Cresud Sa · BCBA:CRES
Cresud Sa — Santander Virtual Conference January 2021
21 slides from Cresud Sa's conference presentation, January 2021
Slide 1: Santander Conference – Group Latest Events
Santander Conference Group Latest Events January 2021 1
Slide 2: 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% 79.9% HOTELS LANDBANK 29.9% 18.9% BRASILAGRO owns CRESUD owns 3,36% of 1,9% of Agrofy IRSA CP COVID-19 Agribusiness operating normally in the region as i
Slide 3: Crop Breakdown
CROP BREAKDOWN GOOD FARMING RESULTS EXPECTED FOR 2021 HISTORICAL (FY 21E) RECORD PLANTED AREA RECORD 13% Soybean Th. Ha 264 10% Corn 248 262 Paraguay 48% 10 11 14 13 Bolivia Sugarcane 212 213 24% 200 202 205 199 Others 183 179 Brazil 101 105 142 141 Argentina 82 49 139 133 FY 07 FY 08 FY 09 FY 10 FY
Slide 4: 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 5: 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 6: COVID-19 in Argentina
COVID-19 IN ARGENTINA I M PA C T I N O U R B U S I N E S S Common Expenses; 20% Commercial fund; 8% Operations closed since March 20th. The company decided to waive billing Parking y Otros; 9% Key money ; 9% and collection of base rent and commercial fund from April to September Variable rent; 21% 3
Slide 7: Shopping Malls
SHOPPING MALLS O P E R AT I N G F I G U R E S GLA & OCCUPANCY SAME SHOPPING MALLS SALES Pre COVID-19 COVID-19 (GLA: sqm) (% Var i.a.) IQ21 slight recovery (44% of malls opened). Since October 2020, all Pre COVID-19 the shopping malls are 98.7% 95.0% operating under strict 60,5% protocols. 94.3% 46,2
Slide 8: Shopping Malls' 20 Years Operational Performance
SHOPPING MALLS’ 20 YEARS OPERATIONAL PERFORMANCE 99% 99% CRISIS CRISIS CRISIS… 98% 97% 97% 95% Occupancy 93% 92% 43% 43% 38% 40% 36% 36% 34% 31% 31% 33% Tenant sales ARS/sqm 24% (annual ∆) 20% 21% 15% 17% 15% 11% 7% 7% CPI + GDP -5% (annual ∆) -18% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2
Slide 9: COVID-19 Malls' Reopening
COVID-19 MALLS´ REOPENING A C C O R D I N G T O I R S A C O M M E R C I A L P R O P E R T I E S ’ P R OT O C O L May June July August September October November 44% 100% PROTOCOL SOCIAL DISTANCE STRICT SAFETY AND HYGIENE REDUCED HOURS AND COMMUNICATION, TRAINING MEASURES TRAFFIC AND INCENTIVES 9
Slide 10: Office Buildings
OFFICE BUILDINGS O P E R AT I N G F I G U R E S STOCK OCCUPANCY Pre COVID-19 COVID-19 (GLA: sqm) BY CLASS 200 Della A+ & A 96,6% 97,1% 93,9% 93,0% 91,6% Paolera +22.4% 53,2% 53,6% B 46,2% 47,5% 52,4% 113,986 IQ 20 IIQ 20 IIIQ 20 IVQ 20 IQ 21 28,000 Pre COVID-19 COVID-19 LEASES Bouchard (USD/sqm/mont
Slide 11: IQ 2021 and Subsequent Sales
July 2020 IQ 2021 AND SUBSEQUENT SALES BOUCHARD 710 OFFICE BUILDINGS Entire building – 12 floors BOSTON TOWER July and August 2020 November 2020 6 floors 7 floors 7,482 7,158 GLA sqm GLA sqm USD 41.4 mm USD 42.0 mm Price Price (including retail store) 5,530 5,710 USD/sqm USD/sqm IRCP has no remainin
Slide 12: Active Portfolio Management
ACTIVE PORTFOLIO MANAGEMENT CAPITAL CONTROLS CAPITAL CONTROLS Intercontinental 200 Della Boston 200 Della Paolera 5,000 Paolera Tower Acquisitions Sales 4,500 A+ Offices prices Maipú USD/sqm Rulero Bouchard 710 Intercontinental Boston Tower Bouchard Plaza Bouchard Plaza Dique IV 2,450 Rulero Bouchar
Slide 13: Alto Palermo Expansion Projects
PROJECTS ALTO PALERMO UNDER EXPANSION 3,900 GLA sqm 66% DEVELOPMENT Works Progress FY21 Est. Opening date 200 USD 28.5mm DELLA Est. Investment ~USD 8.2mm PAOLERA CAPEX deployment pending 200 DELLA PAOLERA 35,000 97% 61% Total GLA Works Progress Commercialization Progress 28,000 IIQ 21 ~USD 7.7mm IRC
Slide 14: Financial Performance
2 M@ CRESUD IRSA soMMercit Financial Performance
Slide 15: Group Liquidity Increase
GROUP LIQUIDITY INCREASE CALENDAR YEAR 2020 – USD MILLION LOCAL NOTES ISSUANCES SALE OF REAL ESTATE ASSETS Jan-20 USD 51.4 MM Jun-20 USD 83.0 MM Nov-20 USD 35.6 MM • Entire “Bouchard 710” building for USD 87.2 MM • ARS BADLAR + 6.5% • USD linked 3.5% • USD 9% • 2 floors of “200 Della Paolera” for US
Slide 16: Financial Metrics
FINANCIAL METRICS SEPTEMBER 30, 2020 - USD MILLION 132.1 Adj. Total EBITDA LTM4 150.6 Net Operating Income LTM4 97.4 Adjusted FFO LTM4 NAV1 +59% 15 85 VALUATION RATIOS September 2020 218 203 CAP RATE (NOI/EV) 28% 802 1.767 1.549 EV/EBITDA 4.1x 974 P/FFO 2.5x 661 P/NAV 0.2x Shopping Malls Offices 5 L
Slide 17: Debt Profile
DEBT PROFILE SEPTEMBER 30, 2020 - USD MILLION 220.5 Consolidated Net Debt 2 1.7x Net Debt/ EBITDA 12.5% Loan to Value3 AMORTIZATION SCHEDULE Description Amount Maturity Short-term debt 72.7 <360 days PAMSA loan 27.0 Feb 2023 368.1 2023 Series II 360.0 Mar 2023 (international) GROSS DEBT 459.7 Cash &
Slide 18: IRSA – Net Asset Value
IRSA – NET ASSET VALUE SEPTEMBER 30, 2020 - USD MILLION 1,786 GAV 1,358 NAV 24.0% LTV NAV 461 429 25 51 1,786 1,249 1,358 1 2 IRCP NAV Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value 1. Book value as of September 30, 2020 2. Book value as of September 30, 2020.
Slide 19: IRSA Debt Profile
IRSA DEBT PROFILE BY C A L E N D A R 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 During IQ 21 IRSA cancelled Series II (USD & CLP) CURRENT SCHEME 207.8 for USD 110 mm with local issuances DOES NOT INCLUDE INTERCOMPANY Short term debt 22.0 <360 da
Slide 20: 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 21: Thanks!
2 M@ CRESUD IRSA soMMercit Thanks!