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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 : Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2021 and for the nine-month period ended as of that date, presented comparatively (Form 6-K)

06/14/2021 | 11:22am EDT
Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2021 and for the nine-month period ended as of that date, presented comparatively.
Legal information
Denomination:Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
Fiscal year N°: 88, beginning on July 1, 2020
Legal address:Carlos Della Paolera 261, 9th floor - Autonomous City of Buenos Aires, Argentina
Company activity:Real estate, agricultural, commercial and financial activities
Date of registration of the by-laws in the Public Registry of Commerce: February 19, 1937
Date of registration of last amendment of the by-laws in the Public Registry of Commerce:General Ordinary and Extraordinary Shareholders' Meeting held on October 29, 2018 and registered in the Superintendence on January 08,2019 with the number 541, Book 93 Volume - of Joint Stock Companies.
Expiration of Company charter:June 6, 2082
Registration number with the Supervisory Board of Companies:26, folio 2, book 45, Stock Companies
Stock:591,642,804 common shares
Common stock subscribed, issued and paid up nominal value (millions of Ps.):592
Parent Companies:Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Agroinvestment S.A. y Consultores Venture Capital Uruguay S.A.
Legal addresses:Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Route 8, km 17,500, Zonamérica 1 Building, Of.106, Montevideo, Oriental Republic of Uruguay (IFISA) - Cambará 1620, 2nd Floor, office 202, Carrasco, 11000 Montevideo, Oriental Republic of Uruguay (Agroinvesment SA).
Parent companies' activity: Investment
Direct ownership interest: 215,998,867 shares
Voting stock (direct and indirect equity interest):36.65% (*)

CAPITAL STATUS
Type of stock
Authorized to be offered publicly (Shares)
Subscribed, Issued and Paid-in (millions of Ps.)
Ordinary certified shares of Ps. 1 face value and 1 vote each
591,642,804(**)
592
(*) For computation purposes, treasury shares have been subtracted.
(**) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition.
Index
Glossary of terms
1
Unaudited Condensed Interim Consolidated Statements of Financial Position
2
Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income
3
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
4
Unaudited Condensed Interim Consolidated Statements of Cash Flows
6
Notes to the Unaudited Condensed Interim Consolidated Financial Statements:
Note 1 - The Group's business and general information
7
Note 2 - Summary of significant accounting policies
8
Note 3 - Seasonal effects on operations
9
Note 4 - Acquisitions and disposals
9
Note 5 - Financial risk management and fair value estimates
12
Note 6 - Segment information
12
Note 7 - Investments in associates and joint ventures
17
Note 8 - Investment properties
18
Note 9 - Property, plant and equipment
18
Note 10 - Trading properties
19
Note 11 - Intangible assets
19
Note 12 - Right-of-use assets
19
Note 13 - Biological assets
20
Note 14 - Inventories
20
Note 15 - Financial instruments by category
21
Note 16 - Trade and other receivables
23
Note 17 - Cash flow and cash equivalents information
24
Note 18 - Trade and other payables
25
Note 19 - Provisions
26
Note 20 - Borrowings
26
Note 21 - Taxation
30
Note 22 - Revenues
30
Note 23 - Costs
31
Note 24 - Expenses by nature
31
Note 25 - Other operating results, net
31
Note 26 - Financial results, net
32
Note 27 - Related parties transactions
32
Note 28 - CNV General Resolution N° 622
33
Note 29 - Cost of sales and services provided
34
Note 30 - Foreign currency assets and liabilities
34
Note 31 - Groups of assets and liabilities held for sale
35
Note 32 - Result from discontinued operations
35
Note 33 - Other subsequent events of the period
36
Note 34 - Subsequent Events
39
Glossary of terms
The following are not technical definitions but help the reader to understand certain terms used in the wording of the notes to the Group's Financial Statements.
Terms
Definitions
BACS
Banco de Crédito y Securitización S.A.
BCRA
Central Bank of the Argentine Republic
BHSA
Banco Hipotecario S.A.
Brasilagro
Brasilagro-Companhia Brasileira de Propriedades Agrícolas
CAMSA
Consultores Assets Management S.A.
Clal
Clal Holdings Insurance Enterprises Ltd.
CNV
National Securities Commission
Condor
Condor Hospitality Trust Inc.
Cresud, 'the Company', 'us'
Cresud S.A.C.I.F. y A.
DFL
Dolphin Fund Ltd.
DIC
Discount Investment Corporation Ltd.
Dolphin
Dolphin Fund Ltd. and Dolphin Netherlands B.V.
Financial Statements
Unaudited Condensed Interim Consolidated Financial Statements
Annual Financial Statements
Consolidated Financial Statements as of June 30, 2019
CPF
Collective Promotion Funds
Gav-Yam
Gav-Yam, Bayside Land Corporation Ltd
IBC
Israel Broadband Company
IDBD
IDB Development Corporation Ltd.
IFISA
Inversiones Financieras del Sur S.A.
IASB
International Accounting Standards Board
IRSA
IRSA Inversiones y Representaciones S.A.
IRSA CP
IRSA Propiedades Comerciales S.A.
ISPRO
ISPRO the Israel properties rental Corp. Ltd.
Israir
Israir Airlines & Tourism Ltd.
LRSA
La Rural S.A.
Metropolitan
Metropolitan 885 Third Avenue Leasehold LLC
MPIT
Minimum Presummed Income Tax
New Lipstick
New Lipstick LLC
IAS
International Accounting Standards
IFRS
International Financial Reporting Standards
NIS
New Israeli Shekel
PBC
Property & Building Corporation Ltd.
PBEL
PBEL Real Estate Ltd.
Quality
Quality Invest S.A.
Shufersal
Shufersal Ltd.
Tarshop
Tarshop S.A.
TASE
Bolsa de Comercio de Tel Aviv
1
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Consolidated Statements of Financial Position
as of March 31, 2021 and June 30, 2020
(All amounts in millions, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Note
03.31.21
06.30.20
ASSETS
Non-current assets
Investment properties
8
171,822
311,584
Property, plant and equipment
9
34,361
81,164
Trading properties
10
1,617
6,574
Intangible assets
11
2,669
38,164
Right-of-use assets
12
4,035
29,685
Biological assets
13
2,993
2,381
Investment in associates and joint ventures
7
13,778
101,703
Deferred income tax assets
21
279
1,255
Income tax and MPIT credits
65
86
Restricted assets
15
161
2,621
Trade and other receivables
16
9,301
36,992
Investment in financial assets
15
951
4,758
Derivative financial instruments
15
11
222
Total non-current assets
242,043
617,189
Current assets
Trading properties
10
34
3,135
Biological assets
13
10,748
3,754
Inventories
14
5,064
12,278
Restricted assets
15
-
8,405
Income tax and MPIT credits
174
413
Group of assets held for sale
31
-
59,315
Trade and other receivables
16
25,030
59,181
Investment in financial assets
15
2,989
24,627
Financial assets held for sale
15
-
4,572
Derivative financial instruments
15
944
435
Cash and cash equivalents
15
12,980
136,627
Total current assets
57,963
312,742
TOTAL ASSETS
300,006
929,931
SHAREHOLDERS' EQUITY
Shareholders' equity (according to corresponding statement)
35,950
34,060
Non-controlling interest
67,379
131,302
TOTAL SHAREHOLDERS' EQUITY
103,329
165,362
LIABILITIES
Non-current liabilities
Borrowings
20
60,543
433,760
Deferred income tax liabilities
21
52,996
66,968
Trade and other payables
18
2,374
4,042
Provisions
19
136
4,184
Employee benefits
96
605
Derivative financial instruments
15
94
100
Lease liabilities
4,112
20,569
Payroll and social security liabilities
-
334
Total non-current liabilities
120,351
530,562
Current liabilities
Trade and other payables
18
19,630
48,495
Borrowings
20
49,657
133,192
Provisions
19
143
3,307
Group of liabilities held for sale
31
-
32,014
Payroll and social security liabilities
1,148
6,342
Income tax and MPIT liabilities
96
1,115
Lease liabilities
1,426
7,663
Derivative financial instruments
15
4,226
1,879
Total Current liabilities
76,326
234,007
TOTAL LIABILITIES
196,677
764,569
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
300,006
929,931
The accompanying notes are an integral part of these Financial Statements
CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II

2
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income
for the nine and three-month periods ended March 31, 2021 and 2020
(All amounts in millions, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Nine months
Three months
Note
03.31.21
03.31.20
03.31.21
03.31.20
Revenues
22
26,046
36,697
3,265
5,341
Costs
23
(19,462)
(22,642)
(1,944)
(1,835)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
9,145
3,734
7,249
1,814
Changes in the net realizable value of agricultural products after harvest
271
502
(22)
(146)
Gross profit
16,000
18,291
8,548
5,174
Net (loss)/ gain from fair value adjustment of investment properties
(6,787)
3,141
(16,978)
(2,683)
Gain from disposal of farmlands
103
461
-
1
General and administrative expenses
24
(3,415)
(3,625)
(823)
(811)
Selling expenses
24
(2,620)
(3,334)
(6)
(511)
Other operating results, net
25
(751)
2,082
1,374
1,441
Profit / (loss) from operations
2,530
17,016
(7,885)
2,611
Share of (loss)/ profit of associates and joint ventures
7
(2,059)
836
(1,509)
2,286
Profit / (loss) before financial results and income tax
471
17,852
(9,394)
4,897
Finance income
26
328
283
25
81
Finance cost
26
(9,143)
(10,662)
(2,298)
(3,461)
Other financial results
26
10,124
(12,618)
6,428
(1,659)
Inflation adjustment
26
15
127
(1,939)
(124)
Financial results, net
26
1,324
(22,870)
2,216
(5,163)
Profit / (loss) before income tax
1,795
(5,018)
(7,178)
(266)
Income tax
21
(2,924)
(4,503)
1,695
(316)
Loss for the period from continuing operations
(1,129)
(9,521)
(5,483)
(582)
Loss for the period from discontinued operations
32
(8,102)
(1,068)
(61)
(12,580)
Loss for the period
(9,231)
(10,589)
(5,544)
(13,162)
Other comprehensive (loss)/ income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment and other comprehensive loss from subsidiaries
(1,758)
(1,432)
(4,761)
(3,020)
Revaluation of fixed assets transferred to investment properties
821
57
559
57
Other comprehensive loss for the period from continuing operations
(937)
(1,375)
(4,202)
(2,963)
Other comprehensive (loss) / income for the period from discontinued operations
(10,313)
7,481
-
(4,761)
Total other comprehensive (loss) / income for the period
(11,250)
6,106
(4,202)
(7,724)
Total comprehensive loss for the period
(20,481)
(4,483)
(9,746)
(20,886)
Total comprehensive loss from continuing operations
(2,066)
(10,896)
(9,685)
(3,545)
Total comprehensive (loss) / income from discontinued operations
(18,415)
6,413
(61)
(17,341)
Total comprehensive loss from the period
(20,481)
(4,483)
(9,746)
(20,886)
(Loss)/ profit for the period attributable to:
Equity holders of the parent
(3,997)
(14,529)
(606)
(7,231)
Non-controlling interest
(5,234)
3,940
(4,938)
(5,931)
(Loss)/ profit from continuing operations attributable to:
Equity holders of the parent
(3,487)
(9,549)
(4,062)
(939)
Non-controlling interest
2,358
28
(1,421)
357
Total comprehensive (loss)/ income attributable to:
Equity holders of the parent
(7,208)
(17,696)
(2,365)
(9,300)
Non-controlling interest
(13,273)
13,213
(7,381)
(11,586)
Loss for the period per share attributable to equity holders of the parent:
Basic
(7.56)
(29.53)
(1.15)
(14.70)
Diluted
(7.56)
(29.53)
(1.15)
(14.70)
Loss per share from continuing operations attributable to equity holders of the parent:
Basic
(6.59)
(19.41)
(7.68)
(3.07)
Diluted
(6.59)
(19.41)
(7.68)
(3.07)
The accompanying notes are an integral part of these Financial Statements.
CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II
3
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
for the nine-month period ended March 31, 2021
(All amounts in millions, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Attributable to equity holders of the parent
Share capital
Treasury shares
Inflation adjustment of share capital and treasury shares (i)
Warrants (ii)
Share premium
Additional paid-in capital from treasury shares
Legal reserve
Special reserve (iii)
Other reserves (iv)
Retained earnings
Subtotal
Non-controlling interest
Total Shareholders' equity
Adjusted balance as of June 30, 2020
499
3
13,426
-
14,339
122
505
1,042
1,362
2,762
34,060
131,302
165,362
Loss for the period
-
-
-
-
-
-
-
-
-
(3,997)
(3,997)
(5,234)
(9,231)
Other comprehensive loss for the period
-
-
-
-
-
-
-
-
(3,211)
-
(3,211)
(8,039)
(11,250)
Total comprehensive loss for the period
-
-
-
-
-
-
-
-
(3,211)
(3,997)
(7,208)
(13,273)
(20,481)
Assignment of results - Shareholders' meeting
-
-
-
-
-
-
129
-
-
(129)
-
-
-
Share capital increase (ii)
90
-
-
1,328
2,783
-
-
-
-
-
4,201
4,843
9,044
Changes in non-controlling interest
-
-
-
-
-
-
-
-
496
-
496
304
800
Dividend distribution
-
-
-
-
-
-
-
-
-
-
-
(2,547)
(2,547)
Other changes in shareholders' equity
-
-
-
-
-
-
-
-
4,401
-
4,401
2,989
7,390
Integration of irrevocable contributions
-
-
-
-
-
-
-
-
-
-
-
94
94
Capitalization of irrevocable contributions
-
-
-
-
-
-
-
-
-
-
-
14
14
Decrease due to loss of control
-
-
-
-
-
-
-
-
-
-
-
(56,347)
(56,347)
Balance as of March 31, 2021
589
3
13,426
1,328
17,122
122
634
1,042
3,048
(1,364)
35,950
67,379
103,329
(i)
Includes Ps. 1 of Inflation adjustment of treasury shares. See Note 19 to the Annual Financial Statements.
(ii)
See Note 33.
(iii)
Related to CNV General Resolution N° 609/12.
(iv)
Group's other reserves for the period ended March 31, 2021 are comprised as follows:
Cost of treasury shares
Changes in non-controlling interest
Revaluation surplus
Reserve for currency translation adjustment
Reserve shared-based compensation
Other comprehensive results from subsidiaries
Other reserves from subsidiaries
Reserve for the acquisition of securities issued by the Company
Total other reserves
Balance as of June 30, 2020
(203)
(4,460)
1,743
4,040
669
(636)
91
118
1,362
Other comprehensive loss for the period
-
-
68
(3,773)
-
494
-
-
(3,211)
Total comprehensive loss for the period
-
-
68
(3,773)
-
494
-
-
(3,211)
Changes in non-controlling interest
-
496
-
-
-
-
-
-
496
Other changes in shareholders' equity
-
(43)
-
3,939
-
595
(90)
-
4,401
Balance as of March 31, 2021
(203)
(4,007)
1,811
4,206
669
453
1
118
3,048
The accompanying notes are an integral part of these Financial Statements.
CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II
4
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity
for the nine-month period ended March 31, 2020
(All amounts in millions, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Attributable to equity holders of the parent
Share capital
Treasury shares
Inflation adjustment of share capital and treasury shares (i)
Share premium
Additional paid-in capital from treasury shares
Legal reserve
Special reserve (ii)
Other reserves (iii)
Retained earnings
Subtotal
Non-controlling interest
Total Shareholders' equity
Balance as of June 30, 2019
486
16
13,425
14,339
124
504
7,011
49,321
(52,688)
32,538
139,643
172,181
Adjustments previous periods (IFRS 9 and 15) (Note 2.2)
-
-
-
-
-
-
-
-
(1,103)
(1,103)
(1,830)
(2,933)
Adjusted balance as of June 30, 2019
486
16
13,425
14,339
124
504
7,011
49,321
(53,791)
31,435
137,813
169,248
(Loss) / profit for the period
-
-
-
-
-
-
-
-
(14,529)
(14,529)
3,940
(10,589)
Other comprehensive (loss) / income for the period
-
-
-
-
-
-
-
(3,167)
-
(3,167)
9,273
6,106
Total comprehensive (loss) / profit for the period
-
-
-
-
-
-
-
(3,167)
(14,529)
(17,696)
13,213
(4,483)
Distribution of treasury shares
13
(13)
-
-
-
-
-
2,047
(2,047)
-
-
-
Reserve for share-based payments
-
-
-
-
(1)
-
-
(4)
-
(5)
(9)
(14)
Incorporation by business combination
-
-
-
-
-
-
-
-
-
-
11,189
11,189
Changes in non-controlling interest
-
-
-
-
-
-
-
(754)
-
(754)
6,594
5,840
Dividend distribution
-
-
-
-
-
-
-
-
-
-
(3,622)
(3,622)
Decrease due to loss of control
-
-
-
-
-
-
-
-
-
-
(58,604)
(58,604)
Other changes in equity
-
-
-
-
-
-
-
-
19
19
244
263
Capitalization of irrevocable contributions
-
-
-
-
-
-
-
-
-
-
37
37
Loss absorption
-
-
-
-
-
-
(5,968)
(47,377)
53,345
-
-
-
Balance as of March 31, 2020
499
3
13,425
14,339
123
504
1,043
66
(17,003)
12,999
106,855
119,854
(i)
Includes Ps. 1 of Inflation adjustment of treasury shares. See Note 19 to the Annual Financial Statements.
(ii)
Related to CNV General Resolution N° 609/12.
(iii)
Group's other reserves for the period ended March 31, 2020 are comprised as follows:
Cost of treasury shares
Changes in non-controlling interest
Revaluation surplus
Reserve for currency translation adjustment
Reserve shared-based compensation
Special reserve
Other comprehensive results from subsidiaries
Other reserves from subsidiaries
Reserve for the acquisition of securities issued by the Company
Total other reserves
Adjusted balance as of June 30, 2019
(2,252)
(3,757)
223
6,152
650
47,377
783
11
134
49,321
Other comprehensive loss for the period
-
-
-
(3,038)
-
-
(129)
-
-
(3,167)
Total comprehensive loss for the period
-
-
-
(3,038)
-
-
(129)
-
-
(3,167)
Distribution of treasury shares
2,047
-
-
-
-
-
-
-
-
2,047
Reserve for share-based payments
3
-
-
-
(1)
-
-
(6)
-
(4)
Changes in non-controlling interest
-
(754)
-
-
-
-
-
-
-
(754)
Loss absorption
-
-
-
-
-
(47,377)
-
-
-
(47,377)
Balance as of March 31, 2020
(202)
(4,511)
223
3,114
649
-
654
5
134
66
The accompanying notes are an integral part of these Financial Statements.
CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II

