cresud
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News

06 SEP

Earnings Release FY 2021

The Company announces today its results for the Fiscal Year 2021.

- We concluded a record regional agricultural campaign, motivated by an active demand for grains, very good commodity prices, mixed weather conditions and a more dynamic real estate market. We planted 260,000 hectares and reached a production of 844,000 tons of grains.

 

- Agribusiness adjusted EBITDA reached ARS 13,613 million in 2021, 33% higher than in fiscal year 2020. The urban properties and investments business, which we own through IRSA, registered a rental adjusted EBITDA of ARS 4,215 million, 55% lower than 2020 due to the impact of the closure of operations of shopping malls and hotels due to the pandemic. The total adjusted EBITDA of the urban segment, which includes the investment property sales carried out, reached ARS 13,925 million, increasing 51%.

 

- The net result for fiscal year 2021 showed a loss of ARS 24,503 million mainly explained by the impact of the change in the rate, from 25% to 35%, in the deferred income tax and the loss recorded by discontinued operations.

 

- During the fiscal year, we sold a fraction of San Pedro farm in Argentina for USD 8.6 million, our lands in Bolivia for an amount of USD 31 million and our subsidiary BrasilAgro sold a fraction of Jatobá farm for BRL 67.1 million. Additionally, we sold 100% of Carnes Pampeanas S.A., owner of a meatpacking facilities plant in La Pampa (Argentina), for USD 10 million.

 

- Our investment in BrasilAgro generated excellent operating results this year. In February 2021, it made a capital increase for BRL 440 million shares. Cresud subscribed shares in the capitalization, sold a small stake in the market and exercised its warrants, increasing its stake in BrasilAgro, net of treasury, to 39.4% of the share capital.

 

- In financial matters, we successfully completed the exchange of the Series XIV notes for USD 73.6 million within the framework of the Argentinean Central Bank Resolution, we obtained financing for USD 95.7 million during the year and subsequently we issued USD 18.8 million, lowering the Company’s average financing cost. We increased the capital for approximately USD 42.6 million and we subscribed shares in the capital increases of our subsidiaries IRSA and BrasilAgro, exercising our preemptive rights.