Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria : Información Trimestral (xls) 2020

Breakdown of Hectares

PORTFOLIO CRESUD
Agricultural Productive Land Own and Under Concession	2015	2016	2017	2018	2019	2020
Argentina	69,173	67,233	62,496	60,104	54,685	65,335
Brazil	36,870	40,684	41,422	48,204	43,948	45,739
Bolivia	8,359	8,484	8,858	8,858	8,858	8,858
Paraguay	5,562	5,870	7,261	7,263	9,411	11,787
Total Hectares	119,964	122,271	120,037	124,429	116,902	131,719
Cattle Productive Land Own and Under Concession	2015	2016	2017	2018	2019	2020
Argentina	163,523	158,932	159,562	147,653	149,666	147,757
Brazil	4,180	- 0	14,258	11,381	14,912	17,200
Bolivia	- 0	- 0	- 0	- 0	- 0	- 0
Paraguay	626	1,126	2,167	3,733	2,859	3,064
Total Hectares	168,329	160,058	175,987	162,767	167,437	168,021
Total Productive Lands	288,293	282,329	296,024	287,196	284,339	299,740
Under Development (Phase 1)	2015	2016	2017	2018	2019	2020
Argentina	- 0	- 0	- 0	- 0	11,413	2,876
Brazil	- 0	- 0	6,037	- 0	- 0	- 0
Bolivia	- 0	- 0	- 0	- 0	- 0	- 0
Paraguay	- 0	- 0	- 0	- 0	- 0	- 0
Total Hectares	- 0	- 0	6,037	- 0	11,413	2,876
Under Development (Phase 2)	2015	2016	2017	2018	2019	2020
Argentina	3,656	3,234	2,172	8,306	2,946	2,898
Brazil	6,718	3,638	3,564	7,693	4,442	4,577
Bolivia	- 0	- 0	- 0	- 0	- 0	- 0
Paraguay	1,350	2,364	1,553	2,008	1,976	2,354
Total Hectares	11,724	9,236	7,289	18,007	9,364	9,829
Reserved	2015	2016	2017	2018	2019	2020
Argentina	320,359	329,215	331,458	320,134	317,883	317,723
Brazil	76,588	79,995	74,170	71,390	71,239	88,228
Bolivia	2,938	4,048	1,017	1,017	1,017	1,017
Paraguay	51,216	49,394	48,510	46,486	45,244	42,380
Total Hectares	451,101	462,652	455,155	439,027	435,383	449,348
Total Land Reserve	462,825	471,888	468,481	457,034	456,160	462,053
Total Hectares	751,118	754,217	764,505	744,230	740,499	761,793
Planted Surface	2015	2016	2017	2018	2019	2020
Argentina	120,162	106,200	116,852	111,705	131,125	138,824
Brazil	68,919	51,000	57,584	65,753	94,526	101,178
Bolivia	16,336	16,000	16,000	14,004	15,060	14,120
Paraguay	5,711	6,000	7,261	7,263	7,554	9,966
Total	211,128	179,200	197,697	198,725	248,265	264,088

