Cresud S.A.C.I.F. y A. Announces Results for the FY 2018 ended June 30, 2018

BUENOS AIRES, Argentina, Sept. 6, 2018 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), today announces results for FY 2018 ended June 30, 2018.

HIGHLIGHTS

• The net result for the year recorded a gain of ARS 17,780 million compared to a gain of ARS 5,028 million in 2017 mainly explained by higher results from IRSA, due to higher changes in the fair value of investment properties in Argentina and the sale of Shufersal stake in Israel.
• Adjusted EBITDA for fiscal year 2018 reached ARS 11,052 million, of which ARS 2,070 million comes from the agricultural business due to higher production and farmland sales results and ARS 8,982 million come from the business of urban properties and investments (IRSA).
• The 2018 campaign was presented with very good weather conditions in Brazil and Paraguay and more adverse conditions in Argentina and Bolivia. We planted 209,000 ha and developed 10,684 ha in the region.
• We sold farms during FY 2018 for ARS 1,116 million, recording a net profit of ARS 906 million. As a subsequent event, our subsidiary Brasilagro has sold a fraction of 9,784 hectares of its farm Jatobá (Jaborandi - Bahía) for an amount of BRL 177.8 million that will be recognized in the first quarter of FY 2019.
• Adjusted EBITDA of the rental segments of our urban property and investment business in Argentina grew by 24.7% in the compared year.
• During the year, we have launched a share repurchase plan for ARS 900 million (approximately 4.1% of the share capital) that has been completed on July 27, 2018.

Cresud is a leading Argentinean 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 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 opportunistic investments, including 100.0% indirect stake in IDB Development Corporation and 76.6% 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 FY 2018 Results Conference Call on Friday, September 7, 2018, at 12:00 PM Eastern Time

If you would like to participate, please call: 
United States: 1-844-308-3411
International: 1-412-717-9604
ID# CRESUD

To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=4caae530-751a-44c9-bff9-c8bd5c1be7c8

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