IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (2015)
30 slides from IRSA Inversiones y Representaciones SA's investor presentation, Nov 22, 2015
Slide 1: Institutional Presentation FY 2015
Institutional Presentation FY 2015 1
Slide 2: Corporate Structure
Corporate Structure IFISA* and others FLOAT 37.40% 62.60% FLOAT 64.30% 35.70% 39.76% FD: 45.5% 29.99% Voting rights: 46.48% 49.00% 95.80% 2 * IFISA holds 17.7% stake in IDBD
Slide 3: Pioneer Agribusiness Company with 79 years of history
Pioneer Agribusiness Company with 79 years of history REGIONALIZATION 1936 1994 1998 Farmland 2006 2008 Purchases in Expansion to Brazil Mr. Eduardo Argentina Expansion to Elsztain ~ 9,000 ha Bolivia & IPO for USD 276 M Paraguay Appointed Listed in Novo Follow on for Chairman Main Acquisition Agrori
Slide 4: CRESUD Business Strategy: Value Creation
CRESUD Business Strategy FARMLAND DEVELOPMENT FARMING ACTIVITY Urban Property Value Creation ROIC Specialties / Stable Yielding Agriculture Farmland Agriculture Development Farming Activity Cattle Bare Land Time Time 4 4
Slide 5: CRESUD Diversified Rural Portfolio
CRESUD Diversified Rural Portfolio ~ 850,000 hectares under management in the Region Planted Area & Breakdown (in K ha) BOLIVIA BRAZIL 207 212 201 3 4 6 22 21 16 59 67 68 4 farms 6 farms 123 124 107 11,297 ha 124,356 ha FY13 FY 14 FY15e SOYBEAN, CORN & SOYBEAN, CORN & Argentina Brazil Bolivia Paragu
Slide 6: Strong track record developing & selling Farms
Strong track record developing & selling Farms Over 200k ha developed Developed Farm 190,3 In thousand ha Potential to develop 190k ha 59,0 31.0 30.7 25,2 28.5 27.2 3.0 19.1 3.5 20.3 15.3 18.0 1.0 15.4 20.7 13.7 11,5 7.8 11.8 0.0 110,1 13.0 2,4 11.3 13.2 10.0 10.0 7,5 7.7 7.5 2.4 1,7 FY 2008 FY 2009
Slide 7: Farmland Sales during FY 2015
Farmland Sales during FY 2015 ARGENTINA BOLIVIA BRAZIL (in USD million) (in USD million) (in USD million) Santa Cruz 89 Lujan - BA de la Sierra Boquerón State 27,745 ha 1,058 ha 1,643 ha 24,624 ha 64 24 15 23 7 5 24 3 4 10 1 La Adela - Agentina Fon Fon - Bolivia Fraction of Paraguay - Brasil Cremaq
Slide 8: Regional Farmland Appreciation USD/ha
Regional Farmland Appreciation USD/ha CAGR (‘05-’15) ARGENTINA CORN BELT (USD/ha) 9.5% 21,538 BRASIL MATTO GROSO (USD/ha) 12.4% 20,066 19,628 PARAGUAY CORN BELT (USD/ha) 22.2% 18,136 BOLIVIA CORN BELT (USD/ha) 11.5% 16,576 17,375 17,000 16,083 USA IOWA (USD/ha) 9.7% 15,000 15,000 12,792 12,513 11,82
Slide 9: Our largest Farmland Development Case
Our largest Farmland Development Case Los Pozos, Salta ARGENTINA Turnaround of a Cattle farm into Cattle & Crop Farmland Has: 240.000 Cattle infrastructure 35,000 heads in 44,000 ha Investment USD/ha 250 Land Price: USD/ha 1.500 Bare Land Crop Investment 13,000 ha Acquisition Cost USD/Ha. 10 USD/ha
Slide 10: IRSA's Business
IRSA’s Business 10
Slide 11: IRSA Current Diversified Real Estate Portfolio
IRSA Current Diversified Real Estate Portfolio Rental Development International 510.000 sqm GLA 27.5 MM sqm 58.019 sqm GLA 50% of assets 28% of assets 22% of assets CONDOR HOSP. TRUST (REIT US) 11
