IRSA Inversiones y Representaciones S.A. announces today its results for the Fiscal Year 2021 ended June 30, 2021.

Rhea-AI Summary

IRSA Inversiones y Representaciones S.A. (NYSE: IRS) reported its FY 2021 results, ending June 30, 2021, indicating significant impacts from the COVID-19 pandemic. During the year, tenant sales for malls decreased by 27.8% and revenues fell by 40.3%. Adjusted EBITDA for rental segments was ARS 4,223 million, down 55.1%. Overall, the company faced a net loss of ARS 37,591 million, influenced by operational setbacks and tax rate changes. However, the company generated ARS 13,284 million in total Adjusted EBITDA, benefiting from investment property sales.

Positive

• Total Adjusted EBITDA reached ARS 13,284 million, a 54.6% increase driven by investment property sales.
• Successfully sold approximately 29,700 m2 of premium offices for USD 170.6 million.

Negative

• Net loss of ARS 37,591 million due to operational challenges and tax rate changes.
• Hotel revenues declined by 69.7%; office revenues fell 22.0%; rental segment EBITDA down 55.1%.

BUENOS AIRES, Argentina, Sept. 6, 2021 /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 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 and hotels were closed for most of the year while the offices remained operational, even though most of the tenants adopted the remote work modality.
• Malls' tenant sales and revenues fell 27.8% and 40.3%, respectively, in real terms, office revenues fell 22.0% and hotel revenues 69.7%. Adjusted EBITDA of the rental segments reached ARS 4,223 million, 55.1% lower than the previous year, while total Adjusted EBITDA, which includes investment property sales, reached ARS 13,284 million, growing by 54.6% in the year.
• The net result for fiscal year 2021 showed a loss of ARS 37,591 million mainly explained by the operating result, the impact of the change in the rate, from 25% to 35%, in the deferred income tax and the loss recorded by discontinued operations.
• During fiscal year 2021, we sold approximately 29,700 m2 of premium offices for a total amount of USD 170.6 million and inaugurated the building located at Della Paolera 261, the company's new headquarters.
• In financial matters, during the year we issued debt in the local market for USD 216 million, we successfully completed the exchange of the Series I Notes for USD 181.5 million within the framework of the BCRA Resolution, we increased the capital by approximately USD 29 million and we distributed a dividend in kind with shares of IRSA Propiedades Comerciales for the sum of ARS 484 million.

Financial Highlights
(In millions of Argentine Pesos)
FY 2021

Income Statement	06/30/2021	06/30/2020
Revenues	12,978	21,263
Consolidated Gross Profit	6,414	12,391
Net result from changes in the fair value of investment properties	(7,770)	50,664
Consolidated (Loss) / Profit from Operations	(5,949)	58,051
Result for the Period	(37,591)	35,651
Attributable to:
IRSA's Shareholders	(29,929)	21,405
Non-Controlling interest	(7,662)	14,246
EPS (Basic)	(50.86)	37.20
EPS (Diluted)	(50.86)	37.10
Balance Sheet	06/30/2021	06/30/2020
Current Assets	13,923	308,987
Non-Current Assets	208,859	633,067
Total Assets	222,782	942,054
Current Liabilities	22,138	215,362
Non-Current Liabilities	117,920	542,464
Total Liabilities	140,058	757,826
Non-Controlling Interest	20,892	98,423
Shareholders' Equity	82,724	184,228

 

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, with investments in the US, cordially invites you to participate in its FY 2021 Results Conference Call on Thursday, September 9, 2021, at 10:00 AM US Eastern Time / 11:00 AM BA Time.

To access the Webinar:

https://irsacorp.zoom.us/j/89161656291?pwd=Ky8wNjMyU2ZiakowcFJiNnc5cHdIdz09 

Webinar ID: 891 6165 6291

Password: 087884

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

 

View original content:https://www.prnewswire.com/news-releases/irsa-inversiones-y-representaciones-sa-announces-today-its-results-for-the-fiscal-year-2021-ended-june-30-2021-301369784.html

SOURCE IRSA Inversiones y Representaciones S.A.

FAQ

What were IRSA's earnings for FY 2021?

IRSA reported a net loss of ARS 37,591 million for FY 2021.

How did COVID-19 impact IRSA's financial performance?

COVID-19 restrictions led to a 40.3% decline in mall revenues and a 69.7% drop in hotel revenues.

What is the market reaction to IRSA's FY 2021 results?

The significant net loss and revenue declines may negatively impact investor sentiment regarding IRS shares.

When is IRSA's FY 2021 results conference call?

The conference call is scheduled for September 9, 2021, at 10:00 AM US Eastern Time.