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]

| --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | LEADING REAL ESTATE COMPANY IN ARGENTINA 2 ✓ 30 years acquiring, developing and operating real estate ✓ Rental portfolio of approx. 500,000 sqm of GLA across Argentina ✓ 25 years listed on the NYSE and accessing capital markets A simplified vehicle after merge with IRCP DEVELOPMENT SEGMENT 15 Shopping malls 336,240 sqm RENTAL SEGMENT 6 Office buildings 82,700 sqm 3 Hotels 79,000 sqm Costa Urbana 900,000 sqm Other mixed-use landb ...

IRSA Inversiones y Representaciones Sociedad Anónima Unaudited Condensed Interim Consolidated Financial Statements as of September 30, 2022 and for the three-month period ended as of that date, presented comparatively Legalinformation Denomination: IRSA Inversiones y Representaciones Sociedad Anónima. Fiscal year N°:80, beginning on July 1st, 2022. Legal address: 261Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina. Company activity: Real estate investment and development. Date ...

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q1 2023 Earnings Conference Call November 10, 2022 10:00 AM ET Company Participants Santiago Donato - IR Officer Eduardo Elsztain - CEO MatÃas Gaivironsky - CFO Jorge Cruces - CIO Conference Call Participants Santiago Donato Good morning, everyone. IÂ'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the First Quarter 2023 Results Conference Call. First of all, I would like to remind you that both audio and a slide sho ...

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, 2022 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) Q3 2022 Earnings Conference Call May 13, 2022 10:00 AM ET Company Participants Santiago Donato - Investor Relations Officer Eduardo Elsztain - Chief Executive Officer MatÃas Gaivironsky - Chief Financial Officer Jorge Cruces - Chief Investment Officer Conference Call Participants Santiago Donato Good morning, everyone. IÂ'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Third Quarter of Fiscal Year 2022 Results Co ...

INSTITUTIONAL PRESENTATION IRSA 在线上的空间的客户到了。 【然后可能的机场】 【用户 IIQ 2022 ABOUT IRSA EXPERIENCED MANAGEMENT TEAM With proven track record in the industry CAPITAL MARKETS TRACK RECORD +25 years listed on the NYSE and +70 years on BYMA, accessing to international and local capital markets 2 2 C LEADING ARGENTINE REAL ESTATE COMPANY 30 years acquiring, developing and operating real estate. ● UNIQUE PORTFOLIO OF ASSETS Rental portfolio of more than 500,000 sqm of GLA ● DEVELOPMENT PROPERTIES ~20 mm sqm premium landba ...

[Legal Information](index=2&type=section&id=Legal%20information) IRSA Inversiones y Representaciones Sociedad Anónima is an Argentine real estate investment and development company, with its fiscal year beginning on July 1st - IRSA Inversiones y Representaciones Sociedad Anónima is an Argentine real estate investment and development company, with its fiscal year beginning on July 1st[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) - The company's parent is Cresud S.A.C.I.F. y A., which holds a **53.68% voting interest**[7](index=7&type=chunk)[9](index=9&type=chunk) - A capital stock increase was approved on December 22, 2021, as a result of the merger by absorption with IRSA Propiedades Comerciales S.A., involving the issuance of **152,158,215 new ordinary shares**[11](index=11&type=chunk) [Unaudited Condensed Interim Consolidated Financial Statements](index=5&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the company's consolidated financial position, income, equity changes, and cash flows for the interim period, reflecting its overall financial health and performance [Statements of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of December 31, 2021, total assets increased to ARS 288,315 million, driven by investment properties, while liabilities decreased, significantly boosting shareholders' equity Consolidated Statement of Financial Position (in millions of ARS) | Metric | Dec 31, 2021 | Jun 30, 2021 | | :--- | :--- | :--- | | **Total Assets** | **288,315** | **268,321** | | Investment Properties | 238,739 | 220,590 | | Cash and cash equivalents | 7,264 | 2,326 | | **Total Liabilities** | **163,606** | **168,688** | | Borrowings (Current + Non-current) | 64,496 | 74,834 | | **Total Shareholders' Equity** | **124,709** | **99,633** | [Statements of Income and Other Comprehensive Income](index=7&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Income%20and%20Other%20Comprehensive%20Income) The company reported a significant profit