5
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Consolidated Statements of Cash Flows
for the nine-month periods ended March 31, 2021 and 2020
(All amounts in millions, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Note
03.31.21
03.31.20
Operating activities:
Net cash (used in)/ generated from operating activities before income tax paid
17
(7,738)
10,679
Income tax paid
(42)
(348)
Net cash (used in) / generated from continuing operating activities
(7,780)
10,331
Net cash generated from discontinued operating activities
2,699
26,555
Net cash (used in) / generated from operating activities
(5,081)
36,886
Investing activities:
Proceeds from decrease of participation in associates and joint ventures
895
1,164
Acquisition of participation in associates and joint ventures
(298)
-
Capital contributions to associates and joint ventures
(38)
(377)
Acquisition and improvement of investment properties
(905)
(2,903)
Proceeds from sales of investment properties
16,162
108
Acquisitions and improvements of property, plant and equipment
(1,257)
(1,224)
Financial advances
(28)
(34)
Acquisition of intangible assets
(24)
(71)
Proceeds from sales of property, plant and equipment
55
11
Dividends collected from associates and joint ventures
-
361
Acquisitions of investments in financial assets
(20,031)
(11,721)
Proceeds from disposal of investments in financial assets
24,553
16,894
Interest collected from financial assets
502
388
Dividends paid from financial assets
-
(16)
Dividends collected from financial assets
438
-
Decrease in securities
-
21
Loans granted
(195)
(1,287)
Decrease in restricted deposits, net
(10)
(282)
Net cash generated from continuing investing activities
19,819
1,032
Net cash generated from discontinued investing activities
39,721
21,942
Net cash generated from investing activities
59,540
22,974
Financing activities:
Borrowings and issuance of non-convertible notes
24,418
37,750
Payment of borrowings and non-convertible notes
(9,591)
(31,895)
Obtaining of short term loans, net
(36,639)
(2,643)
Interest paid
(9,282)
(9,188)
Repurchase of non-convertible notes
(3,013)
(4,147)
Capital contributions from non-controlling interest in subsidiaries
184
-
Acquisition of non-controlling interest in subsidiaries
(53)
(36)
Proceeds from sales of non-controlling interest in subsidiaries
5,084
-
Lease liabilities paid
(29)
-
Dividends paid
(642)
(1,280)
Dividends paid to non-controlling interest in subsidiaries
(2,332)
(311)
Proceeds from derivative financial instruments
(836)
(282)
Net cash used in continuing financing activities
(23,345)
(12,032)
Net cash used in discontinued financing activities
(16,313)
(83,749)
Net cash used in financing activities
(39,658)
(95,781)
Net decrease in cash and cash equivalents from continuing activities
(11,306)
(669)
Net increase / (decrease) in cash and cash equivalents from discontinued activities
26,107
(35,252)
Net increase / (decrease) in cash and cash equivalents
14,801
(35,921)
Cash and cash equivalents at beginning of the period
15
136,627
120,893
Cash and cash equivalents reclassified to held for sale
-
(850)
Foreign exchange (loss)/ gain on cash and changes in fair value of cash equivalents
(7,455)
2,022
Deconsolidation
(130,993)
-
Cash and cash equivalents at the end of the period
12,980
86,144
The accompanying notes are an integral part of these Financial Statements.
CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II
6
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
(Amounts in millions, except otherwise indicated)
1.
The Group's business and general information
Cresud was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier's shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.
In 2002, Cresud acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud's direct principal subsidiary.
Cresud and its subsidiaries are collectively referred to hereinafter as the Group.
Main shareholders of the Company are jointly Inversiones Financieras del Sur S.A. and Agroinvestment S.A. Both entities are companies incorporated in Uruguay and belong to the same controlling group and ultimate beneficiary.
The Board of Directors has approved these Financial Statements for issuance on May 11, 2020.
As of March 31, 2021, the Group operates in two major business lines: (i) agricultural business and (ii) urban property and investment business, which, with the acquisition of IDBD, was divided into two centers of operations: (a) Argentina Operations Center and (b) Israel Operations Center. With the loss of control of the Israel Operations Center and its deconsolidation, as of October 1, 2020, the Group manages its operations through a single operations center:
(i)
See Note 4 to the Annual Financial Statements for more information about the Operations Center in Israel.
Operations Center in Israel
As stated in Note 1. to the consolidated financial statements as of June 30, 2020, on September 25, 2020 the Court decreed the insolvency and liquidation of IDBD and appointed a trustee for its shares along with a custodian over DIC and Clal shares. After this decision, the Board of Directors of IDBD was removed from its functions, therefore, the Group lost control as of that date. For comparability purposes and as required by IFRS 5, the results of the Israel Operations Center have been reclassified to discontinued operations for all periods presented.
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C.P.C.E.C.A.B.A. T° 1 F° 17
7
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
2.
Summary of significant accounting policies
2.1.
Basis of preparation
These financial statements have been prepared in accordance with IAS 34 'Interim financial reporting' and should therefore be read in conjunction with the Group's annual Consolidated Financial Statements as of June 30, 2020 prepared in accordance with IFRS. Also, these financial statements include additional information required by Law No. 19,550 and / or regulations of the CNV. Such information is included in the notes to these financial statements, as accepted by IFRS.
These financial statements for the interim periods of nine months ended March 31, 2021 and 2020 have not been audited. Management considers that they include all the necessary adjustments to fairly present the results of each period. Intermediate period results do not necessarily reflect the proportion of the Group's results for the entire fiscal years.
IAS 29 'Financial Reporting in Hyperinflationary Economies' requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated by non-monetary items. This requirement also includes the comparative information of the financial statements.
In order to conclude on whether an economy is categorized as highly inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that approximates or exceed 100%. Accumulated inflation in Argentina in three years is over 100%. For that reason, in accordance with IAS 29, Argentina must be considered a country with a highly inflationary economy starting July 1, 2018.
In relation to the inflation index to be used and in accordance with FACPCE Resolution No. 539/18, it is determined based on the Wholesale Price Index (IPIM) until 2016, considering the average variation of the Consumer Price Index (CPI) of the Autonomous City of Buenos Aires for the months of November and December 2015, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) is considered. The table below presents the index for the period ended March 31, 2021, according to official statistics (INDEC) and following the guidelines described in Resolution 539/18.
Quarter ended September 30, 2020
Quarter ended December 31, 2020
Quarter ended March 31, 2021
As of March 31, 2021 (accumulated nine months)
Price variation
8%
11%
13%
35%
As a consequence of the aforementioned, these financial statements as of March 31, 2021 were restated in accordance with IAS 29.
2.2
Accounting policies
The accounting policies applied in the presentation of these Financial Statements are consistent with those applied in the preparation of the Annual Financial Statements, as described in Note 2 to those Financial Statements.
As described in Note 2.2 to the annual financial statements, the Group has adopted IFRS 16: 'Leases' and Amendment to IAS 28 'Investment in associates and joint ventures' in the current year, applying the cumulative effect approach, therefore, accumulated impact was recognized in retained earnings as of July 1, 2019. Comparative figures were not restated.
2.3
Comparability of information
Balance items as of June 30, 2020 and March 31, 2020 presented in these Financial Statements for comparative purposes arise from the financial statements as of and for such period, restated in accordance with IAS 29 (See Note 2.1).Certain items from prior periods have been reclassified for consistency purposes regarding the loss of control in IDBD and Carnes Pampeanas. See Notes 1 and 6 to these Financial Statements.
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C.P.C.E.C.A.B.A. T° 1 F° 17
8
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
2.4
Use of estimates
The preparation of Financial Statements at a certain date requires Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements. In the preparation of these financial statements, the significant judgments made by Management in applying the Group's accounting policies and the main sources of uncertainty were the same as the ones applied by the Group in the preparation of the Annual Financial Statements described in Note 3 to those Consolidated Financial Statements, except for those mentioned in Note 34.
3.
Seasonal effects on operations
Agricultural business
Some of the Group's businesses are more affected by seasonal effects than others. The operations of the Group's agricultural business are subject to seasonal effects. The harvests and sale of grains in Argentina generally take place each year since March in the case of corn and soybean, since October in the case of wheat, and since December in the case of sunflower. In Brazil, the harvest and sale of soybean take place since February, and in the case of corn weather conditions make it possible to have two seasons, therefore the harvest take place between March and July. In Bolivia, weather conditions also make it possible to have two soybean, corn and sorghum seasons and, therefore, these crops are harvested in July and May, whereas wheat is harvested in August and September, respectively. In the case of sugarcane, harvest and sale take place between April and November of each year. Other segments of the agricultural business, such as beef cattle production tend to be more stable. However, beef cattle production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results across quarters.
Urban properties and investments business
The operations of the Group's shopping malls are subject to seasonal effects, which affect the level of sales recorded by lessees. During summertime in Argentina (January and February), the lessees of shopping malls experience the lowest sales levels in comparison with the winter holidays (July) and Christmas and year-end holidays celebrated in December, when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping malls sales. Sale discounts at the end of each season also affect the business. As a consequence, for shopping mall operations, a higher level of business activity is expected in the period ranging between July and December, compared to the period between January and June.
4.
Acquisitions and disposals
Significant acquisitions and disposals for the nine-month period ended March 31, 2021 are detailed below. Significant acquisitions and disposals for the fiscal year ended June 30, 2020, are detailed in Note 4 to the Annual Financial Statements.
Agricultural business
Bolivian companies
On December 20, 2020, our subsidiary BrasilAgro and its subsidiaries Agrifirma Agro and Imobiliária Engenho de Maracajú signed a Share Purchase Agreement to acquire 100% of the shares issued by the following companies based in Bolivia: (i) Agropecuaria Acres del Sud SA; (ii) Ombú Agropecuaria S.A .; (iii) Yatay Agropecuaria S.A .; and (iv) Yuchán Agropecuaria S.A., all indirectly controlled by The Company, for an amount of US$ 30. This acquisition was approved at a meeting of the BrasilAgro Board of Directors held on December 22, 2020.
The acquisition was subject to compliance with certain precedent conditions, which were fully met on February 4, 2021. Consequently, on February 8, 2021, BrasilAgro made the full payment of the acquisition price for a total of R$ 160 (equivalent to approximately Ps. 2,624 at the date of the transaction).
Said transaction has no impact on the Group's consolidated assets and liabilities. The difference in the ownership interest will be treated as a change in non-controlling interest within the equity.
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C.P.C.E.C.A.B.A. T° 1 F° 17
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Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Sale of Bananal Farm
BrasilAgro concluded the sale of 2,160 hectares (1,714 useful hectares) of Bananal Farm (Magalhães municipality - BA). The farm was included in the Group of assets held for sale due to a disagreement involving the tenant at the time of sale. The previous conditions recognized in the purchase agreement were fully met on July 31, 2020 after receipt of R$ 5.5 (equivalent to Ps. 107). The face value of the sale is R$ 28 (equivalent to Ps. 498). For this operation, the company did not recognize results since the asset was recorded at its fair value.
Sale of Carnes Pampeanas S.A.
On February 24, 2021, the Company sold 100% of its shares of Sociedad Anónima Carnes Pampeanas S.A., owner of the meat processing plant Carnes Pampeanas in the province of La Pampa, Argentina.
The price of the operation was agreed at US$ 10, which has already been paid in full.
The result of the transaction amounted to $ 662.
The results from the meatpacking operations have been reclassified to discontinued operations.
Urban properties and investments business
Sale of floors from Boston Tower
On July 15, 2020, IRSA CP entered into a preliminary sale agreement (with delivery of possession) with respect to a medium-height floor from Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 1,063 sq. meters and 5 parking lots located in the building. The price of the transaction was Ps. 600 (US$ 6.7), which has been paid in full.
On August 25, 2020, IRSA CP executed a preliminary sale agreement (with delivery of possession) with respect to 5 floors from Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 6,235 sq. meters and 25 parking lots located in the building. The price of the transaction was Ps. 3,221 (US$ 34.7), which has been paid in full.
On November 5, 2020, IRSA CP has signed a purchase and sale agreement with possession of 4 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,892 square meters and 15 parking lots located in the building. The price of the transaction was Ps. 2,047 (US$ 22.9).
On November 12, 2020, IRSA CP has signed with an unrelated third party a purchase and sale agreement with possession of 3 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,266 square meters, a commercial space located on the ground floor of approximately 225 square meters and 15 parking lots located in the building. The price of the transaction was Ps. 1,718 (US$ 19.1).
Bouchard sale
On July 30, 2020, IRSA CP sold the entire 'Bouchard 710' building, located in the Plaza Roma district of the City of Buenos Aires. The tower has a gross leasable area of 15,014 sq. meters divided into 12 floors for office use and 116 parking lots. The price of the transaction was approximately Ps. 7,923 (US$ 87), which has been paid in full.
Lipstick Building, New York, United States
On August 7, 2020, Metropolitan signed an agreement with the owner of the Ground Lease through which it terminated the relationship, leaving the administration of the building. For this reason, Metropolitan stopped recognizing the liabilities associated with the ground lease, as well as all the assets and liabilities associated with the building and the administration of the building; and made an agreement with the owner of the Ground Lease that states that Metropolitan is completely released from responsibilities, except for (i) claims for liabilities prior to June 1, 2020 from people who have performed work or provided services in the Building or to Metropolitan and (ii) claims from people who have had an accident on the property dated before August 7, 2020. This situation had an impact on the consolidated Financial Statements as of June 30, 2020.
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
10
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Condor Merger Agreement
On July 19, 2019, Condor entered into a merger agreement with Nexponint Hospitality Trust. In accordance with the contractual terms, each Condor common share, with a par value of US$ 0.01 per share, was canceled prior to the merger and became the right to receive a cash amount equivalent to US$ 11.10 per ordinary share. Additionally, in accordance with the terms and conditions of the merger agreement, each Class E convertible share was automatically canceled and became the right to receive a cash amount equivalent to US$ 10.00 per share.
The closing of the transaction, which had been scheduled for March 23, 2020, did not occur.
On October 14, 2020, Condor entered into an agreement with Nexponint Hospitality Trust and some of its affiliates ('NHT Parties') to resolve any and all claims between them related to the aforementioned merger agreement.
According to this agreement, NHT and its affiliates shall make three payments to Condor in three installments ending on December 30, 2020 and totaling US$ 7.0. As of the date of these financial statements, the total compensation for breach of the contract has been collected.
As of the date of presentation of these Financial Statements, the Company has 2,245,100 ordinary shares and 325,752 Series E shares of Condor. The Company is evaluating new strategic alternatives for the purpose of this investment.
Loss of control of IDBD
As described in Note 1. to these financial statements, at the end of September 2020, the Group has lost control of IDBD, deconsolidating the related assets and liabilities and reclassifying the operations from this operations center to discontinued operations.
The following table details the net assets disposed:
09.30.2020
ASSETS
Investment properties
105,943
Property, plant and equipment
43,252
Trading properties
6,931
Intangible assets
32,938
Right-of-use assets
23,301
Investment in associates and joint ventures
43,661
Deferred income tax assets
512
Income tax and MPIT credits
384
Restricted assets
7,571
Trade and other receivables
63,715
Investment in financial assets
28,519
Derivative financial instruments
332
Inventories
4,246
Group of assets held for sale
49,596
Cash and cash equivalents
130,983
TOTAL ASSETS
541,884
Borrowings
383,335
Lease liabilities
21,357
Deferred income tax liabilities
14,656
Trade and other payables
28,648
Income tax and MPIT liabilities
537
Provisions
6,394
Employee benefits
562
Derivative financial instruments
562
Payroll and social security liabilities
3,990
Group of liabilities held for sale
25,962
TOTAL LIABILITIES
486,003
TOTAL NET ASSETS
55,881
Non-controlling interest
(56,347)
Result for loss of control
(466)
Recycling of currency translation adjustment and other reserves
(3,159)
Total result for loss of control (*)
(3,625)
(*) included within discontinued operations.
Distribution of dividends in kind
On October 26, 2020, the Ordinary and Extraordinary Shareholders' Meeting of IRSA, approved, a dividend distribution in kind for the equivalent amount of Ps. 484 (representative of Ps. 0.84 per share) payable in shares of IRSA CP. IRSA CP's quoted price per share as of October 23, 2020, was considered and, it amounted to 320 pesos per share. As a result 1,512,500 shares were distributed. This transaction was accounted for as a change in equity generating a
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C.P.C.E.C.A.B.A. T° 1 F° 17
11
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
reduction of the equity attributable to the controlling shareholders for Ps. 754 restated for inflation as of the date of these financial statements. As of the end of the period the groups interest in IRSA CP amounts to 83.28%.
Manibil Sale
On December 22, 2020, the Company sold 217,332,873 ordinary Class B shares, nominative not endorsable, with a nominal value of ARS 1 and entitled to one vote per share owned by the Company, representing 49% of the stock capital of Manibil S.A., a company dedicated to real estate developments. As a consideration for this operation, completed in February 2021, the Company acquired the right to receive future units by 953 sq. meters and ceased to be a shareholder of Manibil S.A. The result of this operation amounts to a gain of ARS 33, which is disclosed within Other operating results, net.
5.
Financial risk management and fair value estimates
These Financial Statements do not include all the information and disclosures on financial risk management; therefore, they should be read along with Note 5 to the Annual Financial Statements. There have been no changes in risk management or risk management policies applied by the Group since year-end.
Since June 30, 2020 and up to the date of issuance of these Financial Statements, there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities, (either measured at fair value or amortized cost), except as mentioned in Note 33.
6.
Segment information
As explained in Note 6 to the annual Financial Statements, the Group reported the information by segments from the perspective of products and services: (i) agricultural business and (ii) urban properties and investments business. Additionally, this last segment was geographically divided into two centers of operations to manage its global interests: Argentina and Israel. However, as detailed in Note 1, during September 2020 the Group lost control of IDBD and reclassified the results related to discontinued operations. As a consequence of the loss of control over IDBD, as of October 1, 2020, the Group reports its financial and equity performance under a single operations center. The information by segment for the period ended March 31, 2020 has been modified for the purposes of its comparability with the current period.
Below is a summary of the Group's business units and a reconciliation between the operating income according to segment information and the operating income of the statement of income and other comprehensive income of the Group for the periods ended March 31, 2021 and 2020:
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
12
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Below is a summarized analysis of the lines of business of the Group for the year ended March 31, 2021:
03.31.21
Urban Properties and Investment business (II)

Agricultural business (I)
Operations Center in Argentina
Operations Center in Israel
Subtotal
Total segment information
Joint ventures (i)
Adjustments (ii)
Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)
Total Statement of Income / Financial Position
Revenues
17,112
7,209
-
7,209
24,321
(33)
2,020
(262)
26,046
Costs
(15,007)
(2,328)
-
(2,328)
(17,335)
51
(2,191)
13
(19,462)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
9,065
-
-
-
9,065
-
-
80
9,145
Changes in the net realizable value of agricultural products after harvest
271
-
-
-
271
-
-
-
271
Gross profit
11,441
4,881
-
4,881
16,322
18
(171)
(169)
16,000
Gain from disposal of farmlands
103
-
-
-
103
-
-
-
103
Net gain / (loss) from fair value adjustment of investment properties
52
(6,742)
-
(6,742)
(6,690)
(97)
-
-
(6,787)
General and administrative expenses
(1,249)
(2,218)
-
(2,218)
(3,467)
7
-
45
(3,415)
Selling expenses
(1,643)
(1,057)
-
(1,057)
(2,700)
11
-
69
(2,620)
Other operating results, net
(712)
(118)
-
(118)
(830)
(2)
79
2
(751)
Profit / (Loss) from operations
7,992
(5,254)
-
(5,254)
2,738
(63)
(92)
(53)
2,530
Share of loss of associates and joint ventures
(12)
(2,080)
-
(2,080)
(2,092)
38
-
(5)
(2,059)
Segment profit / (loss)
7,980
(7,334)
-
(7,334)
646
(25)
(92)
(58)
471
Reportable assets
53,796
192,245
-
192,245
246,041
(937)
-
54,902
300,006
Reportable liabilities
-
-
-
-
-
-
-
(196,677)
(196,677)
Net reportable assets
53,796
192,245
-
192,245
246,041
(937)
-
(141,775)
103,329

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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
13
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Below is a summarized analysis of the lines of business of the Group for the year ended March 31, 2020:
03.31.20
Urban Properties and Investment business (II)



Agricultural business (I)
Operations Center in Argentina
Operations Center in Israel
Subtotal
Total segment information
Joint ventures (i)
Adjustments (ii)
Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)
Total Statement of Income / Financial Position
Revenues
19,556
13,927
-
13,927
33,483
(78)
3,540
(248)
36,697
Costs
(15,935)
(3,078)
-
(3,078)
(19,013)
51
(3,680)
-
(22,642)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
3,566
-
-
-
3,566
-
-
168
3,734
Changes in the net realizable value of agricultural products after harvest
502
-
-
-
502
-
-
-
502
Gross profit
7,689
10,849
-
10,849
18,538
(27)
(140)
(80)
18,291
Net gain from fair value adjustment of investment properties
17
3,488
-
3,488
3,505
(364)
-
-
3,141
Gain from disposal of farmlands
461
-
-
-
461
-
-
-
461
General and administrative expenses
(1,277)
(2,418)
-
(2,418)
(3,695)
19
-
51
(3,625)
Selling expenses
(2,164)
(1,213)
-
(1,213)
(3,377)
20
-
23
(3,334)
Other operating results, net
1,950
23
-
23
1,973
27
81
1
2,082
Profit from operations
6,676
10,729
-
10,729
17,405
(325)
(59)
(5)
17,016
Share of profit of associates and joint ventures
248
378
-
378
626
229
-
(19)
836
Segment profit
6,924
11,107
-
11,107
18,031
(96)
(59)
(24)
17,852
Reportable assets
49,842
157,905
558,450
716,355
766,197
(928)
-
57,093
822,362
Reportable liabilities
-
-
(496,026)
(496,026)
(496,026)
-
-
(206,482)
(702,508)
Net reportable assets
49,842
157,905
62,424
220,329
270,171
(928)
-
(149,389)
119,854
(i) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes.
(ii) Includes Ps. (171) and Ps. (140) corresponding to Expenses and FPC as of March 31, 2021 and 2020, respectively.
(iii) Includes deferred income tax assets, income tax and MPIT credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of Ps. 11 as of March 31, 2021.
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
14
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
(I)
Agriculture line of business
The following tables present the reportable segments of the agriculture line of business:
03.31.21
Agricultural production
Land transformation and sales
Corporate
Others
Total Agricultural business
Revenues
14,017
-
-
3,095
17,112
Costs
(12,782)
(25)
-
(2,200)
(15,007)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
9,065
-
-
-
9,065
Changes in the net realizable value of agricultural products after harvest
271
-
-
-
271
Gross profit / (loss)
10,571
(25)
-
895
11,441
Gain from disposal of farmlands
-
103
-
-
103
Net gain from fair value adjustment of investment properties
-
52
-
-
52
General and administrative expenses
(836)
(3)
(219)
(191)
(1,249)
Selling expenses
(1,385)
(1)
-
(257)
(1,643)
Other operating results, net
(4,098)
2,626
-
760
(712)
Profit / (loss) from operations
4,252
2,752
(219)
1,207
7,992
Share of profit/ (loss) of associates and joint ventures
44
-
-
(56)
(12)
Segment profit / (loss)
4,296
2,752
(219)
1,151
7,980
Investment properties
6,062
-
-
-
6,062
Property, plant and equipment
27,832
222
-
80
28,134
Investments in associates
529
-
-
283
812
Other reportable assets
16,817
-
-
1,971
18,788
Reportable assets
51,240
222
-
2,334
53,796
03.31.20
Agricultural production
Land transformation and sales
Corporate
Others
Total Agricultural business
Revenues
16,717
-
-
2,839
19,556
Costs
(14,058)
(27)
-
(1,850)
(15,935)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
3,566
-
-
-
3,566
Changes in the net realizable value of agricultural products after harvest
502
-
-
-
502
Gross profit / (loss)
6,727
(27)
-
989
7,689
Net gain from fair value adjustment of investment properties
-
17
-
-
17
Gain from disposal of farmlands
-
461
-
-
461
General and administrative expenses
(936)
(3)
(218)
(120)
(1,277)
Selling expenses
(1,815)
-
-
(349)
(2,164)
Other operating results, net
529
1,260
-
161
1,950
Profit / (loss) from operations
4,505
1,708
(218)
681
6,676
Share of profit of associates and joint ventures
88
-
-
160
248
Segment profit / (loss)
4,593
1,708
(218)
841
6,924
Investment properties
4,663
-
-
-
4,663
Property, plant and equipment
28,354
244
-
997
29,595
Investments in associates
583
-
-
418
1,001
Other reportable assets
11,562
446
-
2,575
14,583
Reportable assets
45,162
690
-
3,990
49,842

Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
15
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
(II)
Urban properties and investments line of business
Below is a summarized analysis of the lines of business of Group's operations center in Argentina:
03.31.21
Shopping Malls
Offices
Sales and developments
Hotels
International
Corporate
Others
Total
Revenues
3,748
1,891
515
672
336
-
47
7,209
Costs
(498)
(162)
(500)
(729)
(284)
-
(155)
(2,328)
Gross profit / (loss)
3,250
1,729
15
(57)
52
-
(108)
4,881
Net (loss) / gain from fair value adjustment of investment properties (i)
(9,697)
1,997
364
-
4
-
590
(6,742)
General and administrative expenses
(1,077)
(285)
(232)
(297)
(41)
(240)
(46)
(2,218)
Selling expenses
(188)
(117)
(621)
(103)
(23)
-
(5)
(1,057)
Other operating results, net
(92)
(2)
(8)
(6)
(7)
-
(3)
(118)
(Loss) / Profit from operations
(7,804)
3,322
(482)
(463)
(15)
(240)
428
(5,254)
Share of loss of associates and joint ventures
-
-
(16)
-
(636)
-
(1,428)
(2,080)
Segment (loss) / profit
(7,804)
3,322
(498)
(463)
(651)
(240)
(1,000)
(7,334)
Investment and trading properties
57,235
69,872
44,992
(2)
110
-
2,062
174,269
Property, plant and equipment
282
3,428
-
2,333
-
8
-
6,051
Investment in associates and joint ventures
-
-
-
-
2,013
-
7,660
9,673
Other reportable assets
138
162
1,801
29
-
-
122
2,252
Reportable assets
57,655
73,462
46,793
2,360
2,123
8
9,844
192,245
(i)For the nine-month period ended March 31, 2021, the net loss from fair value adjustment of investment properties was Ps. 6,742. The net impact of the values in pesos of our properties was mainly a consequence of the change in macroeconomic conditions:
(a)
loss of ARS 669 as a consequence of the variation in the projected income growth rate increase in the projected inflation rate and the conversion to dollars of the projected cash flow in pesos according to the exchange rate estimates used in the cash flow from shopping malls;
(b)
positive impact of ARS 12,612 resulting from the conversion into pesos of the value of the shopping malls in dollars based on the exchange rate at the end of the period;
(c)
an increase of 135 basis points in the discount rate, mainly due to an increase in the country-risk rate component of the WACC discount rate used to discount the cash flow, which led to a decrease in the value of the shopping malls of ARS 6,152.
(d)
Additionally, due to the impact of the inflation adjustment, ARS 16,615 were reclassified for shopping malls from 'Net loss from fair value adjustment' to 'Inflation Adjustment' in the Statement of Income and Other Comprehensive Income.
(e)
The value of our office buildings and other rental properties measured in real terms increased by 3.2% during the nine-month period ended as of March 31, 2021, due to the implicit exchange rate.
03.31.20
Shopping Malls
Offices
Sales and developments
Hotels
International
Corporate
Others
Total
Revenues
7,625
2,472
974
2,748
10
-
98
13,927
Costs
(619)
(154)
(644)
(1,549)
(11)
-
(101)
(3,078)
Gross profit / (loss)
7,006
2,318
330
1,199
(1)
-
(3)
10,849
Net (loss) / gain from fair value adjustment of investment properties
(5,294)
4,452
3,813
1
-
-
516
3,488
General and administrative expenses
(885)
(284)
(195)
(399)
(124)
(404)
(127)
(2,418)
Selling expenses
(578)
(94)
(240)
(290)
-
-
(11)
(1,213)
Other operating results, net
(9)
(27)
(23)
(16)
(1)
-
99
23
Profit / (Loss) from operations
240
6,365
3,685
495
(126)
(404)
474
10,729
Share of profit/ (loss) of associates and joint ventures
-
51
-
(10)
924
-
(587)
378
Segment profit / (loss)
240
6,416
3,685
485
798
(404)
(113)
11,107
Investment and trading properties
63,831
46,133
40,173
-
136
-
1,652
151,925
Property, plant and equipment
318
1,474
-
2,653
270
-
-
4,715
Investment in associates and joint ventures
-
-
712
-
(10,020)
-
8,998
(310)
Other reportable assets
150
165
1,097
41
-
-
122
1,575
Reportable assets
64,299
47,772
41,982
2,694
(9,614)
-
10,772
157,905
Below is a summarized analysis of the segments from the Group's Operations Center in Israel where only assets and liabilities are presented as of March 31,2020:

03.31.20
Real Estate
Supermarkets
Telecommunications
Insurance
Corporate
Others
Total
Reportable assets
183,923
33,634
175,267
6,232
20,511
138,883
558,450
Reportable liabilities
(176,206)
-
(133,645)
-
(134,009)
(52,166)
(496,026)
Net reportable assets
7,717
33,634
41,622
6,232
(113,498)
86,717
62,424
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
16
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
7.
Investments in associates and joint ventures
Changes in the Group's investments in associates and joint ventures for the nine-month period ended March 31, 2021 and for the year ended June 30, 2020 were as follows:
03.31.21
06.30.20
Beginning of the period / year
101,680
49,021
Adjustments of previous years (IFRS 9 and IAS 28)
-
(2,679)
Share capital increase and contributions
38
3,861
Share capital reduction
-
(143)
(Decrease) / Increase of interest in associates and joint ventures (iv)
(39,574)
3,755
Share of (loss) / profit
(1,411)
11,929
Other comprehensive loss
(50)
(1,684)
Currency translation adjustment
(3,159)
12
Dividends (i)
(82)
(2,499)
Deconsolidation (iii)
(43,661)
39,496
Reclassification to held-for-sale
-
(2,802)
Incorporation by business combination
-
3,407
Others
(14)
6
End of the period / year (ii)
13,767
101,680
(i)
See Note 28.
(ii)
As of March 31, 2021, and June 30, 2020 includes Ps. (11) and (23) reflecting interests in companies with negative equity, which were disclosed in 'Provisions' (see Note 19)
(iii)
The amount as of March 31, 2021 corresponds to the effect of the deconsolidation of IDBD (See note 4.E). Regarding the amount as of June 30, 2020, it corresponds to the effect of the deconsolidation of Gav-Yam (See Note 4 to the consolidated Financial Statements as of June 30, 2020)
(iv)
Mainly corresponds to the sale of the remaining equity interest in Shufersal in July 2020
Below is additional information about the Group's investments in associates and joint ventures:

% ownership interest
Value of Group's interest in equity
Group's interest in comprehensive loss
Name of the entity
03.31.21
06.30.20
03.31.21
06.30.20
03.31.21
03.31.20
New Lipstick
49.96%
49.96%
189
632
(429)
(367)
BHSA
29.91%
29.91%
5,100
5,514
(414)
(693)
Condor
18.89%
18.89%
1,732
2,005
(207)
147
Shufersal
N/A
26.02%
-
38,055
22
-
Gav-Yam
N/A
N/A
-
36,926
35
-
TGLT S.A.
27.82%
N/A
1,835
2,787
(953)
-
Quality
50.00%
50.00%
2,954
2,844
83
(24)
La Rural S.A.
50.00%
50.00%
234
275
(40)
261
Cresca S.A.
50.00%
50.00%
30
28
(3)
118
Other associates and joint ventures
-
-
1,693
12,614
(2,664)
143
Total associates and joint ventures
13,767
101,680
(4,570)
(415)



Last financial statement issued
Name of the entity
Location of business / Country of incorporation
Main activity
Common shares 1 vote
Share capital (nominal value)
(Loss)/ Profit for the period
Shareholders' equity
New Lipstick
U.S.
Real estate
N/A
-
(*) (9)
(*) (40
BHSA
Argentina
Financing
448,689,072
(***) 1,500
(***) 1.382
(***) 14,001
Condor
U.S.
Hotel
2,245,100
(*) 232
(*) (12)
(*) 73
Shufersal
Israel
Retail
N/A
(**) 1,399
(**) 101
(**) 1,930
Gav-Yam
Israel
Realestate
N/A
(**) 1,356
(**) 86
(**) 3,526
TGLT S.A.
Argentina
Realestate
257,320,997
925
(2,630)
5,497
Quality
Argentina
Real estate
203,158,129
406
167
5,825
La Rural S.A.
Argentina
Organization of events
714,498
1
(64)
378
(*)
Amounts in millions of US Dollars under USGAAP. Condor's year-end falls on June 30, so the Group estimates their interest with a three-monthlag, including material adjustments, if any.
(**)
Amounts in millions of NIS.
(***)
Preliminary information as of March 31, 2021 according to NIIF.
Puerto Retiro (joint venture):
There have been no changes to what was informed in Note 8 to the Annual Financial Statements.
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
17
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
8.
Investment properties
Changes in the Group's investment properties for the nine-month period ended March 31, 2021 and for the year ended June 30, 2020 were as follows:
Leased out farmland
Rental properties
Underdeveloped parcels of land
Properties under development
Others
Total as of 03.31.21
Total as of 06.30.20
Fair value at the beginning of the period / year
5,590
258,800
42,711
4,381
102
311,584
453,522
Adjustments of previous years (IFRS 15)
-
-
-
-
-
-
577
Additions
166
879
60
-
-
1,105
7,390
Capitalized leasing costs
-
15
1
-
-
16
27
Amortization of capitalized leasing costs (i)
-
(8)
-
-
-
(8)
(20)
Transfers
559
(1,205)
-
-
-
(646)
(30,683)
Incorporation by business combination
-
-
-
-
-
-
330
Deconsolidation
-
(103,258)
(1,074)
(1,611)
-
(105,943)
(213,266)
Disposals
-
(16,031)
-
-
-
(16,031)
(20,511)
Currency translation adjustment
(304)
(10,850)
(111)
(178)
-
(11,443)
71,462
Net gain / (loss) from fair value adjustment
51
(8,693)
1,752
43
35
(6,812)
42,756
Fair value at the end of the period / year
6,062
119,649
43,339
2,635
137
171,822
311,584
(i)
Amortization charges of capitalized leasing costs were included in 'Costs' in the Statements of Income (Note 24).
The following amounts have been recognized in the Statements of Income:
03.31.21
03.31.20
Rental and services income
8,062
14,271
Direct operating expenses
(3,083)
(5,151)
Development expenses
(72)
(99)
Net realized gain from fair value adjustment of investment properties(i)
9,753
759
Net unrealized loss from fair value adjustment of investment properties(ii)
(16,540)
2,382
(i)
As of March 31, 2021 includes ARS 4,899 for the sale of Torre Boston, ARS 4,838 for the sale of Bouchard 710 and ARS 17 for the sale of 10 parking lots located in Bouchard 557. As of March 31, 2020 includes ARS 492 corresponding to the barter transaction of the Caballito Ferro land and ARS 267 for the deconsolidation of the La Maltería S.A land.
(ii)
As of March 31, 2020, (ARS 1,389) corresponds to the realized result from fair value adjustment for the period (ARS 965) for the sale of Torre Boston and (ARS 424) for the sale of Bouchard 710) and ARS 11,125 for realized result from fair value adjustment made in previous years (ARS 5,864 for the sale of Torre Boston and ARS 5,261 for the sale of Bouchard 710). As of March 31, 2020 ARS 68 corresponds to net realized fair value adjustment on investment properties for the period (which includes the barter transaction of the Caballito Ferro land) and ARS 691 corresponds to the net realized fair value adjustment made in previous years (ARS 424 corresponding to the barter transaction of the Caballito Ferro land and ARS 267 for the deconsolidation of the La Maltería S.A. land).
Valuation techniques are described in Note 9 to the Annual Financial Statements. There were no changes to such techniques. The Group has reassessed the assumptions March 31, 2021, considering the market conditions existing at that date due to the pandemic described in Note 33, incorporating the effect of the variation in the exchange rate in other assets denominated in US Dollars.
9.
Property, plant and equipment
Changes in the Group's property, plant and equipment for the nine-month period ended March 31, 2021 and for the year ended June 30, 2020 were as follows:
Owner occupied farmland
Bearer plant
Buildings and facilities
Machinery and equipment
Communication networks
Others
Total as of 03.31.21
Total as of 06.30.20
Costs
35,288
2,775
19,247
3,513
129,231
21,236
211,290
192,953
Accumulated depreciation
(3,163)
(1,248)
(10,529)
(2,445)
(100,648)
(12,093)
(130,126)
(119,708)
Net book amount at the beginning of the period / year
32,125
1,527
8,718
1,068
28,583
9,143
81,164
73,245
Additions
832
51
235
64
523
822
2,527
9,278
Disposals
(25)
-
(78)
(2)
(50)
(91)
(246)
(4,735)
Deconsolidation
(5,526)
-
(3,835)
(722)
(25,527)
(7,642)
(43,252)
(1,436)
Assets incorporated by business combinations
-
-
-
-
-
-
-
12,825
Currency translation adjustment
(1,028)
(53)
(320)
(54)
(2,058)
(628)
(4,141)
5,808
Transfers
15
-
1,830
-
-
(8)
1,837
(3,403)
Depreciation charges (i)
(276)
(289)
(384)
(85)
(1,471)
(1,020)
(3,525)
(10,418)
Inflation adjustment
-
-
(3)
-
-
-
(3)
-
Balances at the end of the period / year
26,117
1,236
6,163
269
-
576
34,361
81,164
Costs
28,382
2,207
9,788
2,552
-
1,345
44,274
221,219
Accumulated depreciation
(2,265)
(971)
(3,625)
(2,283)
-
(769)
(9,913)
(140,055)
Net book amount at the end of the period / year
26,117
1,236
6,163
269
-
576
34,361
81,164
(i)
As of March 31, 2021, the amortization charge has been charged to the line 'Costs' for Ps. 284, 'General and administrative expenses' for Ps. 28, respectively, in the income statement (Note 24), Ps. 654 were capitalized as part of the cost of biological assets and Ps. 2,559 corresponds to discontinued operations.
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
18
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
10.
Trading properties
Changes in the Group's trading properties for the nine-month period ended March 31, 2021 and for the year ended June 30, 2020 were as follows:
Completed properties
Properties under development
Undeveloped sites
Total as of 03.31.21
Total as of 06.30.20
Beginning of the period / year
2,739
1,123
5,847
9,709
11,342
Additions
-
130
356
486
3,015
Capitalized finance costs
-
95
-
95
126
Currency translation adjustment
(174)
(79)
(337)
(590)
1,188
Transfers
175
(175)
-
-
291
Impairment
-
-
-
-
(210)
Deconsolidation
(1,918)
(128)
(4,885)
(6,931)
-
Disposals
(712)
(213)
(193)
(1,118)
(6,043)
End of the period / year
110
753
788
1,651
9,709
Non-current
1,617
6,574
Current
34
3,135
Total
1,651
9,709
11.
Intangible assets
Changes in the Group's intangible assets for the nine-month period ended March 31, 2021 and for the year ended June 30, 2020 were as follows:
Goodwill
Trademarks
Licenses
Customer relations
Information systems and software
Contracts and others
Total as of 03.31.21
Total as of 06.30.20
Costs
7,880
11,231
13,562
21,056
14,239
17,038
85,006
75,706
Accumulated amortization
-
(906)
(10,286)
(17,705)
(8,478)
(9,467)
(46,842)
(40,485)
Net book amount at the beginning of the period / year
7,880
10,325
3,276
3,351
5,761
7,571
38,164
35,221
Additions
-
-
-
25
379
1,477
1,881
6,142
Disposals
-
-
-
-
(100)
-
(100)
(210)
Deconsolidation
(7,642)
(9,566)
(2,967)
(2,831)
(4,194)
(5,738)
(32,938)
-
Transfers
-
-
-
-
(3)
-
(3)
(73)
Assets incorporated by business combination
-
-
-
-
-
-
-
92
Currency translation adjustment
143
(734)
(234)
(246)
(624)
(539)
(2,234)
7,791
Impairment
-
-
-
-
-
-
-
(4,442)
Amortization charges (i)
-
(25)
(75)
(299)
(989)
(713)
(2,101)
(6,357)
Balances at the end of the period / year
381
-
-
-
230
2,058
2,669
38,164
Costs
381
-
-
-
881
2,540
3,802
85,006
Accumulated amortization
-
-
-
-
(651)
(482)
(1,133)
(46,842)
Net book amount at the end of the period / year
381
-
-
-
230
2,058
2,669
38,164
(i)
Amortization charge was recognized in the amount of Ps. 27 under 'Costs', in the amount of Ps. 87 under 'General and administrative expenses' as of March 31, 2021 in the Statements of Income (Note 24) and Ps. 1,987 corresponds to discontinued operations.
12.
Right-of-use assets
The Group's right-of-use assets as of March 31, 2021 and June 30, 2020 are the following:
03.31.21
06.30.20
Farmland
3,183
2,744
Offices, shopping malls and other buildings
10
5,572
Communication networks
-
14,896
Machinery and equipment
64
46
Others
778
6,427
Right-of-use assets
4,035
29,685
Non-current
4,035
29,685
Total
4,035
29,685
The depreciation charge of the right-of use-assets is detailed below:
03.31.21
03.31.20
Farmland
171
80
Offices, shopping malls and other buildings
1,180
566
Communication networks
270
3,271
Others
42
922
Depreciation charge of right-of-use assets (i)
1,663
4,839
(i)
Includes Ps. 1,646 and Ps. 4,722 charged to the result of discontinued operations as of March 31, 2021 and 2020 respectively.
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
19
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
13.
Biological assets
Changes in the Group's biological assets and their allocation to the fair value hierarchy nine-month period ended March 31, 2021 and for the year ended June 30, 2020 were as follows:
Agricultural business
Sown land-crops
Sugarcane fields
Breeding cattle and cattle for sale
Other cattle
Others
Total as of 03.31.21
Total as of 06.30.20
Level 1
Level 3
Level 3
Level 2
Level 2
Level 1
Net book amount at the beginning of the period / year
400
1,379
1,391
2,882
39
44
6,135
7,580
Purchases
-
-
-
445
4
-
449
387
Changes by transformation
(507)
507
-
-
-
-
-
-
Initial recognition and changes in the fair value of biological assets (i)
-
7,600
1,054
502
(23)
-
9,133
3,809
Decrease due to harvest
-
(12,425)
(2,955)
-
-
-
(15,380)
(17,555)
Sales
-
-
-
(1,434)
(2)
-
(1,436)
(2,178)
Consumes
-
-
-
-8
-
(6)
(14)
(501)
Costs for the period / year
1,374
10,456
2,217
1,075
23
3
15,148
15,474
Incorporation by business combination
-
-
-
-
-
-
-
84
Foreign exchange loss
(82)
-107
(73)
(32)
-
-
(294)
(965)
Balances at the end of the period / year
1,185
7,410
1,634
3,430
41
41
13,741
6,135
Non-current (Production)
-
-
-
2,922
31
40
2,993
2,381
Current (Consumable)
1,185
7,410
1,634
508
10
1
10,748
3,754
Net book amount at the end of the period / year
1,185
7,410
1,634
3,430
41
41
13,741
6,135
(i)
Biological assets with a production cycle of more than one year (that is, cattle) generated 'Initial recognition and changes in fair value of biological assets' amounting to Ps. 479 and Ps. 371 for the nine-month periods ended March 31, 2021 and for the fiscal year ended June 30, 2020, respectively; amounts of Ps. 740 and Ps. 387, was attributable to price changes, and amounts of Ps. (261) and Ps. (16), was attributable to physical changes, respectively.
During the nine-month period ended March 31, 2021, there were transfers between the fair value hierarchies 1 and 3 of grain seeding (due to the degree of phenological growth of the crop) for Ps. 507. There were also no reclassifications between categories thereof.
The fair value less estimated point of sale costs of agricultural produce at the point of harvest (which have been harvested during the period) amount to Ps. 7,620 and Ps. 15,542 for the nine-month period ended March 31, 2021 and the year ended June 30, 2020, respectively.
See information on valuation processes used by the entity in Note 14 to the Annual Financial Statements.
As of March 31, 2021, and June 30, 2020, the better and maximum use of biological assets shall not significantly differ from the current use.
14.
Inventories
Breakdown of Group's inventories as of March 31, 2021 and June 30, 2020 are as follows:
03.31.21
06.30.20
Crops
3,024
3,652
Materials and supplies
1,638
1,909
Seeds and fodders
333
372
Sugarcane
-
5
Agricultural inventories
4,995
5,938
Telephones and other communication equipment
-
2,285
Fruit
-
3,662
Others
69
393
Total inventories
5,064
12,278
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
20
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
15.
Financial instruments by category
Determining fair values
The present note shows the financial assets and financial liabilities by category of financial instrument and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy. For further information related to fair value hierarchy refer to Note 15 to the Annual Financial Statements.
Financial assets and financial liabilities as of March 31, 2021 are as follows:
Financial assets at fair value through profit or loss
Financial assets at amortized cost
Level 1
Level 2
Level 3
Subtotal financial assets
Non-financial assets
Total
March 31, 2021
Assets as per Statement of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16)
26,187
-
-
-
26,187
8,953
35,140
Investment in financial assets:
- Public companies' securities
-
422
-
344
766
-
766
- Bonds
-
2,364
-
-
2,364
-
2,364
- Mutual funds
-
17
-
-
17
-
17
-Others
28
730
-
35
793
-
793
Derivative financial instruments:
- Crops options contracts
-
392
-
-
392
-
392
- Crops futures contracts
-
466
-
-
466
-
466
- Foreign-currency options contracts
-
5
-
-
5
-
5
- Foreign-currency future contracts
-
50
16
-
66
-
66
- Swaps
-
-
26
-
26
-
26
Restricted assets (i)
161
-
-
-
161
-
161
Cash and cash equivalents (excluding bank overdrafts):
- Cash on hand and at bank
3,651
74
-
-
3,725
-
3,725
- Short-term investments
108
9,147
-
-
9,255
-
9,255
Total assets
30,135
13,667
42
379
44,223
8,953
53,176
Financial liabilities at fair value through profit or loss
Financial liabilities at amortized cost
Level 1
Level 2
Level 3
Subtotal financial liabilities
Non-financial liabilities
Total
March 31, 2021
Liabilities as per Statement of Financial Position
Trade and other payables (Note 18)
16,317
-
-
-
16,317
5,687
22,004
Borrowings (Note 20)
110,200
-
-
-
110,200
-
110,200
Derivative financial instruments:
- Crops options contracts
-
1,625
142
-
1,767
-
1,767
- Crops futures contracts
-
2,184
-
-
2,184
-
2,184
- Foreign-currency options contracts
-
44
-
-
44
-
44
- Foreign-currency contracts
-
238
16
-
254
-
254
- Swaps
-
-
71
-
71
-
71
Total liabilities
126,517
4,091
229
-
130,837
5,687
136,524