Slide 12: Argentina Real Estate Market's Strengths
Argentina Real Estate Market´s Strengths Safeguard against inflation USD denominated Unlevered Operations 4,500 4,500 Real Estate Prices Evolution 4,200 (USD/sqm) 3,700 3,800 3,800 3,500 3,498 3,407 3,100 3,190 3,181 2,800 2,841 2,570 2,635 2,463 2,280 2,060 2,110 2,090 1,930 1,750 1,700 1,800 1,740
Slide 13: Creation of IRSA Commercial Properties
Creation of IRSA Commercial Properties A Unique Commercial Real Estate Company Transfers Office portfolio to Renaming Approved on Feb 5, 2015 (Shareholders’ Meeting) New Ticker on Nasdaq & BCBA “IRCP” 13 Transference of 83,789 sqm of GLA* + 19.597 sqm of Intercontinental II (Office Land Reserve) Rep
Slide 14: Creation of IRSA Commercial Properties
Creation of IRSA Commercial Properties 95.80% 29.99% HOTELS LANDBANK INTERNATIONAL 49.00% VP 34.00% SHOPPING OFFICE CONDOR HOSP. Malls Buildings TRUST (REIT US) 429,000 sqm of rental GLA + Commercial Landbank Potential to develop: 240,000 sqm of shopping malls 14 79,000 sqm of offices
Slide 15: Shopping Centers: Strong market position with a diversified portfolio
Shopping Centers: Strong market position with a diversified portfolio Positioned in the Most Attractive Targeting different consumer profiles Segments of the Population Buenos Aires High (7%) 67% Mkt share Mid-High (17%) Mid (30%) Mid-Low (32%) Mid Income Area Higher Income Area Lower Income Area Lo
Slide 16: Rental Segment: Strong Operating Figures
Rental Segment: Strong Operating Figures Shopping Centers – Annual Tenants’ Sales (ARS Million) 21,509 16,133 12,482 9,966 7,766 +33.3% 5,778 (+30.1% SSS) 3,702 4,194 2008 2009 2010 2011 2012 2013 2014 2015 Shopping Centers – Quarterly Growth Rate Shopping Centers – Revenues Breakdown (% ) (% ) 35.6
Slide 17: Rental Segment: Strong Operating Figures
Rental Segment: Strong Operating Figures Shopping Centers – Portfolio Evolution (GLA – Th. sqm) 333.9 309.0 309.0 311.0 299.3 287.5 232.7 FY 08 FY 09 FY 11 FY 12 FY 13 FY14 FY15 GLA (sqm K) Distrito Arcos Alto Comahue Shopping Centers – Occupancy Rate Shopping Centers – Annual Visitors (% ) (MM) 112
Slide 18: Openings of Distrito Arcos & Alto Comahue Shopping
Openings of Distrito Arcos & Alto Comahue Shopping Premium open space Outlet on the Railway Station in Palermo neighborhood (CABA) Leading Shopping mall in the city of Neuquén which experienced Opened December 2014 fully occupied a great progress due to “Vaca Muerta” investment project 13,00
Slide 19: Shopping Centers Resilient Revenue Model
Shopping Centers Resilient Revenue Model Revenues from Leases (85%) % Sales % Sales Brokerage Fee Avge 3X Monthly Base Rent % Sales Admission Fee Avge 6X Monthly Base Rent BASE RENT In Advance Year 1 Year 2 Year 3 Other Revenues (15%) Stands Non Traditional Advertising19
Slide 20: Premium portfolio of Office Buildings
Premium portfolio of Office Buildings 9 A+ Office Buildings 111,678 sqm GLA 14 Shopping Centers 309,000 Avge Portfolio sqm 26.0 Rent: USD/sqm GLA Portfolio Occupancy: 98.1% Main Tenants:1,500 stores Danone, Itaú, Toyota, Kimberly Clark, Exxon, KPMG,92 Lamillion Nación, PWC, Deustche, Total, etc 20 a
