Cover
Cover | 12 Months Ended |
Jun. 30, 2022 shares | |
Document Information Line Items | |
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, 2022 |
Entity Filer Category | Accelerated Filer |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Entity Common Stock Shares Outstanding | 0 |
Document Annual Report | true |
Document Transition Report | false |
Entity File Number | 001-29190 |
Entity Incorporation State Country Code | AR |
Entity Address Address Line 1 | Carlos M. Della Paolera 261 |
Entity Address Address Line 2 | 9th Floor |
Entity Address City Or Town | City of Buenos Aires |
Entity Address Postal Zip Code | C1001ADA |
Icfr Auditor Attestation Flag | true |
Auditor Name | Walter Rafael Zablocky |
Auditor Location | Buenos Aires, Argentina |
Auditor Firm Id | 1349 |
Security 12b Title | Common Stock, par value ARS 1.00 per share |
Trading Symbol | CRESY |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Business Contact [Member] | |
Document Information Line Items | |
Entity Address Address Line 1 | Carlos M. Della Paolera 261 |
Entity Address Address Line 2 | 9th Floor |
Entity Address City Or Town | City of Buenos Aires |
Entity Address Postal Zip Code | C1001ADA |
City Area Code | 5411 |
Local Phone Number | 4323-7449 |
Contact Personnel Email Address | ir@cresud.com.ar |
Contact Personnel Name | Matías Iván Gaivironsky |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Millions | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) |
Non-current assets | ||
Investment properties | $ 302,424 | $ 313,369 |
Property, plant and equipment | 59,432 | 65,783 |
Trading properties | 3,041 | 2,696 |
Intangible assets | 4,282 | 4,902 |
Right of use assets | 6,796 | 6,981 |
Biological assets | 6,070 | 5,325 |
Investment in associates and joint ventures | 17,918 | 21,316 |
Deferred income tax assets | 65 | 808 |
Income tax and MPIT credits | 24 | 56 |
Restricted assets | 466 | 331 |
Trade and other receivables | 14,793 | 17,571 |
Investment in financial assets | 863 | 2,165 |
Derivative financial instruments | 65 | 123 |
Total non-current assets | 416,239 | 441,426 |
Current assets | ||
Trading properties | 193 | 187 |
Biological assets | 9,212 | 11,016 |
Inventories | 13,421 | 17,523 |
Income tax and MPIT credits | 56 | 269 |
Trade and other receivables | 33,316 | 37,262 |
Investment in financial assets | 19,079 | 2,319 |
Derivative financial instruments | 2,800 | 1,038 |
Cash and cash equivalents | 34,911 | 45,143 |
Total current assets | 112,988 | 114,757 |
TOTAL ASSETS | 529,227 | 556,183 |
SHAREHOLDERS' EQUITY | ||
Shareholders' equity (according to corresponding statement) | 82,303 | 53,205 |
Non-controlling interest | 124,486 | 120,441 |
TOTAL SHAREHOLDERS' EQUITY | 206,789 | 173,646 |
Non-current liabilities | ||
Borrowings | 46,164 | 120,089 |
Deferred income tax liabilities | 116,248 | 134,845 |
Trade and other payables | 4,598 | 3,690 |
Provisions | 511 | 638 |
Derivative financial instruments | 125 | 77 |
Lease liabilities | 7,059 | 7,489 |
Payroll and social security liabilities | 154 | 221 |
Total non-current liabilities | 174,859 | 267,049 |
Current liabilities | ||
Trade and other payables | 30,922 | 32,116 |
Borrowings | 95,267 | 74,505 |
Provisions | 209 | 248 |
Payroll and social security liabilities | 2,470 | 2,437 |
Income tax and MPIT liabilities | 15,427 | 1,797 |
Lease liabilities | 2,288 | 2,612 |
Derivative financial instruments | 996 | 1,773 |
Total Current liabilities | 147,579 | 115,488 |
TOTAL LIABILITIES | 322,438 | 382,537 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 529,227 | $ 556,183 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated Statements of Income and Other Comprehensive Income | |||
Revenues | $ 95,850 | $ 69,547 | $ 82,244 |
Costs | (69,785) | (55,479) | (55,631) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 18,396 | 23,723 | 6,769 |
Changes in the net realizable value of agricultural products after harvest | (1,998) | (967) | 1,617 |
Gross profit | 42,463 | 36,824 | 34,999 |
Net gain/ (loss) from fair value adjustment of investment properties | 16,583 | (3,683) | 83,697 |
Gain from disposal of farmlands | 5,505 | 2,148 | 2,065 |
General and administrative expenses | (9,047) | (8,473) | (8,440) |
Selling expenses | (7,341) | (6,800) | (7,953) |
Other operating results ,net | (765) | (3,742) | 4,100 |
Management fees | (4,169) | 0 | (518) |
Profit from operations | 43,229 | 16,274 | 107,950 |
Share of (loss)/ profit of associates and joint ventures | (195) | (7,273) | 18,136 |
Profit before financial results and income tax | 43,034 | 9,001 | 126,086 |
Finance income | 1,307 | 1,077 | 754 |
Finance cost | (15,575) | (24,630) | (25,120) |
Other financial results | 35,811 | 32,792 | (25,762) |
Inflation adjustment | 400 | 938 | (269) |
Financial results, net | 21,943 | 10,177 | (50,397) |
Profit before income tax | 64,977 | 19,178 | 75,689 |
Income tax | (1,977) | (45,817) | (19,593) |
Profit/ (loss) for the year from continuing operations | 63,000 | (26,639) | 56,096 |
Loss for the year from discontinued operations | 0 | (13,540) | (6,831) |
Profit/ (loss) for the year | 63,000 | (40,179) | 49,265 |
Items that may be reclassified subsequently to profit or loss: | |||
Currency translation adjustment and other comprehensive loss from subsidiaries | (21,662) | (1,500) | (6,203) |
Revaluation surplus | 596 | 1,612 | 1,512 |
Other comprehensive (loss)/ income for the year from continuing operations | (21,066) | 112 | (4,691) |
Other comprehensive (loss)/ income for the year from discontinued operations | 0 | (18,763) | 32,811 |
Total other comprehensive (loss)/ income for the year | (21,066) | (18,651) | 28,120 |
Total comprehensive (loss)/ income for the year | 41,934 | (58,830) | 77,385 |
Total comprehensive (loss)/ income from continuing operations | 41,934 | (26,527) | 51,405 |
Total comprehensive (loss)/ income from discontinued operations | 0 | (32,303) | 25,980 |
Total comprehensive (loss)/ income from the year | 41,934 | (58,830) | 77,385 |
Equity holders of the parent1 | 37,088 | (20,611) | 9,678 |
Non-controlling interest | 25,912 | (19,568) | 39,587 |
Profit/ (loss) from continuing operations attributable to: | |||
Equity holders of the parent | 37,088 | (12,592) | 17,106 |
Non-controlling interest | 25,912 | (14,047) | 38,990 |
Total comprehensive income/ (loss) attributable to | |||
Equity holders of the parent | 28,671 | (26,093) | 5,964 |
Non-controlling interest1 | $ 13,263 | $ (32,737) | $ 71,421 |
Profit/ (loss) for the year per share attributable to equity holders of the parent | |||
Basic | $ 62.86 | $ (39.11) | $ 19.38 |
Diluted | 53.36 | (39.11) | 18.80 |
Profit/ (loss) per share from continuing operations attributable to equity holders of the parent: | |||
Basic | 62.86 | (23.89) | 34.25 |
Diluted | $ 53.36 | $ (23.89) | $ 33.24 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders Equity | ARS ($) | USD ($) | Share capital ARS ($) shares | Inflation adjustment of share capital and treasury shares [Member] ARS ($) | Warrants [Member] ARS ($) | Share Premium [Member] ARS ($) | Additional paid-in capital from treasury shares [Member] ARS ($) | Legal reserve [Member] ARS ($) | Special reserve Resolution CNV [Member] ARS ($) | Other Reserves [Member] ARS ($) | Subtotal [Member] ARS ($) | Noncontrolling Interests [Member] ARS ($) | Accumulated deficit [Member] ARS ($) | Cost Of Treasury Shares [Member] ARS ($) shares | Reserve for currency translation adjustment [Member] ARS ($) | Reserve for the acquisition of securities issued by the Company [Member] ARS ($) | Other reserves from subsidiaries [Member] ARS ($) | Total Other Reserve [Member] ARS ($) shares | Special reserve [Member] ARS ($) |
Balance, shares at Jun. 30, 2019 | shares | 486,000,000 | ||||||||||||||||||
Balance, amount at Jun. 30, 2019 | $ 313,302,000,000 | $ 15,000,000 | $ 24,838,000,000 | $ 26,088,000,000 | $ 226,000,000 | $ 918,000,000 | $ 12,756,000,000 | $ 89,724,000,000 | $ 59,219,000,000 | $ 254,083,000,000 | $ (95,832,000,000) | $ (4,098,000,000) | $ 11,205,000,000 | $ 245,000,000 | $ (3,827,000,000) | $ 89,724,000,000 | $ 86,199,000,000 | ||
Statement [Line Items] | |||||||||||||||||||
Adjustments previous years (IFRS 9 and 15) | (5,335,000,000) | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (2,006,000,000) | (3,329,000,000) | (2,006,000,000) | |||||||
Restated balance as of June 30, 2019, shares | shares | 486,000,000 | ||||||||||||||||||
Restated balance as of June 30, 2019, amount | 307,967,000,000 | $ 15,000,000 | 24,838,000,000 | 26,088,000,000 | 226,000,000 | 918,000,000 | 12,756,000,000 | 89,724,000,000 | 57,213,000,000 | 250,754,000,000 | (97,838,000,000) | ||||||||
Profit for the year | 49,265,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9,678,000,000 | 39,587,000,000 | 9,678,000,000 | ||||||||
Loss for the year | 49,265,000,000 | ||||||||||||||||||
Other comprehensive (loss) / income for the year | 28,120,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | (3,714,000,000) | (3,714,000,000) | 31,834,000,000 | 0 | 0 | (3,852,000,000) | 0 | 138,000,000 | (3,714,000,000) | 0 | ||
Total comprehensive (loss)/ income for the year | 77,385,000,000 | $ 0 | 0 | 0 | 0 | 0 | 0 | (3,714,000,000) | 5,964,000,000 | 71,421,000,000 | 9,678,000,000 | $ 0 | (3,852,000,000) | 0 | 138,000,000 | $ (3,714,000,000) | 0 | ||
As resolved by Ordinary and Extraordinary Shareholders' Meeting held on October 30, 2019 | |||||||||||||||||||
Distribution of treasury shares, shares | shares | 13,000,000 | 3,724,000,000 | 3,724,000,000 | ||||||||||||||||
Distribution of treasury shares, amount | (31,000,000) | $ (13,000,000) | 0 | 0 | 0 | 0 | 0 | 3,724,000,000 | 0 | 0 | (3,724,000,000) | ||||||||
Reserve for share-based payments | 18,330,000,000 | 0 | 0 | 0 | (3,000,000) | 0 | 0 | (8,000,000) | (11,000,000) | (20,000,000) | 0 | $ 5,000,000 | 0 | 0 | (13,000,000) | $ (8,000,000) | 0 | ||
Incorporation by business combination | $ 651 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18,330,000,000 | 0 | ||||||||
Changes in non-controlling interest | (7,397,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | (1,043,000,000) | (1,043,000,000) | 11,861,000,000 | 0 | 0 | 0 | 0 | (1,043,000,000) | (1,043,000,000) | 0 | ||
Dividend distribution | (106,651,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (7,397,000,000) | 0 | ||||||||
Decrease due to loss of control | 369,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (106,651,000,000) | 0 | ||||||||
Other changes in equity | 77,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (151,000,000) | 520,000,000 | (151,000,000) | ||||||||
Capitalization of irrevocable contributions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77,000,000 | 0 | ||||||||
Loss absorbtion | 0 | $ 0 | 0 | 0 | 0 | 0 | (10,859,000,000) | (86,199,000,000) | 0 | 0 | 97,058,000,000 | 0 | 0 | 0 | 0 | (86,119,000,000) | (86,119,000,000) | ||
Balance, shares at Jun. 30, 2020 | shares | 499,000,000 | ||||||||||||||||||
Balance, amount at Jun. 30, 2020 | 300,867,000,000 | $ 2,000,000 | 24,838,000,000 | 0 | 26,088,000,000 | 223,000,000 | 918,000,000 | 1,897,000,000 | 2,484,000,000 | 61,972,000,000 | 238,895,000,000 | 5,023,000,000 | (369,000,000) | 7,353,000,000 | 245,000,000 | (4,745,000,000) | 2,484,000,000 | $ 0 | |
Statement [Line Items] | |||||||||||||||||||
Loss for the year | (40,179,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (20,611,000,000) | (19,568,000,000) | (20,611,000,000) | |||||||
Total comprehensive (loss)/ income for the year | (58,830,000,000) | ||||||||||||||||||
As resolved by Ordinary and Extraordinary Shareholders' Meeting held on October 30, 2019 | |||||||||||||||||||
Incorporation by business combination | 0 | ||||||||||||||||||
Changes in non-controlling interest | 1,858,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 682,000,000 | 682,000,000 | 1,176,000,000 | 0 | 0 | 0 | 0 | 682,000,000 | 682,000,000 | ||
Dividend distribution | (6,018,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (6,018,000,000) | 0 | |||||||
Decrease due to loss of control | (102,520,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (102,520,000,000) | 0 | |||||||
Other changes in equity | 11,552,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9,032,000,000 | 9,032,000,000 | 2,520,000,000 | 0 | 0 | 8,243,000,000 | 0 | 789,000,000 | 9,032,000,000 | ||
Capitalization of irrevocable contributions | 41,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41,000,000 | 0 | |||||||
Other comprehensive loss for the year | (18,651,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,482,000,000) | (5,482,000,000) | 0 | 0 | (5,854,000,000) | 0 | 372,000,000 | (5,482,000,000) | |||
Total comprehensive loss for the year | (58,830,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,482,000,000) | (26,093,000,000) | (32,737,000,000) | (20,611,000,000) | 0 | (5,854,000,000) | 0 | 372,000,000 | (5,482,000,000) | ||
Assignment of results - Shareholders' meeting | 0 | $ 0 | 0 | 0 | 0 | 0 | 234,000,000 | 0 | 0 | 0 | 0 | (234,000,000) | |||||||
Share capital increase (ii), shares | shares | 90,000,000 | ||||||||||||||||||
Share capital increase (ii), amount | 26,481,000,000 | $ 0 | 73,000,000 | 2,415,000,000 | 5,034,000,000 | 0 | 0 | 0 | 0 | 7,612,000,000 | 18,869,000,000 | 0 | |||||||
Irrevocable contributions | 215,000,000 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 215,000,000 | 0 | |||||||
Balance, shares at Jun. 30, 2021 | shares | 589,000,000 | ||||||||||||||||||
Balance, amount at Jun. 30, 2021 | 173,646,000,000 | $ 2,000,000 | 24,911,000,000 | 2,415,000,000 | 31,122,000,000 | 223,000,000 | 1,152,000,000 | 1,897,000,000 | 6,716,000,000 | 53,205,000,000 | 120,441,000,000 | (15,822,000,000) | (369,000,000) | 9,742,000,000 | 245,000,000 | (2,902,000,000) | 6,716,000,000 | ||
Statement [Line Items] | |||||||||||||||||||
Profit for the year | 63,000,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37,088,000,000 | 25,912,000,000 | 37,088,000,000 | |||||||
Loss for the year | 63,000,000,000 | ||||||||||||||||||
Total comprehensive (loss)/ income for the year | 41,934,000,000 | ||||||||||||||||||
Other comprehensive loss for the year | (8,417,000,000) | 0 | (8,847,000,000) | 0 | 430,000,000 | (8,417,000,000) | |||||||||||||
As resolved by Ordinary and Extraordinary Shareholders' Meeting held on October 30, 2019 | |||||||||||||||||||
Reserve for share-based payments | 1,976,000,000 | 0 | 0 | 0 | 0 | 4,000,000 | 0 | 0 | 15,000,000 | 19,000,000 | 51,000,000 | 0 | |||||||
Incorporation by business combination | $ 0 | ||||||||||||||||||
Changes in non-controlling interest | 15,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,011,000,000 | 2,011,000,000 | (35,000,000) | 0 | 0 | 0 | 0 | 2,011,000,000 | 2,011,000,000 | ||
Dividend distribution | (150,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,675,000,000) | 0 | |||||||
Other changes in equity | 642,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 1,759,000,000 | 317,000,000 | (1,687,000,000) | (458,000,000) | (3,763,000,000) | 0 | 342,000,000 | 0 | (25,000,000) | 317,000,000 | ||
Capitalization of irrevocable contributions | 43,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 43,000,000 | 0 | ||||||||
Other comprehensive loss for the year | (21,066,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,417,000,000) | (8,417,000,000) | (12,649,000,000) | 0 | |||||||
Total comprehensive loss for the year | (8,417,000,000) | 0 | (8,847,000,000) | 0 | 430,000,000 | (8,417,000,000) | |||||||||||||
Assignment of results - Shareholders' meeting | 90,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | (3,656,000,000) | 0 | 0 | 0 | 3,656,000,000 | |||||||
As resolved by Ordinary and Extraordinary Shareholders' Meeting held on October 21, 2021 | |||||||||||||||||||
Reserve for share-based payments | 317,000,000 | 0 | 0 | 0 | 15,000,000 | 15,000,000 | |||||||||||||
Total comprehensive profit for the year | 41,934,000,000 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | (8,417,000,000) | 28,671,000,000 | 13,263,000,000 | 37,088,000,000 | |||||||
Exercise of warrants (ii), shares | shares | 590,000,000 | ||||||||||||||||||
Exercise of warrants (ii), amount | 70,000,000 | $ 0 | 0 | (14,000,000) | 97,000,000 | 0 | 0 | 0 | 0 | 84,000,000 | 6,000,000 | 0 | |||||||
Repurchase of treasury shares | (2,145,000,000) | ||||||||||||||||||
Repurchase of treasury shares | (8,675,000,000) | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (150,000,000) | 0 | |||||||
Balance, shares at Jun. 30, 2022 | shares | 590,000,000 | ||||||||||||||||||
Balance, amount at Jun. 30, 2022 | $ 206,789,000,000 | $ 2,000,000 | $ 24,911,000,000 | $ 2,401,000,000 | $ 31,219,000,000 | $ 227,000,000 | $ 1,152,000,000 | $ 0 | $ 642,000,000 | $ 82,303,000,000 | $ 124,486,000,000 | $ 21,159,000,000 | $ (369,000,000) | $ 1,237,000,000 | $ 245,000,000 | $ (471,000,000) | $ 642,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions, $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2020 ARS ($) | |
Operating activities: | ||||
Net cash generated from operating activities before income tax paid | $ 23,034 | $ 9,655 | $ 30,021 | |
Income tax paid | (1,227) | (69) | (746) | |
Net cash generated from continuing operating activities | 21,807 | 9,586 | 29,275 | |
Net cash generated from discontinued operating activities | 0 | 4,987 | 58,739 | |
Net cash generated from operating activities | 21,807 | 14,573 | 88,014 | |
Investing activities: | ||||
Proceeds from sales of participation in associates and joint ventures | 0 | 561 | 0 | |
Capital contributions to associates and joint ventures | (624) | (69) | (4,690) | |
Proceeds from sales of intangible assets | 6 | 0 | 0 | |
Contributions to associates and joint ventures pending subscription | (57) | 0 | 0 | |
Acquisition and improvement of investment properties | (6,134) | (1,638) | (9,057) | |
Proceeds from sales of investment properties | 25,977 | 30,394 | 961 | |
Acquisitions and improvements of property, plant and equipment | (4,022) | (3,316) | (3,453) | |
Advance payments | 0 | (112) | (195) | |
Acquisition of intangible assets | (115) | (139) | (174) | |
Proceeds from sales of property, plant and equipment | 2,874 | 1,438 | 28 | |
Net increase of restricted deposits | 0 | 0 | (515) | |
Dividends collected from associates and joint ventures | 3,660 | 0 | 662 | |
Proceeds from loans granted | 453 | 15 | 0 | |
Acquisitions of investments in financial assets | (27,186) | (27,482) | (34,308) | |
Proceeds from disposal of investments in financial assets | 18,089 | 52,348 | 45,874 | |
Payments)/ Proceeds from derivative financial instruments | (117) | (853) | 12,177 | |
Interest collected from financial assets | 90 | 1,104 | (97) | |
Dividends paid from financial assets | 0 | 0 | 30 | |
Dividends collected from financial assets | 0 | 722 | 0 | |
Loans granted to related parties | 0 | (356) | (407) | |
Proceeds from loans granted to related parties | 0 | 95 | 4,434 | |
Cash incorporated by business combination, net of cash paid | 0 | 5,187 | 39 | |
Decrease in securities | 0 | 84 | 0 | |
Net cash generated from continuing investing activities | 12,894 | 47,609 | 11,249 | |
Net cash generated from discontinued investing activities | 0 | (72,320) | (100,213) | |
Net cash generated from investing activities | 12,894 | 119,929 | 111,462 | |
Financing activities: | ||||
Borrowings and issuance of non-convertible notes | 26,522 | 93,608 | 95,884 | |
Payment of borrowings and non-convertible notes | (41,660) | (153,450) | (75,909) | |
Obtaining/ (payment) of short term loans, net | 2,319 | 13,381 | (7,315) | |
Interest paid | (16,211) | (33,680) | (20,065) | |
Repurchase of treasury shares | 150 | 0 | 0 | |
Repurchase of non-convertible notes | (2,587) | (10,980) | (6,413) | |
Proceeds from sales of own non-convertible notes | 4,320 | 11,574 | 0 | |
Capital contributions from non-controlling interest in subsidiaries | 534 | 1,046 | 0 | |
Acquisition of non-controlling interest in subsidiaries | 0 | (123) | (1,482) | |
Charge for issuance of shares and other equity instruments | 0 | 20,719 | 0 | |
Loans obtained from associates and joint ventures, net | 24 | 0 | 0 | |
Proceeds from sales of non-controlling interest in subsidiaries | 43 | 0 | 0 | |
Exercise of warrants | 84 | 0 | 0 | |
Lease liabilities paid | (1,048) | (67) | 0 | |
Dividends paid | 0 | (1,166) | (2,552) | |
Dividends paid to non-controlling interest in subsidiaries | (7,780) | (4,242) | (546) | |
Share capital increase in subsidiaries | 0 | 5,092 | 0 | |
Irrevocable contributions received | 123 | 0 | 0 | |
Payment of loans with related parties | (481) | 0 | 0 | |
Net cash used in continued financing activities | (37,016) | (58,288) | (18,398) | |
Net cash used in discontinuing financing activities | 0 | (29,679) | (172,654) | |
Net cash used in financing activities | (37,016) | (87,967) | (191,052) | |
Net (decrease)/ increase in cash and cash equivalents from continuing activities | (2,315) | (1,093) | 22,126 | |
Net increase/ (decrease) in cash and cash equivalents from discontinued activities | 0 | 47,628 | (13,702) | |
Net (decrease)/ increase in cash and cash equivalents | $ (2,315) | 46,535 | 8,424 | |
Cash and cash equivalents at beginning of the year | 45,143 | 248,583 | 219,958 | |
Cash and cash equivalents reclassified to held for sale | 0 | (313) | (1,107) | |
Foreign exchange (loss)/ gain on cash and changes in fair value of cash equivalents | (7,917) | (11,331) | 21,308 | |
Deconsolidation | 0 | 238,331 | 0 | |
Cash and cash equivalents at the end of the year | $ 34,911 | $ 45,143 | $ 248,583 |
The Groups business and general
The Groups business and general information | 12 Months Ended |
Jun. 30, 2022 | |
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 the ultimate beneficiary is Eduardo S. Elsztain. The Board of Directors has approved these Financial Statements for issuance on October 27, 2022. As of June 30, 2022, 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. 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 The activities of the Argentina Operations Center are carried out mainly through IRSA. Through IRSA, the Group manages, develops and owns 15 shopping malls in Argentina, 6 office buildings, 3 hotels and an extensive land reserve for future mixed-use developments, and since 2009 it entered the real estate market of the US, mainly through the acquisition of non-controlling interests in office buildings and hotels. Indistinctly through IRSA, the Group also develops residential properties for sale. The Group uses the term “real estate” interchangeably in these consolidated financial statements to denote investment activities, development and/or sale of properties. The activities of the “Others” segment of the Group are carried out mainly through BHSA, in which IRSA holds, directly and indirectly, a 29.91% stake. BHSA is a commercial bank that offers a wide range of banking activities and related financial services to individuals, small, medium and large companies, including the granting of mortgage loans. BHSA's shares are listed on BYMA (Merval: 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, 2022 | |
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, 2022 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 were restated from the initial application. 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, 2022 according to official statistics (INDEC) following the guidelines described in Resolution 539/18: Price variation June 30, 2020 June 30, 2021 June 30, 2022 Cumulative as of June 30,2022 (3 years) Annual 43% 50% 64% 252% As a consequence of the aforementioned, these financial statements as of June 30, 2022 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 2.27 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 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. 06-30-2024 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. • 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 Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 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. 06-30-2024 Definition of accounting estimates - Amendments to IAS 8. 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. 06-30-2024 Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28 The IASB has made limited scope amendments to IFRS 10 Consolidated financial statements Investments in associates and joint ventures The amendments clarify the accounting treatment for sales or contribution of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the nonmonetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in IFRS 3 Business Combinations). Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively. N/A. In December 2015 the IASB decided to defer the application date of this amendment until the IASB has finalized its research project on the equity method. 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 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 06.30.2022 06.30.2021 06.30.2020 Cresud's direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 39.56 % 39.44 % 33.55 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial - - 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 53.94 % 62.22 % 61.95 % Alafox S.A. (3) Uruguay Investment 100.00 % 100.00 % - Agropecuaria Santa Cruz S.A. Uruguay Investment - - 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 % 99.99 % Agropecuaria Acres del Sud S.A. (2) (4) Bolivia Agricultural 99.99 % 99.99 % - Ombú Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % 99.99 % - Yatay Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % 99.99 % - Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural 99.99 % 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 % Helmir S.A.'s direct equity interest in: FyO Holding S.A. Uruguay Investment 50.10 % - - Agropecuaria Santa Cruz S.A.'s direct equity interest in: Agropecuaria Acres del Sud S.A. (2)(4) Bolivia Agricultural - - 100.00 % Ombú Agropecuaria S.A. (4) Bolivia Agricultural - - 100.00 % Yatay Agropecuaria S.A. (4) Bolivia Agricultural - - 100.00 % Yuchán Agropecuaria S.A. (2) (4) 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, and (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; the Group's effective control to direct Brasilagro’s relevant activities has been exercised 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) In liquidation process during the current fiscal year. (4) See Note 4 to the consolidated financial statements as of June 30, 2021. (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 06.30.2022 06.30.2021 06.30.2020 IRSA's direct equity interest: IRSA CP (1) Argentina Real estate - 79.92 % 80.65 % 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 % 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. Argentina Design and software development 93.63 % 93.63 % 69.69 % Tyrus S.A.'s direct equity interest in: DFL and DN BV Bermudas/ Netherlands Investment 99.50 % 99.50 % 97.04 % 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. (6) Uruguay Investment 100.00 % 100.00 % 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 % 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 % IDBD's direct equity interest in: 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 - - 72.40 % Cellcom Israel Ltd. (5) Israel Telecommunications - - 46.20 % Elron Electronic Industries Ltd. Israel Investment - - 61.06 % Bartan Holdings and Investments Ltd. Israel Investment - - 55.68 % Epsilon Investment House Ltd. Israel Investment - - 68.75 % Mehadrin Ltd. Israel Agricultural - - 43.75 % PBC's direct equity interest in: Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate - - 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate - - 50.10 % Hadarim Properties Ltd. Israel Real estate - - 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate - - 100.00 % PBC USA Investments Inc United States Real estate - - 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A as of June 30 2021 and 2020. See Note 4. (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 to consolidated financial statements as of June 30, 2021. (6) 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 clo |
Significant judgments key assum
Significant judgments key assumptions and estimates | 12 Months Ended |
Jun. 30, 2022 | |
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 8 - Investments in associates and joint ventures 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; “de facto control” 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 9. 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: · · · · 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
Acquisitions and disposals | 12 Months Ended |
Jun. 30, 2022 | |
5. Acquisitions and disposals | 4. Acquisitions and disposals Agricultural business Rio do Meio Farm On December 29, 2021, the Company entered into a Purchase and Sale Commitment Agreement for a total area of 4,573 hectares (2,859 usable hectares) of Finca Rio do Meio, a rural property located in the Municipality of Correntina - BA, for the amount of 250 bags of soybeans per useful hectare, equivalent to BRL 130 (corresponds to the value of soybeans at the date of the transaction). The payment will be made in 13 installments, the first in the form of an advance and the rest divided into 12 semi-annual payments due in June and October, with the last installment on 10 October 2027. The gain recognized for the sale amounted to BRL 51 million. Although the signing of the agreement and disclosure of the transaction was in September, the gain from the sale of the farm is recognized on December, since the Purchase Agreement conditioned the transfer of ownership of the promised area to the full payment of the first installment, which consisted of 3 equal parts that were paid on September 20, 2021, November 15, 2021 and December 30, 2021. Transferred of ownership was completed in December 2021 upon the full payment of the first installment. Sale of Alto Taquari On October 10, 2021 BrasilAgro reported that it sold an area of 3,723 hectares (2,694 cultivable hectares) of the Alto Taquari Farm, a rural property located in the municipality of Alto Taquari - Mato Grosso state. The total amount of the sale is 1,100 bags of soybeans per cultivable hectare or BRL 591 million (~ BRL 218,641 / cultivable ha). The handover of possession of the areas and, consequently, the recognition of sales income, will be carried out in two stages. In October 2021 with 2,566 hectares (1,537 cultivable hectares), for an approximate amount of BRL 336.0 (corresponds to the value of soybeans at the date of the transaction) million and September 2024 with 1,157 cultivable hectares, for an approximate value of R ARS 253.0 million. Brasilagro will continue to operate the areas until delivery. The buyer made an initial payment of BRL 16.5 million and an additional payment of BRL 31.4 million during the the fiscal year ended as of June 30, 2022, and the remaining balance is indexed in soy bags with annual payments and an average term of 3.9 years. Agrofy capital round In December 2021, Agrofy carried out a new round of capital for USD 29 million, with the aim of consolidating its regional growth, implementing transactionality on the platform and developing fintech solutions. Current shareholders, including Cresud, and a new foreign investor participated in it. As of December 31, 2021, Cresud had a direct and indirect participation in Agrofy of 17.7%. Urban properties and investments business Sale of Catalinas Tower building On November 2, 2021, three medium-height floors of the tower “261 Della Paolera” located in the Catalinas district of the Autonomous City of Buenos Aires were sold for a total area of approximately 3,582 square meters and 36 parking spaces located in the building. The transaction price was approximately USD 32 million. On December 15, 2021, a medium-height floor and 12 parking spaces were sold. The total of the operation was USD 9.2 million. On March 9, 2022, three medium-height floors of the tower were sold for a total leasable area of approximately 3,550 square meters, 30 parking spaces located in the building and other complementary units. The transaction price was approximately USD 31.6 million. On March 29, 2022, two floors of the tower were sold for a total leasable area of approximately 2,370 square meters and 24 parking spaces located in the building. The transaction price was approximately USD 20.4 million. Investment in Condor Hospitality Inc On September 22, 2021, Condor Hospitality Trust S.A. (“Condor”) has signed a sale agreement for its portfolio of 15 hotels in the United States with B9 Cowboy Mezz A LLC, an affiliate of Blackstone Real Estate Partners. Said sale was approved by the Condor Shareholders' Meeting held on November 12, 2021 and was completed on the 19th of the same month for an amount of USD 305 million. Within this framework, Condor announced a Liquidation and Dissolution Plan, with the intention of distributing certain net income from the sale of the hotel portfolio to the shareholders in one or more installments, which was approved by the Condor Shareholders' Meeting held on December 1, 2021. On December 10, 2021, in accordance with the aforementioned Plan, Condor's Board of Directors approved the distribution of a special dividend of USD 7.94 per share, which payment was made on December 30, 2021, corresponding to IRSA an approximate amount of USD 25.3 million for its direct and indirect holding of 3,191,213 common shares that, as of the date of issuance of the financial statements, have already been fully collected. As of December 31, 2021, Condor shares were delisted from the NYSE. On August 26, 2022, the company issued a statement informing that it had concluded the liquidation process, paying a final liquidation dividend of approximately USD 0.127 per common share, corresponding to IRSA approximately USD 0.41 million. Merger by absorption of IRSA and IRSA Propiedades Comerciales On September 30, 2021, IRSA & IRSA Propiedades Comerciales (former subsidiary) Boards of Directors approved the prior merger agreement between both companies and the corresponding special financial statements as of June 30, 2021, initiating the corporate reorganization process under the terms of art. 82 et seq. of the General Law of Companies. The merger process has particular characteristics given that they are two companies included in the public offering regime, reason why, not only apply the current provisions of the General Law of Companies but also the procedures established regarding reorganization of companies of the Regulations of the “Comisión Nacional de Valores” (National Securities Commission) and the markets, both national and foreign, where their shares are listed. The Merger was carried out in order to streamline the technical, administrative, operational and economic resources of both Companies, standing out among others: (a) the operation and maintenance of a single transactional information system and centralization of the entire accounting registration process; (b) presentation of a single financial statement to the different control agencies with the consequent cost savings in accounting and advisory fees, tariffs and other related expenses; (c) simplification of the accounting information reporting and consolidation process, as a consequence of the reduction that the merger would imply for the corporate structure as a whole; (d) removal of the IRSA CP public offering listing on BYMA and NASDAQ with the associated costs that this represents; (e) cost reduction for legal fees and tax filings; (f) increase in the percentage of the capital stock that is listed in the different markets, increasing the liquidity of the listed shares; (g) tax efficiencies and (h) preventively avoid the potential overlap of activities between the Companies. In accordance with the commitments assumed in the Prior Merger Commitment, having obtained the administrative consent of the United States Securities and Exchange Commission, an entity to which they are subject because both companies list their shares in markets that operate in said jurisdiction, The shareholders' meetings of both companies were called. On December 22, 2021, the Shareholders' Meetings of IRSA and IRSA CP were held, approving the merger by absorption, whose effective date was established on July 1, 2021. As of that date, the transfer to the absorbent of the totality of the equity of the absorbed company, thereby incorporating all its rights and obligations, assets and liabilities into the equity of the absorbing company. 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 CP share, which is equivalent to 0.56 IRSA GDS for each ADS of IRSA CP. Within this framework, it was decided to increase the share capital by issuing 152,158,215 new shares in IRSA. As of June 30, 2022, the merger is registered and approved in the corresponding control agencies, the exchange of IRSA CP shares for IRSA shares was carried out, and the listing of IRSA CP shares was cancelled. As a result of the merger, CRESUD reduces its stake in IRSA to 53.68%. Acquisition of Beruti real estate On February 18, 2022, the Company purchased by public auction from the Government of the Autonomous City of Buenos Aires (hereinafter "GCABA") a property located in Beruti, corner of Av. Coronel Díaz, in front of the Alto Palermo shopping center, owned by the Company, in one of the main commercial corridors of the city, in the neighborhood of Palermo. The property, built on land with an area of approximately 2,386.63 square meters, consists of a ground floor, six upper levels, a basement and a total covered area of approximately 8,136.85 square meters and has potential for future expansion. The purchase price was ARS 2,159, which was paid in full. As of June 30, 2022, the transfer deed of ownership was signed. Simultaneously with the deed, the Company is required to sign a bailment agreement with the GCABA, with the latter holding the property free of charge for a period of up to 30 months, in accordance with the conditions agreed upon in the auction. Republica Building Sale On April 19, 2022, the Company sold in block 100% of the “República” building, located next to “Catalinas Norte” area in the City of Buenos Aires. The tower has 19,885 square meters of gross leasable area on 20 office floors and 178 parking spaces. The transaction price was set at USD 131.8 million (USD/square meters 6,629), approximately 80% has already been paid in cash (USD 105,1 million or ARS 11,944.8 million), and the remaining amount has been paid with the delivery of a 46-hectare plot of land located on the Bs. As – La Plata Highway, in the district of Quilmes, Buenos Aires Province. This property has approved regulations and urban indicators to develop a mixed-use project with a construction capacity of approximately 521,400 square meters. |
