Edgar Filing: CRESUD INC

form6k.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2014

Cresud Sociedad Anónima, Comercial, Inmobiliaria,

Financiera, y Agropecuaria

(Exact name of Registrant as specified in its charter)

Cresud Inc.

(Translation of registrant´s name into English)

Republic of Argentina

(Jurisdiction of incorporation or organization)

Bolívar 108

(C1066AAB)

Buenos Aires, Argentina

(Address of principal executive offices)

Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

CRESUD SACIF y A

(THE “COMPANY”)

REPORT ON FORM 6-K

Attached is a copy of the English translation of the Financial Statements for the nine-month period ended March 31, 2014, and March 31, 2013, filed by the Company with the Bolsa de Comercio de Buenos Aires and the Comisión Nacional de Valores.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2014 and June 30, 2013 and for the nine-month periods ended March 31, 2014 and 2013

Legal Information

Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Fiscal year N°: 81, beginning on July 1, 2013

Legal address: Moreno 877, 23rd floor – Ciudad Autónoma de Buenos Aires, Argentina

Company activity: Real state, agricultural, commercial and financial activities

Date of registration of the By-laws in the Public Registry of Commerce: February 19, 1937

Date of registration of last amendment of the by-laws in the Public Registry of Commerce: February 25, 2013

Expiration of Company charter: June 6, 2082

Common Stock subscribed, issued and paid up: 501,562,730 common shares.

Majority shareholder’s: Inversiones Financieras del Sur S.A.

Legal address: Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay

Parent company Activity: Investment

Capital stock: 190,681,047 common shares

Type of stock	CAPITAL STATUS
Type of stock	Authorized to be offered publicly (Shares)	Subscribed, Issued and Paid-in (Ps.)
Ordinary certified shares of Ps. 1 face value and 1 vote each	501,562,730	501,562,730

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Financial Position

as of March 31, 2014 and June 30, 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	March 31, 2014			June 30, 2013
ASSETS
Non-current assets
Investment properties	10		4,542,668			4,179,901
Property, plant and equipment	11		2,348,998			1,841,454
Trading properties	12		208,068			182,553
Intangible assets	13		167,812			125,312
Biological assets	14		409,447			303,128
Investments in associates and joint ventures	8, 9		1,762,558			1,486,862
Deferred income tax assets	26		751,273			179,228
Income tax credit			233,648			198,871
Restricted assets	17		81,013			54,631
Trade and other receivables	18		417,903			291,430
Investment in financial assets	19		1,068,516			253,742
Derivative financial instruments	20		6,900			25,377
Total non-current assets			11,998,804			9,122,489
Current Assets
Trading properties	12		12,030			11,689
Biological assets	14		598,669			97,564
Inventories	15		264,703			252,376
Restricted assets	17		2,074			1,022
Income tax credit			5,919			4,779
Trade and other receivables	18		1,356,060			1,480,314
Investment in financial assets	19		499,273			385,585
Derivative financial instruments	20		20,108			7,321
Cash and cash equivalents	21		498,661			1,047,586
Total current assets			3,257,497			3,288,236
TOTAL ASSETS			15,256,301			12,410,725
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital			496,562			496,562
Treasury stock			5,001			5,001
Inflation adjustment of share capital and treasury stock			65,425			65,425
Share premium			773,079			773,079
Share warrants			106,264			106,264
Cumulative translation adjustment			446,599			2,284
Changes in non-controlling interest			(10,804	)		(21,996	)
Equity-settled compensation			19,393			8,345
Legal reserve			81,616			46,835
Reserve for new developments			217,065			337,065
Special reserve			633,940			695,628
Retained earnings			(493,359	)		(26,522	)
Equity attributable to equity holders of the parent			2,340,781			2,487,970
Non-controlling interest			2,516,517			2,231,096
TOTAL SHAREHOLDERS’ EQUITY			4,857,298			4,719,066

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Financial Position

as of March 31, 2014 and June 30, 2013 (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	March 31, 2014		June 30, 2013
LIABILITIES
Non-current liabilities
Trade and other payables	22		250,118		228,267
Borrowings	25		6,279,065		4,189,896
Deferred income tax liabilities	26		535,389		530,263
Derivative financial instruments	20		-		2,773
Payroll and social security liabilities	23		5,512		3,984
Provisions	24		196,781		71,626
Total non-current liabilities			7,266,865		5,026,809
Current liabilities
Trade and other payables	22		896,968		899,542
Income tax liabilities			81,925		92,182
Payroll and social security liabilities	23		110,599		120,835
Borrowings	25		1,992,789		1,527,390
Derivative financial instruments	20		32,218		8,691
Provisions	24		17,639		16,210
Total current liabilities			3,132,138		2,664,850
TOTAL LIABILITIES			10,399,003		7,691,659
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES			15,256,301		12,410,725

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Director
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Income

for the nine and three-month periods beginning on July 1st, 2013 and 2012

and January 1st, 2014 and 2013 and ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

		Nine months						Three months
	Note	2014			2013			2014			2013
Revenues	28		3,161,476			2,339,892			1,027,614			734,706
Costs	29		(2,665,314	)		(2,115,959	)		(903,568	)		(693,836	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest			955,724			733,526			531,216			274,097
Changes in the net realizable value of agricultural produce after harvest			(7,811	)		7,044			1,406			233
Gross profit			1,444,075			964,503			656,668			315,200
Gain from disposal of investment properties			113,338			61,475			106,188			7,797
Gain from disposal of farmlands			-			53,988			-			-
General and administrative expenses	30		(351,629	)		(260,911	)		(115,515	)		(78,661	)
Selling expenses	30		(222,686	)		(172,289	)		(66,995	)		(48,610	)
Other operating results	32		(52,360	)		106,468			(34,866	)		584
Profit from operations			930,738			753,234			545,480			196,310
Share of profit of associates and joint ventures	8, 9		115,183			14,721			67,414			2,175
Profit from operations before financing and taxation			1,045,921			767,955			612,894			198,485
Finance income	33		275,329			144,797			157,688			54,757
Finance cost	33		(2,613,316	)		(791,317	)		(1,414,174	)		(283,320	)
Other financial results	33		406,580			172,506			282,979			113,766
Financial results, net	33		(1,931,407	)		(474,014	)		(973,507	)		(114,797	)
(Loss) / profit before income tax			(885,486	)		293,941			(360,613	)		83,688
Income tax expense	26		357,973			(30,747	)		187,869			2,788
(Loss) / profit for the period			(527,513	)		263,194			(172,744	)		86,476

Attributable to:
Equity holders of the parent			(494,238	)		84,491			(162,208	)		23,731
Non-controlling interest			(33,275	)		178,703			(10,536	)		62,745

(Loss) / Profit per share attributable to equity holders of the parent during the period:
Basic			(0.68	)		0.17			(0.01	)		0.05
Diluted		(i) (0.68)				0.15		(i) (0.01)				0.04

(i)	Due to the loss for the period, there is no diluted effect on this result.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Comprehensive Income

for the nine and three-month periods beginning on July 1st, 2013 and 2012

and January 1st, 2014 and 2013 and ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for the publication in Argentina

	Nine months					Three months
	2014			2013		2014			2013
(Loss) / profit for the period		(527,513	)		263,194		(172,744	)		86,476
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Foreign exchange gain		912,423			216,408		575,477			(111	)
Foreign exchange gain from associates and joint ventures		432			7,674		7,786			102,196
Other comprehensive income for the period (i)		912,855			224,082		583,263			102,085
Total comprehensive income for the period		385,342			487,276		410,519			188,561

Attributable to:
Equity holders of the parent		(49,923	)		187,454		113,033			70,147
Non-controlling interest		435,265			299,822		297,486			118,414

(i)	Components of other comprehensive income have no impact on income tax.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital		Treasury Stock		Inflation adjustment of Share Capital and Treasury Stock		Share premium		Share warrants		Subtotal		Changes in non-controlling interests			Cumulative translation adjustment		Equity-settled compensation			Legal reserve		Reserve for new developments			Special reserve (1)			Retained earnings			Subtotal			Non-controlling interest			Total shareholders’ equity
Balance as of July 1, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(21,996	)		2,284		8,345			46,835		337,065			695,628			(26,522	)		2,487,970			2,231,096			4,719,066
Loss for the period		-		-		-		-		-		-		-			-		-			-		-			-			(494,238	)		(494,238	)		(33,275	)		(527,513	)
Other comprehensive income for the period		-		-		-		-		-		-		-			444,315		-			-		-			-			-			444,315			468,540			912,855
Total comprehensive income / (loss) for the period		-		-		-		-		-		-		-			444,315		-			-		-			-			(494,238	)		(49,923	)		435,265			385,342

Appropriation of retained earnings resolved by Shareholders’ Meeting held on 10/31/13:
- Legal reserve		-		-		-		-		-		-		-			-		-			34,781		-			(34,781	)		-			-			-			-
- Other reserves		-		-		-		-		-		-		-			-		-			-		-			(26,907	)		26,907			-			-			-
- Cash dividends		-		-		-		-		-		-		-			-		-			-		(120,000	)		-			-			(120,000	)		(103,563	)		(223,563	)
Equity-settled compensation		-		-		-		-		-		-		-			-		12,107			-		-			-			-			12,107			5,438			17,545
Changes in non- controlling interest		-		-		-		-		-		-		11,192			-		-			-		-			-			-			11,192			(48,678	)		(37,486	)
Cancellation of BrasilAgro warrants		-		-		-		-		-		-		-			-		(1,059	)		-		-			-			-			(1,059	)		-			(1,059	)
Capital reduction		-		-		-		-		-		-		-			-		-			-		-			-			-			-			(3,917	)		(3,917	)
Capital contributions from non-controlling interest		-		-		-		-		-		-		-			-		-			-		-			-			-			-			587			587
Reimbursement expired dividends		-		-		-		-		-		-		-			-		-			-		-			-			494			494			289			783
Balance as of March 31, 2014		496,562		5,001		65,425		773,079		106,264		1,446,331		(10,804	)		446,599		19,393			81,616		217,065			633,940			(493,359	)		2,340,781			2,516,517			4,857,298

(1)	Related to CNV General Resolution No. 609/12. See Note 27.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital		Treasury Stock		Inflation adjustment of Share Capital and Treasury Stock			Share premium		Share warrants		Subtotal			Changes in non-controlling interest			Cumulative translation adjustment			Equity-settled compensation		Legal reserve		Reserve for new developments			Retained earnings			Subtotal			Non-controlling interest			Total shareholders’ equity
Balance as of July 1, 2012		496,562		5,001		166,218			773,079		106,263		1,547,123			(9,596	)		(81,939	)		4,540		42,922		389,202			666,611			2,558,863			2,132,648			4,691,511
Gain for the period		-		-		-			-				-			-			-			-		-		-			84,491			84,491			178,703			263,194
Other comprehensive income for the period		-		-		-			-				-			-			102,963			-		-		-			-			102,963			121,119			224,082
Total comprehensive income for the period		-		-		-			-				-			-			102,963			-		-		-			84,491			187,454			299,822			487,276
Appropriation of retained earnings resolved by Shareholders’ Meeting held on 10/31/12:
- Legal reserve		-		-		-			-		-		-			-			-			-		3,913					(3,913	)		-			-			-
- Other reserves		-		-		-			-		-		-			-			-			-		-		(52,137	)		52,137			-			-			-
- Appropriation of retained earnings		-		-		(100,793	)		-		-		(100,793	)		-			-			-		-		-			100,793			-			-			-
- Cash dividends		-		-		-			-		-		-			-			-			-		-		-			(120,000	)		(120,000	)		(79,583	)		(199,583	)
Acquisition of non-controlling interest		-		-		-			-		-		-			(8,284	)		-			-		-		-			-			(8,284	)		(28,009	)		(36,293	)
Acquisition of subsidiaries		-		-		-			-		-		-			-			-			-		-		-			-			-			102,723			102,723
Equity-settled compensation		-		-		-			-		-		-			-			-			6,245		-		-			-			6,245			3,475			9,720
Exercise of warrants		-		-		-			-		1		1			-			-			-		-		-			-			1			-			1
Reimbursement of expired dividends		-		-		-			-		-		-			-			-			-		-		-			385			385			240			625
Cumulative translation adjustment for interest held before business combination		-		-		-			-		-		-			-			(8,331	)		-		-		-			-			(8,331	)		(4,584	)		(12,915	)
Capital contribution of non-controlling interest		-		-		-			-		-		-			-			-			-		-		-			-			-			6,092			6,092
Conversion of notes		-		-		-			-		-		-			-			-			-		-		-			-			-			126			126
Capital distribution		-		-		-			-				-			-			-			-		-		-			-			-			(39,654	)		(39,654	)
Balance as of March 31, 2013		496,562		5,001		65,425			773,079		106,264		1,446,331			(17,880	)		12,693			10,785		46,835		337,065			780,504			2,616,333			2,393,296			5,009,629

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Cash Flows

for the nine-month periods ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	March 31, 2014			March 31, 2013
Operating activities:
Cash generated from operations	21		667,081			637,387
Income tax paid			(230,400	)		(213,124	)
Net cash generated from operating activities			436,681			424,263
Investing activities:
Acquisition of subsidiaries, net of cash acquired			-			(117,874	)
Acquisition of associates and joint ventures			(13,045	)		(32,024	)
Capital contributions to joint ventures			(40,109	)		(39,925	)
Suppliers advances			(28,999	)		(39,554	)
Purchases of investment properties			(180,233	)		(159,010	)
Proceeds from sale of investment properties			254,729			93,836
Purchases of property, plant and equipment			(83,231	)		(90,899	)
Proceeds from sale of property, plant and equipment			691			5,703
Proceeds from sale of farmlands			54,794			175,800
Payments of purchase of properties			(5,730	)		-
Purchases of intangible assets			(13,364	)		(1,184	)
Acquisition of Investment in financial assets			(3,662,905	)		(1,174,081	)
Proceeds from disposals of Investment in financial assets			3,007,015			970,376
Loans granted to associates and joint ventures			-			(19,058	)
Loans repayments received from associates and joint ventures			1,335			831
Proceeds from sale of joint ventures			15,536			-
Interest received from financial assets			5,588			16,844
Dividends received			19,322			52,662
Net cash used in investing activities			(668,606	)		(357,557	)
Financing activities:
Repurchase of convertible notes			(24,014	)		-
Repurchase of equity interest			(37,942	)		-
Proceeds from issuance of non-convertible notes			1,051,823			634,597
Payment of non-convertible notes net			(635,759	)		(274,243	)
Borrowings			379,822			662,179
Payment of seller financing of shares			(1,640	)		(6,420	)
Repayments of borrowings			(511,805	)		(503,833	)
Payments of borrowings from subsidiaries, associates and joint ventures			(186	)		-
Proceeds from borrowings from associates and joint ventures			17,138			59,147
Proceeds from warrants			-			1
Cancellation of Brasilagro warrants			(1,059	)		-
Payment of seller financing			(1,308	)		(12,157	)
Acquisition of non-controlling interest in subsidiaries			(20	)		(36,301	)
Dividend paid to non-controlling interest			(236,057	)		(117,099	)
Acquisition of derivative financial instruments			(903	)		-
Proceeds from derivative financial instruments			45,696			-
Payments of purchase of non-controlling interest			-			(4,460	)
Sale of equity in subsidiaries to non-controlling interest			379			-
Contributions from non-controlling interest			587			6,092
Capital reduction			(4,017	)		(39,654	)
Interest paid			(488,905	)		(304,210	)
Net cash (used in) generated by financing activities			(448,170	)		63,639
Net (decrease) increase in cash and cash equivalents			(680,095	)		130,345
Cash and cash equivalents at beginning of period	21		1,047,586			471,922
Foreign exchange gain on cash and cash equivalents			131,170			38,235
Cash and cash equivalents at end of period			498,661			640,502

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

1.	General information

1.1	The Group’s business and general information

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (“Cresud” or the “Company”) was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier’s shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.

In 2002, Cresud acquired a 19.85% interest in IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”), a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud’s principal subsidiary.

Cresud and its subsidiaries are collectively referred to hereinafter as the Group. See Note 2.3 to the Consolidated Financial Statements as of June 30, 2013 and 2012 for a description of the Group’s companies.

As of March 31, 2014, the Group operates in two major lines of business: (i) Agricultural business, (ii) Investment and Development Properties business. See Note 7 to the Unaudited Condensed Interim Consolidated Financial Statements as of June 30, 2013 and 2012 for a description of the Group’s segments.

The Group’s Agricultural business operations are comprised of crop production, cattle feeding, raising and fattening, milk production, sugarcane production and brokerage activities. The Group’s Agro-industrial business operations are conducted through its subsidiary, Cactus Argentina S.A., and are engaged in cattle feeding services in specialized feedlots primarily for third parties. Feedlots provide accommodation, health care and animal feeding services based on specialized diets. The Group currently has agricultural operations and investments in Argentina, Brazil, Paraguay and Bolivia.

The business line known as urban property and investments also includes the Group’s financial transactions. The Group’s Investment and Development Properties business operations are conducted primarily through its subsidiary IRSA and IRSA’s principal subsidiary, Alto Palermo S.A. (“APSA”). Through APSA, the Group primarily owns, manages and develops shopping centers across Argentina. APSA has also a direct 20% stake in a credit card company. Through IRSA, the Group primarily owns, manages and develops a portfolio of office and other rental properties in Buenos Aires, the capital of Argentina. Through IRSA or APSA, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term “real estate” indistinctively in these consolidated financial statements to denote investment, development and/or trading properties activities.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

1.	General information (Continued)

In 2009, IRSA entered into the US real estate market, mainly through the acquisition of non-controlling interests in US assets, primarily office properties and hotel investments.

The Group’s financial transactions and transactions in other businesses are carried out mainly through its subsidiary IRSA and through APSA, which is IRSA’s main subsidiary. IRSA has also a 29.77% interest (without considering treasury shares) in Banco Hipotecario S.A. (“BHSA”). BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA’s shares are listed on the Buenos Aires Stock Exchange. Additionally, APSA holds a participating interest of 20 % in Tarshop S.A. (“Tarshop”), whose main business comprises extending loans and credit cards.

Cresud’s and APSA’s shares are listed and traded on both the Buenos Aires Stock Exchange (“BASE”) and the National Association of Securities Dealers Automated Quotation (“NASDAQ”). IRSA´s shares are listed and traded on both the BASE and the New York Stock Exchange (“NYSE”).

Cresud is the ultimate parent company and is a corporation incorporated and domiciled in the Republic of Argentina. The address of its registered office is Moreno 877, 23rd Floor, Buenos Aires, Argentina.

These consolidated financial statements have been approved for issue by the Board of Directors on May 12, 2014.

2.	Basis of preparation of the Unaudited Condensed Interim Consolidated Financial Statements

2.1.	Basis of preparation

The present Unaudited Condensed Interim Consolidated Financial Statements for the nine-month periods ended March 31, 2014 and 2013 (the “Unaudited Condensed Interim Consolidated Financial Statements”) have been prepared in accordance with IAS 34 “Interim Financial Reporting”.

These Unaudited Condensed Interim Consolidated Financial Statements should be read together with the annual consolidated financial statements of the Company as of June 30, 2013. These Unaudited Condensed Interim Consolidated Financial Statements are expressed in thousands of Argentine Pesos.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

2.	Basis of preparation of the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

The Condensed Interim Consolidated Financial Statements corresponding to the nine-month periods ended as of March 31, 2014 and 2013 have not been audited. The Company´s management believes they include all necessary adjustments to fairly present the results of each period. Results for the nine-month periods ended March 31, 2014 and 2013 do not necessarily reflect proportionally the Company´s results for the complete fiscal year.

2.2	Significant Accounting Policies

The accounting policies applied in the preparation of these Unaudited Condensed Interim Consolidated Financial Statements are consistent with those applied in the preparation of the information under IFRS as of June 30, 2013. Most significant accounting policies are described in note 2 included in the Consolidated Financial Statements as of June 30, 2013 and 2012.

2.3	Use of estimates

The preparation of financial statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements.

In the preparation of these Unaudited Condensed Interim Consolidated Financial Statements, the significant judgments made by Management in applying the Group’s accounting policies and the main sources of uncertainty were the same applied by the Group in the preparation of the annual consolidated financial statements for the year ended as of June 30, 2013, save for changes in accrued income tax, provision for legal claims and allowance for doubtful accounts.

2.4	Comparative information

Amounts as of March 31, 2013 and June 30, 2013, which are disclosed for comparative purposes have been taken from the Condensed Interim Consolidated Financial Statements as of such dates. The financial statements originally issued have been subject to certain reclassifications required in order to present these figures comparatively with this period.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

2.	Basis of preparation of the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

During the period, the Argentine Peso devalued against the US$ and other currencies by around 32%, which has an impact in comparative information presented in these Financial Statements, due mainly to the currency exposure of our income and costs of Agricultural Business and of income from urban property and investments business line, especially from the “office and other rental properties” segment, and our net assets and liabilities in foreign currency as detailed in Note 40.

3.	Seasonal effects on operations

The operations of the Group’s agricultural business are also subject to seasonal effects. The harvests and sale of grains (corn, soybean and sunflower) generally take place between February and June every year. Wheat is generally harvested between November and January. In Bolivia, weather conditions make it possible to have two soybeans, corn and barley seasons and, therefore, these crops are harvested in April and October, whereas wheat and sunflower are harvested in August and September, respectively. Other segments of the agricultural business, such as beef cattle and milk production tend to be more stable. However, beef cattle and milk production is generally larger during the second quarter, when conditions are more favorable. In case of sugar cane, harvest and sale take place between May and November of each year. As a result, there may be material fluctuations in the agricultural business results across quarters.

The operations of the Group’s shopping centers are also subject to seasonal effects, which affect the level of sales recorded by lessees. During summer time (January and February), the lessees of shopping centers experience the lowest sales levels in comparison with the winter holidays (July) and December (Christmas) when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping mall sales. Sale discounts at the end of each season also affect the business. As a consequence, a higher level of revenues is generally expected in the second half of the year rather than the first in shopping center operations.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

4.	Acquisitions and disposals

For the nine-month period ended as of March 31, 2014

Purchase-sale agreement

On October 17, 2013, Yuchán Agropecuaria signed a purchase-sale agreement involving a sale subject to retention of title involving 1,643 hectares of "La Fon Fon II" for an overall amount of US$ 7 million To date, the Company has collected US$ 0.2 million and the remaining balance will be paid in 7 semi-annual installments. The last installment is due in June 2017. Under the contract, the conveyance shall be recorded with the Registry once the price has been fully paid off. The possession shall be delivered upon collection of the first installment, scheduled for payment on June 15, 2014.

Purchase of shares of the Company Granos Olavarría S.A.

On August 30, 2013, the Group acquired 12,000 shares of the company Granos Olavarría S.A. representing 100% of the capital stock and voting rights. The price of the transaction was agreed upon at US$ 0.12 million, payable as follows: 1) the amount of US$ 0.018 million were paid on September 5, 2013; 2) US$ 0.042 million were paid on October 10, 2013; 3) US$ 0.03 million are payable on February 26, 2014; and 4) US$ 0.03 million twelve months after the third installment.

Subscription of shares of Avenida Inc. and Avenida Compras S.A.

On August 29, 2013, the Group, through Torodur S.A., subscribed 3,703,704 shares of Avenida Inc., a Company incorporated in Delaware, United States, and 23,077 shares of Avenida Compras S.A., a Company incorporated in Buenos Aires, Argentina, representing 26.09% and 2.10% of its outstanding capital, respectively. Additionally, Avenida Inc. owns 90.91% of Avenida Compras S.A., thus being the Group’s indirect interest in Avenida Compras of 25.81%. The amount of the transaction was Ps. 13.0 million, which has already been paid in full. The Group has a warrant to increase such equity interest up to 37.04% of the company.

Stock call option Agreement for the shares of Arcos del Gourmet S.A.

On September 16, 2013, the Group, through APSA entered into an agreement with Messrs. Eduardo Giana, Pablo Bossi and Patricio Tobal (non-controlling shareholders of Arcos del Gourmet S.A.), whereby the latter grant to APSA an exclusive and irrevocable option to purchase 10% of the equity interest of Arcos del Gourmet S.A., which can be executed up to December 31, 2018. In the event the option is exercised, APSA should pay the amount of US$ 8 million.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

4.	Acquisitions and disposals (Continued)

Furthermore, in the mentioned agreement a fixed amount of US$ 2.0 million was arranged, which was cancelled, and another variable amount to be paid on a monthly basis, that results from applying a 4.5% on the amounts accrued on each prior calendar month as rental and admission fees, net of certain expenses, during 5 years from the opening of the shopping mall, in relation to the assignment of rights to earn dividends of Arcos during such period.

Condominio del Alto – Performance of Exchange Agreement

On November 14, 2013 Alto Palermo S.A. (“APSA”) and Condominios del Alto S.A. (Condominios) executed a conveyance deed whereby Condominios conveyed upon APSA freehold and full possession of the units agreed in exchange. Upon such execution, APSA stated that the mortgage on the property has been fully discharged.

Subscription of shares of Dolphin Fund Ltd. (“Dolphin”)

During the nine-month period ended March 31, 2014 the Group has subscribed participating units of Dolphin Fund Ltd. (Dolphin) for the amount of Ps. 109.5 million.

On January 5, 2014, the competent court in dealing with IDBH Holding Corporation Ltd. (“IDBH”) debt restructuring has approved the offer made by Dolphin through Dolphin B.V. together with C.A.C. Extra Holdings Limited (“ETH”), a company incorporated under the laws of Israel, controlled by Mordechay Ben Moshé, in order to acquired approximately 53.3% of IDBD Development Corporation (“IDBD”), controlled by IDBH, within the framework of the debt restructuring process mentioned, pursuant to Israel’s applicable laws. The transaction was closed on May 7, 2014 (See Note 41).

IDBD is one of the Israeli biggest and most diversified investment groups, which is involved, through its subsidiaries, in several markets and industry, including real estate, retail, agribusiness, oil & gas production, insurance, telecommunications, etc.; controlling companies as: Clal Insurance (Insurance Company), Cellcom (Mobile phone services), Koor Industries (owner of 40% of Makhteshim Agan Industries (Agrochemicals), Super-Sol (supermarket), PBC (Real Estate), among others.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

4.	Acquisitions and disposals (Continued)

Significant sale of investment properties

On January 14, 2014, IRSA signed the transfer deed for the sale of the 11th floor and seven parking units of the Building Maipú 1300. The total price of the transaction was Ps. 9.6 million (US$ 1.4 million). Such transaction generated a gain before tax of approximately Ps. 7.9 million.

On January 24, 2014, IRSA signed the transfer deed for the sale of the 7th floor and 28 parking units of the Building Bouchard 551. The total price of the transaction was Ps. 124.6 million equivalents to US$ 16.0 million. Such transaction generated a gain before tax of approximately Ps. 104.5 million.

Transactions with non-controlling interest

Sale of Futuros y Opciones.com S.A. shares

On December 20, 2013 Cresud sold 14,812 non-transferable nominative common shares, with a nominal value of Ps. 1 each and entitled to one vote per share, representing a 0.9075% interest of FyO for a total amount of Ps. 0.1 million.

	Ps. (million)
Sale’s collected value		0.11
Increase in non-controlling interest		0.21
Reserve recorded in shareholders’ equity		(0.10	)

BRASILAGRO

During the nine-month period ended March 31, 2014, the Group sold 10,400 shares of BrasilAgro, representing a 0.02% interest, for a total amount of Ps. 0.27 million. Consequently, the Company recognized an increase in non-controlling interest for an amount of Ps. 0.25 million and an increase in equity attributable to owners of the parent of Ps. 0.02 million. The effect on shareholders’ equity of this change in the equity interest in BrasilAgro is summarized as follows:

	Ps. (million)
Carrying value of the non-controlling interests sold by the Group		(0.25	)
Consideration collected from non-controlling interests		0.27
Reserve recorded in shareholders’ equity		0.02

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

4.	Acquisitions and disposals (Continued)

On the other hand, on September 2, 2013, BrasilAgro approved a share repurchase program for up to 3,511,130 common shares and for up to an aggregate amount not to exceed the balance of profits or available reserves disclosed in BrasilAgro’s latest financial statements. As of March 31, 2014, BrasilAgro purchased 99,900 common shares for an aggregate amount of R$ 1.9 million. Below is a summary of the effects of such transaction on shareholders’ equity:

	Ps. (million)
Amount paid for repurchase		(4.94	)
Decrease in non-controlling interest		4.92
Reserve recorded in shareholders’ equity		(0.02	)

IRSA

On July 25, 2013, IRSA’s Board of Directors set forth the terms and conditions governing the purchase of the Company's own stock pursuant to Section 64 of Law No. 26,831 and the CNV’s regulations, for up to an aggregate amount of Ps. 200.0 million and up to 5% of the capital stock, in the form of common shares or Global Depositary Shares (GDS) representing 10 common shares each, and up to a daily limit of 25% of the average daily transaction volume experienced by the Company’s shares, along with the markets where they are listed, during the prior 90 business days, and at a price ranging from a minimum of Ps. 1 up to Ps. 8 per share. On September 18, 2013 the Board of Directors approved an increase to the maximum price, raising it to Ps.10 per common share and US$ 10.50 per GDS. On October 15, 2013, the Board of Directors approved a new increase to the maximum price, raising it to Ps.11.00 per common share and US$ 11.50 per GDS. On October 22, 2013 the Board of Directors approved a new increase to the maximum price, raising it to Ps.14.50 per common share and US$ 15.00 per GDS. During the period ended March 31, 2014, the Company purchased 347,661 common shares (N.V. Ps. 1 per share) for a total amount of Ps. 3.0 million and 395,860 GDS (representing 3,958,600 common shares) for a total amount of US$ 4.6 million.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

5.	Financial risk management

The group´s diverse activities are exposed to a variety of financial risk: market risk (including foreing currency risk, interest rate risk and price risk) credit risk, liquidity risk and capital risk.

The Condensed Interim Consolidated Financial Statements do not include all the information and disclosures of the risk management, so they should be read together with the annual consolidate financial statements as of June 30, 2013. There have been no changes in the risk management or risk management policies applied by the Group since the fiscal year-end.

