BUENOS AIRES, Argentina,
May 15, 2017 /PRNewswire/
-- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE:
IRSA), the leading real estate company in Argentina, today announces its results for the
nine-month period of Fiscal Year 2017 Ended March 31, 2017.
During the quarter under review, IRSA's Board of Directors
decided to change the valuation method of investment properties
(mainly, shopping malls, offices and land reserves) from historical
cost to fair market value, in accordance with the International
Financial Reporting Standards (IFRS). The reason for this change is
the need to adjust the valuation of investment property to its fair
market value, for its amortized acquisition cost is not reflective
of their economic substance. The Company intends to recognize the
effects of this change in its financial statements for the fourth
quarter of the current fiscal year (June 30,
2017). The Company has retained an independent appraiser to
estimate the fair market value of its investment properties.
HIGHLIGHTS
- EBITDA for the nine-month period of FY 2017 reached
ARS 7,504 million (ARS 1,827 million from Argentina and ARS 5,677
million from Israel)
- Net result for 9M17 registered a gain of ARS 3,799 million compared to a loss of
ARS 1,039 million in the same period
of 2016 mainly explained by the results from Israel Business Center
coming from Adama sale and the increase in Clal share price, valued
at market value.
- Tenant Sales in our malls grew by 19.9% in 9M17 while the
average rent per sqm of the office portfolio reached USD/sqm 26.3.
EBITDA of the rental segment increased by 31.8% in the compared
period.
- We reached 98.0% occupancy in our shopping malls and 100%
occupancy in our portfolio of premium offices.
- During February 2017, IDBD has
issued notes in the Israeli market for NIS
1,060 million at a fixed rate of 5.40% due 2019 to cancel
existing debt.
- We decided to change the valuation method for the investment
properties from historical cost to reasonable value, which was
already reflected in our subsidiary IRSA Commercial Properties S.A.
this quarter and will be reflected in the company's financial
statements by the end of our fiscal year as of June 30, 2017.
|
Financial
Highlights
|
|
(In millions of
Argentine Pesos)
|
|
Nine-month period 9M
2017
|
|
Ended March 31,
2017
|
|
|
|
|
Income
Statement
|
03/31/2017
|
03/31/2016
|
|
Revenues
|
55,201
|
19,163
|
|
Consolidated Gross
Profit
|
16,245
|
5,476
|
|
Consolidated Profit
from Operations
|
3,147
|
3,287
|
|
Profit / (Loss) For
the Period
|
3,799
|
(1,039)
|
|
|
|
|
Attributable
to:
|
|
|
|
IRSA's
Shareholders
|
2,138
|
(676)
|
|
Non-Controlling
interest
|
1,661
|
(363)
|
|
|
|
|
EPS
(Basic)
|
3.71
|
(1.18)
|
|
EPS
(Diluted)
|
3.70
|
(1.18)
|
|
|
|
|
Balance
Sheet
|
03/31/2017
|
06/30/2016
|
|
Current
Assets
|
55,454
|
42,763
|
|
Non Current
Assets
|
111,075
|
116,237
|
|
Total
Assets
|
166,529
|
159,000
|
|
Current
Liabilities
|
40,818
|
43,600
|
|
Non Current
Liabilities
|
106,859
|
101,899
|
|
Total
Liabilities
|
147,677
|
145,499
|
|
Non-Controlling
Interest
|
15,229
|
12,386
|
|
Shareholders'
Equity
|
18,852
|
13,501
|
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
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 68.3% stake in the largest
conglomerate in Israel, 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 nine-month
period of FY 2017 Results Conference Call on Monday, May 15, 2017, at 9:45 AM Eastern Time
If you would like to participate, please call:
United States: (844) 308-3343
International: +1-(412) 717-9602
ID# IRSA
To access the webcast, click on the link below:
http://webcast.engage-x.com/Cover.aspx?PlatformId=1MU4RkeBThR6VmulkkfSIw%3D%3D
Investor Relations Department
IRSA Inversiones y Representaciones S.A.
+ 5411 4323-7449
ir@irsa.com.ar
www.irsa.com.ar
Follow us on Twitter @irsair
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SOURCE IRSA Inversiones y Representaciones S.A.