IRSA Inversiones y Representaciones SA (IRS) 2025 Q1 法說會逐字稿

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA. And I welcome you to the first quarter of fiscal year 2025 results conference call.

大家早安。我是聖地牙哥‧多納托 (Santiago Donato)，IRSA 投資者關係官員。歡迎您參加 2025 財年第一季業績電話會議。

First of all, I would like to remind you that both audio and slide show 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，音訊和幻燈片都可以透過公司的投資者關係網站 www.irsa.com.ar 透過點擊橫幅網路廣播連結進行訪問，以下簡報和收益發布也可以透過到公司網站下載。

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. 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.

管理層發表演說後，將為分析師和投資人提供問答環節。如果您想提出問題，請使用聊天功能。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。

Thank you Santiago Donato. Good morning, everybody and thank you for joining us in our first Q 2025 fiscal year we started the year with adjusted EBITDA that achieved a ARS 46.9 billion that is 8.8% below the previous quarter in 2024. That is, we will see later is mainly related to our hotel segment. The shopping mall segment remains stable and the office portfolio because of the reduction on the square meters is a little lower than the fiscal year ago but in terms of the metrics is exactly the same.

謝謝聖地亞哥·多納托。大家早安，感謝大家加入我們的 2025 財年第一個季度，我們以調整後的 EBITDA 為開年，實現了 469 億阿根廷比索，比 2024 年上一季下降了 8.8%。也就是說，我們稍後會看到主要與我們的酒店部門有關。購物中心業務保持穩定，辦公室組合因平方公尺減少而略低於上一財年，但指標完全相同。

In fact, we increased a little our occupancy regarding the net income, we posted a loss of ARS109 billion this is a non-cash effect mainly related to the valuation of our investment properties that we will see later in in better details.

事實上，就淨收入而言，我們的入住率有所增加，我們公佈了1090 億澳元的損失，這是主要與我們的投資物業估值有關的非現金效應，我們稍後會更詳細地看到。

Regarding the tenant sales, we start to see some recovery there is a slight recovery of 7% against the previous quarter, the fourth quarter of 2024 but still 12% below our numbers of the last year. We will see some evolution later as well.

關於租戶銷售，我們開始看到一些復甦，與上一季（2024 年第四季）相比略有回升 7%，但仍比去年的數字低 12%。稍後我們也會看到一些演變。

Regarding the office occupancy, we reached 98% in shopping malls we are at 97%. Also, during the quarter, we were active in some acquisitions we acquired a plot of land adjoining our Alto Avellaneda shopping mall for a future expansion.

至於辦公室的入住率，我們達到了98%，在購物中心我們是97%。此外，在本季度，我們積極進行了一些收購，我們收購了毗鄰 Alto Avellaneda 購物中心的一塊土地，以供未來擴張。

And finally, the regarding the dividend payments we announced and, and we already paid in Argentina dividends for an amount of ARS90 billion that is around 8% dividend yield. And also, we distributed shares in treasury for around 3.6% of our stock.

最後，關於我們宣布的股息支付，我們已經在阿根廷支付了 900 億阿根廷比索的股息，股息殖利率約為 8%。此外，我們還分配了約 3.6% 股票的庫存股。

So, let me introduce Santiago Donato, our IR to follow the presentation.

那麼，讓我介紹 Santiago Donato，我們的 IR 負責跟進演示。

Thank you, Matias. But here we can see the evolution of real tenant sales in our shopping malls and occupancy rates. We have seen some as Matias mentioned some signs of recovery in the first quarter, '25 compared to the last two quarters. Although tenant sales still below inflation when we see the drop compared to the first quarter of 2024, we are 12% down but remember that the first quarter of 2024 was one of the best quarters in the last years, it was up 10% it was in the middle of the electoral period that there was a lot of higher inflation and higher consumption as well that generated an increase of 10%. So, we are comparing to that quarter, that was the best of the last five.

謝謝你，馬蒂亞斯。但在這裡我們可以看到購物中心實際租戶銷售額和入住率的演變。正如 Matias 所提到的，與過去兩個季度相比，我們已經看到了 25 年第一季的一些復甦跡象。儘管當我們看到與2024 年第一季相比下降時，租戶銷售額仍低於通貨膨脹，但我們下降了12％，但請記住，2024 年第一季是過去幾年中最好的季度之一，它增長了10％在選舉期中期，通貨膨脹和消費也大幅上升，導致經濟增長了 10%。因此，我們正在與該季度進行比較，這是過去五個季度中最好的。

Regarding occupancy decreased a little bit to levels of almost 97. We had some vacancy on the quarter dot by the shopping mainly that we expect to occupy soon, we don't see a problem of vacancy and we expect our malls to evolve favorably in the next quarters in line with the recovery of the economic activity and real salaries.

