Cresud Sa · BCBA:CRES
Cresud Sa — Cresud S.A.C.I.F. y A. — Investor Presentation (December 2020)
20 slides from Cresud Sa's investor presentation, December 2020
Slide 1: Institutional Presentation IQ 2021
Institutional Presentation IQ 2021 1
Slide 2: Cresud at a Glance
CRESUD AT A GLANCE D O I N G A G R I B U S I N E S S A N D R E A L E S TAT E LEADING AGRICULTURAL LISTED BOTH IN BUENOS COMPANY IN LATAM AIRES AND NEW YORK Managing an approximately 800,000 has Since 1960 in Buenos Aires portfolio in Argentina, Bolivia, Brazil and (BYMA:CRES) Paraguay. Since 1997 in
Slide 3: Corporate Structure
CORPORATE STRUCTURE 100% 100% 33.6% 33.6% 62.4% Farms in Farms in Farms in Farms in ARGENTINA BOLIVIA BRASIL PARAGUAY A través de 100% 50.1% 22.3% 80.7% HOTELS LANDBANK 29.9% 18.9% BRASILAGRO owns CRESUD owns 2,6% of 1,9% of Agrofy IRSA CP COVID-19 Agribusiness operating normally in the region as it
Slide 4: History and Capital Markets Track Record
HISTORY AND CAPITAL MARKETS TRACK RECORD 83 YEARS HISTORY D OIN G AGRIBUSIN ESS ~800k ha (owned+leased) Follow on USD 288 MM 2020 2012 IPO USD 276 MM 2008 2006 Follow on 1997 USD 92 MM New Management Mr. Eduardo Elsztain - Chairman 17 USD BN ISSUED Mr. Alejandro Elsztain - CEO 1994 Follow on USD 64
Slide 5: Business Model: Value creation
BUSINESS MODEL DIVERSIFIED AND REGIONAL FARMING REAL ESTATE AGRICULTURAL SERVICES WE PRODUCE CROPS, SUGARCANE PIONEERS IN FARMLAND REAL ESTATE LEADING AGRICULTURAL BROKER AND MEAT IN THE REGION BUSINESS IN LATINOAMERICA IN ARGENTINA We promote productivity improvements by investing in new technologi
Slide 6: Regional Agricultural Portfolio
REGIONAL AGRICULTURAL PORTFOLIO 4% Brazil 153,368 ha 20% 40% 10% Hectares 56% 885,820 (Owned, LT 11% concession & Bolivia leased farms) 60% 9,875 ha 1% 40% Paraguay 48% 52% 59,585 ha 28% 8% Argentina 536,589 ha 71% 51% 6
Slide 7: Expected Planted Area - 2021 Campaign
EXPECTED PLANTED AREA - 2021 CAMPAIGN T H . H E C TA R E S CROP BREAKDOWN 2021 CAMPAIGN IN (FY 21E) SIMILAR LEVELS THAN 2020 13% Soybean 10% Corn 264 262 48% Sugarcane 248 10 11 Paraguay 24% 14 13 Bolivia Others 212 213 202 205 200 199 183 179 101 105 Brazil 142 141 82 139 133 Argentina 49 FY 07 FY
Slide 8: Farming: Commodity Prices and Global Stocks
FARMING: COMMODITY PRICES AND GLOBAL STOCKS SOYBEAN & CORN PRICES (CBOT) FOB SOYBEAN PRICE US, BRAZIL & ARGENTINA Current regional hedge position 580 450 Soybean: 67% 430 +33% 530 Corn: 55% (since Jun 30, 2020) 400 480 350 300 430 250 380 200 165 +26% 330 (since Jun 30, 2020) 150 280 100 may/2019 ma
Slide 9: Farming: Beginning of 2021 Campaign
FARMING: BEGINNING OF 2021 CAMPAIGN UNCERTAIN REGIONAL WEATHER CONDITIONS 2021 SOWING PROGRESSAs of Nov 17, 2020 As of Nov 17, 2020 Soybean Corn Wheat Argentina 27% 19% 100% Bolivia 66% 71% - Brazil 48% - - Paraguay - - - Total Region 37% 14% 100% EXCHANGE RATE EVOLUTION • At the beginning of the ca
Slide 10: COVID-19 Agribusiness Working as Essential Activity
