Institutional Presentation FY

Transcription

1 Institutional Presentation FY

2 Corporate Structure IFISA* and others FLOAT 37.40% 62.60% FLOAT 64.30% 35.70% 39.76% FD: 45.5% 29.99% Voting rights: 46.48% 49.00% 95.80% * IFISA holds 17.7% stake in IDBD 2

3 Pioneer Agribusiness Company with 79 years of history 1936 Founded as a subsidiary of a Belgium company that provided rural loans in Argentina 1994 Mr. Eduardo Elsztain Appointed Chairman & Mr. Alejandro Elsztain CEO 1 ST Follow on for USD 64 M 1998 Farmland Purchases in Argentina ~ 9,000 ha Main Acquisition Agroriego San Luis REGIONALIZATION 2006 Expansion to Brazil IPO for USD 276 M Listed in Novo Mercado 2008 Expansion to Bolivia & Paraguay Follow on for USD 288 M Listed in the local stock exchange and spun-off ot its parent company 1994: 7 Farms 20,000 has st Latam Agricultural Company listed in the US 2 nd Follow on for USD 92 million Farmland Purchases & Sales in Argentina Investment in the leader real estate company in Argentina 22.4% 2012 Brasilagro listed in NYSE 1 ST brasilian agricultural company listed abroad 2015: ~ 622,256 has in 27 farms 1,282 employees in agriculture related operations 3 leading farmland development cases in Harvard Business School Due Dilligence for more than 4 million ha in the region 2014 Sold Paraguay to Brasilagro nvestmenti through IRSA 65.5% 3 6

4 Value Creation ROIC CRESUD Business Strategy FARMLAND DEVELOPMENT FARMING ACTIVITY Urban Property Agriculture Specialties / Agriculture Stable Yielding Farmland Development Cattle Farming Activity Bare Land Time Time 4 4

5 CRESUD Diversified Rural Portfolio ~ 900,000 hectares under management in the Region Planted Area & Breakdown (in K ha) BOLIVIA 4 farms 11,297 ha BRAZIL 6 farms 124,356 ha SOYBEAN, CORN & SUGARCANE ARGENTINA 17 farms 631,092 ha (*) SOYBEAN CORN MEAT & MILK (*) ha are leased and in concession SOYBEAN, CORN & SUGARCANE PARAGUAY 1 farm 58,754 ha SOYBEAN & MEAT FY13 FY 14 FY15e Argentina Brazil Bolivia Paraguay LEASING AS A COMPLEMENTARY BUSINESS Leased to 3rd 5 4% 3% 4% 24% 8% Soybean Wheat Sugarcane 5% Corn Sunflower Others 52%

6 Strong track record developing & selling Farms Over 200k ha developed Potential to develop 190k ha Developed Farm In thousand ha 190,3 59, , ,5 110, ,4 7, ,7 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015E Potential Avge 2 farms / yr Gains ~ 200% over BV Argentina Brazil Paraguay Farmland Sales USD million Soybean E Book Value USD M Profit USD M 6 6 6

7 Farmland Sales during FY 2015 ARGENTINA (in USD million) BOLIVIA (in USD million) BRAZIL (in USD million) Lujan - BA Santa Cruz de la Sierra Boquerón State 1,058 ha 1,643 ha 24,624 ha ,745 ha La Adela - Agentina Fon Fon - Bolivia Fraction of Paraguay - Brasil Cremaq - Brasil Profit BV NO GAIN RECOGNITION Appreciation = 130% Appreciation = 70% Appreciation = 325% IRR (USD)= 19.9% IRR (USD) = 11.6% 7 Total IRR CREMAQ Sale (USD) 13.1% 7

8 Regional Farmland Appreciation USD/ha CAGR ( 05-15) ARGENTINA CORN BELT (USD/ha) BRASIL MATTO GROSO (USD/ha) PARAGUAY CORN BELT (USD/ha) BOLIVIA CORN BELT (USD/ha) USA IOWA (USD/ha) 9.5% 12.4% 22.2% 11.5% 9.7% 16,083 16,576 17,375 20,066 17,000 21,538 19,628 15,000 15,000 18,136 12,792 12,513 11,825 10,801 9,657 11,041 10,533 10,288 9,167 7,917 8,777 8,772 7,201 7,708 8,523 7,985 6,067 5,120 5,277 12,000 12,000 12,000 10,000 3,789 8,500 2,486 2,654 2,928 7,000 2,500 6,000 2,000 1,600 1,600 1,350 1,600 1,850 2,100 2,300 2,500 3,000 3,000 3,500 4,000 4, e Purchases Brazil Purchases Bolivia&Paraguay 8

9 Our largest Farmland Development Case Los Pozos, Salta ARGENTINA Turnaround of a Cattle farm into Cattle & Crop Farmland Has: Cattle infrastructure Investment USD/ha ,000 heads in 44,000 ha Land Price: USD/ha Bare Land Acquisition Cost USD/Ha. 10 Crop Investment USD/ha ,000 ha Land Price USD/Ha

