BCP Securities Conference
Group Latest Events
October 2020
1
CORPORATE STRUCTURE
100% | 100% | 33.6% | 33.6% | 62.4% |
Farms in | Farms in | Farms in | Farms in | ||||||||||||||
ARGENTINA | BOLIVIA | BRASIL | PARAGUAY | ||||||||||||||
A través de | |||||||||||||||||
HOTELS | |||||||||||||||||
100% | 50.1% | 22.3% | 80.7% | LANDBANK | 29.9% | 18.9% |
BRASILAGRO owns | CRESUD owns 2,6% of |
1,9% of Agrofy | |
IRSA CP | |
COVID-19
Agribusiness operating normally in the region as it is
an essential activity.
2
GOOD PRODUCTIVE RESULTS FOR 2020 CAMPAIGN
RECORD PLANTED AREA | HISTORICAL | +6.5% | ||||||||||||||||||
Th. Ha | CROP BREAKDOWN | |||||||||||||||||||
(FY 20) | RECORD | |||||||||||||||||||
13% | Soybean | 248 | 264 | Paraguay | ||||||||||||||||
11% | 8 | 10 | ||||||||||||||||||
213 | 14 | Bolivia | ||||||||||||||||||
212 | 15 | |||||||||||||||||||
51% | Corn | 200 | 202 | 205 | 199 | Brazil | ||||||||||||||
24% | Sugarcane | 183 | 179 | 101 | ||||||||||||||||
95 | ||||||||||||||||||||
Others | 142 | 141 | ||||||||||||||||||
74 | 65 | 82 | Argentina | |||||||||||||||||
49 | 139 | |||||||||||||||||||
36 | 47 | 46 | 37 | 44 | 36 | 37 | 131 | |||||||||||||
23 | 23 | |||||||||||||||||||
16 | ||||||||||||||||||||
FY 95 FY 96 FY 97 FY 98 FY 99 | FY 00 | FY 01 FY 02 FY 03 | FY 04 FY 05 | FY 06 FY 07 | FY 08 FY 09 | FY 10 FY 11 FY 12 | FY 13 FY 14 | FY 15 | FY 16 FY 17 | FY 18 FY 19 | FY 20 |
CROP PRODUCTION | SUGARCANE PRODUCTION | MEAT PRODUCTION | ||||||||||
Th. tn | +2.0% | Tn/ha | Th. Tn & Th units | |||||||||
Argentina | +12.1% | 94 | 99 | |||||||||
Brazil | ||||||||||||
Brazil | 812 | 828 | 74 | |||||||||
Bolivia | 2.411 | |||||||||||
Bolivia | ||||||||||||
2412 | ||||||||||||
Paraguay | 24 | 2.150 | 172 | |||||||||
29 | 1.898 | |||||||||||
536 | 203 | 310 | 146 | 11,783 | ||||||||
67 | ||||||||||||
2321 | 2,485 | |||||||||||
116 | 2.239 | |||||||||||
557 | 1.831 | 2.004 | ||||||||||
482 | 10,566 | 11,173 | ||||||||||
9,298 | ||||||||||||
376 | ||||||||||||
Recent
~20% cattle 59 stock sale in
Argentina
11
4
FY18 | FY19 | FY20 | FY18 | FY19 | FY20 | FY18 | FY19 | FY20 | 3 |
FARMLAND SALES TRACK RECORD
U S D M I L L I O N
Jatobá Partial Sales | Alto Taquarí Partial Sales | ||||||||||||||||||||||||||||||||||
25 YEARS AVERAGE | |||||||||||||||||||||||||||||||||||
Date of sale | IQ20 (Sep 19) | IV20 (Jun 20) | IIQ20 (Oct 19) | IVQ20 (Jun 20) | |||||||||||||||||||||||||||||||
