The Company announces today its results for the Fiscal Year 2020.
The net result for fiscal year 2020 registered a gain of ARS 20,003 million compared to a loss of ARS 40,729 million in 2019. This gain is mainly explained by an increase in pesos of the valuation of investment properties from our subsidiary IRSA in Argentina.
Agribusiness Adjusted EBITDA of fiscal year 2020 reached ARS 7,267 million, 34.7% above 2019 mainly explained by higher productive results of the grain and sugar cane segment, offset by lower results from farmland sales.
The 2020 campaign presented very good weather conditions in the region. We planted a historical record of 264,000 hectares and reached a crop production of000 grain tons.
In relation to the COVID-19 pandemic, our agricultural operations continue to develop normally, following strict protocols, as agricultural production is an essential activity to guarantee food supply. The urban properties and investments business (IRSA) has been affected by the closure of the operations of shopping centers and hotels in Argentina due to the social, preventive and mandatory isolation decreed since March 20.
During the fiscal year, our subsidiary BrasilAgro completed the merger operation with Agrifirma, adding 28,930 additional hectares to its portfolio, acquired a 4,500 hectares field in Piauí and sold four fractions in Alto Taquarí and Jatobá for a total of BRL 84.2 million.
During the fiscal year, we have issued notes in the local market for the sum of USD 194 million and after the end of the fiscal year, an additional USD 25 million. The funds will be used to refinance short-term liabilities.
In Israel Business Center, in September 2020, IDBD creditors asked the Tel Aviv District Court to order the opening of a liquidation procedure against IDBD. Following the Court's adverse ruling, we are evaluating the possible alternatives. Regarding our individual financial statements, the investment in IDBD and DIC as of June 30, 2020 is valued at zero.
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Cresud S.A.C.I.F. y A. published this content on 29 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2020 15:59:05 UTC
Cresud SACIF y A is an Argentina-based company engaged mainly in telecommunications sector. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. It is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.