IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — FY2022 Earnings Presentation
26 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Sep 8, 2022
Slide 1: FY 2022 Conference Call
FY 2022 CONFERENCE CALL September 8, 2022 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, IRO
Slide 2: Main Events for FY 2022 and Subsequent
MAIN EVENTS FOR FY 2022 AND SUBSEQUENT 1 IRSA MERGED WITH IRSA COMMERCIAL PROPERTIES 2 POST PANDEMIC RENTAL SEGMENT RECOVERY 3 STRONG OFFICE BUILDINGS SALES 4 COSTA URBANA PROJECT APPROVAL 5 DELEVERAGE PROCESS SINCE FY 2020 6 IRCP23 NOTES EXCHANGE OFFER 7 SHARES BUYBACK PROGRAM
Slide 3: Shopping Malls Operating Figures
SHOPPING MALLS OPERATING FIGURES STOCK SAME SHOPPING MALLS SALES IN REAL TERMS (ABL: m2) (Information compared with pre-pandemic figures) +9.5% 332,150 333,062 334,826 335,666 232,601 254,631 172,316 124,081 FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22 OCCUPANCY (%) 21,2% 23,7% 13,5% 94.7% 93.1% 89.9% 93
Slide 4: Alto Palermo Expansion
ALTO PALERMO EXPANSION 1,900 USD 23.9 MM Miscellaneous; 21% Apparel; New GLA (sqm) Estimated investment 62% Restaurant; 17% New tenants: Food hall: BASE Opening Aug-2022 12 stores 2 stores Already operating Under development 4
Slide 5: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK OCCUPANCY BY CLASS (ABL: m2) A+ 85.5% 80.1% 78.9% 76.7% 74.6% &A Impact of Suipacha building (empty) 115,378 115,640 113,291 B 48.5% 41.1% Bouchard 30.9% 30.9% 33.5% 710 200 IVQ 21 IQ 22 IIQ 22 IIIQ 22 IVQ 22 Della Paolera 83,892 República LEASES Boston (USD/
Slide 6: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 61.7% 44.6% 9.1% 58.3% 135 0.8% 92 76 109 52.2% IVQ19 IVQ20 IVQ21 IVQ22 PANDEMIC LOCKDOWN LLAO LLAO – Rate & occupancy (USD/room & %) 172 158 151 70.4% 49.9% 86 12.1% 19.7% 0.6% 22
Slide 7: FY 2022 & Subsequent Offices Sales
FY 2022 & SUBSEQUENT OFFICES SALES 200 DELLA PAOLERA – CATALINAS REPÚBLICA ENTIRE BUILDING - CATALINAS 11,900 10 19,885 20 GLA sqm Floors GLA sqm Floors 105.8 ~8,900 131.8 ~6,630 Price USD MM Avg. USD/sqm Price USD MM Avg. USD/sqm IRR 11% TOTAL SALES 20% of the sale was paid with a 46 hectares plot
Slide 8: FY 2022 Real Estate Acquisitions
FY 2022 REAL ESTATE ACQUISITIONS EZPELETA PLOT OF LAND (QUILMES)* BERUTI BUILDING – PREMIUM LOCATION 46 USD 26.7 MM 8,137 USD 20.11 MM Hectares Paid price GLA sqm Paid price 521,400 USD 58 Mixed-use USD 2,471 Sqm Mixed-used Potential Per sqm Potential Per sqm *Received as part of the payment from Re
Slide 9: Costa Urbana Project Approval
COSTA URBANA PROJECT APPROVAL December 2021 70 ~900,000 Total Hectares Buildable sqm 70% Mixed-uses OBELISC For public uses Potential 30% 15 – 20 years NATIONAL PUERTO To develop Project GOVERNMENT MADERO CONTRIBUTIONS TO THE CITY: ▪ 50.8 hectares for public use (71% of the total area of the =1/3 pr
Slide 10: Preliminary render for illustrative purposes
10 Preliminary render for illustrative purposes
Slide 11: Residential Agreements
COTO AIRSPACE - ABASTO QUANTUM BELLINI RESIDENTIAL TOWER 1 AGREEMENTS UNITS TO BE RECEIVED ~12,000 m2 ~ USD 50 mm (Official FX) MONTEVIDEO - UY CABALLITO PARCELA 2 Y 3 PLOT 1 LINDERO CÓRDOBA 11
Slide 12: ESG Progress During FY2022
ESG PROGRESS DURING FY2022 200 Della Paolera E S Focus on education, health & G Merger between IRSA and IRCP Under LEED certification process gender diversity • Simplifies corporate structure +60% LEED Office portfolio 40 Group Social Actions • Increases Company’s float • Brings synergies and cost e
Slide 13: Financial Results
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Slide 14: Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2022 - ARS MILLION P&L IVQ 2022 IVQ 2021 Var % IVQ 2019 Var % FY 2022 FY 2021 Var % FY 2019 Var % 1 Revenues 9,257 4,585 101.9% 10,185 -9.1% 32,085 21,282 50.8% 45,922 -30.1% 2 Costs -3,366 -2,652 26.9% -4,231 -20.4% -12,116 -10,763 12.6% -17,154 -29.4% 3 G
