IRSA Inversiones y Representaciones S.A. announces its results for FY 2022, ended June 30, 2022.

Rhea-AI Summary

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported strong performance for fiscal year 2022, concluding with a net gain of ARS 34,892 million, reversing a loss of ARS 61,641 million in 2021. Adjusted EBITDA rose to ARS 27,427 million, marking a 49% increase compared to 2019. Tenant sales in malls increased by 9.5% from 2019, with portfolio occupancy at 93.1%. Notably, IRSA completed significant real estate transactions, selling two major properties for a total of USD 225 million. Shareholders' equity improved to ARS 169,727 million.

Positive

• Net result increased to ARS 34,892 million from a loss of ARS 61,641 million in 2021.
• Adjusted EBITDA rose to ARS 27,427 million, a 49% improvement over 2019.
• Mall tenant sales grew by 9.5% compared to 2019.
• Portfolio occupancy increased to 93.1%.
• Significant property sales for USD 225 million.
• Shareholders' equity increased to ARS 169,727 million.

Negative

• None.

BUENOS AIRES, Argentina, Sept. 6, 2022 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the Fiscal Year 2022 ended June 30, 2022.

HIGHLIGHTS

• During the year, we concluded the merger between IRSA and IRSA Commercial Properties that has an effective date of July 1, 2021.
• The net result for fiscal year 2022 registered a gain of ARS 34,892 million compared to a loss of ARS 61,641 million in fiscal year 2021.
• Adjusted EBITDA reached ARS 27,427 million in fiscal year 2022, 49% higher than in 2019, not affected by the pandemic. Rental adjusted EBITDA reached ARS 15,782 million (ARS 12,248 million for Shopping Malls, ARS 2,443 million for offices and ARS 1,091 million for Hotels).
• Mall´s tenant sales grew 9.5% in 2022 compared to 2019, not affected by the pandemic. Portfolio occupancy grew to 93.1%.
• During the year, we sold 9 floors of the 200 Della Paolera building for USD 93.2 million and the República building for USD 131.8 million.
• In December 2021, we obtained the approval from the Legislature of the City of Buenos Aires of our main project "Costa Urbana" in Puerto Madero Sur to develop approximately 900,000 sqm of mixed uses.
• Regarding financial matters, we issued debt in the local market for USD 58.1 million and after closing, we completed the exchange of the Series II Notes, originally issued by IRSA Propiedades Comerciales S.A., for USD 360 million within the framework of the Resolution of the Central Bank of the Argentine Republic, reaching an acceptance of 66.4%.
• During the year, we launched a share repurchase plan for up to ARS 1,000 million, which to date has registered an advance of 87.8%.

Financial Highlights
(In millions of Argentine Pesos) 
FY 2022

Income Statement	06/30/2022	06/30/2021
Revenues	32,085	21,282
Consolidated Gross Profit	19,969	10,519
Net result from changes in the fair value of investment properties	13,650	(12,742)
Consolidated Profit / (Loss) from Operations	26,166	(9,755)
Result for the Period	34,892	(61,641)
Attributable to:
IRSA's Shareholders	34,552	(49,077)
Non-Controlling interest	340	(12,564)
EPS (Basic)	42.73	(83.41)
EPS (Diluted)	38.79	(83.41)
Balance Sheet	06/30/2022	06/30/2021
Current Assets	42,419	22,833
Non-Current Assets	330,373	342,492
Total Assets	372,792	365,325
Current Liabilities	86,429	36,304
Non-Current Liabilities	116,636	193,368
Total Liabilities	203,065	229,672
Non-Controlling Interest	10,874	34,259
Shareholders' Equity	169,727	135,653

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 FY 2022 Results Conference Call on Thursday, September 8, 2022, at 10:00 AM US Eastern Time / 11:00 AM BA Time.

To access the Webinar:

https://irsacorp.zoom.us/j/89007871967?pwd=L0ExemxYM2xONzVnSWpSNmhyRFY0QT09

Webinar ID: 890 0787 1967

Password: 911195

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 were the key financial results for IRS in FY 2022?

IRSA reported a net gain of ARS 34,892 million, adjusted EBITDA of ARS 27,427 million, and revenues of ARS 32,085 million.

How did IRSA's revenue in FY 2022 compare to FY 2021?

IRSA's revenue increased to ARS 32,085 million from ARS 21,282 million in FY 2021.

What is the current occupancy rate for IRSA's portfolio?

IRSA's portfolio occupancy rate rose to 93.1%.

What property transactions did IRS complete in FY 2022?

IRSA sold two major properties for a total of USD 225 million.

What is the EPS for IRSA in FY 2022?

The EPS (Basic) for IRSA in FY 2022 was 42.73.