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 February, 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)

Moreno 877

(C1091AAQ)

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 S.A.C.I.F. and A.

(THE “COMPANY”)

REPORT ON FORM 6-K

Attached is a copy of the translation of the Financial Statements for the six month perod ended December 31, 2013 and December 31, 2012 filed with the Comisión Nacional de Valores and the Bolsa de Comercio de Buenos Aires.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2013 and for the six-month periods ended December 31, 2013 and 2012

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 December 31, 2013 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	December 31, 2013			June 30, 2013
ASSETS
Non-current assets
Investment properties	10		4,366,646			4,179,901
Property, plant and equipment	11		2,031,825			1,841,454
Trading properties	12		187,160			182,553
Intangible assets	13		137,446			125,312
Biological assets	14		318,072			303,128
Investments in associates and joint ventures	8, 9		1,629,977			1,486,862
Deferred income tax assets	26		499,517			179,228
Income tax credit			222,217			198,871
Restricted assets	17		61,484			54,631
Trade and other receivables	18		346,614			291,430
Investment in financial assets	19		866,947			253,742
Derivative financial instruments	20		8,367			25,377
Total non-current assets			10,676,272			9,122,489
Current Assets
Trading properties	12		17,229			11,689
Biological assets	14		289,048			97,564
Inventories	15		280,162			252,376
Restricted assets	17		923			1,022
Income tax credit			5,971			4,779
Trade and other receivables	18		1,208,780			1,446,091
Investment in financial assets	19		828,351			385,585
Derivative financial instruments	20		33,899			41,544
Cash and cash equivalents	21		512,066			1,047,586
Total current assets			3,176,429			3,288,236
TOTAL ASSETS			13,852,701			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			171,358			2,284
Changes in non-controlling interest			(9,706	)		(21,996	)
Equity-settled compensation			19,417			8,345
Legal reserve			81,616			46,835
Reserve for new developments			217,065			337,065
Special reserve			633,940			695,628
Retained earnings			(331,151	)		(26,522	)
Equity attributable to equity holders of the parent			2,228,870			2,487,970
Non-controlling interest			2,221,107			2,231,096
TOTAL SHAREHOLDERS’ EQUITY			4,449,977			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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Financial Position

as of December 31, 2013 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	December 31, 2013		June 30, 2013
LIABILITIES
Non-current liabilities
Trade and other payables	22		238,684		228,267
Borrowings	25		5,248,180		4,189,896
Deferred income tax liabilities	26		527,564		530,263
Derivative financial instruments	20		-		2,773
Payroll and social security liabilities	23		5,511		3,984
Provisions	24		137,797		71,626
Total non-current liabilities			6,157,736		5,026,809
Current liabilities
Trade and other payables	22		1,113,891		899,542
Income tax liabilities			106,092		92,182
Payroll and social security liabilities	23		94,277		120,835
Borrowings	25		1,908,269		1,527,390
Derivative financial instruments	20		6,839		8,691
Provisions	24		15,620		16,210
Total current liabilities			3,244,988		2,664,850
TOTAL LIABILITIES			9,402,724		7,691,659
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES			13,852,701		12,410,725

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

	By:	/s/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Income

for the six and three-month periods beginning on July 1 and on October 1, 2013 and 2012 and ended December 31, 2013 and 2012

(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

		Six months						Three months
	Note	2013			2012			2013			2012
Revenues	28		2,133,862			1,605,186			1,007,740			855,218
Costs	29		(1,761,746	)		(1,422,123	)		(875,878	)		(781,401	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest			424,508			459,429			298,256			270,767
Changes in the net realizable value of agricultural produce after harvest			(9,217	)		6,811			(1,205	)		(16,429	)
Gross profit			787,407			649,303			428,913			328,155
Gain from disposal of investment properties			7,150			53,678			7,150			24,210
Gain from disposal of farmlands			-			53,988			-			53,988
General and administrative expenses	30		(236,114	)		(181,468	)		(124,872	)		(104,593	)
Selling expenses	30		(155,691	)		(123,679	)		(74,806	)		(63,252	)
Other operating results	32		(17,494	)		105,102			(12,776	)		141,926
Profit from operations			385,258			556,924			223,609			380,434
Share of profit of associates and joint ventures	8, 9		47,769			12,546			9,403			(3,201	)
Profit from operations before financing and taxation			433,027			569,470			233,012			377,233
Finance income	33		117,641			90,040			66,899			38,373
Finance cost	33		(1,199,142	)		(507,997	)		(742,004	)		(265,143	)
Other financial results	33		123,601			58,740			51,617			36,086
Financial results, net	33		(957,900	)		(359,217	)		(623,488	)		(190,684	)
(Loss) / profit before income tax			(524,873	)		210,253			(390,476	)		186,549
Income tax expense	26		170,104			(33,535	)		124,722			(17,832	)
(Loss) / profit for the period			(354,769	)		176,718			(265,754	)		168,717

Attributable to:
Equity holders of the parent			(332,030	)		60,760			(234,181	)		77,278
Non-controlling interest			(22,739	)		115,958			(31,573	)		91,439

Profit / (loss) per share attributable to equity holders of the parent during the period:
Basic			(0.67	)		0.12
Diluted		(i) (0.67)				0.11

(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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Comprehensive Income

for the six and three-month periods beginning on July 1 and on October 1, 2013 and 2012 and ended December 31, 2013 and 2012

(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

	Six months					Three months
	2013			2012		2013			2012
(Loss) / profit for the period		(354,769	)		176,718		(265,754	)		168,717
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment		336,946			114,212		194,698			63,423
Currency translation adjustment from associates and joint ventures		(7,354	)		7,785		(8,407	)		7,540
Other comprehensive income for the period (i)		329,592			121,997		186,291			70,963
Total comprehensive income for the period		(25,177	)		298,715		(79,463	)		239,680

Attributable to:
Equity holders of the parent		(162,956	)		117,307		(136,697	)		111,328
Non-controlling interest		137,779			181,408		57,234			128,352

(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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the six-month periods ended December 31, 2013 and 2012

(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		-		-		-		-		-		-		-			-		-			-		-			-			(332,030	)		(332,030	)		(22,739	)		(354,769	)
Other comprehensive income for the period		-		-		-		-		-		-		-			169,074		-			-		-			-			-			169,074			160,518			329,592
Total comprehensive income / (loss) for the period		-		-		-		-		-		-		-			169,074		-			-		-			-			(332,030	)		(162,956	)		137,779			(25,177	)
Appropiation 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	)		(105,187	)		(225,187	)
Equity-settled compensation		-		-		-		-		-		-		-			-		11,360			-		-			-			-			11,360			5,274			16,634
Changes in interest in subsidiaries		-		-		-		-		-		-		12,290			-		-			-		-			-			-			12,290			(46,588	)		(34,298	)
Cancellation of BrasilAgro warrants		-		-		-		-		-		-		-			-		(288	)		-		-			-			-			(288	)					(288	)
Capital reduction		-		-		-		-		-		-		-			-		-			-		-			-			-			-			(1,927	)		(1,927	)
Capital contributions from non-controlling interest		-		-		-		-		-		-		-			-		-			-		-			-			-			-			369			369
Reimbursement expired dividends		-		-		-		-		-		-		-			-		-			-		-			-			494			494			291			785
Balance as of December 31, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(9,706	)		171,358		19,417			81,616		217,065			633,940			(331,151	)		2,228,870			2,221,107			4,449,977

(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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

for the six-month periods ended December 31, 2013 and 2012

(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		-		-		-			-		-		-			-			-			-		-		-			60,760			60,760			115,958			176,718
Other comprehensive income for the period		-		-		-			-		-		-			-			56,547			-		-		-			-			56,547			65,450			121,997
Total comprehensive income for the period		-		-		-			-		-		-			-			56,547			-		-		-			60,760			117,307			181,408			298,715
Appropiation of retained earnings resolved by Shareholders’ Meeting held on 10/31/13:
- 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		-		-		-			-		-		-			1,582			-			-		-		-			-			1,582			(8,411	)		(6,829	)
Acquisition of subsidiary		-		-		-			-		-		-			-			-			-		-		-			-			-			102,723			102,723
Equity-settled compensation		-		-		-			-		-		-			-			-			3,163		-		-			-			3,163			1,660			4,823
Exercise of warrants		-		-		-			-		1		1			-			-			-		-		-			-			1			-			1
Cumulative translation adjustment for interest held before business combination		-		-		-			-		-		-			-			(8,331	)		-		-								(8,331	)		(4,584	)		(12,915	)
Reimbursement of expired dividends		-		-		-			-		-		-			-			-			-		-		-			385			385			241			626
Capital contribution of non-controlling interest		-		-		-			-		-		-			-			-			-		-		-			-			-			4,790			4,790
Capital distribution		-		-		-			-		-		-			-			-			-		-		-			-			-			(39,572	)		(39,572	)
Balance as of December 31, 2012		496,562		5,001		65,425			773,079		106,264		1,446,331			(8,014	)		(33,723	)		7,703		46,835		337,065			756,773			2,552,970			2,291,320			4,844,290

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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Consolidated Statements of Cash Flows

for the six-month periods ended December 31, 2013 and 2012

(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	December 31, 2013			December 31, 2012
Operating activities:
Cash generated from operations	21		604,632			512,213
Income tax paid			(167,683	)		(132,456	)
Net cash generated from operating activities			436,949			379,757
Investing activities:
Acquisition of subsidiaries, net of cash acquired			-			(117,874	)
Acquisition of associates and joint ventures			(13,057	)		(32,000	)
Capital contributions to joint ventures			(39,750	)		(22,360	)
Acquisition of derivative financial instruments			-			-
Suppliers advances			(36,576	)		(9,750	)
Purchases of investment properties			(139,849	)		(89,442	)
Proceeds from sale of subsidiaries			-			-
Proceeds from sale of investment properties			127,931			81,731
Purchases of property, plant and equipment			(60,237	)		(78,185	)
Proceeds from sale of property, plant and equipment			5,166			63,052
Proceeds from sale of farmlands			26,222			-
Payments of purchase of properties			(5,730	)		-
Purchases of intangible assets			(1,530	)		(881	)
Acquisition of Investment in financial assets			(2,901,276	)		(600,289	)
Proceeds from disposals of Investment in financial assets			1,913,431			519,231
Loans granted to associates and joint ventures			-			(18,376	)
Loans repayments received from associates and joint ventures			949			709
Proceeds from sale of joint ventures			7,736			-
Interest received			-			5,921
Dividends received			19,988			44,649
Net cash used in investing activities			(1,096,582	)		(253,864	)
Financing activities:
Repurchase of equity interest			(34,571	)		-
Proceeds from issuance of non-convertible notes, net			833,561			142,168
Payment of non-convertible notes net			(486,054	)		(175,471	)
Borrowings			325,581			597,872
Payment of seller financing of shares			(1,640	)		-
Repayments of borrowings			(241,840	)		(335,695	)
Payments of borrowings from subsidiaries, associates and joint ventures			(186	)		(186	)
Proceeds from borrowings from associates and joint ventures			12,550			48,431
Proceeds from warrants			-			1
Cancellation of Brasilagro warrants			(288	)		-
Payment of seller financing			(866	)		(4,863	)
Acquisition of non-controlling interest in subsidiaries			-			(6,837	)
Dividend paid to non-controlling interest			(86,450	)		(109,288	)
Acquisition of derivative financial instruments			(1,164	)		-
Proceeds from derivative financial instruments			3,060			-
Payments of purchase of non-controlling interest			-			(3,584	)
Contributions from non-controlling interest			369			4,790
Capital reduction of subsidiaries			(2,027	)		(39,572	)
Interest paid			(261,130	)		(194,968	)
Net cash generated (used) in financing activities			58,905			(77,202	)
Net (decrease) increase in cash and cash equivalents			(600,728	)		48,691
Cash and cash equivalents at beginning of period	21		1,047,586			471,922
Foreign exchange gain on cash and cash equivalents			65,208			3,546
Cash and cash equivalents at end of period			512,066			524,159

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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		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 December 31, 2013, 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, Uruguay, 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 February 11, 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 six-month periods ended December 31, 2013 and 2012 (the “Unaudited Condensed Interim Consolidated Financial Statements”) have been prepared in accordance with 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. This information is included in the Notes to these Unaudited Condensed Interim Consolidated Financial Statements, as admitted by IFRS.

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 six-month periods ended as of December 31, 2013 and 2012 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 six-month periods ended December 31, 2013 and 2012 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.

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. In Argentina, 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.

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

3.	Seasonal effects on operations (Continued)

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.

4.	Acquisitions and disposals

For the six-month period ended as of December 31, 2013

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.

Disposal of joint venture

On December 12, 2013 Agrotech S.A. sold the 100% of its interest in CRESCA S.A., representing 50% of the capital stock, with its corresponding receivables, rights and obligations related to the mentioned investment to Brasilagro Companhia Brasileira de Propiedades Agrícolas S.A, in which CRESUD owns 39.76% of its capital stock, for an amount US$ 18.5 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)

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 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.

Furthermore, in the mentioned agreement a fixed amount of US$ 2 million was arranged, which was cancelled, and another variable amount 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 six-month period ended December 31, 2013, the Group has invested in participating units of Dolphin Fund Ltd. (a mutual fund) for the amount of US$ 105 million (see Note 41).

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)

Transactions with non-controlling interest

BRASILAGRO

During the six-month period ended December 31, 2013, 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

On the other hand, on September 2, 2103, 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 December 31, 2013, 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	)

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)

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 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 December 31, 2013, the Company purchased 256,624 common shares (V.N. Ps. 1 per share) for a total amount of Ps. 2.6 million and 350,977 GDS (representing 3,509,770 common shares) for a total amount of US$ 4.1 million.

	Ps. (million)
Amount paid for repurchase		(29.63	)
Decrease in non-controlling interest		23.45
Reserve recorded in shareholders’ equity		(6.18	)

5.	Financial risk management

The group´s diverse activities are exposed to a variety of financial risk: market risk (including foreign 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. See Note 41 for the effects of subsequent events.

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. See Note 41 for the effects of subsequent events.

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 six-month period ended December 31, 2013:

	Agricultural business (I)			Urban properties and investments (II)			Total
Revenues		784,577			1,402,817			2,187,394
Costs		(1,143,681	)		(666,108	)		(1,809,789	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		427,036			-			427,036
Changes in the net realizable value of agricultural produce after harvest		(9,217	)		-			(9,217	)
Gross profit		58,715			736,709			795,424
Gain from disposal of investment properties		-			7,150			7,150
General and administrative expenses		(107,571	)		(130,691	)		(238,262	)
Selling expenses		(90,347	)		(68,052	)		(158,399	)
Other operating results		(566	)		(18,415	)		(18,981	)
(Loss) / profit from operations		(139,769	)		526,701			386,932
Share of profit of associates and joint ventures		2,022			43,703			45,725
Segment (loss) / profit		(137,747	)		570,404			432,657

Investment properties		39,193			4,488,314			4,527,507
Property, plant and equipment		1,925,290			222,941			2,148,231
Trading properties		-			212,027			212,027
Goodwill		7,363			86,591			93,954
Biological assets		610,789			-			610,789
Inventories		269,223			16,000			285,223
Investment in associates		29,913			1,251,769			1,281,682
Total segment assets		2,881,771			6,277,642			9,159,413

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 six-month period ended December 31, 2012:

	Agricultural business (I)			Urban properties and investments (II)			Total
Revenues		529,366			1,159,564			1,688,930
Costs		(890,080	)		(600,255	)		(1,490,335	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		462,368			-			462,368
Changes in the net realizable value of agricultural produce after harvest		6,811			-			6,811
Gross Profit		108,465			559,309			667,774
Gain from disposal of investment properties		-			53,678			53,678
Gain from disposal of farmlands		53,988			-			53,988
General and administrative expenses		(74,100	)		(110,848	)		(184,948	)
Selling expenses		(75,520	)		(54,843	)		(130,363	)
Other operating results		(10,480	)		115,347			104,867
Profit from operations		2,353			562,643			564,996
Share of profit of associates and joint ventures		319			7,032			7,351
Segment profit		2,672			569,675			572,347

Investment properties		25,190			4,254,430			4,279,620
Property, plant and equipment		1,672,267			235,769			1,908,036
Trading properties		4,678			247,271			251,949
Goodwill		7,159			5,824			12,983
Biological assets		562,577			-			562,577
Inventories		204,500			16,197			220,697
Investment in associates and joint ventures		24,198			1,121,686			1,145,884
Total segment assets		2,500,569			5,881,177			8,381,746

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:

	December 31, 2013
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agriculture rentals and services			Agriculture Subtotal			Land transformation and sales			Agro-industrial			Other segments			Total agricultural business (i)
Revenues		318,356			64,380			24,482			76,175			7,151			490,544			-			234,870			59,163			784,577
Costs		(583,388	)		(102,251	)		(47,082	)		(142,059	)		(5,969	)		(880,749	)		(2,917	)		(208,478	)		(51,537	)		(1,143,681	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		310,126			27,743			25,060			64,107			-			427,036			-			-			-			427,036
Changes in the net realizable value of agricultural produce after harvest		(9,213	)		(4	)		-			-			-			(9,217	)		-			-			-			(9,217	)
Gross profit / (loss)		35,881			(10,132	)		2,460			(1,777	)		1,182			27,614			(2,917	)		26,392			7,626			58,715
General and administrative expenses		(56,090	)		(13,947	)		(2,941	)		(22,398	)		(1,398	)		(96,774	)		(578	)		(7,680	)		(2,539	)		(107,571	)
Selling expenses		(44,217	)		(9,406	)		(889	)		(3,845	)		(388	)		(58,745	)		(3,808	)		(22,790	)		(5,004	)		(90,347	)
Other operating results		3,491			(1,588	)		(329	)		6			(182	)		1,398			(65	)		(314	)		(1,585	)		(566	)
Loss from operations		(60,935	)		(35,073	)		(1,699	)		(28,014	)		(786	)		(126,507	)		(7,368	)		(4,392	)		(1,502	)		(139,769	)
Share of profit of associates		1,362			483			102			-			46			1,993			20			-			9			2,022
Segment loss		(59,573	)		(34,590	)		(1,597	)		(28,014	)		(740	)		(124,514	)		(7,348	)		(4,392	)		(1,493	)		(137,747	)

Investment properties		-			-			-			-			39,193			39,193			-			-			-			39,193
Property, plant and equipment		1,297,290			144,934			21,189			348,019			9,695			1,821,127			57,201			19,722			27,240			1,925,290
Goodwill		5,084			-			-			2,279			-			7,363			-			-			-			7,363
Biological assets		276,753			203,323			29,010			101,637			-			610,723			-			66			-			610,789
Inventories		196,873			43,827			-			1,642			-			242,342			-			10,324			16,557			269,223
Investment in associates		18,617			6,611			1,401			-			635			27,264			275			-			2,374			29,913
Total segment assets		1,794,617			398,695			51,600			453,577			49,523			2,748,012			57,476			30,112			46,171			2,881,771

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)