Financial risk management and f
Financial risk management and fair value estimates | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021. The amounts are presented in Argentine Pesos, the presentation currency of the Group: 1) Agricultural business Net monetary position (Liability) / Asset 06.30.2022 06.30.2021 06.30.2020 Argentine Peso (94,470 ) (113,997 ) (77,162 ) Brazilian Reais (9 ) 1,669 443 Bolivian Peso - - (254 ) Total (94,479 ) (112,328 ) (76,973 ) 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, 2022 and 2021 for an amount of ARS 9,448 and ARS 11,233, 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, 2022, the Group has future exchange contracts pending for an amount of ARS 264 (asset) and ARS 139 (liability). As of June 30, 2021, the Group has future exchange contracts pending for an amount of ARS 595 (asset) and ARS 72 (liability). 2) Urban properties and investments business Net monetary position (Liability) / Asset 06.30.2022 06.30.2021 06.30.2020 Argentine Peso (44,735 ) (71,842 ) (94,572 ) Uruguayan Peso - - 374 Total (44,735 ) (71,842 ) (94,198 ) 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 net additional loss before income tax for the years ended June 30, 2022 and 2021 for an amount of ARS 4,474 and ARS 7,184, 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, 2022 and 2021 the Group has no future exchange contracts pending. 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, 2022 and 2021. 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, 2022 and 2021 in the amount of ARS 81 and ARS 121, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income and Other Comprehensive 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, 2022 and 2021 in the amount of ARS 4.2 and ARS 4.4, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income and Other Comprehensive 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, 2022 and 2021: 06.30.2022 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value (Loss)/ gain for valuation at fair value at year-end Forward: Sales Corn 240,112 - 10 (93 ) Soybeans 389,204 - 292 (916 ) Wheat 34,500 - (14 ) 129 Livestock 27,720 - - 7 Cotton 2,000,000 - 16 - Ethanol 16,380 - (101 ) (6 ) Purchase Corn 21,500 - - (83 ) Soybeans 895 - - (3 ) Wheat 700 - - (1 ) Options: Sale put Corn 21,779 43 3 (1 ) Soybeans 36,300 126 - (57 ) Wheat 7,700 31 - (13 ) Purchase put Corn - (11 ) - - Soybeans 5,500 (36 ) 7 7 Wheat 2,600 (11 ) 3 6 Sale call Corn 721 149 (67 ) - Soybeans 252 523 (42 ) 0 Wheat 3,400 12 - (14 ) Purchase call Wheat 2,500 (295 ) - - Soybeans 20,248 (593 ) 7 109 Ethanol 14,550 - 28 (11 ) Wheat 700 (21 ) - - Cotton - - (1 ) - Total 2,847,261 (83 ) 141 (939 ) 06.30.2021 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value (Loss)/ gain for valuation at fair value at year-end Forward: Sales Corn 135,538 - 361 (103 ) Soybeans 236,384 - 1,187 (1,602 ) Wheat 5,100 - 5 - Livestock 4,950 - - (100 ) Cotton 1,650,000 - 23 - Ethanol 900 - - (175 ) Purchase Corn 85,750 - (105 ) - Soybeans 300 - (2 ) - Wheat 14,100 - (39 ) - Options: Sale put Corn 2,000 20 - - Soybeans (40,214 ) 67 (166 ) (234 ) Wheat - 10 - - Purchase put Corn 2,000 (3 ) (8 ) - Soybeans 400 (13 ) - - Wheat - (11 ) - - Sale call Corn 8,600 136 13 74 Soybeans 45,081 67 - - Wheat 4,000 10 - - Purchase call Corn 5,080 (126 ) 77 (134 ) Soybeans 20,465 (308 ) 28 1,499 Wheat 1,500,000 (41 ) 56 - Total 3,680,434 (192 ) 1,430 (775 ) As of June 30, 2022, no derivative margins are recorded. Derivatives margins amount to ARS 558 as of June 30, 2021. Gains and losses on commodity-based derivative instruments were ARS 1,554 (gain) and ARS 7,463 (loss) for the years ended June 30, 2022 and 2021, 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, 2022 and 2021 the total value of Group’s investments in shares and derivative financial instruments of public companies amounts to ARS 1,546 and ARS 1,825, 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, 2022 and 2021 of ARS 155 and ARS 183, 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 20.7% and 16.3% of the Group’s total trade receivables as of June 30, 2022 and 2021, 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% of the Group’s grain production for the years ended June 30, 2022 and 2021, respectively. Generally, the entire grain production is sold in the domestic market to well-known multinational 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, 2022 and 2021, 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. 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 96.6% and 95.6% of the Group’s total trade receivables of the operations Group as of June 30, 2022 and 2021, 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 2.3% and 4.1% of the Group’s total trade receivables as of June 30, 2022 and 2021, 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 06.30.2022 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 25,586 1,218 - - 295 27,099 Borrowings 39,387 15,581 22,279 1,519 6,079 84,845 Finance lease obligations 3,172 2,807 2,513 889 7,449 16,830 Derivative financial instruments 1,726 194 57 - - 1,977 Total 69,871 19,800 24,849 2,408 13,823 130,751 06.30.2021 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 22,475 1,415 - - - 23,890 Borrowings 50,615 29,743 12,212 2,699 2,699 97,968 Finance lease obligations 2,683 6,089 92 - - 8,864 Derivative financial instruments 1,537 62 - - - 1,599 Total 77,310 37,309 12,304 2,699 2,699 132,321 2) Urban properties and investments business 06.30.2022 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 3,944 103 40 26 40 4,153 Borrowings 59,162 10,461 2,025 115 317 72,080 Finance lease obligations 40 76 93 100 2,096 2,405 Derivative financial instruments 17 - - - - 17 Total 63,163 10,640 2,158 241 2,453 78,655 06.30.2021 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 4,506 171 2 - - 4,679 Borrowings 23,856 62,889 9,339 346 308 96,738 Finance lease obligations 93 84 131 148 2,898 3,354 Derivative financial instruments 80 15 - - - 95 Total 28,535 63,159 9,472 494 3,206 104,866 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 06.30.2022 06.30.2021 Gearing ratio (i) 31.71 % 64.78 % Debt ratio (ii) 30.97 % 134.74 % (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 06.30.2022 06.30.2021 Gearing ratio (i) 31.99 % 74.84 % Debt ratio (ii) 24.31 % 32.86 % (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 timely way. |
Segment information
Segment information | 12 Months Ended |
Jun. 30, 2022 | |
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. After the merger of IRSA with IRSA CP, the urban properties and investment business structure is made up of the following five segments: -Shopping Malls -Offices -Hotels -Sales and development -Others The “Offices and Other Rental Properties” segment is renamed “Offices” and will exclusively include the results from the company’s six buildings. The other rental properties that were part of this segment were allocated to the “Sales and Developments” segment, which will include the results generated by these assets, as well as those from Land Reserves, Barter Agreements and Properties for Sale. Likewise, the “Others” segment is incorporated, which will group the results from investments in associates and foreign companies that were previously allocated in the “Corporate” and “International” segments. The “Shopping Malls” and “Hotels” segments did not undergo any changes. 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 · Others The CODM periodically reviews the results and certain asset categories and assesses performance of operating segments 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, 2022: 06.30.2022 Agricultural business (I) Urban property and investment business (II) 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 64,408 25,593 90,001 (233 ) 6,725 (643 ) 95,850 Costs (57,652 ) (5,350 ) (63,002 ) 91 (6,874 ) - (69,785 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 18,204 - 18,204 - - 192 18,396 Changes in the net realizable value of agricultural products after harvest (1,998 ) - (1,998 ) - - - (1,998 ) Gross profit 22,962 20,243 43,205 (142 ) (149 ) 451 ) 42,463 Net gain from fair value adjustment of investment properties 2,460 12,801 15,261 1,322 - - 16,583 Gain from disposal of farmlands 5,505 - 5,505 - - - 5,505 General and administrative expenses (3,788 ) (5,367 ) (9,155 ) 27 - 81 (9,047 ) Selling expenses (5,480 ) (2,241 ) (7,721 ) 5 - 375 (7,341 ) Other operating results, net (838 ) 28 (810 ) - 56 (11 ) (765 ) Management fees - - - - (4,169 ) - (4,169 ) Profit from operations 20,821 25,464 46,285 1,212 (4,262 ) (6 ) 43,229 Share of profit of associates and joint ventures 162 466 628 (821 ) - (2 ) (195 ) Segment profit 20,983 25,930 46,913 391 (4,262 ) (8 ) 43,034 Reportable assets 91,178 325,941 417,119 (1,902 ) - 114,010 529,227 Reportable liabilities - - - - - (322,438 ) (322,438 ) Net reportable assets 91,178 325,941 417,119 (1,902 ) - (208,428 ) 206,789 Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2021: 06.30.2021 Agricultural business (I) Urban property and investment business (II) 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 48,813 16,585 65,398 (82 ) 4,828 (597 ) 69,547 Costs (44,725 ) (5,654 ) (50,379 ) 115 (5,215 ) - (55,479 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 23,412 - 23,412 - - 311 23,723 Changes in the net realizable value of agricultural products after harvest (967 ) - (967 ) - - - (967 ) Gross profit 26,533 10,931 37,464 33 (387 ) (286 ) 36,824 Net gain/ (loss) from fair value adjustment of investment properties 9,035 (12,520 ) (3,485 ) (198 ) - - (3,683 ) Gain from disposal of farmlands 2,148 - 2,148 - - - 2,148 General and administrative expenses (3,570 ) (5,075 ) (8,645 ) 21 - 151 (8,473 ) Selling expenses (4,500 ) (2,478 ) (6,978 ) 35 - 143 (6,800 ) Other operating results, net (3,621 ) (257 ) (3,878 ) (33 ) 176 (7 ) (3,742 ) Profit/ (loss) from operations 26,025 (9,399 ) 16,626 (142 ) (211 ) 1 16,274 Share of loss of associates and joint ventures (95 ) (6,541 ) (6,636 ) (631 ) - (6 ) (7,273 ) Segment profit/ (loss) 25,930 (15,940 ) 9,990 (773 ) (211 ) (5 ) 9,001 Reportable assets 107,811 339,767 447,578 (2,433 ) - 111,038 556,183 Reportable liabilities - - - - - (382,537 ) (382,537 ) Net reportable assets 107,811 339,767 447,578 (2,433 ) - (271,499 ) 173,646 Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2020: 06.30.2020 Agricultural business (I) Urban property and investment business (II) 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 49,337 27,434 - 27,434 76,771 (150 ) 7,638 (2,015 ) 82,244 Costs (41,022 ) (6,786 ) - (6,786 ) (47,808 ) 131 (7,954 ) - (55,631 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 6,436 - - - 6,436 - - 333 6,769 Changes in the net realizable value of agricultural products after harvest 1,617 - - - 1,617 - - - 1,617 Gross profit 16,368 20,648 - 20,648 37,016 (19 ) (316 ) (1,682 ) 34,999 Net gain from fair value adjustment of investment properties 1,921 82,423 - 82,423 84,344 (647 ) - - 83,697 Gain from disposal of farmlands 2,065 - - - 2,065 - - - 2,065 General and administrative expenses (3,084 ) (5,521 ) - (5,521 ) (8,605 ) 35 - 130 (8,440 ) Selling expenses (5,012 ) (3,032 ) - (3,032 ) (8,044 ) 41 - 50 (7,953 ) Other operating results, net 3,901 28 - 28 3,929 44 149 (22 ) 4,100 Management fees - - - - - - (518 ) - (518 ) Profit/ (loss) from operations 16,159 94,546 - 94,546 110,705 (546 ) (685 ) (1,524 ) 107,950 Share of profit / (loss) of associates and joint ventures 303 17,367 - 17,367 17,670 414 - 52 18,136 Segment profit/ (loss) 16,462 111,913 - 111,913 128,375 (132 ) (685 ) (1,472 ) 126,086 Reportable assets 91,304 389,132 1,105,190 1,494,322 1,585,626 (1,653 ) - 107,976 1,691,949 Reportable liabilities - - (984,847 ) (984,847 ) (984,847 ) - - 2,375,928 1,391,081 Net reportable assets 91,304 389,132 120,343 509,475 600,779 (1,653 ) - 2,483,904 3,083,030 (i) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (ii) Includes ARS (149), ARS (387) and ARS (316) corresponding to Expenses and FPC as of June 30, 2022, 2021 and 2020, respectively, and ARS 4,169 and ARS 518 to management fees, as of June 30, 2022 and 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 8, ARS 23 and ARS 43, as of June 30, 2022, 2021 and 2020, respectively. (I) Agriculture line of business The following tables present the reportable segments of the agriculture line of business: 06.30.2022 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 51,070 - - 13,338 64,408 Costs (47,873 ) (48 ) - (9,731 ) (57,652 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 18,204 - - - 18,204 Changes in the net realizable value of agricultural products after harvest (1,998 ) - - - (1,998 ) Gross profit / (loss) 19,403 (48 ) - 3,607 22,962 Net gain from fair value adjustment of investment properties - 2,460 - - 2,460 Gain from disposal of farmlands - 5,505 - - 5,505 General and administrative expenses (2,264 ) (8 ) (739 ) (777 ) (3,788 ) Selling expenses (4,358 ) (189 ) - (933 ) (5,480 ) Other operating results, net (2,097 ) 1,071 - 188 (838 ) Profit / (loss) from operations 10,684 8,791 (739 ) 2,085 20,821 Share of profit of associates and joint ventures 108 - - 54 162 Segment profit / (loss) 10,792 8,791 (739 ) 2,139 20,983 Investment properties - 13,672 - - 13,672 Property, plant and equipment 46,616 276 - 212 47,104 Investments in associates 999 - - 748 1,747 Other reportable assets 21,519 - - 7,136 28,655 Reportable assets 69,134 13,948 - 8,096 91,178 From all of the Group’s revenues corresponding to Agricultural Business, ARS 32,291 are originated in Argentina and ARS 32,117 in other countries, principally in Brazil for ARS 29,665. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 30,876 are located in Argentina and ARS 60,302 in other countries, principally in Brazil. 06.30.2021 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 39,961 - - 8,852 48,813 Costs (38,561 ) (59 ) - (6,105 ) (44,725 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 23,412 - - - 23,412 Changes in the net realizable value of agricultural products after harvest (967 ) - - - (967 ) Gross profit / (loss) 23,845 (59 ) - 2,747 26,533 Net gain from fair value adjustment of investment properties - 9,035 - - 9,035 Gain from disposal of farmlands - 2,148 - - 2,148 General and administrative expenses (2,250 ) (8 ) (720 ) (592 ) (3,570 ) Selling expenses (3,837 ) (2 ) - (661 ) (4,500 ) Other operating results, net (6,856 ) 2,871 - 364 (3,621 ) Profit / (loss) from operations 10,902 13,985 (720 ) 1,858 26,025 Share of profit/ (loss) of associates and joint ventures 98 - - (193 ) (95 ) Segment profit / (loss) 11,000 13,985 (720 ) 1,665 25,930 Investment properties - 18,040 - - 18,040 Property, plant and equipment 54,001 435 - 151 54,587 Investments in associates 981 - - 357 1,338 Other reportable assets 28,122 - - 5,724 33,846 Reportable assets 83,104 18,475 - 6,232 107,811 From all of the Group’s revenues corresponding to Agricultural Business, ARS 26,438 are originated in Argentina and ARS 22,375 in other countries, principally in Brazil for ARS 21,375. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 33,538 are located in Argentina and ARS 74,273 in other countries, principally in Brazil. 06.30.2020 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 42,329 - - 7,008 49,337 Costs (36,145 ) (62 ) - (4,815 ) (41,022 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 6,436 - - - 6,436 Changes in the net realizable value of agricultural products after harvest 1,617 - - - 1,617 Gross profit / (loss) 14,237 (62 ) - 2,193 16,368 Net gain from fair value adjustment of investment properties - 1,921 - - 1,921 Gain from disposal of farmlands - 2,065 - - 2,065 General and administrative expenses (2,369 ) (7 ) (417 ) (291 ) (3,084 ) Selling expenses (4,470 ) (2 ) - (540 ) (5,012 ) Other operating results, net 1,121 2,369 - 411 3,901 Profit / (loss) from operations 8,519 6,284 (417 ) 1,773 16,159 Share of profit of associates and joint ventures 131 - - 172 303 Segment profit / (loss) 8,650 6,284 (417 ) 1,945 16,462 Investment properties - 10,170 - - 10,170 Property, plant and equipment 51,443 441 - 137 52,021 Investments in associates 1,032 - - 719 1,751 Other reportable assets 17,937 815 - 8,610 27,362 Reportable assets 70,412 11,426 - 9,466 91,304 From all of the Group’s revenues corresponding to Agricultural Business, ARS 29,405 are originated in Argentina and ARS 19,932 in other countries, principally in Brazil for ARS 17,927. From all of the Group’s assets included in the segment corresponding to Agricultural Business, ARS 32,682 are located in Argentina and ARS 58,622 in other countries, principally in Brazil for ARS 46.581. (II) Urban properties and investments line of business Below is a summarized analysis of the urban properties and investments line of business for the fiscal years ended June 30, 2022, 2021 and 2020: 06.30.2022 Shopping Malls Offices Sales and developments Hotels Others Total Revenues 17,334 3,041 746 4,300 172 25,593 Costs (1,495 ) (293 ) (581 ) (2,473 ) (508 ) (5,350 ) Gross profit / (loss) 15,839 2,748 165 1,827 (336 ) 20,243 Net gain/(loss) from fair value adjustment of investment properties 553 (5,264 ) 17,452 - 60 12,801 General and administrative expenses (2,862 ) (381 ) (1,058 ) (730 ) (336 ) (5,367 ) Selling expenses (847 ) (77 ) (922 ) (340 ) (55 ) (2,241 ) Other operating results, net (142 ) (23 ) (48 ) (59 ) 300 28 Profit / (Loss) from operations 12,541 (2,997 ) 15,589 698 (367 ) 25,464 Share of profit of associates and joint ventures - - - - 466 466 Segment profit / (loss) 12,541 (2,997 ) 15,589 698 99 25,930 Investment and trading properties 91,770 66,860 139,307 - 430 298,367 Property, plant and equipment 261 4,177 2,382 4,439 1,072 12,331 Investment in associates and joint ventures - - - - 11,578 11,578 Other reportable assets 186 159 2,984 60 276 3,665 Reportable assets 92,217 71,196 144,673 4,499 13,356 325,941 From all the revenues, ARS 25,579 are originated in Argentina, and ARS 14 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 business of urban properties and investments ARS 324,005 are located in Argentina and ARS 1,936 in other countries, principally in USA for ARS 296 and Uruguay for ARS 1,630. 06.30.2021 Shopping Malls Offices Sales and developments Hotels Others Total Revenues 8,727 4,401 1,271 1,510 676 16,585 Costs (1,428 ) (236 ) (1,373 ) (1,746 ) (871 ) (5,654 ) Gross profit / (loss) 7,299 4,165 (102 ) (236 ) (195 ) 10,931 Net (loss) / gain from fair value adjustment of investment properties (33,349 ) 9,235 11,538 - 56 (12,520 ) General and administrative expenses (2,348 ) (713 ) (1,164 ) (699 ) (151 ) (5,075 ) Selling expenses (740 ) (307 ) (1,145 ) (231 ) (55 ) (2,478 ) Other operating results, net (207 ) (8 ) (8 ) (20 ) (14 ) (257 ) (Loss) / Profit from operations (29,345 ) 12,372 9,119 (1,186 ) (359 ) (9,399 ) Share of loss of associates and joint ventures - - (26 ) - (6,515 ) (6,541 ) Segment (loss)/ profit (29,345 ) 12,372 9,093 (1,186 ) (6,874 ) (15,940 ) Investment and trading properties 89,070 118,827 102,415 - 420 310,732 Property, plant and equipment 395 3,367 2,143 4,223 349 10,477 Investment in associates and joint ventures - - - - 14,611 14,611 Other reportable assets 189 161 3,271 48 278 3,947 Reportable assets 89,654 122,355 107,829 4,271 15,658 339,767 From all the revenues, included in the segments corresponding to the business of urban properties and investments ARS 15,968 are originated in Argentina and ARS 617 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 335,115 are located in Argentina and ARS 4,658 in other countries, principally in USA for ARS 3,329 and Uruguay for ARS 1,329. 06.30.2020 Shopping Malls Offices Sales and developments Hotels Others Total Revenues 14,569 5,616 2,025 4,978 246 27,434 Costs (1,401 ) (209 ) (1,873 ) (3,064 ) (239 ) (6,786 ) Gross profit 13,168 5,407 152 1,914 7 20,648 Net (loss) / gain from fair value adjustment of investment properties (5,185 ) 54,723 33,224 - (339 ) 82,423 General and administrative expenses (2,044 ) (601 ) (1,217 ) (897 ) (762 ) (5,521 ) Selling expenses (1,751 ) (185 ) (502 ) (566 ) (28 ) (3,032 ) Other operating results, net 42 (20 ) (111 ) (49 ) 166 28 Profit / (Loss) from operations 4,230 59,324 31,546 402 (956 ) 94,546 Share of profit of associates and joint ventures - - - - 17,367 17,367 Segment profit 4,230 59,324 31,546 402 16,411 111,913 Investment and trading properties 120,956 147,513 86,036 - 941 355,446 Property, plant and equipment 456 128 2,359 4,786 396 8,125 Investment in associates and joint ventures - - 1,310 - 21,532 22,842 Other reportable assets 192 224 1,935 64 304 2,719 Reportable assets 121,604 147,865 91,640 4,850 23,173 389,132 From all the revenues included in the segments corresponding to the business of urban properties and investments ARS 27,406 and ARS 28 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 382,022 are located in Argentina and ARS 7,110 in other countries, principally in USA for ARS 5,692 and Uruguay for ARS 1,418. |
Information about the main subs
Information about the main subsidiaries | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 Subsidiaries with direct participation of Cresud IRSA 46.06 % 42,419 330,373 86,429 116,636 169,727 78,176 Subsidiaries with indirect participation of Cresud Brasilagro 60.44 % 37,845 59,515 11,519 21,341 64,500 38,984 As of June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 37.78 % 22,831 342,492 36,302 193,368 135,653 51,248 Subsidiaries with indirect participation of Cresud Brasilagro 60.56 % 55,757 72,128 20,929 23,586 83,370 50,491 IRSA CP (*) 20.08 % 37,145 253,766 21,518 141,466 127,927 25,689 Revenues Net income/ (loss) 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, 2022 Subsidiaries with direct participation of Cresud IRSA 32,085 34,892 (177 ) 340 14,392 11,195 (13,663 ) 10,209 (176 ) Subsidiaries with indirect participation of Cresud Brasilagro 32,117 14,968 (5,839 ) (3,536 ) 2,580 (210 ) (11,832 ) (9,462 ) - Year ended June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 21,282 (61,643 ) (18,746 ) (12,564 ) 2,388 111,311 (80,089 ) 33,610 (4,400 ) Subsidiaries with indirect participation of Cresud Brasilagro 21,375 15,687 15,844 9,665 4,808 (6,713 ) 29,094 27,189 - IRSA CP (*) 18,043 (36,957 ) 215 (35,966 ) 2,102 15,995 (28,274 ) (10,177 ) - (1) Corresponds to the direct interest from the Group. (*) See Note 4. IDBD As indicated in Note 1. to these financial statements, the Group lost control of IDBD on September 25, 2020. On September 21, 2020, IDBD filed a lawsuit against Dolphin Netherlands B.V. (“Dolphin BV”) and IRSA before the Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV and IRSA breached an alleged legally binding commitment to transfer to IDBD 2 installments of NIS 70 million. On December 24, 2020, and following approval by the insolvency court, the IDBD trustee filed a motion to dismiss the claim, maintaining the right as IDBD trustee, to file a new inter alia claim in the same matter, after conduct an investigation into the reasons for IDBD's insolvency. On December 24, 2020, the court entered a judgment to dismiss the claim as requested. On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD. On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million. We have not been formally notified of the lawsuit and, with the information currently available, the Management of IRSA and its legal advisors consider that there is sufficient legal arguments for an eventual defense. |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021 were as follows: 06.30.2022 06.30.2021 Beginning of the year 21,293 184,999 Share capital increase and contributions 1,534 69 Decrease of interest in associates and joint ventures (v) - (71,916 ) Share of loss (195 ) (5,067 ) Other comprehensive results (646 ) (6,120 ) Dividends (i) (3,675 ) (149 ) Participation in other changes in equity (282 ) - Deconsolidation (iii) - (79,438 ) Devaluation (iv) - (1,027 ) Reclassification to financial instruments (148 ) - Others 29 (58 ) End of the year (ii) 17,910 21,293 (i) See Note 32. (ii) Includes ARS (8) and ARS (23) reflecting interests in companies with negative equity as of June 30, 2022 and 2021, respectively, which are disclosed in “Provisions” (see Note 21). (iii) See Note 4. (iv) Corresponds to the investment of TGLT. (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, 2022 and 2021, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2022, 2021 and 2020: Name of the entity % ownership interest Value of Group's interest in equity Group's interest in comprehensive income/(loss) 06.30.2022 06.30.2021 06.30.2020 06.30.2022 06.30.2021 06.30.2022 06.30.2021 06.30.2020 New Lipstick 49.96 % 49.96 % 49.96 % 143 357 69 (787 ) 18,801 BHSA (1) 29.91 % 29.91 % 29.91 % 9,665 8,791 873 (1,240 ) (936 ) Condor (2) 21.70 % 18.89 % 18.89 % - 2,657 425 (679 ) 295 Gav-Yam N/A N/A 34.90 % - - - 64 - TGLT (3) 27.82 % 27.82 % 30.20 % 813 1,537 (723 ) (3,537 ) - Quality (4) 50.00 % 50.00 % 50.00 % 3,858 4,800 (983 ) (425 ) 456 La Rural S.A. 50.00 % 50.00 % 50.00 % 243 277 (42 ) (221 ) 251 Cresca S.A. (5) 50.00 % 50.00 % 50.00 % 29 48 8 13 (39 ) Other associates and joint ventures - - - 3,159 2,826 (468 ) (4,375 ) 2,900 Total associates and joint ventures 17,910 21,293 (841 ) (11,187 ) 21,728 The following is additional information about the Group's investments in associates and joint ventures: Name of the entity Location of business / Country of incorporation Main activity Last financial statement issued Common shares Share capital (nominal value) Loss/ (income) for the year Shareholders' equity New Lipstick U.S. Real estate N/A - (*) (1) (*) (42) BHSA (1) Argentina Financing 448,689,072 (**) 1,500 (**) 2,920 (**) 31,251 Condor (2) U.S. Hotel 3,191,214 (*) 244 (*) (125) (*) 119 TGLT S.A. (3) Argentina Real estate 257,330,595 925 (2,950) 4,084 Quality (4) Argentina Real estate 225,146,912 406 (1,965) 7,563 La Rural S.A. Argentina Organization of events 714,998 1 (58) 339 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 7.78 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. (3) See Note 8 to the annual Financial Statements as of June 30, 2021. (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. (*) 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 as of June 30, 2022, 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, 2022 Associates BHSA 241,536 79,939 280,495 8,961 32,019 (iv) 29.91%(iii) 9,577 88 9,665 TGLT 7,511 12,371 8,176 7,677 4,029 27.82 % 1,121 (308 ) 813 Joint ventures Quality Invest (ii) 61 11,490 70 3,919 7,562 50.00 % 3,781 77 3,858 As of June 30, 2021 Associates BHSA 188,185 116,578 256,477 19,122 29,164 29.91 % 8,722 69 8,791 TGLT 8,460 19,366 8,117 12,635 7,074 27.82 % 1,968 - (431 ) Joint ventures Quality Invest (ii) 8 14,499 164 4,898 9,445 50.00 % 4,723 77 4,800 Revenues Net income/(loss) Total comprehensive income/(loss) Dividends distributed to non-controlling shareholders Cash of operating activities Cash of investment activities Cash of financial activities Net increase/(decrease) in cash and cash equivalents As of June 30, 2022 (i) Associates BHSA 54,043 2,920 2,920 - 33,208 (240 ) (24,583 ) 8,385 TGLT 4,198 (2,129 ) (2,089 ) - (1,322 ) 4,209 (2,530 ) 357 Joint ventures Quality Invest (ii) 206 (1,965 ) (1,965 ) - (1 ) 24 (2 ) 21 As of June 30, 2021 (I) Associates BHSA 47,976 (4,145 ) (4,145 ) - 7,081 (212 ) (46,143 ) (39,274 ) TGLT 4,196 (3,155 ) (3,155 ) - 185 108 (746 ) (453 ) Joint ventures Quality Invest (ii) 74 (849 ) (849 ) - (97 ) (7 ) 104 - (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 71 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. As of June 30, 2022, the amount owed and the works are completed and paid, as well as the closing act signed. 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. As of June 30, 2022, the $15,000,000 have already been paid and the work is not yet finished (being executed by more than 85%). The balance due is $11,085,086, which will be paid at the time of provisional reception of the work, when it and the Delivery Certificate will be signed. BHSA BHSA is subject to certain restrictions on the distribution of profits, as required by BCRA regulations. The Annual Shareholders' Meeting decided to allocate 35.1 million of Class D shares of a par value of ARS 1, to an employee compensation plan pursuant to Section 67 of Law 26,831. As of June 30, 2022, BHSA has a remnant of 26.8 million of such treasury shares. As of June 30, 2022, 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, 2022 and 2021 amounted to ARS 9,680, ARS 11,043, 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 9 years as the horizon for the projection of BHSA cash flows, including perpetual value. - 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 15.64% in 2022 and 14.02% in 2021. - The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of ARS 760 for 2022 and of ARS 625 for 2021. The estimated value in use exceeds 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 as of June 30, 2020. TGLT During the fiscal year ended at June 30, 2020, TGLT S.A. and IRSA entered into a recapitalization agreement, based on which IRSA increased its holding in TGLT S.A. reason why it began to be considered an associate company. During the fiscal year ended at June 30, 2021, TGLT S.A. yielded significant losses and its business was affected by different factors related to the context in which it finds itself. Therefore, IRSA decided to re-evaluate the recoverability of this asset. For this reason and considering that the events are public and have been openly disclosed to the market, it is considered that the market value of the shares is more suitable indicator to determine the value of this holding. |
Investment properties
Investment properties | 12 Months Ended |
Jun. 30, 2022 | |
Investment properties | |
