EXHIBIT 8.1
LIST OF SUBSIDIARIES
The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2018:
Agricultural Business
% of ownership interest held by the Group | |||
Name of the entity | Country | Principal activity | 06.30.18 |
Cresud's direct equity interest in: | |||
Brasilagro-Companhia Brasileira de Propriedades Agr’colas (1) | Brazil | Agricultural | 43.29% |
Sociedad Anónima Carnes Pampeanas S.A. (2) | Argentina | Agro-industrial | 100.00% |
Futuros y Opciones.Com S.A. | Argentina | Brokerage | 50.10% |
Helmir S.A. | Uruguay | Investment | 100.00% |
IRSA Inversiones y Representaciones Sociedad Anónima (2) | Argentina | Real estate | 63.74% |
Agropecuarias Santa Cruz de la Sierra S.A. | Uruguay | Investment | 100.00% |
Brasilagro's direct equity interest in: | |||
Araucária Ltda. | Brazil | Agricultural | 99.99% |
Cajueiro Ltda. | Brazil | Agricultural | 99.99% |
Ceibo Ltda. | Brazil | Agricultural | 99.99% |
Cremaq Ltda. | Brazil | Agricultural | 99.99% |
Engenho de Maracajú Ltda. | Brazil | Agricultural | 99.99% |
Flamboyant Ltda. | Brazil | Agricultural | 99.99% |
Jaborandi Agr’cola Ltda. | Brazil | Agricultural | 99.99% |
Jaborandi Propriedades Agr’colas S.A. | Brazil | Agricultural | 99.99% |
Mogno Ltda. | Brazil | Agricultural | 99.99% |
Palmeiras S.A. | Brazil | Agricultural | 99.99% |
Agropecuaria Morot’ S.A. | Brazil | Agricultural | 99.99% |
Futuros y Opciones.Com. S.A.'s direct equity interest in: | |||
Amauta Agro S.A. (3) | Argentina | Brokerage | 98.57% |
FyO Acopio S.A. (3) | Argentina | Warehousing and brokerage | 98.57% |
FyO Chile SPA | Chile | Brokerage | 100.00% |
Agropecuaria Santa Cruz S.A.'s direct equity interest in: | |||
Agropecuaria Acres del Sud S.A. (2) | Bolivia | Agricultural | 100.00% |
Ombú Agropecuaria S.A. | Bolivia | Agricultural | 100.00% |
Yatay Agropecuaria S.A. | Bolivia | Agricultural | 100.00% |
Yuchán Agropecuaria S.A. (2) | Bolivia | Agricultural | 100.00% |
Sedelor S.A. | Uruguay | Investment | 100.00% |
Codalis S.A. | Uruguay | Investment | 100.00% |
Alafox S.A. | Uruguay | Investment | 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 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)
Includes interest directly held through Cresud.
Urban Properties and Investments Business
% of ownership interest held by the Group | |||
Name of the entity | Country | Principal activity | 06.30.18 |
IRSA's direct equity interest: | |||
IRSA CP (1) | Argentina | Real estate | 86.34% |
E-Commerce Latina S.A. | Argentina | Investment | 100.00% |
Efanur S.A. | Uruguay | Investment | 100.00% |
Hoteles Argentinos S.A. | Argentina | Hotel | 80.00% |
Inversora Bol’var S.A. | Argentina | Investment | 100.00% |
Llao Llao Resorts S.A. (2) | Argentina | Hotel | 50.00% |
Nuevas Fronteras S.A. | Argentina | Hotel | 76.34% |
Palermo Invest S.A. | Argentina | Investment | 100.00% |
Ritelco S.A. | Uruguay | Investment | 100.00% |
Tyrus S.A. | Uruguay | Investment | 100.00% |
UT IRSA y Galer’as Pac’fico S.A. (2) (6) | Argentina | Investment | 50.00% |
% of ownership interest held by the Group | |||
Name of the entity | Country | Principal activity | 06.30.18 |
IRSA CP's direct equity interest in: | |||
Arcos del Gourmet S.A. | Argentina | Real estate | 90.00% |
Emprendimiento Recoleta S.A. | Argentina | Real estate | 53.68% |
Fibesa S.A. (3) | Argentina | Real estate | 100.00% |
Panamerican Mall S.A. | Argentina | Real estate | 80.00% |
Shopping Neuquén S.A. | Argentina | Real estate | 99.92% |
Torodur S.A. | Uruguay | Investment | 100.00% |
EHSA | Argentina | Investment | 70.00% |
Centro de Entretenimiento La Plata (6) | Argentina | Real estate | 100.00% |
Tyrus S.A.'s direct equity interest in: | |||
DFL (4) | Bermudas | Investment | 91.57% |
I Madison LLC | United States | Investment | - |
IRSA Development LP | United States | Investment | - |
IRSA International LLC | United States | Investment | 100.00% |
Jiwin S.A. | Uruguay | Investment | 100.00% |
Liveck S.A. | Uruguay | Investment | 100.00% |
Real Estate Investment Group IV LP (REIG IV) | Bermudas | Investment | - |
Real Estate Investment Group V LP (REIG V) | Bermudas | Investment | 100.00% |
Real Estate Strategies LLC | United States | Investment | 100.00% |
Efanur S.A.'s direct equity interest in: | |||
Real Estate Investment Group VII LP (REIG VII) | Bermudas | Investment | 100.00% |
DFL's direct equity interest in: | |||
IDB Development Corporation Ltd. | Israel | Investment | 100.00% |
Dolphin IL Investment Ltd. | Israel | Investment | 100.00% |
DIL's direct equity interest in: | |||
Discount Investment Corporation Ltd. (4) | Israel | Investment | 76.57% |
IDBD's direct equity interest in: | Investment | ||
IDB Tourism (2009) Ltd. | Israel | Tourism services | 100.00% |
IDB Group Investment Inc | Israel | Investment | 100.00% |
DIC's direct equity interest in: | |||
Property & Building Corporation Ltd. | Israel | Real estate | 64.40% |
Shufersal Ltd. (7) | Israel | Retail | - |
Cellcom Israel Ltd. (5) | Israel | Telecommunications | 43.14% |
Elron Electronic Industries Ltd. | Israel | Investment | 50.30% |
Bartan Holdings and Investments Ltd. | Israel | Investment | 55.68% |
Epsilon Investment House Ltd. | Israel | Investment | 68.75% |
(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 Galer’as Pac’fico 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. Until the present financial year, the participation was through Tyrus S.A. and IDBD.
(5)
DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, with a stake of 46.16%, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized.
(6)
Corresponds to acquisitions and constitutions of new entities considered not material as a whole.
(7)
Control was lost in June 30, 2018 (see Note 4.(l)).