10 IRSA s Business 10

11 IRSA Current Diversified Real Estate Portfolio Rental sqm GLA 50% of assets Development 27.5 MM sqm 28% of assets International sqm GLA 22% of assets CONDOR HOSP. TRUST (REIT US) 11

12 Argentina Real Estate Market s Strengths Safeguard against inflation USD denominated Unlevered Operations Real Estate Prices Evolution (USD/sqm) 2,570 1,750 1,700 2,280 1,200 1,600 1,800 1,500 1,650 2,060 2,110 1,740 1,930 2,800 2,090 3,100 2,463 3,500 2,635 3,700 2,841 3,800 3,190 4,500 4,500 3,498 3,407 4,200 3,181 3, Reporte Inmobiliario & LJ Ramos Residencial Prices New Houses Recoleta (USD) A+ Offices BA (USD) 12

13 Creation of IRSA Commercial Properties A Unique Commercial Real Estate Company Transfers Office portfolio to Renaming Approved on Feb 5, 2015 (Shareholders Meeting) New Ticker on Nasdaq & BCBA IRCP Transference of 83,789 sqm of GLA* sqm of Intercontinental II (Office Land Reserve) 13 Republica Boston Inter Plaza Bouchard 710 Suipacha Intercontinetal II 97.8% occupied Leased at USD/sqm/mth 24.5 Revenues for USD 24,7 million *18,483 sqm GLA remain under IRSA for potential sale ** Mixed Use Landbank remain under IRSA Catlinas Plot of Land: Development or Sale? 13

14 Creation of IRSA Commercial Properties 95.80% 29.99% HOTELS LANDBANK INTERNATIONAL 49.00% VP 34.00% SHOPPING Malls OFFICE Buildings CONDOR HOSP. TRUST (REIT US) 429,000 sqm of rental GLA + Commercial Landbank Potential to develop: 240,000 sqm of shopping malls 79,000 sqm of offices 14

15 Shopping Centers: Strong market position with a diversified portfolio Positioned in the Most Attractive Segments of the Population Targeting different consumer profiles Buenos Aires 67% Mkt share High (7%) Mid-High (17%) Mid (30%) Mid-Low (32%) Mid Income Area Higher Income Area Land reserves for future projects Source: Company Information Lower Income Area Low (15%) 15 15

16 Rental Segment: Strong Operating Figures Shopping Centers Annual Tenants Sales (ARS Million) 21,509 16,133 12,482 3,702 4,194 5,778 7,766 9, % (+30.1% SSS) Shopping Centers Quarterly Growth Rate (% ) 35.6% 35.4% 34.3% Shopping Centers Revenues Breakdown (% ) FY % 24.9% 26.0% 22.1% 24.1% 26.3% 28.5% 28.6% 29.9% 30.0% 27.1% Admission rights 9% Percentage Rent 27% Brokerage Fees 3% 1 Other 7% Base Rent 54% Fixed income 16

17 Rental Segment: Strong Operating Figures Shopping Centers Portfolio Evolution (GLA Th. sqm) FY 08 FY 09 FY 11 FY 12 FY 13 FY14 FY15 GLA (sqm K) Distrito Arcos Alto Comahue Shopping Centers Occupancy Rate (% ) 99.3% 98.6% 97.5% 97.6% 98.4% 99.1% 98.4% 98.7% Shopping Centers Annual Visitors (MM) %

18 Openings of Distrito Arcos & Alto Comahue Shopping Premium open space Outlet on the Railway Station in Palermo neighborhood (CABA) Opened December 2014 fully occupied 13,000 sqm (52 stores & 15 stands) Capex: ~ ARS 210 million Additional 2,000sqm will add 13 stores & 5 stands in a 2 nd development phase (expected opening: FY 2016) Capex 2 nd phase: ~ ARS 60 million Leading Shopping mall in the city of Neuquén which experienced a great progress due to Vaca Muerta investment project Opened March % occupied 9,500 sqm (104 stores) Capex: ~ ARS 280 million 18,000 additional sqm to develop residential / commercial Source: Company Information 18

19 Shopping Centers Resilient Revenue Model Revenues from Leases (85%) % Sales % Sales Brokerage Fee Avge 3X Monthly Base Rent % Sales Admission Fee Avge 6X Monthly Base Rent In Advance BASE RENT Year 1 Year 2 Year 3 Other Revenues (15%) Stands Non Traditional Advertising 19

20 Premium portfolio of Office Buildings 9 A+ Office Buildings 111,678 sqm GLA 14 Shopping Centers 309,000 sqm GLA Avge Portfolio Rent: USD/sqm 26.0 Portfolio Occupancy: 98.1% Main Tenants: 1,500 Danone, stores Itaú, Toyota, Kimberly Clark, Exxon, KPMG, La Nación, PWC, Deustche, Total, etc million annual visitors

