IRSA Inversiones y Representaciones SA (IRS) 2024 Q2 法說會逐字稿

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the second quarter of fiscal year 2024 Results Conference Call.

大家，早安。我是 IRSA 投資者關係官 Santiago Donato，歡迎您參加 2024 財年第二季業績電話會議。

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.

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。以下簡報和收益報告也可以在公司網站上下載。

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.

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. All projections are subject to risk and uncertainties and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements.

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。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. Matias Ivan Gaivironsky, CFO.

我現在將把電話轉給財務長 Matias Ivan Gaivironsky 先生。

Good morning, everybody. We are finishing the first half of our fiscal year 2024. We very good results on the operational and financial policy that the numbers later on. During the first half, the tenant sales were very good and occupancy was higher than the year before. Also, the hotels remain with a very strong and high occupancy.

大家早安。我們 2024 財年上半年即將結束。我們在營運和財務政策方面取得了非常好的成果，稍後會公佈。上半年，租戶銷售情況非常好，入住率高於去年同期。此外，飯店的入住率仍然非常強勁。

Our premium offices, we also improve occupancy. Also, during the first half, we have a very active on real estate transactions, selling two floors of Della Paolera building, and we need a new barter agreement on one plot of land that course we will describe later. And also, we finished the setup of a new trust for a very important building in downtown for the sales. Also, we'll finish with our dividend distribution -- that was some delays to the payment of our two GDS holders because of the regulation now we finish everything (inaudible).

我們的高級辦公室也提高了入住率。此外，上半年，我們的房地產交易非常活躍，出售了 Della Paolera 大樓的兩層樓，我們需要就一塊土地達成新的以物易物協議，我們稍後將對此進行描述。此外，我們也為市中心的一座非常重要的建築設立了一個新的信託基金以進行銷售。另外，我們將完成股息分配——由於監管規定，我們的兩位 GDS 持有者的付款出現了一些延遲，現在我們完成了一切（聽不清楚）。

So now, Santiago will enter more details of our operational performance.

現在，聖地牙哥將輸入有關我們營運績效的更多詳細資訊。

Thank you, Matias. What here we see that the shopping malls figures, while occupancy have increased to levels of 98%. This is maximum historical levels after the building, but the impact of the pandemic will finally reach our maximum levels. This is the same as previous quarter and the first quarter of 2023, our sales grew 8% in real terms in the second quarter compared to the same quarter of 2023. And we are above 30% when we compare to pre-pandemic levels.

謝謝你，馬蒂亞斯。在這裡我們看到購物中心的數字，而入住率已經增加到98%的水平。這是建成後的歷史最高水平，但疫情的影響最終將達到我們的最高水平。這與上一季和2023年第一季相同，我們第二季的銷售額與2023年同季相比實際成長了8%。與大流行前的水平相比，我們已經超過 30%。

This shows really good performance of our tenant sales in malls that surpassed inflation as of the first half of the year. The second half, the ones that we are going to present in the future is going to be a challenge to keep these levels of sales, given the acceleration of inflation due to the first measures of the new government after December and its impact on real wages and consumption.

這顯示我們商場的租戶銷售表現非常好，截至今年上半年超過了通貨膨脹。考慮到 12 月後新政府採取的第一批措施導致通貨膨脹加速及其對實際工資的影響，下半年我們將在未來推出的產品將是維持這些銷售水準的挑戰和消費。

So, we expect slowdown in sales and in visitors in the next quarter. But we trust in the quality of the portfolio we healthcare is going to be a short impact that we soon recover our growth trends.

因此，我們預計下一季的銷售和訪客人數將放緩。但我們相信醫療保健投資組合的品質將產生短期影響，使我們很快恢復成長趨勢。

Moving to the office portfolio. Here, we can see that we kept selling some floors. As Matias mentioned, we sold to the entire build industry building and two floors of Della Paolera at very good prices. We have a portfolio of around 60,000 square meters, mostly a [plus].

轉向辦公室投資組合。在這裡，我們可以看到我們一直在出售一些樓層。正如馬蒂亞斯所提到的，我們以非常優惠的價格出售給整個建築工業大樓和 Della Paolera 的兩層樓。我們擁有約 60,000 平方米的投資組合，其中大部分是[加]。

And we have one building big category that is Philips and the plan is in the future to recycle and position as a premium building in all, but at Polo Dot complex together with the shopping and they set a building and some other projects that the company owns there. We see occupancy are going to have increased levels of almost 93% of the second quarter.

