IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q2 FY2023 Earnings Presentation
16 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Feb 13, 2023
Slide 1: IIQ 2023 Conference Call
IIQ 2023 CONFERENCE CALL February 13, 2023 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, IRO
Slide 2: Main Events for IIQ 2023 and Subsequent
MAIN EVENTS FOR IIQ 2023 AND SUBSEQUENT 1 STRONG FINANCIAL & OPERATIONAL PERFORMANCE 2 MALLS’ TENANT SALES GROWTH AND HIGHER MARGINS 3 PREMIUM OFFICES’ OCCUPANCY IMPROVEMENT 100% OCCUPANCY REACHED IN “200 DELLA PAOLERA” AFTER THE QUARTER 4 HOTELS’ RECORD OCCUPANCY & EBITDA 5 SERIES XV & XVI NOTES IS
Slide 3: 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% 119,233 336,240 335,279 106,117 98,659 IIQ 20 332,812 333,460 IIQ 21 IIQ 22 IIQ 23 63,906 IIQ 20 IIQ 21 IIQ 22 IIQ 23 IIQ 20 IIQ 21 IIQ 22 IIQ 23 EXPAN
Slide 4: 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% 200 200 24.9% 19.6% Della Della República 82,708 Paolera Paolera IIQ 22 IIIQ 22 IVQ 22 IQ 23 IIQ 23 200 LEASES
Slide 5: 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 80,2% 84,6% GLA sqm 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 6: 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 87 93 135 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 7: 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 x
Slide 8: FX & Inflation Evolution
FX & INFLATION EVOLUTION Nominal Official FX Evolution Nominal MEP FX Evolution 41% 177,16 327,94 20% 8% 31% 302,48 147,32 21% 18% 249,59 125,23 7% 20% 102,72 12% 197,19 3% 98,74 4% 176,63 95,72 Inflation index Evolution 164,82 7% 1134,6 43% 17% FY23 FY222 FY23 FY22 967,3 22% Beginning IQ IIQ Beginn
Slide 9: 6M 23 – Operating Results by Segment
6M 23 – OPERATING RESULTS BY SEGMENT ADJUSTED EBITDA RENTAL ADJ. EBITDA MARGINS A RS M I L L I O N Shopping Malls Offices +10.1% Hotels 13.903 IQ 23 IQ 22 Var S&D + Others 1.724 12.630 +148.1% 1.328 Shopping Malls 78.6% 70.7% +7.9 pp 695 -13.9% 1.543 Rental EBITDA Offices 81.2% 65.7%* +15.5 pp 15,47
Slide 10: 6M 23 – Consolidated Operating Results
6M 23 - CONSOLIDATED OPERATING RESULTS OPERATING INCOME (EXC. CHANGE IN FAIR VALUE ) CHANGE IN FAIR VALUE OF INVESTMENT PROPERTIES ARS MILLION ARS MILLION -167.5% +53.1% 43.731 12.108 7.911 6M 22 6M 23 -29.530 6M 22 6M 23 10
Slide 11: 6M 23 – Consolidated Financial Results
6M 23 – CONSOLIDATED FINANCIAL RESULTS NET FINANCIAL RESULTS NET RESULT A RS M I L L I O N A RS M I L L I O N -26.8% 8.545 49.712 -68.9% 6.256 6M 22 6M 23 50.105 15.436 Main effects 6M 22 6M 23 Var 346 Inflation Adjustment 837 8,616 +7,779 15.090 Net interest -6,442 -4,441 +2,001 -393 Net FX result
Slide 12: 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 38 39 3,9 12 115 33 1,8 4,5 26 95 8 30 3,0 6,9 3,8 18 2,6 9 5,2 22 2,2 28 17 0,8 41,4 122,6 15 5,7 44 0,8 4,2 5,3 29,5 31,1 93 0 89 8 25,1 25,1 58
Slide 13: 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% IRCP23 (BCRA Regulation “A
Slide 14: 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 15: 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 16: Contact Information
CONTACT INFORMATION EDUARDO ELSZTAIN – Chairman & CEO NYSE Symbol: IRS www.irsa.com.ar MATÍAS GAIVIRONSKY – CFO BYMA Symbol: IRSA Contact e-mail: ir@irsa.com.ar SANTIAGO DONATO – Head of IR & ESG Follow us on Twitter Tel +(54 11) 4323 7449 @irsair Independent Auditors Corporate Offices Pricewaterhou
IRSA Inversiones y Representaciones — Q2 FY2023 Earnings Presentation on 6ix