21 Huge Landbank for future commercial projects Shopping San Martín ~ sqm Catalinas Norte Offices ~ sqm Shopping Tucumán Shopping Tucumán ~ sqm Shopping Caballito ~ sqm Shopping Paraná ~ sqm Shopping Caballito ~ sqm Office Intercontinental II ~ sqm Current malls Expansions ~ 115,000 sqm GLA 21

22 Potential to almost double the current Mall & Office Portfolio Evolution of Malls GLA & Potential (Th. sqm) FY 08 FY 09 FY 11 FY 12 FY 13 FY14 FY15 Potential Growth GLA (sqm K) Expansions DOT Soleil La Ribera Arcos Gourmet & Alto Comahue New Developments Current Malls' Expansions Evolution of Offices GLA & Potential (Th. sqm) 236, , * Potential Growth Leased Area Future Developments *Does not consider Santa Maria, Puerto Retiro (approvals pending) 12 22

23 Mix Uses & residential Landbank for development 27.5 million total sqm Potential to develop 2,8 MM sqm Solares de Santa María Mix Uses San Martín Mix Uses Espacio Aéreo COTO Residential Total Book Value: ARS 590 M Main Landbank Location Tucumán GLA: e Paraná (ER) GLA 4.000e Santa Fe 836 ha Neuquén GLA: e *Source: Reporte Inmobiliario Puerto Madero sqm USD/sqm* Caballito sqm USD/sqm* 500 San Martín sqm USD/sqm* Laguna Carrasco - Residential Astor Beruti Astor Caballito Greenville ~ sqm to receive from barter agreements (137 apartments with its parking spaces & 52 plots of land) 23

24 International Opportunistic Investments CONDOR HOSP. TRUST (REIT US) 14 Shopping Centers LIPSTICK Building (Stake 49,33%) ,000 sqm GLA GLA: 57,500 sqm Implict price 1,500 paid: USD/sqm stores 7,991 (not including ground lease USD/sqm 2500) Occupancy Jun-15: 91.9% 92 million annual visitors IDBD (49% through Dolphin Fund) Settlement: May 11, 2014 IRSA s indirect stake: 49.0% Amount Invested by IRSA: USD 300 million US REIT listed in Nasdaq Voting Power in SPPR: 34% 24 IRSA Investment: USD 30 MM

25 International: Urban Real Estate Investment 15 years in Appreciation IDBD Largest Israeli Diversified Holding Dolphin IFISA Extra Holdings Others 49,0% 17,7% 14,0% 19,0% IDBD One of Israel s largest and worldclass asset collection PBC ADAMA ELRON CELLCOM SHUFERSAL CLAL o Feb-15: Addition investment of USD 105 million in the rights offering issued by IDBD. Therefore, Dolphin s stake in IDBD increased to 49%. IFISA acquired 12.5% and ETH dilluted to 16.2% o Election of Eduardo Sergio Elsztain as sole Chairman of the Board of Directors of IDBD o Dolphin & IFISA exercise the warrants Series 4 issued by IDBD for NIS 150 MM. IFISA increased stake to 17.7% and ETH dilluted to 14.0% o We are expecting the resolution of an arbitration proceding with ETH for the next days o IDBD Results on IRSA FY15: Loss of ARS millon (vs FY14 Loss of & Loss of ARS million in 9M15) 25

26 International: Investment in IDB Development Corp. Investment & future commitments Amount invested by IRSA in Dolphin Underwriting Commitments 2015 Obligations Tender Offer 2015 Tender Offer 2016 Amount ~ USD 300 million NIS 200 million NIS 125 million NIS 131 million 700 IDBD Share Evolution NIS Cents Market Value to IRSA USD Million Closing 1st right offering -61.0% 2nd right offering 03/ / % IRSA stake % FY14 FY15 26

27 Thanks! FY 2015

28 Appendix

29 Consolidated Debt as of June 30, 2015 Description Amount (USD MM) Cresud Total Debt IRSA Total Debt IRSA CP Total Debt (*) Brasilagro Total Debt 29.5 Consolidated Total Debt Consolidated Cash 69.7 Debt Repurchase 27.1 Consolidated Net Debt Net debt / Assets (BV): 45.9% Debt amortization schedule (Cresud Standalone - USD million)

30 IRSA s Consolidated Debt as of June 30, 2015 IRSA Stand Alone Debt amortization schedule USD million Debt: USD 84.3 MM + USD 300 MM (Bonds) Cash: USD 41.3 MM IRSA CP credit for USD MM Debt Repurchase: USD 9.4 MM Net Debt: USD 87.2 MM IRSA Commercial Properties Stand Alone Debt amortization schedule USD million Debt: USD MM Cash: USD 33.4 MM Debt Repurchase: USD 1.7 MM Net Debt: USD MM EBITDA* FY15: USD 175 MM Net Debt/EBITDA*: 2.1x *FY15EBITDA, excluding the effect of the office portfolio transfered on Dec-14 and considering only 6M of office operations 30