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OFFON

CRESUD SOCIEDAD ANÓNIMA COMERCIAL, INMOBILIARIA, FINANCIERA Y AGROPECUARIA

(CRES)
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Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria : Conference Call | IIIQ 2021

05/13/2021 | 03:00pm EDT

IIIQ 2021

Conference Call

May 13, 2021

Hosted by:

  • Alejandro Elsztain, CEO
  • Carlos Blousson, General Manager of Argentina
  • Matias Gaivironsky, CFO

1

MAIN EVENTS FOR 9M 2021

ADJUSTED EBITDA

PLANTED AREA

(ARS bn)

FOR FY21

20.7

9.2

CAMPAIGN

Agribusiness

(+15.4% vs. 9M20)

(+40.5% vs. 9M20)

259 Th. ha

11.5

(in line with record 2020)

Urban (IRSA)

(+70.1% vs. 9M20)

NET RESULT

SALE OF CARNES

PAMPEANAS

(ARS bn)

9M 20

9M 21

9M 20

9M 21

MEATPACKING

FACILITY

-4.0

-10.6

-9.2

10.0

-14.5

USD Million

Net Result

Net Result Attributable to

Controlling Company

AGRICULTURAL 2021 SEASON PROGRESS

2021 Campaign driven by strong recovery in commodity prices offset by weather conditions that partially affected expected yields.

MAIN EVENTS

  • Bolivia farmland sale to Brasilagro for
    USD 31 million.
  • Subscription in Brasilagro capital increase (BRL 440 mm) increasing stake from 33,8% to 34,1% (net of treasury shares).
  • CRESUD Capital increase of 90 million shares for USD 42.5 million & subsequent IRSA Capital increase of 80 million shares for USD 28.8 million.

2

FARMING: COMMODITY PRICES AND GLOBAL STOCKS

Soybean & Corn prices (CBOT)

700

600

608

+87%

500

(since Jun 30, 2020)

400

298 +124%

FOB SOYBEAN PRICE

US, BRAZIL & ARGENTINA

630

580

530

480

430

300

200

100

(since Jun 30, 2020)

380

330

nov/2018

feb/2019

may/2019

ago/2019

nov/2019

feb/2020

may/2020

ago/2020

nov/2020

feb/2021

may/2021

Maíz CBOT disponible en US$/tt

Soja CBOT disponible en US$/tt

280

FOB EEUU Golfo 362

FOB Brasil 371

FOB Argentina 343

Soybean: US & the World Stock / Consumption ratio

35%

30%

EE.UU

Mundo

Prom Mundo

Prom EEUU

25%

23,5%

20%

15%

10%

9%

5%

0%

02/03

20/21 ant

93/94

94/95

95/96

96/97

97/98

98/99

99/00

00/01

01/02

03/04

04/05

05/06

06/07

07/08

08/09

09/10

10/11

11/12

12/13

14/15

16/17

18/19

20/21 Act.

Corn: US & the World Stock / Consumption ratio

35%

S/C EE.UU

S/C Mundo

Prom EEUU

Prom Mundo

30%

25%

24,6%

20%

15%

10%

9,2%

5%

0%

02/03

19/20

20/21Ant

20/21Act

93/94

94/95

95/96

96/97

97/98

98/99 99/00 00/01

01/02

03/04 04/05 05/06 06/07

07/08

08/09

09/10 10/11 11/12 12/13

13/14

14/15

15/16 16/17 17/18 18/19

3

FARMING ACTIVITY: 2021 CAMPAIGN PROGRESS

CROP BREAKDOWN

(FY 21E)

13%

10%

48%

24%

82

49

REGIONAL WEATHER CONDITIONS

GRAINS REGIONAL PROGRESS

As of April 2021

As of May 2021

SOYBEAN 77% HARVESTED

CORN 12% HARVESTED

Soybean

Corn

WHEAT 100% HARVESTED

Sugarcane

Others

2021 CAMPAIGN IN

SIMILAR LEVELS THAN 2020

248

264

259

10

11

Paraguay

14

212

213

13

Bolivia

202

205

200

199

183

179

101

105

Brazil

142

141

139

Argentina

129

FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

FY 19

FY 20

FY 21

4

GOOD FARMING PROSPECTS FOR 2021 CAMPAIGN

CROP PRODUCTION

Th. tn

Argentina

Brazil

Bolivia

Paraguay

+3%

812

828

852

29 24

12

24 13

24

203

310

298

557

482

518

FY19

FY20

FY21E

SUGARCANE PRODUCTION

Tn/ha

Brazil

Bolivia

-7%

2.150

2.411

2.248

172

132

146

2.004

2.239

2.117

FY19

FY20

FY21E

CROP YIELDS

Tn/ha

6,60

6,28

6,21

2,86

2,70

2,75

Soybean

Corn

FY19

FY20

FY21E

MEAT PRODUCTION

Th. Tn & Th units

99

76

62

74

9

5

9,194

1,966

11,173

11,783

7,227

FY19

FY20

FY21E

5

Para continuar a leer este documento, haga clic aquí para la versión original.

Disclaimer

Cresud S.A.C.I.F. y A. published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2021 18:59:00 UTC.


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Financials
Sales 2020 121 B 1 256 M 1 256 M
Net income 2020 3 929 M 40,7 M 40,7 M
Net Debt 2020 317 B 3 286 M 3 286 M
P/E ratio 2020 4,02x
Yield 2020 -
Capitalization 65 847 M 682 M 682 M
EV / Sales 2019 3,15x
EV / Sales 2020 2,74x
Nbr of Employees -
Free-Float 68,7%
Chart CRESUD SOCIEDAD ANÓNIMA COMERCIAL, INMOBILIARIA, FINANCIERA Y AGROPECUARIA
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Income Statement Evolution
Managers and Directors
Alejandro Gustavo Elsztain Second Vice Chairman & Chief Executive Officer
Matías Iván Gaivironsky Chief Financial & Administrative Officer
Eduardo Sergio Elsztain Chairman
Pedro Damaso Labaqui Palacio Independent Director
Alejandro Bartolomé Independent Director