series xxv notes exchange presentation
TRANSCRIPT
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Series XXV Notes Exchange presentation
June 2021
• Central Bank (BCRA) Communications “A” 7106, 7230 & 7272 restricts access to the Foreign Exchange Market to obtain US dollars for the payment of debt maturities.
• Companies with capital maturities between 03.31.2021 and 12.31.2021 had to submit to the BCRA a detail of a refinancing plan based on the following criteria:
• that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the capital amount due in the period.
• that the rest of the capital be refinanced with a new issuance with an average life of 2 years.
• CRESUD’s Series XXV, for an amount of USD 59.6 million, falls within the period contemplated by the provision, given its maturity on 07.11.2021.
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ARGENTINA CENTRAL BANK
RESOLUTIONS
“A” 7106, 7230 & 7272
CURRENCY & PRICE OF ISSUANCE
PAR OPTIONBASE OPTION
… at least USD 0.40 in cash and the
rest with the SERIES XXXIII issuance…Early bird (until 06/22/21) 0.75% in
ARS and the SERIES XXXIII issuance
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For each USD 1
presented in exchange,
you will receive the
accrued interest until
settlement date and…
CRESUD’s SERIES XXV EXCHANGE (CSFQO - ARCRES560080)USD 59.6mm – 9% – July 11, 2021
SERIES XXXIII
USD 35.7 million
INTEREST RATE
AMORTIZATION & MATURITY
SUSCRIPTION
SERIES MAXIMUM SIZE
PAYMENT LOCATION New York
US Dollars100% Nominal Value
9% fixed – Semiannual payments
In kind, in exchange of existing SERIES XXV
Three annual equal installments, 36 months
80%
50%
40%
20% USD 11.9Efectivo
90%
BASE OPTION PAR OPTION
50%50%
80%20%
USD 23.85Cash
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USD 11.9SERIES XXXIII
USD 23.85Cash
USD 23.85SERIES XXXIII
USD 23.85Cash
USD 29.8SERIES XXXIII
USD 5.95SERIES XXXIII
USD 35.75SERIES XXXIII
CRESUD’s SERIES XXV EXCHANGE (CSFQO - ARCRES560080)USD 59.6mm – 9% – Jul 11, 2021
SERIES MAXIMUM SIZE: USD 35,7 MILLION
SCENARIOS
01
02
03
04
20%
50%
60%
80%USD 11.9Cash75% 25%
USD 35.75SERIES XXXIII
RATING
JOINT-BOOK RUNNERS
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A (arg)
EXCHANGE AGENT
June 28, 20218 PM BA time
Exchange closure Settlement
~ June 30, 2021
0.75% ARS
Early Bird Series XXXIII
June 22, 20218 PM BA time
CRESUD’s SERIES XXV EXCHANGE (CSFQO - ARCRES560080)
ADDITIONAL INFORMATION
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The Company
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ABOUT USLEADING AGRICULTURAL COMPANY
Managing an approximately 800k ha portfolio in Argentina, and
in Brazil, Paraguay & Bolivia through our subsidiary Brasilagro.
DIVERSIFIED PORTFOLIO
Exposure to farmland in Argentina, Brazil, Paraguay
and Bolivia mitigates agribusiness risks.
PIONEER IN FARMLAND REAL ESTATE
State of the art farmer with proven track record rotating the
portfolio. Management of great experience and unique skills.
CONTROLLER OF IRSA
Largest diversified real estate company that manages a rental
portfolio of more than 500k sqm of GLA in Argentina
STRONG CAPITAL MARKETS’ TRACK RECORD
Listed on BYMA since 1960 (CRES) and on NASDAQ since 1997
(CRESY). First argentine agricultural company to be listed
abroad Argentina.
50.1%
100% 38.9% 62.3%
22.3%33.6%
Farms inARGENTINA
Real EstateRegional FarmlandBrazil, Bolivia & Paraguay
Agricultural commercial services
Agribusiness Marketplace
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LATEST OPERATIONAL EVENTS FARMING BUSINESSFY 2021
13
69
133105
70
156187
322
596
435
589
612
813
859
16
74
4737
2341
49
142
183 202213
205
248 259
PLANTED AREA & PRODUCTION – HISTORICAL RECORDS
263
540
100
200
300
400
500
600
700
11/1
8
02/1
9
05/1
9
08/1
9
11/1
9
02/2
0
05/2
0
08/2
0
11/2
0
02/2
1
05/2
1
Maíz CBOT disponible en
US$/tt
Soja CBOT disponible en
US$/tt
+66%(since Jun 30, 2020)
+98%(since Jun 30, 2020)
BOOM OF COMMODITY PRICES
Grain production (Th. Tn)
Planted Area (Th. ha)
23,5%
9%
0%
5%
10%
15%
20%
25%
30%
35%
93
/94
94
/95
95
/96
96
/97
97
/98
98
/99
99
/00
00
/01
01
/02
02
/03
03
/04
04
/05
05
/06
06
/07
07
/08
08
/09
09
/10
10
/11
11
/12
12
/13
14
/15
16
/17
18
/19
20
/21
an
t
20
/21
Act
.