	December 31, 2012
	Agriculture
	Crops			Cattle			Dairy			Sugarcane			Agriculture rentals and services			Agriculture Subtotal			Land transformation and sales			Agro-industrial			Other segments			Total agricultural business (i)
Revenues		243,925			36,643			18,048			110,028			12,072			420,716			-			66,471			42,179			529,366
Costs		(465,724	)		(65,381	)		(35,416	)		(214,645	)		(2,996	)		(784,162	)		(3,068	)		(68,260	)		(34,590	)		(890,080	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		286,498			29,083			18,272			128,565			-			462,418			-			-			(50	)		462,368
Changes in the net realizable value of agricultural produce after harvest		6,726			85			-			-			-			6,811			-			-			-			6,811
Gross profit / (loss)		71,425			430			904			23,948			9,076			105,783			(3,068	)		(1,789	)		7,539			108,465
Gain from disposal of farmlands		-			-			-			-			-			-			53,988			-			-			53,988
General and administrative expenses		(29,054	)		(5,041	)		(846	)		(20,306	)		(1,216	)		(56,463	)		(9,406	)		(4,401	)		(3,830	)		(74,100	)
Selling expenses		(51,812	)		(4,987	)		(572	)		(2,213	)		(595	)		(60,179	)		(7,219	)		(6,777	)		(1,345	)		(75,520	)
Other operating results		(6,756	)		(829	)		(135	)		(87	)		(195	)		(8,002	)		(1,504	)		(321	)		(653	)		(10,480	)
Profit / (loss) from operations		(16,197	)		(10,427	)		(649	)		1,342			7,070			(18,861	)		32,791			(13,288	)		1,711			2,353
Share of profit / (loss) of associates and joint ventures		(207	)		(29	)		(14	)		-			(10	)		(260	)		-			-			579			319
Segment profit / (loss)		(16,404	)		(10,456	)		(663	)		1,342			7,060			(19,121	)		32,791			(13,288	)		2,290			2,672

Investment properties		-			-			-			1,516			23,674			25,190			-			-			-			25,190
Property, plant and equipment		1,124,235			134,135			20,924			303,204			363			1,582,861			58,769			20,777			9,860			1,672,267
Trading properties		557			3,258			-			-			706			4,521			-			-			157			4,678
Goodwill		4,393			-			-			1,970			-			6,363			-			-			796			7,159
Biological assets		241,173			187,390			26,045			96,861			-			551,469			-			7,902			3,206			562,577
Inventories		57,740			3,248			-			-			-			60,988			-			-			143,512			204,500
Investment in associates and joint ventures		9,745			3,255			557			-			801			14,358			6,192			-			3,648			24,198
Total segment assets		1,437,843			331,286			47,526			403,551			25,544			2,245,750			64,961			28,679			161,179			2,500,569

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:

	December 31, 2013
	Shopping Center Properties			Offices			Sales and developments			Hotels			International			Financial operations and others			Total urban and investment properties (II)
Revenues		1,011,950			149,523			40,979			160,575			39,456			334			1,402,817
Costs		(457,784	)		(54,124	)		(21,438	)		(105,831	)		(26,455	)		(476	)		(666,108	)
Gross profit / (loss)		554,166			95,399			19,541			54,744			13,001			(142	)		736,709
Gain from disposal of investment properties		-			-			7,150			-			-			-			7,150
General and administrative expenses		(51,026	)		(21,736	)		(19,007	)		(28,952	)		(9,915	)		(55	)		(130,691	)
Selling expenses		(32,232	)		(9,892	)		(6,271	)		(19,974	)		-			317			(68,052	)
Other operating results		(13,786	)		(1,053	)		(1,779	)		177			187			(2,161	)		(18,415	)
Profit / (loss) from operations		457,122			62,718			(366	)		5,995			3,273			(2,041	)		526,701
Share of profit / (loss) of associates		-			2,842			1,693			310			(49,008	)		87,866			43,703
Segment profit / (loss)		457,122			65,560			1,327			6,305			(45,735	)		85,825			570,404

Investment properties		2,331,087			841,764			420,566			-			887,130			7,767			4,488,314
Property, plant and equipment		17,936			26,475			3,867			174,444			219			-			222,941
Trading properties		1,484			93			117,030			-			93,420			-			212,027
Goodwill		8,582			11,661			4,541			-			61,807			-			86,591
Inventories		8,557			-			525			6,918			-			-			16,000
Investment in associates		-			26,959			33,613			21,649			1,208			1,168,340			1,251,769
Total segment assets		2,367,646			906,952			580,142			203,011			1,043,784			1,176,107			6,277,642

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)

	December 31, 2012
	Shopping Center Properties			Offices			Sales and developments			Hotels			International			Financial operations and others			Total urban and investment properties (II)
Revenues		802,914			140,690			85,735			116,807			12,100			1,318			1,159,564
Costs		(381,690	)		(59,376	)		(63,145	)		(84,947	)		(10,292	)		(805	)		(600,255	)
Gross profit		421,224			81,314			22,590			31,860			1,808			513			559,309
Gain from disposal of investment properties		-			-			53,678			-			-			-			53,678
General and administrative expenses		(37,398	)		(20,510	)		(20,060	)		(26,095	)		(6,638	)		(147	)		(110,848	)
Selling expenses		(25,752	)		(5,163	)		(9,471	)		(13,819	)		-			(638	)		(54,843	)
Other operating results		(9,048	)		(1,096	)		(8,082	)		385			134,061			(873	)		115,347
Profit / (loss) from operations		349,026			54,545			38,655			(7,669	)		129,231			(1,145	)		562,643
Share of profit / (loss) of associates		-			-			1,053			59			(37,978	)		43,898			7,032
Segment profit / (loss)		349,026			54,545			39,708			(7,610	)		91,253			42,753			569,675

Investment properties		2,065,616			893,376			599,607			-			687,453			8,378			4,254,430
Property, plant and equipment		14,186			30,444			3,737			187,203			199			-			235,769
Trading properties		1,484			120			169,163			-			76,504			-			247,271
Goodwill		343			5,481			-			-			-			-			5,824
Inventories		9,733			-			480			5,984			-			-			16,197
Investments in associates and joint ventures		-			-			41,912			21,315			581			1,057,878			1,121,686
Total segment assets		2,091,362			929,421			814,899			214,502			764,737			1,066,256			5,881,177

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 six month period ending December 31, 2013, 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.

	December 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		2,187,394			(30,515	)		(23,017	)		2,133,862
Costs		(1,809,789	)		25,467			22,576			(1,761,746	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		427,036			(2,528	)		-			424,508
Changes in the net realizable value of agricultural produce after harvest		(9,217	)		-			-			(9,217	)
Gross profit / (loss)		795,424			(7,576	)		(441	)		787,407
Gain from disposal of investment properties		7,150			-			-			7,150
General and administrative expenses		(238,262	)		1,352			796			(236,114	)
Selling expenses		(158,399	)		2,641			67			(155,691	)
Other operating results		(18,981	)		1,909			(422	)		(17,494	)
Profit from operations before share of associates and Joint Ventures		386,932			(1,674	)		-			385,258
Share of profit of associates and joint ventures		45,725			2,044			-			47,769
Profit from operations before Financing and Taxation		432,657			370			-			433,027

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)

	December 31, 2012
	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		1,688,930			(81,433	)		(2,311	)		1,605,186
Costs		(1,490,335	)		66,620			1,592			(1,422,123	)
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		462,368			(2,939	)		-			459,429
Changes in the net realizable value of agricultural produce after harvest		6,811			-			-			6,811
Gross profit / (loss)		667,774			(17,752	)		(719	)		649,303
Gain from disposal of investment properties		53,678			-			-			53,678
Gain from disposal of farmlands		53,988			-			-			53,988
General and administrative expenses		(184,948	)		2,540			940			(181,468	)
Selling expenses		(130,363	)		6,632			52			(123,679	)
Other operating results		104,867			508			(273	)		105,102
Profit from operations before share of associates and Joint Ventures		564,996			(8,072	)		-			556,924
Share of profit of associates and joint ventures		7,351			5,195			-			12,546
Profit from operations before Financing and Taxation		572,347			(2,877	)		-			569,470

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:

	December 31, 2013
Total reportable assets as per Segment Information		9,159,413
Deconsolidation of investment properties		(160,861	)
Deconsolidation of property, plant and equipment		(116,406	)
Deconsolidation of trading properties		(7,638	)
Deconsolidation of goodwill		(5,235	)
Deconsolidation of biological assets		(3,669	)
Deconsolidation of inventories		(5,061	)
Deconsolidation of investments in associates and joint ventures		348,295
Total assets as per the Statement of Financial Position		9,208,838

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
	December 31, 2013		June 30, 2013		December 31, 2013		June 30, 2013
Assets
Non-current assets		7,558,024		6,487,209		1,565,315		1,210,560
Current assets		1,181,982		1,839,320		644,232		667,656
Total assets		8,740,006		8,326,529		2,209,547		1,878,216
Liabilities
Non-current liabilities		4,170,962		3,590,593		146,640		168,553
Current liabilities		1,671,724		1,605,247		436,755		278,594
Total liabilities		5,842,686		5,195,840		583,395		447,147
Net assets		2,897,320		3,130,689		1,626,152		1,431,069

Summarized statements of income and statements of comprehensive income

	IRSA						Brasilagro
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Revenues		1,373,960			1,080,036			103,288			218,101
(Loss) / profit before income tax		(33,386	)		320,168			(21,735	)		32,556
Income tax expense		7,312			(74,289	)		7,057			(7,168	)
(Loss) / profit for the period		(26,074	)		245,879			(14,678	)		25,388
Other comprehensive income		71,776			23,733			701,144			94,151
Total other comprehensive income		45,702			269,612			686,466			119,539
Profit attributable to non-controlling interest		15,944			22,409			-			-

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
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
Cash flow from operating activities
Net cash generated from operating activities		421,981			351,696			68,016			(9,551	)
Cash flow from investing activities
Net cash used in investing activities		(625,361	)		(195,244	)		(99,496	)		(1,796	)
Cash flow from financing activities
Net cash used in financing activities		(398,603	)		(60,241	)		(21,826	)		(41,171	)
Net (decrease) increase in cash and cash equivalents		(601,983	)		96,211			(53,306	)		(52,518	)
Cash and cash equivalents at beginning of period		796,902			259,169			197,113			151,064
Foreign exchange gain on cash and cash equivalents		30,821			10,657			32,966			8,655
Cash and cash equivalents at end of period		225,740			366,037			176,773			107,201

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 December 31, 2013, 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 six-month period ended December 31, 2013 and for the year ended June 30, 2013 were as follows:

	December 31, 2013			June 30, 2013
Beginning of the period / year		324,194			260,994
Acquisition of Joint Ventures		(13	)		25,899
Capital contribution		39,490			42,892
Disposal of joint ventures		-			(6,534	)
Cash dividends (i)		-			(1,250	)
Share of profit/(loss)		4,885			(661	)
Currency translation adjustments		6,675			2,854
End of the period / year (ii)		375,231			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. (24) reflecting interests in companies with negative equity as of December 31, 2013 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 December 31, 2013, 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 six-month period ended as of December 31, 2013 and for the year ended as of June 30, 2013 was as follows:

	December 31, 2013			June 30, 2013
Beginning of the period / year		1,123,577			1,239,566
Acquisition of Associates		13,057			-
Capital contribution		-			37,721
Business combinations		-			(103,315	)
Share of profit / (loss)		42,884			(9,157	)
Currency translation adjustments		(14,029	)		(1,139	)
Cash dividends (i)		(13,309	)		(40,099	)
End of the period / year (ii)		1,152,180			1,123,577

(i)

As of December 31, 2013, the Group cashed dividends from Agro-Uranga S.A., Manibil and BHSA in the amount of Ps. 3.3 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. (102,542) and Ps. (39,091) reflecting interests in companies with negative equity as of December 31, 2013 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 six-month period ended as of December 31, 2013 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	)
Currency translation adjustments		-			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 December 31, 2013
Opening net book amount		1,890,531			1,630,398			420,587		42,998			195,387		4,179,901
Additions		13,420			12,375			111		1,483			112,462		139,851
Reclassification of property, plant and equipment		-			-			-		(7,293	)		-		(7,293	)
Disposals		-			(1,766	)		-		(79	)		-		(1,845	)
Depreciation charge (i)		(70,196	)		(30,904	)		-		(173	)		-		(101,273	)
Currency translation adjustments		-			155,048			-		2,257			-		157,305
Closing net book amount		1,833,755			1,765,151			420,698		39,193			307,849		4,366,646
As of December 31, 2013
Costs		3,166,391			1,998,950			420,698		40,015			307,849		5,933,903
Accumulated depreciation		(1,332,636	)		(233,799	)		-		(822	)		-		(1,567,257	)
Net book amount		1,833,755			1,765,151			420,698		39,193			307,849		4,366,646

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:

	December 31, 2013		December 31, 2012
Rental and service income		1,194,093		955,764
Direct operating expenses		541,927		(447,758	)
Gain from disposal of investment properties		7,150		53,678

Properties under development mainly comprise works in Shopping Neuquén S.A. and Arcos del Gourmet S.A.. As of December 31, 2013 and June 30, 2013 works in Shopping Neuquén amount to Ps. 74.9 million and Ps. 43.1 million, respectively. Works in Arcos del Gourmet as of December 31, 2013 and June 30, 2013 amount to Ps. 217.0 million and Ps. 136.3 million, respectively.

As of December 31, 2013 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.

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 six-month period ended as of December 31, 2013 and for the year ended as of June 30, 2013 was 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
Currency translation adjustments		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 December 31, 2013
Opening net book amount		1,538,708			180,348			57,239			7,178			52,961			5,020			1,841,454
Currency translation adjustments		163,131			-			892			426			4,116			123			168,688
Additions		48,232			1,560			2,132			1,123			6,493			697			60,237
Reclassifications to investment properties		7,293			-			-			-			-			-			7,293
Reclassifications to intangible assets		-			-			(30	)		-			-			-			(30	)
Disposals		(4,878	)		(2	)		(59	)		(16	)		(530	)		(275	)		(5,760	)
Depreciation charge (i)		(18,240	)		(7,463	)		(6,189	)		(691	)		(6,607	)		(867	)		(40,057	)
Closing net book amount		1,734,246			174,443			53,985			8,020			56,433			4,698			2,031,825
As of December 31, 2013
Costs		1,881,372			394,249			123,318			21,323			170,277			10,846			2,601,385
Accumulated depreciation		(147,126	)		(219,806	)		(69,333	)		(13,303	)		(113,844	)		(6,148	)		(569,560	)
Net book amount		1,734,246			174,443			53,985			8,020			56,433			4,698			2,031,825

i) For the six-month period ended as of December 31, 2013, depreciation charges of property, plant and equipment were included as follows: Ps. 3,061 under the line item “General and administrative expenses”, Ps. 139 under the line item “Selling expenses” and Ps. 36,857 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 six-month period ended as of December 31, 2013 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
Currency translation adjustments		-			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			1,450			-			2,850
Currency translation adjustments		-			11,509			-			11,509
Transfers		7,351			(7,351	)		-			-
Disposals		(4,174	)		(23	)		(15	)		(4,212	)
As of December 31, 2013		14,268			169,284			20,837			204,389

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 six-month period ended as of December 31, 2013 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
Currency translation adjustments		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 December 31, 2013
Opening net book amount		77,052		8,189			39,939			132			125,312
Currency translation adjustments		11,667		1,188			-			-			12,855
Additions		644		886			-			-			1,530
Reclassification of Property, plant and equipment		-		30			-			-			30
Amortization charge (i) (Note 30)		-		(1,866	)		(375	)		(40	)		(2,281	)
Net book amount at period end		89,363		8,427			39,564			92			137,446
As of December 31, 2013
Costs		89,363		33,114			44,455			906			167,838
Accumulated depreciation		-		(24,687	)		(4,891	)		(814	)		(30,392	)
Net book amount		89,363		8,427			39,564			92			137,446

(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 six-month period ended as of December 31, 2013 and for the year ended as of June 30, 2013 was as follows:

	December 31, 2013			June 30, 2013
Beginning of the period / year		400,692			363,459
Purchases		25,328			8,375
Initial recognition and changes in the fair value of biological assets		400,334			851,289
Harvest		(191,133	)		(756,067	)
Sales		(55,503	)		(73,788	)
Consumes		(624	)		(1,232	)
Currency translation adjustments		28,026			8,656
End of the period / year		607,120			400,692

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

	Classification	December 31, 2013		June 30, 2013
Non-current
Cattle for dairy production	Production		28,968		27,957
Breeding cattle	Production		178,130		155,058
Sugarcane	Production		101,637		111,063
Other cattle	Production		5,756		6,320
Other biological assets	Production		3,581		2,730
Non-current biological assets			318,072		303,128
Current
Cattle for dairy production	Consumable		42		177
Cattle for sale	Consumable		14,101		40,692
Crops	Consumable		274,291		55,879
Other cattle	Consumable		614		816
Current biological assets			289,048		97,564
Total biological assets			607,120		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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013		June 30, 2013
Crops		34,911		120,697
Materials and inputs		186,526		92,900
Seeds and fodder		41,483		22,397
Hotel supplies		6,918		5,962
Beef		10,324		8,985
Others		-		1,435
Total inventories		280,162		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 December 31, 2013, 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 December 31, 2013 and June 30, 2013 and their allocation to the fair value hierarchy:

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Investment in equity securities in TGLT		64,883		-		-		64,883
- Investment in equity securities in Hersha		36,099		-		-		36,099
- Corporate bonds		22,141		-		-		22,141
- Mutual funds		828,450		-		-		828,450
- Shares of Supertel		-		-		57,408		57,408
- Shares		293		-		-		293
- Don Mario S.G.R.		12,777		-		-		12,777
- Government bonds		673,247		-		-		673,247
Derivative financial instruments:
- Commodity derivatives		6,050		-		-		6,050
- Foreign-currency contracts		-		24,794		-		24,794
- Swaps		-		11,422		-		11,422
Cash and cash equivalents		111,217		-		-		111,217
Total assets		1,755,157		36,216		57,408		1,848,781
Liabilities
Derivative financial instruments:
- Foreign-currency contracts		-		6,768		-		6,768
- Commodity derivatives		71		-		-		71
Total liabilities		71		6,768		-		6,839

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		35,706		-		-		35,706
- 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		665,793		14,266		156,069		836,128
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 years ended December 31, 2013:

	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	)		(81,712	)		(98,661	)
Balance at December 31, 2013		-		-			57,408			57,408

(i)	The gain / (loss) is not realized as of December 31, 2013 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 December 31, 2013, 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 December 31, 2013, would reduce pre-tax income by Ps. 3.7 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 December 31, 2013, would reduce pre-tax income by Ps. 5.5 million. The rate used as of December 31, 2013 was 14.08%.

