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IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the FY 2012 Ended June 30, 2012

BUENOS AIRES, Argentina, Sept. 11, 2012 - IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for the FY 2012 Ended June 30, 2012

  • During this fiscal year our business lines posted highly satisfactory results. The Company's EBITDA rose by 20.6% compared to 2011, mainly explained by the Shopping Centers and Offices segments.

  • Net income for the fiscal year was Ps. 280.1 million, in line with the previous fiscal year.

  • Shopping centers ended the year with a 28.3% increase in sales as compared to 2011 and a portfolio occupancy rate of 98.4%. EBITDA from this segment grew 33.1% and the EBITDA/revenue margin reached 79%.

  • During this fiscal year we purchased 50% of the company Nuevo Puerto Santa Fe, owner of La Ribera shopping center in a plot of land held under concession. In addition, in December 2011 we started developing our "Arcos" project located in the neighborhood of Palermo, in the City of Buenos Aires.

  • The Offices business saw its EBITDA rise by 21.3% as compared to 2011 mainly due to a higher portfolio occupancy rate, which increased from 91% to 98%.

  • As concerns our Sales and Developments segment, during this year we sold the Yacht V and VI office building located in Dock I, Puerto Madero, the land reserve Thames 1868 in San Justo, the "Palacio Alcorta" commercial property, and 50% of the stock capital of Quality Invest S.A., owner of the Nobleza Piccardo industrial plant. In all cases, we obtained very good results from the sale of these assets as compared to their book values.

  • Our interest in Banco Hipotecario has had a favorable impact on our results, contributing income for ARS 105.0 million during this fiscal year, an increase of 37% as compared to the previous fiscal year, mainly due to an improvement in the bank's financial margin.

  • During this year we entered into an agreement with Supertel Hospitality Inc whereby we acquired 3,000,000 convertible preferred shares, including an investment of approximately USD 20 million made by IRSA. Supertel is a Real Estate Investment Trust listed on the Nasdaq under the symbol "SPPR", focused on medium-class and long-stay hotels in 23 states of the United States of America.

  • During this fiscal year we issued ARS 300 million in the local market, which we used to restructure short-term debt maturities.

  • Finally, during fiscal year 2012 we paid cash dividends to our shareholders in two opportunities for a total amount of Ps. 310.6 million.

   HIGHLIGHTS









Fiscal Year 2012 Financial Highlights



(In thousands of Argentine Pesos)



Ended June 30, 2011







06-30-12

06-30-11




Total sales

1.567,251

1.441,930

Operating Income  

734,390  

585,401

Net Income (Loss)

280,081

294,785

Net Income per GDS

4.84

5.09





06-30-12

06-30-11

Total Current Assets

963,050

1,045,180

Total Non Current Assets            

5,637,515    

5,258,425

Total Assets

6,600,565

6,303,605

   Short-Term debt

575,687

683,813

   Total Current Liabilities

1,280,467

1,305,757

   Long-term debt

2,065,826

1,756,919

   Total Non Current Liabilities

2,621,890

2,379,229

   Total Liabilities

3,902,357

3,684,986

   Minority interest

362,929

304,932

   Shareholders' Equity

2,335,279

2,313,687



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 FY 2012 Results Conference Call on Friday, September 14, 2012 at 10:00 hs Eastern Time

To participate, please call:

888 – 734 - 0544 If you are in the US or
+1 - 706 - 758 - 3363 for international calls
PIN# 28553650

To access the webcast, click on the link below: http://webcast.mzvaluemonitor.com/Home/Login/404

SOURCE IRSA Inversiones y Representaciones Sociedad Anonima

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