我們有一個建築大類別，那就是飛利浦，計劃在未來回收並定位為優質建築，但在 Polo Dot 綜合體以及購物中心，他們設置了一座建築和公司擁有的一些其他項目那裡。我們預計第二季入住率將增加近 93%。

And rents at stable levels. The devaluation has a positive impact on offices. You know that these are dollar linked contracts, so that devaluation of the official FX to levels of 800 to COP850 per dollars. This is a natural hedge to that to their official devaluation.

且租金處於穩定水平。貶值對辦公大樓產生正面影響。您知道這些是與美元掛鉤的合約，因此官方外匯貶值至每美元 800 至 COP850 的水平。這是對其官方貶值的自然對沖。

And the third rental segment hotels that is also a linked to our hedge to the evaluation is doing very well. We have which occupancy of 70, almost 2% in the three hotels. Remember that we own the Llao Llao Resort in Bariloche and two hotels in Buenos Aires, Libertador and Intercontinental.

第三個租賃細分市場的飯店也與我們的對沖評估相關，表現非常好。我們這三家飯店的入住率為 70 人，幾乎佔 2%。請記住，我們擁有巴里洛切的 Llao Llao 度假村和布宜諾斯艾利斯的兩家酒店：解放者酒店和洲際酒店。

The rate per room average is in levels of $240 per room and good performance, both in Buenos Aires hotels and in Llao Llao. Tourism is strong, it remains strong at both domestic and international.

無論是布宜諾斯艾利斯的酒店還是 Llao Llao 的酒店，每間客房的平均房價為 240 美元，表現良好。旅遊業強勁，國內和國際依然強勁。

Regarding the state of Alabama laid out, we sold two floors the during the last quarter. So this is the case. We have already presented this in some conference calls in the past. This was a great investment, which we sold 86% of the of the building, remember that we opened at interest in December 2020 was a build in that way, bought it in that moment for long-term lease.

根據阿拉巴馬州的佈局，我們在上個季度出售了兩層樓。所以是這樣的。我們已經在過去的一些電話會議中介紹過這一點。這是一項偉大的投資，我們出售了該建築 86% 的所有權，請記住，我們在 2020 年 12 月以利息開放，就是以這種方式建造的，當時購買了它以進行長期租賃。

But finally, we saw a great opportunity to sell floors, a lot of demand. This is a very premium building and we sold 86%. We have obtained profits from sales of around $200 million in excess of what we invested, but was around $112 million between the land and the construction costs. We keep some floors there for our valuation of $32 million. So, the profit over investment we expect to be or over 200%.

但最終，我們看到了銷售地板的絕佳機會，需求量很大。這是一棟非常優質的建築，我們賣出了 86%。我們從銷售中獲得的利潤比我們的投資多了約 2 億美元，但土地成本和建築成本之間的利潤約為 1.12 億美元。我們在那裡保留了一些樓層，估值為 3200 萬美元。因此，我們預計投資利潤將達到或超過200%。

Great case and the plans to in the future now replace with newer square meters again and develop new projects, mixed use projects in the near future. So that part I will give the word to Jorge Cruces, our CIO for the real estate transactions of the periods.

很好的案例，並計劃在未來再次更換新的平方米，並在不久的將來開發新項目、混合用途項目。因此，在這一部分中，我將向豪爾赫·克魯塞斯（Jorge Cruces）轉達，他是我們負責該時期房地產交易的首席資訊長。

Thank you, Santiago. Good morning, everybody. In December we signed a border agreement transferring ownership in a land in Ezpeleta to a well-known land developer of [Cumulus district]. They have developed very successfully [chimes moyo] and they named this new development chimes moyo dos. We will receive 40% of the development, meaning 125 single-family lots and 40% of the buildable square meters of the multi-family lots.

謝謝你，聖地牙哥。大家早安。12 月，我們簽署了一項邊境協議，將埃茲佩萊塔 (Ezpeleta) 一塊土地的所有權轉讓給一家知名土地開發商。[積雲區]。他們開發了非常成功的[chimes moyo]，他們將這個新開發的產品命名為chimes moyo dos。我們將獲得 40% 的開發份額，即 125 個單戶用地和 40% 的多戶用地可建造平方公尺。

But we will guide you. You had acquired the main office building of the city's administration to bill. It's headed points for a number of reasons. This never happened and this building was on sale. Currently, there is a reconversion program from commercial to residential with tax benefits. We gather a pool of companies willing to take advantage of this program and invest with us in this great premium residential development.

