IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Debt Investor Presentation (August 2021)
25 slides from IRSA Inversiones y Representaciones SA's debt investor presentation, August 2021
Slide 1: IRSA Leading Real Estate Company - Local Notes Presentation
IRSA LEADING REAL ESTATE COMPANY LOCAL NOTES PRESENTATION – AUGUST 2021 1
Slide 2: Summary of the Offering
SUMMARY OF THE OFFERING Offering size: USD 15 MM (up to program maximum size) August 2021 Su M Tu W Th F Sa Marketing period 1 2 3 4 5 6 7 Public Auction SERIES XIII Issue Date 8 15 9 16 10 17 11 18 12 19 13 20 14 21 22 23 24 25 26 27 28 Currency: Dollar linked 29 30 31 Interest rate: Fixed Listing:
Slide 3: About IRSA
ABOUT IRSA LEADING REAL ESTATE IN ARGENTINA ✓ 30 years acquiring, developing and operating real estate ✓ 25 years listed on the NYSE and accessing capital markets ✓ Rental Portfolio of more than 500,000 sqm of GLA RENTAL PROPERTIES Controlling shareholder of IRCP (BYMA:IRCP ; NASDAQ:IRCP), leader in
Slide 4: Our Strategy
OUR STRATEGY YOUR TITLE 01 YOUR TITLE 02 OPERATING PROFITABILITY INNOVATION AND GROWTH SUSTAINABILITY Our premium locations and our Pioneers in innovative real We are part of the communities leadership position in Argentina, estate developments in Argentina where our business units operate. together
Slide 5: Malls' Portfolio
MALLS’ PORTFOLIO 67% 15 BA City Market Share # Malls 333,000 GLA sqm 1,557 # Stores 88% 5 Occupancy
Slide 6: COVID-19 Lockdowns & IRCP Commercial Policy
COVID-19 LOCKDOWNS & IRCP COMMERCIAL POLICY MALLS PORTFOLIO UNDER OPERATION (%GLA) Last 10 days of March closed
Slide 7: COVID-19 Impact on Shopping Malls
COVID-19 IMPACT ON SHOPPING MALLS C O M PA N Y ’ S M A N A G E M E N T D U R I N G PA N D E M I C TOTAL COVID EXITS INTERNATIONAL EXITS SIGNED CONTRACTS INCOMING ITEMS # stores FROM ARGENTINA FY21 245 6% 3% 204 30% Services & Others Apparel 54% 8% Sqm over total 8% Restaurant portfolio Electro COSTS
Slide 8: Shopping Malls Operating Figures
SHOPPING MALLS O P E R AT I N G F I G U R E S Operations were totally or partially closed during the GLA & OCCUPANCY SAME SHOPPING MALLS SALES last fortnight of IIIQ20. If we (GLA: sqm) (% Var i.a.) exclude this effect, variation in nominal terms is 11.8% Mainly explained by 60,5% and -20.5% in real
Slide 9: Office Portfolio
200 DELLA PA O L E R A 30 Floors 35,000 SQM OF GLA OFFICE PORTFOLIO 316 Parking lots 7 28,000 Office buildings IRCP GLA 114,000 75% sqm Occupancy 10% BA City Market Share New headquarters 9 Opened on Dec-20
Slide 10: Office Buildings Operating Figures
OFFICE BUILDINGS O P E R AT I N G F I G U R E S Main effects: - Assets sold, fully occupied - Falabella exit from Zetta building - Incorporation of 200 Della Paolera (occupancy increased from 74.6% STOCK OCCUPANCY Pre COVID-19 COVID-19 in IIQ to 76.9% IIIQ21) (GLA: sqm) BY CLASS Flight to quality 97
Slide 11: 9M 2021 Sales
IQ 2021 July 2020 9M 2021 SALES BOUCHARD 710 OFFICE BUILDINGS Entire building – 12 floors BOSTON TOWER IQ 2021 IIQ 2021 July and August 2020 November 2020 6 floors 7 floors 7,482 7,158 GLA sqm GLA sqm USD 41.4 mm USD 42.0 mm Price Price (including retail store) 5,530 5,710 USD/sqm USD/sqm IRCP has n
Slide 12: Office Buildings Active Portfolio Management
OFFICE BUILDINGS AC T I V E P O RT FO L I O M A N AG E M E N T CAPITAL CONTROLS CAPITAL CONTROLS Intercontinental 200 Della Boston Paolera Tower 200 Della Paolera 5,000 Acquisitions 4,500 Sales A+ Offices prices Maipú USD/sqm Rulero Bouchard 710 Intercontinental Boston Tower Bouchard Plaza Bouchard
Slide 13: Hotel Portfolio
