Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria : Conference Call | IQ 2022
November 15, 2021 at 09:05 am EST
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I Q 2 0 2 2 C O N F E R E N C E C A L L
N o v e m b e r 1 5 , 2 0 2 1
Hosted by:
Alejandro Elsztain, CEO
Carlos Blousson, Argentina General Manager
Matias Gaivironsky, CFO
IQ22 & SUBSEQUENT MAIN HIGHLIGHTS
BEGININNING OF 2022 CAMPAIGN
SIMILAR SIZE THAN PREVIOUS 2 CAMPAIGNS
AGRICULTURAL SEGMENT
GOOD COMMODITY PRICES & HIGHER COSTS. IMPROVEMENT IN MARGINS / HA
STRONG FARMLAND LIQUIDITY IN BRAZIL
BRASILAGRO KEEPS SELLING FARMS AT HIGH VALUES
URBAN RENTAL SEGMENT, THROUGH IRSA, RECOVERING DURING THE QUARTER
STRONG LIQUIDITY FROM SUBSEQUENT PREMIUM OFFICE SALES
AGRIBUSINESS QUARTERLY EBITDA DRIVEN BY SUGARCANE ACTIVITY
HIGHER RESULTS FROM COMMERCIAL AGRICULTURAL SERVICES (THROUGH FYO)
NET GAIN MAINLY EXPLAINED BY GROSS PROFIT, FINANCIAL RESULTS & INCOME TAX, PARTIALLY COMPENSATED BY LOSSES FROM FV OF IRSA INVESTMENT PROPERTIES
ARS 2,040 MM ATTRIBUTABLE TO CONTROLLING COMPANY
2
EXPECTED PLANTED AREA
2022 SEASON
CROP BREAKDOWN
SOYBEAN
27%
CORN
264
46%
248
10
14
9%
SUGARCANE
212
213
3%
200
202
205
199
8%
WHEAT
183
179
101
OTHERS
142
141
82
139
49
2022 CAMPAIGN IN SIMILAR LEVELS THAN PREVIOUS CAMPAIGNS
260
262
11
14
Paraguay
13
14
Bolivia
106 111 Brazil
129
123
Argentina
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
FY 22E
3
FARMING ACTIVITY
AGRICULTURAL OUTLOOK
SOYBEAN: US & the World Stock / Consumption ratio
35%
30%
27,7%
25%
20%
15%
10%
7,3%
5%
0%
93/94 94/95 95/96 96/97 97/98 98/99
99/00
00/01
01/02 02/03 03/04
04/05
05/06
06/07 07/08 08/09
09/10
10/11
11/12
12/13
14/15 15/16
16/17
17/18
18/19
19/20
20/21
21/22ant
21/22Act.
EE.UU
Mundo
Prom Mundo
Prom EEUU
CORN: US & the World Stock / Consumption ratio
Commodity Prices (CBOT USD/tn)
700
Current regional
+64%
(Jun 21 vs. Jun 20)
hedge position
600
533
Soybean: 56%
-17%
Corn: 51%
500
(Nov 21 vs. Jun 21)
+113%
440
400
SOYBEAN
325
(Jun 21 vs. Jun 20)
300
284
-23%
(Nov 21 vs. Jun 21)
200
CORN
219
133
100
11/19
12/19
01/20
02/20
03/20
04/20
05/20
06/20
07/20
08/20
09/20
10/20
11/20
12/20
01/21
02/21
03/21
04/21
05/21
06/21
07/21
08/21
09/21
10/21
11/21
REGIONAL CLIMATE CONDITIONS & SOWING PROCESS
35%
30%
25%
20%
15%
10%
5%
0%
93/94
94/95
95/96
96/97
97/98
98/99
99/00
00/01
01/02
02/03
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
S/C EE.UU
Mundo
Prom EEUU
Prom
25,4%
10,1%
19/20 20/21 21/22 Ant
21/22 Act
Mundo
Nov-21
Soybean
Corn
Wheat
Argentina 2% 12% 100%
Bolivia 64% 99% -
Brazil 40% 13% -
Paraguay
-
-
-
Total
23% 13% 100%
Region
4
FARMLAND SALES
Partial Sales
Rio do Meio (IQ 22)*
Alto Taquari (IIQ 22)**
Date of sale
September 2021
October 2021
Area (hectares)
Total: 4,573 ha
Total: 3,723 ha
Productive: 2,859 ha
Productive: 2,694 ha
Acquisition Price + CAPEX
BRL 40.0 MM
BRL 31.3 MM
Nominal Sale Price
BRL 130.1 MM
BRL 589.0 MM
IRR (BRL - USD)
56.5% - 40.3%
19.9% - 12.0%
*The sale will be recognized in IIQ22
**A fraction of 1,157 ha of the sale, for BRL 253 MM, will be recognized later, in September 2024, with the possession
MT
BA
Alto Taquari
Río do Meio
(Correntina)
5
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Cresud S.A.C.I.F. y A. published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 14:04:14 UTC.
Cresud SACIF y A is an Argentina-based company engaged mainly in telecommunications sector. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. It is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.