但我們會指導你。你已經買了市府的主要辦公大樓來計費。由於多種原因，它處於領先地位。這從未發生過，這棟建築正在出售。目前，有一個從商業到住宅的再轉換計劃，並提供稅收優惠。我們聚集了一批願意利用該計劃並與我們一起投資這項優質住宅開發項目的公司。

Our stake of the investment will be of 20.5% of the reconversion cost of obtaining 14.7% of the square meters of the project. We estimate a total investment of approximately $50 million met though the development has 722 apartments assets on studios, one bedroom apartment unit up to two bedroom apartments has 220 car spaces has amenities rooftop, gym, co-working -- I mean, it's a great developments, a whole city block, right? One block away from the other listed on the main avenues of Argentina, it's called Nueve de Julio.

我們的投資份額將為獲得該項目 14.7% 平方米的改造成本的 20.5%。我們估計總投資約為5000 萬美元，儘管該開發項目擁有722 套公寓資產，包括單間公寓、一居室公寓單元、最多兩居室公寓、220 個車位、屋頂設施、健身房、聯合辦公空間- 我的意思是，這是一個很棒的項目開發項目，整個街區，對嗎？與阿根廷主要大道上的另一處相距一個街區，它被稱為 Nueve de Julio。

Well, this is going to be a very important project. And when I say this, and we are very proud to announce this development.

嗯，這將是一個非常重要的項目。當我這麼說時，我們非常自豪地宣布這項進展。

Costa Urbana, on November 15th notarial deeds were signed transferring ownership to the city of four plots of land and creating the 61 lots for set to sell. With this act, we fulfilled the second step in the process of creating the land registrations in the industrial that database of the city for issuing the titles of ownership and enable user to transfer the plots.

Costa Urbana 於 11 月 15 日簽署了公證契約，將 4 塊土地的所有權轉讓給該市，並創建了 61 塊可供出售的土地。透過這項舉措，我們完成了在城市工業資料庫中建立土地登記過程中的第二步，用於頒發所有權並允許使用者轉讓地塊。

The third and final step will be accomplished when we finish the roadworks and infrastructures for each block, enabling use it to efficiently transfer the ownership of the plus to third parties. By the end of January, we have completed the submittal of all additional information and documents requested by city hall for granting the approval of the project for the infrastructures and road works that confirm the master plan a plan of the development.

當我們完成每個街區的道路工程和基礎設施時，第三步也是最後一步將完成，從而能夠利用它有效地將 plus 的所有權轉移給第三方。到一月底，我們已完成市政府要求的所有附加資訊和文件的提交，以批准基礎設施和道路工程項目，從而確認總體規劃和開發計劃。

An updated assessments requested by the Environmental Authority, and we are looking forward to the convening of a public hearing. We expect the hearing to be held by the end of March.

環境局要求提供最新的評估，我們期待召開公開聽證會。我們預計聽證會將於三月底舉行。

Well, thank you very much. Now I'm going to hand over back to Matias.

好的，謝謝。現在我要把工作交還給馬蒂亞斯。

Thank you, Jorge. I'm trying to turn on the camera, but I can't somebody. So, if you can allow me to turn on the camera would put it. I start with the macro situation, trying to understand some of our results, but that has an impact due to the evolution of the effects and the inflation. As you know, during the last quarter, there was the valuation of the official exchange rate from 350 pesos to 800 pesos from the previous quarter that that represented 131% increase against that 36% decrease during the first quarter.

謝謝你，豪爾赫。我試著打開相機，但我無法打開。所以，如果你能允許我打開相機就放了。我從宏觀形勢開始，試圖了解我們的一些結果，但由於效果和通貨膨脹的演變，這會產生影響。如您所知，上季度官方匯率估值從上一季的 350 比索升至 800 比索，與第一季下降 36% 相比，增長了 131%。

So, if we see in real terms, the valuation in the first quarter was almost zero and then in the second quarter was 51%. That would have an impact on our dollar denominated debt when we have to convert it into pesos fund also in our DCF model for the investment properties where we'll have to assess the value for our malls that will have a possibility result.

因此，如果我們以實際價值來看，第一季的估值幾乎為零，然後第二季為 51%。這將對我們以美元計價的債務產生影響，因為我們必須在投資物業的貼現現金流模型中將其轉換為比索基金，在該模型中我們必須評估購物中心的價值，從而得出可能的結果。

Regarding the and the other part of the portfolio, the offices and the land bank, remember that we measure that at the dollar map [the available swap]. And if you assume the vote on right of this slide, you can see the real map effects evolution that during the first quarter, we have a sum of 21% and now a decrease of 18%. So, in terms of when we convert those properties into pesos, the result of this semester is almost flat with 0.2 that you see there.

