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** |

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q2 2022 Earnings Conference Call February 14, 2022 9:00 AM ET Company Participants Santiago Donato - Investor Relations Officer Eduardo Elsztain - Chief Executive Officer MatÃas Gaivironsky - Chief Financial Officer Conference Call Participants Gordon Lee - Banco BTG Pactual SA Santiago Donato Good morning, everyone. IÂ'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Second Quarter of Fiscal Year 2022 Results Con ...

[Legal and Corporate Information](index=2&type=section&id=Legal%20and%20Corporate%20Information) This section provides an overview of IRSA Inversiones y Representaciones Sociedad Anónima, detailing its legal structure, primary activities, and capital status [Company Overview](index=2&type=section&id=Company%20Overview) IRSA Inversiones y Representaciones Sociedad Anónima is an Argentine company established in 1943, primarily engaged in real estate investment and development, with Cresud S.A.C.I.F. y A. holding a 62.22% voting interest Company Details | Category | Detail | | :--- | :--- | | **Denomination** | IRSA Inversiones y Representaciones Sociedad Anónima | | **Legal Address** | 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina | | **Company Activity** | Real estate investment and development | | **Parent Company** | Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | | **Parent's Voting Interest** | 62.22% (direct and indirect) | Capital Status | Capital Status | Amount (in millions of ARS) | | :--- | :--- | | **Shares Authorized for Public Offering** | 658,707,201 | | **Subscribed, issued and paid up nominal value** | 659 | [Unaudited Condensed Interim Consolidated Financial Statements](index=5&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the company's financial performance and position for the three months ended September 30, 2021, including statements of financial position, income, equity changes, and cash flows [Consolidated Statements of Financial Position](index=5&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) As of September 30, 2021, total assets stood at ARS 237,104 million, a slight decrease from ARS 243,463 million as of June 30, 2021, primarily driven by a reduction in non-current assets, particularly investment properties, while total liabilities also decreased to ARS 147,880 million from ARS 153,060 million over the same period Consolidated Statements of Financial Position | (in millions of ARS) | 09.30.2021 | 06.30.2021 | | :--- | :--- | :--- | | **Total Assets** | **237,104** | **243,463** | | Total non-current assets | 221,796 | 228,247 | | Total current assets | 15,308 | 15,216 | | **Total Liabilities** | **147,880** | **153,060** | | Total non-current liabilities | 126,629 | 128,868 | | Total current liabilities | 21,251 | 24,192 | | **Total Shareholders' Equity** | **89,224** | **90,403** | [Consolidated Statements of Income and Other Comprehensive Income](index=7&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Other%20Comprehensive%20Income) For the three months ended September 30, 2021, the company reported a net loss of ARS 1,014 million, a significant reversal from the ARS 12,716 million profit in the prior-year period, primarily driven by a substantial net loss from the fair value adjustment of investment properties amounting to ARS 6,494 million, compared to a gain of ARS 36,728 million in the same period last year, while revenues increased by 78.6% to ARS 4,382 million Consolidated Statements of Income and Other Comprehensive Income | (in millions of ARS) | Three months ended 09.30.2021 | Three months ended 09.30.2020 | | :--- | :--- | :--- | | **Revenues** | 4,382 | 2,453 | | **Gross profit** | 2,628 | 780 | | **Net (loss) / gain from fair value adjustment of investment properties** | (6,494) | 36,728 | | **(Loss) / profit from operations** | (4,689) | 35,856 | | **(Loss) / profit for the period** | (1,014) | 12,716 | | **Basic (Loss) / profit per share (ARS)** | (0.91) | 17.53 | [Consolidated Statements of Changes in Shareholders' Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Total shareholders' equity decreased from ARS 90,403 million at the beginning of the period to ARS 89,224 million as of September 30, 2021, primarily due to the net loss for the period of ARS 1,014 million and other comprehensive losses of ARS 164 million Consolidated Statements of Changes in Shareholders' Equity | (in millions of ARS) | Amount | | :--- | :--- | | **Balance as of July 1, 2021** | **90,403** | | Loss for the period | (1,014) | | Other comprehensive loss for the period | (164) | | Warrants exercise | 2 | | Other changes | (1) | | **Balance as of September 30, 2021** | **89,224** | [Consolidated Statements of Cash Flows](index=13&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three-month period, net cash generated from operating activities was ARS 1,653 million, investing activities used ARS 205 million, and financing activities used ARS 1,048 million, resulting in a net increase in cash and cash equivalents of ARS 400 million, bringing the ending balance to ARS 2,153 million Consolidated Statements of Cash Flows | (in millions of ARS) | Three months ended 09.30.2021 | Three months