IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q3 FY2023 Earnings Presentation
19 slides from IRSA Inversiones y Representaciones SA's earnings presentation, May 9, 2023
Slide 1: IIIQ 2023 Conference Call
IIIQ 2023 CONFERENCE CALL May 9, 2023 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, IRO
Slide 2: Main Events for IIIQ 2023 and Subsequent
MAIN EVENTS FOR IIIQ 2023 AND SUBSEQUENT 1 STRONG FINANCIAL & OPERATIONAL PERFORMANCE 2 MALLS’ TENANT SALES GROWTH AND HIGHER OCCUPANCY 3 PREMIUM OFFICES’ OCCUPANCY IMPROVEMENT 100% OCCUPANCY REACHED IN “200 DELLA PAOLERA” DURING THE QUARTER 4 HOTELS’ STRONG EBITDA & HIGHER OCCUPANCY 5 SALE OF 7 FLO
Slide 3: Same Shopping Malls Sales in Real Terms
SAME SHOPPING MALLS SALES IN REAL TERMS +33.0% +9.8% 110,616 100,759 83,150 73,240 73,490 IIIQ19 IIIQ20 IIIQ21 IIIQ22 IIIQ23 COVID IMPACT 3 3
Slide 4: Shopping Malls Occupancy Evolution
SHOPPING MALLS OCCUPANCY EVOLUTION Recovering pre-pandemic levels after the impact of 99,1% the exit of Walmart & 98,8% 98,6% 98,5% 98,7% Falabella 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 Argentina IQ 1
Slide 5: Office Operating Figures
OFFICE OPERATING FIGURES STOCK OCCUPANCY BY CLASS (GLA: sqm) A+ & A 85.5% 82.0% 83.7% 86.9% 74.6% 115,640 114,475 103,777 Suipacha building impact (empty) & 60% B vacancy in Philips 30.9% 33.5% 200 200 24.9% 19.6% Della Della República 16.1% Paolera IIIQ 22 IVQ 22 IQ 23 IIQ 23 IIIQ 23 Paolera 74,392
Slide 6: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 68,6% 62,7% 51,7% 52,8% 35,1% 16,5% 45,2% 125 75 98 135 28,2% IIIQ 20 IIIQ 21 IIIQ 22 IIIQ 23 PANDEMIC LOCKDOWN LLAO LLAO – Rate & occupancy (USD/room & %) 83,2% 70,5% 230 234 231
Slide 7: Real Estate Acquisition
REAL ESTATE ACQUISITION PASEO COLÓN 245 BUILDING (+ PARKING LOTS IN PASEO COLÓN 275) 13,700 LOCATION: Covered sqm (13 office floors) • Downtown BA • Few meters away from the 12 “Casa Rosada”, the national government headquarters Parking Spaces USD 7,9 MM ACQUISITION: Price paid • Through an auction
Slide 8: Investment in 200 Della Paolera
INVESTMENT IN “200 DELLA PAOLERA” USD MILLION TOTAL GLA SURFACE 35,872 sqm 7 floors Floors 9 & 28 to 33 (8,316 sqm) sold 100% occupied revalued during in Remaining IIIQ 23 at Sold sqm sqm during IIIQ 23 IIIQ 23 27,352 at USD/sqm 8,516 For 23.7% USD/sqm 10,000 76.3% USD 81.2 MM 30 (USD/sqm 9,700) 86
Slide 9: Financial Results
s0aS ~ ey me aoe Seon. ea RR 3 CSE! BSRew., 5 IES. oes SS ee ee fee if eet Soees Senos > aa oe mare FINANCIAL RESULTS
Slide 10: FX & Inflation Evolution
FX & INFLATION EVOLUTION Nominal Official FX Evolution Nominal MEP FX Evolution 397,37 59% 209,01 67% 21% 18% 8% 327,94 177,16 302,48 20% 21% 147,32 249,59 18% 125,23 12% 197,19 16% 8% 111,01 16% 190,56 95,72 3% 98,74 4% 102,72 Inflation index Evolution 164,82 7% 176,63 1381,2 74% -3% 22% FY23 FY222
Slide 11: 9M 23 – Operating Results by Segment
