Cresud S.A.C.I.F. y A. Announces Results for the second quarter of the Fiscal Year 2019 ended December 31, 2018

BUENOS AIRES, Argentina, March 6, 2019 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), today announces results for the second quarter of FY 2019 ended December 31, 2018.

HIGHLIGHTS

• From this quarter onwards, the Company releases its Financial Statements adjusted for inflation according to the rule IAS 29 and local regulations that set that companies using the Argentine peso as their functional currency must release Financial Statements adjusted for inflation since December 31, 2018. Thus, all non-monetary assets and liabilities, the Equity, as well as all comparative figures for previous quarters or fiscal years, have been adjusted to constant currency as of December 31, 2018.
• Net result for the first semester of fiscal year 2019 recorded a loss of ARS 5,620 million compared to a gain of ARS 11,476 million in the same period of the FY 2018, mainly due to lower results from changes in the fair value of IRSA investment properties in Argentina Business Center.
• Adjusted EBITDA for the 6-month period of fiscal year 2019 grew 29.3% compared to the same period of 2018, reaching ARS 9,973 million, of which ARS 1,672 million came from the agricultural business that recorded higher crop production results and farmland sales and ARS 8,300 million came from the urban property and investment segment (IRSA), whose rental segment in Argentina increased by 6.2% in the period.
• Very good weather conditions in the region are expected for 2019 campaign. We hope to plant approximately 258,000 ha and develop 8,500 ha in the region.
• Our subsidiary Brasilagro has completed in the six-month period of FY 2019 partial sales of Jatobá farm (Jaborandi - Bahía) and Alto Taquari (Mato Grosso), for a total amount of BRL 185.8 million.
• On October 29, our Shareholders Meeting approved a distribution among its shareholders of 20,656,215 treasury shares, representing 4.1% of the share capital.

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 second quarter of the FY 2019 Results Conference Call on Wednesday, March 6, 2019, at 02:00 PM 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=a064f01a-60e2-4c99-a0cc-3868a9fd0181

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