Welcome!

Agile Computing Authors: Elizabeth White, Liz McMillan, Pat Romanski, Rishi Bhargava, Xenia von Wedel

News Feed Item

Cresud S.A.C.I.F. y A. Announces Results for the First Quarter 2013 Ended September 30, 2012

BUENOS AIRES, Argentina, Nov. 19, 2012 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for the First Quarter 2013 ended September 30, 2012.

HIGHLIGHTS

  • As from fiscal year 2013, the company adopts accounting policies based on the International Financial Reporting Standards ("IFRS") to prepare its financial statements. Until now, the company's financial statements were prepared in compliance with Generally Accepted Accounting Principles of Argentina ("ARG GAAP") which differ in certain respects from the IFRS. For such reason, we have changed certain valuation and disclosure accounting policies.
  • Operating Income totaled ARS 180.7 million, 9% lower than during the first quarter of fiscal year 2012, due to an ARS 20.6 million Operating Loss from the Agricultural segment offset by a 16% increase in Operating Income from the Urban Segment, which reached ARS 201.3 million.
  • A Net Loss of ARS 16.5 million was recorded in the quarter compared to a loss of ARS 95.1 million recorded during the same period of the previous fiscal year. This is due to higher net financial results offset by a higher loss from foreign exchange differences, financial interest and minority interest.
  • We have started the crop season and we expect to plant crops in approximately 207,000 hectares. In turn, good weather conditions are in sight in the region and accordingly, better yields than in the previous season are expected.
  • Crop production (mainly corresponding to areas planted during the 2011/2012 season) decreased by 19.1% compared to the same period of the previous fiscal year due to lower yields caused by the drought that affected the region during the previous season.
  • The beef cattle segment recorded a drop in Gross Income, which went down from a Profit of ARS 6.7 million during the first quarter of fiscal year 2012 to a loss of ARS 1.9 million in the first quarter of 2013 mainly due to lower sales. The segment totaled a loss of ARS 10.6 million compared to an ARS 8.6 million loss in the previous fiscal year.
  • As regards milk production, we continue to note high production levels (in excess of 20 liters per cow per day) thanks to the consolidation of production in our "El Tigre" dairy facility. During this period, we produced 4.4 million liters with an average of 2,248 milking cows per day reaching a production of 21.4 liters. Income for this segment reached ARS 0.4 million.
  • We have increased our interest in IRSA reaching a shareholding of 64.50% of its stock capital. During this year, IRSA increased its EBITDA by 14.1%, generating very good results for our company.
  • During this quarter, we launched the Fifth Issue of our Series X Tranche 2 Notes. The issue amount was USD 30.0 million at the applicable exchange rate and conditions are similar to those applied to the first tranche of such Series.
  • Our general shareholders' meeting resolved to pay ARS 120 million as cash dividends (equivalent to ARS 0.2417 per share and ARS 2.417 per ADR).

Financial Highlights
(In thousands of Argentine Pesos)
Period FY 2012
Ended June 30, 2012


Income Statement

09/30/2012

09/30/2011

Agribusiness Revenues

270,455

303,920

Agribusiness Gross Profit

79,507

37,114

Real Estate Revenues

535,953

459,951

Real Estate Gross Profit

252,198

228,301

Gross Profit

321,148

263,716

Operating Profit

176,490

198,257

Net Income (loss)

-16,518

-95,137




EPS (Basic)

-0.03

-0.19





Balance Sheet

06/30/2012

06/30/2011

 Current Assets

2,059,918

1,783,860

 Non Current Assets

8,525,901

8,541,030

Total Assets

10,585,819

10,324,890

 Current Liabilities

2,080,535

2,018,226

 Non Current Liabilities

3,766,509

3,615,153

Total Liabilities

5,847,044

5,633,379

 Minority Interest

2,170,006

2,132,648

Shareholders' Equity

2,568,769

2,558,863




About Cresud:

Cresud is a leading South American agricultural company with a growing presence in Latin American countries. Cresud is currently involved in a range of activities including crop production, cattle raising and milk production. Cresud's business model, which is being rolled out regionally in Latin America, taking into account the specific conditions of each country, focuses on the acquisition, development and exploitation of properties having attractive prospects for agricultural production and/or value appreciation and the selective disposition of such properties where appreciation has been realized.

Additionally, Cresud owns a 64,50% stake in IRSA Inversiones y Representaciones S.A., Argentina's largest, most well-diversified real estate company. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels.

A longer version of this press release with detailed information is available on the web site: http://www.cresud.com.ar.

Cresud cordially invites you to participate in its First Quarter 2013 Results Conference Call on Friday, November 23, 2012, at 09:00 Eastern Time

If you would like to participate, please call:
United States:  (888) 841-3494
International:  +1-(706) 758-3350
ID# 64394147

To access the webcast, click on the link below:
http://webcast.mzvaluemonitor.com/Home/Login/634

SOURCE Cresud S.A.C.I.F. y A.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...