入住率略有下降，降至近 97 人。我們在季度點上有一些空置，主要是我們預計很快就會佔用的購物場所，我們沒有看到空置問題，我們預計我們的購物中心在未來幾季將隨著經濟活動的復甦而良好發展，實際工資。

Regarding of the segments. We kept selling some floors in recent quarters, we sold two floors of [Do Ciento de La Paula] Our latest development in Catalinas in the last year and after the end of the of the quarter, we sold an additional floor at really very competitive prices. So, now we have just three floors of that building and we currently manage 58,000 square meters of offices, mostly A+ and A1. We have just one building that is Philips on the B category. The premium portfolio increased its occupancy to almost 98% this is really good this is much higher than the average of Buenos Aires City, premium buildings occupancy.

關於細分市場。最近幾季我們一直在銷售一些樓層，去年我們在卡塔利納斯的最新開發項目中出售了兩層[Do Ciento de La Paula]，在本季度末後，我們以非常有競爭力的價格出售了額外的一層樓。所以，現在我們只有三層樓，管理著 58,000 平方公尺的辦公室，大部分是 A+ 和 A1。我們只有一棟 B 類飛利浦大樓。優質投資組合將其入住率提高到近 98%，這確實很好，遠高於布宜諾斯艾利斯市優質建築入住率的平均水平。

In our case, this increase was mainly due to the improvement of the building, the office that is next to next to do by the shopping center and regarding rents are quite stable in dollar a little bit lower, but they remain stable at levels of $25 per square meter.

就我們而言，這一增長主要是由於大樓的改善、購物中心旁的辦公室以及租金相當穩定，以美元計算略低一些，但仍穩定在 25 美元的水平每平方米。

This is the average of the A+ and A1 building moving to hotels. Our third rental segment, the hotels represented the challenge this this quarter this is something that we anticipated at the end of the of the previous of the previous year and the fiscal year '24 because the last two years were really good for hotels. We had record bit done occupancy mainly due to the to the competitiveness and tourism activity in the last two years in Argentina.

這是 A+ 和 A1 大樓搬遷至酒店的平均值。我們的第三個租賃部門，即酒店，代表了本季的挑戰，這是我們在上一年末和 24 財年末所預期的，因為過去兩年對酒店來說確實很好。我們的入住率創歷史新高，主要是因為過去兩年阿根廷的競爭力和旅遊活動。

Today, the country is facing a lower influx of tourism due to lower FX competitiveness. And we are seeing this on this in this light. Cubans' portfolio occupancy decreased from 66% to 55% in the three hotels. Remember that we owned Libertador and Intercontinental in Buenos Aires and [Xo] Resort in Bariloche.

如今，由於外匯競爭力下降，該國面臨旅遊業流入量減少的問題。我們是從這個角度來看這個問題的。古巴人在這三家飯店的入住率從 66% 下降至 55%。請記住，我們擁有布宜諾斯艾利斯的 Libertador 和洲際酒店以及巴里洛切的 [Xo] Resort。

Rates happens something similar. We see a slight decrease in rates in the three hotels despite this situation, the hotels are generating very good revenues and provides a good diversification to our rental portfolio but of course, the evolution of this segment will depend on effects and tourism inflow in the next in the next years. So, now we are going to move to the real estate out of the investments. I will give the word to Jorge Cruces, Our Chief Investment Officer.

利率也會發生類似的情況。儘管出現這種情況，我們仍看到這三家酒店的房價略有下降，這些酒店正在產生非常好的收入，並為我們的租賃組合提供了良好的多元化，但當然，該細分市場的發展將取決於未來的影響和旅遊流入在接下來的幾年。因此，現在我們將把投資轉向房地產。我將轉告我們的首席投資長 Jorge Cruces。

Good morning.

早安.

We have acquired a property adjoining Alto Avellaneda shopping mall the property has a total area of 87,000 square meters and built area of 33,000 square meters. The purchase price was set at $12.2 million of which $9.2 million have already been paid and the balance of $3 million will be canceled with the transfer of the deed which is still pending.