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	Underlying asset (market price) and (historic) stock volatility and market interest rate (Libor curve)
Warrants of Supertel	Black-Scholes	Theoretical price	Price of underlying asset (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 December 31, 2013 and June 30, 2013:

	December 31, 2013		June 30, 2013
Non-current
Escrow deposits		13,333		10,881
Mutual funds		48,151		43,750
Total Non-Current		61,484		54,631
Current
Escrow deposits		923		1,022
Total Current		923		1,022
Total restricted assets		62,407		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 December 31, 2013 and June 30, 2013:

	December 31, 2013			June 30, 2013
Non-current
Leases and services receivable		62,039			58,783
Consumer financing receivables		-			214
Receivables from sale of agriculture products		1,144			-
Property sales receivable (i)		100,324			88,387
Less: Allowance for doubtful accounts		(2,208	)		(2,266	)
Non-current trade receivables		161,299			145,118
Trade receivables from disposal of joint ventures		2,592			2,147
Prepayments		9,401			5,210
VAT receivables		19,548			28,944
Other tax receivables		69,454			62,759
Loans		1,230			-
Guarantee deposits		14,833			-
Others		5,453			4,499
Non-current other receivables		122,511			103,559
Related parties (Note 35)		62,804			42,753
Non-current trade and other receivables		346,614			291,430
Current
Consumer financing receivables		15,047			15,735
Leases and services receivable		311,683			418,022
Receivables from sale of agriculture products and farmlands leases		134,002			407,127
Receivables from hotel operations		34,171			26,201
Deferred checks received		174,882			164,808
Debtors under legal proceedings		55,000			51,610
Property sales receivable (i)		86,438			91,142
Less: allowance for doubtful accounts		(87,075	)		(84,418	)
Trade receivables		724,148			1,090,227
Trade receivables from disposal of joint ventures		15,639			20,555
Prepayments		77,613			78,603
VAT receivables		46,074			39,342
Gross sales tax credit		6,417			2,420
Other tax receivables		46,180			37,353
Loans		11,094			8,982
Expenses and services to recover		5,873			3,757
Suppliers advances		125,100			54,961
Guarantee deposits		45,592			10
Dividends receivable		3,427			2,828
Others		36,534			29,906
Less: allowance for doubtful accounts		(198	)		(218	)
Current other receivables		419,345			278,499
Related parties (Note 35)		65,287			77,365
Current trade and other receivables		1,208,780			1,446,091
Total trade and other receivables		1,555,394			1,737,521

(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:

	December 31, 2013			June 30, 2013
Beginning of period / year		86,902			72,480
Charge for the period		10,700			32,229
Unused amounts reversed		(6,406	)		(16,142	)
Used during the period/year		(2,479	)		(1,610	)
Receivables written off		-			(235	)
Currency translation adjustments		764			180
End of period / year		89,481			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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013		June 30, 2013
Non-current
Financial assets at fair value through profit or loss
Investment in equity securities in TGLT		64,883		56,859
Investment in equity securities in Hersha		36,099		30,163
Mutual Funds (Note 35) (i)		698,264		17,249
Shares of Supertel		57,408		139,120
Don Mario S.G.R.		10,000		10,060
Shares		293		291
Total Investment in Financial Assets Non-current		866,947		253,742
Current
Financial assets at fair value through profit or loss
Mutual funds (Note 35)		130,186		194,416
Don Mario S.G.R.		2,777		1,631
Non-convertible notes related parties		-		5,136
Corporate bonds		22,141		26,738
Government bonds		673,247		157,632
Others		-		32
Total Investment in Financial Assets current		828,351		385,585
Total Investment in Financial Assets		1,695,298		639,327

(i)	During the quarter the Group has subscribed, through subsidiaries Tyrus and Ritelco, shares from Dolphin for the amount of US$ 75 million. See Note 41.

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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013		June 30, 2013
Assets
Non-current
Swaps		8,367		4,259
Foreign-currency contracts		-		4,169
Supertel warrants		-		16,949
Total non-current		8,367		25,377
Current
Commodities		6,050		35,706
Foreign-currency contracts (Note 35)		24,794		5,838
Swaps		3,055		-
Total current		33,899		41,544
Total assets		42,266		66,921

Liabilities
Non-current
Foreign-currency contracts		-		2,773
Total non-current		-		2,773
Current
Commodities		71		3
Foreign-currency contracts		6,768		8,688
Total current		6,839		8,691
Total liabilities		6,839		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 December 31, 2013 and June 30, 2013:

	December 31, 2013		June 30, 2013
Cash at bank and on hand		332,906		769,485
Short-term bank deposits		67,943		148,221
Mutual funds		111,217		129,880
Total cash and cash equivalents		512,066		1,047,586

Following is a detailed description of cash flows generated by the Group’s operations for the six-month period ended as of December 31, 2013 and 2012.

	Note	December 31, 2013			December 31, 2012
(Loss) Gain for the period			(354,769	)		176,718
Adjustments for:
Income tax expense			(170,104	)		33,535
Depreciation and amortization			143,611			138,375
Gain from disposal of investment properties			(7,150	)		(53,678	)
Loss from disposal of farmlands			-			(53,988	)
Loss (Gain) on the revaluation of receivables arising from the sale of farmland			522			(3,855	)
Loss (Gain) from disposal of property, plant and equipment			468			(231	)
Release of investment property and property, plant and equipment			633			2,040
Dividends income			(6,510	)		(14,017	)
Share-based payments			16,625			5,350
Unrealized Gain (Loss) from derivative financial instruments			(20,648	)		17,287
Changes in fair value of financial assets			(81,857	)		(48,583	)
Interest expense, net			256,891			199,172
Unrealized initial recognition and changes in the fair value of biological assets and agricultural produce			(305,334	)		(421,320	)
Changes in net realizable value of agricultural produce after harvest			9,217			(6,811	)
Provisions and allowances			53,889			66,369
Share of loss of associates and joint ventures			(47,769	)		(12,546	)
Unrealized foreign exchange loss, net			756,381			196,685
Result from purchase of joint venture			12			(137,062	)
Result from repurchase of Non-convertible Notes			35,157			(43	)
Changes in operating assets and liabilities:
(Increase) Decrease in biological assets			119,894			327,244
Decrease (Increase) in inventories			199,018			(2,230	)
Decrease (Increase) in trading properties			1,362			(1,633	)
Decrease (Increase) in trade and other receivables			151,455			(8,121	)
Decrease (Increase) in derivative financial instruments			488			(49,605	)
(Decrease) Increase in trade and other payables			(127,285	)		188,593
Decrease in payroll and social security liabilities			(14,531	)		(25,342	)
Decrease in provisions			(5,034	)		(90	)
Net cash generated from operating activities before income tax paid			604,632			512,213

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 in the six-month periods ended December 31, 2013 and 2012:

	December 31, 2013			December 31, 2012
Reimbursement of expired dividends		1,278			1,001
Dividends payable		(139,780	)		(118,638	)
Dividends not collected		(824	)		-
Increase in trading properties through a decrease in property, plant and equipment and investment property		-			4,727
Increase in trade and other receivables through a decrease in property, plant and equipment		-			183
Increase in trading properties through a decrease in property, plant and equipment		-			4,669
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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013		June 30, 2013
Non-current
Trade payables		940		-
Admission rights		114,666		112,654
Sales, rent and services payments received in advance		57,329		53,300
Guarantee deposits		19,206		17,352
Non-current trade payables		192,141		183,306
VAT payables		206		-
Other tax payables		16,731		14,136
Deferred income		8,505		8,660
Shareholders´ personal tax payable		1,323		1,476
Tax amnesty plan for payable taxes		14,663		15,641
Others		4,867		5,028
Non-current other payables		46,295		44,941
Related parties (Note 35)		248		20
Non-current trade and other payables		238,684		228,267
Current
Trade payables		307,197		212,797
Accrued invoices		166,152		141,657
Admission rights		105,459		98,656
Sales, rent and services payments received in advance		192,949		199,909
Guarantee deposits		10,524		13,477
Current trade payables		782,281		666,496
Withholdings tax		10,072		9,800
VAT payables		22,719		26,739
Gross sales tax payable		763		1,836
Other tax payables		39,712		41,996
Deferred revenue		6,016		1,246
Dividends payable		157,876		11,445
Tax amnesty plan for payable taxes		308		310
Shareholders´ personal tax payable		8,653		3,220
Others		12,395		6,930
Current other payables		258,514		103,522
Related parties (Note 35)		73,096		129,524
Current trade and other payables		1,113,891		899,542
Total trade and other payables		1,352,575		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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013		June 30, 2013
Non-current
Others		5,511		3,984
Non-current payroll and social security liabilities		5,511		3,984
Current
Provision for vacation and bonuses		64,011		89,238
Social security payable		25,825		28,967
Salaries payable		2,954		1,776
Others		1,487		854
Current payroll and social security liabilities		94,277		120,835
Total payroll and social security liabilities		99,788		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		14,671			296			49,249		64,216
Used during period		(14,211	)		(433	)		-		(14,644	)
Currency translation adjustments		1,783			-			14,226		16,009
As of December 31, 2013		49,297			1,554			102,566		153,417

(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:

	December 31, 2013		June 30, 2013
Non-current		137,797		71,626
Current		15,620		16,210
		153,417		87,836

25.	Borrowings

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

									Book value
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %			Nominal value (in millions)		December 31, 2013		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		12,748		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		517,087		425,658
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed		1.50	%		32		207,520		171,084
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating		23.67	%		176		175,620		-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed		1.50	%		109		718,375		-
IRSA NCN Class I due 2017	Unsecured	US$	Fixed		8.50	%		150		918,903		784,855
IRSA NCN Class II due 2020	Unsecured	US$	Fixed		11.50	%		150		922,641		781,338
APSA NCN Class I due 2017	Unsecured	US$	Fixed		7.87	%		120		678,387		568,362
Syndicated loan (I)	Unsecured	Ps.	Fixed		15.01	%		229		125,539		175,604
Banco M&T loan	Secured	US$	Floating	Libor + 3.25%				75		484,415		399,691
Long term loans	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)				15		94,200		77,780
Long term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days				20		19,792		19,784
Long term loans	Unsecured	Ps.	Fixed		15.01	%		24		10,182		13,543
Long term loans	Secured	Rs.	Floating	TJLP + 1.95 to 3.10 and 5.5 to 10				20.5		10,166		17,162
Long term loans	Secured	Rs.	Fixed		7.23	%		98.7		109,748		121,289
Seller financing	Secured	US$	Fixed	3.50 % and 5%				17.9		95,592		78,371
Finance leases	Secured	US$	Fixed	10.75% and 7.5%				0.3		1,406		1,590
Other long term loans		Ps.	Fixed					-		18,734		19,163
Other long term loans		Bol.	Floating					-		7,668		6,136
Related parties (Note 35)										119,457		98,327
Non-current borrowings										5,248,180		4,189,896

(i) Include Ps. 32,780 and Ps. 35,557 with Banco Hipotecario as of December 31 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)		December 31, 2013			June 30, 2013
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed		7.5	%		60		399,362			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		134,162			165,810
CRESUD NCN Class X – 2nd tranche due 2014	Unsecured	US$	Fixed		7.75	%		30		131,323			163,477
CRESUD NCN Class XI due 2015	Unsecured	Ps.	Floating	Badlar + 375 bps				80.5		46,567			19,652
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps				102		103,762			35,083
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed		1.90	%		79		(1,809	)		(1,954	)
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed		1.50	%		32		(19	)		(74	)
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating		23.67	%		176		4,030			-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed		1.50	%		109		3,096			-
IRSA NCN Class I due 2017	Unsecured	US$	Fixed		8.50			150		30,939			26,675
IRSA NCN Class II due 2020	Unsecured	US$	Fixed		11.50			150		47,821			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		55,663			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		4,424			5,499
Bank overdrafts	Unsecured	Ps.	Fixed	33.1% and 18%				-		515,525			444,527
Short term loans	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)				15		7,641			6,266
Short term loans	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days				20		1,006			893
Short term loans	Unsecured	Rs.	Floating	TJLP + 1.95 to 3.10				84.1		112,531			-
Short term loans	Unsecured	Rs.	Fixed		7.23	%		19.1		-			19,081
Short term loans	Unsecured	Ps.	Fixed		15.01	%		24		6,894			6,895
Short term loans	Secured	Rs.	Fixed		7.23	%		11.9		34,662			-
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		5,983			5,263
Syndicated loans (i)	Unsecured	Ps.	Fixed		15.01	%		229		89,135			51,005
Seller financing	Secured	US$	Fixed		3.5	%		16.4		19,369			12,809
Seller financing	Unsecured	Rs.	Floating	IGPM/CDI				102		128,322			106,165
Other seller - financed debt								9.9		-			16,348
Finance lease obligations	Secured	US$	Fixed		10.75% y7.5	%		0.3		1,752			1,460
Other short term loans		Ps.	Fixed							13,602			9,625
Other short term loans		Bol.	Floating							12,464			9,968
Related parties										62			-
Current borrowings										1,908,269			1,527,390
Total borrowings										7,156,449			5,717,286

(i) Include Ps. 17,221 and Ps. 9,738 with Banco Hipotecario as of December 31 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

Class XV and XVI NCN

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:

	December 31, 2013			December 31, 2012
Current income tax		(145,883	)		(119,249	)
Deferred income tax		318,641			85,714
Minimum Presumed Income Tax		(2,654	)		-
Income tax expense		170,104			(33,535	)

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

	December 31, 2013			June 30, 2013
Beginning of the period / year		(351,035	)		(549,337	)
Currency translation adjustments		4,347			5,965
Additions for business combinations		-			(26,103	)
Charged / Credited to the statement of income		318,641			218,440
End of the period / year		(28,047	)		(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. 34.1 million and Ps. 70.1 million as of December 31, 2013 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:

	December 31, 2013			December 31, 2012
Tax calculated at the tax rates applicable to profits in the respective countries		(166,397	)		67,755
Permanent differences:
Share of loss of associates and joint ventures		(8,006	)		1,729
Unrecognized tax losses		385			(18,904	)
Non-taxable income		2,301			(14,431	)
Difference between the tax return and provision		(6,081	)		(6,332	)
Others		7,694			3,718
Income tax expense		(170,104	)		33,535

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

	December 31, 2013								December 31, 2012
	Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total		Urban properties and investments		Agriculture		Feed lot / slaughtering house		Total
Trading properties		23,140		-		-		23,140		16,559		-		-		16,559
Crops		-		317,288		-		317,288		-		242,977		-		242,977
Cattle		-		46,083		-		46,083		-		34,121		-		34,121
Milk		-		24,482		-		24,482		-		18,048		-		18,048
Sugarcane		-		76,175		-		76,175		-		110,028		-		110,028
Beef		-		-		229,757		229,757		-		-		64,594		64,594
Supplies		-		38,219		-		38,219		-		25,458		-		25,458
Agriculture products and services income		23,140		502,247		229,757		755,144		16,559		430,632		64,594		511,785
Base rent		499,306		4,182		-		503,488		385,444		10,832		-		396,276
Contingent rent		178,997		-		-		178,997		143,077		-		-		143,077
Admission rights		60,046		-		-		60,046		51,433		-		-		51,433
Parking fees		40,032		-		-		40,032		30,792		-		-		30,792
Commissions		16,825		-		-		16,825		13,053		-		-		13,053
Property management fee		13,035		-		-		13,035		16,317		-		-		16,317
Expenses and Collective Promotion Funds		365,784		-		-		365,784		293,683		-		-		293,683
Flattening of tiered lease payments		13,581		-		-		13,581		9,344		-		-		9,344
Agricultural services		-		2,859		-		2,859		-		1,240		1,545		2,785
Advertising and brokerage fees		-		19,441		-		19,441		-		13,868		-		13,868
Others		2,305		1,416		-		3,721		1,789		-		-		1,789
Leases and service income		1,189,911		27,898		-		1,217,809		944,932		25,940		1,545		972,417
Other revenues:
Consumer financing		334		-		-		334		1,318		-		-		1,318
Hotel operations		160,575		-		-		160,575		116,807		-		-		116,807
Others		-		-		-		-		-		2,843		16		2,859
Other revenues		160,909		-		-		160,909		118,125		2,843		16		120,984
Total Group revenue		1,373,960		530,145		229,757		2,133,862		1,079,616		459,415		66,155		1,605,186

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

	December 31, 2013								December 31, 2012
	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		-		4,268		-		4,268		-		1,602		-		1,602
Other operative costs		-		2,917		-		2,917		-		3,068		-		3,068
Cost of property operations		-		7,185		-		7,185		-		4,670		-		4,670
Crops		-		578,975		-		578,975		-		461,331		-		461,331
Cattle		-		95,520		-		95,520		-		63,239		-		63,239
Milk		-		47,082		-		47,082		-		35,416		-		35,416
Sugarcane		-		142,059		-		142,059		-		214,645		-		214,645
Supplies		-		29,882		-		29,882		-		21,994		-		21,994
Beef		-		-		184,983		184,983		-		-		64,905		64,905
Other agriculture products		-		5,179		-		5,179		-		-		-		-
Agriculture services		-		1,701		6,142		7,843		-		1,394		2,079		3,473
Brokerage fees		-		16,391		-		16,391		-		12,806		-		12,806
Cost of agricultural sales and services		-		916,789		191,125		1,107,914		-		810,825		66,984		877,809
Cost of sale of trading properties		8,111		-		-		8,111		7,477		-		-		7,477
Cost from hotel operations		105,437		-		-		105,437		84,553		-		-		84,553
Cost of leases and services		532,928		-		-		532,928		447,137		-		-		447,137
Other costs		171		-		-		171		477		-		-		477
Other costs		646,647		-		-		646,647		539,644		-		-		539,644
Total Group costs		646,647		923,974		191,125		1,761,746		539,644		815,495		66,984		1,422,123

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 six-month period ended as of December 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 operative costs			General and administrative expenses		Selling expenses		Total
Leases, services charges and vacant property costs		6,578		8,999		637		694		-		279		66			6,169		608		24,030
Depreciation and amortization		109,797		17,974		3,482		242		-		5,511		1,124			5,342		139		143,611
Allowance for doubtful accounts		-		-		-		-		-		-		-			-		4,294		4,294
Advertising, publicity and other selling expenses		94,259		-		-		10		-		-		-			-		10,904		105,173
Taxes, rates and contributions		38,800		910		2,792		1,314		-		243		15			5,889		61,064		111,027
Maintenance and repairs		118,540		7,234		8,315		1,761		-		12,358		53			11,162		459		159,882
Fees and payments for services		14,144		35,872		1,963		28		169		1,006		34			26,449		8,045		87,710
Director´s fees		-		-		-		-		-		-		-			73,295		-		73,295
Payroll and social security expenses		143,855		36,781		21,768		77		-		59,407		1,750			89,937		14,864		368,439
Cost of sale of properties		-		-		-		3,970		-		6,374		-			-		-		10,344
Food, beverage and lodging expenses		-		-		-		-		-		17,962		-			3,211		1,633		22,806
Changes in biological assets and agricultural produce		-		540,427		-		-		-		-		-			-		245		540,672
Supplies and labor		-		8,404		401,781		-		-		-		-			-		221		410,406
Freights		30		652		6,180		-		-		-		6			18		34,572		41,458
Commissions and expenses		-		1,832		69		1		-		2,078		-			5,736		6,533		16,249
Conditioning and clearance		-		-		4		-		-		-		-			-		9,835		9,839
Others		6,925		3,678		2,428		14		2		219		(131	)		8,906		2,275		24,316
Total expenses by nature		532,928		662,763		449,419		8,111		171		105,437		2,917			236,114		155,691		2,153,551

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 six-month period ended as of December 31, 2012:

	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 operative costs		General and administrative expenses		Selling expenses		Total
Leases, services charges and vacant property costs		16,337		621		508		919		-		134		59		2,105		510		21,193
Depreciation and amortization		97,548		26,734		2,401		316		-		7,471		1,146		5,735		131		141,482
Allowance for doubtful accounts		-		-		-		-		-		-		-		-		4,410		4,410
Advertising, publicity and other selling expenses		71,813		-		-		-		-		-		2		-		7,935		79,750
Taxes, rates and contributions		29,543		2,134		2,928		605		-		-		14		3,571		36,144		74,939
Maintenance and repairs		103,237		2,751		6,096		1,189		29		10,909		168		7,049		438		131,866
Fees and payments for services		11,305		52		1,462		86		441		779		38		28,662		2,072		44,897
Director´s fees		171		-		-		-		-		-		-		54,884		-		55,055
Payroll and social security expenses		112,337		27,394		16,229		284		3		46,365		1,397		62,836		10,559		277,404
Cost of sale of properties		-		-		-		4,055		-		-		-		-		-		4,055
Food, beverage and lodging expenses		-		-		-		-		-		16,046		-		1,443		391		17,880
Changes in biological assets and agricultural produce		-		346,697		-		-		-		-		-		-		-		346,697
Supplies and labor		-		71,612		362,024		-		-		-		-		-		-		433,636
Freights		210		169		4,358		3		-		69		16		187		35,331		40,343
Commissions and expenses		-		1,029		277		-		-		2,452		-		2,109		9,564		15,431
Conditioning and clearance		-		-		-		-		-		-		-		-		7,631		7,631
Others		4,636		1,604		2,332		20		4		328		227		12,887		8,563		30,601
Total expenses by nature		447,137		480,797		398,615		7,477		477		84,553		3,067		181,468		123,679		1,727,270

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

	December 31, 2013		December 31, 2012
Salaries, bonuses and social security costs		351,035		271,780
Share-based payments		16,625		5,350
Pension costs – defined contribution plan		779		274
		368,439		277,404

32.	Other operating results

	December 31, 2013			December 31, 2012
Gain from purchase of subsidiaries		-			137,062
Gain from commodity derivative financial instruments		3,871			788
Gain (loss) from disposal of other property items		(468	)		231
Recovery of provisions		-			3,294
Tax on personal assets		(8,015	)		(9,281	)
Management fee		50			1,010
Contingencies		(3,272	)		(16,244	)
Donations		(7,682	)		(4,209	)
Project Analysis and Assessment		(2,479	)		(4,940	)
Unrecoverable VAT		(262	)		(160	)
Others		763			(2,449	)
Total other operating results, net		(17,494	)		105,102

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

	December 31, 2013			December 31, 2012
Finance income:
- Interest income		53,342			18,012
- Foreign exchange gains		57,697			57,870
- Dividends income		6,510			14,017
- Gain from repurchase of Non-convertible Notes		-			43
- Others		92			98
Finance income		117,641			90,040

Finance costs:
- Interest expense		(310,233	)		(217,184	)
- Foreign exchange losses		(826,952	)		(251,236	)
- Loss from repurchase of Non-convertible Notes		(35,157	)		-
- Embedded derivatives on borrowings		-			(6	)
- Other financial costs		(41,457	)		(42,292	)
Finance cost		(1,213,799	)		(510,718	)
Less Finance costs capitalized		14,657			2,721
Total financial costs		(1,199,142	)		(507,997	)
Other finance results:
- Fair value gains of financial assets at fair value through profit or loss		93,850			55,906
- Gain (Loss) from derivative financial instruments (except commodities)		25,270			(1,021	)
- Gain on the revaluation of receivables arising from the sale of farmland		4,481			3,855
Total other financial income		123,601			58,740
Total financial results, net		(957,900	)		(359,217	)

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

The Group incurred in a charge of Ps. 15 million and Ps. 4 million for the six-month period ended December 31, 2013 and 2012, 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:

	December 31, 2013			June 30, 2013
At the beginning		3,232,474			1,671,666
Granted		2,287,120			1,566,060
Canceled		(66,082	)		(5,252	)
At the end		5,453,512			3,232,474

Established only by subsidiary undertakings

Brasilagro Stock Option Plan

For the six-month period ended December 31, 2013 and 2012, the Group incurred in a charge of Ps. 0.9 million and Ps. 0.5 million, respectively, related to the awards granted under the Brasilagro Stock Option Plan.

