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Cresud Announces Fiscal Year 2003 Results
BUENOS AIRES, Argentina, Sep 11, 2003 /PRNewswire-FirstCall via COMTEX/ --
Cresud S.A.C.I.F. y A. (Nasdaq: CRESY) (BCBA: CRES), a leading Argentine
producer of agricultural products, today announced its results for the fiscal
year ended June 30, 2003.
The company had net earnings of 65.0 million pesos for the year ended June 30,
2003, versus a 51.8 million-peso loss a year earlier. The result can be
attributed to two factors primarily: operating earnings, which, despite fewer
hectares used for agriculture, increased from 16.4 million pesos to 27.7 million
pesos for the year; and earnings generated by our affiliate companies, primarily
IRSA, in the amount of 68.1 million pesos.
Summary of Operations
In the last period, a total of 23,638 hectares were sown, 42% of which were
Cresud's own fields and 58% leased fields.
As of June 2003, the Company's cattle stock amounted to 83,051 head, with
135,257 hectares allocated for this activity.
During the period, 121,000 tons of grain and more than 9,000 tons of meat were
sold.
Highlights
The job of clearing 15,000 hectares for cattle raising and agriculture was begun
in "AgroRiego San Luis" and "Los Pozos" farms.
Our Feed Lot Cactus Argentina S.A. is operating at its full capacity. We are
planning to expand the capacity of our first facility and to develop a second.
As part of our strategy to move along the production chain, we began to
slaughter some of our own beef cattle stock.
Our investment in IRSA contributed 64.9 million pesos to our earnings for the
year.
Financial highlights
(In Argentine Pesos expressed in constant currency as of 02/28/03)
Fiscal Year 2003 Fiscal Year 2002
Total Sales 71,949,839 80,254,180
Operating income (loss) 27,680,295 16,359,517
Financial results, net (10,940,327) (8,738,456)
Net Income 65,024,961 (51,767,793)
Earnings per share 0.54 (0.35)
Earnings per share Diluted 0.19 (0.35)
Current Assets 58,556,786 110,501,852
Non current Assets 510,853,774 269,376,563
Total Assets 569,410,560 379,878,415
Current Liabilities 15,204,387 35,796,729
Non current Liabilities 162,200,339 21,033,815
Total Liabilities 177,404,726 56,830,544
Minority Interest 206,709 430,751
SHAREHOLDERS' EQUITY 391,799,125 322,617,120
Commenting on the outlook for this year, Cresud's President Eduardo S. Elsztain
said: "A new growth phase has begun for the sector. The outlook is positive
despite the withholdings imposed on exports. The projections for agricultural
and livestock prices are favorable, and the price of land has appreciated
significantly. This will surely result in an increase in the value of our
assets.
"Cresud currently owns more than 440,000 hectares of land and more than 80,000
head of cattle. It is in a solid financial position, with management consisting
of professionals who are up to the challenges facing the company. This will
allow us to take part in Argentina's economic growth."
Cresud is a leading Argentine producer of basic agricultural products and the
only such company with shares listed on the Buenos Aires Stock Exchange and
Nasdaq. We are currently involved in various operations and activities,
including crop production, cattle raising and fattening, milk production and
certain forestry activities. Most of our farms are located in Argentina's
pampas, one of the largest temperate prairie zones in the world and one of the
richest areas of the world for agricultural production.
A longer version of this Press Release with detailed information is available on
the web site
www.cresud.com.ar For further information, please contact:
Gustavo Mariani - Finance Manager
+54-11-4323-7513
gm@cresud.com.ar
CRESUD cordially invites you to participate in the Fiscal Year 2003 Results
Conference Call to be held on September 12, 2003 at 15:45 EDT. If you would like
to participate, please call: 1-888-338-6461 if you are in the US, or +(1 973)
935-8509 for international calls.
SOURCE Cresud S.A.C.I.F. y A.
CONTACT: Gustavo Mariani, Finance Manager of Cresud, in Argentina,
+011-54-11-4323-7513, or gm@cresud.com.ar