Farms sold | 2.4 | ||||||||||||||||||||||||||||||||||
Area (hectares) | Total: 1,134 ha | Total: 1,875 ha | Total: 85 ha | Total: 105 ha | |||||||||||||||||||||||||||||||
Productive: 893 ha | Productive: 1,500 ha | Productive: 65 ha | Productive: 105 ha | ||||||||||||||||||||||||||||||||
Has sold | 17 th. | ||||||||||||||||||||||||||||||||||
Acquisition Price + | BRL 1.7 MM | BRL 3.5 MM | BRL 1.2 MM | BRL 1.3 MM | |||||||||||||||||||||||||||||||
CAPEX | |||||||||||||||||||||||||||||||||||
% Portfolio sold | 3% | ||||||||||||||||||||||||||||||||||
Nominal Sale Price | 302 bags/ha | 300 bags/ha | 1,100 bags/ha | 1,100 bags/ha | |||||||||||||||||||||||||||||||
Argentina USD IRR | 16% | BRL 22.7 MM | BRL 45.0 MM | BRL 5.5 MM | BRL 11.0 MM | ||||||||||||||||||||||||||||||
IRR (BRL - USD) | 14.7% - 7.0% | 14.3% - 5.0% | 21.4% - 13.0% | 21.1% - 14.4% | |||||||||||||||||||||||||||||||
Brazil BRL IRR | 22% | 134 | |||||||||||||||||||||||||||||||||
Bolivia USD IRR | 15% | ||||||||||||||||||||||||||||||||||
72 | |||||||||||||||||||||||||||||||||||
PROFIT | 62 | 67 | |||||||||||||||||||||||||||||||||
(USD MM) | |||||||||||||||||||||||||||||||||||
46 | |||||||||||||||||||||||||||||||||||
BOOK VALUE | 28 | 34 | |||||||||||||||||||||||||||||||||
(USD MM) | |||||||||||||||||||||||||||||||||||
21 | 26 | 21 | 62 | 60 | |||||||||||||||||||||||||||||||
39 | 19 | ||||||||||||||||||||||||||||||||||
20 | |||||||||||||||||||||||||||||||||||
14 | |||||||||||||||||||||||||||||||||||
34 | |||||||||||||||||||||||||||||||||||
5 | 13 | 13 | 17 | ||||||||||||||||||||||||||||||||
12 | 14 | ||||||||||||||||||||||||||||||||||
8 | |||||||||||||||||||||||||||||||||||
3 | 7 | 7 | 7 | ||||||||||||||||||||||||||||||||
1 | - | 2 | |||||||||||||||||||||||||||||||||
FY10 | FY11 | FY12 | FY13 | FY14 | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | |||||||||||||||||||||||||
Farms sold | 1 | 2 | 3 | 4 | 2 | 4 | 0 | 6 | 3 | 3 | 4 | ||||||||||||||||||||||||
4
SHOPPING MALLS
OFFICE BUILDINGS
HOTELS
EXPENSES
CAPEX
COVID-19 IN ARGENTINA
IM PACT IN REAL ESTAT E BUS IN ES S
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.
Normal revenues collection during
lockdown period.
Shutted down since March 20th. Intercontinental Hotel just working under a contingency and emergency plan
Cut of nonessential expenses and services.
Cut of social security taxes and other taxes.
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.