Since June 30, 2013 at the date of these financial statements, there have been no significant changes in business or economic circumstances affecting the fair value of the Company's financial assets or liabilities (either measured at fair value or amortized cost), except for our investment in Supertel Hospitality Inc. (“Supertel”), which fair value was affected by the decrease in the market value of its common shares, because of the suspension of dividends’ payment. This had been decided in order to fortify its financial situation. Neither have been transfers between the several tiers used in estimating the fair value of the Company’s financial instruments.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment reporting

Below is a summarized analysis of the lines of business of the Group for the nine-month period ended March 31, 2014:

	Agricultural business (I)			Urban properties business and investments (II)			Total
Revenues		1,141,531			2,085,341			3,226,872
Costs		(1,750,913	)		(978,553	)		(2,729,466	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		971,418			-			971,418
Changes in the net realizable value of agricultural produce after harvest		(7,811	)		-			(7,811	)
Gross profit		354,225			1,106,788			1,461,013
Gain from disposal of investment properties		-			113,338			113,338
General and administrative expenses		(159,447	)		(195,367	)		(354,814	)
Selling expenses		(122,592	)		(102,905	)		(225,497	)
Other operating results		(24,959	)		(29,606	)		(54,565	)
Profit from operations		47,227			892,248			939,475
Share of profit of associates and joint ventures		10,444			85,945			96,389
Segment profit		57,671			978,193			1,035,864

Investment properties		43,759			4,658,901			4,702,660
Property, plant and equipment		2,474,572			220,317			2,694,889
Trading properties		-			226,437			226,437
Goodwill		9,368			100,627			109,995
Biological assets		1,030,663			-			1,030,663
Inventories		254,902			18,464			273,366
Investment in associates and joint ventures		38,335			1,326,351			1,364,686
Total segment assets		3,851,599			6,551,097			10,402,696

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

Below is a summarized analysis of the lines of business of the Group for the nine-month period ended March 31, 2013:

	Agricultural business (I)			Urban properties business and investments (II)			Total
Revenues		750,882			1,706,191			2,457,073
Costs		(1,329,398	)		(885,855	)		(2,215,253	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		734,949			-			734,949
Changes in the net realizable value of agricultural produce after harvest		6,943			-			6,943
Gross Profit		163,376			820,336			983,712
Gain from disposal of investment properties		-			61,475			61,475
Gain from disposal of farmlands		53,988			-			53,988
General and administrative expenses		(111,578	)		(153,454	)		(265,032	)
Selling expenses		(99,434	)		(81,691	)		(181,125	)
Other operating results		(1,479	)		106,612			105,133
Profit from operations		4,873			753,278			758,151
Share of profit of associates and joint ventures		5,521			5,496			11,017
Segment profit		10,394			758,774			769,168

Investment properties		25,292			4,320,899			4,346,191
Property, plant and equipment		1,733,674			231,206			1,964,880
Trading properties		4,678			229,986			234,664
Goodwill		6,729			73,328			80,057
Biological assets		695,218			-			695,218
Inventories		160,073			16,635			176,708
Investment in associates and joint ventures		29,399			1,157,605			1,187,004
Total segment assets		2,655,063			6,029,659			8,684,722

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

(I)	Agriculture line of business:

The following tables present the reportable segments of the agriculture line of business of the Group:

	March 31, 2014
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agriculture rentals and services			Agriculture Subtotal			Land transformation and sales			Agro-industrial			Other segments			Total agricultural business (i)
Revenues		459,882			72,589			37,006			87,253			15,213			671,943			-			378,376			91,212			1,141,531
Costs		(984,419	)		(122,112	)		(70,999	)		(157,075	)		(11,364	)		(1,345,969	)		(8,162	)		(329,853	)		(66,929	)		(1,750,913	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		764,563			90,419			39,579			76,857			-			971,418			-			-			-			971,418
Changes in the net realizable value of agricultural produce after harvest		(7,990	)		179			-			-			-			(7,811	)		-			-			-			(7,811	)
Gross profit / (loss)		232,036			41,075			5,586			7,035			3,849			289,581			(8,162	)		48,523			24,283			354,225
General and administrative expenses		(92,208	)		(19,014	)		(4,015	)		(24,557	)		(1,885	)		(141,679	)		(789	)		(11,731	)		(5,248	)		(159,447	)
Selling expenses		(58,802	)		(10,954	)		(1,545	)		(2,282	)		(575	)		(74,158	)		(3,837	)		(36,996	)		(7,601	)		(122,592	)
Other operating results		(21,507	)		(4,001	)		(846	)		58			(416	)		(26,712	)		(166	)		(869	)		2,788			(24,959	)
Profit / (loss) from operations		59,519			7,106			(820	)		(19,746	)		973			47,032			(12,954	)		(1,073	)		14,222			47,227
Share of profit of associates		10,173			31			-			-			-			10,204			-			-			240			10,444
Segment profit / (loss)		69,692			7,137			(820	)		(19,746	)		973			57,236			(12,954	)		(1,073	)		14,462			57,671

Investment properties		-			-			-			-			43,759			43,759			-			-			-			43,759
Property, plant and equipment		1,760,323			162,629			19,061			423,685			9,636			2,375,334			51,370			19,598			28,270			2,474,572
Goodwill		6,468			-			-			2,900			-			9,368			-			-			-			9,368
Biological assets		597,151			265,728			30,903			136,815			-			1,030,597			-			66			-			1,030,663
Inventories		140,744			23,088			-			-			-			163,832			-			17,628			73,442			254,902
Investment in associates		35,623			107			-			-			-			35,730			-			-			2,605			38,335
Total segment assets		2,540,309			451,552			49,964			563,400			53,395			3,658,620			51,370			37,292			104,317			3,851,599

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

	March 31, 2013
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agricultural rentals and services			Agriculture Subtotal			Land transformation and sales			Agro-industrial			Others Segments			Total agricultural business (i)
Revenues		338,011			63,632			27,737			120,820			19,231			569,431			-			127,883			53,568			750,882
Costs		(753,849	)		(105,590	)		(53,720	)		(231,536	)		(6,665	)		(1,151,360	)		(4,106	)		(128,086	)		(45,846	)		(1,329,398	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		507,124			53,423			27,788			147,597			-			735,932			-			-			(983	)		734,949
Changes in net realizable value of agricultural produce after harvest		6,940			3			-			-			-			6,943			-			-			-			6,943
Gross profit / (loss)		98,226			11,468			1,805			36,881			12,566			160,946			(4,106	)		(203	)		6,739			163,376
Gain from disposal of farmlands		-			-			-			-			-			-			53,988			-			-			53,988
General and administrative expenses		(58,369	)		(11,674	)		(2,669	)		(24,733	)		(3,771	)		(101,216	)		(489	)		(7,078	)		(2,795	)		(111,578	)
Selling expenses		(63,139	)		(7,982	)		(1,094	)		(2,907	)		(1,017	)		(76,139	)		(6,210	)		(13,118	)		(3,967	)		(99,434	)
Other operating results		2,495			(1,658	)		(369	)		(90	)		(521	)		(143	)		(68	)		(1,353	)		85			(1,479	)
(Loss) / profit from operations		(20,787	)		(9,846	)		(2,327	)		9,151			7,257			(16,552	)		43,115			(21,752	)		62			4,873
Share of profit of associates		4,795			14			-			-			-			4,809			-			-			712			5,521
Segment (loss) / profit		(15,992	)		(9,832	)		(2,327	)		9,151			7,257			(11,743	)		43,115			(21,752	)		774			10,394

Investment properties		-			-			-			-			25,292			25,292			-			-			-			25,292
Property, plant and equipment		1,224,756			137,004			21,014			316,602			382			1,699,758			-			20,660			13,256			1,733,674
Trading properties		-			-			-			-			-			-			4,678			-			-			4,678
Goodwill		4,646			-			-			2,083			-			6,729			-			-			-			6,729
Biological assets		366,043			198,804			26,307			103,993			-			695,147			-			71			-			695,218
Inventories		64,348			11,238			-			-			-			75,586			-			-			84,487			160,073
Investment in associates		26,898			81			-			-			-			26,979			-			-			2,420			29,399
Total segment assets		1,686,691			347,127			47,321			422,678			25,674			2,529,491			4,678			20,731			100,163			2,655,063

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

(II)	Urban properties and investments

The following tables present the reportable segments of the urban properties and investments line of business of the Group:

	March 31, 2014
	Shopping Center Properties			Offices			Sales and developments			Hotels			International			Financial operations and others			Total urban business and investment properties (II)
Revenues		1,477,167			242,973			46,451			253,971			64,322			457			2,085,341
Costs		(667,957	)		(82,356	)		(25,543	)		(159,506	)		(42,492	)		(699	)		(978,553	)
Gross profit / (loss)		809,210			160,617			20,908			94,465			21,830			(242	)		1,106,788
Gain from disposal of investment properties		-			-			113,338			-			-			-			113,338
General and administrative expenses		(72,207	)		(31,349	)		(27,726	)		(44,609	)		(19,421	)		(55	)		(195,367	)
Selling expenses		(49,275	)		(13,962	)		(8,314	)		(31,604	)		-			250			(102,905	)
Other operating results		(23,088	)		(1,765	)		(2,414	)		(761	)		423			(2,001	)		(29,606	)
Profit / (loss) from operations		664,640			113,541			95,792			17,491			2,832			(2,048	)		892,248
Share of profit / (loss) of associates and joint ventures		-			(244	)		3,874			556			(80,848	)		162,607			85,945
Segment profit / (loss)		664,640			113,297			99,666			18,047			(78,016	)		160,559			978,193

Investment properties		2,318,776			826,021			420,564			-			1,085,925			7,615			4,658,901
Property, plant and equipment		18,224			26,137			3,806			171,887			263			-			220,317
Trading properties		1,484			86			221,963			-			2,904			-			226,437
Goodwill		8,582			11,661			4,541			-			75,843			-			100,627
Inventories		9,860			-			582			8,022			-			-			18,464
Share of profit in associates and joint ventures		-			23,951			35,795			21,895			1,637			1,243,073			1,326,351
Total segment assets		2,356,926			887,856			687,251			201,804			1,166,572			1,250,688			6,551,097

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

	March 31, 2013
	Shopping Center Properties			Offices			Sales and developments			Hotels			International			Financial operations and others			Total urban and investment properties (II)
Revenues		1,173,547			214,040			117,178			174,694			25,632			1,100			1,706,191
Costs		(559,406	)		(88,712	)		(89,214	)		(126,824	)		(20,361	)		(1,338	)		(885,855	)
Gross profit / (loss)		614,141			125,328			27,964			47,870			5,271			(238	)		820,336
Gain from disposal of investment properties		-			-			61,475			-			-			-			61,475
General and administrative expenses		(47,693	)		(31,392	)		(28,113	)		(36,935	)		(9,105	)		(216	)		(153,454	)
Selling expenses		(39,023	)		(8,667	)		(12,609	)		(21,205	)		-			(187	)		(81,691	)
Other operating results		(17,590	)		(1,895	)		(8,230	)		456			134,487			(616	)		106,612
Profit / (loss) from operations		509,835			83,374			40,487			(9,814	)		130,653			(1,257	)		753,278
Share of profit / (loss) of associates and joint ventures		-			-			1,478			(4	)		(58,446	)		62,468			5,496
Segment profit / (loss)		509,835			83,374			41,965			(9,818	)		72,207			61,211			758,774

Investment properties		2,241,671			907,423			453,055			-			710,525			8,225			4,320,899
Property, plant and equipment		13,372			30,493			3,795			183,347			199			-			231,206
Trading properties		1,484			113			146,698			-			81,691			-			229,986
Goodwill		8,582			11,661			4,538			-			48,547			-			73,328
Inventories		10,140			-			511			5,984			-			-			16,635
Share of profit in associates and joint ventures		-			32,024			26,873			21,252			691			1,076,765			1,157,605
Total segment assets		2,275,249			981,714			635,470			210,583			841,653			1,084,990			6,029,659

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

At the time of assessing the performance of business segments and deciding upon the allocation of resources, the Executive Committee uses information on operating income assets and liabilities of each such segment In the Unaudited Condensed Consolidated Financial Statements, the transactions and balances between related parties which may affect more than one segment are eliminated. In order to obtain clear information that may be useful for Management’s decision making, the Group has defined that, as from the nine-month period ending March 31, 2014, such transactions will not be eliminated for segment reporting purposes.

The comparative information presented as from such period has been adjusted retrospectively for the sake of comparability.

The following tables present reconciliation between the total results of segment operations and the results of operations as per the statement of income. The adjustments relate to the presentation of the results of operations of joint ventures accounted for under the equity method under IFRS and the non-elimination of the inter-segment transactions as explained in the preceding paragraph.

	March 31, 2014
	Total segment information			Adjustment for share of profit / (loss) of joint ventures			Adjustment to income for elimination of inter-segment transactions			Total Statement of Income
Revenues		3,226,872			(40,122	)		(25,274	)		3,161,476
Costs		(2,729,466	)		39,096			25,056			(2,665,314	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		971,418			(15,694	)		-			955,724
Changes in the net realizable value of agricultural produce after harvest		(7,811	)		-			-			(7,811	)
Gross profit / (loss)		1,461,013			(16,720	)		(218	)		1,444,075
Gain from disposal of investment properties		113,338			-			-			113,338
General and administrative expenses		(354,814	)		2,356			829			(351,629	)
Selling expenses		(225,497	)		2,701			110			(222,686	)
Other operating results		(54,565	)		2,926			(721	)		(52,360	)
Profit from operations before share of associates and Joint Ventures		939,475			(8,737	)		-			930,738
Share of profit of associates and joint ventures		96,389			18,794			-			115,183
Profit from operations before financing and taxation		1,035,864			10,057			-			1,045,921

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Segment information (Continued)

	March 31, 2013
	Total segment information			Adjustment for share of profit / (loss) of joint ventures			Adjustment to income for elimination of inter-segment transactions			Total Statement of Income
Revenues		2,457,073			(113,931	)		(3,250	)		2,339,892
Costs		(2,215,253	)		97,000			2,294			(2,115,959	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		734,949			(1,423	)		-			733,526
Changes in the net realizable value of agricultural produce after harvest		6,943			101			-			7,044
Gross profit / (loss)		983,712			(18,253	)		(956	)		964,503
Gain from disposal of investment properties		61,475			-			-			61,475
Gain from disposal of farmlands		53,988			-			-			53,988
General and administrative expenses		(265,032	)		2,832			1,289			(260,911	)
Selling expenses		(181,125	)		8,755			81			(172,289	)
Other operating results		105,133			1,749			(414	)		106,468
Profit / (loss) from operations before share of associates and Joint Ventures		758,151			(4,917	)		-			753,234
Share of profit of associates and joint ventures		11,017			3,704			-			14,721
Profit / (loss) from operations before Financing and Taxation		769,168			(1,213	)		-			767,955

Total segment assets are allocated based on the operations of the segment and the physical location of the asset. In line with the analysis above, segment assets include the proportionate share of the assets of joint ventures. The statement of financial position under IFRS shows the net investment in these joint ventures as a single item.

Total reportable segments’ assets are reconciled to total assets as per the statement of financial position as follows:

	March 31, 2014			March 31, 2013
Total reportable assets as per Segment Information		10,402,696			8,684,722
Deconsolidation of investment properties		(159,992	)		(168,843	)
Deconsolidation of property, plant and equipment		(345,891	)		(69,551	)
Deconsolidation of trading properties		(6,339	)		(33,750	)
Deconsolidation of goodwill		(5,235	)		(5,236	)
Deconsolidation of biological assets		(22,547	)		(2,660	)
Deconsolidation of inventories		(8,663	)		(3,890	)
Deconsolidation of investments in associates and joint ventures		397,954			297,142
Total assets as per the Statement of Financial Position		10,251,983			8,697,934

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

7.	Information about principal subsidiaries

The Group conducts its business through several operating and holding subsidiaries. See breakdown of Group, their percentage of ownership interest, materiality criteria and other relevant information on the Group’s subsidiaries in Note 2.3.a) of the Consolidated Financial Statements as of June 30, 2013 and 2012.

Set out below is the summarized financial information for each subsidiary that has non-controlling interests that are material to the Group:

Summarized statements of financial position

	IRSA				Brasilagro
	March 31, 2014		June 30, 2013		March 31, 2014		June 30, 2013
Assets
Non-current assets		8,216,441		6,487,209		2,039,273		1,210,560
Current assets		1,243,522		1,839,320		828,828		667,656
Total assets		9,459,963		8,326,529		2,868,101		1,878,216
Liabilities
Non-current liabilities		5,167,536		3,590,593		240,186		168,553
Current liabilities		1,374,301		1,605,247		567,868		278,594
Total liabilities		6,541,837		5,195,840		808,054		447,147
Net assets		2,918,126		3,130,689		2,060,047		1,431,069

Summarized statements of income and statements of comprehensive income

	IRSA						Brasilagro
	March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013
Revenues		2,047,841			1,594,094			196,473			205,990
(Loss) / profit before income tax		(191,140	)		466,495			(41,700	)		12,688
Income tax expense		112,298			(87,234	)		19,404			1,761
(Loss) / profit for the period		(78,842	)		379,261			(22,296	)		14,449
Other comprehensive income		149,786			40,306			644,785			173,498
Total other comprehensive income		70,944			419,567			622,489			187,947
Profit attributable to non-controlling interest		56,845			62,016			-			-

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

7.	Information about principal subsidiaries (Continued)

Summarized cash flows

	IRSA						Brasilagro
	March 31, 2014			March 31, 2013			March 31, 2014			March 31, 2013
Cash flow from operating activities
Net cash generated from operating activities		686,420			540,756			(71,731	)		(58,278	)
Cash flow from investing activities
Net cash used in investing activities		(597,560	)		(250,979	)		(60,777	)		108,998
Cash flow from financing activities
Net cash used in financing activities		(688,495	)		(171,723	)		16,834			(16,435	)
Net (decrease) increase in cash and cash equivalents		(599,635	)		118,054			(115,674	)		34,285
Cash and cash equivalents at beginning of period		796,902			259,169			197,113			151,064
Foreign exchange gain on cash and cash equivalents		42,010			22,053			75,045			15,991
Cash and cash equivalents at end of period		239,277			399,276			156,484			201,340

The information above is the corresponding to balances and transactions before inter-company eliminations.

8.	Interests in joint ventures

As of June 30, 2013 the joint ventures of the Group were Cresca, Cyrsa S.A., Puerto Retiro S.A., Baicom Networks S.A., Quality Invest S.A., Nuevo Puerto Santa Fe S.A. (NPSF) and Entertainment Holdings S.A.

As stated in Note 4, APSA acquired shares of ENUSA. Thus as of March 31, 2014, the joint ventures of the Group are Cresca, Cyrsa S.A., Puerto Retiro S.A., Baicom Networks S.A., Quality Invest S.A., Nuevo Puerto Santa Fe S.A. (NPSF), EHSA and ENUSA (indirectly through an investment in EHSA. See Note 4). The shares in these joint ventures are not publicly traded.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

8.	Interests in joint ventures (Continued)

As of November 29, 2012, the Company acquired shares representing 50% of capital stock and votes of EHSA for an amount of Ps. 21.2 million. The fair value of the net assets acquired determined as of the purchase date amounted to Ps. 5.4 million. Therefore, the Group recognized a goodwill of Ps. 26.6 million.

On September 25, 2013, Sociedad Rural Argentina (SRA), La Rural de Palermo S.A. (LRPSA), Boulevard Norte S.A. (BNSA), Ogden Argentina S.A. (OASA), EHSA, ENUSA and La Rural S.A. (LRSA) executed a joint venture agreement and a shareholder’s agreement mostly amending certain provisions set forth in prior agreements. APSA is now in the process of assessing any potential effect on the preliminary allocation of the purchase price of said acquisition.

Changes in the Group’s investments in joint ventures for the nine-month period ended March 31, 2014 and for the year ended June 30, 2013 were as follows:

	March 31, 2014			June 30, 2013
Beginning of the period / year		324,194			260,994
Acquisition of Joint Ventures		(12	)		25,899
Capital contribution		39,830			42,892
Disposal of joint ventures		-			(6,534	)
Dividends distribution (i)		-			(1,250	)
Share of profit / (loss)		18,550			(661	)
Foreign exchange gain		39,243			2,854
End of the period / year (ii)		421,805			324,194

(i)	During year ended on 2013, the Group cashed dividends from Nuevo Puerto Santa Fe in the amount of Ps. 1.3 million.

(ii)	Include a balance of Ps. (19) reflecting interests in companies with negative equity as of March 31, 2014 which are reclassified to “Provision”. See Note 24.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

9.	Interests in associates

As of June 30, 2013, the associates of the Group were New Lipstick LLC, BHSA, Tarshop S.A., Manibil S.A., Lipstick Management LLC, Banco de Crédito and Securitización S.A. ("BACS"), Bitania 26 S.A., Agrouranga S.A. and Agromanagers S.A..

As stated in Note 4, the Group acquired, through a subsidiary, equity interest in Avenida Inc. and Avenida Compras S.A. (which will be dedicated to e-commerce business). Thus as of March 31, 2014, the associates of the Group are New Lipstick LLC, BHSA, Tarshop S.A., Manibil S.A., Lipstick Management LLC, BACS and Bitania 26 S.A., Agrouranga S.A., Agromanagers S.A., Avenida Inc. and Avenida Compra S.A..

The evolution of the Group’s investments in associates for the nine-month period ended as of March 31, 2014 and for the year ended as of June 30, 2013 was as follows:

	March 31, 2014			June 30, 2013
Beginning of the period / year		1,123,577			1,239,566
Acquisition of Associates		13,057			-
Capital contribution		19			37,721
Business combinations		-			(103,315	)
Share of profit / (loss)		96,633			(9,157	)
Foreign exchange gain		(38,811	)		(1,139	)
Dividends distribution (i)		(13,309	)		(40,099	)
End of the period / year (ii)		1,181,166			1,123,577

(i)

As of March 31, 2014, the Group cashed dividends from Agro-Uranga S.A., Manibil and BHSA in the amount of Ps. 2.9 million, Ps. 0.8 million and Ps. 9.2 million, respectively. During the year ended on 2013, the Group cash dividends from Agro-Uranga S.A., Manibil S.A. and BHSA in the amount of Ps. 4.8 million, Ps. 4.8 million and Ps. 30.5 million, respectively.

(ii)	Include a balance of Ps. (159,568) and Ps. (39,091) reflecting interests in companies with negative equity as of March 31, 2014 and June 30, 2013, respectively, which is reclassified to “Provisions” (see Note 24).

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

10.	Investment properties

The evolution of the Group’s investment properties for the nine-month period ended as of March 31, 2014 and for the year ended as of June 30, 2013 was as follows:

	Shopping Center Properties			Office and other rental properties portfolio			Undeveloped parcels of land		Leases of farmland			Properties under development		Total
Year ended June 30, 2013
Opening net book amount		1,986,542			976,982			418,819		30,398			51,200		3,463,941
Additions		51,295			13,270			1,768		2,532			144,187		213,052
Reclassification of property, plant and equipment		(86	)		86			-		10,095			-		10,095
Disposals		(65	)		(68,533	)		-		(907	)		-		(69,505	)
Depreciation charge (i)		(147,155	)		(48,395	)		-		(361	)		-		(195,911	)
Foreign exchange gain		-			77,769			-		1,241			-		79,010
Acquisition of interest in subsidiaries		-			679,219			-		-			-		679,219
Closing net book amount		1,890,531			1,630,398			420,587		42,998			195,387		4,179,901
As of June 30, 2013
Costs		3,152,971			1,834,756			420,587		43,675			195,387		5,647,376
Accumulated depreciation		(1,262,440	)		(204,358	)		-		(677	)		-		(1,467,475	)
Net book amount		1,890,531			1,630,398			420,587		42,998			195,387		4,179,901
Period ended March 31, 2014
Opening net book amount		1,890,531			1,630,398			420,587		42,998			195,387		4,179,901
Additions		19,213			19,791			107		1,603			139,519		180,233
Reclassification to property, plant and equipment		-			-			-		(7,630	)		-		(7,630	)
Disposals		-			(22,376	)		-		(79	)		-		(22,455	)
Depreciation charge (i)		(101,948	)		(49,557	)		-		(266	)		-		(151,771	)
Foreign exchange gain		-			357,256			-		7,134			-		364,390
Closing net book amount		1,807,796			1,935,512			420,694		43,760			334,906		4,542,668
As of March 31, 2014
Costs		3,149,575			2,169,978			420,694		43,760			334,906		6,118,913
Accumulated depreciation		(1,341,779	)		(234,466	)		-		-			-		(1,576,245	)
Net book amount		1,807,796			1,935,512			420,694		43,760			334,906		4,542,668

(i)	Depreciation charges of investment properties were included in “Group Costs” in the Statement of Income. (Note 30).

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

10.	Investment properties (Continued)

The following amounts have been recognized in the statement of income:

	March 31, 2014		March 31, 2013
Rental and service income		1,776,193		1,413,372
Direct operating expenses		791,171		662,438
Gain from disposal of investment properties		113,338		61,475

Properties under development mainly comprise works in Shopping Neuquén S.A. and Arcos del Gourmet S.A.. As of March 31, 2014 and June 30, 2013 works in Shopping Neuquén amount to Ps. 83.2 million and Ps. 43.1 million, respectively. Works in Arcos del Gourmet as of March 31, 2014 and June 30, 2013 amount to Ps. 235.7 million and Ps. 136.3 million, respectively.

As of March 31, 2014 contractual obligations mainly correspond to constructions regarding to both projects. In Shopping Neuquén S.A. contractual obligations amount to Ps. 205 million and the Project is expected to be completed in September, 2014. In Arcos del Gourmet S.A. contractual obligations amount to Ps. 234 million. On December 10, 2013, the Judicial Branch confirmed an injunction order that suspends the opening of the shopping center on the grounds that it does not have certain governmental permits. Even though the construction has all regulatory permits in place, the Company is carrying out specific actions, has challenged the ruling, and has requested that the injunction be lifted and has reasonable expectations of a favorable result. On April 1, 2014 the Government of the City of Buenos Aires granted a new environmental clearing certificate.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

11.	Property, plant and equipment

The evolution of the Group’s property, plant and equipment for the nine-month period ended as of March 31, 2014 and for the year ended as of June 30, 2013 were as follows:

	Owner occupied farmland			Hotel buildings and facilities			Other buildings and facilities			Furniture and fixtures			Machinery and equipment			Vehicles			Total
Year ended June 30, 2013
Opening net book amount		1,557,072			194,758			63,579			6,583			45,524			5,404			1,872,920
Foreign exchange gain		96,674			-			530			1,133			2,446			112			100,895
Additions		109,436			3,872			3,845			1,314			19,912			1,635			140,014
Reclassifications to investment properties		(10,095	)		-			-			-			-			-			(10,095	)
Reclassifications to intangible assets		-			-			-			-			(336	)		-			(336	)
Disposals		(176,671	)		-			(660	)		(636	)		(4,728	)		(448	)		(183,143	)
Depreciation charge (i)		(37,708	)		(18,282	)		(10,055	)		(1,216	)		(9,857	)		(1,683	)		(78,801	)
Closing net book amount		1,538,708			180,348			57,239			7,178			52,961			5,020			1,841,454
As of June 30, 2013
Costs		1,667,619			394,591			122,305			19,772			160,913			10,832			2,376,032
Accumulated depreciation		(128,911	)		(214,243	)		(65,066	)		(12,594	)		(107,952	)		(5,812	)		(534,578	)
Net book amount		1,538,708			180,348			57,239			7,178			52,961			5,020			1,841,454
Period ended March 31, 2014
Opening net book amount		1,538,708			180,348			57,239			7,178			52,961			5,020			1,841,454
Foreign exchange gain		471,301			-			3,037			1,195			12,067			235			487,835
Additions		64,730			2,777			3,984			1,669			9,348			723			83,231
Reclassifications of investment properties		7,630			-			-			-			-			-			7,630
Transfers		-			-			6			(6	)		-			-			-
Reclassifications to intangibles assets		-			-			(30	)		-			-			-			(30	)
Disposals		(5,486	)		(24	)		(125	)		(89	)		(2,172	)		(289	)		(8,185	)
Depreciation charge (i)		(31,113	)		(11,215	)		(7,622	)		(1,095	)		(10,621	)		(1,271	)		(62,937	)
Closing net book amount		2,045,770			171,886			56,489			8,852			61,583			4,418			2,348,998
As of March 31, 2014
Costs		2,228,061			395,444			128,147			22,668			183,128			10,721			2,968,169
Accumulated depreciation		(182,291	)		(223,558	)		(71,658	)		(13,816	)		(121,545	)		(6,303	)		(619,171	)
Net book amount		2,045,770			171,886			56,489			8,852			61,583			4,418			2,348,998

(i)

For the nine-month period ended as of March 31, 2014, depreciation charges of property, plant and equipment were included as follows: Ps. 58,120 under the line item “General and administrative expenses”, Ps. 3,496 under the line item “Selling expenses” and Ps. 1,321 under the line item “Cost” in the Statement of Income. For the fiscal year ended June 30, 2013, depreciation charges of property, plant and equipment were included as follows: Ps. 5,663 under the line item “General and administrative expenses”, Ps. 279 under the line item “Selling expenses” and Ps. 72,859 under the line item “Cost” in the Statement of Income.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

12.	Trading properties

The evolution of the Group’s trading property for the nine-month period ended as of March 31, 2014 and for the year ended as of June 30, 2013 was as follows:

	Completed properties			Properties under development			Undeveloped sites			Total
As of June 30, 2012		15,665			83,040			82,296			181,001
Additions		19			1,463			-			1,482
Foreign exchange gain		-			17,757			-			17,757
Transfers		-			61,444			(61,444	)		-
Disposals		(5,993	)		(5	)		-			(5,998	)
As of June 30, 2013		9,691			163,699			20,852			194,242
Additions		1,400			2,413			-			3,813
Foreign exchange gain		-			26,953			-			26,953
Transfers		7,351			(7,351	)		-			-
Disposals		(4,870	)		(25	)		(15	)		(4,910	)
As of March 31, 2014		13,572			185,689			20,837			220,098

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

13.	Intangible assets

The evolution of the Group’s intangible assets for the nine-month period ended as of March 31, 2014 and for the year ended as of June 30, 2013 was as follows:

	Goodwill		Computer Software			Rights of use			Others			Total
Year ended June 30, 2013
Opening net book amount		25,472		8,696			40,692			217			75,077
Foreign exchange gain		5,857		657			-			-			6,514
Additions		-		2,682			-			9			2,691
Disposals		-		(3	)		-			-			(3	)
Reclassification of property, plant and equipment		-		336			-			-			336
Acquisition of interest in subsidiary		45,723		-			-			-			45,723
Amortization charge (i) (Note 30)		-		(4,179	)		(753	)		(94	)		(5,026	)
Net book amount at year-end		77,052		8,189			39,939			132			125,312
As of June 30, 2013
Costs		77,052		31,009			44,455			907			153,423
Accumulated depreciation		-		(22,820	)		(4,516	)		(775	)		(28,111	)
Net book amount		77,052		8,189			39,939			132			125,312
Period ended March 31, 2014
Opening net book amount		77,052		8,189			39,939			132			125,312
Foreign exchange gain		27,708		5,171			-			-			32,879
Additions		644		1,767			-			10,953			13,364
Disposals		-		(32	)		-			-			(32	)
Reclassification of Property, plant and equipment		-		30			-			-			30
Amortization charge (i) (Note 30)		-		(3,118	)		(563	)		(60	)		(3,741	)
Net book amount at period end		105,404		12,007			39,376			11,025			167,812
As of March 31, 2014
Costs		105,404		37,928			44,456			11,860			199,648
Accumulated depreciation		-		(25,921	)		(5,080	)		(835	)		(31,836	)
Net book amount		105,404		12,007			39,376			11,025			167,812

(i)	Amortization charges are included in “General and administrative expenses” in the Statement of Income (Note 30). There was no impairment charges for any of the periods presented.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

14.	Biological assets

The evolution of the Group’s biological assets for the nine-month period ended as of March 31, 2014 and for the year ended as of June 30, 2013 was as follows:

	March 31, 2014			June 30, 2013
Beginning of the period / year		400,692			363,459
Purchases		28,643			8,375
Initial recognition and changes in the fair value of biological assets		919,102			851,289
Harvest		(386,587	)		(756,067	)
Sales		(60,324	)		(73,788	)
Consumes		(952	)		(1,232	)
Foreign exchange gain		107,542			8,656
End of the period / year		1,008,116			400,692

Biological assets as of March 31, 2014 and June 30, 2013 were as follows:

	Classification	March 31, 2014		June 30, 2013
Non-current
Cattle for dairy production	Production		30,829		27,957
Breeding cattle	Production		232,405		155,058
Sugarcane	Production		136,815		111,063
Other cattle	Production		5,770		6,320
Other biological assets	Production		3,628		2,730
Non-current biological assets			409,447		303,128
Current
Cattle for dairy production	Consumable		74		177
Cattle for sale	Consumable		20,387		40,692
Crops	Consumable		577,546		55,879
Other cattle	Consumable		662		816
Current biological assets			598,669		97,564
Total biological assets			1,008,116		400,692

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

15.	Inventories

Group’s inventories as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Crops		96,617		120,697
Materials and inputs		121,891		92,900
Seeds and fodder		20,545		22,397
Hotel supplies		8,022		5,962
Beef		17,628		8,985
Others		-		1,435
Total inventories		264,703		252,376

16.	Financial instruments by category

Determining fair values

IFRS 9 defines the fair value of a financial instrument as the amount for which a financial asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. The initial basis for the allocation is the “economic investment class”. Only if this does not result in an appropriate allocation the Company deviates from such an approach in individual cases. The allocation reflects which of the fair values derive from transactions in the market and where valuation is based on models because market transactions are lacking.