Movements in the number of equity-settled options outstanding under the Brasilagro Stock Option Plan were as follows:

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:

	December 31, 2013
	First tranche				Second tranche				Third tranche
	Exercise price		Options		Exercise price		Options		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

	June 30, 2013
	First tranche				Second tranche				Third tranche
	Exercise price		Options		Exercise price		Options		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 December 31, 2013:

Related party	Description of transaction	Investments in Financial Assets Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current			Trade and other payables Current			Borrowings Non-current			Borrowings Current			Derivative financial instruments
Associates
Tarshop S.A.	Reimbursement of expenses		-		-		-		697		-			-			-			-			-
	Leases and/or rights to use		-		-		-		-		(228	)		(401	)		-			-			-
New Lipstick LLC	Reimbursement of expenses		-		-		-		1,841		-			-			-			-			-
Lipstick Management LLC	Reimbursement of expenses		-		-		-		613		-			-			-			-			-
Agro-Uranga S.A	Dividends receivable		-		-		-		863		-			-			-			-			-
	Purchase – Sale of goods and/or services		-		-		-		23		-			(230	)		-			-			-
Agro Managers S.A.	Reimbursement of expenses		-		-		-		153		-			-			-			-			-
Banco Hipotecario S.A.	Reimbursement of expenses		-		-		-		1,673		-			(1,451	)		-			-			-
	Borrowings		-		-		-		-		-			-			(32,780	)		(17,221	)		-
	Derivatives		-		-		-		-		-			-			-			-			22,150
	Leases and/or rights of use		-		-		-		141		-			-			-			-			-
Banco de Crédito y Securitización	Reimbursement of expenses		-		-		-		35		-			-			-			-			-
	Leases and/or rights of use		-		-		-		235		-			-			-			-			-
Total Associates			-		-		-		6,274		(228	)		(2,082	)		(32,780	)		(17,221	)		22,150

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 Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current		Trade and other payables Current			Borrowings Non-current			Borrowings Current			Derivative financial instruments
Joint Ventures
Cresca S.A.	Management fee		-		-		-		2,097		-		-			-			-			-
	Reimbursement of expenses		-		-		-		97		-		(190	)		-			-			-
	Loans granted		-		-		51,364		-		-		-			-			-			-
	Financial operations		-		-		10,364		-		-		-			-			-			-
Puerto Retiro S.A.	Contributions to be paid in		-		-		-		101		-		-			-			-			-
	Reimbursement of expenses		-		-		-		196		-		-			-			-			-
	Financial operations		-		-		-		4,372		-		-			-			-			-
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		-		-		495		-		-			-			(62	)		-
	Leases and/or rights to use		-		-		-		6		-		(292	)		-			-			-
	Management fee		-		-		-		1,399		-		-			-			-			-
Quality Invest S.A.	Management fee		-		-		-		68		-		(45	)		-			-			-
	Reimbursement of expenses		-		-		-		86		-		-			-			-			-
Baicom Networks S.A.	Management fee		-		-		-		8		-		-			-			-			-
	Financial operations		-		-		1,074		-		-		-			-			-			-
	Contributions to be paid in		-		-		-		135		-		-			-			-			-
	Reimbursement of expenses		-		-		-		17		-		-			-			-			-
Cyrsa S.A.	Financial operations		-		-		-		-		-		-			(114,457	)		-			-
	Reimbursement of expenses		-		-		2		111		-		-			-			-			-
Boulevard Norte S.A.	Reimbursement of expenses		-		-		-		98		-		-			-			-			-
Total Joint Ventures			-		-		62,804		9,286		-		(527	)		(114,457	)		(62	)		-

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 Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current			Trade and other payables Current			Borrowings Non-current			Borrowings Current			Derivative financial instruments
Other related parties
Consultores Asset Management S.A. (CAMSA)	Advances to be recovered		-		-		-		1,466		-			-			-			-			-
	Reimbursement of expenses		-		-		-		3,590		-			(41	)		-			-			-
Estudio Zang, Bergel & Viñes	Sale of goods and/or services		-		-		-		50		-			-			-			-			-
	Legal services		-		-		-		10		-			(710	)		-			-			-
Fundación IRSA	Reimbursement of expenses		-		-		-		59		-			-			-			-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		-		-		43,163		-			(4	)		-			-			-
	Dividends payable		-		-		-		-		-			(43,464	)		-			-			-
	Reimbursement of expenses		-		-		-		8		-			-			-			-			-
Museo de los Niños	Reimbursement of expenses		-		-		-		57		-			(5	)		-			-			-
	Leases and/or rights to use		-		-		-		697		-			(3	)		-			-			-
Austral Gold	Reimbursement of expenses		-		-		-		9		-			(3	)		-			-			-
Cactus Argentina S.A.	Reimbursement of expenses		-		-		-		92		-			-			-			-			-
IRSA Real Estate Strategies LP	Capital contribution		-		-		-		-		-			(7	)		-			-			-
IRSA Developments LP	Capital contribution		-		-		-		-		-			(4	)		-			-			-
Elsztain Managing Partners	Management fee		-		-		-		-		-			(25	)		-			-			-
Dolphin Fund PLC	Capital contributions		698,264		-		-		-		-			-			-			-			-
	Reimbursement of expenses		-		-		-		133		-			-			-			-			-
Total Other related parties			698,264		-		-		49,334		-			(44,266	)		-			-			-
Directors and Senior Management
Directors and Senior Management	Management fee		-		-		-		302		-			(26,145	)		-			-			-
	Guarantee deposits		-		-		-		-		(20	)		-			-			-			-
	Reimbursement of expenses		-		-		-		91		-			(76	)		-			-			-
Total Directors and Senior Management			-		-		-		393		(20	)		(26,221	)
Total			698,264		-		62,804		65,287		(248	)		(73,096	)		(147,237	)		(17,283	)		22,150

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 Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current		Trade and other payables Current			Borrowings Non-current			Borrowings 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 Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current		Trade and other payables Current			Borrowings Non-current			Borrowings 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 Non-current		Investments in Financial Assets Current		Trade and other receivables Non-current		Trade and other receivables Current		Trade and other payables Non-current			Trade and other payables Current			Borrowings Non-current			Borrowings 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 six-month period ended as of December 31, 2013:

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.		-			-			2,729		-			-			-			-
Tarshop S.A.		3,777			(239	)		-		-			-			-			-
Banco Crédito y Securitización S.A.		178			-			-		-			-			-			-
Banco Hipotecario S.A.		262			-			-		-			-			22,358			-
Total Associates		4,217			(239	)		2,729		-			-			22,358			-
Joint Ventures
Cyrsa S.A.		-			-			-		-			-			(8,628	)		-
Cresca S.A.		-			46			-		-			-			2,216			-
Baicom Networks S.A.		-			6			-		-			-			59			-
Nuevo Puerto Santa Fe S.A.		(230	)		986			-		-			-			-			-
Puerto Retiro S.A.		-			-			-		-			-			456			-
Quality Invest S.A.		-			108			-		-			-			-			-
Canteras Natal Crespo S.A.		-			-			-		-			-			-			-
Total Joint Ventures		(230	)		1,146			-		-			-			(5,897	)		-
Other related parties
Inversiones Financieras del Sur S.A.		-			-			-		-			-			9,139			-
Fundación IRSA		-			-			-		-			-			-			(1,450	)
Estudio Zang, Bergel & Viñes		-			-			-		-			(1,522	)		-			-
Dolphin Fund PLC (i)		-			-			-		-			-			286			-
Hamonet S.A.		(171	)		-			-		-			-			-			-
Isaac Elzstain e Hijos S.C.A.		(327	)		-			-		-			-			-			-
Total Other related parties		(498	)		-			-		-			(1,522	)		9,425			(1,450	)
Directors and Senior Management
Directors and Senior Management		-			(24,856	)		-		(31,319	)		-			-			-
Total Directors and Senior Management		-			(24,856	)		-		(31,319	)		-			-			-
Total		3,489			(23,949	)		2,729		(31,319	)		(1,522	)		25,886			(1,450	)

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 six-month period ended as of December 31, 2012:

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.		-			-			2,652		-		-			-			-			-
Tarshop S.A.		2,730			-			-		153		(189	)		-			-			-
Total Associates		2,730			-			2,652		153		(189	)		-			-			-
Joint Ventures
Cyrsa S.A.		-			-			-		-		(2,792	)		-			-			-
Cresca S.A.		-			631			-		-		2,201			-			-			-
Baicom Networks S.A.		-			6			-		-		47			-			-			-
Nuevo Puerto Santa Fe S.A.		-			705			-		-		-			-			-			-
Puerto Retiro S.A.		-			-			-		-		189			-			-			-
Quality Invest S.A.		-			108			-		-		10			-			-			-
Canteras Natal Crespo S.A.		-			-			-		48		5			-			-			-
Total Joint Ventures		-			1,450			-		48		(340	)		-			-			-
Other related parties
Fundación IRSA		-			-			-		-		-			-			(1,420	)		-
Estudio Zang, Bergel & Viñes		(360	)		-			-		-		-			(7,169	)		-			-
Consultores Asset Management S.A. (CAMSA)		80			(6,751	)		-		-		-			-			-			-
Inversiones Financieras del Sur S.A.		-			-			-		-		1,768			-			-			-
Total Other related parties		(280	)		(6,751	)		-		-		1,768			(7,169	)		(1,420	)		-
Directors and Senior Management
Directors and Senior Management		-			-			-		-		-			-			-			(42,439	)
Total Directors and Senior Management		-			-			-		-		-			-			-			(42,439	)
Total		2,450			(5,301	)		2,652		201		1,239			(7,169	)		(1,420	)		(42,439	)

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.	Negative working capital

At the end of the year, the Company carried a working capital deficit of Ps. 68,559 whose treatment is being considered by the respective Management.

37.	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 – Information submitted in compliance with Section 64, subsection B of Law 19,550	Note 30 - Expenses by nature

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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

											Issuer´s information
				Value recorded as of 12.31.13			Value recorded as of 06.30.13			Market value as of 12.31.13	Main activity	Place of business / country of incorporation	Last financial statement issued							% of ownership interest in common stock
Issuer and type of securities	Class	Amount											Common stock (nominal value)		Income (loss) for the period			Shareholders' equity
Associates
Avenida Inc.	Shares		3,703,704		9,161			-		Not publicly traded	Investment	United States		2,000		499			2,210		24.79	%
	Higher value				4,595			-
					13,756			-

Avenida Compras	Shares		23,077		(9	)		-		Not publicly traded	E-commerce	Argentina		1,100		(470	)		12,670		2.10	%
	Goodwill				18			-
					9			-

Agromanagers S.A.	Shares		981,029		1,578			1,569		Not publicly traded	Investment	Argentina		2,094		20			3,369		46.84	%
	Higher value				796			796
					2,374			2,365

Agro-Uranga S.A.	Shares		893,069		16,360			17,679		Not publicly traded	Agricultural	Argentina		2,500		6,708			45,796		35.72	%
	Higher value				11,179			11,179
					27,539			28,858

Banco de Crédito y Securitización S.A.	Shares		3,984,375		11,773			9,901		Not publicly traded	Financing	Argentina		62,500		39,327			184,430		6.38	%
					11,773			9,901

Banco Hipotecario S.A.	Shares		446,515,208		1,115,216			1,036,669		1.78	Financing	Argentina		1,500,000		420,950			3,846,935		29.77	%
	Higher value				(5,298	)		(5,239	)
					1,109,918			1,031,430

Bitania 26 S.A.	Shares				11,604			11,069		Not publicly traded	Real State	Argentina		20,000		1,091			23,681		49.00	%
	Goodwill		4,724,203		1,736			1,736
	Higher value				8,309			8,535
					21,649			21,340

Lipstick Management LLC	Shares		N/A		1,208			799		Not publicly traded	Management company	United States		N/A		446			2,441		49.00	%
					1,208			799

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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
		Amount		Value recorded as of 12.31.13			Value recorded as of 06.30.13			Market value as of 12.31.13	Main activity	Place of business / country of incorporation	Last financial statement issued								% of ownership interest in common stock
Issuer and type of securities	Class												Common stock (nominal value)		Income (loss) for the period			Shareholders' equity
Manibil S.A.	Shares		30,397,880		33,604			26,250		Not publicly traded	Real State	Argentina		62,037		3,455			68,580			49.00	%
	Irrevocable contribution				-			6,500
	Goodwill				10			10
					33,614			32,760

New Lipstick LLC	Shares		N/A		(102,543	)		(39,091	)	Not publicly traded	Real State	United States		N/A		(98,459	)		(395,629	)		49.87	%
					(102,543	)		(39,091	)

Tarshop S.A.	Shares		133,796,440		37,965			39,140		Not publicly traded		Argentina		133,796		(13,761	)		189,826			20.00	%
	Higher value				(5,082	)		(3,925	)		Consumer financing
					32,883			35,215
Total Associates					1,152,180			1,123,577

Joint Ventures

Baicom Networks S.A.	Shares		4,701,455		3,218			3,035		Not publicly traded	Real State	Argentina		9,403		(414	)		6,436			50.00	%
	Irrevocable contribution				-			390
	Higher value				276			276
					3,494			3,701

Cresca S.A.	Shares		N/A		21,950			21,644		Not publicly traded	Agricultural	Paraguay		67,979		(12,739	)		119,399			50.00	%
	Irrevocable contribution				38,269			-
					60,219			21,644

Cyrsa S.A.	Shares		119,608,531		137,847			129,627		Not publicly traded	Real State	Argentina		239,217		16,441			275,694			50.00	%
	Higher value				2,753			2,753
					140,600			132,380

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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
				Value recorded as of 12.31.13			Value recorded as of 06.30.13			Market value as of 12.31.13	Main activity	Place of business / country of incorporation	Last financial statement issued							% of ownership interest in common stock
Issuer and type of securities	Class	Amount											Common stock (nominal value)		Income (loss) for the period			Shareholders' equity
Entertainment Holdings S.A.	Shares		22,395,574		22,783			12,709		Not publicly traded	Investment	Argentina		44,791		(5,786	)		47,009		50.00	%
	Irrevocable contribution				721			-
	Goodwill				(23,192	)		24
	Higher value				26,647			10,652
					26,959			23,385

Entretenimiento Universal S.A.	Shares		300		(23	)		-		Not publicly traded	Event organization and others	Argentina		12		61			929		50.00	%
					(23	)		-

Nuevo Puerto Santa Fé S.A.	Shares		277,500		18,549			16,504		Not publicly traded	Commercial	Argentina		27,750		4,091			37,099		50.00	%
											real state
	Goodwill				4,068			4,155
	Higher value				1,323			1,323
					23,940			21,982

Puerto Retiro S.A.	Shares		23,067,250		14,848			15,696		Not publicly traded	Real State	Argentina		46,135		(1,696	)		29,696		50.00	%
	Higher value				41,160			41,160
					56,008			56,856

Quality Invest S.A.	Shares				62,505			63,210		Not publicly traded	Real State	Argentina		139,628,684		(1,410	)		126,010		50.00	%
	Irrevocable contribution				500
	Goodwill				3,911			3,911
	Higher value				(2,882	)		(2,875	)
					64,034			64,246
Total Joint Ventures					375,231			324,194
Total investments in associates and joint ventures as of 12.31.13				(*)1,527,411				-
Total investments in associates and joint ventures as of 06.30.13					-		(*)1,447,771

(*)Include a balance of Ps. (102,566) and Ps. (39,091) reflecting interests in companies with negative equity as of December 31, 2013 and June 30, 2013, respectively, which is reclassified to “Provisions” (see Note 24).

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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											Real Estate Business
Description	Biological assets			Inventories			Agriculture services		Subtotal Agricultural business			Services and other operating costs		Trading properties			Hotels			Others		Subtotal Real State business			Total as of 12.31.13			Total as of 12.31.12
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 fair value of biological assets and agricultural produce at the point of harvest		26,894			22,416			-		49,310			-		-			-			-		-			49,310			50,565

Changes in net realizable value of agricultural produce after harvest		-			(9,217	)		-		(9,217	)		-		-			-			-		-			(9,217	)		6,811

Decrease due to harvest		-			186,017			-		186,017			-		-			-			-		-			186,017			194,047
Acquisitions and classifications		24,987			614,729			-		639,716			-		-			-			-		-			639,716			371,062
Consume		(279	)		(241,925	)		-		(242,204	)		-		-			-			-		-			(242,204	)		(206,272	)
Additions		-			-			-		-			-		2,850			956			-		3,806			3,806			7,047
Disposals		-			-			-		-			-		(4,104	)		-			-		(4,104	)		(4,104	)		(4,075	)
Expenses incurred		-			26,732			25,301		52,033			532,928		8,003			105,437			171		646,539			698,572			565,310
Currency translation adjustments		-			8,689			-		8,689			-		11,509			-			-		11,509			20,198			12,291
Other costs		-			-			-		-			-		-			-			-		-			-			2,092
Inventories as of 12.31.13		(227,611	)		(261,046	)		-		(488,657	)		-		(204,389	)		(6,918	)		-		(211,307	)		(699,964	)		(618,061	)
Costs as of 12.31.13		55,011			582,451			25,301		662,763			532,928		8,111			105,437			171		646,647			1,309,410			-
Costs as of 12.31.12		31,481			431,324			17,992		480,797			447,137		7,477			84,553			477		539,644			-			1,020,441

(i) Includes Ps. (10,359) and Ps. (10,867) corresponding to materials and inputs of IRSA as of December 31 and June 30, 2013, respectively.