EE.UU Mundo Prom Mundo Prom EEUU
SOYBEAN: US & THE WORLD STOCK / CONSUMPTION RATIO
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LATEST OPERATIONAL EVENTS
9,900 ha
Santa CruzLocation
BoliviaFarmland Sale
to Brasilagro
31 USD MM
La PampaLocation
ArgentinaMeatpacking Plant Sale
10 USD MM
2,440 total ha- 1,950 crop ha+ historic property
Entre RíosLocation
ArgentinaPartialFarmland Sale
8.6 USD MM
San Pedro Farm – June 2021Remaining 3,580 ha in CRESUD Portfolio
Feb-21Feb-21
1,654 ha
Jaborandí -BALocation
BrasilPartial
Farmland Sale
67.1 BRL MM
Jatobá Farm – May 2021Remaining 13,276 ha in Brasilagro´s Portfolio
FARMLAND SALESFY 2021
~63 USD million
12,500 headsSlaughter capacity
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LATEST FINANCIAL EVENTS
7.03
3
4,5
6
7,5
01/21 02/21 03/21 04/21 05/21 06/21
4.10
2
3,5
5
6,5
01/21 02/21 03/21 04/21 05/21 06/21
22
34
20
24
28
32
36
01/21 02/21 03/21 04/21 05/21
GROUP CAPITAL INCREASES
BRL 440.0 millionPrimary offering+BRL 60.0 million Sec offering
20.0 million sharesPrimary offering+2.7 million Sec offering
USD 42.5 millionFunds received
90.0 million shares+90.0 million Warrants
USD 28.8 millionFunds received
80.0 million shares+80.0 million Warrants
Feb 2021 May 2021Mar 2021
Capital increase
+54%BRL/share USD/ADRUSD/ADR
Capital increase
3.60
Capital increase
4.32
+63%
Mkt Cap
USD 270 MM
Mkt Cap
USD 420 MM
Mkt Cap
USD 633 MM
Share suscription in exchange of Bolivia Farmland Sale
Preemptive rights exercise for its 62.3% stake
USD 31 million ~USD 18 million
11
22
34
20,00
22,00
24,00
26,00
28,00
30,00
32,00
34,00
36,00
38,00
22
Strike price
Current price
3-feb
Bolivia sale &
BrasilAgro's
capital increase
USD 31 mm
INVESTMENT IN BRASILAGROSHARE PR ICE EVOLUTION (BR L) – CALEN DAR YEAR 2021
15-may
BrasilAgro’s
warrants
maturity
USD 61 mm
PRE-CAPITAL INCREASE
POST-CAPITAL INCREASE
MARKET CAP TO CRESUD:
CRESUD EXERCISED 100%
OF ITS WARRANTS
+54%
BRL/Share
LATEST FINANCIAL EVENTS
32.1% 38.9%
USD 94 MM USD 246 MMPre-deal valuation Current valuation+ USD 152 MM
+ USD 60 MMNET GAIN FROM INVESTMENT
stake stake
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55,5 188,1
147,7 60,4
FY21 FY22 FY23 FY24
159,5
12,1
11,811,8
197,5
FINANCIAL FIGURES
SERIES XXVto be exchanged for
USD 59.6
ADJUSTED EBITDAAGRIBUSINESS
DEBT PROFILEAS OF JUNE 4, 2021
Description Amount
GROSS DEBT 451.7
CASH & EQUIVALENTS 18.0
NET DEBT 433.7
PROFORMA DEBT AMORTIZATION SCHEDULE
7593
105
FY 18 FY 19 FY 20
Farmland sales24%
Farming66%
Others10%FY 20
Adj. EBITDA By segment
61%
39%
53%
33%
7%
7%
FY 20 Adj. EBITDA
By Farmingsegment
Sugarcane
Crops
Agricultural and rental services
Cattle
72,5
Thanks!
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