Financial Data and Key Metrics - Rental adjusted EBITDA reached ARS171 billion, an 8.8% increase compared to the previous year [3] - Net income posted a loss of ARS23 billion, primarily due to non-cash effects from the fair value adjustment of investment properties [3] - Dividends of ARS119 billion were distributed in two tranches, with yields of 13% and 7% respectively [4] - Share buybacks amounted to 4% of total outstanding shares [4] Business Line Data and Key Metrics - Shopping malls saw a 4.5% decline in tenant real sales compared to 2023, but occupancy remained at a historical high of 98% [5] - Office occupancy in premium buildings increased to 96%, with average rent stable at ARS25 per square meter per month [7] - Hotel occupancy averaged 64% for the year, with rates increasing to ARS243 per room from ARS217 [8] - Entertainment sector, including La Rural and convention centers, showed signs of recovery but has not fully returned to pre-pandemic levels [9] Market Data and Key Metrics - The company maintained strong occupancy levels across all segments despite macroeconomic volatility [5][7][8] - International tourism declined in the last quarter, posing a challenge for hotel operations in the coming year [7] - La Rural secured a concession extension until 2037, with an option to extend further until 2041 [9] Company Strategy and Industry Competition - The company is focusing on digitalization through its loyalty app ¡appa!, which has seen growth in registered users and transactions [12] - Real estate transactions included the sale of the Maple building and a 50% stake in Quality Invest, while new projects like Ramblas del Plata were launched [13][17] - The company is leveraging its land bank for future developments, with a focus on residential, office, and mixed-use projects [19][20] Management Commentary on Operating Environment and Future Outlook - Management highlighted the volatility of the year, with high inflation and government policy changes impacting consumption [3] - The company expects a slight recovery in shopping mall sales and visitor flow in 2025, driven by inflation capture and stable occupancy [5] - The launch of new mortgage lines by Banco Hipotecario is seen as a potential boost for the real estate sector [23] Other Important Information - The company advanced its ESG initiatives, achieving LEED certifications for 72% of its premium buildings and obtaining a green seal for waste management in shopping malls [10] - IRSA celebrated its 75th anniversary on the Buenos Aires Stock Exchange and will mark its 30th anniversary on the NYSE in December [11] Q&A Session Summary Question: Impact of Urban Planning Code changes in Buenos Aires - The changes are expected to affect new projects, but most of IRSA's projects are already approved and should not be impacted [35] Question: Financing for Ramblas del Plata - IRSA plans to use swap transactions with developers and will invest $40 million in infrastructure over three stages [37][41] - The total development capital for Ramblas del Plata is estimated at $1.3-1.4 billion, with a timeline exceeding 15 years [43] Question: Future capital allocation - The company plans to continue paying dividends and may increase debt levels slightly while investing in new projects [50][52] - Share buybacks will continue, subject to legal limits on liquidity [50] Question: Political outlook under Millay's administration - Management expressed hope for a more stable macroeconomic environment, which could encourage long-term investments [55]

BUENOS AIRES, Argentina, Sept. 3, 2024 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the Fiscal Year 2024 ended June 30, 2024. Balance Sheet 06/30/2024 06/30/2023 Current Assets 227,724 260,910 Non-Current Assets 2,014,041 2,382,939 Total Assets 2,241,765 2,643,849 Current Liabilities 274,913 281,329 Non-Current Liabilities 814,415 934,425 Total Liabilities 1,089,328 1,215,754 Non-Controlling In ...

IRSA Inversiones y Representaciones Sociedad Anónima Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2024 and for the nine and three-month periods ended as of that date, presented comparatively Legal information Denomination: IRSA Inversiones y Representaciones Sociedad Anónima. Fiscal year N°: 81, beginning on July 1st, 2023. Legal address: 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina. Company activity: Real estate investment and developm ...

Matias Ivan Gaivironsky Regarding the office segment, after selling assets during the last three, four years, we currently manage about 59,000 square meters, mostly A plus and A buildings, that when you see occupancy remains very high at levels of 93%, this is above the average of the industry in Buenos Aires, while rents remain stable at levels of $26 per square meter per month. And finally, on the third rental segment on the hotels. The three hotels have shown very good performance during the quarter, rea ...

