Cover
Cover - shares | 12 Months Ended | |
Jun. 30, 2021 | Oct. 22, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Cresud Inc. | |
Entity Central Index Key | 0001034957 | |
Document Type | 20-F | |
Amendment Flag | false | |
Entity Voluntary Filers | Yes | |
Current Fiscal Year End Date | --06-30 | |
Entity Well Known Seasoned Issuer | No | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2021 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 1,000,000 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Incorporation State Country Code | C1 | |
Entity Address Address Line 1 | Carlos M. Della Paolera 261 | |
Entity Address Address Line 2 | 9th Floor (C1001ADA) | |
Entity Address Address Line 3 | Ciudad Autónoma de Buenos Aires | |
Entity Address Country | AR | |
Security 12b Title | Common Stock, par value ARS 1.00 per share | |
Trading Symbol | CRESY | |
Security Exchange Name | NASDAQ | |
City Area Code | 5411 | |
Local Phone Number | 4323-7449 | |
Entity Interactive Data Current | Yes | |
Document Registration Statement | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
ASSETS | ||
Investment properties | $ 191,099,000,000 | $ 345,711,000,000 |
Property, plant and equipment | 40,115,000,000 | 90,054,000,000 |
Trading properties | 1,644,000,000 | 7,294,000,000 |
Intangible assets | 2,990,000,000 | 42,344,000,000 |
Right-of-use assets | 4,257,000,000 | 32,936,000,000 |
Biological assets | 3,247,000,000 | 2,642,000,000 |
Investments in associates and joint ventures | 12,999,000,000 | 112,842,000,000 |
Deferred income tax assets | 493,000,000 | 1,392,000,000 |
Income tax and MPIT credits | 35,000,000 | 94,000,000 |
Restricted assets | 202,000,000 | 2,908,000,000 |
Trade and other receivables | 10,715,000,000 | 41,044,000,000 |
Investment in financial assets | 1,320,000,000 | 5,280,000,000 |
Derivative financial instruments | 75,000,000 | 246,000,000 |
Total non-current assets | 269,191,000,000 | 684,787,000,000 |
Trading properties | 114,000,000 | 3,479,000,000 |
Biological assets | 6,718,000,000 | 4,165,000,000 |
Inventories | 10,686,000,000 | 13,623,000,000 |
Restricted assets | 0 | 9,326,000,000 |
Income tax and MPIT credits | 164,000,000 | 460,000,000 |
Groups of assets held for sale | 22,723,000,000 | 65,812,000,000 |
Trade and other receivables | 1,414,000,000 | 65,663,000,000 |
Investment in financial assets | 0 | 27,324,000,000 |
Financial assets Held For Sale | 5,072,000,000 | |
Derivative financial instruments | 633,000,000 | 482,000,000 |
Cash and cash equivalents | 27,529,000,000 | 151,591,000,000 |
Total current assets | 69,981,000,000 | 346,997,000,000 |
TOTAL ASSETS | 339,172,000,000 | 1,031,784,000,000 |
SHAREHOLDERS' EQUITY | ||
Shareholders' equity (according to corresponding statement) | 32,446,000,000 | 37,792,000,000 |
Non-controlling interest | 73,447,000,000 | 145,683,000,000 |
TOTAL SHAREHOLDERS' EQUITY | 105,893,000,000 | 183,475,000,000 |
LIABILITIES | ||
Borrowings | 73,233,000,000 | 481,268,000,000 |
Deferred income tax liabilities | 82,231,000,000 | 74,301,000,000 |
Trade and other payables | 2,250,000,000 | 4,485,000,000 |
Provisions | 389,000,000 | 4,643,000,000 |
Employee benefits | 0 | 671,000,000 |
Derivative financial instruments | 47,000,000 | 112,000,000 |
Lease Liabilities | 4,567,000,000 | 22,821,000,000 |
Payroll and social security liabilities | 135,000,000 | 371,000,000 |
Total non-current liabilities | 162,852,000,000 | 588,672,000,000 |
Trade and other payables | 19,585,000,000 | 53,806,000,000 |
Borrowings | 45,435,000,000 | 147,780,000,000 |
Provisions | 151,000,000 | 3,669,000,000 |
Group of liabilities held for sale | 0 | 35,521,000,000 |
Payroll and social security liabilities | 1,486,000,000 | 7,037,000,000 |
Income tax and MPIT liabilities | 1,096,000,000 | 1,238,000,000 |
Lease liabilities | 1,593,000,000 | 8,503,000,000 |
Derivative financial instruments | 1,081,000,000 | 2,083,000,000 |
Total Current liabilities | 70,427,000,000 | 259,637,000,000 |
TOTAL LIABILITIES | 233,279,000,000 | 848,309,000,000 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 339,172,000,000 | $ 1,031,784,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income | 12 Months Ended | |||
Jun. 30, 2021ARS ($)$ / shares | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($)$ / shares | Jun. 30, 2019ARS ($)$ / shares | |
Consolidated Statements of Income and Other Comprehensive Income | ||||
Revenues | $ 42,411,000,000 | $ 51,068,000,000 | $ 47,529,000,000 | |
Costs | (33,832,000,000) | (33,925,000,000) | (26,733,000,000) | |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,467,000,000 | 4,128,000,000 | 3,251,000,000 | |
Changes in the net realizable value of agricultural products after harvest | (590,000,000) | 986,000,000 | (65,000,000) | |
Gross profit | 22,456,000,000 | 22,257,000,000 | 23,982,000,000 | |
Net (loss)/ gain from fair value adjustment of investment properties | (2,246,000,000) | 51,040,000,000 | (58,033,000,000) | |
Gain from disposal of farmlands | 1,310,000,000 | 1,259,000,000 | 998,000,000 | |
General and administrative expenses | (5,167,000,000) | (5,147,000,000) | (6,090,000,000) | |
Selling expenses | (4,147,000,000) | (4,850,000,000) | (3,294,000,000) | |
Management fees | 0 | (316,000,000) | 0 | |
Profit / (loss) from operations | 9,924,000,000 | 66,743,000,000 | (41,710,000,000) | |
Share of (loss)/ profit of associates and joint ventures | (4,435,000,000) | 11,060,000,000 | (10,778,000,000) | |
Profit / (loss) before financial results and income tax | 5,489,000,000 | 77,803,000,000 | (52,488,000,000) | |
Finance income | 657,000,000 | 460,000,000 | 312,000,000 | |
Finance cost | (15,020,000,000) | (15,319,000,000) | (10,490,000,000) | |
Other financial results | 19,997,000,000 | (15,710,000,000) | (999,000,000) | |
Inflation adjustment | 572,000,000 | (164,000,000) | (1,026,000,000) | |
Financial results, net | 6,206,000,000 | (30,733,000,000) | (12,203,000,000) | |
Profit/ (loss) before income tax | $ 11,695 | 47,070 | (64,691) | |
Income tax | (27,940,000,000) | (11,948,000,000) | (820,000,000) | |
(Loss) / Profit for the year from continuing operations | (16,245,000,000) | 35,122,000,000 | (65,511,000,000) | |
(Loss)/ Profit for the year from discontinued operations | (8,257,000,000) | (5,080,000,000) | 4,334,000,000 | |
(Loss) / Profit for the year | (24,502,000,000) | 30,042,000,000 | (61,177,000,000) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Currency translation adjustment and other comprehensive (loss)/ income from subsidiaries | (915,000,000) | (3,783,000,000) | 593,000,000 | |
Revaluation of fixed assets transferred to investment properties | 983,000,000 | 922,000,000 | 1,668,000,000 | |
Other comprehensive income/ (loss) for the year from continuing operations | 68,000,000 | (2,861,000,000) | 2,261,000,000 | |
Other comprehensive (loss)/ income for the year from discontinued operations | (11,442,000,000) | 20,009,000,000 | (3,469,000,000) | |
Total other comprehensive (loss)/ income for the year | (11,374,000,000) | 17,148,000,000 | (1,208,000,000) | |
Total comprehensive (loss)/ income for the year | (35,876,000,000) | 47,190,000,000 | (62,385,000,000) | |
Total comprehensive (loss)/ income from continuing operations | (16,177,000,000) | 32,261,000,000 | (63,250,000,000) | |
Total comprehensive (loss)/ income from discontinued operations | (19,699,000,000) | 14,929,000,000 | 865,000,000 | |
Total comprehensive (loss)/ income from the year | (35,876,000,000) | 47,190,000,000 | (62,385,000,000) | |
Equity holders of the parent | (12,569,000,000) | 5,901,000,000 | (40,248,000,000) | |
Non-controlling interest | $ (11,933) | 24,141 | 20,929 | |
Equity holders of the parent | (7,679,000,000) | 11,345,000,000 | (19,631,000,000) | |
Non-controlling interest | (8,566,000,000) | 23,777,000,000 | (45,880,000,000) | |
(Loss)/ profit from continuing operations attributable to: | ||||
Equity holders of the parent | (15,912,000,000) | 3,636,000,000 | (40,672,000,000) | |
Non-controlling interest | $ (19,964,000,000) | $ 43,554,000,000 | $ (21,713,000,000) | |
Total comprehensive (loss)/ income attributable to: | ||||
(Loss)/ profit for the year per share attributable to equity holders of the parent: Basic | $ / shares | $ (23.84) | $ 11.19 | $ (76.33) | |
(Loss)/ profit for the year per share attributable to equity holders of the parent: Diluted | $ / shares | (23.84) | 10.88 | (76.33) | |
(Loss)/ profit per share from continuing operations attributable to equity holders of the parent: | ||||
Basic | $ / shares | (14.56) | 21.52 | (37.23) | |
Diluted | $ / shares | $ (14.56) | $ 20.91 | $ (37.23) | |
Profit/ (loss) before income tax | $ 9,924,000,000 | $ 66,743,000,000 | $ (41,710,000,000) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity - ARS ($) | Total | Share capital | Treasury Shares [Member] | Inflation adjustment of share capital and treasury shares | Share Premium [Member] | Additional Paid-in Capital from Treasury Shares [Member] | Legal reserve | Special reserve Resolution CNV 609/12 | Total Other Reserves [Member] | Retained Earnings [Member] | Subtotal | Non-controlling Interests | Cost of Treasury Shares [Member] | Changes in Non-Controlling Interest [Member] | Revaluation Surplus [Member] | Reserve for currency translation adjustment | Reserve shared-based compensation | Other comprehensive income from subsidiaries | Other Reserves from Subsidiaries [Member] | Reserve for the Acquisition of Securities Issued by the Company [Member] | Total other reserves | Special Reserve [Member] | Warrants [Member] |
Balance, amount at Jun. 30, 2018 | $ 265,039,000,000 | $ 482,000,000 | $ 20,000,000 | $ 14,951,000,000 | $ 15,909,000,000 | $ 137,000,000 | $ 560,000,000 | $ 7,779,000,000 | $ 9,202,000,000 | $ 30,926,000,000 | $ 70,966,000,000 | $ 185,073,000,000 | $ (2,879,000,000) | $ (3,114,000,000) | $ 295,000,000 | $ 8,200,000,000 | $ 701,000,000 | $ (76,000,000) | $ 15,000,000 | $ 131,000,000 | $ 9,202,000,000 | $ 5,929,000,000 | |
Statement [Line Items] | |||||||||||||||||||||||
Adjustments previous years (IFRS 9 and 15) (Note 2.2) | (507,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (304,000,000) | (304,000,000) | (203,000,000) | ||||||||||||
Restated balance as of June 30, 2018 | 264,532,000,000 | 482,000,000 | 20,000,000 | 14,951,000,000 | 15,909,000,000 | 137,000,000 | 560,000,000 | 7,779,000,000 | 9,202,000,000 | 30,622,000,000 | 79,662,000,000 | 184,870,000,000 | |||||||||||
Loss for the year | (61,177,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (40,248,000,000) | (40,248,000,000) | (20,929,000,000) | |||||||||||
Other comprehensive loss for the year | (1,208,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (424,000,000) | 0 | (424,000,000) | (784,000,000) | 1,194,000,000 | (1,367,000,000) | (251,000,000) | (424,000,000) | |||||||
Total comprehensive loss for the year | (62,385,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (424,000,000) | (40,248,000,000) | (40,672,000,000) | (21,713,000,000) | 1,194,000,000 | (1,367,000,000) | (251,000,000) | (424,000,000) | |||||||
Assignment of results - Shareholders' meeting | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48,861,000,000 | (48,861,000,000) | 48,861,000,000 | 48,861,000,000 | ||||||||||||
Purchase own shares in portfolio | (1,844,000,000) | (17,000,000) | 17,000,000 | (1,844,000,000) | (1,844,000,000) | (1,844,000,000) | (1,844,000,000) | ||||||||||||||||
Distribution of dividends in shares | (804,000,000) | 21,000,000 | (21,000,000) | (804,000,000) | 2,224,000,000 | (2,224,000,000) | |||||||||||||||||
Reserve for share-based payments | 144,000,000 | 24,000,000 | 24,000,000 | 120,000,000 | 24,000,000 | 24,000,000 | |||||||||||||||||
Changes in non-controlling interest | (2,220,000,000) | (1,056,000,000) | (1,056,000,000) | (1,164,000,000) | (1,056,000,000) | (1,056,000,000) | |||||||||||||||||
Reversal by sale of investment properties | (47,000,000) | ||||||||||||||||||||||
Dividends distribution to non-controlling interest | (6,377,000,000) | ||||||||||||||||||||||
Irrevocable contributions | 13,000,000 | ||||||||||||||||||||||
Balance, amount at Jun. 30, 2019 | 191,059,000,000 | 486,000,000 | 16,000,000 | 14,951,000,000 | 15,909,000,000 | 137,000,000 | 560,000,000 | 7,779,000,000 | 54,716,000,000 | (58,440,000,000) | 36,114,000,000 | 154,945,000,000 | (2,499,000,000) | (4,170,000,000) | 1,442,000,000 | 6,833,000,000 | 725,000,000 | (327,000,000) | 15,000,000 | 131,000,000 | 54,716,000,000 | 52,566,000,000 | |
Statement [Line Items] | |||||||||||||||||||||||
Adjustments previous years (IFRS 9 and 15) (Note 2.2) | (3,253,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,223,000,000) | (1,223,000,000) | (2,030,000,000) | |||||||||||
Loss for the year | 30,042,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,901,000,000 | 5,901,000,000 | 24,141,000,000 | |||||||||||
Reserve for share-based payments | (19,000,000) | 0 | 0 | (2,000,000) | (5,000,000) | (7,000,000) | (12,000,000) | 3,000,000 | 0 | 0 | (8,000,000) | 0 | 0 | 0 | (5,000,000) | 0 | |||||||
Changes in non-controlling interest | 6,597,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (636,000,000) | (636,000,000) | 7,233,000,000 | 0 | (636,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | (636,000,000) | 0 | ||
Adjusted balance as of June 30, 2019 | 187,806,000,000 | 486,000,000 | 16,000,000 | 14,951,000,000 | 15,909,000,000 | 137,000,000 | 560,000,000 | 7,779,000,000 | 54,716,000,000 | (59,663,000,000) | 34,891,000,000 | 152,915,000,000 | |||||||||||
Other comprehensive (loss)/ income for the year | 17,148,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,265,000,000) | 0 | (2,265,000,000) | 19,413,000,000 | 0 | 0 | 493,000,000 | (2,349,000,000) | 0 | (409,000,000) | 0 | (2,265,000,000) | 0 | ||
Total comprehensive (loss) / profit for the year | 47,190,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,265,000,000) | 5,901,000,000 | 3,636,000,000 | 43,554,000,000 | 0 | 0 | 493,000,000 | (2,349,000,000) | 0 | (409,000,000) | 0 | 0 | (2,265,000,000) | 0 | |
Distribution of treasury shares | 0 | 13,000,000 | (13,000,000) | 0 | 0 | 0 | 0 | 0 | 2,271,000,000 | (2,271,000,000) | 0 | 0 | 2,271,000,000 | 0 | 0 | 0 | 0 | 2,271,000,000 | 0 | ||||
Incorporation by business combination | 93,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,178,000,000 | |||||||||||
Dividend distribution | (4,511,000,000) | ||||||||||||||||||||||
Decrease due to loss of control | (65,038,000,000) | ||||||||||||||||||||||
Other changes in equity | (92,000,000) | ||||||||||||||||||||||
Capitalization of irrevocable contributions | 47,000,000 | ||||||||||||||||||||||
Loss absorbtion | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (52,566,000,000) | (52,566,000,000) | |||||
Changes in non-controlling interest1 | 0 | 0 | 0 | 47,000,000 | 0 | 0 | 0 | (6,622,000,000) | (52,566,000,000) | 59,188,000,000 | 0 | 0 | (140,000,000) | 0 | 0 | 24,000,000 | 29,000,000 | 87,000,000 | 0 | $ 0 | |||
Balance, amount at Jun. 30, 2020 | 183,475,000,000 | 499,000,000 | 3,000,000 | 14,951,000,000 | 15,909,000,000 | 135,000,000 | 560,000,000 | 1,157,000,000 | 1,515,000,000 | 3,063,000,000 | 37,792,000,000 | 145,683,000,000 | (225,000,000) | (4,946,000,000) | 1,935,000,000 | 4,484,000,000 | 741,000,000 | (707,000,000) | 102,000,000 | 131,000,000 | 1,515,000,000 | ||
Statement [Line Items] | |||||||||||||||||||||||
Loss for the year | (24,502,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12,569,000,000) | (12,569,000,000) | (11,933,000,000) | $ 0 | ||||||||||
Assignment of results - Shareholders' meeting | 0 | 0 | 0 | 0 | 159,000,000 | (159,000,000) | 0 | 0 | |||||||||||||||
Changes in non-controlling interest | 1,133,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 416,000,000 | 0 | 416,000,000 | 717,000,000 | 0 | 416,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 416,000,000 | 0 | |
Incorporation by business combination | 0 | ||||||||||||||||||||||
Dividend distribution | (3,670,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (3,670,000,000) | 0 | ||||||||||
Capitalization of irrevocable contributions | 25,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25,000,000 | ||||||||||||
Other comprehensive income/ (loss) for the year | (11,374,000,000) | 0 | 0 | 0 | 0 | (3,343,000,000) | (3,343,000,000) | (8,031,000,000) | 0 | 0 | 240,000,000 | (3,570,000,000) | 0 | (13,000,000) | 0 | 0 | (3,343,000,000) | 0 | |||||
Total comprehensive income/ (loss) for the year | (35,876,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (3,343,000,000) | (12,569,000,000) | (15,912,000,000) | (19,964,000,000) | 0 | 0 | 240,000,000 | (3,570,000,000) | 0 | (13,000,000) | 0 | 0 | (3,343,000,000) | 0 | |
Share capital increase (ii) | 16,149,000,000 | 90,000,000 | 0 | 9,000,000 | 3,070,000,000 | 0 | 0 | 0 | 0 | 0 | 4,642,000,000 | 11,507,000,000 | 1,473,000,000 | ||||||||||
Other changes in shareholders' equity | 7,045,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,508,000,000 | 0 | 5,508,000,000 | 1,537,000,000 | 0 | (43,000,000) | 0 | 5,027,000,000 | 0 | 596,000,000 | (72,000,000) | 0 | 5,508,000,000 | 0 | |
Integration of irrevocable contributions | 131,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 131,000,000 | 0 | ||||||||||
Decrease due to loss of control | (62,519,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (62,519,000,000) | 0 | |||||||||||||
Balance, amount at Jun. 30, 2021 | $ 105,893,000,000 | $ 589,000,000 | $ 3,000,000 | $ 14,960,000,000 | $ 18,979,000,000 | $ 135,000,000 | $ 719,000,000 | $ 1,157,000,000 | $ 4,096,000,000 | $ (9,665,000,000) | $ 32,446,000,000 | $ 73,447,000,000 | $ (225,000,000) | $ (4,573,000,000) | $ 2,175,000,000 | $ 5,941,000,000 | $ 741,000,000 | $ (124,000,000) | $ 30,000,000 | $ 131,000,000 | $ 4,096,000,000 | $ 1,473,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | |||
Net cash generated from operating activities before income tax paid | $ 5,887,000,000 | $ 18,307,000,000 | $ 6,895,000,000 |
Income tax paid | (42,000,000) | (455,000,000) | (505,000,000) |
Net cash generated from continuing operating activities | 5,845,000,000 | 17,852,000,000 | 6,390,000,000 |
Net cash generated from discontinued operating activities | 3,041,000,000 | 35,820,000,000 | 31,978,000,000 |
Net cash generated from operating activities | 8,886,000,000 | 53,672,000,000 | 38,368,000,000 |
Investing activities: | |||
Proceeds from decrease of participation in associates and joint ventures | 0 | 0 | 9,000,000 |
Proceeds from sales of participation in associates and joint ventures | 342,000,000 | 0 | 0 |
Capital contributions to associates and joint ventures | (42,000,000) | (2,860,000,000) | (47,000,000) |
Payment for non-controlling interest acquisition | 0 | 0 | (132,000,000) |
Acquisition and improvement of investment properties | (999,000,000) | (5,523,000,000) | (6,425,000,000) |
Proceeds from sales of investment properties | 18,536,000,000 | 586,000,000 | 8,442,000,000 |
Acquisitions and improvements of property, plant and equipment | (2,022,000,000) | (2,106,000,000) | (2,700,000,000) |
Advance payments | (68,000,000) | (119,000,000) | (13,000,000) |
Acquisition of intangible assets | (85,000,000) | (106,000,000) | (315,000,000) |
Proceeds from sales of property, plant and equipment | 877,000,000 | 17,000,000 | 23,000,000 |
Net increase of restricted deposits | 0 | (314,000,000) | (2,850,000,000) |
Dividends collected from associates and joint ventures | 0 | 404,000,000 | 738,000,000 |
Proceeds from loans granted | 9,000,000 | 0 | 311,000,000 |
Acquisitions of investments in financial assets | (16,758,000,000) | (20,922,000,000) | (59,620,000,000) |
Proceeds from disposal of investments in financial assets | 31,923,000,000 | 27,975,000,000 | 66,327,000,000 |
Interest collected from financial assets | 673,000,000 | (59,000,000) | (1,819,000,000) |
Dividends paid from financial assets | 0 | (18,000,000) | 45,000,000 |
Dividends collected from financial assets | 440,000,000 | 0 | 0 |
Loans granted to related parties | (217,000,000) | (248,000,000) | 9,000,000 |
Proceeds from loans granted to related parties | 58,000,000 | 2,704,000,000 | 0 |
Cash incorporated by business combination, net of cash paid | (3,163,000,000) | 24,000,000 | 0 |
Decrease in securities | 51,000,000 | 0 | 2,859,000,000 |
Proceeds from sales of farmlands | 0 | 0 | (310,000,000) |
Net cash generated from/ (used in) continuing investing activities | 29,555,000,000 | (565,000,000) | 5,134,000,000 |
Net cash generated from discontinued investing activities | 44,102,000,000 | 61,112,000,000 | 10,715,000,000 |
Net cash generated from investing activities | 73,657,000,000 | 60,547,000,000 | 15,849,000,000 |
Financing activities: | |||
Borrowings and issuance of non-convertible notes | 57,084,000,000 | 58,472,000,000 | 20,770,000,000 |
Payment of borrowings and non-convertible notes | (93,577,000,000) | (46,291,000,000) | (13,990,000,000) |
Obtaining/ (payment) of short term loans, net | 8,160,000,000 | (4,461,000,000) | 3,377,000,000 |
Interest paid | (20,539,000,000) | (12,236,000,000) | (9,496,000,000) |
Repurchase of treasury shares | 0 | 0 | 1,844,000,000 |
Repurchase of non-convertible notes | (6,696,000,000) | (3,911,000,000) | (3,678,000,000) |
Sales of non-convertible notes in portfolio | 7,058,000,000 | 0 | 0 |
Capital contributions from non-controlling interest in subsidiaries | 638,000,000 | 0 | 0 |
Acquisition of non-controlling interest in subsidiaries | (75,000,000) | (904,000,000) | (1,476,000,000) |
Charge for issuance of shares and other equity instruments | 12,635,000,000 | 0 | 0 |
Lease liabilities paid | (41,000,000) | 0 | 0 |
Dividends paid | (711,000,000) | (1,556,000,000) | 0 |
Dividends paid to non-controlling interest in subsidiaries | (2,587,000,000) | 33,000,000 | (1,000,000,000) |
(Payments)/ Proceeds from derivative financial instruments | (520,000,000) | 7,426,000,000 | (1,097,000,000) |
Share capital increase in subsidiaries | 3,105,000,000 | 0 | 0 |
Payment of seller financing | 0 | 0 | (6,000,000) |
Net cash used in continued financing activities | (36,066,000,000) | (3,794,000,000) | (8,440,000,000) |
Net cash used in discontinuing financing activities | (18,099,000,000) | (105,288,000,000) | (30,214,000,000) |
Net cash used in financing activities | (54,165,000,000) | (109,082,000,000) | (38,654,000,000) |
Net (decrease)/ increase in cash and cash equivalents from continuing activities | 666,000,000 | 13,493,000,000 | 3,084,000,000 |
Net increase/ (decrease) in cash and cash equivalents from discontinued activities | 29,044,000,000 | (8,356,000,000) | 12,479,000,000 |
Net increase in cash and cash equivalents | 28,378,000,000 | 5,137,000,000 | 15,563,000,000 |
Cash and cash equivalents at beginning of the year | 151,591,000,000 | 134,135,000,000 | 129,079,000,000 |
Cash and cash equivalents reclassified to held for sale | (191,000,000) | (675,000,000) | (363,000,000) |
Foreign exchange (loss)/ gain on cash and changes in fair value of cash equivalents | (6,910,000,000) | 12,994,000,000 | (10,144,000,000) |
Deconsolidation | (145,339,000,000) | 0 | 0 |
Cash and cash equivalents at the end of the year | $ 27,529,000,000 | $ 151,591,000,000 | $ 134,135,000,000 |
The Group's business and genera
The Group's business and general information | 12 Months Ended |
Jun. 30, 2021 | |
1. The Group's business and general information | 1. The Group’s business and general information Cresud was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier’s shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities. In 2002, Cresud acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud’s direct principal subsidiary. Cresud and its subsidiaries are collectively referred to hereinafter as the Group. Main shareholders of the Company are jointly Inversiones Financieras del Sur S.A. and Agroinvestment S.A. Both entities are companies incorporated in Uruguay and belong to the same controlling group and ultimate beneficiary. The Board of Directors has approved these Financial Statements for issuance on October 28, 2021. As of June 30, 2021, the Group operates in two major lines of business: (i) agricultural business and (ii) urban properties and investments business. The Group, with the acquisition of IDBD, established two centers of operations for the business of urban properties and investments, Argentina and Israel, to manage its global businesses. With the loss of control of the Israel Operations Center and its deconsolidation as of October 1, 2020, the Group manages its operations in this business, through a single operations center in Argentina. Business developed through several operating companies and the main ones are listed below (Note 7): Agricultural Business Within the agricultural business, the Group, through Cresud, engaged in the operation of crop production, cattle feeding, raising, fattening and slaughtering, milk production, sugarcane production, brokerage activities and sale of supplies. The Group currently has agricultural operations and investments in Argentina, Brazil, Uruguay, Paraguay and Bolivia. Cresud’s shares are listed on the BYMA (BYMA: CRES) and the NASDAQ (NASDAQ: CRESY). The shares of our subsidiary Brasilagro are listed and traded on both the Novo Mercado del BOVESPA (SAO: AGRO3) and the NYSE (NYSE: LND). Urban Properties and Investments Business Operations Center in Argentina The activities of the Operations Center in Argentina are mainly developed through IRSA and its principal subsidiary, IRSA CP. Through IRSA and IRSA CP, the Group owns, manages and develops 14 shopping malls across Argentina, a portfolio of offices and other rental properties in the Autonomous City of Buenos Aires, and it entered the United States of America (“USA”) real estate market in 2009, mainly through the acquisition of non-controlling interests in office buildings and hotels. Through IRSA or IRSA CP, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term “real estate” indistinctively in these Consolidated Financial Statements to denote investment, development and/or trading properties activities. IRSA CP’s shares are listed and traded on both the BYMA (BYMA: IRCP) and the NASDAQ (NASDAQ: IRCP). IRSA’s shares are listed on the BYMA (BYMA: IRSA) and the NYSE (NYSE: IRSA). The activities of the Group’s “Others” segment is carried out mainly through BHSA, where IRSA holds, directly or indirectly, a 29.91% interest. BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA’s shares are listed on the BYMA (BYMA: BHIP). Operations Center in Israel As indicated in Note 1. to the consolidated financial statements as of June 30, 2020, on September 25, 2020, the Court decreed the insolvency and liquidation of IDBD and appointed a trustee for its shares and the appointment of a custodian over the shares of DIC and Clal. Following this decision, the IDBD Board of Directors was removed from its functions, so the Group lost control on that date. For comparability purposes and as required by IFRS 5, the results of the Israel Operations Center has been reclassified to discontinued operations for all the years presented. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Jun. 30, 2021 | |
2. Summary of significant accounting policies | 2. Summary of significant accounting policies 2.1. Basis of preparation of the Consolidated Financial Statement (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2021 accordingly to IAS 29. Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the reporting date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements. Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC). The principal inflation adjustment procedures are the following: - Monetary assets and liabilities that are already recorded at the measuring unit as of the balance sheet’s closing date are not restated because they are already stated in terms of the measuring unit current as of the date of the financial statements. - Non-monetary assets, and liabilities and equity component are recorded at restated cost as of the balance sheet date. - All items in the statement of income are restated applying the relevant conversion factors. - The effect of inflation in the Company’s net monetary position is included in the statement of income under Financial results, net, in the item “Inflation adjustment”. - Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs. Upon initially applying inflation adjustment, the equity accounts were restated as follows: - Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. - The resulting amount was included in the “Comprehensive Inflation adjustment of share capital and treasury shares adjustment” account. - Other comprehensive income / (loss) was restated as from each accounting allocation. - The other reserves in the statement of income were restated from the initial application date, i.e., June 30, 2016. In relation to the inflation index to be used and in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2021 according to official statistics (INDEC) following the guidelines described in Resolution 539/18: Price variation June 30, 2019 June 30, 2020 June 30, 2021 Cumulative as of June 30,2021 (3 years) Annual 56% 43% 50% 234% As a consequence of the aforementioned, these financial statements as of June 30, 2021 were restated in accordance with IAS 29. (b) Current and non-current classification The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according to the operating cycle of each activity. Current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax liabilities) are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively. (c) Presentation currency The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to ‘Peso amounts’ or ‘ARS’, are millions of Argentine Pesos, references to ‘USD’ or ‘US Dollars’ are millions of US Dollars, and references to “NIS” are millions of New Israeli Shekel. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria See Notes 2.2 through 2.31 with the accounting policies of each item. (f) Reporting cash flows The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group’s business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business. (g) Use of estimates The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 3. 2.2 New accounting standards and amendments The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application. Standards and amendments adopted by the Group Standards and amendments Description Date of application by the Group Covid-19-related Rent Concessions - Amendments to IFRS 16. As a result of the COVID-19 pandemic, rent concessions have been granted to lessees. Such concessions might take a variety of forms, including payment holidays and deferral of lease payments. In May 2020, the IASB made an amendment to IFRS 16 Leases which provides lessees with an option to treat qualifying rent concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concessions as variable lease payments in the period in which they are granted. Entities applying the practical expedients must disclose this fact, whether the expedient has been applied to all qualifying rent concessions or, if not, information about the nature of the contracts to which it has been applied, as well as the amount recognized in profit or loss arising from the rent concessions. 06-30-2021 The adoption of this amendment has not had a material impact for the Group. Standards and amendments not yet adopted by the Group Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 The IASB amended IAS 1 to require entities to disclose their material accounting policies rather than their significant accounting policies. The amendments define what it implies and how to identify material accounting policy information. They also clarify that it is not necessary to disclose immaterial accounting policy. If it is disclosed should not overshadow material accounting information. To support this amendment, the IASB also amended IFRS Practical Statement 2 on “Making materiality related judgments” to advise on how to apply the concept of materiality to disclosure of accounting policies. 01-01-2023 Definition of accounting estimates - Amendments to IAS 8. The amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” clarifies how entities should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events, as well as to the current exercise. 01-01-2023 Amendment to IAS 1. The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. 06-30-2023 Amendment to IAS 37. The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract. 06-30-2023 Property, plant and equipment: Proceeds before intended use - Amendments to IAS 16. The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. 06-30-2023 Reference to the Conceptual Framework - Amendments to IFRS 3 Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and Interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were finalized in May 2020: • IFRS 9 Financial Instruments: clarifies which fees should be included in the 10% test for derecognition of financial liabilities. • IFRS 16 Leases - amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives. • IFRS 1 First-time Adoption of International Financial Reporting Standards - allows entities that have measured their assets and liabilities at carrying amounts recorded in their parent’s books to also measure any cumulative translation differences using the amounts reported by the parent. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption. • IAS 41 Agriculture - removal of the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 Deferred tax - Amendments to IAS 12. The IASB issued amendments to IAS 12 that clarifies how companies account for deferred tax related to assets and liabilities that arise from a single transaction. The effects of these amendments essentially mean that the initial recognition exception is not available for transactions that involve the recognition of both an asset and a liability, such as leases and decommissioning obligations. 06-30-2024 Management is studying the impact that these new regulations and modifications will have for the Group. At the date of issuance of these consolidated financial statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group. 2.3 Scope of consolidation (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case basis. The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Statement of Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the principal are listed below: Agricultural Business % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.21 06.30.20 06.30.19 Cresud’s direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 39.44 % 33.55 % 43.29 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial - 100.00 % 100.00 % Futuros y Opciones.Com S.A. Argentina Brokerage 50.10 % 50.10 % 50.10 % Helmir S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % IRSA Inversiones y Representaciones Sociedad Anónima (2) Argentina Real estate 62.22 % 61.95 % 62.35 % Alafox S.A. Uruguay Investment 100.00 % - - Agropecuaria Santa Cruz S.A. Uruguay Investment - 100.00 % 100.00 % Brasilagro’s direct equity interest in: Araucária Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cajueiro Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Ceibo Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cremaq Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Engenho de Maracajú Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Flamboyant Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Agrícola Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Propriedades Agrícolas S.A. Brazil Agricultural 99.99 % 99.99 % 99.99 % Mogno Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Palmeiras S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agropecuaria Morotí S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agrifirma S.A. Brazil Agricultural 99.99 % 99.99 % - Agropecuaria Acres del Sud S.A. (2) (4) Bolivia Agricultural 99.99 % - - Ombú Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % - - Yatay Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % - - Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural 99.99 % - - Futuros y Opciones.Com. S.A.’s direct equity interest in: Amauta Agro S.A. (5) Argentina Brokerage 98.57 % 98.57 % 98.57 % FyO Acopio S.A. (5) Argentina Warehousing and brokerage 98.57 % 98.57 % 98.57 % FyO Chile SPA Chile Brokerage 100.00 % 100.00 % 100.00 % Agropecuaria Santa Cruz S.A.’s direct equity interest in: Agropecuaria Acres del Sud S.A. (2)(4) Bolivia Agricultural - 100.00 % 100.00 % Ombú Agropecuaria S.A. (4) Bolivia Agricultural - 100.00 % 100.00 % Yatay Agropecuaria S.A. (4) Bolivia Agricultural - 100.00 % 100.00 % Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural - 100.00 % 100.00 % Sedelor S.A. (3) Uruguay Investment - 100.00 % 100.00 % Codalis S.A. (3) Uruguay Investment - 100.00 % 100.00 % Alafox S.A. Uruguay Investment - 100.00 % 100.00 % (1) The Group exercises “de facto control” over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group, as well as the potential voting rights of the warrants held by the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; and (iv) the effective control exercised by the Group to direct Brasilagro’s relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro. (2) Includes interest indirectly held through Helmir. (3) Liquidation companies during the current fiscal year. (4) See Note 4 for the sale of companies to BrasilAgro. (5) Includes direct participation of Cresud. Urban Properties and Investments Business % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.21 06.30.20 06.30.19 IRSA’s direct equity interest: IRSA CP (1) Argentina Real estate 79.92 % 80.65 % 83.80 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 100.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % UT IRSA y Galerías Pacífico S.A. (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct equity interest in: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.95 % Torodur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % EHSA Argentina Investment 70.00 % 70.00 % 70.00 % Centro de Entretenimiento La Plata Argentina Real estate 100.00 % 100.00 % 100.00 % We Are APPA S.A. (ex Pareto S.A.) Argentina Design and software development 93.63 % 69.69 % 69.69 % La Malteria Argentina Real estate - - 100.00 % Tyrus S.A.’s direct equity interest in: DFL and DN BV Bermudas/ Netherlands Investment 99.50 % 97.04 % 96.46 % IRSA International LLC United States Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermudas Investment - - 100.00 % Real Estate Strategies LLC United States Investment 100.00 % 100.00 % 100.00 % Efanur S.A.’s direct equity interest in: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00 % 100.00 % 100.00 % DFL’s direct equity interest in: IDB Development Corporation Ltd. Israel Investment - 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct equity interest in: Discount Investment Corporation Ltd. (4) Israel Investment - 83.72 % 83.77 % IDBD’s direct equity interest in: IDB Tourism (2009) Ltd. Israel Tourism services - 100.00 % 100.00 % IDB Group Investment Inc Israel Investment - 100.00 % 100.00 % DIC’s direct equity interest in: Property & Building Corporation Ltd. Israel Real estate - 72.40 % 68.80 % Cellcom Israel Ltd. (5) Israel Telecommunications - 46.20 % - Elron Electronic Industries Ltd. Israel Investment - 61.06 % 44.10 % Bartan Holdings and Investments Ltd. Israel Investment - 55.68 % 61.06 % Epsilon Investment House Ltd. Israel Investment - 68.75 % 55.68 % Mehadrin Ltd. Israel Agricultural - 43.75 % 68.75 % PBC’s direct equity interest in: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - - 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate - 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate - 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate - 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate - 100.00 % 100.00 % PBC USA Investments Inc United States Real estate - 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus’ equity interest. (5) Control was lost in September 2020 (See Note 4). (6) Control was lost in September 2018. (7) Includes Tyrus’ and IRSA S.A.’s equity interests. Except for the aforementioned items, the percentage of votes does not differ from the stake. The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions - i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary. (c) Disposal of subsidiaries with loss of control When the Group ceases to have control over a subsidiary, any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. (d) Associates Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, except as otherwise indicated as explained below. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. As of each year-end or upon the existence of evidence of impairment, a determination is made, as to whether there is any objective indication of impairment in the value of the investments in associates. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the Associates and its carrying value and recognizes the amount adjacent to “Share of profit / (loss) of associates and joint ventures “ in the Statement of Income and Other Comprehensive Income. Profit and losses resulting from transactions between the Group and the associate are recognized in the Group’s financial statements only to the extent of the interests in the associates of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates are modified to ensure uniformity within Group policies. Note 8 includes summary financial information and other information of the Group’s associates. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. (e) Joint arrangements Joint arrangements are arrangements of which the Group and another party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Investments in joint ventures are accounted for under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the Consolidated Statements of Financial Position at cost and adjusted thereafter to recognize the Group’s share of post-acquisition profits or losses and other comprehensive income in the Statements of Income and Other Comprehensive Income. The Group determines at each reporting date whether there is any objective evidence that the investment in joint ventures is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes such difference in “Share of profit / (loss) of associates and joint ventures” in the Statements of Income and Other Comprehensive Income. 2.4 Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker (“CODM”), responsible for allocating resources and assessing performance. The operating segments are described in Note 6. 2.5 Foreign currency translation (a) Functional and presentation currency Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in Argentine Pesos, which is the Group’s presentation currency. (b) Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities nominated in foreign currencies are recognized in the profit or loss for the year. Foreign exchange gains and losses are presented in the Statement of Income within other financial income, as appropriate, unless they have been capitalized. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position; (ii) income and expenses for each Statement of Comprehensive Income and Other Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and (iii) all resulting exchange differences are recognized in the Statement of Comprehensive Income and Other Comprehensive Income. The accounting policy of the Group consists in accounting for the translation difference of its subsidiaries by the “step-by-step” method according to IAS 21. 2.6 Investment properties Investment prop |
Significant judgments, key assu
Significant judgments, key assumptions and estimates | 12 Months Ended |
Jun. 30, 2021 | |
3. Significant judgments, key assumptions and estimates | 3. Significant judgments, key assumptions and estimates Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates. Estimation Main assumptions Potential implications Main references Business combination - Allocation of acquisition prices Assumptions regarding timing, amount of future revenues and expenses, revenue growth, expected rate of return, economic conditions, and discount rate, among other. Should the assumptions made be inaccurate, the recognized combination may not be correct. Note 4 - Acquisitions and dispositions Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. The discount rate and the expected growth rate before taxes in connection with cash-generating units. The discount rate and the expected growth rate after taxes in connection with associates. Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Group’s best factual assumption relative to the economic conditions expected to prevail. Business continuity of cash-generating units. Appraisals made by external appraisers and valuators with relation to the assets’ fair value, net of realization costs (including real estate assets). Should any of the assumptions made be inaccurate; this could lead to differences in the recoverable values of cash-generating units. Note 10 - Property, plant and equipment Note 12 - Intangible assets Control, joint control or significant influence Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees’ bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) Note 2.3 - Scope of consolidation Estimated useful life of intangible assets and property, plant and equipment Estimated useful life of assets based on their conditions. Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). Note 10 - Property, plant and equipment Note 12 - Intangible assets Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 10. Incorrect valuation of investment property values Note 9 - Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 23 - Taxes Allowance for doubtful accounts A periodic review is conducted of receivables risks in the Group’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions. Improper recognition of charges / reimbursements of the allowance for bad debt. Note 17 - Trade and other receivables Level 2 and 3 financial instruments Main assumptions used by the Group are: • Discounted projected income by interest rate • Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. • Comparable market multiple (EV/GMV ratio). • Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Incorrect recognition of a charge to income / (loss). Note 16 - Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group, such estimate is based on legal advisors’ opinions. Charge / reversal of provision in relation to a claim. Note 21 - Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 16 - Financial instruments by category (Financial liabilities) Biological assets Main assumptions used in valuation are yields, production costs, selling expenses, forwards of sales prices, discount rates. Wrong recognition/valuation of biological assets. See sensitivities modeled on these parameters in Note 13. Note 14 - Biological assets |
Financial risk management and f
Financial risk management and fair value estimates | 12 Months Ended |
Jun. 30, 2021 | |
4. Financial risk management and fair value estimates | 5. Financial risk management and fair value estimates The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk, indexing risk due to specific clauses and other price risks), credit risk, liquidity risk and capital risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date. The general risk management policies of the Group seek both to minimize adverse potential effects on the financial performance of the Group and to manage and control the financial risks effectively. The Group uses financial instruments to hedge certain risk exposures when deemed appropriate based on its internal management risk policies, as explained below. Given the diversity of characteristics in the activities conducted under its business and operations center, the Group has decentralized the risk management policies based on two significant line of business: (i) agricultural business and (ii) urban properties and investments business, which is divided into two: (a) Argentina and (b) Israel, in order to identify and properly analyze the various types of risks to which each of the subsidiaries is exposed. The Group’s main financial instruments in the agricultural business and urban properties and investments business of the Operation Center in Argentina comprise cash and cash equivalents, receivables, payables, interest bearing assets and liabilities, other financial liabilities, other investments and derivative financial instruments. The Group manages its exposure to key financial risks in accordance with the Group’s risk management policies. The Group’s management framework includes policies, procedures, limits and allowed types of derivative financial instruments. The Group has established a Risk Committee, comprising members of senior management and a member of the Audit Committee, which reviews and oversees management’s compliance with these policies, procedures and limits and has overall accountability for the identification and management of risk across the Group. This section provides a description of the principal risks that could have a material adverse effect on the Group’s strategy, performance, results of operations and financial condition. The risks facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence. The analysis of sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice, this is unlikely to occur, and changes in some of the factors may be correlated - for example, changes in interest rate and changes in foreign currency rates. This sensitivity analysis provides only a limited, point-in-time view. The actual impact on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis. (a) Market risk management Market risk is the risk that the market prices, the fair value or the future cash flows of financial instrument instruments with which the Group operates will fluctuate due to changes in market prices. The Group’s market risks arise from open positions in foreign currencies, interest-bearing assets and liabilities, commodity price risks and equity securities of certain companies, to the extent that these are exposed to market value movements. The Group sets limits on the exposure to these risks that may be accepted, which are monitored on a regular basis. Foreign Exchange risk and associated derivative financial instruments The Group publishes its Consolidated Financial Statements in Argentine pesos but conducts operations and holds positions in other currencies. As a result, the Group is exposed to foreign currency exchange risk through exchange rate movements, which affect the value of the Group’s foreign currency positions. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency. The Group’s activities are carried out as follows: 1) Agricultural business 2) Urban properties and investments business: The real estate, commercial and/or financial activities of the Group’s subsidiaries have the Argentine Peso as functional currency. An important part of the business activities of these subsidiaries is conducted in that currency, thus not exposing the Group to foreign exchange risk. Other Group’s subsidiaries have other functional currencies, principally US Dollar. In the ordinary course of business, the Group, through its subsidiaries, transacts in currencies other than the respective functional currencies of the subsidiaries. These transactions are primarily denominated in US DollARS An important part of the business activities of these subsidiaries is conducted in above-mentioned local currencies, thus not exposing the Group to foreign exchange risk. Net financial position exposure to the functional currencies is managed on a case-by-case basis, partly by entering into foreign currency derivative instruments and/or by borrowings in foreign currencies, or other methods, considered adequate by the Management, according to circumstances. Financial instruments are considered sensitive to foreign exchange rates only when they are not in the functional currency of the entity that holds them. The following tables shows the net carrying amounts of the Company’s financial instruments nominated in USD, broken down by the functional currencies in which the Company operates for the years ended June 30, 2021 and 2020. The amounts are presented in Argentine Pesos, the presentation currency of the Group: 1) Agricultural business Net monetary position (Liability) / Asset 06.30.21 06.30.20 06.30.19 Functional currency USD USD USD Argentine Peso (69,518 ) (47,055 ) (38,478 ) Brazilian Reais 1,018 270 499 Bolivian Peso - (155 ) (165 ) Total (68,500 ) (46,940 ) (38,144 ) The Group estimates that, other factors being constant, a 10% appreciation of the US dollar against the respective functional currencies at year-end would result in a lower gain before income tax for the years ended June 30, 2021 and 2020 for an amount of ARS 6,850 and ARS 4,694, respectively. A 10% depreciation of the US dollar against the functional currencies would have an equal and opposite effect on the Statements of Income and Other Comprehensive Income. On the other hand, the Group also uses derivative instruments, such as future foreign exchange contracts to manage its exposure to foreign exchange risk. As of June 30, 2021, the Group has future exchange contracts pending for an amount of ARS 363 (asset) and ARS 44 (liability). As of June 30, 2020, the Group has future exchange contracts pending for an amount of ARS 239 (asset) and ARS 143 (liability). 2) Urban properties and investments business Net monetary position (Liability) / Asset 06.30.21 06.30.20 06.30.19 Functional currency USD USD USD Argentine Peso (43,811 ) (57,672 ) (31,743 ) Uruguayan Peso - 228 (412 ) Total (43,811 ) (57,444 ) (32,155 ) The Group estimates that, other factors being constant, a 10% appreciation of the US Dollar against the respective functional currencies at year-end for the Operations Center in Argentina would result in a net additional loss before income tax for the years ended June 30, 2021 and 2020 for an amount of ARS 4,381 and ARS 5,744, respectively. A 10% depreciation of the US Dollar against the functional currencies would have an equal and opposite effect on the Statements of Income and Other Comprehensive Income. On the other hand, the Group also uses derivatives, such as future exchange contracts, to manage its exposure to foreign currency risk. As of June 30, 2021 and 2020 the Group has future exchange contracts pending for an amount of USD 18 and USD 95, respectively. Interest rate risk The Group is exposed to interest rate risk on its investments in debt instruments, short-term and long-term borrowings and derivative financial instruments. The primary objective of the Group’s investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk. To achieve this objective, the Group diversifies its portfolio in accordance with the limits set by the Group. The Group maintains a portfolio of cash equivalents and short-term investments in a variety of securities, including both government and corporate obligations and money market funds. The Group’s interest rate risk principally arises from long-term borrowings (Note 22). Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities. These activities are evaluated regularly to determine that the Group is not exposed to interest rate fluctuations that could adversely affect its ability to meet its financial obligations and to comply with its borrowing covenants. The Group occasionally manages its cash flow interest rate risk exposure by different hedging instruments, including but not limited to interest rate swap, depending on each particular case. For example, interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates or vice versa. The interest rate risk policy is approved by the Board of Directors. Management analyses the Group’s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. Trade payables are normally interest-free and have settlement dates within one year. The simulation is done on a regular basis to verify that the maximum potential loss is within the limits set by management. Note 22 shows a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2021 and 2020. 1) Agricultural business The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2021 and 2020 in the amount of ARS 74 and ARS 93, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. 2) Urban properties and investments business The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2021 and 2020 in the amount of ARS 2.7 and ARS 46, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. Commodity price risk and associated derivative financial instruments The Group’s agricultural activities expose it to specific financial risks related to commodity prices. Prices for commodities have historically been cyclical, reflecting overall economic conditions and changes in capacity within the industry, which affect the profitability of entities engaged in the agricultural industry. Generally, the Group uses derivative instruments to hedge risks arising out of its agricultural business operations. The Group uses a variety of commodity-based derivative instruments to manage exposure to price volatility stemming from its integrated crop production activities. These instruments consist mainly of crop forwards, future contracts and put and call option contracts. Contract positions are designed to ensure that the Group will receive a defined minimum price for certain quantities of its production. The Group combines option contracts with future contracts only as a means of reducing the exposure towards the decrease in commodity prices, as being a producer means that the price is uncertain until the time the products are harvested and sold. The Group manages maximum and minimum prices for each commodity and the idea is to choose the best spot price at which to sell. The Group generally covers up to 49.9% of its crop production in order to finance its operating costs. The hedge consists of taking positions on purchased puts or sold futures and calls that assure a fixed exit price. In the past, the Group has never kept a short position greater than its crop inventories and does not intend to. On the other hand, it is not the Group’s current intention to be exposed in a long derivative position in excess of its actual production. The following tables show the outstanding positions for each type of derivative contract for the years ended June 30, 2021 and 2020: 06.30.21 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value Gain / (Loss) for valuation at fair value at year-end Forward: Sales Corn 135,538 - 220 (63 ) Soybeans 236,384 - 724 (977 ) Wheat 5,100 - 3 - Livestock 4,950 - - (61 ) Cotton 1,650,000 - 14 - Ethanol 900 - - (107 ) Purchase Corn 85,750 - (64 ) - Soybeans 300 - (1 ) - Wheat 14,100 - (24 ) - Options: Sale put Corn 2,000 12 - - Soybeans (40,214 ) 41 (101 ) (143 ) Wheat - 6 - - Purchase put Corn 2,000 (2 ) (5 ) - Soybeans 400 (8 ) - - Wheat - (7 ) - - Sale call Corn 8,600 83 8 45 Soybeans 45,081 41 - - Wheat 4,000 6 - - Purchase call Wheat 5,080 (77 ) 47 (82 ) Soybeans 20,465 (188 ) 17 914 Wheat 1,500,000 (25 ) 34 - Total 3,680,434 (118 ) 872 (474 ) 06.30.20 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value Gain / (Loss) for valuation at fair value at year-end Forward: Sales Corn 152,531 - (35 ) 11 Soybeans 86,421 - (35 ) 341 Wheat 18,500 - 5 - Livestock 54,450 - - (29 ) Cotton 893 - 20 - Ethanol 600 - - (12 ) Purchase Corn 46,480 - 12 - Soybeans 16,665 - 8 - Wheat 17,700 - 2 - Options: Sale put Corn 40,265 - (35 ) (36 ) Soybeans 35,572 - (8 ) 71 Wheat - - - - Cotton 625 - (8 ) - Livestock - - - (2 ) Purchase put Corn - - (11 ) - Soybeans 1,000 - (8 ) - Sale call Corn 89,700 (8 ) 47 - Soybeans 4,500 (26 ) 42 - Wheat 8,000 - 5 - Purchase call Corn - 8 (8 ) - Soybeans - 14 (6 ) - Total 573,902 (12 ) (13 ) 344 Derivatives margins amount to ARS 340 and ARS 293 as of June 30, 2021 and 2020, respectively. Gains and losses on commodity-based derivative instruments were ARS 474 (loss) and ARS 344 (gain) for the years ended June 30, 2021 and 2020, respectively. These gains and losses are included in “Other operating results, net” in the Statements of Income and Other Comprehensive Income. Crops future contracts fair values are computed with reference to quoted market prices on future exchanges. Other price risks The Group is exposed to equity securities price risk or derivative financial instruments because of investments held in entities that are publicly traded, which were classified on the Consolidated Statements of Financial Position at “fair value through profit or loss”. The Group regularly reviews the prices evolution of these equity securities in order to identify significant movements. As of June 30, 2021 and 2020 the total value of Group’s investments in shares and derivative financial instruments of public companies amounts to ARS 2,734 and ARS 29,116, respectively. The Group estimates that, other factors being constant, a 10% decrease in quoted prices of equity securities and in derivative financial instruments portfolio at year-end would generate a loss before income tax for the year ended June 30, 2021 and 2020 of ARS 273 and ARS 2,912, respectively. (b) Credit risk management The credit risk arises from the potential non-performance of contractual obligations by the parties, with a resulting financial loss for the Group. Credit limits have been established to ensure that the Group deals only with approved counterparties and that counterparty concentration risk is addressed and the risk of loss is mitigated. Counterparty exposure is measured as the aggregate of all obligations of any single legal entity or economic entity to the Group. The Group is subject to credit risk arising from deposits with banks and financial institutions, investments of surplus cash balances, the use of derivative financial instruments and from outstanding receivables. The credit risk is managed on a country-by-country basis. Each local entity is responsible for managing and analyzing the credit risk. The Group’s policy in each operations center is to manage credit exposure from deposits, short-term investments and other financial instruments by maintaining diversified funding sources in various financial institutions. All the institutions that operate with the Group are well known because of their experience in the market and high credit quality. The Group places its cash and cash equivalents, investments, and other financial instruments with various high credit quality financial institutions, thus mitigating the amount of credit exposure to any one institution. The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents and short-term investments in the Statements of Financial Position. Agricultural business The Group’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk and commodities prices. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to each counter party. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty’s obligations exceed the obligations that the Group has with that counterparty. The credit risk associated with derivative financial instruments is representing by the carrying value of the assets positions of these instruments. The Group’s policy is to manage credit risks associated with trade and other receivables within defined trading limits. All Group’s significant counterparties have internal trading limits. The Group’s customers are distinguished between those customers arising out of the investment and development properties activities of the Group from those arising out of its agricultural and agro-industrial operations. These two Groups of customers are monitored separately due to their distinct characteristics. Trade receivables from agriculture and agro-industrial activities are primarily derived from the sale of commodities, raw milk, cattle, and sugarcane; receivables from feedlot operations and raw meat products; receivables from the lease of farmland properties; receivables from the sale of farmland properties; and, other receivables from ancillary activities. Trade receivables from agriculture and agro-industrial activities represent 16.4% and 9% of the Group’s total trade receivables as of June 30, 2021 and 2020, respectively. In contrast with the investment and development properties activities of the Group, the Group’s agribusiness is conducted through several international subsidiaries. The Group has subsidiaries in Argentina, Brazil, Bolivia and Paraguay. However, Argentina and Brazil together concentrate more than 88% and 96% of the Group’s grain production for the years ended June 30, 2021 and 2020, respectively. For the years ended June 30, 2021 and 2020, the grain production in Bolivia has not been significant representing only 2% and 3% of the total Group’s crop sales, respectively. Each country has its own established market for the respective grain production. Generally, the entire country’s grain production is sold in the domestic market to well-known multinational exporters such as Molinos, Cargill or Bunge, and/or local exporters. Prices for grains are also generally based on the market prices quoted in the domestic markets, which normally take as reference the prices in international grain exchanges such as the Chicago Board of Trade. For the years ended June 30, 2021 and 2020, 35% and 47% of sales of crops in Argentina and Brazil were sold to well-known exporters. The Group performs credit evaluations of its customers and generally does not require collateral. Although sales are highly concentrated, the Group does not believe that significant credit risk exists at the reporting period due to the high credit rating of these customers. The Group concentrates its cattle production in Argentina where it is entirely sold in the domestic market. The main buyers are slaughterhouses and supermarkets and are well dispersed. Prices in the cattle market in Argentina are basically fixed by local supply and demand. The principal market is the Liniers Market in Buenos Aires, which provides a standard in price formation for the rest of the domestic markets. Live animals are sold by auction on a daily basis in the market, whereas prices are negotiated by kilogram of live weight and are mainly determined by local supply and demand. Some supermarkets and meat packers establish their prices by kilogram of processed meat. In these cases, processing yields influences the final price. The Group’s sugarcane production is based in Brazil and to a lesser extent in Bolivia. Brazil concentrates the 100% of the Group’s total sugarcane production as of June 30, 2021 and 2020, respectively. Currently, the group has two supply agreements of sugarcane. One of them is with Brenco Companhia Brasileira de Energía Renovable (ETH) and the other one Aparecería IV with Agroserra - Agro Pecuária e Industria, in the municipality of São Raimundo das Mangabeiras. Sales to ETH amounted to ARS 1,693 and ARS 1,983 and from Agroserra amounted to ARS 3,358 and ARS 2,639 during fiscal years ended June 30, 2021 and 2020, respectively. Thus, total sales amounted to ARS 5,051 and ARS 4,622 in fiscal year ended June 30, 2021 and 2020, representing 17% and 15% of consolidated agricultural business revenues of the Group of each fiscal year. Although sales are agreed, the Group do not believe that there is a significant collection risk as of the date of year fiscal year, considering the rating of ETH and Agroserra. The Company does not expect any significant losses resulting from the non-performance of the counterparties in any of the business lines. The maximum exposure to Group’s credit risk is represented by the carrying amount of each financial asset in the Statement of Financial Position after deducting any impairment allowance. The Group’s overall exposure of credit risk arising from trade receivables is set out in Note 17. 1) Urban properties and investments business Trade receivables related to leases and services provided by the Group represent a diversified tenant base and account for 96.4% and 94.2% of the Group’s total trade receivables of the operations Group as of June 30, 2021 and 2020, respectively. The Group has specific policies to ensure that rental contracts are transacted with counterparties with appropriate credit quality. The majority of the Group’s shopping mall, offices and other rental properties’ tenants are well recognized retailers, diversified companies, professional organizations, and others. Owing to the long-term nature and diversity of its tenancy arrangements, the credit risk of this type of trade receivables is considered to be low. Generally, the Group has not experienced any significant losses resulting from the non-performance of any counterpart to the lease contracts and, as a result, the allowance for doubtful accounts balance is low. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Group. If there is no independent rating, risk control assesses the credit quality of the customer, taking into account its past experience, financial position, actual experience and other factors. Based on the Group’s analysis, the Group determines the size of the deposit that is required from the tenant at inception. Management does not expect any material losses from non-performance by these counterparties (see details on Note 17). On the other hand, property receivables related to the sale of trading properties represent 3.6% and 5.8% of the Group’s total trade receivables as of June 30, 2021 and 2020, respectively. Payments on these receivables have generally been received when due. These receivables are generally secured by mortgages on the properties. Therefore, the credit risk on outstanding amounts is considered very low. (c) Liquidity risk management The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and Statements of Financial Position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources. Each business monitors its current and projected financial position using several key internally generated reports: cash flow; debt maturity; and interest rate exposure. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates and changes in property values on the key profitability, liquidity and balance sheet ratios. The debt of each operation center and the derivative positions are continually reviewed to meet current and expected debt requirements. Each operation center maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using a variety of types of debt. The maturity profile is managed in accordance with each operation center needs, by spreading the repayment dates and extending facilities, as appropriate. The tables below show financial liabilities, including each operation center derivative financial liabilities groupings based on the remaining period at the Statements of Financial Position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed on the Statements of Financial Position. However, undiscounted cash flows in respect of balances due within 12 months generally equal their carrying amounts in the Statements of Financial Position, as the impact of discounting is not significant. The tables include both interest and principal flows. Where the interest payable is not fixed, the amount disclosed has been determined by reference to the existing conditions at the reporting date. 1) Agricultural business 06.30.21 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 13,706 863 - - - 14,569 Borrowings 30,866 18,138 7,447 1,646 1,646 59,743 Finance lease obligations 1,636 3,713 56 - - 5,405 Derivative financial instruments 937 38 - - - 975 Total 47,145 22,752 7,503 1,646 1,646 80,692 06.30.20 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 9,482 185 282 81 152 10,182 Borrowings 32,485 22,446 13,580 445 434 69,390 Finance lease obligations 1,187 774 503 406 1,613 4,483 Derivative financial instruments 365 29 - - - 394 Total 43,519 23,434 14,365 932 2,199 84,449 2) Urban properties and investments business 06.30.21 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,748 104 1 - - 2,853 Borrowings 14,548 38,351 5,695 211 188 58,993 Finance lease obligations 57 51 80 90 1,767 2,045 Derivative financial instruments 49 9 - - - 58 Total 17,402 38,515 5,776 301 1,955 63,949 06.30.20 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,322 234 104 329 2 2,991 Borrowings 57,680 4,931 40,975 98 324 104,008 Finance lease obligations 80 74 77 81 1,939 2,251 Derivative financial instruments 125 42 9 - - 176 Total 60,207 5,281 41,165 508 2,265 109,426 See Note 22 for a description of the commitments and restrictions related to loans and the ongoing renegotiations. (d) Capital risk management The capital structure of the Group consists of shareholders’ equity and net borrowings. The type and maturity of the Group’s borrowings are analyzed further in Note 22. The Group’s equity is analyzed into its various components in the Statement of Changes in Equity. Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders. The Group seeks to manage its capital requirements to maximize value through the mix of debt and equity funding, while ensuring that Group entities continue to operate as going concerns, comply with applicable capital requirements and maintain strong credit ratings. The Group assesses the adequacy of its capital requirements, cost of capital and gearing (i.e., debt/equity mix) as part of its broader strategic plan. The Group continuously reviews its capital structure to ensure that (i) sufficient funds and financing facilities are available to implement the Group’s property development and business acquisition strategies, (ii) adequate financing facilities for unforeseen contingencies are maintained, and (iii) distributions to shareholders are maintained within the Group’s dividend distribution policy. The Group also protects its equity in assets by obtaining appropriate insurance. The Group’s strategy is to maintain key financing metrics (net debt to total equity ratio or gearing and debt ratio) in order to ensure that asset level performance is translated into enhanced returns for shareholders whilst maintaining an appropriate risk reward balance to accommodate changing financial and operating market cycles. The following tables details the Group’s key metrics in relation to managing its capital structure. The ratios are within the ranges previously established by the Group’s strategy. 1) Agricultural business 06.30.21 06.30.20 Gearing ratio (i) 64.8 % 63.03 % Debt ratio (ii) 134.74 % 251.91 % (i) Calculated as total borrowings over total borrowings plus equity attributable to shareholders of the controlling company. (ii) Calculated as total borrowings over total properties (including trading properties, properties, plant and equipment, investment properties, units to be received under barter agreements). 2) Urban properties and investments business 06.30.21 06.30.20 Gearing ratio (i) 74.84 % 49.57 % Debt ratio (ii) 32.86 % 44.42 % (i) Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company. (ii) Calculated as total borrowings over total properties (including trading properties, property, plant and equipment, investment properties and rights to receive units under barter agreements). (e) Other non-financial risks Nature risks The Group’s revenue arising from agricultural activities depends significantly on the ability to manage biological assets and agricultural produce. The ability to manage biological assets and agricultural produce may be affected by unfavorable local weather conditions and natural disasters. Weather conditions such as floods, droughts, hail, windstorms and natural disasters such as fire, disease, insect infestation and pests are examples of such unpredictable events. The Group manages this risk by locating its farmlands in different geographical areas. The Group has not taken out insurance for this kind of risks. The occurrence of severe weather conditions or natural disasters may affect the growth of our biological assets, which in turn may have a material adverse effect on the Group’s ability to harvest agricultural produce in sufficient quantities and in a |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Jun. 30, 2021 | |
5. Acquisitions and disposals | 4. Acquisitions and disposals Agricultural business Bolivian companies On December 20, 2020, our subsidiary BrasilAgro and its subsidiaries Agrifirma Agro and Imobiliária Engenho de Maracajú signed a Share Purchase Agreement to acquire 100% of the shares issued by the following companies based in Bolivia: (i) Agropecuaria Acres del Sud SA; (ii) Ombú Agropecuaria S.A .; (iii) Yatay Agropecuaria S.A .; and (iv) Yuchán Agropecuaria S.A., all indirectly controlled by The Company, for an amount of USD 31. This acquisition was approved at a meeting of the BrasilAgro Board of Directors held on December 22, 2020. The acquisition was subject to compliance with certain precedent conditions, which were fully met on February 4, 2021. Consequently, on February 8, 2021, BrasilAgro made the full payment of the acquisition price for a total of R$ 160 (equivalent to approximately ARS 2,763 at the date of the transaction), after the reporting period a price adjustment of USD 1 was paid Said transaction has no impact on the Group’s consolidated assets and liabilities. The difference in the ownership interest will be treated as a change in non-controlling interest within the equity. Sale of Bananal Farm BrasilAgro concluded the sale of 2,160 hectares (1,714 useful hectares) of Bananal Farm (Magalhães municipality - BA). The farm was included in the Group of assets held for sale due to a disagreement involving the tenant at the time of sale. The previous conditions recognized in the purchase agreement were fully met on July 31, 2020 after receipt of R$ 5.5 (equivalent to ARS 107). The face value of the sale is R$ 28 (equivalent to ARS 498 at the date of the transaction). For this operation, the company did not recognize results since the asset was recorded at its fair value. Sale of Carnes Pampeanas S.A. On February 24, 2021, the Company sold 100% of its shares of Sociedad Anónima Carnes Pampeanas S.A., owner of the meat processing plant Carnes Pampeanas in the province of La Pampa, Argentina. The price of the operation was agreed at USD 10, which has already been paid in full. The result of the transaction amounted to $ 732. The results from the meatpacking operations have been reclassified to discontinued operations. Agrouranga S.A. - Share capital decrease On April 5, 2021, the Company sold 63,041 shares of Agrouranga S.A. equivalent to 0.87% of the ownership over it. The sale value was set at USD 1 million (equivalent to ARS 59 million). The result generated by the operation was a gain of ARS 55. Uranga Trading S.A. - - Share capital decrease On April 5, 2021, the Company sold 15,871 shares of Uranga Trading S.A. equivalent to 0.87% of the ownership over it. The sale value was set at USD 0.01 million (equivalent to ARS 2 million). The result generated by the operation was a loss of ARS 0.01. Sale of “San Pedro” Farm The Company has signed a bill of sale with possession of a fraction of 2,440 hectares of its “San Pedro” farm, which includes 1,950 productive hectares of agricultural activity and its historic center. The field is located in the Department of Concepción del Uruguay, Entre Ríos province, and was acquired by CRESUD in 2005. After this operation, a remnant of approximately 3,580 hectares of said establishment remains in the hands of the Company. The total amount of the operation was set at USD 8.6 million, of which USD 6.5 million have been collected to date. The remaining balance is approximately USD 2.1 million, and USD 0.8 million will be charged at the time of writing the fraction corresponding to the historic center scheduled for July 2021 and in 2 installments of USD 0.7 million in December 2021 and USD 0.6 million in December 2022. The result of the operation amounts to a profit of ARS 326 million. BrasilAgro Warrants - Option Exercise On May 14, 2021, the Company exercised all its direct and indirect participation in the BrasilAgro warrants, which were granted to the founding partners at the birth of the company in 2006. The operation was for 181,368 warrants that gave it the right to receive 14,542,083 new ordinary shares. The exercise price of these options was BRL 22.1165 per share, for which the amount invested amounted to BRL 321.6 million (approximately USD 61.9 million).” Urban properties and investments business Sale of Boston Tower building On July 15, 2020, IRSA Propiedades Comerciales S.A. has signed a bill of sale with possession of a medium-height floor of Boston Tower located at 265 Della Paolera in Catalinas District in the Autonomous City of Buenos Aires for a total area of approximately 1,247 square meters and 5 parking spaces located in the building. The price of the transaction was ARS 666 million. On August 25, 2020, IRSA Propiedades Comerciales S.A. has sold and transferred 5 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 6,235 square meters and 25 parking spaces located in the building. The price of the transaction was ARS 3,574 million. On November 5, 2020, IRSA Propiedades Comerciales S.A. has signed a bill of sale with possession of 4 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,892 square meters and 15 parking spaces located in the building. The price of the transaction was ARS 2,271 million. On November 12, 2020, IRSA Propiedades Comerciales S.A. has signed with an unrelated third party a bill of sale with possession of 3 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,266 square meters, a commercial space located on the ground floor of approximately 225 square meters and 15 parking spaces located in the building. The price of the transaction was ARS 1,906 million. Sale of Bouchard building On July 30, 2020 IRSA Propiedades Comerciales S.A. has sold the entire “Bouchard 710” building, located in the Plaza Roma district of the Autonomous City of Buenos Aires, to an unrelated third party. The tower consists of 15,014 square meters of gross rental area on 12 office floors and 116 parking spaces. The price of the transaction was ARS 8,791 million. Lipstick Building, New York, United+ States On August 7, 2020, due to Ground Lease Building’s low profitability resulting from the expensive price for rental of the land, we executed an agreement with the owner of the Ground Lease Building through which we terminated our legal relationship and discharged our duties as administrators of the building. Consequently, as of June 30, 2020, we are neither responsible for the Metropolitan’s liabilities associated with the Ground Lease, nor the assets and liabilities associated with the building and its administration. We also made an agreement with the owner of the Ground Lease Building that states that Metropolitan is completely released from responsibilities, except for (i) claims for liabilities prior to June 1, 2020 from people who have performed work or provided services in the Ground Lease Building or to Metropolitan; and (ii) claims from people who have had an accident on the property dated before August 7, 2020. This situation impacted our Consolidated Financial Statements as of June 30,2020. Condor Merger Agreement On July 19, 2019, Condor completed a merger agreement with Nextpoint Hospitality Trust (“NHT”). The acquisition’s closing, originally scheduled for March 23, 2020, did not occur. On October 14, 2020, Condor executed an agreement with NHT to resolve each and every claim between them arising from the aforementioned merger agreement. Pursuant to this agreement, Condor collected a compensation which totalled USD 7.0 million. On June 29, 2021, one of our subsidiaries exercised a put right through which our subsidiary’s Class E preferred shares, in Condor, plus the unpaid accrued dividends as of June 30, 2021, were converted into common shares, which were issued on July 29, 2021. As of the date of submission of this form, we directly and indirectly own 3,194,214 common shares, which represent 21.7% of the capital stock of Condor. We are currently evaluating different strategic alternatives to create value for our shareholders. Acquisition of Hudson Property On December 11, 2020, the purchase bill of the property called Casonas located in Hudson, Berazategui district was signed, paying the remaining balance of 90% for USD 1 million. The initial 10% had been paid in during the year ended June 30, 2018. See Note 35 for sales after June 30, 2021. We Are Appa S.A. - Share capital increase As of June 30, 2020, the Company’s capital stock was represented by 116,500 ordinary shares with a par value of ARS 1 per share and with the right to 1 vote per share. On April 19, 2021, the Ordinary and Extraordinary General Shareholders’ Meeting decided to capitalize the entire share premium and inflation adjustment of share capital. Additionally, new irrevocable contributions were made which were capitalized in the same date. The total of ordinary shares totaled 517,722,151, leaving the share capital as follows: Number of shares Share capital June 30, 2020 116,500 116,500 Capitalization of share premium and inflation adjustment of share capital 137,722,151 137,722,151 Issuance of ordinary shares 380,000,000 380,000,000 June 30, 2021 517,838,651 517,838,651 Loss of control of IDBD As described in Note 1. to these financial statements, at the end of September 2020, the Group has lost control of IDBD, deconsolidating the related assets and liabilities and reclassifying the operations from this operations center to discontinued operations. The following table details the net assets disposed: 09.30.2020 ASSETS Investment properties 117,547 Property, plant and equipment 47,989 Trading properties 7,690 Intangible assets 36,546 Right-of-use assets 25,853 Investment in associates and joint ventures 48,443 Deferred income tax assets 568 Income tax and MPIT credits 426 Restricted assets 8,400 Trade and other receivables 70,693 Investment in financial assets 31,643 Derivative financial instruments 368 Inventories 4,712 Group of assets held for sale 55,028 Cash and cash equivalents 145,330 TOTAL ASSETS 601,236 Borrowings 425,321 Lease liabilities 23,696 Deferred income tax liabilities 16,261 Trade and other payables 31,785 Income tax and MPIT liabilities 596 Provisions 7,095 Employee benefits 624 Derivative financial instruments 624 Payroll and social security liabilities 4,427 Group of liabilities held for sale 28,805 TOTAL LIABILITIES 539,234 TOTAL NET ASSETS 62,002 Non-controlling interest (62,519 ) Result for loss of control (517 ) Recycling of currency translation adjustment and other reserves (3,504 ) Total result for loss of control (*) (4,021 ) (*) included within discontinued operations. Manibil Sale On December 22, 2020, we completed the sale of all our holdings in Manibil S.A., a company engaged in the real estate business. Those holdings amounted 217,332,873 ordinary Class B, nominative not endorsable shares, each entitled to 1 vote and with a par value of ARS 1 per share. The shares totalled the 49% of Manibil S.A.’s capital stock. As consideration for this operation, on February 2021, we acquired the right to receive future 953 square meters units located in different residential developments. This operation represents an ARS 37 million gain, as disclosed on our financial statements within the “Other operating results, net” category. |