(ii) Includes Ps. (12,198) and Ps. (10,155) corresponding to materials and inputs of IRSA and FyO as of December 31 and June 30, 2013, respectively.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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 12.31.13		Amount of foreign currency (2)		Prevailing exchange rate (1)		Total as of 06.30.13
Assets
Restricted assets
US Dollar		6,162		6.481		39,937		3,124		5.348		16,706
Total restricted assets						39,937						16,706
Trade and other receivables
Uruguayan Peso		13,271		0.302		4,011		355		0.262		93
US Dollar		24,075		6.481		156,032		90,639		5.348		484,735
Euros		4		8.940		35		2		6.949		17
Swiss francs		55		7.302		400		77		5.660		437
Total trade and other receivables						160,478						485,282
Investment in financial assets
US Dollar		134,827		6.481		873,814		39,209		5.348		209,692
Argentine Peso						-		90		1.000		90
Total Investment in financial assets						873,814						209,782
Derivative financial instruments
US Dollar		1,341		6.481		8,694		3,169		5.348		16,949
Total Derivative financial instruments						8,694						16,949
Cash and cash equivalents
Uruguayan Peso		53		0.302		16		309		0.262		81
US Dollar		23,396		6.481		151,627		108,401		5.348		579,731
Euros		110		8.940		980		107		6.949		745
Pounds		2		10.700		25		3		8.080		22
Yenes		65		0.062		4		74		0.054		4
Brazilian Reais		9		2.650		24		5		2.370		12
Total Cash and cash equivalents						152,676						580,595

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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 12.31.13		Total as of 06.30.13		Prevailing exchange rate (1)		Amount of foreign currency (2)
Liabilities
Trade and other payables
Uruguayan Peso		294		0.303		89		38		0.262		10
US Dollar		13,358		6.521		87,106		34,121		5.388		183,845
Euros		1		9.011		6		16		7.015		114
Bolivian		37		0.948		35						-
Total trade and other payables						87,236						183,969
Borrowings
US Dollar		776,159		6.521		5,061,331		708,733		5.388		3,818,651
Argentine Peso						-		66		1.000		66
Total borrowings						5,061,331						3,818,717
Derivative financial instruments
US Dollar		1,049		6.521		6,839		322		5.388		1,737
Derivative financial instruments						6,839						1,737

(1)	Exchange rate as of December 31 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.	Subsequent events

· On January 9, 2014, RES entered into a credit facility of up to US$ 2,000,000 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). 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.

· During the six-month period ended December 31, 2013 the Group has subscribed shares of Dolphin Fund Ltd. (“Dolphin”) for the amount of Ps. 105 million. On November 3, 2013, Dolphin together with other investors, has made an offer to purchase shares of IDB Development Corporation (“IDBD”), an Israeli Company, within the framework of a debt restructuring process that its controlling company, IDBH, is currently negotiating with creditors, pursuant to Israel’s applicable laws.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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

41.	Subsequent events (Continued)

On January 5, 2014, the competent court in dealing with IDBH debt restructuring has approved the offer made by Dolphin together with E.T.H.M.B.M. 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 (the “Offer”). Such percentage may be increased subject to the sale of certain assets by IDBD over the year.

In the abovementioned offer, Dolphin together with other investors, have a 50% interest while ETH holds the remaining 50% of a total investment amount of US$ 272 million (NIS 950 million). As described above, the Group disbursed funds in Dolphin the amount of approximately US$ 105 million, which may partially reimbursed, depending on the final composition of the investor group.

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.

The transaction will be closed over the following months, while Dolphin has appointed Mr. Eduardo Sergio Elsztain to the board of IDBD.

· 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). The mentioned transaction generated a gain of 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.

· Following the end of the period, the Argentine Peso devalued against the US$ and other currencies by around 20%, which had a negative impact on the financial position and results of operations of the Company due mainly to the currency exposure of our net assets and liabilities in foreign currency as detailed in note 40 and net investments in subsidiaries, associates and joint ventures made in a functional currency other than the Argentine Peso.

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Notes to the 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

41.	Subsequent events (Continued)

According to the Company’s estimates, this leads to a pre-tax loss of Ps. 513 million, a gain under Other Comprehensive Income in the amount of Ps. 404 million and a reduction in Shareholders’ Equity by Ps. 109 million, all based on the Company’s position in foreign currency as of December 31, 2013, which has not been recognized in these financial statements.

The main assets of the Company— including fields, offices and other income-generating real property, land reserves and property for sale—are valued for accounting purposes at historic cost, and thus the Company will not recognize any gain/loss as a result of such devaluation.

· 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. The Company is now assessing and identifying the content of information that may have sent to the site where the fire took place.

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 December 31, 2013, and the related unaudited condensed interim consolidated statements of income and comprehensive income for the six and three-month periods ended December 31, 2013, and the unaudited condensed interim consolidated statements of changes in shareholders’ equity and cash flows for the six-month period ended December 31, 2013 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.

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 carried in all formal respects in conformity with legal requirements, 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 provisions;

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 December 31, 2013, 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. 5,147,498, which was not callable at that date.

Autonomous City of Buenos Aires, February 11, 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 December 31, 2013 and for the six-month periods ended December 31, 2013 and 2012

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Financial Position

as of December 31, 2013 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	12.31.13		06.30.13
ASSETS
Non-current assets
Investment properties	7	19,776		25,838
Property, plant and equipment	8	409,344		387,987
Intangible assets	9	18,729		19,156
Biological assets	10	216,369		192,065
Investments in subsidiaries, associates and joint ventures	6	2,939,469		2,872,627
Deferred income tax assets	21	170,613		15,212
Income tax credit		79,694		67,752
Trade and other receivables	13	-		80,837
Investment in financial assets	14	-		21
Total Non-current assets		3,853,994		3,661,495
Current assets
Biological assets	10	93,639		82,769
Inventories	11	140,031		144,222
Income tax credit		2,146		1,938
Trade and other receivables	13	449,683		254,850
Derivative financial instruments	15	1,196		-
Investment in financial assets	14	642,940		148,715
Cash and cash equivalents	16	66,059		36,739
Total Current assets		1,395,694		669,233
TOTAL ASSETS		5,249,688		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		171,358		2,284
Equity-settled compensation		19,417		8,345
Legal reserve		81,616		46,835
Reserve for new developments		217,065		337,065
Special reserve		633,940		695,628
Retained earnings		(331,151	)	(26,522	)
Acquisition of subsidiaries		(9,706	)	(21,996	)
TOTAL SHAREHOLDERS’ EQUITY		2,228,870		2,487,970
LIABILITIES
Non-current liabilities
Trade and other payables	17	1,323		1,499
Borrowings	20	1,769,770		1,152,328
Provisions	19	1,633		1,612
Total Non-current liabilities		1,772,726		1,155,439
Current Liabilities
Trade and other payables	17	282,547		108,136
Payroll and social security liabilities	18	29,124		36,440
Borrowings	20	928,430		542,733
Provisions	19	274		10
Minimum Presumed Income tax ("MPIT")		7,717		-
Total Current liabilities		1,248,092		687,319
TOTAL LIABILITIES		3,020,818		1,842,758
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		5,249,688		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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Income

for the six and three-month periods beginning on July 1 and October 1, 2013 and 2012 and ended December 31, 2013 and 2012

(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

		Six months						Three months
	Note	2013			2012			2013			2012
Revenues	23		343,105			235,842			77,385			100,948
Costs	24		(464,209	)		(325,931	)		(164,445	)		(161,225	)
Initial recognition and changes in fair value of biological assets and agricultural produce at the point of harvest			154,908			137,829			103,933			81,618
Changes in net realizable value of agricultural produce after harvest			(3,869	)		12,327			415			626
Gross profit			29,935			60,067			17,288			21,967
General and administrative expenses	25		(58,331	)		(33,456	)		(27,321	)		(18,774	)
Selling expenses	25		(46,663	)		(48,033	)		(13,870	)		(20,128	)
Other operating results, net	27		2,256			(7,302	)		5,473			(352	)
Loss from operations			(72,803	)		(28,724	)		(18,430	)		(17,287	)
Share of (loss) / profit of subsidiaries, associates and joint ventures	6		(53,161	)		156,958			(71,651	)		131,572
Profit Before Financing and Taxation			(125,964	)		128,234			(90,081	)		114,285
Finance income	28		41,241			17,129			29,078			8,362
Finance costs	28		(444,014	)		(129,339	)		(294,333	)		(70,485	)
Other financial results	28		41,306			178			27,009			300
Financial results, net	28		(361,467	)		(112,032	)		(238,246	)		(61,823	)
(Loss) / Profit before Income tax			(487,431	)		16,202			(328,327	)		52,462
Income tax gain	21		155,401			44,558			94,146			24,816
(Loss) / Profit for the period			(332,030	)		60,760			(234,181	)		77,278


(Loss) / Profit per share for the period:
Basic			(0.67	)		0.12
Diluted		(i) (0.67)				0.11

(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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Comprehensive Income

for the six and three-month periods beginning on July 1 and October 1, 2013 and 2012 and ended December 31, 2013 and 2012

(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

	Six months					Three months
	2013			2012		2013			2012
Profit / (Loss) for the period		(332,030	)		60,760		(234,181	)		77,278
Other Comprehensive Income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment from subsidiaries, associates and joint ventures		169,074			56,547		97,484			34,050
Other Comprehensive income for the period (i)		169,074			56,547		97,484			34,050
Total Comprehensive (loss) / income for the period		(162,956	)		117,307		(136,697	)		111,328

(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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the six-month periods ended December 31, 2013 and 2012

(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		-		-		-		-		-		-		-			-		-			-		-			-			(332,030	)		(332,030	)
Other comprehensive income for the period		-		-		-		-		-		-		-			169,074		-			-		-			-			-			169,074
Total comprehensive income / ( loss) for the period		-		-		-		-		-		-		-			169,074		-			-		-			-			(332,030	)		(162,956	)
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		-		-		-		-		-		-		-			-		11,360			-		-			-			-			11,360
Changes in interest in subsidiaries		-		-		-		-		-		-		12,290			-		-			-		-			-			-			12,290
Cancellation of Brasilagro warrants		-		-		-		-		-		-		-			-		(288	)		-		-			-			-			(288	)
Reimbursement of expired dividends		-		-		-		-		-		-		-			-		-			-		-			-			494			494
Balance as of December 31, 2013		496,562		5,001		65,425		773,079		106,264		1,446,331		(9,706	)		171,358		19,417			81,616		217,065			633,940			(331,151	)		2,228,870

(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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Changes in Shareholders’ Equity

for the six-month periods ended December 31, 2013 and 2012

(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		-		-		-			-				-			-			-			-		-		-			60,760			60,760
Other comprehensive income for the period		-		-		-			-				-			-			56,547			-		-		-			-			56,547
Total comprehensive income / (loss) for the period		-		-		-			-				-			-			56,547			-		-		-			60,760			117,307
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		-		-		-			-		-		-			1,582			-			-		-		-			-			1,582
Equity-settled compensation		-		-		-			-		-		-			-			-			3,163		-		-			-			3,163
Exercise of warrants		-		-		-			-		1		1			-			-			-		-		-			-			1
Currency translation adjustment recycled		-		-		-			-		-		-			-			(8,331	)		-		-		-			-			(8,331	)
Reimbursement of expired dividends		-		-		-			-		-		-			-			-			-		-		-			385			385
Balance at December 31, 2012		496,562		5,001		65,425			773,079		106,264		1,446,331			(8,014	)		(33,723	)		7,703		46,835		337,065			756,773			2,552,970

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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		President

Cresud Sociedad Anónima,

Comercial, Inmobiliaria, Financiera y Agropecuaria

Unaudited Condensed Interim Separate Statements of Cash Flows

for the six-month periods ended December 31, 2013 and 2012

(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	12.31.13		12.31.12
Operating activities:
Cash provided by operations	16	37,424		34,161
Income tax paid		-		-
Net cash provided by operating activities		37,424		34,161
Investing activities:
Acquisition of subsidiaries, associates and joint ventures	6	-		(5,695	)
Capital contribution to subsidiaries, associates and joint ventures	6	(4,367	)	(38,067	)
Purchases of investment properties	7	(1,483	)	(1,686	)
Proceeds from sale of investment properties		79		-
Purchases of property, plant and equipment	8	(19,515	)	(30,907	)
Proceeds from sale of property, plant and equipment		632		120
Purchase of intangible assets	9	(17	)	(21	)
Purchase of investment in financial assets		(1,637,253	)	-
Proceeds from disposals of Investment in financial assets		1,161,818		928
Loans granted to subsidiaries, associates and joint ventures		(27,075	)	(18,245	)
Loans repayments received from subsidiaries, associates and joint ventures		949		29,692
Dividends received		3,287		117,934
Net cash (used in) provided by investing activities		(522,945	)	54,053
Financing activities:
Proceeds from issuance of non-convertible notes		833,561		142,168
Payment of non-convertible notes		(237,116	)	(175,471	)
Dividend payments		(52,402	)	(52,946	)
Proceeds from borrowings		59,455		168,896
Repayments of borrowings		(3,623	)	(97,259	)
Payments of borrowings from subsidiaries, associates and joint ventures		(186	)	(186	)
Payments of warrants		(288	)	-
Proceeds from warrants		-		1
Payment of seller financing		(108	)	(66	)
Interest paid		(83,471	)	(54,729	)
Net Cash flows provided by (used in) financing activities		515,822		(69,592	)
Net increase in cash and cash equivalents		30,301		18,622
Cash and cash equivalents at beginning of period	16	36,739		8,194
Foreign exchange gain on cash and cash equivalents		(981	)	33
Cash and cash equivalents at end of period		66,059		26,849

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/ Eduardo S. Elsztain
		Eduardo S. Elsztain
		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 February 11, 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 six-month periods ended December 31, 2013 and 2012 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 six-month periods ended December 31, 2013 and 2012 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.

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.

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

4.	Acquisitions and disposals (Continued)

See summary of acquisition and additional disposal of the Company for the six-month period ended December 31, 2013 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 six-month period ended December 31, 2013 and for the fiscal year ended June 30, 2013:

	December 31, 2013			June 30, 2013
Beginning of the period / year		2,872,627			2,656,655
Acquisition of subsidiaries		(4,952	)		(7,521	)
Capital contribution		76,783			109,504
Disposal of subsidiaries		19,634			(1,192	)
Share of profit, net		(53,161	)		131,953
Cumulative translation adjustments		169,074			100,778
Equity settled compensation		8,141			4,886
Dividend paid		(168,609	)		(122,819	)
Reimbursement of expired dividends		494			383
Intergroup transactions		19,438			-
End of the period / year		2,939,469			2,872,627

See changes in Company’s investment in associates and joint ventures for the six-month periods ended December 31, 2013 and 2012 in Notes 8 and 9 to the Unaudited Condensed Interim Consolidated Financial Statements.

7.	Investment properties

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

	December 31, 2013			June 30, 2013
Beginning of the period / year		25,838			15,995
Additions		1,483			2,532
Reclassifications to / of Property, plant and equipment		(7,293	)		8,579
Disposals		(79	)		(907	)
Depreciation charge (i)		(173	)		(361	)
End of the period / year		19,776			25,838

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

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

7. Investment properties (Continued)

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

		December 31, 2013				December 31, 2012
Rental and service income			4,182				9,899

8.	Property, plant and equipment

Changes in Company’s property, plant and equipment ("PPE") for the six-month period ended December 31, 2013 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 of investment properties		(8,579	)		-			-			-			-			(8,579	)
Disposals		(6,625	)		-			(10	)		(43	)		(338	)		(7,016	)
Depreciation charge		(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 December 31, 2013:
Opening net book amount		375,562			161			404			8,390			3,470			387,987
Additions		18,666			-			76			545			228			19,515
Reclassifications of investment properties		7,293			-			-			-			-			7,293
Disposals		(449	)		-			(3	)		(4	)		(183	)		(639	)
Depreciation charge (i) (Note 25)		(3,358	)		(32	)		(36	)		(857	)		(529	)		(4,812	)
Closing net book amount		397,714			129			441			8,074			2,986			409,344
At December 31, 2013:
Costs		433,643			819			1,349			23,482			6,555			465,848
Accumulated depreciation		(35,929	)		(690	)		(908	)		(15,408	)		(3,569	)		(56,504	)
Net book amount		397,714			129			441			8,074			2,986			409,344

(i)

For the six-month period ended December 31, 2013, the depreciation expense of property, plant and equipment has been charged as follows: Ps. 312 under the line item “General and administrative expenses”, Ps. 30 under the line item “Selling expenses” and Ps. 4,470 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 six-month period ended December 31, 2013 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)		(69	)		(375	)		(444	)
Net book amount as of December 31, 2013		39			18,690			18,729
Costs		389			23,582			23,971
Accumulated depreciation		(350	)		(4,892	)		(5,242	)
Net book amount as of December 31, 2013		39			18,690			18,729

(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 six-month period ended December 31, 2013 and for the fiscal year ended as of June 30, 2013 were as follows:

	December 31, 2013			June 30, 2013
Beginning of the period / year		274,834			249,180
Increase due to purchases		24,987			712
Initial recognition and changes in the fair value of biological assets		130,733			350,846
Decrease due to harvest		(64,911	)		(260,704	)
Decrease due to sales		(55,011	)		(63,969	)
Decrease due to consumption		(624	)		(1,231	)
End of the period / year		310,008			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 December 31, 2013 and June 30, 2013 were as follows:

	Classification	December 31, 2013		June 30, 2013
Non-current
Cattle for dairy production	Production		28,968		27,957
Breeding cattle	Production		178,130		155,058
Other cattle	Production		5,690		6,320
Others biological assets	Production		3,581		2,730
Non-current biological assets			216,369		192,065
Current
Cattle for dairy production	Consumable		42		177
Cattle for sale	Consumable		14,101		40,692
Crops	Consumable		78,882		41,150
Other cattle	Consumable		614		750
Current biological assets			93,639		82,769
Total biological assets			310,008		274,834

11.	Inventories

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

	December 31, 2013		June 30, 2013
Current
Crops		28,396		74,929
Materials and inputs		70,501		46,998
Seeds and fodders		41,134		22,295
Total inventories		140,031		144,222

As of December 31, 2013 and June 30, 2013 the cost of inventories recognized as expense amounted to Ps. 227,997 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 December 31, 2013 and June 30, 2013 and their allocation to the fair value hierarchy:

Determining fair values

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss:
- Mutual funds		90,813		-		-		90,813
- Corporate bonds – Related Parties		47,518		-		-		47,518
- Corporate bonds		21,000		-		-		21,000
- Government bonds		483,609		-		-		483,609
- Swaps		-		1,196		-		1,196
Cash and cash equivalents		33		-		-		33
Total assets		642,973		1,196		-		644,169

	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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013			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		41,299			51,427
Deferred checks received		3,565			11,101
Debtors under legal proceedings		281			281
Less: allowance for doubtful accounts		(879	)		(415	)
Trade receivables		44,266			62,394
Prepayments		44,622			23,686
VAT receivables		15,488			5,905
Personnel loans		3,337			-
Gross sales tax credit		1,881			1,904
Other tax receivables		582			951
Advance payments		1,967			133
Expenses and services to recover		5,713			3,522
Others		3,772			17,851
Current other receivables		77,362			53,952
Related parties (Note 30)		328,055			138,504
Current trade and other receivables		449,683			254,850
Total trade and other receivables		449,683			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:

	December 31, 2013		June 30, 2013
Beginning of the period / year		415		474
Charge		464		38
Unused amounts reversed / uses		-		(97	)
End of the period / year		879		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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013		June 30, 2013
Non-current
Shares		-		21
Total non-Current financial assets		-		21

Current
Corporate bonds		21,000		21,480
Corporate bonds - Related parties (Note 30)		47,518		-
Government bonds		483,609		-
Mutual funds		90,813		127,235
Total current financial assets		642,940		148,715
Total Investment in financial assets		642,940		148,736

15.	Derivative financial instruments

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

	December 31, 2013		June 30, 2013
Assets
Current
Swaps		1,196		-
Total current assets		1,196		-
Total assets		1,196		-

16.	Cash flow information

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

	December 31, 2013		June 30, 2013
Cash at bank and on hand		55,700		8,504
Short-term bank deposits		10,326		28,074
Mutual funds		33		161
Total cash and cash equivalents		66,059		36,739

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)

Following is a detailed description of cash flows used in the Company’s operations for the six-month period ended December 31, 2013 and 2012.

