IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q1 2023 Earnings Conference Call November 10, 2022 10:00 AM ET

Company Participants

Santiago Donato - IR Officer

Eduardo Elsztain - CEO

Matías Gaivironsky - CFO

Jorge Cruces - CIO

Conference Call Participants

Santiago Donato

Good morning, everyone. I’m Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the First Quarter 2023 Results Conference Call.

First of all, I would like to remind you that both audio and a slide show 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. After management remarks, there will be a question-and-answer session for analysts and investors. [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. Matías Gaivironsky, CFO. Please go ahead, sir.

Matías Gaivironsky

Good morning everybody. We are finished our first Q 2023 with excellent results. We are very happy with the operational performance in all the lines. Our multi-tenant sales are growing. We are achieving higher margins, achieving levels of pre-pandemic. We are very happy with that. Regarding our hotels, we posted during the quarter a record EBITDA, mainly hosted by Llao Llao hotel that we will see later.

Also, we keep selling office floors at very attractive prices. We sold one floor in 200 Della Paolera building that we will see later. And using those funds to deleverage the company, we continue with the process of deleveraging. And we will see the reduction in our debt during the last two years.

As we mentioned before, we finished the exchange offer of our 2023 notes with around 67% acceptances. That was a major event for the company. And also during the quarter, we finished our shares buyback program and also announced the dividend payment that we paid since yesterday.

So, with this, I will turn the call to Santiago Donato, our IRO to see the operating performance of the company.

Santiago Donato

Thank you, Matías. Starting with shopping malls, we had a great quarter for shopping malls, strong performance showed during this first quarter of 2023. The portfolio increased a little bit in the last two years as you can see in the graph, which is 336,000 square meters of gross leasable area, mainly due to Alto Palermo and Alto [Indiscernible] expansions completely under operation today.