IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q3 2022 Earnings Conference Call May 13, 2022 10:00 AM ET

Company Participants

Santiago Donato - Investor Relations Officer

Eduardo Elsztain - Chief Executive Officer

Matías Gaivironsky - Chief Financial Officer

Jorge Cruces - Chief Investment Officer

Conference Call Participants

Santiago Donato

Good morning, everyone. I’m Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Third Quarter of Fiscal Year 2022 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 Web site 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 Web site. 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. Eduardo Elsztain, CEO. Please go ahead, sir.

Eduardo Elsztain

Good morning. It's a pleasure to share with you the main events of the third quarter of the fiscal year 2022. We are just going ahead with the merger with IRSA CP, it's successfully advanced, and we are very happy with that. It's a transaction that we've been thinking for years, but after so many years of thoughts we implemented, and after the shareholder meeting, and with no [separate] [Ph] objections by the SEC and theComisión Nacional de Valores, next step will be the exchange of shares of the two companies. So, that's a real achievement in all sense; management, directorships, less companies listed, rationales in taxes, it brings all the goodies.

On front of the rental, we have been seeing a big -- very good recovery in shopping malls and hotels during this period. With higher revenues and better occupancy, the tenant sales have improved more than 20% in real terms, compared to pre-pandemic times. And we are very happy to see the flow of people. I mean, we have to see that in the two years of pandemic, we have many, many month the shopping centers closed. I think that's very, very good news. And also to see the [indiscernible] fully booked; this is a very good feeling.