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Annual Report 2017

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Annual Report 2017 Inversiones y Representaciones Sociedad Anónima Annual Report and Financial Statements for the fiscal years ended June 30, 2017, 2016 and 2015 1 1. CORPORATE PROFILE ............................................................................................................. 3 2. LETTER TO SHAREHOLDERS .................................................................................................. 5 3. MACROECONOMIC CONTEXT ................................................................................................. 9 4. BUSINESS STRATEGY ............................................................................................................ 12 5. OPERATIONAL DESCRIPTION ............................................................................................... 15 6. MATERIAL AND SUBSEQUENT EVENTS ............................................................................... 43 7. LEGAL FRAMEWORK .............................................................................................................. 47 8. SUMMARY OF CONSOLIDATED FINANCIAL AND OPERATIONAL INFORMATION ........... 55 9. OUR INDEBTEDNESS ............................................................................................................ 112 10. BOARD OF DIRECTORS AND MANAGEMENT .................................................................... 115 11. CORPORATE SERVICE AGREEMENT ENTERED INTO WITH CRESUD AND IRSA CP .. 126 12. MARKET INFORMATION ....................................................................................................... 127 13. PROSPECTS FOR THE NEXT FISCAL YEAR ...................................................................... 131 14. EXHIBIT I: Working progress on compliance with the Corporate Governance Code ............. 133 2 1. CORPORATE PROFILE Founded in 1943, IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA” or the “Company”) is one of Argentina’s leading real estate companies and the only Argentine real estate company whose shares are listed both on Bolsas y Mercados Argentinos (“BYMA”) and on the New York Stock Exchange (“NYSE”). We are engaged, directly and indirectly through subsidiaries and joint ventures, in a range of diversified real estate-related activities in Argentina, including: i. the acquisition, development and operation of shopping malls, ii. the acquisition and development of office buildings and other non-shopping mall properties primarily for rental purposes, iii. the development and sale of residential properties, iv. the acquisition and operation of luxury hotels, v. the acquisition of undeveloped land reserves for future development or sale, and vi. selective investments outside Argentina. As of June 30, 2017 we owned 29.91%1 of Banco Hipotecario S.A. (Banco Hipotecario), one of the leading financial institutions in Argentina, 28.7% of the voting power of the US Real Estate Investment Trust (“REIT”) named Condor Hospitality Trust (formerly known as Supertel Hospitality Inc.) ("Condor") and indirectly 68.3% of the Israeli company IDB Development Corporation ("IDBD”). On October 11, 2015, the Group obtained control of the Israeli company IDB Development Corporation Ltd. (“IDBD”) and it began to include it in its consolidated financial statements. IDBD is one of the largest and most diversified holding companies in Israel. Through its subsidiaries, associates, joint ventures and other investments, IDBD is engaged in numerous markets and industry sectors in Israel and other countries, including real estate (Property & Building Corporation), supermarkets (Shufersal), agroindustry (Adama), insurance (Clal Holdings Insurance Enterprises, hereinafter Clal), and telecommunications (Cellcom), among others. IDBD is registered with the Tel Aviv Stock Exchange (“TASE”) as a “Debentures Company” pursuant to Israeli law, as it has publicly listed bonds. As a result of the consolidation of this investment in the company’s financial statements, we decided to break down reporting into an Operations Center in Argentina and an Operations Center in Israel. From the Operations Center in Argentina, the Group, through IRSA and its subsidiaries, manages the businesses in Argentina and the international investments in the Lipstick Building in New York and the Condor Hospitality Trust Hotel REIT. From the Operations Center in Israel, the Group manages IDBD. 1 This figure does not consider the effect of Banco Hipotecario’s treasury stock. 