Common Expenses; | |||
20% | |||
Commercial fund; 8% | |||
Parking y Otros; 9% | |||
Key money ; 9% | |||
Variable rent; 21% | |||
GUARANTEED BY | |||
Base rent; 33% | |||
CONTRACT | |||
Situation pre Covid-19 | |||
(6M FY20) |
Working together with our tenants giving them all our support and help in this unprecedented
situation
5
SHOPPING MALLS
OP E RAT IN G FIGURES
GLA & OCCUPANCY
(GLA: sqm) | Pre COVID-19 |
95.0% |
98.5%
94.7%
332,150333,062
FY19 | FY20 |
SAME SHOPPING MALLS SALES | Pre COVID-19 | COVID-19 | |||||||||||||||||||||||||||||||||||||||||||
(% Var i.a.) | |||||||||||||||||||||||||||||||||||||||||||||
IIIQ20 Includes 10 | |||||||||||||||||||||||||||||||||||||||||||||
days and IVQ the | |||||||||||||||||||||||||||||||||||||||||||||
full impact from | |||||||||||||||||||||||||||||||||||||||||||||
closure of | |||||||||||||||||||||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||||||||||||||||
60,5% | |||||||||||||||||||||||||||||||||||||||||||||
46,2% | |||||||||||||||||||||||||||||||||||||||||||||
35,1% | |||||||||||||||||||||||||||||||||||||||||||||
32,5% | |||||||||||||||||||||||||||||||||||||||||||||
29,6% | |||||||||||||||||||||||||||||||||||||||||||||
27,3% | 28,7% | ||||||||||||||||||||||||||||||||||||||||||||
18,3% | 22,3% | 22,7% | 24,4% | 24,7% | |||||||||||||||||||||||||||||||||||||||||
5,6% | |||||||||||||||||||||||||||||||||||||||||||||
2,8% | |||||||||||||||||||||||||||||||||||||||||||||
1,6% | 1,2% | ||||||||||||||||||||||||||||||||||||||||||||
-0,1% | |||||||||||||||||||||||||||||||||||||||||||||
-2,1% | |||||||||||||||||||||||||||||||||||||||||||||
-5,1% | |||||||||||||||||||||||||||||||||||||||||||||
-8,1% | |||||||||||||||||||||||||||||||||||||||||||||
-15,5% | -13,5% | -11,9% | |||||||||||||||||||||||||||||||||||||||||||
-14,7% | |||||||||||||||||||||||||||||||||||||||||||||
Nominal terms | |||||||||||||||||||||||||||||||||||||||||||||
Real terms | |||||||||||||||||||||||||||||||||||||||||||||
-90,4% | |||||||||||||||||||||||||||||||||||||||||||||
-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
6
SHOPPING MALLS' 20 YEARS OPERATIONAL PERFORMANCE
CRISIS | 99% | CRISIS |
98%
99% | CRISIS… |
97%
97%
95%
Occupancy | 92% | 93% | |||
43% | 43% | ||||
38% | 40% | ||||
36% | |||||
36% | 34% | ||||
31% | |||||
31% | 33% | ||||
Tenant sales ARS/sqm | 24% | ||||
(annual ∆) | 20% | ||||
15% | 21% | ||||
15% | 17% | ||||
11% | 7% | ||||
7% |
CPI + GDP
-5%
(annual ∆)
-18%
1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
COVID-19 MALLS´ REOPENING
ACCORD IN G TO IRSA COM M E RCIAL P ROP E RT IES' P ROTOCOL
May | June | July | August | September | October |
PORTFOLIO UNDER OPERATION
100%
PROTOCOL
STRICT SAFETY AND HYGIENE | REDUCED HOURS AND | SOCIAL DISTANCE |