關於投資組合的其他部分，即辦公室和土地儲備，請記住我們是根據美元地圖來衡量的[可用交換]。如果你假設這張投影片右側的投票，你可以看到真實的地圖效果演變，在第一季度，我們的總和為 21%，現在下降了 18%。因此，當我們將這些財產轉換為比索時，本學期的結果幾乎與您看到的 0.2 持平。

So going to the next page, yes, and we can see the evolution of the EBITDA and the adjusted EBITDA increased by 54% during the semester, we can see good results in our malls increasing by 15%, the hotels increasing by 33.7%, and an increase in the offices by 37%. Here we have a lower stock and the impact of the devaluation. How is that impacting the semester and will have an impact in the next [domestic], the invoices in our offices for December was sent before the devaluation. So, the impact was same in the next quarter that in pesos term, we will receive higher rents because of the devaluation.

所以進入下一頁，是的，我們可以看到EBITDA 的演變，調整後的EBITDA 在本學期增長了54%，我們可以看到我們的購物中心增長了15%，酒店增長了33.7%，取得了良好的業績，辦公室數量增加了 37%。在這裡，我們看到了較低的庫存和貶值的影響。這對本學期有什麼影響，並將對下一個[國內]產生影響，我們辦公室 12 月的發票是在貶值之前發送的。因此，下個季度的影響是相同的，以比索計算，我們將因貶值而獲得更高的租金。

In terms of the EBITDA margin, we remain stable in the malls and offices. Slight decrease because of the lower bill were stock on hotels increasing from 35% to 38%.

就 EBITDA 利潤率而言，我們在商場和辦公室方面保持穩定。由於帳單較低，酒店庫存量從 35% 增加到 38%，略有下降。

Going to the next page. The operating income, leaving aside, the fair-value effect increased by 47% from ARS37.7 billion to ARS55.5 billion. And here we have the sort of major impact on the semester, that is the change in the fair value of our investment properties going from negative result of ARS92 billion last year to ARS137.8 billion this year.

轉到下一頁。撇開公允價值效應不談，營業收入從 377 億澳元增加到 555 億澳元，成長了 47%。這對本學期產生了重大影響，那就是我們的投資性房地產公允價值從去年的 920 億澳元變為今年的 1,378 億澳元。

If we measure that properties in dollar terms, we will see relatively flat numbers. So, it's not a positive evolution. This only is the impact on and converting those dollars into real pesos adjusted by inflation. So, we have a positive result during this quarter the next quarter, the crawling bag of their effects remain at this base of 2% and inflation at levels of dollar basis. That means that in the next quarter, we will lose money in best of downtime dollars. There is no major changes.

如果我們以美元計算這些屬性，我們會看到相對持平的數字。所以，這不是一個積極的演變。這只是對這些美元的影響以及將這些美元轉換成經過通貨膨脹調整的實際比索。因此，我們在本季和下個季度取得了積極的成果，其影響的爬行袋保持在 2% 的基礎上，通貨膨脹保持在美元基礎上的水平。這意味著在下個季度，我們將損失最好的停機時間資金。沒有重大變化。

The next page, we can see the net financial result. We have also important effect here from a positive number last year of ARS19 billion to a negative number this year. This is related to devaluation you can see the table below, the net effects result, we generated a loss semester of ARS94 billion. This is related to all our dollar-denominated debt when we convert that debt into pesos at a higher number that is the effect.

下一頁，我們可以看到淨財務結果。我們在這裡也產生了重要影響，從去年的 190 億阿根廷比索的正數變成今年的負數。這與貶值有關，您可以看到下表，淨效應結果是，我們這個學期產生了 940 億澳元的損失。當我們以更高的數字將債務轉換為比索時，這與我們所有以美元計價的債務有關。

But also, that part was compensated and because all our liquidity was invested in dollar denominated securities. So that has a net positive result of ARS57 billion. Also, the inflation adjustment has a positive effect of ARS32 billion. If we see that net interest, we are posting better numbers and lower loss from ARS13.8 billion to ARS7.5 billion, this is because we have a lower leverage compared with the previous year.

而且，這部分得到了補償，因為我們所有的流動性都投資於以美元計價的證券。因此，淨收益為 570 億阿根廷比索。此外，通膨調整也帶來了320億澳元的正面影響。如果我們看到淨利息，我們會公佈更好的數字和更低的損失，從 138 億ARS 減少到 75 億ARS，這是因為與前一年相比，我們的槓桿率較低。

The income tax here we have a -- last year, a positive number because remember that we recognize it, yes, a loss in the comparative value of the investment property. So, the deferred tax was positive basically only because we are posting a negative number, I'm sorry, a positive number in the investment properties. We have to recognize a deferred tax of that, that is the four-year ARS48 million that you see in the center of the slide.

