Institutional Presentation
FY 2020
IRSA AT A GLANCE
29.9%80.7% HOTELS LANDBANK 100%Indirectly
83.7%Directly and Indirectly
ARGENTINABUSINESS CENTER
ISRAELBUSINESS CENTER
18.9%
*CRESUD additionally owns 2.6% of IRCP shares
2
UNIQUE PORTFOLIO AND STRONG MARKET POSITION
UNIQUE PORTFOLIO AND STRONG MARKET POSITION IN ARGENTINA
LEADING DIVERSIFIED REAL ESTATE COMPANY
INVESTMENTS IN THE US AND ISRAEL
Argentina Business Center
62.4%
3
6.7%
93.3%
17.3%
82.7%
High income AreaMid Income AreaLow Income Area
BA CITY
332,000 sqm GLA
15 MALLS
~70% MarketShare
SHOPPING MALLS’ UNIQUE PORTFOLIO
ATOMIZED AND DIVERSE TENANT MIX
TOP FIVE ON SALES
BY SQMBY BASE RENT
SALES BY TYPE
56,2%
8,1%
10,8%
5,4%
19,5%
ApparelElectro
Restaurants
Department Store
Others
With low incidence of department stores
4
Expanding Corporate North AreaBusiness CenterAAA LocationBack Office Center
200 Della Paolera
(IVQ FY20)
Intercontinental
República
Zetta
Philips
Dot Building
Boston Tower
Bouchard 710
Suipacha
8 BUILDINGS121,000 sqm GLA
OFFICES BUILDINGS
84%
16%
A+ & A
B
Surface by class
PREMIUM PORTFOLIO
PREMIUM TENANTS
75%International
Tenants
31%
14%9%
46%
Others Technology
Oil & EnergyBanks & Insurance
3 PREMIUM HOTELS ACROSS THE COUNTRY
LibertadorBA city200 rooms
IntercontinentalBA city313 rooms
Llao Llao ResortBariloche city205 rooms
Intercontinental
Libertador
Llao Llao
YEAR 1 YEAR 2 YEAR 3In advance
AR
S
Variable
Key money
Brokerage fee
RENTAL PROPERTIES´ RESILIENT REVENUE MODELF O R B OT H S H O P P I N G M A L L S A N D O F F I C E A G R E E M E N T S
VARIABLE & FIXED RENT
The company collects the
highest between a % of tenant
monthly sales and a minimum
fixed rent (base rent)
OTHER REVENUES
26% of total revenues comes from
key money, brokerage fee, stands,
parking and non-traditional
advertising
74%of total
revenues
SHOPPING MALLS OFFICES
YEAR 1 YEAR 2 YEAR 3
USD
Per sqmPer sqmPer sqm
OFFICE AGREEMENTS
• 3-year average term
• US Dollar based
• Rental rates for renewed terms
are negotiated at market
conditions
Fixed
50% Fixed
24% Variable
Base Rent
Base Rent
Base Rent
7
Base rent; 33%
Variable rent; 21%
Key money ; 9%
Parking y Otros; 9%
Commercial fund; 8%
Common Expenses; 20%
SHOPPING MALLS
OFFICE BUILDINGS
EXPENSES
CAPEX
Construction works in Catalinas (“200 Della Paolera”) and Alto
Palermo expansion suspended during lockdown. After the end of
the Fiscal Year, construction activity has been reestablished but
with some restrictions.
Cut of nonessential expenses and services.
Cut of social security taxes and other taxes.
Normal revenues collection during
lockdown period.
COVID-19 IN ARGENTINAI M PA C T I N O U R B U S I N E S S
Situation pre Covid-19(6M FY20)
GUARANTEED BY CONTRACT
Shutted down since March 20th. Intercontinental Hotel just
working under a contingency and emergency planHOTELS
Working together with our tenants
giving them all our support and help in this unprecedented
situation
8
Operations closed since March 20th. The company decided to defer billing
and collection of base rent and commercial fund from April to September
30, 2020, supporting tenants and prioritizing long-term relationship. We
just charged common expenses.
