Cresud Sa · BCBA:CRES
Cresud Sa — Investor Presentation (November 2022)
20 slides from Cresud Sa's investor presentation, November 2022
Slide 1: Institutional Presentation IQ FY2023
INSTITUTIONAL PRESENTATION IQ FY2023
Slide 2: About Cresud
ABOUT CRESUD LEADING AGRICULTURAL COMPANY Managing an approximately 800k ha portfolio in Argentina, and in Brazil, Paraguay & Bolivia through our subsidiary Brasilagro. 100% 39.4% 53.9% DIVERSIFIED PORTFOLIO Farms in Exposure to farmland in Argentina, Brazil, Paraguay and ARGENTINA Bolivia mitigates
Slide 3: Our Business Strategy
OUR BUSINESS STRATEGY OUR FAVORITE FARMING ACTIVITY FARMLAND REAL ESTATE AGRICULTURAL SERVICES Proven track record in the purchase, improvement We leverage our deep understanding of agribusiness We produce grains, sugarcane and and sale of farms in its optimum productive level through our investment
Slide 4: Our Portfolio Growth
OUR PORTFOLIO GROWTH REGIONAL BUSINESS EXPANSION TO EXPANSION TO CONSOLIDATION BOLIVIA & PARAGUAY BRAZIL Th. Ha 877 880 877 885 880 PORTFOLIO OPTIMIZATION 850 854 865 842 861 852 867 867 832 827 IN ARGENTINA 726 MANAGEMENT CONTROL +14% CAGR 564 Mr. Eduardo Elsztain appointed Chairman & Mr. Alejandro
Slide 5: Diversified Regional Portfolio
DIVERSIFIED REGIONAL PORTFOLIO BY COUNTRY AND ACTIVITY Brazil ~867,000 hectares 145,796 ha (Owned, LT concession & leased farms) 20% 53% 47% Bolivia 10,020 ha 1% Paraguay Argentina 59,585 ha One of the largest 534,080 ha 8% reserves in Latin 71% America 5
Slide 6: Boom of Commodities & Record Planted Area
BOOM OF COMMODITIES & RECORD PLANTED AREA COMMODITY PRICES Current regional PLANTED AREA (CBOT USD/tn) (Th. Has) hedge position Soybean: 53% Corn: 25% CROP BREAKDOWN 700 Jun 22 610 SOYBEAN CORN 27% 600 44% Jun 21 533 Nov 22 10% SUGARCANE 532 8% 4% 264 260 500 WHEAT 248 255 260 10 OTHERS 11 14 Paragu
Slide 7: Agricultural Production
AGRICULTURAL PRODUCTION CROP PRODUCTION SUGARCANE PRODUCTION (Th. Tn) (Th. Tn) 813 828 844 798 2.411 2.150 2.215 2.123 172 105 612 Region 146 147 Bolivia 596 568 589 350 311 536 359 469 435 483 2.004 2.239 2.110 1.976 Brasil 478 533 439 Argentina FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19
Slide 8: Progress in the Food Chain
PROGRESS IN THE FOOD CHAIN FOLLOWING OUR VISION OF FEEDING THE WORLD MEAT SOY– CORN - WHEAT COMPOSICIÓN DE CULTIVOS We added specialties since 2021 27% Chia Barley 2% 2% Rye 10% 1% Chickpea 4% 5% Beans Sesame 4% 76% 8% 8% Pea SPECIALTIES 6% PEA – CHICKPEA– BEANS - CHIA 42% SUGARCANE …and premium cli
Slide 9: Cresud's Vision of Feeding the World
CRESUD´S VISION OF FEEDING THE WORLD “I imagine Cresud as a world food provider. With 4,200,000 a growing population and an ever-increasing food demand, using the blessing of this region professionally is our responsibillity” Eduardo S. Elsztain (Chairman) x 7.6 10,000 people 550,000 x 7.8 70,000 19
Slide 10: Farmland Sales & Land Price Evolution
