The Company announces today its results for the Fiscal Year 2020.
Net result for the fiscal year showed a profit of ARS 23,731 million, compared to a loss of ARS 38,371 million in the fiscal year 2019. This gain is explained by a higher value in pesos of investment properties in Argentina business center.
On March 20, as a consequence of the social, preventive and mandatory lockdown decreed in Argentina due to the COVID-19 pandemic, the hotels and shopping malls throughout the country were closed, working exclusively those essential activities such as pharmacies, supermarkets and banks. This negative impact has been mainly reflected in the 4th quarter of FY 2020.
Adjusted EBITDA for Argentine Business Center, excluding the impact of the revaluation of our investment properties at fair value, reached ARS 5,708 million in fiscal year 2020, 23.3% below 2019.
During the year we have issued notes in the local market for the sum of USD 197.2 million and after the end of the fiscal year, an additional sum of USD 38.4 million to refinance short-term debt.
In Israel Business Center, in September 2020, IDBD creditors asked the Tel Aviv District Court to order the opening of a liquidation procedure against IDBD. Following the Court's adverse ruling, we are evaluating the possible alternatives. Regarding our individual financial statements, the investment in IDBD and DIC as of June 30, 2020 is valued at zero.
