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09 JUN

Earnings Release IIIQ20

The Company announces today its results for the third quarter of Fiscal Year 2020.

- Net Income for the nine-month period of 2020 registered a loss of ARS 4,187 million compared to a loss of ARS 13,442 million during the same period of 2019. This lower loss is mainly explained by the result from the deconsolidation of Gav-Yam, offset by lower results of the market valuation of Clal in the Israel operations center and net financial losses in Argentina.


- Net income attributable to the controlling shareholder registered a loss of ARS 9,567 million compared to a loss of ARS 13,050 million in the nine-month period of 2019.


- Adjusted EBITDA for the nine-month period of 2020 increased by 38.1% reaching ARS 20,993 million, ARS 5,168 million coming from the Argentina Business Center, which decreased 6.3%, and ARS 15,825 million from the Israel Business Center, which increased by 63.3%.


- On March 20, as a consequence of the social, preventive and compulsory isolation decreed in Argentina due to the COVID-19 pandemic, hotels and shopping centers throughout the country were closed, working exclusively those stores dedicated essential activities such as pharmacies, supermarkets and banks. This negative impact will be reflected mainly in the Financial Statements for the fourth quarter of FY 2020 as it only affected 10 days of operations this quarter.


- As a subsequent event, in May 2020, we issued notes in the local market for the amount of USD 65.8 million. Proceeds will be mainly used to refinance short term liabilities.