IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (May 2024)
31 slides from IRSA Inversiones y Representaciones SA's investor presentation, May 2024
Slide 1: Institutional Presentation IIIQ 2024
Institutional Presentation IIIQ 2024
Slide 2: Leading Real Estate Company in Argentina
Leading Real Estate Company in Argentina Shopping malls 30 years acquiring, 15 335,866 sqm developing and operating RENTAL Office buildings Real Estate. SEGMENT 5 59,348 sqm Hotels 3 79,000 sqm Rental portfolio of approx. 480,000 sqm of GLA across Costa Urbana DEVELOPMENT 866,000 sqm Argentina. SEGM
Slide 3: Premium Portfolio in Top-tier Locations
Premium Portfolio in Top-tier Locations Shopping Malls Low Income Area Middle Income Area 15 Shopping Malls Alto Noa Salta DOT Baires Shopping High Income Area Córdoba Shopping Soleil Premium Córdoba 336 sqm of GLA (in thousands) Outlet Distrito Arcos Alcorta Shopping Patio Olmos Ribera Shopping 1,4
Slide 4: Premium Portfolio: Shoppings
Premium Portfolio: Shoppings Alto Palermo (City of Buenos Aires) Abasto (City of Buenos Aires) DOT Baires (City of Buenos Aires) Distrito Arcos (City of BA) Alto Comahue (Neuquén) Patio Bullrich (City of BA)
Slide 5: Premium Portfolio: Offices
Premium Portfolio: Offices Top-Tier Locations Philips Building 5 DOT Building Zetta Building Office Buildings 200 Della Paollera 59 Zetta Building (City of Buenos Aires) sqm of GLA (in thousands) 86.6% Occupancy Rate ~7% Intercontinental Plaza Expanding Corporate Area Market Share AAA AAA Location i
Slide 6: Premium Portfolio: Hotels
Premium Portfolio: Hotels Top-Tier Locations 3 Premium Hotels 79 sqm of GLA Llao Llao Resort (Bariloche, Patagonia) (in thousands) Libertador Hotel Autonomous City Of Buenos Aires 2 Provinces Intercontinental Hotel Autonomous City Of 68.7% Occupancy Rate Buenos Aires Llao Llao Resort 718 Rooms Baril
Slide 7: Resilient Rental Revenue Model
Resilient Rental Revenue Model ARS Linked To Inflation (Shopping Malls) ARS 14% Revenue Breakdown: Variable (24%) 5% • 74% Rental Revenue: The company 4% Tenants by collects the highest between a % of category 45% tenant monthly sales and a 10% (m2 of GLA) minimum rent (base rent). Fixed (50%) • 26%
Slide 8: 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 9: 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 10: Shopping Malls Occupancy Evolution
Shopping Malls Occupancy Evolution Recovering pre-pandemic levels after the impact of the exit of Walmart & Falabella 99.1% 98.8% 98.6% 98.5% 98.7% 98.0% 98.0% 97,9% 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%
Slide 11: 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 12: 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 13: Premium Office Buildings Sales Since 2020
Premium Office Buildings Sales Since 2020 554.7 USD BNA MM 7,321 Avg. USD/sqm Bouchard 710 (July 2020) 200 Della Paolera 12 Floors 22 Floors1 15,014 GLA sqm 26,226 GLA sqm 252.3 USD MM 87.2 USD MM 9,620 USD/sqm 5,800 USD/sqm ~4,937 remaining GLA (1) Does not include 4 floors sold to Globant in advan
Slide 14: Investment in "200 Della Paolera"
Investment in “200 Della Paolera” USD Million (BNA) 13.8% 86.2% 4,937 30,935 Remaining sqm Sold sqm Total GLA IIQ 24: 100% occupied 35,872 sqm at 30 USD/sqm IIQ 24: 2 floors; 2,395 sqm; 11 parking spaces; USD 36.2 M (USD14.9 M MEP) 32 228 204% 196 Profit over investment 112 87 112 Construction Inves
Slide 15: CAPEX Plans
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Slide 16: "Costa Urbana" Project
“Costa Urbana” Project Premium Location: South Puerto Madero Costa Urbana represents 1/3 of the size Puerto Madero of Puerto Madero. Urbanization Area Obelisk Pedestrian Walkways and Access Points Public and Green Space National Government 16
