IRSA Propiedades Comerciales S.A. announces Results for the FY 2017 Ended June 30, 2017

BUENOS AIRES, Argentina, Sept. 7, 2017 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; MERVAL: IRCP), the leading commercial real estate company in Argentina, announces its results for the FY 2017 ended June 30, 2017.

During the year, IRSA Commercial Properties' Board of Directors decided to change the valuation method of investment properties (mainly shopping malls, offices and land reserves) from historical cost to fair market value, in accordance with the International Financial Reporting Standards (IFRS). The reason for this change is the need to adjust the valuation of investment property to its fair market value, for its amortized acquisition cost is not reflective of their economic substance. The Company has recognized in the effects of this in its financial statements since the 3^rd quarter of FY17. The Company has retained an independent appraiser to estimate the fair market value of its investment properties.

HIGHLIGHTS

• During the year, we have changed the valuation method of our investment properties which was reflected in the financial statements since the third quarter of FY17.
• Net gain for the fiscal year 2017 reached ARS 3,378 million (USD 218.6 million) compared to a gain of ARS 12,253 million in FY 2016. This was mainly explained by higher results from changes in the fair value of investment properties during the previous year.
• The Company's Adjusted EBITDA reached ARS 2,581 million (USD 167 million) in the FY 2017 increasing by 20.5% compared to 2016. Excluding Sales of Investment Properties grew by 27,8%. Adjusted EBITDA for Shopping Malls and Offices segments reached ARS 2,207 million (USD 142.8 million) and ARS 323 million (USD 20.9 million), increasing by 23.1% y 34.7% respectively.
• Our shopping centers' sales grew by 19.1% in the fiscal year 2017 and the portfolio's occupancy rate reached 98.5%.
• During the fourth quarter of the year, we acquired Phillips office building, adjoining to our Dot Baires mall in the North Area of the City of Buenos Aires for USD 29 million.

IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP, MERVAL: IRCP) is the leading commercial real estate company of Argentina. It is the largest owner and manager of shopping malls and one of the largest office buildings' operators in terms of gross leasable area and number of rental properties. Additionally, IRCP owns a unique landbank for future commercial developments in Argentina.

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

IRSA Propiedades Comerciales S.A. cordially invites you to participate in the FY 2017 Results Conference Call on Monday, September 11, 2017 at 8:00 a.m. US EST.

If you would like to participate, please call: 
          1-844-308-3343 (toll free) ó
          1-412-717-9602 (international)
          Conference ID # IRSA CP

To access the webcast, click on the link below:

http://webcast.engage-x.com/Cover.aspx?PlatformId=oRn710IJ525FjlRHwrWSZQ%3D%3D

Investor Relations Department
+ 5411 4323-7449
[email protected] 
www.irsacp.com.ar 
Follow us on Twitter @irsacpir

SOURCE IRSA Propiedades Comerciales S.A.

Related Links

http://www.irsacp.com.ar