IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — IRSA Inversiones y Representaciones Sociedad Anónima — Investor Presentation (August 2024)
28 slides from IRSA Inversiones y Representaciones SA's investor presentation, August 2024
Slide 1: Institutional Presentation FY 2020
Institutional Presentation FY 2020
Slide 2: IRSA at a Glance
IRSA AT A GLANCE UNIQUE PORTFOLIO AND LEADING DIVERSIFIED REAL INVESTMENTS IN THE US AND STRONG MARKET POSITION ESTATE COMPANY ISRAEL IN ARGENTINA UNIQUE PORTFOLIO AND STRONG MARKET POSITION ARGENTINA ISRAEL BUSINESS CENTER BUSINESS CENTER 80.7% HOTELS LANDBANK 29.9% 18.9% 100% 83.7% Indirectly Dire
Slide 3: Argentina Business Center
62.4% Argentina Business Center 3
Slide 4: Shopping Malls' Unique Portfolio
SHOPPING MALLS’ ATOMIZED AND DIVERSE TENANT MIX With low incidence of department stores UNIQUE PORTFOLIO TOP FIVE ON SALES SALES BY TYPE Other 6.7% 17.3% s 19,5% Department Store 5,4% 10,8% 56,2% 93.3% 82.7% Restaurants 8,1% Electro BY BASE RENT BY SQM Apparel BA CITY ~70% Market Share 15 MALLS 332,
Slide 5: Office Buildings Premium Portfolio
OFFICES PREMIUM PORTFOLIO BUILDINGS Surface by class A+ & A 84% Dot Building Philips Boston Tower 200 Della Paolera Zetta (IVQ FY20) 16% B Bouchard 710 Suipacha República Intercontinental Expanding Corporate North Area Business Center AAA Location Back Office Center PREMIUM TENANTS Others Technology
Slide 6: 3 Premium Hotels Across the Country
Intercontinental 3 PREMIUM HOTELS ACROSS THE COUNTRY Libertador Llao Llao Intercontinen Libertador Llao Llao Resor tal BA city Bariloche city BA city 200 rooms 205 rooms 313 rooms
Slide 7: Rental Properties' Resilient Revenue Model
RENTAL PROPERTIES´ RESILIENT REVENUE MODEL FOR BOTH SHOPPING MALLS AND OFFICE AGREEMENTS ARS SHOPPING MALLS OFFICES USD Variabl e Per sqm Per sqm Per sqm Base Rent Base Rent Fixed Key money Base Rent Brokerage fee YEAR 1 YEAR 2 YEAR 3 In advance YEAR 1 YEAR 2 YEAR 3 VARIABLE & FIXED OFFICE AGREEMENT
Slide 8: COVID-19 in Argentina
COVID-19 IN ARGENTINA Common Expenses; 20% I M PA C T I N O U R B U S I N E S S Commercial fund; 8% Parking y Otros; 9% Key money ; 9% Operations closed since March 20th. The company decided to defer billing Variable rent; 21% and collection of base rent and commercial fund from April to September S
Slide 9: Shopping Malls Operating Figures
SHOPPING MALLS OPERATING FIGURES GLA & OCCUPANCY SAME SHOPPING MALLS SALES Pre COVID-19 COVID-19 (GLA: sqm) Pre COVID-19 (% Var i.a.) 95.0% 98.5% IIIQ20 Includes 10 94.7% 93.2% days and IVQ the full impact from closure of operations 344,025 332,150 333,062 60,5% end of concession 46,2% 35,1% 32,5% F
Slide 10: COVID-19 Malls' Reopening
COVID-19 MALLS´ REOPENING ACCO R D ING T O IR SA CO MMER CIAL PR O PERT IES’ PR O TO CO L May June July August September % OF TOTAL PORTFOLIO* REOPENING PROTOCOL BY GLA BY SALES Average (FY 20) Occupancy 44% 37% 56% 63% 97.0% *Includes Alto Rosario recently closed on 9/5 for two STRICT SAFETY AND HY
Slide 11: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK OCCUPANCY BY CLASS Pre COVID-19 COVID-19 (GLA: sqm) 200 Della A+ & A 97,2% 96,6% 97,1% 93,9% 93,0% Paolera +4.8% B 46,2% 47,5% 53,2% 52,4% 45,0% 121,144 IVQ 19 IQ 20 IIQ 20 IIIQ 20 IVQ 20 28,000 Pre COVID-19 COVID-19 LEASES Zetta (USD/sqm/month) Building Bouc
Slide 12: IRCP FY 2020 and Subsequent Sales
July 2020 IRCP FY 2020 AND SUBSEQUENT SALES BOUCHARD 710 OFFICE BUILDINGS Entire building – 12 floors PARTIAL SALES June 2020 July and August 2020 200 DELLA BOSTON PAOLERA TOWER 2 floors 6 floors 2,430 7,482 GLA sqm GLA sqm USD 16.9 mm USD 41.4 mm Price Price 6,940 5,500 USD/sqm USD/sqm ~28,000 ~7,3
Slide 13: Alto Palermo Expansion Projects
PROJECTS ALTO PALERMO UNDER EXPANSION 3,900 GLA sqm 64% DEVELOPMENT Works Progress FY21 Est. Opening date 200 USD 28.5mm DELLA Est. Investment ~USD 6.2mm PAOLERA CAPEX deployment pending 200 DELLA PAOLERA 35,000 95% 61% Total GLA Works Progress Commercialization Progress 28,000 IH21 ~USD 5.8mm IRCP