我們收購了毗鄰 Alto Avellaneda 購物中心的一處房產，該房產總面積為 87,000 平方米，建築面積為 33,000 平方米。購買價格定為 1,220 萬美元，其中 920 萬美元已支付，其餘 300 萬美元將隨著尚未完成的契約轉讓而取消。

The project formerly called [Kurwa] has been given a brand-new commercial name, Ramblas de Plata. This was unveiled during the Expo real estate Argentina event held at the Hilton Hotel in August in September was held a public hearing for getting environmental approvals for stage one of the development. We are expecting the approval at any moment.

原名為【Kurwa】的專案已被賦予全新商業名稱Ramblas de Plata。這是在 8 月在希爾頓酒店舉行的阿根廷房地產博覽會期間公佈的，9 月為第一階段開發的環境批准舉行了公開聽證會。我們隨時期待著批准。

Now as soon as we get the environmental approval certificate, we will be able to break ground and start the construction of the infrastructure roadworks and public park of the first stage of the development around the central bay area. Regarding commercial actions, as mentioned, the Buenos Aires Real Estate Expo event was used to launch the development as a result of conversations with mayor developers, expressions of interest have been received. Most of these expressions will be channeled through barters agreement others will be just straightforward purchases of the lots.

現在只要拿到環保批復，我們就能破土動工，開始建造環中心灣區一期開發的基礎建設道路和公園。關於商業行動，如上所述，在與市長開發商對話後，利用布宜諾斯艾利斯房地產博覽會活動啟動了該開發項目，並收到了意向書。大多數這些表達將透過以物易物協議進行，其他表達將只是直接購買拍品。

We these last couple of months, we've been having a great change regarding the market, the real estate market or how the housing market, the residential market since the crisis of 2001, it has been mostly on investors market. Most families weren't able to afford to buy an apartment, the relative value between salaries and housing was not helping and there was no kind of mortgage mortgages.

過去幾個月，自 2001 年危機以來，我們的市場、房地產市場或房屋市場、住宅市場發生了巨大變化，主要是在投資者市場上。大多數家庭買不起公寓，工資和住房之間的相對價值也無濟於事，而且沒有任何抵押貸款。

So, during those years, mostly we have investors with a lot of apartments, small apartments and families who couldn't, who couldn't buy. Then we had a lease law that didn't help at all that lease, that lease law changed with this new government and the changes are that it used to be minimum three years now it's two years and the index to adjust the inflation was annually now it's every three months and the index that the government made people use was mandatory and now you can you're able to negotiate.

所以，在那些年裡，我們的投資者大多擁有大量公寓、小公寓和無法購買的家庭。然後我們制定了一項租賃法，該法對租賃沒有任何幫助，該租賃法隨著新政府的變化而改變，變化是過去至少三年現在是兩年，調整通貨膨脹的指數現在是每年每三個月一次，政府讓人們使用的指數是強制性的，現在你可以進行談判。

So, what's been happening. We had a lot of stock small apartments empty the last year. Now, we have people leasing apartments. So, investors are not so eager to sell. Then we have people with mortgages that are that are starting to buy. So, we have more people buying less people selling prices going up, people realizing that the prices are going up. So, people are kind of like in a hurry to buy apartments before it gets too late. So, we're kind of like in a momentum boom, momentum with residential mostly with stock presales still presells don't have a momentum still because of prices we're working out with construction prices. So, that's going to be next but for now, we're having, we're having a great momentum with the with the residential market.

那麼，發生了什麼事。去年我們有很多庫存小公寓空著。現在，我們有人出租公寓。因此，投資者並不那麼急於出售。然後我們有抵押貸款的人開始購買。因此，我們有更多的人購買，更少的人出售，價格上漲，人們意識到價格上漲。因此，人們有點急於在為時已晚之前購買公寓。因此，我們有點像動力繁榮，住宅的動力主要是庫存預售，但預售仍然沒有動力，因為我們正在根據建築價格來制定價格。所以，這將是下一步，但就目前而言，我們的住宅市場勢頭強勁。

The project is located steps away from the obelisk, a strategic point with easy access to transportation and a wide range of entertainment options. The project is on record under the central area transformation regime promoted by the city of Buenos Aires this regime aims to enhance and expand the existing building, transforming it to residential use. The project has been implemented through a trust agreement with Banco Picaro regarding the land, several companies as Money Trustor is as developer and TMF as trustee as the trustee the project consists of 721 apartments, 224 parking spaces and a commercial ground floor includes a amenities such as a multipurpose room, swimming pools, message rooms, gym, storage units and bike racks.