Segment information
Segment information | 12 Months Ended |
Jun. 30, 2021 | |
6. Segment information | 6. Segment information IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the CODM. According to IFRS 8, the CODM represents a function whereby strategic decisions are made and resources are assigned. The CODM function is carried out by the President of the Group, Mr. Eduardo S. Elsztain. Segment information is reported from the perspective of products and services: (i) agricultural business and (ii) urban properties and investment business. As from fiscal year 2018 the CODM reviews the operating income/loss of each business excluding the amounts related to management fees, being such amount reviewed at an aggregate level outside each business. Additionally, the CODM reviews certain corporate expenses associated with each business in an aggregate manner and separately from each of the segments, such expenses have been disclosed in the “Corporate” segment of each operation center. Below is the segment information prepared as follows: Agricultural business · Agricultural production · Land transformation and sales · Corporate · Other segments Urban properties and investments business · Shopping Malls · Offices · Sales and developments · Hotels · International · Corporate · Others As of fiscal year 2018, the CODM also reviews the office business as a single segment and the entertainment business in an aggregate and separate manner from offices, including that concept in the “Others” segment. The CODM periodically reviews the results and certain asset categories and assesses performance of operating segments of this operations center based on a measure of profit or loss of the segment composed by the operating income plus the share of profit / (loss) of joint ventures and associates. The valuation criteria used in preparing this information are consistent with IFRS standards used for the preparation of the Consolidated Financial Statements, except for the following: · Operating results from joint ventures are evaluated by the CODM applying proportional consolidation method. Under this method, the profit/loss generated and assets are reported in the Statement of Income line-by-line based on the percentage held in joint ventures rather than in a single item as required by IFRS. Management believes that the proportional consolidation method provides more useful information to understand the business return. On the other hand, the investment in the joint venture La Rural S.A. is accounted for under the equity method since this method is considered to provide more accurate information in this case. · Operating results from Shopping Malls and Offices segments do not include the amounts pertaining to building administration expenses and collective promotion funds (“FPC”, as per its Spanish acronym) as well as total recovered costs, whether by way of expenses or other concepts included under financial results (for example default interest and other concepts). The CODM examines the net amount from these items (total surplus or deficit between building administration expenses and FPC and recoverable expenses). Revenues for each reporting segments derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment. Until September 2020, the Group reported its financial and equity performance separately in two operations centers. However, as detailed in Note 1, during the month of September 2020 the Group lost control over IDBD, therefore, the results corresponding to the Israel Operations Center have been reclassified to discontinued operations. As a consequence of the above, as of October 1, 2020, the Group reports its financial and equity performance under a single operations center. The information by segments of the previous years has been modified for the purposes of its comparability with the current year. · Operation Center in Israel, The assets and services exchanged between the segments are calculated based on established prices. Transactions between segments are eliminated, if applicable. Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2021: 06.30.21 Urban Properties and Investment business (II) Agricultural business (I) Operations Center in Argentina Subtotal Total segment information Joint ventures (i) Adjustments (ii) Elimination of inter-segment transactions and non-reportable assets / liabilities (iii) Total Statement of Income and Other Comprehensive Income / Financial Position Revenues 29,766 10,114 10,114 39,880 (50 ) 2,945 (364 ) 42,411 Costs (27,275 ) (3,448 ) (3,448 ) (30,723 ) 70 (3,179 ) - (33,832 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 14,278 - - 14,278 - - 189 14,467 Changes in the net realizable value of agricultural products after harvest (590 ) - - (590 ) - - - (590 ) Gross profit 16,179 6,666 6,666 22,845 20 (234 ) (175 ) 22,456 Net gain / (loss) from fair value adjustment of investment properties 5,510 (7,635 ) (7,635 ) (2,125 ) (121 ) - - (2,246 ) Gain from disposal of farmlands 1,310 - - 1,310 - - - 1,310 General and administrative expenses (2,176 ) (3,095 ) (3,095 ) (5,271 ) 14 - 90 (5,167 ) Selling expenses (2,742 ) (1,511 ) (1,511 ) (4,253 ) 21 - 85 (4,147 ) Other operating results, net (2,209 ) (157 ) (157 ) (2,366 ) (20 ) 107 (3 ) (2,282 ) Profit / (loss) from operations 15,872 (5,732 ) (5,732 ) 10,140 (86 ) (127 ) (3 ) 9,924 Share of loss of associates and joint ventures (60 ) (3,988 ) (3,988 ) (4,048 ) (385 ) - (2 ) (4,435 ) Segment profit / (loss) 15,812 (9,720 ) (9,720 ) 6,092 (471 ) (127 ) (5 ) 5,489 Reportable assets 65,748 207,197 207,197 272,945 (1,484 ) - 67,707 339,168 Reportable liabilities - - - - - - (233,275 ) (233,275 ) Net reportable assets 65,748 207,197 207,197 272,945 (1,484 ) - (165,568 ) 105,893 Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2020: 06.30.20 Urban Properties and Investment business (II) Agricultural business (I) Operations Center in Argentina Operations Center in Israel Subtotal Total segment information Joint ventures (i) Adjustments (ii) Elimination of inter-segment transactions and non-reportable assets / liabilities (iii) Total Statement of Income and Other Comprehensive Income / Financial Position Revenues 30,084 16,731 - 16,731 46,815 (90 ) 4,655 (312 ) 51,068 Costs (25,016 ) (4,138 ) - (4,138 ) (29,154 ) 80 (4,851 ) - (33,925 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,925 - - - 3,925 - - 203 4,128 Changes in the net realizable value of agricultural products after harvest 986 - - - 986 - - - 986 Gross profit 9,979 12,593 - 12,593 22,572 (10 ) (196 ) (109 ) 22,257 Net gain from fair value adjustment of investment properties 1,172 50,263 - 50,263 51,435 (395 ) - - 51,040 Gain from disposal of farmlands 1,259 - - - 1,259 - - - 1,259 General and administrative expenses (1,881 ) (3,367 ) - (3,367 ) (5,248 ) 20 - 81 (5,147 ) Selling expenses (3,057 ) (1,849 ) - (1,849 ) (4,906 ) 27 - 29 (4,850 ) Other operating results, net 2,379 17 - 17 2,396 28 73 3 2,500 Management fees - - - - - - (316 ) - (316 ) Profit from operations 9,851 57,657 - 57,657 67,508 (330 ) (439 ) 4 66,743 Share of profit of associates and joint ventures 186 10,584 - 10,584 10,770 254 - 36 11,060 Segment profit 10,037 68,241 - 68,241 78,278 (76 ) (439 ) 40 77,803 Reportable assets 55,680 237,299 673,968 911,267 966,947 (1,008 ) - (100,045 ) 865,894 Reportable liabilities - - (600,580 ) (600,580 ) (600,580 ) - - (139,116 ) (739,696 ) Net reportable assets 55,680 237,299 73,388 310,687 366,367 (1,008 ) - (239,161 ) 126,198 Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2019: 06.30.19 Urban Properties and Investment business (II) Agricultural business (I) Operations Center in Argentina Operations Center in Israel Subtotal Total segment information Joint ventures (i) Adjustments (ii) Elimination of inter-segment transactions and non-reportable assets / liabilities (iii) Total Statement of Income and Other Comprehensive Income / Financial Position Revenues 19,973 22,613 - 22,613 42,586 (140 ) 5,426 (343 ) 47,529 Costs (16,236 ) (4,806 ) - (4,806 ) (21,042 ) 102 (5,793 ) - (26,733 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,048 - - - 3,048 - - 203 3,251 Changes in the net realizable value of agricultural products after harvest (65 ) - - - (65 ) - - - (65 ) Gross profit 6,720 17,807 - 17,807 24,527 (38 ) (367 ) (140 ) 23,982 Net loss from fair value adjustment of investment properties - (59,291 ) - (59,291 ) (59,291 ) 1,258 - - (58,033 ) Gain from disposal of farmlands 998 - - - 998 - - - 998 General and administrative expenses (2,026 ) (4,010 ) - (4,010 ) (6,036 ) 24 (146 ) 68 (6,090 ) Selling expenses (1,883 ) (1,628 ) - (1,628 ) (3,511 ) 9 189 19 (3,294 ) Other operating results, net 1,183 (841 ) - (841 ) 342 282 124 (21 ) 727 Profit / (loss) from operations 4,992 (47,963 ) - (47,963 ) (42,971 ) 1,535 (200 ) (74 ) (41,710 ) Share of profit / (loss) of associates and joint ventures 17 (9,291 ) - (9,291 ) (9,274 ) (1,504 ) - - (10,778 ) Segment profit / (loss) 5,009 (57,254 ) - (57,254 ) (52,245 ) 31 (200 ) (74 ) (52,488 ) Reportable assets 51,961 166,976 804,267 971,243 1,023,204 (1,455 ) - 215,810 1,237,559 Reportable liabilities - - (692,205 ) (692,205 ) (692,205 ) - - (364,991 ) (1,057,196 ) Net reportable assets 51,961 166,976 112,062 279,038 330,999 (1,455 ) - (149,181 ) 180,363 (i) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (ii) Includes ARS (234), ARS (196) and ARS (223) corresponding to Expenses and FPC as of June 30, 2021, 2020 and 2019, respectively, and ARS 316 to management fees, as of June 30, 2020. (iii) Includes deferred income tax assets, income tax and MPIT credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of ARS 14, ARS 26 and ARS 13,004, as of June 30, 2021, 2020 and 2019, respectively. Agriculture line of business: The following tables present the reportable segments of the agriculture line of business: 06.30.21 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 24,368 - - 5,398 29,766 Costs (23,515 ) (36 ) - (3,724 ) (27,275 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 14,278 - - - 14,278 Changes in the net realizable value of agricultural products after harvest (590 ) - - - (590 ) Gross profit / (loss) 14,541 (36 ) - 1,674 16,179 Net gain from fair value adjustment of investment properties - 5,510 - - 5,510 Gain from disposal of farmlands - 1,310 - - 1,310 General and administrative expenses (1,372 ) (5 ) (439 ) (360 ) (2,176 ) Selling expenses (2,338 ) (1 ) - (403 ) (2,742 ) Other operating results, net (4,091 ) 1,751 - 131 (2,209 ) Profit / (loss) from operations 6,740 8,529 (439 ) 1,042 15,872 Share of profit/ (loss) of associates and joint ventures 60 - - (120 ) (60 ) Segment profit / (loss) 6,800 8,529 (439 ) 922 15,812 Investment properties 11,001 - - - 11,001 Property, plant and equipment 32,931 265 - 92 33,288 Investments in associates 598 - - 219 817 Other reportable assets 17,149 - - 3,492 20,641 Reportable assets 61,679 265 - 3,803 65,747 From all of the Group’s revenues corresponding to Agricultural Business, ARS 16,122 are originated in Argentina and ARS 13,644 in other countries, principally in Brazil for ARS 13,035. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 20,452 are located in Argentina and ARS 45,801 in other countries, principally in Brazil. 06.30.20 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 25,810 - - 4,274 30,084 Costs (22,042 ) (38 ) - (2,936 ) (25,016 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,925 - - - 3,925 Changes in the net realizable value of agricultural products after harvest 986 - - - 986 Gross profit / (loss) 8,679 (38 ) - 1,338 9,979 Net gain from fair value adjustment of investment properties - 1,172 - - 1,172 Gain from disposal of farmlands - 1,259 - - 1,259 General and administrative expenses (1,445 ) (5 ) (254 ) (177 ) (1,881 ) Selling expenses (2,727 ) (2 ) - (328 ) (3,057 ) Other operating results, net 683 1,445 - 251 2,379 Profit / (loss) from operations 5,190 3,831 (254 ) 1,084 9,851 Share of profit of associates and joint ventures 80 - - 106 186 Segment profit / (loss) 5,270 3,831 (254 ) 1,190 10,037 Investment properties 6,202 - - - 6,202 Property, plant and equipment 31,371 269 - 84 31,724 Investments in associates 629 - - 439 1,068 Other reportable assets 10,938 497 - 5,251 16,686 Reportable assets 49,140 766 - 5,774 55,680 From all of the Group’s revenues corresponding to Agricultural Business, ARS 17,930 are originated in Argentina and ARS 12,154 in other countries, principally in Brazil for ARS 10,932. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 19,931 are located in Argentina and ARS 35,749 in other countries, principally in Brazil for ARS 28,406. 06.30.19 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 16,673 - - 3,300 19,973 Costs (14,215 ) (36 ) - (1,985 ) (16,236 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,048 - - - 3,048 Changes in the net realizable value of agricultural products after harvest (65 ) - - - (65 ) Gross profit / (loss) 5,441 (36 ) - 1,315 6,720 Net gain from fair value adjustment of investment properties - - - - - Gain from disposal of farmlands - 998 - - 998 General and administrative expenses (1,451 ) (4 ) (401 ) (170 ) (2,026 ) Selling expenses (1,544 ) (2 ) - (337 ) (1,883 ) Other operating results, net 642 367 - 174 1,183 Profit / (loss) from operations 3,088 1,323 (401 ) 982 4,992 Share of profit/ (loss) of associates and joint ventures 86 - - (69 ) 17 Segment profit / (loss) 3,174 1,323 (401 ) 913 5,009 Investment properties 3,956 - - - 3,956 Property, plant and equipment 30,369 223 - 1,155 31,747 Investments in associates 588 - - 32 620 Other reportable assets 12,724 - - 2,914 15,638 Reportable assets 47,637 223 - 4,101 51,961 From all of the Group’s revenues corresponding to Agricultural Business, ARS 10,389 are originated in Argentina and ARS 9,584 in other countries, principally in Brazil for ARS 8,896. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 20,671 are located in Argentina and ARS 31,290 in other countries, principally in Brazil for ARS 28,499. (i) Urban properties and investments line of business Below is a summarized analysis of the lines of business of Group’s operations center in Argentina for the fiscal years ended June 30, 2021, 2020 and 2019: 06.30.21 Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 5,321 2,764 664 921 376 - 68 10,114 Costs (865 ) (223 ) (747 ) (1,065 ) (317 ) - (231 ) (3,448 ) Gross profit / (loss) 4,456 2,541 (83 ) (144 ) 59 - (163 ) 6,666 Net (loss) / gain from fair value adjustment of investment properties (i) (20,342 ) 5,395 6,483 - 6 - 823 (7,635 ) General and administrative expenses (1,432 ) (404 ) (357 ) (426 ) (56 ) (352 ) (68 ) (3,095 ) Selling expenses (451 ) (199 ) (684 ) (141 ) (26 ) - (10 ) (1,511 ) Other operating results, net (126 ) 7 (13 ) (12 ) (12 ) - (1 ) (157 ) (Loss) / Profit from operations (17,895 ) 7,340 5,346 (723 ) (29 ) (352 ) 581 (5,732 ) Share of loss of associates and joint ventures - - (16 ) - (891 ) - (3,081 ) (3,988 ) Segment (loss) / profit (17,895 ) 7,340 5,330 (723 ) (920 ) (352 ) (2,500 ) (9,720 ) Investment and trading properties 54,317 76,812 55,943 (2 ) 114 - 2,307 189,491 Property, plant and equipment 289 3,517 - 2,575 - 8 - 6,389 Investment in associates and joint ventures - - - - 1,916 - 6,994 8,910 Other reportable assets 149 145 1,948 29 - - 136 2,407 Reportable assets 54,755 80,474 57,891 2,602 2,030 8 9,437 207,197 From all the revenues, ARS 9,738 are originated in Argentina, and ARS 376 in the U.S. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, ARS 204,358 are located in Argentina and ARS 2,839 in other countries, principally in USA for ARS 2,030 and Uruguay for ARS 801. 06.30.20 Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 8,915 3,542 1,104 3,036 17 - 117 16,731 Costs (851 ) (218 ) (1,034 ) (1,870 ) (18 ) - (147 ) (4,138 ) Gross profit / (loss) 8,064 3,324 70 1,166 (1 ) - (30 ) 12,593 Net (loss) / gain from fair value adjustment of investment properties (3,162 ) 34,181 18,293 - - - 951 50,263 General and administrative expenses (1,246 ) (333 ) (342 ) (547 ) (165 ) (562 ) (172 ) (3,367 ) Selling expenses (1,065 ) (126 ) (296 ) (345 ) - - (17 ) (1,849 ) Other operating results, net 26 (39 ) (41 ) (30 ) - - 101 17 Profit / (Loss) from operations 2,617 37,007 17,684 244 (166 ) (562 ) 833 57,657 Share of profit/ (loss) of associates and joint ventures - - - - 11,080 - (496 ) 10,584 Segment profit/ (loss) 2,617 37,007 17,684 244 10,914 (562 ) 337 68,241 Investment and trading properties 73,762 92,049 48,320 - 461 - 2,165 216,757 Property, plant and equipment 338 1,699 - 2,918 - - - 4,955 Investment in associates and joint ventures - - 799 - 3,010 - 10,120 13,929 Other reportable assets 168 184 1,131 39 - - 136 1,658 Reportable assets 74,268 93,932 50,250 2,957 3,471 - 12,421 237,299 From all the revenues, included in the segments corresponding to the business of urban properties and investments ARS 16,714 are originated in Argentina and ARS 17 are originated in USA. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the business of urban properties and investments ARS 232,963 are located in Argentina and ARS 4,336 in other countries, principally in USA for ARS 3,471 and Uruguay for ARS 865. 06.30.19 Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 12,828 3,362 1,681 4,435 21 - 286 22,613 Costs (1,166 ) (230 ) (793 ) (2,385 ) (9 ) - (223 ) (4,806 ) Gross profit 11,662 3,132 888 2,050 12 - 63 17,807 Net (loss) / gain from fair value adjustment of investment properties (60,952 ) 1,155 1,062 - 9 - (565 ) (59,291 ) General and administrative expenses (1,420 ) (318 ) (391 ) (738 ) (200 ) (779 ) (164 ) (4,010 ) Selling expenses (796 ) (148 ) (178 ) (474 ) - - (32 ) (1,628 ) Other operating results, net (29 ) (44 ) (447 ) 172 (19 ) - (474 ) (841 ) (Loss) / Profit from operations (51,535 ) 3,777 934 1,010 (198 ) (779 ) (1,172 ) (47,963 ) Share of (loss) of associates and joint ventures - - (56 ) - (5,526 ) - (3,709 ) (9,291 ) Segment (loss) / profit (51,535 ) 3,777 878 1,010 (5,724 ) (779 ) (4,881 ) (57,254 ) Investment and trading properties 75,648 44,342 41,693 2,855 406 - 1,595 166,539 Property, plant and equipment - 2,099 - 279 - - - 2,378 Investment in associates and joint ventures 15 86 665 - (10,847 ) - 7,490 (2,591 ) Other reportable assets 194 139 277 40 - - - 650 Reportable assets 75,857 46,666 42,635 3,174 (10,441 ) - 9,085 166,976 From all the revenues included in the segments corresponding to the business of urban properties and investments ARS 21,874 are originated in Argentina, ARS 718 are originated in Uruguay and ARS 21 are originated in USA. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the business of urban properties and investments ARS 176,544 are located in Argentina and ARS (9,568) in other countries, principally in USA for ARS (10,442) and Uruguay for ARS 874. Below is a summarized analysis of the lines of business of Group’s Operations Center in Israel where only assets and liabilities are presented for the years ended June 30, 2020 and 2019: June 30, 2020 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Reportable assets 229,718 42,191 210,318 5,072 25,015 163,604 675,918 Reportable liabilities (219,789 ) - (159,326 ) - (164,429 ) (58,771 ) (602,315 ) Reportable assets (liabilities), net 9,929 42,191 50,992 5,072 (139,414 ) 104,833 73,603 June 30, 2019 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Reportable assets 455,745 34,566 164,289 34,002 62,238 53,427 804,267 Reportable liabilities (353,800 ) - (127,370 ) - (189,891 ) (21,144 ) (692,205 ) Reportable assets (liabilities), net 101,945 34,566 36,919 34,002 (127,653 ) 32,283 112,062 |
Information about the main subs
Information about the main subsidiaries | 12 Months Ended |
Jun. 30, 2021 | |
7. Information about the main subsidiaries | 7. Information about the main subsidiaries The Group conducts its business through several operating subsidiaries and holdings. The Group considers that the subsidiaries below are the ones with non-controlling interests material to the Group. Direct interest of non-controlling interest % (1) Current assets Non-current assets Current liabilities Non-current liabilities Net assets Book value of non-controlling interests As of June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 37.78 % 13,923 208,859 22,138 117,920 82,724 20,892 Subsidiaries with indirect participation of Cresud Brasilagro 60.56 % 34,002 43,985 12,763 14,383 50,841 31,013 IRSA CP 20.08 % 22,652 154,752 13,122 86,269 78,013 5,549 As of June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 37.67 % 308,988 633,066 215,363 542,463 184,228 98,423 Subsidiaries with indirect participation of Cresud Brasilagro 66.45 % 33,008 12,524 7,692 11,870 25,970 17,256 Elron 38.94 % 5,073 5,957 765 214 10,051 6,232 PBC 27.60 % 119,149 168,831 39,259 178,421 70,300 28,933 Cellcom (2) 53.80 % 82,275 119,854 47,142 112,186 42,801 26,916 Mehadrin 56.25 % 19,584 26,794 20,959 5,011 20,408 12,220 IRSA CP 16.73 % 22,417 194,627 24,668 78,863 113,513 6,143 Revenues Net (loss)/ income Total comprehensive (loss)/ income Total comprehensive (loss)/ income attributable to non-controlling interest Cash of operating activities Cash of investing activities Cash of financial activities Net Increase (decrease) in cash and cash equivalents Dividends distribution to non-controlling shareholders Year ended June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 12,978 (37,591 ) (11,432 ) (7,662 ) 1,456 67,880 (48,840 ) 20,496 (2,683 ) Subsidiaries with indirect participation of Cresud Brasilagro 13,035 9,566 9,662 5,894 2,932 (4,094 ) 17,742 16,580 - IRSA CP 11,003 (22,537 ) 131 (21,933 ) 1,282 9,754 (17,242 ) (6,206 ) - Year ended June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 21,263 35,651 21,300 14,246 46,731 61,049 (114,343 ) (6,563 ) (3,429 ) Subsidiaries with indirect participation of Cresud Brasilagro 11,423 3,557 (4,057 ) (2,696 ) 1,945 (1,060 ) 13 898 - Elron - (2,665 ) (2,800 ) 8,321 (1,166 ) 526 1,313 673 - PBC 18,490 18,997 18,272 29,418 9,505 35,856 (30,406 ) 14,955 2,529 Cellcom (2) 84,226 (3,106 ) (3,154 ) 802 22,401 (11,152 ) (9,498 ) 1,751 - Mehadrin 2,932 159 185 377 369 (105 ) (369 ) (105 ) 26 IRSA CP 17,532 27,266 27,644 1,598 7,345 (4,325 ) (5,350 ) (2,330 ) (220 ) (1) Corresponds to the direct interest from the Group. (2) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings. |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Jun. 30, 2021 | |
8. Investments in associates and joint ventures | 8. Investments in associates and joint ventures Changes of the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2021 and 2020 were as follows: 06.30.21 06.30.20 Beginning of the year 112,816 54,390 Adjustments of previous years (IFRS 9 and IAS 28) - (2,972 ) Increase of participation in associates and joint ventures - 4,167 Share capital increase and contributions 42 4,284 Share capital reduction - (159 ) Decrease of interest in associates and joint ventures (v) (43,856 ) - Share of (loss) / profit (3,090 ) 13,236 Other comprehensive results (3,732 ) (1,854 ) Dividends (i) (91 ) (2,773 ) Deconsolidation (iii) (48,443 ) 43,822 Devaluation (iv) (626 ) - Reclassification to held-for-sale - (3,109 ) Incorporation by business combination - 3,781 Others (35 ) 3 End of the year (ii) 12,985 112,816 (i) See Note 32. (ii) Includes ARS (14) and ARS (26) reflecting interests in companies with negative equity as of June 30, 2021 and 2020, respectively, which are disclosed in “Provisions” (see Note 21). (iii) See Note 4. (iv) Corresponds to the investment of TGLT S.A. (v) Corresponds to the sale of the remaining interest in Shufersal in July 2020. Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2021 and 2020, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2021, 2020 and 2019: % ownership interest Value of Group's interest in equity Group's interest in comprehensive loss Name of the entity 06.30.21 06.30.20 06.30.19 06.30.21 06.30.20 06.30.21 06.30.20 06.30.19 New Lipstick 49.96 % 49.96 % 49.96 % 218 701 (480 ) 11,465 (4,805 ) BHSA (1) 29.91 % 29.91 % 29.91 % 5,361 6,118 (756 ) (571 ) (3,621 ) Condor (2) 18.89 % 18.89 % 18.89 % 1,620 2,224 (414 ) 180 59 PBEL N/A N/A 45.40 % - - - - (176 ) Shufersal N/A 26.02 % 26.02 % - 42,223 24 7,834 446 Gav-Yam N/A 34.90 % N/A - 40,970 39 - - TGLT S.A. (3) 27.82 % 30.20 % N/A 937 3,093 (2,157 ) - - Quality (4) 50.00 % 50.00 % 50.00 % 2,927 3,156 (259 ) 278 (876 ) La Rural S.A. 50.00 % 50.00 % 50.00 % 169 305 (135 ) 153 216 Cresca S.A. 50.00 % 50.00 % 50.00 % 29 31 8 (24 ) 27 Other associates and joint ventures - - - 1,724 13,995 (2,692 ) (6,065 ) (2,255 ) Total associates and joint ventures 12,985 112,816 (6,822 ) 13,250 (10,985 ) The following is additional information about the Group's investments in associates and joint ventures: Location of Last financial statement issued Name of the entity business / Country of incorporation Main activity Common shares Share capital (nominal value) Loss for the year Shareholders' equity New Lipstick U.S. Real estate N/A - (*) (10) (*) (41) BHSA (1) Argentina Financing 448,689,072 (***) 1,500 (***) (2,528) (***) 17,276 Condor (2) U.S. Hotel 2,245,100 (*) 232 (*) (178) (*) 54 TGLT S.A. (3) Argentina Real estate 257,320,997 925 (4,625) 4,311 Quality (4) Argentina Real estate 225,146,012 450 (518) 5,760 La Rural S.A. Argentina Organization of events 714,498 1 (64) 378 N/A: Not applicable. (1) BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 8.45 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. (2) Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is USD 4.07 per share. (3) On March 31, 2021 IRSA Propiedades Comerciales S.A. transferred to PointArgentum MasterFund LP, 1,478,788 ADS from TGLT S.A. (equivalent to 22,181,818 common shares) in accordance with the provisions of the share subscription carried out in August 2019. As a result of this transaction, IRSA CP's participation in TGLT S.A. it went from 30.20% to 27.82% ”. Additionally, as of June 30, 2021, an impairment of the value of the investment of ARS 626 million was recognized in addition to the result from proportional valuation. (4) Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.). (5) Cresca is a joint venture between the Company and Carlos Casado S.A. with agricultural operations in Paraguay. (6) Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020. (*) Amounts presented in millions of US dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest will a three-month lag including any material adjustments, if any. (**) Amounts in millions of NIS. (***) Amounts as of June 30, 2021, prepared in accordance with BCRA’ regulations. Set out below is summarized financial information of the associates and joint ventures considered material to the Group: Current assets Non-current assets Current liabilities Non-current liabilities Net assets % of ownership interest held Interest in associates / joint ventures Goodwill and others Book value As of June 30, 2021 Associates BHSA 114,759 71,092 156,405 11,661 17,785 (iv) 29.91%(iii) 5,319 42 5,361 TGLT S.A. 5,159 11,810 4,950 7,705 4,314 27.82 % 1,200 - (263 ) Joint ventures Quality Invest (ii) - 18 26 2,987 (2,995 ) 50.00 % (1,498 ) 4,425 2,927 As of June 30, 2020 Associates BHSA 115,457 65,503 153,639 6,954 20,367 (iv) 29.91%(iii) 6,092 26 6,118 Gav-Yam 63,029 249,149 29,726 176,864 105,588 34.90 % 36,850 4,120 40,970 Shufersal 110,169 280,922 138,032 194,095 58,964 26.02 % 15,340 26,883 42,223 TGLT S.A. 6,906 15,850 5,882 7,856 9,018 30.20 % 2,723 370 3,093 Joint ventures Quality Invest (ii) 6 8,299 131 1,956 6,218 50.00 % 3,109 48 3,156 Revenues Net (loss)/ income Total comprehensive (loss)/ income Dividends distributed to non-controlling shareholders Cash of operating activitie Cash of investment activities Cash of financial activities Net (decrease)/ increase in cash and cash equivalents As of June 30, 2021 (i) Associates BHSA 29,257 (2,528 ) (2,528 ) - 4,318 (129 ) (28,139 ) (23,950 ) TGLT S.A. 2,559 (1,924 ) (1,924 ) - 113 66 (455 ) (276 ) Joint ventures Quality Invest (ii) 45 (518 ) (518 ) - (59 ) (4 ) 63 - As of June 30, 2020 (I) Associates BHSA 19,576 (1,911 ) (1,911 ) - 6,993 56 (5,205 ) 1,844 Gav-Yam 17,350 10,161 8,195 5,388 7,639 (8,596 ) 23,835 22,878 Shufersal 327,436 7,579 6,759 2,155 32,855 (4,069 ) (20,717 ) 8,069 TGLT S.A. 2,944 (575 ) (575 ) - 779 (609 ) (879 ) (710 ) Joint ventures Quality Invest (ii) 27 556 556 - (134 ) - 134 - (i) Information under GAAP applicable in the associate and joint ventures´ jurisdiction. (ii) In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters (“the Agreement”) to surrender a non-significant portion of the land and a monetary consideration of ARS 40 million, payable in two installments of ARS 20 each, the first of which was actually paid on June 30, 2015. In July 2017, the Agreement was amended as follows: 1) a revised zoning plan must be submitted within 120 days as from the amendment date, and 2) the second installment of the monetary considerations was increased to ARS 76 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses. On July 20, 2020 we were notified of the granting of the Hydraulic Aptitude in pre-feasibility instance. On August 5, 2021, they were signed between Quality Invest S.A. and the Municipality of San Martín the following documents: 1) CLUB PERETZ CLUB AGREEMENT ACT CLOSING: It is agreed that within 48 hours of signing the same Quality will pay the certificates owed for the work in question already completed, releasing both parties from any claim regarding the Minutes signed on January 20, 2015 The amount owed (already checked and agreed between the parties) is ARS 18,926,541. and the execution of the works are described, detailed and carried out. 2) COMPLEMENTARY AGREEMENT WITH THE MUNICIPALITY OF SAN MARTIN: In this agreement the completion of the Rodriguez Peña expansion work and the relocation and start-up of the EDENOR substation are agreed, according to the plan and specifications drawn up by TIS and that they are part of its annexes. In return, the certifications owed will be paid as follows: The total is for ARS 26,085,086: ARS 15,000,000.- are paid 48 hours after signing this document and the balance (without any adjustment clause) at the time of the provisional reception of the work, where the definitive reception and Delivery Certificate will be signed. BHSA BHSA is subject to certain restrictions on the distribution of profits, as required by BCRA regulations. As of June 30, 2021, BHSA has a remnant of 35.2 million Class C treasury shares of a par value of ARS 1 received in 2009 as a result of certain financial transactions. The Annual Shareholders' Meeting decided to allocate 35.1 million of such shares to an employee compensation plan pursuant to Section 67 of Law 26,831. The remaining shares belong to third party holders of Stock Appreciation Rights, who have failed to produce the documentation required for redemption purposes. As of June 30, 2021, considering the effect of such treasury shares, the Group’s interest in BHSA amounts to 29.91%. The Group estimated that the value in use of its investment in BHSA as of June 30, 2021 and 2020 amounted to ARS 6,734, ARS 8,911, respectively. The value in use was estimated based on the present value of future business cash flows. The main assumptions used were the following: The Group considered 7 years as the horizon for the projection of BHSA cash flows. The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors. The projected exchange rate was estimated in accordance with internal data and external information provided by independent consultants. The discount rate used to discount actual dividend flows was 14.02% in 2021 and 13.82% in 2020. The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of ARS 625 for 2021 and of ARS 805 for 2020. The estimated value in use overcomes the book value of the investment, because of that, no adjustment was necessary on the recorded value of the investment. New Lipstick On August 7, 2020, as a consequence of negotiations conducted in the context of an increased lease price effective as of May 2020, as set forth in the lease (hereinafter, “Ground Lease”), Metropolitan (a company where IRSA holds, indirectly, a 49.96% interest) executed an agreement with the Ground Lease lessor to conclude the relationship and terminate the ground lease, abandoning the administration of the building. As a consequence of the foregoing, Metropolitan derecognized the liability associated to the ground lease, as well as all assets and liabilities associated to the building and the administration. Pursuant to such agreement, Metropolitan was fully released from liability except for (i) claims for liabilities prior to June 1, 2020, from those persons who performed works or rendered services in the Building or for Metropolitan and (ii) claims from persons who had an accident in the property after August 7, 2020. TGLT S.A During the previous fiscal year, TGLT S.A. and IRSA Propiedades Comerciales entered into a recapitalization agreement, based on which IRSA Propiedades Comerciales increased its holding in TGLT S.A. reason why it began to be considered an associate company. During the current fiscal year, TGLT S.A has posted significant losses and its business is being affected by different factors of its own and linked to the context in which it finds itself. Therefore, the Company decided to re-evaluate the recoverability of this asset. For this reason, and considering that the facts are public and have been openly disclosed to the market, it is considered that the market value of the shares is a more appropriate indicator to determine the value of this holding. This determination implied that an impairment of the value of the investment of ARS 626 million was recognized in addition to the result from proportional valuation. |
Investment properties
Investment properties | 12 Months Ended |
Jun. 30, 2021 | |
9. Investment properties | 9. Investment properties Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2021 and 2020 were as follows: 06.30.21 06.30.20 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 113,480 232,231 62,180 441,014 Reclassifications of previous periods (IFRS 16) - - - 640 Currency translation adjustment 166 (12,382 ) (1,007 ) 80,297 Additions 271 762 5,439 2,761 Additions of capitalized leasing costs 13 9 6 24 Depreciation of capitalized leasing costs (i) (7 ) (6 ) (9 ) (14 ) Transfers (909 ) - 9,186 (43,229 ) Reclassification of property, plant and equipment (1,310 ) - - - Disposals (21,426 ) - (2,613 ) (20,145 ) Balance incorporated by business combination - - - 366 Deconsolidation (ii) - (117,547 ) (2,544 ) (234,081 ) Net gain / (loss) from fair value adjustment 11,261 (13,507 ) 42,842 4,598 Fair value at the end of the year 101,539 89,560 113,480 232,231 (i) Amortization charges of capitalized leasing costs were included in “Costs” in the Statements of Income (Note 27). (ii) As of June 30, 2021, corresponds to IDBD and as of June 30, 2020, ARS 2,544 corresponds to La Maltería and ARS 234,081 to Gav-Yam. The following is the balance by type of investment property of the Group as of June 30, 2021 and 2020: 06.30.21 06.30.20 Leased out farmland 11,001 6,202 Rental properties 122,451 287,145 Undeveloped parcels of land 54,183 41,356 Properties under development 3,464 11,008 Total 191,099 345,711 Certain investment property assets of the Group have been mortgaged or restricted to secure some of the Group’s borrowings and other payables. Book amount of those properties amounts to ARS 1,730 and ARS 27,293 as June 30, 2021 and 2020, respectively. The following amounts have been recognized in the Statements of Income and Other Comprehensive Income: 06.30.21 06.30.20 06.30.19 Rental and services income 10,978 33,241 22,693 Direct operating expenses (4,675 ) (13,492 ) (7,762 ) Development expenses (114 ) 182 (130 ) Net realized gain from fair value adjustment of investment property (i)(ii) 10,821 1,703 860 Net unrealized (loss) / gain from fair value adjustment of investment property (13,067 ) 49,337 (58,893 ) (i) As of June 30, 2021, includes ARS 5,434 for the sale of Torre Boston and ARS 5,368 for the sale of Bouchard 710. As of June 30 ,2020 includes ARS 5 and ARS 541 for the monetary and non-monetary benefit, respectively, corresponding to the barter transaction related to Caballito Ferro land, ARS 861 for the sale of floors 10th and 11th of the office building “200 Della Paolera”, and ARS 296 for the deconsolidation of La Maltería S.A.. (ii) As of June 30, 2021, ARS (1,556) corresponds to the result for changes in the fair value realized for the year ((ARS 1,071) from the sale of Torre Boston, (ARS 470) from the sale of Bouchard 710 and (ARS 15) for the sale of garages in Bouchard 557) and ARS 12,343 from the result of changes in the fair value made in previous years (ARS 6,506 from the Boston Tower sale and ARS 5,837 from the Bouchard 710). As of June 30, 2020, ARS 1,000 corresponds to net realized gain from fair value on investment properties for the year (ARS 139 from the sale of the Caballito Ferro land and ARS 861 from the sale of the “200 Della Paolera” building) and ARS 703 net realized gain from fair value on investment properties in previous years (ARS 407 attributable to the Caballito Ferro land and ARS 296 to the deconsolidation of La Maltería S.A.). See Note 5 (liquidity schedule) for detail of contractual commitments related to investment properties. Valuation processes The Group’s investment properties were valued at each reporting date by independent professionally qualified appraisers who hold a recognized relevant professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use. Each business (or operations center, as appropriate) has a team, which reviews the appraisals performed by the independent appraisers (the “review teams”). The review teams: i) verifies all major and important assumptions relevant to the appraisal in the valuation report from the independent appraisers; ii) assesses property valuation movements compared to the valuation report from the prior period; and iii) holds discussions with the independent appraisers. Changes in Level 2 and 3 fair values, if any, are analyzed at each reporting date during the valuation discussions between the review team and the independent appraisers. The Board of Directors ultimately approves the fair value calculation for recording into the Financial Statements. Valuation techniques used for the estimation of fair value of the investment property Agricultural business For all leases of agricultural land, the valuation was determined using comparable values. Sale prices of comparable properties are adjusted considering the specific aspects of each property, being the most relevant premise the price per hectare. Urban properties and investments business The Group's investment properties were valued at each reporting date by independent professionally qualified appraisers with recognized professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use. The Group's finance department includes a team that reviews the appraisals performed by the independent appraisers for financial reporting purposes (the "review team"). At each financial year end, the review team: (i) verifies all major and important assumptions relevant to the appraisal in the valuation report from the independent appraiser; (ii) assesses property valuation movements compared to the valuation report; and (iii) holds discussions with the independent appraiser. Changes in Level 2 and 3 fair values, if any, are analyzed at each reporting date during the appraisal discussions between the review team and the independent appraiser. The Board of Directors ultimately approves the fair value calculations for recording into the Financial Statements. During the annual investment property valuation process, the following circumstances were identified, among other aspects: i) entry into force of the modifications in the urban planning code of the Autonomous City of Buenos Aires (CABA) with the new urban code law sanctioned in November 2020 and which entered into force in February 2021 modifying approximately one third of the current code, ii) new construction potential, iii) consolidation of new paradigms of the sector imposed by the pandemic, the general economic situation and the situation of the real estate sector that make technical, legal or economically viable buildable potentials or surpluses for alternative uses of the entire portfolio of properties. In this sense, the shopping malls were the most affected by the aforementioned circumstances, taking into account the size of their plots and their unique and strategic locations, considering an alternative potential realization market. The impact of the pandemic and the long-term closure of shopping malls led to a reconsideration of the possibility of mixed uses in the buildable potentials of such shopping malls, seeking a new centrality and enhancing the attractiveness in replacement of anchor stores. On the other hand, the analysis of opening towards its surroundings and the generation of open spaces produced a new distribution of the value of the existing square meters, producing a change of focus on how to maximize said surplus square meters. This led to reevaluate the analysis of the value of surplus square meters that were potentially marketable, (being that historically they were the most profitable), to reconvert them to other complementary uses. The buildable potentials analyzed have unique, irreplaceable locations, with high potentials, feasible realization and very attractive from an economic point of view. As a data, the value of construction during 2020 improved the relationship of the construction cost and its future sale speculation of square meters. The buildable potentials identified in this fiscal year are related to the following shopping malls and are valued in accordance with the methodology established for the rest of the Level 2 properties: 1. Patio Bullrich, CABA 2. Alto Palermo, CABA 3. Córdoba Shopping, Córdoba 4. Alto Rosario, Rosario, Santa Fe. Valuation techniques used for the estimation of fair value of the investment property The Group has defined valuation techniques according to the characteristics of each property and the type of market in which these assets are located, in order to maximize the use of observable information available for the determination of fair value. For the Shopping Malls there is no liquid market for the sale of properties with these characteristics that can be taken as a reference of value. Likewise, the Shopping Malls, a business whose revenue is denominated in Argentine Pesos, are highly related to the fluctuation of macroeconomic variables in Argentina, the purchasing power of individuals, the economic cycle of Gross Domestic Product (GDP) growth, the evolution of inflation, among others. Consequently, the methodology adopted by the Group for the valuation of Shopping Malls is the discounted cash flow model (“DCF”), which allows the volatility of the Argentine economy to be taken into account and its correlation with the revenue streams of the Malls and the inherent risk of the Argentine macroeconomy. The DCF methodology contemplates the use of certain unobservable valuation assumptions, which are determined reliably based on the information and internal sources available at the date of each measurement. These assumptions mainly include the following: · Future projected income flow based on the current locations, type and quality of the properties, supported by the rental contracts that the Company has signed with its tenants. Because the Company's income arises from the higher value between a Minimum Insured Fixed Value (“VMA”) and a percentage of the sales of the tenants in each Shopping Mall, estimates of the evolution of GDP and Inflation of the Argentine economy provided by external consultants to estimate the evolution of tenant sales, which present a high correlation with these macroeconomic variables. Said macroeconomic projections were contrasted with the projections prepared by the International Monetary Fund (“IMF”), the Organization for Economic Cooperation and Development (“OECD”) and with the Market Expectations Survey (“REM”), which consists of a survey prepared by the Central Bank of the Argentine Republic (“BCRA”) aimed at local and foreign specialized analysts in order to allow a systematic monitoring of the main macroeconomic forecasts in the short and medium term on the evolution of the Argentine economy. · The income from all Shopping Malls was considered to grow with the same elasticity in relation to the evolution of the GDP and the projected inflation. The specific characteristics and risks of each Shopping Mall are captured through the use of the historical average EBITDA Margin of each of them. · Cash flows from future investments, expansions or improvements in Shopping Mall were not contemplated. · Terminal value: a perpetuity calculated from the cash flow of the last year of useful life was considered. · The cash flow for concessions was projected until the termination date of the concession stipulated in the current contract. · Given the prevailing inflationary context and the volatility of certain macroeconomic variables, a reference long term interest rate in Argentine Pesos is not available to discount the projected cash flows from shopping malls. Consequently, the projected cash flows were dollarized through the future ARS / US$ exchange rate curve provided by an external consultant, which are contrasted to assess their reasonableness with those of the IMF, OECD, REM and the On-shore Exchange Rate Futures Market (ROFEX). Finally, dollarized cash flows were discounted with a long-term dollar rate, the weighted average capital cost rate (“WACC”), for each valuation date. · The estimation of the WACC discount rate was determined according to the following components: a) United State Governments Bonds risk-free rate; b) Industry beta, considering comparable companies from the United States, Brazil, Chile and Mexico, in order to contemplate the Market Risk on the risk-free rate; c) Argentine country risk considering the EMBI + Index; and d)Cost of debt and capital structure, considering that information available from the Argentine corporate market (“blue chips”) was determined as a reference, since sovereign bonds have a history of defaults. Consequently, and because IRSA CP, based on its representativeness and market share represents the most important entity in the sector, we have taken its indicators to determine the discount rate. For offices, other rental properties, plot of lands and buildable potentials the valuation was determined using transactions of comparable market assets, since the market for offices and land banks in Argentina is liquid and has market transactions that can be taken as reference. These values are adjusted to reflect differences in key attributes such as location, property size and quality of interior fittings (incidence adjustments). The most significant input to the comparable market approach is the price per square meter that derives from the supply and demand in force in the market at each valuation date. Since September 2019, the real estate market has faced certain changes in terms of its operation as a consequence of the implementation of regulations applicable to the foreign exchange market. In general terms, the measure adopted on September 1, 2019 by the BCRA sets forth that exporters of goods and services should settle foreign currency from abroad in the local exchange market 5 days after the collection of such funds, at the latest. Furthermore, it provides that legal entities residing in Argentina may buy foreign currency without restrictions for imports or payments of debts on the maturity date thereof, although they shall apply for the BCRA´s prior authorization for the purposes of: buying foreign currency in order to form external assets, prepaying debts, making remittances of profits and dividends abroad or transferring funds abroad. Likewise, pursuant to such regulations, access to the market by natural persons for the purchase of dollars was restricted. Afterwards, the BCRA implemented stricter measures, further limiting access to the foreign exchange market (see Note 34). From the previous year, it is observed that the purchase and sales transactions for office buildings may be settled in Argentine Pesos (by using an implicit foreign exchange rate higher than the official one) or in dollars. Consequently, the most probable scenario is that any sale of office buildings/reserves be settled in Argentine Pesos at an implicit foreign exchange rate higher than the official one. This is evidenced by the transactions consummated by the Group prior to and after the closing of these financial statements. Therefore, the Group has valued its office buildings, land reserves and buildable potentials in Argentine Pesos at the end of the year considering the situation described above, considering an implicit exchange rate higher than the official one. In certain situations, it is complex to determine reliably the fair value of developing properties. In order to assess whether the fair value of a developing property can be determined reliably, management considers the following factors, among others: · The provisions of the construction contract. · The stage of completion. · Whether the project / property is standard (typical for the market) or non-standard. · The level of reliability of cash inflows after completion. · The specific development risk of the property. · Previous experience with similar constructions. · Status of construction permits. There were no changes in the valuation techniques during the year. The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3): 06.30.21 (i) 06.30.20 (i) 06.30.19 (i) Description Valuation technique Parameters Range fiscal year 2021 / 2019 Increase Decrease Increase Decrease Increase Decrease Shopping Malls in Discounted Discount rate 13.53% / 12.10% (3,840 ) 4,589 (6,387 ) 7,821 (4,906 ) 6,118 Argentina (Level 3) cash flows Growth rate 2.4% / 3.0% 1,759 (1,472 ) 3,045 (2,486 ) 2,307 (1,850 ) Inflation (*) 8,171 (6,740 ) 13,296 (10,938 ) 4,296 (3,932 ) Devaluation (*) (4,357 ) 5,325 (6,181 ) 7,555 (4,559 ) 5,571 Plot of land in Comparable with Value per square meter (m2) ARS 47,427 / (ARS 21,497) 3,493 (3,493 ) 3,243 (3,243 ) 2,007 (2,007 ) Argentina (Level 3) incidence adjustment % of incidence 30% / (30%) 11,644 (11,644 ) 10,808 (10,808 ) 6,696 (6,696 ) (*) Fiscal year 2021: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 116.94 (corresponding to the year ended June 30, 2022) and arriving at ARS 376.56. In the long term, a nominal devaluation rate of 27.5% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.1% (corresponding to the year ended June 30, 2022) and stabilizes at 30.0% after 5 years. Fiscal year 2020: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 86.21 (corresponding to the year ended June 30, 2021) and arriving at ARS 243.89. In the long term, a nominal devaluation rate of 21.1% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 47.9% (corresponding to the year ended June 30, 2021) and stabilizes at 23.2% after 5 years. Fiscal year 2019: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 48.47 (corresponding to the year ended June 30, 2020) and arriving at ARS 72.16. In the long term, a nominal devaluation rate of 5.7% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.5% (corresponding to the year ended June 30, 2020) and stabilizes at 8% after 5 years. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 10% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. Costa Urbana -former Solares de Santa María- Costanera Sur, Buenos Aires City (IRSA) We own an important property of more than 70 hectares, which we acquired in 1997, facing the Río de la Plata on the Costanera Sur, south of Puerto Madero, 10 minutes from downtown Buenos Aires, originally called “Solares de Santa María” which we have renamed “Costa Urbana”. We intend to create a mixed-use development including residential complexes, offices, stores, hotels, sports clubs and service areas (schools, supermarkets and parking spaces). After some unsuccessful approval attempts with the City of Buenos Aires Government and its Legislature, and after new negotiations carried out in recent years, we have signed a new agreement with the Executive Power of the City of Buenos Aires under the “Urban Agreement” modality framed within Decree No. 475 published on December 30, 2020, by means of which it approved the regulation of article 10.9. “Urban Agreements” of Law No. 6099 (text consolidated by Law No. 6347). According to article 10.9 of the Urban Code, these agreements are contracts entered into between the owner of a land/property and the Executive Power, which imply a regulatory change that must be approved by the City of Buenos Aires Legislature. Under this modality, a new urbanization project was proposed, in which more than 67% of the property’s surface is destined for public use, maintaining the original “FOT 1” that implies a capacity to develop more than 895,000 sqm. The Bill was raised for treatment in the first reading on the Legislature premises and it was approved without abstentions on August 19, 2021 by 36 votes out of a total of 55. As part of the approval process, it has been set a date for the non-binding Public Hearing on October 15, 2021 to later celebrate the treatment in second reading for final legislative approval. The accounting valuation as of June 30, 2021 does not reflect any of these potential changes, valuing the land with the same methodology as in previous years. |
Property plant and equipment
Property plant and equipment | 12 Months Ended |
Jun. 30, 2021 | |
Property plant and equipment | |
10. Property, plant and equipment | 10. Property, plant and equipment Changes in the Group’s property, plant and equipment for the years ended June 30, 2021 and 2020 were as follows: Owner occupied farmland (i) Bearer plant (v) Buildings and facilities Machinery and equipment Communication networks Others (ii) Total Balance as of June 30, 2019 27,686 2,101 8,978 1,325 32,439 8,739 81,268 Costs 30,788 2,971 19,944 3,877 137,155 19,352 214,087 Accumulated depreciation (3,102 ) (870 ) (10,966 ) (2,552 ) (104,716 ) (10,613 ) (132,819 ) Net book amount at June 30, 2019 27,686 2,101 8,978 1,325 32,439 8,739 81,268 Additions 1,143 469 762 123 5,132 2,666 10,295 Disposals (180 ) - (96 ) (9 ) (4,802 ) (167 ) (5,254 ) Deconsolidation - - (635 ) (892 ) - (66 ) (1,593 ) Incorporation of assets by business combination 10,741 - 2,424 566 - 499 14,230 Currency translation adjustment (1,332 ) (357 ) 671 284 5,334 1,844 6,444 Transfers (2,007 ) (3 ) (1,714 ) (51 ) 566 (568 ) (3,777 ) Depreciation charge (iii) (407 ) (515 ) (716 ) (161 ) (6,956 ) (2,804 ) (11,559 ) Balance as of June 30, 2020 35,644 1,695 9,674 1,185 31,713 10,143 90,054 Costs 39,153 3,080 21,356 3,898 143,385 23,560 234,432 Accumulated depreciation (3,509 ) (1,385 ) (11,682 ) (2,713 ) (111,672 ) (13,417 ) (144,378 ) Net book amount at June 30, 2020 35,644 1,695 9,674 1,185 31,713 10,143 90,054 Additions 1,335 143 281 97 581 943 3,380 Disposals (584 ) - (88 ) (7 ) (55 ) (110 ) (844 ) Desconsolidation (6,102 ) - (4,285 ) (795 ) (28,322 ) (8,485 ) (47,989 ) Currency translation adjustment (969 ) - (312 ) (66 ) (2,285 ) (682 ) (4,314 ) Transfers 1,998 - 2,011 1 - 15 4,025 Depreciation charge (iii) (413 ) (470 ) (448 ) (119 ) (1,632 ) (1,115 ) (4,197 ) Balance as of June 30, 2021 30,909 1,368 6,833 296 - 709 40,115 Costs 33,523 2,593 10,351 2,905 - 1,572 50,944 Accumulated depreciation (2,614 ) (1,225 ) (3,518 ) (2,609 ) - (863 ) (10,829 ) Net book amount at June 30, 2021 30,909 1,368 6,833 296 - 709 40,115 (i) On January 9, 2017, the INRA released a report declaring that Las Londras farm (4565 ha.), is within the area of the “Guarayos Forestry Reserve” and establishes that the property of Agropecuaria Acres del Sud S.A. should be reduced to 50 hectares, while the remaining acreage would be reverted upon as a fiscal land once the process is concluded. It should be noted that the report is preliminary and is subject to appeal by the interested parties. The Company exercising its rights presented an administrative filing and within the associations of producers that the company is part of. Recently a census was ordered in the affected area, but no definitive resolution was issued to delimit the reservation. At the same time, a claim was made to our sellers to respond for eviction by virtue of the declarations and guarantees granted at the time of the sale of the property. (ii) Includes furniture and fixtures and vehicles. (iii) Amortization charge was recognized in the amount of ARS 422 and ARS 8,875 under "Costs", in the amount of ARS 200 and ARS 1,178 under "General and administrative expenses" and ARS 7 and ARS 2,303 under "Selling expenses" as of June 30, 2021 and 2020, respectively in the Statements of Income (Note 27) and ARS 856 and ARS 1,108 were capitalized as part of biological assets’ cost. In addition, a charge of ARS 2,712 and ARS 18 was recognized under "Discontinued operations" as of June 30, 2021 and 2020, respectively. (iv) See Note 4. Includes other non-significant business combinations. (v) Corresponds to the plantation of sugarcane with a useful life of more than one year. |
Trading properties
Trading properties | 12 Months Ended |
Jun. 30, 2021 | |
11. Trading properties | 11. Trading properties Changes in the Group’s trading properties for the fiscal years ended June 30, 2021 and 2020 were as follows: Completed properties Properties under development (i) Undeveloped properties Total As of June 30, 2019 4,034 3,593 4,957 12,584 Additions 36 2,463 846 3,345 Capitalized finance costs - 140 - 140 Currency translation adjustment 454 50 816 1,320 Transfers 1,859 (1,487 ) (50 ) 322 Desconsolidation - (233 ) - (233 ) Disposals (3,343 ) (3,282 ) (80 ) (6,705 ) As of June 30, 2020 3,040 1,244 6,489 10,773 Additions - 408 397 805 Currency translation adjustment (194 ) (125 ) (375 ) (694 ) Transfers 194 (194 ) - - Desconsolidation (2,128 ) (142 ) (5,420 ) (7,690 ) Disposals (790 ) (390 ) (256 ) (1,436 ) As of June 30, 2021 122 801 835 1,758 06.30.21 06.30.20 Non-current 1,644 7,294 Current 114 3,479 Total 1,758 10,773 (i) Includes Zetol and Vista al Muelle plots of land, which have been mortgaged to secure Group's borrowings. The net book value amounted to ARS 801 and ARS 865 as of June 30, 2021 and 2020, respectively. Additionally, the Group has contractual obligations not provisioned related to these plot of lands committed when certain properties were acquired or real estate projects were approved, and amount to ARS 906 and ARS 1,039, respectively. During 2021, infrastructure works have been started in the a and b sector that are estimated to be completed by the end of 2021 and the beginning of 2022, together with the delivery of the units built in tower 1 by the interchange, this allows us to give better access to the area that will help advance the development that is taking place in the area. |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2021 | |
Note 12. Intangible assets | 12. Intangible assets Changes in the Group’s intangible assets for the years ended June 30, 2021 and 2020 were as follows: Goodwill business Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance as of June 30, 2019 10,111 9,788 3,458 4,733 5,789 5,199 39,078 Costs 10,111 10,610 14,451 22,683 12,635 13,507 83,997 Accumulated depreciation - (822 ) (10,993 ) (17,950 ) (6,846 ) (8,308 ) (44,919 ) Net book amount at June 30, 2019 10,111 9,788 3,458 4,733 5,789 5,199 39,078 Additions - - - - 2,361 4,453 6,814 Disposals - - - (27 ) (206 ) - (233 ) Deconsolidation (4,895 ) - - - (33 ) - (4,928 ) Transfers 2 - - - 14 (96 ) (80 ) Assets incorporated by business combination 17 - - 57 29 - 103 Currency translation adjustment 3,509 1,852 596 649 999 1,038 8,643 Depreciation charge (i) - (183 ) (419 ) (1,694 ) (2,561 ) (2,196 ) (7,053 ) Balance as of June 30, 2020 8,744 11,457 3,635 3,718 6,392 8,398 42,344 Costs 8,744 12,462 15,047 23,362 15,799 18,902 94,316 Accumulated depreciation - (1,005 ) (11,412 ) (19,644 ) (9,407 ) (10,504 ) (51,972 ) Net book amount at June 30, 2020 8,744 11,457 3,635 3,718 6,392 8,398 42,344 Additions - - - 28 486 1,704 2,218 Disposals - - - - (111 ) - (111 ) Deconsolidation (8,479 ) (10,614 ) (3,292 ) (3,141 ) (4,654 ) (6,366 ) (36,546 ) Devaluation (40 ) - - - - - (40 ) Transfers - - - - (2 ) - (2 ) Currency translation adjustment 161 (815 ) (260 ) (273 ) (695 ) (598 ) (2,480 ) Depreciation charge (i) - (28 ) (83 ) (332 ) (1,152 ) (798 ) (2,393 ) Balance as of June 30, 2021 386 - - - 264 2,340 2,990 Costs 386 - - - 1,036 2,864 4,286 Accumulated depreciation - - - - (772 ) (524 ) (1,296 ) Net book amount at June 30, 2021 386 - - - 264 2,340 2,990 (i) Amortization charge was recognized in the amount of ARS 51 and ARS 515 under "Costs", in the amount of ARS 78 and ARS 2,483 under "General and administrative expenses" and ARS 1 and ARS 4,055 under "Selling expenses" as of June 30, 2021 and 2020, respectively in the Statements of Income (Note 27). In addition, a charge of ARS 2,263 was recognized under "discontinued operations" as of June 30, 2019. |
Rights of use of assets
Rights of use of assets | 12 Months Ended |
Jun. 30, 2021 | |
13. Rights of use of assets | 13. Rights of use of assets Below is the composition of the rights of use of the Group´s assets as of June 30, 2021 and June 30, 2020: 06.30.21 06.30.20 Farmland 3,343 3,045 Offices, shopping malls and other buildings 11 6,182 Communication networks - 16,528 Machinery and equipment 62 51 Others 841 7,130 Right of use assets 4,257 32,936 Non-current 4,257 32,936 Total 4,257 32,936 Changes in the Group´s rights of use during the fiscal year ended June 30, 2021 and June 30,2020 , were as follows: 06.30.21 06.30.20 Beginning of the year 32,936 24,594 Additions 2,611 13,306 Disposals (84 ) (6 ) Transfer - 246 Previsions (76 ) 104 Depreciation charges (1,757 ) (7,457 ) Currency translation adjustment (4,009 ) 2,036 Deconsolidation (25,853 ) (63 ) Valorization 489 176 End of the year 4,257 32,936 Depreciation charge for rights of use is detailed below: 06.30.21 06.30.20 Farmland 1,203 382 Offices, shopping malls and other buildings 1 808 Communication networks 410 4,738 Machinery and equipment 35 - Others 108 1,529 Depreciation charge of right of use assets (i) 1,757 7,457 (i) Includes charge charged to the result of discontinued operations for ARS 68 and ARS 4,722 as of June 30, 2021 and 2020 respectively. Other charges to income related to rights of use were as follows: 06.30.21 06.30.20 Right of use interests 257 (201 ) Results from short-term leases (62 ) 29,454 Results from variable leases not recognized as lease liabilities (389 ) 1,197 The average discount rate and the term of liability for lease recognized as of June 30, 2021 are detailed below: Agricultural business Operations Center Argentina Average discount rate Maturity date Average discount rate Maturity date 5.8 % 2022-2050 10.61 % 2023-2041 |
Biological assets
Biological assets | 12 Months Ended |
Jun. 30, 2021 | |
14. Biological assets | 14. Biological assets Changes in the Group’s biological assets and their allocation to the fair value hierarchy for the years ended June 30, 2021 and 2020 were as follows: Agricultural business Sown land-crops Sugarcane fields Breeding cattle and cattle for sale Other cattle Others Total Level 1 Level 3 Level 3 Level 2 Level 2 Level 1 Balance as of June 30, 2019 210 2,645 1,642 3,559 304 51 8,411 Non-current (Production) - - - 2,619 41 51 2,711 Current (Consumable) 210 2,645 1,642 940 263 - 5,700 Balance as of June 30, 2019 210 2,645 1,642 3,559 304 51 8,411 Transfers (218 ) 218 - - - - - Purchases - - - 264 165 - 429 Initial recognition and changes in the fair value of biological assets - 1,971 1,867 273 116 - 4,227 Decrease due to harvest - (14,299 ) (5,179 ) - - - (19,478 ) Sales - - - (2,415 ) (2 ) - (2,417 ) Consumptions - - - (6 ) (539 ) (11 ) (556 ) Costs for the year 659 11,331 3,558 1,613 - 8 17,169 Incorporation by business combination - 93 - - - - 93 Foreign exchange (loss) (287 ) (350 ) (343 ) (91 ) - - (1,071 ) Balance as of June 30, 2020 364 1,609 1,545 3,197 44 48 6,807 Non-current (Production) - - - 2,553 41 48 2,642 Current (Consumable) 364 1,609 1,545 644 3 - 4,165 Balance as of June 30, 2020 364 1,609 1,545 3,197 44 48 6,807 Transfers (642 ) 642 - - - - - Purchases - - - 538 6 - 544 Initial recognition and changes in the fair value of biological assets - 11,108 2,645 688 14 - 14,455 Decrease due to harvest - (23,524 ) (5,152 ) - - - (28,676 ) Sales - - - (2,380 ) (3 ) - (2,383 ) Consumptions - - - (10 ) - (8 ) (18 ) Costs for the year 447 14,044 3,264 1,638 - 4 19,397 Foreign exchange (loss)/ gain (76 ) (97 ) 22 (10 ) - - (161 ) Balance as of June 30, 2021 93 3,782 2,324 3,661 61 44 9,965 Non-current (Production) - - - 3,147 56 44 3,247 Current (Consumable) 93 3,782 2,324 514 5 - 6,718 Balance as of June 30, 2021 93 3,782 2,324 3,661 61 44 9,965 (i) Biological assets with a production cycle of more than one year (that is, cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to ARS 702 and ARS 389 for the fiscal years ended June 30, 2021 and 2020, respectively. For the fiscal years ended June 30, 2021 and 2020, amounts of ARS 1,258 and ARS 407, was attributable to price changes, and amounts of ARS (556) and ARS (18), was attributable to physical changes generated by production result, respectively. Crops and oilseeds The Group’s crops generally include crops and oilseeds (corn, wheat, soybean and sunflower) as well as peanut. The Group measures biological assets that have attained significant biological growth at fair value less costs to sell. The Group measures biological assets that have not attained significant biological growth or when the impact of biological transformation on price is not expected to be material, at cost less any impairment losses, which approximates fair value. Sugarcane The Group’s sugarcane production is based in Brazil and to a lesser extent in Bolivia. This crop’s production requires specific weather conditions (tropical and subtropical climates. The Group recognizes these crops at a fair value net of costs of sales from the moment of planting. Fair value of biological assets When an active market exists for biological assets, the Group uses the quoted market price in the principal market as a basis to determine the fair value of its biological. Live cattle is measured at fair value less cost to sell, based on market quoted at an auction involving cattle of the same age, breed and genetic merit adjusted, if applicable, to reflect any difference. When there is no active market or market-determined prices are not available, (for example, unharvested crops with significant growth or growing agricultural produce of sugarcane), the Group determines the fair value of a biological asset based on discounted cash flows models. These models require the input of highly subjective assumptions including observable and unobservable data. The not observable information is determined based on the best information available for example, by reference to historical information of past practices and results, statistics and agricultural information and other analytical techniques. Key assumptions utilized in this method include future market prices, estimated yields at the point of harvest and estimated future costs of harvesting and other costs. Market prices are generally determined by reference to observable data in the principal market for the agricultural produce. Harvesting costs and other costs are estimated based on historical and statistical data. Yields are estimated based on several factors including the location of the farmland and soil type, environmental conditions, infrastructure and other restrictions and growth at the time of measurement. Yields are subject to a high degree of uncertainty and may be affected by several factors out of the Group’s control including but not limited to extreme or unusual weather conditions, plagues and other crop diseases. The key assumptions discussed above are highly sensitive. Reasonable shifts in assumptions including but not limited to increases or decreases in prices, costs and discount factors used may result in a significant increase or decrease to the fair value of biological assets recognized at any given time. Cash flows are projected based on estimated production. Estimates of production in themselves are dependent on various assumptions, in addition to those described above, including but not limited to several factors such as location, environmental conditions and other restrictions. Changes in these estimates could materially impact on estimated production, and could therefore affect estimates of future cash flows used in the assessment of fair value. The valuation models and their assumptions are reviewed periodically, and, if necessary, adjusted. As of June 30 of each year, the Group’s biological assets that are subject to a valuation model include unharvested crops and sugarcane plantations. During years ended June 30, 2021 and 2020, there have been no transfers between the several tiers used in estimating the fair value of the Group’s biological assets, or reclassifications among their respective categories. The fair value less estimated point of sale costs of agricultural produce at the point of harvest amount to ARS 28,688 and ARS 19,497 for the years ended June 30, 2021 and 2020, respectively. When no quoted prices are available in an active market, the Group uses a range of valuation models. The following table presents main parameters: Sensitivity (i) 06.30.21 06.30.20 Description Valuation technique Parameters Range Increase Decrease Increase Decrease Cattle (Level 2) Comparable market prices Price per livestock head/kg and per category Sown land-crops (Level 3) Discounted cash flows Yields - Operating costs - Argentina Selling expenses - Yields: 0.38 - 12.59 tn./ha. 259 (259 ) 129 (129 ) Future of sale prices Future of sale prices: 2,156 - 98,040 $/tn 326 (326 ) 185 (185 ) Operating cost: 6,823 - 46,152 $/ha (118 ) 118 (76 ) 76 Brazil: Yields: 1.02 - 5.55 tn./ha. 346 (346 ) - - Future of sale prices: 1,049 - 4,344 USD/tn. 177 (177 ) - - Operating cost: 629 - 1,633 USD./ha. (221 ) 221 - - Sugarcane fields (Level 3) Discounted cash flows Yields - Operating costs - Brazil: Selling expenses - Yields: 83.00 tn/ha 954 (954 ) 213 (213 ) Future of sale prices - Future of sale prices: 123.16 Rs./tn. 536 (536 ) 311 (311 ) Discount rate Operating cost: 63.12 Rs./tn. (631 ) 631 (240 ) 240 Bolivia: Yields: 65 - 104 tn./ha. - - 20 (20 ) Future of sale prices: 22.56 USD/tn - - 41 (41 ) Operating cost: 445 - 461 USD/ha. - - (23 ) 23 (i) Sensitivities for the biological assets measured at Level 3 have been modeled considering a 10% change in the indicated variable, all else being equal. As of June 30, 2021 and 2020, the better and maximum use of biological assets shall not significantly differ from the current use. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2021 | |
15. Inventories | 15. Inventories Breakdown of Group’s inventories as of June 30, 2021 and 2020 are as follows: 06.30.21 06.30.20 Crops 7,125 4,051 Materials and supplies 3,561 2,929 Sugarcane - 6 Agricultural inventories 10,686 6,986 Telephones and other communication equipment - 2,574 Fruit - 4,063 Total inventories 10,686 13,623 As of June 30, 2021 and 2020 the cost of inventories recognized as expense amounted to ARS 22,565 and ARS 20,453, respectively and have been included in “Costs” in the Statements of Income and Other Comprehensive Income. |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Jun. 30, 2021 | |
16. Financial instruments by category | 16. Financial instruments by category The following note presents the financial assets and financial liabilities by category and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Since the line items “Trade and other receivables” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as prepayments, trade receivables, trade payables in-kind and tax receivables and payables), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. In the case of Level 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can refer to at the date of valuation. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group’s assumptions regarding the factors which market players would consider in their pricing. The Group’s Finance Division has a team in place in charge of estimating the valuation of financial assets required to be reported in the Consolidated Financial Statements, including the fair value of Level-3 instruments. The team directly reports to the Chief Financial Officer ("CFO"). The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, as of the end of each reporting period. According to the Group’s policy, transfers among the several categories of valuation are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer. Financial assets and financial liabilities as of June 30, 2021 are as follows: Financial assets at amortized Financial assets at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 assets assets Total June 30, 2021 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 24,957 - - - 24,957 9,480 34,437 Investment in financial assets: - Public companies’ securities - 1,113 - - 1,113 - 1,113 - Bonds - 820 - - 820 - 820 - Mutual funds - 38 - - 38 - 38 -Others 110 605 - 48 763 - 763 Derivative financial instruments: - Crops options contracts - 179 - - 179 - 179 - Crops futures contracts - 154 - - 154 - 154 - Foreign-currency options contracts - 49 - - 49 - 49 - Foreign-currency future contracts - 314 - - 314 - 314 - Swaps - - 12 - 12 - 12 Restricted assets (i) 202 - - - 202 - 202 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 6,513 - - - 6,513 - 6,513 - Short-term investments - 21,016 - - 21,016 - 21,016 Total assets 31,782 24,288 12 48 56,130 9,480 65,610 Financial liabilities at amortized Financial liabilities at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 liabilities liabilities Total June 30, 2021 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 15,467 - - - 15,467 6,368 21,835 Borrowings (Note 22) 118,668 - - - 118,668 - 118,668 Derivative financial instruments: - Crops options contracts - 164 95 - 259 - 259 - Crops futures contracts - 717 - - 717 - 717 - Foreign-currency options contracts - 32 - - 32 - 32 - Foreign-currency future contracts - 12 - - 12 - 12 - Swaps - 50 58 - 108 - 108 Total liabilities 134,135 975 153 - 135,263 6,368 141,631 Financial assets and financial liabilities as of June 30, 2020 were as follows Financial assets at amortized Financial assets at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 assets assets Total June 30, 2020 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 86,754 - - - 86,754 25,736 112,490 Investment in financial assets: - Equity securities in public companies - 862 345 - 1,207 - 1,207 - Equity securities in private companies - - - 4,371 4,371 - 4,371 - Deposits 1,436 92 - - 1,528 - 1,528 - Bonds - 11,750 2,169 - 13,919 - 13,919 - Mutual funds - 6,691 - - 6,691 - 6,691 - Others - 3,323 1,217 348 4,888 - 4,888 Derivative financial instruments: - Crops futures contracts - 128 - - 128 - 128 - Swaps - 23 - - 23 - 23 - Crops options contracts - 24 192 - 216 - 216 - Foreign-currency options contracts - - 26 - 26 - 26 - Foreign-currency future contracts - - - 213 213 - 213 - Others 92 - 30 - 122 - 122 Restricted assets (i) 12,234 - - - 12,234 - 12,234 Financial assets held for sale - Clal - 5,072 - - 5,072 - 5,072 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 40,601 - - - 40,601 - 40,601 - Short-term investments 95,775 15,215 - - 110,990 - 110,990 Total assets 236,892 43,180 3,979 4,932 288,983 25,736 314,719 Financial liabilities at amortized Financial liabilities at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 liabilities liabilities Total June 30, 2020 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 46,454 - - - 46,454 11,837 58,291 Borrowings (Note 22) 629,048 - - - 629,048 - 629,048 Derivative financial instruments: - Crops futures contracts - 107 - - 107 - 107 - Forward contracts - 53 - - 53 - 53 - Crops options contracts - 259 75 - 334 - 334 - Foreign-currency options contracts - - 143 - 143 - 143 - Swaps - - 92 - 92 - 92 - Others - - 1,436 30 1,466 - 1,466 Total liabilities 675,502 419 1,746 30 677,697 11,837 689,534 (i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 22). (ii) Corresponds to deposits in guarantee and escrows. The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position: 06.30.21 06.30.20 Gross amounts recognized Gross amounts offset Net amount presented Gross amounts recognized Gross amounts offset Net amount presented Financial assets Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 27,904 (2,947 ) 24,957 90,565 (3,811 ) 86,754 Financial liabilities Trade and other payables 18,414 (2,947 ) 15,467 50,264 (3,810 ) 46,454 Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2021 Interest income 656 - 656 Interest earned on operating credits 3,085 - 3,085 Interest expenses (14,207 ) - (14,207 ) Foreign exchange, net 10,484 - 10,484 Dividends income 1 - 1 Fair value gains financial assets at fair value through profit or loss - 10,088 10,088 Loss from repurchase of Non-convertible Notes (25 ) - (25 ) Loss on financial instruments derived from commodities - (4,551 ) (4,551 ) Loss from derivative financial instruments, net - (477 ) (477 ) Other financial costs (1,355 ) - (1,355 ) Net result (i) (1,361 ) 5,060 3,699 Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2020 Interest income 440 - 440 Interest earned on operating credits 1,941 - 1,941 Interest expenses (14,506 ) - (14,506 ) Foreign exchange, net (15,188 ) - (15,188 ) Dividends income 20 - 20 Fair value gains financial assets at fair value through profit or loss - 1,431 1,431 Gain from repurchase of Non-convertible Notes 138 - 138 Gain on financial instruments derived from commodities - 659 659 Loss from derivative financial instruments, net - (2,091 ) (2,091 ) Other financial costs (981 ) - (981 ) Net result (i) (28,136 ) (1 ) (28,137 ) Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2019 Interest income 289 - 289 Interest earned on operating credits 903 - 903 Interest expenses (10,039 ) - (10,039 ) Foreign exchange, net 3,433 - 3,433 Dividends income 20 - 20 Capitalized finance costs 354 - 354 Fair value loss in financial assets at fair value through profit or loss - (5,326 ) (5,326 ) Gain from derivative financial instruments, net - 782 782 Gain from repurchase of Non-convertible Notes 112 - 112 Gain on financial instruments derived from commodities - 669 669 Other financial income 3 - 3 Other financial costs (805 ) - (805 ) Net result (i) (5,730 ) (3,875 ) (9,605 ) The following table presents the changes in Level 3 financial instruments as of June 30, 2021 and 2020: Derivative financial instruments - Forwards Investments in financial assets - Private companies' securities Investments in financial assets - Others Investments in financial assets - Warrants Total Balance as of June 30, 2019 (104 ) 3,920 2,202 204 6,222 Additions and acquisitions - 53 - - 53 Transfer to level - - - 527 527 Currency translation adjustment (10 ) 714 158 368 1,230 Write off - - (1,467 ) (916 ) (2,383 ) Gains and losses recognized in the year (i) 84 (318 ) (545 ) 30 (749 ) Balance as of June 30, 2020 (30 ) 4,369 348 213 4,900 Currency translation adjustment - - (4 ) - (4 ) Write off 30 (4,369 ) (305 ) (213 ) (4,857 ) Gains and losses recognized in the year (i) - - 9 - 9 Balance as of June 30, 2021 - - 48 - 48 (i) Included within “Financial results, net” in the Statements of income and Other Comprehensive Income. During the fiscal year ended June 30, 2021 and 2020, there were no transfers from level 3 to level 1 when they began trading. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table. Description Pricing model / method Parameters Fair value hierarchy Range Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Investments in financial assets - Other private companies’ securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. Level 3 1 - 3.5 Investments in financial assets - Others Discounted cash flows - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. Level 3 1 - 3.5 Derivative financial instruments Forwards Theoretical price Underlying asset price and volatility Level 2 and 3 - (*) An increase in the discount rate would decrease the value of investments in private companies, while an increase in projected revenues would increase their value. As of June 30, 2021, there have been no changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the group. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables | |
17. Trade and other receivables | 17. Trade and other receivables Group’s trade and other receivables as of June 30, 2021 and 2020 were as follows: 06.30.21 06.30.20 Trade, leases and services receivable 21,147 68,975 Less: allowance for doubtful accounts (999 ) (5,783 ) Total trade receivables 20,148 63,192 Prepayments 4,913 17,782 Loans, deposits and others 3,639 11,478 Contributions pending integration 10 - Guarantee deposits 1 5 Tax receivables 2,547 2,325 Others 2,180 11,925 Total other receivables 13,290 43,515 Total trade and other receivables 33,438 106,707 Non-current 10,715 41,044 Current 22,723 65,663 Total 33,438 106,707 Book amounts of Group's trade and other receivables in foreign currencies are detailed in Note 34. The fair value of current receivables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Trade accounts receivables are generally presented in the Statements of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2. Movements on the Group’s allowance for doubtful accounts were as follows: 06.30.21 06.30.20 Beginning of the year 5,783 4,064 Incorporation by business combination - (270 ) Additions (i) 863 1,624 Recovery (i) (642 ) (170 ) Currency translation adjustment 132 1,657 Deconsolidation (4,644 ) (30 ) Utilization (28 ) (1,081 ) Inflation adjustment (392 ) (38 ) Transfers to assets held for sale (73 ) 27 End of the year 999 5,783 (i) The creation and release of the provision for impaired receivables have been included in “Selling expenses” in the Statements of Income and Other Comprehensive Income (Note.27). The Group’s trade receivables comprise several classes. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables (see Note 5). The Group also has receivables from related parties neither of them is due nor impaired. Due to the distinct characteristics of each type of receivables, an aging analysis of past due unimpaired and impaired receivables is shown by type and class, as of June 30, 2021 and 2020 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Statement of Financial Position): Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 1,119 367 678 5,650 961 8,775 41.5 % Sale of properties and developments - - - 8,922 - 8,922 42.2 % Agricultural products - - - 3,412 38 3,450 16.3 % Total as of 06.30.21 1,119 367 678 17,984 999 21,147 100 % Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 905 101 173 3,985 1,206 6,370 9.24 % Sale of properties and developments 284 8 8 8,420 2 8,722 12.65 % Sale of communication equipment - - - 20,538 703 21,241 30.80 % Communication services 2,230 - 671 18,384 3,808 25,093 36.38 % Agricultural products 2,360 397 183 4,545 64 7,549 10.94 % Total as of 06.30.20 5,779 506 1,035 55,872 5,783 68,975 100 % |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2021 | |