	December 31, 2013			December 31, 2012
(Loss) Gain for the period		(332,030	)		60,760
Adjustments for:
Income tax expense		(155,401	)		(44,558	)
Depreciation		4,985			4,187
Amortization		444			513
Gain from disposal and release of investment property and property, plant and equipment		(24	)		3
Share-based payments		3,210			888
Unrealized gain on derivative financial instruments		(1,945	)		(253	)
Changes in the fair value of financial assets at fair value through profit or loss		(40,872	)		(47	)
Accrued interest, net		78,591			52,771
Unrealized initial recognition and changes in the fair value of biological assets and agricultural produce		(101,889	)		(97,566	)
Changes in the net realizable value of agricultural produce after harvest		3,869			(12,327	)
Provisions		4,451			7,568
Share of (profit) / loss of Investment in subsidiaries, associates and joint ventures		53,161			(156,958	)
Unrealized foreign exchange loss, net		330,653			58,829
Changes in operating assets and liabilities:
Decrease in biological assets		66,715			62,539
Decrease in inventories		322			36,545
Decrease in trade and other receivables		38,765			4,257
Decrease in derivative financial instruments		749			417
Increase in trade and other payables		90,989			70,081
Decrease in payroll and social security liabilities		(7,319	)		(13,488	)
Net cash generated from operating activities before income tax paid		37,424			34,161

The following table shows a detail of non-cash transaction occurred for the six-month period ended as of December 31, 2013 and 2012:

	December 31, 2013		December 31, 2012
Non-cash activities
Reimbursement of expired dividends		494		383
Increase in trade and other receivables through a decrease in property, plant and equipment		-		183
Increase of interest in subsidiaries, associates and joint ventures through a decrease in trade and other receivables		475		-
Increase of interest in subsidiaries, associates and joint ventures through a decrease in trade and other receivables		71,941		-
Increase of interest in subsidiaries, associates and joint venture by exchange differences on translating foreign operations		169,074		48,218
Increase in trading properties through a decrease in property, plant and equipment and investment properties		-		4,678
Increase in loans granted through a decrease in dividends receivable		160,173		-
Unpaid dividends		67,598		67,054
Dividends not collected		5,149		-
Share – based payments reserve		8,150		2,275

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

17.	Trade and other payables

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

	December 31, 2013		June 30, 2013
Non-current
Tax on shareholders’ personal assets		1,323		1,476
Others		-		23
Total non-current other payables		1,323		1,499
Total non-current trade and other payables		1,323		1,499
Current
Trade payables		75,469		39,517
Provisions		48,007		43,126
Total current trade payables		123,476		82,643
Sales, rent and services payments received in advance		4,951		-
Income from leases to be accrued		5,750		-
Guarantee deposits		2,094		7,503
Gross sales tax payable		637		1,389
Tax amnesty plan for payable taxes		308		310
Withholdings tax		6,577		6,979
Dividends payable		67,598		-
Tax on shareholders’ personal assets		8,637		-
Others		392		3,503
Total current other payables		96,944		19,684
Related parties (Note 30)		62,127		5,809
Total current trade and other payables		282,547		108,136
Total trade and other payables		283,870		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 December 31, 2013 and June 30, 2013 were as follows:

	December 31, 2013		June 30, 2013
Current
Provision for vacation and bonuses		22,598		27,835
Social security payable		6,321		8,530
Others		205		75
Current payroll and social security liabilities		29,124		36,440
Total payroll and social security liabilities		29,124		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		288			-			288
Used during period		-			(3	)		(3	)
As of December 31, 2013		1,905			2			1,907

The analysis of total provisions was as follows:

	December 31, 2013		June 30, 2013
Non-current		1,633		1,612
Current		274		10
		1,907		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 December 31, 2013 and June 30, 2013 were as follows:

									Value as of
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %			Nominal Value (in millions)		December 31, 2013		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		26,748		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		517,087		425,658
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed		1.50	%		32		207,520		171,084
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating		23.67	%		176		175,620		-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed		1.50	%		109		718,375		-
Loan from Banco Ciudad	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)				15		94,200		77,780
Loan from Banco de La Pampa	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days				20		19,792		19,784
Loan from Banco de la Provincia de Buenos Aires	Unsecured	Ps.	Fixed		15.01	%		21.2		10,182		13,543
Finance lease obligations	Secured	US$	Fixed		7.50	%		-		246		320
Non-current borrowings										1,769,770		1,152,328

									Value as of
	Secured/ unsecured	Currency	Fixed/ Floating	Effective interest rate %			Nominal Value (in millions)		December 31, 2013			June 30, 2013
Current
CRESUD NCN Class VIII due 2014	Unsecured	US$	Fixed		7.5	%		60		399,362			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		137,007			169,338
CRESUD NCN Class X – 2nd tranche due 2014	Unsecured	US$	Fixed		7.75	%		30		131,323			163,477
CRESUD NCN Class XI due 2015 (iv)	Unsecured	Ps.	Floating	Badlar + 375 bps				80.5		53,672			26,752
CRESUD NCN Class XII due 2014	Unsecured	Ps.	Floating	Badlar + 410 bps				102		103,762			35,083
CRESUD NCN Class XIII due 2015	Unsecured	US$	Fixed		1.90	%		79		(1,809	)		(1,954	)
CRESUD NCN Class XIV due 2018	Unsecured	US$	Fixed		1.50	%		32		(19	)		(74	)
CRESUD NCN Class XV due 2015	Unsecured	Ps.	Floating		23.67	%		176		4,030			-
CRESUD NCN Class XVI due 2018	Unsecured	US$	Fixed		1.50	%		109		3,096			-
Loan from Banco Ciudad	Unsecured	US$	Floating	Libor + 300 bps o 6% (the higher)				15		7,641			6,266
Loan from Banco de La Pampa	Unsecured	Ps.	Floating	Rate Survey PF 30-59 days				20		1,006			893
Loan from Banco de la Provincia de Buenos Aires	Unsecured	Ps.	Fixed		15.01	%		21.2		6,894			6,895
Loan from Agrotech	Unsecured	Ps.	Floating	Badlar				23		23,292			-
Finance lease obligations	Secured	US$	Fixed		10.75	%		-		250			217
Bank overdrafts	Unsecured	Ps.	Fixed		-			-		58,923			22,422
Current borrowings										928,430			542,733
Total borrowings										2,698,200			1,695,061

(i)	Includes an outstanding balance of Ps. 2,520 and Ps. 4,480 with ERSA and PAMSA, respectively, as of 12.31.13. 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. 2,845 with ERSA as of 12.31.13 and it includes a balance of Ps. 3,528 with ERSA as of 06.30.13.

(iv)	It includes an outstanding balance of Ps. 5,078 and Ps. 9,028 with ERSA and PAMSA, respectively as of 12.31.13. 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:

	December 31, 2013		June 30, 2013
CRESUD Class VIII NCN due 2014		-		330,873
CRESUD Class XI NCN due 2015		26,748		80,502
CRESUD Class XII NCN due 2015		-		102,073
CRESUD Class XIII NCN due 2015		518,841		429,071
CRESUD Class XIV NCN due 2018		208,974		172,692
CRESUD Class XV NCN due 2015		175,620		-
CRESUD Class XVI NCN due 2018		712,634		-
Long-term loans		139,971		126,564
Total		1,782,788		1,241,775

21.

Taxation

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

	December 31, 2013		December 31, 2012
Deferred income tax		155,401		44,558
Income tax gain		155,401		44,558

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

	December 31, 2013		June 30, 2013
Beginning of period / year		15,212		(61,025	)
Charged to statement of income		155,401		76,237
End of period / year		170,613		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:

	December 31, 2013			December 31, 2012
Tax calculated at the tax applicable tax rate in effect		170,601			(5,671	)
Tax effect of:
Share of (loss) / profit of subsidiaries, associates and joint ventures		(10,807	)		54,935
Donations		(52	)		(34	)
Tax on personal assets		(1,899	)		(1,991	)
Others		(2,442	)		(2,681	)
Income tax expense		155,401			44,558

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

	December 31, 2013		December 31, 2012
Crops		247,136		165,509
Cattle		63,436		34,341
Milk		24,482		18,048
Supplies		900		6,806
Leases		4,182		9,899
Agricultural services		2,969		1,239
Total revenue		343,105		235,842

24.

Costs

	December 31, 2013		December 31, 2012
Crops		310,923		217,923
Cattle		100,743		60,555
Milk		47,082		35,416
Agricultural services		1,701		1,394
Leases		827		1,602
Supplies		16		5,974
Other costs		2,917		3,067
Total costs		464,209		325,931

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 six-month period ended as of December 31, 2013:

	Costs
	Cost of sale and agricultural services		Cost of agricultural production		Other agricultural operating costs			General and administrative expenses		Selling expenses		Total
Supplies and labor		224		134,590		-			-		-		134,814
Leases, expenses and vacant property costs		11		585		66			1,406		78		2,146
Amortization and depreciation		682		2,884		1,124			747		30		5,467
Doubtful accounts		-		-		-			-		464		464
Changes in biological assets and agricultural produce		282,083		-		-			-		-		282,083
Advertising, publicity and other selling expenses		-		-		-			-		231		231
Maintenance and repairs		927		5,842		53			1,234		43		8,099
Payroll and social security expenses		1,105		20,011		1,749			23,182		1,891		47,938
Fees and payments for services		29		1,746		34			3,000		217		5,026
Freights		10		5,363		6			3		24,019		29,401
Commissions		-		306		-			-		1,125		1,431
Conditioning and clearance		-		-		-			-		7,350		7,350
Directors’ fees		-		-		-			24,856		-		24,856
Taxes, rates and contributions		84		2,613		15			1,035		11,117		14,864
Others		12		2,186		(131	)		2,868		98		5,033
Total expenses by nature		285,167		176,126		2,916			58,331		46,663		569,203

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 six-month period ended as of December 31, 2012:

	Costs
	Cost of sale and agricultural services		Cost of agricultural production		Other agricultural operating costs		General and administrative expenses		Selling expenses			Total
Supplies and labor		1,001		101,915		-		-		-			102,916
Leases, expenses and vacant property costs		9		502		59		1,189		77			1,836
Amortization and depreciation		682		2,105		1,146		770		25			4,728
Doubtful accounts		-		-		-		-		(57	)		(57	)
Changes in biological assets and agricultural produce		184,862		-		-		-		-			184,862
Advertising, publicity and other selling expenses		-		-		2		-		573			575
Maintenance and repairs		537		4,835		169		1,250		44			6,835
Payroll and social security expenses		768		15,444		1,396		16,428		1,535			35,571
Fees and payments for services		30		1,060		38		1,863		372			3,363
Freights		10		3,752		14		6		24,100			27,882
Commissions		-		161		-		-		878			1,039
Conditioning and clearance		-		-		-		-		5,884			5,884
Directors’ fees		-		-		-		8,236		-			8,236
Taxes, rates and contributions		231		2,885		14		840		7,127			11,097
Others		117		1,959		228		2,874		7,475			12,653
Total expenses by nature		188,247		134,618		3,066		33,456		48,033			407,420

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

	December 31, 2013		December 31, 2012
Salaries, bonuses and social security costs		41,400		32,271
Other benefits and expenses		2,956		2,138
Share-based payments		3,210		888
Pension costs – defined contribution plan		372		274
		47,938		35,571

27.	Other operating results, net

	December 31, 2013			December 31, 2012
Management fee		2,546			679
Gain (loss) from commodity derivative financial instruments		669			(1,986	)
Gain from disposal of property, plant and equipment		24			149
Tax on shareholders’ personal assets		(5,425	)		(5,690	)
Donations		(148	)		(97	)
Project analysis and assessment		(2,226	)		(220	)
Contingencies		(1,145	)		(394	)
Transfer of consulting arrangement		7,538			-
Others		423			257
Total other operating results, net		2,256			(7,302	)

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

28.	Financial results, net

	December 31, 2013			December 31, 2012
Finance income:
- Interest income		9,436			6,127
- Foreign exchange gains		31,805			11,002
Finance income		41,241			17,129

Finance costs:
- Interest expense		(88,027	)		(58,898	)
- Foreign exchange losses		(347,496	)		(63,291	)
- Embedded derivatives on borrowings		-			(6	)
- Other finance costs		(8,491	)		(7,144	)
Finance costs		(444,014	)		(129,339	)
Other finance results:
- Fair value gains of financial assets at fair value through profit or loss ………..		40,872			135
- Gain of derivative financial instruments (except commodities)		434			43
Total other finance results		41,306			178
Total financial results, net		(361,467	)		(112,032	)

29.	Share-based payments

See Note 34 to the Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2013 and 2012.

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 December 31, 2013:

Related party	Description of transaction	Investments in financial assets 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		-		7,816		-			-		-
	Financial operations		-		172,706		-			-		-
	Non-convertible notes		30,143		-		-			-		-
	Share-based payments		-		-		(559	)		-		-
	Sale of goods and/or services		-		-		(701	)		-		-
	Reimbursement of expenses		-		-		(1,718	)		-		-
Brasil Agro	Financial operations		-		5,890		-			-		-
	Reimbursement of expenses		-		512		(977	)		-		-
	Dividends receivable		-		6,714		-			-		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)	Reimbursement of expenses		-		34					-		-
	Sale of goods and/or services		-		7,787		(76	)		-		-
Helmir S.A.	Financial operations		-		24,388		-			-		-
Ombú Agropecuaria S.A.	Management fee		-		934		-			-		-
FyO Trading S.A.	Reimbursement of expenses		-		5		-			-		-
Agropecuaria Acres del Sud S.A.	Management fee		-		1,919		-			-		-
	Reimbursement of expenses		-		151		-			-		-
Agrotech S.A.	Reimbursement of expenses		-		72		-			-		-
	Financial operations		-		-		-			-		(23,292	)
	Commissions		-		3,025		-			-		-
Cactus Argentina S.A.	Reimbursement of expenses		-		-		(153	)		-		-
	Financial operations		-		1,619		-			-		-
	Acquisition of Property, plant and equipment		-		-		(299	)		-		-
	Purchase-Sale of goods and/or services		-		-		(3,140	)		-		-
	Management fee		-		10		-			-		-
Yatay Agropecuaria S.A.	Management fee		-		934		-			-		-

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 Current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Yuchán Agropecuaria S.A.	Management fee		-		934		-			-			-
Futuros y Opciones.Com S.A.	Brokerage		-		8,820		-			-			-
	Reimbursement of expenses		-		55		-			-			-
	Financial operations		-		13,051		-			-			-
	Management fee		-		42		(9	)		-			-
Total Subsidiaries			30,143		257,418		(7,632	)		-			(23,292	)

Associates
Agro Managers S.A.	Reimbursement of expenses		-		153		-			-			-
Agro-Uranga S.A.	Dividends receivables		-		863		-			-			-
	Purchase-Sale of goods and/or services		-		-		(262	)		-			-
Total Associates			-		1,016		(262	)		-			-

Joint Ventures
Cresca S.A.	Reimbursement of expenses		-		97		(190	)		-			-
	Management fee		-		2,097		-			-			-
Total Joint Ventures			-		2,194		(190	)		-			-

Subsidiaries of the subsidiaries
Nuevo Puerto Santa Fe	Reimbursement of expenses		-		-		(1	)		-			-
Nuevas Fronteras S.A.	Provision of services		-		-		(23	)		-			-
Alto Palermo S.A.	Reimbursement of expenses		-		1,402		-			-			-
	Non-convertible Notes		17,375		-		-			-			-
	Share-based payments		-		-		(538	)		-			-
	Corporate services		-		20,431		-			-			-
Emprendimiento Recoleta S.A.	Reimbursement of expenses		-		-		(7	)		-			-
	Non-convertible Notes		-		-		-			(5,040	)		(5,403	)
E-Commerce Latina S.A.	Reimbursement of expenses		-		92		-			-			-
Panamerican Mall S.A.	Reimbursement of expenses		-		11		-			-			-
	Non-convertible Notes		-		-		-			(8,960	)		(4,548	)
Fibesa S.A.	Reimbursement of expenses		-		2		-			-			-
Total Subsidiaries of the subsidiaries			17,375		21,938		(569	)		(14,000	)		(9,951	)

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 Current		Trade and other receivables Current		Trade and other payables Current			Borrowings Non-current			Borrowings Current
Associates of the subsidiaries
Tarshop S.A.	Reimbursement of expenses		-		2		-			-			-
Total Associates of the subsidiaries			-		2		-			-			-

Joint Ventures of the subsidiaries
Cyrsa S.A.	Reimbursement of expenses		-		54		-			-			-
Total Joint Ventures of the subsidiaries			-		54		-			-			-

Other Related parties
Consultores Asset Management S.A. (CAMSA)	Advances to be recovered		-		1,466		-			-			-
	Reimbursement of expenses		-		870		-			-			-
Estudio Zang, Bergel & Viñes	Legal services		-		-		(262	)		-			-
Inversiones Financieras del Sur S.A.	Financial operations		-		42,998
	Dividends payable		-		-		(43,464	)		-			-
	Reimbursement of expenses		-		8		-			-			-
Other Related parties			-		45,342		(43,726	)		-			-

Directors and Senior Management
Directors and Senior Management	Reimbursement of expenses		-		91		-			-			-
	Directors’ fees		-		-		(9,748	)		-			-
Total Directors and Senior Management			-		91		(9,748	)		-			-
			47,518		328,055		(62,127	)		(14,000	)		(33,243	)

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	)		-		-
Brasil Agro	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		-		-		-			-		-
	Financial operations		-		288		-			-		-
Ombú Agropecuaria S.A.	Financial operations		28,987		-		-			-		-
	Management fee		-		679		-			-		-
Pluriagro S.A.	Reimbursement of expenses		-		288		-			-		-
	Financial operations		-		-		-			-		-
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
Cresca S.A.	Reimbursement of expenses		-		49		(157	)		-			-
	Management fee		-		1,693		-			-			-
Total Joint Ventures			-		1,742		(157	)		-			-