3 Operations Center in Argentina Operations Center in Israel Our principal executive offices are located at Bolívar 108, City of Buenos Aires (C1066AAD), Argentina. Our administrative headquarters are located in the Intercontinental Plaza tower, Moreno 877, Floor 22, City of Buenos Aires (C1091AAQ). Our telephone number is +54 (11) 4323-7400, our fax number is +54 (11) 4323-7480 and our website is www.irsa.com.ar. 4 2. LETTER TO SHAREHOLDERS Dear shareholders, Fiscal year 2017 was marked by significant events in our two operations centers: Argentina and Israel. In Argentina, we made progress in the development of the projects underway and obtained highly satisfactory results in our rental segments. In Israel, we sold assets for very attractive prices and refinanced 100% of IDBD’s short-term debt, extending its maturity to 2019 at a very competitive interest rate, and IDBD’s operating subsidiaries continued exhibiting solid performance and investing in new projects. In the third quarter of this fiscal year, we decided to start the process of changing the valuation model of our investment properties from cost model to fair value model. During the third quarter, the change was applied to our subsidiary IRSA Propiedades Comerciales, and beginning in the fourth quarter of this fiscal year we applied it to the company. This change was motivated by the need to adjust the valuation of investment properties to their fair value, as their amortized cost was not reflective of their economic substance. Adjusted EBITDA for fiscal year 2017, excluding the impact of the revaluation of our investment properties at fair value, reached Ps. 9.98 billion, 63.8% higher than in 2016, whereas profit for the year was Ps. 5.22 billion, out of which Ps. 2.70 billion derive from the operations center in Argentina and Ps. 2.52 billion from the operations center in Israel. As concerns our Operations Center in Argentina, we are highly satisfied with the performance of our commercial real estate subsidiary, IRSA Propiedades Comerciales, which has over 400,000 square meters (sqm) of Gross Leaseable Area (GLA) in 16 shopping malls (including the ownership of the Patio Olmos historic building in Córdoba, operated by a third party) and 7 office buildings. During this year we grew in terms of acquisitions and new commercial developments. We carried out expansion and improvement works in some of our shopping malls aimed at optimizing tenant distribution and achieving higher sales and rental prices per sqm. We added approximately 8,000 sqm of GLA in the year, including 3,500 sqm added in the second stage of the works in Distrito Arcos, and the ensuing entry of significant tenants, a 1,250-sqm Nike store in Soleil Premium Outlet, and a 1,752 sqm expansion in Alto Rosario, among other store openings. In operating terms, tenant sales in shopping malls grew 19.4% in the year, and occupancy reached optimum levels of 98.5%. Looking ahead to 2018, we will start expansion works in our Alto Palermo shopping mall, which is located in a unique setting in the heart of the city and is the shopping mall with highest sales per square meter in Latin America. The project will add approximately 4,000 sqm of gross leaseable area to the shopping mall, and it consists of moving the food court to a third level and using the area of the adjoining property, purchased last year, to make the project feasible. We expect that the opening will take place in fiscal year 2019. Moreover, in fiscal year 2018 we plan to carry out expansion works in some of our shopping malls for approximately 21,000 sqm of GLA. We will build 2,200 sqm to add 6 cinema screens in Alto Comahue, a large store of 3,000 sqm in Alto Rosario shopping mall, and a 12,765 sqm Sodimac store in Mendoza Plaza Shopping, and we will expand Alto Avellaneda, our shopping mall located in the southern region of Buenos Aires, by 3,500 sqm. 5 Regarding the office segment, during this year we acquired the “Philips” office building that adjoins our DOT commercial complex for USD 29 million, with the idea of recycling it and repositioning it as a top-quality building. The building has a constructed area of 10,142 sqm and an additional construction capacity of 18,000 square meters. As we executed a 7-month loan-for-use agreement with the seller, this footage will become available for rent in January 2018. In operating terms, our Premium office portfolio reached an average rental price of approximately USD 25 per sqm, and an occupancy rate of 96.2%. During the next fiscal year, we will keep on developing the projects currently underway. In the first place, we will make progress in the “Polo Dot” project, located in the commercial complex adjoining our Dot Baires shopping mall, which has grown extensively since we made our first investments in the area. The total project -for which we already have the land- will consist of 3 office buildings (possibly including a hotel in one of them) and the future expansion of the shopping mall by adding approximately 15,000 sqm of GLA. In the first stage, we are developing an 11-floor office building of approximately 32,000
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