IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q1 FY2022 Earnings Presentation
14 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Nov 10, 2021
Slide 1: IQ 2022 Conference Call
IQ 2022 CONFERENCE CALL November 10, 2021 1
Slide 2: IQ22 & Subsequent Main Highlights
IQ22 & SUBSEQUENT MAIN HIGHLIGHTS • RENTAL SEGMENT RECOVERY IN SHOPPING MALLS & HOTELS PREMIUM OFFICES: SLIGHT DECREASE IN RENT & OCCUPANCY BUT HIGH LIQUIDITY AND STRONG SALE PRICES SUBSEQUENT “200 DELLA PAOLERA” FLOORS SALE • DEVELOPMENT SEGMENT COSTA URBANA: CITY CONGRESS FIRST APPROVAL IN AUGUST
Slide 3: Rental Segment
RENTAL SEGMENT AS OF SEPTEMBER 30, 2021 SHOPPING MALLS OFFICE BUILDINGS HOTELS Stock (sqm) Stock (sqm) 114k Stock (rooms) 718 335k IQ IQ IQ A & A+ 2022 89.6% 2022 Occupancy 78.9% 2022 Occupancy 21.0% Occupancy (94.3% excluding ∆ i.a. vacancy from Falabella ∆ i.a. ∆ i.a. exit) +57.8% Avg. Rent Avg. R
Slide 4: IRCP Office Floors' Subsequent Sale
IRCP OFFICE FLOORS´ SUBSEQUENT SALE N OV E M B E R 2 0 2 1 200 DELLA PAOLERA 3 floors 3,582 GLA sqm USD 32.0 mm Price IRCP has 20 remaining 8,950 floors in the building USD/sqm ~24,000 sqm 4
Slide 5: Costa Urbana Project (former Santa María del Plata)
COSTA URBANA PROJECT ( F O R M E R S A N TA M A R Í A D E L P L ATA ) R E C E N T B A C I T Y C O N G R E S S F I R S T A P P R O VA L O N O U R M A I N P R O J E C T Premium location South Puerto Madero 70 Total has. 67% For public uses OBELISC 33% To be developed NATIONAL Urbanization area GOVERNM
Slide 6: Financial Results
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Slide 7: Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS S E P T E M B E R 3 0 , 2 0 2 1 - A RS M I L L I O N P&L IQ 2022 IQ 2021 Var % IQ 2020 Var % 1 Revenues 4,382 2,456 78.6% 6,841 -35.9% 2 Costs -1,754 -1,673 4.8% -2,565 -31.6% 3 Gross Profit 2,628 780 236.9% 4,276 -38.5% 4 Change in Fair Value -6,494 36,728 -117.7%
Slide 8: Adjusted EBITDA by Segment
ADJUSTED EBITDA BY SEGMENT S E P T E M B E R 3 0 , 2 0 2 1 - A RS M I L L I O N IQ 2022 IQ 2021 Var % IQ 2020 Var % Shopping Malls 1,506 -219 - 2,315 -34.9% Offices 567 592 -4.2% 877 -35.3% Hotels 79 -220 - 195 -59.5% Sales & Development 164 7,505 -97.5% -146 -212.3% 8 8
Slide 9: Rental Segment: COVID Impact
RENTAL SEGMENT COV I D I M PAC T MALLS EBITDA & OPENED PORTFOLIO (GLA) OFFICES REVENUES EVOLUTION QUARTERLY EVOLUTION – USD MILLION USD MILLION 100% 100% 100% 100% 100% 1.0 0.1 Monthly Avg. 2.2 1.4 60% 44% 23.7 6.6 6.3 16.3 15.5 12.3 11.4 4.1 6% -2.9 -2.0 IQ 21 Sold sqm New sqm Vacancy Rent price IQ
Slide 10: Consolidated Financial Statements: Net Financial Results
CONSOLIDATED FINANCIAL STATEMENTS S E P T E M B E R 3 0 , 2 0 2 1 - A RS M I L L I O N Net Financial Results IQ 2022 IQ 2021 Var % IQ 2020 Var % 1 Net Interest, loss -1,781 -2,212 -19.5% -2,429 -26.7% 2 Net Foreign Exchange, gain / (loss) 2,842 -13 - -13,614 - 3 FV gain from financial assets and lia
Slide 11: Net Asset Value
NET ASSET VALUE SEPTEMBER 30, 2021 - USD MILLION 1,511 GAV 1,179 NAV 21.9% LTV 405 332 28 56 1.511 1.022 1.179 IRCP NAV Hotels1 Banco Hipotecario1 Landbank & Others 2 Gross Asset Value Net Debt Net Asset Value 1. Book value as of September 30, 2021 2. Book value as of September 30, 2021. “Others” in
Slide 12: Debt Profile
DEBT PROFILE SEPTEMBER 30, 2021 - USD MILLION Description Amount Maturity 331.6 Stand Alone Net Debt AA Local Credit Rating Short term debt 3.2 <360 days AMORTIZATION SCHEDULE Series VII 33.7 Jan-22 Series X 7.1 Mar-22 Series V 9.2 May-22 Series IX 80.7 Mar-23 Series I 3.1 Mar-23 110.9 104.3 Series
Slide 13: Merger Proposal
MERGER PROPOSAL ▪ The Board of Directors approved the merge by absorption proposal between IRSA & IRCP within the framework of the Argentine Companies Law 19,550 and the Income Tax Law 20,628. ▪ IRSA (absorbing company) would merge with IRSA Propiedades Comerciales (absorbed company), which would be
Slide 14: Contact Information
CONTACT INFORMATION ALEJANDRO ELSZTAIN – IIVP NYSE Symbol: IRS www.irsa.com.ar MATÍAS GAIVIRONSKY – CFO BYMA Symbol: IRSA Contact e-mail: [email protected] SANTIAGO DONATO – IRO Follow us on Twitter Tel +(54 11) 4323 7449 @irsair Independent Auditors Corporate Offices PricewaterhouseCoopers Carlos Dell
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