IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q2 FY2024 Earnings Presentation
21 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Feb 6, 2024
Slide 1: IIQ 2024 Conference Call
IIQ 2024 CONFERENCE CALL February 6, 2024 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IIQ 2024 and Subsequent
MAIN EVENTS FOR IIQ 2024 AND SUBSEQUENT 1 STRONG FINANCIAL & OPERATIONAL PERFORMANCE 2 MALLS’ TENANT SALES GROWTH AND HIGHER OCCUPANCY 3 HOTELS’ EBITDA REMAIN STRONG WITH HIGH OCCUPANCY 4 PREMIUM OFFICES’ OCCUPANCY IMPROVEMENT 5 STRONG REAL ESTATE ACTIVITY DURING THE QUARTER (SALE OF 2 FLOORS OF “20
Slide 3: Shopping Malls Operating Figures
SHOPPING MALLS OPERATING FIGURES STOCK & PORTFOLIO OCCUPANCY SAME SHOPPING MALLS SALES (GLA: sqm) IN REAL TERMS 98.0% +30.5% 95.0% 93.9% +8.0% 88.3% 89.1% 400,969 336,240 371,298 335,279 334,845 IIQ 20 IIQ 21 333,460 IIQ 22 IIQ 23 IIQ 24 330,457 332,812 307,228 199,012 IIQ 20 IIQ 21 IIQ 22 IIQ 23 II
Slide 4: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK LEASES (USD/SQM/MTH) & OCCUPANCY A+ & A (GLA: sqm) 115,640 114,475 92.8% 109,859 88.5% 86.9% 86.9% 200 83.7% Della 82,708 Paolera 200 Della Paolera República 59,348 IIQ 23 IIIQ 23 IVQ 23 IQ 24 IIQ 24 26.3 26.4 26.1 Bouchard 710 Suipacha 25.5 25.7 200 Della Pa
Slide 5: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 72.4% 71.4% 72.6% 36.4% 71.4% 71.6% 68.1% 6.9% 131 135 151.7 87 93 IIQ 20 IIQ 21 IIQ 22 IIQ 23 IIQ 24 42.5% COVID LOCKDOWN LLAO LLAO – Rate & occupancy (USD/room & %) 239.5 205 208
Slide 6: Investment in 200 Della Paolera
INVESTMENT IN “200 DELLA PAOLERA” USD MILLION (BNA) TOTAL GLA 35,872 sqm Remaining 100% occupied sqm IIQ 24: 2 floors 4,937 in IIQ 24 at 2,395 sqm sqm sold 13.8% USD/sqm 30 11 parking spaces 30,935 USD 36.2 M (USD14.9 M MEP) 86.2% 32 228 210% Profit over 196 204% investment Profit over investment 11
Slide 7: Ezpeleta Land Plot Barter Agreement
EZPELETA LAND PLOT BARTER AGREEMENT DECEMBER 2023 Land Plot Location Project to be developed by a 3rd party Quilmes, Buenos Aires 330 Single-family lots 6 Macro lots for medium- density developments IRSA will receive Guarantees Land plot size 46 ha • Mortgage on the 125 40% property Single-family Of
Slide 8: Del Plata Building Trust
“DEL PLATA BUILDING” TRUST IN THE FRAMEWORK OF DOWNTOWN BA CITY RECONVERSION PROGRAM FROM COMMERCIAL TO RESIDENTIAL CURRENT PROJECT TRUST STRUCTURE Property owner: Banco Hipotecario Investors: IRSA, CRESUD & Others Project Developer: IRSA Beneficiaries (sqm): • Banco Hipotecario: 28.5% 35,000 14 720
Slide 9: Del Plata Building Project
“DEL PLATA BUILDING” PROJECT PRELIMINARY RENDERS
Slide 10: Costa Urbana Project Work Progress
COSTA URBANA PROJECT WORK PROGRESS OBELISC NATIONAL PUERTO GOVERNMENT MADERO 866,806 Mixed-uses 15 – 20 years =1/3 Buildable sqm Potential Project PUERTO MADERO LATEST EVENTS: Premium ▪ The deeds of the 65 lots of the property were signed in nov-23 location (4 of them belongs to BA City, according t
Slide 11: Financial Results
s0aS ~ ey me aoe Seon. ea RR 3 CSE! BSRew., 5 IES. oes SS ee ee fee if eet Soees Senos > aa oe mare FINANCIAL RESULTS