ended 09.30.2020 | | :--- | :--- | :--- | | **Net cash generated from operating activities** | 1,653 | 5,125 | | **Net cash (used in) / generated from investing activities** | (205) | 63,187 | | **Net cash used in financing activities** | (1,048) | (41,387) | | **Net increase in cash and cash equivalents** | 400 | 26,925 | | **Cash and cash equivalents at end of period** | 2,153 | 6,704 | [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 details the accounting policies, significant transactions, segment performance, investment property valuations, borrowings, and other material events impacting the financial statements [Note 2 – Summary of significant accounting policies](index=15&type=section&id=Note%202%20%E2%80%93%20Summary%20of%20significant%20accounting%20policies) The financial statements are prepared in accordance with IAS 34 for interim reporting and are restated for hyperinflation as required by IAS 29, using a price variation of 9% for the three-month period ended September 30, 2021 - The financial statements have been prepared under IAS 34 and are restated for hyperinflation according to IAS 29, as Argentina's cumulative three-year inflation exceeds **100%**[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) - The price variation used for inflation adjustment for the three months ended September 30, 2021, was **9%**[54](index=54&type=chunk) [Note 4 – Acquisitions and disposals](index=16&type=section&id=Note%204%20%E2%80%93%20Acquisitions%20and%20disposals) During the quarter, the company sold several real estate parcels in Hudson, Mariano Acosta, and Merlo, proposed a merger between IRSA and its subsidiary IRSA CP to streamline operations, and noted Condor Hospitality Trust's agreement to sell its portfolio of 15 hotels in the United States - The Boards of Directors of IRSA and IRSA CP approved a prior merger agreement, with IRSA as the absorbing company, and the proposed exchange ratio is **1.40 IRSA shares for each IRSA CP share**[67](index=67&type=chunk)[72](index=72&type=chunk) - Condor Hospitality Trust, in which IRSA holds a **21.7% stake**, signed an agreement to sell its portfolio of **15 hotels** in the U.S. to an affiliate of Blackstone Real Estate Partners[65](index=65&type=chunk)[66](index=66&type=chunk) - The company completed sales of real estate parcels in Hudson for **USD 0.6 million**, Mariano Acosta for **USD 0.7 million**, and Merlo for **USD 0.7 million**[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) [Note 6 – Segment information](index=18&type=section&id=Note%206%20%E2%80%93%20Segment%20information) For the quarter ended September 30, 2021, the Group's total revenues were ARS 4,382 million, with the Shopping Malls segment as the largest contributor, but reported a total operating loss of ARS 4,689 million, primarily due to a significant net loss from the fair value adjustment of investment properties amounting to ARS 6,494 million Segment Performance | (in millions of ARS) | Revenues | (Loss) / profit from operations | | :--- | :--- | :--- | | **Shopping Malls** | 2,225 | (2,241) | | **Offices** | 716 | (1,280) | | **Sales and developments** | - | (1,204) | | **Hotels** | 473 | 17 | | **International** | 2 | (10) | | **Corporate** | - | (115) | | **Others** | 14 | 59 | | **Total Reportable Segments** | **3,430** | **(4,774)** | - The net loss from fair value adjustment of investment properties was **ARS 6,494 million**, mainly due to changes in macroeconomic conditions, including variations in projected income growth, inflation, and an increase in the discount rate[79](index=79&type=chunk) [Note 8 – Investment properties](index=23&type=section&id=Note%208%20%E2%80%93%20Investment%20properties) The fair value of investment properties decreased from ARS 200,154 million to ARS 193,895 million during the quarter, with a net loss of ARS 6,494 million from fair value adjustments recognized in the income statement, while the 'Costa Urbana' development project received initial legislative approval Investment Properties Fair Value | (in millions of ARS) | Amount | | :--- | :--- | | **Fair value at beginning of period** | 200,154 | | Additions | 487 | | Disposals | (245) | | Net (loss) from fair value adjustment | (6,494) | | **Fair value at end of period** | **193,895** | - The 'Costa Urbana' development project bill was approved in its first reading by the City of Buenos Aires Legislature, proposing to dedicate over **67%** of the **70-hectare property** to public use[93](index=93&type=chunk)[94](index=94&type=chunk) [Note 17 – Borrowings](index=30&type=section&id=Note%2017%20%E2%80%93%20Borrowings) Total borrowings as of September 30, 2021, were ARS 65,082 million, a slight decrease from ARS 67,900 million at June 30, 2021, and in August 2021, the company issued USD 58.1 million of Series XIII Non-convertible Notes to refinance short-term liabilities Total Borrowings | (in millions of ARS) | 09.30.2021 | 06.30.2021 | | :--- | :--- | :--- | | NCN | 55,473 | 56,700 | | Bank loans | 2,687 | 3,405 | | Bank overdrafts | 4,993 | 5,775 | | Other borrowings | 1,595 | 1,511 | | **Total borrowings** | **65,082** | **67,900** | - On August 26, 2021, the company issued **USD 58.1 million** in Series XIII Non-convertible Notes with a