COVID-19 AGRIBUSINESS WORKING AS ESSENTIAL ACTIVITY P R OT O C O L U S E D BY C R E S U D I N I T S FA R M S SECURITY AND HYGIENE PROTOCOL Security protocols and action procedures when identifying people with symptoms, applicable to own personnel and third parties. Implementation of safe work measur
Slide 11: Farming Activity - Crop and Cattle Production
FARMING ACTIVITY – CROP AND CATTLE PRODUCTION CROP PRODUCTION CROP YIELDS Th. tn Tn/ha Argentina Brazil +2.0% 6.3 6.1 Bolivia Paraguay 812 828 5.5 2924 24 12 536 203 310 23 21 2.9 116 2.6 2.7 557 482 376 Soybean FY18 FY19 FY20 FY18 FY19 FY20E SUGARCANE PRODUCTION MEAT PRODUCTION Tn/ha Th. Tn & Th un
Slide 12: Meatpacking Facility
MEATPACKING FACILITY MAIN EVENTS FOR FY 2020 RECORD VOLUME OF SLAUGHTER FIRST POSITIVE EBITDA Th. Heads 37.6% After five years losses (USD million) 1,5 116 107 101 84 86 77 -0,4 -4,7 -4,4 -5,6 -7,9 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 INCREASE IN EXPORTS 66% in Kg
Slide 13: Farmland Sales Track Record
FARMLAND SALES TRACK RECORD USD MILLION Jatobá Partial Sales Alto Taquarí Partial Sales 25 YEARS AVERAGE Date of sale IQ20 (Sep 19) IV20 (Jun 20) IIQ20 (Oct 19) IVQ20 (Jun 20) Farms sold 2.4 Total: 1,134 ha Total: 1,875 ha Total: 85 ha Total: 105 ha Area (hectares) Productive: 893 ha Productive: 1,5
Slide 14: Farmland Development & Sale Cases
FARMLAND DEVELOPMENT & SALE CASES ADDING VALUE TO THE LAND 1995 Current Investment valuation Acquisition Cattle LOS POZOS Cattle land 240,000 ha USD 250/ha LARGEST FARMLAND USD1,500/ha Salta - Argentina USD 10/ha Crop APPRECIATION CASE Crop land IN ARGENTINA USD 650/ha USD 2.500/ha 1997 Current HIGH
Slide 15: Agricultural Services
AGRICULTURAL SERVICES T R A D I N G , G AT H E R I N G & A G T E C H Traded Tonnes Evolution LEADING GRAIN BROKER IN ARGENTINA (Th. tn) Market share en trading • Brokerage • Trading 2008-2009 2020-2021 • Derivatives • Gathering 3.030 1.259 1.487 1.733 1.684 2.001 2.241 3.307 3.940 5.132 4.018 corn 2
Slide 16: Investment in IRSA
✓ 30 years acquiring, developing and operating real estate in Argentina. INVESTMENT IN IRSA ✓ 25 years listed on the NYSE and accessing capital markets. ✓ Management with proven track record in the industry. R E A L E S TAT E L E A D E R I N A R G E N T I N A ✓ Real Estate in Argentina as a value ha
Slide 17: Financial Performance
(a) G CRESUD Financial Performance
Slide 18: Agribusiness Adjusted EBITDA
AGRIBUSINESS ADJUSTED EBITDA LAST 3 YRS EVOLUTION – USD MILLION Agribusiness Adj. EBITDA 105 FY 2020 Farming FY 20 Others 10% 66% Adj. EBITDA by segment Farmland sales 24% 93 105 75 36% FY 20 Adj. EBITDA by Company FY 18 FY 19 FY 20 64% 18
Slide 19: Cresud Stand Alone
CRESUD STAND ALONE BY F I S C A L Y E A R A S O F S E P T E M B E R 3 0 , 2 0 2 0 - U S D M I L L I O N Description Amount Maturity CURRENT SCHEME 200.9 Banking Debt 101.4 163 Series XXIV 73.6 Nov 2020 SERIES XXIV 113 exchanged for Series XXVI 13.1 Jan 2021 25 USD 73.6 Series XXVIII 27.5 Apr 2021 20
Slide 20: Thanks
(a) G CRESUD Thanks
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