IRSA Inversiones y Representaciones S.A. announces its Results for the Fiscal Year 2019 ended June 30, 2019.

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IRSA Inversiones y Representaciones S.A.

Sep 09, 2019, 23:59 ET

BUENOS AIRES, Argentina, Sept. 9, 2019 /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 2019 ended Junes 30, 2019.

HIGHLIGHTS

The Net Income for fiscal year 2019 recorded a loss of ARS 26,847 million compared to a gain of ARS 23,237 million registered in 2018. This is mainly explained by the loss recorded by changes in the fair value of investment properties in Argentina Business Center.
The adjusted EBITDA for fiscal year 2019 was ARS 19,715 million (ARS 5,640 million from Argentina Business center and ARS 14,075 million from Israel Business Center), increasing by 13.4% compared to 2018.
Adjusted EBITDA of rental segments in Argentina grew 6.8% in the compared fiscal years, mainly driven by office and hotel segments, which have dollar-denominated revenues, offset by a 15.3% drop in the shopping center business.
In the Argentine Business Center, during fiscal year 2019 and subsequently, we have issued notes in the local capital market for the amount of USD 226.5 million with the objective of refinancing short-term liabilities.
In the Israel Business Center, we have sold an additional 19.5% of Clal Insurance during the year and subsequently. IDBD's stake in Clal, directly and through swaps, was reduced to 35.3% of its share capital.

Financial Highlights
(In millions of Argentine Pesos)
FY 2019
Ended June 30, 2019

Income Statement	06/30/2019	06/30/2018
Revenues	69,767	58,824
Consolidated Gross Profit	27,767	24,178
Net result from changes in the fair value of investment properties	(23,710)	16,981
Consolidated Profit from Operations	(12,073)	27,521
Profit / (Loss) For the Period	(26,847)	23,237

Attributable to:
IRSA's Shareholders	(25,615)	14,727
Non-Controlling interest	(1,232)	8,510

EPS (Basic)	(44.55)	25.61
EPS (Diluted)	(44.55)	25.44

Balance Sheet	06/30/2019	06/30/2018
Current Assets	141,276	149,432
Non-Current Assets	333,358	377,424
Total Assets	474,634	526,856
Current Liabilities	73,959	72,930
Non-Current Liabilities	314,856	334,411
Total Liabilities	388,815	407,341
Non-Controlling Interest	53,744	58,181
Shareholders' Equity	85,819	119,515

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the BYMA and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also owns three luxury hotels. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country as well as international opportunistic investments in real estate and other assets, including 100.0% indirect stake in IDB Development Corporation and 82.3% indirect stake in Discount Investment Corporation Ltd., leading conglomerates in Israel.

A longer version of this press release with detailed information is available on the web site: http://www.irsa.com.ar.

IRSA cordially invites you to participate in its FY 2019 Results Conference Call on Tuesday, September 10, 2019, at 09:00 AM US Eastern Time / 10:00 AM BA Time.

If you would like to participate, please call:
United States: 1-844-717-6831
International: 1-412-317-6388
ID# IRSA

To access the webcast, click on the link below:
https://webcastlite.mziq.com/cover.html?webcastId=88d1ca57-0d81-48c8-932c-c085f3d300a4

Investor Relations Department.
IRSA Inversiones y Representaciones S.A.
+ 5411 4323-7449
[email protected]
www.irsa.com.ar
Follow us on Twitter @irsair

SOURCE IRSA Inversiones y Representaciones S.A.