IRSA Propiedades Comerciales S.A. announces its results for the Fiscal Year 2021 ended June 30, 2021

Rhea-AI Summary

IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP) reported its fiscal year 2021 results, revealing significant challenges due to the COVID-19 pandemic. Tenant sales in shopping malls fell by 27.8%, and office revenue dropped 21.9%. Adjusted EBITDA from rentals declined 47.3% to ARS 4,670 million, while total Adjusted EBITDA rose 54.1% to ARS 14,477 million due to investment property sales. The company faced a net loss of ARS 22,537 million, primarily due to fair value losses on investments. The firm sold 29,700 sqm of offices for USD 170.6 million and canceled USD 140 million in notes while distributing ARS 9,700 million in dividends.

Positive

• Total Adjusted EBITDA increased 54.1% to ARS 14,477 million.
• Successfully sold 29,700 sqm of offices for USD 170.6 million.
• Distributed a cash dividend of ARS 9,700 million.

Negative

• Tenant sales in shopping malls decreased by 27.8% in real terms.
• Office revenue fell by 21.9%.
• Adjusted EBITDA from rentals dropped 47.3% to ARS 4,670 million.
• Net loss of ARS 22,537 million due to fair value losses.

BUENOS AIRES, Argentina, Sept. 6, 2021 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the Fiscal Year 2021 ended June 30, 2021.

HIGHLIGHTS

• The results for fiscal year 2021 have been affected by the restrictions due to the COVID19 pandemic. The company's shopping malls were closed for most of the year while the offices remained operational, even though most of the tenants adopted the remote work modality.
• Tenant sales in shopping malls fell 27.8% in real terms in fiscal 2021 compared to 2020 and the occupancy of the portfolio was 90%. Office revenue fell 21.9% and occupancy in A + and A buildings dropped to 80%. Adjusted EBITDA of the rental segment reached ARS 4,670 million in fiscal year 2021, 47.3% lower than in 2020, while total Adjusted EBITDA, which includes investment property sales, reached ARS 14,477 million, growing by 54, 1% in the year.
• The net result for fiscal year 2021 showed a loss of ARS 22,537 million, mainly explained by a loss of ARS 13,946 million due to changes in the fair value of investment properties and the impact of the change in the rate, from 25% to 35%, in deferred income tax.
• During fiscal year 2021 we sold approximately 29,700 sqm of premium offices for a total amount of USD 170.6 million and inaugurated "200 Della Paolera" building, the company's new headquarters.
• In financial matters, this year we canceled Series IV notes for a total amount of USD 140 million and distributed a cash dividend in the amount of ARS 9,700 million.

Financial Highlights
(In millions of Argentine Pesos)
FY 2021

Income Statement	06/30/2021	06/30/2020
Revenues from sales, leases and services	8,092	12,860
Consolidated Gross Profit	6,581	11,373
Consolidated (Loss) / Profit from Operations	(10,615)	46,230
Loss for the Period	(22,537)	27,266
Attributable to:
IRSA CP's Shareholders	(21,933)	25,668
Non-Controlling interest	(604)	1,598
EPS (Basic)	(40.52)	47.43
EPS (Diluted)	(40.52)	47.43
Balance Sheet	06/30/2021	06/30/2020
Current Assets	22,652	22,417
Non-Current Assets	154,752	194,625
Total Assets	177,404	217,042
Current Liabilities	13,122	24,666
Non-Current Liabilities	86,269	78,863
Total Liabilities	99,391	103,529
Non-Controlling Interest	5,549	6,143
Shareholders' Equity	78,013	113,513

IRSA Propiedades Comerciales cordially invites you to participate in the FY 2021 Results Conference Call on Friday, September 3, 2021, at 01:00 p.m. US EST, 02:00 p.m. BA.

To access the Webinar:
https://irsacorp.zoom.us/j/84830687731?pwd=REdKNGJTUnhubXk4VlpVUDdoMzFSUT09 
Webinar ID: 848 3068 7731
Password: 504549

In addition, you can participate communicating to this numbers:
Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 3 978 6688 or +972 55 330 1762

Brasil : +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788

Estados Unidos de América: +1 312 626 6799 or +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592

Chile: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

Investor Relations Department
+ 5411 4323-7449
ir@irsacp.com.ar
https://www.irsacp.com.ar/home-inversores.php?lng=en 
Follow us on Twitter @irsacpir

 

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SOURCE IRSA Propiedades Comerciales S.A.

FAQ

What were IRSA Propiedades Comerciales' fiscal year 2021 earnings results?

IRSA reported a net loss of ARS 22,537 million for the fiscal year 2021.

How did the COVID-19 pandemic affect IRCP's financial performance?

The pandemic led to a 27.8% decline in tenant sales and a 21.9% drop in office revenue.

What was the Adjusted EBITDA for IRSA in fiscal year 2021?

Adjusted EBITDA from the rental segment was ARS 4,670 million, a decrease of 47.3% compared to 2020.

Did IRSA Propiedades Comerciales pay dividends in 2021?

Yes, the company distributed a cash dividend of ARS 9,700 million.

What major asset sales did IRSA conduct in fiscal year 2021?

IRSA sold 29,700 sqm of premium office space for a total amount of USD 170.6 million.