BS

Consolidated Balance Sheets as of June 30, 2020 and 2019
(In ARS million)	06.30.20	06.30.19
ASSETS
Non-current assets
Investment properties	230,167	335,016
Property, plant and equipment	59,956	54,106
Trading properties	4,856	7,855
Intangible assets	28,192	26,018
Right-of-use assets	21,928	-
Biological assets	1,759	1,805
Other assets	-	31
Investment in associates and joint ventures	75,128	44,870
Deferred income tax assets	927	772
Income tax and MPIT credits	63	273
Restricted assets	1,936	4,547
Trade and other receivables	27,326	21,730
Investment in financial assets	3,515	4,129
Financial assets held for sale	-	5,972
Derivative financial instruments	164	153
Total non-current assets	455,917	507,277
Current assets
Trading properties	2,316	523
Biological assets	2,773	3,795
Inventories	9,070	6,403
Restricted assets	6,209	6,261
Income tax and MPIT credits	306	559
Group of assets held for sale	43,816	11,498
Trade and other receivables	43,717	38,452
Investment in financial assets	18,192	45,134
Financial assets held for sale	3,377	16,666
Derivative financial instruments	321	162
Cash and cash equivalents	100,926	89,304
Total current assets	231,023	218,757
TOTAL ASSETS	686,940	726,034
SHAREHOLDERS' EQUITY
Shareholders' equity (according to corresponding statement)	25,159	24,042
Non-controlling interest	96,994	103,159
TOTAL SHAREHOLDERS' EQUITY	122,153	127,201
LIABILITIES
Non-current liabilities
Borrowings	320,418	397,414
Deferred income tax liabilities	49,469	57,192
Trade and other payables	2,986	2,830
Provisions	3,091	11,478
Employee benefits	447	189
Derivative financial instruments	15,194
Lease liabilities	74	1,470
Payroll and social security liabilities	247	197
Total non-current liabilities	391,926	470,770
Current liabilities
Trade and other payables	35,823	32,299
Borrowings	98,389	80,384
Provisions	2,443	2,477
Group of liabilities held for sale	23,649	8,137
Payroll and social security liabilities	4,685	3,802
Income tax and MPIT liabilities	824	699
Lease liabilities	5,661
Derivative financial instruments	1,387	265
Total Current liabilities	172,861	128,063
TOTAL LIABILITIES	564,787	598,833
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	686,940	726,034

IS

Consolidated Income Statements for the fiscal year ended June 30, 2020, 2019 and 2018
(In ARS million)	30.06.20	30.06.19	30.06.18
Revenues	121,256	110,741	93,266
Costs	-83,971	-75,384	-62,078
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	2,827	2,305	1,674
Changes in the net realizable value of agricultural products after harvest	657	-43	532
Gross profit	40,769	37,619	33,394
Net gain from fair value adjustment of investment properties	30,992	-37,746	18,971
Gain from disposal of farmlands	838	665	1,656
General and administrative expenses	-12,267	-12,152	-10,876
Selling expenses	-16,348	-13,976	-13,489
Impairment of associates	-2,470
Other operating results, net	2,770	1,101	3,657
Management fees	-211	-	-1,456
Profit / (Loss) from operations	44,073	-24,489	31,857
Share of loss of associates and joint ventures	8,662	-7,328	-3,452
Profit / (loss) before financial results and income tax	52,735	-31,817	28,405
Finance income	1463	1,775	1476
Finance cost	-25,683	-22,571	-26,377
Other financial results	-18,667	5,981	-22,168
Inflation adjustment	177	-457	-321
Financial results, net	-42,710	-15,272	-47,390
Loss before income tax	10,025	-47,089	-18,985
Income tax	-8,107	-780	9964
Loss for the period from continuing operations	1,918	-47,869	-9,021
Profit for the period from discontinued operations	18,085	7,140	36441
Loss for the period	20,003	-40,729	27,420
Other comprehensive income / (loss):
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment	5232	-3,113	6,417
Revaluation surplus	614	1,111	316
Change in the fair value of hedging instruments net of income taxes	-102	19	-40
Items that may not be reclassified subsequently to profit or loss:
Actuarial loss from defined benefit plans	-137	-66	-60
Other comprehensive income for the period from continuing operations	5,607	-2,049	6,633
Other comprehensive income for the period from discontinued operations	5,810	1,245	10059
Total other comprehensive income for the period	11,417	-804	16,692
Total comprehensive income / (loss) for the period	-3,142	-5,775	-14,641
Total comprehensive loss from continuing operations	7,525	-49,918	-2,389
Total comprehensive income from discontinued operations	23,895	8,385	46501
Total comprehensive income / (loss) from the period	31,420	-41,533	44,112
Profit / (loss) for the period attributable to:
Equity holders of the parent	3,929	-26,796	6,106
Non-controlling interest	16,074	-13,933	21,314
Pfrot / (loss) from continuing operations attributable to:
Equity holders of the parent	-2,368	-28,334	-9,492
Non-controlling interest	4,286	-19,535	471
Total comprehensive income attributable to:
Equity holders of the parent	2,421	-27,078	5,775
Non-controlling interest	28,999	-14,455	38,337
Loss for the period per share attributable to equity holders of the parent:
Basic	-7.87	-54.79	12.29
Diluted	-7.63	-54.79	11.82
Loss per share from continuing operations attributable to equity holders of the parent:
Basic	-4.81	-57.94	-19.11
Diluted	-4.81	-57.94	-19.11

