Company Announcements

BUENOS AIRES, Argentina, Nov. 18, 2020 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the first quarter of the Fiscal Year 2021 ended September 30, 2020.

HIGHLIGHTS

• The net result for the first quarter of fiscal year 2021 recorded a gain of ARS 8,340 million compared to ARS 15,017 million in the same period of 2020. The result from continuing operations recorded a gain of ARS 14,736 million mainly due to higher results from changes in the fair value of the investment properties.
      
• The result of discontinued operations recorded a loss of ARS 6,396 million as a result of the deconsolidation of the investment in Israel since September 30, 2020.
     
• On March 20, as a consequence of the social, preventive and mandatory lockdown due to the COVID-19 pandemic, the closure of shopping malls and hotels throughout the country took place. This impact has been reflected in the results of the first quarter of the year since the main shopping malls of the company, located in the city of Buenos Aires, opened their doors later, in October and the hotels remain closed.
     
• Adjusted EBITDA reached ARS 4,786 million in the first quarter of fiscal year 2021, increasing 155.0% compared to the first quarter of 2020, mainly explained by the Sales and Developments segment, whose EBITDA reached ARS 4,923 million due to sales made by our subsidiary IRSA Commercial Properties of the Bouchard 710 and the Boston Tower office buildings. Adjusted EBITDA of the rental segments reached ARS 92 million, which represents a 96% decrease compared to the same period of the previous year.
    
• After the end of the quarter, we completed an exchange of the Class I Notes for a nominal value of USD 181.5 million. The nominal value of the notes presented and accepted for exchange was approximately USD 178.5 million, which represents a 98.31% acceptance, through the participation of 6,571 orders.
    
• As a subsequent event, we announced the distribution of a dividend in shares of IRSA Propiedades Comerciales for the sum of ARS 484 million (0.002613 shares of IRSA PC per share of IRSA and 0.02613 per ADR of IRSA). The payment was effective on November 17.

Financial Highlights
(In millions of Argentine Pesos)
3M FY 2021

IRSA Inversiones y Representaciones S.A . (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, with investments in the US, cordially invites you to participate in its IQ FY 2021 Results Conference Call on Friday, November 20, 2020, at 10:00 AM US Eastern Time / 12:00 PM BA Time.

To access the Webinar:
https://irsacorp.zoom.us/j/87592252437?pwd=NEJIN3NKSmYrd0dlVElKZlpOUjU4QT09 
Webinar ID: 875 9225 2437
Password: 829611

In addition, you can participate communicating to this numbers:

Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 3 978 6688 or +972 55 330 1762

Brazil: +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788

United States of America: +1 312 626 6799 or +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592

Chile: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

Investor Relations Department
+ 5411 4323-7449
ir@irsa.com.ar 
https://www.irsa.com.ar/home-inversores.php?lng=en 
Follow us on Twitter @irsair

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SOURCE IRSA Inversiones y Representaciones S.A.