IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q2 FY2022 Earnings Presentation
20 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Feb 14, 2022
Slide 1: IIQ 2022 Conference Call
IIQ 2022 CONFERENCE CALL Hosted by: • Eduardo Elsztain, CEO February 14, 2022 • Matias Gaivironsky, CFO 1
Slide 2: IIQ22 Main Highlights
IIQ22 MAIN HIGHLIGHTS • MERGER WITH IRCP APPROVED BY SHAREHOLDERS’ MEETINGS UNDER REGISTRATION PROCESS. CAPITAL INCREASE & SHARES EXCHANGE WILL TAKE PLACE IN THE NEXT MONTHS • COSTA URBANA APPROVAL MIXED USE DEVELOPMENT APPROVED BY CITY CONGRESS IN DECEMBER 2021 2 2
Slide 3: Merger Approval
MERGER APPROVAL ▪ The Board of Directors approved the merge by absorption proposal between IRSA & IRCP within the framework of the Argentine Companies Law 19,550 and the Income Tax Law 20,628. ▪ IRSA (absorbing company) merges with IRSA Propiedades Comerciales (absorbed company), which will be disso
Slide 4: Company Structure After Merger Approval
COMPANY STRUCTURE AFTER MERGER APPROVAL 29.9% RENTAL DEVELOPMENT SEGMENT SEGMENT Mortgage bank Shopping Costa Other mixed- Offices Hotels use landbank Malls Urbana 4 *In December 2021, IRSA has concluded Condor sale for USD 25.3 MM 4
Slide 5: Shopping Malls
SHOPPING MALLS O P E R AT I N G F I G U R ES STOCK OCCUPANCY (GLA: sqm) (%) 94,9% 95,0% Expansion 88,3% 89,10% 333.460 335.279 332.119 332.812 IIQ 19 IIQ 20 IIQ 21 IIQ 22 IIQ 19 IIQ 20 IIQ 21 IIQ 22 SAME SHOPPING MALLS SALES VISITORS IN REAL TERMS (Information compared with pre-pandemic figures) (In
Slide 6: Shopping Malls: Alto Palermo Expansion
SHOPPING MALLS A LTO PA L E R M O E X PA N S I O N IIQ 2022 95.7% Partial opening Works progress IIIQ 2022 ~USD 23.5 MM Food Hall estimated Estimated investment opening ~USD 3MM Pending CAPEX Miscellaneous; 25% 1,900 Restaurant; New GLA (sqm) 2% Apparel; 73% NEW TENANTS 6
Slide 7: Office Buildings
OFFICE BUILDINGS O P E R AT I N G F I G U R ES STOCK OCCUPANCY (GLA: sqm) BY CLASS Flight to quality 91,6% A+ & A 79,5% 81,2% 80,1% 78,9% 76,7% Impact of Suipacha building 56,7% (empty for sale) 53,6% 52,4% 48,5% B 41,1% Bouchard 30,9% Zetta 710 200 Della Building Paolera IQ 21 IIQ 21 IIIQ 21 IVQ 21
Slide 8: Office Floors' Sale
OFFICE FLOORS´ SALE N OV E M B E R & D EC E M B E R 2 0 2 1 200 DELLA PAOLERA 4 floors 4,797 GLA sqm USD 41.2 mm Price IRSA has 20 remaining 8,600 floors in the building USD/sqm ~24,000 sqm 88
Slide 9: Hotels
HOTELS O P E R AT I N G F I G U R ES LLAO LLAO – Rate & Occupancy (USD/room & %) BA HOTELS – Rate & Occupancy (USD/room & %) 72,4% 57,9% 57,1% 36,0% 337 382 314 131 87 6,9% 93 11,0% IIQ 20 IIQ 21 IIQ 22 IIQ 20 IIQ 21 IIQ 22 PANDEMIC PANDEMIC LOCKDOWN LOCKDOWN 9
Slide 10: Costa Urbana Project Approval
