IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (February 2024)
28 slides from IRSA Inversiones y Representaciones SA's investor presentation, February 2024
Slide 1: Institutional Presentation IIQ 2024
INSTITUTIONAL PRESENTATION IIQ 2024
Slide 2: Leading Real Estate Company in Argentina
LEADING REAL ESTATE COMPANY IN ARGENTINA Shopping malls 15 334,845 sqm ✓ 30 years acquiring, RENTAL developing and operating real SEGMENT 5 Office buildings 59,348 sqm estate Hotels ✓ Rental portfolio of approx. 480,000 sqm of GLA 3 79,000 sqm across Argentina ✓ ~30 years listed on A simplified vehi
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 IIQ 2024 and Subsequent
MAIN EVENTS FOR IIQ 2024 AND SUBSEQUENT 1 STRONG FINANCIAL & OPERATIONAL PERFORMANCE 2 MALLS’ TENANT SALES GROWTH AND HIGHER OCCUPANCY 3 HOTELS’ EBITDA REMAIN STRONG WITH HIGH OCCUPANCY 4 PREMIUM OFFICES’ OCCUPANCY IMPROVEMENT 5 STRONG REAL ESTATE ACTIVITY DURING THE QUARTER (SALE OF 2 FLOORS OF “20
Slide 8: Same Shopping Malls Sales in Real Terms
SAME SHOPPING MALLS SALES IN REAL TERMS +30.5% +8.0% 400,969 371,298 330,457 307,228 199,012 IIQ 20 IIQ 21 IIQ 22 IIQ 23 IIQ 24 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% 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 f
Slide 10: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK LEASES (USD/SQM/MTH) & OCCUPANCY A+ & A (GLA: sqm) 115,640 114,475 92.8% 109,859 88.5% 86.9% 86.9% 200 Della Paolera 82,708 83.7% 200 Della Paolera República 59,348 IIQ 23 IIIQ 23 IVQ 23 IQ 24 IIQ 24 Bouchard Suipacha 26.3 26.4 26.1 710 25.5 25.7 200 Della Pa
Slide 11: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 72.4% 71.4% 72.6% 36.4% 71.4% 71.6% 68.1% 6.9% 131 135 151.7 87 93 IIQ 20 IIQ 21 IIQ 22 IIQ 23 IIQ 24 42.5% COVID LOCKDOWN LLAO LLAO – Rate & occupancy (USD/room & %) 239.5 205 208
Slide 12: 6M 24 - Real Estate Sales
6M 24 - REAL ESTATE SALES 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 4 80,027 remaining
Slide 13: Costa Urbana Project Work Progress
COSTA URBANA PROJECT WORK PROGRESS OBELISC NATIONAL PUERTO GOVERNMENT MADERO 866,806 Mixed-uses 15 – 20 years =1/3 Buildable sqm Potential Project PUERTO MADERO LATEST EVENTS: Premium ▪ The deeds of the 65 lots of the property were signed in nov-23 location (4 of them belongs to BA City, according t
Slide 14: Preliminary render for illustrative purposes
14 Preliminary render for illustrative purposes 14
Slide 15: "Del Plata Building" Trust
“DEL PLATA BUILDING” TRUST IN THE FRAMEWORK OF DOWNTOWN BA CITY RECONVERSION PROGRAM FROM COMMERCIAL TO RESIDENTIAL CURRENT PROJECT TRUST STRUCTURE Property owner: Banco Hipotecario Investors: IRSA, CRESUD & Others Project Developer: IRSA Beneficiaries (sqm): • Banco Hipotecario: 28.5% 35,000 14 720
Slide 16: "Del Plata Building" Project
“DEL PLATA BUILDING” PROJECT PRELIMINARY RENDERS
Slide 17: 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) La Plata (BA province) 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) Abasto air
Slide 18: 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 19: 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 20: Financials
FINANCIALS alplals| Tito
Slide 21: Rental EBITDA Evolution by Segment
RENTAL EBITDA EVOLUTION BY SEGMENT USD MILLION Shopping Malls Office buildings +26.9% Hotels 0% 167 166 15 17 131 14 10 12 115 26 95 18 9 28 139 139 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 IIQ24 LTM COV I D - 1 9 21
Slide 22: Net Asset Value
NET ASSET VALUE 1 USD MILLION (AT OFFICIAL FX) LTV 14.2% 76 77 240 COSTA URBANA 440 641 22 1.694 231 1.454 Market Cap 647 651 P/NAV 0.44x Shopping Malls Offices Hotels Land reserves & Banco JV, Investees & Gross Asset Net Debt Net Asset Value Prop. Under Hipotecario Others 2 Value development 1- Ass
Slide 23: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION – USD MILLION -68% 755 640 566 574 345 306 231 273 323 248 240 410 335 334 301 FY18 FY19 FY20 FY21 FY22 FY23 IIQ24 COVID-19 NET DEBT / RENTAL EBITDA 1.4x LTV 14.2% COVERAGE RATIO 12.0x 23
Slide 24: Debt Amortization Schedule
DEBT AMORTIZATION SCHEDULE AS OF DECEMBER 31, 2023 - USD MILLION Gross Debt 376.8 115.8 104.4 81.1 47.7 27.8 Banking Debt 41.6 FY 24 FY 25 FY 26 FY 27 FY 28 24 24
Slide 25: Dividend Distribution (Oct-23)
DIVIDEND DISTRIBUTION (OCT-23) DIVIDENDS EVOLUTION USD CCL MILLION Cash dividend ~67.4 64.0 • Paid in Argentina on 10/12/2023 (oct-23) Amount ARS 64,000 MM • FX and securities regulations in force in Argentina delayed the distribution to GDS holders. Per ordinary share ARS 88.4688 49.8 • IRSA deposi
Slide 26: Shares Repurchase Programs
SHARES REPURCHASE PROGRAMS FY 2023 Program FY 2024 Program (completed on dec-23) (current) Period From June 2023 to June 2024 From January to July 2024 Maximum amount to invest Up to ARS 5,000 million Up to ARS 6,500 million Up to ARS 1,320 per share and Up to ARS 1,200 per share and Payable price U
Slide 27: 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 28: 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 28
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