Investment properties | 9. Investment properties Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2022 and 2021 were as follows: 06.30.2022 06.30.2021 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 166,506 146,863 186,087 380,818 Additions 7,358 2,052 444 1,250 Disposals (iii) (29,116 ) - (35,134 ) - Transfers (iv) 59,506 (63,306 ) (3,639 ) - Net gain / (loss) from fair value adjustment 17,466 (883 ) 18,466 (22,149 ) Additions of capitalized leasing costs 23 19 21 15 Depreciation of capitalized leasing costs (i) (36 ) (9 ) (11 ) (10 ) Currency translation adjustment (4,019 ) - 272 (20,304 ) Deconsolidation (ii) - - - (192,757 ) Fair value at the end of the year 217,688 84,736 166,506 146,863 (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. (iii) See Notes 4.A and 4.E to these Consolidated Financial Statements. (iv) Includes the transfer from level 3 to level 2 of Costa Urbana, see note below. The following is the balance by type of investment property of the Group as of June 30, 2022 and 2021: 06.30.2022 06.30.2021 Leased out farmland 13,672 18,040 Offices and other rental properties 69,797 117,467 Shopping malls 90,142 83,331 Undeveloped parcels of land 127,955 88,851 Properties under development 858 5,680 Total 302,424 313,369 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 2,215 and ARS 2,832 as June 30, 2022 and 2021, respectively. The following amounts have been recognized in the Statements of Income and Other Comprehensive Income: 06.30.2022 06.30.2021 06.30.2020 Rental and services income 27,219 18,001 54,509 Direct operating expenses (9,951 ) (7,667 ) (22,125 ) Development expenses (186 ) (187 ) 298 Net realized gain from fair value adjustment of investment property (i)(ii) 13,980 17,745 2,793 Net unrealized gain/(loss) from fair value adjustment of investment property 2,603 (21,428 ) 80,904 (i) As of June 30, 2022, includes ARS 18 for the sale of Casona Hudson, ARS 83 for the sale of Merlo Land, ARS 75 for the sale of Mariano Acosta Land, ARS 113 for the sale of parking spaces in Libertador building, ARS 5,223 for the sale of Catalinas building’s floors and ARS 8,468 for the sale of República building. As of June 30, 2021, includes ARS 8,911 for the sale of Torre Boston, ARS 8,803 for the sale of Bouchard 710 and ARS 31 for the sale of parking spaces in Bouchard 557. As of June 30 ,2020 includes ARS 8 and ARS 887 for the monetary and non-monetary benefit, respectively, corresponding to the barter transaction related to Caballito Ferro land, ARS 1,413 for the sale of floors 10th and 11th of the office building “200 Della Paolera”, and ARS 485 for the deconsolidation of La Maltería S.A. (ii) As of June 30, 2022, ARS (9,513) corresponds to the result for changes in the fair value realized for the year ((ARS 103) from the sale of Casona Hudson, (ARS 22) from the sale of Merlo land, (ARS 25) from the sale of Mariano Acosta land, (ARS 104) from the sale of parking spaces in Libertador 498 building, (ARS 2,733) from the sale of Catalinas building and (ARS 6,526) from the sale of República building) and ARS 23,493 from the result of changes in the fair value made in previous years (ARS 121 from the Casona Hudson sale, ARS 105 from the Merlo land sale, ARS 100 from the Mariano Acosta land sale, ARS 217 from the sale of parking spaces in Libertador 498 building, ARS 7,956 from the sale of Catalinas building’s floors and ARS 14,994 from the sale of República Building). As of June 30, 2021, ARS (2,552) corresponds to the result for changes in the fair value realized for the year ((ARS 1,776) from the sale of Torre Boston, (ARS 771) from the sale of Bouchard 710 and (ARS 25) for the sale of parking spaces in Bouchard 557) and ARS 20,297 from the result of changes in the fair value made in previous years (ARS 10,667 from the Boston Tower sale and ARS 9,574 from the Bouchard 710 and ARS 56 from the Bouchard 557 sale). As of June 30, 2020, ARS 1,641 corresponds to net realized gain from fair value on investment properties for the year (ARS 228 from the sale of the Caballito Ferro land and ARS 1,413 from the sale of the “200 Della Paolera” building) and ARS 1,152 net realized gain from fair value on investment properties in previous years (ARS 667 attributable to the Caballito Ferro land and ARS 485 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 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. The Group has a team which reviews the appraisals performed by the independent appraisers (the “review team”). The review team: 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. 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 identified buildable potentials are included in the value of the investment property based on the methodology established for other Level 2 properties: 1. Patio Bullrich, CABA 2. Alto Palermo, CABA 3. Córdoba Shopping, Córdoba 4. Alto Rosario, Rosario, Santa Fe. 5. Beruti 3345/47, CABA. 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 33). 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): 06.30.22 06.30.21 06.30.20 Description Valuation technique Parameters Range fiscal year 2021 / 2019 Increase Decrease Increase Decrease Increase Decrease Shopping Malls (Level 3) Discounted cash flows Discount rate 14.53% / 12.18% (5,864 ) 6,890 (6,297 ) 7,525 (10,474 ) 12,825 Growth rate 2.4% / 2.3% 2,636 (2,234 ) 2,884 (2,414 ) 4,993 (4,077 ) Inflation (*) 10,516 (8,704 ) 13,399 (11,052 ) 21,803 (17,936 ) Devaluation (*) (7,758 ) 9,482 (7,145 ) 8,732 (10,136 ) 12,389 (*) Fiscal year 2022: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 163.65 (corresponding to the year ended June 30, 2023) and arriving at ARS 622.06 in 2028. In the long term, a nominal devaluation rate of 5.57% 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 70.9% (corresponding to the year ended June 30, 2023) and stabilizes at 8.0% after 5 years. 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 2027. 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 2026. 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. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation and 10% for the devaluation. Costa Urbana –former Solares de Santa María– Costanera Sur, Buenos Aires City (IRSA) On December 21, 2021, it was published the law from Buenos Aires City congress approving the Regulations for the development of the property of approximately 70 hectares, owned by the Company since 1997, previously known as “Solares de Santa María”, located in front of the Río de la Plata in the South Coast of the Autonomous City of Buenos Aires, southeast of Puerto Madero. The published law grants a New Standard, designated: “U73 - Public Park and Costa Urbana Urbanization”, which enables the combination of diverse uses such as homes, offices, retail, services, public spaces, education, and entertainment. IRSA will have a construction capacity of approximately 895,000 sqm, which will drive growth for the coming years through the development of mixed-use projects. IRSA will destinate 50.8 hectares for public use, which represents approximately 71% of the total area of the property and will contribute with three additional lots of the property, two for the Sustainable Urban Development Fund and one for the Innovation Trust, Science and Technology of the Government of the Autonomous City of Buenos Aires, to which the sum of USD 2 million in cash and the amount of 3,000,000 sovereign bonds (AL35) will also be contributed. Likewise, IRSA will be in charge of the infrastructure and road works on the property and will carry out the public space works contributing up to USD 40 million together with the maintenance of the public spaces assigned for 10 years or until the sum of USD 10 million is completed. “Costa Urbana” will change the landscape of the City of Buenos Aires, giving life to an undeveloped area and will be in an exceptional property due to its size, location and connectivity, providing the City the possibility of expanding and recovering access to the Río de la Plata coast with areas for walks, recreation, green spaces, public parks and mixed uses. On October 29, 2021, a notification was received in relation to a collective protective petition requesting the convening of a public hearing prescribed by art. 63 of the Constitution of the City of Buenos Aires and the suspension of the treatment of Bill 1831 - J 2021 (first Instance trail in contentious Administrative and Tax matters No. 10, Sec. 19 - Cause "Civil Association Observatory of the Right to the city and others against GCBA and Others on protection - others" - EXP J-01-00166469-3/2021-0). The Company proceeded to answer the notification on November 12, 2021, requesting its rejection and on March 10, 2022, the court issued a ruling partially upholding the protective petition. On March 15, 2022, IRSA appealed said ruling, as did the Government of the Autonomous City of Buenos Aires, co-defendant in the case. On March 17, 2022, the court granted the appeals in relation and with suspensive effect, of the contested sentence (in accordance with the provisions of Law No. 2145). The matter is to be resolved by the in Administrative, Tax and Consumer Relations Litigation- Room IV. |
Property plant and equipment
Property plant and equipment | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 and 2021 were as follows: Owner occupied farmland Bearer plant (iii) Buildings and facilities Machinery and equipment Communication networks Others (i) Total Balance as of June 30, 2020 58,450 2,780 15,864 1,943 52,004 16,634 147,675 Costs 64,204 5,051 35,020 6,392 235,127 38,636 384,430 Accumulated depreciation (5,754 ) (2,271 ) (19,156 ) (4,449 ) (183,123 ) (22,002 ) (236,755 ) Net book amount at June 30, 2020 58,450 2,780 15,864 1,943 52,004 16,634 147,675 Additions 2,188 234 461 159 952 1,546 5,540 Disposals (958 ) - (144 ) (11 ) (90 ) (180 ) (1,383 ) Deconsolidation (10,006 ) - (7,027 ) (1,304 ) (46,443 ) (13,914 ) (78,694 ) Currency translation adjustment (1,589 ) - (512 ) (108 ) (3,747 ) (1,118 ) (7,074 ) Transfers 3,276 - 3,298 2 - 25 6,601 Depreciation charge (ii) (677 ) (771 ) (735 ) (195 ) (2,676 ) (1,828 ) (6,882 ) Balance as of June 30, 2021 50,684 2,243 11,205 486 - 1,165 65,783 Costs 57,115 5,285 31,096 5,130 185,799 24,995 309,420 Accumulated depreciation (6,431 ) (3,042 ) (19,891 ) (4,644 ) (185,799 ) (23,830 ) (243,637 ) Net book amount at June 30, 2021 50,684 2,243 11,205 486 - 1,165 65,783 Additions 2,113 617 692 156 - 444 4,022 Disposals (1,714 ) (5 ) (22 ) (2 ) - (24 ) (1,767 ) Transfers 3,202 (6 ) 1,498 19 - - 4,713 Depreciation charge (ii) (576 ) (719 ) (634 ) (188 ) - (167 ) (2,284 ) Transfer to assets held for sale (1,177 ) - - - - - (1,177 ) Currency translation adjustment (8,961 ) (521 ) (162 ) - - (214 ) (9,858 ) Balance as of June 30, 2022 43,571 1,609 12,577 471 - 1,204 59,432 Costs 47,875 3,768 17,168 4,855 - 2,601 76,267 Accumulated depreciation (4,304 ) (2,159 ) (4,591 ) (4,384 ) - (1,397 ) (16,835 ) Net book amount at June 30, 2022 43,571 1,609 12,577 471 - 1,204 59,432 (i) Includes furniture and fixtures and vehicles. (ii) Amortization charge was recognized in the amount of ARS 577 and ARS 692 under "Costs", in the amount of ARS 279 and ARS 328 under "General and administrative expenses" and ARS 15 and ARS 11 under "Selling expenses" as of June 30, 2022 and 2021, respectively in the Statements of Income and Other Comprehensive Income (Note 27) and ARS 1,413 and ARS 1,404 were capitalized as part of biological assets’ cost. In addition, a charge of ARS 4,447 was recognized under "Discontinued operations" as of June 30, 2021. (iii) Corresponds to the plantation of sugarcane with a useful life of more than one year. |
Trading properties
Trading properties | 12 Months Ended |
Jun. 30, 2022 | |
11. Trading properties | 11. Trading properties Changes in the Group’s trading properties for the fiscal years ended June 30, 2022 and 2021 were as follows: Completed properties Properties under development (i) Undeveloped properties Total As of June 30, 2020 4,985 2,040 10,642 17,667 Additions - 669 651 1,320 Currency translation adjustment (318 ) (205 ) (615 ) (1,138 ) Transfers 318 (318 ) - - Desconsolidation (3,490 ) (233 ) (8,888 ) (12,611 ) Disposals (1,295 ) (640 ) (420 ) (2,355 ) As of June 30, 2021 200 1,313 1,370 2,883 Additions - 470 37 507 Currency translation adjustment - (156 ) - (156 ) As of June 30, 2022 200 1,627 1,407 3,234 06.30.2022 06.30.2021 Non-current 3,041 2,696 Current 193 187 Total 3,234 2,883 (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 1,629 and ARS 1,300 as of June 30, 2022 and 2021, 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 953 and ARS 1,470, respectively. As of June 30, 2022, the infrastructure work concerning sectors A and B of the property has been completed and is in the process of being received, including, among others, the coastal road, roundabouts, lights, landfills, and storm and sewage connections for an amount of about USD 3.2 MM. |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2022 | |
Note 12. Intangible assets | 12. Intangible assets Changes in the Group’s intangible assets for the years ended June 30, 2022 and 2021 were as follows: Goodwill business Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance as of June 30, 2020 14,339 18,787 5,960 6,097 10,482 13,771 69,436 Costs 14,339 20,435 24,674 38,310 25,908 30,996 154,662 Accumulated depreciation - (1,648 ) (18,714 ) (32,213 ) (15,426 ) (17,225 ) (85,226 ) Net book amount at June 30, 2020 14,339 18,787 5,960 6,097 10,482 13,771 69,436 Additions - - - 46 797 2,794 3,637 Disposals - - - - (182 ) - (182 ) Deconsolidation (13,904 ) (17,405 ) (5,398 ) (5,151 ) (7,632 ) (10,439 ) (59,929 ) Impairment (66 ) - - - - - (66 ) Transfers - - - - (3 ) - (3 ) Currency translation adjustment 264 (1,336 ) (426 ) (448 ) (1,140 ) (981 ) (4,067 ) Depreciation charge (i) - (46 ) (136 ) (544 ) (1,889 ) (1,309 ) (3,924 ) Balance as of June 30, 2021 633 - - - 433 3,836 4,902 Costs 633 - - - 1,699 4,695 7,027 Accumulated depreciation - - - - (1,266 ) (859 ) (2,125 ) Net book amount at June 30, 2021 633 - - - 433 3,836 4,902 Additions - - - - 115 38 153 Disposals (6 ) - - - - (471 ) (477 ) Previsions - - - - (40 ) - (40 ) Depreciation charge (i) - - - - (200 ) (27 ) (227 ) Currency translation adjustment (22 ) - - - (7 ) - (29 ) Balance as of June 30, 2022 605 - - - 301 3,376 4,282 Costs 605 - - - 1,783 4,378 6,766 Accumulated depreciation - - - - (1,482 ) (1,002 ) (2,484 ) Net book amount at June 30, 2022 605 - - - 301 3,376 4,282 (i) Amortization charge was recognized in the amount of ARS 53 and ARS 84 under "Costs", in the amount of ARS 173 and ARS 128 under "General and administrative expenses" and ARS 1 and ARS 2 under "Selling expenses" as of June 30, 2022 and 2021, respectively in the Statements of Income (Note 27). In addition, a charge of ARS 3,710 was recognized under "discontinued operations" as of June 30, 2021. |
Rights of use of assets
Rights of use of assets | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 and June 30, 2021: 06.30.2022 06.30.2021 Farmland 5,399 5,482 Offices, shopping malls and other rental properties 17 18 Machinery and equipment 77 102 Others 1,303 1,379 Right of use assets 6,796 6,981 Non-current 6,796 6,981 Total 6,796 6,981 Changes in the Group´s rights of use during the fiscal year ended June 30, 2022 and June 30, 2021, were as follows: 06.30.2022 06.30.2021 Beginning of the year 6,981 54,009 Additions 2,170 4,282 Disposals - (138 ) Previsions - (125 ) Depreciation charges (2,231 ) (2,881 ) Currency translation adjustment (650 ) (6,574 ) Deconsolidation - (42,394 ) Valorization 526 802 End of the year 6,796 6,981 Depreciation charge for rights of use is detailed below: 06.30.2022 06.30.2021 Farmland 2,037 2,645 Offices, shopping malls and other rental properties 1 2 Machinery and equipment 54 57 Others 139 177 Depreciation charge of right of use assets (i) 2,231 2,881 (i) Includes charge charged to the result of discontinued operations for ARS 112 as of June 30, 2021. Other charges to income related to rights of use were as follows: 06.30.2022 06.30.2021 Lease liabilities interest 292 421 Results from short-term leases (67 ) (102 ) Results from variable leases not recognized as lease liabilities (423 ) (638 ) The average discount rate and the term of liability for lease recognized as of June 30, 2022 are detailed below: Agricultural business Urban properties and investment business 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, 2022 | |
Biological assets | |
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, 2022 and 2021 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, 2020 598 2,637 2,534 5,242 71 79 11,161 Non-current (Production) - - - 4,186 66 79 4,331 Current (Consumable) 598 2,637 2,534 1,056 5 - 6,830 Balance as of June 30, 2020 598 2,637 2,534 5,242 71 79 11,161 Transfers (1,054 ) 1,054 - - - - - Purchases - - - 883 11 - 894 Initial recognition and changes in the fair value of biological assets (i) - 18,215 4,337 1,128 23 - 23,703 Decrease due to harvest - (38,575 ) (8,448 ) - - - (47,023 ) Sales - - - (3,903 ) (5 ) - (3,908 ) Consumptions - - - (16 ) - (14 ) (30 ) Costs for the year 734 23,018 5,352 2,686 - 7 31,797 Foreign exchange (126 ) (147 ) 36 (16 ) - - (253 ) Balance as of June 30, 2021 152 6,202 3,811 6,004 100 72 16,341 Non-current (Production) - - - 5,161 92 72 5,325 Current (Consumable) 152 6,202 3,811 843 8 - 11,016 Balance as of June 30, 2021 152 6,202 3,811 6,004 100 72 16,341 Transfers (464 ) 464 - - - - - Purchases - - - 1,734 5 - 1,739 Initial recognition and changes in the fair value of biological assets (i) - 12,359 6,286 (300 ) 23 - 18,368 Decrease due to harvest - (35,801 ) (10,797 ) - - - (46,598 ) Sales - - - (3,082 ) (10 ) - (3,092 ) Consumptions - - - (14 ) - (12 ) (26 ) Costs for the year 2,629 19,504 5,916 2,689 - 3 30,741 Foreign exchange (464 ) (173 ) (1,107 ) (447 ) - - (2,191 ) Balance as of June 30, 2022 1,853 2,555 4,109 6,584 118 63 15,282 Non-current (Production) - - - 5,900 107 63 6,070 Current (Consumable) 1,853 2,555 4,109 684 11 - 9,212 Balance as of June 30, 2022 1,853 2,555 4,109 6,584 118 63 15,282 (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 (277) and ARS 1,151 for the fiscal years ended June 30, 2022 and 2021, respectively. For the fiscal years ended June 30, 2022 and 2021, amounts of ARS 267 and ARS 2,063, was attributable to price changes, and amounts of ARS (544) and ARS (912), 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 assets. 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, 2022 and 2021, 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 selling costs of agricultural produce at the point of harvest amount to ARS 47,019 and ARS 47,023 for the years ended June 30, 2022 and 2021, 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) 06.30.2022 06.30.2021 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 - Selling expenses - Future of sale prices Argentina Yields: 0.38 - 12.59 tn./ha. 266 (266 ) 425 (425 ) Future of sale prices: 2,156 - 98,040 ARS/tn 335 (335 ) 534 (534 ) Operating cost: 6,823 - 46,152 ARS/ha (129 ) 129 (193 ) 193 Brazil: Yields: 1.02 - 5.55 tn./ha. 427 (427 ) 567 (567 ) Future of sale prices: 1,049 - 4,344 BRL/tn. 160 (160 ) 290 (290 ) Operating cost: 629 - 1,633 BRL/ha. (214 ) 214 (362 ) 362 Sugarcane fields (Level 3) Discounted cash flows Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate Brazil: Yields: 83.00 tn/ha 1,177 (1,177 ) 1,564 (1,564 ) Future of sale prices: 123.16 BRL/tn. 647 (647 ) 879 (879 ) Operating cost: 63.12 BRL/tn. (766 ) 766 (1,035 ) 1,035 (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, 2022 and 2021, the better and maximum use of biological assets shall not significantly differ from the current use. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2022 | |
15. Inventories | 15. Inventories Breakdown of Group’s inventories as of June 30, 2022 and 2021 are as follows: 06.30.2022 06.30.2021 Crops 6,177 11,684 Materials and supplies 6,952 5,839 Sugarcane 292 - Agricultural inventories 13,421 17,523 Total inventories 13,421 17,523 As of June 30, 2022 and 2021 the cost of inventories recognized as expense amounted to ARS 48,271 and ARS 37,003, 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, 2022 | |
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, 2022 are as follows: Financial assets at amortized cost Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 Subtotal financial assets Non- financial assets Total June 30, 2022 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 34,109 4,364 - - 38,473 10,662 49,135 Investment in financial assets: - Public companies’ securities - 1,546 - - 1,546 - 1,546 - Bonds - 1,769 - - 1,769 - 1,769 - Mutual funds - 16,128 - - 16,128 - 16,128 - Others 114 385 - - 499 - 499 Derivative financial instruments: - Crops options contracts - 304 - - 304 - 304 - Crops futures contracts - 2,227 - - 2,227 - 2,227 - Foreign-currency options contracts - 70 - - 70 - 70 - Foreign-currency future contracts - 264 - - 264 - 264 Restricted assets (i) 466 - - - 466 - 466 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 18,262 - - - 18,262 - 18,262 - Short-term investments - 16,649 - - 16,649 - 16,649 Total assets 52,951 43,706 - - 96,657 10,662 107,319 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Level 1 Level 2 Level 3 Subtotal financial liabilities Non- financial liabilities Total June 30, 2022 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 24,853 - - - 24,853 10,667 35,520 Borrowings (Note 22) 141,431 - - - 141,431 - 141,431 Derivative financial instruments: - Crops options contracts - 177 103 - 280 - 280 - Crops futures contracts 3 481 - - 484 - 484 - Foreign-currency options contracts - 163 - - 163 - 163 - Foreign-currency future contracts - 139 - - 139 - 139 - Swaps - 39 16 - 55 - 55 Total liabilities 166,287 999 119 - 167,405 10,667 178,072 Financial assets and financial liabilities as of June 30, 2021 were as follows Financial assets at amortized cost Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 Subtotal financial assets Non- financial 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) 38,471 2,454 - - 40,925 15,546 56,471 Investment in financial assets: - Public companies’ securities - 1,825 - - 1,825 - 1,825 - Bonds - 1,345 - - 1,345 - 1,345 - Mutual funds - 62 - - 62 - 62 - Others 180 993 - 79 1,252 - 1,252 Derivative financial instruments: - Crops options contracts - 293 - - 293 - 293 - Crops futures contracts - 253 - - 253 - 253 - Foreign-currency options contracts - 80 - - 80 - 80 - Foreign-currency future contracts - 515 - - 515 - 515 - Swaps - - 20 - 20 - 20 Restricted assets (i) 331 - - - 331 - 331 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 10,680 - - - 10,680 - 10,680 - Short-term investments - 34,463 - - 34,463 - 34,463 Total assets 49,662 42,283 20 79 92,044 15,546 107,590 Financial liabilities at fair value through profit or loss Financial liabilities at amortized cost Level 1 Level 2 Level 3 Subtotal financial liabilities Non- financial liabilities Total June 30, 2021 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 25,363 - - - 25,363 10,443 35,806 Borrowings (Note 22) 194,594 - - - 194,594 - 194,594 Derivative financial instruments: - Crops options contracts - 269 156 - 425 - 425 - Crops futures contracts - 1,176 - - 1,176 - 1,176 - Foreign-currency options contracts - 52 - - 52 - 52 - Crops options contracts - 20 - - 20 - 20 - Swaps - 82 95 - 177 - 177 Total liabilities 219,957 1,599 251 - 221,807 10,443 232,250 (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: 06.30.22 06.30.21 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) 41,776 (3,303 ) 38,473 45,758 (4,833 ) 40,925 Financial liabilities Trade and other payables 28,156 (3,303 ) 24,853 30,196 (4,833 ) 25,363 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, 2022 Interest income 1,286 - 1,286 Interest and discount generated by operating assets 1,429 - 1,429 Interest expenses (14,067 ) - (14,067 ) Foreign exchange, net 29,449 - 29,449 Dividends income 2 - 2 Fair value gain on financial assets at fair value through profit or gain - 5,906 5,906 Gain from repurchase of Non-convertible Notes 1,456 - 1,456 Loss on financial instruments derived from commodities - (2,358 ) (2,358 ) Loss from derivative financial instruments, net - (1,440 ) (1,440 ) Other financial costs (1,068 ) - (1,068 ) Net result (i) 18,487 2,108 20,595 Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2021 Interest income 1,075 - 1,075 Interest and discount generated by operating assets 5,059 - 5,059 Interest expenses (23,297 ) - (23,297 ) Foreign exchange, net 17,192 - 17,192 Dividends income 2 - 2 Fair value gain on financial assets at fair value through profit or gain - 16,543 16,543 Loss from repurchase of Non-convertible Notes (41 ) - (41 ) Loss on financial instruments derived from commodities - (7,463 ) (7,463 ) Loss from derivative financial instruments, net - (782 ) (782 ) Other financial costs (2,222 ) - (2,222 ) Net result (i) (2,232 ) 8,298 6,066 Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2020 Interest income 721 - 721 Interest and discount generated by operating assets 3,183 - 3,183 Interest expenses (23,786 ) - (23,786 ) Foreign exchange, net (24,906 ) - (24,906 ) Dividends income 33 - 33 Fair value loss on financial assets at fair value through profit or gain - 2,347 2,347 Gain from repurchase of Non-convertible Notes 226 - 226 Gain on financial instruments derived from commodities - 1,081 1,081 Loss from derivative financial instruments, net - (3,429 ) (3,429 ) Other financial costs (1,609 ) - (1,609 ) Net result (i) (46,138 ) (1 ) (46,139 ) (i) Included within “Financial results, net” in the Statements of income and Other Comprehensive Income, with the exception of Interest and discount generated by operating assets, which are included in ” Other operating results, net”. The following table presents the changes in Level 3 financial instruments as of June 30, 2022 and 2021: 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, 2020 (49 ) 7,164 571 349 8,035 Currency translation adjustment - - (7 ) - (7 ) Write off 49 (7,164 ) (500 ) (349 ) (7,964 ) Gains recognized in the year (i) - - 15 - 15 Balance as of June 30, 2021 - - 79 - 79 Currency translation adjustment - - (8 ) - (8 ) Write off - - (96 ) - (96 ) Gains recognized in the year (i) - - 25 - 25 Balance as of June 30, 2022 - - - - - (i) Included within “Financial results, net” in the Statements of income and Other Comprehensive Income. During the fiscal year ended June 30, 2022 and 2021, there were no transfers between levels. 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 Derivative financial instruments - Swaps 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, 2022, there have been no changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the group that were not considered in the fair value estimation. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables | |
17. Trade and other receivables | 17. Trade and other receivables Group’s trade and other receivables as of June 30, 2022 and 2021 were as follows: 06.30.2022 06.30.2021 Trade, leases and services receivable (*) 31,231 34,677 Less: allowance for doubtful accounts (1,026 ) (1,638 ) Total trade receivables 30,205 33,039 Prepayments 5,934 8,056 Loans, deposits and others 4,766 5,967 Contributions pending integration 25 16 Guarantee deposits 1 2 Tax receivables 2,960 4,177 Others 4,218 3,576 Total other receivables 17,904 21,794 Total trade and other receivables 48,109 54,833 Non-current 14,793 17,571 Current 33,316 37,262 Total 48,109 54,833 (*) Includes field sales credits, which are revalued based on the soybean price at each balance sheet date. The related impact in the Statement of Income and Other Comprehensive income is presented within “Financial results, net. 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: 06.30.2022 06.30.2021 Beginning of the year 1,638 9,484 Additions (i) 276 1,415 Recovery (i) (283 ) (1,053 ) Currency translation adjustment 61 216 Deconsolidation - (7,615 ) Utilization (12 ) (46 ) Inflation adjustment (654 ) (643 ) Transfers to assets held for sale - (120 ) End of the year 1,026 1,638 (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, 2022 and 2021 (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 1,956 254 707 6,917 978 10,812 34.6 % Sale of properties and developments 40 - 20 13,898 - 13,958 44.7 % Agricultural products - - - 6,413 48 6,461 20.7 % Total as of 06.30.2022 1,996 254 727 27,228 1,026 31,231 100 % Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 1,834 602 1,112 9,265 1,576 14,389 41.49 % Sale of properties and developments - - - 14,631 - 14,631 42.19 % Agricultural products - - - 5,595 62 5,657 16.31 % Total as of 06.30.2021 1,834 602 1,112 29,491 1,638 34,677 100 % |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022, 2021 and 2020. Note 06.30.2022 06.30.2021 06.30.2020 Profit/ (loss) for the year 63,000 (40,179 ) 49,265 Profit from discontinued operations - 13,540 6,831 Adjustments for: Income tax 23 1,977 45,817 19,593 Amortization and depreciation 27 4,787 5,661 4,833 Net (gain)/ loss from fair value adjustment of investment properties 9 (16,583 ) 3,683 (83,697 ) Changes in the fair value of investments in financial assets - - 2,527 Gain from disposal of subsidiary and associates - (61 ) - Gain from disposal of property, plant and equipment (8 ) (10 ) - Financial results, net (27,130 ) (7,407 ) 45,707 Provisions and allowances 6,315 810 2,415 Share of loss/ (profit) of associates and joint ventures 8 195 7,273 (18,136 ) (Gain)/ loss from repurchase of Non-convertible Notes (1,456 ) 41 3 Gain from valuation at fair value of financial assets with changes in results (1,857 ) (7,953 ) - Changes in net realizable value of agricultural products after harvest 1,998 967 (1,617 ) Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest (18,680 ) (20,188 ) (8,184 ) Unrealized loss from derivative financial instruments - 940 89 Other operating results - 551 646 Gain from disposal of farmlands (5,505 ) (2,148 ) (2,065 ) Incentive Plan granted - 77 - Changes in operating assets and liabilities: Decrease/ (increase) in inventories 206 (7,607 ) 1,810 Decrease/ (increase) in trading properties 89 (46 ) (971 ) Decrease in biological assets 19,726 14,780 12,331 Increase in restricted assets - - (2,870 ) Decrease in trade and other receivables 4,578 6,861 13,206 (Decrease)/ increase in trade and other payables (6,623 ) 1,071 (7,182 ) Decrease in salaries and social security liabilities 76 (528 ) (894 ) Decrease in provisions (288 ) (254 ) (1,441 ) (Decrease)/ Increase in lease liabilities (1,905 ) (2,681 ) 146 Net variation in derivative financial instruments 122 (3,273 ) 269 Increase in right of use - (82 ) (2,593 ) Net cash generated from continuing operating activities before income tax paid 23,034 9,655 30,021 Net cash generated from discontinued operating activities before income tax paid - 5,395 59,595 Net cash generated from operating activities before income tax paid 23,034 15,050 89,616 The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities held for sale of subsidiaries: 06.30.2022 06.30.2021 06.30.2020 Investment properties - 192,757 383,250 Property, plant and equipment - 78,694 (19,153 ) Trading properties - 12,610 382 Intangible assets - 59,929 7,960 Right-of-use assets - 42,394 (9,795 ) Investments in associates and joint ventures - 79,438 6,200 Biological Assets - - (182 ) Deferred income tax assets - 931 3 Income tax credit - 699 - Restricted assets - 13,775 526 Trade and other receivables - 115,924 (21,349 ) Investments in financial assets - 51,889 33,359 Derivative financial instruments - 603 - Inventories - 7,727 (5,344 ) Group of assets held for sale - 90,236 - Borrowings - (697,452 ) (214,322 ) Lease liabilities - (38,857 ) 5,116 Deferred income tax liabilities - (26,665 ) (48,970 ) Trade and other payables - (50,426 ) 5,462 Income tax liabilities - (977 ) (244 ) Provisions - (11,635 ) 113 Employee benefits - (1,023 ) 264 Derivative financial instruments - (1,023 ) (92 ) Salaries and social security liabilities - (7,260 ) 172 Group of liabilities held for sale - (47,235 ) - Net value of incorporated assets that do not affect cash - (134,947 ) 123,356 Cash and cash equivalents - (238,316 ) (10,820 ) Non-controlling interest - (102,520 ) 124,986 Goodwill - - 854 Net value of incorporated assets/ disposal assets - (475,783 ) 238,376 Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale - (475,783 ) 238,376 The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2022, 2021 and 2020: 06.30.2022 06.30.2021 06.30.2020 Dividends not collected - - (987 ) Increase/ (decrease) in participation in subsidiaries, associates and joint ventures due to currency translation adjustment 8,847 5,854 (3,855 ) Increase in other reserves through an increase in investments in associates and joint ventures 170 9,693 - Increase in intangible assets through a decrease in investment in associates - 1,340 - Decrease in property, plant and equipment through an increase in tax credits and tax liabilities - 754 - Increase in property, plant and equipment through a decrease in investment properties - 3,639 - Decrease in property, plant and equipment through an increase in equity 913 394 - Decrease trade and other receivables through a decrease in lease liabilities 3 30 - Increase in financial instruments through a decrease in trade and other receivables with related parties - 71 - Increase in trading properties through an increase in borrowings - 100 30 Dividends in shares distribution - 1,192 1,451 Increase in investment properties through an increase in borrowings - 667 200 Increase in rights of use assets through an increase in lease liabilities 985 3,304 19,929 Increase in property, plant and equipment through an increase in trade and other payables - - 1,820 Barter transactions of investment properties 3,139 - - Increase in investment properties through an increase in trade and other payables 185 - 1,751 Cancellation of non-convertible notes in portfolio 8,563 - - Decrease in investment properties through an increase in property, plant and equipment 4,958 - - Decrease in property, plant and equipment through an increase in investment properties 1,159 - - Distribution of dividends to non-controlling shareholders´ pending payment - - 4,337 Decrease in investments in associates and joint ventures through an increase in assets held for sale - - 5,101 Increase in investment in associates and joint ventures through an increase in the reserve share-based payments 70 - (10 ) Decrease in borrowings through a decrease in financial assets - - 6,044 Increase in investment properties through a decrease in financial assets - - 685 Increase in intangible assets through an increase in trade and other payables 12 - 1,217 Increase in investment in associates and joint ventures through a loss of control in subsidiaries - - 3,286 Increase of investment properties through a decrease in trade and other receivables - - 69 Inssuance of non-convertible notes 10,264 - 52 Increase in investment in associates through a decrease in investments in financial assets 865 - 2,104 Increase in investments in financial assets through a decrease in investment properties - - 2,925 Increase in rights of use assets through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) - - 34,787 Decrease in equity through an increase in deferred income tax liabilities 374 - - Increase in intangible assets through an increase in payroll and social security liabilities 26 - - Decrease in borrowings through a decrease in trade and other receivables 441 - - Increase in investment in associates and joint ventures through an decrease in investments in financial assets 45 - - Increase in dividends receivables through a decrease in investment in associates and join ventures 17 - - Capital contributions from non-controlling interest in subsidiaries through a decrease in borrowings 4 - - Capital contributions from non-controlling interest in subsidiaries through an increase in trade and other receivables 5 - - Decrease in property, plant and equipment through an increase in trade and other receivables 16 - - |
