IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — IIIQ 2024 Earnings Presentation
17 slides from IRSA Inversiones y Representaciones SA's earnings presentation, May 8, 2024
Slide 1: IIIQ 2024 Conference Call
IIIQ 2024 Conference Call May 8, 2024 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IIIQ24 and Subsequent
1 9M 24 NET LOSS OF ARS 111,728 MM Mainly explained by the impact of inflation exposure on FV of Investment Properties 2 9M 24 RENTAL ADJUSTED EBITDA OF ARS 112,911 MM +9.1% compared to 9M 23 Main Events for 3 LOWER MALLS’ TENANT SALES ON 3Q 24 Due to the acceleration of inflation and a drop in cons
Slide 3: Shopping Malls Operating Figures
Shopping Malls Operating Figures QUARTERLY TENANT SALES (ARS MM) & OCCUPANCY ACCUMULATED TENANT SALES (ARS MM) 96,8% 97,9% 94,8% +0,9% 91,5% 89,5% 1.465.319 1.478.539 Var. Breakdown by % over IIIQ 24 vs. 1.238.505 type of business total IIIQ 23 1.138.038 IIIQ20 IIIQ21 IIIQ22 IIIQ23 IIIQ24 -18,5% App
Slide 4: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 92.8% 92.8% 115,640 114,475 88.5% 103,777 86.9% 86.9% 74,392 IIIQ23 IVQ23 IQ24 IIQ24 IIIQ24 59,348 26.3 26.4 26.1 25.7 25.7 IIIQ 20 IIIQ 21 IIIQ 22 IIIQ 23 IIIQ 24 IIIQ 23 IVQ 23 IQ 24 IIQ 24 IIIQ 24 Note:
Slide 5: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 62.7% 66.0% 51.7% 35.1% 68.6% 68.7% 16.5% 125 135 159 75 98 52.8% IIIQ 20 IIIQ 21 IIIQ 22 IIIQ 23 IIIQ 24 45.2% COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 28.2% 83.2% 70.5% 7
Slide 6: Upcoming Mixed-uses Real Estate Projects
Upcoming Mixed-uses Real Estate Projects Puerto Madero Urbanization Area Obelisk Pedestrian Walkways and Access Points National Public and Green Space Government 866,806 The project represents 1/3 of Buildable sqm the size of Puerto Madero. “Costa Urbana” Project (City of Buenos Aires) ~100,000 35,0
Slide 7: Financial Results
IRSA Financial ses at i Results eons t aeco iar _ as -
Slide 8: FX & Inflation Evolution
FX & Inflation Evolution Nominal Official FX Evolution Nominal MEP FX Evolution 6% 858 FY24 808,45 234% FY24 995 2% 1017,5 FY23 26% 111% 131% FY23 789,18 349,95 64% 36% Inflation Index Evolution 482,52 256,7 18% 209,01 21% 397,37 20% 177,16 67% 8% 327,94 125,23 18% 147,32 21% 302,48 59% 249,59 FY24
Slide 9: 9M 24 – Operating Results By Segment
9M 24 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins Shopping Malls Offices Hotels S&D + Others +6.3% 9M 24 9M 23 Var 128,826 121,216 Shopping 15,915 76.4% 75.6% +0.8 bps 17,725 Malls 17,660 12,396 +42.5% 8,805 8,776 -0.3% Rental EBITDA Offices 81.5% 7
Slide 10: 9M 24 – Consolidated Operating Results (In ARS million)
9M 24 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties +39.6% 109,946 78,742 -135,403 -385,848 +185% 9M 23 9M 24 9M 23 9M 24 10
Slide 11: 9M 24 – Consolidated Financial Results (In ARS million)
9M 24 – Consolidated Financial Results (In ARS million) Net Financial Results Income Tax Net Result 71,578 137,459 64,022 123,217 3,878 37,067 75,625 119,339 124,637 9M 23 9M 24 61,834 Main Effects 9M 23 9M 24 Var -104,926 Net FX Result 11,402 81,180 69,778 FV Of Financial -60,615 19,366 -15,663 -35
Slide 12: Rental EBITDA Evolution By Segment (In USD million)
Rental EBITDA Evolution By Segment (In USD million) Shopping Malls Office Buildings Hotels +22.8% -3.8% 167 161 15 14 19 131 12 12 115 26 95 18 9 28 139 130 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 IIIQ24 C OV I D - 1 9 LTM 12
Slide 13: Debt Amortization Schedule
Debt Amortization Schedule As of March 31, 2024 (In USD Million) Last Issuances (Feb-24) USD 52.6 MM Gross Debt 357.2 Series XVIII – USD MEP - Amount: USD 21.4 MM - Interest rate: 7.0% - Maturity: Feb-27 134.8 Series XIX - ARS Series 30.5 - Amount: USD ~31.2 MM XIX - Interest rate: BADLAR + 0.99% -
Slide 14: Dividend Distribution (May-24)
Dividend Distribution (May-24) Dividends Evolution (In USD CCL Million) Cash Dividend ~117,0 Amount ARS 55,000 MM 49,6 Per ordinary (may-24) ARS 76.1457 share 64,0 Per GDS ARS 761.4574 49,8 Dividend yield ~7% (may-23) 67,4 (oct-23) Payment Date May 9th, 2024 MERGER WITH IRCP 14,2 (nov-22) (nov-22) F
Slide 15: Net Debt Evolution (In USD Million)
Net Debt Evolution (In USD Million) -65% 755 640 566 574 345 306 231 273 323 248 266* 410 335 334 301 *Proforma dividend (May24) FY18 FY19 FY20 FY21 FY22 FY23 IIIQ24 COVID IMPACT Net Debt / Rental EBITDA 1.65x LTV 15.3% Coverage Ratio 11.7x 15
Slide 16: Completed Shares Repurchase Programs
Completed Shares Repurchase Programs 1st Program (Jan-24) 2nd Program (Mar-24) Period From January to March 2024 From March to April 2024 ARS 999 per share ARS 1,021 per share and Average price paid (~ USD 8.3 per GDS) (~USD 9.5 per GDS) Number of shares repurchased 6,503,318 ordinary shares 6,337,9
Slide 17: Contact Information
Eduardo Elsztain Matias Gaivironsky Santiago Donato NYSE Symbol: IRS | BYMA Symbol: IRSA Chairman & CEO CFO Head of IR & ESG Contact Corporate Offices Della Paolera 261 9th floor, Independent Auditors PricewaterhouseCoopers Argentina Information Tel +(54 11) 4323 7400 Fax +(54 11) 4323 7480 C1001ADA
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