Subsidiaries of the subsidiaries
Nuevo Puerto Santa Fe S.A.	Reimbursement of expenses		-		-		(1	)		-			-
Nuevas Fronteras S.A.	Service provider		-		-		(2	)		-			-
Alto Palermo S.A.	Reimbursement of expenses		-		11,679		-			-			-
	Financial operations		-		-		(537	)		-			-
	Corporate services		-		24,176		-			-			-
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		(547	)		(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)	Management fee		-		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 six-month period ended as of December 31, 2013:

Related party	Leases and/or rights of use			Management fees / Directors		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.		(827	)		-		-		-			16,390		-		13,806			-
BrasilAgro S.A.		-			-		-		-			-		-		21			-
Cactus Argentina S.A.		-			-		45		(5,223	)		-		-		53			-
Futuros y Opciones.Com S.A.		-			65		-		-			-		-		(616	)		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		-			-		17,353		-			-		-		-			-
Helmir S.A.		-			-		-		-			-		-		3,642			-
Agrotech S.A.		-			2,500		-		-			-		-		-			-
Agropecuaria Acres del Sud S.A.		-			-		-		-			-		-		(1,489	)		-
Ombú Agropecuaria S.A.		-			256		-		-			-		-		(2,779	)		-
Yuchán Agropecuaria S.A.		-			256		-		-			-		-		(1,473	)		-
Yatay Agropecuaria S.A.		-			256		-		-			-		-		(1,316	)		-
Total Subsidiaries		(827	)		3,333		17,398		(5,223	)		16,390		-		9,849			-

Associates
Agro-Uranga S.A.		-			-		2,653		-			-		-		-			-
Total Associates		-			-		2,653		-			-		-		-			-

Joint Ventures
Cresca S.A.		-			46		-		-			-		-		-			-
Total Joint Ventures		-			46		-		-			-		-		-			-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-			-		-		-			-		-		(1,855	)		-
Panamerican Mall S.A.		-			-		-		-			-		-		(1,783	)		-
Alto Palermo S.A.		-			-		-		-			39,674		-		1,493			-
Total Subsidiaries of the subsidiaries		-			-		-		-			39,674		-		(2,145	)		-

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			Management fees / Directors			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		-			-			-		-			-		(293	)		-		-
Inversiones Financieras del Sur S.A.		-			-			-		-			-		-			8,988		-
Hamonet S.A.		(57	)		-			-		-			-		-			-		-
Isaac Elsztain e Hijos S.C.A.		(109	)		-			-		-			-		-			-		-
Total other relates parties		(166	)		-			-		-			-		(293	)		8,988		-

Directors and Senior Management
Directors and Senior Management		-			(24,856	)		-		-			-		-			-		(1,658	)
Total directors and Senior Management		-			(24,856	)		-		-			-		-			-		(1,658	)
		(993	)		(21,477	)		20,051		(5,223	)		56,064		(293	)		16,692		(1,658	)

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 six-month period ended as of December 31, 2012:

Related party	Leases and/or rights of use		Management fees / Directors			Sale of goods and/or services		Purchase of goods and/or services			Corporate services		Legal services		Financial operations
Subsidiaries
IRSA Inversiones y Representaciones S.A.		-		-			-		-			11,852		-		-
Cactus Argentina S.A.		13		(48	)		262		(316	)		-		-		53
Futuros y Opciones.Com S.A.		-		-			-		(4,669	)		-		-		-
Sociedad Anónima Carnes Pampeanas S.A. (formerly EAASA)		-		-			1,288		-			-		-		-
Helmir S.A.		-		-			-		-			-		-		725
Agropecuaria Acres del Sud S.A.		-		-			-		-			-		-		638
Ombú Agropecuaria S.A.		-		163			-		-			-		-		1,249
Yuchán Agropecuaria S.A.		-		163			-		-			-		-		673
Yatay Agropecuaria S.A.		-		163			-		-			-		-		593
Total Subsidiaries		13		441			1,550		(4,985	)		11,852		-		3,931

Associates
Agro-Uranga S.A.		-		-			2,652		-			-		-		-
Total Associates		-		-			2,652		-			-		-		-

Joint Ventures
Cresca S.A.		-		631			-		-			-		-		-
Total Joint Ventures		-		631			-		-			-		-		-

Subsidiaries of the subsidiaries
Emprendimiento Recoleta S.A.		-		-			-		-			-		-		(1,216	)
Panamerican Mall S.A.		-		-			-		-			-		-		(1,725	)
Alto Palermo S.A.		-		-			-		-			33,309		-		-
Total Subsidiaries of the subsidiaries		-		-			-		-			33,309		-		(2,941	)

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		Management fees / Directors			Sale of goods and/or services		Purchase of goods and/or services			Corporate services		Legal services			Financial operations
Other related parties
Estudio Zang, Bergel & Viñes		-		-			-		-			-		(360	)		-
Consultores Asset Management S.A. (CAMSA)		-		(6,751	)		-		-			-		-			-
Inversiones Financieras del Sur S.A.		-		-			-		-			-		-			1,665
Total other related parties		-		(6,751	)		-		-			-		(360	)		1,665

Directors and Senior Management
Directors and Senior Management		-		(1,485	)		-		-			-		-			-
Total directors and Senior Management		-		(1,485	)		-		-			-		-			-
		13		(7,164	)		4,202		(4,985	)		45,161		(360	)		2,655

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 - Information submitted in compliance with Section 64, subsection B of Law 19,550	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
				Value recorded as of 12.31.13			Value recorded as of 06.30.13			Market value as of 12.31.13	Main activity	Place of business/country of incorporation	Last financial statement issued							% of ownership interest in common stock
Issuer and type of securities	Class	Amount											Common stock (nominal value)		Income (loss) for the period			Shareholders' Equity
Subsidiaries

Agrotech S.A.	Shares		40,990,551		46,192			22,817		Not publicly traded	Investment	Argentina		43,148		24,962			48,624		95.00	%
	Intergroup transactions				(1,389	)		(1,389	)
					44,803			21,428

BrasilAgro	Shares		23,150,050		625,929			567,324		Rs. 9.45	Agricultural	Brazil		875,381		(14,678	)		1,626,152		39.76	%
	Higher value				109,695			109,695
	Goodwill				7,363			6,435
	Intergroup transactions				(3,227	)		-
					739,760			683,454

Cactus Argentina S.A.	Shares		73,313,134		45,274			43,349		Not publicly traded	Agroindustrial	Argentina		77,111		(3,313	)		61,812		95.08	%
					45,274			43,349

Doneldon	Shares		551,481		146,969			32,103		Not publicly traded	Investment	Uruguay		551		15,187			146,969		100.00	%
					146,969			32,103

Futuros y Opciones S.A.	Shares		987,426		13,869			11,827		Not publicly traded	Brokerage	Argentina		1,632		4,663			22,925		60.50	%
					13,869			11,827

FyO Trading S.A.	Shares		4,832		5			5		Not publicly traded	Brokerage	Argentina		220		8			214		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 12.31.2013			Value recorded as of 06.30.13			Market value as of 12.31.13		Principal activity	Registered office	Common stock (nominal value)		Income (loss) for the period			Shareholders' Equity		Interest in common stock
Helmir S.A.	Shares		548,109,797		164,704			150,879		Not publicly traded		Investment	Uruguay		90,511		11,112			168,262		100.00	%
					164,704			150,879

IRSA Inversiones y Representaciones S.A.	Shares		373,611,020		1,630,667			1,772,602			10.50	Real State	Argentina		574,588		(21,678	)		2,507,856		65.02	%
	Intergroup transactions				(17,681	)		(17,681	)
	Higher value				115,769			119,153
	Goodwill				14,331			14,331
					1,743,086			1,888,405

Northagro S.A.	Shares		-		-			(238	)	Not publicly traded		Investment	Argentina		-		-			-		100.00	%
					-			(238	)

Pluriagro S.A.	Shares		-		-			(238	)	Not publicly traded		Investment	Argentina		-		-			-		100.00	%
					-			(238	)

Sociedad Anónima Carnes Pampeanas S.A.	Shares				11,069			10,430		Not publicly traded		Agroindustrial	Argentina		30,000		(1,889	)		28,112		39.38	%
					11,069			10,430
Total Subsidiaries					2,909,539			2,841,404

Associates

Agromanagers S.A.	Shares		981,029		1,578			1,569		Not publicly traded		Investment	Argentina		2,094		20			3,369		46.84	%
	Goodwill				796			796
					2,374			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)

				Value recorded as of 12.31.13		Value recorded as of 06.30.13		Market value as of 12.31.13	Issuer's information								Interest in common stock
									Principal activity	Registered office	Last financial statement issued
Issuer and type of securities	Class	Amount									Common stock (nominal value)		Income (loss) for the period		Shareholders' Equity
Agrouranga S.A.	Shares		893,069		16,360		17,679	Not publicly traded	Agricultural	Argentina		2,500		6,708		45,796		35.72	%
	Higher value				11,179		11,179
					27,539		28,858

Granos Olavarría S.A.	Shares		264		13		-	Not publicly traded	Warehousing and	Argentina		512		29		557		2.20	%
	Goodwill				4		-		Brokerage
					17		-
Total Associates					29,930		31,223
Total investments in subsidiaries, associates and joint ventures as of 12.31.13					2,939,469		-
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 12.31.13			Total as of 12.31.12
Beginning of the period / year		230,954			144,222			-		375,176			332,938
Initial recognition and changes in fair value of biological assets and agricultural produce at the point of harvest		26,894			24,174			-		51,068			44,835

Changes in net realizable value of agricultural produce after harvest		-			(3,869	)		-		(3,869	)		12,327

Decrease due to harvest		-			64,912			-		64,912			52,965
Purchases and classifications		24,987			229,071			-		254,058			114,962
Consume		(279	)		(91,408	)		-		(91,687	)		(68,758	)
Expenses incurred		-			556			2,529		3,085			2,996
End of the period / year		(227,545	)		(140,031	)		-		(367,576	)		(304,018	)
Cost as of 12.31.13		55,011			227,627			2,529		285,167			-
Cost as of 12.31.12		32,103			153,148			2,996		-			188,247

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 12.31.13		Amount of foreign currency		Prevailing exchange rate (2)		Total as of 06.30.13
Assets
Cash and cash equivalents
US Dollar		4,565		6.481		29,585		140		5.348		747
Brazilian Reais		5		2.650		14		3		2.37		7
Euro		5		8.940		44		5		6.949		33
Yenes		65		0.062		4		74		0.054		4
Total cash and cash equivalents						29,647						791

Trade and other receivables
US Dollar		42,639		6.481		276,344		27,590		5.348		147,553
Brazilian Reais		2,476		2.650		6,561						-
Total trade and other receivables						282,905						147,553

Investment in financial assets
US Dollar		7,287		6.521		47,518		-		-		-
Total Investment in Financial Assets						47,518		-		-		-

Trade and other payables
US Dollar		771		6.521		5,027		388		5.388		2,090
Brazilian Reais		339		2.880		977						-
Bolivian		37		0.948		35						-
Total trade and other payables						6,039						2,090

Borrowings
US Dollar		341,765		6.521		2,228,650		248,907		5.388		1,341,111
Total borrowings						2,228,650						1,341,111

(1)	Exchange rate as of December 31, 2013 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.	Subsequent events

· Following the end of the period, the Argentine Peso devalued against the US$ and other currencies by around 20%, which had a negative impact on the financial position and results of operations of the Company due mainly to the currency exposure of our net assets and liabilities in foreign currency as detailed in note 34 and net investments in subsidiaries, associates and joint ventures made in a functional currency other than the Argentine Peso.

According to the Company’s estimates, this leads to a pre-tax loss of Ps. 383 million, a gain under Other Comprehensive Income in the amount of Ps. 207 million and a reduction in Shareholders’ Equity by Ps. 176 million, all based on the Company’s position in foreign currency as of December 31, 2013, which has not been recognized in these 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 December 31, 2013

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		12.31.13	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	-	43,996	-	145,036	185,757	-	74,894	-	-	-	-	449,683
	Deferred income tax	-	2,146	250,307	-	-	-	-	-	-	-	-	252,453
	Total	-	46,142	250,307	145,036	185,757	-	74,894	-	-	-	-	702,136
Liabilities	Trade and other payables	-	-	-	282,547	-	-	-	306	305	305	407	283,870
	Borrowings	-	-	-	215,472	196,629	429,243	87,086	739,055	16,577	122,414	891,724	2,698,200
	Payroll and social security liabilities	-	-	-	6,527	9,267	13,330	-	-	-	-	-	29,124
	Provisions	-	274	1,633	-	-	-	-	-	-	-	-	1,907
	Total	-	274	1,633	504,546	205,896	442,573	87,086	739,361	16,882	122,719	892,131	3,013,101

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 December 31, 2013

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	166,778	282,905	449,683	-	-	-	166,778	282,905	449,683
	Income tax credit and deferred income tax	2,146	-	2,146	250,307	-	250,307	252,453	-	252,453
	Total	168,924	282,905	451,829	250,307	-	250,307	419,231	282,905	702,136
Liabilities	Trade and other payables	276,505	6,042	282,547	1,323	-	1,323	277,828	6,042	283,870
	Borrowings	245,047	683,383	928,430	224,503	1,545,267	1,769,770	469,550	2,228,650	2,698,200
	Payroll and social security liabilities	29,124	-	29,124	-	-	-	29,124	-	29,124
	Provisions	274	-	274	1,633	-	1,633	1,907	-	1,907
	Total	550,950	689,425	1,240,375	227,459	1,545,267	1,772,726	778,409	2,234,692	3,013,101

4.b.	Breakdown of accounts receivable and liabilities by adjustment clause.

As of December 31, 2013 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 December 31, 2013

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 clause.

		Current								Non-current
	Description	Accruing interest				Non-accruing interest				Accruing interest				Non-accruing interest				Accruing interest				Non-accruing interest
		Fixed		Floating				Subtotal		Fixed		Floating				Subtotal		Fixed		Floating				Total
Accounts receivables	Trade and other receivables		260,328		323		189,032		449,683		-		-		-		-		260,328		323		189,032		449,683
	Income tax credit and deferred income tax		-		-		2,146		2,146		-		-		250,307		250,307		-		-		252,453		252,453
	Total		260,328		323		191,178		451,829		-		-		250,307		250,307		260,328		323		441,485		702,136
Liabilities	Trade and other payables		-		-		282,547		282,547		-		-		1,323		1,323		-		-		283,870		283,870
	Borrowings		749,070		165,906		13,454		928,430		1,468,330		297,870		3,570		1,769,770		2,217,400		463,776		17,024		2,698,200
	Payroll and social security liabilities		-		-		29,124		29,124		-		-		-		-		-		-		29,124		29,124
	Provisions		-		-		274		274		-		-		1,633		1,633		-		-		1,907		1,907
	Total		749,070		165,906		325,399		1,240,375		1,468,330		297,870		6,526		1,772,726		2,217,400		463,776		331,925		3,013,101

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 December 31, 2013

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:
Agrotech S.A.	Argentina	Investment		95	%
BrasilAgro-Companhía Brasileira de Propiedades Agrícolas (1)	Brazil	Agricultural		39.76	%
Doneldon S.A.	Uruguay	Investment		100	%
Cactus Argentina S.A.	Argentina	Agro-industrial		95.08	%
Futuros y Opciones.Com S.A.	Argentina	Brokerage		60.50	%
Helmir S.A.	Uruguay	Investment		100.00	%
IRSA	Argentina	Real estate		65.02	%
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 December 31, 2013

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		263,908		426,134
Vehicles	Third parties, theft, fire and civil liability		9,726		2,986

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 December 31, 2013

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 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 December 31, 2013, and the related unaudited condensed interim separate statements of income and comprehensive income for the six and three-month periods ended December 31, 2013, and the unaudited condensed interim separate statements of changes in shareholders’ equity and cash flows for the six-month period ended December 31, 2013 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 carried in all formal respects in conformity with legal requirements, 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 provisions;

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 Section 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 December 31, 2013, 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. 5,147,498, which was not callable at that date.

Autonomous City of Buenos Aires, February 11, 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 December 31, 2013

Buenos Aires, February 11, 2013 - 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 six months of fiscal year 2014 ended December 31, 2013.

Results and highlights for the period

	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		1,007.8		855.2		17.8	%	2,133.9	1,605.2		32.9	%
Costs		-875.9		-781.4		12.1	%	-1,761.7	-1,422.1		23.9	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		298.3		270.8		10.2	%	424.5	459.4		-7.6	%
Changes in the net realizable value of agricultural produce after harvest.		-1.2		-16.4		-92.7	%	-9.2	6.8		-
Gross Profit		429.0		328.2		30.7	%	787.4	649.3		21.3	%
Gain from disposal of investment properties		7.2		24.2		-70.5	%	7.2	53.7		-86.7	%
Gain from disposal of farmlands		-		54.0		-100.0	%	-	54.0		-100.0	%
General and administrative expenses		-124.9		-104.6		19.4	%	-236.1	-181.5		30.1	%
Selling expenses		-74.8		-63.3		18.3	%	-155.7	-123.7		25.9	%
Other operating results		-12.8		141.9		-		-17.5	105.1		-
Profit from operations		223.7		380.4		-41.2	%	385.3	556.9		-30.8	%
Share of profit / (loss) of associates and joint ventures		9.4		-3.2		-		47.8	12.5		280.8	%
Profit from operations before financing and taxation		233.1		377.2		-38.2	%	433.0	569.5		-24.0	%
Financial results, net		-623.5		-190.7		227.0	%	-957.9	-359.2		166.7	%
Profit / (loss) before income tax		-390.4		186.5		-		-524.9	210.3		-
Income tax expense		124.7		-17.8		-		170.1	-33.5		-
Net income / (loss)		-265.7		168.7		-		-354.8	176.7		-

Attributable to:
Cresud’s Shareholders		-234.2		77.3		-		-332.0	60.8		-
Non-controlling interest		-31.6		91.4		-		-22.7	116.0		-

►

During this period our revenues were 32.9% higher than in the same period of the previous fiscal year. This was mainly due to a 48.2% increase in the agricultural segment, explained by higher sales of grains, sugarcane, beef cattle and milk, along with a 21.0% increase in revenues from the urban segment.

►

Gross income rose 21.3% due to an increase of 31.7% increase in the urban segment, offset by a drop of 45.9% in gross income from the agricultural segment, mainly grains, sugarcane and beef cattle, which recorded a decrease in the fair value of biological assets. The decrease in gross income, coupled with the higher selling and administrative expenses, led to an operating loss equal to ARS 178.1 million attributable to the agricultural segment for the six-month period of fiscal year 2014, while the urban segment showed slightly lower operating results (-6.4%).

►	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 359.2 million in 6M 2013 to a loss of ARS 957.9 million during this period.

►	Therefore, a net loss of ARS 354.8 million was recorded, out of which a loss of ARS 332.0 million is attributable to Cresud’s shareholders.