Slide 12: FX & Inflation Evolution
FX & INFLATION EVOLUTION Nominal Official FX Evolution Nominal MEP FX Evolution 215% 995 808,45 106% 26% 789,18 131% 64% 482,52 349,95 31% 256,7 36% Inflation index Evolution 3533,2 8% 327,94 41% 107% 21% 302,48 20% 177,16 249,59 125,23 18% 147,32 53% FY24 FY23 FY24 FY23 Beginning IQ IIQ Beginning I
Slide 13: 6M 24 – Operating Results by Segment
6M 24 – OPERATING RESULTS BY SEGMENT ADJUSTED EBITDA RENTAL ADJ. EBITDA MARGINS A RS M I L L I O N Shopping Malls Offices Hotels +54.6% 6M 24 6M 23 Var S&D + Others 66,940 Shopping 12,838 Malls 78.8% 78.6% +0.2 bps 43,296 7,181 5,369 +33.7% 2,603 4,136 -37.1% Rental Offices 74.1% 81.2% -7.1 bps EBIT
Slide 14: 6M 24 – Consolidated Operating Results
6M 24 - CONSOLIDATED OPERATING RESULTS OPERATING INCOME (EXC. CHANGE IN FAIR VALUE ) CHANGE IN FAIR VALUE OF INVESTMENT PROPERTIES ARS MILLION ARS MILLION 137,822 +47.1% 137,822 55,457 37,705 -91,958 6M 23 6M 24 -91,958 6M 23 6M 24 14
Slide 15: 6M 24 – Consolidated Financial Results
6M 24 – CONSOLIDATED FINANCIAL RESULTS NET FINANCIAL RESULTS INCOME TAX NET RESULT A RS M I L L I O N A RS M I L L I O N A RS M I L L I O N 19,483 146,593 78,738 5,074 37,056 -11,654 41,682 6M 23 6M 24 141,519 -6,087 48,072 Main effects 6M 23 6M 24 Var 1,080 Net FX result 5,798 -94,551 -100,349 -48,
Slide 16: Rental EBITDA Evolution by Segment
RENTAL EBITDA EVOLUTION BY SEGMENT USD MILLION Shopping Malls Office buildings +26.9% Hotels 0% 167 166 15 17 131 14 10 12 115 26 95 18 9 28 139 139 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 IIQ24 C OV I D - 1 9 LTM 16
Slide 17: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION – USD MILLION -68% 755 640 566 574 345 306 231 273 323 248 240 410 335 334 301 FY18 FY19 FY20 FY21 FY22 FY23 IIQ24 COVID-19 NET DEBT / RENTAL EBITDA 1.4x LTV 14.2% COVERAGE RATIO 12.0x 17
Slide 18: Debt Amortization Schedule
DEBT AMORTIZATION SCHEDULE AS OF DECEMBER 31, 2023 - USD MILLION Gross Debt 376.8 115.8 104.4 81.1 47.7 27.8 Banking 41.6 Debt FY 24 FY 25 FY 26 FY 27 FY 28 18 1818
Slide 19: Dividend Distribution (Oct-23)
DIVIDEND DISTRIBUTION (OCT-23) DIVIDENDS EVOLUTION USD CCL MILLION Cash dividend ~67.4 64.0 • Paid in Argentina on 10/12/2023 (oct-23) Amount ARS 64,000 MM • FX and securities regulations in force in Argentina delayed the Per ordinary share ARS 88.4688 distribution to GDS holders. 49.8 • IRSA deposi
Slide 20: Shares Repurchase Programs
SHARES REPURCHASE PROGRAMS FY 2023 Program FY 2024 Program (completed on dec-23) (current) Period From June 2023 to June 2024 From January to July 2024 Maximum amount to invest Up to ARS 5,000 million Up to ARS 6,500 million Up to ARS 1,320 per share and Up to ARS 1,200 per share and Payable price U
Slide 21: Contact Information
CONTACT INFORMATION EDUARDO ELSZTAIN – Chairman & CEO NYSE Symbol: IRS MATÍAS GAIVIRONSKY – CFO BYMA Symbol: IRSA SANTIAGO DONATO – Head of IR & ESG Tel +(54 11) 4323 7449 www.irsa.com.ar Contact e-mail: ir@irsa.com.ar Corporate Offices Follow us on @irsair Carlos Della Paolera 261 9° Floor Tel +(54
IRSA Inversiones y Representaciones — Q2 FY2024 Earnings Presentation on 6ix