IRSA Inversiones y Representaciones Sociedad Anonima Announces Results for the Fiscal Year Ended June 30, 2008 |
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By: IRSA Inversiones y Representaciones Sociedad Anonima Posted: 2008-09-09 00:54:56 |
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IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, announces its results for the Fiscal Year Ended June 30, 2008
Consolidated sales rose by 46.8%, up from Ps.738.8 million as of June 30, 2007 to Ps.1,084.2 million as of June 30, 2008. The share of the Company's various segments in revenues was as follows: sales and developments Ps.196.8 million, offices and other rental properties Ps.101 million, shopping centers Ps.345.4 million, hotels Ps.148.8 million, consumer financing Ps.291.0 million and financial operations and others Ps.1.2 million. HIGHLIGHTS -- Revenues increased 46.8%, from Ps. 738.8 million in FY2007 to Ps. 1,084.2 million in FY2008. Operating income rose by 28.4%, to Ps. 254.8 million, due to the increase in the operating income posted by our rental segments: 46% as posted by Shopping Centers; 166% as posted by the Offices segment and 23% as posted by the Hotels segment. -- The shopping center segment continues to see its cash flows grow, showing a solid performance: this segment's operating income increased by 46% while the growth in revenues was of 28%. Occupancy continues to be high, attaining a 99.3% level at the end of the fiscal year with the sales of our tenants having grown by 31%. -- We continue to strengthen our position in the Shopping Center business through acquisitions, developments, improvements, optimization in leasable areas and better tenant mix. We made progress with our main development through Panamerican Mall S.A. and we have closed a deal to acquire a mall in San Isidro. Both are expected to become part of our operations during the current fiscal year. -- The office segment continues to post high occupancy levels with income from rentals having grown by 81% compared to the previous fiscal year due to the fact that additional square meters have been phased into production and that upon renewing lease agreements, rentals were revised up for our income per square meter to match current market values. -- In fiscal year 2008 we added two premium office buildings: the Bank Boston tower and the building commonly known as Edificio Republica, both of them designed by Architect Cesar Pelli. A significant number of office spaces had been already vacated at Edificio Republica when we acquired it. These offices are now being leased at market values ranging from US$ 37 to 40/sqm. We also realized the appreciation of some assets in this segment through the sale of almost 30% of Edificio La Nacion. As a result of these three transactions, our office gross leasable area rose by 18% to 163,725 square meters. As soon as the office building at Dique IV is completed, we will add 11,000 square meters to our portfolio, which is expected to occur in the current fiscal year. -- We have re-launched the Sales and Development segment through an association with Cyrela Brazil Realty to develop a new homebuilding concept in Argentina accompanied by an innovating sales and financing policy. The launch of the first project of this association in the Vicente Lopez neighborhood has proven to be successful. IRSA-CYRELA is now working on the launch of other projects. Fiscal Year Financial Highlights (In thousands of Argentine Pesos) Fiscal Year Ended June 30, 2008 06-30-08 06-30-07 Total sales 1,084,242 738,756 Operating Income 254,842 198,532 Net Income - (Loss) 54,875 107,097 Net Income per GDS* 1,00 2,41 Net Income per GDS diluted 1,00 2,03 06-30-08 06-30-07 Total Current Assets 893,842 1,175,790 Total Non Current Assets 3,578,130 2,969,109 Total Assets 4,471,972 4,144,899 Short-Term debt 187,234 196,655 Total Current Liabilities 742,267 652,082 Long-term debt 1,119,726 1,217,866 Total Non Current Liabilities 1,348,812 1,395,693 Total Liabilities 2,091,079 2,047,775 Minority interest 456,715 450,410 Shareholders' Equity 1,924,178 1,646,714 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 an 11.8% 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: http://WWW.IRSA.COM.AR IRSA cordially invites you to participate in its Fiscal Year Ended June 30, 2008 Results Conference Call Friday, September 12, 2008 at 11:00 Eastern Time To participate, please call: 877 - 860 - 4996 If you are in the US or +1 - 404 - 665 - 9583 for international calls To access the webcast, click on the link below: http://www.videonewswire.com/event.asp?id=51338 |
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