IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — FY2024 Earnings Presentation
24 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Sep 4, 2024
Slide 1: FY 2024 Conference Call
FY 2024 Conference Call September 4, 2024 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for FY 24 and Subsequent
1 FY 24 RENTAL ADJUSTED EBITDA OF ARS 171,772 MM +8.8% compared to FY 23 FY 24 NET LOSS OF ARS 23,054 MM 2 Mainly explained by the impact of inflation exposure on FV of Investment Properties Main Events for 3 SLIGHTLY LOWER MALLS’ TENANT SALES ON FY 24 Due to consumption drop in the 2nd half of the
Slide 3: Shopping Malls Operating Figures
Shopping Malls Operating Figures Tenant Real Sales (ARS MM) & Occupancy (%) ∆ trim i.a. IQ 24 +10.1% IIQ 24 +8.0% IIIQ 24 -18.5% IVQ 24 -19.3% 98.8% 99.0% 98.5% 98.5% 97.4% 97.6% 96.5% 94.7% 93.2% 93.1% -4,5% 2,347,734 2,366,060 2,260,614 2,159,160 2,134,244 2,163,438 89.9% 1,980,686 2,039,456 1,862
Slide 4: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 Office Sales FY24: ~15k sqm 95.5% 115,640 92.8% 92.8% 113,291 Suipacha 200 Della Paolera Building 3 Floors 88.5% 86.9% 83,892 74,392 59,348 IVQ23 IQ24 IIQ24 IIIQ24 IVQ24 26.4 26.1 25.7 25.7 25,4 FY 20 FY 2
Slide 5: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 62.8% 62.1% 46.9% 31.7% 8.3% 66.8% 64.2% 150 125 78 99 133 FY 20 FY 21 FY 22 FY 23 FY 24 45.9% 40.1% COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 12.2% 76.7% 69.3% 61.2% 243 20
Slide 6: Entertainment: Investment in La Rural & Convention Centers
Entertainment: Investment in La Rural & Convention Centers IRSA’s indirect stake Concession was extended this year until 2037 35% with an option to extend it until 2041 La Rural: Fair & Events activity Occupancy % 57% 55% 58% 58% 56% 56% 55% 47% 50% 37% 23% 2% 2013 2014 2015 2016 2017 2018 2019 2020
Slide 7: ESG Latest Achievements
ESG Latest Achievements “200 Della Paolera” Building Leed Certification Social Investment 72% +100 of the premium offices Social Actions portfolio are leed certified ARS 500 MM Social Investment FY24 +100 Relationships with NGOs Strong Track Record in the Capital Markets 3 Malls from BA City Obtaine
Slide 8: Digitalization Progress: Investment in APPA
Digitalization Progress: Investment in APPA IRSA’s stake 98.7% Registered Users (million) +44% Growth YoY 2,6 2,4 2,2 2,0 The Shopping Malls’ App. 1.61 1.79 1.29 1.39 1.52 A Tech company that transforms the user 1.12 1.16 0.96 1.00 1.06 experience within shopping malls and generates data that provid
Slide 9: Strong Real Estate Activity During FY24: Acquisitions, Swaps and Assets' Sales
Strong Real Estate Activity During FY24 : A C Q U I S IT I O NS , SWA P S A N D A S S E T S’ SA L ES “SUIPACHA 652/64” OFFICE BUILDING SALE QUALITY INVEST S.A. (SAN MARTÍN LAND PLOT) SALE USD 6.75 MM 11,465 sqm 7 62 BA City USD 22.9 M 159,996 sqm 80,027sqm BA Province Sale price GLA Floors Parking L
Slide 10: Latest Real Estate Acquisition
Latest Real Estate Acquisition Alto Avellaneda Adjoining Property (Buenos Aires Province) ACQUIRED PROPERTY Purchase price 86,861 sqm of total area 12.2 (in USD million) ALTO AVELLANEDA SHOPPING MALL 32,660 Built sqm The Shopping Mall of South Greater BA Ranking of Alto Avellaneda within our portfol
Slide 11: Launch of Ramblas Del Plata Project
Launch of “Ramblas Del Plata” Project Ramblas del Plata Former “Costa Urbana” 866,806 Buildable sqm +6,000 Development Status New houses • Hired the Construction Management Team • Infrastructure Construction Stage 1 Bidding: In Process The first stage includes the public park and the central bay are