18. Cash flow information | 18. Cash flow information Following is a detailed description of cash flows generated by the Group’s operations for the years ended June 30, 2021, 2020 and 2019. Note 06.30.21 06.30.20 06.30.19 (Loss)/ profit for the year (24,502 ) 30,042 (61,177 ) Profit / (loss) from discontinued operations 8,257 5,080 (4,334 ) Adjustments for: Income tax 23 27,940 11,948 820 Amortization and depreciation 27 3,452 2,947 735 Gain from disposal of trading properties - - (960 ) Net loss / (gain) from fair value adjustment of investment properties 9 2,246 (51,040 ) 58,033 Share-based compensation - - 94 Changes in the fair value of investments in financial assets - 1,541 (629 ) Disposal of property, plant and equipment - - (4 ) (Gain) / loss from disposal of subsidiary and associates (37 ) - 225 Gain from disposal of trading properties (6 ) - (4 ) Impairment of goodwill - - 277 Financial results, net (4,517 ) 26,960 9,972 Provisions and allowances 494 1,473 1,295 Share of loss / (profit) of associates and joint ventures 8 4,435 (11,060 ) 10,778 Loss from repurchase of Non-convertible Notes 25 2 - Gain from valuation at fair value of financial assets with changes in results (4,850 ) - - Changes in net realizable value of agricultural products after harvest 590 (987 ) 64 Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest (12,311 ) (4,991 ) (3,436 ) Unrealized gain from derivative financial instruments 573 54 440 Other operating results 336 394 236 Gain from disposal of farmlands (1,310 ) (1,259 ) (998 ) Granting Plan of actions 47 - - Changes in operating assets and liabilities: (Increase)/ Decrease in inventories (4,639 ) 1,104 (1,557 ) Increase in trading properties (28 ) (592 ) (279 ) Decrease in biological assets 9,013 7,520 2,019 Increase in restricted assets - (1,750 ) - Decrease in trade and other receivables 4,184 8,053 666 Increase / (Decrease) in trade and other payables 653 (4,380 ) (5,396 ) Decrease in salaries and social security liabilities (322 ) (545 ) (57 ) Decrease in provisions (155 ) (879 ) (166 ) (Decrease)/ Increase in lease liabilities (1,635 ) 89 - Net variation in derivative financial instruments (1,996 ) 164 238 Increase in right of use (50 ) (1,581 ) - Net cash generated from continuing operating activities before income tax paid 5,887 18,307 6,895 Net cash generated from discontinued operating activities before income tax paid 3,290 36,342 33,585 Net cash generated from operating activities before income tax paid 9,177 54,649 40,480 The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities held for sale of subsidiaries: 06.30.21 06.30.20 06.30.19 Investment properties 117,547 233,714 (14,634 ) Property, plant and equipment 47,989 (11,680 ) (93,178 ) Trading properties 7,690 233 - Intangible assets 36,546 4,854 (20,666 ) Right-of-use assets 25,853 (5,973 ) - Investments in associates and joint ventures 48,443 3,781 (1,220 ) Biological Assets - (111 ) - Deferred income tax assets 568 2 (404 ) Income tax credit 426 - - Restricted assets 8,400 321 (305 ) Trade and other receivables 70,693 (13,019 ) (39,659 ) Investments in financial assets 31,643 20,343 (9,506 ) Derivative financial instruments 368 - - Inventories 4,712 (3,259 ) (19,691 ) Group of assets held for sale 55,028 - - Borrowings (425,321 ) (130,698 ) 70,300 Lease liabilities (23,696 ) 3,120 - Deferred income tax liabilities (16,261 ) (29,863 ) 9,338 Trade and other payables (30,751 ) 3,331 76,449 Income tax liabilities (596 ) (149 ) 24 Provisions (7,095 ) 69 1,442 Employee benefits (624 ) 161 4,190 Derivative financial instruments (624 ) (56 ) (77 ) Salaries and social security liabilities (4,427 ) 105 7,979 Group of liabilities held for sale (28,805 ) - - Net value of incorporated assets that do not affect cash (82,294 ) 75,226 (29,618 ) Cash and cash equivalents (145,330 ) (6,598 ) (18,550 ) Non-controlling interest (62,519 ) 76,219 24,477 Goodwill - 521 246 Net value of incorporated assets/ disposal assets (290,143 ) 145,368 (23,445 ) Interest held before acquisition - - (1,575 ) Seller financing - - (126 ) Foreign exchange gain - - 904 Fair value of interest held before business combination - - (1,891 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale (290,143 ) 145,368 (26,133 ) The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2021, 2020 and 2019: 06.30.21 06.30.20 06.30.19 Dividends not collected - (602 ) (451 ) Increase in investment properties through an increase in borrowings - - 351 Inssuance of non-convertible notes through an antipated payment of non-convertible notes - - 5,038 Increase/ (Decrease) in participation in subsidiaries, associates and joint ventures due to currency translation adjustment 3,570 (2,351 ) 1,394 Increase in other reserves through an increase in investments in associates and joint ventures 5,911 - - Increase in intangible assets through a decrease in investment in associates 817 - - Decrease in property, plant and equipment through an increase in tax credits and liabilities 460 - - Increase in property, plant and equipment through a decrease in investment properties 2,219 - 20 Decrease in property, plant and equipment through an increase in equity 240 - - Decrease trade and other receivables through a decrease in lease liabilities 18 - - Increase in financial instruments through a decrease in trade and other receivables with related parties 43 - - Increase in trading properties through an increase in borrowings 61 18 26 Dividends in shares distribution 727 885 - Increase in investment properties through an increase in borrowings 407 122 - Increase in rights of use assets through an increase in lease liabilities 2,015 12,153 - Increase in property, plant and equipment through an increase in trade and other payables - 1,110 1,281 Increase in trading properties through a decrease in investment properties - - 146 Increase in investment properties through an increase in trade and other payables - 1,068 1,574 Increase in intangible assets through a decrease in trading properties - - 3,922 Decrease in investment in subsidiaries through a decrease in trade and other payables - - 1,198 Changes in non-controlling interest through a decrease in trade and other receivables - - - Distribution of dividends to non-controlling shareholders´ pending payment - 2,645 (511 ) Increase in property, plant and equipment through an increase in borrowings - - 9 Decrease in associates and joint ventures through an increase in assets held for sale - 3,111 - Increase in participation in subsidiaries, associates and joint ventures due to an increase in the reserve share-based payments - (6 ) - Decrease in borrowings through a decrease in financial assets - 3,686 - Increase in investment properties through a decrease in financial assets - 418 - Increase in intangible assets through an increase in trade and other payables - 742 - Increase in investment in associates through loss of control in subsidiaries - 2,004 - Acquisition of investment properties through a decrease in trade and other receivables - 42 862 Inssuance of non-convertible notes - 32 - Increase in investment in associates through a decrease in investments in financial assets - 1,283 - Increase in investments in financial assets through a decrease in investment properties - 1,784 - Increase in rights of use assets through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) - 21,214 - |
Shareholders Equity
Shareholders Equity | 12 Months Ended |
Jun. 30, 2021 | |
Shareholders' Equity | 19. Shareholders’ Equity Share capital and share premium The Group's share capital is represented by ordinary shares with a nominal value of 1 peso per share and one vote each. On February 17, 2021, the Company announced the launch of its public offering of shares for up to 90 million shares (or the equivalent of 9 million ADS) and 90,000,000 options to subscribe for new common shares, to registered holders as of February 19, 2021. Each right corresponding to one share (or ADS) allowed its holder to subscribe 0.1794105273 new ordinary shares and receive, free of charge, an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 70.31 or USD 0.472 and for the new ADS it was USD 4.72. The new registered shares, with a nominal value of ARS 1 (one peso) each and with the right to one vote per share, give the right to receive dividends on the same terms as the current shares in circulation. On March 5, 2021, having concluded the period to exercise the pre-emptive subscription right, the Company's shareholders have subscribed under the pre-emptive right the amount of 87,264,898 new shares, that is, 97% of the shares offered. , and have requested through the right to accrue 26,017,220 additional new shares, for which 2,735,102 new shares were issued, thus completing the issuance of all 90,000,000 new shares (or their equivalent in ADSs ) offered. Likewise, 90,000,000 options were issued that will empower holders through their exercise to acquire up to 90,000,000 new shares. The exercise price of the options is USD 0.566. The options may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September and November of each year (provided that said dates are business days in the city. of New York and in the Autonomous City of Buenos Aires) until maturity 5 years from the date of issue. These options have been considered as equity instruments. The Company received all the funds in the amount of ARS 4,642 (net of ARS 65 for issuance expenses) and issued the new shares, increasing the capital stock to 591,642,804 million Inflation adjustment of share capital The inflation adjustment related to share capital is allocated to an inflation adjustment reserve that forms part of shareholders' equity. The balance of this reserve could be applied only towards the issuance of common stock to shareholders of the Company Treasury shares On December 5, 2018, the Board of Directors of Cresud approved the repurchase of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares, under the terms of Article 64 of Law No. 26,831 and the CNV rules, for up to a maximum amount of ARS 429 million and up to 10% of the share capital in the form of ordinary shares or American Depositary Shares (“ADS”) representative of 10 shares each, up to daily limit of up to 25% of the average volume of daily transactions that the Company's shares have experienced, jointly in the listed markets, during the previous 90 business days, and at a maximum price of up to USD 15.50 per ADS and up to a maximum value in pesos equivalent to the maximum price per ADS divided by 10 and multiplied by the value of the exchange rate of the National Bank of at each period. Also, on March 1, 2019, the Board of Directors of Cresud approved the extension of the repurchase term for a period of 30 days in addition to the timely approved. On March 13, 2019, the above mention plan was completed and the Company acquired the equivalent of 6,394,009 common shares representing 99.97% of the approved program and 1.27% of Cresud's share capital, which correspond to 1,095,009 ordinary shares for a total of ARS 74 and 529,900 ADRs (representing 5,299,000 ordinary shares) for a total of USD 6.5 (equivalent to ARS 354). On March 14, 2019, the Board of Directors of Cresud approved a new repurchase of shares by the Company and established the terms and conditions for the acquisition of treasury shares by the Company, under the terms of Article 64 of the Law No. 26,831 and the CNV rules, for up to a maximum amount of ARS 429 million and up to 10% of the share capital in the form of ordinary shares or ADS, up to a daily limit of up to 25% of the average volume of transactions daily that have experienced the shares of the Company, jointly in the markets that it quotes, during the previous 90 business days, and to a maximum of up to USD 15.50 per ADS and up to a maximum value in pesos equivalent to the maximum price per ADS divided by 10 and multiplied by the value of the exchange rate of the National Bank of at each period. The repurchase period was set in up to 90 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange. On June 26, 2019, the repurchase plan was completed, and the Company acquired the equivalent of 6,712,465 ordinary shares representing 99.96% of the approved program and 1.34% of Cresud's share capital which correspond to 3,824,035 ordinary shares for a total of ARS 244 and 288,843 ADRs (representative of 2,888,430 ordinary shares) for a total of USD 2.9 (equivalent to ARS 184). During the fiscal year ended June 30, 2019, the Company acquired 3,211,786 ordinary shares (NPV $ 1 per share) for a total of ARS 198.36 and 1,433,874 ADRs (representing 14,338,740 ordinary shares) in various transactions. for a total of USD 27.19 (equivalent to ARS 892.12), completing the terms and conditions of the own share buy-back plan. As of the date of issuance of these financial statements, no deadline has been established for the sale of the acquired shares. Warrants Common stock purchase options (warrants), issued by IRSA with common shares during the fiscal year and treated as equity instruments, are recorded as a separate component of the equity and are measured at cost; represented by fair value on the issue date using the Black-Scholes pricing model, which incorporates certain inputs assumptions, including shares price and volatility, risk-free interest rate, and warrant maturity. At the time of the exercise of the warrants by the holders, the warrants are transferred to share capital for the nominal value of the issued shares and the difference with the product is recognized in the share premium. Legal reserve According to Law N° 19,550, 5% of the profit of the year is destinated to constitute a legal reserve until it reaches the legal capped amounts (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group has not reached the legal limit of this reserve. Special reserve The CNV, through General Ruling N° 562/9 and 576/10, has provided for the application of Technical Resolutions N° 26 and 29 of the FACPCE, which adopt the IFRS, IASB for companies subject to the public offering regime ruled by Law 17,811, due to the listing of their shares or corporate notes, and for entities that have applied for authorization to be listed under the mentioned regime. The Group has applied IFRS, as issued by the IASB, for the first time in the year beginning July 1, 2012, with the transition date being July 1, 2011. Pursuant to CNV General Ruling N° 609/12, the Company set up a special reserve, to reflect the positive difference between the balance at the beginning of retained earnings disclosed in the first Financial Statements prepared according to IFRS and the balance at closing of retained earnings disclosed in the last Financial Statements prepared in accordance with previously effective accounting standards. The reserve recorded in due course amounted to ARS 993, which as of June 30, 2018 were fully used to absorb the negative balances in the retained earnings account. During fiscal year ended June 30, 2018, the Company’s Board of Directors decided to change the accounting policy of investment property from the cost method to the fair value method, as allowed by IAS 40. For this reason, as of the transition date, figures have been modified and, hence, the special reserve as set forth by General Ruling CNV N° 609/12 has been increased to ARS 6,622, which may only be reversed to be capitalized or to absorb potential negative balances under retained earnings. Your amount as of June 30, 2021 and 2020 is ARS 1,157 Dividends During the year ended June 30, 2021, 2020 and 2019 there was no dividend distribution. Distribution of treasury shares In accordance with the resolutions Shareholders' Meeting held on October 30, 2019 and the provisions of the Board of Directors of Cresud on the same day, the distribution of treasury stock of the Company duly acquired by a company took place on November 13, 2019. The number of shares distributed was 13,000,000, which constitutes 0.026 shares per ordinary share and 0.26 per ADS, and a percentage of 2.59% of the capital of ARS 502 and 2.66% of the net capital which exclude treasury shares of ARS 499. During the fiscal year ended June 30, 2021, no treasury shares were distributed in the portfolio. Additional paid-in capital from treasury shares When the treasury shares are sold, the difference between the net realization value of the treasury shares sold and their acquisition cost will be allocated, both in the case of positive or negative results, to an account of non-capitalized contributions. of the owners that will be denominated " Additional paid-in capital from treasury shares". |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other payables | |
20. Trade and other payables | 20. Trade and other payables Group’s trade and other payables as of June 30, 2021 and 2020 were as follows: 06.30.21 06.30.20 Trade payables 9,381 34,020 Advances from sales, leases and services 3,538 2,962 Construction obligations - 611 Accrued invoices 3,001 1,834 Deferred income - 213 Admission fees 1,080 1,528 Deposits in guarantee 90 152 Total trade payables 17,090 41,320 Dividends payable to non-controlling interests 919 534 Tax payables 1,747 1,133 Director's fees 153 204 Management fees - 286 Others 1,926 14,814 Total other payables 4,745 16,971 Total trade and other payables 21,835 58,291 Non-current 2,250 4,485 Current 19,585 53,806 Total 21,835 58,291 The fair value of payables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Fair values are based on discounted cash flows (Level 3). |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2021 | |
Provisions | |
21. Provisions | 21. Provisions The Group is subject to claims, lawsuits and other legal proceedings in the ordinary course of business, including claims from clients where a third party seeks reimbursement or damages. The Group’s responsibility under such claims, lawsuits and legal proceedings cannot be estimated with certainty. From time to time, the status of each major issue is evaluated and its potential financial exposure is assessed. If the potential loss involved in the claim or proceeding is deemed probable and the amount may be reasonably estimated, a liability is recorded. The Group estimates the amount of such liability based on the available information and in accordance with the provisions of the IFRS. If additional information becomes available, the Group will make an evaluation of claims, lawsuits and other outstanding proceeding, and will revise its estimates. The following table shows the movements in the Group's provisions categorized by type: Legal claims (i) Investments in associates and joint ventures (ii) Site dismantling and remediation (iii) Other provisions (v) Total June 30, 2019 3,645 13,009 514 3,793 20,961 Additions 706 - 50 - 756 Transfers (27 ) - - - (27 ) Incorporated by business combinations 86 - - - 86 Share of loss of associates and joint ventures - (11,206 ) - - (11,206 ) Used during the year (1,048 ) (1,529 ) - (272 ) (2,849 ) Inflation adjustment (120 ) - - - (120 ) Currency translation adjustment 552 (248 ) 108 299 711 As of June 30, 2020 3,794 26 672 3,820 8,312 Additions 480 - 28 (111 ) 397 Transfers (2 ) - - - (2 ) Deconsolidation (see Note 4) (3,093 ) - (653 ) (3,349 ) (7,095 ) Used during the year (145 ) (12 ) - (28 ) (185 ) Inflation adjustment (130 ) - - - (130 ) Transfer to / of assets available for sale 6 - - - 6 Currency translation adjustment (384 ) - (47 ) (332 ) (763 ) As of June 30, 2021 526 14 - - 540 06.30.21 06.30.20 Non-current 389 4,643 Current 151 3,669 Total 540 8,312 (i) Additions and recoveries are included in "Other operating results, net" (ii) Corresponds to the equity interest in Puerto Retiro in 2021 and 2020. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures". (iii) The Group’s companies are required to recognize certain costs related to the dismantling of assets and remediation of sites from the places where such assets are located. The calculation of such expenses is based on the dismantling value for the current year, taking into consideration the best estimate of future changes in prices, inflation, etc. and such costs are capitalized at a risk-free interest rate. Volume projections for retired or built assets are recast based on expected changes from technological rulings and requirements. Trial and Preventive Seizure - Province of Salta The contracts with the state company Salta Forestal SA by means of which rural real estate was given in concession to Cresud, the Governor of the Province of Salta has decreed through decrees 815/20, 395/21, 396/21, 397/21 and 398 / 21 reject the hierarchical appeals filed by Cresud against the payment of the royalties made by Salta Forestal SA and, depending on the campaign, by the Ministry of Agrarian Affairs for the 2013/2014, 2014/2015, 2015/2016, 2016/2017 campaigns , 2017/2018, 2018/2019 and 2019/2020 of corn, soybean and / or sorghum crops. In this context, Cresud has initiated the judicial challenge of these decrees and the province of Salta has initiated an executive and freezing lawsuit for the amounts of the controversial fees. To date, embargoes have been filed under the Expte. 726737/20 and in relation to decree 815/20 for the sum of ARS 42 and within the framework of Expte. N ° 739946/21 and in relation to decree 395/21 the sum of ARS 38. In this line and based on the decrees issued by the Government of Salta and according to the information provided by our external advisory lawyers, the contingency is foreseen at closing in the amount of ARS 221. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2021 | |
Borrowings | |
22. Borrowings | 22. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2021 and 2020 was as follows: Book value Fair value 06.30.21 06.30.20 06.30.21 06.30.20 Non-convertible notes 89,276 515,228 85,620 415,835 Bank loans and others 18,231 104,966 18,231 88,549 Bank overdrafts 9,312 6,433 9,312 6,433 Other borrowings 1,849 2,421 1,849 9,772 Total borrowings (i) 118,668 629,048 115,012 520,589 Non-current 73,233 481,268 Current 45,435 147,780 Total 118,668 629,048 (i) As of June 2020, includes ARS 468,134 corresponding to the Operations Center in Israel. As of June 30, 2021 and 2020, total borrowings include collateralized liabilities (seller financing and bank loans) of ARS 20,701 and ARS 22,410, respectively. These borrowings are mainly collateralized by investment properties and property, plant and equipment of the Group (Notes 9 and 10). The maturity of the Group's borrowings is as follows: 06.30.21 06.30.20 Capital: Less than one year 43,275 144,814 Between 1 and 2 years 56,280 96,424 Between 2 and 3 years 13,129 165,720 Between 3 and 4 years 1,812 53,916 Between 4 and 5 years 1,705 48,557 More than 5 years 86 116,217 116,287 625,648 Accrued interest: Less than one year 2,160 2,966 Between 1 and 2 years 121 95 Between 2 and 3 years 13 134 Between 3 and 4 years 45 42 Between 4 and 5 years 6 66 More than 5 years 36 97 2,381 3,400 118,668 629,048 The following table shows a detail of evolution of borrowing during the years ended June 30, 2021 and 2020: 06.30.21 06.30.20 Balance at the beginning of the year 629,048 717,653 Borrowings 56,677 71,761 Payment of borrowings (93,577 ) (109,030 ) Collection / (payment) of short term loans, net 8,160 (3,693 ) Interests paid (20,539 ) (32,907 ) Accrued interests 16,564 36,584 Currency translation adjustment and exchange differences, net (44,091 ) 112,430 Deconsolidation (425,333 ) (143,355 ) Financial assets activation 468 - Repurchase of non-convertible notes 362 (20,493 ) Inflation adjustment (9,233 ) (1,500 ) Incorporation by business combination - 2,830 Transfer to / from assets held for sale - (1,232 ) Reclassifications and other movements 162 - Balance at the end of the year 118,668 629,048 The following tables shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2021 and 2020. 06.30.21 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 18,061 - - - 18,061 Brazilian Reais - 5,616 - - 5,616 US Dollar 84,609 49 715 50 85,423 Subtotal fixed-rate borrowings 102,670 5,665 715 50 109,100 Floating rate: - Argentine Peso 205 - - - 205 Brazilian Reais - 7,134 - - 7,134 US Dollar 2,027 - - 202 2,229 Subtotal floating rate borrowings 2,232 7,134 - 202 9,568 Total borrowings 104,902 12,799 715 252 118,668 06.30.20 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar NIS Total Fixed rate: Argentine Peso 11,705 - - - - 11,705 Brazilian Reais - 2,394 - - - 2,394 US Dollar 129,563 165 777 219 (1,745 ) 128,979 Bolivian pesos - - - - 2,139 2,139 NIS - - - - 265,278 265,278 Subtotal fixed-rate borrowings 141,268 2,559 777 219 265,672 410,495 Floating rate: Argentine Peso 2,905 - - - - 2,905 Brazilian Reais - 7,325 - - - 7,325 US Dollar 5,861 - - - - 5,861 NIS - - - - 202,462 202,462 Subtotal floating rate borrowings 8,766 7,325 - - 202,462 218,553 Total borrowings 150,034 9,884 777 219 468,134 629,048 The following describes the debt issuances made by the Group for the years ended June 30, 2021, and 2020: Entity Class Issuance / expansion date Amount in original currency Maturity date Interest rate Principal payment Interest payment CRESUD Class XXVI ene-20 ARS 1,095 1/30/2021 Badlar + 6.50% At expiration Quarterly CRESUD Class XXVII ene-20 USD 5.7 7/30/2021 7.45% n.a. At expiration Quarterly CRESUD Class XXVIII ene-20 USD 27.5 4/30/2021 9.00% n.a. At expiration Quarterly CRESUD Class XXIX jun-20 USD 83.0 12/09/2021 3.50% n.a At expiration Quarterly CRESUD Class XXX ago-20 USD 25 8/31/2023 2.00% At expiration Quarterly CRESUD Class XXXI nov-20 USD 30.8 11/12/2023 9.00% n.a. Annual payments since 2021 Quarterly CRESUD Class XXXII nov-20 USD 34.3 11/12/2022 9.00% n.a At expiration Quarterly CRESUD Class XXXIV jun-21 USD 35.7 6/30/2024 6.99% n.a. Annual payments since 2022 Biannual BRASILAGRO n/a May-21 R$ 240 4/12/2028 IPCA + 5.3658% 50% April 2027 y 50% April 2028 Annual IRSA Class I tramo2 ago-19 USD 85 11/15/2020 10.00% n.a. At expiration Quarterly IRSA Class II ago-19 CLP 31,503 08/06/2020 10.50% n.a. At expiration Quarterly IRSA Class II may-20 ARS 354 02/19/2021 Badlar,+ 0.6% n.a. At expiration Quarterly IRSA Cass IV may-20 USD 51 05/19/2021 7% n.a. At expiration Quarterly IRSA Class V may-20 USD 9 05/19/2022 9% n.a. At expiration Quarterly IRSA Class I nov-20 USD 3.1 03/1/2023 10.00% n.a. At expiration Quarterly IRSA Class VII jul-20 USD 33.7 1/21/2022 4.00% n.a. At expiration Quarterly IRSA Class VIII nov-20 USD 31.7 11/12/2023 10.00% n.a. 33% in November 21, 33% in November 22, 34% in November 23 Quarterly IRSA Class VI jul-20 ARS 335.2 7/21/2021 Badlar + 4.00% 30% en April 21, 70% at expiration Quarterly IRSA Class IX nov-20 USD 80.7 03/1/2023 10.00% n.a. At expiration Quarterly IRSA Class X nov-20 ARS 701.5 3/31/2022 Badlar + 5.00% At expiration Quarterly IRSA Class XI mar-21 USD 15.81 03/01/2024 5.00% n.a. At expiration Biannual IRSA Class XII mar-21 UVAs 53.78 3/31/2024 4.00% n.a. At expiration Biannual (1) Corresponds to an expansion of the series. Notes Issuance - Exchange Offer Series XXIV Notes On November 12, 2020, the company carried out an exchange operation of its Series XXIV Notes, for a nominal value of USD 73.6. Nominal Value of Existing Notes presented and accepted for the Exchange (for both Series): approximately USD 65.1 which represents 88.41% acceptance, through the participation of 1,098 orders. · Series XXXI: Face Value of Existing Notes presented and accepted for the Exchange: approximately USD 30.8. - Nominal Value to be Issued: approximately USD 1.3. - Issuance Price: 100% nominal value. - Maturity Date: It will be November 12, 2023. - Consideration of the Exchange Offer: eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive for every USD 1 submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following: ■ A sum of money of approximately USD 29.4 for repayment of capital of such existing notes presented to the Exchange, in cash, in United States Dollars, which will be equivalent to US$ 0.95741755 for each USD 1 of existing notes presented to the Exchange; and ■ The remaining amount until completing 1 USD for each 1 USD of existing notes presented to the Exchange, in notes Series XXXI. - Annual Nominal Fixed Interest Rate: 9.00%. - Amortization: The capital of the Series XXXI Notes will be amortized in 3 annual installments (33% of the capital on November 12, 2021, 33% of the capital on November 12, 2022, 34% of the capital on the maturity date of Series XXXI). - Interest Payment Dates: Interest will be paid quarterly for the expired period as of the issue and settlement date. - Payment Address: Payment will be made to an account at Argentine Securities Commission in the Autonomous City of Buenos Aires · Series XXXII: Face Value of Existing Notes presented and accepted for the Exchange: approximately USD 34.3. - Nominal Value to be Issued: approximately USD 34.3. - Issuance Price: 100% nominal value. - Maturity Date: It will be November 12, 2022. - Consideration of the Exchange Offer: the eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive Series XXXII Notes for 100% of the capital amount presented for exchange and accepted by the Company and the accrued interest of the existing notes until the settlement and issue date. - Early Bird: will consist of the payment of USD 0.02 for each USD 1 of existing notes delivered and accepted in the Exchange on or before the deadline date to Access the Early Bird. Said consideration will be paid in Pesos on the issue and settlement date according to the exchange rate published by Communication “A” 3500 of the Central Bank of Argentina on the business day prior to the expiration date of the Exchange, which is Ps. 79.3433 for each USD 1 of Existing Notes delivered and accepted in the Exchange. - Annual Nominal Fixed Interest Rate: 9.00%. - Amortization: The capital of the Series XXXII Notes will be amortized in one installment on the maturity date. - Interest Payment Dates: Interest will be paid quarterly for the expired period from the issuance and settlement date. Payment Address: Payment will be made to an account at Argentine Securities Commission in New York, United States, for which purpose the Company will make US dollars available to an account reported by the Argentine Securities Commission in said jurisdiction. Cancellation Cresud’s Series XXIV Notes In relation to the Exchange Offer ended on November 10, 2020, and as a result of the settlement of said Exchange, on November 16, 2020, the Company made a partial cancellation for a V.N. of USD 65 of Negotiable Obligations Class XXIV. After the cancellation the V.N. in circulation was USD 8, which was paid in full on November 16, 2020. Exchange Offer Series XXV Notes and Issuance Series XXXIII and XXXIV As a consequence of communication “A” 7,308 established by the Cenral Bank, the issuance of the Notes Series XXXIII and XXXIV were carried out, in order to refinance the Notes Series XXV for a face value of USD 59,561,897, with was matured and cancelled on July 12, 2021. On June 30, 2021, the twentieth Series of Notes was issued, within the framework of the Program approved by the Shareholders' Meeting, for up to USD 500 million. The main characteristics of the issue are detailed below: · Series XXXIV Notes: denominated and payable in dollars for a nominal value of USD 35.7 million, maturing 36 months from the date of issue. They will accrue interest at a fixed rate of 6.99% nominal per year, payable semi-annually and will amortize their capital in three payments at 12, 24 and 36 months from the date of issue. The issue price was 100% of the nominal value. The funds will be used primarily for debt refinancing. · Series XXXIV Notes: denominated and payable in dollars for a nominal value of USD 18.8 million, maturing 36 months from the date of issue. They will accrue interest at a fixed rate of 6.99% nominal per year, payable semi-annually and will amortize their capital in three payments at 12, 24 and 36 months from the date of issue. The issue price was 100% of the nominal value. The funds will be used primarily for debt refinancing. Issuance of BrasilAgro Non-Convertible Notes On May 5, 2021, BrasilAgro issued Non-convertible Notes, unique series, for a nominal value of R$ 240 million (equivalent to ARS 4,632). They will accrue interest at a variable rate made up for IPCA (Consumer Price Index) plus 5.3658% nominal per year, payable annually and will amortize their capital in two payments on April 13, 2027 and April 12, 2028. Issuance of IRSA Non-convertible Notes On July 21, 2020, subsequently to the closing of the fiscal year, the Company issued USD 38.4 Non-convertible Notes in the local market through the following instruments: · ARS 335.2 (equivalent to USD 4.7) Series VI NCNs denominated and payable in Argentine pesos at a variable rate (Private Badlar) + 4.0%, with interest accruing on a quarterly basis. The principal amount is repayable in two installments: the first one -equal to 30% of the par value of the notes- payable on the date that is 9 (nine) months after the Issue and Settlement Date and the second installment -equal to 70% of the par value of the notes- payable on the relevant due date, i.e. July 21, 2021. Notes were issued at 100% of their par value. · US$ 33.7 Series VII NCNs denominated in US$ and payable in Argentine pesos at the applicable exchange rate, at a fixed 4.0% rate, with interest accruing on a quarterly basis. Repayment of capital is due on January 21, 2021. Notes were issued at 100% of their par value. The proceeds were used to refinance short-term indebtedness. On January 21, 2021, the commitments of this note were cancelled. On March 31, 2020, the Company issued USD 65.5 Non-convertible Notes in the local market. The main characteristics of the issue are detailed below: · Series X: denominated and payable in pesos for ARS 701.6 (equivalent at the time of issuance to USD 7.6) at a variable rate (private BADLAR + 5.0%) with quarterly payments. The principal will be paid on the due date, March 31, 2022. Price of issuance was 100.0% of the nominal value. · Series XI: denominated in USD and payable in ARS at the applicable exchange rate for USD 15.8 at a fixed rate of 5.0%, with semiannual payments plus, if applicable, the Premium Factor in the first year (as defined in the corresponding Prospectus Supplement) and principal expiring on March 31, 2024. Price of issuance was 98.39% of the nominal value (IRR 5.6%). · Series XII: denominated in UVA and payable in ARS at the applicable UVA value for UVA 53.8 (equivalent at the time of issuance to ARS 3,868.2 and USD 42.1) at a fixed rate of 4.0%, with semiannual payments and principal expiring on March 31, 2024. Price of issuance was 100.0% of the nominal value. The funds have been used to refinance short-term liabilities and working capital. Payment of non-convertible notes On July 20, 2020, the Company paid the twentieth interest installment and the principal installment of the US$ 75 Series II Non-convertible Notes issued on July 20, 2010. On August 6, 2020, the Company paid the second interest installment and the principal installment of the US$ 47 Series II Non-convertible Notes issued on August 6, 2019. Exchange of debentures On November 12, 2020, the company carried out an exchange operation of its Series I Notes, for a nominal value of USD 181.5, according to communication “A” 7106 of the BCRA. Nominal Value of Existing Notes presented and accepted for the Exchange (for both Series): approximately USD 178.5 which represents 98.31% acceptance, through the participation of 6,571 orders. · Series VIII: Face Value of Existing Notes presented and accepted for the Exchange: approximately USD 104.3. - Nominal Value to be Issued: approximately USD 31.7. - Issuance Price: 100% nominal value. - Maturity Date: It will be November 12, 2023. - Consideration of the Exchange Offer: eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive for every USD 1 submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following: ■ A sum of money of approximately USD 726 for repayment of capital of such existing notes presented to the Exchange, in cash, in United States Dollars, which will be equivalent to USD 0.69622593 for each USD 1 of existing notes presented to the Exchange; and ■ The remaining amount until completing 1 USD for each 1 USD of existing notes presented to the Exchange, in notes Series VIII. - Annual Nominal Fixed Interest Rate: 10.00%. - Amortization: The capital of the Series VIII Notes will be amortized in 3 annual installments (33% of the capital on November 12, 2021, 33% of the capital on November 12, 2022, 34% of the capital on the maturity date of Series VIII). - Interest Payment Dates: Interest will be paid quarterly for the expired period as of the issue and settlement date. - Payment Address: Payment will be made to an account at Argentine Securities Commission in the Autonomous City of Buenos Aires · Series IX: Face Value of Existing Notes presented and accepted for the Exchange: approximately USD 74.2. - Nominal Value to be Issued (together with the Face Value to be issued as a result of the cash subscription): approximately USD 80.7 . - Issuance Price: 100% nominal value. - Maturity Date: It will be March 1, 2023. - Consideration of the Exchange Offer: the eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive Series IX Notes for 100% of the capital amount presented for exchange and accepted by the Company and the accrued interest of the existing notes until the settlement and issue date. - Early Bird: will consist of the payment of USD 0.02 for each USD 1 of existing notes delivered and accepted in the Exchange on or before the deadline date to Access the Early Bird. Said consideration will be paid in Pesos on the issue and settlement date according to the exchange rate published by Communication “A” 3500 of the Central Bank of Argentina on the business day prior to the expiration date of the Exchange, which is ARS 79.3433 for each USD 1 of Existing Notes delivered and accepted in the Exchange. - Annual Nominal Fixed Interest Rate: 10.00%. - Amortization: The capital of the Series IX Notes will be amortized in one installment on the maturity date. - Interest Payment Dates: Interest will be paid quarterly for the expired period from the issuance and settlement date. - Payment Address: Payment will be made to an account at Argentine Securities Commission in New York, United States, for which purpose the Company will make US dollars available to an account reported by the Argentine Securities Commission in said jurisdiction. · Modifications to the Terms of the Existing Notes: Considering that consent has been obtained for an amount greater than 90% of the existing notes capital, the Company has modified and replaced the following essential and non-essential terms and conditions of the existing notes. - By virtue of the implementation of the Proposed Non-Essential Modifications, the entire section of "Certain Commitments" and "Events of Default" is eliminated from the terms and conditions set forth in the prospectus supplements dated May 2, 2019 and dated July 25, 2019 corresponding to the existing notes. - Additionally, pursuant to the implementation of the Proposed Essential Modifications, the following terms and conditions of the Existing Notes are modified and replaced: ■ Expiration Date: It will be March 1, 2023. ■ Interest Payment Dates: will be the same dates reported for Class IX in the Notice of Results. - It is clarified that the terms and conditions of the Series I Notes not modified by the Proposed Essential Modifications and the Proposed Non-Essential Modifications will maintain their full validity. - The implementation of the Proposed Essential Modifications and Proposed Non-Essential Modifications were approved by the Board of Directors, on November 11, 2020. · Repayment Series I: In relation to the Exchange Offer ended on November 10, 2020, on November 12, 2020, IRSA made a partial repayment of Series I Notes for a Nominal Value of USD 178.5, after the partial repayment the Nominal Value under circulation was USD 3.1 and due to the fact that the necessary percentage for the change of conditions for Series I was reached, then the expiration date was modified, among others, until March 1, 2023, so Series I remains for USD 3.1 until the new maturity, and the payment of interest replicates to Series IX. Payment of IRSA CP’s Series IV Non-convertible Notes On September 14, 2020, the aggregate principal amount of the Series IV Non-convertible Notes in the amount of ARS 10,381 (USD 140) and interest accrued as of such date in the amount of ARS 134 (USD 1.8) were paid. Loan to related party On October 23, 2020, Dolphin Netherlands granted a loan to Yad Leviim Ltd. in a principal amount of USD 16,250,000 at a rate interest of 5% per year. Yad Leviim Ltd. is a company controlling by Eduardo Elsztain. The maturity date of this loan is March 22, 2022. |
Income tax
Income tax | 12 Months Ended |
Jun. 30, 2021 | |
23. Income tax | 23. Income tax The Group’s income tax has been calculated on the estimated taxable profit for each year at the rates prevailing in the respective tax jurisdictions. The subsidiaries of the Group in the jurisdictions where the Group operates are required to calculate their income taxes on a separate basis; thus, they are not permitted to compensate subsidiaries’ losses against subsidiaries income. Tax modifications Due to the enactment of Law 27,630 published in the Official Gazette on June 16, 2021 and effective for the years beginning on January 1, 2021, the current rates for corporate income tax are modified according to the following scale: Accumulated net taxable profit More of To Will pay More % On the surplus of - 5,000,000 - 25 % - 5,000,000 50,000,000 1,250,000 30 % 5,000,000 50,000,000 Onwards 14,750,000 35 % 50,000,000 The amounts provided in the scale will be adjusted annually, as of January 1, 2022, considering the annual variation of the Consumer Price Index (CPI), corresponding to the month of October of the year prior to the adjustment, with respect to the same month from the previous year. The amounts determined by application of the described mechanism will be applicable for the fiscal years that begin after each update. The details of the provision for the Group’s income tax, is as follows: 06.30.21 06.30.20 06.30.19 Current income tax (1,927 ) (1,116 ) (1,068 ) Deferred income tax (26,013 ) (10,630 ) 132 MPIT - (202 ) 116 Income tax (27,940 ) (11,948 ) (820 ) The statutory taxes rates in the countries where the Group operates for all of the years presented are: Tax jurisdiction Income tax rate Argentina 25% - 35 % Brazil 25% -34 % Uruguay 0% - 25 % Bolivia 25 % U.S. 0% - 40 % Bermudas 0 % Israel 23% - 24 % Below is a reconciliation between income tax expense and the tax calculated applying the current tax rate, applicable in the respective countries, to profit before taxes for years ended June 30, 2021, 2020 and 2019: 06.30.21 06.30.20 06.30.19 Tax calculated at the tax rates applicable to (loss)/ profit in the respective countries (4,549 ) (14,672 ) 15,556 Permanent differences: Tax inflation adjustment (12,351 ) (6,136 ) (8,746 ) Share of (loss)/ profit of associates and joint ventures (1,295 ) 1,499 (1,912 ) Result from sale of participation in subsidiaries 113 - - Unrecognized tax loss carry-forwards (2,361 ) (1,253 ) (2,771 ) Expiration of tax loss carry-forwards - (1 ) - Recognition of deferred taxes 1,361 - - Fiscal transparency 353 - - Provision for unrecoverability of tax loss carry-forwards (2,803 ) (3,004 ) (4,797 ) Changes in fair value of financial instruments and sale of shares - - (593 ) Change of tax rate (14,308 ) 4,330 982 Non-taxable profit (95 ) 1,548 27 Non-deductible expenses (54 ) - - Others (55 ) - - Inflation adjustment permanent difference 8,104 5,741 1,434 Income tax from continuing operations (27,940 ) (11,948 ) (820 ) Deferred tax assets and liabilities of the Group as of June 30, 2021 and 2020 will be recovered as follows: 06.30.21 06.30.20 Deferred income tax assets to be recovered after more than 12 months 1,848 23,654 Deferred income tax assets to be recovered within 12 months 4,133 1,482 Deferred income tax assets 5,981 25,136 Deferred income tax liabilities to be recovered after more than 12 months (80,766 ) (93,602 ) Deferred income tax liabilities to be recovered within 12 months (6,953 ) (4,443 ) Deferred income tax liabilities (87,719 ) (98,045 ) Total deferred income tax liabilities, net (81,738 ) (72,909 ) The movement in the deferred income tax assets and liabilities during the years ended June 30, 2021 and 2020, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: At the beginning Business combinations and reclassification to other assets held for sale (i) Foreign exchange gain Charged to the Statement of Income Use of tax loss carry-forwards Deconsolidation At the end June 30, 2021 Assets Trade and other payables 8,055 - 2,408 (56 ) - (9,621 ) 786 Tax loss carry-forwards 14,317 - 2,413 (4,709 ) - (9,039 ) 2,982 Others 2,764 38 515 1,015 - (2,119 ) 2,213 Subtotal assets 25,136 38 5,336 (3,750 ) - (20,779 ) 5,981 Liabilities Investment properties and property, plant and equipment (81,367 ) - (2,190 ) (10,074 ) (377 ) 28,499 (65,509 ) Biological assets (950 ) - 114 (1,835 ) - - (2,671 ) Trade and other receivables (1,286 ) - - 933 - - (353 ) Investments (140 ) - (1 ) 135 - - (6 ) Intangible assets (3,595 ) - (1,179 ) 168 - 4,531 (75 ) Tax inflation adjustment (9,424 ) - - (9,278 ) - - (18,702 ) Borrowings (1,202 ) - (475 ) 939 - 1,816 1,078 Inventories (970 ) - (52 ) 119 - - (903 ) Others 889 - - (3,093 ) - 1,626 (578 ) Subtotal liabilities (98,045 ) - (3,783 ) (21,986 ) (377 ) 36,472 (87,719 ) Assets/ (Liabilities), net (72,909 ) 38 1,553 (25,736 ) (377 ) 15,693 (81,738 ) At the beginning Business combinations and reclassification to other assets held for sale (i) Foreign exchange gain Charged to the Statement of Income Reserve for changes of non-controlling interest Use of tax loss carry-forwards Deconsolidation At the end June 30, 2020 Assets Trade and other payables 8,661 (2 ) 1,296 (1,253 ) - - (647 ) 8,055 Tax loss carry-forwards 11,872 - 1,206 1,364 - - (125 ) 14,317 Others 2,345 (5 ) (107 ) 415 116 - - 2,764 Subtotal assets 22,878 (7 ) 2,395 526 116 - (772 ) 25,136 Liabilities Investment properties and property, plant and equipment (91,750 ) (838 ) 1,800 (13,374 ) - 306 22,489 (81,367 ) Biological assets (772 ) - 110 (288 ) - - - (950 ) Trade and other receivables (1,335 ) - - 49 - - - (1,286 ) Investments (110 ) - (119 ) 89 - - - (140 ) Intangible assets (3,404 ) - (667 ) 476 - - - (3,595 ) Tax inflation adjustment (6,586 ) (50 ) - (2,788 ) - - - (9,424 ) Borrowings (1,589 ) - (193 ) 580 - - - (1,202 ) Inventories (1,093 ) (5 ) 202 (74 ) - - - (970 ) Others (981 ) (925 ) (178 ) 3,693 - - (720 ) 889 Subtotal liabilities (107,620 ) (1,818 ) 955 (11,637 ) - 306 21,769 (98,045 ) Assets/ (Liabilities), net (84,742 ) (1,825 ) 3,350 (11,111 ) 116 306 20,997 (72,909 ) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefits through future taxable profits is probable. Tax loss carry-forwards may have expiration dates or may be permanently available for use by the Group depending on the tax jurisdiction where the tax loss carry forward is generated. Tax loss carry forwards in Argentina and Uruguay generally expire within 5 years, while in Israel they do not expire. Tax loss carry forward in Bolivia expire within 3 years Tax loss carry forwards in Brazil do not expire. However, in Brazil, the taxable profit for each year can only be reduced by tax losses up to a maximum of 30%. As of June 30, 2021, the Group's recognized tax loss carry forward prescribed as follows: Jurisdiction 06.30.21 Date of generation Due date Argentina 31 2019 2024 Argentina 477 2020 2025 Argentina 193 2021 2026 Brazil 8.053 2011-2020 Do not expire Total tax loss carry forward 8.754 The Group assesses the realizability of deferred income tax assets, by considering whether it is probable that some portion or all of the deferred income tax assets will not be realized. In order to make this assessment, Management considers the scheduled reversal of deferred income tax liabilities, projected business and tax planning strategies. On this basis, it is estimated that as of June 30, 2021, all deferred tax assets and tax credits will be realized. The Group did not recognize deferred income tax assets (tax loss carry forwards) of ARS 8,125 and ARS 685,361 as of June 30, 2021 and 2020, respectively. Although management estimates that the business will generate sufficient income, pursuant to IAS 12, management has determined that, as a result of the recent loss history and the lack of verifiable and objective evidence due to the subsidiary’s results of operations history, there is sufficient uncertainty as to the generation of sufficient income to be able to offset losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses. The Group did not recognize deferred income tax liabilities of ARS 135 as of June 30, 2020, related to their investments in foreign subsidiaries, associates and joint ventures. In addition, the withholdings and/or similar taxes paid at source may be creditable against the Group’s potential final tax liability. On June 30, 2020 the Group recognized a deferred liability in the amount of ARS 1,361, related to the potential future sale of one of its subsidiaries shares, which was reversed during the current fiscal year. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2021 | |
24. Leases | 24. Leases The Group as lessee Operating leases In the ordinary course of business, the Group enters into several operating lease agreements. Group conducts a portion of its agricultural activities on land rented from third parties under operating lease contracts averaging a harvest year. Rent expense for the years ended as of June 30, 2021, 2020 and 2019 amounted to ARS 242, ARS 411 and ARS 438, respectively and is included in the line item “Costs” in the Statement of Income and Other Comprehensive Income. The Group is also using land in the Province of Salta under rights of use agreement (the “Anta Agreement”) for which the Group is currently paying a rent fee of 10% of the production. Rent expense paid for the years ended as of June 30, 2021, 2020 and 2019 amounted to ARS 157, ARS 155 and ARS 110, respectively and is included in the line item “Costs” in the Statement of Income and Other Comprehensive Income. The Group leases property or spaces for administrative or commercial use both in Argentina and in Israel, under operating leases. The agreements entered into include several clauses, including but not limited, to fixed, variable or adjustable payments. Some leases were agreed upon with related parties (Note 32). The amounts involved are not material for any of the periods filed. The future aggregate minimum lease payments the Group will have to cancel under non-cancellable operating leases were as follows: 06.30.21 06.30.20 06.30.19 No later than 1 year 553 3,647 14,757 Later than 1 year and not later than 5 years 2,048 8,126 22,770 More than 5 years 1,019 3,600 3,151 3,620 15,373 40,678 The Group as lessor Operating leases (Shopping malls, offices and other buildings) In the segments Shopping malls and Offices and Others, the Group enters into operating lease agreements typical in the business. Given the diversity of properties and lessees, and the various economic and regulatory jurisdictions where the Group operates, the agreements may adopt different forms, such as fixed, variable, adjustable leases, etc. For example, operating lease agreements with lessees of Shopping malls generally include escalation clauses and contingent payments. Rental properties are considered to be investment property. Book value is included in Note 9. The future minimum proceeds generated from non-cancellable operating leases from Group’s Shopping malls, offices and other buildings are as follows: 06.30.21 06.30.20 06.30.19 No later than 1 year 4,135 1,819 19,850 Later than 1 year and not later than 5 years 8,272 33,139 44,656 More than 5 years 2,267 16,031 32,083 14,674 50,989 96,589 Operating leases (Farmlands) From time to time, the Group leases certain farmlands. The leases have an average term of one crop year. Rental income is generally based on the market price of a particular crop multiplied by a fixed amount of tons per hectare leased or based on a fixed amount in dollars per hectare leased. The future aggregate minimum lease proceeds under non-cancellable operating leases from the Group are as follows: 06.30.21 06.30.20 06.30.19 No later than 1 year 148 183 131 Later than 1 year and not later than 5 years 257 222 362 More than 5 years - - 11 405 405 504 |
Revenues
Revenues | 12 Months Ended |
Jun. 30, 2021 | |
25. Revenues | 25. Revenues 06.30.21 06.30.20 06.30.19 Crops 15,269 17,215 9,697 Sugarcane 5,249 4,773 3,919 Cattle 2,844 2,906 1,430 Supplies 2,137 1,570 1,151 Consignment 974 895 1,395 Advertising and brokerage fees 1,361 1,105 866 Agricultural rental and other services 964 968 778 Other 691 416 312 Income from sales and services from agricultural business 29,489 29,848 19,548 Trading properties and developments 1,024 1,095 1,630 Rental and services 10,978 17,088 21,915 Hotel operations, tourism services and others 920 3,037 4,436 Income from sales and services from urban properties and investment business 12,922 21,220 27,981 Total revenues 42,411 51,068 47,529 |
Costs
Costs | 12 Months Ended |
Jun. 30, 2021 | |
26. Costs | 26. Costs 06.30.21 06.30.20 06.30.19 Other operative costs 35 38 428 Cost of property operations 35 38 428 Crops 16,343 14,700 9,252 Sugarcane 4,560 4,495 3,471 Cattle 2,370 2,436 1,089 Supplies 1,662 1,258 763 Consignment 1,193 981 199 Advertising and brokerage fees 869 698 596 Agricultural rental and other services 242 411 438 Cost of sales and services from agricultural business 27,239 24,979 15,808 Trading properties and developments 1,069 1,028 790 Rental and services 4,433 6,014 7,324 Hotel operations, tourism services and others 1,056 1,866 2,383 Cost of sales and services from sales and services from urban properties and investment business 6,558 8,908 10,497 Total costs 33,832 33,925 26,733 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2021 | |
27. Expenses by nature | 27. Expenses by nature The Group disclosed expenses in the statements of income by function as part of the line items “Costs”, “General and administrative expenses” and “Selling expenses”. The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2021, 2020 and 2019. Production costs Costs General and administrative expenses Selling expenses Total as of 06.30.21 Leases, services charges and vacant property costs 12 225 52 17 306 Depreciation and amortization 2,619 512 289 32 3,452 Doubtful accounts - - - 221 221 Advertising, publicity and other selling expenses - 358 - 69 427 Taxes, rates and contributions 61 539 168 1,558 2,326 Maintenance and repairs 163 1,701 418 4 2,286 Fees and payments for services 49 4,049 458 343 4,899 Director’s fees - - 1,265 - 1,265 Payroll and social security liabilities 835 3,066 2,290 287 6,478 Cost of sale of goods and services - 3,450 - - 3,450 Cost of sale of agricultural products and biological assets - 19,665 - - 19,665 Supplies and labors 14,516 142 - 162 14,820 Freights 115 1 5 1,187 1,308 Commissions and bank charges - 5 105 1 111 Conditioning and clearance - - - 189 189 Travel, library expenses and stationery 72 38 60 21 191 Interconnection and roaming expenses - 47 1 - 48 Others 948 34 56 56 1,094 Total expenses by nature as of 06.30.21 19,390 33,832 5,167 4,147 62,536 Production costs Costs General and administrative expenses Selling expenses Total as of 06.30.20 Leases, services charges and vacant property costs 13 247 49 32 341 Depreciation and amortization 2,061 606 267 13 2,947 Doubtful accounts - 134 - 404 538 Advertising, publicity and other selling expenses - 774 - 127 901 Taxes, rates and contributions 68 704 174 1,592 2,538 Maintenance and repairs 132 2,617 498 7 3,254 Fees and payments for services 49 3,641 773 123 4,586 Director’s fees - - 915 - 915 Payroll and social security liabilities 843 3,475 2,178 356 6,852 Cost of sale of goods and services - 1,464 - - 1,464 Cost of sale of agricultural products and biological assets - 18,398 - - 18,398 Supplies and labors 12,594 1,452 - 15 14,061 Freights 118 79 - 1,734 1,931 Commissions and bank charges - 9 134 - 143 Conditioning and clearance - - - 269 269 Travel, library expenses and stationery 73 71 97 36 277 Interconnection and roaming expenses - 158 - - 158 Others 1,218 96 62 142 1,518 Total expenses by nature as of 06.30.20 17,169 33,925 5,147 4,850 61,091 Production costs Costs General and administrative expenses Selling expenses Total as of 06.30.19 Leases, services charges and vacant property costs 16 260 85 29 390 Depreciation and amortization 875 497 227 14 1,613 Doubtful accounts - 8 - 164 172 Advertising, publicity and other selling expenses - 834 36 161 1,031 Taxes, rates and contributions 75 930 181 1,335 2,521 Maintenance and repairs 149 3,161 459 13 3,782 Fees and payments for services 45 2,888 815 119 3,867 Director’s fees - - 1,382 - 1,382 Payroll and social security liabilities 777 4,248 2,567 354 7,946 Cost of sale of goods and services - 1,231 - - 1,231 Cost of sale of agricultural products and biological assets - 11,270 - - 11,270 Supplies and labors 12,006 1,021 - 17 13,044 Freights 93 52 1 818 964 Bank commissions and expenses - 110 101 4 215 Conditioning and clearance - - - 181 181 Travel, library expenses and stationery 94 88 158 41 381 Others 499 135 78 44 756 Total expenses by nature as of 06.30.19 14,629 26,733 6,090 3,294 50,746 |
Other operating results net
Other operating results net | 12 Months Ended |
Jun. 30, 2021 | |
28. Other operating results, net | 28. Other operating results, net 06.30.21 06.30.20 06.30.19 Result from commodity derivative financial instruments (4,551 ) 659 669 Result from disposal of subsidiaries and associates 86 (9 ) (225 ) Result from sale of property, plant and equipment 10 (1 ) 6 Impairment of associates and joint ventures - - (69 ) Donations (183 ) (153 ) (309 ) Lawsuits and other contingencies (335 ) (179 ) (138 ) Interest generated by operating credits 3,085 1,941 903 Management fees 11 26 30 Others (405 ) 216 (140 ) Total other operating results, net (2,282 ) 2,500 727 |
Financial results net
Financial results net | 12 Months Ended |
Jun. 30, 2021 | |
29. Financial results, net | 29. Financial results, net 06.30.21 06.30.20 06.30.19 Financial income Interest income 656 440 289 Dividends income 1 20 20 Other financial income - - 3 Total financial income 657 460 312 Financial costs Interest expense (14,207 ) (14,506 ) (10,039 ) Other financial costs (1,282 ) (981 ) (805 ) Total financial costs (15,489 ) (15,487 ) (10,844 ) Capitalized finance costs 469 168 354 Total finance costs (15,020 ) (15,319 ) (10,490 ) Other financial results: Foreign exchange, net 10,484 (15,188 ) 3,433 Fair value gain/ (loss) of financial assets and liabilities at fair value through profit or loss 10,088 1,431 (5,326 ) (Loss)/ gain from repurchase of Non-convertible notes (25 ) 138 112 (Loss) / gain from derivative financial instruments (except commodities) (477 ) (2,091 ) 782 Others (73 ) - - Total other financial results 19,997 (15,710 ) (999 ) Inflation adjustment 572 (164 ) (1,026 ) Total financial results, net 6,206 (30,733 ) (12,203 ) |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2021 | |
30. Earnings per share | 30. Earnings per share (a) Basic Basic earnings per share amounts are calculated in accordance with IAS 33, by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the Group and held as treasury shares. 06.30.21 06.30.20 06.30.19 (Loss)/ Profit for the year from continuing operations attributable to equity holders of the parent (7,679 ) 11,345 (19,631 ) (Loss)/ Profit for the year from discontinued operations attributable to equity holders of the parent (4,874 ) 6,299 (4,470 ) (Loss)/ Profit for the year attributable to equity holders of the parent (12,553 ) 17,644 (24,101 ) Weighted average number of ordinary shares outstanding 527 499 489 Basic earnings per share (23.82 ) 35.33 (49.29 ) (b) Diluted Diluted earnings per share amounts are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. As of June 30, 2021, the Group holds treasury shares associated with incentive plans with potentially dilutive effect, therefore, diluted earnings per share is as follows: 06.30.20 Profit for the year from continuing operations attributable to equity holders of the parent 11,345 Profit for the year from discontinued operations attributable to equity holders of the parent 6,299 Profit for the year per share attributable to equity holders of the parent 17,644 Weighted average number of ordinary shares outstanding 515 Diluted earnings per share 34.28 Given that the results for the years ended June 30, 2021 and 2019 showed losses, there is no diluted effect of said results. |
Employee benefits and sharebase
Employee benefits and sharebased payments | 12 Months Ended |
Jun. 30, 2021 | |
31. Employee benefits and share-based payments | 31. Employee benefits and share-based payments Incentive Plan The Group has an equity incentive plan, created in September 30, 2011, which aims at certain selected employees, directors and top management of the Company, IRSA and IRSA CP (the “Participants”). Participation in the plan was voluntary and employees were invited to participate by the Board. Under the Incentive Plan, entitle the Participants to receive shares (“Contributions”) of the Company and IRSA, based on a percentage of their annual bonus for the years 2011, 2012 and 2013, providing they remain as employees of the Company for at least five years, among other conditions, required to qualify such Contributions (except in case of disability or death, where there is no time limit). Contributions shall be held by the Company and IRSA, and as the conditions established by the Plan are verified, such contributions shall be transferred to the Participants only when the employees retire from the Company. In spite of this, the economic rights of the shares in the portfolio assigned to said participants will be received by them. As of June 30, 2021, 2020 and 2019, a reserve has been set up under Shareholders’ equity as a result of this Incentive Plan for ARS 44, ARS 77 and ARS 75, respectively, based on the market value of the shares to be granted pertaining to the Group’s contributions, proportionately to the period already elapsed for the vesting of shares in the Incentive Plan and adjusted for the probability that any beneficiary leaves the Group before the term and/or the conditions required to qualify for the benefits of said plan are met at each fiscal year-end. During the fiscal years ended June 30, 2021, 2020 and 2019, the Group granted 0.32, 0.72and 0.78 million shares, respectively, corresponding to the Participants’ Contributions. Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows 06.30.21 06.30.20 06.30.19 At the beginning 4,483,656 4,966,463 5,485,194 Granted (320,739 ) (482,807 ) (518,731 ) At the end 4,162,917 4,483,656 4,966,463 The fair value determined at the time of granting the plan after obtaining all the corresponding authorizations was ARS 23.5 per share of IRSA and ARS 16.45 per share of Cresud. This fair value was estimated by taking into account the market price of the shares of the Company on said date. Defined contribution plan The Group operates a defined contribution plan (the “Plan”) which covers certain selected managers from Argentina. The Plan was effective as from January 1, 2006. Participants can make pre-tax contributions to the Plan of up to 2.5% of their monthly salary (“Base Contributions”) and up to 15% of their annual bonus (“Extraordinary Contributions”). Under the Plan, the Group matches employee contributions to the plan at a rate of 200% for Base Contributions and 300% for Extraordinary Contributions. All contributions are invested in funds administered outside of the Group. Participants or their assignees, as the case may be, will have access to the 100% of the Company contributions under the following circumstances: (i) ordinary retirement in accordance with applicable labor regulations; (ii) total or permanent incapacity or disability; (iii) death. In case of resignation or termination without fair cause, the manager will receive the Group’s contribution only if he or she has participated in the Plan for at least 5 years Contributions made by the Group under the Plan amount to ARS 44 and ARS 77 for the fiscal years ended June 30, 2021 and 2020, respectively. Employee long-term incentive - Brasilagro On October 2, 2017, the General Shareholders’ Meeting approved the creation of the Long-Term Share-Based Incentive Plan (“ILPA Plan”), a compensation program in which participants are entitled to receive a number of issued shares by the company if the objectives defined in the agreement are achieved. The ILPA Plan was divided into 3 programs and requires beneficiaries to remain with the Company for a specified period (consolidation period), in addition to having cumulative key performance indicators (“KPls”) that can define, increase or decrease the number of actions, classifying the result according to the 3 categories that make up the plan. The first compensation program (“ILPA 1”) was approved by the Board of Directors on June 18, 2018 and ended during the year June 30, 2020. The accumulated expenses of the plan reached ARS 116 with compensation and ARS 81 in charges. On May 6, 2021, the Board of Directors approved the terms of the second share-based compensation program (“ILPA 2”), giving continuity to the ILPA Plan, establishing the characteristics and general rules of the new plan, such as a maximum number of shares and the list of eligible employees, appointed by a designated committee and approved by the Board. The structure of the 2nd program is maintained in accordance with the basic guidelines of the ILPA Plan, which basically include the permanence of employees during the accrual period and the achievement of key performance indicators (“KPIs”) accumulated between 1 July 2020 and June 30, 2023 (consolidation period). The ILPA Plan falls within the scope of CPC 10 - Share-based Payment, as the Company receives services from participants and, in return, agrees to deliver its own shares if the conditions are met. The standard determines that benefits payable in shares must be measured at fair value on the benefit grant date, defined as June 30, 2021, and will not be remeasured (except in the case of a remeasurement event such as a change in plan terms), and the expense is recognized during the consolidation period. As of the date of these financial statements, ILPA 2 expenses totaled ARS 49. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2021 | |
32. Related party transactions | 32. Related party transactions In the normal course of business, the Group conducts transactions with different entities or parties related to it. All transactions are carried out in accordance with market parameters. Remunerations of the Board of Directors The Act N° 19,550 provides that the remuneration of the Board of Directors, where it is not set forth in the Company’s by-laws, shall be fixed by the Shareholders’ Meetings. The maximum amount of remuneration that the members of the Board are allowed to receive, including salary and other performance-based remuneration of permanent technical-administrative functions, may not exceed 25% of the profits. Such maximum amount will be limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where the total of profits is distributed. Some of the Group’s Directors are hired under the Employment Contract Act N° 20,744. This Act rules on certain conditions of the work relationship, including remuneration, salary protection, working hours, vacations, paid leaves, minimum age requirements, workmen protection and forms of suspension and contract termination. The remuneration of directors for each fiscal year is based on the provisions established by the Act N° 19,550, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded by the Company during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders’ Meeting. Senior Management remuneration The members of the Senior or Top Management are appointed and removed by the Board of Directors, and perform functions in accordance with the instructions delivered by the Board itself. The Society’s Senior Management is composed of as follows: Name Date of birth Position Current position since Alejandro G. Elsztain 03/31/1966 General Manager 1994 Carlos Blousson 09/21/1963 General Manager of Operations in Argentina and Bolivia 2008 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 Alejandro Casaretto 10/15/1952 Regional Agricultural Manager 2008 The remuneration earned by Senior Management for their functions consists of an amount that is fixed taking into account the manager’s backgrounds, capacity and experience, plus an annual bonus based on their individual performance and the Group’s results. Members of the senior management participate in defined contributions and share-based incentive plans that are described in Note 31, respectively. The aggregate compensation to the Senior Management of the Operations Center in Argentina for the year ended June 30, 2021 amounts to ARS 31. Corporate Service Agreement with IRSA and IRSA CP Considering that IRSA, Cresud and IRSA CP have operating overlapping areas, the Board of Directors considered it convenient to implement alternatives that allow reducing certain fixed costs of its activity, in order to reduce its impact on operating results, taking advantage of and optimizing the individual efficiencies of each of the companies in the different areas that make up the operational administration. For this purpose, on June 30, 2004, a Framework Agreement for the Exchange of Corporate Services (“Framework Agreement”) was signed, between IRSA, Cresud and IRSA CP, which was periodically modified, the last update being on June 28, 2019. Under this Framework Agreement, corporate services are currently provided in the following areas: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance, Shared Services Center, Real Estate Business Administration, Directory to distribute Real Estate, HR Real Estate Business, Security, Corporate Legal Management, Corporate Environment, Technical Management Infrastructure and Services, Purchasing and Contracting, Management and Enabling, Investments, Government Affairs, Hotels, Fraud Prevention, Bolivar, Proxy, General Management to distribute, Directory Security. Under this agreement, the companies entrusted to an external consultant the semiannual review and evaluation of the criteria used in the process of liquidating corporate services, as well as the distribution bases and supporting documentation used in the aforementioned process, through the preparation of a semi-annual report. It should be noted that the operation under comment allows Cresud, IRSA and IRSA CP to maintain absolute independence and confidentiality in their strategic and commercial decisions, being the allocation of costs and benefits made on the basis of operational efficiency and equity, without pursuing individual economic benefits for each of the companies. Offices and Shopping malls spaces leases The offices of our President are located at 108 Bolivar, in the Autonomous City of Buenos Aires. The property has been rented to Isaac Elsztain e Hijos S.A., a company controlled by some family members of Eduardo Sergio Elsztain, our president, and to Hamonet S.A., a company controlled by Fernando A. Elsztain, one of our directors, and some of its family members. In addition, Tarshop, BACS, BHN Sociedad de Inversión S.A., BHN Seguros Generales S.A. and BHN Visa S.A. rent offices owned by IRSA CP in different buildings. Furthermore, we also let various spaces in our Shopping malls (stores, stands, storage space or advertising space) to third parties and related parties such us Tarshop S.A. and BHSA. Lease agreements entered into with associates included similar provisions and amounts to those included in agreements with third parties. Donations granted to Fundación IRSA and Fundación Museo de los Niños Fundación IRSA is a non-profit charity institution that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of the youth. It carries out corporate volunteering programs and fosters donations by the employees. The main members of Fundación IRSA’s Board of Directors are Eduardo S. Elsztain (President), Saul Zang (Vice President I), Alejandro Elsztain (Vice President II) and Mariana C. de Elsztain (secretary). It funds its activities with the donations made by us, IRSA and IRSA CP. Fundación Museo de los Niños is a non-profit association, created by the same founders of Fundación IRSA and its Management Board is formed by the same members as Fundación IRSA. Fundación Museo de los Niños acts as special vehicle for the development of “Museo de los Niños, Abasto” and “Museo de los Niños, Rosario”. On October 29, 1999, our shareholders approved the award of the agreement “Museo de los Niños, Abasto” to Fundación Museo de los Niños. On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping Mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Shopping Mall Alto Rosario were loaned for a term of 30 years Fundación IRSA has used the available area to house the museum called “Museo de los Niños, Abasto” an interactive learning center for kids and adults, which was opened to the public in April 1999. Legal services The Group hires legal services from Estudio Zang, Bergel & Viñes, at which Saúl Zang was a founding partner and sits at the Board of Directors of the Group companies. Hotel services Our company and related parties sometimes rent from NFSA and Hoteles Argentinos S.A. hotel services and conference rooms for events. Purchase-Sale of goods and/or services hiring In the normal course of its business and with the aim of make resources more efficient, in certain occasions purchase and/or hire services which later sells and/or recover for companies or other related parties, based upon their actual utilization. Sale of advertising space in media Our company and our related parties frequently enter into agreements with third parties whereby we sell/acquire rights of use to advertise in media (TV, radio stations, newspapers, etc.) that will later be used in advertising campaigns. Normally, these spaces are sold and/or recovered to/from other companies or other related parties, based on their actual use. Purchase-sale of financial assets Cash surplus are usually invested in several instruments that may include those issued by related companies acquired at issuance or from unrelated third parties through transactions in the secondary market. Investment in investment funds managed by BACS The Group invests parts of liquid funds in mutual funds managed by BACS among other entities. Borrowings In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities between the group’s companies and/or other related parties. These borrowings accrue interests at market rates. Financial and service operations with BHSA The Group works with several financial entities in the Argentine market for operations including, but not limited to, credit, investment, purchase and sale of securities and financial derivatives. Such entities include BHSA and its subsidiaries. BHSA and BACS usually act as underwriters in Capital Market transactions. In addition, we have entered into agreements with BHSA, who provides collection services for our shopping malls. San Bernardo lease The Company leased in January 2019 a farm in the Province of Córdoba owned by San Bernardo de Córdoba S.A. (formerly Isaac Elsztain e hijos S.C.A), continuing the lease held in August 2015, for a fraction of 12,590 hectares. The lease was agreed for 12,590 hectares and the price was set at the amount of pesos equivalent to 2.5 kg of meat per hectare. The price of meat will be set taking into account the price per kilo of meat determined by the I.N.M.L (cattle index of the Liniers Market) reported on the website of said Market. Additionally, a production prize equivalent to 15% of the kilos produced in excess of 175,000 was agreed for the total of the existing property. Consulting Agreement In accordance with the terms of the Consulting Agreement, in force as from November 7, 1994, and its amendments, CAMSA provides us with advisory services on matters related to activities and investments included agricultural, real estate, financial and hotel operations, among others. An 85% of the capital stock of CAMSA is held by one of our shareholders and President of our Board of Directors, while the remaining 15% of the capital stock is owned by our First Vice President. Based on the terms and conditions of the Consulting Agreement, CAMSA provides us with the following services: · advise in relation to investing in all aspects of the agricultural business, real estate, financial, and hotel operations, among others, and business proposals; · acts on behalf of our company in such transactions, negotiating prices, terms and conditions and other terms of each transaction; and · provides advisory services on investments in securities related to such transactions. As regards the Consulting Agreement, in consideration for its services we pay CAMSA an annual fee equal to 10% of our annual net income after tax. During fiscal year 2021, no charge was recognized. During fiscal year 2019, ARS 316 was recognized in results for fee services. On January 10, 2019, the deferred fees for the 2012-2016 period and the accrued fees from 2017 to June 2018 corresponding to the management agreement signed with CAMSA for the total amount of ARS 2,426 were paid. The payment was made approximately one third in cash, one third with shares of IRSA and one third with shares of IRSA CP, both owned by the Company. The Consulting Agreement can be revoked by any of the parties upon prior written notice that should not exceed 60 days. If we revoke the Consulting Agreement without cause, we will be liable to pay CAMSA twice the average fee amounts paid for management services during the two fiscal years preceding such revocation. The following is a summary presentation of the balances with related parties as of June 30, 2021 and 2020: Item 06.30.21 06.30.20 Trade and other receivables 2,801 1,577 Investments in financial assets 493 404 Trade and other payables (177 ) (490 ) Borrowings (38 ) (315 ) Total 3,079 1,176 Related party 06.30.21 06.30.20 Description of transaction Heading Condor 550 404 Public companies’ securities Investments in financial assets 286 - Loans granted Trade and other receivables 48 - Others Investments in financial assets 5 - Other receivables Trade and other receivables New Lipstick LLC 23 24 Reimbursement of expenses Trade and other receivables - (116 ) Borrowings Borrowings Other associates and joint ventures 6 126 Leases and/or rights of use receivable Trade and other receivables (13 ) - Leases and/or rights of use to pay Trade and other payables 204 305 Dividends receivables Trade and other receivables (2 ) - Contributions pending integration Trade and other payables - 12 Management fees receivable Trade and other receivables (105 ) - Non-convertible notes Investments in financial assets (73 ) - Other liabilities Trade and other payables 1 - Equity incentive plan receivable Trade and other receivables 80 - Loans granted Trade and other receivables (36 ) (41 ) Borrowings Borrowings 2 183 Reimbursement of expenses Trade and other receivables 6 - Management fees receivable Trade and other receivables 24 - Other receivables Trade and other receivables (6 ) - Lease liabilities Trade and other payables - (2 ) Reimbursement of expenses to pay Trade and other payables Total associates and joint ventures 1,000 895 CAMSA and its subsidiaries - 2 Reimbursement of expenses Trade and other receivables - (285 ) Management fee payables Trade and other payables Yad Levim LTD 1,609 - Loans granted Trade and other receivables IRSA Real Estate Strategies LP - 174 Reimbursement of expenses Trade and other receivables PBS Real Estate Holdings S.R.L - 709 Reimbursement of expenses Trade and other receivables Turismo Investment S.A. 373 - Other receivables Trade and other receivables BHN Vida - (78 ) Non-convertible notes Borrowings Otras partes relacionadas (i) 146 - Other receivables Trade and other receivables 24 - Other payables Trade and other payables (2 ) (80 ) Borrowings Borrowings 6 - Loans granted Trade and other receivables (1 ) - Management fee payables Trade and other payables 19 27 Reimbursement of expenses Trade and other receivables (1 ) - Legal services Trade and other payables Total other related parties 2,173 469 IFISA - 9 Loans granted Trade and other receivables Total direct parent company - 9 Directors and Senior Management (105 ) (203 ) Fees Trade and other payables 11 6 Advances receivable Trade and other receivables Total Directors and Senior Management (94 ) (197 ) Total 3,079 1,176 (i) Includes Agrofy Global, Lipstick Management LLC, Mehadrin, Banco Hipotecario S.A., Tarshop S.A., Banco de Crédito y Securitización S.A.,Puerto Retiro S.A., Austral Gold Ltd., Cyrsa S.A., Nuevo Puerto Santa Fe S.A., Quality Invest S.A (ii) Includes Estudio Zang, Bergel & Viñes, Museo de los Niños, Lartiyrigoyen and SAMSA.. The following is a summary of the results with related parties for the years ended June 30, 2021, 2020 and 2019: Related party 06.30.21 06.30.20 06.30.19 Description of transaction Agrofy S.A.U. - - 5 Administration fee BACS 78 77 81 Leases and/or rights of use - (8 ) - Financial operations Tarshop S.A. - - 89 Leases and/or rights of use ISPRO-MEHADRIN - - 45 Corporate services Other associates and joint ventures (2 ) 14 89 Leases and/or rights of use - (197 ) 45 Corporate services 93 56 15 Financial operations Total associates and joint ventures 169 (58 ) 369 CAMSA and its subsidiaries - (316 ) - Management fee Taaman - - 69 Corporate services Other related parties (i) (7 ) (6 ) 47 Leases and/or rights of use - (35 ) (24 ) Fees and remunerations (7 ) (6 ) (14 ) Legal services - - 5 Financial operations (16 ) - (50 ) Donations Total other related parties (30 ) (363 ) 33 IFISA 8 8 - Financial operations Total Parent Company 8 8 - Directors (44 ) (45 ) (95 ) Compensation of Directors and senior management (939 ) (610 ) (820 ) Fees Senior Management (24 ) (26 ) (81 ) Compensation of Directors and senior management Total Directors and Senior Management (1,007 ) (681 ) (996 ) Total (860 ) (1,094 ) (594 ) (i) Includes Estudio Zang, Bergel & Viñes, Fundación IRSA, Ramat Hanassi, Austral Gold Argentina S.A., BHN Vida S.A. and BHSA. The following is a summary of the transactions with related parties for the years ended June 30, 2021 and 2020: Related party 06.30.21 06.30.20 Description of transaction Manibil - 131 Irrevocable contributions Quality (30 ) 71 Irrevocable contributions Puerto Retiro - 26 Irrevocable contributions Others (12 ) - Irrevocable contributions Total contributions (42 ) 228 Agro-Uranga S.A. 75 39 Dividends received Uranga trading 16 - Dividends received Condor - 48 Dividends received Emco - 24 Dividends received Gav-Yam - 2,004 Dividends received Nuevo Puerto Santa Fe S.A. - 57 Dividends received Shufersal - 601 Dividends received Total dividends received 91 2,773 Gav-Yam - - Capitalized borrowing TGLT S.A. - 2,094 Buy and change of shares Total other transactions - 2,094 |
Cost of goods sold and services
Cost of goods sold and services provided | 12 Months Ended |
Jun. 30, 2021 | |
33. Cost of goods sold and services provided | 33. Cost of goods sold and services provided Description Cost of sales and services from agricultural business (i) Cost of sales and services from sales and services from urban properties and investment business (ii) Total as of 06.30.21 Total as of 06.30.20 Total as of 06.30.19 Inventories at the beginning of the year 9,878 17,759 27,637 26,036 44,467 Adjustment previous periods (IFRS 15 and 9) - - - - (12,504 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 9,161 - 9,161 3,061 1,915 Changes in the net realizable value of agricultural products after harvest (590 ) - (590 ) 987 (65 ) Lease Pastagem 36 - 36 - - Capitalized finance costs - - - 18 26 Currency translation adjustment (1,003 ) (5,814 ) (6,817 ) 11,184 (2,878 ) Transfers 112 (306 ) (194 ) (386 ) 224 Harvest 17,055 - 17,055 15,980 12,030 Acquisitions and classifications 9,685 1,389 11,074 98,951 100,350 Consumptions (2,912 ) - (2,912 ) (3,920 ) (7,306 ) Disposals due to sales - - - (29 ) - Deconsolidation - (4,712 ) (4,712 ) (95,667 ) (87,842 ) Disposals due to advance in work in progress - - - 397 - Expenses incurred 4,539 - 4,539 4,912 3,924 Inventories at the end of the year (14,335 ) (1,758 ) (16,093 ) (27,637 ) (26,036 ) Cost as of 06.30.21 31,626 6,558 38,184 - - Cost as of 06.30.20 24,979 8,908 - 33,887 - Cost as of 06.30.19 15,808 10,497 - - 26,305 (i) Includes biological assets (see Note 14.) (ii) Includes trade properties (see Note 11) |
Foreign currency assets and lia
Foreign currency assets and liabilities | 12 Months Ended |
Jun. 30, 2021 | |