In the case of Level 1, valuation is based on non-adjusted quoted prices in active markets for identical financial assets or liabilities that the Group can refer to at the date of the statement of financial position. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. The financial instruments the Group has allocated to this level mainly comprise equity investments, mutual funds, government bonds and corporate bonds for which quoted prices in active markets are available. In the case of shares, the Group allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis of actual market transactions.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs for valuation must be observable for the whole of this period. The financial instruments the Group has allocated to this level mainly comprise interest rate swaps and foreign currency future contracts.

In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group’s assumptions regarding the factors which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The financial instruments that the Group has allocated to this level mainly comprise shares and warrants of Supertel.

As of March 31, 2014, the Group has determined that Arcos del Gourmet S.A.’s stock option is a Level 3 financial instrument and its fair value at the end of the period is zero.

Since June 30, 2013, there have been no transfers between the several tiers used in estimating the fair value of the Group’s financial instruments, or reclassifications among their respective categories.

The Group’s Finance Division has a team in place in charge of estimating valuation of financial assets required to be reported in the financial statements, including the fair value of Level 3 instruments. The team directly reports to the Chief Financial Officer (CFO).

The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, if necessary, on a quarterly basis, in line with the Group’s quarterly reports.

According to the Group’s policy, transfers among the several categories of valuation tiers are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of March 31, 2014 and June 30, 2013 and their allocation to the fair value hierarchy:

	March 31, 2014
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Investment in equity securities in TGLT		66,556		-		-		66,556
- Investment in equity securities in Hersha		46,069		-		-		46,069
- Corporate bonds		1,339		-		-		1,339
- Public companies securities		185,921		-		-		185,921
- Mutual funds		970,544		-		-		970,544
- Shares of Supertel		-		-		57,123		57,123
- Shares		348		-		-		348
- Investment in Supertel convertible loan		-		15,747		-		15,747
- Don Mario S.G.R.		13,474		-		-		13,474
- Government bonds		210,668		-		-		210,668
Derivative financial instruments:
- Commodity derivatives		1,916		-		-		1,916
- Foreign-currency contracts		-		10,939		-		10,939
- Swaps		-		14,153		-		14,153
Cash and cash equivalents		52,660		-		-		52,660
Total assets		1,549,495		40,839		57,123		1,647,457
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		21,113		-		21,113
- Commodity derivatives		11,105		-		-		11,105
Total liabilities		11,105		21,113		-		32,218

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

	June 30, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Investment in equity securities in TGLT		56,859		-		-		56,859
- Investment in equity securities in Hersha		30,163		-		-		30,163
- Corporate bonds		26,738		-		-		26,738
- Shares		323		-		-		323
- Mutual funds		211,665		-		-		211,665
- Shares of Supertel		-		-		139,120		139,120
- Non-convertible notes		5,136		-		-		5,136
- Don Mario S.G.R.		11,691		-		-		11,691
- Government bonds		157,632		-		-		157,632
Derivative financial instruments:
- Commodity derivatives		1,483		-		-		1,483
- Foreign-currency contracts		-		10,007		-		10,007
- Swaps		-		4,259		-		4,259
- Warrants of Supertel		-		-		16,949		16,949
Cash and cash equivalents		129,880		-		-		129,880
Total assets		631,570		14,266		156,069		801,905
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		11,461		-		11,461
- Commodity derivatives		3		-		-		3
Total liabilities		3		11,461		-		11,464

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

The following table presents the changes in Level 3 instruments for the nine-month period ended March 31, 2014:

	Call option for the shares of Arcos		Warrants of Supertel			Shares of Supertel			Total
Balance as of June 30, 2013		-		16,949			139,120			156,069
Acquisition										-
Total losses for the period (i)		-		(16,949	)		(81,997	)		(98,946	)
Balance as of March 31, 2014		-		-			57,123			57,123

(i)	The loss is not realized as of March 31, 2014 and is accounted for under “Other financial results” in the Statement of Income (Note 33)

Upon initial recognition (January, 2012), the consideration paid for the Shares and Warrants was assigned to both instruments based on the relative fair values of those instruments upon acquisition. The fair value of these instruments exceeded the transaction price and were determined using a valuation technique that uses inputs not observable in the market. As a result of the use of this technique, the Group has not recognized a gain at the time of initial recognition in the amount of US$ 7.9 million.

On March 31, 2014, the fair value of warrants of Supertel as determined pursuant to the indicated method was lower than the gain not recognized upon initial recording; therefore, warrants are valued at zero.

According to Group estimates, all factors being constant, a 10% decline in the price of the underlying assets of Level 3 shares and warrants of Supertel (data observed in the market) as of March 31, 2014, would reduce pre-tax income by Ps. 2.6 million.

According to Group estimates, all factors being constant, a 10% increase in the credit spread (data which is not observable in the market) of shares and warrants of Supertel used in the valuation model applied to Level 3 financial instruments as of March 31, 2014, would reduce pre-tax income by Ps. 7.5 million. The rate used as of March 31, 2014 was 14.25%.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Financial instruments by category (Continued)

When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Company uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table:

Description	Pricing model	Pricing method	Parameters
Foreign-currency contracts	Present value method	Theoretical price	Money market curve; Interest curve Foreign exchange curve.
Swaps	Discounted cash flows	-	Interest rate futures and flows of funds
Shares of Supertel	Binomial tree	Theoretical price	Price of underlying assets (market price) and (historic) stock volatility and market interest rate (Libor curve)
Warrants of Supertel	Black-Scholes	Theoretical price	Price of underlying assets (market price) and (historic) stock volatility and market interest rate (Libor curve)
Call option of Arcos del Gourmet S.A.	Discounted cash flows	-	Projected income and discount rate

17.	Restricted assets

The following table presents the restricted assets as of March 31, 2014 and June 30, 2013:

	March 31, 2014		June 30, 2013
Non-current
Escrow deposits		18,334		10,881
Mutual funds		62,679		43,750
Total Non-Current		81,013		54,631
Current
Escrow deposits		2,074		1,022
Total Current		2,074		1,022
Total restricted assets		83,087		55,653

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

18.	Trade and other receivables

The table below shows trade and other receivables of the Group as of March 31, 2014 and June 30, 2013:

	March 31, 2014			June 30, 2013
Non-current
Leases and services receivable		66,082			58,783
Consumer financing receivables		-			214
Receivables from sale of agriculture products		2,883			-
Property sales receivable (i)		91,866			88,387
Less: Allowance for doubtful accounts		(2,208	)		(2,266	)
Non-current trade receivables		158,623			145,118
Trade receivables from disposal of joint ventures		3,161			2,147
Prepayments		9,431			5,210
VAT receivables		20,918			28,944
Other tax receivables		118,548			62,759
Loans		1,116			-
Guarantee deposits		16,119			-
Others		667			4,499
Non-current other receivables		169,960			103,559
Related parties (Note 35)		89,320			42,753
Non-current trade and other receivables		417,903			291,430
Current
Consumer financing receivables		14,992			15,735
Leases and services receivable		241,689			418,022
Receivables from sale of agriculture products and farmlands leases		218,605			407,127
Receivables from hotel operations		44,566			26,201
Deferred checks received		221,092			164,808
Debtors under legal proceedings		57,125			51,610
Property sales receivable (i)		107,503			91,142
Less: allowance for doubtful accounts		(90,609	)		(84,418	)
Trade receivables		814,963			1,090,227
Trade receivables from disposal of joint ventures		7,270			20,555
Prepayments		116,756			78,603
VAT receivables		59,187			39,342
Gross sales tax credit		7,707			2,420
Other tax receivables		25,424			37,353
Loans		12,382			8,982
Expenses and services to recover		6,943			3,757
Suppliers advances		142,410			54,961
Guarantee deposits		54,834			34,233
Dividends receivable		7,882			2,828
Others		20,422			29,906
Less: allowance for doubtful accounts		(218	)		(218	)
Current other receivables		460,999			312,722
Related parties (Note 35)		80,098			77,365
Current trade and other receivables		1,356,060			1,480,314
Total trade and other receivables		1,773,963			1,771,744

(i) Property sales receivables primarily comprise trading properties, investment properties and farmlands.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

18.	Trade and other receivables (Continued)

The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature.

The evolution of the Group’s provision for impairment of trade receivables were as follows:

	March 31, 2014			June 30, 2013
Beginning of period / year		86,902			72,480
Charge for the period		9,594			32,229
Unused amounts reversed		(556	)		(16,142	)
Used during the period/year		(5,172	)		(1,610	)
Receivables written off		-			(235	)
Foreign exchange gain		2,267			180
End of period / year		93,035			86,902

The creation and release of provision for impaired receivables have been included in “Selling expenses” in the statement of income (Note 30). Amounts charged to the provision account are generally written off when there is no expectation of recovering additional cash.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

19.	Investment in financial assets

Group’s investment in financial assets as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Non-current
Financial assets at fair value through profit or loss
Investment in equity securities in TGLT		66,556		56,859
Investment in equity securities in Hersha		46,069		30,163
Mutual Funds (Note 35) (i)		872,673		17,249
Shares of Supertel		57,123		139,120
Don Mario S.G.R.		10,000		10,060
Investment in Supertel convertible loan (ii)		15,747		-
Shares		348		291
Total Investment in Financial Assets Non-current		1,068,516		253,742
Current
Financial assets at fair value through profit or loss
Mutual funds		97,871		194,416
Don Mario S.G.R.		3,474		1,631
Non-convertible notes related parties		-		5,136
Corporate bonds		1,339		26,738
Public companies securities		185,921		-
Government bonds		210,668		157,632
Others		-		32
Total Investment in Financial Assets current		499,273		385,585
Total Investment in Financial Assets		1,567,789		639,327

(i)	During the quarter, the Group has subscribed, through subsidiaries Tyrus and Ritelco, shares from Dolphin for the amount of US$ 109.5 million. See Note 41.

(ii)

On January 9, 2014, RES entered into a credit facility of up to US$ 2.0 million with Supertel Hospitality Inc. (SPPR). In the event SPPR successfully carries out an initial public offering not later than April 15, 2014, RES agrees to swap (capitalize) the balance of the loan at such time for shares of SPPR. In the event that SPPR fails to make an initial public offering within the term agreed, RES is entitled to a debt-for-equity swap until July 9, 2015 (subject to any limitation on shareholding that may apply). Since SPPR did not make a share public offering before April 15, 2014, the lending interest rate increased by 12.5% per annum. Subject to the limitations indicated above, RES has the option to capitalize the loan by swapping it into common shares that can be exercised until July 9, 2015. In such a case, the price at which debt will be swapped by equity shall be the higher of (a) the weighted average price of common shares of the company within a term of 5 days prior to the date RES decides to exercise the debt-for-equity swap option or (b) the higher of market price and book value.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

20.	Derivative financial instruments

Group’s derivative financial instruments as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Assets
Non-current
Swaps		6,900		4,259
Foreign-currency contracts		-		4,169
Supertel warrants		-		16,949
Total non-current		6,900		25,377
Current
Commodities		1,916		1,483
Foreign-currency contracts (Note 35)		10,939		5,838
Swaps		7,253		-
Total current		20,108		7,321
Total assets		27,008		32,698

Liabilities
Non-current
Foreign-currency contracts		-		2,773
Total non-current		-		2,773
Current
Commodities		11,105		3
Foreign-currency contracts		21,113		8,688
Total current		32,218		8,691
Total liabilities		32,218		11,464

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

21.	Cash flow information

The following table shows the amounts of cash and cash equivalents as of March 31, 2014 and June 30, 2013:

	March 31, 2014		June 30, 2013
Cash at bank and on hand		366,243		769,485
Short-term bank deposits		79,758		148,221
Mutual funds		52,660		129,880
Total cash and cash equivalents		498,661		1,047,586

Following is a detailed description of cash flows generated by the Group’s operations for the nine-month period ended as of March 31, 2014 and 2013.

	Note	March 31, 2014			March 31, 2013
(Loss) gain for the period			(527,513	)		263,194
Adjustments for:
Income tax expense			(357,973	)		30,747
Depreciation and amortization			218,449			211,033
Gain from disposal of investment properties			(113,338	)		(61,475	)
Loss from disposal of farmlands			-			(53,988	)
Gain on the revaluation of receivables arising from the sale of farmland			(17,828	)		(4,726	)
Gain from disposal of property, plant and equipment			(833	)		(199	)
Release of investment property and property, plant and equipment			2,619			365
Dividends income			(10,741	)		(20,470	)
Share-based payments			17,545			9,720
Unrealized Gain from derivative financial instruments			(7,074	)		(25,567	)
Changes in fair value of financial assets			(348,774	)		(152,539	)
Interest expense, net			465,839			310,389
Unrealized initial recognition and changes in the fair value of biological assets and agricultural produce			(697,406	)		(652,057	)
Changes in net realizable value of agricultural produce after harvest			7,811			(7,044	)
Provisions			77,560			83,187
Share of loss of associates and joint ventures			(115,183	)		(14,721	)
Unrealized foreign exchange loss, net			1,770,186			289,928
Result from purchase of joint venture			-			(137,062	)
Result from repurchase of Non-convertible Notes			34,861
Changes in operating assets and liabilities:
Decrease in biological assets			185,671			469,981
Decrease in inventories			248,242			32,356
Increase in restricted assets			-			(724	)
Decrease / (Increase) in trading properties			2,497			(1,659	)
Decrease / (Increase) in trade and other receivables			117,555			(27,272	)
Increase in derivative financial instruments			(10,214	)		(37,903	)
(Decrease) / Increase in trade and other payables			(255,341	)		149,725
Decrease in payroll and social security liabilities			(15,616	)		(14,886	)
Decrease in provisions			(3,920	)		(946	)
Net cash generated from operating activities before income tax paid			667,081			637,387

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

21.	Cash flow information (Continued)

The following table shows a detail of non-cash transactions occurred for the nine-month periods ended as of March 31, 2014 and 2013:

	March 31, 2014			March 31, 2013
Reimbursement of expired dividends		1,278			1,008
Dividends payable		-			(121,151	)
Conversion of notes		-			126
Dividends not collected		(412	)		-
Increase in property, plant and equipment through an increase in borrowings		539			-
Increase in investments in financial assets through an increase in borrowings		-			18,767

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

22.	Trade and other payables

Group’s trade and other payables as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Non-current
Trade payables		845		-
Admission rights		118,079		112,654
Sales, rent and services payments received in advance		52,490		53,300
Guarantee deposits		21,778		17,352
Non-current trade payables		193,192		183,306
Other tax payables		21,118		14,136
Deferred income		8,039		8,660
Shareholders´ personal tax payable		2,356		1,476
Tax amnesty plan for payable taxes		13,631		15,641
Others		11,577		5,028
Non-current other payables		56,721		44,941
Related parties (Note 35)		205		20
Non-current trade and other payables		250,118		228,267
Current
Trade payables		287,314		212,797
Accrued invoices		133,643		141,657
Admission rights		110,960		98,656
Sales, rent and services payments received in advance		205,737		199,909
Guarantee deposits		13,712		13,477
Current trade payables		751,366		666,496
Withholdings tax		3,035		9,800
VAT payables		30,211		26,739
Gross sales tax payable		179		1,836
Other tax payables		38,507		41,996
Deferred revenue		3,427		1,246
Dividends payable		1,807		11,445
Tax amnesty plan for payable taxes		307		310
Shareholders´ personal tax payable		11,301		3,220
Others		20,315		6,930
Current other payables		109,089		103,522
Related parties (Note 35)		36,513		129,524
Current trade and other payables		896,968		899,542
Total trade and other payables		1,147,086		1,127,809

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

22.	Trade and other payables (Continued)

The fair values of current trade and other payables approximate their respective carrying amounts due to their short-term nature.

23.	Payroll and social security liabilities

Group’s Salaries and social security liabilities as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Non-current
Others		5,512		3,984
Non-current payroll and social security liabilities		5,512		3,984
Current
Provision for vacation and bonuses		87,532		89,238
Social security payable		20,463		28,967
Salaries payable		929		1,776
Others		1,675		854
Current payroll and social security liabilities		110,599		120,835
Total payroll and social security liabilities		116,111		124,819

24.	Provisions

The table below shows the movements in the Group's provisions for other liabilities categorized by type of provision:

	Labor and legal claims			Tax and social security claims			Investments in associates and joint ventures (i)		Total
As of June 30, 2013		47,054			1,691			39,091		87,836
Additions		18,878			377			81,218		100,473
Used during period		(16,965	)		(482	)		-		(17,447	)
Foreign exchange gain		4,280			-			39,278		43,558
As of March 31, 2014		53,247			1,586			159,587		214,420

(i)	Corresponds to equity interests in associates and joint ventures with negative equity.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

24.	Provisions (Continued)

The analysis of total provisions is as follows:

	March 31, 2014		June 30, 2013
Non-current		196,781		71,626
Current		17,639		16,210
		214,420		87,836

25.	Borrowings

Group’s borrowings as of March 31, 2014 and June 30, 2013 were as follows:

							Book value
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal value (in millions)		March 31, 2014		June 30, 2013
Non-current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.50%		60		-		322,925
CRESUD NCN Class XI due 2015	Unsecured	Ps.	Floating	Badlar + 375 bps		80.5		19,793		39,415
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps		102		-		67,819
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90%		79		317,653		425,658
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50%		32		254,912		171,084
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23.67%		176		175,866		-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50%		109		881,926		-
IRSA NCN Class I due 2015	Unsecured	Ps.	Floating	Badlar + 395 ps		209		208,387		-
IRSA NCN Class II due 2017	Unsecured	Ps.	Floating	Badlar + 450 ps		11		10,761		-
IRSA NCN Class I due 2017	Unsecured	US$	Fixed	8.50%		150		1,190,622		784,855
IRSA NCN Class II due 2020	Unsecured	US$	Fixed	11.50%		150		1,072,986		781,338
APSA NCN Class I due 2017	Unsecured	US$	Fixed	7.87%		120		835,336		568,362
Syndicated loan (I)	Unsecured	Ps.	Fixed	15.01%		229		100,097		175,604
Banco M&T loan	Secured	US$	Floating	Libor + 3.25%		75		594,668		399,691
Long term loans	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)		15		109,554		77,780
Long term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days'		20		16,664		19,784
Long term loans	Unsecured	Ps.	Fixed	15.01%		24		10,204		13,543
Long term loans	Secured	Rs.	Floating	TJLP + 1.95 to 3.10 and 5.5 to 10		20.5		10,163		17,162
Long term loans	Secured	Rs.	Fixed	7.23%		98.7		194,461		121,289
Seller financing	Secured	US$	Fixed	3.50 % and 5%		17.9		118,038		78,371
Finance leases	Secured	US$	Fixed	10.75% and 7.5%		499		1,631		1,590
Other long term loans		Ps.	Fixed			-		18,334		19,163
Other long term loans		Bol.	Floating			-		6,997		6,136
Related parties (Note 35)								130,012		98,327
Non-current borrowings								6,279,065		4,189,896

(I)	Include Ps. 22,780 and Ps. 35,557 with Banco Hipotecario as of March 31, 2014 and June 30, 2013, respectively. See Note 35.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

25.	Borrowings (Continued)

							Book value
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal value (in millions)		March 31, 2014		June 30, 2013
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.5%		60		481,679		6,074
CRESUD NCN Class IX due 2014	Unsecured	Ps.	Floating	Badlar + 300 bps		161				101,316
CRESUD NCN Class X due 2014	Unsecured	US$	Fixed	7.75%		31.5		70,202		165,810
CRESUD NCN Class X – 2nd tranche due 2014	Unsecured	US$	Fixed	7.75%		30		80,507		163,477
CRESUD NCN Class XI due 2015	Unsecured	Ps.	Floating	Badlar + 375 bps		80.5		39,769		19,652
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps		102		104,062		35,083
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90%		79		316,044		(1,954	)
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50%		32		101		(74	)
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23.67%		176		3,987		-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50%		109		4,337		-
IRSA NCN Class I due 2017	Unsecured	US$	Fixed	8.50		150		15,735		26,675
IRSA NCN Class I due 2015	Unsecured	Ps.	Floating	Badlar + 395 ps		209		5,062		-
IRSA NCN Class II due 2017	Unsecured	Ps.	Floating	Badlar + 450 ps		11		226		-
IRSA NCN Class II due 2020	Unsecured	US$	Fixed	11.50		150		24,325		40,604
IRSA NCN Class III due 2013	Unsecured	Ps.	Floating	Badlar + 249 bps		153		-		52,240
IRSA NCN Class IV due 2014	Unsecured	US$	Fixed	7.45%		33.8		-		137,750
APSA NCN due 2014 (Note 35)	Unsecured	US$	Fixed	10.00%		50		-		-
APSA NCN Class I due 2017	Unsecured	US$	Fixed	7.88%		120		25,387		5,499
Bank overdrafts	Unsecured	Ps.	Fixed	25.375% and 24%		-		225,601		444,527
Short term loans	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)		15		7,385		6,266
Short term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days		20		3,553		893
Short term loans	Unsecured	Rs.	Floating	TJLP + 1.95 to 3.10		84.1		155,330		-
Short term loans	Unsecured	Rs.	Fixed	7.23%		19.1				19,081
Short term loans	Unsecured	Ps.	Fixed	15.01%		24		7,540		6,895
Short term loans	Secured	Rs.	Fixed	7.23%		11.9		44,482		-
Short term loans	Secured	Rs.	Floating	9.54 TJLP + 1.95 to 3.10		-		-		84,933
Short term loans	Secured	Rs.	Floating	5.5 to 10 TJLP + 1.95 to 3.10		5.5		6,643		5,263
Syndicated loans (i)	Unsecured	Ps.	Fixed	15.01%		203		101,307		51,005
Seller financing	Secured	US$	Fixed	3.5%		16.4		26,410		12,809
Seller financing	Unsecured	Rs.	Floating	IGPM/CDI		102		166,951		106,165
Other seller - financed debt						9.9		-		16,348
Finance lease obligations	Secured	US$	Fixed	10.75% y7.5%		499		2,176		1,460
Other short term loans		Ps.	Fixed					66,183		9,625
Other short term loans		Bol.	Floating					3,127		9,968
Related parties (Note 35)								4,678		-
Current borrowings								1,992,789		1,527,390
Total borrowings								8,271,854		5,717,286

(i)	Include Ps. 18,855 and Ps. 9,738 with Banco Hipotecario as of March 31, 2014 and June 30, 2013, respectively. See Note 35.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

25.	Borrowings (Continued)

Notes issued by Cresud

ON Class XV and XVI

On November 18, 2013, the Eighth Series of simple corporate notes was issued in the equivalent amount of Ps. 828 million, in two classes.

Class XV Non-Convertible Notes, for a face value of 176.37 million and falling due 24 months after the issuance date, will accrue interest at a variable rate (Badlar plus 399 basis points). Interest will be payable quarterly in arrears whereas the principal will be amortized in three consecutive payments on the 18, 21 and 24 months following the issue date.

Class XVI Non-Convertible Notes, for a face value of US$ 109.11 million (equivalent to Ps. 651.20 million) and falling due 60 months after the issuance date, will accrue interest at fixed annual rate of 1.50%. Interest will be payable quarterly in arrears whereas the principal will be amortized in two consecutive payments on the 54 and 60 months following the issue date.

26.

Taxation

The details of the provision for the Group’s income tax are as follows:

	March 31, 2014			March 31, 2013
Current income tax		(195,447	)		(179,127	)
Deferred income tax		553,420			148,380
Income tax expense		357,973			(30,747	)

The gross movement on the deferred income tax account was as follows:

	March 31, 2014			June 30, 2013
Beginning of the period / year		(351,035	)		(549,337	)
Foreign exchange gain		13,499			5,965
Additions for business combinations		-			(26,103	)
Charged / (Credited) to the statement of income		553,420			218,440
End of the period / year		215,884			(351,035	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

26.	Taxation (Continued)

The Group did not recognize deferred income tax assets of Ps. 64.2 million and Ps. 70.1 million as of March 31, 2014 and June 30, 2013, respectively. Although management believes that it will become profitable in the foreseeable future, as a result of the history of recent losses incurred during the development phase of the different Group’s business operations and the lack of verifiable and objective evidence due to the limited operating history of the Group itself, the Board of Directors has determined that there is sufficient uncertainty as to the generation of sufficient income to utilize the losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses.

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

	March 31, 2014		March 31, 2013
Tax calculated at the tax rates applicable to profits in the respective countries		307,032		(108,484	)
Permanent differences:
Share of loss of associates and joint ventures		24,446		4,825
Unrecognized tax losses		1,088		13,824
Non-taxable income		23,888		62,760
Non-deductible items		-		(3,237	)
Non-punishable items		-		(1,166	)
Others		1,519		731
Income tax expense		357,973		(30,747	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

27.	Shareholders' Equity

Special Reserve

Pursuant to CNV General Ruling No. 609/12, the Company set up a special reserve, to reflect the positive difference between the balance at the beginning of retained earnings disclosed in the first financial statements prepared according to IFRS and the balance at closing of retained earnings disclosed in the last financial statements prepared in accordance with previously effective accounting standards. This reserve may not be used to make distributions in kind or in cash, and may only be reversed to be capitalized, or otherwise to absorb potential negative balances in Retained Earnings.

Dividends

Cash dividends in respect of the year ended as of June 30, 2013 amounted to Ps.120 million, have been approved at the annual general ordinary and extraordinary shareholders’ meeting on October 31, 2013.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

28.

Revenues

	March 31, 2014								March 31, 2013
	Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total		Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total
Trading properties		25,933		-		-		25,933		20,175		-		-		20,175
Crops		-		458,877		-		458,877		-		336,881		-		336,881
Cattle		-		51,068		-		51,068		-		60,048		-		60,048
Dairy		-		37,006		-		37,006		-		27,737		-		27,737
Sugarcane		-		87,253		-		87,253		-		120,820		-		120,820
Beef		-		-		373,191		373,191		-		-		126,186		126,186
Supplies		-		54,428		-		54,428		-		32,157		-		32,157
Agriculture products and services income		25,933		688,632		373,191		1,087,756		20,175		577,643		126,186		724,004
Base rent		779,963		8,713		-		788,676		600,070		15,247		-		615,317
Contingent rent		230,725		-		-		230,725		184,351		-		-		184,351
Admission rights		92,538		-		-		92,538		78,339		-		-		78,339
Parking fees		59,446		-		-		59,446		44,981		-		-		44,981
Commissions		32,824		-		-		32,824		28,123		-		-		28,123
Property management fee		19,821		-		-		19,821		25,229		-		-		25,229
Expenses and Collective Promotion Funds		533,128		-		-		533,128		422,078		-		-		422,078
Flattening of tiered lease payments		15,563		-		-		15,563		13,031		-		-		13,031
Agricultural services		-		6,402		-		6,402		-		3,965		1,356		5,321
Advertising and brokerage fees		-		35,582		-		35,582		-		21,401		-		21,401
Others		3,472		1,115		-		4,587		1,923		-		-		1,923
Leases and service income		1,767,480		51,812		-		1,819,292		1,398,125		40,613		1,356		1,440,094
Other revenues:
Consumer financing		457		-		-		457		1,100		-		-		1,100
Hotel operations		253,971		-		-		253,971		174,694		-		-		174,694
Other revenues		254,428		-		-		254,428		175,794		-		-		175,794
Total group revenue		2,047,841		740,444		373,191		3,161,476		1,594,094		618,256		127,542		2,339,892

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

29.

