IRSA Inversiones y Representaciones S.A. Announces its Results for the Third Quarter of Fiscal Year 2020 Ended March 31

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IRSA Inversiones y Representaciones S.A.

Jun 09, 2020, 21:35 ET

BUENOS AIRES, Argentina, June 9, 2020 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the third quarter of the Fiscal Year 2020 ended March 31, 2020.

HIGHLIGHTS

Net Income for the nine-month period of 2020 registered a loss of ARS 4,187 million compared to a loss of ARS 13,442 million during the same period of 2019. This lower loss is mainly explained by the result from the deconsolidation of Gav-Yam, offset by lower results of the market valuation of Clal in the Israel operations center and net financial losses in Argentina.
Net income attributable to the controlling shareholder registered a loss of ARS 9,567 million compared to a loss of ARS 13,050 million in the nine-month period of 2019.
Adjusted EBITDA for the nine-month period of 2020 increased by 38.1% reaching ARS 20,993 million, ARS 5,168 million coming from the Argentina Business Center, which decreased 6.3%, and ARS 15,825 million from the Israel Business Center, which increased by 63.3%.
On March 20, as a consequence of the social, preventive and compulsory isolation decreed in Argentina due to the COVID-19 pandemic, hotels and shopping centers throughout the country were closed, working exclusively those stores dedicated essential activities such as pharmacies, supermarkets and banks. This negative impact will be reflected mainly in the Financial Statements for the fourth quarter of FY 2020 as it only affected 10 days of operations this quarter.
As a subsequent event, in May 2020, we issued notes in the local market for the amount of USD 65.8 million. Proceeds will be mainly used to refinance short term liabilities.

Financial Highlights (In millions of Argentine Pesos) 9M FY 2020

Income Statement	03/31/2020	03/31/2019
Revenues	69,564	66,184
Consolidated Gross Profit	25,740	23,971
Net result from changes in the fair value of investment properties	(275)	(8,396)
Consolidated Profit / (loss) from Operations	7,005	(614)
Result for the Period	(4,187)	(13,442)

Attributable to:
IRSA's Shareholders	(9,567)	(13,050)
Non-Controlling interest	5,380	(392)

EPS (Basic)	(16.61)	(22.68)
EPS (Diluted)	(16.61)	(22.68)

Balance Sheet	03/31/2020	06/30/2019
Current Assets	178,370	191,618
Non-Current Assets	347,626	452,144
Total Assets	525,996	643,762
Current Liabilities	124,730	100,310
Non-Current Liabilities	318,158	427,050
Total Liabilities	442,888	527,360
Non-Controlling Interest	54,398	72,896
Shareholders' Equity	83,108	116,402

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA) is Argentina's largest, most well-diversified real estate company, with investments in the US and Israel, cordially invites you to participate in its IIIQ FY 2020 Results Conference Call on Wednesday, June 10, 2020, at 11:00 AM US Eastern Time / 12:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/95013274594?pwd=YnF2Qkg1aTNOdWlySTU0Znd4YWpiQT09
Webinar ID: 950 1327 4594
Password: 967076

In addition, you can participate communicating to this numbers:
Argentina: +54 112 040 0447 or +54 341 512 2188 or +54 343 414 5986
Israel: +972 55 330 1762 or +972 3 978 6688
Brazil: +55 21 3958 7888 or +55 11 4680 6788
US: +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 23 210 9066 or +56 232 938 848 or +56 41 256 0288

Investor Relations Department
+ 5411 4323-7449
[email protected]
https://www.irsa.com.ar/home-inversores.php?lng=en
Follow us on Twitter @irsair

SOURCE IRSA Inversiones y Representaciones S.A.