Cresud Shs Sponsored American Deposit Receipts Repr 10 Shs (NASDAQ:CRESY) Q2 2020 Earnings Conference Call - Final Transcript
Feb 12, 2020 • 10:00 am ET
Good afternoon, everyone, and welcome to Cresud's Second Quarter 2020 Results Conference Call. Today's live webcast, 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 issued yesterday are also available for download on the Company website.
[Operator Instructions] Before we begin, I would like to remind you that this call is being recorded and that 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 G. Elsztain
Thank you very much. Good morning, everybody. We are beginning our first six months of 2020. We can begin in Page number 2 to see the main events of the six months. We see that the adjusted EBITDA for the period made in the Agribusiness segment at ARS2.6 billion, that is a little drop comparing to last year numbers, mainly explained because of less real estate transactions in the first semester and expected to have in the second.
In the case of the urban of Argentina, there is a small drop of 6.6% comparing to last year, it's ARS3.4 billion, and this is mainly explained because of the adjustment of the inflation results. In the case of the shopping centers, the sales were a little below this adjustment and it is bringing a negative, and later we are going to see some positive coming from the office buildings, but the shopping centers are little more negative making a small negative. And a positive adjusted EBITDA in the case of Israel, explained mainly because of the good results on PBC and Cellcom -- a change in the IFRS of Cellcom.
The net result for the six months gives us a positive of ARS1.7 billion, comparing to a negative of last year. And if we see the net result attributable to controlling company, it is a negative ARS4.7 billion comparing to the ARS6 billion of last year. We have a record planted area in the region. We are achieving almost 270,000 hectares. It is a growth of 9% comparing to last year numbers. In the case of sales, I said that this year we are below last year numbers. We had only cases in Brazil, through BrasilAgro, BRL28.2 billion sales, and this is only small portions of Jatoba and Alto Taquari, and we are expecting more sales for the second semester.
In this semester, we distributed shares up to the 2.6% of the capital of Cresud, and subsequently we did two, three things more. Cresud sold in the market 6% of the stake of BrasilAgro for $15.6 million. This was an auction in a day. And from other side, BrasilAgro merged Agrifirma, it's an agricultural company based in Brazil, and