CRESUD announces the results for the FY 2023, ended June 30, 2023
BUENOS AIRES, Argentina, Sept. 7, 2023 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the Fiscal Year 2023 ended June 30, 2023.
HIGHLIGHTS
The net result for the fiscal year 2023 showed a profit of ARS 75,287 million compared to a profit of ARS 135,815 million registered in 2022.
The operating result of the agricultural business in 2023 reached ARS 6,454 million, decreasing by 83.2% compared to 2022, mainly explained by lower productive results from the grain and livestock activity in Argentina, sugar cane in Brazil and a loss from changes in the fair value of investment properties.
We sowed 283,000 hectares in the region during the 22/23 campaign, including our own farms leased to third parties, and we reached a crop production of approximately 764,000 tons, 4% below the previous campaign due to the impact of the severe argentine drought on crop yields.
During the fiscal year, our subsidiary BrasilAgro sold 4 fractions of farms for a total amount of USD 122 million.
In June 2023, we acquired the 1,250-hectare "Los Sauces" farm in La Pampa for USD 4.5 million
During fiscal year 2023, we issued debt in the local market for USD 196.3 million and successfully completed the exchange of the Series XXIII Notes for USD 113 million.
We paid dividends on two occasions during the fiscal year for a total amount of USD 61 million and distributed treasury shares, equivalent to 2.2% of the share capital.
On September 6, 2023, the Board of Directors called a Shareholders' Meeting in order to distribute a dividend in cash and in kind, among other points to be discussed. The dividend proposal is for up to ARS 22,000 million in cash and for up to 24,334,124 IRSA Inversiones y Representaciones S.A. shares. Additionally, it proposes to distribute treasury shares for approximately 1% of the stock capital.
Financial Highlights (In millions of Argentine Pesos) FY 2023 ended June 30, 2023
Income Statement
06/30/2023
06/30/2022
Agricultural Business Revenue
101,777
138,851
Agricultural Business Gross Profit
13,262
49,502
Urban Properties Revenues
72,303
55,174
Urban Properties Gross Profit
59,016
43,640
Consolidated Gross Profit
71,271
91,542
Consolidated Profit from Operations
-24,840
93,193
Result for the Period
75,287
135,815
Attributable to:
Cresud's Shareholders
42,224
79,954
Non-Controlling interest
33,063
55,861
EPS (Basic)
72.48
135.58
EPS (Diluted)
61.64
115.03
Balance Sheet
06/30/2023
06/30/2022
Current Assets
214,938
243,580
Non-Current Assets
854,415
897,329
Total Assets
1,069,353
1,140,909
Current Liabilities
199,467
318,149
Non-Current Liabilities
389,752
376,961
Total Liabilities
589,219
695,110
Non-Controlling Interest
272,106
268,368
Shareholders' Equity
480,134
445,799
Cresud, leading Argentinean agricultural company with a growing presence in Latin American countries, cordially invites you to participate in its Fiscal Year 2023 Results Conference Call on Monday, September 11, 2023, at 9:00 AM Eastern Time / 10:00 AM BA Time.
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