Cresud SA Q4 FY2020 earnings call

• Agribusiness: Achieved adjusted EBITDA of ARS33.4 billion, 21% higher than the previous year. Planted area was 264,000 hectares, 6.5% higher than the previous year. Sold 6% stake in BrasilAgro for $15.6 million. BrasilAgro merged with Agrifirma, adding 29,000 hectares in Brazil.
• Meatpacking: Record volume of slaughter canals (116,000 heads), 66% more in kilograms and 39% in value compared to the previous year.
• Broker company: Future and options continued growing, with a market share of 5.3% in corn, 3% in wheat, and 3.7% in soybean.
• E-commerce: Agrofy had 41 million annual visits, 1.2 million contacts, and revenue increased 43% to $2.6 million.

Agribusiness: Adjusted EBITDA was ARS33.4 billion, 21% higher than the previous year. Adjusted EBITDA for agri business was 31.3% higher than last year adjusted by inflation. Planted area was 264,000 hectares, 6.5% higher than the previous year. Sold 6% stake in BrasilAgro for $15.6 million. BrasilAgro merged with Agrifirma, adding 29,000 hectares in Brazil. Urban business and investments abroad: Shopping malls and hotels were severely impacted by COVID-19 lockdowns; offices had some sales; investment in Israel's IDBD was written down to zero.

• Expect an active real estate campaign in Brazil next year.
• Anticipate the opening of shopping malls and hotels in Argentina soon.
• Hopeful for a good 2021 in Israel.

• COVID-19 impact on urban business (shopping malls, hotels) due to lockdowns.
• Financial challenges in Israel with IDBD, including court-ordered liquidation procedure.
• Central bank regulation affecting debt refinancing for Cresud.

Q: What is the total amount of the net investment in IDBD and DIC that's been written down to zero in U.S. dollars?

A: There was around $20 million in the last quarter, with previous losses related to the valuation of CLAL shares.

Q: Does Cresud have any interest in the [Elsztain] project with Yamana Gold?

A: No, that is under the ownership of the chairman and not related to Cresud.