去年，我們的所得稅是一個正數，因為請記住，我們承認，是的，投資物業的相對價值的損失。因此，遞延稅金基本上是正數，只是因為我們在投資物業中發布了負數，抱歉，是正數。我們必須承認其中的遞延稅，也就是您在投影片中央看到的四年期 4800 萬澳元。

So, with all those effects, the net result the semester one to ARS146 billion compared with ARS48 billion of last year.

因此，考慮到所有這些影響，第一學期的最終結果為 1,460 億ARS，而去年為 480 億ARS。

I'm go to next page, and we can see here the evolution of the rental in dollar terms and the last 12 months were stable compared with the fiscal year '23 at $166 million, that compared with pre-pandemic levels are very, very good numbers, 26% or 27% above 2019 numbers.

我要翻到下一頁，我們可以在這裡看到以美元計算的租金的演變，與23 財年相比，過去12 個月的租金穩定在1.66 億美元，與大流行前的水平相比非常非常好的數字，比 2019 年的數字高出 26% 或 27%。

And the next page, we can see the evolution of our leverage. That was an impressive deleverage of the company since 2020, going through levels of $240 million completely unlevered company. Today, we have LTV of less than 15% coverage ratio of twelve times and net debt to EBITDA of only 1.4 times and with a lot of properties and [numbers] that are not generating EBITDA. So, the company is the shape of our financial condition is best ever.

下一頁，我們可以看到槓桿的演變。自 2020 年以來，該公司的去槓桿化程度令人印象深刻，公司完全無槓桿化程度達到 2.4 億美元。如今，我們的 LTV 覆蓋率不到 15%，為 12 倍，淨債務與 EBITDA 之比僅為 1.4 倍，而且有很多房產和[數字]沒有產生 EBITDA。所以，我們公司的財務狀況是有史以來最好的。

Regard in our debt amortization scale as is optimized in the coming years. The gross debt is $366 million. So, we are planning to refinance part of this fiscal year '24, and the coming days issuing a new bond trying to extend the tenor, but also, we have liquidity to serve our debt if we need.

未來幾年我們的債務攤銷規模將會優化。債務總額為3.66億美元。因此，我們計劃為本財年 '24 進行部分再融資，並在未來幾天發行新債券，試圖延長期限，而且，如果需要，我們還有流動性來償還債務。

The next page is related to our dividend distribution. Remember that we decided in October to this year the renewal of ARS64 billion, that was a dividend yield of around 12%, sorry it was ARS67.4 billion, that [sears], we announced the distribution in October. There was a new regulation in Argentina that delay our process of payment to our GBS holders. And finally, we decided in the near to preserve their money, investing that money in money market fund. I'm not sending that money to one of the other two -- to protect the funds of our investors. Finally, we obtain a change in the regulation and the CMB, the local SEC allow us to pay. And finally, we paid at the beginning of the year, and investors received in dollar terms 20% more than the original payment date in Argentina.

下一頁與我們的股利分配有關。請記住，我們在 10 月決定向今年續簽 640 億澳元，股息收益率約為 12%，抱歉，是 674 億澳元，[西爾斯]，我們在 10 月份宣布了分配。阿根廷的一項新規定延遲了我們向 GBS 持有者付款的流程。最後，我們決定在近期內保留他們的資金，並將其投資於貨幣市場基金。我不會將這筆錢轉給另外兩家公司之一，以保護我們投資者的資金。最後，我們獲得了監管的變更以及CMB、當地SEC允許我們支付。最後，我們在年初付款，投資者以美元計算收到的金額比阿根廷原定付款日期多了 20%。

Regarding the share repurchase program, we announced the first one during the fiscal year '23 that we finished in December. It was an investment of ARS5 billion. And in July, we announced a new program of ARS6.5 billion from that amount, we already invested ARS2.9 billion. So, we'll keep buying back shares during the rest of the year of the year.

關於股票回購計劃，我們在 23 財年宣布了第一個股票回購計劃，並於 12 月完成。投資額為 50 億阿根廷比索。7 月，我們宣布了一項 65 億阿根廷比索的新計劃，我們已經投資了 29 億阿根廷比索。因此，我們將在今年剩餘時間內繼續回購股票。

So, with that, we finish the formal presentation. Now we open the line to receive your questions.

