IRSA Inversiones y Representaciones S.A. Announces Results for the First three months 2017 Ended September 30, 2016

BUENOS AIRES, Argentina, Nov. 11, 2016

HIGHLIGHTS

• EBITDA for the first quarter of FY 2017 reached ARS 2,556 million (ARS 503 million from Argentina and ARS 2,053 million from Israel) while the net result registered a loss of ARS 782 million mainly explained by higher financial costs due to the consolidation of IDB Development Corporation and exchange rate differences.
• Tenant Sales in our malls grew by 21% in the first quarter of FY 2017 and the EBITDA of the segment increased by 22% reaching ARS 512 million.
• There were no results from sales of investment properties in the Operation Center in Argentina during IQ17 compared to a gain of ARS 390 million during IQ16.
• We maintained our stake of 68.3% in IDB Development Corporation and acquired from IDBD a stake of 8.8% of Discount Investment Corporation during the quarter.
• IRSA issued a local bond for $ 184.5 million at 7% and ARS 384.2 million Badlar + 299 bps due 2019 to cancel almost its total short-term debt.

Financial Highlights
(In millions of Argentine Pesos)
Three month period 3M 2017
Ended September 30, 2016 ARIVA.DE Börsen-Geflüster Kurse IRSA Inversiones Y Representaciones S.A. ADR 9,30 € +5,08%
Income Statement	09/30/2016	09/30/2015
Revenues	18,687	968
Consolidated Gross Profit	5,420	533
Consolidated Profit from Operations	1,147	724
Profit / (Loss) For the Period	(782)	(316)
Attributable to:
IRSA's Shareholders	(577)	(276)
Non-Controlling interest	(205)	(40)
EPS (Basic)	(1.00)	(0.48)
EPS (Diluted)	(1.00)	(0.48)
Balance Sheet	09/30/2016	06/30/2016
Current Assets	58,645	42,763
Non Current Assets	104,099	116,237
Total Assets	162,744	159,000
Current Liabilities	50,329	43,600
Non Current Liabilities	98,928	101,899
Total Liabilities	149,257	145,499
Non-Controlling Interest	13,022	12,386
Shareholders' Equity	13,487	13,501

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 Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country as well as international opportunistic investments in real estate and other assets, including 68.3% stake in the largest conglomerate in Israel, IDB Development Corporation.

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 three-month 2017 Results Conference Call on Monday, November 14, 2016, at 12:00 PM Eastern Time.

If you would like to participate, please call: 
United States:  (877) 317-6776
International:  +1-(412) 317-6776
ID# IRSA

To access the webcast, click on the link below:
http://webcast.neo1.net/Cover.aspx?PlatformId=knxTtN1usO7YU%2FH%2BzZrzqw%3D%3D

Investor Relations Department
IRSA Inversiones y Representaciones S.A.
+ 5411 4323-7449
ir@irsa.com.ar 
www.irsa.com.ar 
Follow us on Twitter @irsair

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/irsa-inversiones-y-representaciones-sa-announces-results-for-the-first-three-months-2017-ended-september-30-2016-300361716.html

SOURCE IRSA Inversiones y Representaciones S.A.