Slide 21: Huge Landbank for future commercial projects
Huge Landbank for future commercial projects Shopping San Martín ~ 31.000 sqm Catalinas Norte Offices ~ 35.000 sqm Shopping Tucumán Shopping Tucumán ~ 15.000 sqm Shopping Caballito ~ 68.000 sqm Office Intercontinental II ~ 20.000 sqm Shopping Paraná ~ 4.000 sqm Shopping Caballito ~ 68.000 sqm Curren
Slide 22: Potential to almost double the current Mall & Office Portfolio
Potential to almost double the current Mall & Office Portfolio Evolution of Malls’ GLA & Potential 115.0 (Th. sqm) 125.0 21.8 7.7 2.0 14.0 2.0 49.7 5.2 FY 08 FY 09 FY 11 FY 12 FY 13 FY14 FY15 Potential Growth GLA (sqm K) Expansions DOT Soleil La Ribera Arcos Gourmet & Alto Comahue New Developments C
Slide 23: Mix Uses & residential Landbank for development
Mix Uses & residential Landbank for development Solares de Santa María – Mix Uses San Martín – Mix Uses 27.5 million total sqm Espacio Aéreo COTO Potential to develop 2,8 MM sqm Residential Total Book Value: ARS 590 M Main Landbank Location Tucumán GLA: 15.000e Paraná (ER) GLA 4.000e Santa Fe 836 ha
Slide 24: International Opportunistic Investments
International Opportunistic Investments CONDOR HOSP. TRUST (REIT US) 14 Shopping Centers LIPSTICK Building (Stake 49,33%) - 2008 IDBD (49% through Dolphin Fund) US REIT listed in Nasdaq 309,000 sqm GLA GLA: 57,500 sqm Implict price 1,500 paid: USD/sqm stores 7,991 Settlement: May 11, 2014 (not inclu
Slide 25: International: Investment in IDBD
International: Investment Urban Real Estate 15 yearsin Appreciation IDBD Largest Israeli Diversified Holding Extra Dolphin IFISA Others Holdings 49,0% 17,7% 14,0% 19,0% One of Israel’s largest and world- IDBD class asset collection PBC ADAMA ELRON CELLCOM SHUFERSAL CLAL o Feb-15: Addition investment
Slide 26: International: Investment in IDB Development Corp.
International: Investment in IDB Development Corp. Investment & future commitments Amount Amount invested by IRSA in Dolphin ~ USD 300 million Underwriting Commitments 2015 NIS 200 million Obligations Tender Offer 2015 NIS 125 million Tender Offer 2016 NIS 131 million IDBD Share Evolution Market Val
Slide 27: Thanks!
Thanks! FY 2015
Slide 28: Appendix
Appendix
Slide 29: Consolidated Debt as of June 30, 2015
Consolidated Debt as of June 30, 2015 Description Amount (USD MM) Cresud Total Debt 329.5 Net debt / Assets (BV): 45.9% IRSA Total Debt 380.1 IRSA CP Total Debt (*) 408.1 Brasilagro Total Debt 29.5 Consolidated Total Debt 900.8 Consolidated Cash 69.7 Debt Repurchase 27.1 Consolidated Net Debt 803.2
Slide 30: IRSA's consolidated debt as of June 30, 2015
IRSA’s consolidated debt as of June 30, 2015 IRSA Stand Alone Debt amortization schedule USD million Debt: USD 84.3 MM + USD 300 MM (Bonds) 96.4 Cash: USD 10.9 MM 150.0 IRSA CP credit for USD 246.4 MM Debt Repurchase: USD 9.4 MM 77.6 Net Debt: USD 117.6 MM 5.1 1.6 0.0 2015 2016 2017 2018 2019 2020 I
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