IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (February 2024)
27 slides from IRSA Inversiones y Representaciones SA's investor presentation, February 2024
Slide 1: Institutional Presentation IQ 2024
INSTITUTIONAL PRESENTATION IQ 2024
Slide 2: Leading Real Estate Company in Argentina
LEADING REAL ESTATE COMPANY IN ARGENTINA Shopping malls 15 334,732 sqm ✓ 30 years acquiring, RENTAL developing and operating real SEGMENT 5 Office buildings 61,742 sqm estate Hotels ✓ Rental portfolio of approx. 480,000 sqm of GLA 3 79,000 sqm across Argentina ✓ 25 years listed on the A simplified v
Slide 3: Our Strategy
OUR STRATEGY OPERATING PROFITABILITY INNOVATION AND GROWTH SUSTAINABILITY Our premium locations and our Pioneers in innovative real estate We are part of the communities where leadership position in Argentina, developments in Argentina due to their our business units operate. We plan for together wi
Slide 4: Premium Portfolio
PREMIUM PORTFOLIO BEST LOCATIONS BA City SHOPPING OFFICE Dot Building MALLS BUILDINGS Philips Argentina Zetta BA City 200 Della Paolera Intercontinental High income Area Mid Income Area Low Income Area 67% Expanding Corporate North Area Business Center BA Malls AAA Location market share HOTELS Back
Slide 5: Best Quality Assets
BEST QUALITY ASSETS Llao Llao Hotel (Bariloche - Patagonia) 200 Della Paolera (BA City) Zetta Building (BA City) 200 Della Paolera (BA City) 5
Slide 6: Resilient Rental Revenue Model
RESILIENT RENTAL REVENUE MODEL ARS Variable SHOPPING MALLS Rental revenues 3-year ARS LINKED 74% average term 50% Fixed TO The company collects the highest between a % of tenant monthly sales and a minimum rent (base ARS based (inflation linked) rent) Fixed I N F L AT I O N Other revenues 74%Of tota
Slide 7: Main Events for IQ 2024 and Subsequent
MAIN EVENTS FOR IQ 2024 AND SUBSEQUENT 1 STRONG FINANCIAL & OPERATIONAL PERFORMANCE 2 MALLS’ TENANT SALES GROWTH AND HIGHER OCCUPANCY 3 HOTELS’ STRONG EBITDA & HIGHER OCCUPANCY 4 PREMIUM OFFICES’ OCCUPANCY IMPROVEMENT 5 REAL ESTATE ASSETS’ SALES (3 FLOORS OF “200 DELLA PAOLERA”, SUIPACHA 652 BUILDIN
Slide 8: Same Shopping Malls Sales in Real Terms
SAME SHOPPING MALLS SALES IN REAL TERMS +27.0% +16.0% 636,842 548,935 501,443 IQ24 vs IQ23 371,341 +10.1% 267,946 FY19 FY20 FY21 FY22 FY23 COVID IMPACT 8
Slide 9: Shopping Malls Occupancy Evolution
SHOPPING MALLS OCCUPANCY EVOLUTION Recovering pre-pandemic levels after the impact of the 99.1% exit of Walmart & Falabella 98.8% 98.6% 98.5% 98.7% 98.0% 97.4% 96.8% 94.9% 95.0% 94.8% 94.5% 94.7% 94.3% 93.7% 93.9% 93.2% 93.1% exit from Argentina 92.8% 91.5% 89.9% 89.5% 89.6% 89.1% 88.3% exit from Ar
Slide 10: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK LEASES (USD/SQM/MTH) & OCCUPANCY A+ & A (GLA: sqm) 115,640 113,451 88,5% 86,9% 86,9% Bouchard 93,144 710 200 Della República 83,7% Paolera 82,708 82,0% 61,742 200 Della 26,3 26,4 26,1 Paolera 25,9 IQ 23 IIQ 23 IIIQ 23 IVQ 23 IQ 24 Boston 25,5 Suipacha Tower 2
Slide 11: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 66.4% 62.3% 62.9% 61.6% 62.7% 54.8% 0.8% 10.9% 119 119 142 94 84 IQ 20 IQ 21 IQ 22 IQ 23 IQ 24 21.0% COVID LOCKDOWN LLAO LLAO – Rate & occupancy 0.6% (USD/room & %) 267 243 227 82.