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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
21
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Financial assets and financial liabilities as of June 30, 2020 were as follows:
Financial assets at fair value through profit or loss
Financial assets at amortized cost
Level 1
Level 2
Level 3
Subtotal financial assets
Non-financial assets
Total
June 30, 2020
Assets as per Statement of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16)
78,190
-
-
-
78,190
23,195
101,385
Investment in financial assets:
- Equity securities in public companies
-
777
311
-
1,088
-
1,088
- Equity securities in private companies
-
-
-
3,938
3,938
-
3,938
- Deposits
1,294
83
-
-
1,377
-
1,377
- Bonds
-
10,590
1,955
-
12,545
-
12,545
- Mutual funds
-
6,031
-
-
6,031
-
6,031
- Others
-
2,995
1,097
314
4,406
-
4,406
Derivative financial instruments:
- Crops futures contracts
-
117
-
-
117
-
117
- Swaps
-
20
-
-
20
-
20
- Crops options contracts
-
22
173
-
195
-
195
- Foreign-currency options contracts
-
-
23
-
23
-
23
- Foreign-currency future contracts
-
-
-
192
192
-
192
- Others
83
-
27
-
110
-
110
Restricted assets (i)
11,026
-
-
-
11,026
-
11,026
Financial assets held for sale
- Clal
-
4,572
-
-
4,572
-
4,572
Cash and cash equivalents (excluding bank overdrafts):
- Cash on hand and at bank
36,593
-
-
-
36,593
-
36,593
- Short-term investments
86,321
13,713
-
-
100,034
-
100,034
Total assets
213,507
38,920
3,586
4,444
260,457
23,195
283,652
Financial liabilities at fair value through profit or loss
Financial liabilities at amortized cost
Level 1
Level 2
Level 3
Subtotal financial liabilities
Non-financial liabilities
Total
June 30, 2020
Liabilities as per Statement of Financial Position
Trade and other payables (Note 18)
41,868
-
-
-
41,868
10,669
52,537
Borrowings (Note 21)
566,952
-
-
-
566,952
-
566,952
Derivative financial instruments:
- Crops futures contracts
-
96
-
-
96
-
96
- Forward contracts
-
50
-
-
50
-
50
- Crops options contracts
-
232
68
-
300
-
300
- Foreign-currency options contracts
-
-
129
-
129
-
129
- Swaps
-
-
83
-
83
-
83
- Others
-
-
1,294
27
1,321
-
1,321
Total liabilities
608,820
378
1,574
27
610,799
10,669
621,468
(i)
Corresponds to deposits in guarantee and escrows
The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 20). The fair value of payables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Fair values are based on discounted cash flows (Level 3).
The valuation models used by the Group for the measurement of Level 2 and Level 3 instruments are no different from those used as of June 30, 2020.
As of March 31, 2021, there have been no changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the Group.

