IRSA Inversiones y Representaciones Sociedad Anónima. (NYSE:IRS) Q4 2024 Earnings Conference Call September 4, 2024 10:00 AM ET

Company Participants

Santiago Donato - IRO
Matias 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 Fiscal Year 2024 Results Conference Call. First of all, I would like to remind you that both audio and a 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. After management remarks, there will be a question-and-answer session for analysts and investors. If you want to make a question, please use the chat.

Before we begin, I would like to remind you that this call is being recorded and the 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 Gaivironsky, CFO.

Matias Gaivironsky

Thank you Sandy. Good morning everyone and thank you for joining us today. This was a special year with two different, very different moments. The first one was from July to December with a very high levels of consumption and acceleration of the inflation, and the second since Milay [ph] took office with a radical change in all the government policies where we saw this acceleration of consumption. Although the volatility of the year, we were able to achieve very good numbers, basically in our rental adjusted EBITDA, we reached a level of ARS171 billion that was 8.8% above the same numbers of the previous year. Regarding our net income, we posted a loss of ARS23 billion. That I will explain later, but it's mainly related to the exposure of the fair value of our investment properties, it's a non-cash effect that the change in the macroeconomic generated. So the volatility and losses in that line.

Also, we saw the year with very good levels of occupancy in both in offices, malls and hotels. There was a strong activity in real estate projects and transactions during the year where we sold some projects and we acquired and launched new projects that Jorge will explain later. Also during the year we were very aggressive, distributing dividends and buying back shares. We paid ARS119 billion in two tranches. The first tranche represented a yield of 13% and the second one a dividend yield of 7%. And also during the year we bought shares for 4% of the total outstanding shares.