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

Summary as of December 31, 2013

Description of Operations by Segment

	6M 2014						6M 2013						Variation
	Agri1		Urban2		Total		Agri		Urban		Total		Agri			Urban			Total
Revenues		784.6		1,402.8		2,187.4		529.4		1,159.6		1,688.9		48.2	%		21.0	%		29.5	%
Costs		-1,143.7		-666.1		-1,809.8		-890.1		-600.3		-1,490.3		28.5	%		11.0	%		21.4	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		427.0		-		427.0		462.4		-		462.4		-7.6	%		-			-7.6	%
Changes in the net realizable value of agricultural produce after harvest.		-9.2		-		-9.2		6.8		-		6.8		-			-			-
Gross Profit		58.7		736.7		795.4		108.5		559.3		667.8		-45.9	%		31.7	%		19.1	%
Gain from disposal of investment properties		-		7.2		7.2		-		53.7		53.7		-			-86.7	%		-86.7	%
Gain from disposal of farmlands		-		-		-		54.0		-		54.0		-100.0	%		-			-100.0	%
General and administrative expenses		-107.6		-130.7		-238.3		-74.1		-110.8		-184.9		45.2	%		17.9	%		28.8	%
Selling expenses		-90.3		-68.1		-158.4		-75.5		-54.8		-130.4		19.6	%		24.1	%		21.5	%
Other operating income / (loss), net		-0.6		-18.4		-19.0		-10.5		115.3		104.9		-94.6	%		-			-
Profit from operations		-139.8		526.7		386.9		2.4		562.6		565.0		-			-6.4	%		-31.5	%
Share of profit / (loss) of associates		2.0		43.7		45.7		0.3		7.0		7.4		533.9	%		521.5	%		522.0	%
Segment Profit		-137.7		570.4		432.7		2.7		569.7		572.3		-			0.1	%		-24.4	%

Grains and Sugarcane

We have ended a season that was severely affected by the summer drought experienced in the regions where most of the farms in our portfolio are located, causing production volumes to be lower than expected. Fortunately, 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 wheat harvesting and soybean and corn planting activities in Argentina. 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. Planting activities in our farms of Paraguay have made progress over 50% of the forecast, whereas in Brazil, where we operate through our subsidiary Brasilagro, planting of soybean and corn has been completed and sugarcane crops are developing.

Crops

in ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		47.3		88.2		-46.4	%	318.4	244.1		30.4	%
Costs		-288.1		-234.7		22.8	%	-583.4	-465.7		25.3	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		246.9		178.1		38.6	%	310.1	286.5		8.2	%
Changes in the net realizable value of agricultural produce after harvest.		-1.2		-16.5		-92.7	%	-9.2	6.7		-
Gross Profit		4.9		15.2		-68.0	%	35.9	71.6		-49.9	%
General and administrative expenses		-29.8		-12.1		145.8	%	-56.1	-29.1		93.1	%
Selling expenses		-11.8		-20.5		-42.3	%	-44.2	-51.8		-14.7	%
Other operating results, net		-1.9		19.7		-		3.5	-6.8		-
Profit from operations		-38.7		2.2		-		-60.9	-16.0		280.5	%
Share of profit / (loss) of associates		1.4		-1.1		-		1.4	-0.2		-
Segment Profit		-37.3		1.1		-		-59.6	-16.2		267.2	%

1 Corresponds to the “Agricultural Business” segment

2 Corresponds to the “Urban Properties and Investments” segment

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

Summary as of December 31, 2013

Sugarcane

In ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		9.4		67.8		-86.1	%	76.2	110.0		-30.8	%
Costs		-34.9		-132.7		-73.7	%	-142.1	-214.6		-33.8	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		23.1		68.2		-66.1	%	64.1	128.6		-50.1	%
Changes in the net realizable value of agricultural produce after harvest.		-		-		-		-	-		-
Gross Profit		-2.4		3.4		-		-1.8	23.9		-
General and administrative expenses		-11.7		-12.4		-5.5	%	-22.4	-20.3		10.3	%
Selling expenses		-3.5		-2.2		58.9	%	-3.8	-2.2		73.7	%
Other operating results, net		0.0		-0.1		-		0.0	-0.1		-
Profit from operations		-17.6		-11.2		56.4	%	-28.0	1.3		-
Share of profit / (loss) of associates		-		-		-		-	-		-
Segment Profit		-17.6		-11.2		56.4	%	-28.0	1.3		-

Operations

	Production						Sales
In tons		6M2014	6M2013	YoY var				6M2014	6M2013	YoY var
Corn		9,874	5,883		67.8	%		149,103	161,937		-7.9	%
Soybean		13,211	11,408		15.8	%		66,885	34,864		91.8	%
Wheat		11,875	3,864		207.3	%		3,741	7,456		-49.8	%
Sunflower		19	288		-93.5	%		5,772	2,196		162.8	%
Other		4,092	6,227		-34.3	%		8,868	16,707		-46.9	%
Total Crops and Other Production		39,070	27,670		41.2	%		234,368	223,160		5.0	%
Sugarcane		435,660	775,982		-43.9	%		435,660	790,148		-44.9	%
Total Agricultural Production		474,730	803,652		-40.9	%		670,028	1,013,309		-33.9	%

►	During this six-month period higher revenues are recorded in the grain segment, mainly due to higher prices than those for the same period of the previous year (wheat, sorghum and sunflower) and a rise in soybean sales (additional 32,000 tons).

►	Gross income from the Grains segment for this period shows a decrease compared to the same six-month period of the previous fiscal year. This is explained mainly by the lower fair value of the assets after harvest as a result of lower prices of our products.

►

On the other hand, the fair value of biological assets is slightly higher since despite the lower yield of our soybean production in Bolivia, there were higher volumes of wheat and corn production throughout the entire portfolio and a rise in the estimates of soybean, cotton and corn production in Brazil.

►	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 decline in Gross income was offset by an increase in Other operating results, net, originated in derivative transactions which, despite their adverse impact, generated lower losses in the segment.

►	Due to the lower gross income and administrative expenses, loss from this segment totaled ARS 59.6 million.

►	The drop in Gross income in the sugarcane segment reflected the fact that in the production of both Bolivia and Brazil, we changed our output estimations, recognizing lower values in biological assets. This led to a loss from this segment of ARS 28.0 million.

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

Summary as of December 31, 2013

Area in Operation – Grains (hectares) 3	As of 12/31/13		As of 12/31/12		YoY var
Own farms		131,729		137,196		-4.0	%
Leased farms		59,070		46,780		26.3	%
Farms under concession		21,546		10,988		96.1	%
Own farms and farms under concession leased to third parties		8,293		19,932		-58.4	%
Total Area Assigned to Grain Production		220,638		214,896		2.7	%

►

The area in operation for the Crops segment increased by 2.7%, reaching 220,638 hectares. This was mainly due to a reduction in the area in operation in our own farms, close to 4.0%, and the smaller area consisting of farms leased to third parties (58.4%) while the area in operation in leased farms grew by 26.3% accompanied by an increase in the area in operation in farms under concession (96.1%).

►	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.

►	During this season we have expanded the area of leased farms assigned to agricultural production in Argentina and Brazil. We expect a regular 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 will operate more than 21,500 hectares. This is offset by a reduction in the area of farms leased to third parties.

Beef Cattle

in ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		40.0		18.4		117.2	%	64.4	36.6		75.7	%
Costs		-49.8		-34.1		46.0	%	-102.3	-65.6		56.0	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		16.9		17.7		-4.6	%	27.7	29.1		-4.6	%
Changes in the net realizable value of agricultural produce after harvest.		-0.0		0.1		-		-0.0	0.1		-
Gross Profit		7.1		2.1		236.4	%	-10.1	0.2		-
Profit from Operations		-5.5		-1.0		456.9	%	-35.1	-10.6		230.6	%
Segment Profit		-5.1		-1.0		394.0	%	-34.6	-10.6		225.2	%

Beef Cattle (tons)	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Beef cattle production		2,095		1,620		29.3	%	3,891	3,984		-2.3	%
Beef cattle sales		3,170		1,973		60.7	%	7,395	4,435		66.7	%

►	During this six-month period, beef cattle production was lower than in the same six-month period of the previous year (-2.3%), while cattle sales grew by 66.7%.

►

The higher number of tons sold caused sales from this segment to rise by 75.7%; however, costs grew at a higher rate, generating gross losses of ARS 10.1 million. The increase in costs was motivated by the drought in the region of Salta, which led us to increase the amount of cattle fed in feed lots.

3 Includes surface area under double cropping totaling 19,330 hectares, our proportional interest in AgroUranga and all of Cresca S.A.‘s farms.

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

Summary as of December 31, 2013

Area in Operation – Beef Cattle (hectares)	As of 12/31/13		As of 12/31/12		YoY var
Own farms		76,110		74,540		2.1	%
Leased farms		18,549		12,635		46.8	%
Own farms leased to third parties		5,581		13,954		-60.0	%
Total Area Assigned to Beef Cattle Production		100,240		101,129		-0.8	%

►	The area of own farms assigned to beef cattle production is slightly larger. On the other hand, we have sold a portion of our farm La Suiza, which during the previous season had been leased to third parties. In addition, we have increased the area of farms leased for cattle-related operations.

Stock of Cattle Heads	As of 12/31/13		As of 12/31/12		YoY var
Breeding cattle		65,982		56,101		17.6	%
Cattle for sale		3,577		13,119		-72.7	%
Cattle for dairy production		6,765		6,435		5.1	%
Total Stock (heads)		76,324		75,655		0.9	%

►	The slight change in beef cattle stocks is explained by sales and purchases made during the period.

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

Summary as of December 31, 2013

Milk

in ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		12.7		9.6		32.5	%	24.5	18.0		35.6	%
Costs		-24.2		-18.4		31.5	%	-47.1	-35.4		32.9	%
Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest		13.6		8.7		56.8	%	25.1	18.3		37.1	%
Gross Profit		2.1		-0.1		-		2.5	0.9		172.1	%
Profit from Operations		0.3		-0.4		-		-1.7	-0.6		161.8	%
Segment Profit		0.4		-0.4		-		-1.6	-0.7		140.9	%

Milk Production	IIQ2014		IIQ2013		YoY var			6M2014	6M2013	YoY var
Milk Production (liters)		5,358		5,357		0.0	%	10,129	9,450		7.2	%
Milk sales (liters)		5,249		5,093		3.1	%	9,860	9,115		8.2	%
Daily average milking cows (heads)		2,778		2,345		18.5	%	2,631	2,400		9.6	%
Milk Production / Milking Cow / Day (liters)		21.0		24.8		-15.6	%	20.9	21.4		-2.2	%

►

We have increased milk production 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, due to an increase in costs, the segment shows gross income for ARS 2.5 million.

►	In addition, higher selling and administrative expenses have led to a deterioration in this segment, which posted a loss of ARS 1.6 million for the 6M 2014.

Area in Operation – Milk (hectares)		As of 12/31/13				As of 12/31/12				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 December 31, 2013

Leases and Agricultural Services

in ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		5.0		5.5		-8.4	%	7.2	12.1		-40.8	%
Costs		-3.4		-1.2		192.5	%	-6.0	-3.0		99.2	%
Gross Profit		1.6		4.3		-62.3	%	1.2	9.1		-87.0	%
Profit from Operations		2.6		4.0		-36.0	%	-0.8	7.1		-
Segment Profit		2.6		4.0		-34.7	%	-0.7	7.1		-

►

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	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Gross Loss		-1.2		-1.4		-18.9	%	-2.9	-3.1		-4.9	%
Result from disposal of farms		-		54.0		-100.0	%	-	54.0		-100.0	%
Profit from Operations		-5.4		34.6		-		-7.4	32.8		-
Segment Profit		-5.3		34.6		-		-7.3	32.8		-

►	During the second quarter of this fiscal year 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
Argentina		7,600		7,030
Brazil		11,800		11,883
Paraguay		900		2,400
Total		20,300		21,313

►	During the previous season, we developed more than 20,000 hectares in the region, and we expect to develop 21,313 additional hectares during this season, which is higher than the forecast at the beginning of the season.

Agro-industrial activities

in ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		129.9		47.6		172.8	%	234.9	66.5		253.3	%
Costs		-118.5		-46.8		153.0	%	-208.5	-68.3		205.4	%
Gross Profit		11.4		0.8		1388.7	%	26.4	-1.8		-
Profit from Operations		-4.6		-7.3		-36.8	%	-4.4	-13.3		-66.9	%
Segment Profit		-4.6		-7.3		-36.8	%	-4.4	-13.3		-66.9	%

►	In this segment we report the results from our meat packing and feedlot business through our subsidiary Cactus. In this period the activity rose significantly; we expect that the context of this industry will improve in the future, leading to higher results.

Other Segments

in ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		34.0		23.6		44.1	%	59.2	42.2		40.3	%
Costs		-31.2		-19.4		61.0	%	-51.5	-34.6		49.0	%
Gross Profit		2.8		4.2		-33.1	%	7.6	7.5		1.2	%
Profit from Operations		-4.4		0.7		-		-1.5	1.7		-
Segment Profit		-4.4		0.8		-		-1.5	2.3		-

►	In this segment we mainly report the results from our controlled company Futuros y Opciones S.A: (“FyO”).

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

Summary as of December 31, 2013

Urban Properties and Investments: IRSA Inversiones y Representaciones Sociedad Anónima

We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of December 31, 2013, our equity interest in IRSA was 65.92%4.

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 130,000 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 December 31, 2013:

in ARS MM	IIQ 2014		IIQ 2013		YoY var			6M 2014	6M 2013	YoY var
Revenues		752.5		597.0		26.1	%	1,374.0	1,080.0		27.2	%
Operating results		298.0		360.9		-17.4	%	527.1	558.9		-5.7	%
EBITDA		356.2		417.6		-14.7	%	640.3	666.0		-3.8	%
Income attributable to IRSA’s shareholders		-54.1		182.6		-		-21.7	223.8		-

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).

4 Considering that as of 12/31/2013 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 December 31, 2013

Financial Indebtedness and Other

As of December 31, 2013 Cresud had a total net indebtedness equivalent to USD 974.4 million, consolidating IRSA. The following table contains a breakdown of Cresud’s indebtedness:

Description

Currency

Amount (1)

Interest Rate

Maturity

Bank overdraft

ARS

10.0

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

41.0

7.75%

Jun-14

Cresud’s Tranche V Series XI Notes (3)

ARS

12.3

BADLAR + 375 bps

Jun-15

Cresud’s Tranche VI Series XII Notes

ARS

15.7

BADLAR + 410 bps

Nov-14

Cresud’s Tranche VI Series VIII 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

27.1

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

2.5

15.01%

Dec-15

Banco de La Pampa Loan

ARS

3.1

Float [10.5% ; 14.5%]

Aug-17

Land development financing

USD

15.3

LIBOR 6m; floor: 6%

Jan-22

Paraguay rural properties

USD

0.2

0.1

Jul-14

Cresud’s Total Debt

410.5

Bank overdraft

ARS

30.8

Float

< 180 d

IRSA’s Tranche I Series I Notes

USD

150.0

8.50%

Feb-17

IRSA’s Tranche II Series II Notes (5)

USD

150.0

11.50%

Jul-20

IRSA’s Tranche III Series IV Notes

USD

8.5

7.450%

Feb-14

Belmont Madison Building Mortgage

USD

75.0

4.22%

Aug-17

Other Loans

ARS

1.4

15.25%

Dec-16

IRSA’s Total Debt

415.6

Bank overdraft

ARS

39.6

Float

< 30 d

Syndicated loan – Arcos

ARS

16.1

15.01%

Nov-15

Syndicated loan - Neuquén

ARS

17.0

15.25%

Jun-16

Other Loans

ARS

6.4

15.25%

Dec-16

APSA’s Tranche I Series I Notes (6)

USD

120.0

7.88%

May-17

Seller Financing

USD

13.9

5.00%

Jul-17

APSA’ Total Debt

213.0

Brasilagro’s Total Debt

42.8

Total Consolidated Debt

1,081.9

Consolidated cash

78.5

Repurchase of Debt

29.0

Net Consolidated Debt

974.4

1 Principal face value in USD (million) at an exchange rate of 6.52 ARS = 6.91 BOB = 2.36 BRL = 1 USD, without considering accrued interest or elimination of balances with subsidiaries.

2 As of December 31, 2013 the Company had repurchased a face value of USD 0.7 million.

3 As of December 31, 2013 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 December 31, 2013 the Company had repurchased a face value of USD 12.1 million.

6 As of December 31, 2013 the Company had repurchased a face value of USD 13.1 million.

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

Summary as of December 31, 2013

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. Whereas in the first six-month period of fiscal year 2013 the Argentine currency depreciated 8.6%, during 6M 2014 it depreciated 21.0%. In addition, the Argentine Peso depreciated 22.8% only in January 2014. Given that a significant portion of our debt is denominated in USD, this process had an adverse impact on our Financial Results. However, our assets are mostly valued at historical cost, and are not affected by any kind of revaluation due to the fluctuation of market prices.

Below is the evolution of the exchange rate as published by Banco de la Nación Argentina.

Source: Banco de la Nación Argentina

Shareholders’ Meeting dated October 31, 2013

On October 31, 2013, a General Ordinary and Extraordinary Shareholders’ Meeting was held, in which it was resolved, inter alia:

►	To pay ARS 120.0 million as cash dividends, equivalent to ARS 0.2417 per share (ARS 2.417 per ADR), representing a dividend yield of 2.5%.

Dividends receivable from IRSA

On October 31, 2013, IRSA approved the payment of a cash dividend to its shareholders for up to ARS 250 million, equivalent to ARS 0.4328 per share (ARS 4.328 per ADR), representing a dividend yield of 4.1%.

Dividends receivable from Brasilagro

On October 29, 2013, Brasilagro approved the payment of a cash dividend to its shareholders for up to BRL 5.9 million, equivalent to BRL 0.1 per share, representing a dividend yield of 1.0%.

Issuance of Notes

On November 18, 2013 the Tranche VIII of Series XV and Series XVI Notes was issued on the following terms:

Series XV

►	Issue Amount: ARS 176.4 million

►	Issue Price: 100.00% of the principal face value.

►	Maturity Date: 24 months after the issue date.

►	Variable Interest Rate: BADLAR + 399 bps.

►	Interest Payment Dates: quarterly, first payment due on February 18, 2014.

►	Principal Payment Dates: May 18, 2015, August 18, 2015 and November 18, 2015.

Series XVI

►	Issue Amount: Principal face value USD 109.1 million equivalent to ARS 651.2 million

►	Issue Price: 102.30% of principal face value.

►	Maturity Date: 60 months after issue date.

►	Fixed Interest Rate: 1.50%

►	Interest Payment Dates: quarterly, first payment due on February 18, 2014.

►	Principal Payment Dates: May 18, 2018 and November 19, 2018.

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.

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

Summary as of December 31, 2013

Shareholders' Equity Structure on a Comparative Basis

	12.31.13	06.30.13
Non-Current Assets	10,676,272	9,122,489
Current Assets	3,176,429	3,288,236

Non-Current Liabilities	6,157,736	5,026,809
Current Liabilities	3,244,988	2,664,850

Non-controlling interest	2,221,107	2,231,096
Shareholders' Equity	4,449,977	4,719,066

Income / (Loss) Structure on a Comparative Basis

	12.31.13		06.30.13
Other operating results, net	(17,494	)	92,332
Profit from operations	385,258		1,106,361
Financial results, net	(957,900	)	(908,761	)
Share of profit / (loss) of associates and joint ventures	47,769		(9,818	)

Profit / (loss) before income tax	(524,873	)	187,782
Income tax expense	170,104		(33,519	)
Net income / (loss)	(354,769	)	154,263

Attributable to:
Shareholders of the parent company	(332,030	)	(26,907	)
Non-controlling interest	(22,739	)	181,170

Production Volume

	Quarterly 12.31.13		Cumulative 07-01-13 to 12.31.13
Beef cattle (in Tons)		1,901		3,565
Milk fat (in Tons)		222		429
Crops (in Tons)

Sales Volume

	Quarterly 12.31.13		Cumulative 07-01-13 to 12.31.13
Beef cattle (in Tons)		3,063		7,068
Milk fat (in Tons)		222		429
Crops (in Tons)

Local Market

	Quarterly 12.31.13		Cumulative 07-01-13 to 12.31.13
Beef cattle (in Tons)		3,063		7,068
Milk fat (in Tons)		222		429
Crops (in Tons)

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

Summary as of December 31, 2013

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 220,000 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

February 28, 2014	By:	/s/ Saúl Zang
		Saúl Zang
		Responsible for the Relationship with the Markets