Company: CRESW
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001654954-25-012195
Chunk: 304

Company: CRESUD INC
Filing Date: 2025-10-24
Form: 20-F
Item: Item 5
Chunk 304
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 to the income statement, decreased by ARS 220,324 million, from a net loss of ARS 255,405 million during the fiscal year ended June 30, 2023, to a net loss of ARS 475,729 million during the fiscal year ended June 30, 2024.

According to information by segments, the net loss from fair value adjustment of investment properties went from a loss of ARS 265,944 million (out of which an ARS 57,854 million loss derives from our Shopping Malls segment; an ARS 25,666 million loss from our Offices segment; an ARS 181,839 million loss from our Sales and Developments segment and an ARS 585 million loss from our Others segment) during the fiscal year ended June 30, 2023, to a loss of ARS 476,237 million during the fiscal year ended June 30, 2024 (out of which an ARS 20,824 million loss derives from our Shopping Malls segment; an ARS 97,015 million loss from our Offices segment; an ARS 357,995 million loss from our Sales and Developments segment and an ARS 403 million loss from our Others segment).

The net impact on the Argentine Peso values of our shopping malls was primarily attributable to: (i) more favorable macroeconomic projections related to the projected real exchange rate and inflation; in real terms, the variation of the official exchange rate, which is used to measure these properties, was 17 percentage points below inflation, and (ii) this was partially offset by the moderation of the projected growth rate for some shopping malls.

The Argentine market for offices, land reserves, and other properties is a liquid market, in which a great number of counterparties participate carrying out sale-purchase transactions. This situation results in significant and representative sale-purchase prices. This situation allows for the observation of relevant and representative buy-sell prices in the market. In this regard, the “Market Approach” technique (comparable market values) is employed to determine the fair value of the Offices and Other segment, with the price per square meter being the most representative metric. In our Office segment and Developments segment, the value was primarily impacted by the appreciation of the peso against the “MEP dollar” during the fiscal year ended June 30, 2024, as in real terms, the variation in the MEP exchange rate, which is used to measure these properties, was 93 points