IRSA Inversiones y Representaciones SA (IRS) 2023 Q4 法說會逐字稿

Good morning, everyone. I'm Santi Donato, Investor Relations Officer of IRSA, and I welcome you to the fiscal year '23 Results Conference Call.

大家，早安。我是 IRSA 投資者關係官 Santi Donato，歡迎您參加 23 財年業績電話會議。

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.

首先，我想提醒您，透過點擊橫幅網路廣播鏈接，可以透過公司投資者關係網站 www.irsa.com.ar 存取音訊和幻燈片。

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 click the bottom labeled, raise hand or use the chat.

以下簡報和收益報告也可以在公司網站上下載。管理層發表演說後，將為分析師和投資人舉行問答環節。如果您想提出問題，請點擊底部標記、舉手或使用聊天功能。

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.

在我們開始之前，我想提醒您，本次電話會議正在錄音，今天討論的資訊可能包括有關公司財務和經營業績的前瞻性陳述。

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.

所有預測都存在風險和不確定性，實際結果可能存在重大差異。請參閱公司收益報告中有關前瞻性陳述的詳細說明。

I will now turn the call over to Mr. Eduardo Elsztain, CEO, for his opening remarks.

我現在將電話轉交給執行長 Eduardo Elsztain 先生，他將致開幕詞。

Thank you very much, Santi, and welcome to our annual year '23 -- 2023 results conference call. I am very glad to be closing another great year for IRSA, one of the historic one. The rental business had a great performance, mainly in shopping malls and the hotels, they both increased sales.

非常感謝您，桑蒂，歡迎參加我們的年度 '23 - 2023 年業績電話會議。我很高興為 IRSA 結束另一個偉大的一年，這是歷史性的一年。租賃業務表現出色，主要集中在商場和飯店，銷售額均成長。

In terms of assets, we sold office assets at very good prices in terms in pesos and in dollars. We made progress to launch our most ambitious project, Costa Urbana, which is a project that we have in the portfolio for more than 2 decades at half and we achieved permits after long patience. We successfully concluded a debt refinancing process, which positions us favorably for a new phase of growth in the coming years. I would say that the level of reducing debt has been one of the most impressive in 3 years and half that we are running the company.

在資產方面，我們以非常優惠的比索和美元價格出售了辦公資產。我們在推出最雄心勃勃的項目 Costa Urbana 方面取得了進展，該項目已在我們的投資組合中投入了超過 20 年的時間，經過長期耐心，我們獲得了許可。我們成功完成了債務再融資流程，這為我們在未來幾年進入新的成長階段奠定了有利的基礎。我想說，債務減少水平是我們營運公司三年半以來最令人印象深刻的水平之一。

In terms of revenues, we increased revenues and occupancy in the 3 rental segments: in the malls, in the office and in the hotels. We have been also very active in the real estate transactions. We acquired assets. We acquired a building in an auction in Paseo Colon property for $7.8 million at the price which is really liquidation price. And we have been selling more than $161 million, including 9 floors of the tower of the building we did in Catalinas. And after the fiscal year finish, we sold -- and the first building we bought in IRSA, so we bought a building to the University of CEMA and we sold 50% shares of Quality, which is owner of warehouses in San Martin plot.

在收入方面，我們增加了三個租賃領域的收入和入住率：商場、辦公室和旅館。我們在房地產交易方面也非常活躍。我們收購了資產。我們在 Paseo Colon 房地產的拍賣中以 780 萬美元的價格購買了一棟建築，這個價格實際上是清算價格。我們已經售出超過 1.61 億美元，其中包括我們在卡塔利納斯建造的大樓的 9 層塔樓。在財政年度結束後，我們出售了我們在 IRSA 購買的第一棟建築，因此我們向 CEMA 大學購買了一棟建築，並出售了 Quality 的 50% 股份，該公司是聖馬丁地塊倉庫的所有者。

As I mentioned before, we have been very active in the financial front as well. What we did is conclude all the refinancing debt process, including the exchange of the Series 2 notes for $360 million, and reduced our net debt by 67% since year 2020. Today, net debt is $247 million, and that will be explained in more detail by Mati later.

正如我之前提到的，我們在財務方面也非常活躍。我們所做的是完成所有債務再融資流程，包括將第二系列票據交換為3.6 億美元，並將我們的淨債務自2020 年以來減少了67%。如今，淨債務為2.47 億美元，這將在更多內容中進行解釋稍後由 Mati 詳細介紹。

We also lowered our average financing cost of all the bonds, and this has been incredible because not only reduce, but we also got an upgrade in the credit agents. And the other thing is -- we could show a value to our shareholders, distributing dividends twice this fiscal year for a total amount of $124 million, and we repurchased our own shares and approximately, we bought 1.7% of the capital stock in the buyback programs.

我們還降低了所有債券的平均融資成本，這是令人難以置信的，因為不僅降低了，而且我們還升級了信貸代理。另一件事是——我們可以向股東展示價值，本財年派發兩次股息，總額為 1.24 億美元，我們回購了自己的股票，大約回購了 1.7% 的股本程序。

In the last meeting -- in the last Board meeting, we called for a shareholder meeting in order to distribute a new dividend for the sum of up to ARS 65,000 million and distribute the treasury shares that we bought back in the program. I would say after mentioning all the main highlights that I want to emphasize that IRSA has a team of management which has been long term in an environment of inflationary and a printing money economy.

在上次會議上——在上次董事會會議上，我們召開了股東大會，以分配總額高達 650 億澳元的新股息，並分配我們在該計劃中回購的庫存股。在提到所有主要亮點之後，我想強調的是，IRSA 擁有一支長期處於通貨膨脹和印鈔經濟環境中的管理團隊。

And I repeat always what I say, real assets, real estate, farms is the best way to defend when you have the economy printing and printing and printing. So we have shown the real value of the assets in a period like this where we could do both things, growing operational, growing in sales, keeping value and deleverage the company as we never did before. And I hope you keep supporting the company in the future as you did until today. And I want you to now continue with the team, the rest of the team, which is Mati, Santi and Jorge to see the details of all the annual results.