FARMLAND SALES & LAND PRICE EVOLUTION FARMLAND SALES (USD MM) LAND PRICE EVOLUTION (USD/HA) SOLD FARMS / YEAR SOLD HAS / YEAR SOLD PORTFOLIO / YEAR 24.095 2.4x 17,000 3.0% ARGENTINA CORN BELT BRASIL MATO GROSSO USA IOWA 134 PROFIT 14.000 72 BOOK VALUE 67 62 9.523 52 46 28 34 26 60 21 21 62 21 40 20
Slide 11: Real Estate Recent Activity
REAL ESTATE RECENT ACTIVITY ACQUISITION OF PANAMBY FARM PARTIAL SALE OF MOROTÍ FARM* PANAMBY BRAZIL PARAGUAY • Total Area: 10,800 hectares • Total Area: 863 hectares • Arable Area: 5,400 hectares (to be developed) • Arable Area: 498 hectares • Potential activity: 80% of 2nd crop • Remaining Area: 58
Slide 12: Investment in Agricultural Commercial Services
INVESTMENT IN AGRICULTURAL COMMERCIAL SERVICES NOTES ISSUANCE IN THE CRESUD STAKE: 50.1% LOCAL CAPITAL MARKET TRADED TONS EVOLUTION CAGR 18% EBT EVOLUTION Oct-21 Dólar linked Feb-22 Dólar linked (MM) (MM USD) 5,10 5,76 6,44 6,80 25,1 12.3 15 4,00 11,95 15,19 USD MM USD MM 3,03 3,31 10,64 0% interest
Slide 13: Investment in IRSA: Urban Real Estate Business
INVESTMENT IN IRSA: URBAN REAL ESTATE BUSINESS RENTAL ADJUSTED EBITDA RECOVERY OFFICE BUILDING SALES DURING THE QUARTER (USD MM) Shopping Malls 200 DELLA PAOLERA Offices Hotels 1 FLOOR 131 Reach pre-pandemic levels 134 12 115 11,7 1,184 GLA sqm 8 15,8 26 95 9 18 USD 28 12.6 mm PRICE 44 106,2 93 0 89
Slide 14: IRSA's Premium Portfolio
IRSA´S PREMIUM PORTFOLIO 2022 Llao Llao Hotel (Bariloche - Patagonia) 2022 (under process) 200 Della Paolera (BA City) Zetta Building (BA City) 200 Della Paolera (BA City) 14
Slide 15: Financial Results: Cresud
G FINANCIAL RESULTS : CRESUD
Slide 16: Adjusted EBITDA Evolution
ADJUSTED EBITDA EVOLUTION BY AGRIBUSINESS SEGMENT (USD MM) +37.4% 191 FARMING 18 FARMLAND SALES OTHERS 139 59 11 105 30 93 11 75 9 25 36 45 115 97 69 9 48 31 10 -2 -1 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 16
Slide 17: Series XXIII Exchange Result
SERIES XXIII EXCHANGE RESULT USD 113.16mm – 6.50% – February 2023 113.16 New issuance - Series XXXVIII 14.7 (13.0%) Amount: USD 70.6 mm Rate: 8.00% Maturity: Bullet as of March 3, 2026 55.7 Series XXXVIII Option B (49.2%) (56.6%) 86.98% acceptance 13.2 Series XXXVIII (11.7%) (31.9%) Option A (43.4%)
Slide 18: Debt Amortization Schedule
DEBT AMORTIZATION SCHEDULE* SEPTEMBER 30, 2022 – USD MILLION GROSS DET AFTER EXCHANGE 420.1 (AUGUST 19, 222 - USD MILLION) CASH & EQUIVALENTS 30.5 NET DEBT 389.6 134.5 122.7 14.7 Series XXIII 92.3 70.6 Banking 69.3 debt 35 FY 23 FY 24 FY 25 FY 26 *Does not include notes repurchased 18
Slide 19: Shares Repurchase Plan & Dividend Proposal
SHARES REPURCHASE PLAN & DIVIDEND PROPOSAL ✓ Maximum amount to invest up to ARS 1,000 million DIVIDEND DISTRIBUTION ✓ Payable Price: up to ARS 200 per share and up to USD 6 per ADS Approved by the Annual Shareholders´ Meeting held on October 28th, 2022 ✓ Period: from July until November 2022 (120 da
Slide 20: Contact Us
CONTACT US Della Paolera 261 9th floor (333) 4323-7449 [email protected] www.cresud.com.ar @cresudir 20