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InstitutionalPresentation
IIQ FY 2020
CRESUD AT A GLANCED 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
LISTED BOTH IN BUENOS AIRES AND NEW YORKSince 1960 in Buenos Aires
(BYMA:CRES)
Since 1997 in New York
(NASDAQ:CRESY)
CONTROLLER OF IRSA
Largest diversified real estate company
in Argentina with assets in the US and
Israel.
LEADING AGRICULTURAL COMPANY IN LATAM
Managing an approximately 800,000 has
portfolio in Argentina, Bolivia, Brazil and
Paraguay.
PIONEER IN FARMLAND REAL ESTATE
State of the art farmer with proven
track record rotating the portfolio.
Management of great experience and
unique skills.
Farms inBOLIVIA
Farms inARGENTINA
Farms inPARAGUAY
Farms inBRASIL
100% 50.1%
100% 100% 36.9% 62.4%
22.3%
36.9%
Through
CORPORATE STRUCTURE
80.7% 29.9%100%Indirectly
83.6%Directly and Indirectly
68.8% 26.0%46.0%8.5%
34.9%
38.6%
+7.1% in swaps
*CRESUD additionally owns 2.6% of IRCP shares
*
1936
1960
1994
1997
2006
2008
20122019
Foundation
Follow onUSD 64 MM
New ManagementMr. Eduardo Elsztain - Chairman
Mr. Alejandro Elsztain - CEO
Follow on USD 92 MM
IPO USD 276 MM
Follow onUSD 288 MM
~800k ha(owned+leased)
4
HISTORY AND CAPITAL MARKETS TRACK RECORD8 3 Y E A R S H I S TO R Y D O I N G A G R I B U S I N E S S
17
200
13
USD BN ISSUED
TRANSACTIONS
LISTED COMPANIES
Even in the worst Argentinean crisis
(2001)
NON-DEFAULT HISTORY
BUSINESS MODELP I O N E E R I N FA R M L A N D R E A L E S TAT E
RO
IC
Stable Yielding
Farmland Development
Farming Activity
Time
Bare Land
Cattle
Urban Property
Specialties / Agriculture
Agriculture
Time
Val
ue
Cre
atio
n
From non-productive to productive adding value
to the land.
Soil correction and technological improvement.
TRANSFORMATIONAchieving peak productivity and
soil maturity.
Portfolio rotation.
MATURE LAND FOR SALE
Farming activity to optimize cattle production and
crop yields.
PRODUCTION OPTIMIZATION
Non-productive land in marginal
areas across the region.
LAND ACQUISITION
REGIONAL AGRICULTURAL PORTFOLIO
Hectares Breakdown
48% 52%
60%
40%
56%
40%
4%
10%
11%
28%
51%
Brazil 153,368 ha
20%
Bolivia9,875 ha
1%
Argentina536,593 ha
71%
Paraguay59,490 ha
8%
325 369 393518 497 499 467 459 452 434 411
581
751862
937 923 929 895 900 923 898 870 840 819 867 885
FY95
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20E
13 30 6920
133 160105 128
70 73156 115
187281 322
452
596
469 435
568 589
483
610533
821
FY95
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
+172% +1,580%OWN + LEASED (Th. Has)
PLANTED SURFACE(Th. Has)
CROP PRODUCTION(Th. Tons)
MEAT PRODUCTION(Th. Tons)+6,215% +267%
99k heads
25 YEARS PRODUCTIVE TRACK RECORD
35
7
16 1513 13
10 911 10 9 9 8 7
36
9 7 7 8 8 8 911
FY95
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
131 140
95 105
1514
1636
74 6547 46 37 44
23 23 36 37 4982
142 141
183200 202 212 213
179205 199
248 269
FY95
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20E
Paraguay
Bolivia
Brazil
Argentina
FARMLAND SALES TRACK RECORD
Farms Sold 1 2 3 4 2 4 0 6 3 3 1
PROFIT(USD MM)
BOOK VALUE(USD MM)
1 7 12
34
8
62
14 7 7
0 3
13 14
28
13
72
-
20 39
60
6 5
21 26
62
21
134
34
46
67
6
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
SALES(USD MM)
25 YEARS AVERAGE
Farms sold 2.4
Has sold 17 th.
