Q4 2024 IRSA Inversiones y Representaciones SA Earnings Call Transcript
Key Points
- IRSA Inversiones y Representaciones SA (IRS) achieved a rental adjusted EBITDA of ARS171 billion, an 8.8% increase from the previous year.
- The company maintained high occupancy rates across offices, malls, and hotels, with shopping malls reaching a historical record of 98% occupancy.
- IRSA was aggressive in distributing dividends and buying back shares, paying ARS119 billion in dividends and repurchasing 4% of total outstanding shares.
- The company saw a significant increase in the value of its investment in Banco Hipotecario, with the bank generating ARS30 billion in results and distributing dividends for the first time in several years.
- IRSA made strategic acquisitions and sales, including the purchase of Alto Avellaneda property and the sale of the Suipacha Building and three floors of Della Paolera, enhancing its real estate portfolio.
- IRSA posted a net income loss of ARS23 billion, primarily due to the exposure of the fair value of investment properties and macroeconomic volatility.
- The company experienced a 4.5% drop in tenant real sales and occupancy in shopping malls, attributed to high inflation and economic contraction in the second half of the fiscal year.
- There was a decline in international tourism affecting hotel occupancy rates, mainly due to lower FX competitiveness in Argentina.
- The convention center sector, including La Rural, is still in the process of fully recovering from the pandemic, with occupancy levels not yet back to historical norms.
- The company faces challenges in maintaining high occupancy and rates in hotels, particularly with the decline in international tourism and the need for recovery in the corporate events segment.
Good morning, everyone. I am Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the fiscal year 2024 results conference call. First of all, I would like to remind you that both audio and slideshow may be accessed through company's Investor Relations website at www.irsa.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company website. (Operator Instructions)
Before we begin, I would like to remind you that this call is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements. I will now turn the call over to Mr. Matias Ivan Gaivironsky, CFO.
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