COMMUNICATION, TRAINING | ||
MEASURES | TRAFFIC | AND INCENTIVES |
8
OFFICE BUILDINGS
STOCK
(GLA: sqm)
200 Della | |||||
Paolera | |||||
+4.8% | |||||
121,144 | |||||
28,000 | |||||
Zetta | |||||
Building | Bouchard | ||||
115,378 | 115,640 | 710 | |||
83,213 | 93,144 | ||||
Boston | |||||
Tower | |||||
FY18 | FY19 | FY20 | |||
IH21E | |||||
OP E RAT IN G FIGURES
OCCUPANCY BY CLASS | Pre COVID-19 | COVID-19 | |||||||
A+ & A | 97,2% | 96,6% | 97,1% | ||||||
93,9% | |||||||||
93,0% | |||||||||
B | ||||||||||
53,2% | 52,4% | |||||||||
47,5% | ||||||||||
46,2% | ||||||||||
45,0% | ||||||||||
IVQ 19 | IQ 20 | IIQ 20 | IIIQ 20 | IVQ 20 |
LEASES | Pre COVID-19 | COVID-19 |
(USD/sqm/month) |
26,4 | 26,6 | 26,9 | 26,6 | 26,6 |
IVQ 19 | IQ20 | IIQ 20 | IIIQ20 | IVQ 20 |
9
July 2020
BOUCHARD 710
Entire building - 12 floors
15,0145,800
GLA sqmUSD/sqm
USD 87.2 mm | 16% |
Price | USD IRR |
RECENT SALES
OFFICE BUILDINGS
PARTIAL SALES
June 2020 | July and August 2020 | |||
200 DELLA | BOSTON | |||
PAOLERA | TOWER | |||
2 floors | 6 floors | |||
2,430 | 7,482 | |||
GLA sqm | GLA sqm | |||
USD 16.9 mm | USD 41.4 mm | |||
Price | Price | |||
6,940 | 5,500 | |||
USD/sqm | USD/sqm | |||
~28,000 | ~7,380 | |||
Remaining GLA sqm | Remaining GLA sqm | |||
AVERAGE CAP RATE 6.0%
10
ACTIVE PORTFOLIO MANAGEMENT
CAPITAL CONTROLS | CAPITAL CONTROLS | |||
Intercontinental | 200 Della | Boston | ||
5,000 | ||||
Paolera | ||||
Acquisitions | 200 Della Paolera | Tower | ||
Sales | 4,500 |
A+ Offices prices | Maipú | ||||||||||||||||||||||
USD/sqm | Rulero | Bouchard 710 | |||||||||||||||||||||
Intercontinental | |||||||||||||||||||||||
Boston Tower | |||||||||||||||||||||||
2,450 | Bouchard Plaza | Bouchard Plaza | Dique IV | ||||||||||||||||||||
Rulero | |||||||||||||||||||||||
Bouchard 710 | Flight to quality | ||||||||||||||||||||||
Yacht V & VI | |||||||||||||||||||||||
Maipú | República | ||||||||||||||||||||||
710 | Zetta Building | 200 Della Paolera | |||||||||||||||||||||
Opened in May 2019 | Currently under development | ||||||||||||||||||||||
1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
Fuente: L.J. Ramos - Colliers | 11 |
ISRAEL BUSINESS CENTER
CURRE N T CORP ORAT E ST RUCT URE
Directly or indirectly
100% | 83.7% |
19.1% | 100% | 5.0%* | 68.8% | 45.6% | 73.8% | 44.0% | 61.1% | 26.0% |
Energy | Tourism | Insurance | Financial | Telecommunications | Real Estate | Agriculture | Technology | Supermarkets | |||
investments | |||||||||||
NIS 1,456 mm | |||||||||||
Sale value | |||||||||||
29.9% | 100%** | ||||||||||
23.5 | |||||||||||
NIS/share | |||||||||||
ARS 1,480 mm | |||||||||||
Gain recognition | |||||||||||
Rental Properties | Rental Properties |
12
ISRAEL BUSINESS CENTER - IDBD CLAL SALE PROCESS
SALE PROCESS