9M 23 – OPERATING RESULTS BY SEGMENT ADJUSTED EBITDA RENTAL ADJ. EBITDA MARGINS A RS M I L L I O N Shopping Malls Offices +20.1% Hotels 31.251 9M 23 9M 22 Var. S&D + Others 26.031 Shopping 3.196 Malls 75.6% 69.5% +6.0 bps +110.7% 2.270 1.517 2.754 Rental Offices 78.1% 65.7%* +12.4 bps -17.6% EBITDA
Slide 12: 9M 23 - Consolidated Operating Results
9M 23 - CONSOLIDATED OPERATING RESULTS OPERATING INCOME (EXC. CHANGE IN FAIR VALUE ) CHANGE IN FAIR VALUE OF INVESTMENT PROPERTIES ARS MILLION ARS MILLION +33.1% 20.301 15.249 -22.666 -34.909 +54.0% 9M 22 9M 23 9M 22 9M 23 12
Slide 13: 9M 23 – Consolidated Financial Results
9M 23 – CONSOLIDATED FINANCIAL RESULTS NET FINANCIAL RESULTS NET RESULT A RS M I L L I O N A RS M I L L I O N -52.6% +35.2% 20.159 31.768 1.000 9.557 23.501 9M 22 9M 23 30.768 25.476 Main effects 9M 22 9M 23 Var Net FX result 21,876 4,993 -16,883 Inflation Adjustment 2,464 10,946 +8,482 -1.975 FV of
Slide 14: Rental EBITDA Evolution by Segment
RENTAL EBITDA EVOLUTION BY SEGMENT USD MILLION Shopping Malls Surpassing pre-pandemic levels Office buildings 162 18 Hotels 131 17,9 12 115 26 95 8 18 9 28 126,3 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 LTM IIIQ23 C OV I D - 1 9 14
Slide 15: March 2023 Maturities: End of Refinancing Process
MARCH 2023 MATURITIES: END OF REFINANCING PROCESS USD MILLION PRE-IRCP23 EXCHANGE OFFER END OF THE PROCESS FINAL SITUATION (JUNE 2022) (FEBRUARY 2023) (MARCH 2023) 443.8 Series XV & XVI issuance Credit rating upgrade (April 2023) JULY 2022 • Amount: USD 90.0 mm EXCHANGE OFFER • Rate: 8.00 & 7.00% •
Slide 16: Debt Profile as of March 31, 2023
DEBT PROFILE AS OF MARCH 31, 2023 USD MILLION DEBT AMORTIZATION SCHEDULE Gross Debt 381.3 Cash & Eq. 185.3 Net Debt 196.0 300.8* proforma dividends distribution (may-23) 112.8 103.9 *FX as of March 31, 2023 61,7 Series XV Notes 55.6 46.8 35.0 28,25 Series XVI Notes 27.3 100% 42,2 Banking 27,3 Debt F
Slide 17: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION – USD MILLION -60.2% 755 640 566 574 345 306 231 273 323 301 410 335 334 301 FY18 FY19 FY20 FY21 FY22 IIIQ23 COVID-19 Proforma dividends distribution (May-23) NET DEBT / RENTAL EBITDA 13.0x 2.8x 1.9x LTV 28.0% 13.0% 12.8% COVERAGE RATIO 2.0x 5.3x 8.2x
Slide 18: Dividends Distribution (May-23)
DIVIDENDS DISTRIBUTION (MAY-23) Cash dividend DIVIDENDS EVOLUTION USD MILLION 124.1 Amount ARS 21.900 MM Per ordinary ARS 27.3135 share 97.0 Per GDS ARS 273.1345 (may-23) 54.7 Dividend yield ~13% 39.9 MERGER 18,0 Payment Date May 5th 8.0 6.0 27.1 14.8 10.0 0,0 (nov-22) 2019 2020 2021 2022 2023 18
Slide 19: Contact Information
CONTACT INFORMATION EDUARDO ELSZTAIN – Chairman & CEO NYSE Symbol: IRS www.irsa.com.ar MATÍAS GAIVIRONSKY – CFO BYMA Symbol: IRSA Contact e-mail: [email protected] SANTIAGO DONATO – Head of IR & ESG Follow us on Twitter Tel +(54 11) 4323 7449 @irsair Independent Auditors Corporate Offices Pricewaterhou
IRSA Inversiones y Representaciones — Q3 FY2023 Earnings Presentation on 6ix