Slide 12: Launch of Other Residential Projects for the Upcoming Years
Launch of Other Residential Projects for the Upcoming Years Del Plata building 35,000 720 Nexo Dot Housing 20,000 7,000 Downtown BA Saleable sqm Apartments BA North Buildable sqm Housing sqm La Plata Project 100,000 Manzana 35 30,000 Mall + Housing Buildable sqm Caballito (BA City) Saleable sqm 12
Slide 13: Financials: Investment in Banco Hipotecario
Financials: Investment in Banco Hipotecario IRSA’s stake 29.9% Banco Hipotecario was Argentina’s first bank to restore mortgage loans in the country this year, 70.1% followed by other 14 public and private banks Key Indicators Evolution: Profitability Share Price Evolution ARS +768% YoY Jun-23 Jun-2
Slide 14: IRSA Financial Results
IRSA Financial Results seroma acres an ea re
Slide 15: FX & Inflation Evolution
FX & Inflation Evolution Nominal Official FX Evolution Nominal MEP FX Evolution 6% 912,0 808,5 6% 858,0 255% FY24 FY24 1348,5 FY23 33% FY23 179% 131% 995,0 2% 1017,5 26% 789,2 350,0 64% 36% Inflation Index Evolution 482,5 21% 482,5 256,7 23% 256,7 21% 397,4 93% 18% 209,0 8% 327,9 20% 177,2 105% 249,
Slide 16: FY 24 – Operating Results By Segment
FY 24 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins Shopping Malls Offices Hotels S&D + Others +33.8% FY 24 FY 23 Var 183,970 137,508 12,198 +52.2% 21,160 Shopping 13,899 76.4% 74.5% +2.0 bps 12,755 13,274 Malls +4.1% Rental EBITDA +4.6% Offices 81.7%
Slide 17: FY 24 – Consolidated Operating Results
FY 24 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties +87.1% 159,896 85,475 -182,590 -350,591 +92.0% FY 23 FY 24 FY 23 FY 24 17
Slide 18: FY 24 – Consolidated Financial Results
FY 24 – Consolidated Financial Results (In ARS million) Net Financial Results Income Tax Net Result 93,056 245,490 215,837 2,761 57,722 176,642 FY 23 FY 24 213,076 Main Effects FY23 FY24 Var 40,548 FV Of Financial 27,518 95,510 67,992 Assets & Liabilities 68,848 57,938 Inflation Adjustment 53,215 2,
Slide 19: Rental EBITDA Evolution By Segment
Rental EBITDA Evolution By Segment (In USD million) Shopping Malls Office Buildings Hotels +24.7% -2.3% 167 163 15 20 131 14 13 12 115 26 95 18 9 28 139 131 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 FY24 C OV I D - 1 9 19
Slide 20: Net Debt Evolution
Net Debt Evolution (In USD Million) -69% 755 640 566 574 345 306 231 273 323 248 235 410 335 334 301 FY18 FY19 FY20 FY21 FY22 FY23 FY24 COVID IMPACT Net Debt / Rental EBITDA 1.44x LTV 11.6% Coverage Ratio 10.3x 20
Slide 21: Debt Amortization Schedule
Debt Amortization Schedule As of June 30, 2024 (In USD Million) Last Issuances (Jun-24) USD 42.0 MM Gross Debt 387.4 Series XX – USD MEP - Amount: USD 23.0 MM - Interest rate: 6.0% - Maturity: Jun-26 185.7 Series XXI - ARS 18.7 Series - Amount: USD ~19.0 MM - Interest rate: BADLAR + 4.50% XXI - Matu
Slide 22: Dividend Distribution
Dividend Distribution Dividends Evolution (In USD CCL Million) Oct-23 May-24 Cash Dividend Cash Dividend ~117,0 Amount ARS 64,000 MM ARS 55,000 MM Per ordinary 49,6 ARS 88.4688 ARS 76.1457 (may-24) share 64,0 Per GDS ARS 884.6878 ARS 761.4574 49,8 Dividend yield ~12% ~7% (may-23) 67,4 (oct-23) Payme
Slide 23: Shares Repurchase Programs
Shares Repurchase Programs Period From July 2023 to date Number of shares repurchased 29,217,434 ordinary shares Investment ARS 29,674 million (~USD 38.25 million) Average price paid ARS 1,016 per share (~USD 8.88 per GDS) % of Social Capital ~ 4.0% Share Price Evolution (ARS) GDS Price Evolution (U
Slide 24: 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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