該項目距離方尖碑僅幾步之遙，是一個戰略要地，交通便利，娛樂場所眾多。該項目已在布宜諾斯艾利斯市推動的中心區改造制度下備案，該制度旨在加強和擴建現有建築，將其改造成住宅用途。該項目是透過與Banco Picaro 就該土地簽訂的信託協議實施的，Money Trustor 等多家公司作為開發商，TMF 作為受託人。以下便利設施作為多功能室、游泳池、留言室、健身房、儲藏室和自行車架。

The building is hosting at the moment CASA for one of the most important architecture and design exhibitions in Latin America for the event, a sales office was set up along with two model units to showcase and launch commercial actions in the meantime, architectural project has been delivered and ready for bidding. In the first phase of construction, demolition work in the basement is being completed upcoming bids, complementary demolition's concrete structure and may civil works project.

該建築目前正在舉辦拉丁美洲最重要的建築和設計展覽之一的 CASA，並設立了一個銷售辦公室和兩個樣品房，以展示和啟動商業活動，同時建築項目已交付並準備招標。第一期工程正在完成地下室拆除工作，即將進行招標，補充拆除混凝土結構和5月土木工程。

The project is located in a currently empty space between the dot shopping center and the center building set. The building is a former Phillips factory building transformed into office.

該項目位於dot購物中心和中心建築群之間目前空置的空間。該建築是由菲利普斯工廠大樓改造而成的辦公大樓。

The program includes 160 apartments, two levels of office space, more than 5,000 square meters and 79 parking spaces. The product has been defined targeting digital numbers to enhance the interaction between the building and the shopping center we are waiting for the environmental aptitude certificate, renewal work plans and construction permits will be presented once the certificate has been obtained, La Plata Difi Diagonal District this project is located in a large block of about eight hectares in the north direction of the city of La Plata, easy connectivity led to installation in the area of two large supermarkets and a home center the main lot is for the shopping mall. It is an open-air shopping center developed in two floors.

該項目包括160套公寓、兩層辦公空間、超過5,000平方公尺和79個停車位。該產品已針對數字進行了定義，以增強建築物與購物中心之間的互動，我們正在等待環境資質證書，一旦獲得證書，將提交更新工作計劃和施工許可證，La Plata Difi 對角線區項目位於拉普拉塔市北部一個佔地約八公頃的大塊土地上，交通便利，可在該地區安裝兩家大型超市和一個家居中心，主要地段為購物中心。這是一個兩層樓的露天購物中心。

The other 50 lots is for residential, for office space, hotel, clinics and has a construction capability of 78,000 square meters. Works in progress so, movement stage one started in September regarding commercial actions once the construction work reaches a more significant progress, we will proceed with making marketable actions of the 15 lots this approach worked for us in Alto Rosario at the time and we understand that it should also work in La Plata City block 35 tower three.

另外50塊土地用於住宅、辦公空間、旅館、診所，建築面積為78,000平方公尺。工程正在進行中，第一階段的商業行動已於 9 月開始，一旦施工取得更重大的進展，我們將繼續對當時在 Alto Rosario 為我們工作的 15 個地塊進行市場化行動，我們了解它也應該適用於拉普拉塔市35 號街區三號塔。

The project is located in [Cachito] neighborhood, the geographical heart of the city of Buenos Aires, a middle-class neighborhood program. It's three towers different heights, one has 27 floors, the other has 22 floors and the other one has 18 floors high. It's 500 apartments of 1 bedrooms to 3 bedrooms and two basements levels for parking space it's going to have 500 parking space. We recently changed the project to meet new market needs, concrete structure and elevation, completed and masonry construction in progress at the moment.

此計畫位於布宜諾斯艾利斯市地理中心【Cachito】街區，屬於中產階級街區計畫。它由三座不同高度的塔樓組成，一棟有27層，另一棟有22層，另一棟有18層。它有 500 套 1 至 3 間臥室的公寓，還有兩層地下停車位，將擁有 500 個停車位。我們最近對專案進行了更改，以滿足新的市場需求，混凝土結構和立面，已竣工，磚石施工目前正在進行中。

Now I'll give the floor back to Matias or CFO.