Shareholders Equity
Shareholders Equity | 12 Months Ended |
Jun. 30, 2022 | |
Shareholders' Equity | 19. Shareholders’ Equity Share capital and share premium The Group's share capital is represented by common 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 common share entities its holder to subscribe for 0.1794105273 new common shares and to receive, free of charge, for each new common share that it purchases pursuant to this offering, one warrant to purchase one additional common share. 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 warrants 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 7,612 (net of ARS 107 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 common 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 common shares for a total of ARS 74 and 529,900 ADRs (representing 5,299,000 common 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 common 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 common shares representing 99.96% of the approved program and 1.34% of Cresud's share capital which correspond to 3,824,035 common shares for a total of ARS 244 and 288,843 ADRs (representative of 2,888,430 common 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 common shares (NPV $ 1 per share) for a total of ARS 198.36 and 1,433,874 ADRs (representing 14,338,740 common 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 10,859, which may only be reversed to be capitalized or to absorb potential negative balances under retained earnings. The amount as of June 30, 2022 is zero. Dividends During the year ended June 30, 2022, 2021 and 2020 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 common 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, 2022, 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, 2022 | |
Trade and other payables | |
20. Trade and other payables | 20. Trade and other payables Group’s trade and other payables as of June 30, 2022 and 2021 were as follows: 06.30.2022 06.30.2021 Trade payables 14,818 15,383 Advances from sales, leases and services (*) 5,363 5,802 Accrued invoices 2,319 4,921 Deferred income 96 - Admission fees 2,575 1,771 Deposits in guarantee 67 148 Total trade payables 25,238 28,025 Dividends payable to non-controlling interests 1,691 1,507 Tax payables 2,632 2,865 Director's fees 661 251 Management fees 3,973 - Others 1,325 3,158 Total other payables 10,282 7,781 Total trade and other payables 35,520 35,806 Non-current 4,598 3,690 Current 30,922 32,116 Total 35,520 35,806 (*) Corresponds mainly to admission rights and rents collected in advance, which will accrue in an average term of 3 to 5 years. The variation is mainly due to the new contracts signed and an extraordinary rent in Alto Avellaneda. 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, 2022 | |
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 Total June 30, 2020 6,221 43 1,102 6,264 13,630 Additions 788 - 46 (182 ) 652 Transfers (3 ) - - - (3 ) Desconsolidación (iv) (5,072 ) - (1,071 ) (5,492 ) (11,635 ) Used during the year (238 ) (20 ) - (46 ) (304 ) Inflation adjustment (213 ) - - - (213 ) Transfer to / of assets available for sale 10 - - - 10 Currency translation adjustment (630 ) - (77 ) (544 ) (1,251 ) As of June 30, 2021 863 23 - - 886 Additions 604 - - - 604 Transfers (38 ) - - - (38 ) Used during the year (273 ) (15 ) - - (288 ) Inflation adjustment (436 ) - - - (436 ) Currency translation adjustment (8 ) - - - (8 ) As of June 30, 2022 712 8 - - 720 06.30.2022 06.30.2021 Non-current 511 638 Current 209 248 Total 720 886 (i) Additions and recoveries are included in "Other operating results, net" (ii) Corresponds to the equity interest in Puerto Retiro in 2022 and 2021. 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. (iv) See Note 4 to the consolidated financial statements as of June 30, 2021. 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, garnishment have been processed within the framework of file 726737/20 and in relation to executive order 815/20, for the sum of ARS 42.5 million, in the framework of file 739946/21 and in relation to executive order 395/21, for the sum of ARS 44.7 million, in the framework of file 742573/21 and in relation to executive order 396/21, for the sum of ARS 45.5 million, in the framework of file 739937/21 and in relation to executive order 397/21, for the sum of ARS 69.2 million, and within the framework of file 740034/21 and in relation to executive order 398/21, for the sum of ARS 58.4 million In this regard, and based on the executive orders issued by the Government of Salta and in accordance with what was reported by our external advisory lawyers, the contingency is estimated in the amount of ARS 284.5 million. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2022 | |
Borrowings | |
22. Borrowings | 22. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2022 and 2021 was as follows: Book value Fair value 06.30.2022 06.30.2021 06.30.2022 06.30.2021 Non-convertible notes 113,830 146,397 98,198 140,402 Bank loans and others 11,998 29,896 11,998 29,896 Bank overdrafts 13,968 15,270 13,968 15,270 Other borrowings 1,635 3,031 1,635 3,031 Total borrowings 141,431 194,594 125,799 188,599 Non-current 46,164 120,089 Current 95,267 74,505 Total 141,431 194,594 As of June 30, 2022 and 2021, total borrowings include collateralized liabilities (seller financing and bank loans) of ARS 14,537 and ARS 33,946, 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: 06.30.2022 06.30.2021 Capital: Less than one year (i) 92,086 70,963 Between 1 and 2 years 24,817 92,290 Between 2 and 3 years 16,532 21,529 Between 3 and 4 years 1,625 2,971 Between 4 and 5 years 1,675 2,796 More than 5 years 1,379 141 138,114 190,690 Accrued interest: Less than one year 3,181 3,542 Between 1 and 2 years - 198 Between 2 and 3 years 63 21 Between 3 and 4 years 9 74 Between 4 and 5 years 64 10 More than 5 years - 59 3,317 3,904 141,431 194,594 (i) On July 6, 2022, IRSA completed the exchange of the Series II Notes, for which it cancelled and/or extended the amount of USD 239 million of said class. On the same date, CRESUD completed the exchange of the Series XXIII Notes, for which it cancelled and/or extended the amount of USD 70.6 million of said class. See Note 39 to these Financial Statements. The following table shows a detail of evolution of borrowing during the years ended June 30, 2022 and 2021: 06.30.2022 06.30.2021 Balance at the beginning of the year 194,594 1,031,529 Borrowings 31,004 93,534 Payment of borrowings (45,286 ) (153,450 ) Collection / (payment) of short term loans, net 2,319 13,381 Interests paid (16,178 ) (33,680 ) Accrued interests 13,067 27,162 Currency translation adjustment and exchange differences, net 32,074 (72,302 ) Deconsolidation - (697,472 ) Capitalized finance costs - 767 Inflation adjustment (69,598 ) (15,141 ) Reclassifications and other movements (565 ) 266 Balance at the end of the year 141,431 194,594 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, 2022 and 2021. 06.30.2022 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 24,579 - - - 24,579 Brazilian Reais - 2,025 - - 2,025 US Dollar 104,449 657 953 - 106,059 Subtotal fixed-rate borrowings 129,028 2,682 953 - 132,663 Floating rate: Argentine Peso 418 - - - 418 Brazilian Reais - 8,101 - - 8,101 US Dollar 249 - - - 249 Subtotal floating rate borrowings 667 8,101 - - 8,768 Total borrowings 129,695 10,783 953 - 141,431 06.30.2021 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 29,617 - - - 29,617 Brazilian Reais - 9,209 - - 9,209 US Dollar 138,744 80 1,172 82 140,078 Subtotal fixed-rate borrowings 168,361 9,289 1,172 82 178,904 Floating rate: Argentine Peso 336 - - - 336 Brazilian Reais - 11,699 - - 11,699 US Dollar 3,324 - - 331 3,655 Subtotal floating rate borrowings 3,660 11,699 - 331 15,690 Total borrowings 172,021 20,988 1,172 413 194,594 The following describes the debt issuances made by the Group for the years ended June 30, 2022, and 2021: Entity Class Issuance / expansion date Amount in original currency Maturity date Interest rate Principal payment Interest payment CRESUD Series XXVI feb-18 USD 113.2 02/16/2023 6.50% n.a. At expiration Biannual CRESUD Series XXX aug-20 USD 25 8/31/2023 2.00% n.a. At expiration Quarterly CRESUD Series XXXI nov-20 USD 30.8 11/12/2023 9.00% n.a. Annual payments since 2021 Quarterly CRESUD Series XXXII nov-20 USD34.3 11/12/2022 9.00% n.a At expiration Quarterly CRESUD Series XXXIII jul-21 USD18.8 07/06/2024 6.99% n.a Annual payments since 2022 Biannual CRESUD Series XXXIV jun-21 USD 35.7 6/30/2024 6.99% n.a. Annual payments since 2022 Biannual CRESUD Series XXXV sep-21 USD 35.7 6/30/2024 3.50% n.a. Annual payments since 2023 Biannual CRESUD Series XXXVI feb-22 USD 35.7 6/30/2024 2.00% n.a. Annual payments since 2023 Biannual CRESUD Series XXXVII jun-22 USD 24.4 6/30/2024 5.50% n.a. At expiration Biannual BRASILAGRO n/a may-21 BRL 240 4/12/2028 IPCA + 5.3658% 50% April 2027 y 50% April 2028 Annual FyO Series I oct-21 USD 12.3 10/22/2023 0.00% At expiration n/a IRSA Series I nov-20 USD 3.1 03/1/2023 10.00% n.a. At expiration Quarterly IRSA Series 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 Series IX nov-20 USD 80.7 03/01/2023 10.00% n.a. At expiration Quarterly IRSA Series XI mar-21 USD 15.81 03/01/2024 5.00% n.a. At expiration Biannual IRSA Series XII mar-21 UVAs 53.78 03/31/2024 4.00% n.a. At expiration Biannual IRSA Series XIII aug-21 USD 58.1 08/26/2024 3.90% n.a Biannual Quarterly (1) Corresponds to an expansion of the series. 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. Series XXXV Non-convertible Notes On September 13, 2021, the company issued Negotiable Obligations in the local market for the total amount of USD 41.9. The main characteristics of the issue are detailed below: • Series XXXV Negotiable Obligations denominated in dollars and payable in pesos at the applicable exchange rate for USD 41.9 at a fixed rate of 3.5%, with interest payable semi-annually. The amortization of the capital will be in three installments, counted from the date of issue: the first for 25% of the nominal value at 24 months, on September 13, 2023; the second for 25% of the face value at 30 months, on March 13, 2024 and the third for 50% of the face value on the maturity date, on September 13, 2024. The issue price was 100 % of face value. Series XXIX Non-convertible Notes Redemption On November 10, 2021, the Company has resolved to early redeem the Series XXIX Notes maturing on December 9, 2021. The proposed redemption took place on November 17, 2021, in accordance with the terms and conditions detailed in the Prospectus Supplement for Series XXIX Notes. The redemption price was 100% of the face value of the Series VII Notes, plus accrued and unpaid interest, as of the date set for redemption. Series XXXVI Non-convertible Notes On February 18, 2022, the company issued Negotiable Obligations in the local market for the total amount of USD 40.6. The main characteristics of the issue are detailed below: • Series XXXVI Negotiable Obligations denominated in dollars and payable in pesos at the applicable exchange rate for USD 40.6 at a fixed rate of 2.0%, with interest payable semi-annually. The amortization of the capital will be in one installment, on the maturity date, February 18, 2025. The issue price was 100% of the nominal value. The funds will be used mainly to refinance short-term liabilities. Series XXXVII Non-convertible Notes On June 15, 2022, we issued in the local market a total amount of USD 24.4 million through the following Notes: Series XXXVII Notes: denominated and payable in U.S. Dollars for USD 24.4 million at a fixed rate of 5.5%, with semi-annual payments (except for the last installment, which will be for three months after the previous interest period). The principal payment will be in one installment, on March 15, 2025. The price of issuance was 100.0% of the nominal value. The funds have been used to refinance short-term liabilities and/or working capital. 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: · The funds have been used mainly to refinance short-term liabilities. IRSA´s Series VII Non-convertible Notes Redemption IRSA resolved to early redeem the Series VII Notes maturing last January 21, 2022. The redemption took place on November 25, 2021, in accordance with the terms and conditions detailed in the Prospectus Supplement for Series VII Notes. The redemption price was 100% of the face value of the Series VII Notes, plus accrued and unpaid interest, as of the date set for redemption. Series I (issued by FyO) 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. The funds from this placement will be used to finance the company's working capital and continue investing in the digital transformation project through which FyO is moving. |
Income tax
Income tax | 12 Months Ended |
Jun. 30, 2022 | |
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 Will pay More % On the surplus of More of To - 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 Argentine Tax Authority established through the resolution 5248/2022 an extraordinary payment on account of the income tax payable in 3 monthly installments, for companies that meet any of the following requirements: (i) The amount of the tax determined from the affidavit corresponding to the fiscal period 2021 (closing between August and December 2021) or 2022 (closing between January and July 2022), as applicable, is equal to or greater than ARS 100 million. (ii) The amount of the tax result that arises from the affidavit, without applying the deduction of tax losses from previous years, is equal to or greater than ARS 300 million. The payment on account will be 25% of the base for calculating the advance if point 1 is met, or 15% of the tax result without taking into account losses from previous years if point 2 is met. The aforementioned payment on account may not be canceled through the compensation mechanism and, furthermore, should not be taken into account when a request for reduction of advances is made. The expiration of the first installment is in October 2022 for those of the fiscal period 2021 and April 2023 for those of the fiscal period 2022. The companies that would be paying the extraordinary payment on account are: CRESUD S.A.C.I.F y A, IRSA Inversiones y Representaciones S.A, Futuros y Options. Com S.A; Amauta Agro S.A, FYO Acopio S.A, Panamerican Mall S.A, Fibesa S.A, Arcos del Gourmet S.A; all maturing after April 2023. Submission of income tax presentation - IRSA Dated November 15, 2021 IRSA CP hereinafter "the taxpayer", which according to what is detailed in the Note. 4.1 has been absorbed by IRSA, filed to the Argentine Tax Authority the income tax for the fiscal year ended June 30, 2021 applying the systemic and comprehensive inflation adjustment mechanism as detailed: restating tax amortizations according to articles 87 and 88; updating the computable cost of real estate acquired or built prior to July 1, 2018 and sold in this fiscal year under the terms of article 63; updating the loss of the fiscal period 2018, until the limit of the tax result of the exercise, following the methodology provided in article 25 and updating the costs of inventories as established in article 59, all articles mentioned belong to the income tax law (ordered text in 2019). The non-application of the aforementioned mechanisms would have implied that the tax to be paid amounted to ARS 1,377, in this way the effective rate to be paid would have consumed a substantial portion of the income obtained by the taxpayer exceeding the reasonable limit of taxation, being configured in the opinion of the taxpayer and his tax and legal advisors an assumption of confiscation, an assumption that at the date of issuance of these financial statements has not been validated or challenged by the Argentine Tax Authority or by higher courts. Together with the aforementioned income tax presentation, a multinote form was presented in which the application of the mechanisms was reported, arguing that the effective tax rate would represent a percentage that would exceed the reasonable limits of taxation, setting up a situation of confiscation, in violation of art. 17 of the National Constitution (according to doctrine of the judgment "Candy S.A. c/AFIP and another a/ protection action", judgment of 07/03/2009, Judgments 332:1571, and subsequent precedents). The aforementioned legal doctrine of the national supreme court is fully applicable to the particular case of IRSA, since the application of the regulations that do not allow the application of the integral and systematic inflation adjustment would prevent, as happened in the "Candy case", recognizing the totality of the inflationary effect in its tax balance causing the company to pay taxes on fictitious income. Notwithstanding what is detailed in the previous paragraph, and given the existing background, the taxpayer timely determined and accounted for the income tax for the fiscal year ended June 30, 2021 without considering the aforementioned adjustment mechanisms, considering that , in the opinion of their tax advisors, the Argentine Tax Authority could challenge the presentation and said challenge could be validated by higher courts because there is no uniform jurisprudence to date that irrefutably validates the taxpayer's position. In this sense, after the merger process detailed in Note 4.1, the IRSA´s Board of Directors has reassessed, together with its tax advisors, the characteristics of the presentation, the existing background and the analysis that the taxpayer made in a timely manner, having concluded in the same sense and therefore it has decided to keep the liability accounted for, which at the closing date of these financial statements with the computation of accrued interest amounts to ARS 1,743, and is disclosed in the item Income tax liabilities in the Consolidated Statements of Financial Position. As of the date of issuance of these financial statements, the Company has not received any challenge or formal rejection by the Tax Authority. The details of the provision for the Group’s income tax, is as follows: 06.30.2022 06.30.2021 06.30.2020 Current income tax (18,362 ) (3,160 ) (1,830 ) Deferred income tax 16,385 (42,657 ) (17,431 ) MPIT - - (332 ) Income tax (1,977 ) (45,817 ) (19,593 ) 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, 2022, 2021 and 2020: 06.30.2022 06.30.2021 06.30.2020 Tax calculated at the tax rates applicable to profit in the respective countries (19,055 ) (7,460 ) (24,060 ) Permanent differences: Tax inflation adjustment (16,495 ) (20,253 ) (10,062 ) Share of (profit)/ loss t of associates and joint ventures (242 ) (2,124 ) 2,458 Result from sale of participation in subsidiaries (328 ) 185 - Unrecognized tax loss carry-forwards - (8,468 ) (6,981 ) Expiration of tax loss carry-forwards - - (2 ) Recognition of deferred taxes - 2,232 - Fiscal transparency (1,269 ) 579 - Recovery of unrecognized tax loss carry-forwards 9,565 - - Change of tax rate - (23,463 ) 7,100 Non-taxable profit (385 ) (156 ) 2,538 Non-deductible expenses 184 (89 ) - Others 418 (89 ) - Inflation adjustment permanent difference 25,630 13,289 9,416 Income tax from continuing operations (1,977 ) (45,817 ) (19,593 ) Deferred tax assets and liabilities of the Group as of June 30, 2022 and 2021 will be recovered as follows: 06.30.2022 06.30.2021 Deferred income tax assets to be recovered after more than 12 months 2,331 3,030 Deferred income tax assets to be recovered within 12 months 3,067 6,778 Deferred income tax assets 5,398 9,808 Deferred income tax liabilities to be recovered after more than 12 months (109,268 ) (132,442 ) Deferred income tax liabilities to be recovered within 12 months (12,313 ) (11,403 ) Deferred income tax liabilities (121,581 ) (143,845 ) Total deferred income tax liabilities, net (116,183 ) (134,037 ) The movement in the deferred income tax assets and liabilities during the years ended June 30, 2022 and 2021, 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 Currency translation adjustment Charged to the Statement of Income Revaluation surplus Deconsolidation At the end June 30, 2022 Assets Trade and other payables 1,290 - - 239 - - 1,529 Tax loss carry-forwards 4,890 - (1,117 ) (2,271 ) - - 1,502 Others 3,628 - (549 ) (712 ) - - 2,367 Subtotal assets 9,808 - (1,666 ) (2,744 ) - - 5,398 Liabilities Investment properties and property, plant and equipment (107,423 ) - 2,467 4,102 (374 ) - (101,228 ) Biological assets (4,380 ) - 643 1,021 - - (2,716 ) Trade and other receivables (579 ) - - 3 - - (576 ) Investments (11 ) - - (40 ) - - (51 ) Intangible assets (123 ) - - (557 ) - - (680 ) Tax inflation adjustment (30,668 ) - - 15,957 - - (14,711 ) Borrowings 1,768 - - (1,597 ) - - 171 Inventories (1,481 ) - 384 (183 ) - - (1,280 ) Others (948 ) - 15 423 - - (510 ) Subtotal liabilities (143,845 ) - 3,509 19,129 (374 ) - (121,581 ) Assets/ (Liabilities), net (134,037 ) - 1,843 16,385 (374 ) - (116,183 ) At the beginning Business combinations and reclassification to other assets held for sale Currency translation adjustment Charged to the Statement of Income Revaluation surplus Deconsolidation At the end June 30, 2021 Assets Trade and other payables 13,210 - 3,949 (92 ) - (15,777 ) 1,290 Tax loss carry-forwards 23,477 - 3,957 (7,722 ) - (14,822 ) 4,890 Others 4,532 62 845 1,664 - (3,475 ) 3,628 Subtotal assets 41,219 62 8,751 (6,150 ) - (34,074 ) 9,808 Liabilities Investment properties and property, plant and equipment (133,427 ) - (3,591 ) (16,520 ) (618 ) 46,733 (107,423 ) Biological assets (1,558 ) - 187 (3,009 ) - - (4,380 ) Trade and other receivables (2,109 ) - - 1,530 - - (579 ) Investments (230 ) - (2 ) 221 - - (11 ) Intangible assets (5,895 ) - (1,933 ) 275 - 7,430 (123 ) Tax inflation adjustment (15,454 ) - - (15,214 ) - - (30,668 ) Borrowings (1,971 ) - (779 ) 1,540 - 2,978 1,768 Inventories (1,591 ) - (85 ) 195 - - (1,481 ) Others 1,458 - - (5,072 ) - 2,666 (948 ) Subtotal liabilities (160,777 ) - (6,203 ) (36,054 ) (618 ) 59,807 (143,845 ) Assets/ (Liabilities), net (119,558 ) 62 2,548 (42,204 ) (618 ) 25,733 (134,037 ) 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, 2022, the Group's recognized tax loss carry forward prescribed as follows: Jurisdiction 06.30.2022 Date of generation Due date Argentina 9 2017 2021 Argentina 130 2018 2022 Argentina 261 2019 2024 Argentina 441 2020 2025 Argentina 331 2021 2026 Argentina 747 2022 2027 Brazil 3,036 2011-2020 Do not expire Total cumulative tax loss carry-forwards 4,955 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, 2022, 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 6,384 and ARS 13,324 as of June 30, 2022 and 2021, 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. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022, 2021 and 2020 amounted to ARS 1,124, ARS 397 and ARS 674, 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, 2022, 2021 and 2020 amounted to ARS 213, ARS 257 and ARS 254, 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: 06.30.2022 06.30.2021 06.30.2020 No later than 1 year 1,056 907 5,980 Later than 1 year and not later than 5 years 7,117 3,358 13,325 More than 5 years - 1,671 5,903 8,173 5,936 25,208 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: 06.30.2022 06.30.2021 06.30.2020 No later than 1 year 2,966 6,781 2,983 Later than 1 year and not later than 5 years 7,738 13,565 54,342 More than 5 years 1,394 3,717 26,288 12,098 24,063 83,613 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: 06.30.2022 06.30.2021 06.30.2020 No later than 1 year 148 243 300 Later than 1 year and not later than 5 years 257 421 364 405 664 664 Revenues from contingent rent for the fiscal years ended June 30, 2022, 2021 and 2020 were as follows: 06.30.2022 06.30.2021 06.30.2020 Contingent rent 8.296 2.360 3.604 |
Revenues
Revenues | 12 Months Ended |
Jun. 30, 2022 | |
25. Revenues | 25. Revenues 06.30.2022 06.30.2021 06.30.2020 Crops 37,153 26,172 28,912 Sugarcane 10,454 8,607 7,827 Cattle 3,721 4,664 3,266 Supplies 6,319 3,504 2,575 Consignment 2,030 1,597 1,468 Advertising and brokerage fees 2,307 2,232 1,812 Agricultural rental and other services 1,844 1,581 1,587 Income from sales and services from agricultural business 63,828 48,357 47,447 Trading properties and developments 505 1,679 1,796 Rental and services 27,219 18,002 28,021 Hotel operations, tourism services and others 4,298 1,509 4,980 Income from sales and services from urban properties and investment business 32,022 21,190 34,797 Total revenues 95,850 69,547 82,244 |
Costs
Costs | 12 Months Ended |
Jun. 30, 2022 | |
26. Costs | 26. Costs 06.30.2022 06.30.2021 06.30.2020 Other operative costs 51 57 62 Cost of property operations 51 57 62 Crops 34,527 26,800 24,105 Sugarcane 9,655 7,478 7,371 Cattle 3,119 3,886 3,995 Supplies 4,455 2,726 2,062 Consignment 3,415 1,956 1,609 Advertising and brokerage fees 1,670 1,425 1,145 Agricultural rental and other services 759 397 674 Cost of sales and services from agricultural business 57,600 44,668 40,961 Trading properties and developments 469 1,753 1,686 Rental and services 9,192 7,269 9,862 Hotel operations, tourism services and others 2,473 1,732 3,060 Cost of sales and services from sales and services from urban properties and investment business 12,134 10,754 14,608 Total costs 69,785 55,479 55,631 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2022 | |
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 “Production costs” ,(referred to the costs of biological assets during the fiscal year, see Note 14),“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, 2022, 2021 and 2020. Production costs Costs General and administrative expenses Selling expenses 06.30.2022 Leases, services charges and vacant property costs 12 322 120 11 465 Depreciation and amortization 3,552 760 454 21 4,787 Doubtful accounts - - - (7 ) (7 ) Advertising, publicity and other selling expenses - 1,327 - 431 1,758 Taxes, rates and contributions 75 1,144 284 2,736 4,239 Maintenance and repairs 228 3,532 706 4 4,470 Fees and payments for services 79 5,389 1,030 609 7,107 Director's fees - - 1,822 - 1,822 Payroll and social security liabilities 1,323 6,019 4,218 395 11,955 Cost of sale of goods and services - 7,429 - - 7,429 Cost of sale of agricultural products and biological assets - 43,255 - - 43,255 Supplies and labors 23,488 280 - 300 24,068 Freights 167 3 1 2,278 2,449 Commissions and bank charges - 11 182 1 194 Conditioning and clearance - - - 296 296 Travel, library expenses and stationery 147 120 149 55 471 Interconnection and roaming expenses - 99 2 - 101 Others 1,670 95 79 211 2,055 Total expenses by nature as of 06.30.2022 30,741 69,785 9,047 7,341 116,914 Production costs Costs General and administrative expenses Selling expenses 06.30.2021 Leases, services charges and vacant property costs 20 369 85 28 502 Depreciation and amortization 4,295 840 474 52 5,661 Doubtful accounts - - - 362 362 Advertising, publicity and other selling expenses - 587 - 113 700 Taxes, rates and contributions 100 884 275 2,555 3,814 Maintenance and repairs 267 2,789 685 7 3,748 Fees and payments for services 80 6,640 751 562 8,033 Director's fees - - 2,074 - 2,074 Payroll and social security liabilities 1,369 5,028 3,755 471 10,623 Cost of sale of goods and services - 5,657 - - 5,657 Cost of sale of agricultural products and biological assets - 32,247 - - 32,247 Supplies and labors 23,804 233 - 266 24,303 Freights 189 2 8 1,946 2,145 Commissions and bank charges - 8 172 2 182 Conditioning and clearance - - - 310 310 Travel, library expenses and stationery 118 62 98 34 312 Interconnection and roaming expenses - 77 2 - 79 Others 1,555 56 94 92 1,797 Total expenses by nature as of 06.30.2021 31,797 55,479 8,473 6,800 102,549 Production costs Costs General and administrative expenses Selling expenses 06.30.2020 Leases, services charges and vacant property costs 21 405 80 52 558 Depreciation and amortization 3,380 994 438 21 4,833 Doubtful accounts - 220 - 662 882 Advertising, publicity and other selling expenses - 1,269 - 208 1,477 Taxes, rates and contributions 112 1,154 285 2,611 4,162 Maintenance and repairs 216 4,291 817 11 5,335 Fees and payments for services 80 5,971 1,268 202 7,521 Director's fees - - 1,500 - 1,500 Payroll and social security liabilities 1,382 5,698 3,572 584 11,236 Cost of sale of goods and services - 2,401 - - 2,401 Cost of sale of agricultural products and biological assets - 30,170 - - 30,170 Supplies and labors 20,652 2,381 - 25 23,058 Freights 193 130 - 2,843 3,166 Bank commissions and expenses - 15 220 - 235 Conditioning and clearance - - - 441 441 Travel, library expenses and stationery 120 116 159 59 454 Interconnection and roaming expenses - 259 - - 259 Others 1,997 157 101 234 2,489 Total expenses by nature as of 06.30.2020 28,153 55,631 8,440 7,953 100,177 |
Other operating results net
Other operating results net | 12 Months Ended |
Jun. 30, 2022 | |
28. Other operating results, net | 28. Other operating results, net 06.30.2022 06.30.2021 06.30.2020 Result from commodity derivative financial instruments (2,358 ) (7,463 ) 1,081 Result from disposal of subsidiaries and associates - 141 (15 ) Result from sale of property, plant and equipment 8 16 (2 ) Donations (159 ) (300 ) (251 ) Lawsuits and other contingencies (331 ) (549 ) (294 ) Interest and allowances generated by operating assets 1,429 5,059 3,183 Administration fees 39 18 43 Others 607 (664 ) 355 Total other operating results, net (765 ) (3,742 ) 4,100 |
Financial results net
Financial results net | 12 Months Ended |
Jun. 30, 2022 | |
29. Financial results, net | 29. Financial results, net 06.30.2022 06.30.2021 06.30.2020 Financial income Interest income 1,286 1,075 721 Dividends income 2 2 33 Other financial income 19 - - Total financial income 1,307 1,077 754 Financial costs Interest expense (14,067 ) (23,297 ) (23,786 ) Other financial costs (1,508 ) (2,102 ) (1,609 ) Total financial costs (15,575 ) (25,399 ) (25,395 ) Capitalized finance costs - 769 275 Total finance costs (15,575 ) (24,630 ) (25,120 ) Other financial results: Foreign exchange, net 29,449 17,192 (24,906 ) Fair value gain on financial assets and liabilities at fair value through profit or loss 5,906 16,543 2,347 Gain/ (loss) from repurchase of Non-convertible notes 1,456 (41 ) 226 Loss from derivative financial instruments (except commodities) (1,440 ) (782 ) (3,429 ) Others 440 (120 ) - Total other financial results 35,811 32,792 (25,762 ) Inflation adjustment 400 938 (269 ) Total financial results, net 21,943 10,177 (50,397 ) |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2022 | |
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 common shares outstanding during the year, excluding common shares purchased by the Group and held as treasury shares. 06.30.2022 06.30.2021 06.30.2020 Profit/ (loss) for the year from continuing operations attributable to equity holders of the parent 37,088 (12,592 ) 17,106 (Loss)/ profit for the year from discontinued operations attributable to equity holders of the parent - (8,019 ) (7,428 ) Profit/ (loss) for the year attributable to equity holders of the parent 37,088 (20,611 ) 9,678 Weighted average number of common shares outstanding 590 527 499 Basic earnings per share 62.86 (39.11 ) 19.38 (b) Diluted Diluted earnings per share amounts are calculated by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential shares. The Group holds treasury shares and, as of fiscal year 2021, warrants associated with incentive plans with potentially dilutive effect. 06.30.2022 06.30.2020 Profit for the year from continuing operations attributable to equity holders of the parent 37,088 17,106 Profit for the year from discontinued operations attributable to equity holders of the parent - (7,428 ) Profit for the year per share attributable to equity holders of the parent 37,088 9,678 Weighted average number of common shares outstanding 695 515 Diluted earnings per share 53.36 18.80 Given that the result for the year ended June 30, 2021 showed losses, there is no diluted effect of said result. |
Employee benefits and sharebase
Employee benefits and sharebased payments | 12 Months Ended |
Jun. 30, 2022 | |
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 and IRSA (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. During the fiscal years ended June 30, 2022, 2021 and 2020, the Group granted 0.30, 0.53 and 0.79 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 06.30.2022 06.30.2021 06.30.2020 At the beginning 4,162,917 4,483,656 4,966,463 Granted (297,807 ) (320,739 ) (482,807 ) At the end 3,865,110 4,162,917 4,483,656 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 49 and ARS 72 for the fiscal years ended June 30, 2022 and 2021, 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, 2022, 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 131. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2022 | |
Related party transactions | |