我總是重複我所說的，當經濟不斷印刷、印刷和印刷時，不動產、房地產、農場是最好的防禦方式。因此，在這樣的時期，我們展示了資產的真正價值，我們可以同時做兩件事：成長營運、成長銷售、保持價值並降低公司槓桿率，這是我們以前從未做過的。我希望你們在未來繼續像今天一樣支持公司。我希望你們現在繼續與團隊一起，團隊的其他成員，即馬蒂、桑蒂和豪爾赫，看看所有年度成績的詳細資訊。

Thank you very much for joining us today in the morning.

非常感謝您今天早上加入我們。

Thank you, Eduardo. Moving to the rental segment about our operations. We can see here the evolution of tenant sales in real terms for shopping centers, our main line of business. Remember that represents approximately 70% of our EBITDA. This grew 16% in the year in real terms. So it's a great performance, explained by more visitors, higher apparel inflation.

謝謝你，愛德華多。關於我們的運營，轉向租賃領域。我們可以在這裡看到購物中心（我們的主要業務）租戶銷售的實際演變。請記住，這約占我們 EBITDA 的 70%。今年實際成長了 16%。所以這是一個偉大的表現，解釋為更多的遊客和更高的服裝通膨。

Remember the apparel represents like 50% of our tenant mix and the strong recovery also of entertainment and food court sales. When we compare to the pre-pandemic levels, we are about 27% in real terms. So our business is very, very healthy, and we hope we can keep these levels of sales visitors and occupancy as well in our shopping malls portfolio.

請記住，服裝占我們租戶組合的 50% 左右，娛樂和美食廣場銷售也強勁復甦。與大流行前的水平相比，實際水平約為 27%。因此，我們的業務非常非常健康，我們希望能夠在我們的購物中心投資組合中保持這些銷售訪客和入住率水準。

Here, we can see the evolution of occupancy. Remember that with all the pandemic and the exit of Walmart first and then Falabella, from Argentina, our minimum occupancy in those times were approximately 89%. We have recovered a lot. And during the last year, particularly, we grew like 4 points occupancy in our malls. We have almost all the portfolio full and we expect to keep growing in the future. This is a very, very good level of occupancy, similar to the ones pre-pandemic and historical levels of the IRSA.

在這裡，我們可以看到入住率的演變。請記住，隨著疫情的爆發，沃爾瑪先是退出，然後是阿根廷的 Falabella，我們當時的最低入住率約為 89%。我們已經恢復很多了。特別是在去年，我們的購物中心入住率成長了 4 個點。我們幾乎擁有完整的所有產品組合，並且預計未來將繼續成長。這是一個非常非常好的入住率水平，類似於 IRSA 大流行前和歷史水平。

On the office market, as Eduardo mentioned, we have been selling more during the year. We sold 8 floors of the Della Paolera building, our latest development here in Buenos Aires. And after the end of the quarter, we sold Suipacha and one additional floor of the Central Della Paolera. So today, we have a total stock of around 72,000 square meters post those sales and consolidating a premium portfolio after the sale of Suipacha was a B class category.

在辦公市場上，正如愛德華多所提到的，我們這一年的銷售量有所增加。我們出售了 Della Paolera 大樓的 8 層樓，這是我們在布宜諾斯艾利斯的最新開發案。本季末後，我們出售了 Suipacha 和 Central Della Paolera 的另一層樓。因此，今天，這些銷售後我們的總庫存約為 72,000 平方米，並在 Suipacha 銷售為 B 級類別後鞏固了優質產品組合。

Now we have only on the glass building, the Philips building. In the picture there of occupancy and rents, we have just the A+ and A buildings that represents 95% of our total portfolio is showing good levels of occupancy, even above than the market. In Buenos Aires, we are 87% with a vacancy of 17% points. In there, we have just 13%. And we have also good levels of rent stable comparing to last year in levels of $26 per square meter per month.

現在我們只有玻璃大樓，飛利浦大樓。在入住率和租金圖中，我們只有 A+ 和 A 樓，占我們總投資組合的 95%，顯示出良好的入住率水平，甚至高於市場水平。在布宜諾斯艾利斯，我們的得分為 87%，空缺率為 17%。在那裡，我們只有 13%。與去年相比，我們的租金水平也很穩定，為每月每平方米 26 美元。

Hotels was record during this year, a new good year for hotels after many years of operations closed the whole 2020. And big part -- and the recovery was very gradual and this segment was very, very affected during the pandemic. Now we are in very good levels of occupancy, almost 5% average the 3 hotels. Remember that we own 50% of (inaudible) in the city of Bariloche, one of the most exclusive resorts in the region, LatAm. And we also own 2 hotels, Libertador and Intercontinental in Buenos Aires, both of them recovered strongly during this year, and are showing very good figures in terms of rates per room and achievements.

今年，酒店業創下了新的記錄，在多年運營結束後，酒店迎來了新的好年頭，整個2020 年都結束了。而且很大一部分——復甦是非常漸進的，這一領域在大流行期間受到了非常非常大的影響。現在我們的入住率非常高，3 家飯店的平均入住率接近 5%。請記住，我們擁有巴里洛切市 50%（聽不清楚）的股份，巴里洛切市是拉丁美洲地區最獨特的度假勝地之一。我們還擁有兩家酒店，布宜諾斯艾利斯的解放者酒店和洲際酒店，這兩家酒店今年都強勁復甦，並且在每間客房的價格和成就方面都表現出了非常好的數據。

Regarding ESG progress, we have been making a lot of progress in our commitments assumes in the 3 fronts, environmental, social and governance. Our recent news is that we certified LEED for sale of Della Paolera building and now (inaudible) Della Paolera and Zetta building, the 2 most modern latest development of in offices -- in premium offices of the company are certified LEED. This is 74% of our portfolio of premium offices in Buenos Aires. So it's great news.

