IRSA Inversiones y Representaciones S.A. announces Results for the FY 2018 Ended June 30, 2018

BUENOS AIRES, Argentina, Sept. 5, 2018 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the Fiscal Year 2018 Ended June 30, 2018.

HIGHLIGHTS

• Adjusted EBITDA for fiscal year 2018 was ARS 9,304 million (ARS 3,008 million from Argentina Business Center and ARS 6,296 million from Israel Business Center), increasing by 32% with respect to 2017.
  
  
• The net result for the period recorded a gain of ARS 21,295 million compared to a gain of ARS 5,220 million in fiscal year 2017, mainly explained by higher results due to changes in the fair value of investment properties in Argentina Business Center and higher results from the sale of Shufersal's stake in Israel Business Center, partially offset by higher net financial losses as a result of the exchange depreciation in Argentina.
  
  
• Tenant sales in our shopping centers grew by 25.3% in the FY 2018, while the average rent in the office portfolio reached USD / m2 26.1. The adjusted EBITDA of the rental segments in Argentina grew by 24.7% in the compared year.
  
  
• We achieved 98.5% occupancy in shopping centers, 92.3% in offices and 70.1% in our hotel portfolio.
  
  
• In Israel Business Center, we sold during the year and subsequently, an additional 20% of Clal Insurance through swap transactions. The stake of IDBD in Clal was reduced to 29.8% of its share capital.

Financial Highlights

(In millions of Argentine Pesos)
FY 2018
Ended June 30, 2018

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the BYMA and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments and owns three luxury hotels Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country as well as international opportunistic investments in real estate and other assets, including 100.0% indirect stake in IDB Development Corporation and 76.6% indirect stake in Discount Investment Corporation Ltd., leading conglomerates in Israel.

A longer version of this press release with detailed information is available on the web site: http://www.irsa.com.ar.

IRSA cordially invites you to participate in its FY 2018 Results Conference Call on Friday, September 07, 2018, at 11:00 AM US Eastern Time

If you would like to participate, please call:
United States: 1-844-308-3343
International: 1-412-717-9602
ID# IRSA

To access the webcast, click on the link below:
http://webcastlite.mziq.com/cover.html?webcastId=7d191221-4be1-4e73-9f9f-7121205944a4

Investor Relations Department.
IRSA Inversiones y Representaciones S.A.
+ 5411 4323-7449
ir@irsa.com.ar 
www.irsa.com.ar
Follow us on Twitter @irsair

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SOURCE IRSA Inversiones y Representaciones S.A.