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 is limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where total profits are distributed, except that such remunerations were expressly agreed by the Shareholders' Meeting, for which purpose the matter must be included as one of the items on the agenda. 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 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, 2022 amounts to ARS 106. Corporate Service Agreement with IRSA Considering that Cresud and IRSA 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. On December 22, 2021, were held the shareholders' meeting approving the merger by absorption of IRSA and IRSA CP, for which IRSA, in its capacity as absorbing company, is the successor of all the rights and obligations assumed by IRSA CP by the Framework Agreement. The last modification to the Framework Agreement was made on July 12, 2022. Under this Framework Agreement, corporate services are currently provided for different areas including: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance and others. 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 and IRSA 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 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 and IRSA. 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 the years ended as of June 30, 2022 and 2020, ARS 4,169 and ARS 518 were recognized in results for this concept, respectively. 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, 2022 and 2021: Item 06.30.2022 06.30.2021 Trade and other receivables 4,167 4,633 Investments in financial assets 234 809 Trade and other payables 3,785 (330 ) Borrowings (61 ) (62 ) Total 8,125 5,050 Related party 06.30.2022 06.30.2021 Description of transaction Heading Condor - 902 Public companies' securities Investments in financial assets - 469 Loans granted Trade and other receivables - 79 Others Investments in financial assets - 8 Other receivables Trade and other receivables New Lipstick LLC 30 38 Reimbursement of expenses Trade and other receivables Other associates and joint ventures (i) 7 10 Leases and/or rights of use receivable Trade and other receivables - (21 ) Leases and/or rights of use to pay Trade and other payables 204 335 Dividends receivables Trade and other receivables - (3 ) Contributions pending integration Trade and other payables 273 - Other investments Investments in financial assets (63 ) (172 ) Non-convertible notes Investments in financial assets - (120 ) Other liabilities Trade and other payables 1 2 Equity incentive plan receivable Trade and other receivables 246 131 Loans granted Trade and other receivables (61 ) (59 ) Borrowings Borrowings 1 3 Reimbursement of expenses Trade and other receivables 19 10 Management fees receivable Trade and other receivables (88 ) - Other payables Trade and other payables 707 39 Other receivables Trade and other receivables - (10 ) Lease liabilities Trade and other payables Total associates and joint ventures 1,276 1,641 CAMSA and its subsidiaries 3,973 - Management fee payables Trade and other payables Yad Levim LTD 2,209 2,638 Loans granted Trade and other receivables Turismo Investment S.A. - 612 Other receivables Trade and other receivables Other related parties (ii) 436 278 Other receivables Trade and other receivables (10 ) - Other payables Trade and other payables 24 - Non-convertible notes Investments in financial assets - (3 ) Borrowings Borrowings - 10 Loans granted Trade and other receivables (12 ) (2 ) Management fee payables Trade and other payables 25 31 Reimbursement of expenses Trade and other receivables (13 ) (2 ) Legal services Trade and other payables Total other related parties 6,632 3,562 IFISA 269 - Loans granted Trade and other receivables Total direct parent company 269 - Directors and Senior Management (65 ) (172 ) Fees Trade and other payables 13 19 Advances receivable Trade and other receivables Total Directors and Senior Management (52 ) (153 ) Total 8,125 5,050 (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, 2022, 2021 and 2020: Related party 06.30.2022 06.30.2021 06.30.2020 Description of transaction BACS - 128 126 Leases and/or rights of use 58 - (13 ) Financial operations Other associates and joint ventures 35 (3 ) 23 Leases and/or rights of use 31 - (323 ) Corporate services 379 153 92 Financial operations Total associates and joint ventures 503 278 (95 ) CAMSA and its subsidiaries (4,169 ) - (518 ) Management fee Other related parties (i) (9 ) (11 ) (10 ) Leases and/or rights of use - - (57 ) Fees and remunerations 57 - - Corporate services - (11 ) (10 ) Legal services - (26 ) - Donations Total other related parties (4,121 ) (48 ) (595 ) IFISA (6 ) 13 13 Financial operations Total Parent Company (6 ) 13 13 Directors (1,316 ) (72 ) (74 ) Compensation of Directors and senior management (66 ) (1,540 ) (1,000 ) Fees Senior Management (106 ) (39 ) (43 ) Compensation of Directors and senior management Total Directors and Senior Management (1,488 ) (1,651 ) (1,117 ) Total (5,112 ) (1,408 ) (1,794 ) (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, 2022 and 2021: Related party 06.30.2022 06.30.2021 Description of transaction Quality (41 ) (49 ) Irrevocable contributions Condor (865 ) - Irrevocable contributions Agrofy (447 ) - Irrevocable contributions Comparaencasa (129 ) - Irrevocable contributions Others (52 ) (20 ) Irrevocable contributions Total contributions (1,534 ) (69 ) Condor 3,586 - Dividends received Uranga Trading S.A. 19 26 Dividends received Agro-Uranga S.A. 70 123 Dividends received Total dividends received 3,675 149 |
Cost of goods sold and services
Cost of goods sold and services provided | 12 Months Ended |
Jun. 30, 2022 | |
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) 06.30.2022 06.30.2021 06.30.2020 Inventories at the beginning of the year 23,507 2,883 26,390 45,323 42,697 Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 14,946 - 14,946 15,022 5,020 Changes in the net realizable value of agricultural products after harvest (1,998 ) - (1,998 ) (967 ) 1,619 Lease Pastagem 128 - 128 59 - Capitalized finance costs - - - - 30 Currency translation adjustment (3,977 ) (146 ) (4,123 ) (11,179 ) 18,340 Transfers - - - (318 ) (633 ) Harvest 26,940 - 26,940 27,967 26,204 Acquisitions and classifications 17,055 12,631 29,686 18,159 162,262 Consumptions (5,868 ) - (5,868 ) (4,775 ) (6,428 ) Disposals due to sales - - - - (48 ) Deconsolidation - - - (7,727 ) (156,877 ) Incorporation by business combination - - - - 651 Expenses incurred 6,865 - 6,865 7,443 8,055 Inventories at the end of the year (19,998 ) (3,234 ) (23,232 ) (26,390 ) (45,323 ) Cost as of 06.30.2022 57,600 12,134 69,734 - - Cost as of 06.30.2021 51,863 10,754 - 62,617 - Cost as of 06.30.2020 40,961 14,608 - - 55,569 (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, 2022 | |
Foreign currency assets and liabilities | |
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) 06.30.2022 06.30.2021 Assets Trade and other receivables US Dollar 80.17 125.03 10,024 15,121 Euros 0.08 130.88 11 39 Trade and other receivables related parties US Dollar 18.24 125.23 2,284 10 Total Trade and other receivables 12,319 15,170 Investment in financial assets US Dollar 16.16 125.03 2,020 1,492 Brazilian Reais 3.81 21.80 83 - New Israel Shekel 15.98 35.93 574 1,000 Pounds 0.75 130.95 98 164 Total Investment in financial assets 2,775 2,656 Derivative financial instruments US Dollar 3.09 125.03 386 687 Total Derivative financial instruments 386 687 Cash and cash equivalents US Dollar 133.35 125.03 16,673 10,249 Euros 0.02 130.88 2 2 Brazilian Reais 61.06 21.80 1,331 - Uruguayan pesos 0.31 3.21 1 - Total Cash and cash equivalents 18,007 10,251 Total Assets 33,487 28,764 Liabilities Trade and other payables US Dollar 39.22 125.23 4,912 9,021 Euros 0.02 131.40 2 52 Uruguayan pesos 0.93 3.21 3 2 Uruguayan pesos 0.38 125.23 48 - Total Trade and other payables 4,965 9,075 Borrowings US Dollar 848.42 125.23 106,248 142,706 Borrowings with related parties US Dollar 7.11 125.23 890 118 Total Borrowings 107,138 142,824 Derivative financial instruments US Dollar 3.06 125.23 383 166 Total Derivative financial instruments 383 166 Total Liabilities 112,486 152,065 (1) Exchange rate as of June 30, 2022 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). |
Results from discontinued opera
Results from discontinued operations | 12 Months Ended |
Jun. 30, 2022 | |
36. Results from discontinued operations | 35. 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 prior year (see Note 4 on the Fiannacial Statement as of June 30, 2021) and the results of the comparative fiscal years have been reclassified. 06.30.2022 06.30.2021 06.30.2020 Revenues - 70,042 270,404 Costs - (57,548 ) (195,401 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest - - 193 Gross profit - 12,494 75,196 Net loss from fair value adjustment of investment properties - (46 ) (7,363 ) General and administrative expenses - (7,328 ) (24,724 ) Selling expenses - (7,748 ) (34,718 ) Impairment of associate - - (6,084 ) Other operating results, net - 2,365 46,207 (Loss)/ profit from operations - (263 ) 48,514 Share of profit of joint ventures and associates - 1,179 3,568 Profit from operations before financing and taxation - 916 52,082 Financial income - 874 3,319 Finance costs - (11,344 ) (42,378 ) Other financial results - 741 (19,935 ) Inflation adjustment - 146 458 Financial results, net - (9,583 ) (58,536 ) Loss before income tax - (8,667 ) (6,454 ) Income tax - 517 (377 ) Loss for the year from discontinued operations - (8,150 ) (6,831 ) Result for loss of control (i) - (5,390 ) - Loss for the year from discontinued operations - (13,540 ) (6,831 ) (Loss)/ profit for the year from discontinued operations attributable to: Equity holders of the parent - (8,019 ) (7,428 ) Non-controlling interest - (5,521 ) 597 (Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: Basic - (15.22 ) (14.87 ) Diluted - (15.22 ) (14.43 ) (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, 2022 | |
37. CNV General Resolution N? 622/13 | 36. 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 Stor
CNV General Ruling N 62914 Storage of documentation | 12 Months Ended |
Jun. 30, 2022 | |
38. CNV General Ruling N? 629/14 - Storage of documentation | 37. 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, 2022 | |
39. Relevant events of the year | 38. Relevant events of the year Exercise of warrants Between September 17 and 25, 2021, certain warrant holders exercised their right to acquire additional shares. As of September 30, 2021, USD 9,480 was collected, for a converted common shares equivalent of 16,750. During the month of October 2021, 57,620 additional warrants were exercised, for which USD 32,603 were collected. Between November 17 and 25, 2021, certain warrant holders exercised their right to acquire additional shares. As of December 31, 2021, USD 92,718 was collected, for a converted common shares equivalent of 163,813. Between February 17 and 25, 2022, certain warrant holders exercised their right to purchase additional shares. As of March 31, 2022, USD 36,835 had been raised, for an equivalent of 65,079 converted shares. Between May 17 and 25, 2022, certain warrant holders exercised their right to purchase additional shares. As of June 30, 2022, USD 80,750 had been raised, for an equivalent of 142,669 converted shares. Amounts in USD are expressed in integers Dividend payment by Futuros y Opciones.com S.A. General Ordinary Shareholders’ Meeting held on September 30, 2021 approved the distribution of dividends for a total amount of USD 4 million, equivalent to ARS 395 million, which were paid in cash. On January 31, 2022, the distribution of dividends was approved for a total of USD 4, equivalent to ARS 400, payable in securities and in cash. Dividend payment by Brasilagro At Brasilagro's Ordinary General Shareholders' Meeting held on October 27, 2021, Brasilagro's Shareholders´ approved a dividend for an amount of BRL 260.0, or BRL 2.621181215 per share. Such dividends were paid on November 10, 2021. Holding of Ordinary General Shareholders' Meeting On October 21, 2021, the Ordinary General Shareholders' Meeting was held where it was resolved: Completely cancel the special reserve RG CNV 609/12 for the sum of ARS 2,233, an amount that adjusted for inflation amounts to the sum of ARS 2,441, for the absorption of the loss for the year as of June 30, 2021 and is allocated the remainder of accumulated negative results for the sum of ARS 5,992, adjusted to the sum of ARS 6,548 to the retained earning. 8 de Julio Farm On November 2021, Cresud entered into a lease agreement with options for real right of surface and purchase of 8 de Julio Farm and El Carmen Farm. The lessee is Southern Cone Energy S.A., and the purpose of the lease is to install wind turbines for energy production and a water hydrolysis plant for the production of hydrogen and derivatives. The price of the contract was established as follows: 1st stage (3 years with an additional extension of 1 year): USD 70,000 per year. 2nd stage (3 years with an additional 1 year extension): USD 100,000 per year. 3rd stage: (3 years with an additional extension of 1 year): USD 120,000 per year / Real Surface Right: 4th stage (4 years): USD 250,000 per year. 5th stage (until the completion of the Real Surface Right): USD 1 million per year. From the 2nd year of this stage, the amount resulting from applying the current annual interest rate on the payment date to USD 1 million. The maximum term of the real right of surface is 70 years. Distribution of dividends by FyO Acopio S.A. On January 31, 2022, the distribution of dividends was approved for a total of USD 2, were paid on June 2022. Distributions of dividends – Brasilagro In the General Ordinary Shareholders Meeting of Brasilagro held on April 4, 2022, was approved the payment of dividends in the amount of BRL 200. 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. The main indicators of the Argentine economy are described below: · In June 2022, the Monthly Economic Activity Estimator (“EMAE” in Spanish) reported by the National Institute of Statistics and Censuses (“INDEC” in Spanish), registered a variation of 6.4% compared to the same month of 2021, and 1.1% compared to the previous month. · The annual retail inflation reached 63.98% in the last 12 months. The survey on market expectations prepared by the Argentine Central Bank in July 2022, called the Market Expectations Survey (“REM” in Spanish), estimates a retail inflation of 90.2% i.a. for December 2022 and 76.6% for December 2023. Analysts participating in the REM forecast a rebound in economic activity in 2022, reaching an economic growth of 3.4%. · In the period from June 2021 to June 2022, the Argentine peso depreciated 30.8% 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, 2022, there is an exchange gap of approximately 99.3% 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 March 3, 2022, the Central Bank of the Argentine Republic (“BCRA”) published the Communication “A” 7466 which establishes that those who register financial debts with capital maturities in foreign currency scheduled between June and December 2022, 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. After the end of the fiscal year, on July 21, 2022, the BCRA published the Communication “A” 7552 through which it includes within the limit of USD 100,000 in available liquid foreign assets that entities may have to access the Foreign Exchange Market, the holding of Argentine deposit certificates representing foreign shares (“Cedears”). Likewise, the rule establishes that the holding of Cedears acquired until 07.21.2022 that exceed said combined limit of USD 100,000 may be held until 08.19.2022. After this period, the companies must get rid of the Cedears positions when they exceed the indicated limit. COVID-19 Pandemic 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. March 3, 2020, the first case of COVID-19 was registered in the country and as of today, approximately 9,500,000 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 nonessential activities, including shopping malls, as well as the suspension of flights and border closures, for much of the years 2020 and 2021. Since the beginning of fiscal year 2022, and until the date of presentation of the financial statements, the Company’s shopping malls are fully operational, as well as the office buildings, despite the remote work modality that some tenants continue to apply. Regarding hotels, operating since December 2020, the sector is recovering thanks to domestic tourism and the government’s incentives to promote it after the prolonged restrictions on air flows that directly affected the influx of international tourism. The effects of the coronavirus pandemic 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, 2022 | |
40. Subsequent events | 39. Subsequent events Non convertible notes Series XXXVIII As consequence of the regulations established by the BCRA, on July 6, 2022, the company completed the exchange of its Series XXIII Notes, in an aggregate principal amount of USD 113,158,632, maturing on February 16, 2023. On July 6, 2022, the expiration of the exchange offer was announced, USD 98,422,999 of Series XXIII Notes were validly tendered and accepted, representing 86.98% of acceptanceOn July 8, the exchange offer was settled, the Series XXXVIII Notes were issued, for an amount of USD 70.6 million, and Series XXIII Notes were partially canceled, consequently the outstanding amount is USD 14,735,633. The exchange offer has two alternatives: - Option A: Cash payment for up to 30% of the total amount of participation in the exchange, and the difference to complete the exchanged face value, in Series XXXVIII Notes. For every USD 1 offered, the holder received USD 0.6913 plus the remaining amount to complete USD 1 for each USD 1 of Series XXIII Notes presented for the exchange, in Series XXXVIII Notes. Under Option A, 43.40% of the notes were accepted. - Option B: For each USD 1 of Series XXIII Notes tendered and accepted the bondholder received in exchange USD 1,03 Series XXXVIII Notes. Under Option B, 56.60% of the notes were accepted. In both options, the interest accrued as of settlement date was paid. Series XXXVIII Notes will mature on March 3, 2026, and will accrue interest at a fixed rate of 8.00%, with interest payable semi-annually on January 3 and July 3 from 2023 to 2026, and at maturity. Amortization will be in one installment on March 3, 2026. The isse price was 100%. Exchange Series II Notes – BCRA “A” 7466 Resolution On July 6, 2022, the Company concluded successfully the exchange offer of the Series II Notes with a nominal value of USD 360 million, originally issued by IRSA CP. USD 238,985,000 of the Existing Notes were validly tendered, which represents 66.38% of the USD 360,000,000 principal amount of Series II Notes. -Option A: 60.83% of the notes were tendered under Option A. Per USD 1,000 tendered, the eligible holder will receive USD 493.18 in cash and USD 514.42 in Series XIV Notes. -Option B: 39.17% of the notes were tendered under Option B. Per USD 1,000 tendered, the eligible holder will receive USD 1,030 of Series XIV Notes. • Series XIV Notes: - Amount issued: USD 171.2 million. - Issuance and Settlement Date: July 8, 2022. - Price of issuance: 100% face value. - Principal maturity: Annual amortizations of 17.5% in years 2024-2027 and 30% in 2028. - Interest rate: 8.75%. - Interest payments: Semiannual starting on December 22, 2022. - Law: New York On the settlement date of the exchange, the partial cancellation of the Series II Notes was carried out, leaving an outstanding amount of USD 121 million. Shares Buyback Program extension and completion - IRSA As a subsequent event, on July 12, 2022, IRSA´s Board of Directors has resolved to extend the term of the shares repurchase plan that was determined by the Board of Directors on March 11, 2022, for an additional period of one hundred and twenty (120) days, maintaining the other terms and conditions that were duly informed. On September 22, 2022, IRSA completed the share buyback program, having acquired the equivalent of 9,419,623 IRSA common shares, which represent approximately 99.51% of the approved program and 1.16% of the outstanding shares. Shares Buyback Program - CRESUD On July 22, 2022, the Board of Directors has approved the terms and conditions for the acquisition of the common shares issued by the Company under the provisions of Section 64 of Law Nº 26,831 and the Rules of the Argentine National Securities Commission. • Maximum amount of the investment: Up to ARS 1,000 million. · Maximum number of shares to be acquired: Up to 10% of the capital stock of the Company, in accordance with the provisions of the applicable regulations. · Daily limitation on market transactions: In accordance with the applicable regulation, the limitation will be up to 25% of the average volume of the daily transactions for the Shares and ADS in the markets during the previous 90 days. · Payable Price: Up to ARS 140 per Share and up to USD 7.00 per ADS. · Period in which the acquisitions will take place: up to 120 days after the publication of the minutes, subject to any renewal or extension of the term, which will be informed to the investing public. · Origin of the Funds: The acquisitions will be made with realized and liquid earnings pending of distribution of the Company. To make such a decision, the Board of Directors has taken into account the economic and market situation, as well as the discount that the current share price has in relation to the fair value of the assets, determined by independent appraisers, and has as its objective to contribute to the strengthening of the shares in the market and reduce the fluctuations in the listed value that does not reflect the value or the economic reality that the assets currently have, resulting in the detriment of the interests of the Company’s shareholders. Serie II ( issuance by FyO) On July 25, 2022, FyO issued the second series of non-convertible notes in the local market for an amount of USD 15 million with a term of 3 years. The debt securities are denominated in dollars and payable in pesos at the applicable exchange rate, with a fixed annual rate of 0.0% and maturing on July 25, 2025. The issue price was 100.0% of the value nominal. The funds from this placement will be used mainly to finance the company's working capital in Argentina. “Della Paolera 261” floor sale As a subsequent event, on August 17, the Company has sold and transferred one floor of the tower “261 Della Paolera” for a total leasable area of approximately 1,184 square meters and 8 parking spaces located in the building. The transaction price was set at approximately USD 12.6 million (USD/square meters 10,600), which had already been paid. Series XXXIX Notes As a subsequent event, on August 23, 2022, Cresud issued the Series XXXIX Notes for a total amount of USD 5,122.5 million. The issuance price was 100%, they will accrue an annual interest rate of Private Badlar + 1.0%, payable quarterly, and will mature on February 23, 2024. The funds will be used mainly to refinance short-term liabilities and/or working capital, as defined in the issuance documents. Panamby Farm On September 15, 2022 BrasilAgro has acquired a farmland located in the municipality of Querệncia, state of Mato Grosso, Brazil. The property has an arable área of 5,400 hectares (10,800 hectares of total área), of which 80% are suitable for second crop. The acquisition value is BRL 285.6 million (equivalent to 302 soybean bags per arable hectare at the date of transaction), which will be paid in two installments, a down payment of BRL 140 million at the signing of the contract and a second installment of BRL 145.6 million that will be paid on August 21, 2023. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 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 were restated from the initial application. 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, 2022 according to official statistics (INDEC) following the guidelines described in Resolution 539/18: Price variation June 30, 2020 June 30, 2021 June 30, 2022 Cumulative as of June 30,2022 (3 years) Annual 43% 50% 64% 252% As a consequence of the aforementioned, these financial statements as of June 30, 2022 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 2.27 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 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. 06-30-2024 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. • 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 Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 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. 06-30-2024 Definition of accounting estimates - Amendments to IAS 8. 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. 06-30-2024 Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28 The IASB has made limited scope amendments to IFRS 10 Consolidated financial statements Investments in associates and joint ventures The amendments clarify the accounting treatment for sales or contribution of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the nonmonetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in IFRS 3 Business Combinations). Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively. N/A. In December 2015 the IASB decided to defer the application date of this amendment until the IASB has finalized its research project on the equity method. 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 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 06.30.2022 06.30.2021 06.30.2020 Cresud's direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 39.56 % 39.44 % 33.55 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial - - 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 53.94 % 62.22 % 61.95 % Alafox S.A. (3) Uruguay Investment 100.00 % 100.00 % - Agropecuaria Santa Cruz S.A. Uruguay Investment - - 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 % 99.99 % Agropecuaria Acres del Sud S.A. (2) (4) Bolivia Agricultural 99.99 % 99.99 % - Ombú Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % 99.99 % - Yatay Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % 99.99 % - Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural 99.99 % 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 % Helmir S.A.'s direct equity interest in: FyO Holding S.A. Uruguay Investment 50.10 % - - Agropecuaria Santa Cruz S.A.'s direct equity interest in: Agropecuaria Acres del Sud S.A. (2)(4) Bolivia Agricultural - - 100.00 % Ombú Agropecuaria S.A. (4) Bolivia Agricultural - - 100.00 % Yatay Agropecuaria S.A. (4) Bolivia Agricultural - - 100.00 % Yuchán Agropecuaria S.A. (2) (4) 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, and (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; the Group's effective control to direct Brasilagro’s relevant activities has been exercised 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) In liquidation process during the current fiscal year. (4) See Note 4 to the consolidated financial statements as of June 30, 2021. (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 06.30.2022 06.30.2021 06.30.2020 IRSA's direct equity interest: IRSA CP (1) Argentina Real estate - 79.92 % 80.65 % 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 % 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. Argentina Design and software development 93.63 % 93.63 % 69.69 % Tyrus S.A.'s direct equity interest in: DFL and DN BV Bermudas/ Netherlands Investment 99.50 % 99.50 % 97.04 % 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. (6) Uruguay Investment 100.00 % 100.00 % 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 % 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 % IDBD's direct equity interest in: 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 - - 72.40 % Cellcom Israel Ltd. (5) Israel Telecommunications - - 46.20 % Elron Electronic Industries Ltd. Israel Investment - - 61.06 % Bartan Holdings and Investments Ltd. Israel Investment - - 55.68 % Epsilon Investment House Ltd. Israel Investment - - 68.75 % Mehadrin Ltd. Israel Agricultural - - 43.75 % PBC's direct equity interest in: Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate - - 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate - - 50.10 % Hadarim Properties Ltd. Israel Real estate - - 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate - - 100.00 % PBC USA Investments Inc United States Real estate - - 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A as of June 30 2021 and 2020. See Note 4. (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 to consolidated financial statements as of June 30, 2021. (6) 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. |
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. |
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 and services from agricultural business” 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”. |
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. The Group’s investment properties primarily comprise the Group’s portfolio of shopping malls and offices, certain property under development and undeveloped land. Additionally, the Group reflects the value of 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, other undeveloped land and farmlands rented to third parties. 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, 2022 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 control is 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 a lease in accordance with the standard. 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 2.23 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 (the rate used by the Group is between 10.61% and 52.94%). 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 on the basis of the costs incurred to acquire and bring to use the specific software. Costs associated with maintaining computer software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: (i) it is technically feasible to complete the software product so that it will be available for use; (ii) management intends to complete the software product and use or sell it; (iii) there is an ability to use or sell the software product; (iv) it can be demonstrated how the software product will generate probable future economic benefits; (v) adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and (vi) the expenditure attributable to the software product during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software product include the software development employee costs and an appropriate portion of relevant overheads. Other development expenditures that do not meet these criteria are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Computer software development costs recognized as assets are amortized over their estimated useful lives, which does not exceed 3 years. (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. |
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 | Derivative financial instruments are initially recognized at fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group manages exposures to various risks using hedging instruments that provide coverage. The Group does not use derivative financial instruments for speculative purposes. To date, the Group has used put and call options, foreign currency future and forward contracts and interest rate swaps, as appropriate. The Group’s policy is to apply hedge accounting where it is permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. Trading derivatives are classified as a current asset or liability on the Statement of Financial Position. Gains and losses on derivatives are classified according to their nature. Gains and losses on commodity derivatives are classified within the line item “Other operating income, net”. Gain and losses on all other derivatives are classified in the Statements of Income where the results of the items covered are recognized. The fair values of financial instruments that are traded in active markets are computed by reference to market prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end as each reporting year. |
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. For significant non-homogeneous receivables, the Group generally measures impairment based on an individual analysis. For non-significant homogeneous receivables, the Group assesses the impairment by grouping these receivables based on characteristics of similar risks, considering the type of asset, the delinquency condition and other relevant factors. 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. |
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. |
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 were 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. Any excess of the MPIT over the income tax is 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. |