CF

Consolidated Cash Flow Statements for the fiscal years ended June 30, 2020, 2019 and 2018
(In ARS million)	30.06.20	30.06.19	30.06.18
Operating activities:
Net cash generated from operating activities before income tax paid	33,536	19,922	11,716
Income tax paid	-650	-730	-1686
Net cash generated from continuing operating activities	32,886	19,192	10,030
Net cash generated from discontinued operating activities	2,848	6,354	14,120
Net cash generated from operating activities	35,734	25,546	24,150
Investing activities:
Acquisition of participation in associates and joint ventures	-544	-324	157
Cash decrease for subsidiaries deconsolidation	-	-	-344
Capital contributions to associates and joint ventures	-2852	-31	-
Acquisition, improvements, and advance payments for the development of investment properties	-4389	-6430	-4729
Proceeds from sales of intangible assets	13,402	1,462	887
Acquisitions and improvements of property, plant and equipment	-6116	-6940	-6557
Financial advances	-79	-9	-51
Acquisition of intangible assets	-4,043	-4,022	-1,668
Proceeds from sales of property, plant and equipment	3382	31	51
Net increase of restricted assets	6494	1909	-7226
Dividends collected from associates and joint ventures	2,033	1,556	739
Proceeds from sales of interest held in associates and joint ventures	5,049	8377	96
Proceeds from loans granted	-	240	1612
Acquisitions of investments in financial assets	-12,837	-57996	-78493
Proceeds from disposal of investments in financial assets	36619	78,765	73,775
Interest charged on financial assets	728	-	-
Dividends received	107	-24	367
Proceed / (payment) for other assets acquisition	28	-	-297
Loans granted to related parties	-165	-6	-1065
Loans granted	-922	-130	-280
Proceeds from sales of farmlands	-	206	300
Advanced proceeds from sales of farmlands	-	-	209
Proceeds from liquidation of associate	-	-	29
Cash incorporated by business combination; net of cash paid	1,961	-	-
Net cash generated from continuing investing activities	37,856	16,634	-22,488
Net cash generated from (used in) discontinued investing activities	2,455	-6,082	-9,065
Net cash generated from (used in) investing activities	40,311	10,552	-31,553
Financing activities:
Borrowings and issuance of non-convertible notes	47,777	55,708	47,023
Payment of borrowings and non-convertible notes	-72,590	-54,274	-45,233
(Payment) Obtaining of short term loans, net	-2,459	2,248	1,661
Interest paid	-21,909	-20,059	-14,266
Repurchase of own shares	-	-1228	-1784
Repurchase of non-convertible notes	-13,644	-8,291	-1,329
Capital contributions from non-controlling interest in subsidiaries	-	2,761	791
Acquisition of non-controlling interest in subsidiaries	-602	-7,200	-1,634
Capital contribution to non-controlling interest in subsidiaries	-	-	-89
Proceeds from sales of non-controlling interest in subsidiaries	379	13	6933
Loans received from associates and joint ventures, net	-	-	143
Issuance of capital in subsidiaries	-	-	-
Dividends paid	-1036	852	-1373
Dividends paid to non-controlling interest in subsidiaries	-961	-2990	-2990
Proceeds from derivative financial instruments, net	-3928	-726	-4
Payment from deribative financial instruments	-	-	-147
Charge for issuance of shares and other equity instrument in subsidiaries	1,897	-	40
Payment of seller financing	-	-4	-224
Net cash used in continuing financing activities	-67,076	-33,190	-12,482
Net cash (used in) generated from discontinued financing activities	-5,548	7,455	8,473
Net cash (used in) generated from financing activities	-72,624	-25,735	-4,009
Net (Decrease) Increase in cash and cash equivalents from continuing activities	3,666	2,636	-24,940
Net (Decrease) Increase in cash and cash equivalents from discontinued activities	-245	7,727	13,528
Net (Decrease) Increase in cash and cash equivalents	3,421	10,363	-11,412
Cash and cash equivalents at beginning of the period	89,304	85,938	73,012
Cash and cash equivalents reclassified to held for sale	-450	-242	-856
Foreign exchange gain on cash and changes in fair value of cash equivalents	8,651	-6,755	25,194
Cash and cash equivalents at the end of the period	100,926	89,304	85,938