34. Foreign currency assets and liabilities | 34. Foreign currency assets and liabilities Book amounts of foreign currency assets and liabilities are as follows: Item (3) / Currency Amount of foreign currency (2) Prevailing exchange rate (1) Total as of 06.30.21 Total as of 06.30.20 Assets Trade and other receivables US Dollar 96.53 95.52 9,221 6,935 Euros 0.21 113.10 24 1,322 Trade and other receivables related parties US Dollar 0.06 95.72 6 449 Total Trade and other receivables 9,251 8,706 Investment in financial assets US Dollar 9.53 95.52 910 5,813 New Israel Shekel 20.78 29.36 610 - Pounds 0.76 131.88 100 117 Total Investment in financial assets 1,620 5,930 Derivative financial instruments US Dollar 4.39 95.52 419 123 Total Derivative financial instruments 419 123 Cash and cash equivalents US Dollar 65.43 95.52 6,250 23,344 Euros 0.01 113.10 1 2,327 Total Cash and cash equivalents 6,251 25,671 Total Assets 17,541 40,430 Liabilities Trade and other payables US Dollar 57.47 95.72 5,501 22,060 Euros 0.28 113.57 32 458 Uruguayan pesos 0.50 1.99 1 - Total Trade and other payables 5,534 22,518 Borrowings US Dollar 909.16 95.72 87,025 138,468 Borrowings with related parties US Dollar 0.75 95.72 72 - Total Borrowings 87,097 138,468 Derivative financial instruments US Dollar 1.06 95.72 101 433 Total Derivative financial instruments 101 433 Total Liabilities 92,732 161,419 (1) Exchange rate as of June 30, 2021 of each year according to Banco Nación Argentina records. (2) Considering foreign currencies those that differ from each Group’s functional currency at each year-end. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 16). |
Groups of assets and liabilitie
Groups of assets and liabilities held for sale | 12 Months Ended |
Jun. 30, 2021 | |
35. Groups of assets and liabilities held for sale | 35. Groups of assets and liabilities held for sale As of June 30, 2020, the Group had certain assets and liabilities classified as intended for sale.” The following table shows the main ones. The following table shows the main assets and liabilities classified as held for sale: 06.30.21 06.30.20 06.30.19 Property, plant and equipment - 55,150 9,686 Intangible assets - 2,058 204 Investments in associates - 336 897 Deferred income tax assets - 1,223 436 Income tax credit - 5 - Inventories - 533 - Trade and other receivables - 3,937 4,511 Cash and cash equivalents - 2,570 1,537 Total group of assets held for sale - 65,812 17,271 Trade and other payables - 15,609 7,277 Payroll and social security liabilities - 748 - Employee benefits - 580 436 Deferred and current income tax liabilities - 2,975 77 Provisions - 18 - Borrowings - 15,591 4,432 Total group of liabilities held for sale - 35,521 12,222 Total net financial assets held for sale - 30,291 5,049 |
Results from discontinued opera
Results from discontinued operations | 12 Months Ended |
Jun. 30, 2021 | |
36. Results from discontinued operations | 36. Results from discontinued operations The results of discontinued operations include the operations of IDBD / DIC and Carnes Pampeanas S.A. which were deconsolidated in the current year (see Note 4) and the results of the comparative fiscal years have been reclassified. 06.30.21 06.30.20 06.30.19 Revenues 42,713 164,898 157,888 Costs (35,094 ) (120,074 ) (112,532 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest - 118 213 Gross profit 7,619 44,942 45,569 Net (loss)/ gain from fair value adjustment of investment properties (28 ) (4,490 ) 7,333 General and administrative expenses (4,469 ) (15,077 ) (13,984 ) Selling expenses (4,725 ) (21,172 ) (19,085 ) Impairment of associate - (3,710 ) - Other operating results, net 1,442 28,178 1,539 (Loss)/ profit from operations (161 ) 28,671 21,372 Share of profit of joint ventures and associates 719 2,176 207 Profit from operations before financing and taxation 558 30,847 21,579 Financial income 533 2,024 3,043 Finance costs (6,918 ) (25,843 ) (27,393 ) Other financial results 453 (12,157 ) 9,947 Inflation adjustment 89 279 100 Financial results, net (5,843 ) (35,697 ) (14,303 ) (Loss)/ profit before income tax (5,285 ) (4,850 ) 7,276 Income tax 315 (230 ) (2,942 ) (Loss)/ profit for the year from discontinued operations (4,970 ) (5,080 ) 4,334 Result for loss of control (i) (3,287 ) - - (Loss)/ profit for the year from discontinued operations (8,257 ) (5,080 ) 4,334 (Loss)/ profit for the year from discontinued operations attributable to: Equity holders of the parent (4,874 ) 6,299 (4,470 ) Non-controlling interest (3,383 ) (11,379 ) 8,804 (Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: Basic (9.24 ) 11.95 (8.48 ) Diluted (8.98 ) 11.61 (8.24 ) (i) Includes the gain for the sale of Carnes Pampeanas S.A. |
CNV General Resolution N 62213
CNV General Resolution N 62213 | 12 Months Ended |
Jun. 30, 2021 | |
37. CNV General Resolution N? 622/13 | 37. CNV General Resolution N° 622/13 As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622/13, below there is a detail of the notes to the Consolidated Financial Statements that disclose the information required by the Resolution. Exhibit A - Property, plant and equipment Note 9 - Investment properties Note 10 - Property, plant and equipment Exhibit B - Intangible assets Note 12 - Intangible assets Exhibit C - inversions in actions Note 8 - Participation in associates and joint ventures Exhibit D - Other investments Note 16 - Financial instruments by category Exhibit E - Provisions Note 21 - Provisions Exhibit F - Cost of sales and services provided Note 33 - Cost of godos sold and services provided Exhibit G - Foreign currency assets and liabilities Note 34 - Foreign currency assets and liabilities |
CNV General Ruling N 62914 - St
CNV General Ruling N 62914 - Storage of documentation | 12 Months Ended |
Jun. 30, 2021 | |
38. CNV General Ruling N? 629/14 - Storage of documentation | 38. CNV General Ruling N° 629/14 - Storage of documentation On August 14, 2014, the CNV issued General Resolution N° 629 whereby it introduced amendments to rules related to storage and conservation of corporate books, accounting books and commercial documentation. In this sense, it should be noted that the Group has entrusted the storage of certain non-sensitive and old information to the following providers: Documentation storage provider Home location Bank S.A. Gral. Rivas 401, Avellaneda, Prov. de Buenos Aires Ruta Panamericana Km 37,5, Garín, Prov. de Buenos Aires Av. Fleming 2190, Munro, Prov. de Buenos Aires Carlos Pellegrini 1401, Avellaneda, Prov. de Buenos Aires Iron Mountain Argentina S.A. Av. Amancio Alcorta 2482, C.A.B.A. Pedro de Mendoza 2143, C.A.B.A. Saraza 6135, C.A.B.A. Azara 1245, C.A.B.A. Polígono industrial Spegazzini, Autopista Ezeiza Km 45, Cañuelas, Prov. de Buenos Aires Cañada de Gomez 3825, C.A.B.A A detailed list of all documentation held in custody by providers, as well as documentation required in section 5 a.3) of section I, Chapter V, Title II of the RULES (2013 as amended) are available at the registered office. On February 5, 2014, an incident of public knowledge occurred in the warehouses of Iron Mountain S.A., which is the Group’s supplier and where the Group had sent documentation. According to the internal survey carried out by the Group, duly informed to the CNV on February 12, 2014, it does not appear that the information deposited in the premises in question is sensitive information or that it could affect its normal performance. |
Relevant events of the year
Relevant events of the year | 12 Months Ended |
Jun. 30, 2021 | |
39. Relevant events of the year | 39. Relevant events of the year Distribution of dividends in kind On October 26, 2020, our shareholders held an Ordinary and Extraordinary ‘Meeting and approved an in kind dividend distribution equivalent to ARS 484 million (representative of ARS 0.84 per share) and payable in shares of IRSA CP. Our shareholders decided to consider IRSA CP’s ‘quoted price per share as of October 23, 2020, which resulted amounted ARS 320 per share. Pursuant to that shareholders’ decision, we distributed 1,512,500 ordinary shares of IRSA CP. We reflected this transaction on our financial statements as a change in equity, which generated a reduction of the equity attributable to the controlling shareholders totalling ARS 725 million restated for inflation as of June 30, 2021. On the date of this form, our interest in IRSA CP amounts to 79.92%. Capital increase on IRSA’s subsidiaries On April 12, 2021, the Company announced the launch of its public offering of shares for up to 80 million shares (or its equivalent 8 million GDS) and 80 million warrants to subscribe for new common shares, to registered holders as of April 16, 2021. Each right corresponding to one share (or GDS) allowed its holder to subscribe 0.1382465082 new ordinary shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 58.35 or USD 0.36 and for the new GDS it was USD 3.60. The new shares, registered, of ARS 1 (one peso) of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation. The 80,000,000 new shares (or its equivalent 8 million GDS) offered were totally subscribed. Likewise, 80,000,000 options were issued that will entitle the holders through their exercise to acquire up to 80 million additional new shares. The exercise price of the warrants is USD 0.432. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September, and November of each year on the business day prior to maturity and on the date of maturity (if dates are business days in the city of New York and in the Autonomous City of Buenos Aires) until their expiration 5 years from the date of issue. The Company received all the funds in the amount of USD 28.8 and issued the new shares, increasing the capital stock to 658,676,460 shares. BrasilAgro share capital increase During the fiscal year, BrasilAgro carried out two share capital increase: (i) capitalization of R $ 440 million through a public offering of 20,000,000 shares at a price of R $ 22.00 each, carried out in Brazil in an over-the-counter market not organized with placement of efforts abroad, with administrative expenses valued at R $ 17 million recorded directly in stockholders’ equity in the caption “Expenses with issuance of share capital (ii) contribution of R $ 448 million through the issuance of 20,272,707 common shares, nominative and without par value, derived from the exercise of subscription rights, issued by the Company on March 15, 2006. Purchase-sale bill of “Catalinas” building On June 18, 2021, a purchase-sale bill was signed for the 12th floor and parking spaces located in the 2nd basement of the property called “Catalinas”, receiving an advanced payment for USD 2 million. The price of the transaction was USD 7. To date, possession has not been transferred, which is agreed no later than December 15, 2021. Economic context in which the Group operates The Group operates in a complex context both due to macroeconomic conditions, whose main variables have recently experienced strong volatility, as well as regulatory, social, and political conditions, both nationally and internationally. The results from operations may be affected by fluctuations in the inflation and the exchange rate of the Argentine peso against other currencies, mainly the dollar, changes in interest rates which have an impact on the cost of capital, changes in government policies, capital controls and other political or economic events both locally and internationally. In December 2019, a new strain of coronavirus (SARS-COV-2), which caused severe acute respiratory syndrome (COVID-19) appeared in Wuhan, China. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic. In response, countries have taken extraordinary measures to contain the spread of the virus, including imposing travel restrictions and closing borders, closing businesses deemed non-essential, instructing residents to practice social distancing, implementing lockdowns, among other measures. The ongoing pandemic and these extraordinary government measures are affecting global economic activity, resulting in significant volatility in global financial markets. On March 3, 2020, the first case of COVID-19 was registered in the country and as of today, more than 5,000,000 cases of infections had been confirmed in Argentina, by virtue of which the Argentinian Government implemented a series of health measures of social, preventive and mandatory lockdown at the national level with the closure of non-essential activities, including shopping malls, as well as the suspension of flights and border closures, for much of the year 2020. Since October 2020, a large part of the activities started to become more flexible, in line with a decrease in infections, although between April 16 and June 11, 2021, because of the sustained increase in the cases registered, the National Government established restrictions on night activity and the closure of shopping malls in Buenos Aires Metropolitan Area. As of the date of these financial statements, 100% of the shopping malls are operational. This series of measures affected a large part of Argentine companies, which experienced a drop in their income and inconveniences in the payment chain. In this context, the Argentine government announced different measures aimed at alleviating the financial crisis of the companies affected by the COVID-19 pandemic. Likewise, it should be noted that, to the stagnation of the Argentine economy, a context of international crisis is added because of the COVID-19 pandemic. In this scenario, a strong contraction of the Argentine economy was evidenced. At the local environment, the following circumstances were observed: · In May 2021, the Monthly Economic Activity Estimator (“EMAE” in Spanish) reported by the National Institute of Statistics and Census (“INDEC” in Spanish), registered a variation of 13.6% compared to the same month of 2020, and (2.0%) compared to the previous month. · The annual retail inflation reached 50.20% in the last 12 months. The survey on market expectations prepared by the Argentine Central Bank in April 2021, called the Market Expectations Survey (“REM” in Spanish), estimates a retail inflation of 47.3% for 2021. Analysts participating in the REM forecast a rebound in economic activity in 2021, reaching an economic growth of 6.4%. · In the period from June 2020 to June 2021, the Argentine peso depreciated 35.9% against the US dollar according to the wholesale average exchange rate of Banco de la Nación Argentina. Given the exchange restrictions in force since August 2019, as of June 30, 2021, there is an exchange gap of approximately 77.5% between the official price of the dollar and its price in parallel markets, which impacts the level of activity in the economy and affects the level of reserves of the Argentine Central Bank. Additionally, these exchange restrictions, or those that may be dictated in the future, could affect the Group’s ability to access the Single Free Exchange Market (“MULC” in Spanish) to acquire the necessary currencies to meet its financial obligations. On February 25, 2021, the Central Bank of the Argentine Republic published Communication “A” 7230 which establishes that those who register financial debts with capital maturities in foreign currency scheduled between 04.01.2021 and 12.31.2021, must submit a refinancing plan to the BCRA based on the following criteria: (a) that the net amount for which the exchange market will be accessed in the original terms will not exceed 40% of the principal amount due in the indicated period above, and (b) that the rest of the capital is, at least, refinanced with a new external debt with an average life of 2 years, provided that the new debt is settled in the exchange market. In the case of the Company, the maturity of the Series XXV Notes on July 11, 2021, for a nominal value of USD 59.6 million was framed in this regulation, as well as other bank debts. COVID-19 Pandemic As described above, the COVID-19 pandemic is adversely impacting both the global economy and the Argentine economy and the Group’s business. The current estimated impacts of the COVID-19 pandemic on the Group as of the date of these financial statements are set out below: · Cresud and its subsidiary BrasilAgro continued to operate normally during the pandemic as it was the essential agricultural activity in the food provision. · During the fourth quarter of fiscal year 2021, shopping centers in the Buenos Aires Metropolitan Area suspended their operations between April 16 and June 11, operating only those items considered essential such as pharmacies, supermarkets, and banks. The impact on income for the closing months due to the pandemic was 40.3% in fiscal year 2021. · Regarding the offices, although most of the tenants continue to work in the home office mode, they are operational with strict safety and hygiene protocols. As of today, we have registered a slight increase in vacancies, although we have not evidenced a deterioration in collections. · The Libertador and Intercontinental hotels in the City of Buenos Aires have been operating since December 2020, although with low occupancy levels. The Llao Llao Resort, located in Bariloche, was able to operate during the quarter with average occupancy levels thanks to the domestic tourism. The final extent of the Coronavirus outbreak and its impact on the country’s economy is still uncertain. However, although it has produced significant short-term effects, they are not expected to affect business continuity and the Group’s ability to meet its financial commitments for the next twelve months. The Group is closely monitoring the situation and taking all necessary measures to preserve human life and the Group’s businesses. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2021 | |
40. Subsequent events | 40. Subsequent events Sale of Mariano Acosta and Merlo Plots On August 9, 2021, the sales ticket for Mariano Acosta Plot was signed for a total amount of USD 0.7. With the signing of the ticket, the amount of USD 0.5 was received and the remaining balance of USD 0.2 at the signing of the deed. On August 9, 2021, the sales ticket for Merlo Plot was signed for a total amount of USD 0.7. With the signing of the ticket, the amount of USD 0.5 was received and the remaining balance of USD 0.2 at the signing of the deed. Issuance of IRSA Non-convertible Notes On August 26, 2021, the Company issued USD 58.1 Non-convertible Notes in the local market. The main characteristics of the issue are detailed below: · Series XIII: denominated in USD and payable in ARS at the applicable exchange rate for USD 58.1 at a fixed rate of 3.9%, with semiannual payments plus. The principal will be paid in three installments, counted from the date of issue: the first one - equal to 25% of the par value of the notes - payable on the date that is 12 (twelve) months after the Issue, on August 26, 2023; the second one - equal to 25% of the par value of the notes - payable on the date that is 30 (thirty) months after the Issue, on February 26, 2024 and the third one - equal to 50% of the par value of the notes - payable on the relevant due date, i.e. July 26, 2024. Price of issuance was 100.0% of the nominal value. The funds have been used mainly to refinance short-term liabilities. Payment of CRESUD’s Series XXV Non-convertible Notes Due to the issuance of Series XXXII and XXXIV Non-convertible Notes, on July 12, 2021, the Company paid the total principal and interest of the Series XXV Non-convertible Notes. Corporate reorganization process On September 30, 2021 the Company’s Board of Directors has approved the beginning of the corporate reorganization process in the terms of article 82 and sbqs. of the General Companies Law No. 19,550, the Income Tax Law No. 20,628, amendments and regulations, CNV’s Rules and the Listing Regulations of BYMA, by which IRSA, acting as the absorbing company, will merge by absorption with IRSA Propiedades Comerciales S.A. (“IRSA PC”), as the absorbed company. In this regard, the Board of Directors has approved: (i) the individual and special merger financial statements as of June 30, 2021; (ii) the consolidated and special merger financial statements as of June 30, 2021; (iii) the subscription of the Prior Merger Agreement between both companies and (iv) establish the effective date of reorganization on July 1, 2021. The merger is subject to the approval of the shareholders’ meeting of both companies, which will be held once both companies have the administrative approval of the United States Securities and Exchange Commission, an entity to which they are subject because both companies’ shares are listed in markets that operate in said jurisdiction. Likewise, and within the framework of the reorganization process, the Board of Directors has approved the exchange ratio, which has been established at 1.40 IRSA shares for each IRSA PC share, which is equivalent to 0.56 IRSA GDS for each ADS of IRSA PC. Condor Hospitality Trust agreement On September 23, 2021, Condor Hospitality Trust, Inc. announced an agreement with affiliates of Blackstone Real Estate Partners to sell its entire portfolio of hotels in a US$ 305 million transaction. This is an all cash transaction without the assumption of any existing debt. Completion of the transaction, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the Company’s shareholders. Condor also announced that its Board of Directors has unanimously adopted a Plan of Liquidation and Dissolution (the “Plan of Liquidation”). The Plan of Liquidation contemplates an orderly wind down of the Company’s business affairs. Following the closing of the sale of the hotel portfolio and the payment of outstanding liabilities, along with the taking of other actions specified in the Plan of Liquidation, including reserving for certain contingent liabilities and claims, the Company intends to distribute certain net proceeds from the sale of the hotel portfolio to the Company’s shareholders in one or more liquidating distribution installments. The implementation of the Plan of Liquidation is conditioned on obtaining approval of the Company’s shareholders. Exercise of Warrants On October 7, 2021, we informed that between September 17 and 25, 2021, certain warrants holders have exercised their right to acquire additional shares. Therefore, a total of 74,370 ordinary shares of the Company will be registered, with a face value of ARS 1. As a result of the aforementioned exercise, USD 42,093.42 were collected by the Company. After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 591,642,804 to 591,717,174, and the number of outstanding warrants decreased from 90,000,000 to 89,925,630. Likewise, the exercise of the warrants has been carried out in accordance with the terms and conditions established in the issuance prospectus dated February 12, 2021, and complementary notices regarding the offer made by the Company of 90,000,000 ordinary book-entry shares and 90,000,000 options to subscribe ordinary shares (warrants). Sale of Alto Taquari (Brasilagro) On October 8, 2021, BrasilAgro, informed that it has sold an area of 3,723 hectares (2,694 arable hectares) of Alto Taquari Farm, rural property located in the municipality of Alto Taquari - Mato Grosso state. The total amount of the sale is 1,100 soybean bags per arable hectare or BRL 589.0 million (~BRL 218,641/arable ha). The delivery of possession of the areas and, consequently, the recognition of sales revenue, will be carried out in two stages. In October 2021 with 2,566 hectares (1,537 arable ha), in the amount of approximately BRL 336.0 million and September 2024 with 1,157 arable ha, in the amount of approximately BRL 253.0 million. Brasilagro will continue operating the areas until delivery it. The buyer made an initial payment of BRL 16.5 million. Later this year, there will be an additional payment of BRL 31.4 million and the remaining balance is indexed in soybean bags with annual payments and an average term of 3.9 years. From the accounting perspective, this plot of the Farm is valued in the Brasilagro’s books at BRL 31.3 million (acquisition cost + investments net of depreciation) and has an expected Internal Rate of Return (IRR) in BRL of 19.9%. Considering this sale, we sell all the plateau areas of Alto Taquari Farm, leaving 1,308 hectares (809 arable ha) in the portfolio. The remaining area is adjacent to the areas already sold, but has different characteristics of soil and altitude and, even though it is not a plateau area, it is cultivated with sugarcane. This sale is a milestone for Brasilagro, not only for its size, but mainly for its capacity to generate value, optimizing operating and real estate returns, taking advantage of the good commodity cycle. General Ordinary Shareholders’ Meeting On October 22, 2021, we informed that our shareholders meeting approved the following summary of the agenda: 1) Appointment of two shareholders to sign the meetings’ minutes; 2) Consideration of documents contemplated in paragraph 1, Section 234, Law No. 19,550 for the fiscal year ended June 30, 2021, 3) Allocation of net loss for the fiscal year ended June 30, 2021 for ARS 7,333,298,422; 4) Consideration of Board of Directors’ performance for the Fiscal Year ended June 30, 2021; 5) Consideration of Supervisory Committee’s performance for the Fiscal Year ended June 30, 2021; 6) Consideration of compensation payable to the Board of Directors (ARS 93,083,687, allocated sum) for the Fiscal Year ended June 30, 2021, which recorded a computable tax loss pursuant to the rules of the Argentine Securities Commission; 7) Consideration of compensation payable to the Supervisory Committee (ARS 2,390,000, allocated sum) for the Fiscal Year ended June 30, 2021; 8) Determination of number and appointment of regular directors and alternate directors for a term of three fiscal years. It was approved by a majority vote: 1. Set the number of full directors at 10 (ten) and the number of alternates at 7 (seven), 2. Renew Mr. Jorge Oscar Fernández and 3. To appoint as alternate non-independent directors Mr. Gabriel Adolfo Gregorio Reznik and Mr. Pedro Dámaso Labaqui Palacio; 9) Appointment of regular and alternate members of the Supervisory Committee for a term of one fiscal year. It was approved by a majority vote to appoint Messrs. José Daniel Abelovich, Marcelo Héctor Fuxman and Noemí Ivonne Cohn as Titular Trustees and those of Messrs. Roberto Daniel Murmis, Cynthia Deokmellian and Paula Sotelo as Alternate Trustees for the period of one year, highlighting that according to the regulations of the National Securities Commission the proposed persons have the character of independents; 10) Appointment of certifying accountant for the next fiscal year. It was approved by a majority vote to appoint as certifying accountants for the 2021/2022 financial year the firm Pricewaterhouse&Co. member of the firm PriceWaterhouseCoopers in the person of Walter Rafael Zablocky as Titular External Auditor and in the person of Carlos Brondo as Alternate External Auditor; 11) Approval of compensation payable (ARS 22,790,066) to certifying accountant for the fiscal year ended June 30, 2021; and 12) Authorization to carry out registration proceedings relating to this shareholders’ meeting before the Argentine Securities Commission and the general superintendence of corporations. Series I (issued by FYO) As a subsequent event, on October 22, 2021, FYO issued its first bond in the local market for an amount of USD 12.3 million. The note is dollar denominated and payable in pesos at the applicable exchange rate, with an annual fixed rate of 0.0%, and maturity on October 22, 2023. The issue price was 100.0% of the nominal value. Payment of dividends by Brasilagro At Brasilagro’s shareholders’ meeting held on October 27, 2021, the shareholders of Brasilagro approved dividends in the amount of BRL 260.0 million, or BRL 2.621181215 per share. Such dividends shall be paid to shareholders on November 10, 2021, to holders of record of Brasilagro’s shares as of October 27, 2021. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Basis of preparation of the Consolidated Financial Statement | (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2021 accordingly to IAS 29. Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the reporting date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements. Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC). The principal inflation adjustment procedures are the following: - Monetary assets and liabilities that are already recorded at the measuring unit as of the balance sheet’s closing date are not restated because they are already stated in terms of the measuring unit current as of the date of the financial statements. - Non-monetary assets, and liabilities and equity component are recorded at restated cost as of the balance sheet date. - All items in the statement of income are restated applying the relevant conversion factors. - The effect of inflation in the Company’s net monetary position is included in the statement of income under Financial results, net, in the item “Inflation adjustment”. - Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs. Upon initially applying inflation adjustment, the equity accounts were restated as follows: - Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. - The resulting amount was included in the “Comprehensive Inflation adjustment of share capital and treasury shares adjustment” account. - Other comprehensive income / (loss) was restated as from each accounting allocation. - The other reserves in the statement of income were restated from the initial application date, i.e., June 30, 2016. In relation to the inflation index to be used and in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2021 according to official statistics (INDEC) following the guidelines described in Resolution 539/18: Price variation June 30, 2019 June 30, 2020 June 30, 2021 Cumulative as of June 30,2021 (3 years) Annual 56% 43% 50% 234% As a consequence of the aforementioned, these financial statements as of June 30, 2021 were restated in accordance with IAS 29. (b) Current and non-current classification The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according to the operating cycle of each activity. Current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax liabilities) are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively. (c) Presentation currency The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to ‘Peso amounts’ or ‘ARS’, are millions of Argentine Pesos, references to ‘USD’ or ‘US Dollars’ are millions of US Dollars, and references to “NIS” are millions of New Israeli Shekel. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria See Notes 2.2 through 2.31 with the accounting policies of each item. (f) Reporting cash flows The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group’s business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business. (g) Use of estimates The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 3. |
New accounting standards and amendments | The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application. Standards and amendments adopted by the Group Standards and amendments Description Date of application by the Group Covid-19-related Rent Concessions - Amendments to IFRS 16. As a result of the COVID-19 pandemic, rent concessions have been granted to lessees. Such concessions might take a variety of forms, including payment holidays and deferral of lease payments. In May 2020, the IASB made an amendment to IFRS 16 Leases which provides lessees with an option to treat qualifying rent concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concessions as variable lease payments in the period in which they are granted. Entities applying the practical expedients must disclose this fact, whether the expedient has been applied to all qualifying rent concessions or, if not, information about the nature of the contracts to which it has been applied, as well as the amount recognized in profit or loss arising from the rent concessions. 06-30-2021 The adoption of this amendment has not had a material impact for the Group. Standards and amendments not yet adopted by the Group Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 The IASB amended IAS 1 to require entities to disclose their material accounting policies rather than their significant accounting policies. The amendments define what it implies and how to identify material accounting policy information. They also clarify that it is not necessary to disclose immaterial accounting policy. If it is disclosed should not overshadow material accounting information. To support this amendment, the IASB also amended IFRS Practical Statement 2 on “Making materiality related judgments” to advise on how to apply the concept of materiality to disclosure of accounting policies. 01-01-2023 Definition of accounting estimates - Amendments to IAS 8. The amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” clarifies how entities should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events, as well as to the current exercise. 01-01-2023 Amendment to IAS 1. The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. 06-30-2023 Amendment to IAS 37. The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract. 06-30-2023 Property, plant and equipment: Proceeds before intended use - Amendments to IAS 16. The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. 06-30-2023 Reference to the Conceptual Framework - Amendments to IFRS 3 Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and Interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were finalized in May 2020: • IFRS 9 Financial Instruments: clarifies which fees should be included in the 10% test for derecognition of financial liabilities. • IFRS 16 Leases - amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives. • IFRS 1 First-time Adoption of International Financial Reporting Standards - allows entities that have measured their assets and liabilities at carrying amounts recorded in their parent’s books to also measure any cumulative translation differences using the amounts reported by the parent. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption. • IAS 41 Agriculture - removal of the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 Deferred tax - Amendments to IAS 12. The IASB issued amendments to IAS 12 that clarifies how companies account for deferred tax related to assets and liabilities that arise from a single transaction. The effects of these amendments essentially mean that the initial recognition exception is not available for transactions that involve the recognition of both an asset and a liability, such as leases and decommissioning obligations. 06-30-2024 Management is studying the impact that these new regulations and modifications will have for the Group. At the date of issuance of these consolidated financial statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group. |
Scope of consolidation | (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case basis. The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Statement of Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the principal are listed below: Agricultural Business % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.21 06.30.20 06.30.19 Cresud’s direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 39.44 % 33.55 % 43.29 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial - 100.00 % 100.00 % Futuros y Opciones.Com S.A. Argentina Brokerage 50.10 % 50.10 % 50.10 % Helmir S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % IRSA Inversiones y Representaciones Sociedad Anónima (2) Argentina Real estate 62.22 % 61.95 % 62.35 % Alafox S.A. Uruguay Investment 100.00 % - - Agropecuaria Santa Cruz S.A. Uruguay Investment - 100.00 % 100.00 % Brasilagro’s direct equity interest in: Araucária Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cajueiro Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Ceibo Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cremaq Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Engenho de Maracajú Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Flamboyant Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Agrícola Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Propriedades Agrícolas S.A. Brazil Agricultural 99.99 % 99.99 % 99.99 % Mogno Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Palmeiras S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agropecuaria Morotí S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agrifirma S.A. Brazil Agricultural 99.99 % 99.99 % - Agropecuaria Acres del Sud S.A. (2) (4) Bolivia Agricultural 99.99 % - - Ombú Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % - - Yatay Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % - - Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural 99.99 % - - Futuros y Opciones.Com. S.A.’s direct equity interest in: Amauta Agro S.A. (5) Argentina Brokerage 98.57 % 98.57 % 98.57 % FyO Acopio S.A. (5) Argentina Warehousing and brokerage 98.57 % 98.57 % 98.57 % FyO Chile SPA Chile Brokerage 100.00 % 100.00 % 100.00 % Agropecuaria Santa Cruz S.A.’s direct equity interest in: Agropecuaria Acres del Sud S.A. (2)(4) Bolivia Agricultural - 100.00 % 100.00 % Ombú Agropecuaria S.A. (4) Bolivia Agricultural - 100.00 % 100.00 % Yatay Agropecuaria S.A. (4) Bolivia Agricultural - 100.00 % 100.00 % Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural - 100.00 % 100.00 % Sedelor S.A. (3) Uruguay Investment - 100.00 % 100.00 % Codalis S.A. (3) Uruguay Investment - 100.00 % 100.00 % Alafox S.A. Uruguay Investment - 100.00 % 100.00 % (1) The Group exercises “de facto control” over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group, as well as the potential voting rights of the warrants held by the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; and (iv) the effective control exercised by the Group to direct Brasilagro’s relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro. (2) Includes interest indirectly held through Helmir. (3) Liquidation companies during the current fiscal year. (4) See Note 4 for the sale of companies to BrasilAgro. (5) Includes direct participation of Cresud. Except for the aforementioned items, the percentage of votes does not differ from the stake. The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions - i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary. (c) Disposal of subsidiaries with loss of control When the Group ceases to have control over a subsidiary, any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. (d) Associates Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, except as otherwise indicated as explained below. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. As of each year-end or upon the existence of evidence of impairment, a determination is made, as to whether there is any objective indication of impairment in the value of the investments in associates. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the Associates and its carrying value and recognizes the amount adjacent to “Share of profit / (loss) of associates and joint ventures “ in the Statement of Income and Other Comprehensive Income. Profit and losses resulting from transactions between the Group and the associate are recognized in the Group’s financial statements only to the extent of the interests in the associates of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates are modified to ensure uniformity within Group policies. Note 8 includes summary financial information and other information of the Group’s associates. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. (e) Joint arrangements Joint arrangements are arrangements of which the Group and another party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Investments in joint ventures are accounted for under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the Consolidated Statements of Financial Position at cost and adjusted thereafter to recognize the Group’s share of post-acquisition profits or losses and other comprehensive income in the Statements of Income and Other Comprehensive Income. The Group determines at each reporting date whether there is any objective evidence that the investment in joint ventures is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes such difference in “Share of profit / (loss) of associates and joint ventures” in the Statements of Income and Other Comprehensive Income. |
Segment information | Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker (“CODM”), responsible for allocating resources and assessing performance. The operating segments are described in Note 6. |
Foreign currency translation | (a) Functional and presentation currency Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in Argentine Pesos, which is the Group’s presentation currency. (b) Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities nominated in foreign currencies are recognized in the profit or loss for the year. Foreign exchange gains and losses are presented in the Statement of Income within other financial income, as appropriate, unless they have been capitalized. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position; (ii) income and expenses for each Statement of Comprehensive Income and Other Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and (iii) all resulting exchange differences are recognized in the Statement of Comprehensive Income and Other Comprehensive Income. The accounting policy of the Group consists in accounting for the translation difference of its subsidiaries by the “step-by-step” method according to IAS 21. |
Investment properties | Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation and that are not occupied by the Group for its own operations. Properties occupied by associates or joint ventures are accounted for as investment properties in these Consolidated Financial Statements. Investment properties also include properties that are being constructed or developed for future use as investment property. The Group also classifies land whose future use has not been determined yet as investment property. Additionally, the Group recognizes economically “buildable potentials” in those properties that meet the following requirements: a) have buildable potential that are legally viable based on the application of approved Planning Codes and / or specific Ordinances. and b) have a commercial viability either due to their realization market or their constructive feasibility (see Note 9). If due to regulatory or legal regulations and commercial and/or economic aspects, the buildable potential can only be made by the Group and it has not been built yet, the asset value is not recognized. When a property is partially owner-occupied, with the rest being held for rental income or capital appreciation, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for as property, plant and equipment under IAS 16 “Property, Plant and Equipment” and the portion that is held for rental income or capital appreciation, or both, is treated as investment property under IAS 40 “Investment Property”. The Group’s investment properties primarily comprise the Group’s portfolio of shopping malls and offices, certain property under development and other undeveloped land. Investment properties are measured initially at cost. Cost comprises the purchase price and directly attributable expenditures, such as legal fees, certain direct taxes, commissions and in the case of properties under construction, the capitalization of financial costs. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and property is in conditions to start operating. Capitalized costs include mainly the part attributable to third-party service costs, as well as the materials necessary for construction. Capitalization of such costs ceases when the property reaches the operating conditions indicated above. Direct expenses related to lease contract negotiation (as well as payment to third parties for services rendered and certain specific taxes related to execution of such contracts) are capitalized as part of the book value of the relevant investment properties and amortized over the term of the lease. Borrowing costs associated with properties under development or undergoing major refurbishment are capitalized. The finance cost capitalized is calculated using the Group’s weighted average cost of borrowings after adjusting for borrowings associated with specific developments. Where borrowings are associated with specific developments, the amount capitalized is the gross interest incurred on those borrowings less any investment income arising on their temporary investment. Finance cost is capitalized from the commencement of the development work until the date of practical completion. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Finance cost is also capitalized on the purchase cost of land or property acquired specifically for redevelopment in the short term but only when activities necessary to prepare the asset for redevelopment are in progress. After initial recognition, investment properties are carried at fair value. Investment properties that are being redeveloped for continuing use as investment properties or for which the market has become less active, continues to be measured at fair value. Investment properties under construction are measured at fair value if the fair value is considered to be reliably determinable. Investment properties under construction for which the fair value cannot be determined reliably, but for which the Group expects that the fair value of the property will be reliably determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed, whichever is earlier. Fair values are determined differently depending on the type of property being measured. Generally, fair value of office buildings and land reserves is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset (Level 2). The fair value of the Group’s portfolio of Shopping Malls is based on discounted cash flow projections. This method of valuation is commonly used in the shopping mall industry in the region where the Group conducts its operations (Level 3). As required by Resolution 576/10 of the CNV, valuations are performed as of the financial position date by accredited professional appraisers who have recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the consolidated Financial Statements. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. Subsequent expenditure is capitalized to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the asset can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized. Changes in fair values are recognized in the Consolidated Statements of Comprehensive Income and Other Comprehensive Income under the line item “Net gain / (loss) from fair value adjustments of investment properties”. Asset transfers, whether they are assets classified as investment properties that are transferred to other items or vice versa, can only be made when there is a change in their use, which is evidenced by: a) if an investment property it becomes occupied by the Group, it is reclassified as property, plant and equipment at the beginning of said occupation; b) when an investment property changes its use, and this is evidenced by a development process to prepare it for sale, the property is transferred to properties for sale; c) if the Group’s occupation of a property ends, it is reclassified from property, plant and equipment to properties for sale; or d) the commencement of operating lease operations with a third party, whereby the properties for sale are transferred to investment properties. The transfer of investment properties to other items is carried out at the fair value of the asset on the date of change of use and said fair value is the cost of the property for the purposes of subsequent accounting according to the applicable standard. If an owner-occupied property is converted to investment property, the Group values the property at the corresponding carrying amount prior to transfer and classifies it as investment property at fair value on the date of change of use. The Group will treat any difference, as of that date, between the determined carrying amount of the property and the fair value, in the same way in which it would record a revaluation applying IAS 16. A transfer from inventories to Investment properties, will be accounted by recognizing the result between its previous book value and its fair value and any difference between the fair value of the property at that date and its previous carrying amount will be recognized in the result of the period. The Group may sell an investment property when it considers it is not core to its ongoing rental business activities. Where the Group disposes of a property at fair value in an arm’s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Statements of Comprehensive Income and Other Comprehensive Income in the line “Net (loss) / gain from fair value adjustments of investment properties”. Investment properties are derecognized when they are disposed of or when they are permanently withdrawn from use and no future economic benefits are expected to arise from their disposal. The disposal of properties is recognized when the significant risks and rewards have been transferred to the buyer. As for unconditional agreements, proceeds are recognized when legal title to property passes to the buyer and the buyer intends to make the respective payment therefor. In the case of conditional agreements, the disposal is accounted for where such conditions have been met. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value. The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line “other operating results, net” in the Consolidated Statements of Comprehensive Income and Other Comprehensive Income at the time they are incurred. |
Property, plant and equipment | This category primarily comprises, buildings or portions of a building used for administrative purposes, machines, computers, and other equipment, motor vehicles, furniture, fixtures and fittings and improvements to the Group’s corporate offices. The Group has also several hotel properties. Based on the respective contractual arrangements with hotel managers and / or given their direct operators nature, the Group considers it retains significant exposure to the variations in the cash flows of the hotel operations, and accordingly, hotels are treated as owner-occupied properties and classified under “Property, plant and equipment”. All property, plant and equipment (“PPE”) is stated at acquisition cost less accumulated depreciation and impairment, if any. The acquisition cost includes expenditures, which are directly attributable to the acquisition of the items. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and the property is in conditions to start operating. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Such costs may include the cost of improvements and replacement of parts as they meet the conditions to be capitalized. The carrying amount of those parts that are replaced is derecognized. Repairs and maintenance are charged as incurred in the Statement of Income. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets’ estimated useful lives. The remaining useful life as of June 30, 2021 is as follows: Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years As of each fiscal year-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each fiscal year-end, the residual useful life of assets is estimated and adjusted, if necessary. The book amount of an asset is reduced to its recoverable value if the book value is greater than its estimated recoverable value. Gains from the sale of these assets are recognized when the significant risks and rewards have transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied. Gains and losses on disposals are determined by comparing the proceeds, net of direct expenses related to such sales, with the carrying amount. Gains and losses from the disposal of farmlands are disclosed within “Gains from disposal of farmlands” in the Statements of Income. All other gains and losses from the disposal of property, plant and equipment items are recognized within “Other operating results, net” in the Statement of Comprehensive Income and Other Comprehensive Income. When assets of property, plant and equipment are transferred to investment property, the difference between the value at cost transferred and the fair value of the investment property is allocated to a reserve within equity. Group’s sugarcane fields are recognized as bearer plants under the definition included in IAS 41. For this reason, they are accounted as property, plant and equipment and are valued at amortized cost. |
Leases | Leases are recorded pursuant to IFRS 16. The Group recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. For the prior periods’ leases were classified at their inception as either operating or finance leases based on the economic substance of the agreement. A Group company is the lessor Properties leased out to tenants under operating leases are included in “Investment properties” in the Statement of Financial Position. See Note 2.25 for the recognition of rental income. A Group company is the lessee The Group has entered into some operating lease agreements, mainly related to agribusiness activities. By virtue of these contracts, the Group leases land open for agricultural exploitation during one or more crop seasons. The lease price is generally set at a fixed amount in dollars or at a certain number of quintals of soybeans (or equivalent measurement unit) during the entire lease term. Lease payments can be made in installments or in advance at the beginning of the lease. The lease costs are recognized in the Statements of Income and Other Comprehensive Income in relation to the degree of ripeness of the harvest since the Group considers that this systematic base is more representative of the time pattern of the leases’ benefits. Additionally, the Group maintains other operating leases not related to agricultural activity, mainly associated with the leasing of offices. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the Statement of Income on a straight-line basis over the period of the lease. The Group acquires certain specific assets (especially machinery, computer equipment and real property exploitation concessions) under leases pursuant to IFRS 16. Assets so acquired are recorded as an asset at the present value of the minimum future lease payments. Capitalized lease assets are depreciated over the shorter of the estimated useful life of the assets and the lease term. The finance charges are charged over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Leases falling within the IFRS 16 exemption, where the Group acts as lessee are charged to results at the time they accrue. They mainly include contracts for less than one year and/or for non-material items. |
Intangible assets | (a) Goodwill Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill is initially measured as the difference between the fair value of the consideration transferred, plus the amount of non-controlling interest in the acquisition and, in business combinations achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquisition; and the net fair value of the identifiable assets and liabilities assumed on the acquisition date. Goodwill is not amortized but tested for impairment at each fiscal year-end, or more frequently if there is an indication of impairment. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as cash-generating units (“CGU”). In order to determine whether any impairment loss should be recognized, the book value of CGU or CGU Groups is compared against its recoverable value. Net book value of CGU and CGU Groups include goodwill and assets with limited useful life (such as, investment properties, property, plant and equipment, intangible assets and working capital). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill are not reversed in a subsequent period. The recoverable amount of a CGU is the higher of the fair value less costs-to-sell and the value-in-use. The fair value is the amount at which a CGU may be sold in a current transaction between unrelated, willing and duly informed parties. Value-in-use is the present value of all estimated future cash flows expected to be derived from CGU or CGU Groups. Goodwill is assigned to the Group’s cash generating units on the basis of operating segments. The recoverable amount of a cash-generating unit is determined based on fair value calculations. These calculations use the price of the CGU assets, they are compared with the book values, plus the goodwill assigned to each cash-generating unit. No material impairment was recorded as a result of the analysis performed (Note 12). (b) Computer software Acquired computer software licenses are capitalized based on the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives of three years Costs associated with maintaining computer software programs are recognized as an expense as incurred. (c) Branding and client relationship This relates to the fair value of brands and client relationship arising at the time of the business combination with IDBD. They are subsequently valued at cost, less the accumulated amortization or impairment. Client relationship have an average twelve-year useful life, while one of the brands have an indefinite useful life and the other ten-year useful life. (d) Right to receive future units under barter agreements The Group also enters into barter transactions where it normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land. The Group generally receives monetary assets as part of the transactions and/or a right to receive future units to be constructed by developers. Such rights are initially recognized at cost (which is the fair value of the land assigned) and are not adjusted later, unless there is any sign of impairment. At each year-end, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any of such signs exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. For intangible assets with indefinite useful lives, the Group annually reviews the existence of an impairment, or more frequently if signs of impairment are identified. |
Trading properties | Trading properties comprises those properties intended either for sale or in the process of construction for subsequent sale. Trading properties are carried at the lower of cost and net realizable value. Where there is a change in use of investment properties evidenced by the commencement of development with a view to sale, the properties are reclassified as trading properties at cost, which is the carrying value at the date of change in use. They are subsequently carried at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the trading properties to their present location and condition. |
Inventories | Inventories include assets held for sale in the ordinary course of the Group’s business activities, assets in production or construction process for sale purposes, and materials, supplies or other assets held for consumption in the process of producing sales and/or services. Supplies used in the Group’s agricultural activities comprise fertilizers, agrochemicals, vaccines, seeds, feed for livestock and other items, while the harvested agricultural produce comprise harvested grains and cropped sugar cane. For the Group’s operations in Argentina and Brazil, harvested crops are perpetually measured at net realizable value until the point of sale because there is an active market for such products, there is a negligible risk that the produce will not be sold and there is a well-established practice in the industry of measuring the inventories at net realizable value. Changes in net realizable value are recognized in the Statements of Income in the year in which they arise under the line item “Changes in net realizable value of agricultural produce after harvest”. Net realizable value is the estimated selling price in the ordinary course of business less selling expenses. It is determined on an ongoing basis, taking into account the product type and aging, based on the accumulated prior experience with the useful life of the product. The Group periodically reviews the inventory and its aging and books an allowance for impairment, as necessary. The cost of consumable supplies, materials and other assets is determined using the weighted average cost method, the cost of inventories of mobile phones, related accessories and spare parts is priced under the moving average method, and the cost of the remaining inventories is priced under the first in, first out (FIFO) method. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Inventories are recorded at the cash cost and the difference between that and the actual amount paid is treated as finance cost. Inventories are measured at the lower of cost or net realizable value. |
Biological assets and agriculture produce at the point of harvest | Biological assets comprise unharvested crops (mainly corn, wheat, soybeans and sunflower), sugarcane, livestock (breeding and dairy cattle and cattle held for sale) and other less significant biological assets such as sheep and tree plantations. The Group distinguishes between consumable and bearer biological assets. Consumable biological assets are those assets that may be harvested as agricultural produce or sold as biological assets, for example livestock held for sale. Bearer biological assets are those assets capable of producing more than one harvest, for example sugarcane, dairy cattle and breeding cattle. Consumable biological assets are generally classified as current while bearer biological assets are generally classified as non-current. Expenses relating to the agricultural activity include items such as planting, harvesting, irrigation, agrochemicals, fertilizers, veterinary services and others. The Group elected to capitalize all costs as part of the biological assets. The line item “Cost of sales of biological assets and agricultural produce” within “Costs” in the Statements of Income and Other Comprehensive Income represents the recognition as an expense of agricultural produce held in inventory, valued at either cost or net realizable value, as applicable, or biological assets valued at fair value less costs to sell. Either the fair value of a biological asset in its present location and condition is determined based on the present value of expected net cash flows from the biological asset discounted at a current market-determined pre-tax rate or the current quoted market price in the most relevant market. Biological assets are measured at fair value less costs to sell on initial recognition and at each Statement of Financial Position date, except where fair value cannot be reliably measured. Cost approximates fair value when little or no biological transformation has taken place since the costs were originally incurred or the impact of biological transformation on price is not expected to be material. Costs to sell include all incremental costs directly attributable to the sale of the biological assets, excluding finance costs and income taxes. Additionally, the Group’s costs of planting the sugarcane are accounted for as property, plant and equipment and are valued at amortized cost. The growing agricultural product of sugarcane is classified as a biological asset and valued at fair value less costs to sell. The gain or loss arising from initial recognition of a) agricultural produce and b) biological assets at fair value less costs to sell and from a change in fair value less costs to sell of a biological asset is recognized in profit or loss in the year in which occur within the line item “Initial recognition and changes in fair value of biological assets and agricultural produce at the point of harvest”. |
Financial instruments | The Group classifies financial assets in the following categories: those to be measured subsequently at fair value, and those to be measured at amortized cost. This classification depends on whether the financial asset is an equity investment or a debt investment. Debt investments A debt investment is classified at amortized cost only if both of the following criteria are met: (i) the objective of the Group’s business model is to hold the asset to collect the contractual cash flows; and (ii) the contractual terms give rise on specified dates to cash derived solely from payments of principal and interest due on the principal outstanding. The nature of any derivatives embedded in the debt investment are considered in determining whether the cash derives solely from payment of principal and interest due on the principal outstanding and are not accounted for separately. If either of the two criteria mentioned in the previous paragraph is not met, the debt instrument is classified at fair value through profit or loss. The Group has not designated any debt investment as measured at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch. Changes in fair values and gains from disposal of financial assets at fair value through profit or loss are recorded within “Financial results, net” in the Statement of Income and Other Comprehensive Income. Equity investments All equity investments, which are neither subsidiaries nor associate companies nor joint venture of the Group, are measured at fair value. Equity investments that are held for trading are measured at fair value through profit or loss. For all other equity investments, the Group can make an irrevocable election at initial recognition to recognize changes in fair value through other comprehensive income rather than profit or loss. The Group decided to recognize changes in fair value of equity investments through changes in profit or loss. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value though profit or loss are expensed in the Statement of Income and Other Comprehensive Income. In general, the Group uses the transaction price to ascertain the fair value of a financial instrument on initial recognition. In the other cases, the Group records a gain or loss on initial recognition only if the fair value of the financial instrument can be supported by other comparable transactions observable in the market for the same type of instrument or if based on a technical valuation that only inputs observable market data. Unrecognized gains or losses on initial recognition of a financial asset are recognized later on, only to the extent they arise from a change in factors (including time) that market participants would consider upon setting the price. Gains/losses on debt instruments measured at amortized cost and not identified for hedging purposes are charged to income where the financial assets are derecognized or an impairment loss is recognized, and during the amortization process under the effective interest method. The Group is required to reclassify all affected debt investments when and only when its business model for managing those assets changes. The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets measured at amortized cost is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) can be reliably estimated. The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. Financial assets and liabilities are offset, and the net amount reported in the statement of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Derivative financial instruments and hedging activities and options | |
Groups of assets and liabilities held for sale | Groups of assets and liabilities are classified as held for sale when the Group is expected to recover their value by means of a sale transaction (rather than through use) and where such sale is highly probable. Groups of assets and liabilities held for sale are valued at the lower of their net book value and fair value less selling costs. |
Trade and other receivables | Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. An allowance for doubtful accounts is recorded based on the expected loss of the receivables portfolio. Indicators of doubtful accounts include significant financial distress of the debtor, the debtor potentially filing a petition for reorganization or bankruptcy, or any event of default or past due account. In the case of larger non-homogeneous receivables, the impairment provision is calculated on an individual basis. The Group collectively evaluates smaller-balance homogeneous receivables for impairment. For that purpose, they are grouped on the basis of similar risk characteristics, and account asset type, collateral type, past-due status and other relevant factors are taken into account. The amount of the allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of a separate account, and the amount of the loss is recognized in the Statements of Income within “Selling expenses”. Subsequent recoveries of amounts previously written off are credited against “Selling expenses” in the Statements of Income and Other Comprehensive Income. |
Other assets | Other assets are recognized initially at cost and subsequently measured at the acquisition cost or the net realizable value, the lower. |
Trade and other payables | Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. |
Borrowings | Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as finance cost over the period of the borrowings using the effective interest method. |
Provisions | Provisions are recognized when: (i) the Group has a present (legal or constructive) obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are not recognized for future operating losses. The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel´s experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material adverse effect on its results of operations and financial condition or liquidity. Provisions are measured at the present value of the cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized in the Statements of Income and Other Comprehensive Income. |
Irrevocable right of use of the capacity of underwater communication lines | Transactions carried out to acquire an irrevocable right of use of the capacity of underwater communication lines are accounted for as service contracts. The amount paid for the rights of use of the communication lines is recognized as “Prepaid expenses” under trade and other receivables, and is amortized over a straight-line basis during the period set forth in the contract (including the option term), which is the estimated useful life of such capacity. |
Employee benefits | (a) Defined contribution plans The Group operates a defined contribution plan, which is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current year or prior periods. The contributions are recognized as employee benefit expense in the Statements of Income in the fiscal year they are due. (b) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or as a result of an offer made to encourage voluntary termination as a result of redundancy. (c) Bonus plans The Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. (d) Defined benefit plans The Group’s net obligation concerning defined benefit plans are calculated on an individual basis for each plan, estimating the future benefits employees have gained in exchange for their services in the current and prior periods. The benefit is disclosed at its present value, net of the fair value of the plan assets. Calculations are made on an annual basis by a qualified actuary. (e) Share-based payments The fair value of share-based payments is measured at the date of grant. The Group measures the fair value using the valuation technique that it considers to be the most appropriate to value each class of award. Methods used may include Black-Scholes calculations or other models as appropriate. The valuations take into account factors such as non-transferability, exercise restrictions and behavioral considerations. The fair value of the share-based payment is expensed and charged to income under the straight-line method over the vesting period in which the right to the equity instrument becomes irrevocable (“vesting period”); such value is based on the best available estimate of the number of equity instruments expected to vest. Such estimate is revised if subsequent information available indicates that the number of equity instruments expected to vest differs from original estimates. (f) Other long-term benefits The net obligations of IDBD, DIC and its subsidiaries concerning employee long-term benefits, other than retirement plans, is the amount of the minimum future benefits employees have gained in exchange for their services in the current and prior periods. These benefits are discounted at their present values. |
Current income tax, deferred income tax and minimum presumed income tax | Tax expense for the year comprises the charge for tax currently payable and deferred income. Income tax is recognized in the statements of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax expense is calculated on the basis of the tax laws enacted or substantially enacted at the date of the Statements of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the deferred tax liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statements of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence, deferred tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Statements of Financial Position, dividends have been accrued as receivable a binding agreement to distribute past earnings in future has been entered into by the subsidiary or there are sale plans in the foreseeable future. Entities in Argentina are subject to the Minimum Presumed Income Tax (“MPIT”). Pursuant to this tax regime, an entity is required to pay the greater of the income tax or the MPIT. The MPIT provision is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period. When the Group assesses that it is probable that it will use the MPIT payment against future taxable income tax charges within the applicable 10-year period, recognizes the MPIT as a current or non-current receivable, as applicable, within “Trade and other receivables” in the Statements of Financial Position. The minimum presumed income tax was repealed by Law N ° 27,260 in its article 76 for the periods that begin as of January 1, 2019. Regarding the above mentioned, considering the Instruction No. 2 of the Federal Administration of Public Revenues (AFIP), it is not appropriate to record the provision of the above mention tax, in the event that accounting and tax losses occur. |
Cash and cash equivalents | Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are not included. |
Revenue recognition | The group identifies contracts with customers and evaluates the goods and services committed therein to determine performance obligations and their classification between performance obligations that are satisfied at a given time or over time. Revenue from satisfaction of performance obligations at a given time is recognized when the client obtains control of the committed asset or service considering whether there is a right to collection, if the client has the physical possession, if the client has the legal right and if they have the transferred the risks and benefits. In accordance with IFRS 15, the Group recognizes revenues over time from the sales of real estate developments in which there is no alternative use for the asset and the Group has the right to demand payment of the contract. When these conditions are not met, the income is recognized at the time of delivery or deed, depending on the case, when the risk transfers are completed, the collection is reasonably assured and there is a price already determined. Revenue from satisfaction of performance obligations over time for real estate developments is recognized by measuring progress towards compliance with the obligation when it can be measured reliably. For this measurement, the Group uses the resourced method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimate of the total development costs. The Group’s revenue is recognized at the probable value of the consideration to which it will be entitled in exchange for transferring the products or services to the customer which is not expected to suffer significant changes. Agricultural activities Revenue from Group’s agricultural activities comes primarily from sales of agricultural produce and biological assets, from provision of services related to the activity and from leases of farmlands. The Group also provides agricultural-related (including but not limited to watering and feedlot services) and brokerage services to third parties. Revenue from services are recognized when services are effective rendered. The Group also leases land to third parties under operating lease agreements. Lease income is recognized on a straight-line basis over the period of the lease. Urban properties and investments activities · Rental and services - Shopping malls portfolio Revenues derived from business activities developed in the Group’s shopping malls mainly include rental income under operating leases, admission rights, commissions and revenue from several complementary services provided to the Group’s lessees. Rental income from shopping mall, admission rights and commissions, are recognized in the Statements of Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis. Contingent rents, i.e. lease payments that are not fixed at the inception of a lease, are recorded as income in the periods in which they are known and can be determined. Rent reviews are recognized when such reviews have been agreed with tenants. The Group’s lease contracts also provide that common area maintenance charges and collective promotion funds of the Group’s shopping malls are borne by the corresponding lessees, generally on a proportionally basis. These common area maintenance charges include all expenses necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The lessor is responsible for determining the need and suitability of incurring a common area expense. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. Service charge income is presented separately from property operating expenses. Property operating expenses are expensed as incurred. · Rental and services - Offices and other rental properties Rental income from offices and other rental properties include rental income from offices leased out under operating leases, income from services and expenses recovery paid by tenants. Rental income from offices and other rental properties is recognized in the Statements of Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis. A substantial portion of the Group’s leases requires the tenant to reimburse the Group for a substantial portion of operating expenses, usually a proportionate share of the allocable operating expenses. Such property operating expenses include necessary expenses such as property operating, repairs and maintenance, security, janitorial, insurance, landscaping, leased properties and other administrative expenses, among others. The Group manages its own rental properties. The Group makes the original payment for these expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. The Group accrues reimbursements from tenants as service charge revenue in the period the applicable expenditures are incurred and is presented separately from property operating expenses. Property operating expenses are expensed as incurred. · Revenue from communication services and sale of communication equipment Revenue derived from the use of the Group’s communication networks, including mobile phones, Internet services, international calls, fixed line calls, interconnection rates and roaming service rates and television, are recognized when the service is provided, proportionally to the extent the transaction has been realized, and provided all other criteria have been met for revenue recognition. Revenue from the sale of mobile phone cards is initially recognized as deferred revenue and then recognized as revenue as they are used or upon expiration, whichever takes place earlier. A transaction involving the sale of equipment to a final user normally also involves a service sale transaction. In general, this type of sale is performed without a contractual obligation by the client to consume telephone services for a minimum amount over a predetermined period. As a result, the Group records the sale of equipment separately of the performance obligations and recognizes revenue pursuant to the transaction value upon delivery of the equipment to the client. Revenue from telephone services is recognized and accounted for as they are provided over time. When the client is bound to make a minimum consumption of services during a predefined period, the contract formalizes a transaction of several elements and, therefore, revenue from the sale of equipment is recorded at an amount that should not exceed its fair value, and is recognized upon delivery of the equipment to the client and provided the criteria for recognition are met. The Group ascertains the fair value of individual elements, based on the price at which it is normally sold, after taking into account the relevant discounts. Revenue derived from long-term contracts is recognized at the present value of future cash flows, discounted at market rates prevailing on the transaction date. Any difference between the original credit and its net present value is accounted for as interest income over the credit term. These revenues has been recognized in discontinued operations (see Note 36). · Revenue from agricultural products Revenue from agricultural products is recognized when the product is delivered and at the time all other criteria for revenue recognition have been met. · Revenue from supermarkets Revenue from the sale of goods in the ordinary course of business is recognized at the fair value of the consideration collected or receivable, net of returns and discounts. When the credit term is short and financing is that typical in the industry, consideration is not discounted. When the credit term is longer than the industry’s average, in accounting for the consideration, the Group discounts it to its net present value by using the client’s risk premium or the market rate. The difference between the fair value and the nominal amount is accounted for under financial income. If discounts are granted and their amount can be measured reliably, the discount is recognized as a reduction of revenue. Revenues from supermarkets have been recognized in discontinued operations (see Note 36). |
Cost of sales | The cost of sales, includes the acquisition costs and the operational and management costs for shopping malls held by the Group as part of its real estate investments. The Group’s cost of sales in relation to the supply of communication services mainly includes the costs to purchase equipment, salaries and related expenses, service costs, royalties, ongoing license dues, interconnection and roaming expenses, cell tower lease costs, depreciation and amortization expenses and maintenance expenses directly related to the services provided, and are classified as discontinued operations. The cost of sales of supermarkets, includes the acquisition costs for the products less discounts granted by suppliers, as well as all expenses associated with storing and handling inventories and is classified as discontinued operations. |
Cost of borrowings and capitalization | The costs for general and specific loans that are directly attributable to the acquisition, construction or production of suitable assets for which a prolonged period is required to place them in the conditions required for their use or sale, are capitalized as part of the cost of those assets until the assets are substantially ready for use or sale. The general loan costs are capitalized according to the average debt rate of the Group. Foreign exchange differences for loans in foreign currency are capitalized if they are considered an adjustment to interest costs. The interest earned on the temporary investments of a specific loan for the acquisition of qualifying assets are deducted from the eligible costs to be capitalized. The rest of the costs from loans are recognized as expenses in the period in which they are incurred. |
Share capital | Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. When any Group’s subsidiary purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled or reissued. When such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects, is included in equity. Instruments issued by the Group that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset are classified as equity. |
Comparability of information | The balances as of June 30, 2020 and 2019 that are disclosed for comparative purposes were restated in accordance with IAS 29, see Note 2.1. Certain figures have been reclassified for the purposes of comparative presentation with those of the current year related to the loss of control of IDBD and the sale of Carnes Pampeanas S.A. (see Notes 1 and 4). During the years ended June 30, 2021, 2020 and 2019, the Argentine Peso suffered a decrease in its value compared to the US dollar and other currencies close to 26%, 40% and 47%, respectively, which has an impact on the comparability of the figures exposed in the financial statements, mainly due to the exposure to the exchange rate of our Income and costs of “offices” segment, and our assets and liabilities, nominated in foreign currency. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of official statistics annual price variation | Price variation June 30, 2019 June 30, 2020 June 30, 2021 Cumulative as of June 30,2021 (3 years) Annual 56% 43% 50% 234% |
