EXHIBIT 8.1
LIST OF SUBSIDIARIES
The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2016:
Subsidiaries | Country of Incorporation |
Direct equity interest of Cresud: | |
Brasilagro-Companhia Brasileira de Propiedades Agrícolas (1) | Brazil |
Sociedad Anónima Carnes Pampeanas S.A. | Argentina |
Futuros y Opciones.Com S.A. | Argentina |
FyO Trading S.A. | Argentina |
Granos Olavarría S.A. | Argentina |
Helmir S.A. | Uruguay |
IRSA Inversiones y Representaciones Sociedad Anónima | Argentina |
Doneldon S.A. | Uruguay |
Interest indirectly held through BrasilAgro: | |
Araucária Ltda. | Brazil |
Cajueiro Ltda. | Brazil |
Ceibo Ltda. | Brazil |
Cremaq Ltda. | Brazil |
Engenho de Maracajú Ltda. | Brazil |
Flamboyant Ltda. | Brazil |
Jaborandi Agrícola Ltda. | Brazil |
Jaborandi Propriedades Agrícolas S.A. | Brazil |
Mogno Ltda. | Brazil |
Interest indirectly held through Futuros y Opciones.Com. S.A.: | |
FyO Trading S.A. | Argentina |
Granos Olavarría S.A. | Argentina |
Interest indirectly held through Helmir S.A.: | |
IRSA Inversiones y Representaciones Sociedad Anónima | Argentina |
Sociedad Anónima Carnes Pampeanas S.A. | Argentina |
Agropecuaria Acres del Sud S.A. | Bolivia |
Yatay Agropecuaria S.A. | Bolivia |
Interest indirectly held through Doneldon: S.A.: | |
Agropecuaria Acres del Sud S.A. | Bolivia |
Ombú Agropecuaria S.A. | Bolivia |
Yatay Agropecuaria S.A. | Bolivia |
Yuchán Agropecuaria S.A. | Bolivia |
Sedelor S.A. | Uruguay |
Codalis S.A. | Uruguay |
Alafox S.A. | Uruguay |
Interest indirectly held through IRSA: | |
IRSA CP (4) | Argentina |
E-Commerce Latina S.A. (4) | Argentina |
Efanur S.A. | Uruguay |
Hoteles Argentinos S.A. | Argentina |
Inversora Bolívar S.A. | Argentina |
Llao Llao Resorts S.A. (2) | Argentina |
Nuevas Fronteras S.A. | Argentina |
Palermo Invest S.A. | Argentina |
Ritelco S.A. | Uruguay |
Tyrus S.A. | Uruguay |
Interest indirectly held through IRSA CP: | |
Arcos del Gourmet S.A. | Argentina |
Emprendimiento Recoleta S.A. | Argentina |
Fibesa S.A. | Argentina |
Panamerican Mall S.A. | Argentina |
Shopping Neuquén S.A. | Argentina |
Torodur S.A. | Uruguay |
Interest indirectly held through Tyrus S.A.: | |
Dolphin Fund Ltd. (3) | Bermudas |
I Madison LLC | United States |
IRSA Development LP | United States |
IRSA International LLC | United States |
Jiwin S.A. | Uruguay |
Liveck S.A. | Uruguay |
Real Estate Investment Group IV LP | Bermudas |
Real Estate Investment Group V LP | Bermudas |
Real Estate Strategies LLC | United States |
Interest indirectly held through Efanur S.A.: | |
Real Estate Strategies LP | United States |
Interest indirectly held through Dolphin Fund Ltd. | |
IDB Development Corporation Ltd. (5) | Israel |
Interest indirectly held through IDBD: | |
Discount Investment Corporation Ltd. | Israel |
IDB Tourism (2009) Ltd. | Israel |
IDB Group Investment Inc. | Israel |
Interest indirectly held through Discount Investment Corporation Ltd.: | |
Property & Building Corporation Ltd. | Israel |
Gav Yam Land Ltd. | Israel |
Israel Property Rental Corporation Ltd. (ISPRO) | Israel |
MATAM - Haifa Science Industries Center | Israel |
Neveh-Gad Building & Development Ltd. | Israel |
Hadarim Properties Ltd. | Israel |
PBC USA Investment Inc. | United States |
Shufersal Ltd. | Israel |
Shufersal Real Estate Ltd. | Israel |
Koor Industries Ltd.(6) | Israel |
Cellcom Israel Ltd. (7) | Israel |
Netvision Ltd. | Israel |
Elron Electronic Industries Ltd. | Israel |
Bartan Holdings and Investment Ltd. | Israel |
Epsilon Investment House Ltd. | Israel |
(1)
The Group has consolidated the investment in Brasilagro considering that the Company exercises “de facto control” over it. See Note 7 for further information regarding to Brasilagro.
(2)
The Group has consolidated the investment in Llao Llao Resorts S.A. considering their ownership interest held together with the Company's participation in the making decisions.
(3)
Includes interest indirectly held through Ritelco S.A.
(4)
Includes interest indirectly held through Tyrus S.A.
(5)
Owns a 40% equity interest of Adama.
(6)
The Group has consolidated the interest in Cellcom taking into consideration its equity interest and decision-making power given the fact that the remaining interests are too disperse.
(7)
Until takeover was secured, IDBD was valued at fair value in accordance with IAS 28 exception.