Consolidated Results

Consolidated Results
(In ARS million)	9M 20	9M 19	YoY Var
Revenues	121,256	110,741	9.5%
Costs	-83,971	-75,384	11.4%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	2,827	2,305	22.6%
Changes in the net realizable value of agricultural produce after harvest	657	-43	-1627.9%
Gross profit	40,769	37,619	8.4%
Net gain from fair value adjustment on investment properties	30,992	-37,746	-182.1%
Gain from disposal of farmlands	838	665	26.0%
General and administrative expenses	-12,267	-12,152	0.9%
Selling expenses	-16,348	-13,976	17.0%
Impairment of associates	-2,470	-	-
Other operating results, net	2,770	1101	151.6%
-211	-	-
Result from operations	44,073	-24,489	-280.0%
Depreciation and Amortization	17,797	11,405	56.0%
EBITDA (unaudited)	61,870	-13,084	-572.9%
Adjusted EBITDA (unaudited)	33,409	27,486	21.5%
Loss from joint ventures and associates	8,662	-7,328	-
Result from operations before financing and taxation	52,735	-31,817	-
Financial results, net	-42,710	-15,272	179.7%
Result before income tax	10,025	-47,089	-121.3%
Income tax expense	-8,107	-780	939.4%
Result for the period from continued operations	1,918	-47,869	-104.0%
Result from discontinued operations after income tax	18,085	7,140	153.3%
Result for the period	20,003	-40,729	-149.1%
Attributable to
Equity holder of the parent	3,929	-26,796	-114.7%
Non-controlling interest	16,074	-13,933	-

Operations by Segment

Description of Operations by Segment
12M 2020
Urban Properties and Investments	Variation
Agribusiness	Argentina	Israel	Subtotal	Total	12M 20 vs. 12M 19
Revenues	26,259	11,138	81,637	92,775	119,034	10.6%
Costs	-22,283	-2,755	-56,296	-59,051	-81,334	13.3%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	2,623	-	-	- 0	2,623	28.9%
Changes in the net realizable value of agricultural produce after harvest	657	-	-	- 0	657	-
Gross profit	7,256	8,383	25,341	33,724	40,980	8.3%
Net gain from fair value adjustment on investment properties	780	33,464	-2,989	30,475	31,255	-
Gain from disposal of farmlands	838	-	-	- 0	838	26.0%
General and administrative expenses	-1,419	-2,150	-8,764	-10,914	-12,333	0.9%
Selling expenses	-2,610	-1,232	-12,544	-13,776	-16,386	17.1%
Impairment of associates	0	0	-2,470	-2,470	-2,470	-
Other operating results, net	1,662	-48	1,127	1,079	2,741	203.9%
Result from operations	6,507	38,417	-299	38,118	44,625	-
Share of profit of associates	127	7,047	1,299	8346	8473	-
Segment result	6,634	45,464	1,000	46,464	53,098	-
12M 2019
Urban Properties and Investments
Agribusiness	Argentina	Israel	Subtotal	Total
Revenues	19,061	15,056	73,537	88,593	107,654
Costs	-16,165	-3,201	-52,426	-55,627	-71,792
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	2,035	-	-	- 0	2,035
Changes in the net realizable value of agricultural produce after harvest	-43	-	-	- 0	-43
Gross profit	4,888	11,855	21,111	32,966	37,854
Net gain from fair value adjustment on investment properties	0	-39,477	892	-38,585	-38,585
Gain from disposal of farmlands	665	-	-	0	665
General and administrative expenses	-1,525	-2,668	-8,031	-10,699	-12,224
Selling expenses	-1,717	-1,085	-11,192	-12,277	-13,994
Impairment of associates	0	-	-	- 0	- 0
Other operating results, net	819	-659	742	83	902
Result from operations	3,130	-32,034	3,522	-28,512	-25,382
Share of profit of associates	11	-6,183	-150	-6,333	-1,843
Segment result	3,141	-38,217	3,372	-34,845	-27,225

