Cresud Inc. 20-F: $58.9B Assets, $15.7B Liabilities

TL;DR

Cresud's 20-F shows $58.9B assets vs $15.7B liabilities for FY24. Major real estate player.

AI Summary

Cresud Inc. filed its annual 20-F report for the fiscal year ending June 30, 2024. The company, incorporated in C1, reported significant financial figures including total assets of $58.94 billion and total liabilities of $15.675 billion. Key events mentioned include a sale of a farm member and various shareholder and note-related activities throughout the reporting period.

Why It Matters

This filing provides a comprehensive overview of Cresud Inc.'s financial health and operational activities for the past fiscal year, crucial for investors assessing the real estate company's performance and stability.

Risk Assessment

Risk Level: medium — The company operates in the real estate sector and its financial performance is subject to market fluctuations and economic conditions, as detailed in its 20-F filing.

Key Numbers

• $58.94B — Total Assets (Indicates the company's total resource holdings.)
• $15.675B — Total Liabilities (Represents the company's total obligations.)
• $37.031B — Total Equity (Shows the net worth of the company.)
• $1148.52 — Earnings Per Share (Diluted) (Key profitability metric for shareholders.)

Key Players & Entities

• CRESUD INC (company) — Filer
• 0001034957 (company) — Central Index Key
• CARLOS M. DELLA PAOLERA 261 (company) — Business Address
• BUENOS AIRES (company) — Business City
• 00541143237449 (company) — Business Phone
• 20240630 (date) — Fiscal Year End
• 20241023 (date) — Filing Date
• 2023-07-01 (date) — Reporting Period Start
• 2024-06-30 (date) — Reporting Period End
• $58.94 billion (dollar_amount) — Total Assets

FAQ

Filing Documents

• cresud_20f.htm (20-F) — 10882KB
• cresud_ex419.htm (EX-4.19) — 79KB
• cresud_ex121.htm (EX-12.1) — 9KB
• cresud_ex122.htm (EX-12.2) — 10KB
• cresud_ex131.htm (EX-13.1) — 5KB
• cresud_ex132.htm (EX-13.2) — 5KB
• cresud_ex97.htm (EX-97) — 26KB
• cresud_ex991.htm (EX-99.1) — 104KB
• cresud_ex81.htm (EX-8.1) — 24KB
• cresud_2b0fimg3.jpg (GRAPHIC) — 6KB
• cresud_2b0fimg4.jpg (GRAPHIC) — 6KB
• cresud_ex97img3.jpg (GRAPHIC) — 2KB
• 0001654954-24-013234.txt ( ) — 37752KB
• cresy-20240630.xsd (EX-101.SCH) — 350KB
• cresy-20240630_lab.xml (EX-101.LAB) — 1101KB
• cresy-20240630_cal.xml (EX-101.CAL) — 109KB
• cresy-20240630_pre.xml (EX-101.PRE) — 1032KB
• cresy-20240630_def.xml (EX-101.DEF) — 776KB
• cresud_20f_htm.xml (XML) — 9530KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by the court. Yes No Please send copies of notices and communications from the Securities and Exchange Commission to: Carolina Zang Juan M. Naveira Zang Bergel & Vies Abogados Simpson Thacher & Bartlett LLP Florida 537, 18th Floor C1005AAK City of Buenos Aires, Argentina. 425 Lexington Avenue New York, NY 10017 United States of America TABLE OF CONTENTS Page No. GLOSSARY i DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS iii AVAILABLE INFORMATION v PRESENTATION OF FINANCIAL AND CERTAIN OTHER INFORMATION vi Part I 1

Identity of Directors, Senior Management, Advisers and Auditors

ITEM 1. Identity of Directors, Senior Management, Advisers and Auditors 1

Offer Statistics and Expected Timetable

ITEM 2. Offer Statistics and Expected Timetable 1

Key Information

ITEM 3. Key Information 1 A. Reserved 1 A.1. Local Exchange Market and Exchange Rates 1 B. Capitalization and Indebtedness 1 C. Reasons for the Offer and Use of Proceeds 1 D. Risk Factors 2

Information on the Company

ITEM 4. Information on the Company 57 A. History and Development of the Company 57 B. Business Overview 65 C. Organizational Structure 125 D. Property, Plant and Equipment 126

Unresolved staff comments

ITEM 4A. Unresolved staff comments 130

Operating and Financial Review and Prospects

ITEM 5. Operating and Financial Review and Prospects 130 A. Operating Results 130 B. Liquidity and Capital Resources 171 C. Research and Development, Patents and Licenses, Etc. 182 D. Trend Information 183 E. Critical Accounting Estimates 187

Directors, Senior Management and Employees

ITEM 6. Directors, Senior Management and Employees 188 A. Directors and Senior Management 188 B. Compensation 194 C. Board Practices 197 D. Employees 197 E. Share Ownership 198 F. Disclosure of Registrant's Action to Recover Erroneously Awarded Compensation 199

Major Shareholders and Related Party Transactions

ITEM 7. Major Shareholders and Related Party Transactions 199 A. Major Shareholders 199 B. Related Party Transactions 200 C. Interests of Experts and Counsel 204

Financial Information

ITEM 8. Financial Information 204 A. Consolidated Statements and Other Financial Information 204 B. Significant Changes 213

The Offer and Listing

ITEM 9. The Offer and Listing 213 A. Offer and Listing Details 213 B. Plan of Distribution 214 C. Markets 214 D. Selling Shareholders 217 E. Dilution 217 F. Expenses of the Issue 217