Slide 14: Polo Dot Future Stages
POLO DOT FUTURE STAGES Former Philips Building Giga Building Expansion Exa Building 14
Slide 15: Potential Development
POTENTIAL DEVELOPMENT ALMOST TO DOUBLE CURRENT COMMERCIAL PORTFOLIO SHOPPING MALLS OFFICES (Th. Sqm) (Th. Sqm) 1.7x 580 118 118 1.9x 221 128 130 128 4 currently under construction 106 106 currently under 30 construction 332 332 115 115 115 Current Brownfield Greenfield Current GLA & pipeline Current
Slide 16: Santa María del Plata
SANTA MARÍA DEL PLATA (BA City) Approvals pending ~700,000 sqm Premium mixed use Real Estate to be developed in the best
Slide 17: Israel Business Center
Israel Business Center 17
Slide 18: Israel Business Center
ISRAEL BUSINESS CENTER CURRENT CORPORATE STRUCTURE Concentration Law Resolution: ▪ Partial sale of Gav-Yam shares during FY20 Accounting deconsolidation and loss of control ▪ ISPRO public debt privatization ▪ Mehadrin shares distributed as Directly or indirectly dividends, therefore now under DIC di
Slide 19: IDBD Clal Sale Process
ISRAEL BUSINESS CENTER – IDBD CLAL SALE PROCESS SHARE PRICE EVOLUTION 8.000 SALE PROCESS 6.000 Direct Through Swaps Float 4.000 100% 100% 100% 100% 100% 2.000 Stake sold: 49.8% As of Sep 2020 54.8% 0 44.3% 30/6/2012 30/6/2014 30/6/2016 30/6/2018 30/6/2020 20.0% 24.0% 10.6% 54.8% 34.8% MARKET CAP vs.
Slide 20: DIC & Main Subsidiaries
ISRAEL BUSINESS CENTER – DIC & MAIN SUBSIDIARIES SHARES’ PERFORMANCE EVOLUTION AS OF SEPTEMBER 17, 2020 Since control -35.7% Since control -26.5% Since control 24.7% YoY -12.7% YoY -40.3% YoY 8.9% YTD -17.1% YTD -45.9% YTD 27.0% 4.000 40.000 NIS 1,456 mm 2750 Sale value 3.000 30.000 23.5 NIS/share 2
Slide 21: Israel Business Center – Financial Situation
ISRAEL BUSINESS CENTER – FINANCIAL SITUATION JUNE 30, 2020 – USD MILLION IDBD NET DEBT EVOLUTION IDBD AMORTIZATION SCHEDULE 25.4 332 1290 1312 Cash & Equivalents LATEST EVENTS: 923 781 749 739 ▪ Due to IDBD financial situation, IRSA 613 525 560 committed on September 2019 to 78 make three annual con
Slide 22: IDBD Debt Restructuring Process
ISRAEL BUSINESS CENTER – FINANCIAL SITUATION IDBD DEBT RESTRUCTURING PROCESS • The Company had been negotiating with the holders of its 3 series of bonds due to its financial situation (negative NAV) • IDBD Debt amounts to ~NIS 2 billion • Series 9: NIS 910 million (without guarantee) • Series 14: N
Slide 23: IRSA Financial Performance
au IRSA Financial | yy Performance
Slide 24: Financial Metrics
FINANCIAL METRICS JUNE 30, 2020 - USD MILLION 90.4 Adjusted EBITDA FY204 107.9 Net Operating Income FY204 52.5 Adjusted FFO FY204 NAV1 -22% 15 75 VALUATION 160 339 June 2020 RATIOS CAP RATE 780 18% 1.718 (NOI/EV) 1.672 1.333 EV/EBITDA 6.5x 642 P/FFO 3.8x Shopping Malls Offices5 Land reserves Others
Slide 25: Debt Profile
DEBT PROFILE JUNE 30, 2020 - USD MILLION 344.6 Consolidated Debt Net 2 128.6 Subsequent Office Sales 3.8x Net Debt/EBITDA Description Amount Maturity 140.0 Series IV Cancellation 20.6% Loan to Value 3 Short-term debt 23.0 <360 days 2020 Series IV (local) 140.0 Sep 2020 AMORTIZATION SCHEDULE PAMSA lo
Slide 26: IRSA – Net Asset Value
IRSA – NET ASSET VALUE AS OF JUNE 30, 2020 - USD MILLION 1,536 GAV 1,136 NAV 26.7% LTV NAV 368 410 27 58 1,536 1,083 1,136 1 2 IRCP NAV Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value 1. Book value as of June 30, 2020 2. Book value as of June 30, 2020. “Others”
Slide 27: Debt Profile
DEBT PROFILE JUNE 30, 2020 - USD MILLION 410.3 Consolidated Net Debt 110.0 Series II Cancellation (July and August 2020) 104.2 Local Issuances (May and July 2020) Subsequently, on July 21, Description Amount Maturity AMORTIZATION SCHEDULE 2020, we issued USD 38.4 AFTER SERIES II CANCELLATION MM Shor
Slide 28: Thanks
Thanks
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