Company: CRESW
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001654954-25-012195
Chunk: 253

Company: CRESUD INC
Filing Date: 2025-10-24
Form: 20-F
Item: Item 5
Chunk 253
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. Revenue from the sale of products is recognized when the product is delivered and the significant risks and rewards of ownership are transferred to the buyer. Revenue from the sale of services is recognized when the service is provided. 

Effects of the global macroeconomic factors

 Most of our assets are located in Argentina, where we conduct our operations. Therefore, our financial condition and the results of our operations are significantly dependent upon economic conditions prevailing in such country.

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The table below shows Argentina’s GDP, inflation rates, dollar exchange rates, the appreciation (depreciation) of the Peso against the U.S. dollar for the indicated periods (inter-annual information—which is the 12 month period preceding the dates presented—is presented to conform to our fiscal year periods).

                                                                         Fiscal year ended June 30,                      
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                                                   2025                     2024                    2023                 
                                                                                                 (inter‑annual data)     
GDP (1)                                                          6.3    %               (1.7   )%               (4.9   )%
Inflation (IPIM) (2)                                            21.2    %              284.4    %              112.8    %
Inflation (CPI)                                                 39.4    %              271.5    %              115.6    %
Depreciation of the Peso against the U.S. dollar               (29.6   %)             (255.0   %)             (105.0   %)
Average exchange rate per USD 1.00 (3)                   ARS 1,200.5               ARS 910.5               ARS 256.5     
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(1)                Represents inter annual growth of the second quarter GDP at constant prices (2004). Historical data is maintained, as exposed originally by us in previous 20-Fs.              
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(2)   IPIM (Índice de Precios Internos al por Mayor) is the wholesale price index as measured by the Argentine Ministry of Treasury.                                                              
(3)   Represents average of the selling and buying exchange rate quoted by Banco de la Nación Argentina as of June 30. As of October 22, 2025, the exchange rate was ARS 1,484.50 per U.S. dollar.

Sources: INDEC and Banco de la Nación Argentina.

Argentine GDP increased 6.3% interannually during the second quarter of 2025, compared