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 input 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. · Sale of goods Revenue from sales of grains and sugarcane sales is recognized when performance obligations are met, which consists of transforming the significant risks and benefits of ownership of the goods are transferred to the purchaser, usually when the products are delivered to the purchaser at the determined location, according to the agreed sales terms. In the case of grains, the Group normally enters into forward contracts under which the Group is entitled to determine the sale price for the total or partial volume of grains sold, through the delivery date, based on formulas contractually agreed upon. In some cases, the formulas used to determine the sales price are stated in U.S. Dollars. Upon the delivery of grains, revenue is recognized based on the price determined for each client considering the foreign exchange rate on the delivery date when applicable. After the grains are delivered to the client, the quality and final weight are assessed, and the final price of the transaction is agreed upon, which result in adjusting the original contractual amounts, and any foreign exchange rate variation through the settlement date. · Sale of farms Revenue from sale of farms is not recognized until performance obligations are met, which consists of: (i) the sale be in completed, (ii) the Group has determined that it is probable the buyer will pay, (iii) the amount of revenue can be measured reliably, and (iv) the Group has transferred all risks and rewards to the buyer and does not have a continuing involvement. Usually this coincides with the buyer making the first down payment, moment when the transfer of possession is completed, according to the contractual terms. The result from sales of farms is presented in the statement of income as “Gain from disposal of farmlands” net of the related cost. · Sales of beef cattle Revenue from the sale of beef cattle is recognized when performance obligations are met, which consists of transferring the material risks and the benefits of cattle ownership to the buyer, usually when the cattle is delivered to the buyer at the specified place, in accordance with the terms of the sale agreed upon. As for the sale of beef cattle, the Group’s operation consists basically of a project involving the production and sale of beef calves after weaning (this process is called rearing). However, some animals that prove to be infertile may be sold to meat packers for slaughtering. At Paraguay operations, the project consists in fattening and selling these animals for slaughtering. The pricing for sale of cattle is based on the market price of the arroba of fed cattle in the respective market (the arroba price is verified on the transaction date), the animal weight, plus the premium related to the category. The sale of cattle in Brazil and Paraguay operations, in turn, considers the price of the arroba of fed cattle or heifer/cow on the date of sale in the respective market, applied to carcass yields. 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. The Argentine Civil and Commercial Code section 1221 provides that tenants may rescind commercial lease within the initial six months by means of written notification. If option is used within the first year of the lease, the Tenant shall pay the Lessor, as compensation, the equivalent of one-and-a-half month’s rent, and one month’s rent if the tenant makes use of the option after that period. Given that the rule does not provide for advance notice, Lease Agreements include a provision whereby the lessee must give at least 60 days advance notice of its intention to terminate the lease. The exercise of such early termination could materially and adversely affect the Group. The Group has determined that, in all operating leases, the lease term for accounting purposes matches the term of the contract. The Group concluded that, even though a lease is cancellable under law, tenants would incur significant “economic penalties” if the leases are terminated prior to expiry. The Group considered that these economic penalties are of such amount that continuation of the lease contracts by tenants appears to be reasonably certain at the inception of the respective agreements. The Group reached this conclusion based on factors such as: (i) the strategic geographical location and accessibility to customers of the Group’s investment properties; (ii) the nature and tenure of tenants (mostly well-known local and international retail chains); (iii) limited availability of identical revenue-producing space in the areas where the Group’s investment properties are located; (iv) the tenants’ brand image and other competitive considerations; (v) tenants’ significant expenses incurred in renovation, maintenance and improvements on the leased space to fit their own image; (vi) the majority of the Group’s tenants only have stores in shopping malls with a few or none street stores. See details in Note 22. Lessees of rental space located within shopping malls are generally required to pay the higher of: (i) a base monthly rent (the “Base Rent”) and (ii) a specific percentage of gross monthly sales recorded by the Lessee (the “Contingent Rent”), which generally ranges between 2% and 12% of the lessees’ gross sales. In addition, in accordance with the standard terms of the typical commercial lease, the Base Rent is usually increased at that time by the Consumer Price Index (CPI) in Argentina. In addition, some leases include provisions that set forth variable rent based on specific volumes of sales revenue and other types of ratios. Rental income from shopping mall, admission rights and commissions, are recognized in the Consolidated Statements of Income and Other Comprehensive 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 increases are recognized when such increases have been agreed with tenants. Tenants in the Group’s shopping mall are also generally charged a non-refundable admission right upon entering a lease contract or renewing an existing one. Admission rights are treated as additional rental income and recognized in the Consolidated Statements of Income and other Comprehensive Income on a straight-line basis over the term of the respective lease agreement. The Group acts as its own leasing agent for arranging and closing lease agreements for its shopping malls properties and consequently earns letting fees. Letting fees are paid by tenants upon the successful closing of an agreement. A transaction is considered successfully concluded when both parties have signed the related lease contract. Letting fees received by the Group are treated as additional rental income and are recognized in the Consolidated Statements of Income and Other Comprehensive Income on a straight-line basis over the term of the lease agreements. 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. Under the terms of the leases, lessees also agree to participate in collective promotion funds (“CPF”) to be used in advertising and promoting the Group’s shopping malls. Each lessee’s participation generally equals a percentage calculated based on the monthly accrued rental prices. Revenue so derived is also included under rental income and services segregated from advertising and promotion expenses. Such expenses are charged to income when incurred. On the other hand, revenue includes income from managed operations and other services such as car parking spaces. Those revenues are recognized on an accrual basis as services are provided. · 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 35). · Revenue from hotels Revenue income from hotel operations mainly includes room services, gastronomy and other services. Revenue from the sale of products is recognized when the product is delivered and the significant risks and rewards of ownership are transferred to the buyer. Revenue from the sale of services is recognized when the service is provided. When the sale of products or services is covered by a customer loyalty program, revenues billed to the customer are allocated between the product or service sold and the award credits granted by the third party that awards the program points. The consideration assigned to the credits, which is measured in reference to the fair value of the points awarded, is deferred and recognized as income when the customer redeems the credits, that is, when a prize is received in exchange for converting the program points. |
Cost of sales | Urban properties and investment business The cost of sales, includes the acquisition costs and the operational and management costs for shopping malls and offices 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 (Note 35). Cost of sales and services from agricultural business See Notes 2.11 and Note 26 to these financial statements for more information about Costs. |
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 | Common shares are classified as equity. Incremental costs directly attributable to the issue of new common 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 common 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, 2021 and 2020 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 on the financial statements as of June 30, 2021). Additionally, the Group has redefined the operating segments, see Note 6 to these Financial Statements. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of official statistics annual price variation | Price variation June 30, 2020 June 30, 2021 June 30, 2022 Cumulative as of June 30,2022 (3 years) Annual 43% 50% 64% 252% |
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 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. 06-30-2024 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. • 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 Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 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. 06-30-2024 Definition of accounting estimates - Amendments to IAS 8. 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. 06-30-2024 Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28 The IASB has made limited scope amendments to IFRS 10 Consolidated financial statements Investments in associates and joint ventures The amendments clarify the accounting treatment for sales or contribution of assets between an investor and its associates or joint ventures. They confirm that the accounting treatment depends on whether the nonmonetary assets sold or contributed to an associate or joint venture constitute a ‘business’ (as defined in IFRS 3 Business Combinations). Where the non-monetary assets constitute a business, the investor will recognise the full gain or loss on the sale or contribution of assets. If the assets do not meet the definition of a business, the gain or loss is recognised by the investor only to the extent of the other investor’s interests in the associate or joint venture. The amendments apply prospectively. N/A. In December 2015 the IASB decided to defer the application date of this amendment until the IASB has finalized its research project on the equity method. |
Schedule of agricultural business | % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.2022 06.30.2021 06.30.2020 Cresud's direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 39.56 % 39.44 % 33.55 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial - - 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 53.94 % 62.22 % 61.95 % Alafox S.A. (3) Uruguay Investment 100.00 % 100.00 % - Agropecuaria Santa Cruz S.A. Uruguay Investment - - 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 % 99.99 % Agropecuaria Acres del Sud S.A. (2) (4) Bolivia Agricultural 99.99 % 99.99 % - Ombú Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % 99.99 % - Yatay Agropecuaria S.A. (4) Bolivia Agricultural 99.99 % 99.99 % - Yuchán Agropecuaria S.A. (2) (4) Bolivia Agricultural 99.99 % 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 % Helmir S.A.'s direct equity interest in: FyO Holding S.A. Uruguay Investment 50.10 % - - Agropecuaria Santa Cruz S.A.'s direct equity interest in: Agropecuaria Acres del Sud S.A. (2)(4) Bolivia Agricultural - - 100.00 % Ombú Agropecuaria S.A. (4) Bolivia Agricultural - - 100.00 % Yatay Agropecuaria S.A. (4) Bolivia Agricultural - - 100.00 % Yuchán Agropecuaria S.A. (2) (4) 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 % |
Schedule of urban properties and investments business | % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.2022 06.30.2021 06.30.2020 IRSA's direct equity interest: IRSA CP (1) Argentina Real estate - 79.92 % 80.65 % 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 % 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. Argentina Design and software development 93.63 % 93.63 % 69.69 % Tyrus S.A.'s direct equity interest in: DFL and DN BV Bermudas/ Netherlands Investment 99.50 % 99.50 % 97.04 % 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. (6) Uruguay Investment 100.00 % 100.00 % 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 % 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 % IDBD's direct equity interest in: 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 - - 72.40 % Cellcom Israel Ltd. (5) Israel Telecommunications - - 46.20 % Elron Electronic Industries Ltd. Israel Investment - - 61.06 % Bartan Holdings and Investments Ltd. Israel Investment - - 55.68 % Epsilon Investment House Ltd. Israel Investment - - 68.75 % Mehadrin Ltd. Israel Agricultural - - 43.75 % PBC's direct equity interest in: Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate - - 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate - - 50.10 % Hadarim Properties Ltd. Israel Real estate - - 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate - - 100.00 % PBC USA Investments Inc United States Real estate - - 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 |
Financial risk management and_2
Financial risk management and fair value estimates (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Statement [Line Items] | |
Schedule of derivative contract | 06.30.2022 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value (Loss)/ gain for valuation at fair value at year-end Forward: Sales Corn 240,112 - 10 (93 ) Soybeans 389,204 - 292 (916 ) Wheat 34,500 - (14 ) 129 Livestock 27,720 - - 7 Cotton 2,000,000 - 16 - Ethanol 16,380 - (101 ) (6 ) Purchase Corn 21,500 - - (83 ) Soybeans 895 - - (3 ) Wheat 700 - - (1 ) Options: Sale put Corn 21,779 43 3 (1 ) Soybeans 36,300 126 - (57 ) Wheat 7,700 31 - (13 ) Purchase put Corn - (11 ) - - Soybeans 5,500 (36 ) 7 7 Wheat 2,600 (11 ) 3 6 Sale call Corn 721 149 (67 ) - Soybeans 252 523 (42 ) 0 Wheat 3,400 12 - (14 ) Purchase call Wheat 2,500 (295 ) - - Soybeans 20,248 (593 ) 7 109 Ethanol 14,550 - 28 (11 ) Wheat 700 (21 ) - - Cotton - - (1 ) - Total 2,847,261 (83 ) 141 (939 ) 06.30.2021 Type of derivative contract Tons Premium paid or (collected) Derivatives at fair value (Loss)/ gain for valuation at fair value at year-end Forward: Sales Corn 135,538 - 361 (103 ) Soybeans 236,384 - 1,187 (1,602 ) Wheat 5,100 - 5 - Livestock 4,950 - - (100 ) Cotton 1,650,000 - 23 - Ethanol 900 - - (175 ) Purchase Corn 85,750 - (105 ) - Soybeans 300 - (2 ) - Wheat 14,100 - (39 ) - Options: Sale put Corn 2,000 20 - - Soybeans (40,214 ) 67 (166 ) (234 ) Wheat - 10 - - Purchase put Corn 2,000 (3 ) (8 ) - Soybeans 400 (13 ) - - Wheat - (11 ) - - Sale call Corn 8,600 136 13 74 Soybeans 45,081 67 - - Wheat 4,000 10 - - Purchase call Corn 5,080 (126 ) 77 (134 ) Soybeans 20,465 (308 ) 28 1,499 Wheat 1,500,000 (41 ) 56 - Total 3,680,434 (192 ) 1,430 (775 ) |
Agricultural Business [Member] | |
Statement [Line Items] | |
Schedule of capital structure of the group | Net monetary position (Liability) / Asset 06.30.2022 06.30.2021 06.30.2020 Argentine Peso (94,470 ) (113,997 ) (77,162 ) Brazilian Reais (9 ) 1,669 443 Bolivian Peso - - (254 ) Total (94,479 ) (112,328 ) (76,973 ) |
Urban Properties And Investment Business [Member] | |
Statement [Line Items] | |
Schedule of net monetary position (liability)/asset | Net monetary position (Liability) / Asset 06.30.2022 06.30.2021 06.30.2020 Argentine Peso (44,735 ) (71,842 ) (94,572 ) Uruguayan Peso - - 374 Total (44,735 ) (71,842 ) (94,198 ) 06.30.2022 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 25,586 1,218 - - 295 27,099 Borrowings 39,387 15,581 22,279 1,519 6,079 84,845 Finance lease obligations 3,172 2,807 2,513 889 7,449 16,830 Derivative financial instruments 1,726 194 57 - - 1,977 Total 69,871 19,800 24,849 2,408 13,823 130,751 06.30.2021 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 22,475 1,415 - - - 23,890 Borrowings 50,615 29,743 12,212 2,699 2,699 97,968 Finance lease obligations 2,683 6,089 92 - - 8,864 Derivative financial instruments 1,537 62 - - - 1,599 Total 77,310 37,309 12,304 2,699 2,699 132,321 06.30.2022 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 3,944 103 40 26 40 4,153 Borrowings 59,162 10,461 2,025 115 317 72,080 Finance lease obligations 40 76 93 100 2,096 2,405 Derivative financial instruments 17 - - - - 17 Total 63,163 10,640 2,158 241 2,453 78,655 06.30.2021 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 4,506 171 2 - - 4,679 Borrowings 23,856 62,889 9,339 346 308 96,738 Finance lease obligations 93 84 131 148 2,898 3,354 Derivative financial instruments 80 15 - - - 95 Total 28,535 63,159 9,472 494 3,206 104,866 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Statement [Line Items] | |
Schedule of lines of business of groups operations center | 06.30.2022 Agricultural business (I) Urban property and investment business (II) 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 64,408 25,593 90,001 (233 ) 6,725 (643 ) 95,850 Costs (57,652 ) (5,350 ) (63,002 ) 91 (6,874 ) - (69,785 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 18,204 - 18,204 - - 192 18,396 Changes in the net realizable value of agricultural products after harvest (1,998 ) - (1,998 ) - - - (1,998 ) Gross profit 22,962 20,243 43,205 (142 ) (149 ) 451 ) 42,463 Net gain from fair value adjustment of investment properties 2,460 12,801 15,261 1,322 - - 16,583 Gain from disposal of farmlands 5,505 - 5,505 - - - 5,505 General and administrative expenses (3,788 ) (5,367 ) (9,155 ) 27 - 81 (9,047 ) Selling expenses (5,480 ) (2,241 ) (7,721 ) 5 - 375 (7,341 ) Other operating results, net (838 ) 28 (810 ) - 56 (11 ) (765 ) Management fees - - - - (4,169 ) - (4,169 ) Profit from operations 20,821 25,464 46,285 1,212 (4,262 ) (6 ) 43,229 Share of profit of associates and joint ventures 162 466 628 (821 ) - (2 ) (195 ) Segment profit 20,983 25,930 46,913 391 (4,262 ) (8 ) 43,034 Reportable assets 91,178 325,941 417,119 (1,902 ) - 114,010 529,227 Reportable liabilities - - - - - (322,438 ) (322,438 ) Net reportable assets 91,178 325,941 417,119 (1,902 ) - (208,428 ) 206,789 |
Schedule of lines of business of groups operations center for the year ended june30,2021 | 06.30.2020 Agricultural business (I) Urban property and investment business (II) 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 49,337 27,434 - 27,434 76,771 (150 ) 7,638 (2,015 ) 82,244 Costs (41,022 ) (6,786 ) - (6,786 ) (47,808 ) 131 (7,954 ) - (55,631 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 6,436 - - - 6,436 - - 333 6,769 Changes in the net realizable value of agricultural products after harvest 1,617 - - - 1,617 - - - 1,617 Gross profit 16,368 20,648 - 20,648 37,016 (19 ) (316 ) (1,682 ) 34,999 Net gain from fair value adjustment of investment properties 1,921 82,423 - 82,423 84,344 (647 ) - - 83,697 Gain from disposal of farmlands 2,065 - - - 2,065 - - - 2,065 General and administrative expenses (3,084 ) (5,521 ) - (5,521 ) (8,605 ) 35 - 130 (8,440 ) Selling expenses (5,012 ) (3,032 ) - (3,032 ) (8,044 ) 41 - 50 (7,953 ) Other operating results, net 3,901 28 - 28 3,929 44 149 (22 ) 4,100 Management fees - - - - - - (518 ) - (518 ) Profit/ (loss) from operations 16,159 94,546 - 94,546 110,705 (546 ) (685 ) (1,524 ) 107,950 Share of profit / (loss) of associates and joint ventures 303 17,367 - 17,367 17,670 414 - 52 18,136 Segment profit/ (loss) 16,462 111,913 - 111,913 128,375 (132 ) (685 ) (1,472 ) 126,086 Reportable assets 91,304 389,132 1,105,190 1,494,322 1,585,626 (1,653 ) - 107,976 1,691,949 Reportable liabilities - - (984,847 ) (984,847 ) (984,847 ) - - 2,375,928 1,391,081 Net reportable assets 91,304 389,132 120,343 509,475 600,779 (1,653 ) - 2,483,904 3,083,030 |
Schedule of segments of the agriculture | 06.30.2022 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 51,070 - - 13,338 64,408 Costs (47,873 ) (48 ) - (9,731 ) (57,652 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 18,204 - - - 18,204 Changes in the net realizable value of agricultural products after harvest (1,998 ) - - - (1,998 ) Gross profit / (loss) 19,403 (48 ) - 3,607 22,962 Net gain from fair value adjustment of investment properties - 2,460 - - 2,460 Gain from disposal of farmlands - 5,505 - - 5,505 General and administrative expenses (2,264 ) (8 ) (739 ) (777 ) (3,788 ) Selling expenses (4,358 ) (189 ) - (933 ) (5,480 ) Other operating results, net (2,097 ) 1,071 - 188 (838 ) Profit / (loss) from operations 10,684 8,791 (739 ) 2,085 20,821 Share of profit of associates and joint ventures 108 - - 54 162 Segment profit / (loss) 10,792 8,791 (739 ) 2,139 20,983 Investment properties - 13,672 - - 13,672 Property, plant and equipment 46,616 276 - 212 47,104 Investments in associates 999 - - 748 1,747 Other reportable assets 21,519 - - 7,136 28,655 Reportable assets 69,134 13,948 - 8,096 91,178 |
Summary of urban properties and investments | 06.30.2022 Shopping Malls Offices Sales and developments Hotels Others Total Revenues 17,334 3,041 746 4,300 172 25,593 Costs (1,495 ) (293 ) (581 ) (2,473 ) (508 ) (5,350 ) Gross profit / (loss) 15,839 2,748 165 1,827 (336 ) 20,243 Net gain/(loss) from fair value adjustment of investment properties 553 (5,264 ) 17,452 - 60 12,801 General and administrative expenses (2,862 ) (381 ) (1,058 ) (730 ) (336 ) (5,367 ) Selling expenses (847 ) (77 ) (922 ) (340 ) (55 ) (2,241 ) Other operating results, net (142 ) (23 ) (48 ) (59 ) 300 28 Profit / (Loss) from operations 12,541 (2,997 ) 15,589 698 (367 ) 25,464 Share of profit of associates and joint ventures - - - - 466 466 Segment profit / (loss) 12,541 (2,997 ) 15,589 698 99 25,930 Investment and trading properties 91,770 66,860 139,307 - 430 298,367 Property, plant and equipment 261 4,177 2,382 4,439 1,072 12,331 Investment in associates and joint ventures - - - - 11,578 11,578 Other reportable assets 186 159 2,984 60 276 3,665 Reportable assets 92,217 71,196 144,673 4,499 13,356 325,941 |
Summary of urban properties and investments for the years ended30.6.2021 | 06.30.2021 Shopping Malls Offices Sales and developments Hotels Others Total Revenues 8,727 4,401 1,271 1,510 676 16,585 Costs (1,428 ) (236 ) (1,373 ) (1,746 ) (871 ) (5,654 ) Gross profit / (loss) 7,299 4,165 (102 ) (236 ) (195 ) 10,931 Net (loss) / gain from fair value adjustment of investment properties (33,349 ) 9,235 11,538 - 56 (12,520 ) General and administrative expenses (2,348 ) (713 ) (1,164 ) (699 ) (151 ) (5,075 ) Selling expenses (740 ) (307 ) (1,145 ) (231 ) (55 ) (2,478 ) Other operating results, net (207 ) (8 ) (8 ) (20 ) (14 ) (257 ) (Loss) / Profit from operations (29,345 ) 12,372 9,119 (1,186 ) (359 ) (9,399 ) Share of loss of associates and joint ventures - - (26 ) - (6,515 ) (6,541 ) Segment (loss)/ profit (29,345 ) 12,372 9,093 (1,186 ) (6,874 ) (15,940 ) Investment and trading properties 89,070 118,827 102,415 - 420 310,732 Property, plant and equipment 395 3,367 2,143 4,223 349 10,477 Investment in associates and joint ventures - - - - 14,611 14,611 Other reportable assets 189 161 3,271 48 278 3,947 Reportable assets 89,654 122,355 107,829 4,271 15,658 339,767 |
Summary of urban properties and investments for the years ended30.6.2020 | 06.30.2020 Shopping Malls Offices Sales and developments Hotels Others Total Revenues 14,569 5,616 2,025 4,978 246 27,434 Costs (1,401 ) (209 ) (1,873 ) (3,064 ) (239 ) (6,786 ) Gross profit 13,168 5,407 152 1,914 7 20,648 Net (loss) / gain from fair value adjustment of investment properties (5,185 ) 54,723 33,224 - (339 ) 82,423 General and administrative expenses (2,044 ) (601 ) (1,217 ) (897 ) (762 ) (5,521 ) Selling expenses (1,751 ) (185 ) (502 ) (566 ) (28 ) (3,032 ) Other operating results, net 42 (20 ) (111 ) (49 ) 166 28 Profit / (Loss) from operations 4,230 59,324 31,546 402 (956 ) 94,546 Share of profit of associates and joint ventures - - - - 17,367 17,367 Segment profit 4,230 59,324 31,546 402 16,411 111,913 Investment and trading properties 120,956 147,513 86,036 - 941 355,446 Property, plant and equipment 456 128 2,359 4,786 396 8,125 Investment in associates and joint ventures - - 1,310 - 21,532 22,842 Other reportable assets 192 224 1,935 64 304 2,719 Reportable assets 121,604 147,865 91,640 4,850 23,173 389,132 |
Operation Center in Argentina [Member] | |
Statement [Line Items] | |
Schedule of lines of business of groups operations center | 06.30.2021 Agricultural business (I) Urban property and investment business (II) 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 48,813 16,585 65,398 (82 ) 4,828 (597 ) 69,547 Costs (44,725 ) (5,654 ) (50,379 ) 115 (5,215 ) - (55,479 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 23,412 - 23,412 - - 311 23,723 Changes in the net realizable value of agricultural products after harvest (967 ) - (967 ) - - - (967 ) Gross profit 26,533 10,931 37,464 33 (387 ) (286 ) 36,824 Net gain/ (loss) from fair value adjustment of investment properties 9,035 (12,520 ) (3,485 ) (198 ) - - (3,683 ) Gain from disposal of farmlands 2,148 - 2,148 - - - 2,148 General and administrative expenses (3,570 ) (5,075 ) (8,645 ) 21 - 151 (8,473 ) Selling expenses (4,500 ) (2,478 ) (6,978 ) 35 - 143 (6,800 ) Other operating results, net (3,621 ) (257 ) (3,878 ) (33 ) 176 (7 ) (3,742 ) Profit/ (loss) from operations 26,025 (9,399 ) 16,626 (142 ) (211 ) 1 16,274 Share of loss of associates and joint ventures (95 ) (6,541 ) (6,636 ) (631 ) - (6 ) (7,273 ) Segment profit/ (loss) 25,930 (15,940 ) 9,990 (773 ) (211 ) (5 ) 9,001 Reportable assets 107,811 339,767 447,578 (2,433 ) - 111,038 556,183 Reportable liabilities - - - - - (382,537 ) (382,537 ) Net reportable assets 107,811 339,767 447,578 (2,433 ) - (271,499 ) 173,646 06.30.2021 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 39,961 - - 8,852 48,813 Costs (38,561 ) (59 ) - (6,105 ) (44,725 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 23,412 - - - 23,412 Changes in the net realizable value of agricultural products after harvest (967 ) - - - (967 ) Gross profit / (loss) 23,845 (59 ) - 2,747 26,533 Net gain from fair value adjustment of investment properties - 9,035 - - 9,035 Gain from disposal of farmlands - 2,148 - - 2,148 General and administrative expenses (2,250 ) (8 ) (720 ) (592 ) (3,570 ) Selling expenses (3,837 ) (2 ) - (661 ) (4,500 ) Other operating results, net (6,856 ) 2,871 - 364 (3,621 ) Profit / (loss) from operations 10,902 13,985 (720 ) 1,858 26,025 Share of profit/ (loss) of associates and joint ventures 98 - - (193 ) (95 ) Segment profit / (loss) 11,000 13,985 (720 ) 1,665 25,930 Investment properties - 18,040 - - 18,040 Property, plant and equipment 54,001 435 - 151 54,587 Investments in associates 981 - - 357 1,338 Other reportable assets 28,122 - - 5,724 33,846 Reportable assets 83,104 18,475 - 6,232 107,811 06.30.2020 Agricultural production Land transformation and sales Corporate Others Total Agricultural business Revenues 42,329 - - 7,008 49,337 Costs (36,145 ) (62 ) - (4,815 ) (41,022 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 6,436 - - - 6,436 Changes in the net realizable value of agricultural products after harvest 1,617 - - - 1,617 Gross profit / (loss) 14,237 (62 ) - 2,193 16,368 Net gain from fair value adjustment of investment properties - 1,921 - - 1,921 Gain from disposal of farmlands - 2,065 - - 2,065 General and administrative expenses (2,369 ) (7 ) (417 ) (291 ) (3,084 ) Selling expenses (4,470 ) (2 ) - (540 ) (5,012 ) Other operating results, net 1,121 2,369 - 411 3,901 Profit / (loss) from operations 8,519 6,284 (417 ) 1,773 16,159 Share of profit of associates and joint ventures 131 - - 172 303 Segment profit / (loss) 8,650 6,284 (417 ) 1,945 16,462 Investment properties - 10,170 - - 10,170 Property, plant and equipment 51,443 441 - 137 52,021 Investments in associates 1,032 - - 719 1,751 Other reportable assets 17,937 815 - 8,610 27,362 Reportable assets 70,412 11,426 - 9,466 91,304 |
Information about the main su_2
Information about the main subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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, 2022 Subsidiaries with direct participation of Cresud IRSA 46.06 % 42,419 330,373 86,429 116,636 169,727 78,176 Subsidiaries with indirect participation of Cresud Brasilagro 60.44 % 37,845 59,515 11,519 21,341 64,500 38,984 As of June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 37.78 % 22,831 342,492 36,302 193,368 135,653 51,248 Subsidiaries with indirect participation of Cresud Brasilagro 60.56 % 55,757 72,128 20,929 23,586 83,370 50,491 IRSA CP (*) 20.08 % 37,145 253,766 21,518 141,466 127,927 25,689 Revenues Net income/ (loss) 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, 2022 Subsidiaries with direct participation of Cresud IRSA 32,085 34,892 (177 ) 340 14,392 11,195 (13,663 ) 10,209 (176 ) Subsidiaries with indirect participation of Cresud Brasilagro 32,117 14,968 (5,839 ) (3,536 ) 2,580 (210 ) (11,832 ) (9,462 ) - Year ended June 30, 2021 Subsidiaries with direct participation of Cresud IRSA 21,282 (61,643 ) (18,746 ) (12,564 ) 2,388 111,311 (80,089 ) 33,610 (4,400 ) Subsidiaries with indirect participation of Cresud Brasilagro 21,375 15,687 15,844 9,665 4,808 (6,713 ) 29,094 27,189 - IRSA CP (*) 18,043 (36,957 ) 215 (35,966 ) 2,102 15,995 (28,274 ) (10,177 ) - |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of investments in joint ventures | 06.30.2022 06.30.2021 Beginning of the year 21,293 184,999 Share capital increase and contributions 1,534 69 Decrease of interest in associates and joint ventures (v) - (71,916 ) Share of loss (195 ) (5,067 ) Other comprehensive results (646 ) (6,120 ) Dividends (i) (3,675 ) (149 ) Participation in other changes in equity (282 ) - Deconsolidation (iii) - (79,438 ) Devaluation (iv) - (1,027 ) Reclassification to financial instruments (148 ) - Others 29 (58 ) End of the year (ii) 17,910 21,293 |
Schedule of comprehensive income | Name of the entity % ownership interest Value of Group's interest in equity Group's interest in comprehensive income/(loss) 06.30.2022 06.30.2021 06.30.2020 06.30.2022 06.30.2021 06.30.2022 06.30.2021 06.30.2020 New Lipstick 49.96 % 49.96 % 49.96 % 143 357 69 (787 ) 18,801 BHSA (1) 29.91 % 29.91 % 29.91 % 9,665 8,791 873 (1,240 ) (936 ) Condor (2) 21.70 % 18.89 % 18.89 % - 2,657 425 (679 ) 295 Gav-Yam N/A N/A 34.90 % - - - 64 - TGLT (3) 27.82 % 27.82 % 30.20 % 813 1,537 (723 ) (3,537 ) - Quality (4) 50.00 % 50.00 % 50.00 % 3,858 4,800 (983 ) (425 ) 456 La Rural S.A. 50.00 % 50.00 % 50.00 % 243 277 (42 ) (221 ) 251 Cresca S.A. (5) 50.00 % 50.00 % 50.00 % 29 48 8 13 (39 ) Other associates and joint ventures - - - 3,159 2,826 (468 ) (4,375 ) 2,900 Total associates and joint ventures 17,910 21,293 (841 ) (11,187 ) 21,728 |
Schedule of significant joint ventures | Name of the entity Location of business / Country of incorporation Main activity Last financial statement issued Common shares Share capital (nominal value) Loss/ (income) for the year Shareholders' equity New Lipstick U.S. Real estate N/A - (*) (1) (*) (42) BHSA (1) Argentina Financing 448,689,072 (**) 1,500 (**) 2,920 (**) 31,251 Condor (2) U.S. Hotel 3,191,214 (*) 244 (*) (125) (*) 119 TGLT S.A. (3) Argentina Real estate 257,330,595 925 (2,950) 4,084 Quality (4) Argentina Real estate 225,146,912 406 (1,965) 7,563 La Rural S.A. Argentina Organization of events 714,998 1 (58) 339 |
Summarized financial information of the associates and 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, 2022 Associates BHSA 241,536 79,939 280,495 8,961 32,019 (iv) 29.91%(iii) 9,577 88 9,665 TGLT 7,511 12,371 8,176 7,677 4,029 27.82 % 1,121 (308 ) 813 Joint ventures Quality Invest (ii) 61 11,490 70 3,919 7,562 50.00 % 3,781 77 3,858 As of June 30, 2021 Associates BHSA 188,185 116,578 256,477 19,122 29,164 29.91 % 8,722 69 8,791 TGLT 8,460 19,366 8,117 12,635 7,074 27.82 % 1,968 - (431 ) Joint ventures Quality Invest (ii) 8 14,499 164 4,898 9,445 50.00 % 4,723 77 4,800 Revenues Net income/(loss) Total comprehensive income/(loss) Dividends distributed to non-controlling shareholders Cash of operating activities Cash of investment activities Cash of financial activities Net increase/(decrease) in cash and cash equivalents As of June 30, 2022 (i) Associates BHSA 54,043 2,920 2,920 - 33,208 (240 ) (24,583 ) 8,385 TGLT 4,198 (2,129 ) (2,089 ) - (1,322 ) 4,209 (2,530 ) 357 Joint ventures Quality Invest (ii) 206 (1,965 ) (1,965 ) - (1 ) 24 (2 ) 21 As of June 30, 2021 (I) Associates BHSA 47,976 (4,145 ) (4,145 ) - 7,081 (212 ) (46,143 ) (39,274 ) TGLT 4,196 (3,155 ) (3,155 ) - 185 108 (746 ) (453 ) Joint ventures Quality Invest (ii) 74 (849 ) (849 ) - (97 ) (7 ) 104 - |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of balance by type of investment property | 06.30.2022 06.30.2021 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 166,506 146,863 186,087 380,818 Additions 7,358 2,052 444 1,250 Disposals (iii) (29,116 ) - (35,134 ) - Transfers (iv) 59,506 (63,306 ) (3,639 ) - Net gain / (loss) from fair value adjustment 17,466 (883 ) 18,466 (22,149 ) Additions of capitalized leasing costs 23 19 21 15 Depreciation of capitalized leasing costs (i) (36 ) (9 ) (11 ) (10 ) Currency translation adjustment (4,019 ) - 272 (20,304 ) Deconsolidation (ii) - - - (192,757 ) Fair value at the end of the year 217,688 84,736 166,506 146,863 |
Schedule of recognized in the Statements of Income | 06.30.2022 06.30.2021 Leased out farmland 13,672 18,040 Offices and other rental properties 69,797 117,467 Shopping malls 90,142 83,331 Undeveloped parcels of land 127,955 88,851 Properties under development 858 5,680 Total 302,424 313,369 06.30.2022 06.30.2021 06.30.2020 Rental and services income 27,219 18,001 54,509 Direct operating expenses (9,951 ) (7,667 ) (22,125 ) Development expenses (186 ) (187 ) 298 Net realized gain from fair value adjustment of investment property (i)(ii) 13,980 17,745 2,793 Net unrealized gain/(loss) from fair value adjustment of investment property 2,603 (21,428 ) 80,904 |
Schedule of fair value measurements of investment properties | 06.30.22 06.30.21 06.30.20 Description Valuation technique Parameters Range fiscal year 2021 / 2019 Increase Decrease Increase Decrease Increase Decrease Shopping Malls (Level 3) Discounted cash flows Discount rate 14.53% / 12.18% (5,864 ) 6,890 (6,297 ) 7,525 (10,474 ) 12,825 Growth rate 2.4% / 2.3% 2,636 (2,234 ) 2,884 (2,414 ) 4,993 (4,077 ) Inflation (*) 10,516 (8,704 ) 13,399 (11,052 ) 21,803 (17,936 ) Devaluation (*) (7,758 ) 9,482 (7,145 ) 8,732 (10,136 ) 12,389 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property plant and equipment | |
Schedule of property plant and equipment | Owner occupied farmland Bearer plant (iii) Buildings and facilities Machinery and equipment Communication networks Others (i) Total Balance as of June 30, 2020 58,450 2,780 15,864 1,943 52,004 16,634 147,675 Costs 64,204 5,051 35,020 6,392 235,127 38,636 384,430 Accumulated depreciation (5,754 ) (2,271 ) (19,156 ) (4,449 ) (183,123 ) (22,002 ) (236,755 ) Net book amount at June 30, 2020 58,450 2,780 15,864 1,943 52,004 16,634 147,675 Additions 2,188 234 461 159 952 1,546 5,540 Disposals (958 ) - (144 ) (11 ) (90 ) (180 ) (1,383 ) Deconsolidation (10,006 ) - (7,027 ) (1,304 ) (46,443 ) (13,914 ) (78,694 ) Currency translation adjustment (1,589 ) - (512 ) (108 ) (3,747 ) (1,118 ) (7,074 ) Transfers 3,276 - 3,298 2 - 25 6,601 Depreciation charge (ii) (677 ) (771 ) (735 ) (195 ) (2,676 ) (1,828 ) (6,882 ) Balance as of June 30, 2021 50,684 2,243 11,205 486 - 1,165 65,783 Costs 57,115 5,285 31,096 5,130 185,799 24,995 309,420 Accumulated depreciation (6,431 ) (3,042 ) (19,891 ) (4,644 ) (185,799 ) (23,830 ) (243,637 ) Net book amount at June 30, 2021 50,684 2,243 11,205 486 - 1,165 65,783 Additions 2,113 617 692 156 - 444 4,022 Disposals (1,714 ) (5 ) (22 ) (2 ) - (24 ) (1,767 ) Transfers 3,202 (6 ) 1,498 19 - - 4,713 Depreciation charge (ii) (576 ) (719 ) (634 ) (188 ) - (167 ) (2,284 ) Transfer to assets held for sale (1,177 ) - - - - - (1,177 ) Currency translation adjustment (8,961 ) (521 ) (162 ) - - (214 ) (9,858 ) Balance as of June 30, 2022 43,571 1,609 12,577 471 - 1,204 59,432 Costs 47,875 3,768 17,168 4,855 - 2,601 76,267 Accumulated depreciation (4,304 ) (2,159 ) (4,591 ) (4,384 ) - (1,397 ) (16,835 ) Net book amount at June 30, 2022 43,571 1,609 12,577 471 - 1,204 59,432 |