Schedule of new accounting standards and amendments | Standards and amendments Description Date of application by the Group Covid-19-related Rent Concessions - Amendments to IFRS 16. As a result of the COVID-19 pandemic, rent concessions have been granted to lessees. Such concessions might take a variety of forms, including payment holidays and deferral of lease payments. In May 2020, the IASB made an amendment to IFRS 16 Leases which provides lessees with an option to treat qualifying rent concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concessions as variable lease payments in the period in which they are granted. Entities applying the practical expedients must disclose this fact, whether the expedient has been applied to all qualifying rent concessions or, if not, information about the nature of the contracts to which it has been applied, as well as the amount recognized in profit or loss arising from the rent concessions. 06-30-2021 Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 The IASB amended IAS 1 to require entities to disclose their material accounting policies rather than their significant accounting policies. The amendments define what it implies and how to identify material accounting policy information. They also clarify that it is not necessary to disclose immaterial accounting policy. If it is disclosed should not overshadow material accounting information. To support this amendment, the IASB also amended IFRS Practical Statement 2 on “Making materiality related judgments” to advise on how to apply the concept of materiality to disclosure of accounting policies. 01-01-2023 Definition of accounting estimates - Amendments to IAS 8. The amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” clarifies how entities should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events, as well as to the current exercise. 01-01-2023 Amendment to IAS 1. The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. 06-30-2023 Amendment to IAS 37. The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract. 06-30-2023 Property, plant and equipment: Proceeds before intended use - Amendments to IAS 16. The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. 06-30-2023 Reference to the Conceptual Framework - Amendments to IFRS 3 Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and Interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were finalized in May 2020: • IFRS 9 Financial Instruments: clarifies which fees should be included in the 10% test for derecognition of financial liabilities. • IFRS 16 Leases - amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives. • IFRS 1 First-time Adoption of International Financial Reporting Standards - allows entities that have measured their assets and liabilities at carrying amounts recorded in their parent’s books to also measure any cumulative translation differences using the amounts reported by the parent. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption. • IAS 41 Agriculture - removal of the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 Deferred tax - Amendments to IAS 12. The IASB issued amendments to IAS 12 that clarifies how companies account for deferred tax related to assets and liabilities that arise from a single transaction. The effects of these amendments essentially mean that the initial recognition exception is not available for transactions that involve the recognition of both an asset and a liability, such as leases and decommissioning obligations. 06-30-2024 |
Schedule of agricultural business | % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.21 06.30.20 06.30.19 Cresud’s direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 39.44 % 33.55 % 43.29 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial - 100.00 % 100.00 % Futuros y Opciones.Com S.A. Argentina Brokerage 50.10 % 50.10 % 50.10 % Helmir S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % IRSA Inversiones y Representaciones Sociedad Anónima (2) Argentina Real estate 62.22 % 61.95 % 62.35 % Alafox S.A. Uruguay Investment 100.00 % - - Agropecuaria Santa Cruz S.A. Uruguay Investment - 100.00 % 100.00 % Brasilagro’s direct equity interest in: Araucária Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cajueiro Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Ceibo Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cremaq Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Engenho de Maracajú Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Flamboyant Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Agrícola Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Propriedades Agrícolas S.A. Brazil Agricultural 99.99 % 99.99 % 99.99 % Mogno Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Palmeiras S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agropecuaria Morotí S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agrifirma S.A. Brazil Agricultural 99.99 % 99.99 % - Agropecuaria Acres del Sud S.A. (2) (4) Bolivia Agricultural 99.99 % - - Ombú Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % - - Yatay Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % - - Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural 99.99 % - - Futuros y Opciones.Com. S.A.’s direct equity interest in: Amauta Agro S.A. (5) Argentina Brokerage 98.57 % 98.57 % 98.57 % FyO Acopio S.A. (5) Argentina Warehousing and brokerage 98.57 % 98.57 % 98.57 % FyO Chile SPA Chile Brokerage 100.00 % 100.00 % 100.00 % Agropecuaria Santa Cruz S.A.’s direct equity interest in: Agropecuaria Acres del Sud S.A. (2)(4) Bolivia Agricultural - 100.00 % 100.00 % Ombú Agropecuaria S.A. (4) Bolivia Agricultural - 100.00 % 100.00 % Yatay Agropecuaria S.A. (4) Bolivia Agricultural - 100.00 % 100.00 % Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural - 100.00 % 100.00 % Sedelor S.A. (3) Uruguay Investment - 100.00 % 100.00 % Codalis S.A. (3) Uruguay Investment - 100.00 % 100.00 % Alafox S.A. Uruguay Investment - 100.00 % 100.00 % |
Schedule of urban properties and investments business | % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.21 06.30.20 06.30.19 IRSA’s direct equity interest: IRSA CP (1) Argentina Real estate 79.92 % 80.65 % 83.80 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 100.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % UT IRSA y Galerías Pacífico S.A. (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct equity interest in: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.95 % Torodur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % EHSA Argentina Investment 70.00 % 70.00 % 70.00 % Centro de Entretenimiento La Plata Argentina Real estate 100.00 % 100.00 % 100.00 % We Are APPA S.A. (ex Pareto S.A.) Argentina Design and software development 93.63 % 69.69 % 69.69 % La Malteria Argentina Real estate - - 100.00 % Tyrus S.A.’s direct equity interest in: DFL and DN BV Bermudas/ Netherlands Investment 99.50 % 97.04 % 96.46 % IRSA International LLC United States Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermudas Investment - - 100.00 % Real Estate Strategies LLC United States Investment 100.00 % 100.00 % 100.00 % Efanur S.A.’s direct equity interest in: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00 % 100.00 % 100.00 % DFL’s direct equity interest in: IDB Development Corporation Ltd. Israel Investment - 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct equity interest in: Discount Investment Corporation Ltd. (4) Israel Investment - 83.72 % 83.77 % IDBD’s direct equity interest in: IDB Tourism (2009) Ltd. Israel Tourism services - 100.00 % 100.00 % IDB Group Investment Inc Israel Investment - 100.00 % 100.00 % DIC’s direct equity interest in: Property & Building Corporation Ltd. Israel Real estate - 72.40 % 68.80 % Cellcom Israel Ltd. (5) Israel Telecommunications - 46.20 % - Elron Electronic Industries Ltd. Israel Investment - 61.06 % 44.10 % Bartan Holdings and Investments Ltd. Israel Investment - 55.68 % 61.06 % Epsilon Investment House Ltd. Israel Investment - 68.75 % 55.68 % Mehadrin Ltd. Israel Agricultural - 43.75 % 68.75 % PBC’s direct equity interest in: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - - 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate - 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate - 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate - 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate - 100.00 % 100.00 % PBC USA Investments Inc United States Real estate - 100.00 % 100.00 % |
Schedule of useful life | Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years |
Significant judgments key assum
Significant judgments key assumptions and estimates (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of significant judgments, key assumptions and estimates | Estimation Main assumptions Potential implications Main references Business combination - Allocation of acquisition prices Assumptions regarding timing, amount of future revenues and expenses, revenue growth, expected rate of return, economic conditions, and discount rate, among other. Should the assumptions made be inaccurate, the recognized combination may not be correct. Note 4 - Acquisitions and dispositions Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. The discount rate and the expected growth rate before taxes in connection with cash-generating units. The discount rate and the expected growth rate after taxes in connection with associates. Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Group’s best factual assumption relative to the economic conditions expected to prevail. Business continuity of cash-generating units. Appraisals made by external appraisers and valuators with relation to the assets’ fair value, net of realization costs (including real estate assets). Should any of the assumptions made be inaccurate; this could lead to differences in the recoverable values of cash-generating units. Note 10 - Property, plant and equipment Note 12 - Intangible assets Control, joint control or significant influence Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees’ bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) Note 2.3 - Scope of consolidation Estimated useful life of intangible assets and property, plant and equipment Estimated useful life of assets based on their conditions. Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). Note 10 - Property, plant and equipment Note 12 - Intangible assets Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 10. Incorrect valuation of investment property values Note 9 - Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 23 - Taxes Allowance for doubtful accounts A periodic review is conducted of receivables risks in the Group’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions. Improper recognition of charges / reimbursements of the allowance for bad debt. Note 17 - Trade and other receivables Level 2 and 3 financial instruments Main assumptions used by the Group are: • Discounted projected income by interest rate • Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. • Comparable market multiple (EV/GMV ratio). • Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Incorrect recognition of a charge to income / (loss). Note 16 - Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group, such estimate is based on legal advisors’ opinions. Charge / reversal of provision in relation to a claim. Note 21 - Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 16 - Financial instruments by category (Financial liabilities) Biological assets Main assumptions used in valuation are yields, production costs, selling expenses, forwards of sales prices, discount rates. Wrong recognition/valuation of biological assets. See sensitivities modeled on these parameters in Note 13. Note 14 - Biological assets |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of leaving the share capital | Number of shares Share capital June 30, 2020 116,500 116,500 Capitalization of share premium and inflation adjustment of share capital 137,722,151 137,722,151 Issuance of ordinary shares 380,000,000 380,000,000 June 30, 2021 517,838,651 517,838,651 |
Schedule of net assets disposed | 09.30.2020 ASSETS Investment properties 117,547 Property, plant and equipment 47,989 Trading properties 7,690 Intangible assets 36,546 Right-of-use assets 25,853 Investment in associates and joint ventures 48,443 Deferred income tax assets 568 Income tax and MPIT credits 426 Restricted assets 8,400 Trade and other receivables 70,693 Investment in financial assets 31,643 Derivative financial instruments 368 Inventories 4,712 Group of assets held for sale 55,028 Cash and cash equivalents 145,330 TOTAL ASSETS 601,236 Borrowings 425,321 Lease liabilities 23,696 Deferred income tax liabilities 16,261 Trade and other payables 31,785 Income tax and MPIT liabilities 596 Provisions 7,095 Employee benefits 624 Derivative financial instruments 624 Payroll and social security liabilities 4,427 Group of liabilities held for sale 28,805 TOTAL LIABILITIES 539,234 TOTAL NET ASSETS 62,002 Non-controlling interest (62,519 ) Result for loss of control (517 ) Recycling of currency translation adjustment and other reserves (3,504 ) Total result for loss of control (*) (4,021 ) |
Financial risk management and_2
Financial risk management and fair value estimates (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Statement [Line Items] | |
Schedule of derivative contract | 06.30.21 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value Gain / (Loss) for valuation at fair value at year-end Forward: Sales Corn 135,538 - 220 (63 ) Soybeans 236,384 - 724 (977 ) Wheat 5,100 - 3 - Livestock 4,950 - - (61 ) Cotton 1,650,000 - 14 - Ethanol 900 - - (107 ) Purchase Corn 85,750 - (64 ) - Soybeans 300 - (1 ) - Wheat 14,100 - (24 ) - Options: Sale put Corn 2,000 12 - - Soybeans (40,214 ) 41 (101 ) (143 ) Wheat - 6 - - Purchase put Corn 2,000 (2 ) (5 ) - Soybeans 400 (8 ) - - Wheat - (7 ) - - Sale call Corn 8,600 83 8 45 Soybeans 45,081 41 - - Wheat 4,000 6 - - Purchase call Wheat 5,080 (77 ) 47 (82 ) Soybeans 20,465 (188 ) 17 914 Wheat 1,500,000 (25 ) 34 - Total 3,680,434 (118 ) 872 (474 ) 06.30.20 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value Gain / (Loss) for valuation at fair value at year-end Forward: Sales Corn 152,531 - (35 ) 11 Soybeans 86,421 - (35 ) 341 Wheat 18,500 - 5 - Livestock 54,450 - - (29 ) Cotton 893 - 20 - Ethanol 600 - - (12 ) Purchase Corn 46,480 - 12 - Soybeans 16,665 - 8 - Wheat 17,700 - 2 - Options: Sale put Corn 40,265 - (35 ) (36 ) Soybeans 35,572 - (8 ) 71 Wheat - - - - Cotton 625 - (8 ) - Livestock - - - (2 ) Purchase put Corn - - (11 ) - Soybeans 1,000 - (8 ) - Sale call Corn 89,700 (8 ) 47 - Soybeans 4,500 (26 ) 42 - Wheat 8,000 - 5 - Purchase call Corn - 8 (8 ) - Soybeans - 14 (6 ) - Total 573,902 (12 ) (13 ) 344 |
Urban Properties And Investments Business [Member] | |
Statement [Line Items] | |
Schedule of capital structure of the group | 06.30.21 06.30.20 Gearing ratio (i) 74.84 % 49.57 % Debt ratio (ii) 32.86 % 44.42 % |
Schedule of net monetary position (liability)/asset | Net monetary position (Liability) / Asset 06.30.21 06.30.20 06.30.19 Functional currency USD USD USD Argentine Peso (43,811 ) (57,672 ) (31,743 ) Uruguayan Peso - 228 (412 ) Total (43,811 ) (57,444 ) (32,155 ) |
Schedule of liquidity risk management | 06.30.21 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,748 104 1 - - 2,853 Borrowings 14,548 38,351 5,695 211 188 58,993 Finance lease obligations 57 51 80 90 1,767 2,045 Derivative financial instruments 49 9 - - - 58 Total 17,402 38,515 5,776 301 1,955 63,949 06.30.20 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,322 234 104 329 2 2,991 Borrowings 57,680 4,931 40,975 98 324 104,008 Finance lease obligations 80 74 77 81 1,939 2,251 Derivative financial instruments 125 42 9 - - 176 Total 60,207 5,281 41,165 508 2,265 109,426 |
Agricultural Business [Member] | |
Statement [Line Items] | |
Schedule of capital structure of the group | 06.30.21 06.30.20 Gearing ratio (i) 64.8 % 63.03 % Debt ratio (ii) 134.74 % 251.91 % |
Schedule of net monetary position (liability)/asset | Net monetary position (Liability) / Asset 06.30.21 06.30.20 06.30.19 Functional currency USD USD USD Argentine Peso (69,518 ) (47,055 ) (38,478 ) Brazilian Reais 1,018 270 499 Bolivian Peso - (155 ) (165 ) Total (68,500 ) (46,940 ) (38,144 ) |
Schedule of liquidity risk management | 06.30.21 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 13,706 863 - - - 14,569 Borrowings 30,866 18,138 7,447 1,646 1,646 59,743 Finance lease obligations 1,636 3,713 56 - - 5,405 Derivative financial instruments 937 38 - - - 975 Total 47,145 22,752 7,503 1,646 1,646 80,692 06.30.20 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 9,482 185 282 81 152 10,182 Borrowings 32,485 22,446 13,580 445 434 69,390 Finance lease obligations 1,187 774 503 406 1,613 4,483 Derivative financial instruments 365 29 - - - 394 Total 43,519 23,434 14,365 932 2,199 84,449 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Statement [Line Items] | |
Schedule of segments of the agriculture | 06.30.21 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 24,368 - - 5,398 29,766 Costs (23,515 ) (36 ) - (3,724 ) (27,275 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 14,278 - - - 14,278 Changes in the net realizable value of agricultural products after harvest (590 ) - - - (590 ) Gross profit / (loss) 14,541 (36 ) - 1,674 16,179 Net gain from fair value adjustment of investment properties - 5,510 - - 5,510 Gain from disposal of farmlands - 1,310 - - 1,310 General and administrative expenses (1,372 ) (5 ) (439 ) (360 ) (2,176 ) Selling expenses (2,338 ) (1 ) - (403 ) (2,742 ) Other operating results, net (4,091 ) 1,751 - 131 (2,209 ) Profit / (loss) from operations 6,740 8,529 (439 ) 1,042 15,872 Share of profit/ (loss) of associates and joint ventures 60 - - (120 ) (60 ) Segment profit / (loss) 6,800 8,529 (439 ) 922 15,812 Investment properties 11,001 - - - 11,001 Property, plant and equipment 32,931 265 - 92 33,288 Investments in associates 598 - - 219 817 Other reportable assets 17,149 - - 3,492 20,641 Reportable assets 61,679 265 - 3,803 65,747 06.30.20 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 25,810 - - 4,274 30,084 Costs (22,042 ) (38 ) - (2,936 ) (25,016 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,925 - - - 3,925 Changes in the net realizable value of agricultural products after harvest 986 - - - 986 Gross profit / (loss) 8,679 (38 ) - 1,338 9,979 Net gain from fair value adjustment of investment properties - 1,172 - - 1,172 Gain from disposal of farmlands - 1,259 - - 1,259 General and administrative expenses (1,445 ) (5 ) (254 ) (177 ) (1,881 ) Selling expenses (2,727 ) (2 ) - (328 ) (3,057 ) Other operating results, net 683 1,445 - 251 2,379 Profit / (loss) from operations 5,190 3,831 (254 ) 1,084 9,851 Share of profit of associates and joint ventures 80 - - 106 186 Segment profit / (loss) 5,270 3,831 (254 ) 1,190 10,037 Investment properties 6,202 - - - 6,202 Property, plant and equipment 31,371 269 - 84 31,724 Investments in associates 629 - - 439 1,068 Other reportable assets 10,938 497 - 5,251 16,686 Reportable assets 49,140 766 - 5,774 55,680 06.30.19 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 16,673 - - 3,300 19,973 Costs (14,215 ) (36 ) - (1,985 ) (16,236 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,048 - - - 3,048 Changes in the net realizable value of agricultural products after harvest (65 ) - - - (65 ) Gross profit / (loss) 5,441 (36 ) - 1,315 6,720 Net gain from fair value adjustment of investment properties - - - - - Gain from disposal of farmlands - 998 - - 998 General and administrative expenses (1,451 ) (4 ) (401 ) (170 ) (2,026 ) Selling expenses (1,544 ) (2 ) - (337 ) (1,883 ) Other operating results, net 642 367 - 174 1,183 Profit / (loss) from operations 3,088 1,323 (401 ) 982 4,992 Share of profit/ (loss) of associates and joint ventures 86 - - (69 ) 17 Segment profit / (loss) 3,174 1,323 (401 ) 913 5,009 Investment properties 3,956 - - - 3,956 Property, plant and equipment 30,369 223 - 1,155 31,747 Investments in associates 588 - - 32 620 Other reportable assets 12,724 - - 2,914 15,638 Reportable assets 47,637 223 - 4,101 51,961 |
Schedule of lines of business of groups operations center | 06.30.21 Urban Properties and Investment business (II) Agricultural business (I) Operations Center in Argentina Subtotal Total segment information Joint ventures (i) Adjustments (ii) Elimination of inter-segment transactions and non-reportable assets / liabilities (iii) Total Statement of Income and Other Comprehensive Income / Financial Position Revenues 29,766 10,114 10,114 39,880 (50 ) 2,945 (364 ) 42,411 Costs (27,275 ) (3,448 ) (3,448 ) (30,723 ) 70 (3,179 ) - (33,832 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 14,278 - - 14,278 - - 189 14,467 Changes in the net realizable value of agricultural products after harvest (590 ) - - (590 ) - - - (590 ) Gross profit 16,179 6,666 6,666 22,845 20 (234 ) (175 ) 22,456 Net gain / (loss) from fair value adjustment of investment properties 5,510 (7,635 ) (7,635 ) (2,125 ) (121 ) - - (2,246 ) Gain from disposal of farmlands 1,310 - - 1,310 - - - 1,310 General and administrative expenses (2,176 ) (3,095 ) (3,095 ) (5,271 ) 14 - 90 (5,167 ) Selling expenses (2,742 ) (1,511 ) (1,511 ) (4,253 ) 21 - 85 (4,147 ) Other operating results, net (2,209 ) (157 ) (157 ) (2,366 ) (20 ) 107 (3 ) (2,282 ) Profit / (loss) from operations 15,872 (5,732 ) (5,732 ) 10,140 (86 ) (127 ) (3 ) 9,924 Share of loss of associates and joint ventures (60 ) (3,988 ) (3,988 ) (4,048 ) (385 ) - (2 ) (4,435 ) Segment profit / (loss) 15,812 (9,720 ) (9,720 ) 6,092 (471 ) (127 ) (5 ) 5,489 Reportable assets 65,748 207,197 207,197 272,945 (1,484 ) - 67,707 339,168 Reportable liabilities - - - - - - (233,275 ) (233,275 ) Net reportable assets 65,748 207,197 207,197 272,945 (1,484 ) - (165,568 ) 105,893 06.30.20 Urban Properties and Investment business (II) Agricultural business (I) Operations Center in Argentina Operations Center in Israel Subtotal Total segment information Joint ventures (i) Adjustments (ii) Elimination of inter-segment transactions and non-reportable assets / liabilities (iii) Total Statement of Income and Other Comprehensive Income / Financial Position Revenues 30,084 16,731 - 16,731 46,815 (90 ) 4,655 (312 ) 51,068 Costs (25,016 ) (4,138 ) - (4,138 ) (29,154 ) 80 (4,851 ) - (33,925 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,925 - - - 3,925 - - 203 4,128 Changes in the net realizable value of agricultural products after harvest 986 - - - 986 - - - 986 Gross profit 9,979 12,593 - 12,593 22,572 (10 ) (196 ) (109 ) 22,257 Net gain from fair value adjustment of investment properties 1,172 50,263 - 50,263 51,435 (395 ) - - 51,040 Gain from disposal of farmlands 1,259 - - - 1,259 - - - 1,259 General and administrative expenses (1,881 ) (3,367 ) - (3,367 ) (5,248 ) 20 - 81 (5,147 ) Selling expenses (3,057 ) (1,849 ) - (1,849 ) (4,906 ) 27 - 29 (4,850 ) Other operating results, net 2,379 17 - 17 2,396 28 73 3 2,500 Management fees - - - - - - (316 ) - (316 ) Profit from operations 9,851 57,657 - 57,657 67,508 (330 ) (439 ) 4 66,743 Share of profit of associates and joint ventures 186 10,584 - 10,584 10,770 254 - 36 11,060 Segment profit 10,037 68,241 - 68,241 78,278 (76 ) (439 ) 40 77,803 Reportable assets 55,680 237,299 673,968 911,267 966,947 (1,008 ) - (100,045 ) 865,894 Reportable liabilities - - (600,580 ) (600,580 ) (600,580 ) - - (139,116 ) (739,696 ) Net reportable assets 55,680 237,299 73,388 310,687 366,367 (1,008 ) - (239,161 ) 126,198 06.30.19 Urban Properties and Investment business (II) Agricultural business (I) Operations Center in Argentina Operations Center in Israel Subtotal Total segment information Joint ventures (i) Adjustments (ii) Elimination of inter-segment transactions and non-reportable assets / liabilities (iii) Total Statement of Income and Other Comprehensive Income / Financial Position Revenues 19,973 22,613 - 22,613 42,586 (140 ) 5,426 (343 ) 47,529 Costs (16,236 ) (4,806 ) - (4,806 ) (21,042 ) 102 (5,793 ) - (26,733 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 3,048 - - - 3,048 - - 203 3,251 Changes in the net realizable value of agricultural products after harvest (65 ) - - - (65 ) - - - (65 ) Gross profit 6,720 17,807 - 17,807 24,527 (38 ) (367 ) (140 ) 23,982 Net loss from fair value adjustment of investment properties - (59,291 ) - (59,291 ) (59,291 ) 1,258 - - (58,033 ) Gain from disposal of farmlands 998 - - - 998 - - - 998 General and administrative expenses (2,026 ) (4,010 ) - (4,010 ) (6,036 ) 24 (146 ) 68 (6,090 ) Selling expenses (1,883 ) (1,628 ) - (1,628 ) (3,511 ) 9 189 19 (3,294 ) Other operating results, net 1,183 (841 ) - (841 ) 342 282 124 (21 ) 727 Profit / (loss) from operations 4,992 (47,963 ) - (47,963 ) (42,971 ) 1,535 (200 ) (74 ) (41,710 ) Share of profit / (loss) of associates and joint ventures 17 (9,291 ) - (9,291 ) (9,274 ) (1,504 ) - - (10,778 ) Segment profit / (loss) 5,009 (57,254 ) - (57,254 ) (52,245 ) 31 (200 ) (74 ) (52,488 ) Reportable assets 51,961 166,976 804,267 971,243 1,023,204 (1,455 ) - 215,810 1,237,559 Reportable liabilities - - (692,205 ) (692,205 ) (692,205 ) - - (364,991 ) (1,057,196 ) Net reportable assets 51,961 166,976 112,062 279,038 330,999 (1,455 ) - (149,181 ) 180,363 |
Operation Center in Argentina [Member] | |
Statement [Line Items] | |
Schedule of lines of business of groups operations center | 06.30.21 Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 5,321 2,764 664 921 376 - 68 10,114 Costs (865 ) (223 ) (747 ) (1,065 ) (317 ) - (231 ) (3,448 ) Gross profit / (loss) 4,456 2,541 (83 ) (144 ) 59 - (163 ) 6,666 Net (loss) / gain from fair value adjustment of investment properties (i) (20,342 ) 5,395 6,483 - 6 - 823 (7,635 ) General and administrative expenses (1,432 ) (404 ) (357 ) (426 ) (56 ) (352 ) (68 ) (3,095 ) Selling expenses (451 ) (199 ) (684 ) (141 ) (26 ) - (10 ) (1,511 ) Other operating results, net (126 ) 7 (13 ) (12 ) (12 ) - (1 ) (157 ) (Loss) / Profit from operations (17,895 ) 7,340 5,346 (723 ) (29 ) (352 ) 581 (5,732 ) Share of loss of associates and joint ventures - - (16 ) - (891 ) - (3,081 ) (3,988 ) Segment (loss) / profit (17,895 ) 7,340 5,330 (723 ) (920 ) (352 ) (2,500 ) (9,720 ) Investment and trading properties 54,317 76,812 55,943 (2 ) 114 - 2,307 189,491 Property, plant and equipment 289 3,517 - 2,575 - 8 - 6,389 Investment in associates and joint ventures - - - - 1,916 - 6,994 8,910 Other reportable assets 149 145 1,948 29 - - 136 2,407 Reportable assets 54,755 80,474 57,891 2,602 2,030 8 9,437 207,197 06.30.20 Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 8,915 3,542 1,104 3,036 17 - 117 16,731 Costs (851 ) (218 ) (1,034 ) (1,870 ) (18 ) - (147 ) (4,138 ) Gross profit / (loss) 8,064 3,324 70 1,166 (1 ) - (30 ) 12,593 Net (loss) / gain from fair value adjustment of investment properties (3,162 ) 34,181 18,293 - - - 951 50,263 General and administrative expenses (1,246 ) (333 ) (342 ) (547 ) (165 ) (562 ) (172 ) (3,367 ) Selling expenses (1,065 ) (126 ) (296 ) (345 ) - - (17 ) (1,849 ) Other operating results, net 26 (39 ) (41 ) (30 ) - - 101 17 Profit / (Loss) from operations 2,617 37,007 17,684 244 (166 ) (562 ) 833 57,657 Share of profit/ (loss) of associates and joint ventures - - - - 11,080 - (496 ) 10,584 Segment profit/ (loss) 2,617 37,007 17,684 244 10,914 (562 ) 337 68,241 Investment and trading properties 73,762 92,049 48,320 - 461 - 2,165 216,757 Property, plant and equipment 338 1,699 - 2,918 - - - 4,955 Investment in associates and joint ventures - - 799 - 3,010 - 10,120 13,929 Other reportable assets 168 184 1,131 39 - - 136 1,658 Reportable assets 74,268 93,932 50,250 2,957 3,471 - 12,421 237,299 06.30.19 Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 12,828 3,362 1,681 4,435 21 - 286 22,613 Costs (1,166 ) (230 ) (793 ) (2,385 ) (9 ) - (223 ) (4,806 ) Gross profit 11,662 3,132 888 2,050 12 - 63 17,807 Net (loss) / gain from fair value adjustment of investment properties (60,952 ) 1,155 1,062 - 9 - (565 ) (59,291 ) General and administrative expenses (1,420 ) (318 ) (391 ) (738 ) (200 ) (779 ) (164 ) (4,010 ) Selling expenses (796 ) (148 ) (178 ) (474 ) - - (32 ) (1,628 ) Other operating results, net (29 ) (44 ) (447 ) 172 (19 ) - (474 ) (841 ) (Loss) / Profit from operations (51,535 ) 3,777 934 1,010 (198 ) (779 ) (1,172 ) (47,963 ) Share of (loss) of associates and joint ventures - - (56 ) - (5,526 ) - (3,709 ) (9,291 ) Segment (loss) / profit (51,535 ) 3,777 878 1,010 (5,724 ) (779 ) (4,881 ) (57,254 ) Investment and trading properties 75,648 44,342 41,693 2,855 406 - 1,595 166,539 Property, plant and equipment - 2,099 - 279 - - - 2,378 Investment in associates and joint ventures 15 86 665 - (10,847 ) - 7,490 (2,591 ) Other reportable assets 194 139 277 40 - - - 650 Reportable assets 75,857 46,666 42,635 3,174 (10,441 ) - 9,085 166,976 |
Operation Center In Israel [Member] | |
Statement [Line Items] | |
Schedule of lines of business of groups operations center | June 30, 2020 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Reportable assets 229,718 42,191 210,318 5,072 25,015 163,604 675,918 Reportable liabilities (219,789 ) - (159,326 ) - (164,429 ) (58,771 ) (602,315 ) Reportable assets (liabilities), net 9,929 42,191 50,992 5,072 (139,414 ) 104,833 73,603 June 30, 2019 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Reportable assets 455,745 34,566 164,289 34,002 62,238 53,427 804,267 Reportable liabilities (353,800 ) - (127,370 ) - (189,891 ) (21,144 ) (692,205 ) Reportable assets (liabilities), net 101,945 34,566 36,919 34,002 (127,653 ) 32,283 112,062 |
Information about the main su_2
Information about the main subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of information about principal subsidiaries | Direct interest of non-controlling interest % (1) Current assets Non-current assets Current liabilities Non-current liabilities Net assets Book value of non-controlling interests As of June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 37.78 % 13,923 208,859 22,138 117,920 82,724 20,892 Subsidiaries with indirect participation of Cresud Brasilagro 60.56 % 34,002 43,985 12,763 14,383 50,841 31,013 IRSA CP 20.08 % 22,652 154,752 13,122 86,269 78,013 5,549 As of June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 37.67 % 308,988 633,066 215,363 542,463 184,228 98,423 Subsidiaries with indirect participation of Cresud Brasilagro 66.45 % 33,008 12,524 7,692 11,870 25,970 17,256 Elron 38.94 % 5,073 5,957 765 214 10,051 6,232 PBC 27.60 % 119,149 168,831 39,259 178,421 70,300 28,933 Cellcom (2) 53.80 % 82,275 119,854 47,142 112,186 42,801 26,916 Mehadrin 56.25 % 19,584 26,794 20,959 5,011 20,408 12,220 IRSA CP 16.73 % 22,417 194,627 24,668 78,863 113,513 6,143 Revenues Net (loss)/ income Total comprehensive (loss)/ income Total comprehensive (loss)/ income attributable to non-controlling interest Cash of operating activities Cash of investing activities Cash of financial activities Net Increase (decrease) in cash and cash equivalents Dividends distribution to non-controlling shareholders Year ended June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 12,978 (37,591 ) (11,432 ) (7,662 ) 1,456 67,880 (48,840 ) 20,496 (2,683 ) Subsidiaries with indirect participation of Cresud Brasilagro 13,035 9,566 9,662 5,894 2,932 (4,094 ) 17,742 16,580 - IRSA CP 11,003 (22,537 ) 131 (21,933 ) 1,282 9,754 (17,242 ) (6,206 ) - Year ended June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 21,263 35,651 21,300 14,246 46,731 61,049 (114,343 ) (6,563 ) (3,429 ) Subsidiaries with indirect participation of Cresud Brasilagro 11,423 3,557 (4,057 ) (2,696 ) 1,945 (1,060 ) 13 898 - Elron - (2,665 ) (2,800 ) 8,321 (1,166 ) 526 1,313 673 - PBC 18,490 18,997 18,272 29,418 9,505 35,856 (30,406 ) 14,955 2,529 Cellcom (2) 84,226 (3,106 ) (3,154 ) 802 22,401 (11,152 ) (9,498 ) 1,751 - Mehadrin 2,932 159 185 377 369 (105 ) (369 ) (105 ) 26 IRSA CP 17,532 27,266 27,644 1,598 7,345 (4,325 ) (5,350 ) (2,330 ) (220 ) |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of investments in joint ventures | 06.30.21 06.30.20 Beginning of the year 112,816 54,390 Adjustments of previous years (IFRS 9 and IAS 28) - (2,972 ) Increase of participation in associates and joint ventures - 4,167 Share capital increase and contributions 42 4,284 Share capital reduction - (159 ) Decrease of interest in associates and joint ventures (v) (43,856 ) - Share of (loss) / profit (3,090 ) 13,236 Other comprehensive results (3,732 ) (1,854 ) Dividends (i) (91 ) (2,773 ) Deconsolidation (iii) (48,443 ) 43,822 Devaluation (iv) (626 ) - Reclassification to held-for-sale - (3,109 ) Incorporation by business combination - 3,781 Others (35 ) 3 End of the year (ii) 12,985 112,816 |
Schedule of comprehensive income | % ownership interest Value of Group's interest in equity Group's interest in comprehensive loss Name of the entity 06.30.21 06.30.20 06.30.19 06.30.21 06.30.20 06.30.21 06.30.20 06.30.19 New Lipstick 49.96 % 49.96 % 49.96 % 218 701 (480 ) 11,465 (4,805 ) BHSA (1) 29.91 % 29.91 % 29.91 % 5,361 6,118 (756 ) (571 ) (3,621 ) Condor (2) 18.89 % 18.89 % 18.89 % 1,620 2,224 (414 ) 180 59 PBEL N/A N/A 45.40 % - - - - (176 ) Shufersal N/A 26.02 % 26.02 % - 42,223 24 7,834 446 Gav-Yam N/A 34.90 % N/A - 40,970 39 - - TGLT S.A. (3) 27.82 % 30.20 % N/A 937 3,093 (2,157 ) - - Quality (4) 50.00 % 50.00 % 50.00 % 2,927 3,156 (259 ) 278 (876 ) La Rural S.A. 50.00 % 50.00 % 50.00 % 169 305 (135 ) 153 216 Cresca S.A. 50.00 % 50.00 % 50.00 % 29 31 8 (24 ) 27 Other associates and joint ventures - - - 1,724 13,995 (2,692 ) (6,065 ) (2,255 ) Total associates and joint ventures 12,985 112,816 (6,822 ) 13,250 (10,985 ) Location of Last financial statement issued Name of the entity business / Country of incorporation Main activity Common shares Share capital (nominal value) Loss for the year Shareholders' equity New Lipstick U.S. Real estate N/A - (*) (10) (*) (41) BHSA (1) Argentina Financing 448,689,072 (***) 1,500 (***) (2,528) (***) 17,276 Condor (2) U.S. Hotel 2,245,100 (*) 232 (*) (178) (*) 54 TGLT S.A. (3) Argentina Real estate 257,320,997 925 (4,625) 4,311 Quality (4) Argentina Real estate 225,146,012 450 (518) 5,760 La Rural S.A. Argentina Organization of events 714,498 1 (64) 378 N/A: Not applicable. (1) BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 8.45 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. (2) Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is USD 4.07 per share. (3) On March 31, 2021 IRSA Propiedades Comerciales S.A. transferred to PointArgentum MasterFund LP, 1,478,788 ADS from TGLT S.A. (equivalent to 22,181,818 common shares) in accordance with the provisions of the share subscription carried out in August 2019. As a result of this transaction, IRSA CP's participation in TGLT S.A. it went from 30.20% to 27.82% ”. Additionally, as of June 30, 2021, an impairment of the value of the investment of ARS 626 million was recognized in addition to the result from proportional valuation. (4) Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.). (5) Cresca is a joint venture between the Company and Carlos Casado S.A. with agricultural operations in Paraguay. (6) Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020. (*) Amounts presented in millions of US dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest will a three-month lag including any material adjustments, if any. (**) Amounts in millions of NIS. (***) Amounts as of June 30, 2021, prepared in accordance with BCRA’ regulations. |
Schedule of significant joint ventures | Current assets Non-current assets Current liabilities Non-current liabilities Net assets % of ownership interest held Interest in associates / joint ventures Goodwill and others Book value As of June 30, 2021 Associates BHSA 114,759 71,092 156,405 11,661 17,785 (iv) 29.91%(iii) 5,319 42 5,361 TGLT S.A. 5,159 11,810 4,950 7,705 4,314 27.82 % 1,200 - (263 ) Joint ventures Quality Invest (ii) - 18 26 2,987 (2,995 ) 50.00 % (1,498 ) 4,425 2,927 As of June 30, 2020 Associates BHSA 115,457 65,503 153,639 6,954 20,367 (iv) 29.91%(iii) 6,092 26 6,118 Gav-Yam 63,029 249,149 29,726 176,864 105,588 34.90 % 36,850 4,120 40,970 Shufersal 110,169 280,922 138,032 194,095 58,964 26.02 % 15,340 26,883 42,223 TGLT S.A. 6,906 15,850 5,882 7,856 9,018 30.20 % 2,723 370 3,093 Joint ventures Quality Invest (ii) 6 8,299 131 1,956 6,218 50.00 % 3,109 48 3,156 Revenues Net (loss)/ income Total comprehensive (loss)/ income Dividends distributed to non-controlling shareholders Cash of operating activitie Cash of investment activities Cash of financial activities Net (decrease)/ increase in cash and cash equivalents As of June 30, 2021 (i) Associates BHSA 29,257 (2,528 ) (2,528 ) - 4,318 (129 ) (28,139 ) (23,950 ) TGLT S.A. 2,559 (1,924 ) (1,924 ) - 113 66 (455 ) (276 ) Joint ventures Quality Invest (ii) 45 (518 ) (518 ) - (59 ) (4 ) 63 - As of June 30, 2020 (I) Associates BHSA 19,576 (1,911 ) (1,911 ) - 6,993 56 (5,205 ) 1,844 Gav-Yam 17,350 10,161 8,195 5,388 7,639 (8,596 ) 23,835 22,878 Shufersal 327,436 7,579 6,759 2,155 32,855 (4,069 ) (20,717 ) 8,069 TGLT S.A. 2,944 (575 ) (575 ) - 779 (609 ) (879 ) (710 ) Joint ventures Quality Invest (ii) 27 556 556 - (134 ) - 134 - |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of investment properties | Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2021 and 2020 were as follows: 06.30.21 06.30.20 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 113,480 232,231 62,180 441,014 Reclassifications of previous periods (IFRS 16) - - - 640 Currency translation adjustment 166 (12,382 ) (1,007 ) 80,297 Additions 271 762 5,439 2,761 Additions of capitalized leasing costs 13 9 6 24 Depreciation of capitalized leasing costs (i) (7 ) (6 ) (9 ) (14 ) Transfers (909 ) - 9,186 (43,229 ) Reclassification of property, plant and equipment (1,310 ) - - - Disposals (21,426 ) - (2,613 ) (20,145 ) Balance incorporated by business combination - - - 366 Deconsolidation (ii) - (117,547 ) (2,544 ) (234,081 ) Net gain / (loss) from fair value adjustment 11,261 (13,507 ) 42,842 4,598 Fair value at the end of the year 101,539 89,560 113,480 232,231 |
Schedule of balance by type of investment property | The following is the balance by type of investment property of the Group as of June 30, 2021 and 2020: 06.30.21 06.30.20 Leased out farmland 11,001 6,202 Rental properties 122,451 287,145 Undeveloped parcels of land 54,183 41,356 Properties under development 3,464 11,008 Total 191,099 345,711 |
Schedule of recognized in the Statements of Income | The following amounts have been recognized in the Statements of Income and Other Comprehensive Income: 06.30.21 06.30.20 06.30.19 Rental and services income 10,978 33,241 22,693 Direct operating expenses (4,675 ) (13,492 ) (7,762 ) Development expenses (114 ) 182 (130 ) Net realized gain from fair value adjustment of investment property (i)(ii) 10,821 1,703 860 Net unrealized (loss) / gain from fair value adjustment of investment property (13,067 ) 49,337 (58,893 ) |
Schedule of fair value measurements of investment properties | The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3): 06.30.21 (i) 06.30.20 (i) 06.30.19 (i) Description Valuation technique Parameters Range fiscal year 2021 / 2019 Increase Decrease Increase Decrease Increase Decrease Shopping Malls in Discounted Discount rate 13.53% / 12.10% (3,840 ) 4,589 (6,387 ) 7,821 (4,906 ) 6,118 Argentina (Level 3) cash flows Growth rate 2.4% / 3.0% 1,759 (1,472 ) 3,045 (2,486 ) 2,307 (1,850 ) Inflation (*) 8,171 (6,740 ) 13,296 (10,938 ) 4,296 (3,932 ) Devaluation (*) (4,357 ) 5,325 (6,181 ) 7,555 (4,559 ) 5,571 Plot of land in Comparable with Value per square meter (m2) ARS 47,427 / (ARS 21,497) 3,493 (3,493 ) 3,243 (3,243 ) 2,007 (2,007 ) Argentina (Level 3) incidence adjustment % of incidence 30% / (30%) 11,644 (11,644 ) 10,808 (10,808 ) 6,696 (6,696 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Property plant and equipment | |
Schedule of property, plant and equipment | Changes in the Group’s property, plant and equipment for the years ended June 30, 2021 and 2020 were as follows: Owner occupied farmland (i) Bearer plant (v) Buildings and facilities Machinery and equipment Communication networks Others (ii) Total Balance as of June 30, 2019 27,686 2,101 8,978 1,325 32,439 8,739 81,268 Costs 30,788 2,971 19,944 3,877 137,155 19,352 214,087 Accumulated depreciation (3,102 ) (870 ) (10,966 ) (2,552 ) (104,716 ) (10,613 ) (132,819 ) Net book amount at June 30, 2019 27,686 2,101 8,978 1,325 32,439 8,739 81,268 Additions 1,143 469 762 123 5,132 2,666 10,295 Disposals (180 ) - (96 ) (9 ) (4,802 ) (167 ) (5,254 ) Deconsolidation - - (635 ) (892 ) - (66 ) (1,593 ) Incorporation of assets by business combination 10,741 - 2,424 566 - 499 14,230 Currency translation adjustment (1,332 ) (357 ) 671 284 5,334 1,844 6,444 Transfers (2,007 ) (3 ) (1,714 ) (51 ) 566 (568 ) (3,777 ) Depreciation charge (iii) (407 ) (515 ) (716 ) (161 ) (6,956 ) (2,804 ) (11,559 ) Balance as of June 30, 2020 35,644 1,695 9,674 1,185 31,713 10,143 90,054 Costs 39,153 3,080 21,356 3,898 143,385 23,560 234,432 Accumulated depreciation (3,509 ) (1,385 ) (11,682 ) (2,713 ) (111,672 ) (13,417 ) (144,378 ) Net book amount at June 30, 2020 35,644 1,695 9,674 1,185 31,713 10,143 90,054 Additions 1,335 143 281 97 581 943 3,380 Disposals (584 ) - (88 ) (7 ) (55 ) (110 ) (844 ) Desconsolidation (6,102 ) - (4,285 ) (795 ) (28,322 ) (8,485 ) (47,989 ) Currency translation adjustment (969 ) - (312 ) (66 ) (2,285 ) (682 ) (4,314 ) Transfers 1,998 - 2,011 1 - 15 4,025 Depreciation charge (iii) (413 ) (470 ) (448 ) (119 ) (1,632 ) (1,115 ) (4,197 ) Balance as of June 30, 2021 30,909 1,368 6,833 296 - 709 40,115 Costs 33,523 2,593 10,351 2,905 - 1,572 50,944 Accumulated depreciation (2,614 ) (1,225 ) (3,518 ) (2,609 ) - (863 ) (10,829 ) Net book amount at June 30, 2021 30,909 1,368 6,833 296 - 709 40,115 |
Trading properties (Tables)
Trading properties (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of trading properties | Changes in the Group’s trading properties for the fiscal years ended June 30, 2021 and 2020 were as follows: Completed properties Properties under development (i) Undeveloped properties Total As of June 30, 2019 4,034 3,593 4,957 12,584 Additions 36 2,463 846 3,345 Capitalized finance costs - 140 - 140 Currency translation adjustment 454 50 816 1,320 Transfers 1,859 (1,487 ) (50 ) 322 Desconsolidation - (233 ) - (233 ) Disposals (3,343 ) (3,282 ) (80 ) (6,705 ) As of June 30, 2020 3,040 1,244 6,489 10,773 Additions - 408 397 805 Currency translation adjustment (194 ) (125 ) (375 ) (694 ) Transfers 194 (194 ) - - Desconsolidation (2,128 ) (142 ) (5,420 ) (7,690 ) Disposals (790 ) (390 ) (256 ) (1,436 ) As of June 30, 2021 122 801 835 1,758 06.30.21 06.30.20 Non-current 1,644 7,294 Current 114 3,479 Total 1,758 10,773 |
Other operating results, net (T
Other operating results, net (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of other operating results net | 06.30.21 06.30.20 06.30.19 Result from commodity derivative financial instruments (4,551 ) 659 669 Result from disposal of subsidiaries and associates 86 (9 ) (225 ) Result from sale of property, plant and equipment 10 (1 ) 6 Impairment of associates and joint ventures - - (69 ) Donations (183 ) (153 ) (309 ) Lawsuits and other contingencies (335 ) (179 ) (138 ) Interest generated by operating credits 3,085 1,941 903 Management fees 11 26 30 Others (405 ) 216 (140 ) Total other operating results, net (2,282 ) 2,500 727 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of intangible assets | Changes in the Group’s intangible assets for the years ended June 30, 2021 and 2020 were as follows: Goodwill business Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance as of June 30, 2019 10,111 9,788 3,458 4,733 5,789 5,199 39,078 Costs 10,111 10,610 14,451 22,683 12,635 13,507 83,997 Accumulated depreciation - (822 ) (10,993 ) (17,950 ) (6,846 ) (8,308 ) (44,919 ) Net book amount at June 30, 2019 10,111 9,788 3,458 4,733 5,789 5,199 39,078 Additions - - - - 2,361 4,453 6,814 Disposals - - - (27 ) (206 ) - (233 ) Deconsolidation (4,895 ) - - - (33 ) - (4,928 ) Transfers 2 - - - 14 (96 ) (80 ) Assets incorporated by business combination 17 - - 57 29 - 103 Currency translation adjustment 3,509 1,852 596 649 999 1,038 8,643 Depreciation charge (i) - (183 ) (419 ) (1,694 ) (2,561 ) (2,196 ) (7,053 ) Balance as of June 30, 2020 8,744 11,457 3,635 3,718 6,392 8,398 42,344 Costs 8,744 12,462 15,047 23,362 15,799 18,902 94,316 Accumulated depreciation - (1,005 ) (11,412 ) (19,644 ) (9,407 ) (10,504 ) (51,972 ) Net book amount at June 30, 2020 8,744 11,457 3,635 3,718 6,392 8,398 42,344 Additions - - - 28 486 1,704 2,218 Disposals - - - - (111 ) - (111 ) Deconsolidation (8,479 ) (10,614 ) (3,292 ) (3,141 ) (4,654 ) (6,366 ) (36,546 ) Devaluation (40 ) - - - - - (40 ) Transfers - - - - (2 ) - (2 ) Currency translation adjustment 161 (815 ) (260 ) (273 ) (695 ) (598 ) (2,480 ) Depreciation charge (i) - (28 ) (83 ) (332 ) (1,152 ) (798 ) (2,393 ) Balance as of June 30, 2021 386 - - - 264 2,340 2,990 Costs 386 - - - 1,036 2,864 4,286 Accumulated depreciation - - - - (772 ) (524 ) (1,296 ) Net book amount at June 30, 2021 386 - - - 264 2,340 2,990 |
Rights of use of assets (Tables
Rights of use of assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of the composition of the rights of use of the Group?s assets | Below is the composition of the rights of use of the Group´s assets as of June 30, 2021 and June 30, 2020: 06.30.21 06.30.20 Farmland 3,343 3,045 Offices, shopping malls and other buildings 11 6,182 Communication networks - 16,528 Machinery and equipment 62 51 Others 841 7,130 Right of use assets 4,257 32,936 Non-current 4,257 32,936 Total 4,257 32,936 |
Schedule of changes in the Group?s rights of use | Changes in the Group´s rights of use during the fiscal year ended June 30, 2021 and June 30,2020 , were as follows: 06.30.21 06.30.20 Beginning of the year 32,936 24,594 Additions 2,611 13,306 Disposals (84 ) (6 ) Transfer - 246 Previsions (76 ) 104 Depreciation charges (1,757 ) (7,457 ) Currency translation adjustment (4,009 ) 2,036 Deconsolidation (25,853 ) (63 ) Valorization 489 176 End of the year 4,257 32,936 |
Schedule of depreciation charge for rights of use | Depreciation charge for rights of use is detailed below: 06.30.21 06.30.20 Farmland 1,203 382 Offices, shopping malls and other buildings 1 808 Communication networks 410 4,738 Machinery and equipment 35 - Others 108 1,529 Depreciation charge of right of use assets (i) 1,757 7,457 |
Schedule of other charges to income related to rights of use | Other charges to income related to rights of use were as follows: 06.30.21 06.30.20 Right of use interests 257 (201 ) Results from short-term leases (62 ) 29,454 Results from variable leases not recognized as lease liabilities (389 ) 1,197 |
Schedule of average discount rate and the term of liability for lease recognized | The average discount rate and the term of liability for lease recognized as of June 30, 2021 are detailed below: Agricultural business Operations Center Argentina Average discount rate Maturity date Average discount rate Maturity date 5.8 % 2022-2050 10.61 % 2023-2041 |
Biological assets (Tables)
Biological assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of changes biological assets | |
Schedule of presents main parameters | When no quoted prices are available in an active market, the Group uses a range of valuation models. The following table presents main parameters: Sensitivity (i) 06.30.21 06.30.20 Description Valuation technique Parameters Range Increase Decrease Increase Decrease Cattle (Level 2) Comparable market prices Price per livestock head/kg and per category Sown land-crops (Level 3) Discounted cash flows Yields - Operating costs - Argentina Selling expenses - Yields: 0.38 - 12.59 tn./ha. 259 (259 ) 129 (129 ) Future of sale prices Future of sale prices: 2,156 - 98,040 $/tn 326 (326 ) 185 (185 ) Operating cost: 6,823 - 46,152 $/ha (118 ) 118 (76 ) 76 Brazil: Yields: 1.02 - 5.55 tn./ha. 346 (346 ) - - Future of sale prices: 1,049 - 4,344 USD/tn. 177 (177 ) - - Operating cost: 629 - 1,633 USD./ha. (221 ) 221 - - Sugarcane fields (Level 3) Discounted cash flows Yields - Operating costs - Brazil: Selling expenses - Yields: 83.00 tn/ha 954 (954 ) 213 (213 ) Future of sale prices - Future of sale prices: 123.16 Rs./tn. 536 (536 ) 311 (311 ) Discount rate Operating cost: 63.12 Rs./tn. (631 ) 631 (240 ) 240 Bolivia: Yields: 65 - 104 tn./ha. - - 20 (20 ) Future of sale prices: 22.56 USD/tn - - 41 (41 ) Operating cost: 445 - 461 USD/ha. - - (23 ) 23 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of inventories | Breakdown of Group’s inventories as of June 30, 2021 and 2020 are as follows: 06.30.21 06.30.20 Crops 7,125 4,051 Materials and supplies 3,561 2,929 Sugarcane - 6 Agricultural inventories 10,686 6,986 Telephones and other communication equipment - 2,574 Fruit - 4,063 Total inventories 10,686 13,623 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of financial assets and financial liabilities | Financial assets and financial liabilities as of June 30, 2021 are as follows: Financial assets at amortized Financial assets at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 assets assets Total June 30, 2021 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 24,957 - - - 24,957 9,480 34,437 Investment in financial assets: - Public companies’ securities - 1,113 - - 1,113 - 1,113 - Bonds - 820 - - 820 - 820 - Mutual funds - 38 - - 38 - 38 -Others 110 605 - 48 763 - 763 Derivative financial instruments: - Crops options contracts - 179 - - 179 - 179 - Crops futures contracts - 154 - - 154 - 154 - Foreign-currency options contracts - 49 - - 49 - 49 - Foreign-currency future contracts - 314 - - 314 - 314 - Swaps - - 12 - 12 - 12 Restricted assets (i) 202 - - - 202 - 202 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 6,513 - - - 6,513 - 6,513 - Short-term investments - 21,016 - - 21,016 - 21,016 Total assets 31,782 24,288 12 48 56,130 9,480 65,610 Financial liabilities at amortized Financial liabilities at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 liabilities liabilities Total June 30, 2021 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 15,467 - - - 15,467 6,368 21,835 Borrowings (Note 22) 118,668 - - - 118,668 - 118,668 Derivative financial instruments: - Crops options contracts - 164 95 - 259 - 259 - Crops futures contracts - 717 - - 717 - 717 - Foreign-currency options contracts - 32 - - 32 - 32 - Foreign-currency future contracts - 12 - - 12 - 12 - Swaps - 50 58 - 108 - 108 Total liabilities 134,135 975 153 - 135,263 6,368 141,631 Financial assets and financial liabilities as of June 30, 2020 were as follows Financial assets at amortized Financial assets at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 assets assets Total June 30, 2020 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 86,754 - - - 86,754 25,736 112,490 Investment in financial assets: - Equity securities in public companies - 862 345 - 1,207 - 1,207 - Equity securities in private companies - - - 4,371 4,371 - 4,371 - Deposits 1,436 92 - - 1,528 - 1,528 - Bonds - 11,750 2,169 - 13,919 - 13,919 - Mutual funds - 6,691 - - 6,691 - 6,691 - Others - 3,323 1,217 348 4,888 - 4,888 Derivative financial instruments: - Crops futures contracts - 128 - - 128 - 128 - Swaps - 23 - - 23 - 23 - Crops options contracts - 24 192 - 216 - 216 - Foreign-currency options contracts - - 26 - 26 - 26 - Foreign-currency future contracts - - - 213 213 - 213 - Others 92 - 30 - 122 - 122 Restricted assets (i) 12,234 - - - 12,234 - 12,234 Financial assets held for sale - Clal - 5,072 - - 5,072 - 5,072 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 40,601 - - - 40,601 - 40,601 - Short-term investments 95,775 15,215 - - 110,990 - 110,990 Total assets 236,892 43,180 3,979 4,932 288,983 25,736 314,719 Financial liabilities at amortized Financial liabilities at fair value through profit or loss Subtotal financial Non-financial cost Level 1 Level 2 Level 3 liabilities liabilities Total June 30, 2020 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 46,454 - - - 46,454 11,837 58,291 Borrowings (Note 22) 629,048 - - - 629,048 - 629,048 Derivative financial instruments: - Crops futures contracts - 107 - - 107 - 107 - Forward contracts - 53 - - 53 - 53 - Crops options contracts - 259 75 - 334 - 334 - Foreign-currency options contracts - - 143 - 143 - 143 - Swaps - - 92 - 92 - 92 - Others - - 1,436 30 1,466 - 1,466 Total liabilities 675,502 419 1,746 30 677,697 11,837 689,534 |
Schedule of book value of financial instruments recognized | The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position: 06.30.21 06.30.20 Gross amounts recognized Gross amounts offset Net amount presented Gross amounts recognized Gross amounts offset Net amount presented Financial assets Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 27,904 (2,947 ) 24,957 90,565 (3,811 ) 86,754 Financial liabilities Trade and other payables 18,414 (2,947 ) 15,467 50,264 (3,810 ) 46,454 |
Schedule of range of valuation models for the measurement of Level 2 and Level 3 instruments | Description Pricing model / method Parameters Fair value hierarchy Range Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Investments in financial assets - Other private companies’ securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. Level 3 1 - 3.5 Investments in financial assets - Others Discounted cash flows - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. Level 3 1 - 3.5 Derivative financial instruments Forwards Theoretical price Underlying asset price and volatility Level 2 and 3 - |
Schedule of income, expense, gains and losses on financial instruments | Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2021 Interest income 656 - 656 Interest earned on operating credits 3,085 - 3,085 Interest expenses (14,207 ) - (14,207 ) Foreign exchange, net 10,484 - 10,484 Dividends income 1 - 1 Fair value gains financial assets at fair value through profit or loss - 10,088 10,088 Loss from repurchase of Non-convertible Notes (25 ) - (25 ) Loss on financial instruments derived from commodities - (4,551 ) (4,551 ) Loss from derivative financial instruments, net - (477 ) (477 ) Other financial costs (1,355 ) - (1,355 ) Net result (i) (1,361 ) 5,060 3,699 Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2020 Interest income 440 - 440 Interest earned on operating credits 1,941 - 1,941 Interest expenses (14,506 ) - (14,506 ) Foreign exchange, net (15,188 ) - (15,188 ) Dividends income 20 - 20 Fair value gains financial assets at fair value through profit or loss - 1,431 1,431 Gain from repurchase of Non-convertible Notes 138 - 138 Gain on financial instruments derived from commodities - 659 659 Loss from derivative financial instruments, net - (2,091 ) (2,091 ) Other financial costs (981 ) - (981 ) Net result (i) (28,136 ) (1 ) (28,137 ) Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2019 Interest income 289 - 289 Interest earned on operating credits 903 - 903 Interest expenses (10,039 ) - (10,039 ) Foreign exchange, net 3,433 - 3,433 Dividends income 20 - 20 Capitalized finance costs 354 - 354 Fair value loss in financial assets at fair value through profit or loss - (5,326 ) (5,326 ) Gain from derivative financial instruments, net - 782 782 Gain from repurchase of Non-convertible Notes 112 - 112 Gain on financial instruments derived from commodities - 669 669 Other financial income 3 - 3 Other financial costs (805 ) - (805 ) Net result (i) (5,730 ) (3,875 ) (9,605 ) |
Schedule of changes in Level 3 instruments | The following table presents the changes in Level 3 financial instruments as of June 30, 2021 and 2020: Derivative financial instruments - Forwards Investments in financial assets - Private companies' securities Investments in financial assets - Others Investments in financial assets - Warrants Total Balance as of June 30, 2019 (104 ) 3,920 2,202 204 6,222 Additions and acquisitions - 53 - - 53 Transfer to level - - - 527 527 Currency translation adjustment (10 ) 714 158 368 1,230 Write off - - (1,467 ) (916 ) (2,383 ) Gains and losses recognized in the year (i) 84 (318 ) (545 ) 30 (749 ) Balance as of June 30, 2020 (30 ) 4,369 348 213 4,900 Currency translation adjustment - - (4 ) - (4 ) Write off 30 (4,369 ) (305 ) (213 ) (4,857 ) Gains and losses recognized in the year (i) - - 9 - 9 Balance as of June 30, 2021 - - 48 - 48 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables | |
Schedule of trade and other receivables | Group’s trade and other receivables as of June 30, 2021 and 2020 were as follows: 06.30.21 06.30.20 Trade, leases and services receivable 21,147 68,975 Less: allowance for doubtful accounts (999 ) (5,783 ) Total trade receivables 20,148 63,192 Prepayments 4,913 17,782 Loans, deposits and others 3,639 11,478 Contributions pending integration 10 - Guarantee deposits 1 5 Tax receivables 2,547 2,325 Others 2,180 11,925 Total other receivables 13,290 43,515 Total trade and other receivables 33,438 106,707 Non-current 10,715 41,044 Current 22,723 65,663 Total 33,438 106,707 |
Schedule of allowance for doubtful accounts | Trade accounts receivables are generally presented in the Statements of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2. Movements on the Group’s allowance for doubtful accounts were as follows: 06.30.21 06.30.20 Beginning of the year 5,783 4,064 Incorporation by business combination - (270 ) Additions (i) 863 1,624 Recovery (i) (642 ) (170 ) Currency translation adjustment 132 1,657 Deconsolidation (4,644 ) (30 ) Utilization (28 ) (1,081 ) Inflation adjustment (392 ) (38 ) Transfers to assets held for sale (73 ) 27 End of the year 999 5,783 |
Schedule of an aging analysis of past due unimpaired and impaired receivables | Due to the distinct characteristics of each type of receivables, an aging analysis of past due unimpaired and impaired receivables is shown by type and class, as of June 30, 2021 and 2020 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Statement of Financial Position): Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 1,119 367 678 5,650 961 8,775 41.5 % Sale of properties and developments - - - 8,922 - 8,922 42.2 % Agricultural products - - - 3,412 38 3,450 16.3 % Total as of 06.30.21 1,119 367 678 17,984 999 21,147 100 % Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 905 101 173 3,985 1,206 6,370 9.24 % Sale of properties and developments 284 8 8 8,420 2 8,722 12.65 % Sale of communication equipment - - - 20,538 703 21,241 30.80 % Communication services 2,230 - 671 18,384 3,808 25,093 36.38 % Agricultural products 2,360 397 183 4,545 64 7,549 10.94 % Total as of 06.30.20 5,779 506 1,035 55,872 5,783 68,975 100 % |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of cash flows generated | Following is a detailed description of cash flows generated by the Group’s operations for the years ended June 30, 2021, 2020 and 2019. Note 06.30.21 06.30.20 06.30.19 (Loss)/ profit for the year (24,502 ) 30,042 (61,177 ) Profit / (loss) from discontinued operations 8,257 5,080 (4,334 ) Adjustments for: Income tax 23 27,940 11,948 820 Amortization and depreciation 27 3,452 2,947 735 Gain from disposal of trading properties - - (960 ) Net loss / (gain) from fair value adjustment of investment properties 9 2,246 (51,040 ) 58,033 Share-based compensation - - 94 Changes in the fair value of investments in financial assets - 1,541 (629 ) Disposal of property, plant and equipment - - (4 ) (Gain) / loss from disposal of subsidiary and associates (37 ) - 225 Gain from disposal of trading properties (6 ) - (4 ) Impairment of goodwill - - 277 Financial results, net (4,517 ) 26,960 9,972 Provisions and allowances 494 1,473 1,295 Share of loss / (profit) of associates and joint ventures 8 4,435 (11,060 ) 10,778 Loss from repurchase of Non-convertible Notes 25 2 - Gain from valuation at fair value of financial assets with changes in results (4,850 ) - - Changes in net realizable value of agricultural products after harvest 590 (987 ) 64 Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest (12,311 ) (4,991 ) (3,436 ) Unrealized gain from derivative financial instruments 573 54 440 Other operating results 336 394 236 Gain from disposal of farmlands (1,310 ) (1,259 ) (998 ) Granting Plan of actions 47 - - Changes in operating assets and liabilities: (Increase)/ Decrease in inventories (4,639 ) 1,104 (1,557 ) Increase in trading properties (28 ) (592 ) (279 ) Decrease in biological assets 9,013 7,520 2,019 Increase in restricted assets - (1,750 ) - Decrease in trade and other receivables 4,184 8,053 666 Increase / (Decrease) in trade and other payables 653 (4,380 ) (5,396 ) Decrease in salaries and social security liabilities (322 ) (545 ) (57 ) Decrease in provisions (155 ) (879 ) (166 ) (Decrease)/ Increase in lease liabilities (1,635 ) 89 - Net variation in derivative financial instruments (1,996 ) 164 238 Increase in right of use (50 ) (1,581 ) - Net cash generated from continuing operating activities before income tax paid 5,887 18,307 6,895 Net cash generated from discontinued operating activities before income tax paid 3,290 36,342 33,585 Net cash generated from operating activities before income tax paid 9,177 54,649 40,480 |
Schedule of deconsolidation or reclassification of assets and liabilities | The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities held for sale of subsidiaries: 06.30.21 06.30.20 06.30.19 Investment properties 117,547 233,714 (14,634 ) Property, plant and equipment 47,989 (11,680 ) (93,178 ) Trading properties 7,690 233 - Intangible assets 36,546 4,854 (20,666 ) Right-of-use assets 25,853 (5,973 ) - Investments in associates and joint ventures 48,443 3,781 (1,220 ) Biological Assets - (111 ) - Deferred income tax assets 568 2 (404 ) Income tax credit 426 - - Restricted assets 8,400 321 (305 ) Trade and other receivables 70,693 (13,019 ) (39,659 ) Investments in financial assets 31,643 20,343 (9,506 ) Derivative financial instruments 368 - - Inventories 4,712 (3,259 ) (19,691 ) Group of assets held for sale 55,028 - - Borrowings (425,321 ) (130,698 ) 70,300 Lease liabilities (23,696 ) 3,120 - Deferred income tax liabilities (16,261 ) (29,863 ) 9,338 Trade and other payables (30,751 ) 3,331 76,449 Income tax liabilities (596 ) (149 ) 24 Provisions (7,095 ) 69 1,442 Employee benefits (624 ) 161 4,190 Derivative financial instruments (624 ) (56 ) (77 ) Salaries and social security liabilities (4,427 ) 105 7,979 Group of liabilities held for sale (28,805 ) - - Net value of incorporated assets that do not affect cash (82,294 ) 75,226 (29,618 ) Cash and cash equivalents (145,330 ) (6,598 ) (18,550 ) Non-controlling interest (62,519 ) 76,219 24,477 Goodwill - 521 246 Net value of incorporated assets/ disposal assets (290,143 ) 145,368 (23,445 ) Interest held before acquisition - - (1,575 ) Seller financing - - (126 ) Foreign exchange gain - - 904 Fair value of interest held before business combination - - (1,891 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale (290,143 ) 145,368 (26,133 ) |
Schedule of detail of significant non-cash transactions | The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2021, 2020 and 2019: 06.30.21 06.30.20 06.30.19 Dividends not collected - (602 ) (451 ) Increase in investment properties through an increase in borrowings - - 351 Inssuance of non-convertible notes through an antipated payment of non-convertible notes - - 5,038 Increase/ (Decrease) in participation in subsidiaries, associates and joint ventures due to currency translation adjustment 3,570 (2,351 ) 1,394 Increase in other reserves through an increase in investments in associates and joint ventures 5,911 - - Increase in intangible assets through a decrease in investment in associates 817 - - Decrease in property, plant and equipment through an increase in tax credits and liabilities 460 - - Increase in property, plant and equipment through a decrease in investment properties 2,219 - 20 Decrease in property, plant and equipment through an increase in equity 240 - - Decrease trade and other receivables through a decrease in lease liabilities 18 - - Increase in financial instruments through a decrease in trade and other receivables with related parties 43 - - Increase in trading properties through an increase in borrowings 61 18 26 Dividends in shares distribution 727 885 - Increase in investment properties through an increase in borrowings 407 122 - Increase in rights of use assets through an increase in lease liabilities 2,015 12,153 - Increase in property, plant and equipment through an increase in trade and other payables - 1,110 1,281 Increase in trading properties through a decrease in investment properties - - 146 Increase in investment properties through an increase in trade and other payables - 1,068 1,574 Increase in intangible assets through a decrease in trading properties - - 3,922 Decrease in investment in subsidiaries through a decrease in trade and other payables - - 1,198 Changes in non-controlling interest through a decrease in trade and other receivables - - - Distribution of dividends to non-controlling shareholders´ pending payment - 2,645 (511 ) Increase in property, plant and equipment through an increase in borrowings - - 9 Decrease in associates and joint ventures through an increase in assets held for sale - 3,111 - Increase in participation in subsidiaries, associates and joint ventures due to an increase in the reserve share-based payments - (6 ) - Decrease in borrowings through a decrease in financial assets - 3,686 - Increase in investment properties through a decrease in financial assets - 418 - Increase in intangible assets through an increase in trade and other payables - 742 - Increase in investment in associates through loss of control in subsidiaries - 2,004 - Acquisition of investment properties through a decrease in trade and other receivables - 42 862 Inssuance of non-convertible notes - 32 - Increase in investment in associates through a decrease in investments in financial assets - 1,283 - Increase in investments in financial assets through a decrease in investment properties - 1,784 - Increase in rights of use assets through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) - 21,214 - |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other payables | |
Schedule of trade and other payables | Group’s trade and other payables as of June 30, 2021 and 2020 were as follows: 06.30.21 06.30.20 Trade payables 9,381 34,020 Advances from sales, leases and services 3,538 2,962 Construction obligations - 611 Accrued invoices 3,001 1,834 Deferred income - 213 Admission fees 1,080 1,528 Deposits in guarantee 90 152 Total trade payables 17,090 41,320 Dividends payable to non-controlling interests 919 534 Tax payables 1,747 1,133 Director's fees 153 204 Management fees - 286 Others 1,926 14,814 Total other payables 4,745 16,971 Total trade and other payables 21,835 58,291 Non-current 2,250 4,485 Current 19,585 53,806 Total 21,835 58,291 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Provisions | |
Schedule of provisions | The following table shows the movements in the Group's provisions categorized by type: Legal claims (i) Investments in associates and joint ventures (ii) Site dismantling and remediation (iii) Other provisions (v) Total June 30, 2019 3,645 13,009 514 3,793 20,961 Additions 706 - 50 - 756 Transfers (27 ) - - - (27 ) Incorporated by business combinations 86 - - - 86 Share of loss of associates and joint ventures - (11,206 ) - - (11,206 ) Used during the year (1,048 ) (1,529 ) - (272 ) (2,849 ) Inflation adjustment (120 ) - - - (120 ) Currency translation adjustment 552 (248 ) 108 299 711 As of June 30, 2020 3,794 26 672 3,820 8,312 Additions 480 - 28 (111 ) 397 Transfers (2 ) - - - (2 ) Deconsolidation (see Note 4) (3,093 ) - (653 ) (3,349 ) (7,095 ) Used during the year (145 ) (12 ) - (28 ) (185 ) Inflation adjustment (130 ) - - - (130 ) Transfer to / of assets available for sale 6 - - - 6 Currency translation adjustment (384 ) - (47 ) (332 ) (763 ) As of June 30, 2021 526 14 - - 540 06.30.21 06.30.20 Non-current 389 4,643 Current 151 3,669 Total 540 8,312 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Borrowings | |
Schedule of borrowings | The breakdown and the fair value of the Group borrowings as of June 30, 2021 and 2020 was as follows: Book value Fair value 06.30.21 06.30.20 06.30.21 06.30.20 Non-convertible notes 89,276 515,228 85,620 415,835 Bank loans and others 18,231 104,966 18,231 88,549 Bank overdrafts 9,312 6,433 9,312 6,433 Other borrowings 1,849 2,421 1,849 9,772 Total borrowings (i) 118,668 629,048 115,012 520,589 Non-current 73,233 481,268 Current 45,435 147,780 Total 118,668 629,048 (i) As of June 2020, includes ARS 468,134 corresponding to the Operations Center in Israel. |
Schedule of maturity of the Group's borrowings | The maturity of the Group's borrowings is as follows: 06.30.21 06.30.20 Capital: Less than one year 43,275 144,814 Between 1 and 2 years 56,280 96,424 Between 2 and 3 years 13,129 165,720 Between 3 and 4 years 1,812 53,916 Between 4 and 5 years 1,705 48,557 More than 5 years 86 116,217 116,287 625,648 Accrued interest: Less than one year 2,160 2,966 Between 1 and 2 years 121 95 Between 2 and 3 years 13 134 Between 3 and 4 years 45 42 Between 4 and 5 years 6 66 More than 5 years 36 97 2,381 3,400 118,668 629,048 |
Schedule of evolution of borrowing | The following table shows a detail of evolution of borrowing during the years ended June 30, 2021 and 2020: 06.30.21 06.30.20 Balance at the beginning of the year 629,048 717,653 Borrowings 56,677 71,761 Payment of borrowings (93,577 ) (109,030 ) Collection / (payment) of short term loans, net 8,160 (3,693 ) Interests paid (20,539 ) (32,907 ) Accrued interests 16,564 36,584 Currency translation adjustment and exchange differences, net (44,091 ) 112,430 Deconsolidation (425,333 ) (143,355 ) Financial assets activation 468 - Repurchase of non-convertible notes 362 (20,493 ) Inflation adjustment (9,233 ) (1,500 ) Incorporation by business combination - 2,830 Transfer to / from assets held for sale - (1,232 ) Reclassifications and other movements 162 - Balance at the end of the year 118,668 629,048 |
Schedule of borrowing by type of fixed-rate and floating-rate | The following tables shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2021 and 2020. 06.30.21 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 18,061 - - - 18,061 Brazilian Reais - 5,616 - - 5,616 US Dollar 84,609 49 715 50 85,423 Subtotal fixed-rate borrowings 102,670 5,665 715 50 109,100 Floating rate: - Argentine Peso 205 - - - 205 Brazilian Reais - 7,134 - - 7,134 US Dollar 2,027 - - 202 2,229 Subtotal floating rate borrowings 2,232 7,134 - 202 9,568 Total borrowings 104,902 12,799 715 252 118,668 06.30.20 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar NIS Total Fixed rate: Argentine Peso 11,705 - - - - 11,705 Brazilian Reais - 2,394 - - - 2,394 US Dollar 129,563 165 777 219 (1,745 ) 128,979 Bolivian pesos - - - - 2,139 2,139 NIS - - - - 265,278 265,278 Subtotal fixed-rate borrowings 141,268 2,559 777 219 265,672 410,495 Floating rate: Argentine Peso 2,905 - - - - 2,905 Brazilian Reais - 7,325 - - - 7,325 US Dollar 5,861 - - - - 5,861 NIS - - - - 202,462 202,462 Subtotal floating rate borrowings 8,766 7,325 - - 202,462 218,553 Total borrowings 150,034 9,884 777 219 468,134 629,048 |
Schedule of debt issuances of the Group's borrowings | The following describes the debt issuances made by the Group for the years ended June 30, 2021, and 2020: Entity Class Issuance / expansion date Amount in original currency Maturity date Interest rate Principal payment Interest payment CRESUD Class XXVI ene-20 ARS 1,095 1/30/2021 Badlar + 6.50% At expiration Quarterly CRESUD Class XXVII ene-20 USD 5.7 7/30/2021 7.45% n.a. At expiration Quarterly CRESUD Class XXVIII ene-20 USD 27.5 4/30/2021 9.00% n.a. At expiration Quarterly CRESUD Class XXIX jun-20 USD 83.0 12/09/2021 3.50% n.a At expiration Quarterly CRESUD Class XXX ago-20 USD 25 8/31/2023 2.00% At expiration Quarterly CRESUD Class XXXI nov-20 USD 30.8 11/12/2023 9.00% n.a. Annual payments since 2021 Quarterly CRESUD Class XXXII nov-20 USD 34.3 11/12/2022 9.00% n.a At expiration Quarterly CRESUD Class XXXIV jun-21 USD 35.7 6/30/2024 6.99% n.a. Annual payments since 2022 Biannual BRASILAGRO n/a May-21 R$ 240 4/12/2028 IPCA + 5.3658% 50% April 2027 y 50% April 2028 Annual IRSA Class I tramo2 ago-19 USD 85 11/15/2020 10.00% n.a. At expiration Quarterly IRSA Class II ago-19 CLP 31,503 08/06/2020 10.50% n.a. At expiration Quarterly IRSA Class II may-20 ARS 354 02/19/2021 Badlar,+ 0.6% n.a. At expiration Quarterly IRSA Cass IV may-20 USD 51 05/19/2021 7% n.a. At expiration Quarterly IRSA Class V may-20 USD 9 05/19/2022 9% n.a. At expiration Quarterly IRSA Class I nov-20 USD 3.1 03/1/2023 10.00% n.a. At expiration Quarterly IRSA Class VII jul-20 USD 33.7 1/21/2022 4.00% n.a. At expiration Quarterly IRSA Class VIII nov-20 USD 31.7 11/12/2023 10.00% n.a. 33% in November 21, 33% in November 22, 34% in November 23 Quarterly IRSA Class VI jul-20 ARS 335.2 7/21/2021 Badlar + 4.00% 30% en April 21, 70% at expiration Quarterly IRSA Class IX nov-20 USD 80.7 03/1/2023 10.00% n.a. At expiration Quarterly IRSA Class X nov-20 ARS 701.5 3/31/2022 Badlar + 5.00% At expiration Quarterly IRSA Class XI mar-21 USD 15.81 03/01/2024 5.00% n.a. At expiration Biannual IRSA Class XII mar-21 UVAs 53.78 3/31/2024 4.00% n.a. At expiration Biannual |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of income tax | Due to the enactment of Law 27,630 published in the Official Gazette on June 16, 2021 and effective for the years beginning on January 1, 2021, the current rates for corporate income tax are modified according to the following scale: Accumulated net taxable profit More of To Will pay More % On the surplus of - 5,000,000 - 25 % - 5,000,000 50,000,000 1,250,000 30 % 5,000,000 50,000,000 Onwards 14,750,000 35 % 50,000,000 The amounts provided in the scale will be adjusted annually, as of January 1, 2022, considering the annual variation of the Consumer Price Index (CPI), corresponding to the month of October of the year prior to the adjustment, with respect to the same month from the previous year. The amounts determined by application of the described mechanism will be applicable for the fiscal years that begin after each update. The details of the provision for the Group’s income tax, is as follows: 06.30.21 06.30.20 06.30.19 Current income tax (1,927 ) (1,116 ) (1,068 ) Deferred income tax (26,013 ) (10,630 ) 132 MPIT - (202 ) 116 Income tax (27,940 ) (11,948 ) (820 ) |
Schedule of statutory tax rate | The statutory taxes rates in the countries where the Group operates for all of the years presented are: Tax jurisdiction Income tax rate Argentina 25% - 35 % Brazil 25% -34 % Uruguay 0% - 25 % Bolivia 25 % U.S. 0% - 40 % Bermudas 0 % Israel 23% - 24 % |
Schedule of income/loss before income tax | Below is a reconciliation between income tax expense and the tax calculated applying the current tax rate, applicable in the respective countries, to profit before taxes for years ended June 30, 2021, 2020 and 2019: 06.30.21 06.30.20 06.30.19 Tax calculated at the tax rates applicable to (loss)/ profit in the respective countries (4,549 ) (14,672 ) 15,556 Permanent differences: Tax inflation adjustment (12,351 ) (6,136 ) (8,746 ) Share of (loss)/ profit of associates and joint ventures (1,295 ) 1,499 (1,912 ) Result from sale of participation in subsidiaries 113 - - Unrecognized tax loss carry-forwards (2,361 ) (1,253 ) (2,771 ) Expiration of tax loss carry-forwards - (1 ) - Recognition of deferred taxes 1,361 - - Fiscal transparency 353 - - Provision for unrecoverability of tax loss carry-forwards (2,803 ) (3,004 ) (4,797 ) Changes in fair value of financial instruments and sale of shares - - (593 ) Change of tax rate (14,308 ) 4,330 982 Non-taxable profit (95 ) 1,548 27 Non-deductible expenses (54 ) - - Others (55 ) - - Inflation adjustment permanent difference 8,104 5,741 1,434 Income tax from continuing operations (27,940 ) (11,948 ) (820 ) |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities of the Group as of June 30, 2021 and 2020 will be recovered as follows: 06.30.21 06.30.20 Deferred income tax assets to be recovered after more than 12 months 1,848 23,654 Deferred income tax assets to be recovered within 12 months 4,133 1,482 Deferred income tax assets 5,981 25,136 Deferred income tax liabilities to be recovered after more than 12 months (80,766 ) (93,602 ) Deferred income tax liabilities to be recovered within 12 months (6,953 ) (4,443 ) Deferred income tax liabilities (87,719 ) (98,045 ) Total deferred income tax liabilities, net (81,738 ) (72,909 ) |
Schedule of deferred income tax | The movement in the deferred income tax assets and liabilities during the years ended June 30, 2021 and 2020, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: At the beginning Business combinations and reclassification to other assets held for sale (i) Foreign exchange gain Charged to the Statement of Income Use of tax loss carry-forwards Deconsolidation At the end June 30, 2021 Assets Trade and other payables 8,055 - 2,408 (56 ) - (9,621 ) 786 Tax loss carry-forwards 14,317 - 2,413 (4,709 ) - (9,039 ) 2,982 Others 2,764 38 515 1,015 - (2,119 ) 2,213 Subtotal assets 25,136 38 5,336 (3,750 ) - (20,779 ) 5,981 Liabilities Investment properties and property, plant and equipment (81,367 ) - (2,190 ) (10,074 ) (377 ) 28,499 (65,509 ) Biological assets (950 ) - 114 (1,835 ) - - (2,671 ) Trade and other receivables (1,286 ) - - 933 - - (353 ) Investments (140 ) - (1 ) 135 - - (6 ) Intangible assets (3,595 ) - (1,179 ) 168 - 4,531 (75 ) Tax inflation adjustment (9,424 ) - - (9,278 ) - - (18,702 ) Borrowings (1,202 ) - (475 ) 939 - 1,816 1,078 Inventories (970 ) - (52 ) 119 - - (903 ) Others 889 - - (3,093 ) - 1,626 (578 ) Subtotal liabilities (98,045 ) - (3,783 ) (21,986 ) (377 ) 36,472 (87,719 ) Assets/ (Liabilities), net (72,909 ) 38 1,553 (25,736 ) (377 ) 15,693 (81,738 ) At the beginning Business combinations and reclassification to other assets held for sale (i) Foreign exchange gain Charged to the Statement of Income Reserve for changes of non-controlling interest Use of tax loss carry-forwards Deconsolidation At the end June 30, 2020 Assets Trade and other payables 8,661 (2 ) 1,296 (1,253 ) - - (647 ) 8,055 Tax loss carry-forwards 11,872 - 1,206 1,364 - - (125 ) 14,317 Others 2,345 (5 ) (107 ) 415 116 - - 2,764 Subtotal assets 22,878 (7 ) 2,395 526 116 - (772 ) 25,136 Liabilities Investment properties and property, plant and equipment (91,750 ) (838 ) 1,800 (13,374 ) - 306 22,489 (81,367 ) Biological assets (772 ) - 110 (288 ) - - - (950 ) Trade and other receivables (1,335 ) - - 49 - - - (1,286 ) Investments (110 ) - (119 ) 89 - - - (140 ) Intangible assets (3,404 ) - (667 ) 476 - - - (3,595 ) Tax inflation adjustment (6,586 ) (50 ) - (2,788 ) - - - (9,424 ) Borrowings (1,589 ) - (193 ) 580 - - - (1,202 ) Inventories (1,093 ) (5 ) 202 (74 ) - - - (970 ) Others (981 ) (925 ) (178 ) 3,693 - - (720 ) 889 Subtotal liabilities (107,620 ) (1,818 ) 955 (11,637 ) - 306 21,769 (98,045 ) Assets/ (Liabilities), net (84,742 ) (1,825 ) 3,350 (11,111 ) 116 306 20,997 (72,909 ) |
Schedule of loss carry forward | As of June 30, 2021, the Group's recognized tax loss carry forward prescribed as follows: Jurisdiction 06.30.21 Date of generation Due date Argentina 31 2019 2024 Argentina 477 2020 2025 Argentina 193 2021 2026 Brazil 8.053 2011-2020 Do not expire Total tax loss carry forward 8.754 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of future aggregate minimum lease non-cancellable operating leases | The future aggregate minimum lease payments the Group will have to cancel under non-cancellable operating leases were as follows: 06.30.21 06.30.20 06.30.19 No later than 1 year 553 3,647 14,757 Later than 1 year and not later than 5 years 2,048 8,126 22,770 More than 5 years 1,019 3,600 3,151 3,620 15,373 40,678 Rental properties are considered to be investment property. Book value is included in Note 9. The future minimum proceeds generated from non-cancellable operating leases from Group’s Shopping malls, offices and other buildings are as follows: 06.30.21 06.30.20 06.30.19 No later than 1 year 4,135 1,819 19,850 Later than 1 year and not later than 5 years 8,272 33,139 44,656 More than 5 years 2,267 16,031 32,083 14,674 50,989 96,589 The future aggregate minimum lease proceeds under non-cancellable operating leases from the Group are as follows: 06.30.21 06.30.20 06.30.19 No later than 1 year 148 183 131 Later than 1 year and not later than 5 years 257 222 362 More than 5 years - - 11 405 405 504 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of revenues | 06.30.21 06.30.20 06.30.19 Crops 15,269 17,215 9,697 Sugarcane 5,249 4,773 3,919 Cattle 2,844 2,906 1,430 Supplies 2,137 1,570 1,151 Consignment 974 895 1,395 Advertising and brokerage fees 1,361 1,105 866 Agricultural rental and other services 964 968 778 Other 691 416 312 Income from sales and services from agricultural business 29,489 29,848 19,548 Trading properties and developments 1,024 1,095 1,630 Rental and services 10,978 17,088 21,915 Hotel operations, tourism services and others 920 3,037 4,436 Income from sales and services from urban properties and investment business 12,922 21,220 27,981 Total revenues 42,411 51,068 47,529 |
Costs (Tables)
Costs (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of costs | 06.30.21 06.30.20 06.30.19 Other operative costs 35 38 428 Cost of property operations 35 38 428 Crops 16,343 14,700 9,252 Sugarcane 4,560 4,495 3,471 Cattle 2,370 2,436 1,089 Supplies 1,662 1,258 763 Consignment 1,193 981 199 Advertising and brokerage fees 869 698 596 Agricultural rental and other services 242 411 438 Cost of sales and services from agricultural business 27,239 24,979 15,808 Trading properties and developments 1,069 1,028 790 Rental and services 4,433 6,014 7,324 Hotel operations, tourism services and others 1,056 1,866 2,383 Cost of sales and services from sales and services from urban properties and investment business 6,558 8,908 10,497 Total costs 33,832 33,925 26,733 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of expenses by nature | The Group disclosed expenses in the statements of income by function as part of the line items “Costs”, “General and administrative expenses” and “Selling expenses”. The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2021, 2020 and 2019. Production costs Costs General and administrative expenses Selling expenses Total as of 06.30.21 Leases, services charges and vacant property costs 12 225 52 17 306 Depreciation and amortization 2,619 512 289 32 3,452 Doubtful accounts - - - 221 221 Advertising, publicity and other selling expenses - 358 - 69 427 Taxes, rates and contributions 61 539 168 1,558 2,326 Maintenance and repairs 163 1,701 418 4 2,286 Fees and payments for services 49 4,049 458 343 4,899 Director’s fees - - 1,265 - 1,265 Payroll and social security liabilities 835 3,066 2,290 287 6,478 Cost of sale of goods and services - 3,450 - - 3,450 Cost of sale of agricultural products and biological assets - 19,665 - - 19,665 Supplies and labors 14,516 142 - 162 14,820 Freights 115 1 5 1,187 1,308 Commissions and bank charges - 5 105 1 111 Conditioning and clearance - - - 189 189 Travel, library expenses and stationery 72 38 60 21 191 Interconnection and roaming expenses - 47 1 - 48 Others 948 34 56 56 1,094 Total expenses by nature as of 06.30.21 19,390 33,832 5,167 4,147 62,536 Production costs Costs General and administrative expenses Selling expenses Total as of 06.30.20 Leases, services charges and vacant property costs 13 247 49 32 341 Depreciation and amortization 2,061 606 267 13 2,947 Doubtful accounts - 134 - 404 538 Advertising, publicity and other selling expenses - 774 - 127 901 Taxes, rates and contributions 68 704 174 1,592 2,538 Maintenance and repairs 132 2,617 498 7 3,254 Fees and payments for services 49 3,641 773 123 4,586 Director’s fees - - 915 - 915 Payroll and social security liabilities 843 3,475 2,178 356 6,852 Cost of sale of goods and services - 1,464 - - 1,464 Cost of sale of agricultural products and biological assets - 18,398 - - 18,398 Supplies and labors 12,594 1,452 - 15 14,061 Freights 118 79 - 1,734 1,931 Commissions and bank charges - 9 134 - 143 Conditioning and clearance - - - 269 269 Travel, library expenses and stationery 73 71 97 36 277 Interconnection and roaming expenses - 158 - - 158 Others 1,218 96 62 142 1,518 Total expenses by nature as of 06.30.20 17,169 33,925 5,147 4,850 61,091 Production costs Costs General and administrative expenses Selling expenses Total as of 06.30.19 Leases, services charges and vacant property costs 16 260 85 29 390 Depreciation and amortization 875 497 227 14 1,613 Doubtful accounts - 8 - 164 172 Advertising, publicity and other selling expenses - 834 36 161 1,031 Taxes, rates and contributions 75 930 181 1,335 2,521 Maintenance and repairs 149 3,161 459 13 3,782 Fees and payments for services 45 2,888 815 119 3,867 Director’s fees - - 1,382 - 1,382 Payroll and social security liabilities 777 4,248 2,567 354 7,946 Cost of sale of goods and services - 1,231 - - 1,231 Cost of sale of agricultural products and biological assets - 11,270 - - 11,270 Supplies and labors 12,006 1,021 - 17 13,044 Freights 93 52 1 818 964 Bank commissions and expenses - 110 101 4 215 Conditioning and clearance - - - 181 181 Travel, library expenses and stationery 94 88 158 41 381 Others 499 135 78 44 756 Total expenses by nature as of 06.30.19 14,629 26,733 6,090 3,294 50,746 |
Financial results, net (Tables)