這樣，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。

Now is the time for the Q&A session. (Event Instructions)

現在是問答時間。（活動須知）

Here we have our first question. Can you tell us more about your upcoming bond issue?

這是我們的第一個問題。您能告訴我們更多有關您即將發行的債券的資訊嗎？

Well, we have some new and concentration of amortizations during the coming months. So we are planning to tap the local market with an infrastructure that we have in the fine and we will announce broadly that in the coming days. But we will release something similar to what we did at the crestal level at the beginning of the year.

嗯，在接下來的幾個月裡，我們有一些新的、集中的攤銷。因此，我們計劃利用我們現有的基礎設施來開拓當地市場，我們將在未來幾天內廣泛宣布這一點。但我們將發布類似於今年年初在波峰層面所做的事情。

A new question, do you expect that access to international markets will improve as the new government seek to cut the fiscal deficit and return the economy to grow?

一個新問題是，隨著新政府尋求削減財政赤字並恢復經濟成長，您預計國際市場准入會有所改善嗎？

We hope so. We relieved that while Argentina was a little disconnected to the award in that past three years, so we hope that with the normalization of the economy, the companies are in very good shape in Argentina. So, the problem is the sovereign ceiling on the cost of Argentine debt, so we believe that if that start to normalize then will be up for the year opportunities for corporates was an example of one of YPF that tapped the international market at the beginning of the year.

我們希望如此。讓我們鬆了一口氣的是，雖然阿根廷在過去三年與該獎項有點脫節，所以我們希望隨著經濟的正常化，這些公司在阿根廷的狀況非常好。因此，問題在於阿根廷債務成本的主權上限，因此我們相信，如果這種情況開始正常化，那麼今年企業的機會就會增加，YPF 在年初就進軍國際市場就是一個例子。那一年。

So that definitely will happen if Argentina normalizes in the case of years with the covenant start of our projects, we don't need to tap the international market for that. So, the amortizations that we have are very limited with the level of CapEx but we announced that we have the liquidity and the cash generation to finance the projects.

因此，如果阿根廷在我們的專案如期啟動的情況下實現正常化，那麼這種情況肯定會發生，我們不需要為此開發國際市場。因此，我們的攤銷與資本支出水準非常有限，但我們宣布我們擁有流動性和現金產生來為專案融資。

So, we are we are not expecting, but of course, the cost of capital start to reduce, then we can accelerate our investment process and maybe we can tap the market in the future, but we are not planning that in the short-term.

所以，我們沒有期待，但是當然，資本成本開始降低，然後我們可以加快我們的投資進程，也許我們可以在未來開拓市場，但我們短期內不打算這樣做。

We have two additional questions on the financial side. One, is if the net debt position that we should take into account the dividend payment?

我們還有兩個關於財務方面的問題。一、我們是否應該考慮股利支付的淨債務狀況？

Yes. Yes, that that is that as of December at the end of December. so already deducted the payment. The part that remained at the company level was made out of our cash position or in terms of our disclosure. So yes, that was after the data.

是的。是的，那就是截至 12 月底的數據。所以已經扣除了付款。留在公司層面的部分是根據我們的現金狀況或我們的揭露情況而定的。是的，那是在數據之後。

And then what influences do you see by the FX liberalization for the ARS property valuation in general and for IRSA, specifically the impact of FX devaluation on real estate and IRSA in general.

然後，您認為外匯自由化對一般 ARS 房地產估值和 IRSA 有何影響，特別是外匯貶值對房地產和一般 IRSA 的影響。

Let me say something, Jorge please, where were you -- always real estate in Argentina, was safe haven against devaluation and inflation known, so real estate prices were always quote in dollars. So, all the properties was measured in dollars, so it's not measured in pesos term.

讓我說點什麼，豪爾赫，你在哪裡——阿根廷的房地產一直是抵禦貶值和通貨膨脹的避風港，所以房地產價格總是以美元報價。因此，所有財產都是以美元計量的，因此不是以比索計量的。

What you have to analyze the cost of construction that maybe if we have an inflation in dollar terms, cost up on financials will be higher. That means that can trigger prices of real estate up during the last two years, we saw some declining prices because of that the cost of contractors was cheaper.

你必須分析建築成本，如果我們以美元計算通貨膨脹，財務成本會更高。這意味著在過去兩年中，這可能會引發房地產價格上漲，但由於承包商的成本更便宜，我們看到價格下降。

And so, I believe that this devaluation hasn't been an impact in the short terms of real estate prices. Solvencies prices remain stable. So, I don't see an important impact on them on our portfolio. I don't know of Jorge, if you want to add something?

