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Cresud's CEO Discusses F2Q12 Results - Earnings Call Transcript

On the next slide, we can see the utilization and see further South. On the top of the slide, you can see what happened to Argentina and Brazil. In Argentina, corn production reduced 24%, and soybean productions reduced 23% and in Brazil affected 4.7% of corn productions and sample sales of soybean production.

On the bottom you can see the drought affecting the major states, which produce corn production 27.5% at 103 million tons and soybean production was 18% and 16 million tons.

This slide shows how the condition mentions the poor affect grain price. Soybean price increased 73% in the last nine months. Corn and wheat price increased 52% and 112% respectively. On the graph, in the note, we can see that while grain price increased, it’s still meat price remaining stable during the same period.

Rice basically shows the fiscal season for 2012 a 12% in consolidated procedures and corn 51% in consolidated procedures. The well known rice is sold at basic price the start will be seen well this past year.

In page number seven, you can see the area and the gross production, the evolution of the company since fiscal year 2008, last year we closed 205,000 exits, the country’s breakdown Argentina being the largest of 108,000, 65,000 Brazil, 24,000 Bolivia and 8,000 Paraguay. We are extending the growth of almost 4% for next year, maybe in (inaudible). And this is the combination of all land, 150,000 acres owned, leased from third parties, 40,000 acres, long term concession too.

In the breakdown of last year, not next year, this – the breakdown of crop of 2012, 59% was soybeans, 21% was corn, 9% was leasing from two third parties, and the fourth was sunflower and sugarcane. This year, sugarcane is growing more we are beginning our sugar production in Bolivia. So, we expect of growth of that crop for next campaign too.

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