18,3%22,3% 22,7%
27,3% 28,7%24,4% 24,7%
29,6%35,1%
46,2%
60,5%
32,5%
-90,4%
-2,1%2,8% -0,1% 1,6% 1,2%
-8,1%-15,5%
-14,7%
-13,5%-5,1%
5,6%
-11,9%
-92,9%
IVQ 17 IQ 18 IIQ 18 IIIQ 18 IVQ 18 IQ 19 IIQ 19 IIIQ 19 IVQ 19 IQ 20 IIQ 20 IIIQ 20 IVQ 20
Nominal terms
Real terms
SHOPPING MALLSO P E R AT I N G F I G U R E S
GLA & OCCUPANCY(GLA: sqm)
SAME SHOPPING MALLS SALES(% Var i.a.)
344,025 332,150 333,062
98.5%94.7% 93.2%
FY18 FY19 FY20
end of concession
IIIQ20 Includes 10 days and IVQ the full impact from
closure of operations
Pre COVID-19 COVID-19
Pre COVID-1995.0%
9
SHOPPING MALLS – DELINQUENCY( A R S M I L L I O N )
SHOPPING MALLS – DELINQUENCY(ARS MILLION)
9M 20 IVQ 20 FY 20 FY 19 ∆
Delinquency 118 187 305 109 180%
Revenues 5,632 303 5,935 8,541 -30.5%
Delinquency/Revenues
2.1% 61.7% 5.1% 1.3% +3.8bps
COVID-19 MALLS´ REOPENINGA C C O R D I N G TO I R S A C O M M E R C I A L P R O P E R T I ES ’ P R OTO C O L
*Includes Alto Rosario recently closed on 9/5 for two weeks and Alto Noa closed on 9/9 for one week (~16% of GLA)
July AugustMay SeptemberJune
97.0%37%
63%
SOCIAL DISTANCE
STRICT SAFETY AND HYGIENE MEASURES
REDUCED HOURS AND TRAFFIC
COMMUNICATION, TRAINING AND INCENTIVES
BY SALES(FY 20)
BY GLA
44%
56%
REOPENING PROTOCOL% OF TOTAL PORTFOLIO*
Average Occupancy
10
25.9 25.4 26.1 26.4 26.6
IVQ 16 IVQ 17 IVQ 18 IVQ 19 IVQ 20
83,213
115,378 115,640
93,144
28,000
121,144
FY18 FY19 FY20 IQ21E
OFFICE BUILDINGSO P E R AT I N G F I G U R E S
STOCK(GLA: sqm)
OCCUPANCY BY CLASS
Zetta Building
B
A+ & A
LEASES(USD/sqm/month)
Bouchard 710
Boston Tower
+4.8%
200 Della Paolera
26,4 26,6 26,9 26,6 26,6
IVQ 19 IQ20 IIQ 20 IIIQ20 IVQ 20
97,2% 96,6% 97,1% 93,9% 93,0%
45,0% 46,2% 47,5%53,2% 52,4%
IVQ 19 IQ 20 IIQ 20 IIIQ 20 IVQ 20
IH21E
Pre COVID-19 COVID-19
Pre COVID-19 COVID-19
11
July 2020
BOUCHARD 710 Entire building – 12 floors
15,014GLA sqm
USD 87.2 mmPrice
June 2020
200 DELLA PAOLERA
2 floors
2,430GLA sqm
USD 16.9 mmPrice
6,940USD/sqm
~28,000Remaining GLA sqm
July and August 2020
BOSTON TOWER
6 floors
7,482GLA sqm
USD 41.4 mmPrice
5,500USD/sqm
~7,380Remaining GLA sqm
IRCP FY 2020 AND SUBSEQUENT SALESOFFICE BUILDINGS
PARTIAL SALES
5,800USD/sqm
16%USD IRR 12
AVERAGE CAP RATE 6.0%
PROJECTS UNDER DEVELOPMENT
ALTO PALERMO EXPANSION 3,900
GLA sqm
64%Works Progress
FY21 Est. Opening date
USD 28.5mmEst. Investment
~USD 6.2mmCAPEX deployment pending
200 DELLA
PAOLERA
35,000 Total GLA
28,000IRCP GLA
200 DELLA PAOLERA
61%Commercialization Progress
~USD 5.8mmCAPEX deployment pending
13
95%Works Progress
IH21 Est. Opening date
~USD 90mmEst. Investment
~USD 10mmEst. Stabilized Revenues
Construction works suspended during COVID-19
lockdown. After the end of the Fiscal Year,
construction activity has been reestablished but
working with protocol restrictions.
