Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q3 2023 Earnings Conference Call May 12, 2023 2:00 PM ET

Company Participants

Santiago Donato - Investor Relations Officer

Alejandro Elsztain - Chief Executive Officer

Matías Gaivironsky - Chief Administrative & Financial Officer

Conference Call Participants

Santiago Donato

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud and I welcome you to the third quarter of fiscal year 2023 Results Conference Call. First of all, I would like to remind you that both audio and slide show may be accessed through company's Investor Relations website at www.cresud.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company website. After management remarks, there will be a question-and-answer session for analyst and investors. If you want to make a question, please click the button labeled to raise hand or use the chat.

Before we begin, I would like to remind you that this call is being recorded. All the information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements.

I will now turn the call over to Mr. Alejandro Elsztain, CEO. Please go ahead sir.

Alejandro Elsztain

Thank you very much, Santi. We are beginning now the third quarter results and we can see in the page number two that the company's record planted area in the region combining the four countries, combining between the ones that we own, the ones that we lease and the ones that we lease to third-party tools, we have like 28,000 by 10% of the funds that we rent generally with the mission of bringing clients, giving some stability at the beginning of development of farms and bringing clients to the selling to the real estate part of the company.

Related to the campaign progress, we have this year more mixed conditions than last year. Last year was a big increase on the prices and some good deals. But this year, there is prices we could say that they are sustained and all of them soybean, corn and some of the sugar cane. But the high cost pressure that we suffer from the very beginning, mainly explained by the fertilizers and some other input costs, make margins to decrease. And finally, the adverse climate conditions is affecting the yields on the region, mainly Argentina, the one more affected is Argentina for sure and we're going to show you a little later.