在ESG進展方面，我們在環境、社會和治理三個方面的承諾方面取得了很大進展。我們最近的消息是，我們對 Della Paolera 大樓的銷售進行了 LEED 認證，現在（聽不清楚）Della Paolera 和 Zetta 大樓（公司的高級辦公室中的 2 個最現代化的最新開發項目）已獲得 LEED 認證。這是我們在布宜諾斯艾利斯的高級辦公室組合的 74%。所以這是個好消息。

And also, we were very active on the social part directly and through Fundación IRSA, we have made more than 200 social actions, benefiting more than 100,000 people and investing even much more than last year, 21% above in real terms our social investment.

此外，我們直接在社會方面非常活躍，透過Fundación IRSA，我們已經開展了200 多項社會行動，使超過100,000 人受益，投資甚至比去年多得多，按實際價值計算，我們的社會投資高出了21%。

And on the governance front, I would say that we celebrate the 75th anniversary of BYMA, it was one of the first companies and, of course, in the real estate segment, listed on the local stock exchange, and we have a long-term relationship with BYMA and we hope we can keep a very good relationships with them. And we integrated its sustainability index as well. This is great for the IRSA. We are one of the 20 companies with the best performance on ESG together with other 20 in the country.

在治理方面，我想說，我們慶祝 BYMA 成立 75 週年，它是房地產領域最早在當地證券交易所上市的公司之一，我們有一個長期的發展目標與BYMA 的關係，我們希望能與他們保持良好的關係。我們也整合了其永續性指數。這對 IRSA 來說是件好事。我們與全國其他20家公司一起成為ESG表現最好的20家公司之一。

On the digitalization front, well, regarding -- this is our investment in [APA. APA] is our loyalty app that enhances the shopping experience of our visitors, offering benefits and discounts linked to their preferences, events, actions. It keeps growing. It's doing well. It's growing in terms of users of accumulated transactions. This surpassed 3.5 million accumulated transactions. Users are 1.8 million in the last month. This is 39% growth year-over-year. So we are happy with this.

在數位化方面，嗯，這是我們對 [APA. APA] 是我們的忠誠度應用程序，可增強訪客的購物體驗，提供與他們的偏好、活動、行為相關的優惠和折扣。它不斷增長。進展順利。就累積交易的用戶而言，它正在成長。累計交易量超過 350 萬筆。上個月用戶數為 180 萬。較去年同期成長 39%。所以我們對此感到高興。

We think that these times of technology and digitalization, we need to keep complementing physical retail with digitalization in order to offer all the solutions to our visitors in the mall through this app, that is the for the retail and for the malls in Argentina.

我們認為，在科技和數位化的時代，我們需要不斷用數位化來補充實體零售，以便透過這個應用程式為購物中心的訪客提供所有解決方案，即針對阿根廷零售業和購物中心的解決方案。

So I will now turn -- I will give the word to Jorge Cruces for the real estate transactions and the business of sales and development.

現在，我將向豪爾赫·克魯塞斯轉達房地產交易以及銷售和開發業務。

Thank you, Santiago. Good morning, everybody. Well, we -- regarding real estate acquisitions, we bought a building in an auction. It's a block and half away from Casa Rosada, the national government headquarters. We bought it at a great price, less than 600 official dollars for each square meter and it has a beautiful view to the park and to Puerto Madero. Actually, it's walking distance to Puerto Madero. This part of the city is changing. It's changing fast because there's a highway nearby. And now that highway is an underground highway.

謝謝你，聖地牙哥。大家早安。嗯，關於房地產收購，我們在拍賣中買了一棟大樓。它距離國家政府總部 Casa Rosada 僅一個半街區。我們以優惠的價格買下了它，每平方米不到 600 官方美元，它可以看到公園和馬德羅港的美麗景色。事實上，步行即可到達馬德羅港。城市的這一部分正在改變。因為附近有高速公路，所以變化很快。現在這條高速公路是一條地下高速公路。

There's even a construction -- 2 constructions actually of 2 premium residential developments nowadays in the area. If we review the investment in 200 Della Paolera, we have continued to sell 200 Della Paolera. We invested a total amount of $112 million. Our revenue from sales has been $259 million, a valuation of remaining stock of $88 million, that comes up to the -- that's $235 million of profit, 210%. Of course, we're really proud of this investment.

現在該地區甚至還有一個建築物——實際上是兩個高級住宅開發項目的兩個建築。如果我們回顧一下 200 Della Paolera 的投資，我們會繼續銷售 200 Della Paolera。我們總共投資了1.12億美元。我們的銷售收入為 2.59 億美元，剩餘庫存估值為 8,800 萬美元，相當於 2.35 億美元的利潤，即 210%。當然，我們對這項投資感到非常自豪。

Regarding sales, we have sold the Maple building. The Maple building was vacant and that was an opportunity for us to sell it in block. It wouldn't be easy to sell it 1 floor at a time. It's a beautiful building, but in a downtown location, it hasn't recovered after COVID and may not recover for some time. Our first office building acquisition. You get a kind of emotional about it, but business is business, and it's going to turn out being the main building of one of the most important universities in Argentina. So we're happy for all of us.