Trading properties (Tables)
Trading properties (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of trading properties | Completed properties Properties under development (i) Undeveloped properties Total As of June 30, 2020 4,985 2,040 10,642 17,667 Additions - 669 651 1,320 Currency translation adjustment (318 ) (205 ) (615 ) (1,138 ) Transfers 318 (318 ) - - Desconsolidation (3,490 ) (233 ) (8,888 ) (12,611 ) Disposals (1,295 ) (640 ) (420 ) (2,355 ) As of June 30, 2021 200 1,313 1,370 2,883 Additions - 470 37 507 Currency translation adjustment - (156 ) - (156 ) As of June 30, 2022 200 1,627 1,407 3,234 |
Schedule of total group trading properties | 06.30.2022 06.30.2021 Non-current 3,041 2,696 Current 193 187 Total 3,234 2,883 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of intangible assets | Goodwill business Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance as of June 30, 2020 14,339 18,787 5,960 6,097 10,482 13,771 69,436 Costs 14,339 20,435 24,674 38,310 25,908 30,996 154,662 Accumulated depreciation - (1,648 ) (18,714 ) (32,213 ) (15,426 ) (17,225 ) (85,226 ) Net book amount at June 30, 2020 14,339 18,787 5,960 6,097 10,482 13,771 69,436 Additions - - - 46 797 2,794 3,637 Disposals - - - - (182 ) - (182 ) Deconsolidation (13,904 ) (17,405 ) (5,398 ) (5,151 ) (7,632 ) (10,439 ) (59,929 ) Impairment (66 ) - - - - - (66 ) Transfers - - - - (3 ) - (3 ) Currency translation adjustment 264 (1,336 ) (426 ) (448 ) (1,140 ) (981 ) (4,067 ) Depreciation charge (i) - (46 ) (136 ) (544 ) (1,889 ) (1,309 ) (3,924 ) Balance as of June 30, 2021 633 - - - 433 3,836 4,902 Costs 633 - - - 1,699 4,695 7,027 Accumulated depreciation - - - - (1,266 ) (859 ) (2,125 ) Net book amount at June 30, 2021 633 - - - 433 3,836 4,902 Additions - - - - 115 38 153 Disposals (6 ) - - - - (471 ) (477 ) Previsions - - - - (40 ) - (40 ) Depreciation charge (i) - - - - (200 ) (27 ) (227 ) Currency translation adjustment (22 ) - - - (7 ) - (29 ) Balance as of June 30, 2022 605 - - - 301 3,376 4,282 Costs 605 - - - 1,783 4,378 6,766 Accumulated depreciation - - - - (1,482 ) (1,002 ) (2,484 ) Net book amount at June 30, 2022 605 - - - 301 3,376 4,282 |
Rights of use of assets (Tables
Rights of use of assets (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of the composition of the rights of use of the Group's assets | 06.30.2022 06.30.2021 Farmland 5,399 5,482 Offices, shopping malls and other rental properties 17 18 Machinery and equipment 77 102 Others 1,303 1,379 Right of use assets 6,796 6,981 Non-current 6,796 6,981 Total 6,796 6,981 |
Schedule of changes in the Group's rights of use | 06.30.2022 06.30.2021 Beginning of the year 6,981 54,009 Additions 2,170 4,282 Disposals - (138 ) Previsions - (125 ) Depreciation charges (2,231 ) (2,881 ) Currency translation adjustment (650 ) (6,574 ) Deconsolidation - (42,394 ) Valorization 526 802 End of the year 6,796 6,981 |
Schedule of depreciation charge for rights of use | 06.30.2022 06.30.2021 Farmland 2,037 2,645 Offices, shopping malls and other rental properties 1 2 Machinery and equipment 54 57 Others 139 177 Depreciation charge of right of use assets (i) 2,231 2,881 |
Schedule of other charges to income related to rights of use | 06.30.2022 06.30.2021 Lease liabilities interest 292 421 Results from short-term leases (67 ) (102 ) Results from variable leases not recognized as lease liabilities (423 ) (638 ) |
Schedule of average discount rate and the term of liability for lease recognized | Agricultural business Urban properties and investment business 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, 2022 | |
Schedule of changes biological assets | 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, 2020 598 2,637 2,534 5,242 71 79 11,161 Non-current (Production) - - - 4,186 66 79 4,331 Current (Consumable) 598 2,637 2,534 1,056 5 - 6,830 Balance as of June 30, 2020 598 2,637 2,534 5,242 71 79 11,161 Transfers (1,054 ) 1,054 - - - - - Purchases - - - 883 11 - 894 Initial recognition and changes in the fair value of biological assets (i) - 18,215 4,337 1,128 23 - 23,703 Decrease due to harvest - (38,575 ) (8,448 ) - - - (47,023 ) Sales - - - (3,903 ) (5 ) - (3,908 ) Consumptions - - - (16 ) - (14 ) (30 ) Costs for the year 734 23,018 5,352 2,686 - 7 31,797 Foreign exchange (126 ) (147 ) 36 (16 ) - - (253 ) Balance as of June 30, 2021 152 6,202 3,811 6,004 100 72 16,341 Non-current (Production) - - - 5,161 92 72 5,325 Current (Consumable) 152 6,202 3,811 843 8 - 11,016 Balance as of June 30, 2021 152 6,202 3,811 6,004 100 72 16,341 Transfers (464 ) 464 - - - - - Purchases - - - 1,734 5 - 1,739 Initial recognition and changes in the fair value of biological assets (i) - 12,359 6,286 (300 ) 23 - 18,368 Decrease due to harvest - (35,801 ) (10,797 ) - - - (46,598 ) Sales - - - (3,082 ) (10 ) - (3,092 ) Consumptions - - - (14 ) - (12 ) (26 ) Costs for the year 2,629 19,504 5,916 2,689 - 3 30,741 Foreign exchange (464 ) (173 ) (1,107 ) (447 ) - - (2,191 ) Balance as of June 30, 2022 1,853 2,555 4,109 6,584 118 63 15,282 Non-current (Production) - - - 5,900 107 63 6,070 Current (Consumable) 1,853 2,555 4,109 684 11 - 9,212 Balance as of June 30, 2022 1,853 2,555 4,109 6,584 118 63 15,282 |
Schedule of presents main parameters | Sensitivity (i) 06.30.2022 06.30.2021 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 - Selling expenses - Future of sale prices Argentina Yields: 0.38 - 12.59 tn./ha. 266 (266 ) 425 (425 ) Future of sale prices: 2,156 - 98,040 ARS/tn 335 (335 ) 534 (534 ) Operating cost: 6,823 - 46,152 ARS/ha (129 ) 129 (193 ) 193 Brazil: Yields: 1.02 - 5.55 tn./ha. 427 (427 ) 567 (567 ) Future of sale prices: 1,049 - 4,344 BRL/tn. 160 (160 ) 290 (290 ) Operating cost: 629 - 1,633 BRL/ha. (214 ) 214 (362 ) 362 Sugarcane fields (Level 3) Discounted cash flows Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate Brazil: Yields: 83.00 tn/ha 1,177 (1,177 ) 1,564 (1,564 ) Future of sale prices: 123.16 BRL/tn. 647 (647 ) 879 (879 ) Operating cost: 63.12 BRL/tn. (766 ) 766 (1,035 ) 1,035 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of inventories | 06.30.2022 06.30.2021 Crops 6,177 11,684 Materials and supplies 6,952 5,839 Sugarcane 292 - Agricultural inventories 13,421 17,523 Total inventories 13,421 17,523 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of financial assets and financial liabilities | Financial assets at amortized cost Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 Subtotal financial assets Non- financial assets Total June 30, 2022 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 34,109 4,364 - - 38,473 10,662 49,135 Investment in financial assets: - Public companies’ securities - 1,546 - - 1,546 - 1,546 - Bonds - 1,769 - - 1,769 - 1,769 - Mutual funds - 16,128 - - 16,128 - 16,128 - Others 114 385 - - 499 - 499 Derivative financial instruments: - Crops options contracts - 304 - - 304 - 304 - Crops futures contracts - 2,227 - - 2,227 - 2,227 - Foreign-currency options contracts - 70 - - 70 - 70 - Foreign-currency future contracts - 264 - - 264 - 264 Restricted assets (i) 466 - - - 466 - 466 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 18,262 - - - 18,262 - 18,262 - Short-term investments - 16,649 - - 16,649 - 16,649 Total assets 52,951 43,706 - - 96,657 10,662 107,319 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Level 1 Level 2 Level 3 Subtotal financial liabilities Non- financial liabilities Total June 30, 2022 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 24,853 - - - 24,853 10,667 35,520 Borrowings (Note 22) 141,431 - - - 141,431 - 141,431 Derivative financial instruments: - Crops options contracts - 177 103 - 280 - 280 - Crops futures contracts 3 481 - - 484 - 484 - Foreign-currency options contracts - 163 - - 163 - 163 - Foreign-currency future contracts - 139 - - 139 - 139 - Swaps - 39 16 - 55 - 55 Total liabilities 166,287 999 119 - 167,405 10,667 178,072 Financial assets at amortized cost Financial assets at fair value through profit or loss Level 1 Level 2 Level 3 Subtotal financial assets Non- financial 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) 38,471 2,454 - - 40,925 15,546 56,471 Investment in financial assets: - Public companies’ securities - 1,825 - - 1,825 - 1,825 - Bonds - 1,345 - - 1,345 - 1,345 - Mutual funds - 62 - - 62 - 62 - Others 180 993 - 79 1,252 - 1,252 Derivative financial instruments: - Crops options contracts - 293 - - 293 - 293 - Crops futures contracts - 253 - - 253 - 253 - Foreign-currency options contracts - 80 - - 80 - 80 - Foreign-currency future contracts - 515 - - 515 - 515 - Swaps - - 20 - 20 - 20 Restricted assets (i) 331 - - - 331 - 331 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 10,680 - - - 10,680 - 10,680 - Short-term investments - 34,463 - - 34,463 - 34,463 Total assets 49,662 42,283 20 79 92,044 15,546 107,590 Financial liabilities at fair value through profit or loss Financial liabilities at amortized cost Level 1 Level 2 Level 3 Subtotal financial liabilities Non- financial liabilities Total June 30, 2021 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 25,363 - - - 25,363 10,443 35,806 Borrowings (Note 22) 194,594 - - - 194,594 - 194,594 Derivative financial instruments: - Crops options contracts - 269 156 - 425 - 425 - Crops futures contracts - 1,176 - - 1,176 - 1,176 - Foreign-currency options contracts - 52 - - 52 - 52 - Crops options contracts - 20 - - 20 - 20 - Swaps - 82 95 - 177 - 177 Total liabilities 219,957 1,599 251 - 221,807 10,443 232,250 |
Schedule of book value of financial instruments recognized | 06.30.22 06.30.21 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) 41,776 (3,303 ) 38,473 45,758 (4,833 ) 40,925 Financial liabilities Trade and other payables 28,156 (3,303 ) 24,853 30,196 (4,833 ) 25,363 |
Schedule of income, expense, gains and losses on financial instruments | Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2022 Interest income 1,286 - 1,286 Interest and discount generated by operating assets 1,429 - 1,429 Interest expenses (14,067 ) - (14,067 ) Foreign exchange, net 29,449 - 29,449 Dividends income 2 - 2 Fair value gain on financial assets at fair value through profit or gain - 5,906 5,906 Gain from repurchase of Non-convertible Notes 1,456 - 1,456 Loss on financial instruments derived from commodities - (2,358 ) (2,358 ) Loss from derivative financial instruments, net - (1,440 ) (1,440 ) Other financial costs (1,068 ) - (1,068 ) Net result (i) 18,487 2,108 20,595 Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2021 Interest income 1,075 - 1,075 Interest and discount generated by operating assets 5,059 - 5,059 Interest expenses (23,297 ) - (23,297 ) Foreign exchange, net 17,192 - 17,192 Dividends income 2 - 2 Fair value gain on financial assets at fair value through profit or gain - 16,543 16,543 Loss from repurchase of Non-convertible Notes (41 ) - (41 ) Loss on financial instruments derived from commodities - (7,463 ) (7,463 ) Loss from derivative financial instruments, net - (782 ) (782 ) Other financial costs (2,222 ) - (2,222 ) Net result (i) (2,232 ) 8,298 6,066 Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2020 Interest income 721 - 721 Interest and discount generated by operating assets 3,183 - 3,183 Interest expenses (23,786 ) - (23,786 ) Foreign exchange, net (24,906 ) - (24,906 ) Dividends income 33 - 33 Fair value loss on financial assets at fair value through profit or gain - 2,347 2,347 Gain from repurchase of Non-convertible Notes 226 - 226 Gain on financial instruments derived from commodities - 1,081 1,081 Loss from derivative financial instruments, net - (3,429 ) (3,429 ) Other financial costs (1,609 ) - (1,609 ) Net result (i) (46,138 ) (1 ) (46,139 ) |
Schedule of changes in Level 3 instruments | 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, 2020 (49 ) 7,164 571 349 8,035 Currency translation adjustment - - (7 ) - (7 ) Write off 49 (7,164 ) (500 ) (349 ) (7,964 ) Gains recognized in the year (i) - - 15 - 15 Balance as of June 30, 2021 - - 79 - 79 Currency translation adjustment - - (8 ) - (8 ) Write off - - (96 ) - (96 ) Gains recognized in the year (i) - - 25 - 25 Balance as of June 30, 2022 - - - - - |
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 Derivative financial instruments - Swaps Theoretical price Underlying asset price and volatility Level 2 and 3 - |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Trade and other receivables | |
Schedule of trade and other receivables | 06.30.2022 06.30.2021 Trade, leases and services receivable (*) 31,231 34,677 Less: allowance for doubtful accounts (1,026 ) (1,638 ) Total trade receivables 30,205 33,039 Prepayments 5,934 8,056 Loans, deposits and others 4,766 5,967 Contributions pending integration 25 16 Guarantee deposits 1 2 Tax receivables 2,960 4,177 Others 4,218 3,576 Total other receivables 17,904 21,794 Total trade and other receivables 48,109 54,833 Non-current 14,793 17,571 Current 33,316 37,262 Total 48,109 54,833 |
Schedule of allowance for doubtful accounts | 06.30.2022 06.30.2021 Beginning of the year 1,638 9,484 Additions (i) 276 1,415 Recovery (i) (283 ) (1,053 ) Currency translation adjustment 61 216 Deconsolidation - (7,615 ) Utilization (12 ) (46 ) Inflation adjustment (654 ) (643 ) Transfers to assets held for sale - (120 ) End of the year 1,026 1,638 |
Schedule of an aging analysis of past due unimpaired and impaired receivables | Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 1,956 254 707 6,917 978 10,812 34.6 % Sale of properties and developments 40 - 20 13,898 - 13,958 44.7 % Agricultural products - - - 6,413 48 6,461 20.7 % Total as of 06.30.2022 1,996 254 727 27,228 1,026 31,231 100 % Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 1,834 602 1,112 9,265 1,576 14,389 41.49 % Sale of properties and developments - - - 14,631 - 14,631 42.19 % Agricultural products - - - 5,595 62 5,657 16.31 % Total as of 06.30.2021 1,834 602 1,112 29,491 1,638 34,677 100 % |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of cash flows generated | Note 06.30.2022 06.30.2021 06.30.2020 Profit/ (loss) for the year 63,000 (40,179 ) 49,265 Profit from discontinued operations - 13,540 6,831 Adjustments for: Income tax 23 1,977 45,817 19,593 Amortization and depreciation 27 4,787 5,661 4,833 Net (gain)/ loss from fair value adjustment of investment properties 9 (16,583 ) 3,683 (83,697 ) Changes in the fair value of investments in financial assets - - 2,527 Gain from disposal of subsidiary and associates - (61 ) - Gain from disposal of property, plant and equipment (8 ) (10 ) - Financial results, net (27,130 ) (7,407 ) 45,707 Provisions and allowances 6,315 810 2,415 Share of loss/ (profit) of associates and joint ventures 8 195 7,273 (18,136 ) (Gain)/ loss from repurchase of Non-convertible Notes (1,456 ) 41 3 Gain from valuation at fair value of financial assets with changes in results (1,857 ) (7,953 ) - Changes in net realizable value of agricultural products after harvest 1,998 967 (1,617 ) Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest (18,680 ) (20,188 ) (8,184 ) Unrealized loss from derivative financial instruments - 940 89 Other operating results - 551 646 Gain from disposal of farmlands (5,505 ) (2,148 ) (2,065 ) Incentive Plan granted - 77 - Changes in operating assets and liabilities: Decrease/ (increase) in inventories 206 (7,607 ) 1,810 Decrease/ (increase) in trading properties 89 (46 ) (971 ) Decrease in biological assets 19,726 14,780 12,331 Increase in restricted assets - - (2,870 ) Decrease in trade and other receivables 4,578 6,861 13,206 (Decrease)/ increase in trade and other payables (6,623 ) 1,071 (7,182 ) Decrease in salaries and social security liabilities 76 (528 ) (894 ) Decrease in provisions (288 ) (254 ) (1,441 ) (Decrease)/ Increase in lease liabilities (1,905 ) (2,681 ) 146 Net variation in derivative financial instruments 122 (3,273 ) 269 Increase in right of use - (82 ) (2,593 ) Net cash generated from continuing operating activities before income tax paid 23,034 9,655 30,021 Net cash generated from discontinued operating activities before income tax paid - 5,395 59,595 Net cash generated from operating activities before income tax paid 23,034 15,050 89,616 |
Schedule of deconsolidation or reclassification of assets and liabilities | 06.30.2022 06.30.2021 06.30.2020 Investment properties - 192,757 383,250 Property, plant and equipment - 78,694 (19,153 ) Trading properties - 12,610 382 Intangible assets - 59,929 7,960 Right-of-use assets - 42,394 (9,795 ) Investments in associates and joint ventures - 79,438 6,200 Biological Assets - - (182 ) Deferred income tax assets - 931 3 Income tax credit - 699 - Restricted assets - 13,775 526 Trade and other receivables - 115,924 (21,349 ) Investments in financial assets - 51,889 33,359 Derivative financial instruments - 603 - Inventories - 7,727 (5,344 ) Group of assets held for sale - 90,236 - Borrowings - (697,452 ) (214,322 ) Lease liabilities - (38,857 ) 5,116 Deferred income tax liabilities - (26,665 ) (48,970 ) Trade and other payables - (50,426 ) 5,462 Income tax liabilities - (977 ) (244 ) Provisions - (11,635 ) 113 Employee benefits - (1,023 ) 264 Derivative financial instruments - (1,023 ) (92 ) Salaries and social security liabilities - (7,260 ) 172 Group of liabilities held for sale - (47,235 ) - Net value of incorporated assets that do not affect cash - (134,947 ) 123,356 Cash and cash equivalents - (238,316 ) (10,820 ) Non-controlling interest - (102,520 ) 124,986 Goodwill - - 854 Net value of incorporated assets/ disposal assets - (475,783 ) 238,376 Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale - (475,783 ) 238,376 |
Schedule of detail of significant non-cash transactions | 06.30.2022 06.30.2021 06.30.2020 Dividends not collected - - (987 ) Increase/ (decrease) in participation in subsidiaries, associates and joint ventures due to currency translation adjustment 8,847 5,854 (3,855 ) Increase in other reserves through an increase in investments in associates and joint ventures 170 9,693 - Increase in intangible assets through a decrease in investment in associates - 1,340 - Decrease in property, plant and equipment through an increase in tax credits and tax liabilities - 754 - Increase in property, plant and equipment through a decrease in investment properties - 3,639 - Decrease in property, plant and equipment through an increase in equity 913 394 - Decrease trade and other receivables through a decrease in lease liabilities 3 30 - Increase in financial instruments through a decrease in trade and other receivables with related parties - 71 - Increase in trading properties through an increase in borrowings - 100 30 Dividends in shares distribution - 1,192 1,451 Increase in investment properties through an increase in borrowings - 667 200 Increase in rights of use assets through an increase in lease liabilities 985 3,304 19,929 Increase in property, plant and equipment through an increase in trade and other payables - - 1,820 Barter transactions of investment properties 3,139 - - Increase in investment properties through an increase in trade and other payables 185 - 1,751 Cancellation of non-convertible notes in portfolio 8,563 - - Decrease in investment properties through an increase in property, plant and equipment 4,958 - - Decrease in property, plant and equipment through an increase in investment properties 1,159 - - Distribution of dividends to non-controlling shareholders´ pending payment - - 4,337 Decrease in investments in associates and joint ventures through an increase in assets held for sale - - 5,101 Increase in investment in associates and joint ventures through an increase in the reserve share-based payments 70 - (10 ) Decrease in borrowings through a decrease in financial assets - - 6,044 Increase in investment properties through a decrease in financial assets - - 685 Increase in intangible assets through an increase in trade and other payables 12 - 1,217 Increase in investment in associates and joint ventures through a loss of control in subsidiaries - - 3,286 Increase of investment properties through a decrease in trade and other receivables - - 69 Inssuance of non-convertible notes 10,264 - 52 Increase in investment in associates through a decrease in investments in financial assets 865 - 2,104 Increase in investments in financial assets through a decrease in investment properties - - 2,925 Increase in rights of use assets through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) - - 34,787 Decrease in equity through an increase in deferred income tax liabilities 374 - - Increase in intangible assets through an increase in payroll and social security liabilities 26 - - Decrease in borrowings through a decrease in trade and other receivables 441 - - Increase in investment in associates and joint ventures through an decrease in investments in financial assets 45 - - Increase in dividends receivables through a decrease in investment in associates and join ventures 17 - - Capital contributions from non-controlling interest in subsidiaries through a decrease in borrowings 4 - - Capital contributions from non-controlling interest in subsidiaries through an increase in trade and other receivables 5 - - Decrease in property, plant and equipment through an increase in trade and other receivables 16 - - |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Trade and other payables | |
Schedule of trade and other payables | 06.30.2022 06.30.2021 Trade payables 14,818 15,383 Advances from sales, leases and services (*) 5,363 5,802 Accrued invoices 2,319 4,921 Deferred income 96 - Admission fees 2,575 1,771 Deposits in guarantee 67 148 Total trade payables 25,238 28,025 Dividends payable to non-controlling interests 1,691 1,507 Tax payables 2,632 2,865 Director's fees 661 251 Management fees 3,973 - Others 1,325 3,158 Total other payables 10,282 7,781 Total trade and other payables 35,520 35,806 Non-current 4,598 3,690 Current 30,922 32,116 Total 35,520 35,806 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Provisions | |
Schedule of provisions | Legal claims (i) Investments in associates and joint ventures (ii) Site dismantling and remediation (iii) Other provisions Total June 30, 2020 6,221 43 1,102 6,264 13,630 Additions 788 - 46 (182 ) 652 Transfers (3 ) - - - (3 ) Desconsolidación (iv) (5,072 ) - (1,071 ) (5,492 ) (11,635 ) Used during the year (238 ) (20 ) - (46 ) (304 ) Inflation adjustment (213 ) - - - (213 ) Transfer to / of assets available for sale 10 - - - 10 Currency translation adjustment (630 ) - (77 ) (544 ) (1,251 ) As of June 30, 2021 863 23 - - 886 Additions 604 - - - 604 Transfers (38 ) - - - (38 ) Used during the year (273 ) (15 ) - - (288 ) Inflation adjustment (436 ) - - - (436 ) Currency translation adjustment (8 ) - - - (8 ) As of June 30, 2022 712 8 - - 720 06.30.2022 06.30.2021 Non-current 511 638 Current 209 248 Total 720 886 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Borrowings | |
Schedule of borrowings | Book value Fair value 06.30.2022 06.30.2021 06.30.2022 06.30.2021 Non-convertible notes 113,830 146,397 98,198 140,402 Bank loans and others 11,998 29,896 11,998 29,896 Bank overdrafts 13,968 15,270 13,968 15,270 Other borrowings 1,635 3,031 1,635 3,031 Total borrowings 141,431 194,594 125,799 188,599 Non-current 46,164 120,089 Current 95,267 74,505 Total 141,431 194,594 |
Schedule of maturity of the Group's borrowings | 06.30.2022 06.30.2021 Capital: Less than one year (i) 92,086 70,963 Between 1 and 2 years 24,817 92,290 Between 2 and 3 years 16,532 21,529 Between 3 and 4 years 1,625 2,971 Between 4 and 5 years 1,675 2,796 More than 5 years 1,379 141 138,114 190,690 Accrued interest: Less than one year 3,181 3,542 Between 1 and 2 years - 198 Between 2 and 3 years 63 21 Between 3 and 4 years 9 74 Between 4 and 5 years 64 10 More than 5 years - 59 3,317 3,904 141,431 194,594 |
Schedule of evolution of borrowing | 06.30.2022 06.30.2021 Balance at the beginning of the year 194,594 1,031,529 Borrowings 31,004 93,534 Payment of borrowings (45,286 ) (153,450 ) Collection / (payment) of short term loans, net 2,319 13,381 Interests paid (16,178 ) (33,680 ) Accrued interests 13,067 27,162 Currency translation adjustment and exchange differences, net 32,074 (72,302 ) Deconsolidation - (697,472 ) Capitalized finance costs - 767 Inflation adjustment (69,598 ) (15,141 ) Reclassifications and other movements (565 ) 266 Balance at the end of the year 141,431 194,594 |
Schedule of borrowing by type of fixed-rate and floating-rate | 06.30.2022 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 24,579 - - - 24,579 Brazilian Reais - 2,025 - - 2,025 US Dollar 104,449 657 953 - 106,059 Subtotal fixed-rate borrowings 129,028 2,682 953 - 132,663 Floating rate: Argentine Peso 418 - - - 418 Brazilian Reais - 8,101 - - 8,101 US Dollar 249 - - - 249 Subtotal floating rate borrowings 667 8,101 - - 8,768 Total borrowings 129,695 10,783 953 - 141,431 06.30.2021 Argentine Peso Brazilian Reais Uruguayan Peso US Dollar Total Fixed rate: Argentine Peso 29,617 - - - 29,617 Brazilian Reais - 9,209 - - 9,209 US Dollar 138,744 80 1,172 82 140,078 Subtotal fixed-rate borrowings 168,361 9,289 1,172 82 178,904 Floating rate: Argentine Peso 336 - - - 336 Brazilian Reais - 11,699 - - 11,699 US Dollar 3,324 - - 331 3,655 Subtotal floating rate borrowings 3,660 11,699 - 331 15,690 Total borrowings 172,021 20,988 1,172 413 194,594 |
Schedule of debt issuances of the Group's borrowings | Entity Class Issuance / expansion date Amount in original currency Maturity date Interest rate Principal payment Interest payment CRESUD Series XXVI feb-18 USD 113.2 02/16/2023 6.50% n.a. At expiration Biannual CRESUD Series XXX aug-20 USD 25 8/31/2023 2.00% n.a. At expiration Quarterly CRESUD Series XXXI nov-20 USD 30.8 11/12/2023 9.00% n.a. Annual payments since 2021 Quarterly CRESUD Series XXXII nov-20 USD34.3 11/12/2022 9.00% n.a At expiration Quarterly CRESUD Series XXXIII jul-21 USD18.8 07/06/2024 6.99% n.a Annual payments since 2022 Biannual CRESUD Series XXXIV jun-21 USD 35.7 6/30/2024 6.99% n.a. Annual payments since 2022 Biannual CRESUD Series XXXV sep-21 USD 35.7 6/30/2024 3.50% n.a. Annual payments since 2023 Biannual CRESUD Series XXXVI feb-22 USD 35.7 6/30/2024 2.00% n.a. Annual payments since 2023 Biannual CRESUD Series XXXVII jun-22 USD 24.4 6/30/2024 5.50% n.a. At expiration Biannual BRASILAGRO n/a may-21 BRL 240 4/12/2028 IPCA + 5.3658% 50% April 2027 y 50% April 2028 Annual FyO Series I oct-21 USD 12.3 10/22/2023 0.00% At expiration n/a IRSA Series I nov-20 USD 3.1 03/1/2023 10.00% n.a. At expiration Quarterly IRSA Series 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 Series IX nov-20 USD 80.7 03/01/2023 10.00% n.a. At expiration Quarterly IRSA Series XI mar-21 USD 15.81 03/01/2024 5.00% n.a. At expiration Biannual IRSA Series XII mar-21 UVAs 53.78 03/31/2024 4.00% n.a. At expiration Biannual IRSA Series XIII aug-21 USD 58.1 08/26/2024 3.90% n.a Biannual Quarterly |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of income tax | Accumulated net taxable profit Will pay More % On the surplus of More of To - 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 06.30.2022 06.30.2021 06.30.2020 Current income tax (18,362 ) (3,160 ) (1,830 ) Deferred income tax 16,385 (42,657 ) (17,431 ) MPIT - - (332 ) Income tax (1,977 ) (45,817 ) (19,593 ) |
Schedule of statutory tax rate | 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 | 06.30.2022 06.30.2021 06.30.2020 Tax calculated at the tax rates applicable to profit in the respective countries (19,055 ) (7,460 ) (24,060 ) Permanent differences: Tax inflation adjustment (16,495 ) (20,253 ) (10,062 ) Share of (profit)/ loss t of associates and joint ventures (242 ) (2,124 ) 2,458 Result from sale of participation in subsidiaries (328 ) 185 - Unrecognized tax loss carry-forwards - (8,468 ) (6,981 ) Expiration of tax loss carry-forwards - - (2 ) Recognition of deferred taxes - 2,232 - Fiscal transparency (1,269 ) 579 - Recovery of unrecognized tax loss carry-forwards 9,565 - - Change of tax rate - (23,463 ) 7,100 Non-taxable profit (385 ) (156 ) 2,538 Non-deductible expenses 184 (89 ) - Others 418 (89 ) - Inflation adjustment permanent difference 25,630 13,289 9,416 Income tax from continuing operations (1,977 ) (45,817 ) (19,593 ) |
Schedule of deferred tax assets and liabilities | 06.30.2022 06.30.2021 Deferred income tax assets to be recovered after more than 12 months 2,331 3,030 Deferred income tax assets to be recovered within 12 months 3,067 6,778 Deferred income tax assets 5,398 9,808 Deferred income tax liabilities to be recovered after more than 12 months (109,268 ) (132,442 ) Deferred income tax liabilities to be recovered within 12 months (12,313 ) (11,403 ) Deferred income tax liabilities (121,581 ) (143,845 ) Total deferred income tax liabilities, net (116,183 ) (134,037 ) |
Schedule of deferred income tax | At the beginning Business combinations and reclassification to other assets held for sale Currency translation adjustment Charged to the Statement of Income Revaluation surplus Deconsolidation At the end June 30, 2022 Assets Trade and other payables 1,290 - - 239 - - 1,529 Tax loss carry-forwards 4,890 - (1,117 ) (2,271 ) - - 1,502 Others 3,628 - (549 ) (712 ) - - 2,367 Subtotal assets 9,808 - (1,666 ) (2,744 ) - - 5,398 Liabilities Investment properties and property, plant and equipment (107,423 ) - 2,467 4,102 (374 ) - (101,228 ) Biological assets (4,380 ) - 643 1,021 - - (2,716 ) Trade and other receivables (579 ) - - 3 - - (576 ) Investments (11 ) - - (40 ) - - (51 ) Intangible assets (123 ) - - (557 ) - - (680 ) Tax inflation adjustment (30,668 ) - - 15,957 - - (14,711 ) Borrowings 1,768 - - (1,597 ) - - 171 Inventories (1,481 ) - 384 (183 ) - - (1,280 ) Others (948 ) - 15 423 - - (510 ) Subtotal liabilities (143,845 ) - 3,509 19,129 (374 ) - (121,581 ) Assets/ (Liabilities), net (134,037 ) - 1,843 16,385 (374 ) - (116,183 ) At the beginning Business combinations and reclassification to other assets held for sale Currency translation adjustment Charged to the Statement of Income Revaluation surplus Deconsolidation At the end June 30, 2021 Assets Trade and other payables 13,210 - 3,949 (92 ) - (15,777 ) 1,290 Tax loss carry-forwards 23,477 - 3,957 (7,722 ) - (14,822 ) 4,890 Others 4,532 62 845 1,664 - (3,475 ) 3,628 Subtotal assets 41,219 62 8,751 (6,150 ) - (34,074 ) 9,808 Liabilities Investment properties and property, plant and equipment (133,427 ) - (3,591 ) (16,520 ) (618 ) 46,733 (107,423 ) Biological assets (1,558 ) - 187 (3,009 ) - - (4,380 ) Trade and other receivables (2,109 ) - - 1,530 - - (579 ) Investments (230 ) - (2 ) 221 - - (11 ) Intangible assets (5,895 ) - (1,933 ) 275 - 7,430 (123 ) Tax inflation adjustment (15,454 ) - - (15,214 ) - - (30,668 ) Borrowings (1,971 ) - (779 ) 1,540 - 2,978 1,768 Inventories (1,591 ) - (85 ) 195 - - (1,481 ) Others 1,458 - - (5,072 ) - 2,666 (948 ) Subtotal liabilities (160,777 ) - (6,203 ) (36,054 ) (618 ) 59,807 (143,845 ) Assets/ (Liabilities), net (119,558 ) 62 2,548 (42,204 ) (618 ) 25,733 (134,037 ) |
Schedule of loss carry forward | Jurisdiction 06.30.2022 Date of generation Due date Argentina 9 2017 2021 Argentina 130 2018 2022 Argentina 261 2019 2024 Argentina 441 2020 2025 Argentina 331 2021 2026 Argentina 747 2022 2027 Brazil 3,036 2011-2020 Do not expire Total cumulative tax loss carry-forwards 4,955 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of future aggregate minimum lease non-cancellable operating leases | 06.30.2022 06.30.2021 06.30.2020 No later than 1 year 1,056 907 5,980 Later than 1 year and not later than 5 years 7,117 3,358 13,325 More than 5 years - 1,671 5,903 8,173 5,936 25,208 06.30.2022 06.30.2021 06.30.2020 No later than 1 year 2,966 6,781 2,983 Later than 1 year and not later than 5 years 7,738 13,565 54,342 More than 5 years 1,394 3,717 26,288 12,098 24,063 83,613 06.30.2022 06.30.2021 06.30.2020 No later than 1 year 148 243 300 Later than 1 year and not later than 5 years 257 421 364 405 664 664 |
Schedule of revenues from contingent rate | 06.30.2022 06.30.2021 06.30.2020 Contingent rent 8.296 2.360 3.604 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of revenues | 06.30.2022 06.30.2021 06.30.2020 Crops 37,153 26,172 28,912 Sugarcane 10,454 8,607 7,827 Cattle 3,721 4,664 3,266 Supplies 6,319 3,504 2,575 Consignment 2,030 1,597 1,468 Advertising and brokerage fees 2,307 2,232 1,812 Agricultural rental and other services 1,844 1,581 1,587 Income from sales and services from agricultural business 63,828 48,357 47,447 Trading properties and developments 505 1,679 1,796 Rental and services 27,219 18,002 28,021 Hotel operations, tourism services and others 4,298 1,509 4,980 Income from sales and services from urban properties and investment business 32,022 21,190 34,797 Total revenues 95,850 69,547 82,244 |
Costs (Tables)
