IRSA Inversiones y Representaciones S.A. Announces Results for the Fiscal Year 2013 Ended June, 2013

BUENOS AIRES, Argentina, Sept. 9, 2013 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA), the leading real estate company in Argentina, today announces its results for the Fiscal Year 2013 Ended June 30, 2013

HIGHLIGHTS

• During this year we recorded very good results in our lines of business. The company's EBITDA grew by 40.0% compared to 2012, mainly explained by the consolidation of the Madison building in New York and the good performance of our Shopping centers, Offices and other and Sales and developments segments.
• Net income for the fiscal year was Ps. 297.2 million, out of which Ps. 238.7 million are attributable to the controlling company's shareholders and Ps. 58.5 million to the non-controlling interest.
• Shopping centers closed the year with sales 25.2% higher than in 2012 and a portfolio occupancy rate that climbed to 99.1%. EBITDA grew by 19.5% and the EBITDA/revenue margin reached 77%.
• We increased occupancy in our office portfolio from 91% to 97.3% and the EBITDA margin from this segment rose 6 percentage points, reaching 74.9%.
• During this fiscal year we made progress in the development of our next shopping centers, Distrito Arcos and Shopping Neuquen; we increased our interest in Rigby 183 LLC, which is owner of the Madison 183 building in Manhattan, to 74.50%; and we sold almost our entire shareholding interest in the REIT Hersha (NYSE:HT) for an average price of USD 5.5 per share.
• During this year we sold office assets for an amount of USD 45.7 million and a land reserve in Cordoba for USD 4.2 million.
• During this fiscal year we paid cash dividends to our shareholders for a total amount of Ps. 180.0 million.
• After the fiscal year's closing date we launched a program for repurchasing own shares for up to ARS 200 million or 5% of the stock capital.

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 Fiscal Year 2013 Results Conference Call on Wednesday, September 11, 2013, at 3:00 PM Eastern Time

If you would like to participate, please call:
United States:  (888) 734-0544
International:  +1-(706) 758-3363
ID# 26846626

To access the webcast, click on the link below:
http://webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=684

Investor Relations Department
IRSA Inversiones y Representaciones S.A.
ir@irsa.com.ar
+54-11-4323-7449

SOURCE IRSA Inversiones y Representaciones S.A.