關於銷售，我們已經賣掉了Maple大樓。楓樹大樓是空置的，這對我們來說是一個將其整棟出售的機會。一次賣一層樓並不容易。這是一棟漂亮的建築，但位於市中心，在新冠疫情之後還沒有恢復，可能一段時間都不會恢復。我們收購的第一棟辦公大樓。你會對它產生某種情感，但生意就是生意，它最終將成為阿根廷最重要的大學之一的主樓。所以我們為我們所有人感到高興。

We also sold our stake in Quality. It's -- as Eduardo said, it's a big plot of land with warehouses. We're going to focus in developing other kind of developments, marketing positioning, project funding, mainly better game margins like Costa Urbana, we're going to talk later, made us decide selling Quality. We sold it at $20.9 million and with a $21.5 million upfront, these are hard dollars.

我們也出售了品質公司的股份。正如愛德華多所說，這是一大片有倉庫的土地。我們將專注於開發其他類型的開發、行銷定位、專案資金，主要是像 Costa Urbana 這樣更好的遊戲利潤，我們稍後會討論，讓我們決定出售品質。我們以 2090 萬美元的價格出售了它，並預付了 2150 萬美元，這些都是硬通貨。

Regarding Costa Urbana, on March, the cadastral authorities filed the approval of the cadastral survey plan. Also in March, the court issued the ruling out of the collective legal action.

至於 Costa Urbana，3 月，地籍當局提交了地籍調查計畫的批准文件。同樣在三月，法院作出了不接受集體訴訟的裁決。

On April, the first steps of the editorial deeds for transferring ownership to the city also plugged a land for the 37.9 hectares of public park and the 3 lands were handed to the government's clerk's office. This is the second step in the process of creating the land registrations in the cadastral database of the city for issuing the titles of ownership and enable user to sell and transfer the plots.

4月，向市政府轉讓所有權的編輯協議的第一步也為37.9公頃的公園預留了土地，並將這3塊土地移交給了政府書記官辦公室。這是在城市地籍資料庫中建立土地登記以頒發所有權並允許使用者出售和轉讓土地的過程的第二步。

We are working on the environmental impact as well that has been submitted to environmental protection agency, and we will be holding a public hearing for its approval by the beginning of December. We are finishing the architectural and engineering documents of the infrastructure and public space projects to be submitted to the city authorities by the beginning of October.

我們正在研究環境影響，並已提交給環保部門，我們將在12月初舉行聽證會以供批准。我們正在完成基礎設施和公共空間專案的建築和工程文件，並將於 10 月初提交給市政府。

We continue with the residential swaps this fiscal year, close to 3,900 square meters today's total amount of square meters to be received is close to 8,900 square meters.

本財政年度我們繼續進行住宅互換，接近3,900平方米，今天收到的總平方米數接近8,900平方米。

Now Mati, our CFO, is going to continue with our financial results.

現在，我們的財務長馬蒂將繼續公佈我們的財務表現。

Thank you, Jorge. Good morning, everybody. So if we jump to Page 16. First, I would like to mention what happened with the macro economy in Argentina in order to understand our figures. You can see in the center of the graph that the inflation accelerated from the previous year to reaching levels of 116% compared with 64%.

謝謝你，豪爾赫。大家早安。因此，如果我們跳到第 16 頁。首先，我想提及阿根廷宏觀經濟的情況，以便理解我們的數據。您可以在圖表的中心看到，通貨膨脹率從前一年的 64% 上升到 116% 的水平。

On the FX side, on the official exchange rate, we have a valuation of 100%. That means that in real terms, we have an appreciation of the peso of 5% compared with 20% of the last year. That is important to understand what happened with prices of our investment properties when we value the investment properties in our books and also to restate our dollar-denominated debt in pesos.

在外匯方面，以官方匯率，我們的估值為100%。這意味著，以實際價值計算，比索升值了 5%，而去年比索升值了 20%。當我們對帳簿中的投資房產進行估值時，了解我們的投資房產的價格發生了什麼變化，並以比索重述我們以美元計價的債務，這一點非常重要。

On the blue chip swap side on the map FX evolution, there was a devaluation of 93%. That means a 10% in real terms compared with 8% in the previous year. So we're going to see later some effects related to that.

在FX進化地圖上的藍籌股期方面，貶值了93%。這意味著實際成長 10%，而上一年為 8%。所以我們稍後會看到一些與此相關的影響。

About our adjusted EBITDA, we can see a decline of 40% from the previous year from ARS 59 billion to ARS 36 billion. This is related to 3 different things. The first one is the sales and development segment that another segment that this year decreased from ARS 25.1 billion to a loss of ARS 6.5 billion. The last year, we sold more than this year. So the last year was an extraordinary year in terms of sales.

關於調整後的 EBITDA，我們可以看到比前一年下降了 40%，從 590 億澳元降至 360 億澳元。這與 3 個不同的事情有關。第一個是銷售和開發部門，今年另一個部門從251億ARS減少到虧損65億ARS。去年我們的銷量比今年多。因此，就銷售而言，去年是非凡的一年。

We remember that we sold the entire República building, and we posted an important gain related to that. Also during this year, we have 2 on short effects. One is related to salaries and board member fees and the other is related to a claim that we received from our investment in Israel that we discussed in December, we decided to make a provision of around 23 -- was $20 million, we increased in this quarter to $23 million that is posted in the other segment. So if we leave aside those effects, the more recurrent part, that is our rental EBITDA increased by 25%, reaching ARS 42.5 billion in this fiscal year. March is -- are increasing. The shopping malls increased from -- almost 71% to 74.5%.

我們記得我們賣掉了整個共和國大樓，並且我們發布了與此相關的重要收益。同樣在今年，我們有 2 個短期效應。一個與​​工資和董事會成員費用有關，另一個與我們在 12 月討論的以色列投資中收到的索賠有關，我們決定撥出大約 23 美元——2000 萬美元，我們增加了這一數額季度增至2300萬美元，計入其他部分。因此，如果我們拋開這些影響，更經常性的部分，那就是我們的租金 EBITDA 成長了 25%，在本財年達到 425 億阿根廷比索。三月正在增加。購物中心從近 71% 增加到 74.5%。

In the office segment, here, we have the impact of all the disposals. So the fixed part now is a little higher than before in terms of margins. So the offices went to 75% compared with 80 last year, and hotels remained stable at 25%.