現在我將把發言權交還給 Matias 或財務長。

Thank you, Jorge. So, if we move to the next page, we can see the evolution of the main variables on the market side, the effects on inflation wat happened during the quarter was a important appreciation of the peso. When we see the number in terms of the dollar map or the blue chip swap, we can see in the bottom right, that the appreciation of the peso was 20% and at the official exchange rate, the appreciation was 5%.

謝謝你，豪爾赫。因此，如果我們翻到下一頁，我們可以看到市場方面主要變數的演變，該季度對通膨的影響是比索的重要升值。當我們看到美元地圖或藍籌掉期的數字時，我們可以在右下角看到，比索升值了20%，而按照官方匯率，升值了5%。

That means that when we value our investment properties in peso terms, we will post losses since in dollar terms, our properties remain stable in fact, in shopping malls, we increased a little devaluation in dollar terms but when we convert those numbers into peso are adjusted by inflation, we have to both losses.

這意味著，當我們以比索計算我們的投資房產時，我們將出現虧損，因為以美元計算，我們的房產實際上保持穩定，在購物中心，我們以美元計算增加了一點貶值，但當我們將這些數字轉換為比索時受通貨膨脹調整，我們雙雙虧損。

This is the main reason why you see in the bottom line an important loss this is for us is it's not relevant since it's not a cash movement and in fact, when we see the value of properties, everything in Argentina for real estate is in dollar terms and we believe that as Jorge mentioned, we will see prices going up. So, far in our system is not reflected in valuations but we hope to see in the in the coming quarters a recovery of that.

這就是為什麼你在底線中看到對我們來說是一個重要損失的主要原因，因為它不相關，因為它不是現金流動，事實上，當我們看到房地產的價值時，阿根廷房地產的一切都是以美元計算的條款，我們相信正如豪爾赫所提到的，我們會看到價格上漲。因此，到目前為止，我們的系統並未反映在估值中，但我們希望在未來幾季看到這一點的復甦。

So, moving to the next page and as we mentioned, the adjusted EBITDA is 10% lower than a year ago. If you see in shopping malls remain stable offices is lower, but it's related to a lower stock a lower portfolio and also when we adjust the numbers of the previous year by inflation, that adjustment is higher than the evaluation remembers that our portfolio or our agreements are in dollar terms. So, we are adjusting the last year at a higher pace than what happened with the with the official effects. And in our hotels, we see this drop of 60% that is related to lower occupancy and lower rates in that segment.

因此，請轉到下一頁，正如我們所提到的，調整後的 EBITDA 比一年前低 10%。如果您在購物中心看到保持穩定的辦公室較低，但這與較低的庫存和較低的投資組合有關，而且當我們根據通貨膨脹調整上一年的數字時，該調整高於評估，請記住我們的投資組合或我們的協議是以美元計算。因此，我們對去年的調整速度高於官方影響的調整速度。在我們的酒店中，我們發現下降了 60%，這與該細分市場的入住率和房價較低有關。

In terms of margins, we have, we still have high margins in shopping malls. In fact, we are, we are almost achieving office 80%. And the hotels we see the drop related to lower occupancy and lower rates and also costs that are adjusted by inflation mainly salaries.

就利潤率而言，我們在購物中心仍然擁有很高的利潤率。事實上，我們幾乎已經達成了80%的目標。我們看到的酒店下降與入住率下降、房價下降以及通貨膨脹（主要是工資）調整的成本有關。

Regarding the change in the fair value as I mentioned there, we can see that the big loss of almost ARS225 billion that I just explained. Regarding the net financial results, we see here again mainly related to two components.

關於我在那裡提到的公允價值的變化，我們可以看到我剛才解釋的近2250億澳元的巨額損失。關於淨財務業績，我們再次看到主要與兩個組成部分相關。

The first is the effects since we have to value all our debt in pesos terms, the appreciation of the pesos generate this gain and also the fair value of our financial assets that our liquidity portfolio generated gains. That you can see in the third line, the ARS7 billion net interest remains stable compared with the previous year. Our debt remains stable. So, there is no significant news about that.

