BUENOS AIRES, Argentina, February 11, 2022 - IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), leading real estate company in Argentina, announces today its results for the second quarter of the Fiscal Year 2022 ended December 31, 2021.
BUENOS AIRES, Argentina, Feb. 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 months.
- The net result for the first half of fiscal year 2022 was ARS 25,520 million compared to a ARS 1,758 million loss in the previous fiscal year. This is mainly explained by the gain recorded for changes in the fair value of investment properties.
- Rental segment showed a recovery in the main indicators of shopping malls and hotels, while the office segment showed a slight decrease in the average rent and occupancy. The rental adjusted EBITDA reached ARS 5,489 million during the first semester of 2022 (ARS 4,298 million in shopping malls, ARS 834 million in offices and ARS 357 million in hotels), 31.5% lower than in the same period of 2020, not affected by the pandemic.
- During the semester we sold 4 floors of "261 Della Paolera" building with a surface area of 4,797 sqm for an approximate amount of USD 41.2 million.
- In December 2021, the Legislature of the Autonomous City of Buenos Aires approved by law the regulations for the development of the "Costa Urbana" project on the 70-hectare property owned by IRSA since 1997. The Company will have a construction capacity of approximately 895,000 m², which will drive growth for the coming years through the development of mixed-use projects.
Financial Highlights
(In millions of Argentine Pesos)
6M FY 2022
Income Statement | 12/31/2021 | 12/31/2020 |
Revenues | 11,051 | 7,473 |
Consolidated Gross Profit | 6,835 | 3,505 |
Net result from changes in the fair value of investment properties | 22,450 | 13,986 |
Consolidated Profit from Operations | 26,511 | 13,945 |
Result for the Period | 25,520 | (1,758) |
Attributable to: | ||
IRSA's Shareholders | 25,722 | (882) |
Non-Controlling interest | (202) | (876) |
EPS (Basic) | 31.80 | (1.53) |
EPS (Diluted) | 28.87 | (1.53) |
Balance Sheet | 12/31/2021 | 06/30/2021 |
Current Assets | 21,523 | 16,769 |
Non-Current Assets | 266,792 | 251,552 |
Total Assets | 288,315 | 268,321 |
Current Liabilities | 19,117 | 26,663 |
Non-Current Liabilities | 144,489 | 142,025 |
Total Liabilities | 163,606 | 168,688 |
Non-Controlling Interest | 7,947 | 25,162 |
Shareholders' Equity | 124,709 | 99,633 |
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 IIQ FY 2022 Results Conference Call on Monday, February 14, 2022, at 09:00 AM US Eastern Time / 11:00 AM BA Time.
To participate, please access through the following link:
https://irsacorp.zoom.us/j/86253139548?pwd=MkJZODJTMk55NVJoaG1lc2dPUDYwZz09
Webinar ID: 862 5313 9548
Password: 413944
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
https://www.irsa.com.ar/home-inversores.php?lng=en
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SOURCE IRSA Inversiones y Representaciones S.A.
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