IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Santander's 26th Annual LATAM Conference 2022
19 slides from IRSA Inversiones y Representaciones SA's conference presentation, January 2022
Slide 1: Santander's 26th Annual LATAM Conference Institutional Presentation
S A N TA N D E R ´ S 2 6 TH A N N U A L L ATA M C O N F E R E N C E I N S T I T U T I O N A L P R E S E N TAT I O N J A N U A R Y 2 0 12 2
Slide 2: About Us
ABOUT US LEADING REAL ESTATE COMPANY IN ARGENTINA 30 years acquiring, developing and operating real estate. Rental Portfolio of more than 500,000 sqm of GLA. UNIQUE PORTFOLIO OF ASSETS • 15 shopping malls – 336,000 GLA sqm • 7 office buildings – 113,000 GLA sqm Owner of 3 premium hotels in Argentina
Slide 3: Rental Segment – 25 Properties
RENTAL SEGMENT – 25 PROPERTIES SHOPPING MALLS OFFICES HOTELS 15 67% 7 10% 3 718 # Malls # Office buildings Premium hotels in Argentina rooms BA City Market Share BA City Market Share 336,000 113,000 79,000 GLA sqm sqm GLA sqm Dot Building Philips Zetta Della Paolera 261 Suipacha República Interconti
Slide 4: COVID Impact & Company Management
COVID IMPACT & COMPANY MANAGEMENT SHOPPING MALLS OFFICES HOTELS • Closed operations for 7 months (mar-oct • Normal revenues collection even though • Closed operations for 9 months (mar-dec 2020 & apr-jun 2021) home office work modality 2020). Focus on cost reduction and • Commercial policy to suppor
Slide 5: Rental Figures Evolution
RENTAL FIGURES EVOLUTION TENANTS SALES RECOVERY IN SHOPPING MALLS SINCE REOPENINGS OFFICES PERFORMANCE SAME SHOPPING MALLS SALES Information compared with OCCUPANCY BY pre-pandemic figures given (% Var i.a.) the closure of operations IN REAL CLASS during 2020 TERMS -10,7% 93,0% 91,6% A+ & 79,5% 81,2
Slide 6: Flight to Quality
FLIGHT TO BOSTON TOWER OPENING SALE QUALITY IH 2021 July , August & DELLA November 2020 OFFICE PAOLERA 261 P O RT FO L I O 13 floors New headquarters 14,640 Opened on Dec-20 BOUCHARD 710 SALE GLA sqm USD 83.4 mm Price (including retail store) 5,650 30 Floors´ building USD/sqm 6 floors sold 35,000 sq
Slide 7: Development Segment
DEVELOPMENT SEGMENT Caballito (BA city) PROPERTIES FOR MIXED U S E D E V E LO P M E N T S San Martin (BA province) 18 17.4 Polo Dot (BA city) # Land Reserves Total surface (mm sqm) 900k sqm 6.2 COSTA URBANA PROJECT Puerto Madero – BA City Buildable surface (mm sqm) Capacity to almost double current
Slide 8: Costa Urbana Project (former Santa María del Plata)
COSTA URBANA PROJECT ( F O R M E R S A N TA M A R Í A D E L P L ATA ) R E C E N T B A C I T Y C O N G R E S S A P P R O VA L O N O U R M A I N P R O J E C T Premium location South Puerto Madero OBELISC NATIONAL Urbanization area GOVERNMENT Pedestrian walkways and access points Public and green space
Slide 9: Costa Urbana
COSTA URBANA 70 Total Hectares 70% For public uses 30% To develop ~900,000 Buildable sqm 15 – 20 years Project 9
Slide 10: Costa Urbana Project Masterplan – 56 Plots
COSTA URBANA PROJECT MASTERPLAN – 56 PLOTS W I T H A C A PA C I T Y T O B U I L D ~ 9 0 0 , 0 0 0 S Q M 20 plots – 21 towers 32 plots – 32 buildings 3 plots – for BA City Government 8 45 floor towers 10 11 floor buildings 3 11 floor buildings 10 35 floor towers 6 8 floor buildings 1 plot – Services
Slide 11: Financials
FINANCIALS S T R O N G F I N A N C I A L T R A C K R E C O R D 11
Slide 12: Financial Management During Pandemic
FINANCIAL MANAGEMENT DURING PANDEMIC LIQUIDITY GROWTH SINCE PANDEMIC (MARCH 2020) LOCAL DEBT ISSUANCES May-20 USD 67.0 MM Nov-20 USD 112.4 MM Ago-21 USD 58.5 MM • Badlar + 6% (Series I Exchange offer • Series XIII USD linked • USD linked 12m 5% under Central Bank rule) 3.9% REAL ESTATE • USD linked
Slide 13: IRSA-IRCP Merger Rationale
IRSA-IRCP MERGER RATIONALE MAIN ADVANTAGES 1 REAL ESTATE LEADER IN ARGENTINA 2 STRUCTURE SIMPLIFICATION 3 VEHICLE’S LIQUIDITY INCREASE 4 SYNERGIES AND COST EFFICIENCY (LISTING, TAXES, ADMINISTRATIVE, AUDIT & LEGAL EXPENSES) 5 ELIMINATES POTENTIAL CONFLICTS OF INTEREST 6 GROWTH THROUGH MIXED-USE DEVE
Slide 14: Rental Assets Valuation
RENTAL ASSETS VALUATION A N N UA L E VO LU T I O N EVOLUTION BY TYPE OF ASSETS EVOLUTION PER SQM (USD MILLION) (USD) 6.401 5.757 OFFICIAL 2.064 2.064 5.290 5.081 FX 296 337 1.721 1.495 4.003 4.032 4.011 3.979 334 3.740 1.267 1.257 4.035 3.718 BLUE CHIP SWAP 459 827 2.431 1.769 1.728 725 2.007 1.387
Slide 15: Net Asset Value
NET ASSET VALUE 1 U S D M I L L I O N ( AT O F F I C I A L R AT E ) LTV 23% 56 84 455 604 28 1.983 697 1.528 513 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 adjus
Slide 16: Financial Challenges During Pandemic
FINANCIAL CHALLENGES DURING PANDEMIC IRSA & IRCP faced COVID-19 pandemic with ~USD 480 MM short term maturities RENTAL EBITDA EVOLUTION CAPEX (USD MM) (USD MM) Hotels 165 162 1 2 Office 21 19 138,5 131 12 S&D Final stage of 26 95 94,5 construction works of Della Paolera 261 & 9 Alto Palermo Expansio
Slide 17: Net Debt Evolution
NET DEBT EVOLUTION USD MILLION Debt Management FY 20 – IIQ 22E •40% Debt reduction •Financing cost reduction •Terms extension •From USD to USD linked and ARS -40% 755 640 573 AMORTIZATION SCHEDULE: 455 LTV 23% 450.5 46 104.8 FY 19 FY 20 FY 21 IIQ 22E FY 22 FY 23 FY 24 17
Slide 18: Group Capital Markets Track Record
GROUP CAPITAL MARKETS TRACK RECORD NUMBER OF TRANSACTIONS AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY +200 +USD 18bn 5 New York, Buenos Aires, & Sao Paulo Even in the worst Argentinean crisis (2001) LOCAL MARKET IRSA IPO APSA IPO (now IRCP) CRESUD LIABILITY DOLLAR LINKED APSA FOLLOW ON M
Slide 19: 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 19
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