BUENOS AIRES, Argentina,
Sept. 7, 2017 /PRNewswire/
-- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; MERVAL:
IRCP), the leading commercial real estate company in Argentina, announces its results for the FY
2017 ended June 30, 2017.
During the year, IRSA Commercial Properties' Board of Directors
decided to change the valuation method of investment properties
(mainly shopping malls, offices and land reserves) from historical
cost to fair market value, in accordance with the International
Financial Reporting Standards (IFRS). The reason for this change is
the need to adjust the valuation of investment property to its fair
market value, for its amortized acquisition cost is not reflective
of their economic substance. The Company has recognized in the
effects of this in its financial statements since the
3rd quarter of FY17. The Company has retained an
independent appraiser to estimate the fair market value of its
investment properties.
HIGHLIGHTS
- During the year, we have changed the valuation method of our
investment properties which was reflected in the financial
statements since the third quarter of FY17.
- Net gain for the fiscal year 2017 reached ARS 3,378 million (USD
218.6 million) compared to a gain of ARS 12,253 million in FY 2016. This was mainly
explained by higher results from changes in the fair value of
investment properties during the previous year.
- The Company's Adjusted EBITDA reached ARS 2,581 million (USD 167
million) in the FY 2017 increasing by 20.5% compared to
2016. Excluding Sales of Investment Properties grew by 27,8%.
Adjusted EBITDA for Shopping Malls and Offices segments reached
ARS 2,207 million (USD 142.8 million) and ARS
323 million (USD 20.9
million), increasing by 23.1% y 34.7% respectively.
- Our shopping centers' sales grew by 19.1% in the fiscal year
2017 and the portfolio's occupancy rate reached 98.5%.
- During the fourth quarter of the year, we acquired Phillips
office building, adjoining to our Dot
Baires mall in the North Area of the City of Buenos Aires for USD 29 million.
Financial
Highlights
|
(In millions of
Argentine Pesos)
|
FY 2017
|
Ended June 30,
2017
|
|
|
|
Income
Statement
|
06/30/2017
|
06/30/2016
|
Revenues from sales,
leases and services
|
3,509.0
|
2,674.9
|
Consolidated Gross
Profit
|
3,097.4
|
2,398.3
|
Consolidated Profit
from Operations
|
5,620.9
|
19,038.3
|
Profit / (Loss) For
the Period
|
3,377.5
|
12,252.5
|
|
|
|
Attributable
to:
|
|
|
IRSA CP's
Shareholders
|
3,260.5
|
11,821.3
|
Non-Controlling
interest
|
117.0
|
431.3
|
|
|
|
EPS
(Basic)
|
25.87
|
93.81
|
EPS
(Diluted)
|
25.87
|
93.81
|
|
|
|
Balance
Sheet
|
06/30/2017
|
06/30/2016
|
Current
Assets
|
4,515.3
|
4,103.5
|
Non Current
Assets
|
37,906.2
|
33,918.0
|
Total
Assets
|
42,421.5
|
38,021.5
|
Current
Liabilities
|
1,800.7
|
1,822.1
|
Non Current
Liabilities
|
17,604.6
|
15,769.2
|
Total
Liabilities
|
19,405.3
|
17,591.3
|
Non-Controlling
Interest
|
871.2
|
775.6
|
Shareholders'
Equity
|
23,016.2
|
20,430.2
|
IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, MERVAL: IRCP)
is the leading commercial real estate company of Argentina. It is the largest owner and manager
of shopping malls and one of the largest office buildings'
operators in terms of gross leasable area and number of rental
properties. Additionally, IRCP owns a unique landbank for future
commercial developments in Argentina.
A longer version of this press release with detailed information
is available on the web site: http://www.irsacp.com.ar
IRSA Propiedades Comerciales S.A. cordially invites you to
participate in the FY 2017 Results Conference Call on Monday, September 11, 2017 at 8:00 a.m. US EST.
If you would like to participate, please call:
1-844-308-3343 (toll free) ó
1-412-717-9602 (international)
Conference
ID # IRSA CP
To access the webcast, click on the link below:
http://webcast.engage-x.com/Cover.aspx?PlatformId=oRn710IJ525FjlRHwrWSZQ%3D%3D
Investor Relations Department
+ 5411 4323-7449
ir@irsacp.com.ar
www.irsacp.com.ar
Follow us on Twitter @irsacpir
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SOURCE IRSA Propiedades Comerciales S.A.