BUENOS AIRES, Argentina, May 7, 2024 /PRNewswire/ -- HIGHLIGHTS The net result for the nine-month period of fiscal year 2024 recorded a loss of ARS 111,728 million compared to a gain of ARS 123,217 million in the same period of the previous year, mainly explained by the impact of inflation exposure on the fair value of investment properties. The rental adjusted EBITDA reached ARS 112,911 million in the nine months of fiscal year 2024, 9.1% higher than the same period of the previous year, ARS 86,475 millio ...

Revenue and Profitability - Total revenues for the six months ended December 31, 2023, increased to ARS 101,457 million, up from ARS 96,193 million in the same period of 2022, representing a growth of 3.2%[28] - Gross profit for the six months reached ARS 68,701 million, compared to ARS 63,561 million in the prior year, reflecting an increase of 8.4%[28] - Profit for the period attributable to equity holders of the parent was ARS 141,519 million, compared to ARS 46,992 million in the previous year, marking a substantial increase of 200.5%[28] - The company reported a profit per share attributable to equity holders of ARS 189.45 for the six months, significantly higher than ARS 62.66 in the same period last year[28] - The net profit for the period was ARS 146,593 million, compared to ARS 141,519 million in the previous period, reflecting a growth of approximately 3.5%[32] - The total comprehensive income for the period was ARS 142,157 million, which includes a comprehensive loss of ARS 4,908 million[32] - The Group reported a net profit of ARS 46,992 million for the period, with total comprehensive income of ARS 45,210 million after accounting for other comprehensive losses[36] Assets and Liabilities - Total assets as of December 31, 2023, amounted to ARS 1,651,194 million, up from ARS 1,470,663 million as of June 30, 2023, indicating a growth of 12.3%[25] - Non-current liabilities rose to ARS 648,785 million, compared to ARS 519,781 million, representing a 24.8% increase[25] - The Group's total liabilities increased to ARS 382,998 million as of December 31, 2023, compared to ARS 305,536 million as of June 30, 2023, representing an increase of 25.3%[119] - The Group's total right-of-use assets increased to ARS 6,242 million as of December 31, 2023, compared to ARS 6,066 million as of June 30, 2023, reflecting a rise of 2.9%[117] - The total financial assets as of December 31, 2023, were ARS 205,132 million, up from ARS 158,255 million as of June 30, 2023, indicating a growth of 29.6%[118] Shareholder Equity and Dividends - Shareholders' equity attributable to equity holders of the parent increased to ARS 788,455 million from ARS 748,240 million, reflecting a rise of 5.4%[25] - As of December 31, 2023, the total shareholders' equity amounted to ARS 837,722 million, an increase from ARS 794,391 million as of June 30, 2023[32] - The company declared a dividend distribution of ARS 90,585 million during the period[33] - A total of ARS 54,483.3 million was allocated for dividend distribution to shareholders, with ARS 64,000 million approved for cash payment[159] - The cash dividend per Global Depositary Share (GDS) was USD 0.955110, including the yield from the "Super Ahorro $" fund[163] Cash Flow and Financing Activities - Net cash generated from operating activities for the six-month period ended December 31, 2023, was ARS 33,545 million, compared to ARS 33,135 million for the same period in 2022, reflecting a slight increase[41] - The Group's cash flow from financing activities resulted in a net cash outflow of ARS 90,278 million, compared to ARS 82,015 million in the previous year[41] - The total net cash generated by operating activities before income tax paid was ARS 36,122 million for the six-month period ended December 31, 2023, compared to ARS 34,642 million for the same period in 2022, an increase of 4.3%[121] Investment Properties and Fair Value Adjustments - The net gain from fair value adjustments of investment properties was ARS 137,822 million for the six months, a significant recovery from a loss of ARS 91,958 million in the same period last year[28] - The total investment properties increased to ARS 1,285,849 million as of December 31, 2023, up from ARS 1,178,019 million as of June 30, 2023[102] - The net unrealized gain from fair value adjustment of investment properties was ARS 120,492 million for the six-month period ended December 31, 2023, compared to a loss of ARS 95,387 million in the same period of 2022[103] Economic Environment and Challenges - The Argentine peso depreciated from ARS 180 to ARS 805 per dollar during 2023, contributing to a challenging economic environment[49] - The accumulated inflation rate for 2023 reached 211%, impacting the overall financial performance of the Group[49] - The price variation was 107% for the six-month period and 211% for the twelve-month period, indicating significant inflationary pressures[58] Share Buyback and Capital Management - The company repurchased 7,839,874 shares under the buyback program, resulting in a treasury share reduction of ARS 5,879 million[33] - The company completed 99.95% of its share buyback program, utilizing the approved amount of ARS 5,000 million[172] - A new share buyback program was approved for up to ARS 6,500 million, with a maximum price of USD 10 per GDS and ARS 1,200 per share[173] Related Party Transactions - The company reported a total of ARS 10,636 million in transactions with related parties at the end of the period, compared to a negative balance of ARS 8,258 million previously[139] - The company’s borrowings with related parties increased to ARS 1,142 million as of December 31, 2023, up from ARS 601 million as of June 30, 2023, a 89.9% increase[145] Management Insights - The company’s president, Eduardo S. Elsztain, emphasized the importance of these financial metrics in guiding future strategies[198][199]

