IRSA(US:IRS)2023-11-24 17:30Financial 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]