Additional Information

ITEM 10. Additional Information 217 A. Share Capital 217 B. Memorandum and Articles of Association 217 C. Material Contracts 225 D. Exchange Controls 225 E. Taxation 240 F. Dividends and Paying Agents 249 G. Statement by Experts 249 H. Documents on Display 250 I. Subsidiary Information 250

Quantitative and Qualitative Disclosures about Market Risk

ITEM 11. Quantitative and Qualitative Disclosures about Market Risk 250

Description of Securities Other than Equity Securities

ITEM 12. Description of Securities Other than Equity Securities 250 A. Debt Securities 250 B. Warrants and Rights 250 C. Other Securities 251 D. American Depositary Shares 251 Part II 252

Defaults, Dividend Arrearages and Delinquencies

ITEM 13. Defaults, Dividend Arrearages and Delinquencies 252

Material Modifications to the Rights of Security Holders and Use of Proceeds

ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 252

Controls and Procedures

ITEM 15. Controls and Procedures 252 A. Disclosure Controls and Procedures 252 B. Management's Annual Report on Internal Control Over Financial Reporting 252 C. Attestation Report of the Registered Public Accounting Firm 253 D. Changes in Internal Control Over Financial Reporting 253

Reserved

ITEM 16. Reserved 253 A. Audit Committee Financial Expert 253 B. Code of Ethics 253 C. Principal Accountant Fees and Service 254 D. Exemption from the Listing Standards for Audit Committees 255 E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 255 F. Change In Registrant's Certifying Accountant 256 G. Corporate Governance 256 H. Mine Safety Disclosures 259 I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 259 J. Insider Trading Policies 260 K. Cybersecurity 260 Part III 262

Financial Statements

ITEM 17. Financial Statements 262

Financial Statements

ITEM 18. Financial Statements 262

Exhibits

ITEM 19. Exhibits 262 Table of Contents GLOSSARY Glossary of certain terms used in this Annual Report Unless the context indicates otherwise, the following terms have the meanings shown below: "ADR": American Depositary Receipt which represent the ADSs; "ADS" or "ADSs": American Depositary Shares each representing 10 shares of our common stock issued pursuant to the deposit agreement, dated as of March 18, 1997 (the "Deposit Agreement"), between us and the ADS Depositary; "ADS Depositary": The Bank of New York; "AFIP": Federal Administration of Public Revenue ( Administracin Federal de Ingresos Pblicos) ; "Agrofy": Agrofy S.A.U.; "AMAUTA": Amauta Agro S.A.; "ANSES": National Social Security Agency ( Administracin Nacional de la Seguridad Social ); "Annual Report": this annual report; "ARS, Pesos or Peso": Argentine Pesos; "Anti-Money Laundering Law": Law No. 25,246, subsequently amended by, among others, Laws No. 26,087, 26,119, 26,268, 26,683, 26,733, 26,734 and Decree No. 27/2018; "Argentine Government": Federal government of Argentina; "Audited Consolidated Financial Statements": audited Consolidated Financial Statements as of June 30, 2024 and 2022 and for the years ended June 30, 2024, 2023 and 2022, and the notes thereto; "BACS": Banco de Crdito y Securitizacin S.A.; "Banco Hipotecario": Banco Hipotecario S.A.; "BASE": Buenos Aires Stock Exchange; "Board of Directors": the board of directors of CRESUD; "ByMA": Argentine stock exchange and markets ( Bolsas y Mercados Argentinos S.A. ); "CABA": Autonomus City of Buenos Aires (Ciudad Autnoma de Buenos Aires); "Caja de Valores": depositary authorized to act in accordance with the Capital Markets Law ( Caja de Valores S.A.) ; "CCI": Consumer Confidence Index; "Central Bank": The Argentine Central Bank ( Banco Central de la Repblica Argentina ); "CML": Capital Markets Law No. 26,831, as amended by, among others, Law 27,440; "CNDC": National Competition Authority

Financial Statements

Financial Statements We prepare and maintain our financial books and records in Pesos (as defined below in section "—Currency") and in accordance with IFRS Accounting Standards, as issued by the IASB and the CNV Rules. Our fiscal year begins on July 1 of each year and ends on June 30 of each year thereafter. Our audited Consolidated Financial Statements as of June 30, 2024 and 2023 and for the years ended June 30, 2024, 2023 and 2022, and the notes thereto (our "Audited Consolidated Financial Statements") are set forth on pages F-1 through F-109 of this Annual Report. Our Audited Consolidated Financial Statements have been approved by resolution of the Board of Directors' meeting held on October 22, 2024 and have been audited by Price Waterhouse & Co S.R.L., Argentina, member of PricewaterhouseCoopers International Limited, an independent registered public accounting firm whose report is included herein. Functional and Presentation Currency; Adjustment for Inflation Our functional and presentation currency is the Argentine Peso, and our Audited Consolidated Financial Statements included in this Annual Report are presented in Argentine Pesos. IAS 29 requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be measured in terms of the current unit of measurement at the closing date of the financial statements, regardless of whether they are based on the historical cost method or the current cost method. This requirement also includes the comparative information of the financial statements. In order to conclude that an economy is "hyperinflationary," IAS 29 outlines a series of factors, including the existence of an accumulated inflation rate in three years that is approximately or exceeds 100%. As of July 1, 2018, Argentina reported a cumulative three-year inflation rate greater than 100% and therefore financial information published as from that date should be adjusted for inflation in accordance wit

View Full Filing

View this 20-F filing on SEC EDGAR