Financial Performance - Total revenues for the three-month period ended September 30, 2023, increased to ARS 30,725 million, up from ARS 27,803 million in the same period last year, representing an increase of 6.9%[24] - Gross profit for the period was ARS 20,727 million, compared to ARS 17,642 million in the previous year, reflecting a growth of 17.5%[24] - Profit for the year attributable to equity holders of the parent reached ARS 77,042 million, compared to ARS 2,768 million in the same quarter of the previous year, marking an increase of 2,783%[24] - Total comprehensive income for the period was ARS 80,744 million, compared to ARS 2,469 million in the same period last year, showing a substantial increase[24] - Basic profit per share attributable to equity holders of the parent was ARS 104.82, a significant rise from ARS 3.74 in the previous year[24] - Profit from operations reached ARS 121,405 million, a substantial increase from a loss of ARS 2,520 million in the same quarter last year[62] - The profit for the period ended September 30, 2023 was $81,080 million, a significant increase from $3,089 million for the same period in 2022[98] - The Group's profit for the period at the applicable tax rate was ARS (43,787) million, compared to ARS (2,211) million in the prior year[111] Assets and Liabilities - Total assets as of September 30, 2023, amounted to ARS 1,061,363 million, up from ARS 959,405 million as of June 30, 2023, indicating a growth of 10.6%[22] - The total shareholders' equity as of September 30, 2023, was ARS 595,757 million, an increase from ARS 518,231 million as of June 30, 2023[29] - The company reported a decrease in total current liabilities from ARS 102,090 million to ARS 88,987 million, a reduction of 12.7%[22] - Total financial liabilities as of September 30, 2023 were $183,105 million, compared to $199,320 million as of June 30, 2023, indicating a reduction in liabilities[95] - Total liabilities slightly decreased to ARS 134,348 million as of September 30, 2023, compared to ARS 134,477 million on June 30, 2023, a reduction of 0.1%[126] Cash Flow - Cash and cash equivalents rose to ARS 21,601 million, compared to ARS 11,777 million at the end of June 2023, representing an increase of 83.5%[22] - Net cash generated from operating activities increased to 10,672 million pesos in Q3 2023, compared to 10,318 million pesos in Q3 2022, reflecting a growth of 3.4%[38] - Net cash generated from investing activities rose significantly to 6,909 million pesos in Q3 2023, up from 4,630 million pesos in Q3 2022, marking a 49.2% increase[38] - The company reported a net increase in cash and cash equivalents of 9,847 million pesos for the period, a substantial recovery from a decrease of 28,956 million pesos in the same period last year[38] - Cash and cash equivalents at the end of the period rose to $12,111 million as of September 30, 2023, compared to $1,148 million at the same time last year[173] Investment Properties - The net gain from fair value adjustment of investment properties was ARS 102,292 million, a significant recovery from a loss of ARS 15,797 million in the prior year[24] - The Group's investment properties' fair value increased to ARS 866,371 million as of September 30, 2023, from ARS 768,776 million at the end of June 2023[75] - The fair value of investment properties increased to ARS 655,203 million as of September 30, 2023, up from ARS 585,795 million as of June 30, 2023, representing a growth of approximately 11.8%[195] - The total value of investment properties increased to ARS 866,371 as of September 30, 2023, up from ARS 768,496 as of June 30, 2023[79] - The total additions to investment properties for the three-month period were ARS 549 million, while disposals amounted to ARS 5,977 million[194] Shareholder Activities - The company repurchased 4,193,634 shares under the buyback program approved on June 15, 2023, resulting in a treasury share cost of ARS 1,742 million[30] - The company approved a dividend distribution of ARS 64,000 million, with the remainder of ARS 1,148.9 million allocated to future dividends reserve[142] - The company announced a reverse split of shares, exchanging every 1 old share for approximately 0.9078 new shares with a nominal value of ARS 10[131] Economic Conditions - The inflation adjustment for the period was recorded at 35%, reflecting the hyperinflationary economic conditions in Argentina[50] - The company has agreed to allocate 50.8 hectares for public use, representing approximately 71% of the total area of the property for the development of public green spaces[84] General and Administrative Expenses - General and administrative expenses were ARS 410 million for the quarter, a decrease from ARS 3,642 million in the previous year, reflecting a significant cost reduction strategy[62] - General and administrative expenses decreased to ARS 1,713 million from ARS 2,585 million, indicating a reduction of 33.7%[161] Other Financial Metrics - The company reported a comprehensive loss of ARS 336 million for the period, primarily due to currency translation adjustments[30] - The company’s retained earnings as of September 30, 2023, were ARS 165,678 million, up from ARS 88,636 million as of June 30, 2023[29] - The company’s borrowings totaled ARS 116,852 million as of September 30, 2023, slightly down from ARS 117,400 million[126]