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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
22
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table. When no quoted prices are available in an active market, fair values (particularly with derivatives) are based on recognized valuation methods.
Description
Pricing model / method
Parameters
Fair value hierarchy
Range
Promissory note
Theoretical price
Price of the underlying (Market price) and volatility of the share (historical) and market interest rate (Libor Curve).
Level 3
Price of the underlying 3 to 4. Volatility of the share 57% to 77%. Market interest rate 0.75% to 1.25%
Investments in financial assets - Other private companies' securities
Cash flow / NAV - Theoretical price
Projected revenue discounted at the discount rate /
The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments.
Level 3
1 - 3.5
Derivative financial instruments - Forwards
Theoretical price
Underlying asset price and volatility
Level 2 and 3
-
Series E preferred shares of Condor
Theoretical price
Price of the underlying (Market price) and volatility of the share (historical) and market interest rate (Libor Curve).
Level 3
Price of the underlying 3 to 4. Volatility of the share 57% to 77%. Market interest rate 0.75% to 1.25%
The following table presents the changes in Level 3 instruments as of March 31, 2021 and June 30, 2020:
Derivative financial instruments - Forwards
Investments in financial assets - Private companies
Investments in financial assets - Others
Investments in financial assets - Public companies
Derivative financial instruments
Total as of 03.31.21
Total as of 06.30.20
Balances at beginning of the period / year
(27)
3,938
314
-
192
4,417
5,609
Additions and acquisitions
-
-
-
-
-
-
47
Transfer to level 1
-
-
-
311
-
311
475
Currency translation adjustment
-
-
(2)
(10)
-
(12)
1,110
Deconsolidation
27
(3,938)
(275)
-
(192)
(4,378)
-
Disposals
-
-
-
-
-
-
(2,149)
(Loss)/ Gain for the period / year (i)
-
-
(2)
43
-
41
(675)
Balances at the end of the period / year
-
-
35
344
-
379
4,417
(i)Included within 'Financial results, net' in the Statements of Income.
16.
Trade and other receivables
Group's trade and other receivables as of March 31, 2021 and June 30, 2020 are as follows:
03.31.21
06.30.20
Trade, leases and services receivable
20,992
62,166
Less: allowance for doubtful accounts
(809)
(5,212)
Total trade receivables
20,183
56,954
Prepayments
4,395
16,027
Borrowings, deposits and others
3,453
10,345
Guarantee deposits
2
4
Tax receivables
2,591
2,096
Others
3,707
10,747
Total other receivables
14,148
39,219
Total trade and other receivables
34,331
96,173
Non-current
9,301
36,992
Current
25,030
59,181
Total
34,331
96,173
The fair value of current trade and other receivables approximate their respective carrying amounts due to their short-term nature, as the impact of discounting is not considered significant. Fair values are based on discounted cash flows (Level 3).
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
23
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Movements on the Group's allowance for doubtful accounts were as follows:
03.31.21
06.30.20
Beginning of the period / year
5,212
3,663
Incorporation by business combination
-
(244)
Additions (i)
606
1,463
Recovery (i)
(217)
(153)
Currency translation adjustment
(244)
1,494
Receivables written off during the period / year as uncollectable
(25)
(975)
Deconsolidation
(4,185)
(27)
Inflation adjustment
(272)
(33)
Transfers to assets held for sale
(66)
24
End of the period / year
809
5,212
(i)
The creation and release of the allowance for doubtful accounts have been included in 'Selling expenses' in the Statement of Income (Note 24).
17.
Cash flow and cash equivalent information
Following is a detailed description of cash flows generated by the Group's operations for the nine-month periods ended March 31, 2021 and 2020:
Note
03.31.21
03.31.20
Loss for the period
(9,231)
(10,589)
Profit from discontinued operations
8,102
1,068
Adjustments for:
Income tax
21
2,924
4,503
Amortization and depreciation
24
541
586
Gain from disposal of trading properties
(4)
-
Net loss / (gain) from fair value adjustment of investment properties
6,787
(3,141)
Changes in the fair value of investments in financial assets
(3,985)
(737)
Gain from disposal of subsidiary and associates
(684)
-
Financial results, net
(9,913)
22,100
Provisions and allowances
45
1,025
Share of loss / (profit) of associates and joint ventures
7
2,059
(836)
(Gain) / Loss from repurchase of Non-convertible Notes
(30)
1
Changes in net realizable value of agricultural products after harvest
(271)
(502)
Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest
(9,608)
(4,719)
Unrealized gain from derivative financial instruments
3,009
(234)
Other operating results
102
40
Gain from disposal of farmlands
(103)
(461)
Changes in operating assets and liabilities:
Decrease in inventories
969
3,068
Decrease / (Increase) in trading properties
468
(643)
Decrease in biological assets
3,007
2,443
Increase in restricted assets
-
(1,481)
(Increase) / Decrease in trade and other receivables
(1,815)
7,833
Increase / (Decrease) in trade and other payables
154
(7,170)
Decrease in salaries and social security liabilities
(313)
(759)
Decrease in provisions
(92)
(155)
Increase in lease liabilities
217
60
Net variation in derivative financial instruments
1,044
114
Increase in right of use
(1,117)
(735)
Net cash (used in)/ generated from continuing operating activities before income tax paid
(7,738)
10,679
Net cash generated from discontinued operating activities before income tax paid
2,923
26,879
Net cash (used in)/ generated from operating activities before income tax paid
(4,815)
37,558
The following table presents a detail of significant non-cash transactions occurred in the nine-month periods ended March 31, 2021 and 2020:
03.31.21
03.31.20
Dividends not collected
40
(77)
Decrease in property, plant and equipment through an increase in investment properties
105
-
Decrease in participation in subsidiaries, associates and joint ventures due to currency translation adjustment
-
802
Increase in investment properties through an increase in trade and other payables
-
850
Increase in investments in associates and joint ventures through a decrease in investments in financial assets
-
745
Increase in intangible assets through an increase in trade and other payables
-
1,813
Increase in investments in financial assets through a decrease in investments in associates and joint ventures
-
(4,851)
Increase of rights of use through a decrease of property, plant and equipment
-
1,131
Increase in trading properties through an increase in borrowings
95
-
Increase in intangible assets through a decrease in investment in associates
679
-
Increase in other reserves through an increase in participation in subsidiaries, associates andjoint ventures
1,686
-
Distribution of dividends on shares
-
(7)
Increase in equity through an increase in investment properties
68
-
Increase in deferred tax liability through an increase in investment properties
22
-
Decrease in property, plant and equipment through an increase in tax payables
54
-
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
24
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
The following table presents the balances disposed because of the loss of control of IDBD:
09.30.20
Investment properties
105,943
Property, plant and equipment
43,252
Trading properties
6,931
Intangible assets
32,938
Right-of-use assets
23,301
Investments in associates and joint ventures
43,661
Deferred income tax assets
512
Income tax credit
384
Restricted assets
7,571
Trade and other receivables
63,715
Investments in financial assets
28,519
Derivative financial instruments
332
Inventories
4,246
Group of assets held for sale
49,596
Borrowings
(383,335)
Lease liabilities
(21,357)
Deferred income tax liabilities
(14,656)
Trade and other payables
(28,648)
Income tax liabilities
(537)
Provisions
(6,394)
Employee benefits
(562)
Derivative financial instruments
(562)
Salaries and social security liabilities
(3,990)
Group of liabilities held for sale
(25,962)
Net value of incorporated assets that do not affect cash
(75,102)
Cash and cash equivalents
(130,983)
Non-controlling interest
(56,347)
Net value of disposal assets
(262,432)
18.
Trade and other payables
Group's trade and other payables as of March 31, 2021 and June 30, 2020 were as follows:
03.31.21
06.30.20
Trade payables
9,684
30,661
Advances from sales, leases and services
3,133
2,670
Construction obligations
-
551
Accrued invoices
1,589
1,653
Deferred income
-
192
Admission fees
969
1,377
Deposits in guarantee
162
137
Total trade payables
15,537
37,241
Dividends payable to non-controlling interests
-
481
Tax payables
1,587
1,009
Management fees
-
257
Others
4,880
13,549
Total other payables
6,467
15,296
Total trade and other payables
22,004
52,537
Non-current
2,374
4,042
Current
19,630
48,495
Total
22,004
52,537
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
25
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
19.
Provisions
The table below shows the movements in the Group's provisions categorized by type:
Legal claims (i)
Investments in associates and joint ventures (ii)
Sited dismantling and remediation
Other provisions
Total as of 03.31.21
Total as of 06.30.20
Beginning of period / year
3,420
23
606
3,442
7,491
18,891
Additions
68
-
25
100
193
681
Contributions
-
-
-
-
-
77
Decreases
(36)
(17)
-
-
(53)
-
Inflation adjustment
(88)
-
-
-
(88)
(109)
Recovery
-
-
-
-
-
(24)
Transfers
(12)
-
-
-
(12)
-
Share of profit/ (loss) in associates and joint ventures
-
5
-
-
5
(10,100)
Deconsolidation
(2,788)
-
(588)
(3,018)
(6,394)
-
Currency translation adjustment
(219)
-
(43)
(499)
(761)
643
Used during the period / year
(77)
-
-
(25)
(102)
(2,568)
End of period / year
268
11
-
-
279
7,491
Non-current
136
4,184
Current
143
3,307
Total
279
7,491
(i)
Additions and recovery are included in 'Other operating results, net'.
(ii)
Corresponds to the investment Puerto Retiro, company with negative equity. The increase and recovery is included in 'Share of profit of associates and joint ventures '
There were no significant changes to the processes mentioned in Note 21 to the Annual Financial Statements.
20.
Borrowings
The breakdown and fair value of the Group's borrowings as of March 31, 2021 and June 30, 2020 was as follows:
Book value
Fair value
03.31.21
06.30.20
03.31.21
06.30.20
Non-convertible notes
83,751
464,367
77,554
374,786
Bank loans
14,902
94,604
15,049
79,808
Bank overdrafts
9,711
5,798
9,711
5,798
Others
1,836
2,183
1,836
2,183
Total borrowings
110,200
566,952
104,150
462,575
Non-current
60,543
433,760
Current
49,657
133,192
Total
110,200
566,952
Issuance of CRESUD Non-convertible Notes
On August 31, 2020, the seventeenth Series of Notes public tender was carried out, within the framework of the Program approved by the Shareholders Meeting, for up to US$ 500. The main characteristics of the issuance are detailed bellow:
● Series XXX: denominated in dollars and payable in pesos at the applicable exchange rate, as defined in the issuance documents, with a nominal value of US$ 25.0 at a fixed rate of 2.0%, maturing 36 months from the date of issuance with quarterly payments and principal expiring at maturity. The issue price was 100.0% of Nominal Value. Proceeds will be mainly used for debt refinancing.
Issuance of IRSA Non-convertible Notes
On July 21, 2020, subsequently to the closing of the fiscal year, the Company issued US$ 38.4 Non-convertible Notes in the local market through the following instruments:
● Ps. 335.2 (equivalent to US$ 4.7) Series VI NCNs denominated and payable in Argentine pesos at a variable rate (Private Badlar) + 4.0%, with interest accruing on a quarterly basis. The principal amount is repayable in two
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
26
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
installments: the first one -equal to 30% of the par value of the notes- payable on the date that is 9 (nine) months after the Issue and Settlement Date and the second installment -equal to 70% of the par value of the notes- payable on the relevant due date, i.e. July 21, 2021. Notes were issued at 100% of their par value.
● US$ 33.7 Series VII NCNs denominated in US$ and payable in Argentine pesos at the applicable exchange rate, at a fixed 4.0% rate, with interest accruing on a quarterly basis. Repayment of capital is due on January 21, 2021. Notes were issued at 100% of their par value. The proceeds were used to refinance short-term indebtedness. On January 21, 2021, the commitments of this note were cancelled.
On March 31, 2021, the Company issued USD 65.5 Non-convertible Notes in the local market. The main characteristics of the issue are detailed below:
Series X: denominated and payable in pesos for ARS 701.6 (equivalent at the time of issuance to USD 7.6) at a variable rate (private BADLAR + 5.0%) with quarterly payments. The principal will be paid on the due date, March 31, 2022. Price of issuance was 100.0% of the nominal value.
Series XI: denominated in USD and payable in ARS at the applicable exchange rate for USD 15.8 at a fixed rate of 5.0%, with semiannual payments plus, if applicable, the Premium Factor in the first year (as defined in the corresponding Prospectus Supplement) and principal expiring on March 31, 2024. Price of issuance was 98.39% of the nominal value (IRR 5.6%).
Series XII: denominated in UVA and payable in ARS at the applicable UVA value for UVA 53.8 (equivalent at the time of issuance to ARS 3,868.2 and USD 42.1) at a fixed rate of 4.0%, with semiannual payments and principal expiring on March 31, 2024. Price of issuance was 100.0% of the nominal value.
Payment of IRSA's non-convertible notes
On July 20, 2020, the Company paid the twentieth interest installment and the principal installment of the US$ 75 Series II Non-convertible Notes issued on July 20, 2010.
On August 6, 2020, the Company paid the second interest installment and the principal installment of the US$ 47 Series II Non-convertible Notes issued on August 6, 2019.
Payment of IRSA CP's Series IV Non-convertible Notes
On September 14, 2020, IRSA Propiedades Comerciales cancelled the Class IV Notes for a total of US$ 140.
Notes Issuance - Exchange Offer Series XXIV Notes - BCRA 'A' 7106 Communication
On November 12, 2020, the company carried out an exchange operation of its Series XXIV Notes, for a nominal value of US$ 73.6.
Nominal Value of Existing Notes presented and accepted for the Exchange (for both Series): approximately US$ 65.1 which represents 88.41% acceptance, through the participation of 1,098 orders.
Series XXXI: Face Value of Existing Notes presented and accepted for the Exchange: approximately US$ 30.8.
Nominal Value to be Issued: approximately US$ 1.3.
Issuance Price: 100% nominal value.
Maturity Date: It will be November 12, 2023.
Consideration of the Exchange Offer: eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive for every US$ 1 submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following:
A sum of money of approximately US$ 29.4 for repayment of capital of such existing notes presented to the Exchange, in cash, in United States Dollars, which will be equivalent to US$ 0.95741755 for each US$ 1 of existing notes presented to the Exchange; and
The remaining amount until completing 1 US$ for each 1 US$ of existing notes presented to the Exchange, in notes Series XXXI.
Annual Nominal Fixed Interest Rate: 9.00%.
Amortization: The capital of the Series XXXI Notes will be amortized in 3 annual installments (33% of the capital on November 12, 2021, 33% of the capital on November 12, 2022, 34% of the capital on the maturity date of Series XXXI).
Interest Payment Dates: Interest will be paid quarterly for the expired period as of the issue and settlement date.
Payment Address: Payment will be made to an account at Argentine Securities Commission in the Autonomous City of Buenos Aires
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
27
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Series XXXII: Face Value of Existing Notes presented and accepted for the Exchange: approximately US$ 34.3.
Nominal Value to be Issued: approximately US$ 34.3.
Issuance Price: 100% nominal value.
Maturity Date: It will be November 12, 2022.
Consideration of the Exchange Offer: the eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive Series XXXII Notes for 100% of the capital amount presented for exchange and accepted by the Company and the accrued interest of the existing notes until the settlement and issue date.
Early Bird: will consist of the payment of US$ 0.02 for each US$ 1 of existing notes delivered and accepted in the Exchange on or before the deadline date to Access the Early Bird. Said consideration will be paid in Pesos on the issue and settlement date according to the exchange rate published by Communication 'A' 3500 of the Central Bank of Argentina on the business day prior to the expiration date of the Exchange, which is Ps. 79.3433 for each US$ 1 of Existing Notes delivered and accepted in the Exchange.
Annual Nominal Fixed Interest Rate: 9.00%.
Amortization: The capital of the Series XXXII Notes will be amortized in one installment on the maturity date.
Interest Payment Dates: Interest will be paid quarterly for the expired period from the issuance and settlement date.
Payment Address: Payment will be made to an account at Argentine Securities Commission in New York, United States, for which purpose the Company will make US dollars available to an account reported by the Argentine Securities Commission in said jurisdiction.
Cancellation Cresud's Series XXIV Notes
In relation to the Exchange Offer ended on November 10, 2020, and as a result of the settlement of said Exchange, on November 16, 2020, the Company made a partial cancellation for a V.N. of US$ 65 of Negotiable Obligations Class XXIV. After the cancellation the V.N. in circulation was US$ 8, which was paid in full on November 16, 2020.
Exchange of IRSA's debentures
On November 12, 2020, the company carried out an exchange operation of its Series I Notes, for a nominal value of US$ 181.5.
Nominal Value of Existing Notes presented and accepted for the Exchange (for both Series): approximately US$ 178.5 which represents 98.31% acceptance, through the participation of 6,571 orders.
Series VIII: Face Value of Existing Notes presented and accepted for the Exchange: approximately US$ 104.3.
Nominal Value to be Issued: approximately US$ 31.7.
Issuance Price: 100% nominal value.
Maturity Date: It will be November 12, 2023.
Consideration of the Exchange Offer: eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive for every US$ 1 submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following:
A sum of money of approximately US$ 72,6 for repayment of capital of such existing notes presented to the Exchange, in cash, in United States Dollars, which will be equivalent to US$ 0.69622593 for each US$ 1 of existing notes presented to the Exchange; and
The remaining amount until completing 1 US$ for each 1 US$ of existing notes presented to the Exchange, in notes Series VIII.
Annual Nominal Fixed Interest Rate: 10.00%.
Amortization: The capital of the Series VIII Notes will be amortized in 3 annual installments (33% of the capital on November 12, 2021, 33% of the capital on November 12, 2022, 34% of the capital on the maturity date of Series VIII).
Interest Payment Dates: Interest will be paid quarterly for the expired period as of the issue and settlement date.
Payment Address: Payment will be made to an account at Argentine Securities Commission in the Autonomous City of Buenos Aires
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
28
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Series IX: Face Value of Existing Notes presented and accepted for the Exchange: approximately US$ 74.2.
Nominal Value to be Issued (together with the Face Value to be issued as a result of the cash subscription): approximately US$ 80.7 .
Issuance Price: 100% nominal value.
Maturity Date: It will be March 1, 2023.
Consideration of the Exchange Offer: the eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive Series IX Notes for 100% of the capital amount presented for exchange and accepted by the Company and the accrued interest of the existing notes until the settlement and issue date.
Early Bird: will consist of the payment of US$ 0.02 for each US$ 1 of existing notes delivered and accepted in the Exchange on or before the deadline date to Access the Early Bird. Said consideration will be paid in Pesos on the issue and settlement date according to the exchange rate published by Communication 'A' 3500 of the Central Bank of Argentina on the business day prior to the expiration date of the Exchange, which is Ps. 79.3433 for each US$ 1 of Existing Notes delivered and accepted in the Exchange.
Annual Nominal Fixed Interest Rate: 10.00%.
Amortization: The capital of the Series IX Notes will be amortized in one installment on the maturity date.
Interest Payment Dates: Interest will be paid quarterly for the expired period from the issuance and settlement date.
Payment Address: Payment will be made to an account at Argentine Securities Commission in New York, United States, for which purpose the Company will make US dollars available to an account reported by the Argentine Securities Commission in said jurisdiction.
Modifications to the Terms of the Existing Notes: Considering that consent has been obtained for an amount greater than 90% of the existing notes capital, the Company has modified and replaced the following essential and non-essential terms and conditions of the existing notes.
By virtue of the implementation of the Proposed Non-Essential Modifications, the entire section of 'Certain Commitments' and 'Events of Default' is eliminated from the terms and conditions set forth in the prospectus supplements dated May 2, 2019 and dated July 25, 2019 corresponding to the existing notes.
Additionally, pursuant to the implementation of the Proposed Essential Modifications, the following terms and conditions of the Existing Notes are modified and replaced:
Expiration Date: It will be March 1, 2023.
Interest Payment Dates: will be the same dates reported for Class IX in the Notice of Results.
It is clarified that the terms and conditions of the Series I Notes not modified by the Proposed Essential Modifications and the Proposed Non-Essential Modifications will maintain their full validity.
The implementation of the Proposed Essential Modifications and Proposed Non-Essential Modifications were approved by the Board of Directors, on November 11, 2020.
Repayment Series I: In relation to the Exchange Offer ended on November 10, 2020, on November 12, 2020, IRSA made a partial repayment of Series I Notes for a Nominal Value of USD 178.5, after the partial repayment the Nominal Value under circulation was USD 3.1 and due to the fact that the necessary percentage for the change of conditions for Series I was reached, then the expiration date was modified, among others, until March 1, 2023, so Series I remains for USD 3.1 until the new maturity, and the payment of interest replicates to Series IX.
Loan to related party
On October 23, 2020, Dolphin Netherlands has granted a loan to Yad Leviim Ltd. in a principal amount of US$ 16,250,000 at a rate interest of 5% per year. Then, on December 17, Dolphin Netherlands assigned the receivable to Tyrus S.A., partially canceling the current loan agreement between both companies. Yad Leviim Ltd. is a company controlling by Eduardo Elsztain.
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
29
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
21.
Taxation
The details of the Group's income tax, is as follows:
03.31.21
03.31.20
Current income tax
(579)
(1,048)
Deferred income tax
(2,345)
(3,448)
Minimum Presumed Income Tax
-
(7)
Income tax from continuing operations
(2,924)
(4,503)
Below is a reconciliation between income tax recognized and the amount which would result from applying the prevailing tax rate on profit before income tax for the nine-month periods ended March 31, 2021 and 2020:
03.31.21
03.31.20
Tax calculated at the tax rates applicable to profits in the respective countries
(801)
5,239
Permanent differences:
Share of loss of joint ventures and associates
618
19
Tax rate differential
3,159
1,918
Provision for unrecoverability of tax loss carry-forwards / Unrecognized tax loss carry-forwards
(3,078)
(5,170)
Non-taxable profit, non-deductible expenses and others
(839)
(1,024)
Tax inflation adjustment
(8,759)
(7,381)
Fiscal transparency
671
146
Inflation adjustment permanent difference
6,105
1,750
Income tax from continuing operations
(2,924)
(4,503)
The gross movement in the deferred income tax account is as follows:
03.31.21
06.30.20
Beginning of period / year
(65,713)
(76,377)
Deconsolidation
14,144
19,327
Currency translation adjustment
1,702
2,583
Revaluation surplus
(381)
276
Reserve for changes of non-controlling interest
(375)
104
Business combination and other assets held for sale
-
(1,612)
Charged to the Statement of Income
(2,094)
(10,014)
End of the period / year
(52,717)
(65,713)
Deferred income tax assets
279
1,255
Deferred income tax liabilities
(52,996)
(66,968)
Deferred income tax liabilities, net
(52,717)
(65,713)
22.
Revenues
03.31.21
03.31.20
Crops
8,461
10,909
Sugarcane
3,253
3,547
Cattle
1,772
1,811
Supplies
1,320
1,025
Consignment
462
491
Advertising and brokerage fees
793
696
Agricultural rental and other services
489
649
Other
416
234
Income from sales and services from agricultural business
16,966
19,362
Trading properties and developments
835
965
Rental and services
7,573
13,622
Hotel operations, tourism services and others
672
2,748
Income from sales and services from urban properties and investment business
9,080
17,335
Total revenues
26,046
36,697
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
30
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
23.
Costs
03.31.21
03.31.20
Other operative costs
25
27
Cost of property operations
25
27
Crops
8,734
9,191
Sugarcane
2,479
3,136
Cattle
1,434
1,483
Supplies
953
864
Consignment
740
167
Advertising and brokerage fees
508
438
Agricultural rental and other services
133
629
Cost of sales and services from agricultural business
14,981
15,908
Trading properties and developments
783
637
Rental and services
2,949
4,521
Hotel operations, tourism services and others
724
1,549
Cost of sales and services from sales and services from urban properties and investment business
4,456
6,707
Total costs
19,462
22,642
24.
Expenses by nature
The Group discloses expenses in the statements of income by function as part of the line items 'Costs', 'General and administrative expenses' and 'Selling expenses'. The following table provides additional disclosures regarding expenses by nature and their relationship to the function within the Group.
Production costs
Costs (i)
General and administrative expenses
Selling expenses
Total as of 03.31.21
Total as of 03.31.20
Cost of sale of goods and services
-
2,180
-
-
2,180
838
Supplies and labors
12,364
73
-
140
12,577
10,097
Change in agricultural products and biological assets
-
10,691
-
-
10,691
11,407
Salaries, social security costs and other personnel expenses
559
2,069
1,489
223
4,340
5,070
Depreciation and amortization
1,191
345
188
8
1,732
1,775
Fees and payments for services
36
2,161
289
280
2,766
3,247
Maintenance, security, cleaning, repairs and others
91
1,119
279
2
1,491
2,401
Advertising and other selling expenses
-
268
-
40
308
777
Taxes, rates and contributions
41
352
106
1,138
1,637
1,790
Interaction and roaming expenses
-
29
-
-
29
99
Director's fees
-
-
872
-
872
628
Leases and service charges
8
115
34
13
170
211
Allowance for doubtful accounts, net
-
-
-
33
33
209
Freights
87
13
4
613
717
1,324
Bank expenses
-
1
81
1
83
97
Conditioning and clearance
-
-
-
108
108
196
Travelling, library expenses and stationery
48
24
35
14
121
217
Other expenses
723
22
38
7
790
966
Total as of 03.31.21
15,148
19,462
3,415
2,620
40,645
-
Total as of 03.31.20
11,748
22,642
3,625
3,334
-
41,349
(i)
Includes Ps. 25 and Ps. 27 of other agricultural operating costs as of March 31, 2021 and 2020, respectively.
25.
Other operating results, net
03.31.21
03.31.20
(Loss)/ gain from commodity derivative financial instruments
(3,951)
563
Gain/ (loss) from disposal of subsidiaries and associates
695
(8)
Donations
(111)
(102)
Lawsuits and other contingencies
(49)
(130)
Interest generated by operating credits
2,832
1,604
Others
(167)
155
Total other operating results, net
(751)
2,082
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
31
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
26.
Financial results, net
03.31.21
03.31.20
Financial income
Interest income
328
269
Dividends income
-
14
Total financial income
328
283
Financial costs
Interest expense
(8,673)
(10,129)
Result for debt swap
(3)
-
Other financial costs
(866)
(666)
Total financial costs
(9,542)
(10,795)
Capitalized finance costs
399
133
Total finance costs
(9,143)
(10,662)
Other financial results:
Foreign exchange, net
3,305
(11,341)
Fair value gain/ (loss) of financial assets and liabilities at fair value through profit or loss
8,004
(1,417)
(Loss)/ gain from repurchase of Non-convertible notes
(164)
124
(Loss) / gain from derivative financial instruments (except commodities)
(951)
16
Others
(70)
-
Total other financial results
10,124
(12,618)
Inflation adjustment
15
127
Total financial results, net
1,324
(22,870)
27.
Related party transactions
The following is a summary of the balances with related parties as of March 31, 2021 and June 30, 2020:
Item
03.31.21
06.30.20
Trade and other receivables
2,330
1,420
Investments in financial assets
248
364
Trade and other payables
(255)
(441)
Borrowings
(725)
(283)
Total
1,598
1,060
Related party
03.31.21
06.30.20
Description of transaction
Rubro
Condor
344
325
Public companies' securities
Investments in financial assets
265
-
Loans granted
Trade and other receivables
35
39
Others
Investments in financial assets
4
-
Other receivables
Trade and other receivables
New Lipstick LLC
22
22
Reimbursement of expenses
Trade and other receivables
-
(104)
Borrowings
Borrowings
Other associates and joint ventures
8
114
Leases and/or rights of use receivable
Trade and other receivables
(3)
-
Leases and/or rights of use to pay
Trade and other payables
204
275
Dividends receivables
Trade and other receivables
(2)
-
Contributions pending integration
Trade and other payables
-
11
Management fees receivable
Trade and other receivables
(131)
-
Non-convertible notes
Investments in financial assets
(21)
-
Other liabilities
Trade and other payables
1
-
Equity incentive planreceivable
Trade and other receivables
80
-
Loans granted
Trade and other receivables
(637)
(37)
Borrowings
Borrowings
3
164
Reimbursement of expenses
Trade and other receivables
12
-
Management fees receivable
Trade and other receivables
23
-
Other receivables
Trade and other receivables
(8)
-
Lease liabilities
Trade and other payables
-
(1)
Reimbursement of expenses to pay
Trade and other payables
Total associates and joint ventures
199
808
CAMSA and its subsidiaries
-
1
Reimbursement of expenses
Trade and other receivables
-
(257)
Management fee payables
Trade and other payables
Yad Levim LTD
1,528
-
Loans granted
Trade and other receivables
IRSA Real Estate Strategies LP
-
157
Reimbursement of expenses
Trade and other receivables
PBS Real Estate Holdings S.R.L
-
566
Reimbursement of expenses
Trade and other receivables
BHN Vida
-
(70)
Non-convertible notes
Borrowings
Otras partes relacionadas (i)
145
-
Other receivables
Trade and other receivables
(1)
-
Other payables
Trade and other payables
(88)
(72)
Borrowings
Borrowings
15
-
Loans granted
Trade and other receivables
(29)
-
Management fee payables
Trade and other payables
15
97
Reimbursement of expenses
Trade and other receivables
(1)
-
Legal services
Trade and other payables
Total other related parties
1,584
422
IFISA
-
8
Loans granted
Trade and other receivables
Total direct parent company
-
8
Directors and Senior Management
(190)
(183)
Fees
Trade and other payables
5
5
Advances receivable
Trade and other receivables
Total Directors and Senior Management
(185)
(178)
Total
1,598
1,060
(i)
Includes Estudio Zang, Bergel & Viñes, Museo de los Niños, Hamonet S.A., CAM Communication L.P., Gary Goldstein, Fundación IRSA, Lartiyrigoyen and SAMSA.
Véase nuestro informe de fecha 09/11/18
PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
32
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
The following is a summary of the results with related parties for the nine-month periods ended March 31, 2021 and 2020:
Related party
03.31.21
03.31.20
Description of transaction
Agrofy S.A.
-
3
Income from agricultural sales and services
-
10
Financial operations
BACS
32
58
Leases and/or rights of use
Other associates and joint ventures
(5)
10
Leases and/or rights of use
-
(177)
Corporate services
4
46
Financial operations
Total associates and joint ventures
31
(50)
Other related parties (i)
1
6
Leases and/or rights of use
-
(29)
Fees and remunerations
(21)
-
Legal services
-
(26)
Financial operations
(18)
-
Donations
Total other related parties
(38)
(49)
IFISA
-
6
Financial operations
Total Parent Company
-
6
Directors
-
(61)
Compensation of Directors and senior management
(530)
(468)
Fees
Senior Management
(24)
(40)
Compensation of Directors and senior management
Total Directors and Senior Management
(554)
(569)
Total
(561)
(662)
(i)
Includes Estudio Zang, Bergel & Viñes, Fundación IRSA, Ramat Hanassi, Austral Gold Argentina S.A., Isaac Elsztain e Hijos, Hamonet S.A., LRSA, New Lipstick, BHN Vida S.A, TGLT S.A. and BHSA.
The following is a summary of the transactions with related parties for the nine-month periods ended March 31, 2021 and 2020:
Related party
03.31.21
03.31.20
Description of transaction
Agrofy Global
-
298
Irrevocable contributions
Quality
22
56
Irrevocable contributions
IBC
-
3,194
Capitalized borrowing
Manibil
-
118
Irrevocable contributions
Others
-
110
Irrevocable contributions
Total contributions
22
3,776
Agro-Uranga S.A.
67
33
Dividends received
Uranga trading
14
-
Dividends received
Condor
-
37
Dividends received
Emco
-
23
Dividends received
Gav-Yam
-
1,806
Dividends received
Nuevo Puerto Santa Fe S.A.
-
51
Dividends received
Shufersal
-
546
Dividends received
Total dividends received
81
2,496
Puerto Retiro
14
-
Capitalized borrowing
TGLT S.A.
-
2,944
Buy and change of shares
Total other transactions
14
2,944
28.
CNV General Resolution N° 622
As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622, below there is a detail of the notes to this Financial Statements that disclose the information required by the Resolution in Exhibits.
Exhibit A - Property, plant and equipment
Note 8 - Investment properties
Note 9 - Property, plant and equipment
Exhibit B - Intangible assets
Note 11 - Intangible assets
Exhibit C - Equity investments
Note 7 - Investments in associates and joint ventures
Exhibit D - Other investments
Note 15 - Financial instruments by category
Exhibit E - Provisions
Note 19 - Provisions
Exhibit F - Cost of sales and services provided
Note 29 - Cost of sales and services provided
Exhibit G - Foreign currency assets and liabilities
Note 30 - Foreign currency assets and liabilities
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
33
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
29.
Cost of goods sold and services provided
Description
Cost of sales and services from agricultural business (i)
Cost of sales and services from sales and services from urban properties and investment business (ii)
Total as of 03.31.21
Total as of 03.31.20
Inventories at the beginning of the period / year
8,860
16,049
24,909
23,260
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
4,603
-
4,603
1,789
Changes in the net realizable value of agricultural products after harvest
271
-
271
501
Additions
24
-
24
3,415
Currency translation adjustment
(741)
(5,056)
(5,797)
13,621
Transfers
101
-
101
-
Harvest
6,570
-
6,570
7,890
Acquisitions and classifications
7,286
28,222
35,508
43,582
Consume
(2,686)
-
(2,686)
(2,986)
Disposals due to sales
-
(1,118)
(1,118)
(5,200)
Deconsolidation
-
(4,246)
(4,246)
(2,959)
Expenses incurred
3,111
-
3,111
3,237
Inventories at the end of the period / year
(8,463)
(1,720)
(10,183)
(21,132)
Cost as of 03.31.21
18,936
32,131
51,067
-
Cost as of 03.31.20
22,121
42,897
-
65,018
(i)
Includes biological assets (see Note 13).
(ii)
Includes trading properties (see Note 10).
30.
Foreign currency assets and liabilities
Book amounts of foreign currency assets and liabilities are as follows:
Item (3) / Currency
Amount of foreign currency (2)
Prevailing exchange rate (1)
Total as of 03.31.21
Total as of 06.30.20
Assets
Trade and other receivables
US Dollar
89.78
91.80
8,242
6,250
Euros
0.27
107.64
29
1,191
Trade and other receivables related parties
US Dollar
0.04
92.00
4
405
Total Trade and other receivables
8,275
7,846
Investment in financial assets
US Dollar
18.58
91.80
1,706
5,239
New Israel Shekel
19.68
27.54
542
-
Pounds
0.58
126.58
74
106
Total Investment in financial assets
2,322
5,345
Derivative financial instruments
US Dollar
0.29
91.80
27
111
Total Derivative financial instruments
27
111
Cash and cash equivalents
US Dollar
35.88
91.80
3,294
21,040
Euros
-
-
-
2,097
Brazilian Reais
6.97
15.50
108
-
Uruguayan pesos
0.50
1.99
1
-
Total Cash and cash equivalents
3,403
23,137
Total Assets
14,027
36,439
Liabilities
Trade and other payables
US Dollar
46.42
92.00
4,271
19,882
Euros
-
-
-
413
Uruguayan pesos
452.27
1.99
901
-
New Israel Shekel
5.59
27.54
154
-
Total Trade and other payables
5,326
20,295
Borrowings
US Dollar
0.75
92.00
69
124,799
Total Borrowings
69
124,799
Derivative financial instruments
US Dollar
10.09
92.00
928
390
Total Derivative financial instruments
928
390
Total Liabilities
6,323
145,484
(1)
Exchange rates as of March 31, 2021 according to Banco Nación Argentina.
(2)
Considering foreign currencies those that differ from each Group's subsidiaries functional currency at each period/year-end.
(3)
The Company uses derivative instruments as a complement in order to reduce its exposure to exchange rate movements (Note 15).
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C.P.C.E.C.A.B.A. T° 1 F° 17
34
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
31.
Groups of assets and liabilities held for sale
The Group has certain assets and liabilities classified as held for sale. The following table presents the main ones:
03.31.21
06.30.20
Property, plant and equipment
-
49,706
Intangible assets
-
1,855
Investments in associates
-
303
Deferred income tax assets
-
1,102
Income tax credit
-
4
Inventories
-
481
Trade and other receivables
-
3,548
Cash and cash equivalents
-
2,316
Total group of assets held for sale
-
59,315
Trade and other payables
-
14,067
Payroll and social security liabilities
-
674
Employee benefits
-
523
Deferred and current income tax liabilities
-
2,682
Provisions
-
16
Borrowings
-
14,052
Total group of liabilities held for sale
-
32,014
Total net financial assets held for sale
-
27,301
32.
Results from discontinued operations
The results of the discontinued operations include the IDBD / DIC and Carnes Pampeanas operations which were deconsolidated in the current period (see Note 4) and the results of the comparative periods have been reclassified.
03.31.21
03.31.20
Revenues
38,497
114,056
Costs
(31,630)
(81,860)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
-
119
Gross profit
6,867
32,315
Net loss from fair value adjustment of investment properties
(25)
(3,687)
General and administrative expenses
(4,029)
(10,092)
Selling expenses
(4,258)
(14,423)
Impairment of associate
-
(3,344)
Other operating results, net (i)
(2,323)
24,825
(Loss)/ profit from operations
(3,768)
25,594
Share of profit of joint ventures and associates
648
1,233
(Loss)/ profit from operations before financing and taxation
(3,120)
26,827
Financial income
481
1,163
Finance costs
(6,235)
(19,032)
Other financial results
408
(9,956)
Inflation adjustment
80
115
Financial results, net
(5,266)
(27,710)
Loss before income tax
(8,386)
(883)
Income tax
284
(185)
Loss for the period from discontinued operations
(8,102)
(1,068)
(Loss)/ profit for the period from discontinued operations attributable to:
Equity holders of the parent
(510)
(4,980)
Non-controlling interest
(7,592)
3,912
Loss per share from discontinued operations attributable to equity holders of the parent:
Basic
(0.964)
(10.123)
Diluted
(0.964)
(10.123)
(i) As of March 31, 2021 corresponds mainly to the loss of control of IDBD by ARS 3,625; As of March 31, 2020, it mainly corresponds to the result from the loss of control of Gav-Yam by ARS 24,806 and the fair value measurement of the remaining investment.
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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
35
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
33.
Other relevant events of the period
Share capital increase
On February 17, 2021, the Company announced the launch of its public offering of shares for up to 90 million shares (or its equivalent 9 million ADS) and 90,000,000 warrants to subscribe for new common shares, to registered holders as of February 19, 2021. Each right corresponding to one share (or ADS) allowed its holder to subscribe 0.1794105273 new ordinary shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was Ps. 70.31 or US$ 0.472 and for the new ADS it was US$ 4.72. The new shares, registered, of Ps. 1 (one peso) of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation.
On March 5, 2021, having finished the pre emptive rights subscription period, the Company's shareholders have subscribed the amount of 87,264,898 new additional shares, that is 97% of the shares offered, and have requested through the accretion right 26,017,220 additional new shares, for which 2,735,102 new shares will be issued, completing the total issuance of 90,000,000 new shares (or their equivalent in ADSs) offered. Likewise, 90,000,000 options will be issued that will entitle the holders through their exercise to acquire up to 90,000,000 additional new shares.
Likewise, 90,000,000 options were issued that will empower shareholders through their exercise to acquire up to 90,000,000 new shares. The exercise price of the warrants will be US$ 0.566. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September, and November of each year (provided that dates are business days in the city of New York and in the Autonomous City of Buenos Aires) until their expiration 5 years from the date of issue. These options have been considered as equity instruments.
The Company received all the funds in the amount of US $ 42.5 and issued the new shares, increasing the capital share to 591,642,804 million.
Public offering of shares issued by BrasilAgro
On January 25, 2021, our subsidiary BrasilAgro announced that the Board of Directors approved the public offering of primary and secondary distribution of shares with restricted placement efforts. In accordance with CVM Instruction 476 ('Restricted Offer'), with the primary public distribution of 20,000,000 new shares ('Primary Offer'). In addition, the number of shares initially offered could, at the discretion of the Company, Autonomy Luxembourg One, as selling shareholder ('Selling Shareholder') and the coordinators of the offering, by mutual agreement, approved an increase of up to 27.35 % of the total shares initially offered, that is, up to 5,470,710 shares held by the Selling Shareholder, under the same conditions and for the same price of the shares initially offered, which will be used to meet any excess demand that may be found when the Price per Share is set ('Secondary Offer' and 'Additional Shares', respectively). BrasilAgro will not receive funds as a result of the Secondary Offer, as these funds belong entirely to the Selling Shareholder.
The Restricted Offer was carried out in Brazil, in an unorganized OTC market, under the coordination of the BTG Pactual Bank of XP Investimentos, in the area of the Restricted Offer, and simultaneously efforts were made to place shares abroad by BTG Pactual. Capital of the United States.
With the completion of the Restricted Offer procedures, the 20,000,000 shares offered in the Primary Offer and 2,735,355 shares in the Secondary Offer were traded, with a price per share set at R$ 22.00. The resources received in the Primary Offer represent an increase of R$ 440 thousand in the Company's capital stock, which will go from R $699,811 to R$ 1,139,811, divided into 82,104,301 ordinary shares, all registered, registered and without value nominal.
The funds will be used to: (i) acquire assets in Bolivia, (ii) acquire land for exploration and development of agricultural properties, and (iii) businesses to optimize and leverage the operating activities of the Company.
Cresud participated in the aforementioned increase to maintain its ownership interest, during the secondary issuance none of the remaining shareholders supposes any indication that Cresud does not have control over its subsidiary.

