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| Statement |
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| So we are very happy with that |
| Finally, there was the -- another significant effect during the fiscal year was a positive result on the income tax |
| The cattle segment we see a positive result in terms of production, but when we compare, when we analyze in pesos term, in real pesos term, since the increasing prices were much lower than the inflation, in real terms, we recognize or we see this decline, but in terms of production was positive |
| So if we see the grains, last year was an excellent campaign, excellent prices, lower cost, very good yields during this fiscal year, as Alejandro mentioned, we have the drought in Argentina that affected significant our yields |
| So we're expecting a very good and active new year related to real estate in the region |
| So this expansion is very well recognized on the market |
| We can see some of the results of IRSA during the year, there was a very strong financial and operational performance, mainly in malls and in hotels |
| Better operational when we speak about next year will be a better operational than last year, because we are forecasting that if the weather is normal |
| So in some cases we are seeing so good yields having drought affecting that makes us to be very optimistic in that operational and maturity of the company and increasing the size |
| The hotels also shows a very good performance, surpassing the segment of offices |
| We saw good opportunity to invest in IRSA shares |
| So our record comparing the 2%, 3%, 4%, 5%, 6% market share we had in the past |
| Alejandro Elsztain We are closing a mixed year, I would say, but facing what we think a very good year for [Indiscernible] in growing area and I think the expertise on the operation is maturing year-to-year |
| The next year is going to be better than this |
| So this is good news for Argentina |
| And in next page number nine, we see the track record of the sales of last years from 14, 20, 2014 to now 2023 |
| And related to your dividends, we paid last year very good dividend yield 9% and 2.2% of the stock shares that we were buying buy back shares |
| So yes, we are very optimistic facing the next year, having a lot of uncertainty related to Argentine, it is a year of changes of election and probably a change, a big change on the rules and the economy |
| We surpassed pre-pandemic levels from 131 to 167 |
| We had this year record from our history of 283,000 hectares for plantation |
| So Cresud kept majority of the soybean and the corn and was finally finishing selling much better prices |
| They were the best comparing to the forecast was Argentina, but in Brazil, Bolivia and Paraguay, operational was much more effective because of prices, cost, and yields |
| So finally with all these results the company is finishing the fiscal year with a net result positive of ARS75.3 billion, compared with ARS135 billion last year |
| Related to BrasilAgro, BrasilAgro this year had a record farm sales, so we are going to see for small pieces |
| It recognizes the company's commitment to comply with loss and good agricultural practices, the respect and relationship with local communities and mainly the care for the environment on the production |
| They are the three portions of farms in Brazil having internal rate of return of 28, 42, 10, 9, so very important internal rate of returns, look at the majority of the yellow shows the gain |
| So the company was really happy of buying more shares of a company that really was recording, and we are going to see the results in a few pages later |
| So we feel comfortable that the company can refinance the upcoming maturities without a major issue |
| We can now move to page number seven, and here we see that in the record year of selling firms |
| And we invested directly and through Fundación around ARS260 million this year with the more than 100 social actions benefiting more than 100,000 people |
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| But in Brazil, we suffered the lower productive result in there because of prices, costs, and some weather conditions affecting the main corn, soybeans and sugarcane |
| And here we see that in Cresud yields, the corn was not very affected, 3% year-to-year in the soybean, yes, and this is a combination of the drought, plus a early frozen that we suffered in the 18th February that made us majority of our soybean, second soybean, and the first soybean to suffer, the 30% drop is because of the combination of the drought, plus the early frozen |
| What happened in the mixed results that we had combining, sustained commodity prices, but after the second-half, we began to see a drop on those, and cost pressure that last year we suffered mainly in fertilizers and in inputs that's affected mainly the margins -- the operational margins of the company |
| Although this year was record in terms of farm sales, we see this drop that is related to a decline in the receivable accounts that we have for all the past disposals, since the price of the soybean decline and we have a bag of soybeans to collect, we see a drop on that and then the lower results on some of the farms that we sold during the year |
| And in the same time, there were some effects on climate that affected our production, mainly Argentina, but the rest of the region was affected too |
| This year, we had a drop from the 6.6 million tons of last year to 5.3 million tons of year, but remember that Argentina almost lost half of their harvest |
| So the operational business of this year was not as good |
| In terms of yield was a little drop, but mainly the results were affected by the higher cost and lower prices as I just mentioned |
| We see a drop of 47% from ARS19 billion last year to ARS10 billion this year |
| So last year was not good |
| This year, this is 122, a little lower than 134, record in the past in 2015, in that year there was a combination of Argentina plus Brazil |
| Argentina was mainly affected in the corn belt, but Cresud plants all over the country, so our yields were much less affected than the country |
| Related to prices, we are expecting a drop on prices comparing to last year |
| If we analyze the -- itself what happened with the investment properties, we see a drop |
| We lost -- the country lost 50% of the soybeans and 35% of the corn that was budget that was forecast at the beginning of the planted -- plantation area time, 40% in wheat, so the combination of the -- on the winter and summer crops, so the whole Argentina was affected 40%, 35%, 50%, and Cresud was 30% to the 40% of the wheat, 18% to the 35% of the corn, 30% to the 50% of the soybeans, meaning diversification of regions works, and we were in -- we have a bad year if we can calculate this yields, comparing to budget, but finally, with the compensation that the government gave mainly in soybeans and finally in corn, the call was later this balance sheet, but it's going to come in the next balance sheet, because it was on July or August, so it didn't come on the numbers of June, but because of the combination of the two, our campaign, the seasonal campaign, not the 30th June, but the real campaign was really very good comparing to the drought that the country suffered |
| So -- and in the sugarcane, we saw the effect of lower yields and less area in Brazil mainly |
| But when we analyze, we can see a drop in most of the numbers, starting with the grains or in the farming, we see a reduction from a gain of ARS23 billion to a loss of ARS7.8 billion during this fiscal year |
| We are now forecasting a lower prices at much lower cost, because of the drop of fertilizers and inputs mainly |
| And this is forecasting a new campaign that will be tougher in prices in these two commodities |
| So this year there was a reduction and also in Brazil, the government put a lot of effort to reduce prices of fuel that affected also the segment of ethanol |
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