Cresud Shs Sponsored American Deposit Receipts Repr 10 Shs (NASDAQ:CRESY) Q4 2020 Earnings Conference Call - Final Transcript

Sep 30, 2020 • 01:00 pm ET

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Cresud Shs Sponsored American Deposit Receipts Repr 10 Shs (NASDAQ:CRESY) Q4 2020 Earnings Conference Call - Final Transcript

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Q & A
Operator
Santiago Donato

[Operator Instructions]. Asus Ganin [Phonetic] wants to do a question. Please go ahead.

Analyst
Asus Ganin

Hey, good afternoon. What is the total amount of the net investment in IDBD and DIC that's been written down to zero in U.S. dollars, please?

Executive
Matias I. Gaivironsky

Sorry. I'm not sure that I heard your question. Your question was about if our investment in IDBD was written down to zero in dollar terms, that was the question?

Analyst
Asus Ganin

What was the total amount of the investment that was written down to zero?

Executive
Matias I. Gaivironsky

There is -- our investment has started since 2012. So this last quarter, that was after the resolution of the court, the investment that was written down was around $20 million in our financial statement, that was in the last quarter. Previously, there was different losses and according to the consolidation of our results, we have been writing or posting losses during the year, and basically related to the valuation of CLAL, and the CLAL shares that we have to give impact on our books.

Analyst
Asus Ganin

Okay and one follow-up please. Does Cresud have any interest in the Elsztain project with Yamana Gold?

Executive
Matias I. Gaivironsky

No, no. That is under the ownership of our Chairman, it's not related at all to Cresud.

Analyst
Asus Ganin

Okay. Thank you.

Operator
Santiago Donato

Any other question? If there are no more question, we conclude the session. At this time, I would like to turn back to Mr. Alejandro Elsztain, CEO, for any closing remarks.

Executive
Alejandro G. Elsztain

We are closing a very rare and special year, not to agribusiness, that is really essential and is showing the strength and the rebound that we are seeing the last two months on prices, which has been a more interesting place to the business related to the agribusiness. In the case of Brazil, we see a lot of interest. Farmers in Brazil are finishing a beautiful campaign in yields and in prices, and they have a lot of gains and in their cases, the reinvestment on land it's makes them to save some taxes. So, we expect a very active real estate campaign in Brazil for the next. We expect that some movement on the rest because agribusiness is keeping attention on the rest of the region too and our companies in the service companies are keep growing and want to keep growing on the region. So we are very bullish on that too.

Related to the urban, we are expecting the opening and we are waiting for that soon. We are in our spring and we are expecting the opening of some of our shop is opened. The ones that they are in the interior of Argentina, we are still waiting for the opening of the majority of the shopping in Buenos Aires and greater Buenos Aires and the hotels. So, we are facing a special year. And in the case of Israel, we are seeing what our generosity gives we have. So we hope to have a good 2021.

We thank everybody for supporting and coming to the Company, so safe and have