Financial results, net (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of financial results net | 06.30.21 06.30.20 06.30.19 Financial income Interest income 656 440 289 Dividends income 1 20 20 Other financial income - - 3 Total financial income 657 460 312 Financial costs Interest expense (14,207 ) (14,506 ) (10,039 ) Other financial costs (1,282 ) (981 ) (805 ) Total financial costs (15,489 ) (15,487 ) (10,844 ) Capitalized finance costs 469 168 354 Total finance costs (15,020 ) (15,319 ) (10,490 ) Other financial results: Foreign exchange, net 10,484 (15,188 ) 3,433 Fair value gain/ (loss) of financial assets and liabilities at fair value through profit or loss 10,088 1,431 (5,326 ) (Loss)/ gain from repurchase of Non-convertible notes (25 ) 138 112 (Loss) / gain from derivative financial instruments (except commodities) (477 ) (2,091 ) 782 Others (73 ) - - Total other financial results 19,997 (15,710 ) (999 ) Inflation adjustment 572 (164 ) (1,026 ) Total financial results, net 6,206 (30,733 ) (12,203 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of basic earnings per share | Basic earnings per share amounts are calculated in accordance with IAS 33, by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the Group and held as treasury shares. 06.30.21 06.30.20 06.30.19 (Loss)/ Profit for the year from continuing operations attributable to equity holders of the parent (7,679 ) 11,345 (19,631 ) (Loss)/ Profit for the year from discontinued operations attributable to equity holders of the parent (4,874 ) 6,299 (4,470 ) (Loss)/ Profit for the year attributable to equity holders of the parent (12,553 ) 17,644 (24,101 ) Weighted average number of ordinary shares outstanding 527 499 489 Basic earnings per share (23.82 ) 35.33 (49.29 ) |
Schedule of diluted earnings per share | Diluted earnings per share amounts are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. As of June 30, 2021, the Group holds treasury shares associated with incentive plans with potentially dilutive effect, therefore, diluted earnings per share is as follows: 06.30.20 Profit for the year from continuing operations attributable to equity holders of the parent 11,345 Profit for the year from discontinued operations attributable to equity holders of the parent 6,299 Profit for the year per share attributable to equity holders of the parent 17,644 Weighted average number of ordinary shares outstanding 515 Diluted earnings per share 34.28 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of balances with related parties | The following is a summary presentation of the balances with related parties as of June 30, 2021 and 2020: Item 06.30.21 06.30.20 Trade and other receivables 2,801 1,577 Investments in financial assets 493 404 Trade and other payables (177 ) (490 ) Borrowings (38 ) (315 ) Total 3,079 1,176 Related party 06.30.21 06.30.20 Description of transaction Heading Condor 550 404 Public companies’ securities Investments in financial assets 286 - Loans granted Trade and other receivables 48 - Others Investments in financial assets 5 - Other receivables Trade and other receivables New Lipstick LLC 23 24 Reimbursement of expenses Trade and other receivables - (116 ) Borrowings Borrowings Other associates and joint ventures 6 126 Leases and/or rights of use receivable Trade and other receivables (13 ) - Leases and/or rights of use to pay Trade and other payables 204 305 Dividends receivables Trade and other receivables (2 ) - Contributions pending integration Trade and other payables - 12 Management fees receivable Trade and other receivables (105 ) - Non-convertible notes Investments in financial assets (73 ) - Other liabilities Trade and other payables 1 - Equity incentive plan receivable Trade and other receivables 80 - Loans granted Trade and other receivables (36 ) (41 ) Borrowings Borrowings 2 183 Reimbursement of expenses Trade and other receivables 6 - Management fees receivable Trade and other receivables 24 - Other receivables Trade and other receivables (6 ) - Lease liabilities Trade and other payables - (2 ) Reimbursement of expenses to pay Trade and other payables Total associates and joint ventures 1,000 895 CAMSA and its subsidiaries - 2 Reimbursement of expenses Trade and other receivables - (285 ) Management fee payables Trade and other payables Yad Levim LTD 1,609 - Loans granted Trade and other receivables IRSA Real Estate Strategies LP - 174 Reimbursement of expenses Trade and other receivables PBS Real Estate Holdings S.R.L - 709 Reimbursement of expenses Trade and other receivables Turismo Investment S.A. 373 - Other receivables Trade and other receivables BHN Vida - (78 ) Non-convertible notes Borrowings Otras partes relacionadas (i) 146 - Other receivables Trade and other receivables 24 - Other payables Trade and other payables (2 ) (80 ) Borrowings Borrowings 6 - Loans granted Trade and other receivables (1 ) - Management fee payables Trade and other payables 19 27 Reimbursement of expenses Trade and other receivables (1 ) - Legal services Trade and other payables Total other related parties 2,173 469 IFISA - 9 Loans granted Trade and other receivables Total direct parent company - 9 Directors and Senior Management (105 ) (203 ) Fees Trade and other payables 11 6 Advances receivable Trade and other receivables Total Directors and Senior Management (94 ) (197 ) Total 3,079 1,176 The following is a summary of the results with related parties for the years ended June 30, 2021, 2020 and 2019: Related party 06.30.21 06.30.20 06.30.19 Description of transaction Agrofy S.A.U. - - 5 Administration fee BACS 78 77 81 Leases and/or rights of use - (8 ) - Financial operations Tarshop S.A. - - 89 Leases and/or rights of use ISPRO-MEHADRIN - - 45 Corporate services Other associates and joint ventures (2 ) 14 89 Leases and/or rights of use - (197 ) 45 Corporate services 93 56 15 Financial operations Total associates and joint ventures 169 (58 ) 369 CAMSA and its subsidiaries - (316 ) - Management fee Taaman - - 69 Corporate services Other related parties (i) (7 ) (6 ) 47 Leases and/or rights of use - (35 ) (24 ) Fees and remunerations (7 ) (6 ) (14 ) Legal services - - 5 Financial operations (16 ) - (50 ) Donations Total other related parties (30 ) (363 ) 33 IFISA 8 8 - Financial operations Total Parent Company 8 8 - Directors (44 ) (45 ) (95 ) Compensation of Directors and senior management (939 ) (610 ) (820 ) Fees Senior Management (24 ) (26 ) (81 ) Compensation of Directors and senior management Total Directors and Senior Management (1,007 ) (681 ) (996 ) Total (860 ) (1,094 ) (594 ) |
Schedule of transactions with related parties | Related party 06.30.21 06.30.20 Description of transaction Manibil - 131 Irrevocable contributions Quality (30 ) 71 Irrevocable contributions Puerto Retiro - 26 Irrevocable contributions Others (12 ) - Irrevocable contributions Total contributions (42 ) 228 Agro-Uranga S.A. 75 39 Dividends received Uranga trading 16 - Dividends received Condor - 48 Dividends received Emco - 24 Dividends received Gav-Yam - 2,004 Dividends received Nuevo Puerto Santa Fe S.A. - 57 Dividends received Shufersal - 601 Dividends received Total dividends received 91 2,773 Gav-Yam - - Capitalized borrowing TGLT S.A. - 2,094 Buy and change of shares Total other transactions - 2,094 |
Employee benefits and share-bas
Employee benefits and share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of shares outstanding under the incentive plan | Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows 06.30.21 06.30.20 06.30.19 At the beginning 4,483,656 4,966,463 5,485,194 Granted (320,739 ) (482,807 ) (518,731 ) At the end 4,162,917 4,483,656 4,966,463 |
Cost of goods sold and servic_2
Cost of goods sold and services provided (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of cost of sales and services provided | Description Cost of sales and services from agricultural business (i) Cost of sales and services from sales and services from urban properties and investment business (ii) Total as of 06.30.21 Total as of 06.30.20 Total as of 06.30.19 Inventories at the beginning of the year 9,878 17,759 27,637 26,036 44,467 Adjustment previous periods (IFRS 15 and 9) - - - - (12,504 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 9,161 - 9,161 3,061 1,915 Changes in the net realizable value of agricultural products after harvest (590 ) - (590 ) 987 (65 ) Lease Pastagem 36 - 36 - - Capitalized finance costs - - - 18 26 Currency translation adjustment (1,003 ) (5,814 ) (6,817 ) 11,184 (2,878 ) Transfers 112 (306 ) (194 ) (386 ) 224 Harvest 17,055 - 17,055 15,980 12,030 Acquisitions and classifications 9,685 1,389 11,074 98,951 100,350 Consumptions (2,912 ) - (2,912 ) (3,920 ) (7,306 ) Disposals due to sales - - - (29 ) - Deconsolidation - (4,712 ) (4,712 ) (95,667 ) (87,842 ) Disposals due to advance in work in progress - - - 397 - Expenses incurred 4,539 - 4,539 4,912 3,924 Inventories at the end of the year (14,335 ) (1,758 ) (16,093 ) (27,637 ) (26,036 ) Cost as of 06.30.21 31,626 6,558 38,184 - - Cost as of 06.30.20 24,979 8,908 - 33,887 - Cost as of 06.30.19 15,808 10,497 - - 26,305 |
Foreign currency assets and l_2
Foreign currency assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of foreign currency assets and liabilities | Book amounts of foreign currency assets and liabilities are as follows: Item (3) / Currency Amount of foreign currency (2) Prevailing exchange rate (1) Total as of 06.30.21 Total as of 06.30.20 Assets Trade and other receivables US Dollar 96.53 95.52 9,221 6,935 Euros 0.21 113.10 24 1,322 Trade and other receivables related parties US Dollar 0.06 95.72 6 449 Total Trade and other receivables 9,251 8,706 Investment in financial assets US Dollar 9.53 95.52 910 5,813 New Israel Shekel 20.78 29.36 610 - Pounds 0.76 131.88 100 117 Total Investment in financial assets 1,620 5,930 Derivative financial instruments US Dollar 4.39 95.52 419 123 Total Derivative financial instruments 419 123 Cash and cash equivalents US Dollar 65.43 95.52 6,250 23,344 Euros 0.01 113.10 1 2,327 Total Cash and cash equivalents 6,251 25,671 Total Assets 17,541 40,430 Liabilities Trade and other payables US Dollar 57.47 95.72 5,501 22,060 Euros 0.28 113.57 32 458 Uruguayan pesos 0.50 1.99 1 - Total Trade and other payables 5,534 22,518 Borrowings US Dollar 909.16 95.72 87,025 138,468 Borrowings with related parties US Dollar 0.75 95.72 72 - Total Borrowings 87,097 138,468 Derivative financial instruments US Dollar 1.06 95.72 101 433 Total Derivative financial instruments 101 433 Total Liabilities 92,732 161,419 |
Groups of assets and liabilit_2
Groups of assets and liabilities held for sale (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of groups of assets and liabilities held for sale | The following table shows the main assets and liabilities classified as held for sale: 06.30.21 06.30.20 06.30.19 Property, plant and equipment - 55,150 9,686 Intangible assets - 2,058 204 Investments in associates - 336 897 Deferred income tax assets - 1,223 436 Income tax credit - 5 - Inventories - 533 - Trade and other receivables - 3,937 4,511 Cash and cash equivalents - 2,570 1,537 Total group of assets held for sale - 65,812 17,271 Trade and other payables - 15,609 7,277 Payroll and social security liabilities - 748 - Employee benefits - 580 436 Deferred and current income tax liabilities - 2,975 77 Provisions - 18 - Borrowings - 15,591 4,432 Total group of liabilities held for sale - 35,521 12,222 Total net financial assets held for sale - 30,291 5,049 |
Results from discontinued ope_2
Results from discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Results from discontinued operations | The results of discontinued operations include the operations of IDBD / DIC and Carnes Pampeanas S.A. which were deconsolidated in the current year (see Note 4) and the results of the comparative fiscal years have been reclassified. 06.30.21 06.30.20 06.30.19 Revenues 42,713 164,898 157,888 Costs (35,094 ) (120,074 ) (112,532 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest - 118 213 Gross profit 7,619 44,942 45,569 Net (loss)/ gain from fair value adjustment of investment properties (28 ) (4,490 ) 7,333 General and administrative expenses (4,469 ) (15,077 ) (13,984 ) Selling expenses (4,725 ) (21,172 ) (19,085 ) Impairment of associate - (3,710 ) - Other operating results, net 1,442 28,178 1,539 (Loss)/ profit from operations (161 ) 28,671 21,372 Share of profit of joint ventures and associates 719 2,176 207 Profit from operations before financing and taxation 558 30,847 21,579 Financial income 533 2,024 3,043 Finance costs (6,918 ) (25,843 ) (27,393 ) Other financial results 453 (12,157 ) 9,947 Inflation adjustment 89 279 100 Financial results, net (5,843 ) (35,697 ) (14,303 ) (Loss)/ profit before income tax (5,285 ) (4,850 ) 7,276 Income tax 315 (230 ) (2,942 ) (Loss)/ profit for the year from discontinued operations (4,970 ) (5,080 ) 4,334 Result for loss of control (i) (3,287 ) - - (Loss)/ profit for the year from discontinued operations (8,257 ) (5,080 ) 4,334 (Loss)/ profit for the year from discontinued operations attributable to: Equity holders of the parent (4,874 ) 6,299 (4,470 ) Non-controlling interest (3,383 ) (11,379 ) 8,804 (Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: Basic (9.24 ) 11.95 (8.48 ) Diluted (8.98 ) 11.61 (8.24 ) |
The Groups business and general
The Groups business and general information (Details Narrative) | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2009 | |
IRSA [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest | 55.64% | |
Operation Center in Argentina [Member] | BHSA [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest | 29.91% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Annual price variation | 50.00% | 43.00% | 56.00% |
Percentage of cumulative | 234.00% |
Summary of significant accoun_5
Summary of significant accounting policies (Details 1) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Araucaria Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Araucária Ltda. | ||
Cajueiro Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Cajueiro Ltda. | ||
Ceibo Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Ceibo Ltda. | ||
Cremaq Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Cremaq Ltda. | ||
Engenho De Maracaju Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Engenho de Maracajú Ltda. | ||
Flamboyant Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Flamboyant Ltda. | ||
Jaborandi Agricola Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Jaborandi Agrícola Ltda. | ||
Jaborandi Propriedades Agricolas S.A. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Jaborandi Propriedades Agrícolas S.A. | ||
Mogno Ltda. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Mogno Ltda. | ||
Palmeiras S.A. [Member] | |||
Statement [Line Items] | |||
Country | Paraguay | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Palmeiras S.A. | ||
Agropecuaria Moroti S.A. [Member] | |||
Statement [Line Items] | |||
Country | Paraguay | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Agropecuaria Morotí S.A. | ||
Amauta Agro S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Principal activity | Brokerage | ||
% of ownership interest held by the Group | 98.57% | 98.57% | 98.57% |
Description of equity interest | Amauta Agro S.A. | ||
FYO Acopio S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Principal activity | Warehousing and brokerage | ||
% of ownership interest held by the Group | 98.57% | 98.57% | 98.57% |
Description of equity interest | FyO Acopio S.A. | ||
FYO Chile Spa. [Member] | |||
Statement [Line Items] | |||
Country | Chile | ||
Principal activity | Brokerage | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | FyO Chile SPA | ||
Agropecuaria Acres Del Sud S.A. [Member] | |||
Statement [Line Items] | |||
Country | Bolivia | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 100.00% | 100.00% |
Description of equity interest | Agropecuaria Acres del Sud S.A. | ||
Ombu Agropecuaria S.A. [Member] | |||
Statement [Line Items] | |||
Country | Bolivia | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 100.00% | 100.00% |
Description of equity interest | Ombú Agropecuaria S.A. | ||
Yatay Agropecuaria S.A. [Member] | |||
Statement [Line Items] | |||
Country | Bolivia | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 100.00% | 100.00% |
Description of equity interest | Yatay Agropecuaria S.A. | ||
Yuchan Agropecuaria S.A. [Member] | |||
Statement [Line Items] | |||
Country | Bolivia | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 100.00% | 100.00% |
Description of equity interest | Yuchán Agropecuaria S.A. | ||
Sedelor S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | Sedelor S.A. | ||
Codalis S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | Codalis S.A. | ||
Alafox S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100.00% | ||
Description of equity interest | Alafox S.A. | ||
Agrifirma S.A. [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | |
Description of equity interest | Agrifirma S.A. | ||
Brasilagro-companhia Brasileira De Propiedades Agricolas [Member] | |||
Statement [Line Items] | |||
Country | Brazil | ||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 39.44% | 33.55% | 43.29% |
Description of equity interest | Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas | ||
Sociedad Anonima Carnes Pampeanas S.A [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Principal activity | Agro-industrial | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | Sociedad Anónima Carnes Pampeanas S.A. | ||
Futuros Y Opciones.com S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Principal activity | Brokerage | ||
% of ownership interest held by the Group | 50.10% | 50.10% | 50.10% |
Description of equity interest | Futuros y Opciones.Com S.A. | ||
Helmir S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Helmir S.A. | ||
IRSA Inversiones Y Representaciones S.a. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Principal activity | Real estate | ||
% of ownership interest held by the Group | 62.22% | 61.95% | 62.35% |
Description of equity interest | IRSA Inversiones y Representaciones Sociedad Anónima | ||
Agropecuaria Santa Cruz S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | Agropecuaria Santa Cruz S.A. |
Summary of significant accoun_6
Summary of significant accounting policies (Details 2) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cellcom [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Telecommunications | ||
% of ownership interest held by the Group | 46.20% | ||
Description of equity interest | Cellcom Israel Ltd. | ||
Elron [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 61.06% | 44.10% | |
Description of equity interest | Elron Electronic Industries Ltd. | ||
IRSA Propiedades Comerciales S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 79.92% | 80.65% | 83.80% |
Description of equity interest | IRSA CP | ||
E-commerce Latina S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | E-Commerce Latina S.A. | ||
Efanur S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Efanur S.A. | ||
Hoteles Argentinos S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Hotel | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Hoteles Argentinos S.A.U. | ||
Inversora Bolivar S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Inversora Bolívar S.A. | ||
Llao Llao Resorts S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Hotel | ||
% of ownership interest held by the Group | 50.00% | 50.00% | 50.00% |
Description of equity interest | Llao Llao Resorts S.A. | ||
Nuevas Fronteras S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Hotel | ||
% of ownership interest held by the Group | 76.34% | 76.34% | 76.34% |
Description of equity interest | Nuevas Fronteras S.A. | ||
Palermo Invest S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Palermo Invest S.A. | ||
Ritelco S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Ritelco S.A. | ||
Tyrus S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Tyrus S.A. | ||
U.T. IRSA And Galerias Pacifico [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 50.00% | 50.00% | 50.00% |
Description of equity interest | UT IRSA y Galerías Pacífico S.A. | ||
Arcos Del Gourmet S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 90.00% | 90.00% | 90.00% |
Description of equity interest | Arcos del Gourmet S.A. | ||
Emprendimiento Recoleta S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 53.68% | 53.68% | 53.68% |
Description of equity interest | Emprendimiento Recoleta S.A. | ||
Fibesa S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Fibesa S.A. | ||
Panamerican Mall S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 80.00% | 80.00% | 80.00% |
Description of equity interest | Panamerican Mall S.A. | ||
Shopping Neuquen S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 99.95% | 99.95% | 99.95% |
Description of equity interest | Shopping Neuquén S.A. | ||
Torodur S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Torodur S.A. | ||
EHSA [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 70.00% | 70.00% | 70.00% |
Description of equity interest | EHSA | ||
Centro De Entretenimiento La Plata [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Centro de Entretenimiento La Plata | ||
We Are APPA S.A. (ex Pareto S.A.) [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Design and software development | ||
% of ownership interest held by the Group | 93.63% | 69.69% | 69.69% |
Description of equity interest | We Are APPA S.A. (ex Pareto S.A.) | ||
La Malteria [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | ||
Description of equity interest | La Malteria | ||
DFL and DN BV [Member] | |||
Statement [Line Items] | |||
Country | Bermudas/ Netherlands | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 99.50% | 97.04% | 96.46% |
Description of equity interest | DFL and DN BV | ||
IRSA International LLC [Member] | |||
Statement [Line Items] | |||
Country | United States | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | IRSA International LLC | ||
Jiwin S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Jiwin S.A. | ||
Liveck S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Liveck S.A. | ||
Real Estate Investment Group V LP (Reig V) [Member] | |||
Statement [Line Items] | |||
Country | Bermudas | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | ||
Description of equity interest | Real Estate Investment Group V LP (REIG V) | ||
Real Estate Strategies LLC [Member] | |||
Statement [Line Items] | |||
Country | United States | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Real Estate Strategies LLC | ||
Real Estate Investment Group VII LP (Reig VII) [Member] | |||
Statement [Line Items] | |||
Country | Bermudas | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Real Estate Investment Group VII LP (REIG VII) | ||
IDB Development Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | IDB Development Corporation Ltd. | ||
Dolphin IL Investment Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Description of equity interest | Dolphin IL Investment Ltd. | ||
Discount Investment Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 83.72% | 83.77% | |
Description of equity interest | Discount Investment Corporation Ltd. | ||
IDB Tourism (2009) Ltd [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Tourism services | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | IDB Tourism (2009) Ltd. | ||
IDB Group Investment Inc. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | IDB Group Investment Inc | ||
Property & Building Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 72.40% | 68.80% | |
Description of equity interest | Property & Building Corporation Ltd. | ||
Bartan Holdings And Investments Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 55.68% | 61.06% | |
Description of equity interest | Bartan Holdings and Investments Ltd. | ||
Epsilon Investment House Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 68.75% | 55.68% | |
Description of equity interest | Epsilon Investment House Ltd. | ||
Mehadrin Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Agricultural | ||
% of ownership interest held by the Group | 43.75% | 68.75% | |
Description of equity interest | Mehadrin Ltd. | ||
Gav-Yam Bayside Land Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 51.70% | ||
Description of equity interest | Gav-Yam Bayside Land Corporation Ltd. | ||
Ispro The Israeli Properties Rental Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | Ispro The Israeli Properties Rental Corporation Ltd. | ||
Matam - Scientific Industries Center Haifa Ltd.[Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 50.10% | 50.10% | |
Description of equity interest | Matam - Scientific Industries Center Haifa Ltd. | ||
Hadarim Properties Ltd.[Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | Hadarim Properties Ltd. | ||
Property & Building Commercial Centers Ltd.[Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | Property & Building (Commercial Centers) Ltd. | ||
PBC USA Investments Inc [Member] | |||
Statement [Line Items] | |||
Country | United States | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
Description of equity interest | PBC USA Investments Inc |
Summary of significant accoun_7
Summary of significant accounting policies (Details 3) | 12 Months Ended |
Jun. 30, 2021 | |
Buildings And Facilities [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 5 and 50 years |
Machinery And Equipment [member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 3 and 24 years |
Communication Networks [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 4 and 20 years |
Others [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 3 and 25 years |
Summary of significant accoun_8
Summary of significant accounting policies (Details Narrative) | 12 Months Ended |
Jun. 30, 2021 | |
Accumulated inflation rate, description | the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. |
Associates voting rights, description | Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. |
Argentine peso suffered, description | During the years ended June 30, 2021, 2020 and 2019, the Argentine Peso suffered a decrease in its value compared to the US dollar and other currencies close to 26%, 40% and 47%, respectively |
Statutory asset tax rate | 1.00% |
Minimum presumed income tax payable period | 10 years |
Acquisitions and disposals (Det
Acquisitions and disposals (Details) | 12 Months Ended |
Jun. 30, 2021shares | |
Number of Shares [member] | |
Statement [Line Items] | |
Capitalize share capital, beginning | 116,500 |
Capitalization of share premium and inflation adjustment of share capital | 137,722,151 |
Issuance of ordinary shares | 380,000,000 |
Capitalize share capital, ending | 517,838,651 |
Share Capital [member] | |
Statement [Line Items] | |
Capitalize share capital, beginning | 116,500 |
Capitalization of share premium and inflation adjustment of share capital | 137,722,151 |
Issuance of ordinary shares | 380,000,000 |
Capitalize share capital, ending | 517,838,651 |
Acquisitions and disposals (D_2
Acquisitions and disposals (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | ||||
Inventories | $ 10,686 | $ 13,623 | $ 17,759 | |
Provisions | 540 | 8,312 | ||
Payroll and social security liabilities | 1,486 | 7,037 | ||
Group of liabilities held for sale | $ 0 | $ 35,521 | ||
IDBD [Member] | ||||
Statement [Line Items] | ||||
Investment properties | $ 117,547 | |||
Property, plant and equipment | 47,989 | |||
Trading properties | 7,690 | |||
Intangible assets | 36,546 | |||
Right-of-use assets | 25,853 | |||
Investments in associates and joint ventures | 48,443 | |||
Deferred income tax assets | 568 | |||
Income tax and MPIT credits | 426 | |||
Restricted assets | 8,400 | |||
Trade and other receivables | 70,693 | |||
Investments in financial assets | 31,643 | |||
Derivative financial instruments | 368 | |||
Inventories | 4,712 | |||
Group of assets held for sale | 55,028 | |||
Cash and cash equivalents | 145,330 | |||
TOTAL ASSETS | 601,236 | |||
Borrowings | (425,321) | |||
Lease liabilities | 23,696 | |||
Deferred income tax liabilities | (16,261) | |||
Trade and other payables | (31,785) | |||
Income tax and MPIT liabilities | 596 | |||
Provisions | 7,095 | |||
Employee benefits | (624) | |||
Derivative financial instrument | 624 | |||
Payroll and social security liabilities | 4,427 | |||
Group of liabilities held for sale | 28,805 | |||
TOTAL LIABILITIES | 539,234 | |||
TOTAL NET ASSETS | 62,002 | |||
Non-controlling interest | 62,519 | |||
Result for loss of control | (517) | |||
Recycling of currency translation adjustment and other reserves | (3,504) | |||
Total result for loss of control | $ (4,021) |
Acquisitions and disposals (D_3
Acquisitions and disposals (Details Narrative) R$ / shares in Units, $ / shares in Units, $ in Thousands, R$ in Millions, $ in Millions | May 14, 2021BRL (R$)R$ / sharesshares | Oct. 14, 2020USD ($) | Jul. 15, 2020ARS ($) | Nov. 12, 2020ARS ($) | Nov. 05, 2020ARS ($) | Aug. 25, 2020ARS ($) | Jul. 30, 2020ARS ($) | Jun. 30, 2021ARS ($)shares | Jun. 30, 2021USD ($) | Jun. 30, 2021USD ($)shares | Apr. 19, 2021shares | Apr. 05, 2021ARS ($)shares | Feb. 08, 2021ARS ($) | Feb. 08, 2021USD ($) | Dec. 22, 2020ARS ($)$ / sharesshares | Dec. 20, 2020 | Dec. 11, 2020USD ($) | Jun. 30, 2020$ / sharesshares | Jun. 30, 2018 |
Statement [Line Items] | |||||||||||||||||||
Agreement compensation amount | $ 31,000 | ||||||||||||||||||
Sale of Boston Tower Building [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Transaction amount | $ 666,000 | $ 1,906,000 | $ 2,271,000 | $ 3,574,000 | |||||||||||||||
Sale of real estate, description | IRSA Propiedades Comerciales S.A. has signed a bill of sale with possession of a medium-height floor of Boston Tower located at 265 Della Paolera in Catalinas District in the Autonomous City of Buenos Aires for a total area of approximately 1,247 square meters and 5 parking spaces located in the building. | IRSA Propiedades Comerciales S.A. has signed with an unrelated third party a bill of sale with possession of 3 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,266 square meters, a commercial space located on the ground floor of approximately 225 square meters and 15 parking spaces located in the building. | IRSA Propiedades Comerciales S.A. has signed a bill of sale with possession of 4 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,892 square meters and 15 parking spaces located in the building. | IRSA Propiedades Comerciales S.A. has sold and transferred 5 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 6,235 square meters and 25 parking spaces located in the building. | |||||||||||||||
Sale of Bouchard Building [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Transaction amount | $ 8,791,000 | ||||||||||||||||||
Sale of real estate, description | IRSA Propiedades Comerciales S.A. has sold the entire “Bouchard 710” building, located in the Plaza Roma district of the Autonomous City of Buenos Aires, to an unrelated third party. The tower consists of 15,014 square meters of gross rental area on 12 office floors and 116 parking spaces. | ||||||||||||||||||
Acquisition of Hudson Property [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Remaing balance paying percentage | 90.00% | ||||||||||||||||||
Remaing balance paying amount | $ 1 | ||||||||||||||||||
Initial paid, percentage | 10.00% | ||||||||||||||||||
Condor Merger Agreement [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Agreement compensation amount | $ 7 | ||||||||||||||||||
Common stock shares issued | shares | 3,194,214 | 3,194,214 | |||||||||||||||||
Represent of capital stock percentage | 21.70% | 21.70% | |||||||||||||||||
Manibil Sale [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Capital stock represented ordinary shares | shares | 217,332,873 | 116,500 | |||||||||||||||||
Capital stock par value, per share | $ / shares | $ 1 | $ 1 | |||||||||||||||||
Voting right per share | $ / shares | $ 1 | $ 1 | |||||||||||||||||
Result generated operation gain amount | $ 37,000 | ||||||||||||||||||
Market value of share percentage | 49.00% | ||||||||||||||||||
Brasil Agro [Member] | Warrants Option Exercise [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Right to receive ordinary shares | shares | 14,542,083 | ||||||||||||||||||
Warrants options exercise, shares | shares | 181,368 | ||||||||||||||||||
Warrants options exercise price | R$ / shares | R$ 22.1165 | ||||||||||||||||||
Warrants options exercise invested amount | R$ | R$ 321.6 | ||||||||||||||||||
Appa S. A. [member] | Share Capital Increase [member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Capital stock represented ordinary shares | shares | 517,722,151 | 116,500 | |||||||||||||||||
Capital stock par value, per share | $ / shares | $ 1 | ||||||||||||||||||
Voting right per share | $ / shares | $ 1 | ||||||||||||||||||
BrasilAgro [member] | Purchase Agreement [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Sale face value | $ 498,000 | ||||||||||||||||||
Sales agreements, description | BrasilAgro concluded the sale of 2,160 hectares (1,714 useful hectares) of Bananal Farm (Magalhães municipality - BA). The farm was included in the Group of assets held for sale due to a disagreement involving the tenant at the time of sale. | BrasilAgro concluded the sale of 2,160 hectares (1,714 useful hectares) of Bananal Farm (Magalhães municipality - BA). The farm was included in the Group of assets held for sale due to a disagreement involving the tenant at the time of sale. | |||||||||||||||||
Purchase agreement receipt amount | $ 107,000 | ||||||||||||||||||
Carnes Pampeanas S. A. [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Operation price already paid | $ 10 | ||||||||||||||||||
Transaction amount | $ 732 | ||||||||||||||||||
Agrouranga S. A. [member] | Share Capital Decrease [member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Result generated operation gain amount | $ 55,000 | ||||||||||||||||||
Sale face value | $ 59,000 | ||||||||||||||||||
Shares were sold | shares | 63,041 | ||||||||||||||||||
San Pedro [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Operation amount | 8.6 | ||||||||||||||||||
Remaining balance | 2.1 | ||||||||||||||||||
Fraction corresponding charged | $ 0.8 | ||||||||||||||||||
Sale of farm, description | The Company has signed a bill of sale with possession of a fraction of 2,440 hectares of its “San Pedro” farm, which includes 1,950 productive hectares of agricultural activity and its historic center. The field is located in the Department of Concepción del Uruguay, Entre Ríos province, and was acquired by CRESUD in 2005. After this operation, a remnant of approximately 3,580 hectares of said establishment remains in the hands of the Company. | The Company has signed a bill of sale with possession of a fraction of 2,440 hectares of its “San Pedro” farm, which includes 1,950 productive hectares of agricultural activity and its historic center. The field is located in the Department of Concepción del Uruguay, Entre Ríos province, and was acquired by CRESUD in 2005. After this operation, a remnant of approximately 3,580 hectares of said establishment remains in the hands of the Company. | |||||||||||||||||
Operation profit amounts | $ 326,000 | ||||||||||||||||||
San Pedro [Member] | December 2021 [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Fraction corresponding charged | $ 0.7 | ||||||||||||||||||
San Pedro [Member] | December 2022 [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Fraction corresponding charged | $ 0.6 | ||||||||||||||||||
Uranga Trading S. A. [member] | Share Capital Decrease [member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Result generated operation gain amount | $ 10 | ||||||||||||||||||
Sale face value | $ 2,000 | ||||||||||||||||||
Shares were sold | shares | 15,871 | ||||||||||||||||||
Merger of BrasilAgro-Agrifirma [Member] | Brasil Agro [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Share purchase agreement to acquire percentage | 100.00% | ||||||||||||||||||
Acquisition price payment | $ 2,763,000 | ||||||||||||||||||
Adjustment price paid | $ 1 |
Financial risk management and_3
Financial risk management and fair value estimates (Details) - Market Risk [Member] - Agricultural Business [Member] - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Net monetary position (Liability)/Asset | $ (68,500) | $ (46,940) | $ (38,144) |
Argentine Peso [Member] | |||
Statement [Line Items] | |||
Net monetary position (Liability)/Asset | (69,518) | (47,055) | (38,478) |
Brazilian Reais [Member] | |||
Statement [Line Items] | |||
Net monetary position (Liability)/Asset | 1,018 | 270 | 499 |
Bolivian Peso [Member] | |||
Statement [Line Items] | |||
Net monetary position (Liability)/Asset | $ 0 | $ (155) | $ (165) |
Financial risk management and_4
Financial risk management and fair value estimates (Details 1) - Market Risk [Member] - Urban Properties And Investments Business [Member] $ in Millions, $ in Millions | Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) |
Statement [Line Items] | ||||
Net monetary position (Liability) / Asset | $ (43,811) | $ (57,444) | $ (32,155) | |
Argentine Peso [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability) / Asset | $ (43,811) | (57,672) | (31,743) | |
Uruguayan Peso [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability) / Asset | $ 0 | $ 228 | $ (412) |
Financial risk management and_5
Financial risk management and fair value estimates (Details 2) | Jun. 30, 2021ARS ($) | Jun. 30, 2020ARS ($) |
Agricultural Business [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 3,680,434 | 573,902 |
Derivatives at fair value | $ 872,000,000 | $ (13,000,000) |
Gain / (Loss) for valuation at fair value at year-end | (474,000,000) | 344,000,000 |
Premium paid or (collected) | $ (118,000,000) | $ (12,000,000) |
Futures Contract [Member] | Sale Futures [Member] | Corn [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 135,538 | 152,531 |
Derivatives at fair value | $ 220,000,000 | $ (35,000,000) |
Gain / (Loss) for valuation at fair value at year-end | $ (63,000,000) | $ 11,000,000 |
Futures Contract [Member] | Sale Futures [Member] | Soybeans [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 236,384 | 86,421 |
Derivatives at fair value | $ 724,000,000 | $ (35,000,000) |
Gain / (Loss) for valuation at fair value at year-end | (977,000,000) | $ 341,000,000 |
Premium paid or (collected) | $ 0 | |
Futures Contract [Member] | Sale Futures [Member] | Wheat [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 5,100 | 18,500 |
Derivatives at fair value | $ 3,000,000 | $ 5,000,000 |
Futures Contract [Member] | Sale Futures [Member] | Ethanol [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 900 | 600 |
Gain / (Loss) for valuation at fair value at year-end | $ (107,000,000) | $ (12,000,000) |
Futures Contract [Member] | Purchase futures [Member] | Corn [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 85,750 | 46,480 |
Derivatives at fair value | $ (64,000,000) | $ 12,000,000 |
Futures Contract [Member] | Purchase futures [Member] | Soybeans [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 300 | 16,665 |
Derivatives at fair value | $ (1,000,000) | $ 8,000,000 |
Futures Contract [Member] | Purchase futures [Member] | Wheat [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 14,100 | 17,700 |
Derivatives at fair value | $ (24,000,000) | $ 2,000,000 |
Futures Contract [Member] | Sale Futures [Member] | Livestock [member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 4,950 | 54,450 |
Gain / (Loss) for valuation at fair value at year-end | $ (61,000,000) | $ (29,000,000) |
Futures Contract [Member] | Sale Futures [Member] | Cotton [member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 1,650,000 | 893 |
Derivatives at fair value | $ 14,000,000 | $ 20,000,000 |
Option contract [member] | Purchase Put Option [Member] | Corn [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 2,000 | |
Derivatives at fair value | $ (5,000,000) | $ (11,000,000) |
Premium paid or (collected) | $ (2) | |
Option contract [member] | Purchase Put Option [Member] | Soybeans [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 400 | 1,000 |
Derivatives at fair value | $ (8,000,000) | |
Premium paid or (collected) | $ (8) | |
Option contract [member] | Purchase Put Option [Member] | Wheat [Member] | ||
Statement [Line Items] | ||
Premium paid or (collected) | $ (7,000,000) | |
Option contract [member] | Purchased Call Options [Member] | Corn [Member] | ||
Statement [Line Items] | ||
Derivatives at fair value | (8,000,000) | |
Premium paid or (collected) | 8,000,000 | |
Option contract [member] | Purchased Call Options [Member] | Soybeans [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 20,465 | |
Derivatives at fair value | $ 17,000,000 | (6,000,000) |
Gain / (Loss) for valuation at fair value at year-end | 914 | |
Premium paid or (collected) | $ (188,000,000) | $ 14,000,000 |
Option contract [member] | Purchased Call Options [Member] | Wheat [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 5,080 | |
Derivatives at fair value | $ 47,000,000 | |
Gain / (Loss) for valuation at fair value at year-end | (82) | |
Premium paid or (collected) | $ (77,000,000) | |
Option contract [member] | Purchased Call Options [Member] | Wheat One [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 1,500,000 | |
Derivatives at fair value | $ 34,000,000 | |
Gain / (Loss) for valuation at fair value at year-end | 0 | |
Premium paid or (collected) | $ (25,000,000) | |
Option contract [member] | Sale Put Options [Member] | Corn [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 2,000 | 40,265 |
Derivatives at fair value | $ (35,000,000) | |
Gain / (Loss) for valuation at fair value at year-end | $ (36,000,000) | |
Premium paid or (collected) | $ 12 | |
Option contract [member] | Sale Put Options [Member] | Soybeans [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | (40,214) | 35,572 |
Derivatives at fair value | $ (101,000,000) | $ (8,000,000) |
Gain / (Loss) for valuation at fair value at year-end | (143,000,000) | 71,000,000 |
Premium paid or (collected) | 41 | |
Option contract [member] | Sale Put Options [Member] | Wheat [Member] | ||
Statement [Line Items] | ||
Premium paid or (collected) | $ 6 | |
Option contract [member] | Sale Put Options [Member] | Livestock [member] | ||
Statement [Line Items] | ||
Gain / (Loss) for valuation at fair value at year-end | $ (2,000,000) | |
Option contract [member] | Sale Put Options [Member] | Cotton [member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 625 | |
Derivatives at fair value | $ (8,000,000) | |
Option contract [member] | Sale Call Options [Member] | Corn [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 8,600 | 89,700 |
Derivatives at fair value | $ 8,000,000 | $ 47,000,000 |
Gain / (Loss) for valuation at fair value at year-end | 45 | |
Premium paid or (collected) | $ 83,000,000 | $ (8,000,000) |
Option contract [member] | Sale Call Options [Member] | Soybeans [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 45,081 | 4,500 |
Derivatives at fair value | $ 42,000,000 | |
Premium paid or (collected) | $ 41,000,000 | $ (26,000,000) |
Option contract [member] | Sale Call Options [Member] | Wheat [Member] | ||
Statement [Line Items] | ||
Commodities (in tons) | 4,000 | 8,000 |
Derivatives at fair value | $ 5,000,000 | |
Premium paid or (collected) | $ 6 |
Financial risk management and_6
Financial risk management and fair value estimates (Details 3) | Jun. 30, 2021ARS ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2020USD ($) |
Statement [Line Items] | |||
Trade and other payables | $ 21,835,000,000 | $ 58,291,000,000 | |
Borrowings | 118,668,000,000 | $ 0 | |
Agricultural Business [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 14,569 | $ 10,182 | |
Borrowings | 59,743 | 69,390 | |
Finance lease obligations | 5,405 | 4,483 | |
Derivative financial instruments | 975 | 394 | |
Total | 80,692 | 84,449 | |
More than 4 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 0 | 152 | |
Borrowings | 1,646 | 434 | |
Finance lease obligations | 0 | 1,613 | |
Derivative financial instruments | 0 | 0 | |
Total | 1,646 | 2,199 | |
Between 3and 4 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 0 | 81 | |
Borrowings | 1,646 | 445 | |
Finance lease obligations | 0 | 406 | |
Derivative financial instruments | 0 | 0 | |
Total | 1,646 | 932 | |
Between 2 and 3 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 0 | 282 | |
Borrowings | 7,447 | 13,580 | |
Finance lease obligations | 56 | 503 | |
Derivative financial instruments | 0 | 0 | |
Total | 7,503 | 14,365 | |
Between 1 and 2 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 863 | 185 | |
Borrowings | 18,138 | 22,446 | |
Finance lease obligations | 3,713 | 774 | |
Derivative financial instruments | 38 | 29 | |
Total | 22,752 | 23,434 | |
Less than 1 year [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 13,706 | 9,482 | |
Borrowings | 30,866 | 32,485 | |
Finance lease obligations | 1,636 | 1,187 | |
Derivative financial instruments | 937 | 365 | |
Total | $ 47,145 | $ 43,519 |
Financial risk management and_7
Financial risk management and fair value estimates (Details 4) | Jun. 30, 2021ARS ($) | Jun. 30, 2020USD ($) |
Less than 1 year [Member] | ||
Statement [Line Items] | ||
Trade and other payables | $ 2,748 | $ 2,322 |
Borrowings | 14,548 | 57,680 |
Finance lease obligations | 57 | 80 |
Derivative financial instruments | 49 | 125 |
Total | 17,402 | 60,207 |
Between 1 and 2 years [Member] | ||
Statement [Line Items] | ||
Trade and other payables | 104 | 234 |
Borrowings | 38,351 | 4,931 |
Finance lease obligations | 51 | 74 |
Derivative financial instruments | 9 | 42 |
Total | 38,515 | 5,281 |
Between 3and 4 years [Member] | ||
Statement [Line Items] | ||
Trade and other payables | 0 | 329 |
Borrowings | 211 | 98 |
Finance lease obligations | 90 | 0 |
Derivative financial instruments | 0 | 0 |
Total | 301 | 508 |
More than 4 years [Member] | ||
Statement [Line Items] | ||
Trade and other payables | 0 | 2 |
Borrowings | 188 | 324 |
Finance lease obligations | 1,767 | 1,939 |
Derivative financial instruments | 0 | 0 |
Total | 1,955 | 2,265 |
Between 2 and 3 years [Member] | ||
Statement [Line Items] | ||
Trade and other payables | 1 | 104 |
Borrowings | 5,695 | 40,975 |
Finance lease obligations | 80 | 77 |
Derivative financial instruments | 9 | |
Total | 5,776 | 41,165 |
Urban Properties And Investments Business [Member] | ||
Statement [Line Items] | ||
Trade and other payables | 2,853 | 2,991 |
Borrowings | 58,993 | 104,008 |
Finance lease obligations | 2,045 | 2,251 |
Derivative financial instruments | 58 | 176 |
Total | $ 63,949 | $ 109,426 |
Financial risk management and_8
Financial risk management and fair value estimates (Details 5) | Jun. 30, 2021 | Jun. 30, 2020 |
Agricultural Business [Member] | ||
Statement [Line Items] | ||
Gearing ratio | 64.80% | 63.03% |
Debt ratio | 134.74% | 251.91% |
Urban Properties And Investments Business [Member] | ||
Statement [Line Items] | ||
Gearing ratio | 74.84% | 49.57% |
Debt ratio | 32.86% | 44.42% |
Financial risk management and_9
Financial risk management and fair value estimates (Details Narrative) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021ARS ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2021USD ($) | |
Statement [Line Items] | |||
Business, description | A 10% depreciation of the US dollar against the functional currencies would have an equal and opposite effect on the Statements of Income and Other Comprehensive Income. | ||
Lower gain before income tax | $ 6,850,000,000 | $ 4,694,000,000 | |
Percentage of trade receivable by group | 96.40% | 94.20% | 96.40% |
Financial assets | $ 65,610,000,000 | $ 314,719,000,000 | |
Financial liabilities | $ 141,631,000,000 | 689,534,000,000 | |
Argentina [Member] | |||
Statement [Line Items] | |||
Business, description | Argentina and Brazil together concentrate more than 88% and 96% of the Group’s grain production for the years ended June 30, 2021 and 2020, respectively | ||
Percentage of trade receivable by group | 35.00% | 35.00% | |
Brazil [Member] | |||
Statement [Line Items] | |||
Percentage of trade receivable by group | 47.00% | 47.00% | |
Sales amount | $ 5,051,000,000 | $ 4,622,000,000 | |
Percentage of sales revenue | 17.00% | 15.00% | 17.00% |
Bolivia [Member] | |||
Statement [Line Items] | |||
Business, description | For the years ended June 30, 2021 and 2020, the grain production in Bolivia has not been significant representing only 2% and 3% of the total Group’s crop sales, respectively. | ||
ETH | |||
Statement [Line Items] | |||
Sales amount | $ 1,693,000,000 | $ 1,983,000,000 | |
Agroserra | |||
Statement [Line Items] | |||
Sales amount | $ 3,358,000,000 | $ 2,639,000,000 | |
Agricultural Business [Member] | |||
Statement [Line Items] | |||
Business, description | The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2021 and 2020 in the amount of ARS 74 and ARS 93, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. | ||
Percentage of trade receivable by group | 9.00% | ||
Derivatives at fair value | $ 872,000,000 | $ (13,000,000) | |
Net loss before income tax | 74,000,000 | 93,000,000 | |
Derivative Financial Instruments [Member] | |||
Statement [Line Items] | |||
Derivative financial instruments | 4,381,000,000 | 5,744,000,000 | |
Derivatives at fair value | 95,000,000 | $ 18 | |
Net loss before income tax | 2,700,000 | 46,000,000 | |
Derivatives margins | 340,000,000 | 293,000,000 | |
Gains and losses on commodity-based derivative instruments | (474,000,000) | 344,000,000 | |
Other price risks [Member] | |||
Statement [Line Items] | |||
Derivative financial instruments | 2,734,000,000 | 29,116,000,000 | |
Net loss before income tax | 273,000,000 | 2,912,000,000 | |
Future exchange contracts [Member] | |||
Statement [Line Items] | |||
Financial assets | 363,000,000 | 239,000,000 | |
Financial liabilities | $ 44,000,000 | $ 143,000,000 |
Segment information (Details)
Segment information (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Revenues | $ 42,411,000,000 | $ 51,068,000,000 | $ 47,529,000,000 |
Costs | (33,832,000,000) | (33,925,000,000) | (26,733,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,467,000,000 | 4,128,000,000 | 3,251,000,000 |
Changes in the net realizable value of agricultural products after harvest | (590,000,000) | 986,000,000 | (65,000,000) |
Gross profit | 22,456,000,000 | 22,257,000,000 | 23,982,000,000 |
Gain from disposal of farmlands | 1,310,000,000 | 1,259,000,000 | 998,000,000 |
Net gain / (loss) from fair value adjustments of investment properties | (2,246,000,000) | 51,040,000,000 | (58,033,000,000) |
General and administrative expenses | (5,167,000,000) | (5,147,000,000) | (6,090,000,000) |
Selling expenses | (4,147,000,000) | (4,850,000,000) | (3,294,000,000) |
Other operating results, net | (2,282,000,000) | 2,500,000,000 | 727,000,000 |
Management fees | (316,000,000) | ||
Profit / (loss) from operations | 9,924,000,000 | 66,743,000,000 | (41,710,000,000) |
Share of profit / (loss) of associates and joint ventures | (3,452,000,000) | 11,060,000,000 | (7,328,000,000) |
Segment profit / (loss) | 5,489,000,000 | 77,803,000,000 | (52,488,000,000) |
Reportable assets | 339,168,000,000 | 865,894,000,000 | 1,237,559,000,000 |
Reportable liabilities | (233,275,000,000) | (739,696,000,000) | (1,057,196,000,000) |
Net reportable assets | 105,893,000,000 | 126,198,000,000 | 180,363,000,000 |
Joint Ventures [Member] | |||
Statement [Line Items] | |||
Revenues | (50,000,000) | (90,000,000) | (140,000,000) |
Costs | (70,000,000) | (80,000,000) | (102,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 0 |
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 |
Gross profit | 20,000,000 | (10,000,000) | (38,000,000) |
Gain from disposal of farmlands | 0 | 0 | 0 |
Net gain / (loss) from fair value adjustments of investment properties | (121) | (395,000,000) | 1,258,000,000 |
General and administrative expenses | 14,000,000 | 20,000,000 | 24,000,000 |
Selling expenses | 21,000,000 | 27,000,000 | 9,000,000 |
Other operating results, net | (20,000,000) | 28,000,000 | 282,000,000 |
Profit / (loss) from operations | (86,000,000) | (330,000,000) | 1,535,000,000 |
Share of profit / (loss) of associates and joint ventures | 1,160,000,000 | 169,000,000 | (1,006,000,000) |
Segment profit / (loss) | (471,000,000) | (76,000,000) | 31,000,000 |
Reportable assets | (1,484,000,000) | (1,008,000,000) | (1,455,000,000) |
Net reportable assets | (1,484,000,000) | (1,008,000,000) | (1,455,000,000) |
Total [Member] | |||
Statement [Line Items] | |||
Revenues | 39,880,000,000 | 46,815,000,000 | 42,586,000,000 |
Costs | (30,723,000,000) | (29,154,000,000) | (21,042,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,278,000,000 | 3,925,000,000 | 3,048,000,000 |
Changes in the net realizable value of agricultural products after harvest | (590,000,000) | 986,000,000 | (65,000,000) |
Gross profit | 22,845,000,000 | 22,572,000,000 | 24,527,000,000 |
Gain from disposal of farmlands | 1,310,000,000 | 1,259,000,000 | 998,000,000 |
Net gain / (loss) from fair value adjustments of investment properties | (2,125,000,000) | 51,435,000,000 | (59,291,000,000) |
General and administrative expenses | (2,571,000,000) | (5,248,000,000) | (6,036,000,000) |
Selling expenses | (4,253,000,000) | (4,906,000,000) | (3,511,000,000) |
Other operating results, net | (2,366,000,000) | 2,396,000,000 | 342,000,000 |
Profit / (loss) from operations | 34,366,000,000 | 67,508,000,000 | (42,971,000,000) |
Share of profit / (loss) of associates and joint ventures | (4,612,000,000) | 10,770,000,000 | (6,322,000,000) |
Segment profit / (loss) | 6,092,000,000 | 78,278,000,000 | (52,245,000,000) |
Reportable assets | 272,945,000,000 | 966,947,000,000 | 1,023,204,000,000 |
Reportable liabilities | 0 | (600,580,000,000) | (692,205,000,000) |
Net reportable assets | 272,945,000,000 | 366,367,000,000 | 330,999,000,000 |
Adjustment [Member] | |||
Statement [Line Items] | |||
Revenues | 2,945,000,000 | 4,655,000,000 | 5,426,000,000 |
Costs | (3,179,000,000) | (4,851,000,000) | (5,793,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 0 |
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 |
Gross profit | (234,000,000) | (196,000,000) | (367,000,000) |
General and administrative expenses | (146,000,000) | ||
Selling expenses | 189,000,000 | ||
Other operating results, net | 107,000,000 | 73,000,000 | 124,000,000 |
Management fees | (316,000,000) | ||
Profit / (loss) from operations | (127,000,000) | (439,000,000) | (2,000,000,000) |
Segment profit / (loss) | (127,000,000) | (439,000,000) | (2,000,000,000) |
MPIT [Member] | |||
Statement [Line Items] | |||
Revenues | (364,000,000) | (312,000,000) | (343,000,000) |
Costs | 0 | 0 | 0 |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 189,000,000 | 203,000,000 | 203,000,000 |
Gross profit | (175,000,000) | (109,000,000) | (140,000,000) |
General and administrative expenses | 90,000,000 | 81,000,000 | 68,000,000 |
Selling expenses | 85,000,000 | 29,000,000 | 19,000,000 |
Other operating results, net | (3,000,000) | 3,000,000 | (21,000,000) |
Profit / (loss) from operations | (3,000,000) | 4,000,000 | (74,000,000) |
Share of profit / (loss) of associates and joint ventures | 20,000,000 | 0 | |
Segment profit / (loss) | (5,000,000) | 40,000,000 | (74,000,000) |
Reportable assets | 67,707,000,000 | (100,045,000,000) | 215,810,000,000 |
Reportable liabilities | (233,275,000,000) | (139,116,000,000) | (364,991,000,000) |
Net reportable assets | (165,568,000,000) | (239,161,000,000) | (149,181,000,000) |
Agricultural Business [Member] | |||
Statement [Line Items] | |||
Revenues | 29,766,000,000 | 30,084,000,000 | 19,973,000,000 |
Costs | (27,275,000,000) | (25,016,000,000) | (16,236,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,278,000,000 | 3,925,000,000 | 3,048,000,000 |
Changes in the net realizable value of agricultural products after harvest | (590,000,000) | 986,000,000 | (65,000,000) |
Gross profit | 16,179,000,000 | 9,979,000,000 | 6,720,000,000 |
Gain from disposal of farmlands | 1,310,000,000 | 1,259,000,000 | 998,000,000 |
Net gain / (loss) from fair value adjustments of investment properties | 5,510,000,000 | 1,172,000,000 | 0 |
General and administrative expenses | (2,176,000,000) | (1,881,000,000) | (2,026,000,000) |
Selling expenses | (2,742,000,000) | (3,057,000,000) | (1,883,000,000) |
Other operating results, net | (2,209,000,000) | 2,379,000,000 | 1,883,000,000 |
Management fees | 0 | ||
Profit / (loss) from operations | 4,638,000,000 | 9,851,000,000 | 4,992,000,000 |
Share of profit / (loss) of associates and joint ventures | 37,000,000 | 127,000,000 | 11,000,000 |
Segment profit / (loss) | 15,812,000,000 | 10,037,000,000 | 5,009,000,000 |
Reportable assets | 65,748,000,000 | 55,680,000,000 | 51,961,000,000 |
Reportable liabilities | 0 | 0 | 0 |
Net reportable assets | 65,748,000,000 | 55,680,000,000 | 51,961,000,000 |
Urban Properties And Investments Business [Member] | Operations Center in Argentina [Member] | |||
Statement [Line Items] | |||
Revenues | 10,114,000,000 | 16,731,000,000 | 22,613,000,000 |
Costs | (3,448,000,000) | (4,138,000,000) | (4,806,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 0 |
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 |
Gross profit | 6,666,000,000 | 12,593,000,000 | 17,807,000,000 |
Gain from disposal of farmlands | 0 | 0 | 0 |
Net gain / (loss) from fair value adjustments of investment properties | (7,635) | 50,263,000,000 | (59,291,000,000) |
General and administrative expenses | (3,095,000,000) | (3,367,000,000) | (4,010,000,000) |
Selling expenses | 1,511,000,000 | (1,849,000,000) | (1,628,000,000) |
Other operating results, net | (157,000,000) | 17,000,000 | (841,000,000) |
Profit / (loss) from operations | 27,342,000,000 | 57,657,000,000 | (47,963,000,000) |
Share of profit / (loss) of associates and joint ventures | (4,227,000,000) | 7,047,000,000 | (6,183,000,000) |
Segment profit / (loss) | (9,720,000,000) | 68,241,000,000 | (57,254,000,000) |
Reportable assets | 207,197,000,000 | 237,299,000,000 | 166,976,000,000 |
Reportable liabilities | 0 | 0 | 0 |
Net reportable assets | 207,197,000,000 | 237,299,000,000 | 166,976,000,000 |
Urban Properties And Investments Business [Member] | Israel | |||
Statement [Line Items] | |||
Revenues | 0 | 0 | |
Costs | 0 | 0 | |
Gross profit | 0 | 0 | |
Net gain / (loss) from fair value adjustments of investment properties | 0 | 0 | |
General and administrative expenses | 0 | 0 | |
Selling expenses | 0 | 0 | |
Other operating results, net | 0 | 0 | |
Profit / (loss) from operations | 0 | 0 | |
Share of profit / (loss) of associates and joint ventures | 0 | 0 | |
Segment profit / (loss) | 0 | 0 | |
Reportable assets | 673,968,000,000 | 804,267,000,000 | |
Reportable liabilities | (600,580,000,000) | (692,205,000,000) | |
Net reportable assets | 73,388,000,000 | 112,062,000,000 | |
Subtotal [Member] | |||
Statement [Line Items] | |||
Revenues | 10,114,000,000 | 16,731,000,000 | 22,613,000,000 |
Costs | (3,448,000,000) | (4,138,000,000) | (4,806,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 0 |
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 |
Gross profit | 6,666,000,000 | 12,593,000,000 | 17,807,000,000 |
Gain from disposal of farmlands | 0 | 0 | 0 |
Net gain / (loss) from fair value adjustments of investment properties | (7,635) | 50,263,000,000 | (59,291,000,000) |
General and administrative expenses | (3,095,000,000) | (3,367,000,000) | (4,010,000,000) |
Selling expenses | (1,511,000,000) | (1,849,000,000) | (1,628,000,000) |
Other operating results, net | (157,000,000) | 17,000,000 | (841,000,000) |
Profit / (loss) from operations | 29,728,000,000 | 57,657,000,000 | (47,963,000,000) |
Share of profit / (loss) of associates and joint ventures | (4,649,000,000) | 8,346,000,000 | (6,333,000,000) |
Segment profit / (loss) | (9,720,000,000) | 68,241,000,000 | (57,254,000,000) |
Reportable assets | 207,197,000,000 | 911,267,000,000 | 971,243,000,000 |
Reportable liabilities | 0 | (600,580,000,000) | (692,205,000,000) |
Net reportable assets | $ 207,197,000,000 | $ 310,687,000,000 | $ 279,038,000,000 |
Segment information (Details 1)
Segment information (Details 1) - ARS ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement [Line Items] | ||||
Revenues | $ 42,411,000,000 | $ 51,068,000,000 | $ 47,529,000,000 | |
Costs | (33,832,000,000) | (33,925,000,000) | (26,733,000,000) | |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,467,000,000 | 4,128,000,000 | 3,251,000,000 | |
Changes in the net realizable value of agricultural products after harvest | (590,000,000) | 986,000,000 | (65,000,000) | |
Gross profit / (loss) | 22,456,000,000 | 22,257,000,000 | 23,982,000,000 | |
Gain from disposal of farmlands | 1,310,000,000 | 1,259,000,000 | 998,000,000 | |
General and administrative expenses | (5,167,000,000) | (5,147,000,000) | (6,090,000,000) | |
Selling expenses | (4,147,000,000) | (4,850,000,000) | (3,294,000,000) | |
Other operating results, net | (2,282,000,000) | 2,500,000,000 | 727,000,000 | |
Profit / (loss) from operations | 9,924,000,000 | 66,743,000,000 | (41,710,000,000) | |
Share of profit/ (loss) of associates and joint ventures | (3,090,000,000) | 13,236,000,000 | ||
Segment profit / (loss) | (24,502,000,000) | 30,042,000,000 | (61,177,000,000) | |
Investment properties | 191,099,000,000 | 345,711,000,000 | ||
Property, plant and equipment | 40,115,000,000 | 90,054,000,000 | 81,268,000,000 | $ 52,073,000,000 |
Investments in associates | 12,999,000,000 | 112,842,000,000 | ||
Total Agricultural Business [Member] | ||||
Statement [Line Items] | ||||
Revenues | 29,766,000,000 | 30,084,000,000 | 19,973,000,000 | |
Costs | (27,275,000,000) | (25,016,000,000) | (16,236,000,000) | |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,278,000,000 | 3,925,000,000 | 3,048,000,000 | |
Changes in the net realizable value of agricultural products after harvest | (590,000,000) | 986,000,000 | (65,000,000) | |
Gross profit / (loss) | 16,179,000,000 | 9,979,000,000 | 6,720,000,000 | |
Gain from disposal of farmlands | 1,310,000,000 | 1,259,000,000 | 998,000,000 | |
Net gain from fair value adjustment of investment properties | 5,510,000,000 | 1,172,000,000 | 0 | |
General and administrative expenses | (2,176,000,000) | (1,881,000,000) | (2,026,000,000) | |
Selling expenses | (2,742,000,000) | (3,057,000,000) | (1,883,000,000) | |
Other operating results, net | (2,209,000,000) | 2,379,000,000 | 1,183,000,000 | |
Profit / (loss) from operations | 15,872,000,000 | 9,851,000,000 | 4,992,000,000 | |
Share of profit/ (loss) of associates and joint ventures | (60,000,000) | 186,000,000 | 17,000,000 | |
Segment profit / (loss) | 15,812,000,000 | 10,037,000,000 | 5,009,000,000 | |
Investment properties | 11,001,000,000 | 6,202,000,000 | 3,956,000,000 | |
Property, plant and equipment | 33,288,000,000 | 31,724,000,000 | 31,747,000,000 | |
Investments in associates | 817,000,000 | 1,068,000,000 | 620,000,000 | |
Other reportable assets | 20,641,000,000 | 16,686,000,000 | 15,638,000,000 | |
Reportable assets | 65,747,000,000 | 55,680,000,000 | 51,961,000,000 | |
Others [Member] | ||||
Statement [Line Items] | ||||
Revenues | 5,398,000,000 | 4,274,000,000 | 3,300,000,000 | |
Costs | (3,724,000,000) | (2,936,000,000) | (1,985,000,000) | |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 0 | |
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 | |
Gross profit / (loss) | 1,674,000,000 | 1,338,000,000 | 1,315,000,000 | |
Gain from disposal of farmlands | 0 | 0 | 0 | |
Net gain from fair value adjustment of investment properties | 0 | 0 | 0 | |
General and administrative expenses | (360,000,000) | (177,000,000) | (170,000,000) | |
Selling expenses | (403,000,000) | (328,000,000) | (337,000,000) | |
Other operating results, net | 131,000,000 | 251,000,000 | 174,000,000 | |
Profit / (loss) from operations | 1,042,000,000 | 1,084,000,000 | 982,000,000 | |
Share of profit/ (loss) of associates and joint ventures | (120,000,000) | 106,000,000 | (69,000,000) | |
Segment profit / (loss) | 922,000,000 | 1,190,000,000 | 913,000,000 | |
Investment properties | 0 | 0 | 0 | |
Property, plant and equipment | 709,000,000 | 10,143,000,000 | 8,739,000,000 | |
Investments in associates | 219,000,000 | 439,000,000 | 32,000,000 | |
Other reportable assets | 3,492,000,000 | 5,251,000,000 | 2,914,000,000 | |
Reportable assets | 3,803,000,000 | 5,774,000,000 | 4,101,000,000 | |
Agricultural Production [Member] | ||||
Statement [Line Items] | ||||
Revenues | 24,368,000,000 | 25,810,000,000 | 16,673,000,000 | |
Costs | (23,515,000,000) | (22,042,000,000) | (14,215,000,000) | |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,278,000,000 | 3,925,000,000 | 3,048,000,000 | |
Changes in the net realizable value of agricultural products after harvest | (590,000,000) | 986,000,000 | (65,000,000) | |
Gross profit / (loss) | 14,541,000,000 | 8,679,000,000 | 5,441,000,000 | |
Gain from disposal of farmlands | 0 | 0 | 0 | |
Net gain from fair value adjustment of investment properties | 0 | 0 | 0 | |
General and administrative expenses | (1,372,000,000) | (1,445,000,000) | (1,451,000,000) | |
Selling expenses | (2,338,000,000) | (2,727,000,000) | (1,544,000,000) | |
Other operating results, net | (4,091,000,000) | 683,000,000 | 642,000,000 | |
Profit / (loss) from operations | 6,740,000,000 | 5,190,000,000 | 3,088,000,000 | |
Share of profit/ (loss) of associates and joint ventures | 60,000,000 | 80,000,000 | 86,000,000 | |
Segment profit / (loss) | 6,800,000,000 | 5,270,000,000 | 3,174,000,000 | |
Investment properties | 11,001,000,000 | 6,202,000,000 | 3,956,000,000 | |
Property, plant and equipment | 32,931,000,000 | 31,371,000,000 | 30,369,000,000 | |
Investments in associates | 598,000,000 | 629,000,000 | 588,000,000 | |
Other reportable assets | 17,149,000,000 | 10,938,000,000 | 12,724,000,000 | |
Reportable assets | 61,679,000,000 | 49,140,000,000 | 47,637,000,000 | |
Land Transformation And Sales [Member] | ||||
Statement [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Costs | (36,000,000) | (38,000,000) | (36,000,000) | |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 0 | |
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 | |
Gross profit / (loss) | (36,000,000) | (38,000,000) | (36,000,000) | |
Gain from disposal of farmlands | 1,310,000,000 | 1,259,000,000 | 998,000,000 | |
Net gain from fair value adjustment of investment properties | 5,510,000,000 | 1,172,000,000 | 0 | |
General and administrative expenses | (5,000,000) | (5,000,000) | (4,000,000) | |
Selling expenses | (1,000,000) | (2,000,000) | (2,000,000) | |
Other operating results, net | 1,751,000,000 | 1,445,000,000 | 367,000,000 | |
Profit / (loss) from operations | 8,529,000,000 | 3,831,000,000 | 1,323,000,000 | |
Share of profit/ (loss) of associates and joint ventures | 0 | 0 | 0 | |
Segment profit / (loss) | 8,529,000,000 | 3,831,000,000 | 1,323,000,000 | |
Investment properties | 0 | 0 | 0 | |
Property, plant and equipment | 265,000,000 | 269,000,000 | 223,000,000 | |
Investments in associates | 0 | 0 | 0 | |
Other reportable assets | 0 | 497,000,000 | 0 | |
Reportable assets | 265,000,000 | 766,000,000 | 223,000,000 | |
Corporate [Member] | ||||
Statement [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Costs | 0 | 0 | 0 | |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 0 | |
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 | |
Gross profit / (loss) | 0 | 0 | 0 | |
Gain from disposal of farmlands | 0 | 0 | 0 | |
Net gain from fair value adjustment of investment properties | 0 | 0 | 0 | |
General and administrative expenses | (439,000,000) | (254,000,000) | (401,000,000) | |
Selling expenses | 0 | 0 | ||
Profit / (loss) from operations | (439,000,000) | (254,000,000) | (401,000,000) | |
Segment profit / (loss) | (439,000,000) | (254,000,000) | (401,000,000) | |
Investment properties | 0 | 0 | 0 | |
Property, plant and equipment | 0 | 0 | 0 | |
Investments in associates | 0 | 0 | 0 | |
Other reportable assets | 0 | 0 | 0 | |
Reportable assets | $ 0 | $ 0 | $ 0 |
Segment information (Details 2)
Segment information (Details 2) - ARS ($) | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement [Line Items] | ||||
Revenues | $ 42,411,000,000 | $ 51,068,000,000 | $ 47,529,000,000 | |
Costs | (33,832,000,000) | (33,925,000,000) | (26,733,000,000) | |
Gross profit / (loss) | 22,456,000,000 | 22,257,000,000 | 23,982,000,000 | |
General and administrative expenses | (5,167,000,000) | (5,147,000,000) | (6,090,000,000) | |
Selling expenses | (4,147,000,000) | (4,850,000,000) | (3,294,000,000) | |
Other operating results, net | (2,282,000,000) | 2,500,000,000 | 727,000,000 | |
Profit / (loss) from operations | 9,924,000,000 | 66,743,000,000 | (41,710,000,000) | |
Share of loss of associates and joint ventures | (3,452,000,000) | 11,060,000,000 | (7,328,000,000) | |
Segment profit / (loss) | (24,502,000,000) | 30,042,000,000 | (61,177,000,000) | |
Property, plant and equipment | 40,115,000,000 | 90,054,000,000 | 81,268,000,000 | $ 52,073,000,000 |
Investments in associates | 12,999,000,000 | 112,842,000,000 | ||
Corporate [Member] | ||||
Statement [Line Items] | ||||
Revenues | 0 | 0 | 0 | |
Costs | 0 | 0 | 0 | |
Gross profit / (loss) | 0 | 0 | 0 | |
Net (loss) / gain from fair value adjustment of investment properties | 0 | 0 | 0 | |
General and administrative expenses | (439,000,000) | (254,000,000) | (401,000,000) | |
Selling expenses | 0 | 0 | ||
Profit / (loss) from operations | (439,000,000) | (254,000,000) | (401,000,000) | |
Segment profit / (loss) | (439,000,000) | (254,000,000) | (401,000,000) | |
Property, plant and equipment | 0 | 0 | 0 | |
Investments in associates | 0 | 0 | 0 | |
Other reportable assets | 0 | 0 | 0 | |
Operations Center in Argentina [Member] | Total [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | 189,491,000,000 | 216,757,000,000 | 166,539,000,000 | |
Revenues | 10,114,000,000 | 16,731,000,000 | 22,613,000,000 | |
Costs | (3,448,000,000) | (4,138,000,000) | (4,806,000,000) | |
Gross profit / (loss) | 6,666,000,000 | 12,593,000,000 | 17,807,000,000 | |
Net (loss) / gain from fair value adjustment of investment properties | (7,635,000,000) | 50,263,000,000 | (59,291,000,000) | |
General and administrative expenses | (3,095,000,000) | (3,367,000,000) | (4,010,000,000) | |
Selling expenses | (1,511,000,000) | (1,849,000,000) | (1,628,000,000) | |
Other operating results, net | (157,000,000) | 17,000,000 | (841,000,000) | |
Profit / (loss) from operations | (5,732,000,000) | 57,657,000,000 | (47,963,000,000) | |
Share of loss of associates and joint ventures | (3,988,000,000) | 10,584,000,000 | (9,291,000,000) | |
Segment profit / (loss) | (9,720,000,000) | 68,241,000,000 | (57,254,000,000) | |
Property, plant and equipment | 6,389,000,000 | 4,955,000,000 | 2,378,000,000 | |
Investments in associates | 8,910,000,000 | 13,929,000,000 | (2,591,000,000) | |
Other reportable assets | 2,407,000,000 | 1,658,000,000 | 650,000,000 | |
Reportable assets | 207,197,000,000 | 237,299,000,000 | 166,976,000,000 | |
Operations Center in Argentina [Member] | Shopping Malls [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | 54,317,000,000 | 73,762,000,000 | 75,648,000,000 | |
Revenues | 5,321,000,000 | 8,915,000,000 | 12,828,000,000 | |
Costs | (865,000,000) | (851,000,000) | (1,166,000,000) | |
Gross profit / (loss) | 4,456,000,000 | 8,064,000,000 | 11,662,000,000 | |
Net (loss) / gain from fair value adjustment of investment properties | (20,342,000,000) | (3,162,000,000) | (60,952,000,000) | |
General and administrative expenses | (1,432,000,000) | (1,246,000,000) | (1,420,000,000) | |
Selling expenses | (451,000,000) | (1,065,000,000) | (796,000,000) | |
Other operating results, net | (126,000,000) | 26,000,000 | (29,000,000) | |
Profit / (loss) from operations | (17,895,000,000) | 2,617,000,000 | (51,535,000,000) | |
Share of loss of associates and joint ventures | 0 | 0 | 0 | |
Segment profit / (loss) | (17,895,000,000) | 2,617,000,000 | (51,535,000,000) | |
Property, plant and equipment | 289,000,000 | 338,000,000 | 0 | |
Investments in associates | 0 | 0 | 15,000,000 | |
Other reportable assets | 149,000,000 | 168,000,000 | 194,000,000 | |
Reportable assets | 54,755,000,000 | 74,268,000,000 | 75,857,000,000 | |
Operations Center in Argentina [Member] | Offices [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | 76,812,000,000 | 92,049,000,000 | 44,342,000,000 | |
Revenues | 2,764,000,000 | 3,542,000,000 | 3,362,000,000 | |
Costs | (223,000,000) | (218,000,000) | (230,000,000) | |
Gross profit / (loss) | 2,541,000,000 | 3,324,000,000 | 3,132,000,000 | |
Net (loss) / gain from fair value adjustment of investment properties | 5,395,000,000 | 34,181,000,000 | 1,155,000,000 | |
General and administrative expenses | (404,000,000) | (333,000,000) | (318,000,000) | |
Selling expenses | (199,000,000) | (126,000,000) | (148,000,000) | |
Other operating results, net | 7,000,000 | (39,000,000) | (44,000,000) | |
Profit / (loss) from operations | 7,340,000,000 | 37,007,000,000 | 3,777,000,000 | |
Share of loss of associates and joint ventures | 0 | 0 | 0 | |
Segment profit / (loss) | 7,340,000,000 | 37,007,000,000 | 3,777,000,000 | |
Property, plant and equipment | 3,517,000,000 | 1,699,000,000 | 2,099,000,000 | |
Investments in associates | 0 | 0 | 86,000,000 | |
Other reportable assets | 145,000,000 | 184,000,000 | 139,000,000 | |
Reportable assets | 80,474,000,000 | 93,932,000,000 | 46,666,000,000 | |
Operations Center in Argentina [Member] | Sales and developments [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | 55,943,000,000 | 48,320,000,000 | 41,693,000,000 | |
Revenues | 664,000,000 | 1,104,000,000 | 1,681,000,000 | |
Costs | (747,000,000) | (1,034,000,000) | (793,000,000) | |
Gross profit / (loss) | (83,000,000) | 70,000,000 | 888,000,000 | |
Net (loss) / gain from fair value adjustment of investment properties | 6,483,000,000 | 18,293,000,000 | 1,062,000,000 | |
General and administrative expenses | (357,000,000) | (342,000,000) | (391,000,000) | |
Selling expenses | (684,000,000) | (296,000,000) | (178,000,000) | |
Other operating results, net | (13,000,000) | (41,000,000) | (447,000,000) | |
Profit / (loss) from operations | 5,346,000,000 | 17,684,000,000 | 934,000,000 | |
Share of loss of associates and joint ventures | (16,000,000) | 0 | (56,000,000) | |
Segment profit / (loss) | 5,330,000,000 | 17,684,000,000 | 878,000,000 | |
Property, plant and equipment | 0 | 0 | 0 | |
Investments in associates | 0 | 799,000,000 | 665,000,000 | |
Other reportable assets | 1,948,000,000 | 1,131,000,000 | 277,000,000 | |
Reportable assets | 57,891,000,000 | 50,250,000,000 | 42,635,000,000 | |
Operations Center in Argentina [Member] | Hotels [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | (2,000,000) | 0 | 2,855,000,000 | |
Revenues | 921,000,000 | 3,036,000,000 | 4,435,000,000 | |
Costs | (1,065,000,000) | (1,870,000,000) | (2,385,000,000) | |
Gross profit / (loss) | (144,000,000) | 1,166,000,000 | 2,050,000,000 | |
Net (loss) / gain from fair value adjustment of investment properties | 0 | 0 | 0 | |
General and administrative expenses | (426,000,000) | (547,000,000) | (738,000,000) | |
Selling expenses | (141,000,000) | (345,000,000) | (474,000,000) | |
Other operating results, net | (12,000,000) | (30,000,000) | 172,000,000 | |
Profit / (loss) from operations | (723,000,000) | 244,000,000 | 1,010,000,000 | |
Share of loss of associates and joint ventures | 0 | 0 | 0 | |
Segment profit / (loss) | (723,000,000) | 244,000,000 | 1,010,000,000 | |
Property, plant and equipment | 2,575,000,000 | 2,918,000,000 | 279,000,000 | |
Investments in associates | 0 | 0 | 0 | |
Other reportable assets | 29,000,000 | 39,000,000 | 40,000,000 | |
Reportable assets | 2,602,000,000 | 2,957,000,000 | 3,174,000,000 | |
Operations Center in Argentina [Member] | International [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | 114,000,000 | 461,000,000 | 406,000,000 | |
Revenues | 376,000,000 | 17,000,000 | 21,000,000 | |
Costs | (317,000,000) | (18,000,000) | (9,000,000) | |
Gross profit / (loss) | 59,000,000 | (1,000,000) | 12,000,000 | |
Net (loss) / gain from fair value adjustment of investment properties | 6,000,000 | 0 | 9,000,000 | |
General and administrative expenses | (56,000,000) | (165,000,000) | (200,000,000) | |
Selling expenses | (26,000,000) | 0 | 0 | |
Other operating results, net | (12,000,000) | 0 | (19,000,000) | |
Profit / (loss) from operations | (29,000,000) | (166,000,000) | (198,000,000) | |
Share of loss of associates and joint ventures | (891,000,000) | 11,080,000,000 | (5,526,000,000) | |
Segment profit / (loss) | (920,000,000) | 10,914,000,000 | (5,724,000,000) | |
Property, plant and equipment | 0 | 0 | 0 | |
Investments in associates | 1,916,000,000 | 3,010,000,000 | (10,847,000,000) | |
Other reportable assets | 0 | 0 | 0 | |
Reportable assets | 2,030,000,000 | 3,471,000,000 | (10,441,000,000) | |
Operations Center in Argentina [Member] | Corporate [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | 0 | 0 | 0 | |
Revenues | 0 | 0 | 0 | |
Costs | 0 | 0 | 0 | |
Gross profit / (loss) | 0 | 0 | 0 | |
Net (loss) / gain from fair value adjustment of investment properties | 0 | 0 | 0 | |
General and administrative expenses | (352,000,000) | (562,000,000) | (779,000,000) | |
Selling expenses | 0 | 0 | 0 | |
Other operating results, net | 0 | 0 | 0 | |
Profit / (loss) from operations | (352,000,000) | (562,000,000) | (779,000,000) | |
Share of loss of associates and joint ventures | 0 | 0 | 0 | |
Segment profit / (loss) | (352,000,000) | (562,000,000) | (779,000,000) | |
Property, plant and equipment | 8,000,000 | 0 | 0 | |
Investments in associates | 0 | 0 | 0 | |
Other reportable assets | 0 | 0 | 0 | |
Reportable assets | 8,000,000 | 0 | 0 | |
Operations Center in Argentina 1 [Member] | Other [Member] | ||||
Statement [Line Items] | ||||
Investment and trading properties | 2,307,000,000 | 2,165,000,000 | 1,595,000,000 | |
Revenues | 68,000,000 | 117,000,000 | 286,000,000 | |
Costs | (231,000,000) | (147,000,000) | (223,000,000) | |
Gross profit / (loss) | (163,000,000) | (30,000,000) | 63,000,000 | |
Net (loss) / gain from fair value adjustment of investment properties | 823,000,000 | (565,000,000) | ||
General and administrative expenses | (68,000,000) | (172,000,000) | (164,000,000) | |
Selling expenses | (10,000,000) | (17,000,000) | (32,000,000) | |
Other operating results, net | (1,000,000) | 101,000,000 | (474,000,000) | |
Profit / (loss) from operations | 581,000,000 | 833,000,000 | (1,172,000,000) | |
Share of loss of associates and joint ventures | (3,081,000,000) | (496,000,000) | (3,709,000,000) | |
Segment profit / (loss) | (2,500,000,000) | 337,000,000 | (4,881,000,000) | |
Property, plant and equipment | 0 | 0 | 0 | |
Investments in associates | 6,994,000,000 | 10,120,000,000 | 7,490,000,000 | |
Other reportable assets | 136,000,000 | 136,000,000 | 0 | |
Reportable assets | $ 9,437,000,000 | $ 12,421,000,000 | $ 9,085,000,000 |
Segment information (Details 3)
Segment information (Details 3) - Israel - ARS ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Total [Member] | ||
Statement [Line Items] | ||
Reportable assets | $ 675,918,000,000 | $ 804,267,000,000 |
Reportable liabilities | (602,315) | (692,205) |
Reportable assets (liabilities), net | 73,603 | 112,062 |
Other [Member] | ||
Statement [Line Items] | ||
Reportable assets | 53,427,000,000 | |
Reportable liabilities | (58,771) | (21,144) |
Reportable assets (liabilities), net | 104,833 | 32,283 |
Supermarkets [Member] | ||
Statement [Line Items] | ||
Reportable assets | 42,191,000,000 | 34,566,000,000 |
Reportable liabilities | 0 | 0 |
Reportable assets (liabilities), net | 42,191 | 34,566 |
Telecommunications [Member] | ||
Statement [Line Items] | ||
Reportable assets | 210,318,000,000 | 164,289,000,000 |
Reportable liabilities | (159,326) | (127,370) |
Reportable assets (liabilities), net | 50,992 | 36,919 |
Insurance [Member] | ||
Statement [Line Items] | ||
Reportable assets | 5,072,000,000 | 34,002,000,000 |
Reportable liabilities | 0 | 0 |
Reportable assets (liabilities), net | 5,072 | 34,002 |
Corporate [Member] | ||
Statement [Line Items] | ||
Reportable assets | 25,015,000,000 | 62,238,000,000 |
Reportable liabilities | (164,429) | (189,891) |
Reportable assets (liabilities), net | (139,414) | (127,653) |
Real Estate [Member] | ||
Statement [Line Items] | ||
Reportable assets | 229,718,000,000 | 455,745,000,000 |
Reportable liabilities | (219,789) | (353,800) |
Reportable assets (liabilities), net | $ 9,929 | $ 101,945 |
Segment information (Details Na
Segment information (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Reportable segment percentage | 10.00% | 10.00% | 10.00% |
Provisions amount | $ 540 | $ 8,312 | |
Revenue corresponding principle amount | 15,269 | 17,215 | $ 9,697 |
Agricultural Business [Member] | |||
Statement [Line Items] | |||
Revenue corresponding principle amount | 16,122 | 17,930 | 10,389 |
Corresponding to assets | 20,452 | 19,931 | 20,671 |
Brazil [Member] | |||
Statement [Line Items] | |||
Revenue corresponding principle amount | 13,035 | 10,932 | 8,896 |
Corresponding to assets | 28,406 | 28,499 | |
Other Countries [Member] | |||
Statement [Line Items] | |||
Revenue corresponding principle amount | 13,644 | 12,154 | 9,584 |
Corresponding to assets | 45,801 | 35,749 | 31,290 |
Other Countries [Member] | Urban properties and investments [Member] | |||
Statement [Line Items] | |||
Corresponding to assets | 2,839 | 4,336 | (9,568) |
Operations Center in Argentina 1 [Member] | Urban properties and investments [Member] | |||
Statement [Line Items] | |||
Revenue corresponding principle amount | 9,738 | 16,714 | 21,874 |
Corresponding to assets | 204,358 | 232,963 | 176,544 |
UNITED STATES | Urban properties and investments [Member] | |||
Statement [Line Items] | |||
Revenue corresponding principle amount | 17 | 21 | |
Corresponding to assets | 2,030 | 3,471 | (10,442) |
MPIT [Member] | |||
Statement [Line Items] | |||
Provisions amount | 14 | 26 | 13,004 |
Uruguay [Member] | Urban properties and investments [Member] | |||
Statement [Line Items] | |||
Revenue corresponding principle amount | 718 | ||
Corresponding to assets | 801 | 865 | 874 |
FPC [Member] | |||
Statement [Line Items] | |||
Management fees | 316 | ||
Corresponding to expenses | $ (234) | $ (196) | $ (223) |
Information about the main su_3
Information about the main subsidiaries (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Current assets | $ 69,981,000,000 | $ 346,997,000,000 | |
Non-current assets | 269,191,000,000 | 684,787,000,000 | |
Current liabilities | 70,427,000,000 | 259,637,000,000 | |
Non-current liabilities | 162,852,000,000 | 588,672,000,000 | |
Revenues | $ 42,411,000,000 | $ 51,068,000,000 | $ 47,529,000,000 |
Mehadrin [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 56.25% | ||
Current assets | $ 19,584,000,000 | ||
Non-current assets | 26,794,000,000 | ||
Current liabilities | 20,959,000,000 | ||
Non-current liabilities | 5,011,000,000 | ||
Net assets | 20,408,000,000 | ||
Book value of non-controlling interests | 12,220,000,000 | ||
Net income/ (loss) | 159,000,000 | ||
Total comprehensive income / (loss) | 185,000,000 | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 377,000,000 | ||
Net cash generated from operating activities | 369,000,000 | ||
Net cash generated from / (used in) investing activities | (105,000,000) | ||
Net cash (used in) / generated from financing activities | (369,000,000) | ||
Net (decrease) / increase in cash and cash equivalents | (105,000,000) | ||
Revenues | 2,932,000,000 | ||
Dividends distribution to non-controlling shareholders | $ 26,000,000 | ||
Elron [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 38.94% | ||
Current assets | $ 5,073,000,000 | ||
Non-current assets | 5,957,000,000 | ||
Current liabilities | 765,000,000 | ||
Non-current liabilities | 214,000,000 | ||
Net assets | 10,051,000,000 | ||
Book value of non-controlling interests | 6,232,000,000 | ||
Net income/ (loss) | (2,665,000,000) | ||
Total comprehensive income / (loss) | (2,800,000,000) | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 8,321,000,000 | ||
Net cash generated from operating activities | (1,166,000,000) | ||
Net cash generated from / (used in) investing activities | 526,000,000 | ||
Net cash (used in) / generated from financing activities | 1,313,000,000 | ||
Net (decrease) / increase in cash and cash equivalents | $ 673,000,000 | ||
PBC [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 27.60% | ||
Current assets | $ 119,149,000,000 | ||
Non-current assets | 168,831,000,000 | ||
Current liabilities | 39,259,000,000 | ||
Non-current liabilities | 178,421,000,000 | ||
Net assets | 70,300,000,000 | ||
Book value of non-controlling interests | 28,933,000,000 | ||
Net income/ (loss) | 18,997,000,000 | ||
Total comprehensive income / (loss) | 18,272,000,000 | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 29,418,000,000 | ||
Net cash generated from operating activities | 9,505,000,000 | ||
Net cash generated from / (used in) investing activities | 35,856,000,000 | ||
Net cash (used in) / generated from financing activities | (30,406,000,000) | ||
Net (decrease) / increase in cash and cash equivalents | 14,955,000,000 | ||
Revenues | 18,490,000,000 | ||
Dividends distribution to non-controlling shareholders | $ 2,529,000,000 | ||
