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17 NOV

Earnings Release IQ FY 2021

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

- The net result for the first quarter of fiscal year 2021 recorded a gain of ARS 13,298 million compared to ARS 3,089 million in the same period of 2020, mainly explained by higher results due to changes in the fair value of investment properties.


- On March 20, as a consequence of the social, preventive and compulsory lockdown due to the COVID-19 pandemic, the shopping malls throughout the country were closed, leaving exclusively those stores dedicated to essential activities such as pharmacies, supermarkets and banks. This impact has been reflected in the results of the first quarter of the year since the main shopping malls of the company, located in the city of Buenos Aires, opened their doors later, in October.


- Adjusted EBITDA reached ARS 5,184 million in the first quarter of fiscal year 2021, increasing 157.7% compared to the first quarter of 2020, mainly explained by the Sales and Developments segment, whose EBITDA reached ARS 5,019 million as a result of sales made from the Bouchard 710 buildings and the Boston Tower. The adjusted EBITDA of the rental segments reached ARS 231 million, which represents a drop of 89% compared to the same quarter of the previous year.


- Tenant sales in shopping malls fell by 79.4% in real terms in the first quarter of fiscal year 2021 compared to 2020. Portfolio occupancy remained at 92.8%.


- After the end of the quarter, we have sold approximately 7,150 additional sqm of offices for a total amount of USD 42.0 million.


- Subsequently, we announced the distribution of a cash dividend in the amount of ARS 9.7 billion (ARS / share 76.9755 and ARS / ADR 307.9022). Payment will be effective on November 25.