因此，我認為這種貶值短期內不會對房地產價格產生影響。償付能力價格保持穩定。因此，我認為它們不會對我們的投資組合產生重要影響。我不知道豪爾赫，你想補充什麼嗎？

Yes, I believe that in the short term, it's not going to influence very much as Argentina may recover, I suppose the whole real estate arm is going to recover in when a [sydist] of the salaries are going to recover. So, in the meantime, it may be a little bit higher the cost of development, but then the people are going to have better salaries to acquire real estate. So, it should be a steady process of real estate going up and maybe just maybe a little bit on in the near future, not in the in the short future.

是的，我相信在短期內，隨著阿根廷的復甦，這不會產生太大影響，我想當[sydist]的工資恢復時，整個房地產部門都會復甦。因此，與此同時，開發成本可能會稍高一些，但人們將有更好的工資來購買房地產。因此，房地產上漲應該是一個穩定的過程，也許在不久的將來會上漲一點點，而不是在短期內。

Next question, can you give us more color on del Plata building project?

下一個問題，您能給我們更多關於德爾普拉塔建築計畫的資訊嗎？

Well, yes, it's a pleasure for you asking about the about the project. The project, as I said before, it's a whole city block, only a block away from the [obelisk], and there you can see in that picture Nueve de julio. Nueve de Julio, I mean in that part of the cities like talking about Times Square is like in New York, you're close to everything to theatres, close to subways, buses, you have great, great infrastructure. It's very nice to be there.

嗯，是的，很高興您詢問有關該項目的資訊。正如我之前所說，該項目是整個城市街區，距離[方尖碑]僅一個街區，您可以在那張照片中看到 Nueve de julio。Nueve de Julio，我的意思是在城市的一部分，就像談論時代廣場就像在紐約一樣，你離劇院、地鐵、公共汽車都很近，你有非常非常好的基礎設施。很高興能在那裡。

And as I said before, it's a whole city block. So, it has a very big impact in the city behind that picture that we see right there, there's a pedestrian street. So hopefully, we're planning to develop the whole ground floor with restaurants and something very nice. So it's going to be a place where a lot of tourism investment of all they're behind that building to have a cup of coffee or a beer and maybe it's going to be out of building mostly for youngsters.

正如我之前所說，這是一個完整的街區。所以，它對我們看到的那張照片後面的城市有很大的影響，那裡有一條步行街。所以希望我們計劃開發整個底層，裡面有餐廳和一些非常好的東西。因此，這將是一個有大量旅遊投資的地方，他們在大樓後面喝杯咖啡或啤酒，也許它主要是為年輕人而建的。

There's a lot of studios we're talking about people not only youngsters of stone studying in universities in the city, right near to that visit to this property, but also from a lot of tourism not only from the country like people from [corloha], from [mendoza] that is very comfortable to be here and to work here, may be people who come a couple of days a week, but also that we estimate this will be a lot of foreigners using the building.

我們談論的有很多工作室，人們不僅是在城市大學學習的年輕人，就在參觀該房產的附近，而且還來自很多旅遊業，不僅來自鄉村，比如來自 [corloha] 的人，來自[門多薩]，在這裡工作非常舒服，可能是每週來幾天的人，但我們估計會有很多外國人使用該建築。

We don't know if on a farmer's going to be investing and buying apartments, but even a partial [genius] buying apartments is going to be a lot of foreigners using these apartments maybe like an Airbnb or just like a monthly rents. There's great pool on the rooftop, upstairs you can do running, there's a gym in the basement, and you have another pool that's all year round, you have a co-working, you have lending rules, you have you have a place to watch cinema, to watch TV with other people with other, even though it's not a co-living, there's a lot of amenities.

我們不知道農民是否會投資和購買公寓，但即使是部分[天才]購買公寓也會有很多外國人使用這些公寓，可能就像 Airbnb 或只是像每月租金一樣。屋頂上有很棒的游泳池，樓上你可以跑步，地下室有健身房，還有另一個全年開放的游泳池，你有共享辦公空間，你有借貸規則，你有一個觀看的地方電影院，和其他人一起看電視，雖然不是合住，但設施還是有很多的。

So mostly we're trying to make a promise made make a project for youngsters that are mostly on working of all over the world and order size is a great city. People local decided to try to stay for a couple of weeks or couple of months a year. And we believe this is going to be a very great project for youngsters who are willing to be a [for the sides], for short terms during the year, mostly there's a lot of people around Argentina was going to be buying these apartments.