Cellcom [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 53.80% | ||
Current assets | $ 82,275,000,000 | ||
Non-current assets | 119,854,000,000 | ||
Current liabilities | 47,142,000,000 | ||
Non-current liabilities | 112,186,000,000 | ||
Net assets | 42,801,000,000 | ||
Book value of non-controlling interests | 26,916,000,000 | ||
Net income/ (loss) | (3,106,000,000) | ||
Total comprehensive income / (loss) | (3,154,000,000) | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 802,000,000 | ||
Net cash generated from operating activities | 22,401,000,000 | ||
Net cash generated from / (used in) investing activities | (11,152,000,000) | ||
Net cash (used in) / generated from financing activities | (9,498,000,000) | ||
Net (decrease) / increase in cash and cash equivalents | 1,751,000,000 | ||
Revenues | $ 84,226,000,000 | ||
Brasilagro [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 60.56% | 66.45% | |
Current assets | $ 34,002,000,000 | $ 33,008,000,000 | |
Non-current assets | 43,985,000,000 | 12,524,000,000 | |
Current liabilities | 12,763,000,000 | 7,692,000,000 | |
Non-current liabilities | 14,383,000,000 | 11,870,000,000 | |
Net assets | 50,841,000,000 | 25,970,000,000 | |
Book value of non-controlling interests | 31,013,000,000 | 17,256,000,000 | |
Net income/ (loss) | 9,566,000,000 | 3,557,000,000 | |
Total comprehensive income / (loss) | 9,662,000,000 | (4,057,000,000) | |
Total comprehensive income / (loss) attributable to non-controlling interest | 5,894,000,000 | (2,696,000,000) | |
Net cash generated from operating activities | 2,932,000,000 | 1,945,000,000 | |
Net cash generated from / (used in) investing activities | (4,094,000,000) | (1,060,000,000) | |
Net cash (used in) / generated from financing activities | 17,742,000,000 | 13,000,000 | |
Net (decrease) / increase in cash and cash equivalents | 16,580,000,000 | 898,000,000 | |
Revenues | $ 13,035,000,000 | $ 11,423,000,000 | |
Irsainversionesy Representaciones Sociedad Anonima [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 37.78% | 37.67% | |
Current assets | $ 13,923,000,000 | $ 308,988,000,000 | |
Non-current assets | 208,859,000,000 | 633,066,000,000 | |
Current liabilities | 22,138,000,000 | 215,363,000,000 | |
Non-current liabilities | 117,920,000,000 | 542,463,000,000 | |
Net assets | 82,724,000,000 | 184,228,000,000 | |
Book value of non-controlling interests | 20,892,000,000 | 98,423,000,000 | |
Net income/ (loss) | (37,591,000,000) | 35,651,000,000 | |
Total comprehensive income / (loss) | (11,432,000,000) | 21,300,000,000 | |
Total comprehensive income / (loss) attributable to non-controlling interest | (7,662,000,000) | 14,246,000,000 | |
Net cash generated from operating activities | 1,456,000,000 | 46,731,000,000 | |
Net cash generated from / (used in) investing activities | 67,880,000,000 | 61,049,000,000 | |
Net cash (used in) / generated from financing activities | (48,840,000,000) | (114,343,000,000) | |
Net (decrease) / increase in cash and cash equivalents | 20,496,000,000 | (6,563,000,000) | |
Revenues | 12,978,000,000 | 21,263,000,000 | |
Dividends distribution to non-controlling shareholders | $ (2,683,000,000) | $ (3,429,000,000) | |
IRSA CP [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 20.08% | 16.73% | |
Current assets | $ 22,652,000,000 | $ 22,417,000,000 | |
Non-current assets | 154,752,000,000 | 194,627,000,000 | |
Current liabilities | 13,122,000,000 | 24,668,000,000 | |
Non-current liabilities | 86,269,000,000 | 78,863,000,000 | |
Net assets | 78,013,000,000 | 113,513,000,000 | |
Book value of non-controlling interests | 5,549,000,000 | 6,143,000,000 | |
Net income/ (loss) | (22,537,000,000) | 27,266,000,000 | |
Total comprehensive income / (loss) | 131,000,000 | 27,644,000,000 | |
Total comprehensive income / (loss) attributable to non-controlling interest | (21,933,000,000) | 1,598,000,000 | |
Net cash generated from operating activities | 1,282,000,000 | 7,345,000,000 | |
Net cash generated from / (used in) investing activities | 9,754,000,000 | (4,325,000,000) | |
Net cash (used in) / generated from financing activities | (17,242,000,000) | (5,350,000,000) | |
Net (decrease) / increase in cash and cash equivalents | (6,206,000,000) | (2,330,000,000) | |
Revenues | 11,003,000,000 | 17,532,000,000 | |
Dividends distribution to non-controlling shareholders | $ 0 | $ (220,000,000) |
Investments in associates and_3
Investments in associates and joint ventures (Details) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Beginning of the year | $ 112,816,000,000 | $ 54,390,000,000 | ||
Adjustments of previous years (IFRS 9 and IAS 28) | 0 | (2,972,000,000) | ||
Increase of participation in associates and joint ventures | 0 | 4,167,000,000 | ||
Share capital increase and contributions | $ 42 | 4,284 | ||
Share capital reduction | 0 | (159,000,000) | ||
Decrease of interest in associates and joint ventures (v) | (43,856,000,000) | 0 | ||
Share of (loss) / profit | (3,090,000,000) | 13,236,000,000 | ||
Other comprehensive results | (3,732) | (1,854,000,000) | ||
Dividends (i) | (91,000,000) | (2,773,000,000) | ||
Investments in associates and joint venture, deconsolidation | (48,443,000,000) | 43,822,000,000 | $ (87,842,000,000) | |
Devaluation (iv) | (626,000,000) | 0 | ||
Reclassification to held-for-sale | 0 | (3,109,000,000) | ||
Incorporation by business combination | 0 | 3,781,000,000 | ||
Others | $ (35,000,000) | 3,000,000 | ||
End of the year | $ 12,985 | $ 112,816 |
Investments in associates and_4
Investments in associates and joint ventures (Details 1) - ARS ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Associates And Joint Ventures [Member] | |||
Statement [Line Items] | |||
Value of Group's interest in equity | $ 1,724 | $ 13,995 | |
Group's interest in comprehensive loss | 2,692 | 6,065 | $ 2,255 |
Total associates and joint ventures [Member] | |||
Statement [Line Items] | |||
Value of Group's interest in equity | 12,985 | 112,816 | |
Group's interest in comprehensive loss | (6,822) | 13,250 | (10,985) |
Gav - Yam [Member] | |||
Statement [Line Items] | |||
Value of Group's interest in equity | 0 | 40,970 | |
Group's interest in comprehensive loss | $ 39 | $ 0 | 0 |
% of ownership interest held | 34.90% | ||
Quality [Member] | |||
Statement [Line Items] | |||
Place of business / Country of incorporation | Argentina | ||
Main activity | Real estate | ||
Share capital (nominal value) | 450 | ||
Loss for the year | $ (518) | ||
Shareholders' equity | 5,760 | ||
Value of Group's interest in equity | 2,927 | $ 3,156 | |
Group's interest in comprehensive loss | $ (259) | $ 278 | $ (876) |
% of ownership interest held | 50.00% | 50.00% | 50.00% |
Common shares 1 vote | 225,146,012 | ||
La Rural S.A. [Member] | |||
Statement [Line Items] | |||
Place of business / Country of incorporation | Argentina | ||
Main activity | Organization of events | ||
Share capital (nominal value) | 1 | ||
Loss for the year | $ (64) | ||
Shareholders' equity | 378 | ||
Value of Group's interest in equity | 169 | $ 305 | |
Group's interest in comprehensive loss | $ (135) | $ 153 | $ 216 |
% of ownership interest held | 50.00% | 50.00% | 50.00% |
Common shares 1 vote | 714,498 | ||
TGLT S.A. [Member] | |||
Statement [Line Items] | |||
Place of business / Country of incorporation | Argentina | ||
Main activity | Real estate | ||
Share capital (nominal value) | 925 | ||
Loss for the year | $ (4,625) | ||
Shareholders' equity | 4,311 | ||
Value of Group's interest in equity | 937 | $ 3,093 | |
Group's interest in comprehensive loss | $ (2,157) | $ 0 | $ 0 |
% of ownership interest held | 27.82% | 30.20% | |
Common shares 1 vote | 257,320,997 | ||
Cresca S.A. [Member] | |||
Statement [Line Items] | |||
Value of Group's interest in equity | $ 29 | $ 31 | |
Group's interest in comprehensive loss | $ 8 | $ (24) | $ 27 |
% of ownership interest held | 50.00% | 50.00% | 50.00% |
New Lipstick [Member] | |||
Statement [Line Items] | |||
Place of business / Country of incorporation | U.S. | ||
Main activity | Real estate | ||
Loss for the year | $ (10) | ||
Shareholders' equity | (41) | ||
Value of Group's interest in equity | 218 | $ 701 | |
Group's interest in comprehensive loss | $ (480) | $ 11,465 | $ (4,805) |
% of ownership interest held | 49.96% | 49.96% | 49.96% |
BHSA [Member] | |||
Statement [Line Items] | |||
Place of business / Country of incorporation | Argentina | ||
Main activity | Financing | ||
Share capital (nominal value) | 1,500 | ||
Loss for the year | $ (2,528) | ||
Shareholders' equity | 17,276 | ||
Value of Group's interest in equity | 5,361 | $ 6,118 | |
Group's interest in comprehensive loss | $ (756) | $ (571) | $ (3,621) |
% of ownership interest held | 29.91% | 29.91% | 29.91% |
Common shares 1 vote | 448,689,072 | ||
Condor [Member] | |||
Statement [Line Items] | |||
Place of business / Country of incorporation | U.S. | ||
Main activity | Hotel | ||
Share capital (nominal value) | 232 | ||
Loss for the year | $ (178) | ||
Shareholders' equity | 54 | ||
Value of Group's interest in equity | 1,620 | $ 2,224 | |
Group's interest in comprehensive loss | $ (414) | $ 180 | $ 59 |
% of ownership interest held | 18.89% | 18.89% | 18.89% |
Common shares 1 vote | 2,245,100 | ||
Shufersal [member] | |||
Statement [Line Items] | |||
Value of Group's interest in equity | $ 0 | $ 42,223 | |
Group's interest in comprehensive loss | 24 | $ 7,834 | $ 446 |
% of ownership interest held | 26.02% | 26.02% | |
PBEL [Member] | |||
Statement [Line Items] | |||
Value of Group's interest in equity | 0 | $ 0 | |
Group's interest in comprehensive loss | $ 0 | $ 0 | $ (176) |
% of ownership interest held | 45.40% |
Investments in associates and_5
Investments in associates and joint ventures (Details 2) | 12 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019 | Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | |
Statement [Line Items] | |||||
Current assets | $ 346,997,000,000 | $ 69,981,000,000 | |||
Non-current assets | 684,787,000,000 | 269,191,000,000 | |||
Current liabilities | 259,637,000,000 | 70,427,000,000 | |||
Non-current liabilities | 588,672,000,000 | 162,852,000,000 | |||
Net assets | 1,031,784,000,000 | 339,172,000,000 | |||
Gav - Yam [Member] | |||||
Statement [Line Items] | |||||
Current assets | 63,029,000,000 | ||||
Non-current assets | 249,149,000,000 | ||||
Current liabilities | 29,726,000,000 | ||||
Non-current liabilities | $ 176,864,000,000 | ||||
% of ownership interest held | 34.90% | ||||
Revenues | $ 17,350 | ||||
Interest in associates / joint ventures | 36,850 | ||||
Goodwill and others | 4,120 | ||||
Book value | 40,970 | ||||
Net (loss)/ income | 10,161 | ||||
Total comprehensive (loss)/ income | 8,195 | ||||
Dividends distributed to non-controlling shareholders | 5,388 | ||||
Cash of operating activitie | 7,639 | ||||
Cash of investment activities | (8,596) | ||||
Cash of financial activities | 23,835 | ||||
Net (decrease)/ increase in cash and cash equivalents | 22,878 | ||||
Net assets | 105,588,000,000 | ||||
Quality Invest [Member] | |||||
Statement [Line Items] | |||||
Current assets | 6,000,000 | 0 | |||
Non-current assets | 8,299,000,000 | 18,000,000 | |||
Current liabilities | 131,000,000 | 26,000,000 | |||
Non-current liabilities | $ 1,956,000,000 | 2,987,000,000 | |||
% of ownership interest held | 50.00% | 50.00% | |||
Revenues | $ 45 | $ 27 | |||
Interest in associates / joint ventures | 3,109 | $ (1,498) | |||
Goodwill and others | 48 | 4,425 | |||
Book value | 3,156 | 2,927 | |||
Net (loss)/ income | (518) | 556 | |||
Total comprehensive (loss)/ income | (518) | 556 | |||
Dividends distributed to non-controlling shareholders | 0 | 0 | |||
Cash of operating activitie | (59) | (134) | |||
Cash of investment activities | (4) | 0 | |||
Cash of financial activities | 63 | 134 | |||
Net (decrease)/ increase in cash and cash equivalents | $ 0 | 0 | |||
Net assets | 6,218,000,000 | (2,995,000,000) | |||
TGLT S.A. [Member] | |||||
Statement [Line Items] | |||||
Current assets | 6,906,000,000 | 5,159,000,000 | |||
Non-current assets | 15,850,000,000 | 11,810,000,000 | |||
Current liabilities | 5,882,000,000 | 4,950,000,000 | |||
Non-current liabilities | $ 7,856,000,000 | 7,705,000,000 | |||
% of ownership interest held | 27.82% | 30.20% | |||
Revenues | $ 2,559 | $ 2,944 | |||
Interest in associates / joint ventures | 2,723 | 1,200 | |||
Goodwill and others | 370 | 0 | |||
Book value | 3,093 | (263) | |||
Net (loss)/ income | (1,924) | (575) | |||
Total comprehensive (loss)/ income | (1,924) | (575) | |||
Dividends distributed to non-controlling shareholders | 0 | 0 | |||
Cash of operating activitie | 113 | 779 | |||
Cash of investment activities | 66 | (609) | |||
Cash of financial activities | (455) | (879) | |||
Net (decrease)/ increase in cash and cash equivalents | $ (276) | (710) | |||
Net assets | 9,018,000,000 | 4,314,000,000 | |||
BHSA [Member] | |||||
Statement [Line Items] | |||||
Current assets | 115,457,000,000 | 114,759,000,000 | |||
Non-current assets | 65,503,000,000 | 71,092,000,000 | |||
Current liabilities | 153,639,000,000 | 156,405,000,000 | |||
Non-current liabilities | $ 6,954,000,000 | 11,661,000,000 | |||
% of ownership interest held | 29.91% | 29.91% | 29.91% | ||
Revenues | $ 29,257 | $ 19,576 | |||
Interest in associates / joint ventures | 6,092 | 5,319 | |||
Goodwill and others | 26 | 42 | |||
Book value | 6,118 | $ 5,361 | |||
Net (loss)/ income | (2,528) | (1,911) | |||
Total comprehensive (loss)/ income | (2,528) | (1,911) | |||
Dividends distributed to non-controlling shareholders | 0 | 0 | |||
Cash of operating activitie | 4,318 | 6,993 | |||
Cash of investment activities | (129) | 56 | |||
Cash of financial activities | (28,139) | (5,205) | |||
Net (decrease)/ increase in cash and cash equivalents | $ (23,950) | 1,844 | |||
Net assets | 20,367,000,000 | $ 17,785,000,000 | |||
Shufersal [member] | |||||
Statement [Line Items] | |||||
Current assets | 110,169,000,000 | ||||
Non-current assets | 280,922,000,000 | ||||
Current liabilities | 138,032,000,000 | ||||
Non-current liabilities | $ 194,095,000,000 | ||||
% of ownership interest held | 26.02% | 26.02% | |||
Revenues | $ 327,436 | ||||
Interest in associates / joint ventures | 15,340 | ||||
Goodwill and others | 26,883 | ||||
Book value | 42,223 | ||||
Net (loss)/ income | 7,579 | ||||
Total comprehensive (loss)/ income | 6,759 | ||||
Dividends distributed to non-controlling shareholders | 2,155 | ||||
Cash of operating activitie | 32,855 | ||||
Cash of investment activities | (4,069) | ||||
Cash of financial activities | (20,717) | ||||
Net (decrease)/ increase in cash and cash equivalents | 8,069 | ||||
Net assets | $ 58,964,000,000 |
Investments in associates and_6
Investments in associates and joint ventures (Details Narrative) $ / shares in Units, $ in Millions | Aug. 07, 2020 | Mar. 31, 2021shares | Mar. 31, 2011 | Jun. 30, 2021ARS ($)ft²$ / sharesshares | Jun. 30, 2021ARS ($)ft²$ / shares$ / sharesshares | Jun. 30, 2020ARS ($) |
Statement [Line Items] | ||||||
Agreement, description | In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters (“the Agreement”) to surrender a non-significant portion of the land and a monetary consideration of ARS 40 million, payable in two installments of ARS 20 each, the first of which was actually paid on June 30, 2015. In July 2017, the Agreement was amended as follows: 1) a revised zoning plan must be submitted within 120 days as from the amendment date, and 2) the second installment of the monetary considerations was increased to ARS 76 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses. On July 20, 2020 we were notified of the granting of the Hydraulic Aptitude in pre-feasibility instance. On August 5, 2021, they were signed between Quality Invest S.A. and the Municipality of San Martín the following documents: 1) CLUB PERETZ CLUB AGREEMENT ACT CLOSING: It is agreed that within 48 hours of signing the same Quality will pay the certificates owed for the work in question already completed, releasing both parties from any claim regarding the Minutes signed on January 20, 2015 The amount owed (already checked and agreed between the parties) is ARS 18,926,541. and the execution of the works are described, detailed and carried out. 2) COMPLEMENTARY AGREEMENT WITH THE MUNICIPALITY OF SAN MARTIN: In this agreement the completion of the Rodriguez Peña expansion work and the relocation and start-up of the EDENOR substation are agreed, according to the plan and specifications drawn up by TIS and that they are part of its annexes. In return, the certifications owed will be paid as follows: The total is for ARS 26,085,086: ARS 15,000,000.- are paid 48 hours after signing this document and the balance (without any adjustment clause) at the time of the provisional reception of the work, where the definitive reception and Delivery Certificate will be signed. | |||||
Interests in negative equity | $ (14) | $ (26) | ||||
Impairment | $ 626 | |||||
Market price per share | $ / shares | $ 4.07 | |||||
TGLT S.A. [Member] | ||||||
Statement [Line Items] | ||||||
Common shares equivalent | shares | 22,181,818 | |||||
BHSA [Member] | ||||||
Statement [Line Items] | ||||||
Market price per share | $ / shares | $ 8.45 | |||||
Investment in associates | $ 6,734 | $ 6,734 | $ 8,911 | |||
Treasury stock | shares | 35,200,000 | 35,200,000 | ||||
Discount actual dividend flows | 14.02% | 13.82% | ||||
Discount rate, percentage | 1.00% | |||||
Employee compensation plan | shares | 35,100,000 | 35,100,000 | ||||
Interest excluding the treasury stock | 29.91% | |||||
Discount rate reduction value | $ 625 | $ 805 | ||||
Treasury stock, shares | $ / shares | $ 1 | $ 1 | ||||
Area of land | ft² | 8.3 | 8.3 | ||||
Book value, percentage | 1.00% | 1.00% | ||||
New Lipstick [Member] | ||||||
Statement [Line Items] | ||||||
Interest rate percentage | 49.96% |
Investment properties (Details)
Investment properties (Details) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Statement [Line Items] | ||||
Fair value at the beginning of the year | $ 345,711,000,000 | |||
Currency translation adjustment | (6,817,000,000) | $ 11,184,000,000 | $ (2,878,000,000) | |
Net gain / (loss) from fair value adjustment | 1,000,000,000 | 703,000,000 | ||
Fair value at the end of the year | 191,099,000,000 | 345,711,000,000 | ||
Level 2 [Member] | ||||
Statement [Line Items] | ||||
Fair value at the beginning of the year | 113,480,000,000 | 62,180,000,000 | ||
Reclassifications of previous periods (IFRS 16) | 0 | 0 | ||
Currency translation adjustment | 166,000,000 | (1,007,000,000) | ||
Additions | 271,000,000 | 5,439,000,000 | ||
Additions of capitalized leasing costs | 13,000,000 | 6,000,000 | ||
Depreciation of capitalized leasing costs | (7,000,000) | (9,000,000) | ||
Transfers | (909,000,000) | 9,186,000,000 | ||
Reclassification of property, plant and equipment | $ (1,310) | 0 | ||
Disposals | 21,426,000,000 | 2,613,000,000 | ||
Balance incorporated by business combination | 0 | 0 | ||
Investment properties, deconsolidation | 0 | (2,544,000,000) | ||
Net gain / (loss) from fair value adjustment | 11,261,000,000 | 42,842,000,000 | ||
Fair value at the end of the year | 101,539,000,000 | 113,480,000,000 | 62,180,000,000 | |
Level 3 [Member] | Argentina [Member] | ||||
Statement [Line Items] | ||||
Fair value at the beginning of the year | 232,231,000,000 | 441,014,000,000 | ||
Reclassifications of previous periods (IFRS 16) | 0 | 640,000,000 | ||
Currency translation adjustment | (12,382,000,000) | 80,297,000,000 | ||
Additions | 762,000,000 | 2,761,000,000 | ||
Additions of capitalized leasing costs | 9,000,000 | 24,000,000 | ||
Depreciation of capitalized leasing costs | (6,000,000) | (14,000,000) | ||
Transfers | 0 | (43,229,000,000) | ||
Reclassification of property, plant and equipment | $ 0 | 0 | ||
Disposals | 0 | 20,145,000,000 | ||
Balance incorporated by business combination | 0 | 366,000,000 | ||
Investment properties, deconsolidation | (117,547) | (234,081,000,000) | ||
Net gain / (loss) from fair value adjustment | (13,507,000,000) | 4,598,000,000 | ||
Fair value at the end of the year | $ 89,560,000,000 | $ 232,231,000,000 | $ 441,014,000,000 |
Investment properties (Details
Investment properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Investment properties | $ 191,099 | $ 345,711 |
Leased Out Farmland [Member] | ||
Statement [Line Items] | ||
Investment properties | 11,001 | 6,202 |
Rental Properties [Member] | ||
Statement [Line Items] | ||
Investment properties | 122,451 | 287,145 |
Undeveloped Parcels Of Land [Member] | ||
Statement [Line Items] | ||
Investment properties | 54,183 | 41,356 |
Properties Under Development [Member] | ||
Statement [Line Items] | ||
Investment properties | 3,464 | 11,008 |
Investment Property [Member] | ||
Statement [Line Items] | ||
Investment properties | $ 191,099 | $ 345,711 |
Investment properties (Detail_2
Investment properties (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Rental and services income | $ 10,978 | $ 33,241 | $ 22,693 |
Direct operating expenses | (4,675) | (13,492) | (7,762) |
Development expenses | (114) | 182 | (130) |
Net realized gain from fair value adjustment of investment property | 10,821 | 1,703 | 860 |
Net unrealized (loss) / gain from fair value adjustment of investment property | $ (13,067) | $ 49,337 | $ (58,893) |
Investment properties (Detail_3
Investment properties (Details 3) - Level 3 [Member] | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Shopping Malls [Member] | ||||
Statement [Line Items] | ||||
Discount rate | 13.53% | 13.53% | 12.10% | |
Discount rate, increase | $ (3,840,000,000) | $ (6,387,000,000) | $ (4,906,000,000) | |
Discount rate, decrease | 4,589,000,000 | 7,821,000,000 | 6,118,000,000 | |
Argentina [Member] | ||||
Statement [Line Items] | ||||
Growth rate, increase | $ 1,759,000,000 | 3,045,000,000 | $ 2,307,000,000 | |
Growth rate | 2.40% | 2.40% | 3.00% | |
Increase in inflation | $ 8,171,000,000 | 13,296,000,000 | $ 4,296,000,000 | |
Decrease in inflation | (6,740,000,000) | (10,938,000,000) | (3,932,000,000) | |
Growth rate, decrease | (1,472,000,000) | (2,486,000,000) | (1,850,000,000) | |
Devaluation, increase | (4,357,000,000) | (6,181,000,000) | (4,559,000,000) | |
Devaluation, decrease | $ 5,325,000,000 | 7,555,000,000 | $ 5,571,000,000 | |
Argentina [Member] | Incidence Adjustment [Member] | ||||
Statement [Line Items] | ||||
Percentages of incidence | 30.00% | 30.00% | 30.00% | |
Increase in incidence | $ 11,644 | 10,808 | $ 6,696 | |
Decrease in incidence | $ (11,644) | (10,808) | (6,696) | |
Plot Of Land [Member] | ||||
Statement [Line Items] | ||||
Increase in Value per square meter (m2) | $ 3,493,000,000 | 3,243,000,000 | 2,007,000,000 | |
Decrease in Value per square meter (m2) | (3,493,000,000) | $ (3,243,000,000) | (2,007,000,000) | |
Fair value per square meter | $ 47,427,000,000 | $ 21,497,000,000 |
Investment properties (Detail_4
Investment properties (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Description of fair value measurements of investment properties | For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 116.94 (corresponding to the year ended June 30, 2022) and arriving at ARS 376.56. In the long term, a nominal devaluation rate of 27.5% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.1% (corresponding to the year ended June 30, 2022) and stabilizes at 30.0% after 5 years. | Fiscal year 2020: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 86.21 (corresponding to the year ended June 30, 2021) and arriving at ARS 243.89. In the long term, a nominal devaluation rate of 21.1% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 47.9% (corresponding to the year ended June 30, 2021) and stabilizes at 23.2% after 5 years. | For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 48.47 (corresponding to the year ended June 30, 2020) and arriving at ARS 72.16. In the long term, a nominal devaluation rate of 5.7% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.5% (corresponding to the year ended June 30, 2020) and stabilizes at 8% after 5 years. |
Net realized gain from fair value in investment | $ 1,000 | $ 703 | |
Mortgage properties to secure borrowings and notes payable | $ 1,730 | 27,293 | |
Change in fair value realized from sale | 1,556 | 12,343 | |
Disposals | 844 | 5,254 | |
La Malteria [Member] | |||
Statement [Line Items] | |||
Net realized gain from fair value in investment | 296 | ||
Disposals | 296 | ||
Garages In Bouchard 557 [Member] | |||
Statement [Line Items] | |||
Change in fair value realized from sale | 15 | ||
Torre Boston [Member] | |||
Statement [Line Items] | |||
Change in fair value realized from sale | 1,071 | 6,506 | |
Proceeds from sale of property | 5,434 | ||
Bouchard 710 [Member] | |||
Statement [Line Items] | |||
Change in fair value realized from sale | 470 | 5,837 | |
Proceeds from sale of property | $ 5,368 | ||
Caballito Ferro Land [Member] | |||
Statement [Line Items] | |||
Net realized gain from fair value in investment | 139 | $ 407 | |
Monetary benefit | 5 | ||
Non-monetary benefit | 541 | ||
200 Della Paolera [Member] | |||
Statement [Line Items] | |||
Net realized gain from fair value in investment | 861 | ||
Proceeds from sale of property | $ 861 |
Property plant and equipment (D
Property plant and equipment (Details) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Net book amount at beginning of period | $ 90,054,000,000 | $ 81,268,000,000 |
Additions | 3,380,000,000 | 10,295,000,000 |
Disposals | 844,000,000 | 5,254,000,000 |
Property plant and equipment, deconsolidation | (47,989,000,000) | (1,593,000,000) |
Incorporation of assets by business combination | 0 | 93,000,000 |
Currency translation adjustment | (4,314,000,000) | 6,444,000,000 |
Transfers | 4,025,000,000 | (3,777,000,000) |
Depreciation charge | (4,197,000,000) | (11,559,000,000) |
Net book amount at end of period | 40,115,000,000 | 90,054,000,000 |
Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | (144,378,000,000) | (132,819,000,000) |
Net book amount at end of period | (10,829,000,000) | (144,378,000,000) |
Owner Occupied Farmland [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 35,644,000,000 | 27,686,000,000 |
Additions | 1,335,000,000 | 1,143,000,000 |
Disposals | 584,000,000 | 180,000,000 |
Property plant and equipment, deconsolidation | (6,102) | |
Incorporation of assets by business combination | 0 | 10,741,000,000 |
Currency translation adjustment | (969,000,000) | (1,332,000,000) |
Transfers | 1,998,000,000 | (2,007,000,000) |
Depreciation charge | (413,000,000) | (407,000,000) |
Net book amount at end of period | 30,909,000,000 | 35,644,000,000 |
Owner Occupied Farmland [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | (3,509,000,000) | (3,102,000,000) |
Net book amount at end of period | (2,614,000,000) | (3,509,000,000) |
Bearer Plants [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 1,695,000,000 | 2,101,000,000 |
Additions | 143,000,000 | 469,000,000 |
Disposals | 0 | 0 |
Property plant and equipment, deconsolidation | 0 | 0 |
Incorporation of assets by business combination | 0 | 0 |
Currency translation adjustment | 0 | (357,000,000) |
Transfers | 0 | (3,000,000) |
Depreciation charge | (470,000,000) | (515,000,000) |
Net book amount at end of period | 1,368,000,000 | 1,695,000,000 |
Bearer Plants [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | (1,385,000,000) | (870,000,000) |
Net book amount at end of period | (1,225,000,000) | (1,385,000,000) |
Buildings And Facilities [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 9,674,000,000 | 8,978,000,000 |
Additions | 281,000,000 | 762,000,000 |
Disposals | 88,000,000 | 96,000,000 |
Property plant and equipment, deconsolidation | (4,285,000,000) | (635,000,000) |
Incorporation of assets by business combination | 2,424,000,000 | |
Currency translation adjustment | (312,000,000) | 671 |
Transfers | 2,011,000,000 | (1,714,000,000) |
Depreciation charge | (448,000,000) | (716,000,000) |
Net book amount at end of period | 6,833,000,000 | 9,674,000,000 |
Buildings And Facilities [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | (11,682,000,000) | (10,966,000,000) |
Net book amount at end of period | (3,518,000,000) | (11,682,000,000) |
Machinery And Equipment [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 1,185,000,000 | 1,325,000,000 |
Additions | 97,000,000 | 123,000,000 |
Disposals | 7,000,000 | 9,000,000 |
Property plant and equipment, deconsolidation | (795,000,000) | (892,000,000) |
Incorporation of assets by business combination | 566,000,000 | |
Currency translation adjustment | (66,000,000) | 284,000,000 |
Transfers | 1,000,000 | (51,000,000) |
Depreciation charge | (119,000,000) | (161,000,000) |
Net book amount at end of period | 296,000,000 | 1,185,000,000 |
Machinery And Equipment [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | (2,713,000,000) | (2,552,000,000) |
Net book amount at end of period | (2,609,000,000) | (2,713,000,000) |
Communication Networks [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | (111,672,000,000) | (104,716,000,000) |
Net book amount at end of period | 0 | (111,672,000,000) |
Communication Networks [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 31,713,000,000 | 32,439,000,000 |
Additions | 581,000,000 | 5,132,000,000 |
Disposals | 55,000,000 | 4,802,000,000 |
Property plant and equipment, deconsolidation | (28,322) | 0 |
Incorporation of assets by business combination | 0 | |
Currency translation adjustment | (2,285,000,000) | 5,334,000,000 |
Transfers | 0 | 566,000,000 |
Depreciation charge | (1,632,000,000) | (6,956,000,000) |
Net book amount at end of period | 0 | 31,713,000,000 |
Others [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 10,143,000,000 | 8,739,000,000 |
Additions | 943,000,000 | 2,666,000,000 |
Disposals | 110,000,000 | 167,000,000 |
Property plant and equipment, deconsolidation | (8,485,000,000) | (66,000,000) |
Incorporation of assets by business combination | 499,000,000 | |
Currency translation adjustment | (682,000,000) | 1,844,000,000 |
Transfers | 14 | (568,000,000) |
Depreciation charge | (1,115,000,000) | (2,804,000,000) |
Net book amount at end of period | 709,000,000 | 10,143,000,000 |
Others [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | (13,417,000,000) | (10,613,000,000) |
Net book amount at end of period | (863,000,000) | (13,417,000,000) |
Costs [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 234,432,000,000 | 214,087,000,000 |
Net book amount at end of period | 50,944,000,000 | 234,432,000,000 |
Costs [Member] | Owner Occupied Farmland [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 39,153,000,000 | 30,788,000,000 |
Net book amount at end of period | 33,523,000,000 | 39,153,000,000 |
Costs [Member] | Bearer Plants [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 3,080,000,000 | 2,971,000,000 |
Net book amount at end of period | 2,593,000,000 | 3,080,000,000 |
Costs [Member] | Buildings And Facilities [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 21,356,000,000 | 19,944,000,000 |
Net book amount at end of period | 10,351,000,000 | 21,356,000,000 |
Costs [Member] | Machinery And Equipment [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 3,898,000,000 | 3,877,000,000 |
Net book amount at end of period | 2,905,000,000 | 3,898,000,000 |
Costs [Member] | Communication Networks [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 143,385,000,000 | 137,155,000,000 |
Net book amount at end of period | 0 | 143,385,000,000 |
Costs [Member] | Others [Member] | ||
Statement [Line Items] | ||
Net book amount at beginning of period | 23,560,000,000 | 19,352,000,000 |
Net book amount at end of period | $ 1,572,000,000 | $ 23,560,000,000 |
Property plant and equipment _2
Property plant and equipment (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Biological assets capitalized | $ 856 | $ 1,108 |
Expense recognized under discontinued operations | 2,712 | 18 |
General And Administrative Expenses [Member] | ||
Statement [Line Items] | ||
Amortization charge | 200 | 1,178 |
Selling Expenses [Member] | ||
Statement [Line Items] | ||
Amortization charge | 7 | 2,303 |
Costs [Member] | ||
Statement [Line Items] | ||
Amortization charge | $ 422 | $ 8,875 |
Trading properties (Details)
Trading properties (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Beginning | $ 10,773,000,000 | $ 12,584,000,000 | $ 22,086,000,000 |
Additions | 805,000,000 | 3,345,000,000 | |
Capitalized finance costs | 469,000,000 | 168,000,000 | 354,000,000 |
Currency translation adjustment | (694,000,000) | 1,320,000,000 | |
Transfers | $ 0 | $ 322,000,000 | |
Desconsolidation | 7,690 | 233 | |
Disposals | $ (1,436,000,000) | $ (6,705,000,000) | |
Ending | 1,758,000,000 | 10,773,000,000 | 12,584,000,000 |
Properties Under Development [Member] | |||
Statement [Line Items] | |||
Beginning | 1,244,000,000 | 3,593,000,000 | |
Additions | 408,000,000 | 2,463,000,000 | |
Capitalized finance costs | 140,000,000 | ||
Currency translation adjustment | (125,000,000) | 50,000,000 | |
Transfers | $ (194,000,000) | $ (1,487,000,000) | |
Desconsolidation | 142 | 233 | |
Disposals | $ (390,000,000) | $ (3,282,000,000) | |
Ending | 801,000,000 | 1,244,000,000 | 3,593,000,000 |
Completed Properties [Member] | |||
Statement [Line Items] | |||
Beginning | 3,040,000,000 | 4,034,000,000 | |
Additions | 0 | 36,000,000 | |
Capitalized finance costs | 0 | ||
Currency translation adjustment | (194,000,000) | 454,000,000 | |
Transfers | $ 194,000,000 | $ 1,859,000,000 | |
Desconsolidation | 2,128 | 0 | |
Disposals | $ (790,000,000) | $ (3,343,000,000) | |
Ending | 122,000,000 | 3,040,000,000 | 4,034,000,000 |
Undeveloped Properties [Member] | |||
Statement [Line Items] | |||
Beginning | 6,489,000,000 | 4,957,000,000 | |
Additions | 397,000,000 | 846,000,000 | |
Capitalized finance costs | 0 | ||
Currency translation adjustment | (375,000,000) | 816,000,000 | |
Transfers | $ 0 | $ (50,000,000) | |
Desconsolidation | 5,420 | 0 | |
Disposals | $ (256,000,000) | $ (80,000,000) | |
Ending | $ 835,000,000 | $ 6,489,000,000 | $ 4,957,000,000 |
Trading properties (Details 1)
Trading properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Trading properties (Details) | ||
Non-current | $ 1,644 | $ 7,294 |
Current | 114 | 3,479 |
Total | $ 1,758 | $ 10,773 |
Trading properties (Details Nar
Trading properties (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Trading properties (Details) | ||
Acquired properties real estate projects approved amount | $ 906 | $ 1,039 |
Net book value | $ 801 | $ 865 |
Intangible assets (Details)
Intangible assets (Details) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Balance at the period beginning | $ 42,344,000,000 | $ 39,078,000,000 |
Additions | 2,218,000,000 | 6,814,000,000 |
Disposals | (111,000,000) | (233,000,000) |
Intangible assets, deconsolidation | (36,546,000,000) | (4,928,000,000) |
Devaluation | (40,000,000) | |
Transfers | (2,000,000) | (80,000,000) |
Assets incorporated by business combination | 103,000,000 | |
Currency translation adjustment | (2,480,000,000) | 8,643,000,000 |
Depreciation charge | (2,393,000,000) | (7,053,000,000) |
Balance at period end | 2,990,000,000 | 42,344,000,000 |
Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | (51,972,000,000) | (44,919,000,000) |
Balance at period end | (1,296,000,000) | (51,972,000,000) |
Contracts And Others [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 8,398,000,000 | 5,199,000,000 |
Additions | 1,704,000,000 | 4,453,000,000 |
Disposals | 0 | 0 |
Intangible assets, deconsolidation | (6,366,000,000) | 0 |
Transfers | 0 | 96,000,000 |
Assets incorporated by business combination | 0 | |
Currency translation adjustment | (598,000,000) | 1,038,000,000 |
Depreciation charge | (798,000,000) | (2,196,000,000) |
Balance at period end | 2,340,000,000 | 8,398,000,000 |
Contracts And Others [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | (10,504,000,000) | (8,308,000,000) |
Balance at period end | (524,000,000) | (10,504,000,000) |
Goodwill [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 8,744,000,000 | 10,111,000,000 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Intangible assets, deconsolidation | (8,479,000,000) | (4,895,000,000) |
Devaluation | (40,000,000) | |
Transfers | 0 | (2,000,000) |
Assets incorporated by business combination | 17,000,000 | |
Currency translation adjustment | 161,000,000 | 3,509,000,000 |
Depreciation charge | 0 | 0 |
Balance at period end | 386,000,000 | 8,744,000,000 |
Goodwill [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 0 | 0 |
Balance at period end | 0 | 0 |
Information Systems And Software [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 6,392,000,000 | 5,789,000,000 |
Additions | 486,000,000 | 2,361,000,000 |
Disposals | (111,000,000) | (206,000,000) |
Intangible assets, deconsolidation | (4,654,000,000) | (33,000,000) |
Transfers | 2,000,000 | (14,000,000) |
Assets incorporated by business combination | 29,000,000 | |
Currency translation adjustment | (695,000,000) | 999,000,000 |
Depreciation charge | (1,152,000,000) | (2,561,000,000) |
Balance at period end | 264,000,000 | 6,392,000,000 |
Information Systems And Software [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | (9,407,000,000) | (6,846,000,000) |
Balance at period end | (772,000,000) | (9,407,000,000) |
Customer Relations [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 3,718,000,000 | 4,733,000,000 |
Additions | 28,000,000 | 0 |
Disposals | 0 | (27,000,000) |
Intangible assets, deconsolidation | (3,141,000,000) | 0 |
Transfers | 0 | 0 |
Assets incorporated by business combination | 57,000,000 | |
Currency translation adjustment | (273,000,000) | 649,000,000 |
Depreciation charge | (332,000,000) | (1,694,000,000) |
Balance at period end | 0 | 3,718,000,000 |
Customer Relations [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | (19,644,000,000) | (17,950,000,000) |
Balance at period end | 0 | (19,644,000,000) |
Licenses [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 3,635,000,000 | 3,458,000,000 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Intangible assets, deconsolidation | (3,292,000,000) | 0 |
Transfers | 0 | 0 |
Assets incorporated by business combination | 0 | |
Currency translation adjustment | (260,000,000) | 596,000,000 |
Depreciation charge | (83,000,000) | (419,000,000) |
Balance at period end | 0 | 3,635,000,000 |
Licenses [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | (11,412,000,000) | (10,993,000,000) |
Balance at period end | 0 | (11,412,000,000) |
Trademarks [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 11,457,000,000 | 9,788,000,000 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Intangible assets, deconsolidation | (10,614,000,000) | 0 |
Devaluation | 0 | |
Transfers | 0 | 0 |
Assets incorporated by business combination | 0 | |
Currency translation adjustment | (815,000,000) | 1,852,000,000 |
Depreciation charge | (28,000,000) | (183,000,000) |
Balance at period end | 0 | 11,457,000,000 |
Trademarks [Member] | Accumulated Depreciation [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | (1,005,000,000) | (822,000,000) |
Balance at period end | 0 | (1,005,000,000) |
Costs [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 94,316,000,000 | 83,997,000,000 |
Balance at period end | 4,286,000,000 | 94,316,000,000 |
Costs [Member] | Contracts And Others [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 18,902,000,000 | 13,507,000,000 |
Balance at period end | 2,864,000,000 | 18,902,000,000 |
Costs [Member] | Goodwill [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 8,744,000,000 | 10,111,000,000 |
Balance at period end | 386,000,000 | 8,744,000,000 |
Costs [Member] | Information Systems And Software [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 15,799,000,000 | 12,635,000,000 |
Balance at period end | 1,036,000,000 | 15,799,000,000 |
Costs [Member] | Customer Relations [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 23,362,000,000 | 22,683,000,000 |
Balance at period end | 0 | 23,362,000,000 |
Costs [Member] | Licenses [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 15,047,000,000 | 14,451,000,000 |
Balance at period end | 0 | 15,047,000,000 |
Costs [Member] | Trademarks [Member] | ||
Statement [Line Items] | ||
Balance at the period beginning | 12,462,000,000 | 10,610,000,000 |
Balance at period end | $ 0 | $ 12,462,000,000 |
Intangible assets (Details Narr
Intangible assets (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
General And Administrative Expenses [Member] | |||
Statement [Line Items] | |||
Amortization charge | $ 78 | $ 2,483 | |
Selling Expenses [Member] | |||
Statement [Line Items] | |||
Amortization charge | 1 | 4,055 | |
Discontinued opertions [Member] | |||
Statement [Line Items] | |||
Amortization charge | $ 2,263 | ||
Costs [Member] | |||
Statement [Line Items] | |||
Amortization charge | $ 51 | $ 515 |
Rights of use of assets (Detail
Rights of use of assets (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Right-of-use assets | $ 4,257 | $ 32,936 |
Non-current | 4,257 | 32,936 |
Total | 4,257 | 32,936 |
Communication Networks [Member] | ||
Statement [Line Items] | ||
Right-of-use assets | 0 | 16,528 |
Machinery And Equipment [member] | ||
Statement [Line Items] | ||
Right-of-use assets | 62 | 51 |
Others [Member] | ||
Statement [Line Items] | ||
Right-of-use assets | 841 | 7,130 |
Farmland [Member] | ||
Statement [Line Items] | ||
Right-of-use assets | $ 3,343 | 3,045 |
Shopping Malls, Offices And Other Buildings [Member] | ||
Statement [Line Items] | ||
Right-of-use assets | $ 6,182 |
Rights of use of assets (Deta_2
Rights of use of assets (Details 1) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Rights of use of assets (Details) | ||
Balance at the period beginning | $ 32,936 | $ 24,594 |
Addition | 2,611 | 13,306 |
Disposals | (84) | (6) |
Transfer | 0 | 246 |
Previsions | (76) | 104 |
Depreciation charges | (1,757) | (7,457) |
Currency translation adjustment | (4,009) | 2,036 |
Right of use assets, deconsolidation | (25,853) | (63) |
Valorization | 489 | 176 |
Balance at period end | $ 4,257 | $ 32,936 |
Rights of use of assets (Deta_3
Rights of use of assets (Details 2) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 1,757 | $ 7,457 |
Communication Networks [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | 410 | 4,738 |
Machinery And Equipment [member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | 35 | 0 |
Others [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | 108 | 1,529 |
Farmland [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | 1,203 | 382 |
Shopping Malls, Offices And Other Buildings [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 1 | $ 808 |
Rights of use of assets (Deta_4
Rights of use of assets (Details 3) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Rights of use of assets (Details) | ||
Right-of-use interests | $ 257 | $ (201) |
Results from short-term leases | (62) | 29,454 |
Results from variable leases not recognized as lease liabilities | $ (389) | $ 1,197 |
Rights of use of assets (Deta_5
Rights of use of assets (Details 4) | 12 Months Ended |
Jun. 30, 2021 | |
Operations Center Argentina [Member] | |
Statement [Line Items] | |
Average discount rate | 10.61% |
Maturity date | 2023-2041 |
Agricultural Business [Member] | |
Statement [Line Items] | |
Average discount rate | 5.80% |
Maturity date | 2022-2050 |
Rights of use of assets (Deta_6
Rights of use of assets (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 1,757 | $ 7,457 |
Discontinued Operations [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 68 | $ 4,722 |
Biological assets (Details)
Biological assets (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
As of beginning of period | $ 6,807,000,000 | $ 8,411,000,000 | |
Transfers | 0 | ||
Purchases | 544,000,000 | 429,000,000 | |
Initial recognition and changes in the fair value of biological assets | 14,455,000,000 | 4,227,000,000 | |
Decrease due to harvest | (28,676,000,000) | (19,478,000,000) | |
Sales | (2,383,000,000) | (2,417,000,000) | |
Consumptions | (18,000,000) | (556,000,000) | |
Costs for the year | 19,397,000,000 | 17,169,000,000 | |
Incorporation by business combination | 0 | 93,000,000 | |
Foreign exchange gain / (loss) | (161,000,000) | (1,071,000,000) | |
As of end of period | 9,965,000,000 | 6,807,000,000 | |
Agricultural Business 2 [Member] | |||
Statement [Line Items] | |||
As of end of period | 9,965,000,000 | 6,807,000,000 | $ 8,411,000,000 |
As of beginning of period | 9,965,000,000 | 6,807,000,000 | 8,411,000,000 |
Non-current (Production) | 3,247,000,000 | 2,642,000,000 | 2,711,000,000 |
Current (Consumable) | 6,718,000,000 | 4,165,000,000 | 5,700,000,000 |
Level 1 [Member] | Others [Member] | |||
Statement [Line Items] | |||
As of end of period | 44,000,000 | 48,000,000 | 51,000,000 |
As of beginning of period | 44,000,000 | 48,000,000 | 51,000,000 |
Non-current (Production) | 44,000,000 | 48,000,000 | 51,000,000 |
Current (Consumable) | 0 | 0 | 0 |
Breeding Cattle And Cattle For Sale [Member] | Level 2 [Member] | |||
Statement [Line Items] | |||
As of end of period | 3,661,000,000 | 3,197,000,000 | 3,559,000,000 |
As of beginning of period | 3,661,000,000 | 3,197,000,000 | 3,559,000,000 |
Non-current (Production) | 3,147,000,000 | 2,553,000,000 | 2,619,000,000 |
Current (Consumable) | 514,000,000 | 644,000,000 | 940,000,000 |
Breeding Cattle And Cattle For Sale [Member] | Level 2 [Member] | Agricultural Business 1 [Member] | |||
Statement [Line Items] | |||
Transfers | 0 | 0 | |
Purchases | 538,000,000 | 264,000,000 | |
Initial recognition and changes in the fair value of biological assets | 688,000,000 | 273,000,000 | |
Decrease due to harvest | 0 | 0 | |
Sales | (2,380,000,000) | (2,415,000,000) | |
Consumptions | (10,000,000) | (6,000,000) | |
Costs for the year | 1,638,000,000 | 1,613,000,000 | |
Incorporation by business combination | 0 | 0 | |
Foreign exchange gain / (loss) | (10,000,000) | (91,000,000) | |
As of end of period | 3,661,000,000 | 3,197,000,000 | |
As of beginning of period | 3,197,000,000 | 3,559,000,000 | |
Other Cattle [Member] | Level 2 [Member] | |||
Statement [Line Items] | |||
As of end of period | 61,000,000 | 41,000,000 | 304,000,000 |
As of beginning of period | 61,000,000 | 41,000,000 | 304,000,000 |
Non-current (Production) | 56,000,000 | 41,000,000 | 41,000,000 |
Current (Consumable) | 5,000,000 | 3,000,000 | 263,000,000 |
Other Cattle [Member] | Level 2 [Member] | Agricultural Business 3 [Member] | |||
Statement [Line Items] | |||
Purchases | 6,000,000 | 165,000,000 | |
Initial recognition and changes in the fair value of biological assets | 14,000,000 | 116,000,000 | |
Sales | (3,000,000) | (2,000,000) | |
Consumptions | (539,000,000) | ||
As of end of period | 61,000,000 | 44,000,000 | |
As of beginning of period | 44,000,000 | 304,000,000 | |
Changes by transformation | 0 | 0 | |
Agricultural Business [Member] | Level 1 [Member] | Others [Member] | |||
Statement [Line Items] | |||
Transfers | 0 | 0 | |
Initial recognition and changes in the fair value of biological assets | 0 | 0 | |
Decrease due to harvest | 0 | 0 | |
Sales | 0 | 0 | |
Consumptions | (8,000,000) | (11,000,000) | |
Costs for the year | 4,000,000 | 8,000,000 | |
Incorporation by business combination | 0 | 0 | |
Foreign exchange gain / (loss) | 0 | 0 | |
As of end of period | 44,000,000 | 48,000,000 | |
As of beginning of period | 48,000,000 | 51,000,000 | |
Changes by transformation | 0 | 0 | |
Agricultural Business [Member] | Sown Land-crops [Member] | Level 1 [Member] | |||
Statement [Line Items] | |||
Transfers | (642,000,000) | (218,000,000) | |
Initial recognition and changes in the fair value of biological assets | 0 | 0 | |
Decrease due to harvest | 0 | 0 | |
Sales | 0 | 0 | |
Consumptions | 0 | 0 | |
Costs for the year | 447,000,000 | 659,000,000 | |
Incorporation by business combination | 0 | 0 | |
Foreign exchange gain / (loss) | (76,000,000) | (287,000,000) | |
As of end of period | 93,000,000 | 364,000,000 | |
As of beginning of period | 364,000,000 | 210,000,000 | |
Changes by transformation | 0 | 0 | |
Agricultural Business [Member] | Sown Land-crops [Member] | Level 3 [Member] | |||
Statement [Line Items] | |||
Transfers | 642,000,000 | 218,000,000 | |
Initial recognition and changes in the fair value of biological assets | 11,108,000,000 | 1,971,000,000 | |
Decrease due to harvest | (23,524,000,000) | (14,299,000,000) | |
Sales | 0 | 0 | |
Consumptions | 0 | 0 | |
Costs for the year | 14,044,000,000 | 11,331,000,000 | |
Incorporation by business combination | 0 | 93,000,000 | |
Foreign exchange gain / (loss) | (97,000,000) | (350,000,000) | |
As of end of period | 3,782,000,000 | 1,609,000,000 | |
As of beginning of period | 1,609,000,000 | 2,645,000,000 | |
Changes by transformation | 0 | 0 | |
Agricultural Business [Member] | Sugarcane Fields [Member] | Level 3 [Member] | |||
Statement [Line Items] | |||
Initial recognition and changes in the fair value of biological assets | 2,645,000,000 | 1,867,000,000 | |
Decrease due to harvest | (5,152,000,000) | (5,179,000,000) | |
Sales | 0 | 0 | |
Consumptions | 0 | 0 | |
Costs for the year | 3,264,000,000 | 3,558,000,000 | |
Incorporation by business combination | 0 | 0 | |
Foreign exchange gain / (loss) | 22,000,000 | (343,000,000) | |
As of end of period | 2,324,000,000 | 1,545,000,000 | |
As of beginning of period | 1,545,000,000 | 1,642,000,000 | |
Changes by transformation | 0 | 0 | |
Agricultural Business [Member] | Other Cattle [Member] | Level 2 [Member] | |||
Statement [Line Items] | |||
Transfers | 0 | 0 | |
Initial recognition and changes in the fair value of biological assets | 14,000,000 | 116,000,000 | |
Sales | (3,000,000) | (2,000,000) | |
Consumptions | 0 | (539,000,000) | |
Costs for the year | 0 | 0 | |
Incorporation by business combination | 0 | 0 | |
Foreign exchange gain / (loss) | 0 | 0 | |
Agricultural Business [Member] | Non-Current (Production) [Member] | Sown Land-crops [Member] | Level 1 [Member] | |||
Statement [Line Items] | |||
As of beginning of period | 93,000,000 | 364,000,000 | 210,000,000 |
Transfers | 0 | 0 | 0 |
As of end of period | 93,000,000 | 364,000,000 | 210,000,000 |
Agricultural Business [Member] | Non-Current (Production) [Member] | Sown Land-crops [Member] | Level 3 [Member] | |||
Statement [Line Items] | |||
Transfers | 0 | 0 | 0 |
As of end of period | 3,782,000,000 | 1,609,000,000 | 2,645,000,000 |
As of beginning of period | 3,782 | 1,609 | 2,645 |
Agricultural Business [Member] | Non-Current (Production) [Member] | Sugarcane Fields [Member] | Level 3 [Member] | |||
Statement [Line Items] | |||
As of end of period | 2,324,000,000 | 1,545,000,000 | 1,642,000,000 |
As of beginning of period | 2,324,000,000 | 1,545,000,000 | 1,642,000,000 |
Agricultural Business [Member] | Current (Consumable) [Member] | Sown Land-crops [Member] | Level 1 [Member] | |||
Statement [Line Items] | |||
Transfers | 0 | 0 | 0 |
As of end of period | 93,000,000 | 364,000,000 | 210,000,000 |
As of beginning of period | 93,000,000 | 364,000,000 | 210,000,000 |
Agricultural Business [Member] | Current (Consumable) [Member] | Sown Land-crops [Member] | Level 3 [Member] | |||
Statement [Line Items] | |||
Transfers | 0 | 0 | |
As of end of period | 3,782,000,000 | 1,609,000,000 | 2,645,000,000 |
As of beginning of period | $ 3,782,000,000 | $ 1,609,000,000 | $ 2,645,000,000 |
Biological assets (Details 1)
Biological assets (Details 1) | 12 Months Ended | ||
Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2021ARS ($)$ / shares | Jun. 30, 2020ARS ($) | |
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | |||
Statement [Line Items] | |||
Parameters | Yields - Operating costs - Selling expenses - Future of sale prices | Yields - Operating costs - Selling expenses - Future of sale prices | |
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Argentina [Member] | |||
Statement [Line Items] | |||
Increase yields | $ 259,000,000 | $ 129,000,000 | |
Increase future of sale prices | 326,000,000 | 185,000,000 | |
Increase operating cost | (118,000,000) | (76,000,000) | |
Decrease yields | (259,000,000) | (129,000,000) | |
Decrease future of sale prices | (326,000,000) | (185,000,000) | |
Decrease operating cost | 118,000,000 | 76,000,000 | |
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Brazil [Member] | |||
Statement [Line Items] | |||
Increase yields | 346,000,000 | 0 | |
Increase future of sale prices | 177,000,000 | 0 | |
Increase operating cost | (221,000,000) | 0 | |
Decrease yields | (346,000,000) | 0 | |
Decrease future of sale prices | (177,000,000) | 0 | |
Decrease operating cost | $ 221,000,000 | 0 | |
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Bolivia [Member] | |||
Statement [Line Items] | |||
Future of sale prices | $ / shares | $ 22.56 | ||
Increase yields | 20,000,000 | ||
Increase future of sale prices | 41,000,000 | ||
Increase operating cost | (23,000,000) | ||
Decrease yields | (20,000,000) | ||
Decrease future of sale prices | (41,000,000) | ||
Decrease operating cost | 23,000,000 | ||
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Bottom Of Range [Member] | Argentina [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 0.38 | ||
Future of sale prices | $ / shares | $ 2,156 | ||
Operating cost | $ 6,823,000,000 | ||
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Bottom Of Range [Member] | Brazil [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 1.02 | ||
Future of sale prices | $ / shares | $ 1,049 | ||
Operating cost | $ 629,000,000 | ||
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Top Of Range [Member] | Argentina [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 12.59 | ||
Future of sale prices | $ / shares | $ 98,040 | ||
Operating cost | $ 46,152,000,000 | ||
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Top Of Range [Member] | Brazil [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 5.55 | ||
Future of sale prices | $ / shares | $ 4,344 | ||
Operating cost | $ 1,633,000,000 | ||
Sugarcane Fields [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | |||
Statement [Line Items] | |||
Parameters | Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate | Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate | |
Sugarcane Fields [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Brazil [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 83 | ||
Future of sale prices | $ / shares | $ 123.16 | ||
Operating cost | $ 63,120,000 | ||
Increase yields | $ 954,000,000 | 213,000,000 | |
Increase future of sale prices | 536,000,000 | 311,000,000 | |
Increase operating cost | (631,000,000) | 240,000,000 | |
Decrease yields | (954,000,000) | (213,000,000) | |
Decrease future of sale prices | (536,000,000) | (311,000,000) | |
Decrease operating cost | $ 631,000,000 | $ (240,000,000) | |
Sugarcane Fields [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Bottom Of Range [Member] | Bolivia [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 65 | ||
Operating cost | $ 445,000,000 | ||
Sugarcane Fields [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Top Of Range [Member] | Bolivia [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 104 | ||
Operating cost | $ 461,000,000 | ||
Cattle [Member] | Level 2 [Member] | Comparable Market Prices [Member] | |||
Statement [Line Items] | |||
Parameters | Price per livestock head/kg and per category | Price per livestock head/kg and per category |
Biological assets (Details Narr
Biological assets (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2019 | |
Point of harvest amount | $ 28,688 | $ 19,497 |
Initial recognition and changes in fair value of biological assets | 702 | 389 |
Amount attributable to price changes | 1,258 | 407 |
Amount attributable to physical changes | $ (556) | $ (18) |
Inventories (Details)
Inventories (Details) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Inventories | $ 10,686,000,000 | $ 13,623,000,000 | $ 17,759,000,000 |
Total Inventories [Member] | |||
Statement [Line Items] | |||
Inventories | 10,686,000,000 | 13,623,000,000 | |
Crops [Member] | |||
Statement [Line Items] | |||
Inventories | 7,125,000,000 | 4,051,000,000 | |
Materials And Supplies [Member] | |||
Statement [Line Items] | |||
Inventories | 3,561,000,000 | 2,929,000,000 | |
Telephones And Others Communication Equipment [Member] | |||
Statement [Line Items] | |||
Inventories | 0 | 2,574,000,000 | |
Sugarcane [Member] | |||
Statement [Line Items] | |||
Inventories | 0 | 6,000,000 | |
Agricultural Inventories [Member] | |||
Statement [Line Items] | |||
Inventories | 10,686,000,000 | 6,986,000,000 | |
Fruit [Member] | |||
Statement [Line Items] | |||
Inventories | $ 0 | $ 4,063,000,000 |
Inventories (Details Narrative)
Inventories (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Cost of inventories recognized as expense amounted | $ 22,565 | $ 20,453 |
Financial instruments by cate_3
Financial instruments by category (Details) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Financial assets at amortized cost (i) | $ 31,782,000,000 | $ 236,892,000,000 |
Subtotal financial assets | 56,130,000,000 | 288,983,000,000 |
Non-financial assets | 9,480,000,000 | 25,736,000,000 |
Total | 65,610,000,000 | 314,719,000,000 |
Financial liabilities at amortized cost (i) | 134,135,000,000 | 675,502,000,000 |
Subtotal financial liabilities | 135,263,000,000 | 677,697,000,000 |
Non-financial liabilities | 6,368,000,000 | 11,837,000,000 |
Total | 141,631,000,000 | 689,534,000,000 |
Trade And Other Payables [Member] | ||
Statement [Line Items] | ||
Financial liabilities at amortized cost (i) | 15,467,000,000 | 46,454,000,000 |
Subtotal financial liabilities | 15,467,000,000 | 46,454,000,000 |
Non-financial liabilities | 6,368,000,000 | 11,837,000,000 |
Total | 21,835,000,000 | 58,291,000,000 |
Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 24,288,000,000 | 43,180,000,000 |
Financial liabilities at fair value through profit or loss | 975,000,000 | 419,000,000 |
Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 12,000,000 | 3,979,000,000 |
Financial liabilities at fair value through profit or loss | 153,000,000 | 1,746,000,000 |
Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 48,000,000 | 4,932,000,000 |
Financial liabilities at fair value through profit or loss | 0 | 30,000,000 |
Borrowings [Member] | ||
Statement [Line Items] | ||
Financial liabilities at amortized cost (i) | 118,668,000,000 | 629,048,000,000 |
Subtotal financial liabilities | 118,668,000,000 | 629,048,000,000 |
Total | 118,668,000,000 | 629,048,000,000 |
Derivative Financial Instruments [Member] | Crops Futures Contracts [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | 717,000,000 | 107,000,000 |
Total | 717,000,000 | 107,000,000 |
Derivative Financial Instruments [Member] | Forwards [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | 53,000,000 | |
Total | 53,000,000 | |
Derivative Financial Instruments [Member] | Level 1 [Member] | Crops Futures Contracts [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 717,000,000 | 107,000,000 |
Derivative Financial Instruments [Member] | Level 1 [Member] | Forwards [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 53,000,000 | |
Derivative Financial Instruments [Member] | Others [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 92,000,000 | |
Subtotal financial assets | 122,000,000 | |
Non-financial assets | 0 | |
Subtotal financial liabilities | 1,466,000,000 | |
Derivative Financial Instruments [Member] | Others [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 1,436,000,000 | |
Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 24,957,000,000 | 86,754,000,000 |
Subtotal financial assets | 24,957,000,000 | 86,754,000,000 |
Non-financial assets | 9,480,000,000 | 25,736,000,000 |
Total | 34,437,000,000 | 112,490,000,000 |
Trade And Other Receivables [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Trade And Other Receivables [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Trade And Other Receivables [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Equity securities in public companies [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 1,113,000,000 | 1,207,000,000 |
Non-financial assets | 0 | 0 |
Total | 1,113,000,000 | 1,207,000,000 |
Equity securities in public companies [Member] | Investments In Financial Assets [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 1,113,000,000 | 862,000,000 |
Equity securities in public companies [Member] | Investments In Financial Assets [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 345,000,000 |
Equity securities in private companies [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | |
Subtotal financial assets | 4,371,000,000 | |
Non-financial assets | 0 | |
Total | 4,371,000,000 | |
Equity securities in private companies [Member] | Investments In Financial Assets [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Equity securities in private companies [Member] | Investments In Financial Assets [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Equity securities in private companies [Member] | Investments In Financial Assets [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 4,371,000,000 | |
Deposits [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 1,436,000,000 | |
Subtotal financial assets | 1,528,000,000 | |
Non-financial assets | 0 | |
Total | 1,528,000,000 | |
Deposits [Member] | Investments In Financial Assets [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 92,000,000 | |
Deposits [Member] | Investments In Financial Assets [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Deposits [Member] | Investments In Financial Assets [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Bonds 1 [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 820,000,000 | 13,919,000,000 |
Non-financial assets | 0 | 0 |
Total | 820,000,000 | 13,919,000,000 |
Bonds 1 [Member] | Investments In Financial Assets [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 820,000,000 | 11,750,000,000 |
Bonds 1 [Member] | Investments In Financial Assets [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 2,169,000,000 |
Bonds 1 [Member] | Investments In Financial Assets [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Mutual Funds [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 38,000,000 | 6,691,000,000 |
Non-financial assets | 0 | 0 |
Total | 38,000,000 | 6,691,000,000 |
Mutual Funds [Member] | Investments In Financial Assets [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 38,000,000 | 6,691,000,000 |
Mutual Funds [Member] | Investments In Financial Assets [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Mutual Funds [Member] | Investments In Financial Assets [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 110,000,000 | 0 |
Subtotal financial assets | 763,000,000 | 4,888,000,000 |
Non-financial assets | 0 | 0 |
Total | 763,000,000 | 4,888,000,000 |
Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 605,000,000 | 3,323,000,000 |
Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 1,217,000,000 |
Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 48,000,000 | 348,000,000 |
Crops Options Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 179,000,000 | 216,000,000 |
Non-financial assets | 0 | 0 |
Total | 179,000,000 | 216,000,000 |
Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | 259,000,000 | 334,000,000 |
Total | 259,000,000 | 334,000,000 |
Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 164,000,000 | 259,000,000 |
Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 95,000,000 | 75,000,000 |
Swaps [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 12,000,000 | 23,000,000 |
Non-financial assets | 0 | 0 |
Total | 12,000,000 | 23,000,000 |
Subtotal financial liabilities | 108,000,000 | 92,000,000 |
Swaps [Member] | Derivative Financial Instruments [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 23,000,000 | |
Financial liabilities at fair value through profit or loss | 50,000,000 | 0 |
Swaps [Member] | Derivative Financial Instruments [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 12,000,000 | 0 |
Financial liabilities at fair value through profit or loss | 58,000,000 | 92,000,000 |
Swaps [Member] | Derivative Financial Instruments [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Financial liabilities at fair value through profit or loss | 0 | 0 |
Foreign Currency Options Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 49,000,000 | 26,000,000 |
Non-financial assets | 0 | 0 |
Total | 49,000,000 | 26,000,000 |
Foreign Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Subtotal financial assets | 49,000,000 | 1,466,000,000 |
Total | 49,000,000 | 143,000,000 |
Subtotal financial liabilities | 32,000,000 | 143,000,000 |
Foreign Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 43,000,000 | |
Financial liabilities at fair value through profit or loss | 36,000,000 | |
Foreign Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 26,000,000 | |
Financial liabilities at fair value through profit or loss | 143,000,000 | |
Financial Assets And Other Assets Held For Sale [member] | Clal Insurance Enterprises Holdings Ltd [Member] | ||
Statement [Line Items] | ||
Subtotal financial assets | 5,072,000,000 | |
Financial Assets And Other Assets Held For Sale [member] | Clal Insurance Enterprises Holdings Ltd [Member] | ||
Statement [Line Items] | ||
Subtotal financial assets | 5,072,000,000 | |
Restricted Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 202,000,000 | 12,234,000,000 |
Subtotal financial assets | 202,000,000 | 12,234,000,000 |
Non-financial assets | 0 | 0 |
Total | 202,000,000 | 12,234,000,000 |
Cash at bank and on hand [Member] | Cash And Cash Equivalents [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 6,513,000,000 | 40,601,000,000 |
Subtotal financial assets | 6,513,000,000 | 40,601,000,000 |
Non-financial assets | 0 | 0 |
Total | 6,513,000,000 | 40,601,000,000 |
Short-term Bank In Deposits [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 95,775,000,000 |
Subtotal financial assets | 21,016,000,000 | 110,990,000,000 |
Non-financial assets | 0 | 0 |
Total | 21,016,000,000 | 110,990,000,000 |
Short-term Bank In Deposits [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 21,016,000,000 | 51,215,000,000 |
Foreign Currency Future Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 213,000,000 | 314,000,000 |
Non-financial assets | 0 | 0 |
Total | 213,000,000 | 314,000,000 |
Foreign Currency Future Contracts [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 12,000,000 | |
Foreign Currency Future Contracts [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 213,000,000 | |
Foreign Currency Future Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Subtotal financial assets | 314,000,000 | |
Total | 314,000,000 | |
Subtotal financial liabilities | 32,000,000 | |
Foreign Currency Future Contracts [Member] | Derivative Financial Instruments [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 314,000,000 | |
Foreign Currency Future Contracts [Member] | Derivative Financial Instruments [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 213,000,000 | |
Crops Future Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 154,000,000 | 128,000,000 |
Non-financial assets | 0 | 0 |
Total | 154,000,000 | 128,000,000 |
Crops Future Contracts [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 128,000,000 | |
Crops Future Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Subtotal financial assets | 154,000,000 | |
Total | 154,000,000 | |
Crops Future Contracts [Member] | Derivative Financial Instruments [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 154,000,000 | 128,000,000 |
Public companies securities [Member] | Investments In Financial Assets [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | $ 0 | $ 0 |
Financial instruments by cate_4
Financial instruments by category (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Net amount presented, Financial assets | $ 56,130 | $ 288,983 |
Net amount presented, Financial liabilities | 135,263 | 677,697 |
Trade And Other Payables [Member] | ||
Statement [Line Items] | ||
Gross amounts recognized, Financial liabilities | 18,414 | 50,264 |
Gross amounts offset, Financial liabilities | (2,947) | (3,810) |
Net amount presented, Financial liabilities | 15,467 | 46,454 |
Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Gross amounts recognized, Financial assets | 27,904 | 90,565 |
Gross amounts offset, Financial assets | (2,947) | (3,811) |
Net amount presented, Financial assets | $ 24,957 | $ 86,754 |
Financial instruments by cate_5
Financial instruments by category (Details 2) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Interest income | $ 656,000,000 | $ 440,000,000 | $ 289,000,000 |
Interest earned on operating assets | 3,085,000,000 | 1,941,000,000 | 903,000,000 |
Interest expenses | (14,207,000,000) | (14,506,000,000) | (10,039,000,000) |
Foreign exchange, net | 10,484,000,000 | (15,188,000,000) | 3,433,000,000 |
Dividends income | 1,000,000 | 20,000,000 | 20,000,000 |
Capitalized finance costs | 469,000,000 | 168,000,000 | 354,000,000 |
Fair value gains financial assets at fair value through profit or loss | 10,088,000,000 | 1,431,000,000 | (5,326,000,000) |
Gain (loss) from repurchase of Non-convertible Notes | (25,000,000) | 138,000,000 | 112,000,000 |
Gain (loss) on financial instruments derived from commodities | (4,551,000,000) | 659,000,000 | 669,000,000 |
Gain (loss) from derivative financial instruments, net | (477,000,000) | (2,091,000,000) | 782,000,000 |
Other financial income | 0 | 0 | 3,000,000 |
Other financial results | (1,355,000,000) | (981,000,000) | (805,000,000) |
Net result | 3,699,000,000 | (28,137,000,000) | (9,605,000,000) |
Financial Assets And Liabilities At Amortised Cost Category [Member] | |||
Statement [Line Items] | |||
Interest income | 656,000,000 | 440,000,000 | 289,000,000 |
Interest earned on operating assets | 3,085,000,000 | 1,941,000,000 | 903,000,000 |
Interest expenses | (14,207,000,000) | (14,506,000,000) | (10,039,000,000) |
Foreign exchange, net | 10,484,000,000 | (15,188,000,000) | 3,433,000,000 |
Dividends income | 1,000,000 | 20,000,000 | 20,000,000 |
Capitalized finance costs | 354,000,000 | ||
Gain (loss) from repurchase of Non-convertible Notes | (25,000,000) | 138,000,000 | 112,000,000 |
Other financial income | 3,000,000 | ||
Other financial results | (1,355,000,000) | (981,000,000) | (805,000,000) |
Net result | (1,361,000,000) | (28,136,000,000) | (5,730,000,000) |
Financial Assets And Liabilities At Fair Value Through Profit Or Loss Category [Member] | |||
Statement [Line Items] | |||
Fair value gains financial assets at fair value through profit or loss | 10,088,000,000 | 1,431,000,000 | (5,326,000,000) |
Gain (loss) from repurchase of Non-convertible Notes | 0 | ||
Gain (loss) on financial instruments derived from commodities | (4,551,000,000) | 659,000,000 | 669,000,000 |
Gain (loss) from derivative financial instruments, net | (477,000,000) | (2,091,000,000) | 782,000,000 |
Net result | $ 5,060,000,000 | $ (1,000,000) | $ (3,875,000,000) |
Financial instruments by cate_6
Financial instruments by category (Details 3) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Balance | $ 4,900,000,000 | $ 6,222,000,000 |
Additions and acquisitions | 53,000,000 | |
Transfer to level 1 | 527,000,000 | |
Currency translation adjustment | (4,000,000) | 1,230,000,000 |
Write off | (4,857,000,000) | (2,383,000,000) |
Gains and losses recognized in the year | 9,000,000 | (749,000,000) |
Ending Balance | 48,000,000 | 4,900,000,000 |
Investments In Financial Assets [Member] | Others Investment In Financial Assets [Member] | ||
Statement [Line Items] | ||
Balance | 348,000,000 | 2,202,000,000 |
Currency translation adjustment | (4,000,000) | 158,000,000 |
Write off | (305,000,000) | (1,467,000,000) |
Gains and losses recognized in the year | 9,000,000 | (545,000,000) |
Ending Balance | 48,000,000 | 348,000,000 |
Investments In Financial Assets [Member] | Private companies securities [member] | ||
Statement [Line Items] | ||
Balance | 4,369,000,000 | 3,920,000,000 |
Additions and acquisitions | 53,000,000 | |
Currency translation adjustment | 714,000,000 | |
Write off | (4,369,000,000) | |
Gains and losses recognized in the year | (318,000,000) | |
Ending Balance | 4,369,000,000 | |
Investments In Financial Assets [Member] | Warrant [member] | ||
Statement [Line Items] | ||
Balance | 213,000,000 | 204,000,000 |
Transfer to level 1 | 527,000,000 | |
Currency translation adjustment | 368,000,000 | |
Write off | (213,000,000) | (916,000,000) |
Gains and losses recognized in the year | 30,000,000 | |
Ending Balance | 213,000,000 | |
Derivative Financial Instruments [Member] | Forwards [Member] | ||
Statement [Line Items] | ||
Balance | (30,000,000) | (104,000,000) |
Additions and acquisitions | 0 | |
Currency translation adjustment | (10,000,000) | |
Write off | $ 30,000,000 | |
Gains and losses recognized in the year | 84,000,000 | |
Ending Balance | $ (30,000,000) |
Financial instruments by cate_7
Financial instruments by category (Details 4) | 12 Months Ended |
Jun. 30, 2021 | |
Level 2 [Member] | Interest rate swaps [Member] | |
Statement [Line Items] | |
Description | Interest rate swaps |
Pricing model / method | Cash flows - Theoretical price |
Parameters | Interest rate futures contracts and cash flows |
Level 2 [Member] | Derivative financial instruments Forwards [Member] | |
Statement [Line Items] | |
Description | Derivative financial instruments Forwards |
Pricing model / method | Theoretical price |
Parameters | Underlying asset price and volatility |
Level 3 [Member] | Investments In Financial Assets [member] | |
Statement [Line Items] | |
Description | Investments in financial assets - Other private companies’ securities |
Pricing model / method | Cash flow / NAV - Theoretical price |
Parameters | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. |
Range | 1 - 3.5 |
Level 3 [Member] | Investments in financial assets - Others [member] | |
Statement [Line Items] | |
Description | Investments in financial assets - Others |
Pricing model / method | Discounted cash flows - Theoretical price |
Parameters | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. |
Range | 1 - 3.5 |
Level 3 [Member] | Derivative financial instruments Forwards [Member] | |
Statement [Line Items] | |
Description | Derivative financial instruments Forwards |
Pricing model / method | Theoretical price |
Parameters | Underlying asset price and volatility |
Trade and other receivables (De
Trade and other receivables (Details) | Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2020USD ($) |
Trade and other receivables | ||||
Trade, leases and services receivable | $ 21,147,000,000 | $ 68,975,000,000 | ||
Less: allowance for doubtful accounts | 999,000,000 | 5,783,000,000 | ||
Total trade receivables | 20,148 | $ 63,192 | ||
Prepayments | 4,913,000,000 | 17,782,000,000 | ||
Guarantee deposits | (1,000,000) | (5,000,000) | ||
Tax receivables | 2,547,000,000 | 2,325,000,000 | ||
Loan, deposits, and others | 3,639,000,000 | 11,478,000,000 | ||
Contributions pending integration | $ 10 | 0 | ||
Others | 2,180,000,000 | 11,925,000,000 | ||
Non-current | 10,715,000,000 | 41,044,000,000 | ||
Total other receivables | 13,290 | 43,515 | ||
Total trade and other receivables | 33,438 | 106,707 | ||
Current | 22,723,000,000 | $ 65,663,000,000 | ||
Total | $ 33,438 | $ 106,707 |
Trade and other receivables (_2
Trade and other receivables (Details 1) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Trade and other receivables | ||
Beginning of the year | $ 5,783,000,000 | $ 4,064,000,000 |
Incorporation by business combination | (270,000,000) | |
Additions | 863,000,000 | 1,624,000,000 |
Recoveries | (642,000,000) | (170,000,000) |
Currency translation adjustment | 132,000,000 | 1,657,000,000 |
Trade and other receivables, deconsolidation | (4,644) | (30,000,000) |
Utilization | (28,000,000) | (1,081,000,000) |
Inflation adjustment | (392,000,000) | (38,000,000) |
Transfer to assets held for sale | (73) | 27,000,000 |
End of the year | $ 999,000,000 | $ 5,783,000,000 |
Trade and other receivables (_3
Trade and other receivables (Details 2) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Percentage of representation | 100.00% | 100.00% |
Total | $ 21,147,000,000 | $ 68,975,000,000 |
Non-past Due [Member] | ||
Statement [Line Items] | ||
Total | 5,650,000,000 | 55,872,000,000 |
Allowance [Member] | ||
Statement [Line Items] | ||
Total | 999,000,000 | 5,783,000,000 |
Allowance [Member] | Sale of Communications Equipments [Member] | ||
Statement [Line Items] | ||
Total | 703,000,000 | |
Up To 3 Months [Member] | ||
Statement [Line Items] | ||
Total | 1,119,000,000 | 5,779,000,000 |
From 3 To 6 Months [Member] | ||
Statement [Line Items] | ||
Total | 367,000,000 | 506,000,000 |
Over 6 Months [Member] | ||
Statement [Line Items] | ||
Total | 678,000,000 | 1,035,000,000 |
Communications Service [Member] | Over 6 Months [Member] | ||
Statement [Line Items] | ||
Total | 671,000,000 | |
Non-past Due [Member] | Communications Services [Member] | ||
Statement [Line Items] | ||
Total | $ 8,922,000,000 | $ 18,384,000,000 |
Agricultural Products [Member] | ||
Statement [Line Items] | ||
Percentage of representation | 16.30% | 10.94% |
Total | $ 3,450,000,000 | $ 7,549,000,000 |
Agricultural Products [Member] | Non-past Due [Member] | ||
Statement [Line Items] | ||
Total | 3,412,000,000 | 4,545,000,000 |
Agricultural Products [Member] | Allowance [Member] | ||
Statement [Line Items] | ||
Total | $ 38,000,000 | 64,000,000 |
Agricultural Products [Member] | Up To 3 Months [Member] | ||
Statement [Line Items] | ||
Total | 2,360,000,000 | |
Agricultural Products [Member] | From 3 To 6 Months [Member] | ||
Statement [Line Items] | ||
Total | 397,000,000 | |
Agricultural Products [Member] | Over 6 Months [Member] | ||
Statement [Line Items] | ||
Total | $ 183,000,000 | |
Lease And Services [Member] | ||
Statement [Line Items] | ||
Percentage of representation | 41.50% | 9.24% |
Total | $ 8,775,000,000 | $ 6,370,000,000 |
Lease And Services [Member] | Allowance [Member] | ||
Statement [Line Items] | ||
Total | 961,000,000 | 1,206,000,000 |
Lease And Services [Member] | Up To 3 Months [Member] | ||
Statement [Line Items] | ||
Total | 1,119,000,000 | |
Lease And Services [Member] | From 3 To 6 Months [Member] | ||
Statement [Line Items] | ||
Total | $ 367,000,000 | |
Lease And Services [Member] | Over 6 Months [Member] | ||
Statement [Line Items] | ||
Total | 173,000,000 | |
Sale of Communication Equipment [Member] | Up To 3 Months [Member] | ||
Statement [Line Items] | ||
Total | $ 0 | |
Sale of Properties and Developments [Member] | ||
Statement [Line Items] | ||
Percentage of representation | 42.20% | 12.65% |
Total | $ 8,922,000,000 | $ 8,722,000,000 |
Sale of Properties and Developments [Member] | Non-past Due [Member] | ||
Statement [Line Items] | ||
Total | 8,420,000,000 | |
Sale of Properties and Developments [Member] | Allowance [Member] | ||
Statement [Line Items] | ||
Total | $ 0 | 2,000,000 |
Sale of Properties and Developments [Member] | Up To 3 Months [Member] | ||
Statement [Line Items] | ||
Total | 284,000,000 | |
Sale of Properties and Developments [Member] | From 3 To 6 Months [Member] | ||
Statement [Line Items] | ||
Total | 8,000,000 | |
Sale of Properties and Developments [Member] | Over Six Months [Member] | ||
Statement [Line Items] | ||
Total | 8,000,000 | |
Communications Services [Member] | Up To 3 Months [Member] | ||
Statement [Line Items] | ||
Total | $ 2,230,000,000 | |
Sale of Communication Equipments [Member] | ||
Statement [Line Items] | ||
Percentage of representation | 30.80% | |
Total | $ 21,241,000,000 | |
Communication Service [Member] | ||
Statement [Line Items] | ||
Percentage of representation | 36.38% | |
Total | $ 25,093,000,000 | |
Sale of Communication Equipment [Member] | Non-pasts Dues [Member] | ||
Statement [Line Items] | ||
Total | 20,538,000,000 | |
Communication Services [Member] | Allowance [Member] | ||
Statement [Line Items] | ||
Total | $ 3,808,000,000 |
Cash flow information (Details)
Cash flow information (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Adjustments for: | |||
Financial results, net | $ 6,206,000,000 | $ (30,733,000,000) | $ (12,203,000,000) |
Cash Flow Information [Member] | |||
Statement [Line Items] | |||
(Loss) / Profit for the period | (24,502,000,000) | 30,042,000,000 | (61,177,000,000) |
Profit / (loss) from discontinued operations | 8,257,000,000 | 5,080,000,000 | (4,334,000,000) |
Adjustments for: | |||
Income tax | 27,940,000,000 | 11,948,000,000 | 820,000,000 |
Amortization and depreciation | 3,452,000,000 | 2,947,000,000 | 735,000,000 |
Gain from disposal of trading properties | 0 | 0 | (960,000,000) |
Net loss / (gain) from fair value adjustment of investment properties | 2,246,000,000 | (51,040,000,000) | 58,033,000,000 |
Share-based compensation | 0 | 0 | 94,000,000 |
Changes in the fair value of investments in financial assets | 0 | 1,541,000,000 | (629,000,000) |
Disposal of property, plant and equipment | 0 | 0 | (4,000,000) |
Gain/ (loss) from disposal of subsidiary and associates | (37,000,000) | 0 | 225,000,000 |
Loss from disposal of trading properties | (6,000,000) | 0 | (4,000,000) |
Impairment of goodwill | 0 | 0 | 277,000,000 |
Financial results, net | (4,517,000,000) | 26,960,000,000 | 9,972,000,000 |
Provisions and allowances | 494,000,000 | 1,473,000,000 | 1,295,000,000 |
Share of loss / (profit) of associates and joint ventures | 4,435,000,000 | (11,060,000,000) | 10,778,000,000 |
Loss from repurchase of Non-convertible Notes | 25,000,000 | 2,000,000 | 0 |
Gain from valuation at fair value of financial assets with changes in results | (4,850,000,000) | 0 | 0 |
Changes in net realizable value of agricultural products after harvest | 590,000,000 | (987,000,000) | 64,000,000 |
Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest | (12,311,000,000) | (4,991,000,000) | (3,436,000,000) |
Unrealized gain from derivative financial instruments | 573,000,000 | 54,000,000 | 440,000,000 |
Other operating results | 336,000,000 | 394,000,000 | 236,000,000 |
Gain from disposal of farmlands | (1,310,000,000) | (1,259,000,000) | (998,000,000) |
Granting Plan of actions | 47,000,000 | 0 | 0 |
Changes in operating assets and liabilities: | |||
(Increase)/ Decrease in inventories | (4,639,000,000) | 1,104,000,000 | (1,557,000,000) |
Increase in trading properties | (28,000,000) | (592,000,000) | (279,000,000) |
Decrease in biological assets | 9,013,000,000 | 7,520,000,000 | 2,019,000,000 |
Increase in restricted assets | 0 | (1,750,000,000) | 0 |
Decrease in trade and other receivables | 4,184,000,000 | 8,053,000,000 | 666,000,000 |
Increase / (Decrease) in trade and other payables | 653,000,000 | (4,380,000,000) | (5,396,000,000) |
Decrease in salaries and social security liabilities | (322,000,000) | (545,000,000) | (57,000,000) |
Decrease in provisions | (155,000,000) | (879,000,000) | (166,000,000) |
(Decrease)/ Increase in lease liabilities | (1,635,000,000) | 89,000,000 | 0 |
Net variation in derivative financial instruments | (1,996,000,000) | 164,000,000 | 238,000,000 |
Increase in right of use | (50,000,000) | (1,581,000,000) | 0 |
Net cash generated by continuing operating activities before income tax paid | 5,887,000,000 | 18,307,000,000 | 6,895,000,000 |
Net cash generated by discontinued operating activities before income tax paid | 3,290,000,000 | 36,342,000,000 | 33,585,000,000 |
Net cash generated by operating activities before income tax paid | $ 9,177,000,000 | $ 54,649,000,000 | $ 40,480,000,000 |
Cash flow information (Details
Cash flow information (Details 1) | Jun. 30, 2021ARS ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019ARS ($) |
Statement [Line Items] | ||||
Income tax credit | $ 35,000,000 | $ 94,000,000 | ||
Business Combination Reclassification [member] | ||||
Statement [Line Items] | ||||
Investment properties | 117,547,000,000 | 233,714,000,000 | $ (14,634,000,000) | |
Property, plant and equipment | 47,989,000,000 | (11,680,000,000) | (93,178,000,000) | |
Trading properties | 7,690,000,000 | 233,000,000 | 0 | |
Intangible assets | 36,546,000,000 | 4,854,000,000 | (20,666,000,000) | |
Right-of-use assets | 25,853,000,000 | (5,973,000,000) | 0 | |
Investments in associates and joint ventures | 48,443,000,000 | 3,781,000,000 | (1,220,000,000) | |
Biological Assets | 0 | (111,000,000) | 0 | |
Deferred income tax assets | 568,000,000 | 2,000,000 | (404,000,000) | |
Income tax credit | 426,000,000 | 0 | 0 | |
Restricted assets | 8,400,000,000 | 321,000,000 | (305,000,000) | |
Trade and other receivables | 70,693,000,000 | (13,019,000,000) | (39,659,000,000) | |
Investment in financial assets | 31,643,000,000 | 20,343,000,000 | (9,506,000,000) | |
Derivative financial instruments | 368,000,000 | 0 | 0 | |
Inventories | 4,712,000,000 | (3,259,000,000) | (19,691,000,000) | |
Group of assets held for sale | 55,028,000,000 | 0 | 0 | |
Borrowings | (425,321,000,000) | (130,698,000,000) | 70,300,000,000 | |
Lease liabilities | (23,696,000,000) | 3,120,000,000 | 0 | |
Deferred income tax liabilities | (16,261,000,000) | (29,863,000,000) | 9,338,000,000 | |
Trade and other payables | (30,751,000,000) | 3,331,000,000 | 76,449,000,000 | |
Income tax liabilities | (596,000,000) | (149,000,000) | 24,000,000 | |
Provisions | (7,095,000,000) | 69,000,000 | 1,442,000,000 | |
Employee benefits | (624,000,000) | 161,000,000 | 4,190,000,000 | |