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PRICE WATERHOUSE & Co. S.R.L.
C.P.C.E.C.A.B.A. T° 1 F° 17
36
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Economic context in which the Group operates
The Group does business in a complex framework due to the macroeconomic conditions, whose main variables have recently shown high volatility, and also due to regulatory, social and political conditions, both at a national and international level.
Its operating income may be affected by fluctuations in the inflation index and the argentine peso exchange rate against other currencies, mainly the dollar, variations in interest rates which have an impact on the cost of capital, changes in government policies, capital control and other political or economic developments both locally and internationally.
In December 2019, a new coronavirus strain (SARS-COV-2), causing a severe acute respiratory syndrome (COVID-19), appeared in Wuhan, China. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. In response, countries have taken extraordinary actions intended to prevent the spread of the virus, including, travel bans, border shutdowns, closing of non-essential businesses, instructions to residents to practice social distancing and implementation of lockdowns, among others. The ongoing pandemic and these extraordinary governmental actions are affecting the worldwide economy and have rendered global financial markets highly volatile.
On March 3, 2020, the first case of COVID-19 was registered in the country and as of today, more than 3,000,000 cases of infections had been confirmed in Argentina, by virtue of which the Argentinian Government implemented a series of health measures of social, preventive and mandatory isolation at the national level with the closure of non-essential activities, including shopping centers, as well as the suspension of flights and border closures, for much of the year 2020. Since October 2020, a large part of the activities began to become more flexible, in line with a decrease in infections, although as of April 16, 2021, because of the sustained increase in the cases registered, the National Government, through Decrees 241/2021 and 287/2021, established restrictions on night activity and the closure of shopping centers in Buenos Aires Metropolitan Área until May 21 inclusive, keeping 44% of the Company's portfolio operative in GLA terms.
These measures have significantly affected Argentine companies, which have faced drops in income and the deterioration of their flow of payments. In this context, the Argentine Government announced several actions intended to tackle the financial crisis of the companies adversely affected by the COVID-19 pandemic. In addition to the stagnation of the Argentine economy, there is an international crisis caused by the COVID-19 pandemic. In this scenario, a strong contraction of the Argentine economy was evidenced.
At the local environment, the following circumstances may be noted:
In February 2021, an indicator called 'Monthly Estimator of Economic Activity' ('EMAE') reported by the National Institute of Statistics and Censuses ('INDEC'), registered a variation of (2.6%) compared to the same month of 2020, and from (1.0%) compared to the previous month.
The annual inflation reached 42.65% in 2020. The market expectations survey prepared by Central Bank in March 2021, called the Market Expectations Survey ('REM' in Spanish), estimates a retail inflation of 46.0% for 2021. The analysts who participate in the REM foresee that in 2021 economic activity will rebound in activity, reaching an economic growth of 6.7%.
In the period from March 2020 to March 2021, the argentine peso depreciated 42.7% compared to the US dollar at the average wholesale exchange rate quoted by Banco de la Nación Argentina. Given the exchange restrictions in force since August 2019, as of March 31, 2021 the exchange gap between the official peso/US dollar exchange rate and the peso/US dollar exchange rate offered in the black market is almost 70%. This has an impact on the level of economic activity and detrimentally affects the reserves of the of the Argentine Central Bank. In addition, the current foreign exchange restrictions or those that may be imposed in the future may impair the Company's ability to access the Sole Free FX Market (Mercado Único Libre de Cambio or MULC) to purchase the currency required to meet its financial obligations.
On February 25, 2021, the Argentine Central Bank published Communication 'A' 7230 which establishes that those who register financial debts with capital maturities in foreign currency scheduled between 04.01.2021 and 12.31.2021, must submit to the Argentine Central Bank a refinancing plan based on the following criteria: (a) that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the principal amount due in the indicated period above, and (b) that the rest of the capital is, at least, refinanced with a new external debt with an average life of 2 years, provided that the new debt is settled in the exchange market. In the case of the Company, the maturity of the Class XXV Notes due on July 11, 2021 for a nominal value of US$ 59.6 million is part of this regulation, as well as other bank debts.
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C.P.C.E.C.A.B.A. T° 1 F° 17
37
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
COVID-19 PANDEMIC
As described in the note on the economic context in which the Group operates, the COVID-19 pandemic is adversely impacting both the global economy and the Argentine economy and the Group's business.
The current estimated impacts of the COVID-19 pandemic on the Company as of the date of these financial statements are set out below:
Cresud and its subsidiary BrasilAgro continued to operate normally during the pandemic as it was the essential agricultural activity in the provision of food.
During the third quarter of fiscal year 2021, the Group's shopping malls have operated under strict protocols and a gradual, although sustained, recovery of activity was evidenced since the reopening in October 2020. After the closing, by Decrees 241 / 2021 and 287/2021 of the National Executive Power, the shopping malls of the Metropolitan Area of Buenos Aires suspended their operations from April 16th to May 21st, inclusive, operating only those activities considered essential such as pharmacies, supermarkets and banks.
In relation rental of offices, although most of the tenants are working in the home office mode, they are operational with strict safety and hygiene protocols. To date, we have registered a slight increase in vacancies, although we have not evidenced a deterioration in collections.
La Rural, the Buenos Aires and Punta del Este Convention Centers and the DIRECTV Arena stadium, establishments that the Group owns directly or indirectly, remain closed since March 20, 2020.
The Libertador and Intercontinental hotels in Buenos Aires City have been operating since December 2020 with low occupancy levels. Llao Llao Resort, in Bariloche City, was able to operate during the quarter with average occupancy levels because of domestic tourism.
Regarding the financial debt of the Group in the next 12 months:
Cresud faces the maturity of its Class XXVIII in April 2021 for a nominal value of US$ 27.5, Classes XXV and XXVII in July 2021 for a nominal value of US$ 59.6 and US$ 5.7 respectively and Class XXIX in December 2021 for a nominal value of US$ 83.0. Likewise, Cresud has bank overdrafts for US$ 23.2 and other bank debt for US$ 38.3. As of March 31, it had a liquidity position of approximately US$ 35.8.
The subsidiary IRSA faces the maturity of its Class IV notes for a nominal value of USD 46.5 due on May 21, 2021 (net of repurchases), Class VI notes for a nominal value of ARS 335 (equivalent to USD 3.7) due July 21, 2021, Class VIII notes for a nominal value of USD 10.5 (33% of the capital) maturing on November 12, 2021, Class VII notes for a nominal value of USD 33.7 due on January 21, 2022, Class X notes for a nominal value of ARS 701.5 (equivalent to USD 7.6) due March 31, 2022, bank overdrafts for an equivalent of USD 4.0 and other banking debt for USD 13.7. For its part, IRSA PC does not have short-term debt maturities, except bank overdrafts for an equivalent of USD 62.5 and other banking debt for USD 11.7.
It is important to mention that IRSA has approved with IRSA PC a credit line for up to the sum of USD 180 for 3 years, of which as of March 31, 2021 IRSA used approximately USD 72.1, leaving the balance available. Likewise, IRSA PC has a cash position and equivalents (including current financial investments) as of March 31, 2021 of approximately USD 95.5.
The final extent of the Coronavirus outbreak and its impact on the country's economy is unknown and difficult to fully predict. However, although it has produced significant short-term effects, they are not expected to affect business continuity and the Company's ability to meet financial commitments for the next twelve months.
The Company is closely monitoring the situation and taking all necessary measures to preserve human life and the Group's businesses.
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C.P.C.E.C.A.B.A. T° 1 F° 17
38
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
34.
Subsequent events
Share capital increase of IRSA
On April 12, 2021, the Company announced the launch of its public offering of shares for up to 80 million shares (or its equivalent 8 million GDS) and 80 million warrants to subscribe for new common shares, to registered holders as of April 16, 2021. Each right corresponding to one share (or GDS) allowed its holder to subscribe 0.1382465082 new ordinary shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 58.35 or USD 0.36 and for the new GDS it was USD 3.60. The new shares, registered, of ARS 1 (one peso) of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation.
On May 6, 2021, having finished the preemptive rights subscription period, the Company's shareholders have subscribed the amount of 79,144,833 new additional shares, that is 99% of the shares offered, and have requested through the accretion right 15,433,539 additional new shares, for which 855,167 new shares will be issued, completing the total issuance of 80 million new shares (or their equivalent in GDS) offered. Likewise, 80 million options will be issued that will entitle the holders through their exercise to acquire up to 80 million additional new shares.
The exercise price of the warrants will be USD 0.432. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September, and November of each year on the business day prior to maturity and on the date of maturity (if dates are business days in the city of New York and in the Autonomous City of Buenos Aires) until their expiration 5 years from the date of issue.
As of the date of issuance of these financial statements, the Company is in the process of liquidating the capital increase, which upon completion will receive funds for USD 28.8, increasing the capital stock to 658,676,460.
BrasilAgro warrants
On May 15, 2021, the expiration of the BrasilAgro warrants is established, of which Cresud owns, directly and indirectly, 181,368 that give it the right to acquire 14,542,083 new shares. The intention of the Company is to exercise, partially or totally, said warrants. The strike price is approximately R $ 22.12 per share.
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C.P.C.E.C.A.B.A. T° 1 F° 17
39
REVIEW REPORT ON THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders, President and Directors of
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
Legal address: Carlos Della Paolera 261, 9° floor
Autonomous City of Buenos Aires
Tax Registration Number: 30-50930070-0
Introduction
We have reviewed the accompanying unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria ('the Company'), which comprise the unaudited condensed interim separate statement of financial position at March 31, 2021, the unaudited condensed interim consolidated statements of income and other comprehensive income, of changes in shareholders' equity and of cash flows for the nine and three-month period then ended, and selected explanatory notes.
The balances and other information for the fiscal year ended on June 30, 2020 and its interim periods are an integral part of the financial statements mentioned above; therefore, they must be considered in connection with these financial statements.
Management's responsibility
The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as professional accounting standards and included by the National Securities Commission (CNV) in its regulations, as approved by the International Accounting Standards Board (IASB), and is therefore responsible for the preparation and presentation of the unaudited condensed interim consolidated financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 Interim Financial Information (IAS 34).
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C.P.C.E.C.A.B.A. T° 1 F° 17
40
Scope of our review
Our review was limited to the application of the procedures established under International Standards on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, adopted as a review standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of inquiries of Company staff responsible for preparing the information included in the unaudited condensed interim consolidated financial statements and of analytical and other review procedures. This review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated statements of financial position, and the consolidated statements of income and other comprehensive income and of cash flows of the Company.
Conclusion
On the basis of our review, nothing has come to our attention that causes us to believe that the unaudited condensed interim consolidated financial statements mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting.
Report on compliance with current regulations
In accordance with current regulations, we report, in connection with Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria, that:
a) the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria are not transcribed into the Inventory and Balance Sheet book and, except for the above mentioned situation, as regards those matters that are within our competence, they are in compliance with the provisions of the General Companies Law and pertinent resolutions of the National Securities Commission;
b) the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal aspects in accordance with legal requirements;
c) we have read the additional information to the notes to the unaudited condensed interim consolidated financial statements required by section 12, Chapter III, Title IV of the rules of the National Securities Commission, on which we have no observations to make regarding matters that are within our competence;
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C.P.C.E.C.A.B.A. T° 1 F° 17
41
d) at March 31, 2021 the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria accrued in favor of the Argentine Integrated Social Security System, as shown by the Company's accounting records, amounted to $ 22,775,284, which is not due at that date.

Autonomous City of Buenos Aires, May 11, 2021

PRICE WATERHOUSE & CO. S.R.L.
(Partner)
C.P.C.E.C.A.B.A. V° 1 F° 17
Walter Zablocky
Public Accountant (UNLP)
C.P.C.E.C.A.B.A. V. 340 F. 156

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C.P.C.E.C.A.B.A. T° 1 F° 17
42
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Separate Financial Statements as of March 31, 2021 and for the period of nine months ending on that date, presented in comparative form

43
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Separate Statements of Financial Position
as of March 31, 2021, and June 30, 2020
(All amounts in millions of Argentine Pesos, except as otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Note
03.31.21
06.30.20
ASSETS
Non-current assets
Investment properties
7
307
146
Property, plant and equipment
8
8,001
8,139
Intangible assets
9
268
282
Right of use assets
10
1,922
1,021
Biological assets
11
2,553
1,940
Investments in subsidiaries, associates and joint ventures
6
62,395
65,047
Income tax and minimum presumed income tax credit
38
51
Trade and other receivables
14
856
1,106
Total Non-current assets
76,340
77,732
Current assets
Biological assets
11
4,971
1,489
Inventories
12
1,322
2,768
Trade and other receivables
14
4,725
3,359
Investment in financial assets
13
1,559
68
Derivative financial instruments
13
36
-
Cash and cash equivalents
13
1,249
7,695
Total Current assets
13,862
15,379
TOTAL ASSETS
90,202
93,111
SHAREHOLDERS' EQUITY
Shareholders´ equity (according to corresponding statements)
34,227
31,444
TOTAL SHAREHOLDERS' EQUITY
34,227
31,444
LIABILITIES
Non-current liabilities
Borrowings
18
17,720
27,696
Deferred tax liabilities
19
6,629
5,066
Provisions
17
8
12
Lease Liabilities
471
265
Total Non-current liabilities
24,828
33,039
Current liabilities
Trade and other payables
16
4,671
2,697
Payroll and social security liabilities
311
263
Borrowings
18
24,683
25,025
Derivative financial instruments
13
580
43
Provisions
17
5
4
Lease Liabilities
897
596
Total Current liabilities
31,147
28,628
TOTAL LIABILITIES
55,975
61,667
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
90,202
93,111

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II
44
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Separate Statements of Income and Other Comprehensive Incomefor the nine-month and three-month periods ended March 31, 2021 and 2020
(All amounts in millions of Argentine Pesos, except as otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Nine months
Three months
Note
03.31.21
03.31.20
03.31.21
03.31.20
Revenues
20
5,603
8,709
1,232
1,888
Costs
21
(4,632)
(6,655)
(1,037)
(1,290)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest
2,613
803
2,487
1,057
Changes in the net realizable value of agricultural products after harvest
354
636
26
(79)
Gross profit
3,938
3,493
2,708
1,576
Net (loss)/gain from fair value adjustment of investment properties
(5)
17
(5)
(1)
General and administrative expenses
22
(567)
(504)
(208)
(138)
Selling expenses
22
(822)
(1,474)
(126)
(325)
Other operating results, net
23
(624)
(137)
845
(254)
Profit from operations
1,920
1,395
3,214
858
Share of loss of subsidiaries, associates and joint ventures
6
(4,693)
(7,107)
(6,111)
(7,202)
Loss before financing and taxation
(2,773)
(5,712)
(2,897)
(6,344)
Finance income
24
233
19
4
8
Finance costs
24
(3,041)
(3,461)
(491)
(1,291)
Other financial results
24
4,585
(4,923)
4,499
339
Inflation Adjustment
24
176
(16)
(536)
41
Financial results, net
24
1,953
(8,381)
3,476
(903)
(Loss) / profit before income tax
(820)
(14,093)
579
(7,247)
Income tax
19
(1,541)
(1,032)
(1,231)
(535)
Loss for the period
(2,361)
(15,125)
(652)
(7,782)
Other comprehensive loss:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment from subsidiaries and associates
(3,773)
(3,038)
(2,057)
(2,078)
Participation in other comprehensive results of subsidiaries and associates
494
(128)
494
9
Revaluation surplus
68
-
68
-
Other comprehensive loss the period
(3,211)
(3,166)
(1,495)
(2,069)
Total comprehensive loss for the period
(5,572)
(18,291)
(2,147)
(9,851)
Loss per share attributable to equity holders of the parent during the period:
Basic
(4.463)
(30.745)
(1.233)
(15.818)
Diluted
(4.463) (i)
(30.745) (i)
(1.233) (i)
(15.818) (i)
(i) Since the result of the period showed loss, there is no dilutive effect of said result.
The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statement
CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II

45
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Separate Statements of Changes in Shareholders' Equity
for the nine-month period ended March 31, 2021
(All amounts in millions, except as otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Share capital
Treasury shares
Inflation adjustment of share capital and treasury shares (i)
Warrants (ii)
Share premium
Additional paid-in capital from treasury shares
Legal reserve
Special reserve RG 609/12 (iii)
Other reserves (iv)
Retained earnings
Total Shareholders' equity
Balance as of June 30, 2020
499
3
13,425
-
14,339
122
505
2,013
1,199
(661)
31,444
Loss for the period
-
-
-
-
-
-
-
-
-
(2,361)
(2,361)
Other comprehensive loss for the period
-
-
-
-
-
-
-
-
(3,211)
-
(3,211)
Total comprehensive loss for the period
-
-
-
-
-
-
-
-
(3,211)
(2,361)
(5,572)
As provided by Ordinary and Extraordinary Shareholders´ Meeting held on October 26, 2020:
- Constitution of Legal Reserve
-
-
-
-
-
-
129
-
-
(129)
-
- Share capital increase
90
-
-
1,328
2,783
-
-
-
-
-
4,201
Other changes in subsidiaries' equity
-
-
-
-
-
-
-
-
4,401
-
4,401
Changes in non-controlling interest
-
-
-
-
-
-
-
-
(247)
-
(247)
Balance as of March 31, 2021
589
3
13,425
1,328
17,122
122
634
2,013
2,142
(3,151)
34,227
The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.
(i)
Includes Ps. 1 and Ps. 1 of inflation adjustment of Treasury shares as of March 31, 2021 and June 30,2020, respectively.
(ii)
See note 33 to the condensed consolidated intermediate financial statement
(iii)
Corresponding to General Resolution 609/12 of the National Securities Commission.
(iv)
Group's Other reserves at March 31, 2021 are comprised as:
Cost of treasury shares
Changes in non-controlling interest
Reserve for currency translation adjustment
Revaluation surplus
Other comprehensive income
Reserve for share-based payments
Special reserves
Other subsidiary reserves
Reserve for the acquisition of securities issued by the Company
Total Other reserves
Balance as of June 30, 2020
(203)
(4,667)
4,070
-
1,105
669
-
91
134
1,199
Other comprehensive loss for the period
-
-
(3,773)
68
494
-
-
-
-
(3,211)
Total comprehensive loss for the period
-
-
(3,773)
68
494
-
-
-
-
(3,211)
Other changes in subsidiaries equity
-
(43)
3,938
-
596
-
-
(90)
-
4,401
Changes in non-controlling interest
-
(247)
-
-
-
-
-
-
-
(247)
Balance as of March 31, 2021
(203)
(4,957)
4,235
68
2,195
669
-
1
134
2,142
There are no cumulative unpaid dividends on preferred shares.

CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II

46
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Separate Statements of Changes in Shareholders' Equity
for the nine-month period ended March 31, 2021
(All amounts in millions, except as otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
Share capital
Treasury shares
Inflation adjustment of share capital and treasury shares (i)
Share premium
Additional paid-in capital from treasury shares
Legal reserve
Special reserve RG 609/12 (ii)
Other reserves (iii)
Retained earnings
Total Shareholders' equity
Balance as of June 30, 2019
486
16
13,425
14,339
124
504
7,981
48,571
(53,346)
32,100
Adjustments previous periods (NIIF 9 y 15)
-
-
-
-
-
-
-
-
(1,103)
(1,103)
Adjusted balance as of June 30, 2019
486
16
13,425
14,339
124
504
7,981
48,571
(54,449)
30,997
Loss for the period
-
-
-
-
-
-
-
-
(15,125)
(15,125)
Other comprehensive loss for the period
-
-
-
-
-
-
-
(3,166)
-
(3,166)
Total comprehensive loss for the period
-
-
-
-
-
-
-
(3,166)
(15,125)
(18,291)
As provided by Ordinary Shareholders' Meeting held and Extraordinary Shareholders' Meeting held on October 30, 2019:
- Loss absorption
-
-
-
-
-
-
(5,968)
(47,377)
53,345
-
- Treasury shares distribution
13
(13)
-
-
-
-
-
2,047
(2,047)
-
- Reserve for shared-based payments
-
-
-
-
(1)
-
-
(4)
-
(5)
Changes in non-controlling interest
-
-
-
-
-
-
-
(613)
-
(613)
Other changes in subsidiaries´ equity
-
-
-
-
-
-
-
-
19
19
Balance as of March 31, 2020
499
3
13,425
14,339
123
504
2,013
(542)
(18,257)
12,107
The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.
(i) Includes Ps. 1 and Ps. 1 of inflation adjustment of Treasury shares as of March 31, 2020 and June 30, 2019, respectively.
(ii) Corresponding to General Resolution 609/12 of the National Securities Commission.
(iii) Group's Other reserves at March 31, 2020 are comprised as:
Cost of treasury shares
Changes in non-controlling interest
Reserve for currency translation adjustment
Other comprehensive income / (loss)
Reserve for share-based payments
Special reserves
Other subsidiary reserves
Reserve for the acquisition of securities issued by the Company
Total Other reserves
Balance as of June 30, 2019
(2,252)
(4,541)
6,189
1,003
650
47,377
11
134
48,571
Other comprehensive loss for the period
-
-
(3,038)
(128)
-
-
-
-
(3,166)
Total comprehensive loss for the period
-
-
(3,038)
(128)
-
-
-
-
(3,166)
As provided by Ordinary Shareholders' Meeting held and Extraordinary Shareholders' Meeting held on October 30, 2019:
- Loss absorption
-
-
-
-
-
(47,377)
-
-
(47,377)
- Treasury shares distribution
2,047
-
-
-
-
-
-
-
2,047
- Reserve for share-based payments
3
-
-
-
(1)
-
(6)
-
(4)
Changes in non-controlling interest
-
(613)
-
-
-
-
-
-
(613)
Balance as of March 31, 2020
(202)
(5,154)
3,151
875
649
-
5
134
(542)

47
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Unaudited Condensed Interim Separate Statements of Cash Flows
for the nine-month periods ended March 31, 2021 and 2020
(All amounts in millions of Argentine Pesos, except as otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina

Note
03.31.21
03.31.20
Operating activities:
Cash (used in) / generated from operations
15
(7,090)
2,842
Net cash (used in) /generated from operating activities
(7,090)
2,842
Investing activities:
Acquisition of interest in subsidiaries, associates and joint ventures
(296)
-
Capital contribution to subsidiaries, associates and joint ventures
6
(97)
(256)
Acquisition of property, plant and equipment
8
(116)
(304)
Proceeds from sale of property, plant and equipment
14
11
Proceeds from sale of subsidiaries, associates and joint ventures
895
1,260
Acquisition of Intangible assets
9
(1)
(7)
Acquisition of investment in financial instruments
(10,288)
(1,104)
Proceeds from disposals of investment in financial assets
12,256
1,187
Proceeds from loans granted to subsidiaries, associates and joint ventures
323
-
Advance payments
(28)
(34)
Sale of farmlands advances
-
-
Dividends received
587
311
Interest collected
142
-
Loans granted to subsidiaries, associates and joint ventures
-
(1,710)
Net cash generated from / (used in) investing activities
3,391
(646)
Financing activities:
Borrowings and issue non- convertible notes
8,776
8,918
Payment of borrowings and non - convertible notes
(10,707)
(1,804)
Obtaining of short-term loans, net
(2,917)
(6,396)
Payments from derivative financial instruments
(387)
(41)
Share capital increase
4,202
-
Interest paid
(2,330)
(1,690)
Net cash used in from financing activities
(3,363)
(1,013)
Net (decrease)/increase in cash and cash equivalents
(7,062)
1,183
Cash and cash equivalents at beginning of the period
7,695
197
Result from exposure to inflation on cash and cash equivalents
18
6
Currency translation adjustment on cash and cash equivalents
598
79
Cash and cash equivalents at the end of the period
1,249
1,465
The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.
CRESUD S.A.C.I.F. y A.

By:
/s/ Alejandro G. Elsztain
Name Alejandro G. Elsztain
Title Vicepresident II
48
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria

1.
General information
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria ('Cresud' or the 'Company') was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier's shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.
Cresud is a company organized and domiciled in the Republic of Argentina. The address of its registered office is Della Paolera 261, 9 rd Floor, Buenos Aires, Argentina.
These Unaudited Condensed Interim Separate Financial Statements have been approved for issue by the Board of Directors on May 11, 2021.
2.
Basis of preparation of the Unaudited Condensed Interim Separate Financial Statements
2.1.
Basis of preparation
The National Securities Commission (CNV), in Title IV 'Periodic Information Regime' - Chapter III 'Rules relating to the presentation and valuation of financial statements' - Article 1, of its standards, has established the application of the Technical Resolution No. 26 (RT 26) of the FACPCE and its amendments, which adopt FRS, issued by the IASB, for certain companies included in the public offering regime of Law No. 17.811, either because of its stock or its non-convertible notes, or that have requested authorization to be included in the aforementioned regime.
For the preparation of these solo financial statements, the Company has used the option provided in IAS 34, and has prepared them in condensed form. Therefore, these financial statements do not include all the information required in a complete set of annual financial statements and, consequently, their reading is recommended together with the annual financial statements as of June 30, 2020.
In view of what has been mentioned in the preceding paragraphs, the management of the Company has prepared these financial statements in accordance with the accounting principles established by the CNV, which is based on the application of IFRS, in particular of IAS 34.
Additionally, the information required by the CNV indicated in article 1, Chapter III, Title IV of RG N ° 622/13 has been included. This information is included in a note to these solo financial statements.
IAS 29 'Financial information in hyperinflationary economies' requires that the financial statements of an entity, whose functional currency is that of a high inflation economy, be expressed in terms of the unit of measurement current at the closing date of the period on the reported, regardless of whether they are based on the historical cost method or the current cost method. For this, in general terms, the inflation produced from the
49
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
acquisition date or from the revaluation date, as appropriate, must be computed in non-monetary items. These requirements also include the comparative information of the financial statements.
In order to conclude on whether an economy is categorized as high inflation in the terms of IAS 29, the standard details a series of factors to consider, including the existence of an accumulated rate of inflation in three years that is approaches or exceeds 100%. The accumulated inflation in three years is above 100%. It is for this reason that, according to IAS 29, the Argentine economy must be considered as having high inflation as of July 1, 2018.
In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 in fine of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the current measuring unit set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018.
Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements.
Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC).
The principal inflation adjustment procedures are the following:
Monetary assets and liabilities that are recorded in the current currency as of the balance sheet's closing date are not restated because they are already stated in terms of the currency unit current as of the date of the financial statements.
Non-monetary assets and liabilities are recorded at cost as of the balance sheet date, and equity components are restated applying the relevant adjustment ratios.
All items in the statement of income are restated applying the relevant conversion factors.
The effect of inflation in the Company's net monetary position is included in the statement of income under Financial results, net, in the item 'Income / (loss) from exposure to changes in the currency's purchasing power'.
Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs.
Upon initially applying inflation adjustment, the equity accounts were restated as follows:
Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later.
)
Alejandro G. Elsztain
Vice President II
acting as President
50
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
The resulting amount was included in the 'Capital adjustment' account.
The conversion difference was restated in real terms (as applicable).
Other comprehensive income / (loss) was restated as from each accounting allocation.
The other reserves in the statement of income were not restated as of the initial application date, i.e., June 30, 2016.
2.2.
Accounting policies
The accounting policies applied in the preparation of these Unaudited Condensed Interim Financial Statements are consistent with those applied in the Annual Financial Statements as of June 30, 2020.
2.3.
Comparative information
The balances as of June 30, 2020 and March 31, 2020, which are disclosed for comparative purposes, arise from the financial statements at such dates restated in accordance with IAS 29.
2.4.
Use of estimates
The preparation of financial statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Future results might differ from the estimates and evaluations made at the date of preparation of these Unaudited Condensed Interim Separate Financial Statements.
In the preparation of these Unaudited Condensed Interim Separate Financial Statements, the significant judgments made by Management in applying the Company's accounting policies and the main sources of uncertainty were the same applied by the Company in the preparation of the Separate Financial Statements for the fiscal year ended June 30, 2020, described in Note 3 to them.
3.
Seasonal effects on operations
The operations of the Company are also subject to seasonal effects. The harvests and sale of grains (corn, soybean and sunflower) generally take place between January and September every year. Wheat is generally harvested between November and February every year. However, milk production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results each quarter.
4.
Acquisitions and disposals
See summary of acquisitions and additional disposals of the Company for the nine-month period ended March 31, 2021 in Note 4 to Unaudited Condensed Interim Consolidated Financial Statements.
5.
Financial risk management and fair value estimates
5.1.
Financial risk
)
Alejandro G. Elsztain
Vice President II
acting as President
51
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
The Company's activities are exposed to several financial risks, market risk (including exchange rate risk, interest rate risk and price risk), credit risk, liquidity risk and capital risk.
The Unaudited Condensed Interim Separate Financial Statements do not include all the information and disclosures of the risk management, so they should be read together with the Annual Separate Financial Statements as of June 30, 2020. There have been no significant changes in the risk management or risk management policies applied by the Company since the fiscal year.
)
Alejandro G. Elsztain
Vice President II
acting as President
52
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria

5.2.
Fair value estimates
Since June 30, 2020, to the balance sheet date, there have been no significant changes in business or economic circumstances affecting the fair value of the Company's financial assets, liabilities or biological assets (either measured at fair value or amortized cost). Nor there have been transfers between the several hierarchies used in estimating the fair value of the Company's financial instruments, or reclassifications among their respective categories.
6.
Information about principal subsidiaries and associates
The Company conducts its business through several subsidiaries and associates.
The Company indirectly participated, until September 30, 2020, through Tyrus, in IDB Development Ltd. ('IDBD') and Discount Investment Company Ltd ('DIC'). These companies have certain financial restrictions and agreements in relation to their financial debt, including their debentures and loans with banks and financial institutions. These commitments and other restrictions resulting from the indebtedness of IDBD and DIC (such as the pledges granted by IDBD over part of its shareholding in DIC) do not have recursive effects against Cresud, nor has Cresud guaranteed them with its assets, so the economic risk of Cresud is limited to the value of said investments.
IDBD's financial condition as of June 25, 2020 had a deficit in shareholders' equity, ongoing negative cash flows from continuing operating activitiesand a low credit rating. IDBD´s cash flow required to meet its liabilities, including short-term liabilities is based on the financial support of its controlling shareholder (Dolphin Netherlands BV) and on the realization of assets which the realization date is not under IDBD´s control. As a result of the above, IDBD had into negotiations with its creditors in order to restructure its financial debt on more favorable terms. As a result, the Company recognized an impairment loss of Ps. 1,489 in its separate financial statements as of June 30, 2020, equivalent to the net value of its investment in IDBD and DIC as of that date.
As of June 30, 2020, the aggregate principal amount of the (i) IDBD Series 9 Bonds was NIS 901 million ('Series 9'), (ii) IDBD Series 14 Bonds was NIS 889 million collateralized by DIC shares owned directly or indirectly by IDBD representing 70% of the share capital of DIC ('Series 14'), (iii) IDBD Series 15 Bonds was NIS 238 million collateralized by shares of Clal representing 5% of the share capital of Clal ('Series 15').
As no agreement has been reached, on September 17, 2020, the Series 9 trustee submitted to the District Court in Tel-Aviv-Jaffa (the 'Court') a petition to grant an order for the opening of proceedings for IDBD pursuant to the Insolvency and Economic Rehabilitation Law, 5778 - 2018 and to instruct the appointment of a trustee for IDBD pursuant to Section 43 and to grant the trustee any and all authority over the decision making of IDBD.
On September 21, 2020, the Series 14 bond holders approved the immediate fully payment of the remaining balances of such series.
On September 22, 2020, IDBD and Dolphin Netherlands B.V. submitted an initial response to the Petition, arguing that it was in the best interest of IDBD and its creditors to exhaust the negotiations among the controlling shareholder and its creditors during a short period with the aim to maximize the value of its assets, avoid costs and additional negative effects.
On September 25, 2020, the Court resolved that IDBD is insolvent and therefore it resolved to grant all three orders requested and accordingly, issued an order for the initiation of proceedings and liquidation of IDBD, and appointed a liquidator to IDBD and interim receivers over the Pledged DIC and Clal Shares.
)
Alejandro G. Elsztain
Vice President II
acting as President
53
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Under IFRS 10 'Consolidated Financial Statements' ('IFRS 10'), an investor controls an investee if and only if the investor has all the following: a) power over the investee; b) exposure, or rights, to variable returns from its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor's returns. Based on the facts and circumstances outlined above, our management believes that, as from September 25, 2020, Cresud through its subsidiary IRSA lost control over IDBD and DIC and consequently it has derecognized the reserves disclosed in other comprehensive income associated with said investments, recognizing a loss of Ps. 3,652 in the nine-month period ended March 31, 2021.
Set out below are the changes in Company's investment in subsidiaries and associates for the nine-month period ended March 31, 2021 and for the fiscal year ended June 30, 2020:
03.31.21
06.30.20
Beginning of the period / year
65,047
55,461
Dividends in shares received from subsidiaries
-
409
Capital contribution
2,223
8,523
Sale of interest in subsidiaries
(13)
(8,160)
Increase of interest in subsidiaries, associates and joint ventures
-
11
Share of (loss)/profit of subsidiaries and associates
(4,693)
12,921
Foreign exchange gains
(3,773)
(2,118)
Other changes in subsidiaries' and associates´ equity
3,547
(56)
Adjustments previous periods (IFRS 16 y IAS 28)
-
(1,102)
Other comprehensive income
1,090
77
Reserve for share-based payments
-
(4)
Dividends distributed
(1,033)
(915)
End of the period / year
62,395
65,047
(i)
Includes the effect of changes in subsidiaries as consequence of repurchase of equity interest.
See changes in Company's investment in associates and joint ventures for the nine-month period ended March 31, 2021 in Note 7 to the Unaudited Condensed Interim Consolidated Financial Statements and for the year ended June 30, 2020 in Note 8 to the Annual Consolidated Financial Statements.
% of ownership interest
Registered value
Entity's interest in comprehensive loss
Name of the entity
03.31.21
06.30.20
03.31.21
06.30.20
03.31.21
03.31.20
Subsidiaries
Brasilagro Companhia Brasileira de Propriedades Agrícolas
1.69%
2.25%
899
992
(85)
(599)
Agropecuaria Santa Cruz de la Sierra S.A. (formerly Doneldon S.A.)
100.00%
100.00%
2,192
2,234
(43)
257
Futuros y Opciones.Com S.A.
50.10%
50.10%
683
619
110
260
Amauta Agro S.A. (formerly FyO Trading S.A.)
2.20%
2.20%
1
1
(1)
-
FyO Acopio S.A. (formerly Granos Olavarría S.A.)
2.20%
2.20%
16
14
7
3
Helmir S.A.
100.00%
100.00%
14,562
12,185
261
340
Sociedad Anómina Carnes Pampeanas S.A.
-
99.70%
-
370
(60)
(47)
IRSA Inversiones y Representaciones Sociedad Anónima
61.89%
61.95%
42,193
46,442
(8,000)
(10,503)
IRSA Propiedades Comerciales S.A.
3.36%
2.62%
1,320
1,623
(205)
(71)
Total Subsidiaries
61,866
64,480
(8,016)
(10,360)
Associates
Agrouranga S.A.
35.72%
35.72%
419
452
35
73
Uranga Trading S.A.
35.72%
35.72%
110
115
9
14
Total Associates
529
567
44
87
Total Investments in subsidiaries, associates and join ventures
62,395
65,047
(7,972)
(10,273)
)
Alejandro G. Elsztain
Vice President II
acting as President
54
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Last financial statement issued
Name of the entity
Market value as of 03.31.21
Place of business / country of incorporation
Main activity
Amount of common shares 1 vote
Common shares (nominal value)
Income /(loss) for the period
Shareholders' equity
Subsidiaries
Brasilagro Companhia Brasileira de Propriedades Agrícolas
25.00
Brazil
Agricultural
1,334,400
2,497
1
32,724
Agropecuaria Santa Cruz de la Sierra S.A. (formerly Doneldon S.A.)
Not publicly traded
Uruguay
Investment
270,749,722
271
(185)
2,192
Futuros y Opciones.Com S.A.
Not publicly traded
Argentina
Brokerage
817,683
2
218
1,363
Amauta Agro S.A. (formerly FyO Trading S.A.)
Not publicly traded
Argentina
Brokerage
11,264
1
(46)
37
FyO Acopio S.A. (formerly Granos Olavarría S.A.)
Not publicly traded
Argentina
Warehousing and Brokerage
506,440
23
323
723
Helmir S.A.
Not publicly traded
Uruguay
Investment
229,368,798
229
261
14,362
Sociedad Anómina Carnes Pampeanas S.A.
Not publicly traded
Argentina
Agroindustrial
496,050,301
498
(54)
317
IRSA Inversiones y Representaciones Sociedad Anónima
50.80
Argentina
Real Estate
356,913,421
577
(8,773)
67,922
IRSA Propiedades Comerciales S.A.
287.50
Argentina
Real Estate
126,014,050
126
(4,780)
80,341
Associates
Agrouranga S.A.
Not publicly traded
Argentina
Agricultural
2,595,620
7
98
344
Uranga Trading S.A.
Not publicly traded
Argentina
Marketing, warehousing and processing
653,369
2
26
309
7.
Investment properties
Changes in Company's investment properties for the nine-month period ended March 31, 2021 and for the fiscal year ended June 30, 2020 were as follows:
03.31.21
06.30.20
Beginning of the period / year
146
145
Transfers
166
-
Changes in fair value
(5)
1
End of the period / year
307
146
During the period ended March 31, 2021 and for the year ended June 30, 2020, there were no financial costs activated as there have been no assets that qualify for capitalization. No investment property of the Company has been mortgaged to guarantee some of the Company´s loans.
The amounts recognized in the statement of income and other comprehensive income are not material for any of the exercises analyzed.
As described in Note 2.6 to the consolidated financial statements, the Group uses the valuation made by qualified external appraisers to determine the fair value of its investment properties. Fair values are based on comparable values (Level 2 of the fair value hierarchy). The sales prices of comparable land are adjusted taking into account the specific aspects of each land, the most important used premise being the price per hectare.
)
Alejandro G. Elsztain
Vice President II
acting as President
55
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
8.
Property, plant and equipment
Changes in Company's property, plant and equipment for the nine-month period ended March 31, 2021 and for the fiscal year ended June 30, 2020 were as follows:
Owner occupied farmland (ii)
Others
Total as of 03.31.21
Total as of 06.30.20
Costs
9,159
500
9,659
9,449
Accumulated depreciation
(1,199)
(321)
(1,520)
(1,340)
Net book amount at the beginning of the period / year
7,960
179
8,139
8,109
Additions
104
12
116
236
Disposals
(12)
(3)
(15)
(14)
Transfers
(105)
-
(105)
(12)
Depreciation charge (i)
(96)
(38)
(134)
(180)
Balances at the end of the period / year
7,851
150
8,001
8,139
Costs
9,146
509
9,655
9,659
Accumulated depreciation
(1,295)
(359)
(1,654)
(1,520)
Net book amount at the end of the period / year
7,851
150
8,001
8,139
(i)
For the fiscal years ended March 31, 2021 and June 30, 2020, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 15 and Ps. 18 in 'Costs'; Ps. 3 and Ps. 11 in 'General and administrative expenses' and Ps. 1 and Ps. 1 in 'Selling expenses' in 'the Statement of Income and Other Comprehensive Income'; Ps. 116 and Ps. 150 were capitalized as part of the biological assets costs.
(ii)
Includes farms, buildings and facilities of farmlands properties.
9.
Intangible assets
Changes in Company's intangible assets for the nine-month period ended as of March 31, 2021 and for the fiscal year ended as of June 30, 2020 were as follows:
Computer software
Concession rights
Total as of 03.31.21
Total as of 06.30.20
Costs
32
447
479
467
Accumulated amortization
(20)
(177)
(197)
(184)
Net book amount at the beginning of the period / year
12
270
282
283
Additions
1
-
1
8
Transfers
-
-
-
3
Amortization charges (i)
(4)
(11)
(15)
(12)
Balances at the end of the period / year
9
259
268
282
Costs
33
447
480
479
Accumulated amortization
(24)
(188)
(212)
(197)
Net book amount at the end of the period / year
9
259
268
282
(i)
Amortization charges are included in 'General and administrative expenses' in the Statement of Income and Other Comprehensive Income. There are no impairment charges for any of the years presented.
10.
Right of use assets
)
Alejandro G. Elsztain
Vice President II
acting as President
56
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
The composition in the Company's rights of use assets for the nine-month period ended as of March 31, 2021 and for the fiscal year ended as of June 30, 2020 is as follows
03.31.21
06.30.20
Non Current
Owner occupied farmland
1,853
1,017
Offices
66
-
Machines and equipment
3
4
Total Right-of-use assets
1,922
1,021
The amortization charge of the right-of-use assets is detailed below:
03.31.21
03.31.20
Owner occupied farmland
171
80
Offices
13
-
Machines and equipment
-
4
Total amortization of Right-of-use assets
184
84
11.
Biological assets
Changes in the Company's biological assets for the nine-month period ended as of March 31, 2021 and for the fiscal year ended as of June 30, 2020 were as follows:
Sown land-crops
Breeding cattle
Other cattle
Others
Level 1
Level 3
Level 2
Level 2
Level 1
Total as of 03.31.21
Total as of 06.30.20
Net book amount at the beginning of the period / year
208
854
2,285
39
43
3,429
4,520
Purchases
-
-
265
4
-
269
20
Changes by transformation
(152)
152
-
-
-
-
-
Initial recognition and changes in the fair value of biological assets
-
2,198
425
(24)
-
2,599
120
Decrease due to harvest
-
(2,271)
-
-
-
(2,271)
(6,326)
Sales
-
-
(1,051)
(2)
-
(1,053)
(1,507)
Consumes
-
-
(5)
-
(6)
(11)
(15)
Costs for the period
1,129
2,518
889
23
3
4,562
6,617
Balances at the end of the period / year
1,185
3,451
2,808
40
40
7,524
3,429
Non-current (production)
-
-
2,482
31
40
2,553
1,940
Current (consumable)
1,185
3,451
326
9
-
4,971
1,489
Net book amount at the end of the period / year
1,185
3,451
2,808
40
40
7,524
3,429
During the nine-month period ended March 31, 2021 and the year ended June 30, 2020 there have been transfers by Ps.152 between the fair value hierarchies 1 and 3 of sown land-crops (due to the degree of phenological growth of the crop). Likewise, there were no reclassifications among their respective categories.
See information on valuation processes used by the entity in Note 14 to the Consolidated Financial Statements as of June 30, 2020.
As of March 31, 2021, and June 30, 2020, the better and maximum use of biological assets shall not significantly differ from the current use.
12.
Inventories
)
Alejandro G. Elsztain
Vice President II
acting as President
57
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Breakdown of Company's inventories as of March 31, 2021 and June 30, 2020 are as follows:
03.31.21
06.30.20
Current
Crops
320
1,462
Materials and supplies
6
5
Seeds and fodders
996
1,301
Total inventories
1,322
2,768
As of March 31, 2021, and June 30, 2020 the cost of inventories recognized as expense amounted to Ps. 3,451 and Ps. 7,590, respectively and they have been included in 'Costs' in the Unaudited Condensed Interim Separate Statement of Income and Other Comprehensive Income.
13.
Financial instruments by category
Determining fair values
See determination of the fair value of the Company's financial instruments in Note 16 to the Annual Consolidated Financial Statements as of June 30, 2020.
The following tables present the Company's financial assets and financial liabilities that are measured at fair value as of March 31, 2021 and June 30, 2020 and their allocation to the fair value hierarchy:
Financial assets at amortized cost
Financial assets at fair value through profit or loss
Subtotal financial assets
Non-financial assets
Total
March 31, 2021
Level 1
Level 2
Assets as per statement of financial position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14)
4,327
-
-
4,327
1,262
5,589
Investment in financial assets
Bonds
-
1,559
-
1,559
-
1,559
Derivative financial instruments
- Foreign-currency futures contracts
-
26
10
36
-
36
Cash and cash equivalents
- Cash on hand and at bank
475
74
-
549
-
549
- Short-term investments
-
700
-
700
-
700
Total assets
4,802
2,359
10
7,171
1,262
8,433
Financial liabilities at amortized cost
Financial liabilities at fair value
Subtotal financial liabilities
Non-financial liabilities
Total
March 31, 2021
Level 1
Liabilities as per statement of financial position
Trade and others payables (Note 16)
3,631
-
3,631
1,040
4,671
Borrowings (Note 18)
42,403
-
42,403
-
42,403
Derivative financial instruments:
- Foreign-currency contracts
-
580
580
-
580
Total Liabilities
46,034
580
46,614
1,040
47,654
)
Alejandro G. Elsztain
Vice President II
acting as President
58
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Financial assets at amortized cost
Financial assets at fair value through profit or loss
Subtotal financial assets
Non-financial assets
Total
June 30, 2020
Level 1
Assets as per statement of financial position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14)
3,709
-
3,709
766
4,475
Investment in financial assets
- Mutual funds
-
68
68
-
68
Cash and cash equivalents
- Cash on hand and at bank
420
-
420
-
420
- Short-term investments
1,540
5,735
7,275
-
7,275
Total assets
5,669
5,803
11,472
766
12,238
)
Alejandro G. Elsztain
Vice President II
acting as President
59
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Financial liabilities at amortized cost
Financial liabilities at fair value
Subtotal financial liabilities
Non-financial liabilities
Total
June 30, 2020
Level 1
Level 2
Liabilities as per statement of financial position
Trade and others payables (Note 16)
2,429
-
-
2,429
268
2,697
Borrowings (Note 18)
52,721
-
-
52,721
-
52,721
Derivative financial instruments:
- Foreign-currency contracts
-
3
9
12
-
12
- Crops futures contracts
-
31
-
31
-
31
Total Liabilities
55,150
34
9
55,193
268
55,461
14.
Trade and other receivables
Breakdown of the Company's trade and other receivables as of March 31, 2021 and June 30, 2020 are as follows:
03.31.21
06.30.20
Receivables from sale of properties (i)
1,118
1,168
Receivables from sale of agricultural products and services
1,852
1,278
Debtors under legal proceedings
8
11
Less: allowance for doubtful accounts
(8)
(10)
Total trade receivables
2,970
2,447
Prepayments
53
278
Tax credits
719
393
Loans
8
16
Advance payments
450
69
Expenses to recover
21
15
Others
233
31
Total other receivables
1,484
802
Related parties (Note 25)
1,127
1,216
Total trade and other receivables
5,581
4,465
Non-current
856
1,106
Current
4,725
3,359
Total trade and other receivables
5,581
4,465
(i)Net of implicit interests
The fair value of current trade and other receivables approximate their respective carrying amounts because, due to their short-term nature, as the impact of discounting is not considered significant. Fair values are based on discounted cash flows (Level 2 of fair value hierarchy).
The carrying amounts of the Company's trade and other receivables denominated in foreign currencies are detailed in Note 28.
Trade receivables are generally presented in the statement of financial position net of allowances for doubtful receivables. Impairment policies and procedures by type of receivables are discussed in detail in Note 2.16 to the Consolidated Financial Statements as of June 30, 2020.
Movements on the Company's allowance for doubtful accounts are as follows:
03.31.21
06.30.20
Beginning of the period / year
10
15
Additions
2
1
Inflation Adjustment
(4)
(6)
End of the period / year
8
10
The addition and release of allowance for doubtful accounts have been included in 'Selling expenses' in the Unaudited Condensed Interim Separate Statement of Income and Other Comprehensive Income (Note 22). Amounts charged to the provision account are generally written off when there is no expectation of recovering additional cash.
)
Alejandro G. Elsztain
Vice President II
acting as President
60
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
15.
Cash flow information
Following is a detailed description of cash flows used in the Company's operations for the nine-month periods ended as of March 31, 2021 and 2020:
03.31.21
03.31.20
Loss for the period
(2,361)
(15,125)
Adjustments for:
Income tax
1,541
1,032
Depreciation and amortization
46
37
Unrealized gain from derivative financial instruments of commodities
312
(137)
Unrealized loss from derivative financial instruments (except commodities)
277
-
Changes in fair value of financial assets at fair value through profit or loss
-
(34)
Financial results, net
(10,173)
8,122
Unrealized initial recognition and changes in the fair value of biological assets
(3,143)
(2,147)
Changes in net realizable value of agricultural products after harvest
(354)
(636)
Provisions
(28)
39
Loss / (Gain) from repurchase of Non-convertible Notes
(30)
1
(Gain)/ Loss from disposal of associates, subsidiaries and joint ventures
(651)
364
Share of loss from participation in asscociates, subsidiaries and joint ventures.
4,693
7,107
Changes in fair value of investment properties
5
(17)
(Increase)/ decrease in biological assets
(666)
1,077
Decrease in inventories
1,801
2,505
(Increase)/ decrease in trade and other receivables
(898)
126
Increase in right of use assets
(1,006)
(735)
Increase in lease Liabilities
442
432
Increase in derivative financial instruments
1,032
-
Decrease in restricted assets
-
64
Decrease in provisions
(3)
(6)
Increase in trade and other payables
2,026
966
Increase/ (decrease) in payroll and social security liabilities
48
(193)
Net cash (used in) / generated from operating activities before income tax paid
(7,090)
2,842
The following table shows a detail of non-cash transactions occurred in the nine-month periods ended as of March 31, 2021 and 2020:
03.31.21
03.31.20
Non-cash activities
Dividends not collected
40
(77)
Decrease of interest in subsidiaries, associates and joint venture by exchange differences on translating foreign operations
3,772
(3,043)
Increase of interest in subsidiaries, associates and joint ventures through a decrease in trade and other receivables
-
3
Decrease of interest in subsidiaries, associates and joint ventures through reserve for share-based compensation
406
(7)
Increase of other reserves through an increase of interest in subsidiaries, associates and joint ventures
4,646
-
Increase of interest in subsidiaries, associates and joint ventures through an increase in borrowings
2,126
-
Increase in the right of use through an increase in the lease liability
79
-
Decrease in lease liability through a decrease in trade and other receivables
8
-
Decrease in property, plant and equipment through an increase in investment properties
105
-
Increase in equity through an increase in investment properties
68
-
Increase in deferred tax liability through an increase in investment property
22
-
)
Alejandro G. Elsztain
Vice President II
acting as President
61
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
16.
Trade and other payables
The detail of the Company's trade and other payables as of March 31, 2021 and June 30, 2020 are as follows:
03.31.21
06.30.20
Trade payables
1,816
745
Provisions
1,056
994
Sales, rent and services payments received in advance
1,017
184
Total trade payables
3,889
1,923
Tax payables
6
35
Total other payables
6
35
Related parties (Note 25)
776
739
Total trade and other payables
4,671
2,697
Current
4,671
2,697
Total trade and other payables
4,671
2,697
The fair value of trade and other payables approximate their respective carrying amounts due to their short-term nature, as the impact of discounting is considered as not significant. Fair values are based on discounted cash flows (Level 2 of fair value hierarchy).
Book value of trade and other payables denominated in foreign currencies are detailed in Note 28.
17.
Provisions
The table below shows the movements in Company's provisions categorized by type of provision:
Labor and tax claims and other claims
Total as of 03.31.21
Total as of 06.30.20
Beginning of period / year
16
16
23
Additions
-
-
1
Inflation Adjustment
(3)
(3)
(8)
End of period / year
13
13
16
Non-current
8
12
Current
5
4
Total
13
16
18.
Borrowings
The detail of the Company's borrowings as of March 31, 2021 and June 30, 2020 is as follows:
Book value
Fair Value
03.31.21
06.30.20
03.31.21
06.30.20
Non-convertible notes
30,009
34,156
28,549
31,068
Bank loans and others
4,524
12,087
4,524
12,087
Related parties (Note 25)
6,117
3,965
6,069
3,678
Bank overdrafts
1,753
2,513
1,753
2,513
Total borrowings
42,403
52,721
40,895
49,346
Non-current
17,720
27,696
Current
24,683
25,025
Total borrowings
42,403
52,721
)
Alejandro G. Elsztain
Vice President II
acting as President
62
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria

19.
Taxation
The detail of the provision for the Company's income tax is as follows:
03.31.21
03.31.20
Deferred income tax
(1,541)
(1,032)
Income tax
(1,541)
(1,032)
The gross movements on the deferred income tax account were as follows:
03.31.21
06.30.20
Beginning of the period / year
(5,066)
(4,340)
Charged to the Statement of Comprehensive Income
(1,541)
(726)
Technical revaluation reserve
(22)
-
End of the period / year
(6,629)
(5,066)
The Company´s income tax expense charge differs from the theoretical amount that would arise using the weighted average tax rate applicable to Company´s profit before income tax as follows:
03.31.21
03.31.20
Tax calculated at the tax applicable tax rate in effect (i)
246
4,229
Permanent differences:
Share of profit of subsidiaries, associates and joint ventures
(1,408)
(2,302)
Income tax rate change (*)
178
(270)
Provision for unrecoverability of tax loss carry-forwards
(1,823)
(2,656)
Result from sale of participation in subsidiaries
73
(298)
Tax Transparency
671
1
Non-taxable results, non-deductible expenses and others
(22)
(10)
Inflation adjustment for tax purposes
(2,963)
(2,355)
Inflation Adjustment
3,507
2,629
Income tax
(1,541)
(1,032)
(*)
Each period corresponds to the effect of applying to the deferred tax items the changes in the applicable tax rates.
(i)
The Income Tax rate in effect in Argentina as of March 31, 2021 and 2020 was 30%. See Note 23 to the Annual Consolidated Financial Statements.
20.
Revenues
03.31.21
03.31.20
Crops
4,008
7,118
Cattle
1,336
1,250
Supplies
4
3
Leases and agricultural services
255
338
Total revenues
5,603
8,709
21.
Costs
03.31.21
03.31.20
Crops
3,451
5,405
Cattle
1,065
1,013
Leases and agricultural services
90
208
Other costs
26
29
Total costs
4,632
6,655
)
Alejandro G. Elsztain
Vice President II
acting as President
63
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
22.
Expenses by nature
Costs (i)
Cost of production
General and administrative expenses
Selling expenses
Total as of 03.31.21
Total as of 03.31.20
Supplies and labors
74
3,677
-
1
3,752
3,971
Leases and expenses
-
7
19
1
27
34
Amortization and depreciation
15
286
31
1
333
231
Doubtful accounts (charge and recovery)
-
-
-
2
2
-
Cost of sale of agricultural products and biological assets
4,516
-
-
-
4,516
6,418
Advertising, publicity and other selling expenses
-
-
-
60
60
3
Maintenance and repairs
3
77
41
1
122
112
Payroll and social security liabilities
17
315
305
29
666
621
Fees and payments for services
4
33
57
20
114
104
Freights
-
86
1
494
581
1,131
Bank commissions and expenses
-
-
34
-
34
34
Travel expenses and stationery
2
43
10
1
56
67
Conditioning and clearance
-
-
-
118
118
208
Director's fees
-
-
68
-
68
61
Taxes, rates and contributions
1
35
1
94
131
181
Total expenses by nature as of 03.31.21
4,632
4,559
567
822
10,580
-
Total expenses by nature as of 03.31.20
6,655
4,543
504
1,474
-
13,176
(i)
Include Ps. 26 and Ps. 29 of other agricultural operating costs as of March 31, 2021 and 2020, respectively.
23.
Other operating results, net
03.31.21
03.31.20
Administration fees
4
3
(Loss) / gain from commodity derivative financial instruments
(1,434)
123
Interests generated by operating credits
68
90
Gain / (loss) from disposal of subsidiaries and associates
651
(364)
Gain from sales of propety, plant and equipment
6
-
Others
81
11
Total other operating results, net
(624)
(137)
24.
Financial results, net
03.31.21
03.31.20
Financial income:
Interest income
233
19
Total financial income
233
19
Financial costs:
Interest expenses
(2,799)
(3,215)
Other financial costs
(242)
(246)
Total financial costs
(3,041)
(3,461)
Other financial results:
Exchange rate difference, net
869
(5,386)
Fair value gains of financial assets at fair value through profit or loss
4,047
233
(Loss)/gain from derivative financial instruments (except commodities)
(361)
231
Gain/ (loss) from repurchase of non - convertible notes
30
(1)
Total other financial results
4,585
(4,923)
Inflation Adjustment
176
(16)
Total financial results, net
1,953
(8,381)
)
Alejandro G. Elsztain
Vice President II
acting as President
64
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria

25.
Related party transactions
See description of the main transactions conducted with related parties in Note 32 to the Consolidated Financial Statements as of June 30, 2020.
The following is a summary of the balances with related parties as of March 31, 2021 and June 30, 2020:
Items
03.31.21
06.30.20
Trade and other payables
(776)
(739)
Investments in financial assets
833
-
Borrowings
(6,117)
(3,965)
Trade and other receivables
1,127
1,216
Right of use assets
66
-
Lease Liabilities
(76)
-
Total
(4,943)
(3,488)

Related party
03.31.21
06.30.20
Description of transaction
Item
IRSA Inversiones y Representaciones Sociedad Anónima
72
91
Corporate services receivable
Trade and other receivables
(5)
(8)
Reimbursement of expenses payable
Trade and other payables
1
1
Leases
Trade and other receivables
1
1
Share based payments
Trade and other receivables
833
-
Bonds
Investments in financial assets
Brasilagro Companhia Brasileira de Propriedades Agrícolas
(6)
(4)
Services received
Trade and other payables
-
11
Dividends receivables
Trade and other receivables
16
15
Reimbursement of expenses receivable
Trade and other receivables
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)
-
129
Sale of goods and/or services
Trade and other receivables
Helmir S.A.
(951)
(907)
Borrowings
Borrowings
-
329
Loans granted
Trade and other receivables
Ombú Agropecuaria S.A.
5
4
Reimbursement of expenses receivable
Trade and other receivables
(12)
(8)
Leases
Trade and other payables
-
(1)
Reimbursement of expenses payable
Trade and other payables
Agropecuaria Acres del Sud S.A.
4
4
Administration fees
Trade and other receivables
Yatay Agropecuaria S.A.
3
4
Administration fees
Trade and other receivables
(555)
(554)
Borrowings
Borrowings
Yuchán Agropecuaria S.A.
3
3
Administration fees
Trade and other receivables
Futuros y Opciones.Com S.A.
793
364
Brokerage operations receivable
Trade and other receivables
(692)
(278)
Services received
Trade and other payables
-
-
Administration fees
Trade and other receivables
(16)
(49)
Reimbursement of expenses payable
Trade and other payables
IRSA Propiedades Comerciales S.A.
183
246
Reimbursement of expenses receivable
Trade and other receivables
3
4
Share based payments
Trade and other receivables
(2,149)
(2,384)
Non-convertible notes
Borrowings
66
-
Right of use assets
Right of use assets
(76)
-
Lease Liabilities
Lease Liabilities
(2)
(3)
Reimbursement of expenses payable
Trade and other payables
Agropecuarias SC S.A.
(464)
-
Borrowings
Borrowings
Total Subsidiaries
(3,062)
(2,990)
)
Alejandro G. Elsztain
Vice President II
acting as President
65
Cresud Sociedad Anónima,
Comercial, Inmobiliaria, Financiera y Agropecuaria
Related party
03.31.21
06.30.20
Description of transaction
Item
A