首先是影響，因為我們必須以比索計算所有債務的價值，比索的升值產生了這種收益，而我們的流動性投資組合產生的金融資產的公允價值也產生了收益。從第三行可以看到，70億阿根廷比索的淨利息與前一年相比保持穩定。我們的債務保持穩定。因此，目前還沒有這方面的重大消息。

And the income tax here, you see again of ARS55 billion this is related to the deferred tax on the investment properties. Every time that we post a loss in the fair value, we have to mark again in income tax because lower taxes that you have to pay if you sell that property at those prices and on the current tax, we see a loss of almost ARS20 billion and this is the beginning of the year. So probably this year, I will start to pay taxes again since we consumed all our tax credits. But it's not just multiply by that number by four because there are many things that we have to do in the coming quarters.

這裡的所得稅，你又看到550億澳元，這與投資性房地產的遞延稅有關。每次我們公佈公允價值損失時，我們都必須在所得稅中再次標記，因為如果您以這些價格出售該房產，並且按照當前稅收，您必須繳納的稅款會降低，我們會看到近200 億澳元的損失現在是年初。因此，今年我可能會再次開始納稅，因為我們用完了所有的稅收抵免。但這不僅僅是將這個數字乘以四，因為我們在接下來的幾季裡還有很多事情要做。

So, finally the net result is that loss of ARS109 billion attributed to our controlling interest, ARS105 billion. If we see the numbers in dollar terms here, we have the evolution of the last years in in dollars using the official exchange rate. And you, we can see that we remain at good numbers $162 million of EBITDA on the three segments this doesn't include the real estate activity. No, it's also the rental segment that is the more recurrent and stable source of cash.

因此，最終的最終結果是我們的控股權益損失了 1,090 億ARS，即 1,050 億ARS。如果我們在這裡看到以美元計算的數字，我們可以使用官方匯率以美元計算過去幾年的演變。你們可以看到，我們在三個細分市場上的 EBITDA 仍然保持在 1.62 億美元的良好數字，其中不包括房地產活動。不，租賃部門也是更經常、更穩定的現金來源。

About our debt there was a new issue that we did in October, we issue new debt for we did two tranches. The first tranche was at with a maturity of five years the interest was 7.25% that expired bullet in the fiscal year 2030 and also, we did a small tranche for three years of $15.8 million with an interest rate of 5.75%.

關於我們的債務，我們在 10 月發行了新債務，我們發行了兩批新債務。第一部分的期限為五年，利率為 7.25%，在 2030 財年到期，此外，我們還進行了一小部分為期三年的 1580 萬美元，利率為 5.75%。

So, after giving impact to the dividend payments, so this is on a pro forma basis our net debt today is $297 million still very conservative in terms of ratios, net debt to rental EBITDA is only 1.8 times LTV of 14% coverage ratio of more than 8 times. And this doesn't include the all the rest of the portfolio that are not generating cash. No. So, we feel very comfortable with our debt situation today.

因此，在影響股息支付之後，這是預計的，我們今天的淨債務為 2.97 億美元，就比率而言仍然非常保守，淨債務與租金 EBITDA 僅為 14% 覆蓋率的 LTV 的 1.8 倍超過8倍。這還不包括投資組合中不產生現金的所有其他部分。不。因此，我們對今天的債務狀況感到非常滿意。

About our dividend payments. We, our shareholders meeting approved a dividend payment of ARS90 billion was a dividend yield of 8% that we already paid two days ago in Buenos Aires for our ADR holders. Probably this will take around 10 days to a little more 15 days to see the payment, but we are in the process, and we don't anticipate any delayed about that.

關於我們的股利支付。我們的股東大會批准了 900 億澳元的股息支付，即我們兩天前在布宜諾斯艾利斯向我們的 ADR 持有人支付的股息收益率為 8%。可能需要大約 10 天到 15 天左右才能看到付款，但我們正在處理中，預計不會有任何延遲。

So, we the three last year's we paid around $250 million of dividends. Yes, this was is expressed at the at the blue chip swap. So, it was an extraordinary period of three years paying very high dividends. As you know, the last year, we haven't been very active on launching new projects. So, we decided to use most of the cash for our own capital structure, buying back shares, paying down debt and paying dividends. So, we have today a very healthy financial structure.