fixed rate of **3.9%**, maturing in August 2024, with funds used to refinance short-term liabilities[111](index=111&type=chunk) [Note 29 & 30 – Other Significant Events and Subsequent Events](index=38&type=section&id=Note%2029%20%26%2030%20%E2%80%93%20Other%20Significant%20Events%20and%20Subsequent%20Events) The Group operates in a complex Argentine economic context marked by high inflation and currency volatility, with the COVID-19 pandemic severely impacting operations, particularly in Shopping Malls and Hotels, though all malls are now operational, and subsequent to the quarter's end, a shareholders' meeting approved a reserve write-off, and the company sold three floors of the '261 Della Paolera' tower for approximately ARS 3,197 million - The Group's operations are affected by Argentina's macroeconomic volatility, including high inflation, currency depreciation, and capital controls[135](index=135&type=chunk)[136](index=136&type=chunk) - Due to recovery from the pandemic, **100%** of the company's shopping malls are operational as of the report date[139](index=139&type=chunk) - Subsequent Event: On November 2, 2021, the company's subsidiary IRSA CP sold three floors of the '261 Della Paolera' tower in Catalinas for approximately **ARS 3,197 million**[145](index=145&type=chunk)[146](index=146&type=chunk) [Business Summary and Outlook](index=69&type=section&id=Business%20Summary%20and%20Outlook) This section provides a consolidated overview of the company's Q1 FY22 results, segment-specific performance, financial debt position, and strategic outlook for its real estate operations [Consolidated Results Overview](index=71&type=section&id=Consolidated%20Results%20Overview) In Q1 FY22, revenues grew **78.6%** YoY to ARS 4,382 million, driven by the recovery of Shopping Malls and Hotels, but the company recorded a net loss of ARS 1,014 million, compared to a gain of ARS 12,716 million in Q1 FY21, due to a negative fair value adjustment on investment properties, while Adjusted EBITDA decreased by **72.2%** to ARS 2,076 million Consolidated Results Overview | (in millions of ARS) | IQ 22 | IQ 21 | YoY Var | | :--- | :--- | :--- | :--- | | **Revenues** | 4,382 | 2,453 | 78.6% | | **Adjusted EBITDA** | 2,076 | 7,477 | (72.2)% | | **Result for the period** | (1,014) | 12,716 | (108.0)% | [Segment Performance](index=71&type=section&id=Segment%20Performance) The Shopping Malls segment showed strong recovery with revenues up **297.3%** and positive Adjusted EBITDA of ARS 1,506 million, while the Offices segment's Adjusted EBITDA slightly decreased by **4.2%** to ARS 567 million due to lower occupancy, the Hotels segment is recovering, posting positive EBITDA of ARS 79 million, and the Sales and Developments segment's Adjusted EBITDA fell sharply to ARS 164 million - **Shopping Malls:** Tenant sales were **322% higher** than in Q1'21 but remained **10.7% below** pre-pandemic levels (Q1'20), with portfolio occupancy reaching **89.6%**[265](index=265&type=chunk) - **Offices:** Portfolio occupancy for Class A+ & A offices was **78.9%**, with an average rental price of **USD 25.1 per sqm**[276](index=276&type=chunk) - **Hotels:** The segment is showing signs of recovery driven by domestic tourism, with average occupancy at **21.0%** and an average rate of **USD 243/night**[281](index=281&type=chunk)[287](index=287&type=chunk) [Financial Debt](index=77&type=section&id=Financial%20Debt) As of September 30, 2021, IRSA's total debt stood at USD 338.3 million, resulting in a net debt of USD 331.6 million, while its main subsidiary, IRSA CP, had a total debt of USD 426.4 million and a net debt of USD 259.0 million Financial Debt Overview | (in millions of USD) | IRSA | IRSA CP | | :--- | :--- | :--- | | **Total Debt** | 338.3 | 426.4 | | **Cash & Investments** | 6.8 | 126.0 | | **Net Debt** | 331.6 | 259.0 | [Outlook](index=82&type=section&id=Outlook) The company is optimistic about the continued recovery of its shopping centers in fiscal year 2022, with the office segment focusing on leasing premium properties and adapting to hybrid work trends, the hotel segment's full recovery contingent on international tourism, and a key strategic focus on the proposed merger with IRSA CP to enhance efficiency and consolidate its real estate portfolio - Optimistic about the recovery of the shopping center business and will continue to develop its Marketplace to complement physical sales[318](index=318&type=chunk) - The office portfolio is positioned for a "flight to quality" trend, with a focus on leasing the new "261 Della Paolera" building[319](index=319&type=chunk) - The proposed merger with IRSA PC is a key initiative for corporate reorganization, aimed at streamlining costs and consolidating the portfolio[322](index=322&type=chunk)

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q1 2022 Earnings Conference Call November 10, 2021 2:00 PM ET Company Participants Santiago Donato - Investor Relations Officer Matias Gaivironsky - Chief Financial Officer Conference Call Participants Santiago Donato Good afternoon everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the first quarter of fiscal year 2022 results conference call. First of all, I would like to remind you that both audio and a s ...

