BUENOS AIRES, Argentina, May 11, 2022 - IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), leading real estate company in Argentina, announces today its results for the third quarter of Fiscal Year 2022 ended March 31, 2022.

Rhea-AI Summary

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported notable financial results for the nine-month period of fiscal year 2022. The company achieved a profit of ARS 11,502 million, a significant improvement compared to a loss of ARS 22,821 million in the previous year. However, adjusted EBITDA decreased by 28.2% year-over-year to ARS 12,927 million. Tenant sales in shopping malls rose by 21.2% compared to 2019, with portfolio occupancy at 91.5%. The company initiated a share repurchase plan and reported a basic EPS of 15.42.

Positive

• Profit increased to ARS 11,502 million, up from a loss of ARS 22,821 million year-over-year.
• Tenant sales in shopping malls grew by 21.2% compared to Q3 2019.
• Portfolio occupancy rose to 91.5%.
• Initiated a share repurchase plan, executing approximately 7.3% of the program.
• Basic EPS increased to 15.42, compared to (30.91) previous year.

Negative

• Adjusted EBITDA decreased by 28.2% year-over-year to ARS 12,927 million due to lower investment property sales.
• Loss from operations reported at (3,427) million, improved from (8,405) million but still negative.

BUENOS AIRES, Argentina, May 11, 2022 /PRNewswire/ --

HIGHLIGHTS

• In December 2021, the Shareholders' Meetings of IRSA and IRSA PC approved the merger by absorption between the companies, in which IRSA absorbs IRSA PC. The merger has an effective date of July 1, 2021, and the exchange of IRSA PC shares for IRSA shares will take place in the coming days.
• The net result for the nine-month period of fiscal year 2022 registered a profit of ARS 11,502 million compared to a loss of ARS 22,821 million in the previous fiscal year.
• Adjusted EBITDA reached ARS 12,927 million in the 9-month period of fiscal year 2022, 28.2% lower than the same period of 2021 due to lower sales of investment properties and 13.4% higher than the one registered in the same period of 2020. Rental adjusted EBITDA reached ARS 10,060 million (ARS 7,778 million for shopping malls, ARS 1,540 million for offices and ARS 742 million for hotels).
• Tenant sales in shopping malls grew in real terms during the third quarter of 2022 by 21.2% compared to the same quarter of 2019, not affected by the pandemic. Portfolio occupancy grew to 91.5%.
• During the quarter we sold 5 floors of the "261 Della Paolera" building with an area of 5,920 m2 for an approximate amount of USD 52 million and subsequently, we sold 100% of the República building in block with an area of 19,885 sqm for an approximate amount of USD 131.8 million.
• In March 2022, we launched a share repurchase plan for up to ARS 1,000 million. To date, the company has repurchased approximately 7.3% of the program.

 

Financial Highlights
(In millions of Argentine Pesos)
9M FY 2022

Income Statement	03/31/2022	03/31/2021
Revenues	19,461	14,234
Gross Profit	12,002	7,319
Net result from changes in the fair value of investment properties	(11,095)	(10,635)
Loss from Operations	(3,427)	(8,405)
Result for the Period	11,502	(22,821)
Attributable to:
IRSA's Shareholders	12,470	(17,818)
Non-Controlling interest	(968)	(5,003)
EPS (Basic)	15.42	(30.91)
EPS (Diluted)	14.00	(30.91)
Balance Sheet	03/31/2022	06/30/2021
Current Assets	24,399	19,464
Non-Current Assets	267,164	291,975
Total Assets	291,563	311,439
Current Liabilities	25,026	30,949
Non-Current Liabilities	140,254	164,846
Total Liabilities	165,280	195,795
Non-Controlling Interest	8,394	29,206
Shareholders' Equity	126,283	115,644

 

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, cordially invites you to participate in its IIIQ FY 2022 Results Conference Call on Friday, May 13, 2022, at 10:00 AM US Eastern Time / 11:00 AM BA Time.

To participate, please access through the following link:
https://irsacorp.zoom.us/j/87861031276?pwd=bnRBWWEwKzFLTHJmMys3SGJISFEzQT09
Webinar ID: 878 6103 1276
Password: 211602

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
Brazil: +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788
United States of America: +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@irsa.com.ar 
https://www.irsa.com.ar/home-inversores.php?lng=en

Follow us on Twitter @irsair

 

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SOURCE IRSA Inversiones y Representaciones S.A.

FAQ

What are the financial results for IRSA (NYSE: IRS) for the nine months of FY 2022?

IRSA reported a profit of ARS 11,502 million, compared to a loss of ARS 22,821 million in the previous fiscal year.

How did adjusted EBITDA perform for IRSA in FY 2022?

Adjusted EBITDA for the nine-month period of FY 2022 was ARS 12,927 million, which is 28.2% lower than the previous year.

What is the EPS for IRSA according to the latest press release?

The basic EPS for IRSA for the nine-month period of FY 2022 was 15.42.

What shareholder actions has IRSA taken recently?

IRSA has initiated a share repurchase plan for up to ARS 1,000 million and has repurchased approximately 7.3% of this program.

When will IRSA hold its IIIQ FY 2022 Results Conference Call?

The conference call is scheduled for May 13, 2022, at 10:00 AM US Eastern Time.