018, at 08:00 AM Eastern Time

If you would like to participate, please call:
United States: 1-844-686-3840
International: 1-412-317-6377
ID# CRESUD

To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=e33d358d-a06c-4ef5-b547-dd8dfdecedbc

Investor Relations Department.
Cresud S.A.C.I.F. y A.
+5411 4323-7449
[email protected] 
www.cresud.com.ar 
Follow us on Twitter: @cresudir

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

Related Links

http://www.cresud.com.ar