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Press release from PR Newswire

Cresud S.A.C.I.F. y A. Announces Results for Fiscal Year 2011 Ended June 30, 2011

Friday, September 09, 2011

Cresud S.A.C.I.F. y A. Announces Results for Fiscal Year 2011 Ended June 30, 201100:22 EDT Friday, September 09, 2011BUENOS AIRES, Argentina, Sept. 9, 2011 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (Nasdaq: CRESY, BASE: CRES), today announces results for Fiscal Year 2011 Ended June 30, 2011HIGHLIGHTS Net income increased 14.6% to Ps. 212.6 million.Operating income rose 23.9% to Ps. 727.1 million.Operating income from the Agribusiness Segment amounted to Ps. 168.3 million, increasing 177.9% as compared to the previous year.The Argentine agribusiness industry saw improvements in the amount of tons produced per hectare, beef cattle prices and dairy margins.We made progress in our developments in Agropecuaria Anta and Los Pozos, located in Salta, where we put into production more than 6,000 additional hectares during the year. In addition, we put into production 5,300 additional hectares in our farms in Paraguay, and we expect to maintain the development rate during the next fiscal year.We sold La Juanita farm in the Province of Buenos Aires for USD 18.0 million, at a gain of Ps. 49.6 million, and 910 hectares in La Fon Fon farm in Bolivia, for a price of USD 3.6 million. In addition, we purchased 2 new farms in Bolivia for a total amount of USD 13.5 million.Cresud has consolidated the financial statements of BrasilAgro, its Brazilian subsidiary, effective as from June 30, 2011.Our subsidiary IRSA has had a great year: its EBITDA increased 9%, showing the strength of its business lines exposed to consumption and the robustness of the real estate industry in Argentina.Subsequently to the fiscal year end, Cresud placed USD 60 million in 7.5% notes for a term of 3 years, marking the first issuance of international debt by a Latin American agricultural company.Financial Highlights(In thousands of Argentine Pesos)Fiscal Year 2011Ended June 30, 2011Income Statement06/30/201106/30/2010Total Production Revenues406,481217,721Production Results126,40315,764Total Sales Revenues564,854327,394Sales Results101,64837,741Total Real Estate Sales1,441,8871,337,240Real Estate Results822,148834,716Gross Profit1,054,014888,221Operating Profit727,128586,970Net Income (loss)212,565185,406Given that since June 30, 2011, Cresud's consolidated financial statements include Brasilagro's consolidated data, Balance sheet figures as of June 30, 2011, include those of Brasilagro's, while as of June 30, 2010, Cresud's Balance sheet data does not consolidate that of Brasilagro. This affects the comparability of the Balance Sheet figures shown below; while the Income Statement figures shown above remain comparable this time.Balance Sheet06/30/201106/30/2010  Current Assets2,265,5881,453,381  Non Current Assets7,467,8305,384,507Total Assets9,733,4186,837,888  Current Liabilities2,364,1921,928,717  Non Current Liabilities2,809,2411,315,970Total Liabilities5,173,4333,244,687  Minority Interest2,346,4481,625,008Shareholders' Equity2,213,5371,968,193About Cresud:Cresud is a leading Argentine agricultural company with a growing presence in the Brazilian agricultural sector through its investment in BrasilAgro-Companhia Brasileira de Propriedades Agricola. 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 57% 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 Fiscal Year 2011 Results Conference Call on Thursday, September 15, 2011, at 12:00 p.m. Eastern TimeIf you would like to participate, please call: United States:  (888) 841-3494International:  +1-(706) 758-3350To access the webcast, click on the link below:http://webcast.mz-ir.com/publico.aspx?codplataforma=3114SOURCE Cresud S.A.C.I.F. y A.For further information: Investor Relations Department of Cresud S.A.C.I.F. y A., +011-54-11-4814-7800, ir@cresud.com.ar