of ARS 25,520 million for the six months ended December 31, 2021, driven by revenue growth and fair value adjustments of investment properties Six-Month Performance Highlights (in millions of ARS) | Metric | Six Months ended 12/31/2021 | Six Months ended 12/31/2020 | | :--- | :--- | :--- | | Revenues | 11,051 | 7,473 | | Gross Profit | 6,835 | 3,505 | | Net gain from fair value adjustment of investment properties | 22,450 | 13,986 | | Profit for the period from continuing operations | 25,520 | 8,990 | | Profit / (loss) for the period | 25,520 | (1,758) | Earnings Per Share (Basic, in ARS) | Period | Basic EPS from Continuing Operations | Basic EPS for the Period | | :--- | :--- | :--- | | Six Months ended 12/31/2021 | 31.80 | 31.80 | | Six Months ended 12/31/2020 | 13.23 | (1.53) | [Statements of Changes in Shareholders' Equity](index=9&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to ARS 124,709 million, primarily due to the period's net profit and net assets incorporated from the IRSA CP merger - Total shareholders' equity grew to **ARS 124,709 million**, mainly due to a profit of **ARS 25,520 million** for the period[26](index=26&type=chunk) - The merger with IRSA CP resulted in an increase in share capital by **ARS 152 million** and share premium by **ARS 19,509 million**, while non-controlling interest decreased by **ARS 16,987 million**[26](index=26&type=chunk) [Statements of Cash Flows](index=13&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated positive cash flow from operating and investing activities, leading to a net increase of ARS 4,967 million in cash and cash equivalents Six-Month Cash Flow Summary (in millions of ARS) | Activity | Six Months ended 12/31/2021 | Six Months ended 12/31/2020 | | :--- | :--- | :--- | | Net cash from Operating Activities | 4,692 | 6,645 | | Net cash from Investing Activities | 6,369 | 77,049 | | Net cash used in Financing Activities | (6,094) | (58,897) | | **Net increase in cash** | **4,967** | **24,797** | | **Cash at end of period** | **7,264** | **2,425** | [Notes to the Unaudited Condensed Interim Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures for the consolidated financial statements, covering accounting policies, acquisitions, segment performance, and other significant events [Note 1 & 2 – Business Overview and Accounting Policies](index=15&type=section&id=Note%201%20%26%202%20%E2%80%93%20The%20Group's%20business%20and%20general%20information%20%26%20Summary%20of%20significant%20accounting%20policies) IRSA is an Argentine real estate company whose financial statements are prepared under IAS 34 and restated for hyperinflation per IAS 29, reflecting the country's economic conditions - The Group operates **14 shopping malls (335,279 sqm)** and **7 premium offices (109,859 sqm)** in Argentina[42](index=42&type=chunk) - Financial statements are prepared in accordance with IAS 34 and restated for hyperinflation per IAS 29, as Argentina's cumulative three-year inflation exceeds **100%**[44](index=44&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - For the six months ended December 31, 2021, the price variation used for inflation adjustment was **20%**[50](index=50&type=chunk) [Note 4 – Acquisitions and Disposals](index=17&type=section&id=Note%204%20%E2%80%93%20Acquisitions%20and%20disposals) The company completed several real estate sales and a significant merger by absorption with IRSA Propiedades Comerciales, aiming to streamline operations - Sold floors in the "261 Della Paolera" (Catalinas Tower) building for a total of **ARS 3,197 million** and **USD 9 million** in separate transactions[61](index=61&type=chunk)[62](index=62&type=chunk) - Received a special dividend of approximately **USD 25.3 million** from Condor Hospitality Trust following the sale of its hotel portfolio to a Blackstone affiliate[66](index=66&type=chunk)[67](index=67&type=chunk) - Approved and executed a merger by absorption with IRSA Propiedades Comerciales (IRSA CP), with an exchange ratio of **1.40 IRSA shares for each IRSA CP share**, aiming to streamline resources and simplify the corporate structure[68](index=68&type=chunk)[69](index=69&type=chunk)[72](index=72&type=chunk) [Note 6 – Segment Information](index=19&type=section&id=Note%206%20%E2%80%93%20Segment%20information) Total segment profit was ARS 26,443 million, with 'Sales and developments' being the largest contributor due to fair value adjustments, while 'Shopping Malls' showed an operating loss Segment Performance - Six Months ended Dec 31, 2021 (in millions of ARS) | Segment | Revenues | Profit / (Loss) from Operations | | :--- | :--- | :--- | | Shopping Malls | 5,991 | (1,345) | | Offices | 1,250 | 1,816 | | Sales and developments | 131 | 25,863 | | Hotels | 1,383 | 218 | | **Total** | **8,816** | **26,520** | - The net gain from fair value adjustment of investment properties was **ARS 22,450 million**, significantly impacting segment results, especially in 'Sales and developments'[81](index=81&type=chunk) [Note 8 – Investment Properties](index=24&type=section&id=Note%208%20%E2%80%93%20Investment%20properties) The fair value of investment properties increased to ARS 238,739 million, primarily due to a ARS 22,450 million net gain from the revaluation of the Costa Urbana property after regulatory approval Changes in Investment Properties (in millions of ARS) | Description | Six Months ended 12/31/2021 | | :--- | :--- | | Fair value at beginning of period | 220,590 | | Additions | 1,449 | | Disposals | (4,611) | | Net gain from fair value adjustment | 22,450 | | **Fair value at end of period** | **238,739** | - The Buenos Aires City congress approved the development regulations for the Costa Urbana property, enabling the construction of approximately **895,000 sqm**[96](index=96&type=chunk)[97](index=97&type=chunk) - Following the regulatory approval, the financial valuation of the Costa Urbana property at fair value increased to approximately **USD 360 million** as of December 31, 2021[101](index=101&type=chunk) [Note 17 – Borrowings](index=32&type=section&id=Note%2017%20%E2%80%93%20Borrowings) Total borrowings decreased to ARS 64,496 million, reflecting active debt management through new NCN issuance and early redemption of existing notes Borrowings Breakdown (in millions of ARS) | Type | Dec 31, 2021 | Jun 30, 2021 | | :--- | :--- | :--- | | NCN | 55,233 | 62,489 | | Bank loans | 2,217 | 3,753 | | Bank overdrafts | 5,306 | 6,364 | | **Total borrowings** | **64,496** | **74,834** | - On August 26, 2021, the company issued **USD 58.1 million** of Series XIII Non-Convertible Notes in the local market with a fixed rate of **3.9%** to refinance short-term liabilities[118](index=118&type=chunk) - The company executed an early redemption of its Series VII Notes on November 25, 2021, which were originally maturing in January 2022[119](index=119&type=chunk) [Note 19 – Taxes](index=33&type=section&id=Note%2019%20%E2%80%93%20Taxes) The company recorded an income tax expense of ARS 5,257 million and provisioned ARS 1,448 million for a potential tax liability related to an inflation adjustment applied by its absorbed subsidiary - Total income tax from continuing operations for the six-month period was **ARS 5,257 million**, composed of **ARS 779 million** in current tax and **ARS 4,478 million** in deferred tax[123](index=123&type=chunk) - For its absorbed subsidiary IRSA CP, the company filed its FY2021 income tax return applying a systemic inflation adjustment, arguing that not doing so would result in confiscatory taxation[125](index=125&type=chunk)[126](index=126&type=chunk) - Due to the risk of a challenge from the tax authority, the company has provisioned for the potential liability, which amounts to **ARS 1,448 million** (including interest) and is disclosed under non-current provisions[128](index=128&type=chunk) [Note 28 – Results from Discontinued Operations](index=41&type=section&id=Note%2028%20%E2%80%93%20Results%20from%20discontinued%20operations) No results from discontinued operations were recorded for the current period, contrasting with a ARS 10,748 million loss in the prior year related to deconsolidated IDBD/DIC operations - No results from discontinued operations were recorded in the six months ended December 31, 2021[146](index=146&type=chunk)[147](index=147&type=chunk) - The comparative period ended December 31, 2020, showed a loss of **ARS 10,748 million** from discontinued operations, related to the deconsolidation of IDBD/DIC[147](index=147&type=chunk) [Note 29 – Other Relevant Events & Economic Context](index=41&type=section&id=Note%2029%20%E2%80%93%20Other%20relevant%20events%20of%20the%20period) The company operates in a challenging Argentine economic environment with high inflation and currency depreciation, but its core businesses are recovering from the pandemic - The Argentine economic context is challenging, with annual retail inflation at **50.94%** and a **22.1%** depreciation of the peso against the US dollar from Dec 2020 to Dec 2021[156](index=156&type=chunk) - As of the report date, the company's shopping malls and office buildings are fully operational, while