IRSA Inversiones y Representaciones S.A. Announces Results for the First Six Months 2014 Ended December 31, 2013

BUENOS AIRES, Argentina, Feb. 11, 2014 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the first six months of Fiscal Year 2014 Ended December 31, 2013

HIGHLIGHTS

• During the second quarter of 2014, revenues increased by 26.1% compared to 2013.
• The company's EBITDA fell by 14.7% compared to 2013, mainly explained by better results from sales of Investment Properties and the consolidation of Madison Building during 2013. Excluding the consolidation effect, EBITDA grew by 10.3% in the compared six-month period.
• Net income attributable to the company's shareholders recorded a loss of Ps. 21.7 million in the six-month period of 2014, compared to a gain of Ps. 223.8 million in the same period of 2013, mainly explained by exchange rate differences.
• Our shopping centers' sales grew by 28.6% as compared to the second quarter of 2013 and portfolio occupancy increased to 98.8%. EBITDA from this segment rose by 22.8% and the EBITDA/revenue margin reached 79.6%.
• Revenues from the Offices segment grew by 6.7%, in spite of the reduction in leaseable area resulting from the sales made in 2013. We increased our portfolio's occupancy to 98.7%.
• In January 2014, the competent court in IDBH debt restructuring has approved the offer from Dolphin with Extra Holdings Limited to acquire approximately 53.3% of IDBD, one of the largest and most diversified groups in Israel. As of today, IRSA has invested in Dolphin the amount of USD 109.5 million.

Financial Highlights
(In millions of Argentine Pesos)
Six month period 6M 2014
Ended December 31, 2013

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.

A longer version of this press release with detailed information is available on the web site: http://www.irsa.com.ar

IRSA cordially invites you to participate in its First six-month 2014 Results Conference Call on Friday, February 14, 2014, at 1:00 PM Eastern Time

If you would like to participate, please call:
United States:  (888) 734-0544
International:  +1-706-758-3363
Argentina: 0-800-666-0273
ID# 21133476

To access the webcast, click on the link below:

http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=2133 
Investor Relations Department
IRSA Inversiones y Representaciones S.A.
+54-11-4323-7449
[email protected]

SOURCE IRSA Inversiones y Representaciones S.A.