Direct | Through Swaps | Float | ||||||
100% | 100% | 100% | 100% | 100% |
54.8% | ||||||||||||||||||
44.3% | ||||||||||||||||||
20.0% | ||||||||||||||||||
54.8% | 24.0% | 10.6% | ||||||||||||||||
34.8% | 20.3% | 2.1% | 5.0% | |||||||||||||||
8.5% | ||||||||||||||||||
Original Stake | FY 18 | FY 19 | FY 20 | IQ 21E | ||||||||||||||
Private | ||||||||||||||||||
investors | Swaps sold | |||||||||||||||||
(sales + | ||||||||||||||||||
Swap | options) | |||||||||||||||||
• IDB debt exchange | ||||||||||||||||||
transactions | ||||||||||||||||||
• Options exercised by investors | ||||||||||||||||||
• Capital Increase & IDB stake dilution |
SHARE PRICE EVOLUTION
8.000
6.000
4.000
2.000 | Stake sold: 49.8% | ||||||||||||||
As of Sep 2020 | |||||||||||||||
0 | |||||||||||||||
30/6/2012 | 30/6/2014 | 30/6/2016 | 30/6/2018 | 30/6/2020 |
MARKET CAP vs. BOOK VALUE
(NIS million)
8.000 | Equity | Market cap | ||||
6.000 | 5,405 | |||||
4.000
2,041
2.000
39% BV
0
30/6/2012 | 30/6/2014 | 30/6/2016 | 30/6/2018 | 30/6/2020 |
13
ISRAEL BUSINESS CENTER - DIC & MAIN SUBSIDIARIES
SHARES' P E RFORM ANCE E VOLUT ION AS OF SE P T EMBER 1 7 , 2 0 2 0
Since control -35.7%
YoY | -12.7% | |||
YTD | -17.1% | |||
4.000 | 40.000 | |||
3.000 | 30.000 | |||
2.000 | 20.000 | |||
1.000 | 10.000 | |||
493,4 | ||||
0 | 0 | |||
Since control -54.5%
YoY | 74.7% |
YTD | 26.2% |
5.000 | 4.000 |
3.750 | 3.000 |
2.500 | 2.000 |
1310 | |
1.250 | 1.000 |
Since control -26.5%
YoY -40.3%
YTD-45.9%
19250
Since control -55.2%
YoY | 50.3% |
YTD | 54.0% |
800
2750
2000
1250
500
22.000
16.500
11.000
5.500
Since control 24.7%
YoY | 8.9% |
YTD | 27.0% |
NIS 1,456 mm
Sale value
23.5
NIS/share
ARS 1,480 mm
Gain recognition
Stake sold: 26.0%
Since control -6.6%
YoY | -8.5% |
YTD | 0.7% |
13800
0 | 0 | |||
0 | ||||
14
ISRAEL BUSINESS CENTER - FINANCIAL SITUATION
JUN E 3 0 , 2 0 2 0 - US D M IL L ION
IDBD NET DEBT EVOLUTION
IDBD AMORTIZATION SCHEDULE
25.4
332
1290 1312
923
781 749 739 613
525 560
dec-12dec-13dec-14dec-15dec-16dec-17dec-18dec-19jun-20
DIC NET DEBT EVOLUTION
1466
1321
951 | 954 | 966 | 840 |
831 | |||
740 | |||
628 |
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.
Cash & Equivalents
78 | 44 | 44 | 44 | 44 | |
dec-20 | dec-21 | dec-22 | dec-23 | dec-24 | dec-25 |
DIC AMORTIZATION SCHEDULE
211.3 + | 420 | |||
Cash & Equivalents | Subsequent sale of Shufersal | |||
175 | 175 | 175 | 175 | 175 |
81 | 95 |
dec-12dec-13dec-14dec-15dec-16dec-17dec-18dec-19jun-20 | dec-20dec-21dec-22dec-23dec-24dec-25dec-26 |
15
ISRAEL BUSINESS CENTER - FINANCIAL SITUATION
IDBD DEBT RESTRUCTURING PROCESS
- 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.
- With respect to our non-consolidated financial statements, as of June 30, 2020, the investment in IDBD is valued at zero.
