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03 SEP

Earnings Release FY 2021

The Company announces today its results for the Fiscal Year 2021.

- The results for fiscal year 2021 have been affected by the restrictions due to the COVID19 pandemic. The company's shopping malls were closed for most of the year while the offices remained operational, even though most of the tenants adopted the remote work modality.


- Tenant sales in shopping malls fell 27.8% in real terms in fiscal 2021 compared to 2020 and the occupancy of the portfolio was 90%. Office revenue fell 21.9% and occupancy in A + and A buildings dropped to 80%. Adjusted EBITDA of the rental segment reached ARS 4,670 million in fiscal year 2021, 47.3% lower than in 2020, while total Adjusted EBITDA, which includes investment property sales, reached ARS 14,477 million, growing by 54, 1% in the year.


- The net result for fiscal year 2021 showed a loss of ARS 22,537 million, mainly explained by a loss of ARS 13,946 million due to changes in the fair value of investment properties and the impact of the change in the rate, from 25% to 35%, in deferred income tax.


- During fiscal year 2021 we sold approximately 29,700 sqm of premium offices for a total amount of USD 170.6 million and inaugurated “200 Della Paolera” building, the company's new headquarters.


 - In financial matters, this year we canceled the Series IV notes for a total amount of USD 140 million and distributed a cash dividend in the amount of ARS 9,700 million.