Agribusiness Results

I) Land Development, Transformation and Sales
in ARS million	12M 20	12M 19	YoY Var
Revenues	- 0	- 0	- 0
Costs	-25	-24	4.2%
Gross loss	-25	-24	4.2%
Net gain from fair value adjustment on investment properties	780	-	-
Gain from disposal of farmlands	838	665	26.0%
General and administrative expenses	-3	-3	-
Selling expenses	-1	-1	-
Other operating results, net	962	244	-
Profit from operations	2,551	881	189.6%
Segment profit	2551	881	189.6%
EBITDA	2,555	888	187.7%
Adjusted EBITDA	1,775	2,429	-26.9%
II) Agricultural Production
in ARS million	12M 20	12M 19	YoY Var
Revenues	17,186	11,100	54.8%
Costs	-14,676	-9,466	55.0%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	2,613	2,029	28.8%
Changes in the net realizable value of agricultural produce after harvest	657	-43	-
Gross profit	5,780	3,620	59.7%
General and administrative expenses	-953	-959	-0.6%
Selling expenses	-1,815	-1,026	76.9%
Other operating results, net	454	428	6.1%
Profit from operations	3,466	2,063	68.0%
Profit from associates	55	57	-3.5%
Segment profit	3,521	2,120	66.1%
EBITDA	4,882	2,697	81.0%
Adjusted EBITDA	4,882	2,697	81.0%
II.a) Crops and Sugarcane
Crops
in ARS million	12M 20	12M 19	YoY Var
Revenues	11,464	6,977	64.3%
Costs	-9,788	-6,160	58.9%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	1,176	1,500	-21.6%
Changes in the net realizable value of agricultural produce after harvest	657	-43	-
Gross profit	3,509	2,274	54.3%
General and administrative expenses	-547	-475	15.2%
Selling expenses	-1,553	-859	80.8%
Other operating results, net	445	438	1.6%
Profit from operations	1,854	1,378	34.5%
Share of loss of associates	55	57	-3.5%
Activity profit	1,909	1,435	33.0%
Sugarcane
in ARS million	12M 20	12M 19	YoY Var
Revenues	3,177	2,651	19.8%
Costs	-2,993	-2,311	29.5%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	1,243	552	125.2%
Gross profit	1,427	892	60.0%
General and administrative expenses	-251	-296	-15.2%
Selling expenses	-113	-71	59.2%
Other operating results, net	6	-6	-200.0%
Profit from operations	1,069	519	106.0%
Activity profit	1,069	519	106.0%
II.b) Cattle Production
In ARS Million	12M 20	12M 19	YoY Var
Revenues	1,866	819	127.8%
Costs	-1,622	-725	123.7%
Initial recognition and changes in the fair value of biological assets and agricultural produce	194	-23	-
Gross Profit / (Loss)	438	71	-
General and administrative expenses	-92	-104	-11.5%
Selling expenses	-115	-67	71.6%
Other operating results, net	2	-1	-
Profit / (Loss) from operations	233	-101	-
Activity Profit / (Loss)	233	-101	-
II.c) Agricultural Rental and Services
In ARS Million	12M 20	12M 19	YoY Var
Revenues	679	653	4.0%
Costs	-273	-270	1.1%
Gross profit	406	383	6.0%
General and Administrative expenses	-63	-84	-25.0%
Selling expenses	-34	-29	17.2%
Other operating results, net	1	-3	-133.3%
Profit from operations	310	267	16.1%
Activity Profit	310	267	16.1%
III) Other Segments
In ARS Million	12M 20	12M 19	YoY Var
Revenues	9,073	7,961	14.0%
Costs	-7,582	-6,675	13.6%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest	10	6	-
Gross profit	1,501	1,292	16.2%
General and administrative expenses	-286	-289	-1.0%
Selling expenses	-794	-690	15.1%
Other operating results, net	246	147	67.3%
Profit from operations	667	460	45.0%
Profit from associates	72	-46	-
Segment Profit	739	414	78.5%
EBITDA	769	528	45.6%
Adjusted EBITDA	769	528	45.6%
IV) Corporate Segment
In ARS Million	12M 20	12M 19	YoY Var
General and administrative expenses	-177	-274	-35.4%
Loss from operations	-177	-274	-35.4%
Segment loss	-177	-274	-35.4%
EBITDA	-175	-271	-35.4%
Adjusted EBITDA	-175	-271	-35.4%