16
Financial
Performance
17
GROUP LIQUIDITY RECENT INCREASE
CALE N DAR Y EAR 2 0 2 0 - USD M ILLION
LOCAL NOTES ISSUANCES | SALE OF REAL ESTATE ASSETS | ||||
Jan-20 USD 51.4 MM | Jun-20 USD 83.0 MM | Ago-20 USD 25.0 MM • | Entire "Bouchard 710" building for USD 87.2 MM | ||
• | ARS BADLAR + 6.5% | • USD linked 3.5% | • USD linked 2.0% | • | 2 floors of "200 Della Paolera" for USD 16.9 MM |
• | USD linked 7.45% | ||||
• | 6 floors of "Boston Tower" for USD 41.4 MM | ||||
• | USD 5% | ||||
425.9 | ||
15.6 | USD MM | |
159.4 | 145.5 | |
105.4 | ||
SALE OF 6% STAKE OF | |
BRASILAGRO | LOCAL NOTES ISSUANCES |
CASH USES
DEBT CANCELLATION
USD 252mm
Jul-20 USD 71 MM
Int USD 11,5%
Ago-20 USD 41 MM
Local Ps chilenos USD 10.5%
Sep-20 USD 140 MM
Local USD 5%
May-20 USD 67 MM | Jul-20 USD 38.4 MM | ||
• ARS BADLAR + 6% | • | ARS BADLAR + 4% | |
• | USD linked 12m 5.0% | • | USD linked 4% |
• | USD linked 24m 7.5% | 18 | |
FINANCIAL METRICS | |||||||||
JUN E 3 0 , 2 0 2 0 - USD M ILLION | |||||||||
90.4 | Adjusted EBITDA | 107.9 Net Operating Income | 52.5 | Adjusted FFO | |||||
FY204 | FY204 | FY204 | |||||||
NAV1 | -22% | ||||||||
15 | 75 | ||||||||
160 | 339 | VALUATION RATIOS | June 2020 | ||||||
780 | CAP RATE (NOI/EV) | 18% | |||||||
1.672 | 1.718 | ||||||||
1.333 | EV/EBITDA | 6.5x | |||||||
642 | P/FFO | 3.8x | |||||||
Shopping Malls | Offices5 | Land reserves | Others 2 | JV & Investees 3 Gross Asset | Net Debt | Net Asset | Net Asset | P/NAV | 0.2x |
& Prop. Under | Value | Value | Value IVQ FY | ||||||
development | 2020 | ||||||||
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 | 19 | ||||||||
DEBT PROFILE
JUN E 3 0 , 2 0 2 0 - USD M ILLION
344.6 | Consolidated Net | ||
Debt2 | |||
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 | 360.0 | Mar 2023 | |
(international) | |||
GROSS DEBT | 552.7 | ||
128.6 | SalesSubsequent Office | 3.8x | Net Debt/EBITDA |
140.0 | Series IV Cancellation | 20.6% | Loan to Value3 |
AMORTIZATION SCHEDULE
A F T E R S E R I E S I V C A N C E L L AT I ON
368.1
33.8 | 10.8 | |
FY 2021 | FY 2022 | FY 2023 |
- Cash & Cash Equivalents + Investments in Financial Currents Assets + Intercompany Notes Holdings
- Gross Financial Debt less cash & equivalents, short-term financial current investments & Intercompany Credit with parent IRSA
- Net Financial Debt over Gross Assets Value
20
IRSA - NET ASSET VALUE
AS OF JUN E 3 0 , 2 0 2 0 - USD M ILLION
1,536 GAV | 1,136 NAV | 26.7% LTV | ||
NAV
368 | 410 | |
27 | 58 | |
1,536 | ||
1,083 | 1,136 |
IRCP NAV | Hotels | Banco Hipotecario1 | Landbank & Others 2 | Gross Asset Value | Net Debt | Net Asset Value |
- Book value as of June 30, 2020
- Book value as of June 30, 2020. "Others" includes investment in Condor Hospitality Trust and Israel at zero market value
21
ARGENTINA
CENTRAL BANK
RESOLUTION
"A" 7106
- Central Bank (BCRA) Communication "A" 7106 restricts access to the Foreign Exchange Market to obtain US dollars for the payment of debt maturities.
- Companies with capital maturities between 10.15.2020 and 03.31.2021 had to submit to the BCRA a detail of a refinancing plan based on the following criteria:
- that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the capital amount due in the period.
- that the rest of the capital be refinanced with a new issuance with an average life of 2 years.
- IRSA's Series I, for an amount of USD 181.5 million, falls within the period contemplated by the provision, given its maturity on 11.15.2020.
- CRESUD's Series XXIV, for an amount of USD 73.6 million, falls within the period contemplated by the provision, given its maturity on 11.14.2020.
