Cresud's Share Buyback Plan

| About: Cresud S.A.C.I.F. (CRESY)
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Argentine food and agriculture company, Cresud S.A. (NAS: CRESY) on August 26 announced the potential repurchase of AR$30 million (US$8.7 million), equalling approximately 2.5% of the company's market capitalization. The share buy-back plan was announced as a measure to 'lessen the drop and reduce the fluctuations of the company's share quotation prices and strengthen their value in the market.'

During 3Q '08, purchases of its own shares amounted to 206.020 ADRs and 93.686 common shares, for which the company paid US$2.29 million. After the closing of the quarter, until November 7, Cresud had additionally acquired 1.049.654 ADRs and 127.178 common shares for US$6.49 million.

The latest transaction reported by the company was the repurchase of 32.700 ADRs at US$6.0637, totalling US$199.264.

Cresud reported a net loss of AR$-37.4 million (US$10.8 million) for 3Q '08, compared to a AR$-12.6 million loss in 3Q '07. Consolidated sales for the period were reported at AR$74.7 million (US$21.6 million).

The company also reported that it was in the process of sowing 104.563 hectares for wheat, soybean, corn and sunflower production. The reported area for beef cattle production was 38.800 hectares. In addition, Cresud informed of an agreement to purchase 12.166 hectares in Bolivia and 20.965 hectares in Paraguay as part of their international expansion strategy.

Cresud's balance sheet on September 30 showed a Debt/Equity ratio at 0.14, and a Current Ratio at 2.91. Cash on September 30 was AR$319 million (US$92.3 million), and Current Liabilities AR$187 million (US54.1 million).

Cresud's latest interim statements can be found in our download section.