IRSA Inversiones y Representaciones S.A. Announces Results for the Fiscal Year 2014 Ended June, 2014

BUENOS AIRES, Argentina, Sept. 9, 2014 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the Fiscal Year 2014 Ended June 30, 2014.

HIGHLIGHTS

• Our net result for the fiscal year was a net loss of ARS 516.0 million, reflecting higher exchange rate differences losses in financial results.
• The company's revenues were 30.1% higher than in 2013, whereas EBITDA increased 12.9%, mainly explained by improved results in our rental segment. Excluding Madison additional acquisition one shot effect in the fiscal year 2013, EBITDA grew by 26.3% in the year.
• Our shopping centers closed the year with a 29.2% increase in sales as compared to 2013 and a portfolio occupancy rate that reached 98.4%. EBITDA grew by 19.8% and the EBITDA/revenue margin stood at 73%.
• As concerns investments, during this year we made progress in the development of the "Alto Comahue" shopping center in Neuquen, which we expect to open during the next fiscal year, and we also progressed in the legal proceedings over "Distrito Arcos", which we hope to open in the next few months. Moreover, we have recently acquired a land reserve in Lujan for USD 2.4 per sqm, previously owned by Cresud, intended for a future real estate development.
• We increased occupancy in our Premium office portfolio to 98.6%.
• During this fiscal year we continued to sell non-strategic assets in our portfolio for ARS 296.2 million.
• As concerns the international segment, we invested, through Dolphin Fund, approximately USD 140 million to purchase 28.91% of the Israeli company IDB Development Corporation, one of the largest investment groups in Israel.
• We executed a sale commitment for the Madison 183 building for USD 185 million. We expect to consummate this transaction next September 2014.
• During this fiscal year we paid cash dividends to our shareholders for a total amount of ARS 250.0 million, and we acquired approximately 0.84% of the shares outstanding of the company under the scope of the share repurchase plan approved by our Board of Directors.

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: 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 Bolsa de Comercio de Buenos Aires 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 develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country, 34% voting power of the US Reit Supertel Hospitality Inc and has recently acquired, indirectly, a 28,9% stake in IDB Development Corporation.

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 Fiscal Year 2014 Results Conference Call on Tuesday, September 09, 2014, at 8:00 AM Eastern Time

If you would like to participate, please call:
United States:  (888) 734-0544
International:  +1-(706) 758-3363
ID# 88361921

To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=eVYhoyhMs5%2FtB%2B0TlI%2BMnw%3D%3D

Investor Relations Department
IRSA Inversiones y Representaciones S.A.
[email protected]

SOURCE IRSA Inversiones y Representaciones S.A.