CRESY - CRESUD S.A.C.I.F y A. announces its Results for the Fiscal Year 2020 ended June 30 2020

PR Newswire

BUENOS AIRES, Argentina, Sept. 29, 2020

BUENOS AIRES, Argentina , Sept. 29, 2020 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today results for the Fiscal Year 2020 ended June 30, 2020 .

HIGHLIGHTS

• The net result for fiscal year 2020 registered a gain of ARS 20,003 million compared to a loss of ARS 40,729 million in 2019. This gain is mainly explained by an increase in pesos of the valuation of investment properties from our subsidiary IRSA in Argentina .
• Agribusiness Adjusted EBITDA of fiscal year 2020 reached ARS 7,267 million , 34.7% above 2019 mainly explained by higher productive results of the grain and sugar cane segment, offset by lower results from farmland sales.
• The 2020 campaign presented very good weather conditions in the region. We planted a historical record of 264,000 hectares and reached a crop production of 828.000 grain tons.
• In relation to the COVID-19 pandemic, our agricultural operations continue to develop normally, following strict protocols, as agricultural production is an essential activity to guarantee food supply. The urban properties and investments business (IRSA) has been affected by the closure of the operations of shopping centers and hotels in Argentina due to the social, preventive and mandatory isolation decreed since March 20 .
• During the fiscal year, our subsidiary BrasilAgro completed the merger operation with Agrifirma, adding 28,930 additional hectares to its portfolio, acquired a 4,500 hectares field in Piauí and sold four fractions in Alto Taquarí and Jatobá for a total of BRL 84.2 million .
• During the fiscal year, we have issued notes in the local market for the sum of USD 194 million and after the end of the fiscal year, an additional USD 25 million . The funds will be used to refinance short-term liabilities.
• In Israel Business Center, in September 2020 , IDBD creditors asked the Tel Aviv District Court to order the opening of a liquidation procedure against IDBD. Following the Court's adverse ruling, we are evaluating the possible alternatives. Regarding our individual financial statements, the investment in IDBD and DIC as of June 30, 2020 is valued at zero.

Cresud , leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its Fiscal Year 2020 Results Conference Call on Wednesday, September 30, 2020 , at 01:00 PM Eastern Time / 02:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/93339073836?pwd=bldhd2pWbkNtSzVQTTM0WHF6dmM5UT09
Webinar ID: 933 3907 3836
Password: 583464

In addition, you can participate communicating to this numbers:
Argentina : +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986
Israel : +972 3 978 6688 or +972 55 330 1762
Brazil : +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788 or +55 11 4700 9668
Estados Unidos de América: +1 253 215 8782 or +1 301 715 8592 or +1 312 626 6799 or +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128
Chile : +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066 or +56 232 938 848

Investor Relations Department.
https://www.cresud.com.ar/home-inversores.php?lng=en
Cresud S.A.C.I.F. y A.
+5411 4323-7449
ir@cresud.com.ar
Follow us on Twitter: @cresudir

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