因此，我們三人去年支付了約 2.5 億美元的股息。是的，這是在藍籌互換中表達的。因此，這是一個非凡的三年，支付了非常高的股息。如您所知，去年我們並沒有非常積極地啟動新專案。因此，我們決定將大部分現金用於自己的資本結構，回購股票，償還債務和支付股利。因此，我們今天擁有非常健康的財務結構。

About the shares repurchase programs we finished the last program in September it was around 1.6% of the shares at an average price of $9.94 per ADR.

關於股票回購計劃，我們在 9 月完成了最後一個計劃，回購了約 1.6% 的股票，平均價格為每份 ADR 9.94 美元。

So, with that, we finish the formal presentation. Now we invite you to open the line for Q&A session. Thank you very much.

這樣，我們就完成了正式的演示。現在我們邀請您開通問答環節。非常感謝。

Okay, we'll start with the quant session. If you have a question, please use the chat. We will receive them in the order we will take in the order we receive them here.

好的，我們將從量化會議開始。如果您有疑問，請使用聊天功能。我們將按照我們在這裡收到的順序接收它們。

We have the first from Marina Martins from Latin Securities with the next quarter being seasonally strong for shopping malls. Do you expect tenant sales to show a further recovery compared to the same period of last year and given the significant reduction in office assets in recent years. Are there plans to rebuild or expand the office portfolio or is existing from this segment a possibility.

我們收到了來自拉丁證券公司 (Latin Securities) 的瑪麗娜·馬丁斯 (Marina Martins) 的第一份報告，下一季度購物中心的季節性表現強勁。鑑於近年來辦公室資產大幅減少，您預計租戶銷售將在去年同期進一步復甦嗎？是否有計劃重建或擴大辦公室組合，或該部門是否存在可能性。

Let me address the first part about tenant sales there was a volatile year, when we analyzed what happened in the last quarters with consumption, there was like a one environment with the previous administration, there was an acceleration of consumption and acceleration of inflation.

讓我談談關於租戶銷售的第一部分，那是動盪的一年，當我們分析最後幾季的消費情況時，就像上屆政府的環境一樣，消費加速，通貨膨脹加速。

So, if you remember after the elections, December 10, when Miet took office, there was a big change in the environment. So when the next quarter, when we will compare numbers, we will still have the first two months of the previous or the comparison will be the first two months will be against the last administration and a booming consumption and the last 20 days with the new environment, we believe that we will keep seeing recovery against the previous quarter probably in the comparisons against the last year we will see weaker number probably in December, but we expect to see like this quarter now that the previous quarter they dropped was 18% this quarter 12% and we hope to see better numbers in the coming quarter.

所以，如果你還記得選舉之後，12 月 10 日 Miet 上任時，環境發生了很大的變化。因此，當下個季度，當我們比較數字時，我們仍然會看到上一季的前兩個月，或者比較將是前兩個月將與上屆政府和蓬勃發展的消費進行比較，而最後20天將與新政府進行比較。上一季下降了18%。

And then the third and the fourth quarter of this fiscal year will be much better because the point of comparison will be with the new administration, and we started to see recovery in in real wages. So, we hope to see better numbers after that and regarding the second part, about our office portfolio, we don't have the ambition as we always mentioned, we are not just an accumulator of properties because of Argentina. No, we have to be active manage in our portfolio. So, when we see good opportunities to sell, you will see us selling and if we see good opportunities to develop or to buy things, we will buy or develop.

然後本財年的第三季和第四季將會好得多，因為比較的重點將是新政府，我們開始看到實際工資的復甦。因此，我們希望在那之後看到更好的數字，關於第二部分，關於我們的辦公大樓投資組合，我們沒有我們一直提到的雄心壯志，我們不僅僅是因為阿根廷而成為房產的積累者。不，我們必須積極管理我們的投資組合。因此，當我們看到良好的銷售機會時，您會看到我們在銷售，如果我們看到良好的開發或購買機會，我們就會購買或開發。

We don't have a target of saying, okay, we want to have at least X square meters in the office portfolio or go back and recover the same portfolio than before our analysis will be if we see a good opportunity to acquire in any segment we will acquire or we will develop but if not, we don't have any pressure to recover the same portfolio to achieve certain numbers.