Both openings are delayed.
Former Philips Building
Giga Building
Exa BuildingExpansion
POLO DOT FUTURE STAGES
14
332 332
128 130 128
118 118
580
Current Brownfield Greenfield Current GLA & pipeline
115 115 115
30
106106
221
Current New developments Current GLA & pipeline
POTENTIAL DEVELOPMENT
SHOPPING MALLS( T h . S q m )
OFFICES( T h . S q m )
A L M O S T TO D O U B L E C U R R E N T C O M M E R C I A L P O R T F O L I O
1.7x
1.9x
currently under construction
currently under construction4
15
SANTA MARÍA DEL PLATA(BA City)
Approvals pending
~700,000 sqm
Premium mixed use Real Estate to be developed in
the best location of BA city
Israel Business Center
17
Concentration Law Resolution:
▪ Partial sale of Gav-Yam shares during FY20Accounting deconsolidation and loss of control
▪ ISPRO public debt privatization
▪ Mehadrin shares distributed as dividends, therefore now under DIC direct control.
C U R R E N T C O R P O R AT E S T R U C T U R E
100% 83.7%
Directly or indirectly
68.8%100% 5.0%*19.1% 45.6% 73.8% 61.1% 26.0%44.0%
29.9%
Energy Tourism Insurance Financial investments
Telecommunications Agriculture
Rental Properties
Real Estate Technology Supermarkets
100%**
Rental Properties
* * Direct stake.
ISRAEL BUSINESS CENTER
**PBC signed an agreement to sell
ISPRO for NIS 800MM
NIS 1,456 mmSale value
23.5NIS/share
ARS 1,480 mmGain recognition
18
SALE PROCESS
54.8%34.8%
20.3%8.5%
5.0%
20.0%
24.0%
2.1%
54.8%44.3%
10.6%
Original Stake FY 18 FY 19 FY 20 IQ 21E
Direct Through Swaps Float
Swaps sold
• IDB debt exchange
• Options exercised by investors
• Capital Increase & IDB stake dilution
Private
investors
(sales +
options)
Swap
transactions
100% 100% 100% 100%100%
19
0
2.000
4.000
6.000
8.000
30/6/2012 30/6/2014 30/6/2016 30/6/2018 30/6/2020
Stake sold: 49.8%As of Sep 2020
SHARE PRICE EVOLUTION
5,405
2,041
0
2.000
4.000
6.000
8.000
30/6/2012 30/6/2014 30/6/2016 30/6/2018 30/6/2020
Equity Market cap
MARKET CAP vs. BOOK VALUE(NIS million)
39% BV
ISRAEL BUSINESS CENTER – IDBD CLAL SALE PROCESS
500
1250
2000
2750
13800
0
5.500
11.000
16.500
22.000
800
0
1.000
2.000
3.000
4.000
1310
0
1.250
2.500
3.750
5.000
19250
0
10.000
20.000
30.000
40.000
493,4
0
1.000
2.000
3.000
4.000
Since control -54.5%
YoY 74.7%
YTD 26.2%
Since control -35.7%
YoY -12.7%
YTD -17.1%
S H A R E S ’ P E R F O R M A N C E E V O LU T I O N A S O F S E P T E M B E R 1 7 , 2 0 2 0
Since control -26.5%
YoY -40.3%
YTD -45.9%
Since control 24.7%
YoY 8.9%
YTD 27.0%
Since control -55.2%
YoY 50.3%
YTD 54.0%
Since control -6.6%
YoY -8.5%
YTD 0.7%
20
Stake sold: 26.0%
NIS 1,456 mmSale value
23.5NIS/share
ARS 1,480 mmGain recognition
ISRAEL BUSINESS CENTER – DIC & MAIN SUBSIDIARIES
13211466
951 954
740
966
628
831 840
dec-12 dec-13 dec-14 dec-15 dec-16 dec-17 dec-18 dec-19 jun-20
