IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (2023)
24 slides from IRSA Inversiones y Representaciones SA's investor presentation, 2023
Slide 1: Institutional Presentation IIQ FY 2023
INSTITUTIONAL PRESENTATION IIQ FY 2023
Slide 2: Leading Real Estate Company in Argentina
LEADING REAL ESTATE COMPANY IN ARGENTINA Shopping malls 15 336,240 sqm ✓ 30 years acquiring, RENTAL developing and operating real SEGMENT 6 Office buildings 82,700 sqm estate Hotels ✓ Rental portfolio of approx. 500,000 sqm of GLA 3 79,000 sqm across Argentina ✓ 25 years listed on the A simplified v
Slide 3: Our Strategy
OUR STRATEGY OPERATING PROFITABILITY INNOVATION AND GROWTH SUSTAINABILITY Our premium locations and our Pioneers in innovative real estate We are part of the communities where leadership position in Argentina, developments in Argentina due to their our business units operate. We plan for together wi
Slide 4: Premium Portfolio
PREMIUM PORTFOLIO BEST LOCATIONS BA City SHOPPING OFFICE Dot Building MALLS BUILDINGS Philips Argentina Zetta BA City 200 Della Paolera Suipacha Intercontinental High income Area Mid Income Area Low Income Area 67% Expanding Corporate North Area Business Center BA Malls AAA Location market share HOT
Slide 5: Best Quality Assets
BEST QUALITY ASSETS 2022 Llao Llao Hotel (Bariloche - Patagonia) 2022 (under process) 200 Della Paolera (BA City) Zetta Building (BA City) 200 Della Paolera (BA City) 5
Slide 6: Resilient Revenue Model
RESILIENT REVENUE MODEL ARS Variable SHOPPING MALLS Rental revenues 3-year ARS LINKED 74% average term Base Rent 50% Fixed TO The company collects the highest between a % of tenant monthly sales and a minimum rent (base ARS based (inflation linked) Base Rent rent) Fixed I N F L AT I O N Other revenu
Slide 7: Shopping Malls Operating Figures
SHOPPING MALLS OPERATING FIGURES STOCK & PORTFOLIO OCCUPANCY SAME SHOPPING MALLS SALES (ABL: m2) IN REAL TERMS +20.9% 95.0% 93.9% +12.4% 88.3% 89.1% 119,233 336,240 106,117 335,279 IIQ 20 IIQ 21 IIQ 22 IIQ 23 98,659 333,460 332,812 63,906 IIQ 20 IIQ 21 IIQ 22 IIQ 23 IIQ 20 IIQ 21 IIQ 22 IIQ 23 EXPAN
Slide 8: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK OCCUPANCY BY CLASS (GLAL: sqm) A+ & A 85.5% 82.0% 83.7% 76.7% 74.6% 115,640 114,475 109,859 Impact of Suipacha building (empty) B 30.9% 30.9% 33.5% 200 Della 200 Della 24.9% 19.6% Paolera República Paolera 82,708 IIQ 22 IIIQ 22 IVQ 22 IQ 23 IIQ 23 200 Della L
Slide 9: 200 Della Paolera Fully Occupied After IIQ23
200 DELLA PAOLERA FULLY OCCUPIED AFTER IIQ23 OCCUPANCY PROGRESS SINCE OPENING (dec-20) 5 floors leased (Jan-23) 100% 5,922 84,6% GLA sqm 80,2% 74,6% 76,9% 65,5% 67,1% 64,8% 64,8% 57,6% SALES OF OCCUPIED FLOORS IIQ 21 IIIQ 21 IVQ21 IQ22 IIQ22 IIIQ22 IVQ22 IQ23 IIQ23 IIIQ23E IRSA BUILDING FIGURES 14 o
Slide 10: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 72,40% 71,4% 36,4% 71,4% 6,9% 68,1% 131 135 87 93 IIQ 20 IIQ 21 IIQ 22 IIQ 23 PANDEMIC LOCKDOWN 42,5% LLAO LLAO – Rate & occupancy (USD/room & %) 205 208 71,4% 180 175 57,1% 57,9%
Slide 11: Strong Office Buildings Sales Since 2020
STRONG OFFICE BUILDINGS SALES SINCE 2020 Bouchard 710 12 Floors 12 Floors* 200 Della Paolera July 2020 June 2020, June & Oct. 2021, 15,014 GLA sqm 14,331 GLA sqm March & Aug. 2022 87.2 USD MM 122.7 USD MM 5,800 USD/sqm 8,370 USD/sqm ~16,832 remaining GLA *Does not include 4 floors sold to Globant in
Slide 12: Costa Urbana Project Approval
COSTA URBANA PROJECT APPROVAL December 2021 70 ~900,000 Total Hectares Buildable sqm 70% Mixed-uses OBELISC For public uses Potential 30% 15 – 20 years NATIONAL PUERTO To develop Project GOVERNMENT MADERO CONTRIBUTIONS TO THE CITY: ▪ 50.8 hectares for public use (71% of the total area of the propert