在辦公部門，我們受到所有處置的影響。所以現在固定部分的利潤比以前高。因此，辦公室的比例從去年的 80 家增加到了 75%，飯店則穩定在 25%。

So related to those effects, we can see that the operating income leaving aside the effect of the fair value of investment properties effect is a reduction of 15% from ARS 26.9 billion to ARS 23 billion.

因此，與這些影響相關，我們可以看到，拋開投資性房地產公允價值效應的影響，營業收入減少了 15%，從 269 億澳元減少到 230 億澳元。

If we analyze the fair value of our investment properties here, we have a major effect with a loss of ARS 49 billion compared with again last year of ARS 29 billion. To understand here what happened, we have to see the evolution of the macro economy of Argentina here. We are recognizing results in pesos terms in real pesos. If we analyze -- what happened with the valuation of our investment properties in dollar terms is stable in the 3 segments in malls, in offices and landbank we have probably almost the same numbers in dollar terms. But when we translate those dollars into pesos and because that the devaluation was lower than the inflation. And here, we are adjusting pesos by inflation. That is the main reason or the only reason why we are recognizing this kind of loss during the year.

如果我們在這裡分析我們投資物業的公允價值，我們會發現，與去年的 290 億澳元損失相比，我們損失了 490 億澳元。要了解這裡發生了什麼，我們必須在這裡看到阿根廷宏觀經濟的演變。我們正在以實際比索的比索計算結果。如果我們分析一下——我們的投資物業以美元計算的估值在商場、辦公室和土地儲備這三個領域是穩定的，我們可能有幾乎相同的美元計算數字。但是當我們將這些美元換算成比索時，因為貶值低於通貨膨脹。在這裡，我們根據通貨膨脹調整比索。這是我們在這一年中確認此類損失的主要原因或唯一原因。

Then we have 2 other significant effects on the before the net income. One is related to the net financial results. We can see a decline, both our gains, both our gains in the previous year was ARS 25.5 billion. This year, it's ARS 15.5 billion. The main difference is related to the table below the graph, the first line, the net FX results that during the last year since the appreciation of the peso was much higher than this year.

然後我們對淨收入之前還有另外兩個顯著影響。一是與淨財務業績有關。我們可以看到下降，我們的收益，我們上一年的收益都是 255 億阿根廷比索。今年為 155 億阿根廷比索。主要差異與圖表下方的表格有關，第一行是去年比索升值以來的淨外匯結果遠高於今年。

Last year, we posted a gain of ARS 31 billion compared with ARS 6.7 billion this year. We also reduced significantly our debt. So the combination of the major appreciation plus a decline of the debt is explained that difference. Related to the net interest, we are reducing our interest payments. We can see there, there was a reduction from ARS 16.6 million to ARS 11 billion.

去年，我們實現了 310 億ARS 的收益，而今年則為 67 億ARS。我們也大幅減少了債務。因此，大幅升值加上債務下降的結合就解釋了這種差異。與淨利息相關，我們正在減少利息支付。我們可以看到，從 1660 萬ARS 減少到 110 億ARS。

And finally, the last line that is the fair value of financial assets. This is related to the evolution of different securities that we have to manage our liquidity that generated an important gain this year of ARS 7.4 billion.

最後，最後一行是金融資產的公允價值。這與我們必須管理流動性的不同證券的演變有關，流動性今年產生了 74 億阿根廷比索的重要收益。

The final effect is related to the income tax. We discussed that in the previous quarter or 2 quarters ago, that was a positive effect that was generated related to some decision of the Supreme Court related to other companies that allow the companies to adjust by inflation the tax grade and also recognized a positive results on the adjustment of the tax balance sheet with inflation, that generated an important gain for us of ARS 66 billion.

最終的效果與所得稅有關。我們討論過，在上一季度或兩個季度前，這是與最高法院有關其他公司的一些決定所產生的積極影響，這些決定允許公司根據通貨膨脹調整稅收等級，並且還認識到在根據通貨膨脹調整稅收資產負債表，為我們帶來了660 億澳元的重要收益。

We decided to recognize the gain after we received -- or we saw the rule of the Supreme Court allowing the companies to do what we have been doing on the tax basis, but not on the accounting basis. So now we recognize that gain. So finally, with the net result, we posted a net result of ARS 58 billion during this fiscal year.

我們決定在收到收益後確認收益，或者我們看到最高法院的規則允許公司在稅收基礎上做我們一直在做的事情，但不是在會計基礎上。所以現在我們認識到了這項收穫。最後，根據淨結果，我們在本財年公佈了 580 億阿根廷比索的淨結果。

So analyzing what happened with our rental EBITDA, we are very happy with this evolution. We -- now we have last 12 months EBITDA or the some $167 million compared with $131 million pre-pandemic in 2019.

因此，分析我們的租賃 EBITDA 發生的情況，我們對這種演變感到非常滿意。現在我們過去 12 個月的 EBITDA 約為 1.67 億美元，而 2019 年大流行前為 1.31 億美元。

About our debt. So today, we have our debt that is distributed in the coming years. It's not concentrated anymore in a single year. This is much more tied to our own cash generation. So the net debt went to levels of $247 million.

關於我們的債務。所以今天，我們的債務將在未來幾年內分配。它不再集中在一年內。這與我們自己的現金產生關係更大。因此，淨債務達到 2.47 億美元。

We can see here the evolution, so it was a significant reduction from $755 million in the middle of the pandemic, with all our malls closed to levels of $248 million currently. So this is an LTV of 10% a net debt-to-EBITDA of 1.5x, with a coverage ratio that is very, very high. So we feel that this capital structure is very conservative and will allow us to keep growing. Remember that this is as of June 30. So after this, we sold Quality and we sold (inaudible) or the liquidity still improving and our net debt will go down only with these 2 effects, then as Eduardo mentioned, there is the call for our shareholders meeting to approve a new dividend.