hotels are operating but face restrictions and limited international tourism[154](index=154&type=chunk) - Despite the uncertain economic impact of the Coronavirus, management does not expect it to affect business continuity or the ability to meet financial commitments over the next year[155](index=155&type=chunk) [Unaudited Condensed Interim Separate Financial Statements](index=46&type=section&id=Unaudited%20Condensed%20Interim%20Separate%20Financial%20Statements) This section presents the parent company's standalone financial position and income statements, reflecting the direct impact of the IRSA CP merger on its assets and liabilities [Separate Statements of Financial Position](index=47&type=section&id=Unaudited%20Condensed%20Interim%20Separate%20Statements%20of%20Financial%20Position) The parent company's total assets significantly increased to ARS 267,476 million, primarily due to the direct incorporation of investment properties from the IRSA CP merger Separate Statement of Financial Position (in millions of ARS) | Metric | Dec 31, 2021 | Jun 30, 2021 | | :--- | :--- | :--- | | **Total Assets** | **267,476** | **136,707** | | Investment properties | 189,250 | 46,531 | | Investments in subsidiaries, associates and joint ventures | 59,049 | 84,686 | | **Total Liabilities** | **150,326** | **61,920** | | **Total Shareholders' Equity** | **117,150** | **74,787** | [Separate Statements of Income and Other Comprehensive Income](index=48&type=section&id=Unaudited%20Condensed%20Interim%20Separate%20Statements%20of%20Income%20and%20Other%20Comprehensive%20Income) The parent company reported a profit of ARS 25,375 million, largely driven by a significant gain from the fair value adjustment of investment properties Six-Month Separate Performance Highlights (in millions of ARS) | Metric | Six Months ended 12/31/2021 | Six Months ended 12/31/2020 | | :--- | :--- | :--- | | Revenues | 7,658 | 3,143 | | Net gain from fair value adjustment of investment properties | 23,767 | 7,008 | | Share of loss of subsidiaries, associates and joint ventures | (1,191) | (1,434) | | **Profit for the period** | **25,375** | **939** | [Notes to the Separate Financial Statements](index=55&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Separate%20Financial%20Statements) These notes detail the accounting for the IRSA CP merger, which incorporated ARS 17,406 million in net assets, significantly altering the parent company's standalone balance sheet - The merger with IRSA CP was effective July 1, 2021, with IRSA absorbing all assets and liabilities of the subsidiary[202](index=202&type=chunk)[207](index=207&type=chunk) - As a result of the merger, net assets of **ARS 17,406 million** were incorporated into the parent company's financial statements, including **ARS 122,288 million** in investment properties and **ARS 40,459 million** in borrowings[210](index=210&type=chunk) - The investment that IRSA held in IRSA CP (valued at **ARS 68,027 million** at June 30, 2021) was reduced as part of the merger accounting[211](index=211&type=chunk)[218](index=218&type=chunk) [Business Summary and Prospects](index=83&type=section&id=Business%20Summary%20and%20Prospects) This section provides an overview of the company's consolidated performance, segment-specific results, financial debt, and future outlook, highlighting key strategic initiatives [Consolidated Results Summary](index=85&type=section&id=Consolidated%20Results%20Summary) Consolidated revenue increased by 47.9%, but Adjusted EBITDA decreased by 47.2% due to lower property sales, while net profit was boosted by the Costa Urbana revaluation Consolidated Performance - 6M 2022 vs 6M 2021 (in millions of ARS) | Metric | 6M 22 | 6M 21 | YoY Var | | :--- | :--- | :--- | :--- | | Revenues | 11,051 | 7,473 | 47.9% | | Adjusted EBITDA | 6,467 | 12,253 | (47.2)% | | Result for the period | 25,520 | (1,758) | - | - The decrease in Adjusted EBITDA is primarily attributed to the Sales and Developments segment, which had lower sales of investment properties compared to the previous fiscal year[296](index=296&type=chunk) [Segment Performance Review](index=85&type=section&id=Segment%20Performance%20Review) Rental segments showed strong recovery, particularly Shopping Malls and Hotels, while Offices faced declining occupancy and Sales and Developments saw reduced EBITDA due to fewer property sales [Shopping Malls](index=85&type=section&id=Shopping%20Malls) The Shopping Malls segment achieved a robust recovery, with tenant sales increasing 122% and Adjusted EBITDA growing 226.8%, nearing