Slide 13: Preliminary render for illustrative purposes
13 Preliminary render for illustrative purposes 13
Slide 14: Properties for Mixed Use Developments
Caballito (BA city) PROPERTIES FOR MIXED U S E D E V E LO P M E N T S San Martin (BA province) 16.0 Polo Dot (BA city) 18 Total surface (mm sqm) # Land Reserves 6.7 Buildable surface (mm sqm) Capacity to almost double current rental portfolio Malls expansions (BA City) Montevideo (Uruguay) La Plata
Slide 15: ESG Progress – FY 2022
ESG PROGRESS – FY 2022 200 Della Paolera E S Focus on education, health & G Merger between IRSA and IRCP Under LEED certification process gender diversity • Simplifies corporate structure +60% LEED Office portfolio 40 Group Social Actions • Increases Company’s float • Brings synergies and cost effic
Slide 16: Financials
FINANCIALS alplals| Tito
Slide 17: Financial Management Since 2020
FINANCIAL MANAGEMENT SINCE 2020 USD MILLION CAPITAL & DEBT ISSUANCES 1,042 ASSETS SALES USD MM 275.7 BOSTON TOWER BOUCHARD 710 REPÚBLICA BUILDING 135.3 171.2 460.2 SERIES XIV (IRCP 23 NOTES EXCHANGE) 200 DELLA PAOLERA FY 22 & SUBSEQUENT USD MM (12 FLOORS) ASSET SALES 223.5 DEBT ISSUANCES 319.3 TOTAL
Slide 18: Rental EBITDA Evolution by Segment
RENTAL EBITDA EVOLUTION BY SEGMENT (1) USD MILLION QUARTERLY ANNUAL Shopping Malls Offices Surpasing pre-pandemic levels 156 51 Hotels 14,6 5,6 131 18,5 3,9 12 39 115 38 1,8 4,5 8 26 33 95 6,9 3,8 18 30 3,0 9 2,6 5,2 2,2 22 28 0,8 41,4 122,6 17 15 0,8 5,7 31,1 93 44 4,2 5,3 29,5 0 89 25,1 25,1 8 25
Slide 19: Net Asset Value
NET ASSET VALUE 1 USD MILLION (AT OFFICIAL FX) LTV 12.1% 112 282 85 COSTA URBANA 662 975 33 2.339 2.057 447 687 Shopping Malls Offices Hotels Land reserves & Banco JV, Investees & 2 Gross Asset Net Debt Net Asset Value Prop. Under Hipotecario Others Value development 1- Assets and liabilities adjust
Slide 20: Subsequent Event: Series XV & XVI Notes Issuances
SUBSEQUENT EVENT: SERIES XV & XVI NOTES ISSUANCES MATURITIES ON MARCH 2023 NEW NOTES ISSUED (IN DOLLARS) 204.8 • Offers received: +27.6% over issued • High participation of retail investors • Reduction of average cost of financing in USD 121.0 FX Access SERIES II Up to 40% (BCRA Regulation “A” 7106)
Slide 21: Debt Amortization Schedule
DEBT AMORTIZATION SCHEDULE DEBT AMORTIZATION SCHEDULE – USD MILLION DEBT AMORTIZATION SCHEDULE – USD MILLION As of December 2022 Proforma as of Feb-23 (after new issuances and cancellation Series II & IX) Gross Debt 464.4 Gross Debt 445.6 Cash & Eq. 158.3 Cash & Eq. 163.1 207,6 Net Debt 306.1 Net De
Slide 22: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION – USD MILLION -62.6% 755 640 566 574 345 306 231 273 323 282.5 410 335 334 301 FY18 FY19 FY20 FY21 FY22 feb-23 COVID-19 DEUDA NETA / EBITDA DE RENTA 13.0x 2.8x 1.8x LTV 28.0% 13.0% 12.2% COVERAGE RATIO 2.0x 5.3x 8.7x *Proforma post Series XV & XVI Not
Slide 23: Group Capital Markets Track Record
GROUP CAPITAL MARKETS TRACK RECORD NUMBER OF CAPITAL AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY MARKETS TRANSACTIONS +200 +USD 18bn 4 New York, Buenos Aires, & Sao Paulo Even in the worst Argentinean crisis (2001) & COVID-19 IRSA IPO APSA IPO (now IRCP) CRESUD FOLLOW LIABILITY LOCAL MAR
Slide 24: Contact Us
CONTACT US OUR ADRESS OUR EMAIL OUR PHONE OUR WEBSITE TWITTER Della Paolera 261 9th floor ir@irsa.com.ar (+54) 911 4323-7449 www.irsa.com.ar @IRSAIR 24
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