HOTEL PORTFOLIO 3 18.9% 15 Premium hotels in Argentina IRSA stake in Condor hotels 79,000 8 sqm states across US 718 1,908 rooms rooms 13
Slide 14: Properties for Mixed Use Developments
Caballito (BA city) PROPERTIES FOR MIXED USE DEVELOPMENTS San Martin (BA province) 18 17.4 Polo Dot (BA city) # Land Reserves Total surface (mm sqm) 700k sqm 6.2 Santa María Plot Buildable surface Puerto Madero – BA city (mm sqm) (approvals pending) Capacity to almost double current rental portfolio
Slide 15: Costa Urbana
COSTA URBANA ( Fo r m e r S a nta M a r í a d e l P l ata ) It is a residential and mixed-use project that would include stores, offices, hotels, sport and yachting clubs, large public parks and service support areas such as schools, supermarkets, parking spaces, etc. 700k sqm PREMIUM LOCATION Locat
Slide 16: Financials
FINANCIALS STRONG FINANCIAL TRACK RECORD 16
Slide 17: IRSA/IRCP Debt Profile
IRSA/IRCP DEBT PROFILE A S O F D EC E M B E R 2 0 1 9 – IN MILLION USD BEFORE COVID-19 CALENDAR 2020 D E B T M AT U R I T I E S 486,4 IRSA II; 71,4 IRSA II; 42,1 362,7 327,8 IRSA I; 181,5 IRSA Banking Debt; 32,8 IRCP II; 360,0 IRCP IV; 140 158,6 22,4 13,8 IRCP Banking Debt; 18,6 Banking Debt; 22.4 B
Slide 18: IRSA/IRCP Liquidity Increase
IRSA/IRCP LIQUIDITY INCREASE FROM JAN - 2020 TO JUN - 2021 – USD M ILLION DURING COVID-19 REAL ESTATE ASSETS SALES 499.6 USD MM “200 Della Paolera” 2 floors 16.9 Jun-20 312.1 87.2 83.4 CAPITAL INCREASE May-21 USD 28.8 MM • 80mm shares + 80mm warrants “Bouchard 710” building • Price: ARS 54.41 / USD
Slide 19: IRSA Series I Exchange Offer Result
IRSA SERIES I EXCHANGE OFFER RESULT – USD 181.5mm – 10% – Nov 20 UNDER CENTRAL BANK (BCRA) COMMUNICATION “A” 7106 181.5 USD 3.0 Rescheduled to Mar-23 Consent to Modification of terms of Series I Series IX (Option B) 74.2 + USD 6.5 New Subscriptions 98.31% 31.7 Series VIII (Option A) acceptance Cash
Slide 20: Current Debt Profile
CURRENT DEBT PROFILE MARCH 2021- USD MILLION NED DEBT DEBT BY TERM USD MM De 55% a 22% en corto plazo -15% 715 608 CORTO 347 276 PLAZO MEDIANO 22% -LARGO PLAZO 78% 368 332 460,9 dic-19 mar-21 AMORTIZATION SCHEDULE USD MM – AS OF MARCH 31, 2021 366,6 155,3 122,6 10,8 Cash & Eq 66,1 68,6 95.5 144,5 Re
Slide 21: Rental LTM Adjusted EBITDA
RENTAL MALLS 28% LTM ADJUSTED EBITDA 13% Of total revenues LTM IIIQ21 S&D 72% USD 40 million OFFICE 15% 170 165 162 FX and COVID19 effects Hote 1 1 Officels 20 21 2 19 131 12 144 26 95 (+ S&D) 9 149 143 141 28 93 104 58 21 Shopping Malls 19 FY 16 FY 17 FY 18 FY 19 FY 20 LTM… 21 25
Slide 22: Rental Assets Valuation
RENTAL EVOLUTION BY TYPE OF ASSET (USD MILLION – OFFICIAL FX) ASSETS 2,155 296 2,170 337 1,878 1,669 334 1,424 VALUATION 1,390 459 827 1,769 1,728 639 1,387 807 669 576 USD 1.3 million FY16 FY17 FY18 FY19 FY 20 IIIQ 21 Shopping Malls Offices EVOLUTION BY SQM SHOPPING MALLS (USD) DCF valuation method
Slide 23: IRSA Net Asset Value
IRSA NET ASSET VALUE MILLION OFFICIAL USD Mar-2021 Gross Asset Net Asset 1,389 Value 1,058 Value 24% LTV 339 332 55 27 1,389 1,058 969 IRCP NAV Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value 27
Slide 24: Group Capital Markets Track Record
GROUP CAPITAL MARKETS TRACK RECORD NUMBER OF TRANSACTIONS AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY New York, Buenos Aires, Even in the worst +200 +USD 18bn 5 & Sao Paulo Argentinean crisis (2001) IRSA IPO APSA IPO (now IRCP) CRESUD LIABILITY LOCAL MARKET FOLLOW ON MANAGEMENT DOLLAR LI
Slide 25: Contact Us
CONTACT US OUR ADRESS OUR EMAIL OUR PHONE OUR WEBSITE TWITTER Della Paolera 261 9th floor [email protected] (+54) 911 4323-7449 www.irsa.com.ar @IRSAIR 25
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