Costs

	March 31, 2014								March 31, 2013
	Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total		Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total
Cost of leases and services		-		8,469		-		8,469		-		4,939		-		4,939
Other operative costs		-		8,162		-		8,162		-		4,106		-		4,106
Cost of property operations		-		16,631		-		16,631		-		9,045		-		9,045
Crops		-		972,372		-		972,372		-		746,872		-		746,872
Cattle		-		114,113		-		114,113		-		102,439		-		102,439
Dairy		-		70,999		-		70,999		-		53,720		-		53,720
Sugarcane		-		157,075		-		157,075		-		231,536		-		231,536
Supplies		-		41,378		-		41,378		-		27,858		-		27,858
Beef		-		-		303,100		303,100		-		-		123,427		123,427
Agricultural services		-		2,895		6,942		9,837		-		1,726		2,888		4,614
Brokerage fees		-		25,466		-		25,466		-		17,880		-		17,880
Cost of agricultural sales and services		-		1,384,298		310,042		1,694,340				1,182,031		126,315		1,308,346
Cost of sale of trading properties		10,513		-		-		10,513		10,012		-		-		10,012
Cost from hotel operations		158,917		-		-		158,917		126,234		-		-		126,234
Cost of leases and services		784,672		-		-		784,672		661,477		-		-		661,477
Other costs		241		-		-		241		845		-		-		845
Other costs		954,343		-		-		954,343		798,568		-		-		798,568
Total Group costs		954,343		1,400,929		310,042		2,665,314		798,568		1,191,076		126,315		2,115,959

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Expenses by nature

For the nine-month period ended as of March 31, 2014:

	Group costs
	Cost of property operations		Cost of agricultural sales and services		Cost of agriculture production		Cost of sale of trading properties		Cost from Consumer Financing		Cost from hotel operations		Other costs		General and administrative expenses		Selling expenses		Total
Leases, services charges and vacant property costs		11,985		6,499		821		974		-		285		102		10,235		3,904		34,805
Amortization and depreciation		162,572		32,002		5,657		4		-		8,285		1,371		7,237		1,321		218,449
Allowance for doubtful accounts		-		-		-		-		-		-		-		38		9,000		9,038
Advertising, publicity and other selling expenses		118,212		-		-		10		-		-		-		-		21,965		140,187
Taxes, rates and contributions		62,543		1,391		3,795		1,823		-		-		168		11,338		91,789		172,847
Maintenance and repairs		181,489		7,865		12,343		2,627		3		18,778		244		17,386		758		241,493
Fees and payments for services		20,464		50,082		3,308		34		236		1,726		35		46,257		6,028		128,170
Director´s fees		-		-		-		-		-		-		-		100,453		-		100,453
Payroll and social security expenses		215,906		57,837		34,217		106		-		90,079		1,910		132,787		23,012		555,854
Cost of sale of properties		-		-		-		4,910		-		-		-		-		-		4,910
Food, beverage and other lodging expenses		-		-		-		-		-		36,105		-		4,802		2,788		43,695
Conditioning and clearance		-		-		-		-		-		-		-		-		10,660		10,660
Changes in biological assets and agricultural produce		-		790,752		-		-		-		-		-		-		518		791,270
Supplies and labor		-		6,387		663,359		-		-		-		-		-		419		670,165
Freights		65		1,001		8,367		-		-		-		6		20		38,244		47,703
Commissions and expenses		-		3,042		128		1		-		3,352		-		6,881		4,695		18,099
Others		11,436		13,191		4,337		24		2		307		754		14,195		7,585		51,831
Total expenses by nature		784,672		970,049		736,332		10,513		241		158,917		4,590		351,629		222,686		3,239,629

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Expenses by nature (Continued)

For the nine-month period ended as of March 31, 2013:

	Group costs
	Cost of property operations		Cost of agricultural sales and services		Cost of agriculture production		Cost of sale of trading properties		Cost from Consumer Financing		Cost from hotel operations		Other costs		General and administrative expenses		Selling expenses		Total
Leases, services charges and vacant property costs		15,909		962		732		1,285		-		134		86		4,531		817		24,456
Amortization and depreciation		153,969		33,137		3,900		354		-		10,851		1		8,174		647		211,033
Allowance for doubtful accounts		-		-		-		-		-		-		-		-		6,998		6,998
Advertising, publicity and other selling expenses		86,532		-		1		-		-		3,655		-		-		14,445		104,633
Taxes, rates and contributions		47,515		1,524		3,939		1,041		-		-		17		7,885		55,935		117,856
Maintenance and repairs		157,114		4,002		9,558		1,929		34		16,307		81		13,695		668		203,388
Fees and payments for services		22,473		54,061		1,919		103		802		969		95		37,349		4,860		122,631
Director´s fees		-		-		-		-		-		-		-		80,447		-		80,447
Payroll and social security expenses		169,149		41,599		25,531		475		3		71,364		1,750		90,508		16,930		417,309
Cost of sale of properties		-		-		-		4,795		-		-		-		-		-		4,795
Food, beverage and other lodging expenses		-		-		-		-		-		22,435		-		2,080		505		25,020
Changes in biological assets and agricultural produce		-		532,940		-		-		-		-		-		-		-		532,940
Supplies and labor		-		10,774		574,425		-		-		-		-		31		2,539		587,769
Freights		-		323		6,222		-		-		-		21		86		40,364		47,016
Commissions and expenses		-		1,547		282		-		-		-		-		2,915		7,842		12,586
Conditioning and clearance		-		-		14		-		-		-		-		-		9,275		9,289
Others		8,816		2,579		3,315		30		6		519		2,054		13,210		10,464		40,993
Total expenses by nature		661,477		683,448		629,838		10,012		845		126,234		4,105		260,911		172,289		2,549,159

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

31.	Employee costs

	March 31, 2014		March 31, 2013
Salaries, bonuses and social security costs		537,073		407,030
Share-based payments		17,545		9,720
Pension costs – defined contribution plan		1,236		559
		555,854		417,309

32.	Other operating results

	March 31, 2014			March 31, 2013
Gain from purchase of subsidiaries		-			137,062
(Loss) / gain from commodity derivative financial instruments		(18,106	)		12,565
Gain from disposal of other property items		833			199
Recovery of provisions		152			1,938
Tax on personal assets		(11,772	)		(13,670	)
Management fee		46			1,217
Contingencies		(6,403	)		(18,163	)
Donations		(16,131	)		(7,930	)
Project Analysis and Assessment		(2,963	)		(5,465	)
Unrecoverable VAT		(352	)		(197	)
Administration fee		-			854
Others		2,336			(1,942	)
Total other operating results, net		(52,360	)		106,468

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

33.	Financial results, net

	March 31, 2014			March 31, 2013
Finance income:
- Interest income		76,087			29,804
- Foreign exchange gains		188,212			92,466
- Dividends income		10,741			20,470
- Gain from repurchase of Non-convertible Notes		289			2,057
Finance income		275,329			144,797

Finance costs:
- Interest expense		(541,926	)		(340,193	)
- Foreign exchange losses		(1,986,573	)		(408,138	)
- Loss from repurchase of Non-convertible Notes		(35,150	)		-
- Other financial costs		(66,873	)		(49,035	)
Finance cost		(2,630,522	)		(797,366	)
Less Finance costs capitalized		17,206			6,049
Total financial costs		(2,613,316	)		(791,317	)
Other finance results:
- Fair value gains of financial assets at fair value through profit or loss		368,092			162,463
- Gain from derivative financial instruments (except commodities)		20,660			5,317
- Gain on the revaluation of receivables arising from the sale of farmland		17,828			4,726
Total other financial income		406,580			172,506
Total financial results, net		(1,931,407	)		(474,014	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

34.	Share-based payments

Established by the Company and subsidiaries

Equity Incentive Plan

For the nine-month period ended March 31, 2014 and 2013, the Group incurred in a charge of Ps. 16 million and Ps. 7.7 million for the nine-month period ended March 31, 2014 and 2013, respectively, related to the awards granted under the Equity Incentive Plan.

Movements in the number of equity-settled options outstanding under the Equity Incentive Plan were as follows:

	March 31, 2014			June 30, 2013
At the beginning		3,232,474			1,671,666
Granted		2,320,203			1,566,060
Canceled		(131,016	)		(5,252	)
At the end		5,421,661			3,232,474

Established only by subsidiary undertakings

Brasilagro Stock Option Plan

For the nine-month period ended March 31, 2014 and 2013, the Group incurred in a charge of Ps. 2.4 million and Ps. 2 million, respectively, related to the awards granted under the Brasilagro Stock Option Plan.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

34.	Share-based payments (Continued)

Movements in the number of equity-settled options outstanding and their related weighted average exercise prices under the Brasilagro Stock Option Plan are as follows:

	March 31, 2014
	First tranche					Second tranche					Third tranche
	Option’s Exercise price		Options			Option’s Exercise price		Options			Option’s Exercise price		Options
At the beginning	$R	8.97		370,007		$R	8.25		315,479		$R	8.52		315,479
Granted		-		-			-		-			-		-
Forfeited		-		-			-		(54,527	)		-		(54,527	)
Exercised		-		-			-		-			-		-
Expired		-		(68,159	)		-		-			-		-
At the end	$R	8.97		301,848		$R	8.25		260,952		$R	8.52		260,952

	June 30, 2013
	First tranche				Second tranche				Third tranche
	Option’s Exercise price		Options		Option’s Exercise price		Options		Option’s Exercise price		Options
At the beginning	$R	8.97		370,007	$R	8.25		315,479	$R	8.52		315,479
Granted		-		-				-		-		-
Forfeited		-		-				-		-		-
Exercised		-		-				-		-		-
Expired		-		-				-		-		-
At the end	$R	8.97		370,007	$R	8.25		315,479	$R	8.52		315,479

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions

See description of the main transactions conducted with related parties in Note 39 to the Consolidated Financial Statements as of June 30, 2013 and 2012.

The following is a summary of the balances with related parties as of March 31, 2014:

Related party	Description of transaction	Investments in Financial Assets		Investments in Financial Assets		Trade and other receivables		Trade and other receivables		Trade and other payables			Trade and other payables			Borrowings			Borrowings			Derivative financial instruments
		Non-current		Current		Non-current		Current		Non-current			Current			Non-current			Current
Associates
Tarshop S.A.	Reimbursement of expenses				-		-		622		-			-			-			-			-
	Advances from customers		-		-		-		-		-			(271	)		-			-			-
	Leases and/or rights to use		-		-		-		19		(185	)		(234	)		-			-			-
New Lipstick LLC	Reimbursement of expenses		-		-		-		2,261		-			-			-			-			-
Lipstick Management LLC	Reimbursement of expenses		-		-		-		752		-			-			-			-			-
Llao Llao Resorts	Purchase of goods and/or services		-		-		-		-		-			(16	)		-			-			-
Agro-Uranga S.A	Dividends receivable		-		-		-		451		-			-			-			-			-
	Brokerage		-		-		-		-		-			(954	)		-			-			-
	Sale of inputs		-		-		-		515		-			-			-			-			-
Agro Managers S.A.	Reimbursement of expenses		-		-		-		203		-			-			-			-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		-		-		66		-			(1,094	)		-			-			-
	Overdrafts		-		-		-		-		-			-			-			(4,473	)		-
	Borrowings		-		-		-		-		-			-			(27,780	)		(18,995	)		-
	Derivatives		-		-		-		-		-			-			-			-			(7,078	)
	Leases and/or rights of use		-		-		-		2,730		-			-			-			-			-
Banco de Crédito y	Reimbursement of expenses		-		-		-		35		-			-			-			-			-
	Leases and/or rights of use		-		-		-		988		-			-			-			-			-
Securitización	Leases and/or rights of use		-		-		-		-		-			-			-			-			-
Total Associates			-		-		-		8,642		(185	)		(2,569	)		(27,780	)		(23,468	)		(7,078	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets		Investments in Financial Assets		Trade and other receivables		Trade and other receivables		Trade and other payables		Trade and other payables			Borrowings			Borrowings			Derivative financial instruments
		Non-current		Current		Non-current		Current		Non-current		Current			Non-current			Current
Joint Ventures
Cresca S.A.	Management fee		-		-		-		-		-		-			-			-			-
	Reimbursement of expenses		-		-		-		-		-		-			-			-			-
	Loans granted		-		-		88,217		-		-		-			-			-			-
	Financial operations		-		-		-		-		-		-			-			-			-
Puerto Retiro S.A.	Contributions to be paid in		-		-		-		261		-		-			-			-			-
	Reimbursement of expenses		-		-		-		200		-		-			-			-			-
	Financial operations		-		-		-		4,706		-		-			-			-			-
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		-		-		1,418		-		-			-			-			-
	Borrowings		-		-		-		-		-		-			-			(65	)		-
	Leases’s collections		-		-		-		12		-		(13	)		-			-			-
	Leases and/or rights of use		-		-		-		-		-		(94	)		-			-			-
	Management fee		-		-		-		36		-		-			-			-			-
Quality Invest S.A.	Management fee		-		-		-		1		-		(45	)		-			-			-
	Reimbursement of expenses		-		-		-		59		-		-			-			-			-
Baicom Networks S.A.	Management fee		-		-		-		12		-		-			-			-			-
	Borrowings		-		-		1,103		-		-		-			-			-			-
	Contributions to be paid in		-		-		-		10		-		-			-			-			-
	Reimbursement of expenses		-		-		-		16		-		-			-			-			-
Cyrsa S.A.	Borrowings		-		-		-		-		-		(6	)		(125,012	)		-			-
	Reimbursement of expenses		-		-		-		123		-		-			-			-			-
Boulevard Norte S.A.	Reimbursement of expenses		-		-		-		564		-		-			-			-			-
Entertainment Holding S.A.	Reimbursement of expenses		-		-		-		138		-		-			-			-			-
Total Joint Ventures			-		-		89,320		7,556		-		(158	)		(125,012	)		(65	)		-

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets		Investments in Financial Assets		Trade and other receivables		Trade and other receivables		Trade and other payables			Trade and other payables			Borrowings			Borrowings			Derivative financial instruments
		Non-current		Current		Non-current		Current		Non-current			Current			Non-current			Current
Other related parties
Consultores Asset Management S.A. (CAMSA)	Advances to be recovered		-		-		-		1,161		-			-			-			-			-
	Reimbursement of expenses		-		-		-		4,707		-			(147	)		-			-			-
Estudio Zang, Bergel & Viñes	Advances		-		-		-		63		-			-			-			-			-
	Legal services		-		-		-				-			(752	)		-			-			-
Fundación IRSA	Reimbursement of expenses		-		-		-		98		-			(1	)		-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		-		-		53,676		-			(5	)		-			-			-
	Dividends payable		-		-		-		624		-			-			-			-			-
	Reimbursement of expenses		-		-		-		10		-			-			-			-			-
Museo de los Niños	Reimbursement of expenses		-		-		-		771		-			(50	)		-			-			-
	Leases and/or rights to use		-		-		-		-		-			(3	)		-			-			-
Austral Gold	Reimbursement of expenses		-		-		-		8		-			-			-			-			-
Entretenimiento Universal S.A.	Reimbursement of expenses		-		-		-		76		-			-			-			-			-
Ogden Argentina S.A.	Reimbursement of expenses		-		-		-		169		-			-			-			-			-
IRSA Real Estate Strategies LP	Capital contribution		-		-		-		-		-			(8	)		-			-			-
IRSA Developments LP	Capital contribution		-		-		-		-		-			(5	)		-			-			-
Elsztain Managing Partners	Management fee		-		-		-		-		-			(30	)		-			-			-
Dolphin Fund PLC	Capital contributions		872,673		-		-		2,143		-			-			-			-			-
	Reimbursement of expenses		-		-		-		-		-			-			-			-			-
Total Other related parties			872,673		-		-		63,506		-			(1,001	)		-			-			-
Directors and Senior Management			-		-		-		-		-			-			-			-			-
Directors and Senior Management	Fees		-		-		-		-		-			(32,775	)		-			-			-
	Guarantee deposits		-		-		-		-		(20	)		-			-			-			-
	Reimbursement of expenses		-		-		-		394		-			(10	)		-			-			-
Total Directors and Senior Management			-		-		-		394		(20	)		(32,785	)		-			-			-
Total			872,673		-		89,320		80,098		(205	)		(36,513	)		(152,792	)		(23,533	)		(7,078	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

The following is a summary of the balances with related parties as of June 30, 2013:

Related party	Description of transaction	Investments in Financial Assets		Investments in Financial Assets		Trade and other receivables		Trade and other receivables		Trade and other payables		Trade and other payables			Borrowings			Borrowings
		Non-current		Current		Non-current		Current		Non-current		Current			Non-current			Current
Associates
Tarshop S.A.	Reimbursement of expenses		-		-		-		1,759		-		(1	)		-			-
	Management fee		-		-		-		226		-		-			-			-
New Lipstick LLC	Reimbursement of expenses		-		-		-		1,525		-		-			-			-
IRSA Developments LP	Reimbursement of expenses		-		-		-		32		-		(5	)		-			-
Lipstick Management LLC	Reimbursement of expenses		-		-		-		507		-		-			-			-
Agro-Uranga S.A	Dividends receivable		-		-		-		1,471		-		-			-			-
	Sale of goods and/or services		-		-		-		708		-		(364	)		-			-
Agro Managers S.A.	Reimbursement of expenses		-		-		-		113		-		-			-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		-		-		298		-		(372	)		-			-
	Borrowings		-		-		-		-		-		-			(35,557	)		(9,738	)
	Non-convertible notes		-		5,135		-		-		-		-			-			-
	Mortgage bonds		-		540		-		-		-		-			-			-
	Leases and/or rights to use		-		-		-		11		-		-			-			-
Manibil S.A.	Other liabilities		-		-		-		-		-		(781	)		-			-
Total Associates			-		5,675		-		6,650		-		(1,523	)		(35,557	)		(9,738	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35. Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets		Investments in Financial Assets		Trade and other receivables		Trade and other receivables		Trade and other payables		Trade and other payables			Borrowings			Borrowings
		Non-current		Current		Non-current		Current		Non-current		Current			Non-current			Current
Joint Ventures
Cresca S.A.	Management fee		-		-		-		1,693		-		-			-			-
	Reimbursement of expenses.		-		-		-		49		-		(157	)		-			-
	Financial operations		-		-		41,746		-		-		-			-			-
Puerto Retiro S.A.	Contributions to be paid in		-		-		-		101		-		-			-			-
	Reimbursement of expenses.		-		-		-		180		-		-			-			-
	Financial operations		-		-		-		3,916		-		-			-			-
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses.		-		-		-		275		-		(142	)		-			-
	Leases and/or rights to use.		-		-		-		11		-		(261	)		-			-
	Management fee		-		-		-		629		-		-			-			-
Baicom Networks S.A.	Management fee		-		-		1,007		1		-		-			-			-
	Reimbursement of expenses.		-		-		-		18		-		(2	)		-			-
Quality Invest S.A.	Management fee		-		-		-		46		-		(45	)		-			-
	Reimbursement of expenses.		-		-		-		77		-		-			-			-
	Financial operations		-		-		-		500		-		-			-			-
Cyrsa S.A.	Financial operations		-		-		-		-		-		-			(98,327	)		-
	Reimbursement of expenses.		-		-		-		6,039		-		(254	)		-			-
Boulevard Norte S.A.	Reimbursement of expenses.		-		-		-		29		-		-			-			-
Total Joint Ventures			-		-		42,753		13,564		-		(861	)		(98,327	)		-

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

Related party	Description of transaction	Investments in Financial Assets		Investments in Financial Assets		Trade and other receivables		Trade and other receivables		Trade and other payables			Trade and other payables			Borrowings			Borrowings
		Non-current		Current		Non-current		Current		Non-current			Current			Non-current			Current
Other related parties
Consultores Asset Management S.A. (CAMSA)	Management fee		-		-		-		9,342		-			-			-			-
	Reimbursement of expenses		-		-		-		2,659		-			(43	)		-			-
Estudio Zang, Bergel & Viñes	Sale of goods and/or services		-		-		-		60		-			-			-			-
	Legal services		-		-		-		22		-			(1,432	)		-			-
Fundación IRSA	Reimbursement of expenses		-		-		-		51		-			(2	)		-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		-		-		34,669		-			-			-			-
	Reimbursement of expenses		-		-		-		268		-			(3	)		-			-
Museo de los Niños	Reimbursement of expenses		-		-		-		133		-			(11	)		-			-
	Leases and/or rights of use		-		-		-		928		-			(3	)		-			-
Elsztain Managing Partners Master	Reimbursement of expenses		-		-		-		-		-			(61	)		-			-
Elsztain Managing Partners Ltd.	Reimbursement of Capital		-		-		-		-		-			(105,326	)		-			-
Decater	Reimbursement of Capital		-		-		-		-		-			(6,661	)		-			-
Dolphin Fund PLC	Subscription		17,249		-		-		-		-			-			-			-
	Reimbursement of expenses		-		-		-		133		-			-			-			-
Total Other related parties			17,249		-		-		48,265		-			(113,542	)		-			-
Directors and Senior Management
Directors and Senior Management	Management fee		-		-		-		7,599		-			(11,754	)		-			-
	Advances		-		-		-		1,204		-			(1,746	)		-			-
	Guarantee deposits		-		-		-		-		(20	)		-			-			-
	Reimbursement of expenses		-		-		-		83		-			(98	)		-			-
Total Directors and Senior Management			-		-		-		8,886		(20	)		(13,598	)		-			-
Total			17,249		5,675		42,753		77,365		(20	)		(129,524	)		(133,884	)		(9,738	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.	Related party transactions (Continued)

The following is a summary of the transactions with related parties for the nine-month period ended as of March 31, 2014:

Related party	Leases and/or rights to use			Management fee			Sale of goods and/or services		Compensation of Directors and senior management			Legal services			Financial operations			Donations
Associates
Agro-Uranga S.A.		-			-			6,926		-			-			-			-
Tarshop S.A.		4,399			(239	)		-		-			-			-			-
Banco Crédito y Securitización S.A.		530			-			-		-			-			-			-
Banco Hipotecario S.A.		343			-			-		-			-			43,189			-
Total Associates		5,272			(239	)		6,926		-			-			43,189			-
Joint Ventures
Cyrsa S.A.		-			-			-		-			-			(14,596	)		-
Cresca S.A.		-			46			-		-			-			2,216			-
Baicom Networks S.A.		-			9			-		-			-			96			-
Nuevo Puerto Santa Fe S.A.		(426	)		1,090			-		-			-			-			-
Puerto Retiro S.A.		-			-			-		-			-			790			-
Quality Invest S.A.		-			162			-		-			-			-			-
Canteras Natal Crespo S.A.		-			-			-		-			-			-			-
Total Joint Ventures		(426	)		1,307			-		-			-			(11,494	)		-
Other related parties
Inversiones Financieras del Sur S.A.		-			-			-		-			-			19,874			-
Fundación IRSA		-			-			1		-			-			-			(2,250	)
Estudio Zang, Bergel & Viñes		-			-			-		-			(2,725	)		-			-
Dolphin Fund PLC (i)		-			-			-		-			-			-			-
Hamonet S.A.		(293	)		-			-		-			-			-			-
Isaac Elzstain e Hijos S.C.A.		(534	)		-			-		-			-			-			-
Total Other related parties		(827	)		-			1		-			(2,725	)		19,874			(2,250	)
Directors and Senior Management
Directors		-			-			-		(88,606	)		-			-			-
Senior Management		-			-			-		(10,548	)		-			-			-
Total Directors and Senior Management		-			-			-		(99,154	)		-			-			-
Total		4,019			1,068			6,927		(99,154	)		(2,725	)		51,569			(2,250	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35. Related party transactions (Continued)

The following is a summary of the transactions with related parties for the nine-month period ended as of March 31, 2013:

Related party	Leases and/or rights to use			Management fee			Sale of goods and/or services		Corporate Services			Financial operations			Legal services			Donations			Compensation of Directors and Senior management
Associates
Agro-Uranga S.A.		-			-			4,631		-			-			-			-			-
Tarshop S.A.		4,271			-			-		234			-			-			-			-
Banco Hipotecario S.A.		-			-			-		-			(1,045	)		-			-			-
Total Associates		4,271			-			4,631		234			(1,045	)		-			-			-
Joint Ventures
Cyrsa S.A.		-			-			-		-			(5,397	)		-			-			-
Cresca S.A.		-			1,034			-		-			3,466			-			-			-
Baicom Networks S.A.		-			-			-		9			71			-			-			-
Nuevo Puerto Santa Fe S.A.		(27	)		794			-		-			-			-			-			-
Puerto Retiro S.A.		-			-			-		-			343			-			-			-
Quality Invest S.A.		-			2,260			-		-			10			-			-			-
Canteras Natal Crespo S.A.		-			-			-		72			8			-			-			-
Total Joint Ventures		(27	)		4,088			-		81			(1,499	)		-			-			-
Other related parties
Inversiones Financieras del Sur S.A.		-			-			-		-			2,602			-			-			-
Fundación IRSA		-			-			-		(2	)		-			-			(1,420	)		-
Estudio Zang, Bergel & Viñes		-			-			-		-			-			(2,292	)		-			-
Consultores Asset Management S.A. (CAMSA)		140			(9,388	)		-		-			-			-			-			-
Total Other related parties		140			(9,388	)		-		(2	)		2,602			(2,292	)		(1,420	)		-
Directors and Senior Management
Directors and Senior Management		-			-			-		-			-			-			-			(69,178	)
Total Directors and Senior Management		-			-			-		-			-			-			-			(69,178	)
Total		4,384			(5,300	)		4,631		313			58			(2,292	)		(1,420	)		(69,178	)

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

36.	CNV General Resolution No. 622

As required by Section 1°, Chapter III, Title IV of CNV General Resolution No. 622, below there is a detail of the notes to the Unaudited Condensed Interim Consolidated Financial Statements that disclosure the information required by the Resolution in Exhibits.

Exhibit A - Property, plant and equipment	Note 10 - Investment properties
	Note 11 - Property, plant and equipment
Exhibit B - Intangible assets	Note 13 - Intangible assets
Exhibit C - Equity investments	Note 38 - Investments in associates and joint ventures
Exhibit D - Other investments	Note 16 - Financial instruments by category
	Note 17 - Restricted assets
Exhibit E - Provisions	Note 18 - Trade and other receivables
	Note 24 – Provisions
Exhibit F - Cost of sale and services	Note 39 - Cost of sales and services provided
Exhibit G - Foreign currency assets and liabilities	Note 40 - Foreign currency assets and liabilities
Exhibit H – Exhibit of expenses	Note 30 - Expenses by nature

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

37.	Investments in associates and joint ventures

											Issuer´s information
													Last financial statement issued
Issuer and type of securities	Class	Amount		Value recorded as of 03.31.14			Value recorded as of 06.30.13			Market value as of 03.31.14	Main activity	Place of business / country of incorporation	Common stock (nominal value)		Income (loss) for the period			Shareholders' equity		% of ownership interest in common stock
Associates

Avenida Inc.	Shares		3,703,704		8,756			-		Not publicly traded	Investment	United States		2,000		449			2,210		24.79	%
	Higher value				4,595			-
					13,351			-

Avenida Compras	Shares				(60	)		-		Not publicly traded	E-commerce	Argentina		1,100		(470	)		12,670		2.10	%
	Goodwill				18			-
					(42	)		-

Agromanagers S.A.	Shares		981,029		1,809			1,569		Not publicly traded	Investment	Argentina		2,094		513			3,862		46.84	%
	Higher value				796			796
					2,605			2,365

Agrouranga S.A.	Shares		893,069		24,550			17,679		Not publicly traded	Agricultural	Argentina		2,500		29,651			68,725		35.72	%
	Higher value				11,179			11,179
					35,729			28,858

Banco de Crédito y Securitización S.A.	Shares		3,984,375		13,430			9,901		Not publicly traded	Financing	Argentina		62,500		28,106			212,536		6.38	%
					13,430			9,901

Banco Hipotecario S.A.	Shares		446,515,208		1,193,003			1,036,669		1.78	Financing	Argentina		1,500,000		202,422			4,049,357		29.77	%
	Higher value				(3,652	)		(5,239	)
					1,189,351			1,031,430

Bitania 26 S.A.	Shares				11,962			11,069		Not publicly traded	Real State	Argentina		20,000		1,823			24,413		49.00	%
	Goodwill		4,724,203		1,736			1,736
	Higher value				8,197			8,535
					21,895			21,340

Lipstick Management LLC	Shares		N/A		1,618			-
	Irrevocable contribution				19			799		Not publicly traded	Management company	United States		N/A		446			2,441		49.00	%
					1,637			799

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

37.	Investments in associates and joint ventures (Continued)

											Issuer´s information
													Last financial statement issued
Issuer and type of securities	Class	Amount		Value recorded as of 03.31.14			Value recorded as of 06.30.13			Market value as of 03.31.14	Main activity	Place of business / country of incorporation	Common stock (nominal value)		Income (loss) for the period			Shareholders' equity			% of ownership interest in common stock
Manibil S.A.	Shares		30,397,880		35,785			26,250		Not publicly traded	Real State	Argentina		62,037		7,907			73,031			49.00	%
	Irrevocable contribution							6,500
	Goodwill				10			10
					35,795			32,760

New Lipstick LLC	Shares		N/A		(159,568	)		(39,091	)	Not publicly traded	Real State	United States		N/A		(98,459	)		(395,629	)		49.87	%
					(159,568	)		(39,091	)

Tarshop S.A.	Shares		133,796,440		31,864			39,140		Not publicly traded	Consumer	Argentina		133,796		(44,270	)		159,318			20.00	%
	Higher value				(4,881	)		(3,925	)		financing
					26,983			35,215
Total Associates					1,181,166			1,123,577

Joint Ventures

Baicom Networks S.A.	Shares		4,701,455		3,083			3,035		Not publicly traded	Real State	Argentina		9,403		(683	)		6,847			50.00	%
	Irrevocable contribution				340			390
	Higher value				276			276
					3,699			3,701

Cresca S.A.	Shares		N/A		60,487			21,644		Not publicly traded	Agricultural	Paraguay		67,979		-			-			50.00	%
	Irrevocable contribution				38,269			-
					98,756			21,644

Cyrsa S.A.	Shares		119,608,531		147,125			129,627		Not publicly traded	Real State	Argentina		239,217		34,996			294,249			50.00	%
	Higher value				2,753			2,753
					149,878			132,380

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

38.	Investments in associates and joint ventures (Continued)

											Issuer´s information
													Last financial statement issued
Issuer and type of securities	Class	Amount		Value recorded as of 03.31.14			Value recorded as of 06.30.13			Market value as of 03.31.14	Main activity	Place of business / country of incorporation	Common stock (nominal value)		Income (loss) for the period			Shareholders' equity		% of ownership interest in common stock
Entertainment Holdings S.A.	Shares		22,395,574		19,695			12,709		Not publicly traded	Investment	Argentina		44,791		(393	)		40,830		50.00	%
	Irrevocable contribution				721			-
	Goodwill				(23,192	)		24
	Higher value				26,647			10,652
					23,871			23,385

Entretenimiento Universal S.A.	Shares		300		(20	)		-		Not publicly traded	Event organization and others	Argentina		12		534			756		50.00	%
					(20	)		-

Nuevo Puerto Santa Fé S.A.	Shares		138,750		20,541			16,504		Not publicly traded	Commercial real state	Argentina		27,750		8,074			41,082		50.00	%
	Goodwill				4,024			4,155
	Higher value				1,323			1,323
					25,888			21,982

Puerto Retiro S.A.	Shares		23,067,250		14,290			15,696		Not publicly traded	Real State	Argentina		46,135		(2,812	)		28,581		50.00	%
	Higher value				41,160			41,160
					55,450			56,856

Quality Invest S.A.	Shares		69,814,342		62,752			63,210		Not publicly traded	Real State	Argentina		140,629		126			126,504		50.00	%
	Irrevocable contribution				500			-
	Goodwill				3,911			3,911
	Higher value				(2,880	)		(2,875	)
					64,283			64,246
Total Joint Ventures					421,805			324,194
Total investments in associates and joint ventures as of 03.31.14				(*) 1,602,971				-
Total investments in associates and joint ventures as of 06.30.13					-		(*) 1,447,771

(*) Include a balance of Ps. (159,587) and Ps. (39,091) reflecting interests in companies with negative equity as of March 31, 2014 and June 30, 2013, respectively, which is reclassified to “Provisions” (see Note 24).

