Company: CRESW
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001654954-25-012195
Chunk: 308

Company: CRESUD INC
Filing Date: 2025-10-24
Form: 20-F
Item: Item 5
Chunk 308
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 expenses of our Offices segment decreased by 33.5%, from ARS 4,325 million during the fiscal year ended June 30, 2023, to ARS 2,875 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) a decrease of ARS 351 million in directors’ fees; (ii) a decrease of ARS 448 million in salaries, social security contributions, and other personnel expenses; (iii) a lower charge of ARS 244 million in amortization and depreciation; (iv) a decrease of ARS 92 million in fees and service charges; and (v) a lower charge of ARS 78 million in rent and utilities. General and administrative expenses measured as a percentage of the segment’s revenues decreased from a negative 18.2% for the fiscal year ended June 30, 2023, to a negative 12.7% for the fiscal year ended June 30, 2024. This variation was mainly explained by lower expenses related to employee bonuses. Additionally, there was a lower charge for directors’ fees.

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Sales and Developments. General and administrative expenses associated with our Sales and Developments segment decreased by 7.4%, from ARS 13,260 million during the fiscal year ended June 30, 2023, to ARS 12,283 million during the fiscal year ended June 30, 2024. General and administrative expenses, measured as a percentage of revenues from the same segment, increased from 58.4% during the fiscal year ended June 30, 2023, to 95.3% during the fiscal year ended June 30, 2024. 
Hotels. General and administrative expenses associated with our Hotels segment decreased by 23.2%, from ARS 16,964 million during the fiscal year ended June 30, 2023, to ARS 13,025 million during the fiscal year ended June 30, 2024, mainly as a result of: (i) a decrease of ARS 4,393 million in fees payable to directors; partially offset by (ii) an increase of ARS 261 million in taxes; (iii) an increase of ARS 50 million in salaries, social security charges, and other personnel administrative expenses; (iv) an increase of ARS 40 million in travel, transportation, and stationery; (v) an increase of ARS