22
IRSA's SERIES I EXCHANGE - USD 181.5mm - 10% - Nov 20
OPTION A
- at least USD 0.50 in cash and the rest with a new issuance (SERIES VIII)
For each USD 1 | OPTION B | ||
presented in exchange, | |||
you will receive the | |||
…Early bird (until 10/30/20) 2% in ARS and a new | |||
accrued interest until | |||
issuance (SERIES IX) | |||
settlement date and… | |||
SERIES VIII | CLASE IX |
US Dollars
100% Nominal Value
10% fixed - Quarterly payments
Three equal installments, 36 months
In kind, in exchange of existing SERIES I
CURRENCY & PRICE OF ISSUANCE
INTEREST RATE
AMORTIZATION & MATURITY
SUSCRIPTION
US Dollars
100% Nominal Value
10% fixed - Quarterly payments
Bullet at maturity (3/1/23), ~27 months
In kind, in exchange of existing SERIES I and/or in cash, in US Dollars
USD 108.9 million | SERIES MAXIMUM SIZE | USD 108.9 million (up to USD 181.5 million) |
Buenos Aires | PAYMENT LOCATION | New York |
The Exchange of the Notes implies consent to the Essential Modifications and/or the Non-Essential Modifications
23
IRSA's SERIES I EXCHANGE - USD 181.5mm - 10% - Nov 20
SCENARIOS*
OPTION A
80% | USD 72.6 | USD 72.6 | USD 36.3 | ||
SERIES VIII | 50% | Cash | 50% | 01 SERIES IX | |
OPTION B
Base scenario according to the SERIES IX | 20% |
subscription notifications received from some |
bondholders.
50% | USD 18.2 | USD 72.6 | 02 | USD 90.8 | 50% | ||
30% | |||||||
SERIES VIII | 20% | Cash | 80% | SERIES IX | |||
40% | USD 72.6 | 03 | USD 108.9 | 60% |
Cash | SERIES IX | |||
* It is assumed that SERIES IX it is integrated only with exchange, without new subscribers.
24
CRESUD's SERIES XXIV EXCHANGE - USD 73.6mm - 9% - Nov 20
OPTION A
- at least USD 0.50 in cash and the rest with a new issuance (SERIES XXXI)
For each USD 1
presented in exchange,
you will receive the accrued interest until settlement date and…
OPTION B
…Early bird (until 10/30/20) 2% in ARS and a new
issuance (SERIES XXXII)
SERIES XXXI | SERIES XXXII |
US Dollars
100% Nominal Value
9% fixed - Quarterly payments
CURRENCY & PRICE OF ISSUANCE
INTEREST RATE
US Dollars
100% Nominal Value
9% fixed - Quarterly payments
Three equal installments, 36 months
AMORTIZATION & MATURITY | Bullet at maturity, 24 months |
In kind, in exchange of existing SERIES XXIV
SUSCRIPTION | In kind, in exchange of existing SERIES XXIV |
USD 44,16 million
SERIES MAXIMUM SIZE | USD 44.16 million |
Buenos Aires | PAYMENT LOCATION |
New York
25
CRESUD's SERIES XXIV EXCHANGE - USD 73.6mm - 9% - Nov 20
SCENARIOS
OPTION A | OPTION B |
80% | USD 29.4 | USD 29.4 | 01 | USD 14.8 | Base scenario according to the SERIES XXXII | 20% | ||
subscription notifications received from some | ||||||||
SERIES XXXI | 50% | Cash | 50% | SERIES XXXII | bondholders. | |||
50% | USD 7.4 | USD 29.4 | 02 | USD 36.8 | 50% | |
30% | ||||||
SERIES XXXI 20% | Cash | 80% | SERIES XXXII | |||
40% | USD 29.4 | 03 | USD 44.2 | 60% |
Cash | SERIES XXXII | |||
26