我們可以在這裡看到這一演變，因此與疫情期間的 7.55 億美元相比，我們所有的購物中心都關閉了，目前的水平為 2.48 億美元。因此，LTV 為 10%，淨債務與 EBITDA 比率為 1.5 倍，覆蓋率非常非常高。所以我們覺得這種資本結構非常保守，可以讓我們持續成長。請記住，這是截至6 月30 日的數據。因此，在此之後，我們出售了質量，我們出售了（聽不清），或者流動性仍在改善，我們的淨債務只有在這兩種影響下才會下降，然後正如愛德華多提到的，有人呼籲我們的股東大會批准新的股息。

So related to that, we have the liquidity to pay the dividends of this in terms of net debt will increase a little because of that, because of the dividend, but still very, very conservative. Well, as I just mentioned, the evolution of the dividend payments, we can see on the graph that we decided during the pandemic and during the tough years to reduce our dividend to almost 0.

與此相關的是，我們有流動性來支付股息，淨債務會因為股息而增加一點，但仍然非常非常保守。嗯，正如我剛才提到的，股息支付的演變，我們可以從圖表中看到，我們在大流行期間和艱難的歲月裡決定將股息減少到幾乎為 0。

Last year after refinancing all our debt and canceling most part of our debt, we decided to be more aggressive on the dividend. We paid an important dividend of $124 million during the fiscal year. And for the new fiscal year, that is 2024, we just call the shareholders' meeting to approve a dividend that will be important again is in terms of dividend yield is around 15% dividend yield. So this is an extraordinary and very significant dividend again.

去年，在對所有債務進行再融資並取消大部分債務後，我們決定更積極地分配股息。我們在本財年支付了 1.24 億美元的重要股利。對於新財年，也就是 2024 年，我們只需召開股東大會來批准股息，這將再次重要，因為股息殖利率約為 15% 左右。因此，這又是一筆非凡且非常重要的股利。

Also, we were very active on buying back shares. So we did 1 program that we finished during the fiscal year, that was the first program of ARS [1,001] billion, then we approved a new program of ARS 5 billion. From that program, we already invested almost ARS 2 billion, and we just announced that we increased the maximum price that we can pay for our shares to levels of ARS 720 per share or $9 per ADR. So we will continue to acquire shares as part of this program.

此外，我們非常積極地回購股票。因此，我們在本財年完成了一個計劃，這是第一個 [1,001] 億阿根廷比索的計劃，然後我們批准了一個 50 億阿根廷比索的新計劃。透過該計劃，我們已經投資了近 20 億阿根廷比索，而且我們剛剛宣布將購買股票的最高價格提高到每股 720 比索或每份美國存託憑證 9 美元。因此，作為該計劃的一部分，我們將繼續收購股票。

Also one of the points in the agenda of the next shareholders' meeting is the approval of distributing our own shares to our shareholders. So we will distribute all the shares that are on treasury that is around 1.7% of our stock.

下次股東大會的議程之一就是批准向股東分配我們自己的股票。因此，我們將分配所有庫存股票，約占我們股票的 1.7%。

So with this, we finished the formal presentation. So now we open the line to receive your questions.

至此，我們就完成了正式的演示。現在我們開通熱線接受您的提問。

Okay. We'll start with a Q&A session. (Operator Instructions) First question here comes from (inaudible). We ask you for -- in the case of the country goes to a dollarization of the currency, if you think that is likely to occur and how that would work in the country.

好的。我們將從問答環節開始。 （操作員說明）這裡的第一個問題來自（聽不清楚）。我們詢問您，在該國貨幣美元化的情況下，您是否認為這種情況可能會發生，以及這在該國將如何運作。

I would prefer to answer the question on the business side. I don't know if that will work for the country or not. I leave that for the politicians.

我更願意從商業角度來回答這個問題。我不知道這對國家是否有效。我把這個留給政客們。

For the company, we will have to adjust the agreements. At the end of the day, real estate in Argentina were always quoted in dollars. People think in dollars, the transactions are in dollars, some prices were always fixed in dollar terms. So I don't see that as a major change.

對於公司來說，我們將不得不調整協議。歸根究底，阿根廷的房地產總是以美元報價。人們以美元思考，交易以美元進行，有些價格總是以美元計算。所以我不認為這是一個重大改變。

In terms of our revenues, both offices and hotels are agreements that are in dollars. At the end of the day, they pay an official exchange rate. So if are in dollars, we will receive the dollars.

就我們的收入而言，辦公室和酒店都是以美元為單位的協議。最終，他們支付官方匯率。因此，如果是美元，我們將收到美元。

And related to our main cash generation that is most our agreements are in pesos today tied to inflation. It's a combination between a fixed amount and percentage of tenant sales. So if there is a change in the currency, I assume that inflation probably won't be a major issue anymore. And so our agreement should increase in terms of the tenant sales that will increase by the evolution of the economy.

與我們主要的現金產生相關的是，我們今天的大多數協議都是與通貨膨脹掛鉤的比索。它是固定金額和租戶銷售額百分比之間的組合。因此，如果貨幣發生變化，我認為通貨膨脹可能不再是一個主要問題。因此，我們的協議應該會增加租戶銷售額，而租戶銷售額將隨著經濟的發展而增加。

So we don't anticipate a major disruption if we have a change in the regime in the monetary regime . It's not clear yet what could happen and when it could happen that. So it's not a major concern for us today.

因此，如果貨幣制度發生變化，我們預計不會出現重大混亂。目前尚不清楚會發生什麼以及何時會發生。所以這不是我們今天主要關心的問題。

Next question. Can you give a little bit more color on the extraordinary compensation for the Board this fiscal year?