Urban Business Results

Consolidated Results of our Subsidiary IRSA Inversiones y Representaciones S.A.
In ARS million	12M 20	12M 19	YoY Var
Revenues	95,764	92,167	3.9%
Profit / (loss) from operations	1,105	-27,630	-
EBITDA	54,363	-17,845	-
Adjusted EBITDA	26,682	21,184	26.0%
Segment Result	46,464	-34,845	-
Argentina Business Center
In ARS million	12M 20	12M 19	YoY Var
Revenues	14,127	18,630	-24.2%
Profit / (loss) from operations	-22	-31,152	-99.9%
EBITDA	38,871	-31,669	-
Adjusted EBITDA	5,731	7,360	-22.1%
Israel Business Center
In ARS million	12M 20	12M 19	YoY Var
Revenues	81,637	73,537	11.0%
Profit from operations	1,127	3,522	-68.0%
EBITDA	15,492	13,824	12.1%
Adjusted EBITDA	20,951	13,824	51.6%

Summary FS

Comparative Summary Consolidated Balance Sheet Data
In ARS million	Jun-20	Jun-19
Current assets	231,023	218,757
Non-current assets	455,917	507,277
Total assets	686,940	726,034
Current liabilities	172,861	128,063
Non-current liabilities	391,926	470,770
Total liabilities	564,787	598,833
Total capital and reserves attributable to the shareholders of the controlling company	25,159	24,042
Minority interests	96,994	103,159
Shareholders' equity	122,153	127,201
Total liabilities plus minority interests plus shareholders' equity	686,940	726,034
Comparative Summary Consolidated Statement of Income Data
In ARS million	Jun-20	Jun-19
Gross profit	40,769	37,619
Profit from operations	44,073	-24,489
Share of profit of associates and joint ventures	8,662	-7,328
Profit / (loss) from operations before financing and taxation	52,735	-31,817
Financial results, net	-42,710	-15,272
Loss before income tax	10,025	-47,089
Income tax expense	-8,107	-780
Loss of the period of continuous operations	1,918	-47,869
Profit of discontinued operations after taxes	18,085	7,140
Loss for the period	20,003	-40,729
Controlling company's shareholders	3,929	-26,796
Non-controlling interest	16,074	-13,933
Comparative Summary Consolidated Statement of Cash Flow Data
In ARS million	Jun-20	Jun-19
Net cash generated by operating activities	35,734	25,546
Net cash generated by investment activities	40,311	10,552
Net cash used in financing activities	-72,624	-25,735
Total net cash (used in) / generated during the fiscal period	3,421	10,363
Ratios
In ARS million	Jun-20	Jun-19
Liquidity (1)	1.336	1.708
Solvency (2)	0.216	0.212
Restricted capital (3)	0.664	0.699
(1) Current Assets / Current Liabilities
(2) Total Shareholders' Equity/Total Liabilities
(3) Non-current Assets/Total Assets

EBITDA Reconciliation

EBITDA Reconciliation
For the fiscal year ended June 30 (in ARS million)
2020	2019
Result for the period	20,003	-40,729
Result from discontinued operations	-18,085	-7,140
Income tax expense	8,107	780
Net financial results	42,710	15,272
Share of profit of associates and joint ventures	-8,662	7,328
Depreciation and amortization	17,797	11,405
EBITDA (unaudited)	61,870	-13,084
Realized (loss) / gain from fair value of investment properties, not realized - Agribusiness	-780	-
Realized (loss) / gain from fair value of investment properties, not realized - Real Estate business	-29,902	39,486
Realized sale - Agribusiness	-	1,541
Realized sale - Real Estate business	-	-457
Impairment of associates and joint ventures	2,470	0
Barter Agreements result	-249	-
Adjusted EBITDA (unaudited)	33,409	27,486