Slide 12: IQ24 & Subsequent - Real Estate Transactions
IQ24 & SUBSEQUENT - REAL ESTATE TRANSACTIONS SUIPACHA 652/64 (JUL-23) 200 DELLA PAOLERA (AUG & OCT-23) July 2020 7 11,465 3 Floors GLA sqm Floors 62 3,579 Parking spaces GLA sqm 6.75 28 USD MEP MM Parking spaces QUALITY S.A. – SAN MARTIN (AUG-23) 48.4 USD MM 159,996 (21.5 USD MEP MM) sqm IRSA keeps
Slide 13: Costa Urbana Project Work Progress
COSTA URBANA PROJECT WORK PROGRESS OBELISC NATIONAL PUERTO GOVERNMENT MADERO =1/3 PUERTO MADERO 866,806 Mixed-uses 15 – 20 years Buildable sqm Potential Project Premium ▪ IRSA has complied with the financial commitments with the City location Government and is in the process of transferring the publ
Slide 14: Preliminary render for illustrative purposes
14 Preliminary render for illustrative purposes 14
Slide 15: Properties for Mixed Use Developments
Caballito (BA city) PROPERTIES FOR MIXED U S E D E V E LO P M E N T S 15.8 Polo Dot (BA city) Costa Urbana (BA city) 15 Total surface (mm sqm) # Land Reserves 6.9 Buildable surface (mm sqm) Capacity to almost double current rental portfolio Malls expansions (BA City) Montevideo (Uruguay) La Plata (B
Slide 16: ESG Progress During FY 2023
ESG PROGRESS DURING FY 2023 “200 DELLA PAOLERA” BUILDING LEED CERTIFICATION WE INCREASED OUR SOCIAL INVESTMENT ( D I R EC T LY & T H RO U G H F U N DAC I Ó N I RSA ) +200 + 100.000 ARS 270 MM Social actions Beneficiaries Social investment +21% vs PF22 Relationship with +200 NGO WE CELEBRATED THE 75t
Slide 17: Digitalization Progress
DIGITALIZATION PROGRESS Registered users (million) 39% growth YoY 1.79 1.61 1.52 1.39 1.29 1.12 1.16 1.00 1.06 0.96 apr-21 jul-21 oct-21 jan-22 apr-22 jul-22 oct-22 jan-23 apr-23 jul-23 Accumulated Approved Transactions Monthly Active Users (in million) (thousands) 30% growth YoY 224 3.68 3.37 183 3
Slide 18: Financials
FINANCIALS alplals| Tito
Slide 19: Rental EBITDA Evolution by Segment
RENTAL EBITDA EVOLUTION BY SEGMENT USD MILLION Shopping Malls Office buildings +34.6% +5.4% Hotels 176 167 16 15 13 131 14 12 115 26 95 8 18 9 28 139 147 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 IQ24 LTM COV I D - 1 9 19
Slide 20: Rental Historical EBITDA 2002-2024E
RENTAL HISTORICAL EBITDA 2002-2024E USD MILLION Shopping Malls 204 190 Office buildings 186 33 4 30 171 170 Hotels 1 165 167 162 30 1 162 17 2 15 6 20 21 149 19 27 14 15 130 131 125 6 14 12 115 8 115 10 25 8 26 29 95 18 24 9 82 171 75 9 160 154 152 149 8 143 141 28 139 11 129 56 6 120 6 3 99 93 44 3
Slide 21: Net Asset Value
NET ASSET VALUE 1 USD MILLION (AT OFFICIAL FX) LTV 10.5% 98 65 191 COSTA URBANA 807 1,214 2,559 2,368 33 455 Market Cap 475 694 P/NAV 0.2x Shopping Malls Offices Hotels Land reserves & Banco JV, Investees & Gross Asset Net Debt Net Asset Value Prop. Under Hipotecario Others 2 Value development 1- As
Slide 22: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION – USD MILLION -61% 755 640 566 574 345 306 231 273 323 296 248 410 191 335 334 301 FY18 FY19 FY20 FY21 FY22 FY23 IQ24 oct-24 COVID-19 After dividend NET DEBT / RENTAL EBITDA 13.0x 2.8x 1.5x 1.1x LTV 28.0% 13.0% 10.5% 7.5% COVERAGE RATIO 2.0x 5.3x 31.6
Slide 23: Debt Amortization Schedule
DEBT AMORTIZATION SCHEDULE AS OF SEPTEMBER 30, 2023 - USD MILLION Gross Debt 383.4 123,4 104,2 80,9 47,4 27,6 Banking Debt 21,0 FY 24 FY 25 FY 26 FY 27 FY 28 23 2323
Slide 24: Subsequent Dividend Distribution (Oct-23)
SUBSEQUENT DIVIDEND DISTRIBUTION (OCT-23) DIVIDENDS EVOLUTION USD CCL MILLION Cash dividend ~67.4 64.0 (oct-23) Amount ARS 64,000 MM Per ordinary share ARS 88.4688 49.8 (may-23) Per GDS ARS 884.6878 Dividend yield ~12% Payment Date October 12th, 2023 MERGER WITH IRCP 14.2 (nov-22) FY 2022 FY 2023 1H
Slide 25: Shares Repurchase Programs
SHARES REPURCHASE PROGRAMS FY 2023 Program (current) Shareholders’ Meeting Period From June to December 2023 held on Oct 5th, 2023 Extended 180 days until June 2024 Distributed treasury shares Maximum amount to invest Up to ARS 5,000 million 12,644,273 1,7% of social capital Payable price Up to ARS
Slide 26: Group Capital Markets Track Record
GROUP CAPITAL MARKETS TRACK RECORD NUMBER OF CAPITAL AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY MARKETS TRANSACTIONS +200 +USD 18bn 4 New York, Buenos Aires, & Sao Paulo Even in the worst Argentinean crisis (2001) & COVID-19 IRSA IPO APSA IPO (now IRCP) CRESUD FOLLOW LIABILITY LOCAL MAR
Slide 27: 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 27
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