pre-pandemic levels - Real tenant sales reached **ARS 92,168 million** in 6M 2022, a **122% increase** from 6M 2021 and nearly equal to pre-pandemic levels (6M 2020)[298](index=298&type=chunk) - Portfolio occupancy was **89.1%**, or **95.5%** excluding the vacancy from large stores like Garbarino[299](index=299&type=chunk) - Adjusted EBITDA for the segment grew **226.8% YoY** to **ARS 4,298 million** for the six-month period[302](index=302&type=chunk) [Offices](index=89&type=section&id=Offices) The office segment faced challenges with declining occupancy of 68.6% and a 29.9% decrease in Adjusted EBITDA to ARS 834 million due to lower occupancy and exchange rate lag - Total office portfolio occupancy was **68.6%** as of Q2 2022, with Class A+ & A occupancy at **76.7%**[311](index=311&type=chunk) - Adjusted EBITDA for the six-month period decreased by **29.9%** to **ARS 834 million** compared to the prior year[312](index=312&type=chunk) [Hotels](index=90&type=section&id=Hotels) The hotels segment showed recovery driven by domestic tourism, generating a positive EBITDA of ARS 357 million, a significant turnaround from the prior-year loss - The hotel business is recovering due to domestic tourism, though it is still affected by restrictions on international travel[317](index=317&type=chunk) - For the six-month period, the segment generated positive EBITDA of **ARS 357 million**, compared to a loss of **ARS 462 million** in the same period of the prior year[318](index=318&type=chunk) [Sales and Developments](index=91&type=section&id=Sales%20and%20Developments) Adjusted EBITDA for the Sales and Developments segment sharply decreased by 85.7% due to a lower volume of investment property sales compared to the previous year - Adjusted EBITDA for the segment fell **85.7% YoY**, from **ARS 10,865 million** in 6M 2021 to **ARS 1,550 million** in 6M 2022[319](index=319&type=chunk) - The decrease was caused by a lower volume of investment property sales compared to the prior-year period[319](index=319&type=chunk) [Financial Debt and Subsequent Events](index=93&type=section&id=Financial%20Debt%20and%20Subsequent%20Events) Total debt stood at USD 602.0 million, with key events including debt refinancing, property sales, and the crucial legislative approval for the Costa Urbana development project Debt Summary (as of Dec 31, 2021) | Metric | Amount (USD Million) | | :--- | :--- | | Total Debt | 602.0 | | Cash & Investments | 101.2 | | **Net Debt** | **500.8** | - The company sold and transferred four floors of the "261 Della Paolera" tower for a combined price of approximately **USD 41.2 million**[334](index=334&type=chunk)[335](index=335&type=chunk) - The 'Costa Urbana' project received legislative approval, unlocking a construction capacity of approximately **895,000 sqm** for mixed-use development[337](index=337&type=chunk)[338](index=338&type=chunk) [Prospects for the Fiscal Year](index=100&type=section&id=Prospects%20for%20the%20Fiscal%20Year) Management is optimistic about shopping center recovery and the Costa Urbana development, while acknowledging ongoing challenges in the office segment and focusing on merger integration - The company is optimistic about the recovery of the shopping center business and will continue to integrate its online marketplace with physical stores[363](index=363&type=chunk) - The office segment faces challenges from increased vacancies and a transition to hybrid work, but the company is confident in its high-quality portfolio[364](index=364&type=chunk) - Future growth will be driven by the development of the 'Costa Urbana' project, with its **895,000 m²** of construction capacity, and the finalization of the merger with IRSA PC[366](index=366&type=chunk)[367](index=367&type=chunk) [Reconciliation of Non-IFRS Measures (EBITDA, NOI, FFO)](index=97&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) The company uses non-IFRS measures like Adjusted EBITDA (ARS 6,467 million) to provide supplemental performance views, reconciled from net profit by adjusting for various financial items - The company provides reconciliations for non-IFRS measures including EBITDA, Adjusted EBITDA, Net Operating Income (NOI), and Adjusted Funds From Operations (Adjusted FFO)[351](index=351&type=chunk)[354](index=354&type=chunk)[358](index=358&type=chunk) Reconciliation to Adjusted EBITDA (in millions of ARS) | Metric | Six Months ended 12/31/2021 | | :--- | :--- | | Profit for the period | 25,520 | | Adjustments (Interest, Tax, D&A, Fair Value, etc.) | (19,053) | | **Adjusted EBITDA** | **6,467** |