Financial Data and Key Metrics Changes - The company reported a gain of ARS81 billion for the first quarter of fiscal year 2024, compared to a gain of ARS3.1 billion in the same period last year, indicating significant improvement [35] - Inflation during the quarter was 35%, up from 22% the previous year, impacting the fair value of investment properties and foreign exchange differences [30][31] - The company reduced its debt by 61%, resulting in a net debt of $296 million, reflecting a conservative capital structure [36] Business Line Data and Key Metrics Changes - Shopping malls experienced a 22% increase in adjusted EBITDA, while the office segment saw a 4% decrease [13] - The occupancy rate for shopping malls increased to 98%, with sales growing by 10% compared to the same quarter last year and 34% above pre-pandemic levels [22][23] - Hotel occupancy rates reached 66%, with average room rates growing to approximately $270 [25] Market Data and Key Metrics Changes - The real estate activity was strong, with significant disposals including the sale of three floors of the Della Paolera building and the entire Suipacha building [3][5] - The company noted a slight devaluation of the peso, with a 1% devaluation in real terms against a 4% appreciation last year [12] Company Strategy and Development Direction - The company is focusing on premium developments, particularly the Costa Urbana project, and plans to utilize various financing methods including preselling units and barter agreements [27][43] - The management emphasized a strategy of "flight to quality" in their real estate portfolio, selling lower-quality assets to concentrate on higher-value projects [7][27] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the consumption levels in October and November, indicating a positive trend in sales growth [45] - The company is prepared for potential economic uncertainties following elections, trusting in the quality of its portfolio [66][73] Other Important Information - A dividend payment representing around 12% yield was approved and paid, with ongoing discussions regarding the distribution to GDS holders due to regulatory restrictions [20][38][56] - The company extended its share repurchase program by 180 days, having already repurchased 42% of the planned ARS5 billion [41] Q&A Session Summary Question: How will the company finance the Costa Urbana development? - The company plans to use various financing methods, including preselling units and barter agreements, to minimize cash investment [43] Question: What is the expected timing for launching the first towers of the Costa Urbana project? - Infrastructure work is expected to start in 2024, with building presales and construction to follow based on demand [62][70] Question: Are there plans to expand Alto Rosario? - The company has the capacity to expand Alto Rosario and is considering mixed-use developments [46][72] Question: What are the expectations for the malls business post-elections? - Management acknowledged uncertainty regarding new policies but remains confident in the quality of their portfolio [73]

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date ...

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q4 2023 Earnings Call Transcript September 7, 2023 11:00 AM ET Company Participants Santiago Donato - IRO Eduardo Elsztain - CEO Jorge Cruces - CIO Matias Gaivironsky - CFO Operator Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Fiscal Year '23 Results Conference Call. First of all, I would like to remind you that both audio and slide show may be accessed through company's Investor Rela ...