Slide 15: FX & Inflation Evolution
FX & INFLATION EVOLUTION Nominal Official FX Evolution Nominal MEP FX Evolution 249,59 LTM 51% 125,23 LTM 31% 31% 13% 197,19 111,01 190,56 176,63 102,72 164,82 164,82 LTM 64% 16% 98,74 4% 95,72 95,72 LTM 36% 138,8 140 141,7 92 84,15 Inflation index Evolution 793 100,53 76,18 70,46 17% LTM 64% FY22 F
Slide 16: Adjusted EBITDA by Segment
ADJUSTED EBITDA BY SEGMENT JUNE 30, 2022 - ARS MILLION IVQ 2022 IVQ 2021 Var % IVQ 2019 Var % FY 2022 FY 2021 Var % FY 2019 Var % Shopping Malls 3,661 662 453.0% 3,498 4.7% 12,248 4,361 180.9% 15,731 -22.1% Offices 862 790 9.1% 1,205 -28.5% 2,443 3,262 -25.1% 4,218 -42.1% Hotels 220 -235 - 213 3.3%
Slide 17: Rental Segment – Covid Impact
RENTAL SEGMENT – COVID IMPACT MALLS EBITDA & OPENED PORTFOLIO (GLA) OFFICES REVENUES EVOLUTION QUARTERLY EVOLUTION – USD MILLION USD MILLION 100% 100% 100% 100% 100% 100% 100% 100% 3.1 2.6 2.8 0.1 Monthly Avg. 60% 44% 23.5 20.3 29.5 23.7 25.1 25.1 16.3 15.5 12.3 11.4 6% FY 21 Sold sqm New sqm Vacanc
Slide 18: Rental EBITDA Post Covid Recovery
RENTAL EBITDA POST COVID RECOVERY USD MILLION 200 85 Sales & 162 Developments + Others 2 19 131 138.5 Shopping Malls 94.5 12 115 Offices 26 95 8 18 9 Hotels 141 28 93 44 89 58 25 19 FY18 FY19 FY20 FY21 FY22 COVID-19 18
Slide 19: Consolidated Financial Statements: Net Financial Results
CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2022 - ARS MILLION Net Financial Results IVQ 2022 IVQ 2021 Var % IVQ 2019 Var % FY 2022 FY 2021 Var % FY 2019 Var % 1 Net Interest, loss -1,360 -2,888 -52.9% -1,187 14.6% -7,719 -10,707 -27.9% -11,090 -30.4% Net Foreign Exchange, gain / 2 1,845 7,308 -74.8%
Slide 20: Net Asset Value
NET ASSET VALUE 1 USD MILLION (AT OFFICIAL FX) LTV 13% 77 111 321 COSTA URBANA 713 1.052 33 2.466 2.144 495 698 2 Shopping Malls Offices Hotels Land reserves & Prop. Banco Hipotecario JV, Investees & Others Gross Asset Value Net Debt Net Asset Value Under development 1- Assets and liabilities adjust
Slide 21: Financial Management Since 2020
FINANCIAL MANAGEMENT SINCE 2020 USD MILLION CAPITAL & DEBT ISSUANCES 940 ASSETS SALES USD MM 275.7 BOSTON TOWER BOUCHARD 710 REPÚBLICA BUILDING 122.7 171.2 370.2 SERIES XIV (IRCP 23 NOTES EXCHANGE) 200 DELLA PAOLERA FY 22 & SUBSEQUENT USD MM (12 FLOORS) ASSET SALES 210.9 DEBT ISSUANCES 229.3 TOTAL 4
Slide 22: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION (USD MILLION) -57% 755 640 566 574 345 306 231 273 MERGED COMPANY 323 410 335 334 301 FY18 FY19 FY20 FY21 FY22 CONSOLIDATED NET DEBT/RENTAL EBITDA 3.5x 4.9x 8.0x 13.0x 2,8x NET DEBT / TOTAL 1,6x EBITDA COVID-19 22
Slide 23: Subsequent Event: IRCP23 Notes Exchange Result
SUBSEQUENT EVENT: IRCP23 NOTES EXCHANGE RESULT USD 360mm - 8.75% - March 2023 New issuance - Series XIV 360 - Amount: USD 171.2 mm - Rate: 8.75% - Maturity: 17.5% from 2024 to 121.0 2027 & 30% 2028 (33.6%) 239 Series XIV Option B 93.6 +2.8 premium (39.2%) (26.0%) 66.38% 73.7 Series XIV (50.7%) accep
Slide 24: Debt Amortization Schedule
DEBT AMORTIZATION SCHEDULE* PRE-EXCHANGE OFFER AFTER EXCHANGE (JUNE 30, 2022 - USD MILLION) (AUGUST 19, 2022 - USD MILLION) GROSS DEBT 453.7 473.2 CASH & EQUIVALENTS 152.5 NET DEBT 301.2 350.7 198.4 Cash: 111.8 83.8 190.0 27.3 152.5 42,1 46.8 122.5 27.3 27.3 14.8 84.5 27.3 8,5 FY 23 FY 24 FY 25 FY 2
Slide 25: Shares Repurchase Plan
SHARES REPURCHASE PLAN ✓ Maximum amount to invest up to ARS 1,000 million ✓ Payable Price: up to ARS 140 per share and up to USD 7 per ADS ✓ Period: from March until July 2022 (120 days) extended to November 2022 (+120 days) ✓ Number of shares repurchased as of today: 8,495,623 ordinary shares (87.7
Slide 26: 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 – IRO Follow us on Twitter Tel +(54 11) 4323 7449 @irsair Independent Auditors Corporate Offices PricewaterhouseCoopers Car
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