Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q2 2023 Earnings Conference Call February 14, 2023 10:00 AM ET
Company Participants
Santiago Donato - Investor Relations
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 Second Quarter 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 analysts 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 under 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
Good morning everybody. We are beginning today our second quarter 2023 results. We are going to begin in page number 2, talking about the main highlights for this -- for the half year. And we are achieving a record planted area in the region and we began to include in our performance the farms that we own and we are leasing to third parties.
What does it mean? Some funds, own funds that we rent sometimes to generate a client to sell, sometimes directly to share the risk of production in the area. And that's the reason that in the next page we are going to see that we are achieving close to 290,000 hectares of total land in the combination of leasing and only plant.
About the company progress, there are mixed conditions and we are going to see depending countries and crops. But in general there is a sustainability price and for this campaign, I think it’s very important growing crops, more affected in the case of Brazil, in Argentina has affected margins. So we are going to see good and sustained commodity prices. But these growing costs taking a big portion of those margins comparing to last year and that's why Matías later will explain some of the lower margins on the first semester that is the less important in a number of crops, majority counts in summer that will be reflected in the third and the fourth quarter.