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

39.	Cost of sales and services provided

	Agricultural business											Urban properties and investments Business
Description	Biological assets			Inventories			Agriculture services		Subtotal Agricultural business			Services and other operating costs		Trading properties			Hotels			Others		Subtotal Urban properties and investments business			Total as of 03.31.14			Total as of 03.31.13
Inventories as of 06.30.13		231,020			236,056			-		467,076			-		194,242			5,962			-		200,204		(i) 667,280			(ii) 639,624

Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		91,051			52,920			-		143,971			-		-			-			-		-			143,971			89,680

Changes in net realizable value of agricultural produce after harvest		-			(7,811	)		-		(7,811	)		-		-			-			-		-			(7,811	)		7,044

Decrease due to harvest		-			350,659			-		350,659			-		-			-			-		-			350,659			317,858
Acquisitions and classifications		28,302			842,378			-		870,680			-		-			-			-		-			870,680			482,308
Consume		(413	)		(424,565	)		-		(424,978	)		-		-			-			-		-			(424,978	)		(341,290	)
Additions		-			-			-		-			-		3,813			2,059			-		5,872			5,872			7,836
Disposals		-			-			-		-			-		(4,786	)		-			-		(4,786	)		(4,786	)		(4,816	)
Expenses incurred		-			40,680			38,131		78,811			784,672		10,389			158,918			241		954,220			1,033,031			846,785
Foreign exchange gain		-			25,734			-		25,734			-		26,953			-			-		26,953			52,687			16,099
Inventories as of 03.31.14		(290,127	)		(243,966	)		-		(534,093	)		-		(220,098	)		(8,022	)		-		(228,120	)	(iii) (762,213		)	(iv) (579,112		)
Costs as of 03.31.14		59,833			872,085			38,131		970,049			784,672		10,513			158,917			241		954,343			1,924,392			-
Costs as of 03.31.13		53,743			604,883			24,822		683,448			661,477		10,012			126,234			845		798,568			-			1,482,016

(i) Includes Ps. (10,358) corresponding to materials and inputs of IRSA as of June 30, 2013.

(ii) Includes Ps. (10,867) corresponding to materials and inputs of IRSA as of June 30, 2012.

(iii) Includes Ps. (10,253) and Ps. (2,462) corresponding to materials and inputs of IRSA and FyO, respectively, as of March 31, 2014.

(iv) Includes Ps. (10,547) corresponding to materials and inputs of IRSA as of March 31, 2013.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

40.	Foreign currency assets and liabilities

Book amounts of foreign currency assets and liabilities are as follows:

Items (3)	Amount of foreign currency (2)		Prevailing exchange rate (1)		Total as of 03.31.14		Amount of foreign currency (2)		Prevailing exchange rate (1)		Total as of 06.30.13
Assets
Restricted assets
US Dollar		5,322		7.902		42,057		3,124		5.348		16,706
Total restricted assets						42,057						16,706
Trade and other receivables
Uruguayan Peso		13,300		0.363		4,824		355		0.262		93
US Dollar		30,641		7.902		242,123		90,639		5.348		484,735
Euros		3		10.871		36		2		6.949		17
Swiss francs		-		-		-		77		5.660		437
Total trade and other receivables						246,983						485,282
Investment in financial assets
US Dollar		154,108		7.902		1,217,760		39,209		5.348		209,692
Uruguayan Peso		502		0.363		182		-		-		-
Argentine Peso		-		-		-		90		1.000		90
Total Investment in financial assets						1,217,760						209,782
Derivative financial instruments
US Dollar		1,197		7.902		9,455		3,169		5.348		16,949
Total Derivative financial instruments						9,455						16,949
Cash and cash equivalents
Uruguayan Peso		99		0.363		36		309		0.262		81
US Dollar		31,759		7.902		250,962		108,401		5.348		579,731
Euros		114		10.871		1,235		107		6.949		745
Swiss francs		1		8.932		1		-		-		-
Pounds		2		13.173		31		3		8.080		22
Yenes		52		0.077		4		74		0.054		4
Brazilian Reais		5		3.290		17		5		2.370		12
Total Cash and cash equivalents						252,286						580,595

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

40.	Foreign currency assets and liabilities (Continued)

Item (3)	Amount of foreign currency (2)		Prevailing exchange rate (1)		Total as of 03.31.14		Total as of 06.30.13		Prevailing exchange rate (1)		Amount of foreign currency (2)
Liabilities
Trade and other payables
Uruguayan Peso		417		0.381		159		38		0.262		10
US Dollar		10,088		8.002		80,721		34,121		5.388		183,845
Brazilian Reais		1		3.69		4
Euros		1		11.028		3		16		7.015		114
Bolivian		-		-		-		-		-		-
Total trade and other payables						80,887						183,969
Borrowings
US Dollar		742,182		8.002		5,938,940		708,733		5.388		3,818,651
Argentine Peso		-		-		-		66		1.000		66
Total borrowings						5,938,940						3,818,717
Derivative financial instruments
US Dollar		1,616		8.002		12,928		322		5.388		1,737
Total Derivative financial instruments						12,928						1,737

(1)	Exchange rate as of March 31, 2014 and June 30, 2013 according to Banco Nación Argentina records.

(2)	Considering foreign currencies those that differ from Company’s functional currency at each period/year-end.

(3)	The Company uses derivative instruments as complement in order to reduce its exposure to exchange rate movements See Note 20.

41.

Incident

On February 5, 2014 there was a widely known fire in Iron Mountain’s warehouse, which company is a supplier of the Group and where Group’s documentation was being kept. To the date of these financial statements, the Group is waiting for the company that experienced the fire to report whether the documentation submitted has been actually affected by the fire and its condition after the accident. Nevertheless, based on the internal review carried out by the Group, duly reported to the Argentine Securities Exchange Commission on February 12, 2014, the information kept at the Iron Mountain premises that were on fire do not appear to be sensitive or capable of affecting normal operations.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

42.	Ongoing litigation with the city of Villa Mercedes

The Misdemeanours Court Judge to the city of Villa Mercedes, Province of San Luis, issued resolution No. 2980/08 about the situation of Cactus in such city, determining that the Company had a 36-month term to present its plan to conclude operations and transfer the establishment located on the Provincial Route 2B. Furthermore, it was determined that in such 36-month period, the Company should not host over 18,500 head of cattle.

Such brief was appealed by Cactus before the Municipality, which was negatively answered on April 7, 2009, by means of Decree No. 0662/09, thus ratifying the Misdemeanour Court Judge’s ruling. Under the administrative justice of the city of Villa Mercedes, the Company would have until April 7, 2012 to present its plan to conclude operations and the transfer of the establishment.

As an answer to this Decree Cactus has filed appeals with the High Court of Justice of the Province of San Luis, objecting the lawfulness of the rulings entered by the Misdemeanours Court Judge of Villa Mercedes. This filing was denied by the High Court of Justice, and the Company lodged an appeal of unconstitutionality against this decision, whose resolution, as of the date of issuance of these financial statements, is pending. Irrespective of the above, the Company is carrying out a plan to improve its relationship with the community of Villa Mercedes, and to strengthen the company’s position as a valuable member in the social and economic community in the region, whose final purpose is that the scheduled moving be reconsidered by municipal authorities.

As part of this plan, on January 27, 2012, Cactus filed with the Municipality of Villa Mercedes a report on the activities performed, the economic and social relevance of the exploitation carried out by Cactus and the special features, complexities and terms of a possible relocation. Such filing received by the Municipality of Villa Mercedes was opportunely forwarded to the Court of Misdemeanors for notification purposes. Additionally, in December 2012, Cactus filed all necessary documentation for renewal of municipal authorization.

Later, on November 13, 2013 and for purposes of amending previous filings, the company requested that enforcement of judgment be suspended and that an authorization be granted to be able to operate until December 2015 with reduced capacity, while it took the relevant steps. In the absence of an answer from Villa Mercedes Municipality, in January 2014, a new request was filed for the Municipality to make a decision on the original request.

As of the balance sheet date, the competent authorities are yet to render a decision on the request.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

43.	Subsequent events

· On April 11, 2014, Cresud reported on a potential repurchase of shares intended to curb the drop in prices and reduce fluctuations on the Company’s shares and ADSs and strengthen its position in the market, thus minimizing potential temporary imbalances that may arise between supply and demand. On that same date, the Shareholders’ Meeting approved a partial release of the account “Reserve for new projects” in an amount of up to Ps. 200 million, in order to appropriate such amount of money to set up a reserve entitled “Reserve for the repurchase of securities”. In view of this measure, the Shareholders’ Meeting approved the repurchase of securities issued by the Company in an amount of Ps. 200 million, to be carried out before December 31, 2014, which period may be extended for an identical term. In this respect, the Board approved the following terms and conditions for the repurchase of shares:

(i)	Maximum investible amount: Up to Ps. 200 million.

(ii)	Maximum number of shares to be repurchased: Up to 5% of the Company’s share capital, which does not exceed the cap of 10% of the capital stock of the Company

(iii)

Daily limit for market transactions: Pursuant to the provisions included in the regulations, the limit for market transactions shall be 25% of the average volume of daily transactions experienced by the Company’s shares, in all markets where it is listed, over the preceding 90 business days.

(iv)	Price to be paid for the shares: Between a minimum of Ps. 1 per share and up to Ps. 13.5 per share. Between Ps. 1 per ADS and up to US$ 14 per ADS. The maximum price may be modified by the Board of Directors, upon prior notification to the CNV and other markets.

(v)	Term for the repurchase transactions to be carried out: up to December 31, 2014.

(vi)	Source of funds: The repurchase transactions shall be funded from optional reserves set up by the Company.

On the balance sheet date, 73,862 shares were repurchased for an amount of US$ 0.7 million and Ps. 0.2 million, in compliance with the terms and conditions of the share repurchase plan. Thus, the investment in Cresud’s own shares represents 0.01% of the capital stock, excluding treasury shares already accounted for as of March 31, 2014.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

43.	Subsequent events (Continued)

· On April 3, 2013, CRESCA signed a bill of sale whereby it sells 24,624 shares and an area of 430 m2 located in Chaco Paraguayo; this transaction is subject to delimitation, division and registration of the land by competent authorities. The total price is US$ 600 per hectare transferred following the division, which amount shall be payable as follows: (i) US$ 1.8 million to be paid upon execution of the bill of sale; (ii) US$ 175 per hectare payable upon execution of the conveyance deed of title, and (iii) US$ 150 per hectare within 360 days following execution of the deed of title, (iv) US$ 200 per hectare within 720 days following the execution of deed of title. Possession shall be delivered upon execution of the conveyance deed of title and constitution of a mortgage to secure payment of the balance, which shall be executed before July 15, 2014.

· During April, in relation to the common share repurchase plan and GDS, IRSA acquired 39,135 common shares in various transactions.(N.V. Ps. 1 per share) for a total amount of Ps. 0.45 million.

· On April 1, 2014, IRSA signed a conveyance deed of title for the sale of the fifth and sixth floor and complementary units in the building Costeros Dique IV (located in Mariquita Sanchez de Thompson No. 120 in the City of Buenos Aires). The total price of the transaction was Ps. 12.4 million (US$ 1.5 million). Such transaction generated a gain before tax of approximately Ps. 10.5 million.

· On April 7, 2014, IRSA signed the transfer deed for the sale of the 21th and 22th floor, two parking units of the Building Maipú 1300 and four parking units of the building Libertador 498. The total price of the transaction was Ps. 24.1 million (US$ 3.0 million). Such transaction generated a gain before tax of approximately Ps. 20.2 million.

· On April 10, 2014, IRSA signed the transfer deed for the sale of the 2nd floor of the Building Avenida de Mayo 589 and ten parking units of the Building Rivadavia 565. The total price of the transaction was Ps. 24.2 million (US$ 3.0 million). Such transaction generated a gain before tax of approximately Ps. 20.3 million.

· On May 6, 2014, IRSA signed the transfer deed for the sale of the Building Constitución 1159. The total price of the transaction was Ps. 23.3 million (US$ 2.9 million). Such transaction generated a gain before tax of approximately Ps. 13.4 million.

Cresud Sociedad Anónima

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Consolidated Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

43.	Subsequent events (Continued)

· On May 7, 2014, the transaction by which, Dolphin through Dolphin B.V. and ETH, acquired approximately 53.3% of IDBD was closed. Such percentage may be increased subject to the sale of certain assets by IDBD over the year.

In the above mentioned transaction, Dolphin B.V. together with other investors has a 50% interest while ETH holds the remaining 50% of a total investment amount of US$ 272 million (NIS 950 million). On the other hand, Dolphin B.V. has appointed Mr Eduardo Sergio Elsztain, Saúl Zang and Alejandro Gustavo Elsztain to sit in the Board of IDBD.

Additionally, the Group signed a commitment letter to subscribe shares in the amount of US$ 43.2 million of Dolphin Netherlands B.V., a company organized under the Netherlands Law and indirectly wholly owned by Dolphin B.V., for purposes of materializing the interest in Dolphin Netherlands B.V. in the offering of new shares that IDBD intends to make.

· On April 24, 2014, the Regular Shareholders’ Meeting of Banco Hipotecario S.A. approved the distribution of cash dividends on common shares in an amount of Ps. 42.0 million, for the fiscal year ended December 31, 2013. Out of this amount, Ps. 12.8 million, before income tax, pertain to the Group, based on its interest.

As of the date of issuance of these Unaudited Condensed Interim Consolidated Financial Statements, the decision of the dividends being made available for payment is subject to the Banco Central de la República Argentina consent in the terms of the ruling disclosed by Communication “A” 5072, its amendments and complementary rulings. The BCRA has not announced its decision yet.

Free translation from the original prepared in Spanish for publication in Argentina

Limited Review Report

To the Shareholders, President and Board of Directors of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Legal address: Moreno 877 - 23° floor - Autonomous City of Buenos Aires

CUIT: 30-50930070-0

We have reviewed the accompanying unaudited condensed interim consolidated statement of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries as of March 31, 2014, and the related unaudited condensed interim consolidated statements of income and comprehensive income for the nine and three-month periods ended March 31, 2014, and the unaudited condensed interim consolidated statements of changes in shareholders’ equity and cash flows for the nine-month period ended March 31, 2014 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2013 and the interim periods within that fiscal year are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.

The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The IFRS as issued by the International Accounting Standard Board (IASB) were adopted as accounting standards by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) and incorporated by the National Securities Commission (CNV) to its regulations. Therefore, the Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim consolidated financial statements in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34). Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.

We conducted our review in accordance with Technical Pronouncement No. 7 issued by the FACPCE for a review of interim financial statements. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit, the objective of which is to express an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

4.	Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim consolidated financial statements have not been prepared in all material respects in accordance with IAS 34.

Free translation from the original prepared in Spanish for publication in Argentina

Limited Review Report (Continued)

5.	In accordance with current regulations, we hereby inform that :

the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria are recorded in the "Inventory and Balance Sheet Book" and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the National Securities Commission;

b)	the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal respects in accordance with applicable legal requirements;

c)	we have read the Business Summary (“Reseña Informativa”) on which, as regards these matters that are within our competence, we have no observations to make;

d)	at March 31, 2014, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 2,669,706, which was not callable at that date.

Autonomous City of Buenos Aires, May 12, 2014

PRICE WATERHOUSE & Co. S.R.L.

(Partner)

C.P.C.E.C.A.B.A. Tº 1 Fº 17

Dr. Carlos Martín Barbafina

Public Accountant (U.C.A.)

C.P.C.E.C.A.B.A. Tº 175 Fº 65

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Financial Statements as of March 31, 2014 and June 30, 2013 and for the nine-month periods ended March 31, 2014 and 2013

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Financial Position

as of March 31, 2014 and June 30, 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	03.31.14		06.30.13
ASSETS
Non-current assets
Investment properties	7	19,466		25,838
Property, plant and equipment	8	410,131		387,987
Intangible assets	9	18,529		19,156
Biological assets	10	272,566		192,065
Investments in subsidiaries, associates and joint ventures	6	3,195,821		2,872,627
Deferred income tax assets	21	245,771		15,212
Income tax credit		83,795		67,752
Trade and other receivables	13	-		80,837
Investment in financial assets	14	55,962		21
Total Non-current assets		4,302,041		3,661,495
Current assets
Biological assets	10	349,160		82,769
Inventories	11	91,619		144,222
Income tax credit		1,547		1,938
Trade and other receivables	13	540,531		254,850
Derivative financial instruments	15	2,552		-
Investment in financial assets	14	187,314		148,715
Cash and cash equivalents	16	40,522		36,739
Total Current assets		1,213,245		669,233
TOTAL ASSETS		5,515,286		4,330,728
SHAREHOLDERS’ EQUITY
Share capital		496,562		496,562
Treasury stock		5,001		5,001
Inflation adjustment of share capital and treasury stock		65,425		65,425
Share premium		773,079		773,079
Share warrants		106,264		106,264
Cumulative translation adjustment		446,599		2,284
Equity-settled compensation		19,393		8,345
Legal reserve		81,616		46,835
Reserve for new developments		217,065		337,065
Special reserve		633,940		695,628
Retained earnings		(493,359	)	(26,522	)
Acquisition of subsidiaries		(10,804	)	(21,996	)
TOTAL SHAREHOLDERS’ EQUITY		2,340,781		2,487,970
LIABILITIES
Non-current liabilities
Trade and other payables	17	1,247		1,499
Borrowings	20	1,793,856		1,152,328
Provisions	19	1,639		1,612
Total Non-current liabilities		1,796,742		1,155,439
Current Liabilities
Trade and other payables	17	106,942		108,136
Payroll and social security liabilities	18	26,871		36,440
Borrowings	20	1,225,639		542,733
Derivative financial instruments	15	8,612		-
Provisions	19	9		10
Minimum Presumed Income tax ("MPIT")		9,690		-
Total Current liabilities		1,377,763		687,319
TOTAL LIABILITIES		3,174,505		1,842,758
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		5,515,286		4,330,728

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Income

for the nine and three-month periods beginning on July 1, 2013 and 2012 and January 1, 2014 and 2013 and ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

		Nine months						Three months
	Note	2014			2013			2014			2013
Revenues	23		412,982			293,903			69,877			58,061
Costs	24		(662,069	)		(468,240	)		(197,860	)		(142,309	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest			510,078			304,176			355,170			166,347
Changes in net realizable value of agricultural produce after harvest			722			12,866			4,591			539
Gross profit			261,713			142,705			231,778			82,638
General and administrative expenses	25		(78,488	)		(49,298	)		(20,157	)		(15,842	)
Selling expenses	25		(55,240	)		(58,878	)		(8,577	)		(10,845	)
Other operating results, net	27		(4,722	)		(9,078	)		(6,978	)		(1,776	)
Profit from operations			123,263			25,451			196,066			54,175
Share of (loss) / profit of subsidiaries, associates and joint ventures	6		(70,099	)		184,913			(16,938	)		27,955
Profit Before Financing and Taxation			53,164			210,364			179,128			82,130
Finance income	28		120,144			25,648			78,903			8,519
Finance costs	28		(1,010,411	)		(203,951	)		(566,397	)		(74,612	)
Other financial results	28		112,306			5,128			71,000			4,950
Financial results, net	28		(777,961	)		(173,175	)		(416,494	)		(61,143	)
(Loss) / Profit before Income tax			(724,797	)		37,189			(237,366	)		20,987
Income tax gain	21		230,559			47,302			75,158			2,744
(Loss) / Profit for the period			(494,238	)		84,491			(162,208	)		23,731


(Loss) / Profit per share for the period:
Basic			(0.68	)		0.17			(0.01	)		0.05
Diluted			(0.68	)		0.15			(0.01	)		0.04

(i) Due to the loss for the period, there is no diluted effect on this result.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Comprehensive Income

for the nine and three-month periods beginning on July 1, 2013 and 2012 and January 1, 2014 and 2013 and ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Nine months					Three months
	2014			2013		2014			2013
(Loss) / Profit for the period		(494,238	)		84,491		(162,208	)		23,731
Other Comprehensive Income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment from subsidiaries, associates and joint ventures		444,315			102,963		275,241			46,416
Other Comprehensive income for the period (i)		444,315			102,963		275,241			46,416
Total Comprehensive (loss) / income for the period		(49,923	)		187,454		113,033			70,147

(i)	Items included in other comprehensive income do not generate any impact on the income tax.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital		Treasury Stock		Inflation Adjustment of Share Capital and Treasury Stock		Share Premium		Share Warrants		Subtotal		Acquisition of subsidiaries			Cumulative currency translation adjustment		Equity-settled compensation			Legal Reserve		Reserve for new developments			Special reserve (1)			Retained Earnings			Total shareholders’ equity
Balance as of July 1, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(21,996	)		2,284		8,345			46,835		337,065			695,628			(26,522	)		2,487,970
Loss for the period		-		-		-		-		-		-		-			-		-			-		-			-			(494,238	)		(494,238	)
Other comprehensive income for the period		-		-		-		-		-		-		-			444,315		-			-		-			-			-			444,315
Total comprehensive income / ( loss) for the period		-		-		-		-		-		-		-			444,315		-			-		-			-			(494,238	)		(49,923	)
Appropriation of retained earnings resolved by Shareholders’ Meeting held on 10/31/13:
- Legal reserve		-		-		-		-		-		-		-			-		-			34,781		-			(34,781	)		-			-
- Other reserves		-		-		-		-		-		-		-			-		-			-		-			(26,907	)		26,907			-
- Cash dividends		-		-		-		-		-		-		-			-		-			-		(120,000	)		-			-			(120,000	)
Equity-settled compensation		-		-		-		-		-		-		-			-		12,107			-		-			-			-			12,107
Changes in interest in subsidiaries		-		-		-		-		-		-		11,192			-		-			-		-			-			-			11,192
Cancellation of Brasilagro warrants		-		-		-		-		-		-		-			-		(1,059	)		-		-			-			-			(1,059	)
Reimbursement of expired dividends		-		-		-		-		-		-		-			-		-			-		-			-			494			494
Balance as of March 31, 2014		496,562		5,001		65,425		773,079		106,264		1,446,331		(10,804	)		446,599		19,393			81,616		217,065			633,940			(493,359	)		2,340,781

(1)	Corresponding to General Resolution 609/12 of the National Securities Commission. See Note 22.

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Title

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the nine-month periods ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Share Capital		Treasury Stock		Inflation Adjustment of Share Capital and Treasury Stock			Share Premium		Share Warrants		Subtotal			Acquisition of subsidiaries			Cumulative currency translation adjustment			Equity-settled compensation		Legal Reserve		Other Reserves			Retained Earnings			Total shareholders’ equity
Balance as of July 1, 2012		496,562		5,001		166,218			773,079		106,263		1,547,123			(9,596	)		(81,939	)		4,540		42,922		389,202			666,611			2,558,863
Profit for the period		-		-		-			-				-			-			-			-		-		-			84,491			84,491
Other comprehensive income for the period		-		-		-			-				-			-			102,963			-		-		-			-			102,963
Total comprehensive income for the period		-		-		-			-				-			-			102,963			-		-		-			84,491			187,454
Appropriation of retained earnings resolved by Shareholders’ Meeting held on 10/31/12:
- Legal reserve		-		-		-			-		-		-			-			-			-		3,913		-			(3,913	)		-
- Other reserves		-		-		-			-		-		-			-			-			-		-		(52,137	)		52,137			-
- Appropriation of retained earnings		-		-		(100,793	)		-		-		(100,793	)		-			-			-		-		-			100,793			-
- Cash dividends		-		-		-			-		-		-			-			-			-		-		-			(120,000	)		(120,000	)
Acquisition of subsidiaries		-		-		-			-		-		-			(8,284	)		-			-		-		-			-			(8,284	)
Equity-settled compensation		-		-		-			-		-		-			-			-			6,245		-		-			-			6,245
Exercise of warrants		-		-		-			-		1		1			-			-			-		-		-			-			1
Reimbursement of expired dividends		-		-		-			-		-		-			-			-			-		-		-			385			385
Currency translation adjustment from share retained before business combination		-		-		-			-		-		-			-			(8,331	)		-		-		-			-			(8,331	)
Balance at March 31, 2013		496,562		5,001		65,425			773,079		106,264		1,446,331			(17,880	)		12,693			10,785		46,835		337,065			780,504			2,616,333

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements.

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Cash Flows

for the nine-month periods ended March 31, 2014 and 2013

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

	Note	03.31.14		03.31.13
Operating activities:
Cash used in operations	16	(150,834	)	(13,955	)
Income tax paid		-		-
Net cash used in operating activities		(150,834	)	(13,955	)
Investing activities:
Proceeds from sale of companies		379		(7,924	)
Capital contribution to subsidiaries, associates and joint ventures		(4,589	)	(78,987	)
Purchases of investment properties	7	(1,603	)	(1,686	)
Proceeds from sale of investment properties		79		-
Purchases of property, plant and equipment	8	(22,767	)	(37,845	)
Proceeds from sale of property, plant and equipment		691		1,758
Purchase of intangible assets	9	(17	)	(43	)
Purchase of investment in financial assets		(1,901,668	)	(449,585	)
Proceeds from disposals of Investment in financial assets		1,905,343		290,903
Loans granted to subsidiaries, associates and joint ventures		(52,077	)	(18,245	)
Loans repayments received from subsidiaries, associates and joint ventures		1,624		30,000
Dividends received		11,299		119,167
Net cash used in investing activities		(63,306	)	(152,487	)
Financing activities:
Proceeds from issuance of non-convertible notes		833,561		634,597
Payment of non-convertible notes		(387,314	)	(223,197	)
Repurchase of non-convertible notes		(24,014	)	-
Dividend payments		(120,000	)	(52,946	)
Proceeds from borrowings		51,853		110,698
Proceeds of borrowings from subsidiaries, associates and joint ventures		23,292		-
Repayments of borrowings		(17,620	)	(188,421	)
Payments of borrowings from subsidiaries, associates and joint ventures		(186	)	(186	)
Payments of warrants		(1,059	)	-
Proceeds from warrants		-		1
Payment of seller financing		(93	)	(107	)
Interest paid		(141,785	)	(88,996	)
Net Cash flows provided by financing activities		216,635		191,443
Net increase in cash and cash equivalents		2,495		25,001
Cash and cash equivalents at beginning of period	16	36,739		8,194
Foreign exchange gain on cash and cash equivalents		1,288		433
Cash and cash equivalents at end of period		40,522		33,628

The accompanying notes are an integral part of these Unaudited Condensed Interim Separate Financial Statements

	Cresud S.A.C.I.F. y A.

	By:	/s/ Fernando A. Elsztain
		Fernando A. Elsztain
		Director Acting as President

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

1.	General information

1.1	The Company’s business and general information

Cresud is a company organized and domiciled in the Republic of Argentina. The address of its registered office is Moreno 877, 23rd Floor, Buenos Aires, Argentina.

These Unaudited Condensed Interim Separate Financial Statements have been approved for issue by the Board of Directors on May 12, 2014.

2.	Basis of preparation of the Unaudited Condensed Interim Separate Financial Statement

2.1.	Basis of preparation

These Unaudited Condensed Interim Separate Financial Statements of the Company have been prepared in accordance with Technical Resolutions No. 26 (RT 26) of Argentine Federation of Professional Councils of Economic Sciences (“F.A.C.P.C.E.”, as per its Spanish acronym) and IAS 34 “Interim Financial Reporting”.

Furthermore, some additional questions were included as required by the Business Companies Act and/or regulations of the CNV, including supplementary information provided in the last paragraph of section 1, Chapter III, Title IV of General Ruling 622/13 of the CNV. Such information is included in the Notes to the Unaudited Condensed Interim Separate Financial Statements according to IFRS.

These Unaudited Condensed Interim Separate Financial Statements should be read together with the annual Separate Financial Statements of the Company as of June 30, 2013. These Unaudited Condensed Interim Separate Financial Statements are expressed in thousands of Argentine Pesos.

The Unaudited Condensed Interim Separate Financial Statements for the nine-month periods ended March 31, 2014 and 2013 have not been audited. The Company´s management believes they include all necessary adjustments to fairly present the results of each period. Results for the nine-month periods ended March 31, 2014 and 2013 do not necessarily reflect proportionally the Company’s results for the complete fiscal years.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

2.	Basis of preparation of the Unaudited Condensed Interim Separate Financial Statement (Continued)

2.2.	Significant accounting policies

The accounting policies applied in the preparation of these Unaudited Condensed Interim Separate Financial Statements are consistent with those applied in the preparation of the information under RT 26 as of June 30, 2013. Most significant accounting policies are described in Note 2 to the annual Consolidated Financial Statements.