下一個問題。能否詳細介紹一下本財年董事會的非凡薪酬？

Yes, this is a one-shot effect that is not related with just this fiscal year. I said that this was a 3-year cycle where the company were very active in many, many transactions, we sold more than $500 million of assets. We simplified our corporate structure with the merge of IRSA and IRSA commercial property generating a huge synergy in terms of cost, payments, taxes, everything.

是的，這是一次性效應，與本財年無關。我說這是一個3年的週期，公司在很多很多交易中都非常活躍，我們賣了超過5億美元的資產。透過合併 IRSA 和 IRSA 商業房地產，我們簡化了公司結構，在成本、付款、稅收等方面產生了巨大的協同效應。

There was also an extraordinary work related to the renegotiation and refinancing of our debt. We canceled debt generating a lot of value, and at the same time, selling assets that help us to add a lot of value in those transactions. Also, there was extraordinary work in our own capital structure, acquiring shares on paying dividend for more than $150 million. So there was a cycle of 3 years, the increase in fees are related to that cycle. So it's one-shot effect related to that.

還有一項與我們債務的重新談判和再融資相關的非凡工作。我們取消了產生大量價值的債務，同時出售資產，幫助我們在這些交易中增加大量價值。此外，我們自己的資本結構也取得了非凡的成就，以超過 1.5 億美元的股息收購了股票。所以有一個3年的周期，費用的增加與這個週期有關。所以這是與此相關的一次性效應。

Here, there is a question related to the rationale of well, the split, is not a split of shares and when that is expected to take place?

這裡有一個問題，關於分拆的理由，是不是股份分拆以及預計何時進行？

Well, the split is more a technical issue. I will say that will take place in the coming days. We are waiting for the approval of the CMB, a final approval but probably will happen in the next days. At the end of the day, this won't have any impact for our shareholders will be a change in the way that our shares trade but won't have an impact on an economy impact. We did this in order to be ready or to pay more dividends.

嗯，分裂更多的是技術問題。我會說這將在未來幾天發生。我們正在等待 CMB 的批准，最終批准可能會在未來幾天內完成。歸根究底，這不會對我們的股東產生任何影響，只是改變我們的股票交易方式，但不會對經濟產生影響。我們這樣做是為了做好準備或支付更多股息。

There was a smart way to a technical issue that we have on the dividend distribution. And because of that, we are changing that way that our shares trade, but won't have any impact for our shareholder economics.

我們有一個聰明的方法來解決有關股息分配的技術問題。正因為如此，我們正在改變股票交易的方式，但不會對我們的股東經濟產生任何影響。

Here, there is a question. I think you answered part fairly on the financing of the proposed -- on the funding of the proposed dividend -- just want to understand the pro forma figures in terms of leverage after the dividend.

這裡，有一個問題。我認為你公平地回答了關於擬議股息融資的部分問題，只是想了解股息後槓桿方面的預期數據。

Well, if we go just directly, the dividend will be ARS 64 billion, it's not clear yet if we're going to pay in only 1 installment or different installments. So we will decide that between now our shareholders meeting will decide that in the next month. So if we consider that the ARS 64 billion in real dollars, around $85 million. We have disposals after the fiscal year for $24 million, $25 million. That means that we still have to refill to use other sources for $60 million, and the company today has more liquidity than that. So we can use our own cash to pay the dividend or we can use another sources, but we are defining that since now until the shareholders' meeting.

好吧，如果我們直接支付的話，股息將是640億澳元，目前還不清楚我們是分期支付還是分期支付。因此，我們將決定，從現在開始，我們的股東大會將在下個月做出決定。因此，如果我們考慮 640 億澳元的實際價值，大約為 8500 萬美元。我們在財年結束後處置了 2,400 萬美元、2,500 萬美元。這意味著我們仍然需要使用其他來源來補充 6000 萬美元，而公司今天的流動性比這更多。因此，我們可以使用自己的現金來支付股息，也可以使用其他來源，但我們從現在到股東大會之前都在定義這一點。

What is your current assessment of NAV per share per GDS?

您目前對每個 GDS 每股淨值的評估是多少？

Well this figure we show it always expressed at the official effects you're going to see in our presentations. As of fiscal year '23, this is $2.1 billion. It's around $526 per GDS. But this is all at official. So you have the problem here with the gaps and the dollars, but it's a figure just to have an idea or in mind.

好吧，我們展示的數字始終以您將在我們的演示中看到的官方效果表示。截至 23 財年，這一數字為 21 億美元。每個 GDS 的價格約為 526 美元。但這都是官方的。因此，這裡存在著缺口和美元的問題，但這只是一個想法或頭腦中的數字。

I think the rest of the questions were answered in some way, if you have any additional questions, we can submit for additional questions.

我認為其餘的問題都以某種方式得到了解答，如果您還有任何其他問題，我們可以提交其他問題。

The Argentine macro situation? I'm looking forward to next year in 2024, how it will impact the business.

阿根廷宏觀情勢如何？我期待明年 2024 年它將如何影響業務。

It's a little uncertain what could happen in Argentina. Next year, you know we have elections in the coming months. It seems that we will have a change in the regime. What we are happy to see the discussions behind the candidates and it seems that Argentina should enter in a new trend and a more normal situation where we have a lot of imbalances that should be corrected. We see probably a first trend to accommodate all relative prices that could impact on the economy and probably we will see a slowdown on the economy at the beginning because there are many, many things that should be corrected that will have an impact in consumption in some way.

