Cresud S.A.C.I.F. y A. Announces Results for the second quarter of FY 2018 ended December 31, 2017
BUENOS AIRES, Argentina, Febr. 14, 2018 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BASE: CRES), today announces results for the IIQ FY 2018 ended December 31, 2017.
HIGHLIGHTS
- Net result for 6M18 registered a gain of ARS 9,929 million compared to a gain of ARS 6,724 million in 6M17 (Attributable to Cresud ARS 4,613 million in 6M18 vs. ARS 2,197 million in 6M17) mainly explained by higher results from changes in the fair value of investment properties coming from the Argentinean business center of our subsidiary IRSA due to the positive tax reform impact in Argentina and exchange rate, compensated by a non-cash loss in Israel business center due to a debt exchange at Discount Corporation Ltd.
- We have concluded the sowing in the region expecting to have a 2008 campaign similar than the previous year.
- During IQ18, we have sold "La Esmeralda" farm in Argentina for USD 19 million. Gain will be recognized in our Financial Statements of IVQ18 together with the sign of the deed. We expect to concrete new farmland sales in the second semester of FY2018.
- Our urban properties and investments business observed good operating. EBITDA of the rental segments in Argentina increased by 18.6% in the compared year.
- During November, we have distributed a cash dividend to the shareholders for the sum of ARS 395 million (ARS/share 0.7874 and ARS/ADR 7.8741).
- As a subsequent event, we have issued a bond in the local market for the sum of USD 113 million at a fixed rate of 6.5% with maturity in 2023. The funds will be used to cancel existing liabilities.
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Financial Highlights (In millions of Argentine Pesos) IIQFY 2018 Ended December 31, 2017
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| Income Statement |
12/31/2017 |
12/31/2016 (adjusted) |
| Agricultural Business Revenue |
2,983 |
1,969 |
| Agricultural Business Gross Profit |
760 |
207 |
| Urban Properties Revenues |
42,214 |
36,106 |
| Urban Properties Gross Profit |
13,801 |
11,234 |
| Consolidated Gross Profit |
14,518 |
11,413 |
| Consolidated Profit from Operations |
15,823 |
6,354 |
| Profit / (Loss) For the Period |
9,929 |
6,724 |
| Attributable to: |
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| Cresud's Shareholders |
4,613 |
2,197 |
| Non-Controlling interest |
5,316 |
4,527 |
| EPS (Basic) |
9.24 |
4.43 |
| EPS (Diluted) |
9.20 |
4.41 |
| Balance Sheet |
12/31/2017 |
06/30/2016 (adjusted) |
| Current Assets |
83,550 |
68,360 |
| Non Current Assets |
189,354 |
173,086 |
| Total Assets |
272,904 |
241,446 |
| Current Liabilities |
55,514 |
51,191 |
| Non Current Liabilities |
157,072 |
141,082 |
| Total Liabilities |
212,586 |
192,273 |
| Non-Controlling Interest |
40,923 |
32,768 |
| Shareholders' Equity |
60,318 |
49,173 |
About Cresud:
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 63.76% 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 a 100.0% stake in the largest holding in Israel, IDB Development Corporation.
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 IIQ FY 2018 Results Conference Call on Friday, February 16, 2018, at 02:00 PM EST
If you would like to participate, please call:
United States: (844) 308-3411
International: +1-(412) 717-9604
ID# CRESUD
To access the webcast, click on the link below: http://webcast.engage-x.com/Cover.aspx?PlatformId=rmYZREJG4bo4JBaE3cwWVw%3D%3D
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.
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