因此，我們主要是試圖做出一個承諾，為年輕人做一個項目，這些年輕人主要在世界各地工作，訂單規模是一個偉大的城市。當地人決定每年嘗試在這裡停留幾週或幾個月。我們相信，對於願意成為[雙方]的年輕人來說，這將是一個非常偉大的項目，在一年內短期內，大多數阿根廷各地都會有很多人購買這些公寓。

As I said before, and it's very helpful to be able because of all the subway and a lot of people of the rest of the country need to be working with decided. So, we are really very happy with the project and so on are the architects. There are quite well known in Argentina with this kind of big on projects, we're still going to be hiring on the construction company.

正如我之前所說，這非常有幫助，因為所有的地鐵和全國其他地區的許多人都需要與決定一起工作。所以，我們對這個專案非常滿意，建築師也是如此。在阿根廷，這類大型專案相當有名，我們仍將招募建築公司。

Well, this is going to be we're going to start building this building maybe add on for four or five months from now on. I'm very enthusiastic with this project putting I don't know if I sounded enthusiastic, but if there's any more questions, I'm going to talk to you more information regarding this shows, we'll start the building.

嗯，這將是我們將開始建造這座大樓，可能會在從現在開始的四到五個月內加建。我對這個項目非常熱情，我不知道我聽起來是否熱情，但如果還有任何問題，我將與您討論有關該節目的更多信息，我們將開始建設。

Thank you, Jorge. If there are any additional questions, we gave some minutes more. So, on the presentation here that someone had asked, if we can request a presentation by e-mail. It's going to be uploaded in the website, it's already there, so you can set, or you can contact our IR team directly. So, if there are no more questions. We conclude the Q&A session and the presentation and thank you for joining.

謝謝你，豪爾赫。如果還有任何其他問題，我們會再給您幾分鐘的時間。因此，在此處的簡報中，有人詢問我們是否可以透過電子郵件要求簡報。它會上傳到網站上，已經在那裡了，所以你可以設置，或者你可以直接聯絡我們的IR團隊。那麼，如果沒有其他問題了。我們結束了問答環節和演示，感謝您的加入。

I will turn back to Mathias for his closing remarks.

我將回到馬蒂亞斯的閉幕詞。

Thank you, Santi. Thank you, everybody. To participate in the call. I believe we have during this first semester on excellent set of numbers, excellent performance. We believe that broadly during the second half will be more challenging because of that new measures of the new administration trying to normalize the economy, there will be a slowdown in consumption.

謝謝你，桑蒂。謝謝大家。參與通話。我相信我們在第一學期取得了出色的成績和出色的表現。我們認為，總體而言，下半年將更具挑戰性，因為新政府試圖使經濟正常化的新措施，消費將會放緩。

There was an acceleration of inflation and trying to eliminate relative prices in the economy. So, there was an increase in inflation and will have an impact in real wages. So, consumption probably will suffer during the next months. And we see that in our malls. And I don't know in dollar terms that will depend on what happens between inflation and devaluation, but maybe you will see better numbers in dollar terms, but lower numbers in pesos terms so that we going to see in the next quarter or in the second part of the year here.

通貨膨脹加速並試圖消除經濟中的相對價格。因此，通貨膨脹加劇，將對實際工資產生影響。因此，未來幾個月消費可能會受到影響。我們在商場裡看到了這一點。我不知道以美元計算這將取決於通貨膨脹和貶值之間發生的情況，但也許您會看到以美元計算的更好的數字，但以比索計算的數字較低，因此我們將在下個季度或下個季度看到今年下半年在這裡。

So very well prepared to face this new stage of Argentina. We have been preparing our capital structure, deleveraging the company. So, we are ready for a new stage of Argentina. If there is a normalization, we are ready to accelerate our investment process and launch many, many projects that we have in our pipeline. So, we are very confident on our situation, and we expect to have, although weak consumption levels in the coming months. Very good numbers on our on our financial situation. So that nothing else to add on that. So, thank you very much for your participation, and we hope to see you in the next quarter.

面對阿根廷的新階段，我們已經做好了充分的準備。我們一直在準備資本結構，將公司去槓桿化。所以，我們已經為阿根廷的新階段做好了準備。如果實現正常化，我們準備加快投資進程並啟動我們正在籌備的許多專案。因此，我們對我們的情況非常有信心，我們預計，儘管未來幾個月的消費水平疲軟，但我們仍然有信心。我們的財務狀況非常好。所以沒有什麼可以補充的了。因此，非常感謝您的參與，我們希望在下個季度見到您。