Slide 17: "Costa Urbana" Project: Preliminary Render illustrations
“Costa Urbana” Project: Preliminary Render illustrations 866,806 Buildable sqm Mixed-uses Potential 15-20 years Project
Slide 18: "Del Plata Building" Project: Preliminary Render illustrations
“Del Plata Building” Project: Preliminary Render illustrations 35,000 Saleable sqm 14 Floors 720 Apartments 4 Parking basements 18
Slide 19: "La Plata" Project: Preliminary Render illustrations
“La Plata” Project: Preliminary Render illustrations 78,000 FY 2025 sqm Start of works ~100,000 FY 2026/7 Total buildable sqm Estimated opening (in thousands) 22,000 USD 30 MM Shopping malls sqm Estimated investment City of Buenos Aires La Plata La Plata is the 5th highly populated city of Argentina
Slide 20: "Polo Dot" Project: Preliminary Render illustrations
“Polo Dot” Project: Preliminary Render illustrations 20
Slide 21: Polo Dot Office Park: Preliminary Render illustration
Polo Dot Office Park: Preliminary Render illustration Exa Building DOT Baires (planning status) Shopping DOT Connection (planning status) Giga Building (planning status) DOT Building Zetta Building Philips Building (future recycling) 21
Slide 22: Other Properties for Mixed Use Developments
Other Properties for Mixed Use Developments Luján Plot Caballito La Adela 15 # of Land Reserves (Buenos Aires) (BA City) (Buenos Aires) 15.8 Total surface (mm sqm) 6.9 Buildable surface (mm sqm) Montevideo Patio Bullrich Mall Expansion Córdoba plot Intercontinental II (Uruguay) (BA City) (Córdoba) (
Slide 23: ESG Latest Achievements
ESG Latest Achievements “200 Della Paolera” Building Leed Certification Social Investment +200 72% Social Actions of the premium offices +100.000 portfolio are leed certified Beneficiaries ARS 270 MM Social Investment (+21% vs PF22) +200 Relationships with NGOs Strong Track Record in the Capital Mar
Slide 24: Financials
Financials
Slide 25: Rental EBITDA Evolution by Segment
Rental EBITDA Evolution by Segment USD Million +22.8% Hotels Office Buildings -3.8% Shopping Malls 167 161 15 19 131 14 115 12 12 26 95 8 9 18 28 139 130 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 IIIQ24 LTM COVID IMPACT 25
Slide 26: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million (at Official FX) LTV 11.6% 96 202 114 COSTA URBANA 424 620 31 1.738 223 1.536 Market Cap 653 820 P/NAV 0.53x Shopping Malls Offices Hotels Land reserves & Banco JV, Investees & Gross Asset Net Debt Net Asset Value Prop. Under Hipotecario Others 2 Value develo
Slide 27: 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 ARS Banking Series XVIII – USD MEP USD int Debt - Amount: USD 21.4 MM 45% 10% - Interest rate: 7.0% - Maturity: Feb-27 USD linked 134.8 7% Series XIX - ARS Series 30.5 - Amount: USD
Slide 28: Net Debt Evolution
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 28
Slide 29: IRSA Dividends Distribution & Shares Buyback Programs
IRSA Dividends Distribution & Shares Buyback Programs Recent Cash Dividend Distribution (in USD CCL million) Recent Repurchase Programs (in USD CCL million) % of Social Capital USD MM Dividend Yield USD MM FY 22 – FY 23 1.16% 3.8 FY 23 (nov-22) ~4.5% 14 FY 23 – FY 24 1.06% 7 FY 23 (may-23) ~13% 50 F
Slide 30: 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 LIABILITY LOCAL MARKET DOL
Slide 31: Contact Us
Contact Us Our Website Our Email Our Phone Our Address Our Twitter www.irsa.com.ar [email protected] (+54) 911 4323-7449 Della Paolera 261 @IRSAIR 9th floor
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