COSTA URBANA PROJECT APPROVAL ▪ LAW APPROVAL: On December 2, 2021, BA City Congress approved by law the Regulations for the development of “Costa Urbana” project. ▪ LAND USES: Homes, offices, shops, services, public spaces, education, and entertainment. ▪ CONTRIBUTIONS TO THE CITY: ▪ 50.8 hectares f
Slide 11: Costa Urbana
COSTA URBANA 70 Total Hectares 70% For public uses 30% To develop ~900,000 Buildable sqm 15 – 20 years Project 11
Slide 12: Costa Urbana
COSTA URBANA 70 Total Hectares 70% For public uses 30% To develop ~900,000 Buildable sqm 15 – 20 years Project 12
Slide 13: Financial Results
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Slide 14: Consolidated Financial Statements
CONSOLIDATED FINANCIAL STATEMENTS D EC E M B E R 3 1 , 2 0 2 1 - A RS M I L L I O N P&L IIQ 2022 IIQ 2021 Var % IIQ 2020 Var % 6M 2022 6M 2021 Var % 6M 2020 Var % 1 Revenues 6,222 4,770 30% 8,937 -30% 11,051 7,473 48% 16,477 -33% 2 Costs -2,283 -2,124 8% -3,220 -29% -4,216 -3,968 6% -6,047 -30% 3 Gr
Slide 15: Adjusted EBITDA by Segment
ADJUSTED EBITDA BY SEGMENT D EC E M B E R 3 1 , 2 0 2 1 - A RS M I L L I O N IIQ 2022 IIQ 2021 Var % IIQ 2020 Var % 6M 2022 6M 2021 Var % 6M 2020 Var % Shopping Malls 2,638 1,558 69% 2,987 -12% 4,298 1,315 227% 5,539 -22% Offices 229 538 -57% 824 -72% 834 1,190 -30% 1,792 -54% Hotels 270 -219 - 464
Slide 16: Rental Segment
RENTAL SEGMENT COV I D I M PAC T MALLS EBITDA & OPENED PORTFOLIO (GLA) OFFICES REVENUES EVOLUTION QUARTERLY EVOLUTION – USD MILLION USD MILLION 100% 100% 100% 100% 100% 100% 1.6 2.9 0.5 Monthly Avg. 1.6 60% 44% 25.1 11.9 11.1 23.7 16.3 15.5 12.3 11.4 4.1 6% -2.9 -2.0 6M 21 Sold sqm New sqm Vacancy R
Slide 17: Consolidated Financial Statements: Net Financial Results
CONSOLIDATED FINANCIAL STATEMENTS D EC E M B E R 3 1 , 2 0 2 1 - A RS M I L L I O N Net Financial Results IIQ 2022 IIQ 2021 Var % IIQ 2020 Var % 6M 2022 6M 2021 Var % 6M 2020 Var % 1 Net Interest, loss -1,556 -2,002 -22% -2,725 -43% -3,308 -4,439 -25% -5,354 -38% Net Foreign Exchange, gain / 2 2,854
Slide 18: 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 FX ) LTV 21.0% 61 84 COSTA URBANA 501 992 695 29 2.390 693 1.889 531 Shopping Malls Offices Hotels Land reserves & Prop. Banco Hipotecario JV, Investees & Others 2 Gross Asset Value Net Debt Net Asset Value Under development 1- Assets and li
Slide 19: Debt Profile
DEBT PROFILE DECEMBER 31, 2021 – USD MILLION 21.0% LTV NET DEBT EVOLUTION: 6x NET DEBT / EBITDA LTM -34% AA Local Credit Rating 755 640 AMORTIZATION SCHEDULE: 573 501 427.7 79.7 79.0 15.6 FY 19 FY 20 FY 21 IIQ 22 FY 22 FY 23 FY 24 FY 25 19 19
Slide 20: Contact Information
CONTACT INFORMATION EDUARDO ELSZTAIN – Chairman & CEO NYSE Symbol: IRS www.irsa.com.ar MATÍAS GAIVIRONSKY – CFO BYMA Symbol: IRSA Contact e-mail: [email protected] SANTIAGO DONATO – IRO Follow us on Twitter Tel +(54 11) 4323 7449 @irsair Independent Auditors Corporate Offices PricewaterhouseCoopers Car
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