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, 2021 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 L E A D I N G R E A L E S T A T E C O M P A N Y I N S T I T U T I O N A L P R E S E N T A T I O N – 3 Q F Y 2 0 2 1 1 ABOUT US LEADING REAL ESTATE IN ARGENTINA ✓ 30 years acquiring, developing and operating real estate ✓ 25 years listed on the NYSE and accessing capital markets ✓ Rental Portfolio of more than 500,000 sqm of GLA RENTAL PROPERTIES Controlling shareholder of IRCP (BYMA:IRCP ; NASDAQ:IRCP), leader in Shopping Malls and Offices in the country (80% Stake). Owner of 3 premium hotels in Argent ...

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Fiscal Year 2021 Earnings Conference Call September 9, 2021 10:00 AM ET Company Participants Santiago Donato – Investor Relations Officer Alejandro Elsztain – Second Vice President Matias Gaivironsky – Chief Financial and Administrative Officer-Cresud Conference Call Participants Gordon Lee – BTG Pactual Santiago Donato Good afternoon, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Fiscal Year 2021 R ...

Financial Data and Key Metrics Changes - The company reported a net loss of ARS1.2 billion for the first half of 2021, compared to a gain of ARS6.6 billion in the previous year, indicating a significant decline in financial performance [5] - The adjusted EBITDA for the real estate segment increased by 77% from ARS4.5 billion last year to almost ARS8 billion this year [6] - The company experienced a loss of ARS17.5 billion in fair value of investment properties during the quarter, while the total gain for the semester was ARS9.2 billion [23] Business Line Data and Key Metrics Changes - The shopping malls segment saw a drop of 76.2% in adjusted EBITDA compared to the previous year, with a 47.1% drop during the quarter [28] - Office buildings occupancy reached close to 80%, with an average rent slightly lower than last year at around $26 per square meter [12] - Hotel occupancy was severely affected, with an average of 8% occupancy, although the Llao Llao hotel performed better with occupancy levels around 80% during the summer [14] Market Data and Key Metrics Changes - The company’s shopping malls faced challenges due to the exit of major tenants, such as Falabella, leading to a decrease in occupancy rates [10] - The overall market environment in Argentina remains challenging, with the stock price of the company remaining low compared to the previous year [21] Company Strategy and Development Direction - The company is focusing on liquidity and solvency, particularly in its banking operations, and has successfully restructured its debt, achieving a reduction of $200 million [19] - The strategy includes potential asset sales, particularly in the hotel and land bank segments, to improve liquidity [46] Management Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery of shopping center sales post-lockdown, which are performing better than expected [52] - The company anticipates that the financial position for the year will be much better than last year, provided that COVID-19 does not lead to further restrictions [53] Other Important Information - The company completed a successful debt exchange with a 98% acceptance rate, which will help in managing future liabilities [34] - The net asset value is reported at $1.1 billion, with a loan-to-value ratio of 22% [33] Q&A Session Summary Question: Current cash balance and dividend distribution - The company confirmed that IRSA Commercial Properties distributed dividends of ARS9.7 billion in November, which were used to cancel intercompany loans, reducing exposure [39][40] Question: Sources of liquidity and asset sales - Management indicated that they are considering selling certain assets, including some hotels and land banks, to improve liquidity [46] Question: Revaluation and markdown details - The company explained that the volatility in asset values is primarily due to macroeconomic factors, with the blue-chip swap being used for valuation adjustments [48]