2.3.	Use of estimates

In the preparation of these Unaudited Condensed Interim Separate Financial Statements, the significant judgments made by Management in applying the Company’s accounting policies and the main sources of uncertainty were the same applied by the Company in the preparation of the annual financial statements relative to the year ended June 30, 2013, except for changes in accrued income tax, provision for legal claims and allowance for doubtful accounts.

2.4.	Comparative information

Amounts as of March 31, 2013 and June 30, 2013, which are disclosed for comparative purposes have been taken from the condensed interim separate financial statements as of such dates. These financial statements originally issued have been subject to certain reclassifications required in order to present these figures comparatively with this period.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

3.	Seasonal effects on operations

The operations of the Company are also subject to seasonal effects. The harvests and sale of grains (corn, soybean and sunflower) generally take place between February and June every year. Wheat is generally harvested between November and January. However, milk production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results across quarters.

4.	Acquisitions and disposals

Sale of receivables with subsidiaries

On September 30, 2013, the Company sold receivables due from Agropecuaria Acres de Sud S.A., Yuchán Agropecuaria S.A., Yatay Agropecuaria S.A. and Ombú Agropecuaria S.A. to Doneldon, for a total amount of US$ 12.4 million, which were capitalized on that same date.

See summary of acquisition and additional disposal of the Company for the nine-month period ended March 31, 2014 in Note 4 to Unaudited Condensed Interim Consolidated Financial Statements.

5.	Financial risk management and fair value estimates

5.1.	Financial risk

The Company’s activities are exposed to several financial risks, namely: market risk (including exchange rate risk, interest rate risk and price risk), credit risk, liquidity risk and capital risk.

Note 5 to the annual Consolidated Financial Statements provide information on financial risk management as of June 30, 2013 and 2012 and July 1, 2011. Since June 30, 2013 there have been no changes in the risk management or risk management policies applied by the Company.

5.2. Fair value estimates

Since June 30, 2013 there have been no significant changes in business or economic circumstances affecting the fair value of the Company's financial assets or liabilities (either measured at fair value or amortized cost). Nor there have been transfers between the several tiers used in estimating the fair value of the Company’s financial instruments, or reclassifications among their respective categories.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Information about principal subsidiaries, associates and joint ventures

The Company conducts its business through several operating and holding subsidiaries, associates and joint ventures.

Set out below are the changes in Company’s investment in subsidiaries, associates and joint ventures for the nine-month period ended March 31, 2014 and for the fiscal year ended June 30, 2013:

	March 31, 2014			June 30, 2013
Beginning of the period / year		2,872,627			2,656,655
Acquisition of subsidiaries (i)		(5,947	)		(7,521	)
Capital contribution		77,006			109,504
Disposal of subsidiaries		19,989			(1,192	)
Share of profit / (loss)		(70,099	)		131,953
Cumulative translation adjustments		444,315			100,778
Equity settled compensation		8,528			4,886
Dividends distributed		(170,233	)		(122,819	)
Reimbursement of expired dividends		494			383
Intergroup transactions		19,141			-
End of the period / year		3,195,821			2,872,627

(i)	Includes the effect of changes in subsidiaries as consequence of repurchase of equity interest.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

6.	Information about principal subsidiaries, associates and joint ventures (Continued)

See changes in Company’s investment in associates and joint ventures for the nine-month periods ended March 31, 2014 and 2013 in Notes 8 and 9 to the Unaudited Condensed Interim Consolidated Financial Statements.

7.	Investment properties

Changes in Company’s investment properties for the nine-month period ended March 31, 2014 and for the fiscal year ended as of June 30, 2013 were as follows:

	March 31, 2014			June 30, 2013
Beginning of the period / year		25,838			15,995
Additions		1,603			2,532
Reclassification of Property, plant and equipment		-			8,579
Reclassification to property, plant and equipment		(7,630	)		-
Disposals		(79	)		(907	)
Depreciation charge (i)		(266	)		(361	)
End of the period / year		19,466			25,838

(i)	Depreciation charges of investment property were included in “Costs” in the Statement of Income. (Note 24).

The following amounts have been recognized in the statement of income:

		March 31, 2014				March 31, 2013
Rental and service income			7,706				13,163

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

8.	Property, plant and equipment

Changes in Company’s property, plant and equipment ("PPE") for the nine-month period ended March 31, 2014 and for the fiscal year ended as of June 30, 2013 were as follows:

	Owner-occupied farmland (ii)			Other buildings and facilities			Furniture and fixtures			Machinery and equipment			Vehicles			Total
At June 30, 2012:
Costs		377,808			819			1,186			18,471			6,532			404,816
Accumulated depreciation		(27,059	)		(589	)		(830	)		(13,552	)		(2,457	)		(44,487	)
Net book amount		350,749			230			356			4,919			4,075			360,329
Year ended June 30, 2013:
Opening net book amount		350,749			230			356			4,919			4,075			360,329
Additions		45,715			-			124			4,867			829			51,535
Reclassifications to investment properties		(8,579	)		-			-			-			-			(8,579	)
Disposals		(6,625	)		-			(10	)		(43	)		(338	)		(7,016	)
Depreciation charge (i)		(5,698	)		(69	)		(66	)		(1,353	)		(1,096	)		(8,282	)
Closing net book amount		375,562			161			404			8,390			3,470			387,987
Period ended March 31, 2014:
Opening net book amount		375,562			161			404			8,390			3,470			387,987
Additions		21,578			-			93			869			227			22,767
Reclassifications of investment properties		7,630			-			-			-			-			7,630
Disposals		(661	)		-			(3	)		(5	)		(220	)		(889	)
Depreciation charge (i) (Note 25)		(5,190	)		(41	)		(55	)		(1,297	)		(781	)		(7,364	)
Closing net book amount		398,919			120			439			7,957			2,696			410,131
At March 31, 2014:
Costs		436,069			819			1,366			23,756			6,367			468,377
Accumulated depreciation		(37,150	)		(699	)		(927	)		(15,799	)		(3,671	)		(58,246	)
Net book amount		398,919			120			439			7,957			2,696			410,131

(i)

For the nine-month period ended March 31, 2014, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 450 under the line item “General and administrative expenses”, Ps. 46 under the line item “Selling expenses” and Ps. 6,868 under the line item “Cost” in the Statement of Income. For the fiscal year ended June 30, 2013, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 436 under the line item “General and administrative expenses” and Ps. 7,846 under the line item “Cost” in the Statement of Income.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

9.	Intangible assets

Changes in Company’s intangible assets for the nine-month period ended March 31, 2014 and for the fiscal year ended June 30, 2013 were as follows:

	Computer Software			Rights of use			Total
Opening net book amount		333			19,818			20,151
Additions		57			-			57
Amortization charge (i)		(299	)		(753	)		(1,052	)
Net book amount as of June 30, 2013		91			19,065			19,156
Additions		17			-			17
Amortization charge (i)		(81	)		(563	)		(644	)
Net book amount as of March 31, 2014		27			18,502			18,529
Costs		389			23,582			23,971
Accumulated depreciation		(362	)		(5,080	)		(5,442	)
Net book amount as of March 31, 2014		27			18,502			18,529

(i)	Amortization charges are included in “General and administrative expenses” in the Statement of Income. There is no impairment charges for any of the periods presented.

10.	Biological assets

Changes in Company’s biological assets for the nine-month period ended March 31, 2014 and for the fiscal year ended as of June 30, 2013 were as follows:

	March 31, 2014			June 30, 2013
Beginning of the period / year		274,834			249,180
Increase due to purchases		28,302			712
Initial recognition and changes in the fair value of biological assets		473,455			350,846
Decrease due to harvest		(94,081	)		(260,704	)
Decrease due to sales		(59,832	)		(63,969	)
Decrease due to consumption		(952	)		(1,231	)
End of the period / year		621,726			274,834

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

10. Biological assets (Continued)

Biological assets as of March 31, 2014 and June 30, 2013 were as follows:

	Classification	March 31, 2014		June 30, 2013
Non-current
Cattle for dairy production	Production		30,829		27,957
Breeding cattle	Production		232,405		155,058
Other cattle	Production		5,704		6,320
Others biological assets	Production		3,628		2,730
Non-current biological assets			272,566		192,065
Current
Cattle for dairy production	Consumable		74		177
Cattle for sale	Consumable		20,387		40,692
Crops	Consumable		328,037		41,150
Other cattle	Consumable		662		750
Current biological assets			349,160		82,769
Total biological assets			621,726		274,834

11.	Inventories

Company’s inventories as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Current
Crops		29,147		74,929
Materials and inputs		42,388		46,998
Seeds and fodders		20,084		22,295
Total inventories		91,619		144,222

As of March 31, 2014 and June 30, 2013 the cost of inventories recognized as expense amounted to Ps. 278,700 and Ps. 343,505, respectively and they have been included in “Costs”.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

12.	Financial instruments by category

Determining fair values

See determination of the fair value of the Company in Note 16 to the Unaudited Condensed Interim Consolidated Financial Statements.

The following tables present the Company’s financial assets and financial liabilities that are measured at fair value as of March 31, 2014 and June 30, 2013 and their allocation to the fair value hierarchy:

Determining fair values

	March 31, 2014
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
Corporate Notes – Related Parties		57,405		-		-		57,405
- Government bonds		185,871		-		-		185,871
Derivative financial instruments:
- Commodities		32		-		-		32
- Swaps		-		2,520		-		2,520
Cash and cash equivalents		2,701		-		-		2,701
Total assets		246,009		2,520		-		248,529

	March 31, 2014
	Level 1		Level 2		Level 3		Total
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		8,612		-		8,612
Total assets		-		8,612		-		8,612

	June 30, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Mutual funds		127,235		-		-		127,235
- Shares		-		21		-		21
- Corporate bonds		21,480		-		-		21,480
Cash and cash equivalents		161		-		-		161
Total assets		148,876		21		-		148,897

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

13.	Trade and other receivables

Company’s trade and other receivables as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014			June 30, 2013
Non-current
VAT receivables		-			7,202
Non-current other receivables		-			7,202
Related parties (Note 30)		-			73,635
Non-current trade and other receivables		-			80,837
Current
Receivables from sale of agricultural products and services		29,668			51,427
Deferred checks received		3,891			11,101
Debtors under legal proceedings		554			281
Less: allowance for doubtful accounts		(1,478	)		(415	)
Trade receivables		32,635			62,394
Prepayments		51,706			23,686
VAT receivables		16,619			5,905
Personnel loans		3,135			-
Gross sales tax credit		3,585			1,904
Other tax receivables		1,114			951
Advance payments		3,027			133
Expenses and services to recover		6,776			3,522
Others		1,954			17,851
Current other receivables		87,916			53,952
Related parties (Note 30)		419,980			138,504
Current trade and other receivables		540,531			254,850
Total trade and other receivables		540,531			335,687

The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature.

Movements on the Company’s allowance for doubtful accounts are as follows:

	March 31, 2014			June 30, 2013
Beginning of the period / year		415			474
Charge		1,066			38
Unused amounts reversed / uses		(3	)		(97	)
End of the period / year		1,478			415

The creation and release of provision for impaired receivables have been included in “Selling expenses” in the statement of income (Note 25). Amounts charged to the provision account are generally written off when there is no expectation of recovering additional cash.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

14.	Investment in financial assets

Company’s investments in financial assets as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Non-current
Shares		-		21
Corporate notes - Related parties (Note 30)		55,962		-
Total non-Current financial assets		55,962		21

Current
Corporate bonds		-		21,480
Corporate notes - Related parties (Note 30)		1,443		-
Government bonds		185,871		-
Mutual funds		-		127,235
Total current financial assets		187,314		148,715
Total Investment in financial assets		243,276		148,736

15.	Derivative financial instruments

Derivative financial instruments of the Company as of March 31, 2014 and June 30, 2013 are as follows:

	March 31, 2014		June 30, 2013
Assets
Current
Commodities		32		-
Swaps		2,520		-
Total current assets		2,552		-
Total assets		2,552		-

Liabilities
Current
Foreign-currency contracts……………………………………………………….		8,612		-
Total current liabilities		8,612		-
Total liabilities		8,612		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Cash flow information

Following table shows the amounts of cash and cash equivalents as of March 31, 2014 and June 30, 2013:

	March 31, 2014		June 30, 2013
Cash at bank and on hand		27,093		8,504
Short-term bank deposits		10,728		28,074
Mutual funds		2,701		161
Total cash and cash equivalents		40,522		36,739

Following is a detailed description of cash flows used in the Company’s operations for the nine-month period ended March 31, 2014 and 2013:

	March 31, 2014			March 31, 2013
(Loss) / Gain for the period		(494,238	)		84,491
Adjustments for:
Income tax expense		(230,559	)		(47,302	)
Depreciation		7,630			6,354
Amortization		644			790
Loss (Gain) from disposal and release of investment property and property, plant and equipment		84			(74	)
Share-based payments		3,572			1,711
Unrealized (Gain) / Loss from derivative financial instruments (includes commodities)		10,777			3
Changes in fair value of financial assets at fair value through profit or loss		(118,951	)		(5,019	)
Accrued interest, net		125,516			82,043
Unrealized initial recognition and changes in fair value of biological assets		(451,895	)		(220,538	)
Changes in net realizable value of agricultural produce after harvest		(722	)		(12,866	)
Provisions		5,578			4,117
Gain / (loss) from repurchase of Non-convertible Notes		(289	)		-
Share of (profit) / loss of Investment in subsidiaries, associates and joint ventures		70,099			(184,913	)
Unrealized foreign exchange loss, net		756,428			114,586
Changes in operating assets and liabilities
Decrease in biological assets		105,003			75,955
Decrease in inventories		53,325			59,524
(Increase) / Decrease in trade and other receivables		27,735			(21,064	)
(Increase) in derivative financial instruments		(4,717	)		(557	)
(Decrease) / Increase in trade and other payables		(6,283	)		58,504
(Decrease) in payroll and social security liabilities		(9,571	)		(9,700	)
Net cash used in operating activities before income tax paid		(150,834	)		(13,955	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

16.	Cash flow information (Continued)

The following table shows a detail of non-cash transaction occurred for the nine-month period ended as of March 31, 2014 and 2013:

	March 31, 2014			March 31, 2013
Non-cash activities
Reimbursement of expired dividends		494			383
Increase in loans granted through a decrease in dividends receivable		(161,797	)		-
Decrease (Increase) of interest in subsidiaries, associates and joint ventures through a decrease in trade and other receivables		(72,417	)		(16,552	)
Decrease (Increase) of interest in subsidiaries, associates and joint venture by exchange differences on translating foreign operations		(444,315	)		(94,634	)
Increase in loans granted through a decrease in dividends receivable					-
Unpaid dividends		-			(67,054	)
Dividends not collected		(412	)		-
Share – based payments reserve		8,535			4,534

17.	Trade and other payables

The detail of the Company’s trade and other payables as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Non-current
Shareholders’ personal tax payable		1,247		1,476
Others		-		23
Total non-current other payables		1,247		1,499
Total non-current trade and other payables		1,247		1,499
Current
Trade payables		31,469		39,517
Provisions		32,007		43,126
Total current trade payables		63,476		82,643
Sales, rent and services payments received in advance		490		-
Income from leases to be accrued		2,932		-
Guarantee deposits		2,586		7,503
Gross sales tax payable		92		1,389
Tax amnesty plan for payable taxes		307		310
Withholdings tax		855		6,979
Shareholders’ personal tax payable		11,280		-
Others		1,095		3,503
Total current other payables		19,637		19,684
Related parties (Note 30)		23,829		5,809
Total current trade and other payables		106,942		108,136
Total trade and other payables		108,189		109,635

The values of current trade and other payables approximate their respective carrying amounts due to their short-term nature.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

18.	Payroll and social security liabilities

The detail of the Company’s salaries and social security liabilities as of March 31, 2014 and June 30, 2013 were as follows:

	March 31, 2014		June 30, 2013
Current
Provision for vacation and bonuses		22,592		27,835
Social security payable		4,210		8,530
Others		69		75
Current payroll and social security liabilities		26,871		36,440
Total payroll and social security liabilities		26,871		36,440

19.	Provisions

The table below shows the movements in Company's provisions for other liabilities categorized by type of provision:

	Labor, legal and other claims			Tax and social security			Total
As of June 30, 2012		1,572			5			1,577
Additions		114			-			114
Used during period		(69	)		-			(69	)
As of June 30, 2013		1,617			5			1,622
Additions		31			-			31
Used during period		-			(5	)		(5	)
As of March 31, 2014		1,648			-			1,648

The analysis of total provisions was as follows:

	March 31, 2014		June 30, 2013
Non-current		1,639		1,612
Current		9		10
		1,648		1,622

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

20.	Borrowings

The detail of the Company’s borrowings as of March 31, 2014 and June 30, 2013 were as follows:

							Value as of
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal Value (in millions)		March 31, 2014		June 30, 2013
Non-current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.50 %		60		-		322,925
CRESUD NCN Class XI due 2015 (i)	Unsecured	Ps.	Floating	Badlar + 375 bps		80.5		26,793		53,415
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps		102		-		67,819
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90 %		79		317,653		425,658
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50 %		32		254,912		171,084
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23.67 %		176		175,866		-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50 %		109		881,926		-
Loan from Banco Ciudad	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)		15		109,554		77,780
Loan from Banco de La Pampa	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days		20		16,664		19,784
Loan from Banco de la Provincia de Buenos Aires	Unsecured	Ps.	Fixed	15.01%		21.2		10,204		13,543
Finance lease obligations	Secured	US$	Fixed	7.50%		-		284		320
Non-current borrowings								1,793,856		1,152,328

							Value as of
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %	Nominal Value (in millions)		March 31, 2014		June 30, 2013
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed	7.5%		60		481,679		6,074
CRESUD NCN Class IX due 2014 (ii)	Unsecured	Ps.	Floating	Badlar + 300 bps		53.7		-		107,344
CRESUD NCN Class X due 2014 (iii)	Unsecured	US$	Fixed	7.75%		31.5		71,949		169,338
CRESUD NCN Class X – 2nd tranche due 2014	Unsecured	US$	Fixed	7.75%		30		80,507		163,477
CRESUD NCN Class XI due 2015 (iv)	Unsecured	Ps.	Floating	Badlar + 375 bps		80.5		53,924		26,752
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps		102		104,062		35,083
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed	1.90 %		79		316,044		(1,954	)
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed	1.50 %		32		101		(74	)
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating	23.67 %		176		3,987		-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed	1.50 %		109		4,337		-
Loan from Banco Ciudad	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)		15		7,385		6,266
Loan from Banco de La Pampa	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days		20		3,553		893
Loan from Banco de la Provincia de Buenos Aires	Unsecured	Ps.	Fixed	15.01%		21.2		7,540		6,895
Loan from Cactus	Unsecured	Ps.	Floating	Badlar		23		24,032		-
Finance lease obligations	Secured	US$	Fixed	10.75%		-		322		217
Bank overdrafts	Unsecured	Ps.	Fixed	-		-		66,217		22,422
Current borrowings								1,225,639		542,733
Total borrowings								3,019,495		1,695,061

(i)	Includes an outstanding balance of Ps. 2,520 and Ps. 4,480 with ERSA and PAMSA, respectively, as of 03.31.14. Includes an outstanding balance of Ps. 5,040 and Ps. 8,960 with ERSA and PAMSA, respectively, as of 06.30.13.

(ii)	Includes an outstanding balance of Ps. 2,170 and Ps. 3,858 with ERSA and PAMSA, respectively, as of 06.30.13.

(iii)

Includes an outstanding balance of Ps. 1,747 with ERSA as of 03.31.14 and it includes a balance of Ps. 3,528 with ERSA as of 06.30.13.

(iv)	It includes an outstanding balance of Ps. 5,096 and Ps. 9,060 with ERSA and PAMSA, respectively, as of 03.31.14. Includes an outstanding balance of Ps. 2,556 and Ps. 4,544 with ERSA and PAMSA, respectively as of 06.30.13.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

20.	Borrowings (Continued)

The fair value of current borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values of non-current borrowings (excluding finance leases) were as follows:

	March 31, 2014		June 30, 2013
CRESUD Class VIII NCN due 2014		500,344		330,873
CRESUD Class XI NCN due 2015		26,793		80,502
CRESUD Class XII NCN due 2015		-		102,073
CRESUD Class XIII NCN due 2015		639,751		429,071
CRESUD Class XIV NCN due 2018		257,421		172,692
CRESUD Class XV NCN due 2015		175,866		-
CRESUD Class XVI NCN due 2018		877,802		-
Long-term loans		147,172		126,564
Total		2,625,149		1,241,775

21.

Taxation

The details of the provision for the Company’s income tax were as follows:

	March 31, 2014		March 31, 2013
Deferred income tax		230,559		47,302
Income tax gain		230,559		47,302

The gross movement on the deferred income tax account was as follows:

	March 31, 2014		June 30, 2013
Beginning of period / year		15,212		(61,025	)
Charged to statement of income		230,559		76,237
End of period / year		245,771		15,212

The Company´s income tax expense charge differs from the theoretical amount that would arise using the weighted average tax rate applicable to Company´s profit before tax as follows:

	March 31, 2014			March 31, 2013
Tax calculated at the tax applicable tax rate in effect		253,679			(13,016	)
Permanent differences:
Share of (loss) / profit of subsidiaries, associates and joint ventures		(16,738	)		64,720
Tax on personal assets		(2,824	)		(3,139	)
Others		(3,558	)		(1,263	)
Income tax expense		230,559			47,302

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

22.	Shareholders' Equity

Special Reserve

Dividends

Cash dividends for the year ended June 30, 2013 for an amount of up to Ps. 120 million have been approved at the annual general ordinary and extraordinary shareholders’ meeting on October 31, 2013.

23.

Revenues

	March 31, 2014		March 31, 2013
Crops		289,958		191,378
Cattle		70,841		50,328
Dairy		37,006		27,737
Supplies		971		7,332
Leases		7,706		13,163
Agricultural services		6,500		3,965
Total revenue		412,982		293,903

24.

Costs

	March 31, 2014		March 31, 2013
Crops		461,622		311,193
Cattle		119,358		88,828
Dairy		70,999		53,720
Agricultural services		2,895		1,726
Leases		2,553		2,200
Supplies		17		6,467
Other costs		4,625		4,106
Total costs		662,069		468,240

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

25.	Expenses by nature

For the nine-month period ended as of March 31, 2014:

	Costs
	Cost of sale and agricultural services		Cost of agricultural production		Other operating costs		General and administrative expenses		Selling expenses		Total
Supplies and labor		1,756		249,969		-		-		-		251,725
Leases and expenses		16		696		102		2,105		133		3,052
Amortization and depreciation		899		4,693		1,799		1,098		50		8,539
Doubtful accounts		-		-		-		-		1,066		1,066
Changes in biological assets and agricultural produce		337,346		-		-		-		-		337,346
Advertising, publicity and other selling expenses		-		-		-		-		348		348
Maintenance and repairs		1,858		8,943		244		2,041		89		13,175
Payroll and social security expenses		1,637		31,064		1,910		33,891		2,852		71,354
Fees and payments for services		35		3,098		35		3,931		316		7,415
Freights		10		7,315		6		9		26,365		33,705
Commissions		-		387		-		-		1,285		1,672
Conditioning and clearance		-		-		-		-		8,057		8,057
Directors’ fees		-		-		-		29,653		-		29,653
Taxes, rates and contributions		116		3,690		168		2,222		14,480		20,676
Others		-		3,916		361		3,538		199		8,014
Total expenses by nature		343,673		313,771		4,625		78,488		55,240		795,797

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

25.	Expenses by nature (Continued)

For the nine-month period ended as of March 31, 2013:

	Costs
	Cost of sale and agricultural services		Cost of agricultural production		Other operating costs		General and administrative expenses		Selling expenses			Total
Leases and expenses		14		710		86		1,742		114			2,666
Amortization and depreciation		1,037		3,223		1,748		1,160		44			7,212
Doubtful accounts		-		-		-		-		(60	)		(60	)
Advertising, publicity and other selling expenses		1		-		-		-		687			688
Taxes, rates and contributions		329		3,806		17		895		9,534			14,581
Maintenance and repairs		659		7,477		81		1,846		38			10,101
Fees and payments for services		45		1,834		95		2,798		468			5,240
Freights		17		5,515		21		79		29,956			35,588
Commissions		-		170		-		-		1,142			1,312
Conditioning and clearance		-		-		-		-		7,154			7,154
Directors’ fees		-		-		-		11,649		-			11,649
Payroll and social security expenses		985		23,112		1,750		24,750		2,275			52,872
Changes in biological assets and agricultural produce		229,544		-		-		-		-			229,544
Supplies and labor		1,202		181,356		-		-		-			182,558
Others		153		2,944		309		4,379		7,526			15,311
Total expenses by nature		233,986		230,147		4,107		49,298		58,878			576,416

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

26.	Employee costs

	March 31, 2014		March 31, 2013
Salaries, bonuses and social security costs		63,000		47,817
Other benefits and expenses		4,166		2,801
Share-based payments		3,572		1,711
Pension costs – defined contribution plan		616		543
		71,354		52,872

27.	Other operating results, net

	March 31, 2014			March 31, 2013
Administration fee		1,252			854
Management fee		2,546			1,034
Loss from commodity derivative financial instruments		(4,305	)		(2,324	)
(Loss) / gain from disposal of property, plant and equipment		(84	)		74
Tax on shareholders’ personal assets		(8,068	)		(8,969	)
Donations		(165	)		(280	)
Project analysis and assessment		(2,963	)		(469	)
Contingencies		(930	)		(456	)
Transfer of consulting arrangement		7,538			-
Others		457			1,458
Total other operating results, net		(4,722	)		(9,078	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

28.	Financial results, net

	March 31, 2014			March 31, 2013
Finance income:
- Interest income		18,292			9,243
- Foreign exchange gains		101,563			16,405
- Gain from repurchase on Non-convertible Notes		289			-
Finance income		120,144			25,648

Finance costs:
- Interest expense		(143,808	)		(91,286	)
- Foreign exchange losses		(851,818	)		(104,610	)
- Other finance costs		(14,785	)		(8,055	)
Finance costs		(1,010,411	)		(203,951	)
Other finance results:
- Fair value gains of financial assets at fair value through profit or loss		118,951			5,019
- (Loss) / Gain from derivative financial instruments (except commodities)		(6,645	)		109
Total other finance results		112,306			5,128
Total financial results, net		(777,961	)		(173,175	)

29.	Share-based payments

See Note 34 to the Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2014 and 2013.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions

See description of the main transactions conducted with related parties in Note 39 to the Consolidated Financial Statements as of June 30, 2013 and 2012.

