IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q1 FY2024 Earnings Presentation
19 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Nov 7, 2023
Slide 1: IQ 2024 Conference Call
IQ 2024 CONFERENCE CALL November 7, 2023 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IQ 2024 and Subsequent
MAIN EVENTS FOR IQ 2024 AND SUBSEQUENT 1 STRONG FINANCIAL & OPERATIONAL PERFORMANCE 2 MALLS’ TENANT SALES GROWTH AND HIGHER OCCUPANCY 3 HOTELS’ STRONG EBITDA & HIGHER OCCUPANCY 4 PREMIUM OFFICES’ OCCUPANCY IMPROVEMENT 5 REAL ESTATE ASSETS’ SALES (3 FLOORS OF “200 DELLA PAOLERA”, SUIPACHA 652 BUILDIN
Slide 3: Shopping Malls Operating Figures
SHOPPING MALLS OPERATING FIGURES STOCK & PORTFOLIO OCCUPANCY SAME SHOPPING MALLS SALES (GLA: sqm) IN REAL TERMS 98.0% +34.2% 94.3% 92.8% 93.7% +10.1% 89.6% 224,171 203,640 336,240 335,641 334,737 IQ20 IQ21 IQ22 IQ23 IQ24 167,000 333,345 332,277 149,149 34,399 IQ20 IQ21 IQ22 IQ23 IQ24 IQ20 IQ21 IQ22
Slide 4: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK LEASES (USD/SQM/MTH) & OCCUPANCY A+ & A (GLA: sqm) 115,640 113,451 86,9% 86,9% 88,5% 93,144 83,7% Bouchard 710 200 República Della 82,708 82,0% Paolera 61,742 200 IQ 23 25,9 IIQ 23 26,3 IIIQ 23 IVQ26,4 23 26,1 IQ 24 Boston Della 25,5 Paolera Suipacha Tower 20
Slide 5: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 66.4% 62.3% 62.9% 61.6% 62.7% 54.8% 0.8% 10.9% 119 94 84 119 142 IQ 20 IQ 21 IQ 22 IQ 23 IQ 24 21.0% COVID LOCKDOWN LLAO LLAO – Rate & occupancy 0.6% (USD/room & %) 267 82.6% 243 2
Slide 6: IQ24 & Subsequent - Real Estate Transactions
IQ24 & SUBSEQUENT - REAL ESTATE TRANSACTIONS SUIPACHA 652/64 (JUL-23) 200 DELLA PAOLERA (AUG & OCT-23) July 2020 7 11,465 3 Floors GLA sqm Floors 62 3,579 Parking spaces GLA sqm 6.75 28 USD MEP MM Parking spaces QUALITY S.A. – SAN MARTIN (AUG-23) 48.4 USD MM 159,996 (21.5 USD MEP MM) sqm IRSA keeps
Slide 7: Costa Urbana Project Work Progress
COSTA URBANA PROJECT WORK PROGRESS OBELISC NATIONAL PUERTO GOVERNMENT MADERO =1/3 PUERTO MADERO 866,806 Mixed-uses 15 – 20 years Buildable sqm Potential Project Premium ▪ IRSA has complied with the financial commitments with the City location Government and is in the process of transferring the publ
Slide 8: Financial Results
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Slide 9: FX & Inflation Evolution
FX & INFLATION EVOLUTION Nominal Official FX Evolution Nominal MEP FX Evolution 349,95 36% 789,18 64% 256,7 482,52 147,32 18% 21% 125,23 Inflation index Evolution 302,48 35% 249,59 2304,9 FY24 FY23 FY24 FY23 Beginning IQ Beginning IQ 1709,6 22% Real Official FX Evolution 967,3 Real MEP FX Evolution
Slide 10: IQ24 – Operating Results by Segment
IQ24 – OPERATING RESULTS BY SEGMENT ADJUSTED EBITDA RENTAL ADJ. EBITDA MARGINS A RS M I L L I O N Shopping Malls Offices Hotels +6.7% IQ24 IQ23 Var S&D + Others Shopping 17,030 Malls 77.7% 75.8% +1.9 bps 15,958 317 2,110 2,147 +34.4% 1,282 1,570 1,339 -4.3% Rental Offices 80.9% 81.9% -1.0 bps EBITDA
Slide 11: IQ24 - Consolidated Operating Results
IQ24 - CONSOLIDATED OPERATING RESULTS OPERATING INCOME (EXC. CHANGE IN FAIR VALUE ) CHANGE IN FAIR VALUE OF INVESTMENT PROPERTIES ARS MILLION ARS MILLION 102,292 +44.0% 19,113 13,277 IQ23 IQ24 -15,797 IQ23 IQ24 11
Slide 12: IQ24 – Consolidated Financial Results
IQ24 – 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 81,080 6,948 4,053 4,038 -1,423 -7,673 408 -3,620 IQ23 IQ24 -41,527 77,042 Main effects IQ23 IQ24 Var Net FX result 4,947 -4,008 -8,955 FV of Financial Assets &
Slide 13: Rental EBITDA Evolution by Segment
RENTAL EBITDA EVOLUTION BY SEGMENT USD MILLION Shopping Malls Office buildings +34.6% +5.4% Hotels 176 167 16 15 13 131 14 12 115 26 95 18 9 28 139 147 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 IQ24 LTM C OV I D - 1 9 13
Slide 14: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION – USD MILLION -61% 755 640 566 574 345 306 231 273 323 296 248 191 410 335 334 301 296 FY18 FY19 FY20 FY21 FY22 FY23 IQ24 oct-24 COVID-19 After dividend NET DEBT / RENTAL EBITDA 13.0x 2.8x 1.5x 1.1x LTV 28.0% 13.0% 10.5% 7.5% COVERAGE RATIO 2.0x 5.3x
Slide 15: Debt Amortization Schedule
DEBT AMORTIZATION SCHEDULE AS OF SEPTEMBER 30, 2023 - USD MILLION Gross Debt 383.4 123,4 104,2 80,9 47,4 27,6 Banking Debt 21,0 FY 24 FY 25 FY 26 FY 27 FY 28 15 1515
Slide 16: Subsequent Dividend Distribution (Oct-23)
SUBSEQUENT DIVIDEND DISTRIBUTION (OCT-23) DIVIDENDS EVOLUTION USD CCL MILLION Cash dividend ~67.4 64.0 (oct-23) Amount ARS 64,000 MM Per ordinary share ARS 88.4688 49.8 Per GDS ARS 884.6878 (may-23) Dividend yield ~12% Payment Date October 12th, 2023 MERGER WITH IRCP 14.2 (nov-22) FY 2022 FY 2023 1H
Slide 17: Dividend Payment and Own Shares Distribution (Oct-23)
DIVIDEND PAYMENT AND OWN SHARES DISTRIBUTION (OCT-23) • On 10/12 IRSA distributed the dividend and its own shares in Argentina, which were approved by the Shareholders’ Meeting held on 10/5. GDS HOLDERS’ STATUS • In recent weeks, the FX and securities regulations in force in Argentina have increased
Slide 18: Shares Repurchase Programs
SHARES REPURCHASE PROGRAMS FY 2023 Program (current) From June to December 2023 Shareholders’ Meeting Period Extended 180 days until June 2024 held on Oct 5th, 2023 Maximum amount to invest Up to ARS 5,000 million Distributed treasury shares Payable price Up to ARS 720 per share and USD 9 per GDS 12
Slide 19: 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
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