IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (2021)
19 slides from IRSA Inversiones y Representaciones SA's investor presentation, 2021
Slide 1: Institutional Presentation IIQ 2021
Institutional Presentation IIQ 2021
Slide 2: IRSA: Real Estate Leader in Argentina
IRSA ✓ 30 years acquiring, developing and operating real estate in Argentina. ✓ 25 years listed on the NYSE and accessing capital markets. ✓ Management with proven track record in the industry. R E A L E S TAT E L E A D E R I N A R G E N T I N A ✓ Real Estate in Argentina as a value haven – assets d
Slide 3: Shopping Malls' Unique Portfolio
SHOPPING MALLS’ ATOMIZED AND DIVERSE TENANT MIX With low incidence of department stores UNIQUE PORTFOLIO TOP FIVE ON SALES SALES BY TYPE 6.7% 17.3% Others 19,9% Department Store 3,6% 6,1% 59,2% 93.3% 82.7% Restaurants 11,3% Electro BY BASE RENT BY SQM Apparel BA CITY ~70% Market Share 15 MALLS 333,4
Slide 4: Office Buildings
OFFICES PREMIUM PORTFOLIO BUILDINGS Surface by class A+ & A Dot Building 83% Philips 200 Della Paolera 17% Zetta B Suipacha República Intercontinental Expanding Corporate North Area Business Center AAA Location Back Office Center PREMIUM TENANTS Others Technology 31% 46% 75% International 14% Tenant
Slide 5: 3 Premium Hotels Across the Country
Intercontinental 3 PREMIUM HOTELS ACROSS THE COUNTRY Libertador Llao Llao Intercontinental Libertador Llao Llao Resort BA city BA city Bariloche city 313 rooms 200 rooms 205 rooms
Slide 6: Rental Properties' Resilient Revenue Model
RENTAL PROPERTIES´ RESILIENT REVENUE MODEL F O R B OT H S H O P P I N G M A L L S A N D O F F I C E A G R E E M E N T S ARS SHOPPING MALLS OFFICES USD Variable Per sqm Per sqm Per sqm Base Rent Base Rent Fixed Key money Base Rent Brokerage fee YEAR 1 YEAR 2 YEAR 3 In advance YEAR 1 YEAR 2 YEAR 3 50%
Slide 7: COVID-19 Malls' Reopening
COVID-19 MALLS´ REOPENING A C C O R D I N G T O I R S A C O M M E R C I A L P R O P E R T I E S ’ P R OT O C O L May June July August September October November 44% 100% PROTOCOL SOCIAL DISTANCE STRICT SAFETY AND HYGIENE REDUCED HOURS AND COMMUNICATION, TRAINING MEASURES TRAFFIC AND INCENTIVES 7
Slide 8: Shopping Malls Operating Figures
SHOPPING MALLS O P E R AT I N G F I G U R E S GLA & OCCUPANCY SAME SHOPPING MALLS SALES Pre COVID-19 COVID-19 (GLA: sqm) (% Var i.a.) Mainly explained by Falabella exit from 46,2% IIQ21 sales recovery DOT Baires & Alto 46,2% due to reopenings, Avellaneda. Excluding under strict protocols, that effec
Slide 9: Office Buildings Operating Figures
OFFICE BUILDINGS Main effects: O P E R AT I N G F I G U R E S - Assets sold, fully occupied - Falabella exit from Zetta building - Incorporation of 200 Della Paolera (75% occupied) STOCK OCCUPANCY Pre COVID-19 COVID-19 (GLA: sqm) BY CLASS A+ & A 97,1% 93,9% 93,0% 91,6% 79,5% B 47,5% 53,2% 52,4% 53,6
Slide 10: 6M 2021 Sales
IQ 2021 July 2020 6M 2021 SALES BOUCHARD 710 OFFICE BUILDINGS Entire building – 12 floors BOSTON TOWER IQ 2021 IIQ 2021 July and August 2020 November 2020 6 floors 7 floors 7,482 7,158 GLA sqm GLA sqm USD 41.4 mm USD 42.0 mm Price Price (including retail store) 5,530 5,710 USD/sqm USD/sqm IRCP has n
Slide 11: 200 Della Paolera
30 Floors´ building 35,000 sqm GLA 316 Parking lots 28,000 IRCP sqm GLA 75% Occupancy Premium Location 200 DELLA PAOLERA Catalinas – BA City OPENING ON DECEMBER 2020 Sustainable Potentially LEED Technological Services New Company´s headquarters Modern Design 11 Open space, collaborative, agile
Slide 12: Santa María del Plata (BA City)
SANTA MARÍA DEL PLATA (BA City) Approvals pending ~700,000 sqm Premium mixed use Real Estate to be developed in the best location of BA city
Slide 13: Investment in Banco Hipotecario
INVESTMENT • 6M21 Result to IRSA: ARS 161MM (compared to an IN BANCO ARS 1,352 MM loss in the same period of FY20). • Debt refinancing: Exchange offer on 2029 Notes on HIPOTECARIO November 2020 (debt reduction of USD 202 MM and interest savings of ~USD 20 MM). Full-service commercial bank, focused o
Slide 14: Financials
au IRSA Financials
Slide 15: IRCP Financial Metrics
IRCP FINANCIAL METRICS DECEMBER 31, 2020 - USD MILLION 140.5 Adj. Total EBITDA LTM4 159.8 Net Operating Income LTM4 103.1 Adjusted FFO LTM4 NAV1 +30% VALUATION RATIOS December 2020 22 77 154 258 CAP RATE (NOI/EV) 27.2% 690 1.542 EV/EBITDA 4.2x 1.284 990 P/FFO 2.8x 598 P/NAV 0.2x Shopping Malls Offic
Slide 16: IRCP Debt Profile
IRCP DEBT PROFILE DECEMBER 31, 2020 - USD MILLION 262.3 Consolidated Net Debt 2 1.9x Net Debt/ EBITDA 17% Loan to Value3 AMORTIZATION SCHEDULE Description Amount Maturity Short-term debt 24.6 <360 days PAMSA loan 25.2 Feb 2023 368.1 2023 Series II 360.0 Mar 2023 (international) GROSS DEBT 409.8 Cash
Slide 17: IRSA – Net Asset Value
IRSA – NET ASSET VALUE DECEMBER 31, 2020 - USD MILLION 1,479 GAV 1,156 NAV 22.0% LTV NAV 359 323 25 60 1,479 1,036 1,156 1 2 IRCP NAV Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value 1. Book value as of December 31, 2020 2. Book value as of December 31, 2020. “Ot
Slide 18: IRSA Debt Profile
IRSA DEBT PROFILE DECEMBER 31, 2020 - USD MILLION Description Amount Maturity 322.8 Stand Alone Net Debt A Local Credit Rating Short term debt 27.6 <360 days Series III 2.9 Feb-21 AMORTIZATION SCHEDULE Series IV 51.4 May-21 127.5 Series VI 4.0 Jul-21 Series V 9.2 May-22 90.9 94.3 Series VII 33.7 Jan
Slide 19: Thanks
Thanks
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