我們的目標不是說，好吧，我們希望辦公大樓投資組合中至少有 X 平方米，或者返回並恢復與分析之前相同的投資組合，如果我們看到任何細分市場都有收購的好機會我們將收購或開發，但如果沒有，我們就沒有任何壓力來恢復相同的投資組合以達到一定的數字。

Here, we have another question regarding Rambla Del Plata. How is the processing of Ramblas del Plata progressing. What are the next steps. What has changed in the last earnings in September. So, sure you mentioned something but if you want to add some color on that process, how is going to.

在這裡，我們還有一個關於 Rambla Del Plata 的問題。Ramblas del Plata 的處理進展如何？下一步是什麼？九月的最後一份收益發生了什麼變化。所以，當然你提到了一些東西，但如果你想在這個過程中添加一些顏色，該怎麼做。

Well, mainly regarding commercial wise, the interest of developers, it's very strong so soon we're going to be start sign border agreements and selling agreements. So, I think that's the main difference in the last month. And mainly we've been as I said before we're about to get the environmental approval certificate. So, we're going to start with the works. But I think mainly what mainly happens in since the real estate Expo until now has been commercialized. It's been very interesting seeing how developers are very interested in the development.

嗯，主要是在商業方面，開發商的興趣非常強烈，所以很快我們將開始簽署邊境協議和銷售協議。所以，我認為這是上個月的主要區別。主要是正如我之前所說，我們即將獲得環保批准證書。那麼，我們將從作品開始。但我覺得主要是從房博會到現在主要發生的事情就是商業化。看到開發人員對開發非常感興趣，這非常有趣。

And they are asking also Jorge here regarding environmental processing if you can add something regarding the recent public hearing that ended September 6.

他們還詢問 Jorge 關於環境處理的問題，您是否可以補充一些有關 9 月 6 日結束的最近公開聽證會的內容。

Well, we had a really big hearing last year it was regarding the whole lot. Now. It's, only for the first stage it's a normal process people say what they believe is good or bad for the environmental. We may have some kind of corrections from the government. It's not really normal procedure to have a lot of comments from the government because usually what we present is with the government and with the, so, I don't think that's going to be a problem and it's, as I said before at any moment now I have the certificate. So, we start working in the first stage.

嗯，去年我們舉行了一次非常大型的聽證會，涉及整個問題。現在。只是在第一階段，這是一個正常的過程，人們會說出他們認為對環境有利或不利的事情。我們可能會得到政府的某種糾正。從政府那裡得到很多評論並不是真正正常的程序，因為通常我們提出的是政府和政府的意見，所以，我認為這不會成為問題，正如我之前說過的那樣現在我有證書了。所以，我們開始第一階段的工作。

Good. I give some minutes more. If there is any additional question, you can use the chat.

好的。我再給幾分鐘。如果還有任何其他問題，您可以使用聊天功能。

Okay, then, if there are no more questions, we will conclude the presentation. I will now turn back to Matias for his final remarks and thank you for joining.

好的，如果沒有其他問題了，我們的演示就結束了。現在我將請馬蒂亞斯發表最後的講話，並感謝您的加入。

Thank you, Santiago, this is the first quarter of the fiscal year there is a like a new trend in consumption but also very positive for real estate in general because of the tax amnesty because the launching of the mortgage industry again, this is a very important trigger for real estate. So, we start to see as Jorge shown good trends in signed deeds in a movement that is very, very positive for a because we will have a lot of properties and projects to sell.

謝謝聖地亞哥，這是本財年的第一季度，消費出現了新趨勢，但由於稅收特赦，總體而言對房地產也非常積極，因為抵押貸款行業再次推出，這是一個非常積極的趨勢。重要觸發因素。因此，我們開始看到豪爾赫在簽署契約方面表現出了良好的趨勢，這對我們來說是非常非常積極的，因為我們將有很多房產和項目可供出售。

So, we start to see an increase in demand that will trigger prices. So, we are very confident about that, and we are ready to be more aggressive in the development side with our financial structure, very conservative and we start to see good opportunities we can monetize part of our portfolio and launch new projects again. So, we hope to see that in the coming in the coming year. So, thank you very much for your participation. We will see you in the next call in February. Thank you very much.

因此，我們開始看到需求的增加將引發價格上漲。因此，我們對此非常有信心，我們準備在財務結構方面更加積極地進行開發，非常保守，我們開始看到很好的機會，可以將部分投資組合貨幣化並再次啟動新項目。因此，我們希望在來年看到這一點。所以，非常感謝您的參與。我們將在二月的下一次電話會議中見到您。非常感謝。