78 44
332
44 44 44
dec-20 dec-21 dec-22 dec-23 dec-24 dec-25
1290 1312
923781 749 739 613
525 560
dec-12 dec-13 dec-14 dec-15 dec-16 dec-17 dec-18 dec-19 jun-20
21
LATEST EVENTS:
▪Due to IDBD financial situation, IRSA committed on September 2019 to make three annual contributions, of NIS 70 million each, into IDBD subject to certain conditions.
▪Given all the doubts regarding the fulfillment of those agreed conditions, Dolphin decided not to make the NIS 70 million contribution on September 2020.
▪ In this regard, IDBD began legal actions regarding our contribution.
81
175 175 175 175 175
95
dec-20 dec-21 dec-22 dec-23 dec-24 dec-25 dec-26
DIC NET DEBT EVOLUTION
IDBD NET DEBT EVOLUTION
DIC AMORTIZATION SCHEDULE
ISRAEL BUSINESS CENTER – FINANCIAL SITUATIONJ U N E 3 0 , 2 0 2 0 – U S D M I L L I O N
IDBD AMORTIZATION SCHEDULE
420Subsequent sale of Shufersal
25.4Cash & Equivalents
211.3 +Cash & Equivalents
ISRAEL BUSINESS CENTER – FINANCIAL SITUATION
• The Company had been negotiating with the holders of its 3 series of bonds due to its financial situation
(negative NAV)
• IDBD Debt amounts to ~NIS 2 billion
• Series 9: NIS 910 million (without guarantee)
• Series 14: NIS 880 million (collateral of 70% DIC shares)
• Series 15: NIS 240 million (collateral 5% CLAL shares)
• After several rounds of negotiation, where Dolphin tried to reach an agreement beneficial to the parties, the creditors
rejected the offers and asked the Tel Aviv District Court to order the opening of bankruptcy procedure against IDBD.
• On September 25, 2020, the Court resolved that IDBD is insolvent and has therefore resolved to grant all three orders
requested and accordingly, issued an order for the initiation of proceedings and liquidation of IDBD, and has appointed
a liquidator to IDBD and interim receivers over the Pledged DIC Shares and the Pledged Clal Shares.
• As of to date, we are analyzing together with our local and international advisors the judicial decision, alternatives and
course of action.
• With respect to our non-consolidated financial statements, as of June 30, 2020, the investment in IDBD is valued at
zero.
IDBD DEBT RESTRUCTURING PROCESS
Financial Performance
642
1.672
1.333
1.718
780
160 15 75
339
Shopping Malls Offices Land reserves& Prop. Underdevelopment
Others JV & Investees Gross AssetValue
Net Debt Net AssetValue
Net AssetValue IVQ FY
2020
90.4 107.9Adjusted EBITDAFY204
FINANCIAL METRICS
2 3
1- Assets and liabilities adjusted by IRCP ownership
2- Includes trading properties and barters registered under intangible assets. These two items are recorded at historical cost in the financial statements
3- Includes Quality and Nuevo Puerto Santa Fe as JV and La Rural, Convention Center & TGLT as Investees.
