BUENOS AIRES, Argentina,
Sept. 9, 2011 /PRNewswire/ -- IRSA
Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE:
IRSA), the leading real estate company in Argentina, announces its results for Fiscal
Year 2011 Ended June 30, 2011
- Revenues and EBITDA from the rental segments increased 24% and
31%, respectively, during fiscal year 2011, accounting for 72% of
total Revenues and 86% of the total EBITDA.
- IRSA's revenues increased 9% to Ps. 1,441.9 million, and EBITDA
grew 9% to Ps. 760.1 million during the last fiscal year.
- During this fiscal year we consummated the purchase of 29.6% of
APSA from our main shareholder, Parque Arauco: at present we
control 94.9% of the leading company in the Argentine shopping
center industry.
- The Shopping Center segment has continued to show a solid
performance, with a 30% growth in Revenues, EBITDA/Sales margins in
the whereabouts of 77% and occupancy levels above 97%.
- Since July 1, 2010, APSA has been
operating "Soleil Factory", its twelfth shopping center, improving
invoicing and occupancy levels. An optimization plan is being
developed, which will be rolled out in the next fiscal year.
- APSA purchased 50% of the company Nuevo Puerto Santa Fe, which
is licensee of the "La Ribera" shopping center located in the
City of Santa Fe. This marks
APSA's thirteenth shopping center under operation.
- As concerns the office segment, we have started to develop a
new premium building in the district of Catalinas, and we purchased
a 160,000 sqm plot of land in the district of San Martin,
Buenos Aires, that was owned by
Nobleza Picardo, intended for
commercial use.
- Net income was Ps. 282.1 million compared to Ps. 334.5 million
in fiscal year 2010, due to higher financial burdens and a lower
contribution of income from Banco Hipotecario S.A.
- On July 20, 2010, we issued
fixed-rate negotiable obligations due in 2020 for a total principal
amount of USD 150.0 million, accruing
interest at a rate of 11.5% per annum, and repayable in a single
payment in 2020. In this way, IRSA reopened the long-term debt
market for Argentine companies after the international financial
crisis.
- During this fiscal year IRSA distributed dividends for Ps. 120
million (Ps. 0.207 per share or Ps. 2.07 per ADR).
- Our Board of Directors has called a General Shareholders'
Meeting for May 26 and has adopted
the position to reopen Alto Palermo S.A.'s capital adopted at the
Shareholders' Meeting of such company. In addition, a dividend
payment of Ps. 100 million (Ps. 0.173 or 1.73 per ADR) was
approved
HIGHLIGHTS
|
|
Fiscal Year 2011 Financial
Highlights
|
|
(In thousands of Argentine
Pesos)
|
|
Ended June 30, 2011
|
|
|
|
|
|
06-30-11
|
06-30-10
|
|
|
|
|
|
Total sales
|
1,441,930
|
1,323,326
|
|
Operating Income
|
585,401
|
539,731
|
|
Net Income (Loss)
|
282,104
|
334,501
|
|
Net Income per GDS
|
4.87
|
5.78
|
|
|
|
|
|
|
06-30-11
|
06-30-10
|
|
|
|
|
|
Total Current Assets
|
1,045,180
|
1,190,332
|
|
Total Non Current Assets
|
5,270,130
|
4,443,109
|
|
Total Assets
|
6,315,310
|
5,633,441
|
|
Short-Term debt
|
683,813
|
609,190
|
|
Total Current
Liabilities
|
1,305,757
|
1,341,620
|
|
Long-term debt
|
1,756,919
|
1,031,528
|
|
Total Non Current
Liabilities
|
2,210,912
|
1,325,668
|
|
Total Liabilities
|
3,516,669
|
2,667,288
|
|
Minority interest
|
316,826
|
563,107
|
|
Shareholders' Equity
|
2,481,815
|
2,403,046
|
|
|
|
|
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.
A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION
IS AVAILABLE ON THE WEB SITE: WWW.IRSA.COM.AR
IRSA cordially invites you to participate in its Fiscal Year
2011 Results Conference Call on Thursday,
September 15, 2011 at 11:00 a.m.
Eastern Time
To participate, please call:
888 – 734 - 0544 If you are in the US or
+1 - 706 - 758 - 3363 for international calls
To access the webcast, click on the link below:
http://webcast.mz-ir.com/publico.aspx?codplataforma=3113
SOURCE IRSA Inversiones y Representaciones Sociedad Anonima