The following is a summary of the balances with related parties as of March 31, 2014:

Related party	Description of transaction	Investment in financial assets Non-current		Investments in financial assets Current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current		Borrowings Current			Derivative financial instruments
Subsidiaries
IRSA Inversiones y Representaciones S.A.	Corporate services		-		-		9,353		-			-		-			-
	Financial operations		-		-		212,713		-			-		-			-
	Non-convertible notes		35,521		780		-		-			-		-			-
	Sale of goods and/or services		-		-		-		(701	)		-		-			-
	Reimbursement of expenses		-		-		-		(304	)		-		-			-
Brasilagro	Financial operations		-		-		7,352		-			-		-			-
	Reimbursement of expenses		-		-		607		(1,868	)		-		-			-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Reimbursement of expenses		-		-		36		-			-		-			-
	Sale of goods and/or services		-		-		7,421		(1	)		-		-			-
Helmir S.A.	Financial operations		-		-		60,770		-			-		-			-
Ombú Agropecuaria S.A.	Administration fee		-		-		1,062		-			-		-			-
FyO Trading S.A.	Reimbursement of expenses		-		-		4		-			-		-			-
Agropecuaria Acres del Sud S.A.	Administration fee		-		-		1,919		-			-		-			-
	Reimbursement of expenses		-		-		177		-			-		-			-
Cactus Argentina S.A.	Reimbursement of expenses		-		-		119		-			-		-			-
	Financial operations		-		-		1,645		-			-		(24,032	)		-
	Acquisition of Property, plant and equipment		-		-		-		(34	)		-		-			-
	Management fee		-		-		3,025		-			-		-			-
Yatay Agropecuaria S.A.	Administration fee		-		-		1,062		-			-		-			-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Investments in financial assets Non-current		Investments in financial assets Current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current			Derivative financial instruments
Yuchán Agropecuaria S.A.	Administration fee		-		-		1,062		-			-			-			-
Futuros y Opciones.Com S.A.	Brokerage		-		-		14,755		(1,988	)		-			-			-
	Reimbursement of expenses		-		-		103		(33	)		-			-			-
	Financial operations		-		-		16,154		-			-			-			-
	Administration fee		-		-		29		-			-			-			-
Total Subsidiaries			35,521		780		339,368		(4,929	)		-			(24,032	)		-

Associates
Agro Managers S.A.	Reimbursement of expenses		-		-		203		-			-			-			-
Agro-Uranga S.A.	Dividends receivables		-		-		451		-			-			-			-
Total Associates			-		-		654		-			-			-			-

Subsidiaries of the subsidiaries
Nuevas Fronteras S.A.	Provision of services		-		-		-		(17	)		-			-			-
Alto Palermo S.A.	Reimbursement of expenses		-		-		-		(3,953	)		-			-			-
	Non-convertible Notes		20,441		663		-		-			-			-			-
	Share-based payments		-		-		-		(624	)		-			-			-
	Corporate services		-		-		22,673		-			-			-			-
Emprendimiento Recoleta S.A.	Reimbursement of expenses		-		-		-		(7	)		-			-			-
	Non-convertible Notes		-		-		-		-			(2,520	)		(6,843	)		-
E-Commerce Latina S.A.	Reimbursement of expenses		-		-		-		-			-			-			-
Panamerican Mall S.A.	Reimbursement of expenses		-		-		25		-			-			-			-
	Non-convertible Notes		-		-		-		-			(4,480	)		(9,060	)		-
Fibesa S.A.	Reimbursement of expenses		-		-		2		-			-			-			-
Total Subsidiaries of the subsidiaries			20,441		663		22,700		(4,601	)		(7,000	)		(15,903	)		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Investments in financial assets Non-current		Investments in financial assets Current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current			Derivative financial instruments
Associates of the subsidiaries
Tarshop S.A.	Reimbursement of expenses		-		-		2		-			-			-			-
Banco Hipotecario S.A.	Derivatives		-		-		-		-			-			-			(5,525	)
Llao Llao Resorts S.A.	Purchase-Sale of goods and/or services		-		-		-		(16	)		-			-			-
Total Associates of the subsidiaries			-		-		2		(16	)		-			-			(5,525	)

Joint Ventures of the subsidiaries
Cyrsa S.A.	Reimbursement of expenses		-		-		63		-			-			-			-
Total Joint Ventures of the subsidiaries			-		-		63		-			-			-			-

Other Related parties
Consultores Asset Management S.A. (CAMSA)	Advances to be recovered		-		-		1,161		-			-			-			-
	Reimbursement of expenses		-		-		1,883		-			-			-			-
Fundación IRSA	Reimbursement of expenses		-		-		29		-			-			-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-		-		(204	)		-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		-		53,393		-			-			-			-
	Dividends payable		-		-		624		-			-			-			-
	Reimbursement of expenses		-		-		10		-			-			-			-
Other Related parties			-		-		57,100		(204	)		-			-			-

Directors and Senior Management
Directors and Senior Management	Reimbursement of expenses		-		-		93		-			-			-			-
	Directors’ fees		-		-		-		(14,079	)		-			-			-
Total Directors and Senior Management			-		-		93		(14,079	)		-			-			-
			55,962		1,443		419,980		(23,829	)		(7,000	)		(39,935	)		(5,525	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

The following is a summary of the balances with related parties as of June 30, 2013:

Related party	Description of transaction	Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current		Borrowings Current
Subsidiaries
IRSA Inversiones y Representaciones S.A.	Corporate services		-		8,503		-			-		-
	Sale of goods and/or services		-		-		(701	)		-		-
	Reimbursement of expenses		-		-		(1,030	)		-		-
Brasilagro	Reimbursement of expenses		-		457		-			-		-
	Dividends receivables		-		1,891		-			-		-
	Sale of goods and/or services		-		-		(12	)		-		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Reimbursement of expenses		-		25		(7	)		-		-
	Sale of goods and/or services		-		4,227		-			-		-
Helmir S.A.	Financial operations		-		6,755		-			-		-
Northagro S.A.	Reimbursement of expenses		-		288		-			-		-
Ombú Agropecuaria S.A.	Financial operations		28,987		-		-			-		-
	Management fee		-		679		-			-		-
Pluriagro S.A.	Reimbursement of expenses		-		288		-			-		-
FyO Trading S.A.	Reimbursement of expenses		-		4		-			-		-
Agropecuaria Acres del Sud S.A.	Financial operations		15,417		-		-			-		-
	Management fee		-		1,919		-			-		-
	Reimbursement of expenses		-		60		-			-		-
Agrotech S.A.	Reimbursement of expenses		-		66		-			-		-
Cactus Argentina S.A.	Reimbursement of expenses		-		490		-			-		-
	Financial operations		-		1,566		-			-		-
	Purchase-Sale of goods and/or services		-		1,192		(916	)		-		-
	Management fee		-		19		-			-		-
Yatay Agropecuaria S.A.	Financial operations		13,718		-		-			-		-
	Management fee		-		679		-			-		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Yuchán Agropecuaria S.A.	Financial operations		15,513		-		-			-			-
	Management fee		-		679		-			-			-
Futuros y Opciones.Com S.A.	Reimbursement of expenses		-		39		-			-			-
	Purchase-Sale of goods and/or services		-		17,361		(27	)		-			-
Total Subsidiaries			73,635		47,187		(2,693	)		-			-

Associates
Agro Managers S.A.	Reimbursement of expenses		-		113		-			-			-
Agro-Uranga S.A.	Dividends receivables		-		1,471		-			-			-
	Purchase-Sale of goods and/or services		-		765		(215	)		-			-
Total Associates			-		2,349		(215	)		-			-

Joint Ventures of the subsidiaries
Cresca S.A.	Reimbursement of expenses		-		49		(157	)		-			-
	Management fee		-		1,693		-			-			-
Nuevo Puerto Santa Fe	Reimbursement of expenses		-		-		(1	)		-			-
Total joint ventures of the subsidiaries			-		1,742		(158	)		-			-


Subsidiaries of the subsidiaries
Alto Palermo S.A.	Reimbursement of expenses		-		11,679		-			-			-
	Financial operations		-		-		(537	)		-			-
	Corporate services		-		24,176		-			-			-
Nuevas Fronteras S.A.	Provision of services		-		-		(2	)		-			-
Emprendimiento Recoleta S.A.	Reimbursement of expenses		-		-		(7	)		-			-
	Non-convertible Notes		-		-		-			(5,040	)		(8,254	)
Panamerican Mall S.A.	Non-convertible Notes		-		-		-			(8,960	)		(8,402	)
Tyrus	Reimbursement of expenses		-		23		-			-			-
Fibesa S.A.	Reimbursement of expenses		-		1		-			-			-
Total Subsidiaries of the subsidiaries			-		35,879		(546)			(14,000	)		(16,656	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

Related party	Description of transaction	Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Joint Ventures of the subsidiaries
Cyrsa S.A.	Reimbursement of expenses		-		5,955		-			-			-
Total Joint Ventures of the subsidiaries			-		5,955		-			-			-

Other Related parties
Consultores Asset Management S.A. (CAMSA)	Advances to be recovered		-		9,342		-			-			-
	Reimbursement of expenses		-		89		(2	)		-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-		(419	)		-			-
	Sale of goods and/or services		-		-		-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		34,669		-			-			-
	Reimbursement of expenses		-		7		-			-			-
Total Other Relates Parties			-		44,107		(421	)		-			-

Directors and Senior Management
Directors	Reimbursement of expenses		-		81		(30	)		-			-
	Advances to directors		-		1,204		(1,746	)		-			-
Total Directors and Senior Management			-		1,285		(1,776	)		-			-
			73,635		138,504		(5,809	)		(14,000	)		(16,656	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30.	Related party transactions (Continued)

The following is a summary of the transactions with related parties for the nine-month period ended as of March 31, 2014:

Related party	Leases and/or rights of use			Administration and management fees		Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services		Financial operations			Compensation of Directors and Senior Management
Subsidiaries
IRSA Inversiones y Representaciones S.A.		(1,303	)		-		-		-			22,016		-		3,977			-
BrasilAgro S.A.		-			-		-		-			-		-		1,703			-
Cactus Argentina S.A.		-			2,500		45		(5,245	)		-		-		(662	)		-
Futuros y Opciones.Com S.A.		-			100		-		-			-		-		(792	)		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		-			-		19,773		-			-		-		-			-
Helmir S.A.		-			-		-		-			-		-		15,039			-
Agropecuaria Acres del Sud S.A.		-			-		-		-			-		-		(1,489	)		-
Ombú Agropecuaria S.A.		-			384		-		-			-		-		(2,779	)		-
Yuchán Agropecuaria S.A.		-			384		-		-			-		-		(1,473	)		-
Yatay Agropecuaria S.A.		-			384		-		-			-		-		(1,316	)		-
Total Subsidiaries		(1,303	)		3,752		19,818		(5,245	)		22,016		-		12,208			-

Associates
Agro-Uranga S.A.		-			-		5,592		-			-		-		-			-
Total Associates		-			-		5,592		-			-		-		-			-

Joint Ventures of the subsidiaries
Cresca S.A.		-			46		-		-			-		-		-			-
Total Joint Ventures		-			46		-		-			-		-		-			-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-			-		-		-			-		-		(3,055	)		-
Panamerican Mall S.A.		-			-		-		-			-		-		(2,692	)		-
Alto Palermo S.A.		-			-		-		-			53,269		-		624			-
Total Subsidiaries of the subsidiaries		-			-		-		-			53,269		-		(5,123	)		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30. Related party transactions (Continued)

Related party	Leases and/or rights of use			Administration and management fees		Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services			Financial operations		Compensation of Directors and Senior Management
Other related parties
Estudio Zang, Bergel & Viñes		-			-		-		-			-		(437	)		-		-
Inversiones Financieras del Sur S.A.		-			-		-		-			-		-			19,642		-
Hamonet S.A.		(102	)		-		-		-			-		-			-		-
Isaac Elsztain e Hijos S.C.A.		(176	)		-		-		-			-		-			-		-
Total other related parties		(278	)		-		-		-			-		(437	)		19,642		-

Directors and Senior Management
Directors		-			-		-		-			-		-			-		(29,653	)
Senior Management		-			-		-		-			-		-			-		(4,577	)
Total directors and Senior Management		-			-		-		-			-		-			-		(34,230	)
		(1,581	)		3,798		25,410		(5,245	)		75,285		(437	)		26,727		(34,230	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30. Related party transactions (Continued)

The following is a summary of the transactions with related parties for the nine-month period ended as of March 31, 2013:

Related party	Leases and/or rights of use			Administration / Management fees		Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services		Financial operations			Compensation of Directors and Senior Management
Subsidiaries
IRSA Inversiones y Representaciones S.A.		-			-		-		-			18,671		-		-			-
Cactus Argentina S.A.		19			72		262		(316	)		-		-		79			-
Futuros y Opciones.Com S.A.		-			50		-		(4,593	)		-		-		-			-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		(25	)		-		1,764		-			-		-		-			-
Helmir S.A.		-			-		-		-			-		-		1,025			-
Agropecuaria Acres del Sud S.A.		-			1		-		-			-		-		933			-
Ombú Agropecuaria S.A.		-			244		-		-			-		-		1,811			-
Yuchán Agropecuaria S.A.		-			244		-		-			-		-		975			-
Yatay Agropecuaria S.A.		-			244		-		-			-		-		860			-
Total Subsidiaries		(6	)		855		2,026		(4,909	)		18,671		-		5,683			-

Associates
Agro-Uranga S.A.		-			-		4,631		-			-		-		-			-
Banco Hipotecario S.A.		-			-		-		-			-		-		(1	)		-
Total Associates		-			-		4,631		-			-		-		(1	)		-

Joint ventures of the subsidiaries
Cresca S.A.		-			1,034		-		-			-		-		-			-
Total Joint ventures of the subsidiaries		-			1,034		-		-			-		-		-			-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-			-		-		-			-		-		(1,819	)		-
Panamerican Mall S.A.		-			-		-		-			-		-		(2,605	)		-
Quality Invest S.A.		-			2,098		-		-			-		-		-			-
Alto Palermo S.A.		-			-		-		-			49,088		-		-			-
Total Subsidiaries of the subsidiaries		-			2,098		-		-			49,088		-		(4,424	)		-

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

30. Related party transactions (Continued)

Related party	Leases and/or rights of use			Administration and management fees		Sale of goods and/or services		Purchase of agricultural goods and/or services			Corporate services		Legal services			Financial operations		Compensation of Directors and Senior Management
Other related parties
Estudio Zang, Bergel & Viñes		-			-		-		-			-		(625	)		-		-
Inversiones Financieras del Sur S.A.		-			-		-		-			-		-			2,447		-
Total other related parties		-			-		-		-			-		(625	)		2,447		-

Directors and Senior Management
Directors and Senior Management		-			-		-		-			-		-			-		(11,649	)
Total directors and Senior Management		-			-		-		-			-		-			-		(11,649	)
		(6	)		3,987		6,657		(4,909	)		67,759		(625	)		3,705		(11,649	)

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

31.	CNV General Resolution No. 622

As required by Section 1°, Chapter III, Title IV of CNV General Resolution No. 622, below there is a detail of the notes to the Unaudited Condensed Interim Separate Financial Statements that disclosure the information required by the Resolution in Exhibits.

Exhibit A - Property, plant and equipment	Note 7 - Investment properties
	Note 8 - Property, plant and equipment
Exhibit B - Intangible assets	Note 9 - Intangible assets
Exhibit C - Equity investments	Note 32 - Investments in subsidiaries, associates and joint ventures
Exhibit D - Other investments	Note 12 - Financial instruments by category
Exhibit E - Provisions	Note 13 - Trade and other receivables
	Note 19 – Provisions
Exhibit F - Cost of sales and services	Note 33 - Cost of sales and services provided
Exhibit G - Foreign currency assets and liabilities	Note 34 - Foreign currency assets and liabilities
Exhibit H - Exhibit of expenses	Note 25 - Expenses by nature

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

32.	Investments in subsidiaries, associates and joint ventures

											Issuer's information
													Last financial statement issued
Issuer and type of securities	Class	Amount		Value recorded as of 03.31.14			Value recorded as of 06.30.13			Market value as of 03.31.14	Main activity	Place of business / country of incorporation	Common stock (nominal value)		Income (loss) for the period			Shareholders' Equity		Interest in common stock
Subsidiaries

Agrotech S.A.	Shares		-		-			22,817		Not publicly traded	Investment	Argentina		-		-			-		-
	Intergroup transactions				-			(1,389	)
					-			21,428

BrasilAgro	Shares		23,150,050		798,440			567,324		Rs. 8.78	Agricultural	Brazil		875,381		(22,297	)		2,060,047		39.76	%
	Higher value				109,695			109,695
	Goodwill				9,368			6,435
	Intergroup transactions				(4,616	)		-
					912,887			683,454

Cactus Argentina S.A.	Shares		119,860,123		99,024			43,349		Not publicly traded	Agroindustrial	Argentina		123,398		6,820			118,714		97.13	%
					99,024			43,349

Doneldon	Shares		551,481		180,915			32,103		Not publicly traded	Investment	Uruguay		551		14,064			180,915		100.00	%
					180,915			32,103

Futuros y Opciones S.A.	Shares		972,614		17,301			11,827		Not publicly traded	Brokerage	Argentina		1,632		10,770			29,032		59.59	%
					17,301			11,827

FyO Trading S.A.	Shares		4,832		5			5		Not publicly traded	Brokerage	Argentina		220		7			213		2.20	%
					5			5

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

32.	Investments in subsidiaries, associates and joint ventures (Continued)

								Issuer's information
										Last financial statement issued
Issuer and type of securities	Class	Amount	Value recorded as of 03.31.14		Value recorded as of 06.30.13		Market value as of 03.31.14	Principal activity	Registered office	Common stock (nominal value)	Income (loss) for the period		Shareholders' Equity	Interest in common stock
Helmir S.A.	Shares	548,230,675	203,058		150,879		Not publicly traded	Investment	Uruguay	90,573	38,178		206,698	100.00	%
			203,058		150,879

IRSA Inversiones y Representaciones S.A.	Shares	373,611,020	1,619,863		1,772,602		10.70'	Real State	Argentina	574,188	(92,030	)	2,489,506	65.07	%
	Intergroup transactions		(17,681	)	(17,681	)
	Higher value		114,660		119,153
	Goodwill		14,331		14,331
			1,731,173		1,888,405

Northagro S.A.	Shares	-	-		(238	)	Not publicly traded	Investment	Argentina	-	-		-	-	%
			-		(238	)

Pluriagro S.A.	Shares	-	-		(238	)	Not publicly traded	Investment	Argentina	-	-		-	-	%
			-		(238	)

Sociedad Anónima Carnes Pampeanas S.A.	Shares	11,812,792	13,078		10,430		Not publicly traded	Agroindustrial	Argentina	30,000	3,214		33,214	39.38	%
			13,078		10,430
Total Subsidiaries			3,157,441		2,841,404

Associates

Agromanagers S.A.	Shares	981,029	1,809		1,569		Not publicly traded	Investment	Argentina	2,094	513		3,862	46.84	%
	Goodwill		796		796
			2,605		2,365

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

32.	Investments in subsidiaries, associates and joint ventures (Continued)

									Issuer's information
											Last financial statement issued
Issuer and type of securities	Class	Amount		Value recorded as of 03.31.14		Value recorded as of 06.30.13		Market value as of 03.31.14	Principal activity	Registered office	Common stock (nominal value)		Income (loss) for the period		Shareholders' Equity		Interest in common stock
Agrouranga S.A.	Shares		893,069		24,550		17,679	Not publicly traded	Agricultural	Argentina		2,500		29,651		68,725		35.72	%
	Higher value				11,179		11,179
					35,729		28,858

Granos Olavarría S.A.	Shares		264		42		-	Not publicly traded	Warehousing and	Argentina		512		1,397		1,926		2.20	%
	Goodwill				4		-		Brokerage
					46		-
Total Associates					38,380		31,223
Total investments in subsidiaries, associates and joint ventures as of 03.31.14					3,195,821		-
Total investments in subsidiaries, associates and joint ventures as of 06.30.13					-		2,872,627

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

33.	Cost of sales and services provided

Description	Biological assets			Inventories			Others		Total as of 03.31.14			Total as of 03.31.13
Beginning of the period / year		230,954			144,222			-		375,176			332,938
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		91,051			36,624			-		127,675			76,908

Changes in net realizable value of agricultural produce after harvest		-			722			-		722			12,866

Decrease due to harvest		-			94,081			-		94,081			86,798
Purchases and classifications		28,302			286,901			-		315,203			133,065
Consume		(414	)		(193,417	)		-		(193,831	)		(121,670	)
Expenses incurred		-			866			5,461		6,327			3,926
End of the period / year		(290,061	)		(91,619	)		-		(381,680	)		(290,845	)
Cost as of 03.31.14		59,832			278,380			5,461		343,673			-
Cost as of 03.31.13		46,037			184,024			3,925		-			233,986

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

34.	Foreign currency assets and liabilities

Book amounts of foreign currency assets and liabilities are as follows:

Items	Amount of foreign currency		Prevailing exchange rate (1)		Total as of 03.31.14		Amount of foreign currency		Prevailing exchange rate (2)		Total as of 06.30.13
Assets
Cash and cash equivalents
US Dollar		2,186		7.902		17,270		140		5.348		747
Brazilian Reais		1		3.290		4		3		2.37		7
Euro		5		10.871		51		5		6.949		33
Yenes		52		0.077		4		74		0.054		4
Total cash and cash equivalents						17,329						791

Trade and other receivables
US Dollar		46,619		7.902		368,380		27,590		5.348		147,553
Total trade and other receivables						368,380						147,553

Investment in financial assets
US Dollar		30,787		7.902		243,276		-		-		-
Total Investment in financial assets						243,276		-		-		-

Derivative financial instruments
US Dollar		4		7.902		32		-		-		-
Total derivative financial instruments						32		-				-

Trade and other payables
US Dollar		304		8.002		2,436		388		5.388		2,090
Brazilian Reais		590		3.690		2,177						-
Total trade and other payables						4,613						2,090

Borrowings
US Dollar		317,305		8.002		2,539,078		248,907		5.388		1,341,111
Total borrowings						2,539,078						1,341,111

(1)	Exchange rate as of March 31, 2014 according to Banco Nación Argentina records.

(2)	Exchange rate as of June 30, 2013 according to Banco Nación Argentina records.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the Unaudited Condensed Interim Separate Financial Statements (Continued)

(All amounts in thousands of Argentine Pesos, except shares and per share data and as otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

35.

Incident

36.	Subsequent events

See subsequent events in Note 41 to the Unaudited Condensed Interim Consolidated Financial Statements.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2014

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

1.	Specific and significant legal systems that imply contingent lapsing or rebirth of benefits envisaged by such provisions.

None.

Significant changes in the Company´s activities or other similar circumstances that occurred during the fiscal years included in the financial statements, which affect their comparison with financial statements filed in previous fiscal years, or that could affect those to be filed in future fiscal years.

Are detailed in the Business Review.

3.	Receivables and liabilities by maturity date.

		Falling due (Point 3.a.)		Without term (Point 3.b.)		Without term (Point 3.b.)		To be due (Point 3.c.)
Items			03.31.14	Current		Non-current		Up to 3 months		From 3 to 6 months		From 6 to 9 months		From 9 to 12 months		From 1 to 2 years		From 2 to 3 years		From 3 to 4 years		From 4 years on		Total
Accounts receivables	Trade and other receivables		-		50,386		-		428,172		61,973		-		-		-		-		-		-		540,531
	Income tax credit and deferred income tax		-		1,547		329,566		-		-		-		-		-		-		-		-		331,113
	Total		-		51,933		329,566		428,172		61,973		-		-		-		-		-		-		871,644
Liabilities	Trade and other payables		-		-		-		106,942		-		-		-		306		305		305		331		108,189
	Borrowings		-		-		-		293,244		516,590		67,222		348,583		541,653		24,629		152,013		1,075,561		3,019,495
	Payroll and social security liabilities		-		-		-		10,748		16,123		-		-		-		-		-		-		26,871
	Provisions		-		9		1,639		-		-		-		-		-		-		-		-		1,648
	Minimum Presumed Income Tax		-		9,690		-		-		-		-		-		-		-		-		-		9,690
	Total		-		9,699		1,639		410,934		532,713		67,222		348,583		541,959		24,934		152,318		1,075,892		3,165,893

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2014

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

4.a.	Breakdown of accounts receivable and liabilities by currency and maturity.

		Current			Non-current			Total
Items		Local currency	Foreign currency	Total	Local currency	Foreign currency	Total	Local currency	Foreign currency	Total
Accounts receivables	Trade and other receivables	172,151	368,380	540,531	-	-	-	172,151	368,380	540,531
	Income tax credit and deferred income tax	1,547	-	1,547	329,566	-	329,566	331,113	-	331,113
	Total	173,698	368,380	542,078	329,566	-	329,566	503,264	368,380	871,644
Liabilities	Trade and other payables	102,328	4,614	106,942	1,247	-	1,247	103,575	4,614	108,189
	Borrowings	257,891	967,748	1,225,639	222,526	1,571,330	1,793,856	480,417	2,539,078	3,019,495
	Payroll and social security liabilities	26,871	-	26,871	-	-	-	26,871	-	26,871
	Provisions	9	-	9	1,639	-	1,639	1,648	-	1,648
	Minimum Presumed Income Tax	9,690	-	9,690	-	-	-	9,690	-	9,690
	Total	396,789	972,362	1,369,151	225,412	1,571,330	1,796,742	622,201	2,543,692	3,165,893

4.b.	Breakdown of accounts receivable and liabilities by adjustment clause.

As of March 31, 2014 there are no receivable and liabilities subject to adjustment clause.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2014

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

4.c.	Breakdown of accounts receivable and liabilities by interest accrual.

		Current				Non-current
		Accruing interest				Accruing interest				Accruing interest
Items		Fixed	Floating	Non-Accruing interest	Subtotal	Fixed	Floating	Non-Accruing interest	Subtotal	Fixed	Floating	Non-Accruing interest	Total
Accounts receivables	Trade and other receivables	298,634	52,976	188,921	540,531	-	-	-	-	298,634	52,976	188,921	540,531
	Income tax credit and deferred income tax	-	-	1,547	1,547	-	-	329,566	329,566	-	-	331,113	331,113
	Total	298,634	52,976	190,468	542,078	-	-	329,566	329,566	298,634	52,976	520,034	871,644
Liabilities	Trade and other payables	-	-	106,942	106,942	-	-	1,247	1,247	-	-	108,189	108,189
	Borrowings	1,026,206	186,221	13,212	1,225,639	1,473,853	313,251	6,752	1,793,856	2,500,059	499,472	19,964	3,019,495
	Payroll and social security liabilities	-	-	26,871	26,871	-	-	-	-	-	-	26,871	26,871
	Provisions	-	-	9	9	-	-	1,639	1,639	-	-	1,648	1,648
	Minimum Presumed Income Tax	-	-	9,690	9,690	-	-	-	-	-	-	9,690	9,690
	Total	1,026,206	186,221	156,724	1,369,151	1,473,853	313,251	9,638	1,796,742	2,500,059	499,472	166,362	3,165,893

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2014

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

5.	Related parties.

a.	Interest in related parties.

Name of the entity	Place of business / country of incorporation	Principal activity (*)	% of ownership interest held by the Group
Direct equity interest:
BrasilAgro-Companhía Brasileira de Propiedades Agrícolas (1)	Brazil	Agricultural	39.76%
Doneldon S.A.	Uruguay	Investment	100%
Cactus Argentina S.A.	Argentina	Agro-industrial	97.13%
Futuros y Opciones.Com S.A.	Argentina	Brokerage	59.59%
Helmir S.A.	Uruguay	Investment	100.00%
IRSA	Argentina	Real estate	65.07%
FyO Trading S.A.	Argentina	Brokerage	2.2%
Sociedad Anónima Carnes Pampeanas	Argentina	Agro-industrial	39.38%
Agromanagers S.A.	Argentina	Financing	46.84%
Agrouranga S.A.	Argentina	Agricultural	35.72%
Granos de Olavarría S.A.	Argentina	Warehousing and brokerage	2.20%

(*) All companies whose principal activity is “Investment” do not have significant assets and liabilities other than their respective interest holdings in operating entities.

(1) The Group has consolidated the investment in BrasilAgro-Companhía Brasileira de Propiedades Agrícolas (“BrasilAgro”) considering that the Company exercises “de facto control” over it.

b.	Related parties debit / credit balances. See Note 30.

6.	Loans to directors.

See Note 30.

7.	Inventories.

The company conducts physical inventories once a fiscal year in each property, covering all the assets under such account. There is no relevant immobilization of inventory.

8.	Current values.

See Note 2 to the Consolidated Financial Statements as of June 30, 2013 and 2012.

None.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2014

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

9.	Appraisal revaluation of property, plant and equipment.

10.	Obsolete unused property, plant and equipment.

None.

11.	Equity interest in other companies in excess of that permitted by section 31 of law N° 19,550.

None.

12.	Recovery values.

See Note 2 to the Consolidated Financial Statements as of June 30, 2013 and 2012.

13.	Insurances.

The types of insurance used by the company were the following:

Insured property	Risk covered	Amount insured Ps.	Book value Ps.
Buildings, machinery, silos, installation and furniture and equipment	Theft, fire and technical insurance	459,201	426,901
Vehicles	Third parties, theft, fire and civil liability	11,324	2,696

14.	Allowances and provisions that, taken individually or as a whole, exceed 2% of the shareholder´s equity.

None.

15.	Contingent situations at the date of the financial statements which probabilities are not remote and the effects on the Company´s financial position have not been recognized.

Not applicable.

16.	Status of the proceedings leading to the capitalization of irrevocable contributions towards future subscriptions.

Not applicable.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Information required by Section 68 of the Buenos Aires Stock Exchange Regulations

and Section 12, Chapter III, Title IV of Resolution 622/13

Unaudited Condensed Interim Statement of Financial Position as of March 31, 2014

Stated in thousands of pesos

Free translation from the original prepared in Spanish for publication in Argentina

17.	Unpaid accumulated dividends on preferred shares.

None.

18.	Restrictions on distributions of profits.

According to the Argentine laws, 5% of the profit of the year is separated to constitute legal reserves until they reach legal capped amounts (20% of total capital). These legal reserves are not available for dividend distribution.

In addition, according to CNV (Argentine Securities Exchange Commission) General Resolution No. 609/12, a special reserve was constituted which could not be released to make distributions in cash or in kind. See Note 27 to the Unaudited Condensed Interim Consolidated Financial Statements.

Free translation from the original prepared in Spanish for publication in Argentina

Limited Review Report

To the Shareholders, President and Board of Directors of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Legal address: Moreno 877 - 23° floor - Autonomous City of Buenos Aires

CUIT: 30-50930070-0

We have reviewed the accompanying unaudited condensed interim separate statement of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria as of March 31, 2014, and the related unaudited condensed interim separate statements of income and comprehensive income for the nine and three-month periods ended March 31, 2014, and the unaudited condensed interim separate statements of changes in shareholders’ equity and cash flows for the nine-month period ended March 31, 2014 and selected explanatory notes. The balances and other information corresponding to the fiscal year ended June 30, 2013 and the interim periods within that fiscal year are an integral part of these financial statements and, therefore, they should be considered in relation to these financial statements.

The Board of Directors of the Company is responsible for the preparation and presentation of these unaudited condensed interim separate financial statements in accordance with professional accounting standards of Technical Pronouncement No. 26 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) added by the National Securities Commission (CNV) to its regulations. Those standards differ from the International Financial Reporting Standards (IFRS) and, especially, from the International Accounting Standard No 34 "Interim Financial Reporting" (IAS 34) approved by the International Accounting Standard Board (IASB) and used for the preparation of the unaudited condensed interim consolidated financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria. Our responsibility is to express a conclusion based on the review that we have performed with the scope detailed in paragraph 3.

Free translation from the original prepared in Spanish for publication in Argentina

Limited Review Report (Continued)

Nothing came to our attention as a result of our review that caused us to believe that these unaudited condensed interim separate financial statements have not been prepared in all material respects in accordance with Technical Pronouncement No. 26 of the FACPCE for separate financial statements of a parent company.

5.	In accordance with current regulations, we hereby inform that :

the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria are recorded in the "Inventory and Balance Sheet Book" and comply, as regards those matters that are within our competence, with the provisions set forth in the Commercial Companies Law and the corresponding resolutions of the National Securities Commission;

b)	the unaudited condensed interim separate financial statements of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria arise from accounting records carried in all formal respects in accordance with applicable legal requirements;

we have read the Additional Information to the notes to the unaudited condensed interim separate financial statements required by Article 68 of the Buenos Aires Stock Exchange Regulations and article 12, Chapter III, Title IV of the National Securities Commission, on which, as regards those matters that are within our competence, we have no observations to make;

d)	at March 31, 2014, the debt of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria owed in favor of the Argentine Integrated Pension System which arises from accounting records and submissions amounted to Ps. 2,669,706, which was not callable at that date.

Autonomous City of Buenos Aires, May 12, 2014

PRICE WATERHOUSE & Co. S.R.L.

(Partner)

C.P.C.E.C.A.B.A. Tº 1 Fº 17

Dr. Carlos Martín Barbafina

Public Accountant (U.C.A.)

C.P.C.E.C.A.B.A. Tº 175 Fº 65

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Buenos Aires, May 12, 2014 - Cresud S.A.C.I.F. y A. (NASDAQ: CRESY – BCBA: CRES), one of the leading agricultural companies in South America, announces today its results for the first nine months of fiscal year 2014 ended March 31, 2014.