IRSA's SERIES I & CRESUD's SERIES XXIV EXCHANGE OFFER
ADDITIONAL INFORMATION | |||||
Early Bird IRSA Series IX & | Cash | ||||
CRESUD Series XXXII | suscription | Settlement | |||
2% ARS | for IRSA's Exchange closure | ||||
Series IX* | |||||
Oct 30, 2020 | Nov 5, 2020 | ~ Nov 11, 2020 | |||
8 PM BA time | 8 PM BA time |
* Public auction date will be informed in a supplementary notice during the Exchange period. | |
RATING | EXCHANGE AGENT |
A (arg)
JOINT-BOOK RUNNERS
27
IRSA STAND ALONE DEBT
BY CALE NDAR Y EAR AS OF SE P T EMBER 3 0 , 2 0 2 0 - USD M ILLION
Description | Amount | Maturity |
Short term debt | 22.0 | <360 days |
Series I | 181.5 | Nov 2020 |
Series III | 4.6 | Feb 2021 |
Series IV | 51.4 | May 2021 |
Series V | 9.2 | May 2022 |
Series VI | 4.4 | Jul 2021 |
Series VII | 33.7 | Jan 2022 |
Other Debt | 17.6 | Feb 2022 |
GROSS DEBT | 324.4 | |
CURRENT SCHEME | 207.8 | ||||
DOES NOT INCLUDE | |||||
INTERCOMPANY LOAN WITH | |||||
IRCP | SERIES I | ||||
70.7 | |||||
To be exchanged for | 45.9 | ||||
USD 181,5 | |||||
2020 | 2021 | 2022 |
PROFORMA AMORTIZATION SCENARIOS
01 | 80% OPTION A | 02 | 50% OPTION A | 03 | 100% OPTION B | ||||||||||||
20% OPTION B | 50% OPTION B | ||||||||||||||||
99.7 | 108.9 | ||||||||||||||||
88.9 | |||||||||||||||||
29.0 | 74.9 | 64.1 | 72.6 | 70.7 | |||||||||||||
18.2 | |||||||||||||||||
50.8 | 45.9 | ||||||||||||||||
29.0 | 18.2 | 108.9 | |||||||||||||||
26.3 | 26.3 | 26.3 | |||||||||||||||
72.6 | |||||||||||||||||
70.7 | 70.7 | 70.7 | |||||||||||||||
45.9 | 50.8 | 45.9 | 45.9 | ||||||||||||||
26.3 | 26.3 | 26.3 | |||||||||||||||
2020 | 2021 | 2022 | 2023 | 2020 | 2021 | 2022 | 2023 | 2020 | 2021 | 2022 | 2023 |
28
CRESUD STAND ALONE DEBT
BY CALE NDAR Y EAR AS OF SE P T EMBER 3 0 , 2 0 2 0 - USD M ILLION
Description | Amount | Maturity |
Banking Debt | 101.4 | |
Series XXIV | 73.6 | Nov 2020 |
Series XXVI | 13.1 | Jan 2021 |
Series XXVIII | 27.5 | Apr 2021 |
Series XXV | 59.6 | Jul 2021 |
Series XXVII | 5.7 | Jul 2021 |
Series XIX | 83.0 | Dec 2021 |
Series XXIII | 113.0 | Feb 2023 |
Series XXX | 25.0 | Ago 2023 |
GROSS DEBT | 501.9 | |
CURRENT SCHEME | 253.3 | ||||
SERIES XXIV | 138 | ||||
103.3 | |||||
to be exchanged for | 7.3 | ||||
USD 73.6 | |||||
2020 | 2021 | 2022 | 2023 |
PROFORMA AMORTIZATION SCENARIOS
01 | 80% OPCIÓN A | 02 | 50% OPCIÓN A | 03 | 100% OPCIÓN B | |||||||
20% OPCIÓN B | 50% OPCIÓN B | |||||||||||
265.1 | 260.7 | 253.3 | ||||||||||
11.8 | 7.4 | 182.2 | ||||||||||
158.6 | 167.4 | |||||||||||
253.3 | 20.6 | 253.3 | 29.4 | 253.3 | 44.2 | |||||||
29.7 | 19.1 | 138 | 29.7 | 17.7 | 138 | 29.7 | 7.3 | 138 | ||||
11.8 | 10.4 | |||||||||||
2020 | 2021 | 2022 | 2023 | 2020 | 2021 | 2022 | 2023 | 2020 | 2021 | 2022 | 2023 |
29
Thanks!
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IRSA Propiedades Comerciales SA published this content on 28 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2020 14:44:00 UTC