4- FY as of June 30, 2020 Adjusted Avg. FX: $68.07
5- Includes 200 Della Paolera
VALUATION RATIOS June 2020
CAP RATE (NOI/EV) 18%
EV/EBITDA 6.5x
P/FFO 3.8x
P/NAV 0.2x
Net Operating IncomeFY204
52.5 Adjusted FFOFY204
NAV1 -22%
5
J U N E 3 0 , 2 0 2 0 - U S D M I L L I O N
24
Description Amount Maturity
Short-term debt 23.0 <360 days
2020 Series IV (local) 140.0 Sep 2020
PAMSA loan 29.7 Feb 2023
2023 Series II (international)
360.0 Mar 2023
GROSS DEBT 552.7
Cash & Equivalents1 154.7
Intercompany Credit 53.4
NET DEBT2 344.6
344.6 Consolidated Net
Debt2
20.6% Loan to Value3
3.8x Net Debt/EBITDA
AMORTIZATION SCHEDULE
DEBT PROFILEJ U N E 3 0 , 2 0 2 0 - U S D M I L L I O N
33.810.8
368.1
FY 2021 FY 2022 FY 2023
25
1. Cash & Cash Equivalents + Investments in Financial Currents Assets + Intercompany Notes Holdings
2. Gross Financial Debt less cash & equivalents, short-term financial current investments & Intercompany Credit with parent IRSA
3. Net Financial Debt over Gross Assets Value
A F T E R S E R I E S I V C A N C E L L A T I O N
128.6 Subsequent Office
Sales
140.0 Series IV Cancellation
1,5361,1361,083
27 58368 410
IRCP NAV Hotels Banco Hipotecario Landbank & Others Gross Asset Value Net Debt Net Asset Value1 2
NAV
IRSA – NET ASSET VALUEA S O F J U N E 3 0 , 2 0 2 0 - U S D M I L L I O N
1. Book value as of June 30, 2020
2. Book value as of June 30, 2020. “Others” includes investment in Condor Hospitality Trust and Israel at zero market value
26
1,536 1,136 26.7% LTVNAVGAV
Description Amount Maturity
Short term debt 14.3 <360 days
Series II (USD) 71.4 Jul 2020
Series II (CLP) 38.6 Aug 2020
Series I 181.5 Nov 2020
Series III 5.0 Feb 2021
Series IV 51.4 May 2021
Series V 9.2 May 2022
Intercompany Debt 53.4 Mar 2022
Other Debt 20.6 Feb 2022
GROSS DEBT 445.4
Cash & Equivalents1 35.1
NET DEBT 410.3
410.3 Consolidated Net
Debt 104.2 Local Issuances(May and July 2020)
AMORTIZATION SCHEDULE AFTER SERIES II CANCELLATION(Calendar year)
DEBT PROFILEJ U N E 3 0 , 2 0 2 0 - U S D M I L L I O N
27
203.1
66.7
65.6
2020 2021 2022
104.0
Subsequently, on July 21, 2020, we issued USD 38.4 MM
• Series VI (ARS): ARS 335.2 MM at BADLAR + 4.0% due July 21, 2021
• Series VII (USD linked): USD 33.7 MM at 4.0% fixed due January 21, 2022
1 Cash & Cash Equivalents + Investments in Financial Currents Assets +
Intercompany Notes Holdings
110.0 Series II Cancellation(July and August 2020)
Central Bank Resolutions A “7106”:
▪ Companies must refinance principal maturities operating between October 15, 2020 and March 31,2021.
▪ The BCRA will give access to the official FX up to 40% of the total amount and companies must refinance the remaining balance to an average term of at least 2 years.
▪ The refinancing plan must be submitted prior to September30, 2020.▪ The maturity of Series I falls within the period contemplated by the provision, as well as other bank
debt.
Thanks