Results and highlights for the period

	IIIQ2014		IIIQ2013		vara/a			9M2014	9M2013	vara/a
Revenues		1,027.7		734.7		39.9	%	3,161.5	2,339.9		35.1	%
Costs		-903.6		-693.8		30.2	%	-2,665.4	-2,116.0		26.0	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		531.2		274.1		93.8	%	955.7	733.5		30.3	%
Changes in the fair value of agricultural produce after harvest.		1.4		0.2		503.4	%	-7.8	7.0		-
Gross Profit		656.7		315.2		108.3	%	1,444.1	964.5		49.7	%
Gain from disposal of investment properties		106.2		7.8		1261.9	%	113.3	61.5		84.4	%
Gain from disposal of farmlands		-		-		-		-	54.0		-100.0	%
General and administrative expenses		-115.5		-78.7		46.8	%	-351.6	-260.9		34.8	%
Selling expenses		-67.0		-48.6		37.8	%	-222.7	-172.3		29.3	%
Other operating results, net		-34.9		0.6		-		-52.4	106.5		-
Profit from operations		545.5		196.3		177.9	%	930.7	753.2		23.6	%
Share of profit / (loss) of associates and joint ventures		67.4		2.2		+		115.2	14.7		682.4	%
Profit from operations before financing and taxation		612.9		198.5		208.8	%	1,045.9	768.0		36.2	%
Financial results, net		-973.5		-114.8		748.0	%	-1,931.4	-474.0		307.5	%
(Loss) / Profit before income tax		-360.6		83.7		-		-885.5	293.9		-
Income tax expense		187.9		2.8		+		358.0	-30.7		-
Net (Loss) / income		-172.7		86.5		-		-527.5	263.2		-

Attributable to:
Cresud’s Shareholders		-162.2		23.7		-		-494.2	84.5		-
Non-controlling interest		-10.5		62.7		-		-33.3	178.7		-

►

During the nine-month period our revenues were 35.1% higher than in the same period of the previous fiscal year. This was mainly due to a 52.0% increase in the agricultural segment, explained by higher sales of grains, beef cattle and milk, along with a 22.2% increase in revenues from the urban segment.

►

Gross profit rose 49.7% due to an increase of 34.9% in the urban segment, accompanied by an increase of 116.8% in gross profit from the agricultural segment, mainly grains, sugarcane and beef cattle, which recorded an increase in the fair value of biological assets and higher activity in the agro-industrial segment. The increase in gross profit outpaced the higher selling and administrative expenses, leading to an operating income equal to ARS 47.2 million attributable to the agricultural segment for the nine-month period of fiscal year 2014, while the urban segment’s operating results were ARS 892.2 million (a 18.4% increase). Consequently, Income before financial results and income tax grew by 36.2%, reaching ARS 1,045.9 million for the first nine months of fiscal year 2014.

►	The strong depreciation of the Argentine Peso against the U.S Dollar experienced during the past year had a negative impact on our net financial results, which went down from a loss of ARS 474.0 million in 9M 2013 to a loss of ARS 1,931.4 million during this period.

►	Therefore, a net loss of ARS 524.6 million was recorded, out of which a loss of ARS 494.2 million is attributable to Cresud’s shareholders.

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Description of Operations by Segment

	9M 2014						9M 2013						Variation
	Agri		Urban		Total		Agri		Urban		Total		Agri			Urban			Total
Revenues		1,141.5		2,085.3		3,226.9		750.9		1,706.2		2,457.1		52.0	%		22.2	%		31.3	%
Costs		-1,750.9		-978.6		-2,729.5		-1,329.4		-885.9		-2,215.3		31.7	%		10.5	%		23.2	%
Changes in the fair value of biological assets and agricultural produce at the point of harvest		971.4		-		971.4		734.9		-		734.9		32.2	%		-			32.2	%
Changes in the fair value of agricultural produce after harvest.		-7.8		-		-7.8		6.9		-		6.9		-			-			-
Gross Profit		354.2		1,106.8		1,461.0		163.4		820.3		983.7		116.8	%		34.9	%		48.5	%
Gain from disposal of investment properties		-		113.3		113.3		-		61.5		61.5		-			84.4	%		84.4	%
Gain from disposal of farmlands		-		-		-		54.0		-		54.0		-100.0	%		-			-100.0	%
General and administrative expenses		-159.4		-195.4		-354.8		-111.6		-153.5		-265.1		42.9	%		27.3	%		33.9	%
Selling expenses		-122.6		-102.9		-225.5		-99.4		-81.7		-181.1		23.3	%		26.0	%		24.5	%
Income from business combinations		-		-		-		-		-		-		-			-			-
Other operating income / (loss), net		-25.0		-29.6		-54.6		-1.5		106.6		105.1		+			-			-
Profit from operations		47.2		892.2		939.5		4.9		753.3		758.2		869.2	%		18.4	%		23.9	%
Share of profit / (loss) of associates		10.4		85.9		96.4		5.5		5.5		11.0		89.2	%		1463.8	%		774.9	%
Segment Profit		57.7		978.2		1,035.9		10.4		758.8		769.2		454.8	%		28.9	%		34.7	%

Grains and Sugarcane

Weather conditions improved at the beginning of the season, allowing us to expect a 2013/2014 season with good results. To date, we have completed harvesting of wheat, sunflower and sorghum in Argentina. Soybean harvesting has started, with a 42% degree of progress; on the other hand, corn harvesting has recently started, reaching a 28% degree of progress. It should be noted that 80% of the corn planted is late corn; therefore, harvesting of this crop will start in June. In our farms of Bolivia, where we are able to carry out two planting and harvesting cycles per year, we have completed harvesting of our winter crops, including soybean, corn and wheat. On the other hand, harvesting of summer soybean crops has reached 97%, whereas corn harvesting shows a 47% degree of progress. Soybean harvesting activities in our farms of Paraguay have progressed 17%, whereas in Brazil, the harvesting of soybean has reached 95% and the harvesting of corn has reached 60%. Moreover, sugarcane continues to develop in these farms.

Grains

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		141.5		93.9		50.7	%	459.9	338.0		36.1	%
Costs		-401.0		-288.1		39.2	%	-984.4	-753.8		30.6	%
Changes in the fair value of biological assets and agricultural produce at the point of harvest		454.4		220.6		106.0	%	764.6	507.1		50.8	%
Changes in the net realizable value of agricultural produce after harvest.		1.2		0.2		471.5	%	-8.0	6.9		-
Gross Profit		196.2		26.6		636.9	%	232.0	98.2		136.2	%
General and administrative expenses		-36.1		-29.3		23.2	%	-92.2	-58.4		58.0	%
Selling expenses		-14.6		-11.3		28.8	%	-58.8	-63.1		-6.9	%
Other operating results, net		-25.0		9.3		-		-21.5	2.5		-
Profit from operations		120.5		-4.8		-		59.5	-20.8		-
Share of profit / (loss) of associates		8.8		5.0		76.1	%	10.2	4.8		112.2	%
Segment Profit		129.3		0.2		+		69.7	-16.0		-

Sugarcane

In ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		11.1		10.8		2.7	%	87.3	120.8		-27.8	%
Costs		-15.0		-16.9		-11.1	%	-157.1	-231.5		-32.2	%
Changes in the fair value of biological assets and agricultural produce at the point of harvest		12.8		19.0		-33.0	%	76.9	147.6		-47.9	%
Changes in the fair value of agricultural produce after harvest.		-		-		-		-	-		-
Gross Profit		8.8		12.9		-31.9	%	7.0	36.9		-80.9	%
General and administrative expenses		-2.2		-4.4		-51.2	%	-24.6	-24.7		-0.7	%
Selling expenses		1.6		-0.7		-		-2.3	-2.9		-21.5	%
Other operating results, net		0.1		-0.0		-		0.1	-0.1		-
Profit from operations		8.3		7.8		5.9	%	-19.7	9.2		-
Share of profit / (loss) of associates		-		-		-		-	-		-
Segment Profit		8.3		7.8		5.9	%	-19.7	9.2		-

Operations

	Production						Sales
In tons		9M2014	9M2013	YoY var				9M2014	9M2013	YoY var
Corn		10.215	10.578		-3,4	%		152.318	183.363		-16,9	%
Soybean		71.108	60.816		16,9	%		108.368	84.011		29,0	%
Wheat		12.427	4.505		175,9	%		5.129	9.953		-48,5	%
Sunflower		5.169	11.780		-56,1	%		6.836	8.645		-20,9	%
Other		7.038	6.795		3,6	%		9.477	18.212		-48,0	%
Total Grains and Other Production		105.957	94.474		12,2	%		282.128	304.184		-7,3	%
Sugarcane		435.660	892.897		-51,2	%		435.660	952.863		-54,3	%
Total Agricultural Production		541.617	987.371		-45,1	%		717.788	1.257.047		-42,9	%

►	During this nine-month period higher revenues have been recorded in the grain segment, mainly due to higher prices than those for the same period of the previous year and a rise in soybean sales (additional 24,000 tons).

►	Gross profit from the Grains segment for this period shows a significant increase of 136.2% compared to the same nine-month period of the previous fiscal year. This is explained mainly by the higher fair value of biological assets reflecting better yields and higher prices of our products.

►	In this sense, the fair value of biological assets reached ARS 764.6 million thanks to the higher volumes of wheat and late corn production throughout the entire portfolio and a rise in the estimates of soybean and corn production for this season, mainly in Argentina.

►	Higher administrative expenses are recorded due to an increase in salaries and in the proportional allocation to the grain segment compared to other segments.

►	The improvement in Gross profit was offset by a decrease in Other operating results, net, originated in derivative transactions that adversely impacted on the segment.

►	Mainly due to the higher gross profit, income from this segment totaled ARS 70.1 million.

►	The sugarcane segment shows a gross loss of ARS 19.7 million caused by a change in our output estimations in Bolivia and Brazil; therefore, we recognized a lower fair value of biological assets.

Area in Operation – Grains (hectares) 1	As of 3/31/14		As of 3/31/13		YoY var
Own farms		125,500		129,960		-3.4	%
Leased farms		58,393		45,435		28.5	%
Farms under concession		20,936		8,937		134.3	%
Own farms and farms under concession leased to third parties		8,101		18,223		-55.5	%
Total Area Assigned to Grain Production		212,930		202,555		5.1	%

►

The area in operation for the Grains segment increased by 5.1%, reaching 212,930 hectares. This was mainly due to a reduction in the area in operation in our own farms, close to 3.4%, and the smaller area consisting of farms leased to third parties (55.5%) while the area in operation in leased farms grew by 28.5% accompanied by an increase in the area in operation in farms under concession (134.3%).

►	The area of own farms decreased mainly due to the sale of farms during the past year, offset by an expansion in productive areas in Argentina.

►

Compared to the previous quarter we have reduced the planted area by approximately 8,000 hectares. This reflects, on the one hand, a fall of 4,000 hectares in the area planted in Argentina due to the drought in the north region of the country, including a surface area of 1,600 hectares in which there will be no double harvesting and a reduction of 700 hectares in the area of leased farms. On the other hand, certain farms in Bolivia will not engage in double harvesting, generating a decrease of 2,500 hectares in the area planted in Bolivia.

►	During this season we have expanded the area of leased farms assigned to agricultural production in Argentina and Brazil. We expect a good season, and for such reason we increased the area by over 12,000 hectares.

►	We have increased the area assigned to agricultural production in the farms under the long term concession granted to Cresud in the Province of Salta, where we operate nearly 21,000 hectares. This is offset by a reduction in the area of farms leased to third parties.

1 Includes surface area under double cropping totaling 15,750 hectares and 17,639 hectares as of March 31, 2014 and 2013 respectively, our proportional interest in AgroUranga and all of Cresca S.A.‘s farms

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Beef Cattle

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		8.2		27.0		-69.6	%	72.6	63.6		14.1	%
Costs		-19.9		-40.0		-50.4	%	-122.1	-105.6		15.6	%
Changes in the value of biological assets and agricultural produce		62.7		24.3		157.5	%	90.4	53.4		69.3	%
Changes in the fair value of agricultural produce		0.2		-0.1		-		0.2	0.0		+
Gross Profit		51.2		11.2		356.4	%	41.1	11.5		258.2	%
Profit from Operations		42.2		0.8		+		7.1	-9.8		-
Segment Profit		41.7		0.8		+		7.1	-9.8		-

Operation

Beef Cattle (tons)	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Beef cattle production		2,201		2,211		-0.4	%	6,092	6,162		-1.1	%
Beef cattle sales		616		2,140		-71.2	%	8,011	6,679		19.9	%

►	During this nine-month period, beef cattle production was lower than in the same nine-month period of the previous year (-1.1%), while cattle sales grew by 19.9%.

►	The higher number of tons sold and cattle beef prices caused sales from this segment to rise by 14.1%; in turn, the changes in the value of biological assets and agricultural produce caused results to rise by 69.3%. Consequently, gross profit reached ARS 41.1 million, a 258% increase.

►	Profit from this segment was ARS 7.1 million for the nine-month period of 2014, offsetting the losses recorded in previous quarters.

Area in Operation – Beef Cattle (hectares)	As of 3/31/14		As of 3/31/13		YoY var
Own farms		77,268		76,160		1.5	%
Leased farms		18,549		12,635		46.8	%
Own farms leased to third parties		5,495		13,371		-58.9	%
Total Area Assigned to Beef Cattle Production		101,312		102,166		-0.84	%

►

The area of own farms assigned to beef cattle production is slightly smaller. On the other hand, last year we sold a portion of our farm La Suiza, which had been leased to third parties, leading to a reduction in this area. In addition, we have increased the area of farms taken on lease for cattle-related operations, thus offsetting this fall in part.

Stock of Cattle Heads	As of 3/31/14		As of 3/31/13		YoY var
Breeding cattle		62,484		49,304		26.7	%
Cattle for sale		5,005		14,354		-65.1	%
Cattle for dairy production		6,888		6,459		6.6	%
Total Stock (heads)		74,377		70,117		6.1	%

►	The total number of heads in stock rose mainly due to an increase in breeding stock.

Milk

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		12.5		9.7		29.3	%	37.0	27.7		33.4	%
Costs		-23.9		-18.3		30.7	%	-71.0	-53.7		32.2	%
Changes in the fair value of biological assets and agricultural produce		14.5		9.5		52.6	%	39.6	27.8		42.4	%
Gross Profit		3.1		0.9		246.9	%	5.6	1.8		209.5	%
Profit from Operations		0.9		-1.7		-		-0.8	-2.3		-64.8	%
Segment Profit		0.8		-1.7		-		-0.8	-2.3		-64.8	%

Milk Production	IIIQ2014		IIIQ2013		YoY var			9M2014	9M2013	YoY var
Milk Production (thousands of liters)		4,549		4,385		3.7	%	14,678	13,835		6.1	%
Milk sales (liters)		4,451		4,286		3.9	%	14,311	13,401		6.8	%
Daily average milking cows (heads)		2,494		2,376		5.0	%	2,586	2,392		8.1	%
Milk Production / Milking Cow / Day (liters)		20.3		20.5		-1.2	%	20.7	21.1		-1.9	%

►

We have increased milk production by 6.1% compared to the same period of the previous fiscal year hand in hand with the number of milking cows per day. The level of production per milking cow per day is stable. Therefore, the levels of more than 20 liters by milking cow per day still exceed the targets set by us following the consolidation of our operations in our state-of-the-art milking facility.

►

There has been an increase in revenues from sales of this segment compared to the same quarter of the previous fiscal year, thanks to an increase in production and higher sales of milk, along with better prices. On the other hand, the costs in this segment increased due to inflation, resulting in an operating profit for the segment of ARS 0.8 million.

Area in Operation – Milk (hectares)		As of 3/31/14				As of 3/31/13				YoY var
Own farms			2,864				2,780				3.0	%

►	We perform our milking business in El Tigre farm. The change in the area assigned to milking cows is explained by a variation in the areas planted with crops and pastures.

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Leases and Agricultural Services

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		8.1		7.2		12.6	%	15.2	19.2		-20.9	%
Costs		-5.4		-3.7		47.0	%	-11.4	-6.7		70.5	%
Gross Profit		2.7		3.5		-23.6	%	3.8	12.6		-69.4	%
Profit from Operations		1.8		0.2		840.6	%	1.0	7.3		-86.6	%
Segment Profit		1.7		0.2		769.5	%	1.0	7.3		-86.6	%

►

In this segment we report the results from the lease of farms, mainly developed in our Santa Bárbara and La Gramilla farms. We have reduced leased acreage due to the non-renewal of lease agreements, resulting in a decrease in income as compared to the same period of the previous fiscal year. For this reason, and also due to higher costs, there has been a deterioration in this segment.

Sales and Transformation of Lands

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Gross Loss		-5.2		-1.0		405.3	%	-8.2	-4.1		98.8	%
Result from disposal of farms		-		-		-		-	54.0		-100.0	%
Profit / (Loss) from Operations		-5.6		10.3		-		-13.0	43.1		-
Segment Profit / (Loss)		-5.6		10.3		-		-13.0	43.1		-

►	During this period no significant transactions were made in this segment, compared to the same period of the previous fiscal year. The costs shown here refer to the land development process.

Area under Development (hectares)	Developed in 2012/2013		Projected for 2013/2014		Completed as of 3/31/14		Under Development as of 3/31/14
Argentina		7,600		7,475		2,378		5,097
Brasil		11,800		11,883		700		11,183
Paraguay		900		2,400		-		2,400
Total		20,300		21,758		3,078		18,680

►	During the previous season, we developed more than 20,000 hectares in the region. Besides, we expect to develop 21,758 additional hectares during this season, out of which 3,078 had been developed as of the closing of this period.

Agro-industrial activities

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		143.5		61.4		133.7	%	378.4	127.9		195.9	%
Costs		-121.4		-59.8		102.9	%	-329.9	-128.1		157.5	%
Gross Profit		22.1		1.6		+		48.5	-0.2		-
Loss from Operations		3.3		-8.5		-		-1.1	-21.8		-95.1	%
Segment Loss		3.3		-8.5		-		-1.1	-21.8		-95.1	%

►

In this segment we report mainly the results from our meat packing and feedlot business through our subsidiary Cactus. During this period our meat packing facility has shown a significant increase in operations, along with higher prices, leading to slightly favorable results. We expect that the context of this industry will improve in the future and to see a higher contribution from this segment.

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Other Segments

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		32.0		11.4		181.4	%	91.2	53.6		70.3	%
Costs		-15.4		-11.3		36.7	%	-66.9	-45.8		46.0	%
Changes in the fair value of biological assets and agricultural produce		-		-0.9		-100.0	%	-	-1.0		-100.0	%
Gross Profit		16.7		-0.8		-		24.3	6.7		260.3	%
Loss from operations		15.7		-1.6		-		14.2	0.1		+

►	In this segment we mainly report the results from our controlled company Futuros y Opciones S.A: (“FyO”).

Urban Properties and Investments: IRSA Inversiones y Representaciones Sociedad Anónima

We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of March 31, 2014, our equity interest in IRSA was 65.96%2.

IRSA is one of Argentina’s leading real estate companies in terms of assets. IRSA is engaged, directly or indirectly through subsidiaries and joint businesses, in a range of diversified real estate related activities in Argentina and abroad, including:

►

The acquisition, development and operation of shopping centers, through its interest of 95.68% in Alto Palermo S.A. (“APSA”) (Nasdaq: APSA, BCBA: APSA). APSA is one of Argentina’s leading operators of shopping centers and holds a controlling interest in 13 shopping centers with more than 310,000 square meters of Gross Leaseable Area.

►	The acquisition, development and exploitation of office buildings and other non-shopping center properties primarily for rental, for which purpose it has over 125,000 square meters of office leaseable space.

►	The acquisition and development of residential properties and the acquisition of undeveloped land reserves for future development or sale.

►	The acquisition and exploitation of luxury hotels.

►	Selective investments outside Argentina.

►	Financial investments, including IRSA’s current 29.77% equity interest in Banco Hipotecario, which is one of the leading financial institutions in Argentina.

The following information has been extracted from the financial statements of our controlled company IRSA as of March 31, 2014:

in ARS MM	IIIQ 2014		IIIQ 2013		YoY var			9M 2014	9M 2013	YoY var
Revenues		673.9		514.1		31.1	%	2,047.8	1,594.1		28.5	%
Operating results		366.1		190.8		91.9	%	893.2	749.7		19.1	%
EBITDA		421.6		246.5		71.0	%	1,061.9	912.4		16.4	%
Income attributable to IRSA’s shareholders		-70.4		96.9		-		-92.0	320.6		-

Our stake in IRSA has a high impact on our results, therefore we recommend the reading of detailed information on IRSA provided in its website (www.irsa.com.ar), in the Argentine Securities Commission website (www.cnv.gob.ar) and in the Securities and Exchange Commission website (www.sec.gov).

2 Considering that as of 03/31/2014 IRSA had repurchased a total amount equivalent to 4,088,106 common shares (including common shares and ADRs)

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Financial Indebtedness and Other

As of March 31, 2014 Cresud had a total net indebtedness equivalent to USD 926.0 million, consolidating IRSA. The following table contains a breakdown of Cresud’s indebtedness:

Description	Currency	Amount (1)		Interest Rate	Maturity
Bank overdraft	ARS		11.5	Float	< 365 d
Cresud’s Tranche IV Series VIII Notes	USD		60.0	7.50%	Sep-14
Cresud’s Tranche V Series X Notes (2)	USD		20.5	7.75%	Jun-14
Cresud’s Tranche V Series XI Notes (3)	ARS		10.1	BADLAR + 375 bps	Jun-15
Cresud’s Tranche VI Series XII Notes	ARS		12.8	BADLAR + 410 bps	Nov-14
Cresud’s Tranche VI Series XIII Notes	USD		79.4	1.900%	May-15
Cresud’s Tranche VII Series XIV Notes	USD		32.0	1.500%	May-18
Cresud’s Tranche VI Series XIII Notes	USD		22.0	15.010%	Dec-15
Cresud’s Tranche VII Series XIV Notes	ARS		109.1	7.000%	May-17
Bolivia rural properties (4)	BOB / USD		2.9	5%-7%		2013-2017
Land development financing	ARS		2.0	15.01%	Dec-15
Banco de La Pampa Loan	ARS		2.5	Float [10.5% ; 14.5%]	Aug-17
Land development financing	USD		14.5	LIBOR 6m; floor: 6%	Jan-22
Cresud’s Total Debt			379.2
Bank overdraft	ARS		13.6	Float	< 180 d
IRSA’s Tranche I Series I Notes(5)	USD		150.0	8.50%	Feb-17
IRSA’s Tranche II Series II Notes (6)	USD		150.0	11.50%	Jul-20
IRSA’s Tranche IV Series V Notes	ARS		26.2	BADLAR + 395 bps	Aug-15
IRSA’s Tranche IV Series VI Notes	ARS		1.3	BADLAR + 450 bps	Feb-17
Belmont Madison Building Mortgage	USD		75.0	4.22%	Aug-17
Other Loans	ARS		1.1	15.25%	Dec-16
IRSA’s Total Debt			417.3
Bank overdraft	ARS		9.4	Float	< 30 d
Syndicated loan – Arcos	ARS		11.5	15.01%	Nov-15
Syndicated loan - Neuquén	ARS		13.9	15.25%	Jun-16
Other Loans	ARS		4.8	15.25%	Dec-16
APSA’s Tranche I Series I Notes (7)	USD		120.0	7.88%	May-17
Seller Financing	USD		13.9	5.00%	Jul-17
APSA’ Total Debt			173.4
Brasilagro’s Total Debt			52.4
Total Consolidated Debt			1,022.3
Consolidated cash			62.3
Repurchase of Debt			34.0
Net Consolidated Debt			926.0

1 Principal face value in USD (million) at an exchange rate of 8.00 ARS = 6.91 BOB = 2.27 BRL = 1 USD, without considering accrued interest or elimination of balances with subsidiaries.
2 As of March 31, 2014 the Company had repurchased a face value of USD 5.2 million.
3 As of March 31, 2014 the Company had repurchased a face value of ARS 21.0 million.
4 Purchase of farms in Bolivia by Acres del Sud.
5 As of March 31, 2014 the Company had repurchased a face value of USD 1.0 million.
6 As of March 31, 2014 the Company had repurchased a face value of USD 12.1 million.
7 As of March 31, 2014 the Company had repurchased a face value of USD 13.1 million.

Evolution of Exchange Rate

During the last months, the depreciation of the Argentine Peso to the U.S. Dollar accelerated as compared to the previous months. In the first nine-month period of fiscal year 2014 (from July 2013 to March 2014) the Argentine currency depreciated 49%, whereas in the same period of the previous fiscal year, it had depreciated 13%. Given that a significant portion of our debt is denominated in USD, this process had an adverse impact on our Financial Results. Most of our assets are positive correlated to the dollar; however, in our financial statements they are valued at historical cost plus investments, and are not affected by any kind of revaluation due to the fluctuation of market prices.

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Below is the evolution of the exchange rate as published by Banco de la Nación Argentina.

Source: Banco de la Nación Argentina

Brasilagro’s Dividends

During this quarter all the dividends resolved upon the Shareholders’ Meeting dated October 29, 2013 for the sum of BRL 2.33 million, were collected.

Repurchase of Shares

On April 11, 2014, the Shareholders’ Meeting approved a plan for repurchasing shares of stock for up to ARS 200 million, and fixed the repurchase term until December 31, 2014, renewable for an identical term.

On that same date the Board of Directors approved the following terms and conditions for the purchase of Shares:

(i)	Maximum repurchase amount: up to ARS 200 million,

(ii)	Maximum amount of shares to be repurchased: up to 5% of the stock capital in the form of shares of stock or American Depositary Shares (ADS),

(iii)

Daily trading limit: up to 25% of the average daily trading amount during the preceding 90 business days in all the markets where they are listed.

(iv)	Repurchase price: from ARS 1.00 per Share to ARS 13.50 per Share, and from USD 1.00 per ADS to USD 14.00 per ADS, The maximum price may be changed by the Board of Directors after it has been disclosed.

(v)	Repurchase term: until December 31, 2014, beginning on the day immediately following the date of publication of the information on the Buenos Aires Stock Exchange (“BCBA” subject to renewal or extension of the term, to be communicated to the investor public.

(vi)	Origin of the Funds: the repurchases will be made using the Company’s freely available reserves.

Cresud S.A.C.I.F. y A.

Summary as of March 31, 2014

Sale of operations in Paraguay (Cresca) to Brasilagro

On December 12, 2013 Cresud sold its operation in Paraguay, through Cresca, to Brasilagro. The transaction price was USD 18.5 million. Brasilagro has paid USD 5.0 million so far; the remaining balance will be paid in December 2014 plus 7% interest rate.

The agreement provides for a price adjustment in the event that Cresca should sell assets: in the event of a potential sale of up to 24,000 hectares of undeveloped land, within one year, Brasilagro shall pay Cresud an amount equivalent to 25% of the price in excess of USD 350 per hectare.

After the closing of the quarter, on April 3, 2014, Cresca executed the preliminary purchase and sale agreement and thus agreed to sell 24,624 hectares located in the Paraguayan Chaco. The total agreed price was USD 600 per hectare. The sale will become effective over the next months.

Shareholders' Equity Structure on a Comparative Basis

	03.31.14	06.30.13
Non-Current Assets	11,998,804	9,122,489
Current Assets	3,257,497	3,288,236

Non-Current Liabilities	7,266,865	5,026,809
Current Liabilities	3,132,138	2,664,850

Non-controlling interest	2,516,517	2,231,096
Shareholders' Equity	4,857,298	4,719,066

Income / (Loss) Structure on a Comparative Basis

	03.31.14	06.30.13
Other operating results, net	-52,360	92,332
Profit from operations	930,738	1,106,361
Financial results, net	-1,931,407	-908,761
Share of profit / (loss) of associates and joint ventures	115,183	-9,818

Profit / (loss) before income tax	-885,486	187,782
Income tax expense	357,973	-33,519
Net income / (loss)	-527,513	154,263

Attributable to:
Shareholders of the parent company	-494,238	-26,907
Non-controlling interest	-33,275	181,170

Production Volume

	Quarterly 03.31.14		Cumulative 07.01.13 to 03.31.14
Beef cattle (in Tons)		2,044		5,609
Milk fat (in Tons)		186		615
Crops (in Tons)		284,698		1,075,371

Sales Volume

	Quarterly 03.31.14		Cumulative 07.01.13 to 3.31.14
Beef cattle (in Tons)		509		7,577
Milk fat (in Tons)		186		615
Crops (in Tons)		12,369		740,116

Local Market

	Quarterly 3.31.14		Cumulative 07.01.13 to 3.31.14
Beef cattle (in Tons)		509		7,577
Milk fat (in Tons)		186		615
Crops (in Tons)		12,369		740,116

Prospects for the next fiscal year

After two years of experiencing severe droughts in the region, the 2014 season shows a better outlook. While at the start of the planting season there were signs of drought, in the last months rains started to fall in Salta (north of Argentina) and Paraguay, hence the planting season went back to normal. If this level of rainfall continues, the harvest will generate regular yields and higher production levels than in the past fiscal year. On the other hand, in view of the evolution of the exchange rate in Argentina in the last months, we expect better results in our agricultural segments. We expect to sow approximately 213,000 hectares in the group of countries of the region where we have operations.

In terms of prices, the sector is withstanding the juncture of a great U.S. harvest; therefore, prices continue to be depressed but stable. We will keep track of the evolution of commodity prices in calendar year 2014, in light of the seeding estimations in the USA.

As concerns our beef cattle business in Argentina, during this season we stabilized production as weather conditions in Salta improved, whereas cattle prices stay on upward trend. On the other hand, we expect sound prices for the milk business and a competitive margin from our “El Tigre” dairy facility. In addition, we will continue to roll out our strategy of supplementing agriculture in our own farms with agriculture in leased farms and farms under concession. We have increased the area of leased farms by 10%, relocating part of our portfolio in better areas. We expect to obtain good results from this business if the weather continues to be favorable throughout the second part of the 2014 season. Our feedlot and meat packing businesses, which we hold through Cactus Argentina, have started to show positive results, after several months of losses. We hope that market conditions will further improve in the short or medium term, so that the segment becomes as profitable as it was.

As concerns land transformation and value-adding activities, we will make progress in the development of our farms in Argentina, Paraguay and Brazil, where we plan to transform approximately 21,000 hectares that will be placed into production during this fiscal year and in 2015. We remain watchful of sale opportunities that may arise, by disposing of those farms that have reached their highest degree of appreciation. In addition, we will continue to analyze opportunities in other countries of the region, as we plan to form a regional portfolio with high potential for development and value enhancement.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.

	Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

	By:	/S/ Saúl Zang
		Saúl Zang
		Responsible for the Relationship with the Markets

June 03, 2014