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 ...

IRSA Inversiones y Representaciones Sociedad Anónima Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2023 and for the six 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 develo ...

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 ...

IRSA Inversiones y Representaciones Sociedad Anónima Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2023 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°: 80, beginning on July 1st, 2022. Legal address: 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina. Company activity: Real estate investment and developm ...

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q3 2023 Earnings Conference Call May 9, 2023 10:00 AM ET Company Participants Matias Ivan Gaivironsky - CFO & Administrative Officer Santiago Donato - IR Officer Jorge Cruces - CIO Conference Call Participants Santiago Donato I will give a word to Matias Ivan Gaivironsky, CFO. Matias Ivan Gaivironsky Good morning, everybody. We finished our third quarter of 2023. We are very happy with the results. We can see a strong financial and operational ...

IRSA Inversiones y Representaciones Sociedad Anónima Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2022 and for the six and three- month periods ended as of that date, presented comparatively Legal address: 261Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina. Company activity: Real estate investment and development. Date of registration of the by-laws in the Public Registry of Commerce: June 23, 1943. Date of registration of last amendment of ...

Financial Data and Key Metrics Changes - The company issued Series XV and XVI notes totaling $90 million to cancel short-term liabilities, resulting in a very low net debt of $285 million, a reduction of 62.2% [4][9] - The net debt to EBITDA ratio is 1.8x, with a loan-to-value (LTV) ratio of 12% and a coverage ratio exceeding 8 times, indicating a conservative debt structure [9] - Operating income, excluding fair value effects, increased by 53%, while the fair value of investment properties resulted in a loss of ARS29.5 billion this year compared to a gain of ARS43.7 billion last year [17] Business Line Data and Key Metrics Changes - The shopping malls segment saw a 50% increase in adjusted EBITDA, with sales up 20.9% compared to pre-pandemic levels and 12.4% year-over-year [45][28] - The hotel segment experienced a remarkable recovery, with occupancy reaching 71.4% and an average rate of $208 per room, marking historical records [30] - The office segment showed a decrease in adjusted EBITDA by 14% due to asset disposals, but occupancy rates improved, particularly in premium buildings [45][42] Market Data and Key Metrics Changes - The occupancy rate for shopping malls reached almost 94%, with a gross leasable area of 336,000 square meters [28] - The hotel segment in Buenos Aires is recovering due to corporate events and international tourism, with rates increasing to $135 per room [31] - The overall inflation during the semester was 43%, with a real appreciation of the peso of 1% impacting financial results [32] Company Strategy and Development Direction - The company is focused on deleveraging and maintaining a conservative capital structure, having cleared liquidity risks and short-term debt [16] - Future growth is anticipated with several projects in the pipeline, including a mixed-use development near the shopping mall [50][53] - The company is optimistic about unlocking value in its shares and expects good performance in the upcoming year [41] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the results across all business lines and noted a strong recovery in tourism, particularly for the Llao Llao resort [6][16] - The company is well-prepared for future growth cycles, with good cash generation across business lines [53] - Management highlighted the importance of monitoring foreign exchange trends, which could impact future EBITDA levels [58] Other Important Information - The company has successfully managed its debt obligations, with no liquidity risk anticipated moving forward [56] - A legal claim related to an investment in Israel has led the company to create a provision of 50% of the claim amount as a conservative measure [49] Q&A Session Summary Question: Is the $50 million quarterly EBITDA level sustainable? - Management indicated that the current trends in sales from tenants support the sustainability of this EBITDA level [48] Question: Can you provide details on sales and development during the quarter? - The adjusted EBITDA from sales was $11.1 million, with total adjusted EBITDA reaching almost $80 million, compared to much higher levels last year due to significant asset sales [48] Question: What is the current status of the Costa Urbana development? - The project is awaiting a court ruling, and the company continues to work on utilities and project design [22][61] Question: Can you provide an update on the office portfolio and future changes? - The company is analyzing a mixed-use development that will include office space, indicating future growth in this segment [50]