% Portfolio sold 3%
Argentina USD IRR 16%
Brazil BRL IRR 22%
Bolivia USD IRR 15%
LARGEST
FARMLAND SALE
IN BRASIL
LOS POZOSSalta - Argentina
AGRORIEGOSan Luis - Argentina
CREMAQPiaui - Brasil
Acquisition
240,000 ha
USD 10/ha
Investment
Cattle
USD 250/ha
Crop
USD 650/ha
Acquisition
7,052 ha
USD 700/ha
Investment
Technology
USD 2,000/ha
Acquisition
32,702 ha
BRL 42 mm
Investment
CAPEX
BRL 33 mm
Current
valuation
Cattle land
USD1,500/ha
Crop land
USD 2.500/ha
Sale Value
BRL 233 mm
Current
valuation
USD 10.000/ha
LARGEST FARMLAND
APPRECIATION CASE
IN ARGENTINA
1995
1997
2006 2015
HIGHEST
PRODUCTIVITY
CASE IN
ARGENTINA
9
FARMLAND DEVELOPMENT & SALE CASESA D D I N G V A L U E T O T H E L A N D
OTHER AGRICULTURAL INVESTMENTS
50.1%CRESUD STAKE
LEADING AGRICULTURAL BROKER IN ARGENTINA
• ~4% Market Share in main crops
• ~5 bn grain traded tons
• BV: USD 7 MM
• MV: USD 16 MM
PIONEER AGRIBUSINESS E-COMMERCE PLATFORM
• The most visited agribusiness site worldwide
• ~25 mm monthly visits & 734 k monthly contacts
• BV: USD 11.8 MM
• MV: USD 11.8 MM
Central
Hub
2020
2020
2019
2019
2019
2019
2018
LATAM EXPANSION
2018-2020
2019
G R O W I N G C O M P L E M E N TA RY B U S I N E S S U N I T S
PREMIUM MEATPACKING FACILITY
• Located in the heart of Pampean plains: the best for rising and feeding cattle
• Processing capacity: 9500 heads per month
• Export licenses for European, American and Asian markets, including China
• BV: USD 5 MM
22.3%CRESUD STAKE
100%CRESUD STAKE
SHOPPING MALLS OFFICE BUILDINGS HOTELS LAND RESERVESFINANCIAL &
INTERNATIONAL
• 15 Shopping Malls
• 322k sqm GLA
• 95.0% occupancy
• 67% BA City Market Share
• BV USD 673 MM
• 8 Office Buildings + 1 under
development
• 115k sqm GLA
• 97.1% A+ & A occupancy
• ~12% A+ BA City Market Share
• BV USD 425 MM
• 3 Hotels
• 79k sqm
• 68.1% occupancy
• BV USD 29 MM
INVESTMENT IN IRSAA R G E N T I N A B U S I N E S S C E N T E R
• 19 Land plots
• 20 mm sqm
• BV USD 435 MM
• 30% stake in Banco Hipotecario
• Lipstick building
• 58k sqm GLA
• 95.6% occupancy
• Condor Hospitality Trust (under
sale process)
High income AreaMid Income AreaLow Income Area
Expanding Corporate North AreaBusiness CenterAAA LocationBack Office Center
200 Della Paolera(FY 2020)
EBITDA est.~USD 10-12 MM
IRSA COMMERCIAL PROPERTIESA R G E N T I N A B U S I N E S S C E N T E R
12
ISRAEL BUSINESS CENTERC U R R E N T C O R P O R AT E S T R U C T U R E
100% 83.7%
Directly and Indirectly*
68.8%100% 8.5%**20.2% 46.0% 68.8% 61.1% 26.0%38.6%
34.9%
Energy Tourism Insurance Financial Investments
Telecommunications Agriculture
Rental Properties
Real Estate Technology Supermarket
100%
+ 7.1% through swap transactions.
* There is a nonrecourse intercompany loan between Dolphin (borrower) and IDB (lender) due to the transference of DIC shares. This loan is guaranteed with DIC shares sold.** Direct stake.
Rental Properties
Concentration Law Resolution:
▪ Disposal of 16.7% of Gav-Yam shares during IQ20Accounting deconsolidation and loss of control(under Ministry of Justice examination)
▪ ISPRO public debt privatization
▪ Mehadrin shares distributed as dividends
Eran SaarNew CEO since
December 2019
13
ISRAEL BUSINESS CENTERD I C M A I N S U B S I D I A R I ES
Medical Technology Cybersecurity IT
• Leading Real Estate company
• 34.9% in Gav-Yam 1,160,000 rental
sqm in Israel + 142,000 sqm in
USA
• 670,000 sqm land reserve
• Largest food retailer
• Operates 338 stores nationwide
• Real estate portfolio of ~NIS 3bn
• Private label (25% of total sales)
• Largest telecommunications
company in Israel
• 2.8 million suscribers
• 26% market share
• Fastest growing company in TV,
internet & fixed line services
• Leading producer and
exporter of citrus and
avocado in Israel
• Income from fruit activity
exceeding USD 300 million
• Fields operated by 3,450
hectares (1,229 hectares in
long-term concessions)
• Elron is a leading Israeli investor in
early stage ventures.
• Leader of several exits of more than
USD 1.5 billion over the last 5 years
• Elron specializes in the fields of
medical devices, cybersecurity and IT.
Financials
84 Agribusiness Adj. EBITDA(Avge 2 years)
OPERATIONAL PERFORMANCEL A S T 2 F I S C A L Y E A R S
Farmland sales40%
Farming54%
Others6%
Adj. EBITDA Agribusiness(Avge 2 years)
84
Urban Israel61%
Urban Argentina 25%
Agribusiness 14%
Consolidated Adj. EBITDA(Avge 2 years)
58575
93
FY 18 FY 19
Consolidated Adj. EBITDA (Avge 2 years)
585
16
443.1 AA-Stand Alone Net Debt Local credit Rating
AMORTIZATION SCHEDULE
DEBT PROFILE
Description Amount Maturity
Bank Overdrafts 50.0 <360 days
2020 Series XXIV 73.6 Nov 2020
2020 Series XXV 59.6 Jul 2021
2023 Series XXIII 113.0 Feb 2023
Other Debt 152.4
GROSS DEBT 448.6
Cash & Eq. 5.5
NET DEBT 443.1
Subsequent event: On January 30, 2020, we issued USD 51.4 MM in the local capital markets
• Series XXVI (ARS): USD 18.2 million at BADLAR + 6.5% due January 30, 2021• Series XXVII (USD linked): USD 5.7 million at 7.45% fixed due July 30, 2021• Series XXVIII (USD): USD 27.5 million at 9.0% fixed due April 30, 2021
Proceeds will be used to refinance short term debt
146,6114,8
74,2
113,0
FY 2020 FY 2021 FY 2022 FY 2023
D E C E M B E R 3 1 , 2 0 1 9 - U S D M I L L I O N