阿根廷會發生什麼事還不確定。明年，你知道我們將在未來幾個月舉行選舉。看來我們的政權要更迭了。我們很高興看到候選人背後的討論，看來阿根廷應該進入一個新的趨勢和一個更正常的情況，我們有很多不平衡需要糾正。我們可能會看到第一個趨勢，以適應可能影響經濟的所有相對價格，一開始我們可能會看到經濟放緩，因為有很多很多事情需要糾正，這將對一些國家的消費產生影響。方式。

So we are analyzing that. Then the rest I believe that the company is very well prepared in terms of our current capital structure to face all the changes that could happen in the economy. We don't know today what will be the currency. We don't know what will be the proposals. But I think having the company with the lowest level of leverage ever, I would say is a good way to face what could happen in the future.

所以我們正在分析這一點。然後剩下的我相信公司在我們當前的資本結構方面已經做好了充分的準備來應對經濟中可能發生的所有變化。今天我們不知道貨幣是什麼。我們不知道會提出什麼建議。但我認為，讓公司擁有有史以來最低的槓桿水平，是應對未來可能發生的事情的好方法。

And also the company is very well prepared for future expansion. We haven't launched projects -- big projects in the last years, so we work more in our capital structure, but the company is ready to grow. We have plenty of projects to launch. So we hope to see a normal economy. If we have a normal economy, the cost of capital for the companies will be lower, and we can speed up the process of new development.

該公司也為未來的擴張做好了充分的準備。過去幾年我們還沒有啟動項目——大型項目，所以我們在資本結構方面做了更多工作，但公司已經準備好成長。我們有很多專案要啟動。所以我們希望看到正常的經濟。如果經濟正常的話，企業的資金成本就會低一些，就能加速新發展的進程。

Some additional questions regarding the dividend level, if this is recurring or there is an element on the tax decision from the Supreme Court that is boosting this dividend level is the tax gain and one-off?

關於股息水準的一些其他問題，如​​果這種情況經常發生，或者最高法院的稅收決定中存在提高股息水準的要素，那麼稅收收益是一次性的嗎？

Well, Álvaro, I won't say that this kind of dividend is recurrent. No, I would say that if we analyze the history of IRSA Commercial Properties, every time that we can pay dividends we pay, but we don't want to say or to fix the dividend to a policy because of the volatility of Argentina. This year, when we analyze the next year CapEx plus the current debt, plus the current levels of liquidity, we feel comfortable to maximize the dividend to our shareholders.

嗯，阿瓦羅，我不會說這種股息是經常性的。不，我想說，如果我們分析 IRSA Commercial Properties 的歷史，每次我們可以支付股息時，我們都會支付，但由於阿根廷的波動性，我們不想說或將股息固定為保單。今年，當我們分析明年的資本支出加上當前債務以及當前的流動性水平時，我們很樂意最大限度地提高股東的股息。

But in the future, the decision will be taken, analyzing all those drivers. Related to the tax decision, it's not related to the Supreme Court, nothing. So we have the results. We can pay, and it's not related to that order.

但在未來，我們將在分析所有這些驅動因素後做出決定。與稅務決定有關，與最高法院無關，沒有任何關係。所以我們得到了結果。我們可以付款，而且與該訂單無關。

And another one from Álvaro from BTG. Why are you distributing repurchase shares and not canceling them?

另一張來自 BTG 的 Álvaro。為什麼要分配回購股票而不取消它們？

Well, this is something, Álvaro. I don't think that this is technical. At the end of the day, the consequences of the 2 is the same. Now we can cancel or we can distribute at the end of the day is the same. I think we used to distribute all what we acquire is something that we did it in the past, and we are repeating. But it's not -- I think it's more like something that we have been doing, that's something that one alternative is better than the other. So we prefer to do this.

嗯，這很重要，阿瓦羅。我不認為這是技術性的。歸根究底，兩者的後果是一樣的。現在我們可以取消，也可以在一天結束時分發，都是一樣的。我認為我們過去分配我們獲得的所有東西是我們過去做過的事情，而且我們正在重複。但事實並非如此——我認為這更像是我們一直在做的事情，這是一種替代方案比另一種更好的事情。所以我們更願意這樣做。

The last one, regarding the net debt after the disposals and the dividends, at which level it will be the target related to the leverage of the company?

最後一個，關於處置和分紅後的淨負債，在什麼水準上會是與公司槓桿相關的目標？

I would say that the current level of debt is lower than the optimal point. So after -- as I said, we have to pay a dividend that is around -- sorry, is around $85 million. We sold properties after the end of the quarter. for around $25 million. So let's say that from the number that you are seeing there, we will increase debt for around $60 million -- that is without accounting the cash generation or the rest of the cash generation that today, we are generating around $10 million per month.

我想說，目前的債務水準低於最佳點。因此，正如我所說，我們必須支付約 8500 萬美元的股息。我們在季度末後出售了房產。約2500萬美元。因此，假設從您看到的數字來看，我們將增加約 6000 萬美元的債務——這還不包括現金生成或其他現金生成，而今天我們每月產生約 1000 萬美元。

Well, with this, I think we cover all the questions. We conclude the Q&A session and the presentation. And we thank you very much for participating. And I will turn back now to Matias for his closing remarks.

好了，到此，我想我們已經涵蓋了所有問題。我們結束了問答環節和演示。我們非常感謝您的參與。現在我將請馬蒂亞斯作結束語。

Thank you, Santi. Thank you, everybody, for your participation and your support. We are very happy with all the performance in the last years. We believe that we are very happy with the tremendous execution and everything that we did in terms of real estate on the financial side and on the operational side. So we hope to see a normal economy going forward and see IRSA growing again in new projects. So thank you very much, and have a good day. Bye.

謝謝你，桑蒂。謝謝大家的參與與支持。我們對過去幾年的所有表現感到非常滿意。我們相信，我們對在財務方面和營運方面的房地產方面的出色執行力和所做的一切感到非常滿意。因此，我們希望看到未來經濟正常發展，並看到 IRSA 在新專案中再次成長。非常感謝您，祝您有美好的一天。再見。