Derivative financial instrument | (624,000,000) | (56,000,000) | (77,000,000) | |
Salaries and social security liabilities | (4,427,000,000) | 105,000,000 | 7,979,000,000 | |
Group of liabilities held for sale | (28,805,000,000) | 0 | 0 | |
Net value of incorporated assets that do not affect cash | (82,294,000,000) | 75,226,000,000 | (29,618,000,000) | |
Cash and cash equivalents | (145,330,000,000) | (6,598,000,000) | (18,550,000,000) | |
Non-controlling interest | (62,519,000,000) | 76,219,000,000 | 24,477,000,000 | |
Goodwill | 0 | 521,000,000 | 246,000,000 | |
Net value of incorporated assets/ disposal assets | (290,143,000,000) | 145,368,000,000 | (23,445,000,000) | |
Interest held before acquisition | 0 | 0 | (1,575,000,000) | |
Seller financing | 0 | 0 | (126,000,000) | |
Fair value of interest held before business combination | 0 | 0 | (1,891,000,000) | |
Foreign exchange gains | 0 | $ 0 | 904 | |
Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale | $ (290,143,000,000) | $ 145,368,000,000 | $ (26,133,000,000) |
Cash flow information (Detail_2
Cash flow information (Details 2) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends not collected | $ 0 | $ (602,000,000) | $ (451,000,000) |
Increase in investment properties through an increase in borrowings | 0 | 351,000,000 | |
Inssuance of non-convertible notes through an antipated payment of non-convertible notes | 0 | 0 | 5,038,000,000 |
Increase/ (Decrease) in participation in subsidiaries, associates and joint ventures due to currency translation adjustment | 3,570,000,000 | (2,351,000,000) | 1,394,000,000 |
Increase in other reserves through an increase in investments in associates and joint ventures | 5,911,000,000 | 0 | 0 |
Increase in intangible assets through a decrease in investment in associates | 817,000,000 | 0 | 0 |
Decrease in property, plant and equipment through an increase in tax credits and liabilities | 460,000,000 | 0 | 0 |
Increase in property, plant and equipment through a decrease in investment property | 2,219,000,000 | 0 | 20,000,000 |
Decrease in property, plant and equipment through an increase in equity | 240,000,000 | 0 | 0 |
Decrease trade and other receivables through a decrease in lease liabilities | 18,000,000 | 0 | 0 |
Increase in financial instruments through a decrease in trade and other receivables with related parties | 43,000,000 | 0 | 0 |
Increase in trading properties through an increase in borrowings | 61,000,000 | 18,000,000 | 26,000,000 |
Dividends in shares distribution | 727,000,000 | 885,000,000 | 0 |
Decrease in associates and joint ventures through an increase in trade and other receivable | 407,000,000 | 122,000,000 | 0 |
Increase in rights of use assets through an increase in lease liabilities | 2,015,000,000 | 12,153,000,000 | 0 |
Increase in property, plant and equipment through an increase in trade and other payables | 0 | 1,110,000,000 | 1,281,000,000 |
Increase in trading properties through a decrease in investment properties | 0 | 0 | 146,000,000 |
Increase in investment properties through an increase in trade and other payables | 0 | 1,068,000,000 | 1,574,000,000 |
Increase in investment properties through a decrease in trading properties | 0 | 0 | 3,922,000,000 |
Decrease in investment in subsidiaries through a decrease in trade and other payables | 0 | 0 | 1,198,000,000 |
Changes in non-controlling interest through a decrease in trade and other receivables | 0 | 0 | 0 |
Distribution of dividends to non-controlling shareholders? pending payment | 0 | 2,645,000,000 | (511,000,000) |
Increase in property, plant and equipment through an increase in borrowings | 0 | 0 | 9,000,000 |
Decrease in associates and joint ventures through an increase in assets held for sale | 0 | 3,111,000,000 | 0 |
Increase in participation in subsidiaries, associates and joint ventures due to an increase in the reserve share-based payments | 0 | (6,000,000) | 0 |
Decrease in borrowings through a decrease in financial assets | 0 | 3,686,000,000 | 0 |
Increase in investment properties through a decrease in financial assets | 0 | 418,000,000 | 0 |
Increase in intangible assets through an increase in trade and other payables | 0 | 742,000,000 | 0 |
Increase in investment in associates through loss of control in subsidiaries | 0 | 2,004,000,000 | 0 |
Acquisition of investment properties through a decrease in trade and other receivables | 0 | 42,000,000 | 862,000,000 |
Inssuance of non-convertible notes | 0 | 32,000,000 | 0 |
Increase in investment in associates through a decrease in investments in financial assets | 0 | 1,283,000,000 | 0 |
Increase in investments in financial assets through a decrease in investment properties | 0 | 1,784,000,000 | 0 |
Increase in rights of use assets through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) | $ 0 | $ 21,214,000,000 | $ 0 |
Shareholders Equity (Details Na
Shareholders Equity (Details Narrative) | 1 Months Ended | 12 Months Ended | ||||||||||||
Mar. 05, 2021$ / sharesshares | Feb. 17, 2021ARS ($)$ / sharesshares | Jun. 26, 2019 | Mar. 14, 2019ARS ($)$ / shares | Mar. 13, 2019 | Dec. 05, 2018ARS ($) | Jun. 30, 2021ARS ($)$ / sharesshares | Jun. 30, 2019 | Feb. 17, 2021$ / shares | Jun. 30, 2020ARS ($) | Oct. 30, 2019ARS ($)$ / shares | Mar. 14, 2019$ / shares | Dec. 05, 2018$ / shares | Jun. 30, 2018ARS ($) | |
Statement [Line Items] | ||||||||||||||
American depositary shares, per share | $ / shares | $ 0.026 | |||||||||||||
Distribution of treasury shares | $ 13,000,000,000,000 | |||||||||||||
Reserve | $ 993,000,000 | |||||||||||||
Special reserve | $ 6,622,000,000 | |||||||||||||
Retained earnings | $ 1,157,000,000 | $ 1,157,000,000 | ||||||||||||
Ordinary share capital | 2.59% | 10.00% | 10.00% | |||||||||||
Ordinary share | $ 502,000,000 | |||||||||||||
Average volume | 25.00% | 25.00% | ||||||||||||
Profit of legal reserve, percentage | 5.00% | |||||||||||||
Total capital of legal reserve, percentage | 20.00% | |||||||||||||
Net capital, percentage | 2.66% | |||||||||||||
Ordinary shares [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Ordinary share | $ 1,000,000 | |||||||||||||
Common shares, per share | $ / shares | $ 0.1794105273 | $ 1 | $ 0.26 | |||||||||||
Public offering shares | shares | 90,000,000 | |||||||||||||
Common shares issued | shares | 90,000,000 | 90,000,000 | ||||||||||||
Pre-emptive right amount, new shares | shares | 87,264,898 | |||||||||||||
Shares offered percentage | 97.00% | |||||||||||||
Acquisition of treasury shares | $ 429,000,000 | $ 429,000,000 | ||||||||||||
American depositary shares | $ / shares | $ 4.72 | $ 10 | ||||||||||||
Subscription price per shares | $ / shares | $ 0.472 | |||||||||||||
Right to accrue additional new shares | shares | 26,017,220 | |||||||||||||
Shares were issued, new | shares | 2,735,102 | |||||||||||||
Exercise acquire new shares | shares | 90,000,000 | |||||||||||||
Exercise price per shares | $ / shares | $ 0.566 | |||||||||||||
Maturity of shares | 5 years | |||||||||||||
Net expenses | $ 65,000,000 | |||||||||||||
Funds recieved of shares | $ 4,642,000,000 | |||||||||||||
Increasing capital stock shares | shares | 591,642,804,000,000 | |||||||||||||
Description of common shares | the repurchase plan was completed, and the Company acquired the equivalent of 6,712,465 ordinary shares representing 99.96% of the approved program and 1.34% of Cresud's share capital which correspond to 3,824,035 ordinary shares for a total of ARS 244 and 288,843 ADRs (representative of 2,888,430 ordinary shares) for a total of USD 2.9 (equivalent to ARS 184). | the Company acquired the equivalent of 6,394,009 common shares representing 99.97% of the approved program and 1.27% of Cresud's share capital, which correspond to 1,095,009 ordinary shares for a total of ARS 74 and 529,900 ADRs (representing 5,299,000 ordinary shares) for a total of USD 6.5 (equivalent to ARS 354). | the Company acquired 3,211,786 ordinary shares (NPV $ 1 per share) for a total of ARS 198.36 and 1,433,874 ADRs (representing 14,338,740 ordinary shares) in various transactions. for a total of USD 27.19 (equivalent to ARS 892.12), completing the terms and conditions of the own share buy-back plan. As of the date of issuance of these financial statements, no deadline has been established for the sale of the acquired shares. | |||||||||||
Net capital of treasury shares | $ 499,000,000 | |||||||||||||
Top Range [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Common shares, per share | $ / shares | $ 15.50 | $ 15.50 |
Trade and other payables (Detai
Trade and other payables (Details) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Trade payables | $ 9,381,000,000 | $ 34,020,000,000 |
Advances from sales, leases and services | 3,538,000,000 | 2,962,000,000 |
Construction obligations | 0 | 611,000,000 |
Accrued invoices | 3,001,000,000 | 1,834,000,000 |
Deferred incomes | 0 | 213,000,000 |
Admission fees | 1,080 | 1,528,000,000 |
Deposits in guarantee | 90 | 152,000,000 |
Total trade payables | 17,090,000,000 | 41,320,000,000 |
Dividends payable to non-controlling shareholders | 919,000,000 | 534,000,000 |
Taxes payable | 1,747,000,000 | 1,133,000,000 |
Director's fees | 153,000,000 | 204 |
Others | 1,926,000,000 | 14,814,000,000 |
Total other payables | 4,745,000,000 | 16,971,000,000 |
Trade and other payables | 21,835,000,000 | 58,291,000,000 |
Non-current | 2,250,000,000 | 4,485,000,000 |
Current | 19,585,000,000 | 53,806,000,000 |
Total | $ 21,835,000,000 | $ 58,291,000,000 |
Provisions (Details)
Provisions (Details) | 12 Months Ended | ||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | |
Statement [Line Items] | |||
Beginning balance | $ 8,312 | $ 20,961 | |
Additions | $ 397 | 756 | |
Transfers | (2) | (27) | |
Share of profit / (loss) of associates and joint ventures | (11,206) | ||
Inflation adjustment | (130) | (120) | |
Used during the year | (185) | (2,849,000,000) | |
Deconsolidation (see Note 4) | (7,095) | ||
Incorporated by business combination | 86 | ||
Transfer to / of assets available for sales | 6 | ||
Currency translation adjustment | (763,000,000) | 711,000,000 | |
Ending balance | 540 | 8,312 | |
Legal Claims [Member] | |||
Statement [Line Items] | |||
Beginning balance | 3,794 | 3,645 | |
Additions | 480,000,000 | 706,000,000 | |
Transfers | (2,000,000) | (27,000,000) | |
Share of profit / (loss) of associates and joint ventures | 0 | ||
Inflation adjustment | (130,000,000) | (120,000,000) | |
Used during the year | (145,000,000) | (1,048,000,000) | |
Deconsolidation (see Note 4) | (3,093) | ||
Incorporated by business combination | 86,000,000 | ||
Transfer to / of assets available for sales | 6 | ||
Currency translation adjustment | (384,000,000) | 552,000,000 | |
Ending balance | 526 | 3,794 | |
Investments In Associates And Joint Ventures [Member] | |||
Statement [Line Items] | |||
Beginning balance | 26 | 13,009 | |
Additions | 0 | 0 | |
Transfers | 0 | ||
Share of profit / (loss) of associates and joint ventures | 0 | (11,206,000,000) | |
Inflation adjustment | 0 | ||
Used during the year | (12) | (1,529,000,000) | |
Deconsolidation (see Note 4) | 0 | ||
Incorporated by business combination | 0 | ||
Transfer to / of assets available for sales | 0 | ||
Currency translation adjustment | 0 | (248,000,000) | |
Ending balance | 14 | 26 | |
Site Dismantling And Remediation [Member] | |||
Statement [Line Items] | |||
Beginning balance | 672 | 514 | |
Additions | 28 | 0 | |
Transfers | 0 | 0 | |
Share of profit / (loss) of associates and joint ventures | 0 | ||
Inflation adjustment | 0 | 0 | |
Used during the year | 0 | 0 | |
Deconsolidation (see Note 4) | (653) | 0 | |
Incorporated by business combination | 0 | ||
Transfer to / of assets available for sales | 0 | ||
Currency translation adjustment | (47,000,000) | 108,000,000 | |
Ending balance | 0 | 672 | |
Other Provisions [Member] | |||
Statement [Line Items] | |||
Beginning balance | 3,820 | 3,793 | |
Additions | (111) | ||
Used during the year | (28) | (272,000,000) | |
Currency translation adjustment | $ (332,000,000) | 299,000,000 | |
Ending balance | $ 0 | $ 3,820 |
Provisions (Details 1)
Provisions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Provisions | ||
Non-current | $ 389 | $ 4,643 |
Current | 151 | 3,669 |
Provisions amount | $ 540 | $ 8,312 |
Provisions (Details Narrative)
Provisions (Details Narrative) | 12 Months Ended |
Jun. 30, 2021 | |
Provisions | |
Description of trial and preventive seizure - province of salta | The contracts with the state company Salta Forestal SA by means of which rural real estate was given in concession to Cresud, the Governor of the Province of Salta has decreed through decrees 815/20, 395/21, 396/21, 397/21 and 398 / 21 reject the hierarchical appeals filed by Cresud against the payment of the royalties made by Salta Forestal SA and, depending on the campaign, by the Ministry of Agrarian Affairs for the 2013/2014, 2014/2015, 2015/2016, 2016/2017 campaigns , 2017/2018, 2018/2019 and 2019/2020 of corn, soybean and / or sorghum crops. In this context, Cresud has initiated the judicial challenge of these decrees and the province of Salta has initiated an executive and freezing lawsuit for the amounts of the controversial fees. To date, embargoes have been filed under the Expte. 726737/20 and in relation to decree 815/20 for the sum of ARS 42 and within the framework of Expte. N ° 739946/21 and in relation to decree 395/21 the sum of ARS 38. In this line and based on the decrees issued by the Government of Salta and according to the information provided by our external advisory lawyers, the contingency is foreseen at closing in the amount of ARS 221. |
Borrowings (Details)
Borrowings (Details) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Total non-current borrowings | $ 73,233,000,000 | $ 481,268,000,000 |
Borrowings | 45,435,000,000 | 147,780,000,000 |
Total borrowings | 118,668,000,000 | 0 |
At Fair Value [Member] | ||
Statement [Line Items] | ||
Total borrowings | 115,012,000,000 | 520,589,000,000 |
NCN [Member] | ||
Statement [Line Items] | ||
Total borrowings | 118,668,000,000 | 629,048,000,000 |
NCN [Member] | At Fair Value [Member] | ||
Statement [Line Items] | ||
Total borrowings | 85,620,000,000 | 415,835,000,000 |
Bank Loans And Others [Member] | ||
Statement [Line Items] | ||
Total borrowings | 89,276,000,000 | 515,228,000,000 |
Bank Loans And Others [Member] | At Fair Value [Member] | ||
Statement [Line Items] | ||
Total borrowings | 18,231,000,000 | 88,549,000,000 |
Bank Overdrafts [Member] | ||
Statement [Line Items] | ||
Total borrowings | 18,231,000,000 | 104,966,000,000 |
Bank Overdrafts [Member] | At Fair Value [Member] | ||
Statement [Line Items] | ||
Total borrowings | 9,312,000,000 | 6,433,000,000 |
Other Borrowings [Member] | ||
Statement [Line Items] | ||
Total borrowings | 9,312,000,000 | 6,433,000,000 |
Other Borrowings [Member] | At Fair Value [Member] | ||
Statement [Line Items] | ||
Total borrowings | $ 1,849,000,000 | $ 9,772,000,000 |
Borrowings (Details 1)
Borrowings (Details 1) | Jun. 30, 2021ARS ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2020USD ($) |
Statement [Line Items] | |||
Principal | $ 116,287,000,000 | $ 625,648,000,000 | |
Do not accrue interest | 2,381,000,000 | 3,400,000,000 | |
Borrowings | 118,668,000,000 | 0 | |
More Than Five 5 [Member] | |||
Statement [Line Items] | |||
Principal | 86,000,000 | 116,217,000,000 | |
Do not accrue interest | 97,000,000 | ||
Between 1 and 2 years [Member] | |||
Statement [Line Items] | |||
Principal | 56,280,000,000 | 96,424,000,000 | |
Do not accrue interest | 121,000,000 | 95,000,000 | |
Borrowings | 18,138 | $ 22,446 | |
Between 2 and 3 years [Member] | |||
Statement [Line Items] | |||
Principal | 13,129,000,000 | 165,720,000,000 | |
Do not accrue interest | 13,000,000 | 134,000,000 | |
Borrowings | 7,447 | 13,580 | |
Between 3 And 4 Years [Member] | |||
Statement [Line Items] | |||
Principal | 1,812,000,000 | 53,916,000,000 | |
Do not accrue interest | 45,000,000 | 42,000,000 | |
Between 4 And 5 Years [Member] | |||
Statement [Line Items] | |||
Principal | 1,705,000,000 | 48,557,000,000 | |
Do not accrue interest | 6 | 66,000,000 | |
Less than 1 year [Member] | |||
Statement [Line Items] | |||
Principal | 43,275,000,000 | 144,814,000,000 | |
Do not accrue interest | 2,160,000,000 | $ 2,966,000,000 | |
Borrowings | $ 30,866 | $ 32,485 |
Borrowings (Details 2)
Borrowings (Details 2) | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2021ARS ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020ARS ($) | |
Borrowings | ||||
Balance at the beginning of the year, Beginning | $ 629,048 | $ 717,653 | ||
Borrowings | $ 56,677,000,000 | 71,761,000,000 | ||
Payment of borrowings | 93,577,000,000 | 109,030,000,000 | ||
Collection / (Payment) of short term loans, net | 8,160,000,000 | (3,693,000,000) | ||
Interests paid | 20,539,000,000 | 32,907,000,000 | ||
Accrued interests | 16,564,000,000 | 36,584,000,000 | ||
Cumulative translation adjustment and exchange differences, net | (44,091,000,000) | 112,430,000,000 | ||
Borrowings, deconsolidation | (425,333,000,000) | (143,355,000,000) | ||
Financial assets activation | $ 468 | 0 | ||
Repurchase of non-convertible notes | 362,000,000 | (20,493,000,000) | ||
Inflation adjustment | (9,233,000,000) | (1,500,000,000) | ||
Incorporation by business combination | 0 | 2,830,000,000 | ||
Transfer to / from assets available for sale | 0 | (1,232,000,000) | ||
Reclassifications and other movements | 162,000,000 | $ 0 | ||
Balance at the end of the year, Ending | $ 118,668 | $ 629,048 |
Borrowings (Details 3)
Borrowings (Details 3) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Fixed rate: | ||
Fixed rate, Argentine Peso | $ 18,061,000,000 | $ 11,705,000,000 |
Fixed rate, Brazilian Reais | 5,616,000,000 | 2,394,000,000 |
Fixed rate, US Dollar | 85,423,000,000 | 128,979,000,000 |
Fixed rate, Bolivian pesos | 0 | 2,139,000,000 |
Fixed rate, NIS | 0 | 265,278,000,000 |
Subtotal fixed-rate borrowings | 109,100,000,000 | 410,495,000,000 |
Floating rate: | ||
Floating rate, Argentine Peso | 205,000,000 | 2,905,000,000 |
Floating rate, Brazilian Reais | 7,134,000,000 | 7,325,000,000 |
Floating rate, US Dollar | 2,229,000,000 | 5,861,000,000 |
Floating rate, NIS | 0 | 202,462,000,000 |
Subtotal floating rate borrowings | 9,568,000,000 | 218,553,000,000 |
Total borrowings | 118,668,000,000 | 629,048,000,000 |
NIS [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 0 | 265,672,000,000 |
Fixed rate, Brazilian Reais | 0 | 0 |
Fixed rate, US Dollar | 0 | (1,745,000,000) |
Fixed rate, Bolivian pesos | 0 | 2,139,000,000 |
Fixed rate, NIS | 0 | 265,278,000,000 |
Subtotal fixed-rate borrowings | 0 | |
Floating rate: | ||
Floating rate, Argentine Peso | 0 | 0 |
Floating rate, Brazilian Reais | 0 | 0 |
Floating rate, US Dollar | 0 | 0 |
Floating rate, NIS | 0 | 202,462,000,000 |
Subtotal floating rate borrowings | 202,462 | |
Total borrowings | 0 | 468,134 |
Uruguayan Peso [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 0 | 0 |
Fixed rate, Brazilian Reais | 0 | 0 |
Fixed rate, US Dollar | 715,000,000 | 777,000,000 |
Fixed rate, Bolivian pesos | 0 | 0 |
Fixed rate, NIS | 0 | 0 |
Subtotal fixed-rate borrowings | 715,000,000 | 777,000,000 |
Floating rate: | ||
Floating rate, Argentine Peso | 0 | 0 |
Floating rate, Brazilian Reais | 0 | 0 |
Floating rate, US Dollar | 0 | 0 |
Floating rate, NIS | 0 | 0 |
Subtotal floating rate borrowings | 0 | 0 |
Total borrowings | 715,000,000 | 777,000,000 |
US Dollar [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 0 | 0 |
Fixed rate, Brazilian Reais | 0 | 0 |
Fixed rate, US Dollar | 50,000,000 | 219,000,000 |
Fixed rate, Bolivian pesos | 0 | 0 |
Fixed rate, NIS | 0 | 0 |
Subtotal fixed-rate borrowings | 50,000,000 | 219,000,000 |
Floating rate: | ||
Floating rate, Argentine Peso | 0 | 0 |
Floating rate, Brazilian Reais | 0 | 0 |
Floating rate, US Dollar | 202,000,000 | 0 |
Floating rate, NIS | 0 | 0 |
Subtotal floating rate borrowings | 202 | |
Total borrowings | 252,000,000 | 219,000,000 |
Brazilian Reais [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 0 | 0 |
Fixed rate, Brazilian Reais | 5,616,000,000 | 2,394,000,000 |
Fixed rate, US Dollar | 49,000,000 | 165,000,000 |
Fixed rate, Bolivian pesos | 0 | 0 |
Fixed rate, NIS | 0 | 0 |
Subtotal fixed-rate borrowings | 5,665,000,000 | 2,559,000,000 |
Floating rate: | ||
Floating rate, Argentine Peso | 0 | 0 |
Floating rate, Brazilian Reais | 7,134,000,000 | 7,325,000,000 |
Floating rate, US Dollar | 0 | 0 |
Floating rate, NIS | 0 | 0 |
Subtotal floating rate borrowings | 7,134,000,000 | 7,325,000,000 |
Total borrowings | 104,902,000,000 | 9,884,000,000 |
Argentine Peso [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 18,061,000,000 | 11,705,000,000 |
Fixed rate, Brazilian Reais | 0 | 0 |
Fixed rate, US Dollar | 84,609,000,000 | 129,563,000,000 |
Fixed rate, Bolivian pesos | 0 | 0 |
Fixed rate, NIS | 0 | 0 |
Subtotal fixed-rate borrowings | 102,670,000,000 | 141,268,000,000 |
Floating rate: | ||
Floating rate, Argentine Peso | 205,000,000 | 2,905,000,000 |
Floating rate, Brazilian Reais | 0 | 0 |
Floating rate, US Dollar | 2,027,000,000 | 5,861,000,000 |
Floating rate, NIS | 0 | 0 |
Subtotal floating rate borrowings | 2,232,000,000 | 8,766,000,000 |
Total borrowings | $ 104,902,000,000 | $ 150,034,000,000 |
Borrowings (Details 4)
Borrowings (Details 4) $ in Thousands, $ in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021ARS ($) | Jun. 30, 2021CLP ($) | |
Class Six [Member] | Cresud 6 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | jun-21 | ||
Maturity date | Jun. 30, 2024 | ||
Amount in original currency | $ 35,700 | ||
Interest rate | 6.99% | 6.99% | 6.99% |
Principal payment | Annual payments since 2022 | ||
Interest payment | Quarterly | ||
Class | Class XXXIV | ||
Class Seven [Member] | Cresud 7 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | ago-20 | ||
Maturity date | Aug. 31, 2023 | ||
Amount in original currency | $ 25,000 | ||
Interest rate | 2.00% | 2.00% | 2.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Class XXX | ||
Class [Member] | Cresud [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | ene-20 | ||
Maturity date | Jan. 30, 2021 | ||
Amount in original currency | $ 1,095 | ||
Interest rate | 6.50% | 6.50% | 6.50% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Class XXVI | ||
Class One [Member] | Cresud 1 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | ene-20 | ||
Maturity date | Jul. 30, 2021 | ||
Amount in original currency | $ 5,700 | ||
Interest rate | 7.45% | 7.45% | 7.45% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Class XXVIII | ||
Class Two [Member] | Cresud 2 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | ene-20 | ||
Maturity date | Apr. 30, 2021 | ||
Amount in original currency | $ 27,500 | ||
Interest rate | 9.00% | 9.00% | 9.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Class XXVII | ||
Class Three [Member] | Cresud 3 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | jun-20 | ||
Maturity date | Dec. 9, 2021 | ||
Amount in original currency | $ 83,000 | ||
Interest rate | 3.50% | 3.50% | 3.50% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Class XXIX | ||
Class Four [Member] | Cresud 4 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Maturity date | Nov. 12, 2023 | ||
Amount in original currency | $ 30,800 | ||
Interest rate | 9.00% | 9.00% | 9.00% |
Principal payment | Annual payments since 2021 | ||
Interest payment | Quarterly | ||
Class | Class XXXI | ||
Class Five [Member] | Cresud 5 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Maturity date | Nov. 12, 2022 | ||
Amount in original currency | $ 34,300 | ||
Interest rate | 9.00% | 9.00% | 9.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Class XXXII | ||
Brasilagro [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | May-21 | ||
Maturity date | Apr. 12, 2028 | ||
Amount in original currency | $ 240,000 | ||
Interest rate | 5.3658% | 5.3658% | 5.3658% |
Principal payment | 50% April 2027 y 50% April 2028 | ||
Interest payment | Annual | ||
IRSA [Member] | Cass IX [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Maturity date | Mar. 1, 2023 | ||
Amount in original currency | $ 80,700 | ||
Interest rate | 10.00% | 10.00% | 10.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Cass XII [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | mar-21 | ||
Maturity date | Mar. 31, 2024 | ||
Amount in original currency | $ 53,780 | ||
Interest rate | 4.00% | 4.00% | 4.00% |
Principal payment | At expiration | ||
Interest payment | Biannual | ||
IRSA [Member] | Cass XI [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | mar-21 | ||
Maturity date | Mar. 1, 2024 | ||
Amount in original currency | $ 15,810 | ||
Interest rate | 5.00% | 5.00% | 5.00% |
Principal payment | At expiration | ||
Interest payment | Biannual | ||
IRSA [Member] | Cass X [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Maturity date | Mar. 31, 2022 | ||
Amount in original currency | $ 701,500 | ||
Interest rate | 5.00% | 5.00% | 5.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Class I tramo2 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | ago-19 | ||
Maturity date | Nov. 15, 2020 | ||
Amount in original currency | $ 85,000 | ||
Interest rate | 10.00% | 10.00% | 10.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Class II [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | ago-19 | ||
Maturity date | Aug. 6, 2020 | ||
Amount in original currency | $ 31,503 | ||
Interest rate | 10.50% | 10.50% | 10.50% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Cass IV [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | may-20 | ||
Maturity date | May 19, 2021 | ||
Amount in original currency | $ 51,000 | ||
Interest rate | 7.00% | 7.00% | 7.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Cass V [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | may-20 | ||
Maturity date | May 19, 2022 | ||
Amount in original currency | $ 9,000 | ||
Interest rate | 9.00% | 9.00% | 9.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Class I [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Amount in original currency | $ 3,100 | ||
Interest rate | 10.00% | 10.00% | 10.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Cass VII [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | jul-20 | ||
Maturity date | Jan. 21, 2022 | ||
Amount in original currency | $ 33,700 | ||
Interest rate | 4.00% | 4.00% | 4.00% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Cass VIII [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Maturity date | Nov. 12, 2023 | ||
Amount in original currency | $ 31,700 | ||
Interest rate | 10.00% | 10.00% | 10.00% |
Principal payment | 33% in November 21, 33% in November 22, 34% in November 23 | ||
Interest payment | Quarterly | ||
IRSA [Member] | Cass VI [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | jul-20 | ||
Maturity date | Jul. 21, 2021 | ||
Amount in original currency | $ 335,200 | ||
Interest rate | 4.00% | 4.00% | 4.00% |
Principal payment | 30% en April 21, 70% at expiration | ||
Interest payment | Quarterly | ||
IRSA [Member] | Class II 1 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | may-20 | ||
Maturity date | Feb. 19, 2021 | ||
Amount in original currency | $ 354,000 | ||
Interest rate | 0.60% | 0.60% | 0.60% |
Principal payment | At expiration | ||
Interest payment | Biannual |
Borrowings (Details Narrative)
Borrowings (Details Narrative) | May 05, 2021USD ($) | Nov. 12, 2020USD ($) | Sep. 14, 2020USD ($) | Jan. 21, 2021ARS ($) | Oct. 23, 2020USD ($) | Jul. 21, 2020ARS ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021ARS ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2021USD ($) | May 05, 2021ARS ($) | Nov. 12, 2020ARS ($) | Nov. 12, 2020$ / shares | Sep. 14, 2020ARS ($) | Aug. 06, 2020USD ($) | Jul. 21, 2020USD ($) | Jul. 20, 2020USD ($) | Mar. 31, 2020ARS ($) | Mar. 31, 2020USD ($) |
Statement [Line Items] | |||||||||||||||||||
IDBG loan | $ 153,000,000 | ||||||||||||||||||
Non convertible notes payment | $ 47,000,000 | $ 75,000,000 | |||||||||||||||||
Borrowings include collateralized liabilities | $ 20,701,000,000 | $ 22,410,000,000 | |||||||||||||||||
Nominal value | $ 73,600,000 | ||||||||||||||||||
Non Convertible Notes [member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Nominal value | $ 240,000,000 | ||||||||||||||||||
Description of amortization | Amortize their capital in two payments on April 13, 2027 and April 12, 2028 | ||||||||||||||||||
Cash equivalents | $ 4,632 | ||||||||||||||||||
Exchange of debentures [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Maturity date | Nov. 12, 2023 | ||||||||||||||||||
Amount in original currency | $ 18,800,000 | ||||||||||||||||||
Nominal value of existing notes presented to the exchanges | $ / shares | $ 0.69622593 | ||||||||||||||||||
Description of exchange of debentures | 178.5 which represents 98.31% acceptance, through the participation of 6,571 orders. | ||||||||||||||||||
Repayment of capital | $ 726 | ||||||||||||||||||
Exchange of debentures 1 [member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Maturity date | Mar. 1, 2023 | ||||||||||||||||||
Amount in original currency | $ 18,800,000 | $ 79,343,300 | |||||||||||||||||
Description of amortization | in 3 annual installments (33% of the capital on November 12, 2021, 33% of the capital on November 12, 2022, 34% of the capital on the maturity date of Series VIII). | ||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||
Issuance of IRSA Non-convertible Notes [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Non-convertible notes | $ 38,400,000 | ||||||||||||||||||
Fixed Interest Rate | 4.00% | 9.00% | 9.00% | 4.00% | |||||||||||||||
Cash equivalents | $ 33,700,000 | $ 335,200,000 | |||||||||||||||||
Description of installments of note payable | Notes were issued at 100% of their par value. | the first one -equal to 30% of the par value of the notes- payable on the date that is 9 (nine) months after the Issue and Settlement Date and the second installment -equal to 70% of the par value of the notes- payable on the relevant due date, i.e. July 21, 2021. Notes were issued at 100% of their par value | |||||||||||||||||
Shares issued | $ 65,500,000 | ||||||||||||||||||
Class IV [Member] | Payment of IRSA CP's Series IV Non-convertible Notes [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Interest accrued | $ 134 | ||||||||||||||||||
Non-convertible notes | $ 10,381,000,000 | ||||||||||||||||||
Cresud [Member] | Class Xxxi [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Percentage of nominal values for issuence price | 100.00% | ||||||||||||||||||
Cresud [Member] | Class Xxxiii And Xxxiv [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Percentage of nominal values for issuence price | 100.00% | ||||||||||||||||||
Maturity date | Jul. 12, 2021 | ||||||||||||||||||
Amount in original currency | $ 59,561,897,000,000 | ||||||||||||||||||
Description of amortization | amortize their capital in three payments at 12, 24 and 36 months from the date of issue. | ||||||||||||||||||
Cresud [Member] | Class Xxxii [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Percentage of nominal values for issuence price | 100.00% | ||||||||||||||||||
Maturity date | Nov. 12, 2022 | ||||||||||||||||||
Amount in original currency | $ 34,300,000 | ||||||||||||||||||
Description of amortization | the payment of USD 0.02 for each USD 1 of existing notes delivered and accepted in the Exchange on or before the deadline date | ||||||||||||||||||
Fixed Interest Rate | 10.00% | 10.00% | |||||||||||||||||
Cresud [Member] | Class X [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Note payable | $ 701,600,000 | ||||||||||||||||||
Cresud [Member] | Class Xi [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Fixed Interest Rate | 5.00% | 5.00% | |||||||||||||||||
Note payable | $ 15,800,000 | ||||||||||||||||||
Cresud [Member] | Class Xii [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Fixed Interest Rate | 9.00% | 9.00% | 4.00% | 4.00% | |||||||||||||||
Note payable | $ 3,868,200,000 | ||||||||||||||||||
Cresud [Member] | Class Ix 1 [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Maturity date | Mar. 1, 2023 | ||||||||||||||||||
Interest rate | 10.00% | ||||||||||||||||||
Description of expiry date | expiration date was modified, among others, until March 1, 2023, so Series I remains for USD 3.1 until the new maturity | ||||||||||||||||||
Cresud [Member] | Class Xxxiv [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Amount in original currency | $ 18,800,000 | ||||||||||||||||||
Cresud [Member] | Class Ix [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Percentage of nominal values for issuence price | 100.00% | ||||||||||||||||||
Dolphin Netherlands [Member] | Related parties [member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Loan granted | $ 16,250,000 | ||||||||||||||||||
Operation Center In Israel [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Financial leases | $ 468,134,000,000 |
Income tax (Details)
Income tax (Details) $ in Millions | Jun. 30, 2021USD ($) | Jun. 30, 2021ARS ($) |
Tax modifications 1 [Member] | ||
Statement [Line Items] | ||
Accumulated net taxable profit more of | $ 5,000,000 | |
Accumulated net taxable profit to | $ 50,000,000 | |
Will pay | $ 1,250,000 | |
More % | 30.00% | 30.00% |
On the surplus of | $ 5,000,000 | |
Tax modifications 2 [Member] | ||
Statement [Line Items] | ||
Accumulated net taxable profit more of | 50,000,000 | |
Will pay | $ 14,750,000 | |
More % | 35.00% | 35.00% |
On the surplus of | $ 50,000,000 | |
Tax modifications [Member] | ||
Statement [Line Items] | ||
Accumulated net taxable profit more of | 0 | |
Accumulated net taxable profit to | $ 5,000,000 | |
Will pay | $ 0 | |
More % | 25.00% | 25.00% |
On the surplus of | $ 0 |
Income tax (Details 1)
Income tax (Details 1) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Current income tax | $ (1,927,000,000) | $ (1,116,000,000) | $ (1,068,000,000) |
Deferred income tax | (26,013,000,000) | (10,630,000,000) | 132,000,000 |
MPIT | 0 | (202,000,000) | 116,000,000 |
Income tax | $ (27,940,000,000) | $ (11,948,000,000) | $ (820,000,000) |
Income tax (Details 2)
Income tax (Details 2) | 12 Months Ended |
Jun. 30, 2021 | |
Bolivia [Member] | |
Statement [Line Items] | |
Income tax rate | 25.00% |
Bottom Of Range [Member] | Brazil | |
Statement [Line Items] | |
Income tax rate | 25.00% |
Bottom Of Range [Member] | Operations Center in Argentina [Member] | |
Statement [Line Items] | |
Income tax rate | 25.00% |
Bottom Of Range [Member] | Israel | |
Statement [Line Items] | |
Income tax rate | 23.00% |
Top of Range [Member] | U.S. [Member] | |
Statement [Line Items] | |
Income tax rate | 40.00% |
Bottom of Range [Member] | U.S. [Member] | |
Statement [Line Items] | |
Income tax rate | 0.00% |
Top of Range [Member] | Brazil | |
Statement [Line Items] | |
Income tax rate | 34.00% |
Top of Range [Member] | Uruguay [Member] | |
Statement [Line Items] | |
Income tax rate | 25.00% |
Top of Range [Member] | Operations Center in Argentina [Member] | |
Statement [Line Items] | |
Income tax rate | 35.00% |
Top of Range [Member] | Israel | |
Statement [Line Items] | |
Income tax rate | 24.00% |
Income tax (Details 3)
Income tax (Details 3) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Tax calculated at the tax rates applicable to (loss)/ profit in the respective countries | $ (4,549,000,000) | $ (14,672,000,000) | $ 15,556,000,000 | |
Permanent differences: | ||||
Tax inflation adjustment | (12,351) | (6,136,000,000) | (8,746,000,000) | |
Share of profit / (loss) of associates and joint ventures | (1,295,000,000) | 1,499,000,000 | (1,912,000,000) | |
Result from sale of participation in subsidiaries | $ 113 | 0 | 0 | |
Unrecognized tax loss carry-forwards | (2,361,000,000) | (1,253,000,000) | (2,771,000,000) | |
Expiration of tax loss carry-forwards | 0 | (1,000,000) | 0 | |
Recognition of deferred taxes | 1,361 | 0 | 0 | |
Fiscal transparency | 353 | 0 | 0 | |
Provision for unrecoverability of tax loss carry-forwards | (2,803,000,000) | (3,004,000,000) | (4,797,000,000) | |
Changes in fair value of financial instruments and sale of shares | 0 | 0 | (593,000,000) | |
Change of tax rate | (14,308,000,000) | 4,330,000,000 | 982,000,000 | |
Non-taxable profit | (95) | 1,548,000,000 | 27 | |
Non-deductible expenses | (54,000,000) | 0 | 0 | |
Others | (55,000,000) | 0 | 0 | |
Income tax from continuing operations | $ (27,940) | (11,948) | (820) | |
Inflation adjustment permanent difference | $ 8,104,000,000 | $ 5,741,000,000 | $ 1,434,000,000 |
Income tax (Details 4)
Income tax (Details 4) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Deferred income tax assets | $ 5,981 | $ 25,136 |
Deferred income tax liabilities | 87,719 | 98,045 |
Total deferred income tax (liabilities) assets, net | (81,738) | (72,909) |
Less than 1 year [Member] | ||
Statement [Line Items] | ||
Deferred income tax assets | 4,133 | 1,482 |
Deferred income tax liabilities | 6,953 | 4,443 |
Recovered After More Than 12 Months [Member] | ||
Statement [Line Items] | ||
Deferred income tax assets | 1,848 | 23,654 |
Deferred income tax liabilities | $ 80,766 | $ 93,602 |
Income tax (Details 5)
Income tax (Details 5) | 12 Months Ended | ||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | |
Borrowings [Member] | |||
Statement [Line Items] | |||
Beginning of the year | $ (1,202,000,000) | $ (1,589,000,000) | |
Business combinations and reclassification to other assets held for sale | 0 | ||
Charged to the Statement of Income | 939,000,000 | 580,000,000 | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | $ (475) | (193) | |
Income tax, deconsolidation | 1,816 | 0 | |
Ending of the year | 1,078,000,000 | (1,202,000,000) | |
Trade And Other Payables [Member] | |||
Statement [Line Items] | |||
Beginning of the year | 8,055,000,000 | 8,661,000,000 | |
Business combinations and reclassification to other assets held for sale | 0 | (2,000,000) | |
Charged to the Statement of Income | (56,000,000) | (1,253,000,000) | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | 2,408 | 1,296 | |
Income tax, deconsolidation | (9,621) | (647) | |
Ending of the year | 786,000,000 | 8,055,000,000 | |
Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (1,286,000,000) | (1,335,000,000) | |
Business combinations and reclassification to other assets held for sale | 0 | ||
Charged to the Statement of Income | 933,000,000 | 49,000,000 | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Income tax, deconsolidation | 0 | 0 | |
Ending of the year | (353,000,000) | (1,286,000,000) | |
Investment Properties And Property, Plant And Equipment [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (81,367,000,000) | (91,750,000,000) | |
Business combinations and reclassification to other assets held for sale | 0 | (838,000,000) | |
Charged to the Statement of Income | (10,074,000,000) | (13,374,000,000) | |
Use of tax loss carry-forwards | (377) | 306,000,000 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | (2,190) | 1,800 | |
Income tax, deconsolidation | 28,499,000,000 | 22,489,000,000 | |
Ending of the year | (65,509,000,000) | (81,367,000,000) | |
Investments [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (140,000,000) | (110,000,000) | |
Charged to the Statement of Income | 135,000,000 | 89,000,000 | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | (1) | (119) | |
Income tax, deconsolidation | 0 | 0 | |
Ending of the year | (6,000,000) | (140,000,000) | |
Intangible Assets [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (3,595,000,000) | (3,404,000,000) | |
Charged to the Statement of Income | 168,000,000 | 476,000,000 | |
Foreign exchange gain | (1,179) | (667) | |
Income tax, deconsolidation | 4,531 | ||
Ending of the year | (75,000,000) | (3,595,000,000) | |
Inventories [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (970,000,000) | (1,093,000,000) | |
Business combinations and reclassification to other assets held for sale | 0 | (5,000,000) | |
Charged to the Statement of Income | 119,000,000 | (74,000,000) | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | (52) | 202 | |
Income tax, deconsolidation | 0 | 0 | |
Ending of the year | (903,000,000) | (970,000,000) | |
Subtotal Liabilities [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (98,045,000,000) | (107,620,000,000) | |
Business combinations and reclassification to other assets held for sale | 0 | (1,818,000,000) | |
Charged to the Statement of Income | (21,986,000,000) | (11,637,000,000) | |
Use of tax loss carry-forwards | (377,000,000) | 306,000,000 | |
Foreign exchange gain | (3,783) | 955 | |
Income tax, deconsolidation | 36,472,000,000 | 21,769,000,000 | |
Ending of the year | (87,719,000,000) | (98,045,000,000) | |
Tax inflation adjustment [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (6,586,000,000) | ||
Business combinations and reclassification to other assets held for sale | 0 | (50,000,000) | |
Charged to the Statement of Income | (9,278,000,000) | (2,788,000,000) | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | 0 | ||
Income tax, deconsolidation | 0 | 0 | |
Ending of the year | (18,702,000,000) | ||
Others [Member] | |||
Statement [Line Items] | |||
Beginning of the year | 2,764,000,000 | 2,345,000,000 | |
Business combinations and reclassification to other assets held for sale | 38 | (5,000,000) | |
Charged to the Statement of Income | 1,015,000,000 | 415,000,000 | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 116,000,000 | |
Foreign exchange gain | 515 | (107) | |
Income tax, deconsolidation | (2,119) | 0 | |
Ending of the year | 2,213,000,000 | 2,764,000,000 | |
Tax Loss Carry-forwards [Member] | |||
Statement [Line Items] | |||
Beginning of the year | 14,317,000,000 | 11,872,000,000 | |
Business combinations and reclassification to other assets held for sale | 0 | 0 | |
Charged to the Statement of Income | (4,709,000,000) | 1,364,000,000 | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | 2,413 | 1,206 | |
Income tax, deconsolidation | (9,039) | (125) | |
Ending of the year | 2,982,000,000 | 14,317,000,000 | |
Subtotal Assets [Member] | |||
Statement [Line Items] | |||
Beginning of the year | 25,136,000,000 | 22,878,000,000 | |
Business combinations and reclassification to other assets held for sale | 38 | (7,000,000) | |
Charged to the Statement of Income | (3,750,000,000) | 526,000,000 | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 116,000,000 | |
Foreign exchange gain | 5,336 | 2,395 | |
Income tax, deconsolidation | (20,779) | (772) | |
Ending of the year | 5,981,000,000 | 25,136,000,000 | |
Biological Assets [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (950,000,000) | (772,000,000) | |
Business combinations and reclassification to other assets held for sale | 0 | ||
Charged to the Statement of Income | (1,835,000,000) | (288,000,000) | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | ||
Foreign exchange gain | 114 | 110 | |
Income tax, deconsolidation | 0 | 0 | |
Ending of the year | (2,671,000,000) | (950,000,000) | |
Reclassification of opening amounts | 0 | ||
Assets/ (Liabilities), Net [Member] | |||
Statement [Line Items] | |||
Beginning of the year | (72,909,000,000) | (84,742,000,000) | |
Business combinations and reclassification to other assets held for sale | 38 | (1,825,000,000) | |
Charged to the Statement of Income | (25,736,000,000) | (11,111,000,000) | |
Use of tax loss carry-forwards | (377,000,000) | 306,000,000 | |
Reserve for changes of non-controlling interest | 0 | 116,000,000 | |
Foreign exchange gain | $ 1,553 | 3,350 | |
Income tax, deconsolidation | 15,693,000,000 | 20,997,000,000 | |
Ending of the year | (81,738,000,000) | (72,909,000,000) | |
Others Liabilities [member] | |||
Statement [Line Items] | |||
Beginning of the year | 889,000,000 | (981,000,000) | |
Business combinations and reclassification to other assets held for sale | 0 | (925) | |
Charged to the Statement of Income | (3,093,000,000) | 3,693,000,000 | |
Use of tax loss carry-forwards | 0 | 0 | |
Reserve for changes of non-controlling interest | 0 | 0 | |
Foreign exchange gain | (178) | ||
Income tax, deconsolidation | 1,626 | (720) | |
Ending of the year | $ (578,000,000) | $ 889,000,000 |
Income tax (Details 6)
Income tax (Details 6) $ in Thousands | Jun. 30, 2021ARS ($) |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | $ 8,754 |
Argentina [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 31,000 |
Argentina 1 [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 477,000 |
Argentina 2 [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 193,000 |
Brazil [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | $ 8,053 |
Income tax (Details Narrative)
Income tax (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Corporate income tax, percentage | 10.00% | |
Deferred income tax assets (tax loss carry forwards) | $ 8,125 | $ 685,361 |
Deferred income tax liabilities | 135 | |
Deferred liability | $ 1,361 | |
Corporate income tax, percentage | 1.00% | |
Uruguay [Member] | ||
Statement [Line Items] | ||
Tax loss carry forwards expiration | 5 years | |
Argentina [Member] | ||
Statement [Line Items] | ||
Tax loss carry forwards expiration | 5 | |
Bolivia [Member] | ||
Statement [Line Items] | ||
Tax loss carry forwards expiration | 3 | |
Top Range [Member] | ||
Statement [Line Items] | ||
Corporate income tax, percentage | 30.00% | |
Bottom Range [Member] | ||
Statement [Line Items] | ||
Corporate income tax, percentage | 30.00% |
Leases (Details)
Leases (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 3,620 | $ 15,373 | $ 40,678 |
Later Than 1 Year And Not Later Than 5 Years [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 2,048 | 8,126 | 22,770 |
More Than Five 5 [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 1,019 | 3,600 | 3,151 |
No Later than 1 year [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 553 | $ 3,647 | $ 14,757 |
Leases (Details 1)
Leases (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Less Than 1 Year [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 4,135 | $ 1,819 | $ 19,850 |
Later Than 1 Year And Not Later Than 5 Years [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 8,272 | 33,139 | 44,656 |
More Than Five 5 [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 2,267 | 16,031 | 32,083 |
Shopping Malls, Offices And Other Buildings [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 14,674 | $ 50,989 | $ 96,589 |
Leases (Details 2)
Leases (Details 2) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Future aggregate minimum lease proceeds under non-cancellable operating leases | $ 405 | $ 405 | $ 504 |
Less Than 1 Year [Member] | |||
Statement [Line Items] | |||
Future aggregate minimum lease proceeds under non-cancellable operating leases | 148,000,000 | 183,000,000 | 131,000,000 |
Later Than 1 Year And Not Later Than 5 Years [Member] | |||
Statement [Line Items] | |||
Future aggregate minimum lease proceeds under non-cancellable operating leases | 257,000,000 | 222,000,000 | 362,000,000 |
More Than Five 5 [Member] | |||
Statement [Line Items] | |||
Future aggregate minimum lease proceeds under non-cancellable operating leases | $ 0 | $ 0 | $ 11,000,000 |
Leases (Details Narrative)
Leases (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Rent expense | $ 242 | $ 411 | $ 438 |
Anta Agreement [Member] | |||
Statement [Line Items] | |||
Rent expense | $ 157 | $ 155 | $ 110 |
Revenues (Details)
Revenues (Details) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Crops | $ 15,269,000,000 | $ 17,215,000,000 | $ 9,697,000,000 | |
Sugarcane | 5,249,000,000 | 4,773,000,000 | 3,919,000,000 | |
Cattle | 2,844,000,000 | 2,906,000,000 | 1,430,000,000 | |
Supplies | 2,137,000,000 | 1,570,000,000 | 1,151,000,000 | |
Consignment | 974,000,000 | 895,000,000 | 1,395,000,000 | |
Advertising and brokerage fees | 1,361,000,000 | 1,105,000,000 | 866,000,000 | |
Agricultural rental and other services | 964,000,000 | 968,000,000 | 778,000,000 | |
Other | 691,000,000 | 406,000,000 | 312,000,000 | |
Income from sales and services from agricultural business | $ 29,489 | 29,848 | 19,548 | |
Trading properties and developments | 1,024,000,000 | 1,095,000,000 | 1,630,000,000 | |
Rental and services | 10,978,000,000 | 17,088,000,000 | 21,915,000,000 | |
Hotel operations, tourism services and others | 920,000,000 | 3,037,000,000 | 4,436,000,000 | |
Income from sales and services from urban properties and investment business | $ 12,922 | 21,220 | 27,981 | |
Revenues | $ 42,411,000,000 | $ 51,068,000,000 | $ 47,529,000,000 |
Costs (Details)
Costs (Details) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Statement [Line Items] | ||||
Crops | $ 15,269,000,000 | $ 17,215,000,000 | $ 9,697,000,000 | |
Sugarcane | (5,249,000,000) | (4,773,000,000) | (3,919,000,000) | |
Cattle | (2,844,000,000) | (2,906,000,000) | (1,430,000,000) | |
Supplies | (2,137,000,000) | (1,570,000,000) | (1,151,000,000) | |
Advertising and brokerage fees | (1,361,000,000) | (1,105,000,000) | (866,000,000) | |
At Cost [Member] | ||||
Statement [Line Items] | ||||
Other operative costs | 35,000,000 | 38,000,000 | 428,000,000 | |
Cost of property operations | 35,000,000 | 38,000,000 | 428,000,000 | |
Crops | 16,343,000,000 | 14,700,000,000 | 9,252,000,000 | |
Sugarcane | (4,560,000,000) | (4,495,000,000) | (3,471,000,000) | |
Cattle | (2,370,000,000) | (2,436,000,000) | (1,089,000,000) | |
Supplies | (1,662,000,000) | (1,258,000,000) | (763,000,000) | |
Consignment | (1,193,000,000) | (981,000,000) | (199,000,000) | |
Advertising and brokerage fees | (698,000,000) | (596,000,000) | ||
Agricultural rental and other services | 242,000,000 | 411,000,000 | 438,000,000 | |
Costs of agricultural sales and services | 27,239,000,000 | 24,979,000,000 | 15,808,000,000 | |
Trading properties and developments | 1,069,000,000 | 1,028,000,000 | 790,000,000 | |
Rental and services | 4,433,000,000 | 6,014,000,000 | 7,324,000,000 | |
Cost of sales and services from sales and services from urban properties and investment business | $ 6,558 | 8,908 | 10,497 | |
Hotel operations, tourism services and others | 1,056,000,000 | 1,866,000,000 | 2,383,000,000 | |
Total costs | $ 33,832,000,000 | $ 33,925,000,000 | $ 26,733,000,000 |
Expenses by nature (Details)
Expenses by nature (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Leases, services charges and vacant property costs | $ 306,000,000 | $ 341,000,000 | $ 390,000,000 |
Depreciation and amortization | 3,452,000,000 | 2,947,000,000 | 1,613,000,000 |
Doubtful accounts | 221,000,000 | 538,000,000 | 172,000,000 |
Advertising, publicity and other selling expenses | 427,000,000 | 901,000,000 | 1,031,000,000 |
Taxes, rates and contributions | 2,326,000,000 | 2,538,000,000 | 2,521,000,000 |
Maintenance and repairs | 2,286,000,000 | 3,254,000,000 | 3,782,000,000 |
Fees and payments for services | 4,899,000,000 | 4,586,000,000 | 3,876,000,000 |
Director's fees | 1,265,000,000 | 915,000,000 | 1,382,000,000 |
Food, beverage and other lodging expenses | 0 | ||
Payroll and social security liabilities | 6,478,000,000 | 6,852,000,000 | 7,946,000,000 |
Cost of sale of goods and services | 3,450,000,000 | 1,464,000,000 | 1,231,000,000 |
Cost of sale of agricultural products and biological assets | 19,665,000,000 | 18,398,000,000 | 11,270,000,000 |
Supplies and labors | 14,820,000,000 | 14,061,000,000 | 13,044,000,000 |
Freights | 1,308,000,000 | 1,931,000,000 | 964,000,000 |
Commissions and bank charges | 111,000,000 | 143,000,000 | 215,000,000 |
Conditioning and clearance | 189,000,000 | 269,000,000 | 181,000,000 |
Travel, library expenses and stationery | 191,000,000 | 277,000,000 | 381,000,000 |
Interconnection and roaming expenses | 48,000,000 | 158,000,000 | 0 |
Fees to other operators | 0 | 0 | 0 |
Others | 1,094,000,000 | 1,518,000,000 | 756,000,000 |
Total expenses by nature | 62,536,000,000 | 61,091,000,000 | 50,746,000,000 |
Costs [Member] | |||
Statement [Line Items] | |||
Leases, services charges and vacant property costs | 225,000,000 | 247,000,000 | 260,000,000 |
Depreciation and amortization | 512,000,000 | 606,000,000 | 497,000,000 |
Doubtful accounts | 0 | 134,000,000 | 8,000,000 |
Advertising, publicity and other selling expenses | 358,000,000 | 774,000,000 | 834,000,000 |
Taxes, rates and contributions | 539,000,000 | 704,000,000 | 930,000,000 |
Maintenance and repairs | 1,701,000,000 | 2,617,000,000 | 3,161,000,000 |
Fees and payments for services | 4,049,000,000 | 3,641,000,000 | 2,888,000,000 |
Director's fees | 0 | 0 | 0 |
Food, beverage and other lodging expenses | 0 | ||
Payroll and social security liabilities | 3,066,000,000 | 3,475,000,000 | 4,248,000,000 |
Cost of sale of goods and services | 3,450,000,000 | 1,464,000,000 | 1,231,000,000 |
Cost of sale of agricultural products and biological assets | 19,665,000,000 | 18,398,000,000 | 11,270,000,000 |
Supplies and labors | 142,000,000 | 1,452,000,000 | 1,021,000,000 |
Freights | 1,000,000 | 79,000,000 | 52,000,000 |
Commissions and bank charges | 5,000,000 | 9,000,000 | 110 |
Conditioning and clearance | 0 | 0 | 0 |
Travel, library expenses and stationery | 38,000,000 | 71,000,000 | 88,000,000 |
Interconnection and roaming expenses | 47,000,000 | 158,000,000 | 0 |
Fees to other operators | 0 | 0 | 0 |
Others | 34,000,000 | 96,000,000 | 135,000,000 |
Total expenses by nature | 33,832,000,000 | 33,925,000,000 | 26,733,000,000 |
General And Administrative Expenses [Member] | |||
Statement [Line Items] | |||
Leases, services charges and vacant property costs | 52,000,000 | 49,000,000 | 85,000,000 |
Depreciation and amortization | 289,000,000 | 267,000,000 | 227,000,000 |
Doubtful accounts | 0 | 0 | 0 |
Advertising, publicity and other selling expenses | 0 | 36,000,000 | |
Taxes, rates and contributions | 168,000,000 | 174,000,000 | 181,000,000 |
Maintenance and repairs | 418,000,000 | 498,000,000 | 459,000,000 |
Fees and payments for services | 458,000,000 | 773,000,000 | 815,000,000 |
Director's fees | 1,265,000,000 | 915,000,000 | 1,382,000,000 |
Food, beverage and other lodging expenses | 0 | ||
Payroll and social security liabilities | 2,290,000,000 | 2,178,000,000 | 2,567,000,000 |
Cost of sale of goods and services | 0 | 0 | 0 |
Cost of sale of agricultural products and biological assets | 0 | 0 | 0 |
Supplies and labors | 0 | 0 | 0 |
Freights | 5 | 0 | 1 |
Commissions and bank charges | 105,000,000 | 134,000,000 | 101,000,000 |
Conditioning and clearance | 0 | 0 | 0 |
Travel, library expenses and stationery | 60,000,000 | 97,000,000 | 158,000,000 |
Others | 56,000,000 | 62,000,000 | 78,000,000 |
Total expenses by nature | 5,167,000,000 | 5,147,000,000 | 6,090,000,000 |
Selling Expenses [Member] | |||
Statement [Line Items] | |||
Leases, services charges and vacant property costs | 17,000,000 | 32,000,000 | 29,000,000 |
Depreciation and amortization | 32,000,000 | 13,000,000 | 14,000,000 |
Doubtful accounts | 221,000,000 | 404,000,000 | 164,000,000 |
Advertising, publicity and other selling expenses | 127,000,000 | 161,000,000 | |
Taxes, rates and contributions | 1,558,000,000 | 1,592,000,000 | 1,335,000,000 |
Maintenance and repairs | 4,000,000 | 7,000,000 | 13,000,000 |
Fees and payments for services | 343,000,000 | 123,000,000 | 119,000,000 |
Director's fees | 0 | 0 | 0 |
Payroll and social security liabilities | 287,000,000 | 356,000,000 | 354,000,000 |
Cost of sale of goods and services | 0 | 0 | 0 |
Cost of sale of agricultural products and biological assets | 0 | 0 | 0 |
Supplies and labors | 162,000,000 | 15,000,000 | 17,000,000 |
Freights | 1,187,000,000 | 1,734,000,000 | 818,000,000 |
Commissions and bank charges | 1 | 0 | 4 |
Conditioning and clearance | 189,000,000 | 269,000,000 | 181,000,000 |
Travel, library expenses and stationery | 21,000,000 | 36,000,000 | 41,000,000 |
Interconnection and roaming expenses | 0 | 0 | |
Others | 56,000,000 | 142,000,000 | 44,000,000 |
Total expenses by nature | 4,147,000,000 | 4,850,000,000 | 3,294,000,000 |
Production Costs [Member] | |||
Statement [Line Items] | |||
Leases, services charges and vacant property costs | 12,000,000 | 13,000,000 | 16,000,000 |
Depreciation and amortization | 2,619,000,000 | 2,061,000,000 | 875,000,000 |
Doubtful accounts | 0 | 0 | 0 |
Advertising, publicity and other selling expenses | 0 | 0 | |
Taxes, rates and contributions | 61,000,000 | 68,000,000 | 75,000,000 |
Maintenance and repairs | 163,000,000 | 132,000,000 | 149,000,000 |
Fees and payments for services | 49,000,000 | 49,000,000 | 45,000,000 |
Director's fees | 0 | 0 | 0 |
Payroll and social security liabilities | 835,000,000 | 843,000,000 | 777,000,000 |
Cost of sale of goods and services | 0 | 0 | 0 |
Cost of sale of agricultural products and biological assets | 0 | 0 | 0 |
Supplies and labors | 14,516,000,000 | 12,594,000,000 | 12,006,000,000 |
Freights | 115,000,000 | 118,000,000 | 93,000,000 |
Commissions and bank charges | 0 | 0 | 0 |
Conditioning and clearance | 0 | 0 | 0 |
Travel, library expenses and stationery | 72,000,000 | 73,000,000 | 94,000,000 |
Others | 948,000,000 | 1,218,000,000 | 499,000,000 |
Total expenses by nature | $ 19,390,000,000 | $ 17,169,000,000 | $ 14,629,000,000 |
Other operating results net (De
Other operating results net (Details) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Results from commodity derivative financial instruments | $ (4,551,000,000) | $ 659,000,000 | $ 669,000,000 | |
Result from disposal of subsidiaries and associates | $ 86 | (9) | (225) | |
Result from sale of property, plant and equipment | 10 | (1) | 6 | |
Impairment of associates and joint ventures | 0 | 0 | (69) | |
Donations | (183,000,000) | (153,000,000) | (309,000,000) | |
Lawsuits and other contingencies | (335) | (179) | (138) | |
Interest generated by operating credits | 3,085 | 1,941 | 903 | |
Others | (405,000,000) | 216,000,000 | (140,000,000) | |
Management fees | $ 11 | 26 | 30 | |
Other operating results, net | $ (2,282,000,000) | $ 2,500,000,000 | $ 727,000,000 |
Financial results, net (Details
Financial results, net (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financial income | |||
Interest income | $ 656 | $ 440 | $ 289 |
Dividends income | 1 | 20 | 20 |
Other financial income | 0 | 0 | 3 |
Total financial income | 657 | 460 | 312 |
Financial costs | |||
Interest expense | (14,207) | (14,506) | (10,039) |
Other financial costs | (1,282) | (981) | (805) |
Total financial costs | (15,489) | (15,487) | (10,844) |
Capitalized finance costs | 469 | 168 | 354 |
Total finance costs | (15,020) | (15,319) | (10,490) |
Other financial results: | |||
Foreign exchange, net | 10,484 | (15,188) | 3,433 |
Fair value gain/ (loss) of financial assets and liabilities at fair value through profit or loss | 10,088 | 1,431 | (5,326) |
(Loss)/ gain from repurchase of Non-convertible notes | (25) | 138 | 112 |
(Loss) / gain from derivative financial instruments (except commodities) | (477) | (2,091) | 782 |
Others | (73) | 0 | 0 |
Total other financial results | 19,997 | (15,710) | (999) |
Inflation adjustment | 572 | (164) | (1,026) |
Total financial results, net | $ 6,206 | $ (30,733) | $ (12,203) |
Earnings per share (Details)
Earnings per share (Details) - Basic [Member] - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
(Loss)/ Profit for the year from continuing operations attributable to equity holders of the parent | $ (7,679) | $ 11,345 | $ (19,631) |
(Loss)/ Profit for the year from discontinued operations attributable to equity holders of the parent | (4,874) | 6,299 | (4,470) |
(Loss)/ Profit for the year attributable to equity holders of the parent | $ (12,553) | $ 17,644 | $ (24,101) |
Weighted average number of ordinary shares outstanding | 527 | 499 | 489 |
Basic earnings per share | $ (23.82) | $ 35.33 | $ (49.29) |
Earnings per share (Details 1)
Earnings per share (Details 1) - Diluted [Member] | 12 Months Ended |
Jun. 30, 2021ARS ($)$ / sharesshares | |
Statement [Line Items] | |
Profit for the year from continuing operations attributable to equity holders of the parent | $ 11,345 |
Profit for the year from discontinued operations attributable to equity holders of the parent | 6,299 |
Profit for the year per share attributable to equity holders of the parent | $ 17,644 |
Weighted average number of ordinary shares outstanding | shares | 515 |
Diluted earnings per share | $ / shares | $ 34.28 |
Employee benefits and share-b_2
Employee benefits and share-based payments (Details) - shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
At the beginning | 4,483,656 | 4,966,463 | 5,485,194 |
Granted | (320,739) | (482,807) | (518,731) |
At the end | 4,162,917 | 4,483,656 | 4,966,463 |
Employee benefits and share-b_3
Employee benefits and share-based payments (Details Narrative) - ARS ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Shares granted - Corresponding to the Participants' Contributions | 320 | 720 | 780 |
Defined contribution plan [member] | |||
Statement [Line Items] | |||
Contributions | $ 44 | $ 77 | |
Cresud [Member] | |||
Statement [Line Items] | |||
Fair value determined at the time of granting the plan after obtaining all the corresponding authorizations | $ 16.45 |
Related party transactions (Det
Related party transactions (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Total related party transactions | $ 3,079 | $ 1,176 |
Investments In Financial Asset [member] | ||
Statement [Line Items] | ||
Total related party transactions | 493 | 404 |
Trade And Other Receivable | ||
Statement [Line Items] | ||
Total related party transactions | 177 | 490 |
Borrowings [Member] | ||
Statement [Line Items] | ||
Total related party transactions | (38) | (315) |
Trade and other payable | ||
Statement [Line Items] | ||
Total related party transactions | $ 2,801 | $ 1,577 |
Related party transactions (D_2
Related party transactions (Details 1) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Total associates and joint ventures | $ 1,000,000,000 | $ 895,000,000 |
Total Direct Parent company | 0 | 9 |
Total other related parties | 2,173,000,000 | 469,000,000 |
Total Directors and Senior Management | (94,000,000) | (197,000,000) |
3079 | 3,079,000,000 | 1,176,000,000 |
Borrowings | 153,000,000 | |
CAMSA And Its Subsidiaries [Member] | ||
Statement [Line Items] | ||
Loans granted | 1,609 | 0 |
Management Fees payable | 0 | (285) |
Reimbursement of expenses | 0 | 2,000,000 |
Other Associates And Joint Ventures [Member] | ||
Statement [Line Items] | ||
Loans granted | 80 | 0 |
Others | 204 | 305,000,000 |
Other receivables | 24 | 0 |
Borrowings | (36) | (41) |
Other liabilities | 73 | 0 |
Leases and/or rights of use receivable | 6,000,000 | 126,000,000 |
Leases and/or rights of use pay | (13,000,000) | 0 |
Contributions pending integration | 2 | 0 |
Management fees receivable | 0 | 12 |
Non convertible notes | (105,000,000) | 0 |
Equity incentive plan receivable | 1 | 0 |
Fees | 6 | 0 |
Reimbursement of expenses to pay | 0 | (2) |
Shared-based compensation receivable | 1,000,000 | |
Reimbursement of expenses | 2,000,000 | 183,000,000 |
Lease liabilities | (6) | 0 |
Yad Levin [Member] | ||
Statement [Line Items] | ||
Loans granted | 1,609 | 0 |
Real Estate Strategies LP [Member] | ||
Statement [Line Items] | ||
Reimbursement of expenses | 0 | 174 |
BHN Vida [Member] | ||
Statement [Line Items] | ||
Non convertible notes | 0 | (78) |
Directors And Senior Management [Member] | ||
Statement [Line Items] | ||
Management Fees payable | (105,000,000) | (203,000,000) |
Advance receivables | 11 | 6 |
BS Real Estate Holdings S.R.L [Member] | ||
Statement [Line Items] | ||
Reimbursement of expenses | 0 | 709 |
IFISA [Member] | ||
Statement [Line Items] | ||
Loans granted | 0 | 9,000,000 |
Turismo Investment S.A. [Member] | ||
Statement [Line Items] | ||
Other receivables | 373 | 0 |
Condor Hospitality Trust Inc. [Member] | ||
Statement [Line Items] | ||
Public companies securities | 550,000,000 | 404,000,000 |
Loans granted | 286 | 0 |
Others | 48 | 0 |
Other receivables | 5 | 0 |
Otras Partes Relacionadas [Member] | ||
Statement [Line Items] | ||
Loans granted | 6 | 0 |
Other receivables | 146 | 0 |
Management Fees payable | (1,000,000) | 0 |
Other payable | 24 | 0 |
Borrowings | (2) | (80) |
Reimbursement of expenses | 19,000,000 | 27,000,000 |
Legal services | (1) | 0 |
New Lipstick LLC [Member] | ||
Statement [Line Items] | ||
Borrowings | 0 | (116) |
Reimbursement of expenses | $ 23,000,000 | $ 24,000,000 |
Related party transactions (D_3
Related party transactions (Details 2) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Statement [Line Items] | ||||
Total associates and joint ventures | $ 169,000,000 | $ (58,000,000) | $ 369,000,000 | |
Total other related parties | (30,000,000) | (363,000,000) | 33,000,000 | |
Total parent company | $ 8 | 8 | 0 | |
Total Directors and Senior Management | (1,007,000,000) | (681,000,000) | (996,000,000) | |
Total related party transaction 1 | (860,000,000) | (1,094,000,000) | (594,000,000) | |
Donations | (183,000,000) | (153,000,000) | (309,000,000) | |
Other Associates And Joint Ventures [Member] | ||||
Statement [Line Items] | ||||
Corporate services | 0 | 45,000,000 | ||
Financial operations | 93,000,000 | 56,000,000 | 15,000,000 | |
Leases and/or rights of use | (2,000,000) | 14,000,000 | 89,000,000 | |
Taaman [Member] | ||||
Statement [Line Items] | ||||
Corporate services | 0 | 0 | 69,000,000 | |
Other Related Parties [Member] | ||||
Statement [Line Items] | ||||
Financial operations | 0 | 0 | 5,000,000 | |
Leases and/or rights of use | (7,000,000) | (6,000,000) | 47,000,000 | |
Fees and remunerations | 0 | (35,000,000) | (24,000,000) | |
Legal services | (7,000,000) | (6,000,000) | (14,000,000) | |
Donations | (16,000,000) | 0 | (50,000,000) | |
IFISA [Member] | ||||
Statement [Line Items] | ||||
Financial operations | 8,000,000 | 8,000,000 | 0 | |
Directors [Member] | ||||
Statement [Line Items] | ||||
Fees and remunerations | (939,000,000) | (610,000,000) | (820,000,000) | |
Compensation of Directors and senior management | (44,000,000) | (45,000,000) | (95,000,000) | |
CAMSA And Its Subsidiaries [Member] | ||||
Statement [Line Items] | ||||
Management fee | 0 | (316) | 0 | |
Senior Management [Member] | ||||
Statement [Line Items] | ||||
Compensation of Directors and senior management | (24,000,000) | (26,000,000) | (81,000,000) | |
Agro Uranga S.A. [Member] | ||||
Statement [Line Items] | ||||
Sale of goods and/or services | 7,000,000 | |||
ISPRO-MEHADRIN [Member] | ||||
Statement [Line Items] | ||||
Corporate services | 0 | 0 | 45,000,000 | |
BACS [Member] | ||||
Statement [Line Items] | ||||
Financial operations | 0 | (8) | 0 | |
Leases and/or rights of use | 78,000,000 | 77,000,000 | 81,000,000 | |
Agrofy S.A. [Member] | ||||
Statement [Line Items] | ||||
Administrations fee | 0 | 0 | 5,000,000 | |
Tarshop S.A. [Member] | ||||
Statement [Line Items] | ||||
Leases and/or rights of use | $ 0 | $ 0 | $ 89 |
Related party transactions (D_4
Related party transactions (Details 3) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Statement [Line Items] | ||||
Total contributions | $ (42,000,000) | $ 228,000,000 | ||
Total dividends received | 91,000,000 | 2,773,000,000 | ||
Total other transactions | 0 | 2,094,000,000 | ||
Irrevocable contributions | $ 13,000,000 | |||
TGLT S.A. [Member] | ||||
Statement [Line Items] | ||||
By and change of shares | 2,094,000,000 | |||
Gav - Yams [Member] | ||||
Statement [Line Items] | ||||
Dividends received | $ 0 | 2,004 | ||
Capitalized borrowing | 0 | 0 | ||
Agro Uranga S.A. [Member] | ||||
Statement [Line Items] | ||||
Dividends received | 75 | 39 | ||
Condor Hospitality Trust Inc. [Member] | ||||
Statement [Line Items] | ||||
Dividends received | 0 | 48 | ||
Shufersal [member] | ||||
Statement [Line Items] | ||||
Dividends received | 0 | 601 | ||
Manibil [Member] | ||||
Statement [Line Items] | ||||
Irrevocable contributions | 0 | 131,000,000 | ||
Puerto Retiro S.A. [Member] | ||||
Statement [Line Items] | ||||
Irrevocable contributions | 0 | 26,000,000 | ||
Quality Invest S.A. [Member] | ||||
Statement [Line Items] | ||||
Irrevocable contributions | (30,000,000) | 71,000,000 | ||
Uranga Trading S.A. [Member] | ||||
Statement [Line Items] | ||||
Irrevocable contributions | $ 16,000,000 | 0 | ||
EMCO [Member] | ||||
Statement [Line Items] | ||||
Dividends received | 0 | 24 | ||
Nuevo Puerto Santa Fe S.A. [Member] | ||||
Statement [Line Items] | ||||
Dividends received | $ 0 | 57 | ||
Other [Member] | ||||
Statement [Line Items] | ||||
Irrevocable contributions | $ 0 |
Related party transactions (D_5
Related party transactions (Details Narrative) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021ARS ($) | Jun. 30, 2020ARS ($) | |
Aggregate compensation to Senior Management | $ 31 | ||
Offices and Shopping malls spaces leases, description | On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping Mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Shopping Mall Alto Rosario were loaned for a term of 30 years Fundación IRSA has used the available area to house the museum called “Museo de los Niños, Abasto” an interactive learning center for kids and adults, which was opened to the public in April 1999. | On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping Mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Shopping Mall Alto Rosario were loaned for a term of 30 years Fundación IRSA has used the available area to house the museum called “Museo de los Niños, Abasto” an interactive learning center for kids and adults, which was opened to the public in April 1999. | |
San Bernardo lease, description | The Company leased in January 2019 a farm in the Province of Córdoba owned by San Bernardo de Córdoba S.A. (formerly Isaac Elsztain e hijos S.C.A), continuing the lease held in August 2015, for a fraction of 12,590 hectares | The Company leased in January 2019 a farm in the Province of Córdoba owned by San Bernardo de Córdoba S.A. (formerly Isaac Elsztain e hijos S.C.A), continuing the lease held in August 2015, for a fraction of 12,590 hectares | |
Ownership interest percentage, description | An 85% of the capital stock of CAMSA is held by one of our shareholders and President of our Board of Directors, while the remaining 15% of the capital stock is owned by our First Vice President. | An 85% of the capital stock of CAMSA is held by one of our shareholders and President of our Board of Directors, while the remaining 15% of the capital stock is owned by our First Vice President. | |
Annual fee, percentage | 0.10% | 0.10% | |
Fee services | $ 316 | ||
Total amount paid | $ 2,426 |
Cost of goods sold and servic_3
Cost of goods sold and services provided (Details) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Statement [Line Items] | ||||
Inventories at the beginning of the period / year | $ 13,623,000,000 | $ 17,759,000,000 | ||
Adjustment previous periods (IFRS 15 and 9) | (12,504,000,000) | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 9,161,000,000 | 3,061,000,000 | $ 1,915,000,000 | |
Changes in net realizable value of agricultural products after harvest | (590,000,000) | 987,000,000 | (65,000,000) | |
Investments in associates and joint venture, deconsolidation | (48,443,000,000) | 43,822,000,000 | (87,842,000,000) | |
Currency translation adjustment | (6,817,000,000) | 11,184,000,000 | (2,878,000,000) | |
Transfers | (194,000,000) | (386,000,000) | 224,000,000 | |
Harvest | 17,055,000,000 | 15,980,000,000 | 12,030,000,000 | |
Acquisitions and classifications | 11,074,000,000 | 98,951,000,000 | 100,350,000,000 | |
Consume | (2,912,000,000) | (3,920,000,000) | (7,306,000,000) | |
Disposals due to sales | 0 | (29) | 0 | |
Disposals due to advance in work in progress | 0 | 397 | 0 | |
Expenses incurred | 4,539,000,000 | 4,912,000,000 | 3,924,000,000 | |
Inventories at the end of the period / year | (16,093,000,000) | (26,036,000,000) | ||
Costs as of 06.30.21 | 38,184 | 0 | 0 | |
Costs as of 06.30.20 | 0 | 33,887 | 0 | |
Costs as of 06.30.19 | 0 | 0 | ||
Capitalized finance costs | 469,000,000 | $ 168,000,000 | $ 354,000,000 | |
Cost of sales and services from agricultural business [Member] | ||||
Statement [Line Items] | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 9,161,000,000 | |||
Changes in net realizable value of agricultural products after harvest | (590,000,000) | |||
Investments in associates and joint venture, deconsolidation | 0 | |||
Currency translation adjustment | (1,003,000,000) | |||
Transfers | 112,000,000 | |||
Harvest | 17,055,000,000 | |||
Acquisitions and classifications | 9,685,000,000 | |||
Consume | (2,912,000,000) | |||
Disposals due to sales | 0 | |||
Disposals due to advance in work in progress | 0 | |||
Expenses incurred | 4,539,000,000 | |||
Inventories at the end of the period / year | (14,335,000,000) | |||
Costs as of 06.30.21 | 31,626,000,000 | |||
Costs as of 06.30.20 | 24,979,000,000 | |||
Costs as of 06.30.19 | 15,808,000,000 | |||
Lease Pastagem | 36 | |||
Capitalized finance costs | $ 0 | |||
Cost of sales and services from sales and services from urban properties and investment business [Member] | ||||
Statement [Line Items] | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | |||
Changes in net realizable value of agricultural products after harvest | 0 | |||
Investments in associates and joint venture, deconsolidation | (4,712,000,000) | |||
Currency translation adjustment | (5,814,000,000) | |||
Transfers | (306,000,000) | |||
Harvest | 0 | |||
Acquisitions and classifications | 1,389,000,000 | |||
Consume | 0 | |||
Disposals due to sales | 0 | |||
Disposals due to advance in work in progress | 0 | |||
Expenses incurred | 0 | |||
Inventories at the end of the period / year | (1,758,000,000) | |||
Costs as of 06.30.21 | 6,558,000,000 | |||
Costs as of 06.30.20 | 8,908,000,000 | |||
Costs as of 06.30.19 | $ 10,497,000,000 | |||
Capitalized finance costs | $ 0 |
Foreign currency assets and l_3
Foreign currency assets and liabilities (Details) | Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2021EUR (€)€ / shares | Jun. 30, 2021ILS (₪)₪ / shares | Jun. 30, 2020ARS ($) | Jun. 30, 2020EUR (€) |
Statement [Line Items] | ||||||
Derivative financial instruments | $ | $ 633,000,000 | $ 482,000,000 | ||||
Cash and cash equivalents | $ | 27,529,000,000 | 151,591,000,000 | ||||
Total Assets | $ | 339,172,000,000 | 1,031,784,000,000 | ||||
Trade and other payables | $ | 21,835,000,000 | 58,291,000,000 | ||||
Borrowings with related parties | $ | 153,000,000 | |||||
Borrowings | $ | 118,668,000,000 | 0 | ||||
Total Liabilities | $ | $ 233,279,000,000 | 848,309,000,000 | ||||
Foreign currency Assets [member] | ||||||
Statement [Line Items] | ||||||
Trade and other receivables | $ 9,251 | 8,706 | ||||
Investment in financial assets | 1,620 | 5,930 | ||||
Derivative financial instruments | 419 | 123 | ||||
Cash and cash equivalents | 6,251 | 25,671 | ||||
Total Assets | 17,541 | 40,430 | ||||
Foreign currency Liabilities [member] | ||||||
Statement [Line Items] | ||||||
Trade and other payables | 5,534 | 22,518 | ||||
Borrowings | 87,097 | 138,468 | ||||
Derivative financial liabilities | 101 | 433 | ||||
Total Liabilities | $ 92,732 | 161,419 | ||||
US Dollar [Member] | Trade and other payable | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 57.47 | |||||
Prevailing exchange rate | $ 95.72 | |||||
Trade and other payables | $ 5,501 | 22,060 | ||||
US Dollar [Member] | Trade And Other Receivable | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 96.53 | |||||
Prevailing exchange rate | $ 95.52 | |||||
Trade and other receivables | $ 9,221 | 6,935 | ||||
US Dollar [Member] | Trade and other receivables related parties [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 0.06 | |||||
Prevailing exchange rate | $ 95.72 | |||||
Trade and other receivables related parties | $ 6 | 449 | ||||
US Dollar [Member] | Investment in financial assets [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | € / shares | € 9.53 | |||||
Prevailing exchange rate | € / shares | 95.52 | |||||
Investment in financial assets | 910 | 5,813 | ||||
US Dollar [Member] | Derivative financial instruments [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | € / shares | 4.39 | |||||
Prevailing exchange rate | € / shares | 95.52 | |||||
Derivative financial instruments | $ 419 | 123 | ||||
US Dollar [Member] | Cash and cash equivalents [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 65.43 | |||||
Prevailing exchange rate | $ 95.52 | |||||
Cash and cash equivalents | $ 6,250 | 23,344 | ||||
US Dollar [Member] | Borrowings with related parties [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 0.75 | |||||
Prevailing exchange rate | $ 95.72 | |||||
Borrowings with related parties | $ 72 | 0 | ||||
US Dollar [Member] | Borrowings [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 909.16 | |||||
Prevailing exchange rate | $ 95.72 | |||||
Borrowings | $ 87,025 | 138,468 | ||||
US Dollar [Member] | Derivative financial liabilities [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 1.06 | |||||
Prevailing exchange rate | $ 95.72 | |||||
Derivative financial liabilities | $ 101 | 433 | ||||
Euros [Member] | Trade and other payable | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | € / shares | 0.28 | |||||
Prevailing exchange rate | € / shares | € 113.57 | |||||
Trade and other payables | € | € 32 | € 458 | ||||
Euros [Member] | Trade And Other Receivables [Member] | ||||||
Statement [Line Items] | ||||||
Prevailing exchange rate | € / shares | € 113.10 | |||||
Trade and other receivables | € | € 24 | 1,322 | ||||
Euros [Member] | Cash and cash equivalents [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | € / shares | € 0.01 | |||||
Prevailing exchange rate | € / shares | € 113.10 | |||||
Cash and cash equivalents | € | € 1 | 2,327 | ||||
New Israel Shekel [Member] | Investment in financial assets [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | ₪ / shares | ₪ 20.78 | |||||
Prevailing exchange rate | ₪ / shares | ₪ 29.36 | |||||
Investment in financial assets | ₪ 610 | 0 | ||||
Pounds [Member] | Investment in financial assets [member] | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | € / shares | € 0.76 | |||||
Prevailing exchange rate | € / shares | € 131.88 | |||||
Investment in financial assets | € | € 100 | € 117 | ||||
Uruguayan pesos [Member] | Trade and other payable | ||||||
Statement [Line Items] | ||||||
Amount of foreign currency | $ 0.50 | |||||
Prevailing exchange rate | $ 1.99 | |||||
Trade and other payables | $ 1 | $ 0 |
Groups of assets and liabilit_3
Groups of assets and liabilities held for sale (Details) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Statement [Line Items] | ||||
Property, plant and equipment | $ 40,115,000,000 | $ 90,054,000,000 | $ 81,268,000,000 | $ 52,073,000,000 |
Investments in associates | 12,999,000,000 | 112,842,000,000 | ||
Deferred income tax assets | 493,000,000 | 1,392,000,000 | ||
Inventories | 10,686,000,000 | 13,623,000,000 | 17,759,000,000 | |
Trade and other receivables | 1,414,000,000 | 65,663,000,000 | ||
Cash and cash equivalents | 27,529,000,000 | 151,591,000,000 | ||
Total group of assets held for sale | 22,723,000,000 | 65,812,000,000 | ||
Trade and other payables | 21,835,000,000 | 58,291,000,000 | ||
Employee benefits | 0 | 671,000,000 | ||
Deferred and current income tax liabilities | 82,231,000,000 | 74,301,000,000 | ||
Non-current | 389,000,000 | 4,643,000,000 | ||
Total non-current borrowings | 73,233,000,000 | 481,268,000,000 | ||
Total group of liabilities held for sale | 0 | 35,521,000,000 | ||
Groups of assets and liabilities held for sale [Member] | ||||
Statement [Line Items] | ||||
Property, plant and equipment | 0 | 55,150 | 9,686 | |
Intangible assets | 0 | 2,058 | 204 | |
Investments in associates | 0 | 336 | 897 | |
Deferred income tax assets | 0 | 1,223 | 436 | |
Income tax credit | 0 | 5 | 0 | |
Inventories | 0 | 533 | 0 | |
Trade and other receivables | 0 | 3,937 | 4,511 | |
Cash and cash equivalents | 0 | 2,570 | 1,537 | |
Total group of assets held for sale | 0 | 65,812 | 17,271 | |
Trade and other payables | 0 | 15,609 | 7,277 | |
Payroll and social security liabilities | 0 | 748 | 0 | |
Employee benefits | 0 | 580 | 436 | |
Deferred and current income tax liabilities | 0 | 2,975 | 77 | |
Non-current | 0 | 18 | 0 | |
Total non-current borrowings | 0 | 15,591 | 4,432 | |
Total group of liabilities held for sale | 0 | 35,521 | 12,222 | |
Total net financial assets held for sale | $ 0 | $ 30,291 | $ 5,049 |
Results from discontinued ope_3
Results from discontinued operations (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Revenues | $ 42,411,000,000 | $ 51,068,000,000 | $ 47,529,000,000 |
Costs | (33,832,000,000) | (33,925,000,000) | (26,733,000,000) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,467,000,000 | 4,128,000,000 | 3,251,000,000 |
Gross profit / (loss) | 22,456,000,000 | 22,257,000,000 | 23,982,000,000 |
General and administrative expenses | (5,167,000,000) | (5,147,000,000) | (6,090,000,000) |
Selling expenses | (4,147,000,000) | (4,850,000,000) | (3,294,000,000) |
Profit / (loss) from operations | 9,924,000,000 | 66,743,000,000 | (41,710,000,000) |
Share of profit of joint ventures and associates | (3,452,000,000) | 11,060,000,000 | (7,328,000,000) |
Other financial results | (1,355,000,000) | (981,000,000) | (805,000,000) |
Inflation adjustment | 572,000,000 | (164,000,000) | (1,026,000,000) |
Discontinued Operations [Member] | |||
Statement [Line Items] | |||
Revenues | 42,713 | 164,898 | 157,888 |
Costs | (35,094) | (120,074) | (112,532) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 118 | 213 |
Gross profit / (loss) | 7,619 | 44,942 | 45,569 |
Net loss / (gain) from fair value adjustment of investment properties | (28) | (4,490) | 7,333 |
General and administrative expenses | (4,469) | (15,077) | (13,984) |
Selling expenses | (4,725) | (21,172) | (19,085) |
Impairment of associate | 0 | (3,710) | 0 |
Other operating results, net | 1,442 | 28,178 | 1,539 |
Profit / (loss) from operations | (161) | 28,671 | 21,372 |
Share of profit of joint ventures and associates | 719 | 2,176 | 207 |
Profit from operations before financing and taxation | 558 | 30,847 | 21,579 |
Financial income | 533 | 2,024 | 3,043 |
Finance costs | (6,918) | (25,843) | (27,393) |
Other financial results | 453 | (12,157) | 9,947 |
Inflation adjustment | 89 | 279 | 100 |
Financial results, net | (5,843) | (35,697) | (14,303) |
(Loss)/ profit before income tax | (5,285) | (4,850) | 7,276 |
Income tax | 315 | (230) | (2,942) |
(Loss)/ profit for the year from discontinued operation | (4,970) | (5,080) | 4,334 |
Result for loss of control (i) | (3,287) | 0 | 0 |
(Loss)/ profit for the year from discontinued operations | (8,257) | (5,080) | 4,334 |
Equity holders of the parent | (4,874) | 6,299 | (4,470) |
Non-controlling interest | $ (3,383) | $ (11,379) | $ 8,804 |
(Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: | |||
Basic | $ (9.24) | $ 11.95 | $ (8.48) |
Diluted | $ (8.98) | $ 11.61 | $ (8.24) |
Relevant events of the year (De
Relevant events of the year (Details Narrative) - ARS ($) $ / shares in Units, $ in Millions | Apr. 12, 2021 | Oct. 26, 2020 | Jun. 30, 2021 |
BrasilAgro [member] | |||
Statement [Line Items] | |||
Share capital increase description | BrasilAgro carried out two share capital increase: (i) capitalization of R $ 440 million through a public offering of 20,000,000 shares at a price of R $ 22.00 each, carried out in Brazil in an over-the-counter market not organized with placement of efforts abroad, with administrative expenses valued at R $ 17 million recorded directly in stockholders’ equity in the caption “Expenses with issuance of share capital (ii) contribution of R $ 448 million through the issuance of 20,272,707 common shares, nominative and without par value, derived from the exercise of subscription rights, issued by the Company on March 15, 2006 | ||
IRSA [Member] | |||
Statement [Line Items] | |||
Distribution of ordinary shares | 1,512,500 | ||
Equity attributable to the controlling shareholders | $ 725 | ||
IRSA's subsidiaries [Member] | |||
Statement [Line Items] | |||
Common stock shares issued, public offering | 80,000,000 | ||
Warrants to subscribe for new common shares | 80,000,000 | ||
Description of shares subscription | Each right corresponding to one share (or GDS) allowed its holder to subscribe 0.1382465082 new ordinary shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 58.35 or USD 0.36 and for the new GDS it was USD 3.60. The new shares, registered, of ARS 1 (one peso) of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation. | ||
Total shares subscribed | 80,000,000 | ||
Option [member] | |||
Statement [Line Items] | |||
Options issued | 80,000,000 | ||
Acquisition of additional new shares, exercisable | 80,000,000 | ||
Exercise price of the warrants | $ 0.432 | ||
Expiration period | 5 years | ||
Common stock shares issued, Change in capital stock | 658,676,460 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) $ in Millions | Aug. 09, 2021$ / shares | Sep. 23, 2021ARS ($) |
Condor Hospitality Trust agreement [Member] | ||
Statement [Line Items] | ||
Proceeds from sale of entire portfolio | $ | $ 305 | |
Sale of Mariano Acosta and Merlo Plots [Member] | ||
Statement [Line Items] | ||
Proceeds from sale of ticket | $ 0.7 | |
Amount received at the time signing of ticket | 0.5 | |
Balance receivable at the time of signing of deed | $ 0.2 |