Costs (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of costs | 06.30.2022 06.30.2021 06.30.2020 Other operative costs 51 57 62 Cost of property operations 51 57 62 Crops 34,527 26,800 24,105 Sugarcane 9,655 7,478 7,371 Cattle 3,119 3,886 3,995 Supplies 4,455 2,726 2,062 Consignment 3,415 1,956 1,609 Advertising and brokerage fees 1,670 1,425 1,145 Agricultural rental and other services 759 397 674 Cost of sales and services from agricultural business 57,600 44,668 40,961 Trading properties and developments 469 1,753 1,686 Rental and services 9,192 7,269 9,862 Hotel operations, tourism services and others 2,473 1,732 3,060 Cost of sales and services from sales and services from urban properties and investment business 12,134 10,754 14,608 Total costs 69,785 55,479 55,631 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of expenses by nature | Production costs Costs General and administrative expenses Selling expenses 06.30.2022 Leases, services charges and vacant property costs 12 322 120 11 465 Depreciation and amortization 3,552 760 454 21 4,787 Doubtful accounts - - - (7 ) (7 ) Advertising, publicity and other selling expenses - 1,327 - 431 1,758 Taxes, rates and contributions 75 1,144 284 2,736 4,239 Maintenance and repairs 228 3,532 706 4 4,470 Fees and payments for services 79 5,389 1,030 609 7,107 Director's fees - - 1,822 - 1,822 Payroll and social security liabilities 1,323 6,019 4,218 395 11,955 Cost of sale of goods and services - 7,429 - - 7,429 Cost of sale of agricultural products and biological assets - 43,255 - - 43,255 Supplies and labors 23,488 280 - 300 24,068 Freights 167 3 1 2,278 2,449 Commissions and bank charges - 11 182 1 194 Conditioning and clearance - - - 296 296 Travel, library expenses and stationery 147 120 149 55 471 Interconnection and roaming expenses - 99 2 - 101 Others 1,670 95 79 211 2,055 Total expenses by nature as of 06.30.2022 30,741 69,785 9,047 7,341 116,914 Production costs Costs General and administrative expenses Selling expenses 06.30.2021 Leases, services charges and vacant property costs 20 369 85 28 502 Depreciation and amortization 4,295 840 474 52 5,661 Doubtful accounts - - - 362 362 Advertising, publicity and other selling expenses - 587 - 113 700 Taxes, rates and contributions 100 884 275 2,555 3,814 Maintenance and repairs 267 2,789 685 7 3,748 Fees and payments for services 80 6,640 751 562 8,033 Director's fees - - 2,074 - 2,074 Payroll and social security liabilities 1,369 5,028 3,755 471 10,623 Cost of sale of goods and services - 5,657 - - 5,657 Cost of sale of agricultural products and biological assets - 32,247 - - 32,247 Supplies and labors 23,804 233 - 266 24,303 Freights 189 2 8 1,946 2,145 Commissions and bank charges - 8 172 2 182 Conditioning and clearance - - - 310 310 Travel, library expenses and stationery 118 62 98 34 312 Interconnection and roaming expenses - 77 2 - 79 Others 1,555 56 94 92 1,797 Total expenses by nature as of 06.30.2021 31,797 55,479 8,473 6,800 102,549 Production costs Costs General and administrative expenses Selling expenses 06.30.2020 Leases, services charges and vacant property costs 21 405 80 52 558 Depreciation and amortization 3,380 994 438 21 4,833 Doubtful accounts - 220 - 662 882 Advertising, publicity and other selling expenses - 1,269 - 208 1,477 Taxes, rates and contributions 112 1,154 285 2,611 4,162 Maintenance and repairs 216 4,291 817 11 5,335 Fees and payments for services 80 5,971 1,268 202 7,521 Director's fees - - 1,500 - 1,500 Payroll and social security liabilities 1,382 5,698 3,572 584 11,236 Cost of sale of goods and services - 2,401 - - 2,401 Cost of sale of agricultural products and biological assets - 30,170 - - 30,170 Supplies and labors 20,652 2,381 - 25 23,058 Freights 193 130 - 2,843 3,166 Bank commissions and expenses - 15 220 - 235 Conditioning and clearance - - - 441 441 Travel, library expenses and stationery 120 116 159 59 454 Interconnection and roaming expenses - 259 - - 259 Others 1,997 157 101 234 2,489 Total expenses by nature as of 06.30.2020 28,153 55,631 8,440 7,953 100,177 |
Other operating results, net (T
Other operating results, net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of other operating results net | 06.30.2022 06.30.2021 06.30.2020 Result from commodity derivative financial instruments (2,358 ) (7,463 ) 1,081 Result from disposal of subsidiaries and associates - 141 (15 ) Result from sale of property, plant and equipment 8 16 (2 ) Donations (159 ) (300 ) (251 ) Lawsuits and other contingencies (331 ) (549 ) (294 ) Interest and allowances generated by operating assets 1,429 5,059 3,183 Administration fees 39 18 43 Others 607 (664 ) 355 Total other operating results, net (765 ) (3,742 ) 4,100 |
Financial results, net (Tables)
Financial results, net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of financial results net | 06.30.2022 06.30.2021 06.30.2020 Financial income Interest income 1,286 1,075 721 Dividends income 2 2 33 Other financial income 19 - - Total financial income 1,307 1,077 754 Financial costs Interest expense (14,067 ) (23,297 ) (23,786 ) Other financial costs (1,508 ) (2,102 ) (1,609 ) Total financial costs (15,575 ) (25,399 ) (25,395 ) Capitalized finance costs - 769 275 Total finance costs (15,575 ) (24,630 ) (25,120 ) Other financial results: Foreign exchange, net 29,449 17,192 (24,906 ) Fair value gain on financial assets and liabilities at fair value through profit or loss 5,906 16,543 2,347 Gain/ (loss) from repurchase of Non-convertible notes 1,456 (41 ) 226 Loss from derivative financial instruments (except commodities) (1,440 ) (782 ) (3,429 ) Others 440 (120 ) - Total other financial results 35,811 32,792 (25,762 ) Inflation adjustment 400 938 (269 ) Total financial results, net 21,943 10,177 (50,397 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of basic earnings per share | 06.30.2022 06.30.2021 06.30.2020 Profit/ (loss) for the year from continuing operations attributable to equity holders of the parent 37,088 (12,592 ) 17,106 (Loss)/ profit for the year from discontinued operations attributable to equity holders of the parent - (8,019 ) (7,428 ) Profit/ (loss) for the year attributable to equity holders of the parent 37,088 (20,611 ) 9,678 Weighted average number of common shares outstanding 590 527 499 Basic earnings per share 62.86 (39.11 ) 19.38 |
Schedule of diluted earnings per share | 06.30.2022 06.30.2020 Profit for the year from continuing operations attributable to equity holders of the parent 37,088 17,106 Profit for the year from discontinued operations attributable to equity holders of the parent - (7,428 ) Profit for the year per share attributable to equity holders of the parent 37,088 9,678 Weighted average number of common shares outstanding 695 515 Diluted earnings per share 53.36 18.80 |
Employee benefits and share-bas
Employee benefits and share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of shares outstanding under the incentive plan | 06.30.2022 06.30.2021 06.30.2020 At the beginning 4,162,917 4,483,656 4,966,463 Granted (297,807 ) (320,739 ) (482,807 ) At the end 3,865,110 4,162,917 4,483,656 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Schedule of society senior management | Name Date of birth Position Current position since Alejandro G. Elsztain 03/31/1966 General Manager 1994 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 Alejandro Casaretto 10/15/1952 Regional Agricultural Manager 2008 |
Schedule of balances with related parties | Item 06.30.2022 06.30.2021 Trade and other receivables 4,167 4,633 Investments in financial assets 234 809 Trade and other payables 3,785 (330 ) Borrowings (61 ) (62 ) Total 8,125 5,050 Related party 06.30.2022 06.30.2021 Description of transaction Heading Condor - 902 Public companies' securities Investments in financial assets - 469 Loans granted Trade and other receivables - 79 Others Investments in financial assets - 8 Other receivables Trade and other receivables New Lipstick LLC 30 38 Reimbursement of expenses Trade and other receivables Other associates and joint ventures (i) 7 10 Leases and/or rights of use receivable Trade and other receivables - (21 ) Leases and/or rights of use to pay Trade and other payables 204 335 Dividends receivables Trade and other receivables - (3 ) Contributions pending integration Trade and other payables 273 - Other investments Investments in financial assets (63 ) (172 ) Non-convertible notes Investments in financial assets - (120 ) Other liabilities Trade and other payables 1 2 Equity incentive plan receivable Trade and other receivables 246 131 Loans granted Trade and other receivables (61 ) (59 ) Borrowings Borrowings 1 3 Reimbursement of expenses Trade and other receivables 19 10 Management fees receivable Trade and other receivables (88 ) - Other payables Trade and other payables 707 39 Other receivables Trade and other receivables - (10 ) Lease liabilities Trade and other payables Total associates and joint ventures 1,276 1,641 CAMSA and its subsidiaries 3,973 - Management fee payables Trade and other payables Yad Levim LTD 2,209 2,638 Loans granted Trade and other receivables Turismo Investment S.A. - 612 Other receivables Trade and other receivables Other related parties (ii) 436 278 Other receivables Trade and other receivables (10 ) - Other payables Trade and other payables 24 - Non-convertible notes Investments in financial assets - (3 ) Borrowings Borrowings - 10 Loans granted Trade and other receivables (12 ) (2 ) Management fee payables Trade and other payables 25 31 Reimbursement of expenses Trade and other receivables (13 ) (2 ) Legal services Trade and other payables Total other related parties 6,632 3,562 IFISA 269 - Loans granted Trade and other receivables Total direct parent company 269 - Directors and Senior Management (65 ) (172 ) Fees Trade and other payables 13 19 Advances receivable Trade and other receivables Total Directors and Senior Management (52 ) (153 ) Total 8,125 5,050 |
Schedule of results with related parties | Related party 06.30.2022 06.30.2021 06.30.2020 Description of transaction BACS - 128 126 Leases and/or rights of use 58 - (13 ) Financial operations Other associates and joint ventures 35 (3 ) 23 Leases and/or rights of use 31 - (323 ) Corporate services 379 153 92 Financial operations Total associates and joint ventures 503 278 (95 ) CAMSA and its subsidiaries (4,169 ) - (518 ) Management fee Other related parties (i) (9 ) (11 ) (10 ) Leases and/or rights of use - - (57 ) Fees and remunerations 57 - - Corporate services - (11 ) (10 ) Legal services - (26 ) - Donations Total other related parties (4,121 ) (48 ) (595 ) IFISA (6 ) 13 13 Financial operations Total Parent Company (6 ) 13 13 Directors (1,316 ) (72 ) (74 ) Compensation of Directors and senior management (66 ) (1,540 ) (1,000 ) Fees Senior Management (106 ) (39 ) (43 ) Compensation of Directors and senior management Total Directors and Senior Management (1,488 ) (1,651 ) (1,117 ) Total (5,112 ) (1,408 ) (1,794 ) |
Summary of transaction with related party | Related party 06.30.2022 06.30.2021 Description of transaction Quality (41 ) (49 ) Irrevocable contributions Condor (865 ) - Irrevocable contributions Agrofy (447 ) - Irrevocable contributions Comparaencasa (129 ) - Irrevocable contributions Others (52 ) (20 ) Irrevocable contributions Total contributions (1,534 ) (69 ) Condor 3,586 - Dividends received Uranga Trading S.A. 19 26 Dividends received Agro-Uranga S.A. 70 123 Dividends received Total dividends received 3,675 149 |
Cost of goods sold and servic_2
Cost of goods sold and services provided (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
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) 06.30.2022 06.30.2021 06.30.2020 Inventories at the beginning of the year 23,507 2,883 26,390 45,323 42,697 Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 14,946 - 14,946 15,022 5,020 Changes in the net realizable value of agricultural products after harvest (1,998 ) - (1,998 ) (967 ) 1,619 Lease Pastagem 128 - 128 59 - Capitalized finance costs - - - - 30 Currency translation adjustment (3,977 ) (146 ) (4,123 ) (11,179 ) 18,340 Transfers - - - (318 ) (633 ) Harvest 26,940 - 26,940 27,967 26,204 Acquisitions and classifications 17,055 12,631 29,686 18,159 162,262 Consumptions (5,868 ) - (5,868 ) (4,775 ) (6,428 ) Disposals due to sales - - - - (48 ) Deconsolidation - - - (7,727 ) (156,877 ) Incorporation by business combination - - - - 651 Expenses incurred 6,865 - 6,865 7,443 8,055 Inventories at the end of the year (19,998 ) (3,234 ) (23,232 ) (26,390 ) (45,323 ) Cost as of 06.30.2022 57,600 12,134 69,734 - - Cost as of 06.30.2021 51,863 10,754 - 62,617 - Cost as of 06.30.2020 40,961 14,608 - - 55,569 |
Foreign currency assets and l_2
Foreign currency assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Summary of book amounts of foreign currency | Item (3) / Currency Amount of foreign currency (2) Prevailing exchange rate (1) 06.30.2022 06.30.2021 Assets Trade and other receivables US Dollar 80.17 125.03 10,024 15,121 Euros 0.08 130.88 11 39 Trade and other receivables related parties US Dollar 18.24 125.23 2,284 10 Total Trade and other receivables 12,319 15,170 Investment in financial assets US Dollar 16.16 125.03 2,020 1,492 Brazilian Reais 3.81 21.80 83 - New Israel Shekel 15.98 35.93 574 1,000 Pounds 0.75 130.95 98 164 Total Investment in financial assets 2,775 2,656 Derivative financial instruments US Dollar 3.09 125.03 386 687 Total Derivative financial instruments 386 687 Cash and cash equivalents US Dollar 133.35 125.03 16,673 10,249 Euros 0.02 130.88 2 2 Brazilian Reais 61.06 21.80 1,331 - Uruguayan pesos 0.31 3.21 1 - Total Cash and cash equivalents 18,007 10,251 Total Assets 33,487 28,764 Liabilities Trade and other payables US Dollar 39.22 125.23 4,912 9,021 Euros 0.02 131.40 2 52 Uruguayan pesos 0.93 3.21 3 2 Uruguayan pesos 0.38 125.23 48 - Total Trade and other payables 4,965 9,075 Borrowings US Dollar 848.42 125.23 106,248 142,706 Borrowings with related parties US Dollar 7.11 125.23 890 118 Total Borrowings 107,138 142,824 Derivative financial instruments US Dollar 3.06 125.23 383 166 Total Derivative financial instruments 383 166 Total Liabilities 112,486 152,065 |
Results from discontinued ope_2
Results from discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Summary of results from discontinued operations | 06.30.2022 06.30.2021 06.30.2020 Revenues - 70,042 270,404 Costs - (57,548 ) (195,401 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest - - 193 Gross profit - 12,494 75,196 Net loss from fair value adjustment of investment properties - (46 ) (7,363 ) General and administrative expenses - (7,328 ) (24,724 ) Selling expenses - (7,748 ) (34,718 ) Impairment of associate - - (6,084 ) Other operating results, net - 2,365 46,207 (Loss)/ profit from operations - (263 ) 48,514 Share of profit of joint ventures and associates - 1,179 3,568 Profit from operations before financing and taxation - 916 52,082 Financial income - 874 3,319 Finance costs - (11,344 ) (42,378 ) Other financial results - 741 (19,935 ) Inflation adjustment - 146 458 Financial results, net - (9,583 ) (58,536 ) Loss before income tax - (8,667 ) (6,454 ) Income tax - 517 (377 ) Loss for the year from discontinued operations - (8,150 ) (6,831 ) Result for loss of control (i) - (5,390 ) - Loss for the year from discontinued operations - (13,540 ) (6,831 ) (Loss)/ profit for the year from discontinued operations attributable to: Equity holders of the parent - (8,019 ) (7,428 ) Non-controlling interest - (5,521 ) 597 (Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: Basic - (15.22 ) (14.87 ) Diluted - (15.22 ) (14.43 ) |
CNV General Resolution (Tables)
CNV General Resolution (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Summary of CNV general 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 Ruling62914 (Tables
CNV General Ruling62914 (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Summary of 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 |
The Groups business and gener_2
The Groups business and general information (Details Narrative) | 12 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2009 | |
BHSA [Member] | Operation Center in Argentina [Member] | ||
Statement [Line Items] | ||
Proportion of ownership interest | 29.91% | |
Share capital | ||
Statement [Line Items] | ||
Proportion of ownership interest | 55.64% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Annual price variation | 64% | 50% | 43% |
Percentage of cumulative | 252% |
Summary of significant accoun_5
Summary of significant accounting policies (Details 1) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Sedelor S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | |
Description of equity interest | Sedelor S.A. | ||
Araucaria Ltda. [Member] | |||
Statement [Line Items] | |||
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] | |||
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] | |||
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] | |||
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] | |||
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] | |||
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] | |||
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] | |||
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] | |||
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] | |||
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] | |||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Agropecuaria Morotí S.A. | ||
Agropecuaria Acres Del Sud S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 100% |
Description of equity interest | Agropecuaria Acres del Sud S.A. | ||
Ombu Agropecuaria S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 0% |
Description of equity interest | Ombú Agropecuaria S.A. | ||
Yatay Agropecuaria S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 0% |
Description of equity interest | Yatay Agropecuaria S.A. | ||
Yuchan Agropecuaria S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 0% |
Description of equity interest | Yuchán Agropecuaria S.A. | ||
Agrifirma S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% |
Description of equity interest | Agrifirma S.A. | ||
Amauta Agro S.A. [Member] | |||
Statement [Line Items] | |||
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] | |||
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] | |||
Principal activity | Brokerage | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | FyO Chile SPA | ||
Codalis S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Investment | ||
% of ownership interest held by the Group | 0% | 100% | |
Description of equity interest | Codalis S.A. | ||
Alafox S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 0% |
Description of equity interest | Alafox S.A. | ||
Brasilagro-companhia Brasileira De Propiedades Agricolas [Member] | |||
Statement [Line Items] | |||
Principal activity | Agricultural | ||
% of ownership interest held by the Group | 39.56% | 39.44% | 33.55% |
Description of equity interest | Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas | ||
Sociedad Anonima Carnes Pampeanas S.A [Member] | |||
Statement [Line Items] | |||
Principal activity | Agro-industrial | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
Futuros Y Opciones.com S.A. [Member] | |||
Statement [Line Items] | |||
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] | |||
Principal activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Helmir S.A. | ||
IRSA Inversiones Y Representaciones S.a. [Member] | |||
Statement [Line Items] | |||
Principal activity | Real estate | ||
% of ownership interest held by the Group | 53.94% | 62.22% | 61.95% |
Description of equity interest | IRSA Inversiones y Representaciones Sociedad Anónima | ||
Agropecuaria Santa Cruz S.A. [Member] | |||
Statement [Line Items] | |||
Principal activity | Investment | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cellcom [Member] | |||
Statement [Line Items] | |||
Main activity | Telecommunications | ||
% of ownership interest held by the Group | 0% | 0% | 46.20% |
Description of equity interest | Cellcom Israel Ltd. | ||
Elron [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 0% | 0% | 61.06% |
Description of equity interest | Elron Electronic Industries Ltd. | ||
IRSA Propiedades Comerciales S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 79.92% | 80.65% | |
Description of equity interest | IRSA CP | ||
E-commerce Latina S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | E-Commerce Latina S.A. | ||
Efanur S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Efanur S.A. | ||
Hoteles Argentinos S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Hotel | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Hoteles Argentinos S.A.U. | ||
Inversora Bolivar S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Inversora Bolívar S.A. | ||
Llao Llao Resorts S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Hotel | ||
% of ownership interest held by the Group | 50% | 50% | 50% |
Description of equity interest | Llao Llao Resorts S.A. | ||
Nuevas Fronteras S.A. [Member] | |||
Statement [Line Items] | |||
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] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Palermo Invest S.A. | ||
Ritelco S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Ritelco S.A. | ||
Tyrus S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Tyrus S.A. | ||
U.T. IRSA And Galerias Pacifico [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 50% | 50% | 50% |
Description of equity interest | UT IRSA y Galerías Pacífico S.A. | ||
Arcos Del Gourmet S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 90% | 90% | 90% |
Description of equity interest | Arcos del Gourmet S.A. | ||
Emprendimiento Recoleta S.A. [Member] | |||
Statement [Line Items] | |||
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] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Fibesa S.A. | ||
Panamerican Mall S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 80% | 80% | 80% |
Description of equity interest | Panamerican Mall S.A. | ||
Shopping Neuquen S.A. [Member] | |||
Statement [Line Items] | |||
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] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Torodur S.A. | ||
EHSA [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 70% | 70% | 70% |
Description of equity interest | EHSA | ||
Centro De Entretenimiento La Plata [Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Centro de Entretenimiento La Plata | ||
We Are APPA S.A. (ex Pareto S.A.) [Member] | |||
Statement [Line Items] | |||
Main activity | Design and software development | ||
% of ownership interest held by the Group | 93.63% | 93.63% | 69.69% |
Description of equity interest | We Are APPA S.A. (ex Pareto S.A.) | ||
DFL and DN BV [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 99.50% | 99.50% | 97.04% |
Description of equity interest | DFL and DN BV | ||
IRSA International LLC [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | IRSA International LLC | ||
Jiwin S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Jiwin S.A. | ||
Liveck S.A. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Liveck S.A. | ||
Real Estate Strategies LLC [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Real Estate Strategies LLC | ||
Real Estate Investment Group VII LP (Reig VII) [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Real Estate Investment Group VII LP (REIG VII) | ||
IDB Development Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
Description of equity interest | IDB Development Corporation Ltd. | ||
Dolphin IL Investment Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 100% | 100% | 100% |
Description of equity interest | Dolphin IL Investment Ltd. | ||
Discount Investment Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 0% | 83.72% | |
Description of equity interest | Discount Investment Corporation Ltd. | ||
IDB Tourism (2009) Ltd [Member] | |||
Statement [Line Items] | |||
Main activity | Tourism services | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
Description of equity interest | IDB Tourism (2009) Ltd. | ||
IDB Group Investment Inc. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
Description of equity interest | IDB Group Investment Inc | ||
Property & Building Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0% | 0% | 72.40% |
Description of equity interest | Property & Building Corporation Ltd. | ||
Bartan Holdings And Investments Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 0% | 0% | 55.68% |
Description of equity interest | Bartan Holdings and Investments Ltd. | ||
Epsilon Investment House Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Investment | ||
% of ownership interest held by the Group | 0% | 0% | 68.75% |
Description of equity interest | Epsilon Investment House Ltd. | ||
Mehadrin Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Agricultural | ||
% of ownership interest held by the Group | 0% | 0% | 43.75% |
Description of equity interest | Mehadrin Ltd. | ||
Ispro The Israeli Properties Rental Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
Description of equity interest | Ispro The Israeli Properties Rental Corporation Ltd. | ||
Matam - Scientific Industries Center Haifa Ltd.[Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0% | 0% | 50.10% |
Description of equity interest | Matam - Scientific Industries Center Haifa Ltd. | ||
Hadarim Properties Ltd.[Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
Description of equity interest | Hadarim Properties Ltd. | ||
Property & Building Commercial Centers Ltd.[Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
Description of equity interest | Property & Building (Commercial Centers) Ltd. | ||
PBC USA Investments Inc [Member] | |||
Statement [Line Items] | |||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0% | 0% | 100% |
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, 2022 | |
Machinery And Equipment [member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 3 and 24 years |
Others [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 4 and 20 years |
Communication Networks [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 5 and 50 years |
Buildings And Facilities [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, 2022 | |
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 |
Minimum presumed income tax payable period | 10 years |
Acquisitions and disposals (Det
Acquisitions and disposals (Details Narrative) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 15, 2021 USD ($) | Oct. 10, 2021 ARS ($) | Jun. 30, 2022 ARS ($) | Apr. 19, 2022 | Feb. 18, 2022 USD ($) ft² | Jun. 30, 2022 ARS ($) | Aug. 26, 2022 USD ($) $ / shares | Mar. 29, 2022 USD ($) | Mar. 09, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 30, 2021 shares | Dec. 22, 2021 USD ($) shares | Dec. 10, 2021 USD ($) | |
Statement [Line Items] | |||||||||||||
Exchange ratio approved by the board of directors | $ 56 | ||||||||||||
Sold in rebublica building | 100% | ||||||||||||
Description of transaction price | The transaction price was set at USD 131.8 million (USD/square meters 6,629), approximately 80% has already been paid in cash (USD 105,1 million or ARS 11,944.8 million), and the remaining amount has been paid with the delivery of a 46-hectare plot of land located on the Bs. As – La Plata Highway, in the district of Quilmes, Buenos Aires Province. This property has approved regulations and urban indicators to develop a mixed-use project with a construction capacity of approximately 521,400 square meters. | ||||||||||||
Increase the share capital by issuing new shares | shares | 152,158,215 | ||||||||||||
CRESUD stake reduced | 53.68% | ||||||||||||
Acquisition of Beruti Real Estate [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Area Built | ft² | 2,386.63 | ||||||||||||
Purchase price | $ 2,159 | ||||||||||||
Agrofy Capital Round [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Capital for Agrofy Capital Round | $ 29 | ||||||||||||
Direct and Indirect Participation | 17.70% | ||||||||||||
Investment In Condor Hospitality Inc [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Increase the share capital by issuing new shares | shares | 3,191,213 | ||||||||||||
Distribution of special dividend | $ 794 | ||||||||||||
Final payment of liquidation dividend | $ / shares | $ 0.127 | ||||||||||||
Liquidation payment corresponding to IRSA | $ 41 | ||||||||||||
Rio do Meio Farm | |||||||||||||
Statement [Line Items] | |||||||||||||
Sales agreements, description | Purchase and Sale Commitment Agreement for a total area of 4,573 hectares (2,859 usable hectares) of Finca Rio do Meio, a rural property located in the Municipality of Correntina - BA, for the amount of 250 bags of soybeans per useful hectare, equivalent to BRL 130 (corresponds to the value of soybeans at the date of the transaction). The payment will be made in 13 installments, the first in the form of an advance and the rest divided into 12 semi-annual payments due in June and October, with the last installment on 10 October 2027. The gain recognized for the sale amounted to BRL 51 million. | ||||||||||||
Sale of Alto Taquari [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Transaction amount | $ 16.5 | $ 31.4 | $ 31.4 | ||||||||||
Average Term | 3.9 | ||||||||||||
Sale of Alto Taquari, description | The total amount of the sale is 1,100 bags of soybeans per cultivable hectare or BRL 591 million (~ BRL 218,641 / cultivable ha). The handover of possession of the areas and, consequently, the recognition of sales income, will be carried out in two stages. In October 2021 with 2,566 hectares (1,537 cultivable hectares), for an approximate amount of BRL 336.0 (corresponds to the value of soybeans at the date of the transaction) million and September 2024 with 1,157 cultivable hectares, for an approximate value of R ARS 253.0 million. Brasilagro will continue to operate the areas until delivery. | ||||||||||||
Sale of Catalinas Tower building [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Transaction amount | $ 20,400,000 | $ 31,600,000 | |||||||||||
Operation amount | $ 920,000 | ||||||||||||
Total leasable area sold | $ 2,370 |
Financial risk management and_3
Financial risk management and fair value estimates (Details) - Market Risk [Member] $ in Millions, $ in Millions | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) |
Agricultural Business [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability)/Asset | $ (94,479) | $ (112,328) | $ (76,973) | |
Agricultural Business [Member] | Argentine Peso [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability)/Asset | (94,470) | (113,997) | (77,162) | |
Agricultural Business [Member] | Brazilian Reais [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability)/Asset | (9) | 1,669 | 443 | |
Agricultural Business [Member] | Bolivian Peso [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability)/Asset | 0 | 0 | (254) | |
Urban Properties And Investments Business [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability)/Asset | (44,735) | $ (71,842) | (94,198) | |
Urban Properties And Investments Business [Member] | Argentine Peso [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability)/Asset | (44,735) | (71,842) | (94,572) | |
Urban Properties And Investments Business [Member] | Uruguayan Peso [Member] | ||||
Statement [Line Items] | ||||
Net monetary position (Liability)/Asset | $ 0 | $ 0 | $ 374 |
Financial risk management and_4
Financial risk management and fair value estimates (Details 1) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 ARS ($) |
Futures Contract [Member] | Corn [Member] | Sale Futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 240,112 | 240,112 | 135,538 | 135,538 |
Derivatives at fair value | $ 10,000,000 | $ 361,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | $ (93,000,000) | (103,000,000) | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Corn [Member] | Purchase futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 21,500 | 21,500 | 85,750 | 85,750 |
Derivatives at fair value | $ 0 | $ (105,000,000) | ||
Gain / (Loss) for valuation at fair value at year-end | $ (83,000,000) | 0 | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Soybeans [Member] | Sale Futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 389,204 | 389,204 | 236,384 | 236,384 |
Derivatives at fair value | $ 292,000,000 | $ 1,187,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | $ (916,000,000) | (1,602,000,000) | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Soybeans [Member] | Purchase futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 895 | 895 | 300 | 300 |
Derivatives at fair value | $ 0 | $ (2,000,000) | ||
Gain / (Loss) for valuation at fair value at year-end | $ (3,000,000) | 0 | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Wheat [Member] | Sale Futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 34,500 | 34,500 | 5,100 | 5,100 |
Derivatives at fair value | $ (14,000,000) | $ 5,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 129,000,000 | 0 | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Wheat [Member] | Purchase futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 700 | 700 | 14,100 | 14,100 |
Derivatives at fair value | $ 0 | $ (39,000,000) | ||
Gain / (Loss) for valuation at fair value at year-end | $ (1,000,000) | 0 | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Ethanol [Member] | Sale Futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 16,380 | 16,380 | 900 | 900 |
Derivatives at fair value | $ (101,000,000) | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ (6,000,000) | (175,000,000) | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Livestock [member] | Sale Futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 27,720 | 27,720 | 4,950 | 4,950 |
Derivatives at fair value | $ 0 | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 7,000,000 | (100,000,000) | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Futures Contract [Member] | Cotton [member] | Sale Futures [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 2,000,000 | 2,000,000 | 1,650,000 | 1,650,000 |
Derivatives at fair value | $ 16,000,000 | $ 23,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 0 | 0 | ||
Premium paid or (collected) | $ 0 | $ 0 | ||
Option contract [member] | Corn [Member] | Purchase Put Option [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 0 | 0 | 2,000 | 2,000 |
Derivatives at fair value | $ 0 | $ (8,000,000) | ||
Gain / (Loss) for valuation at fair value at year-end | $ 0 | 0 | ||
Premium paid or (collected) | $ (11) | $ (3) | ||
Option contract [member] | Corn [Member] | Sale Put Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 21,779 | 21,779 | 2,000 | 2,000 |
Derivatives at fair value | $ 3,000,000 | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ (1,000,000) | $ 0 | ||
Premium paid or (collected) | $ 43 | $ 20 | ||
Option contract [member] | Corn [Member] | Sale Call Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 721 | 721 | 8,600 | 8,600 |
Derivatives at fair value | $ (67,000,000) | $ 13,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 0 | 74 | ||
Premium paid or (collected) | $ 149,000,000 | $ 136,000,000 | ||
Option contract [member] | Corn [Member] | Purchased Call Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 5,080 | 5,080 | ||
Derivatives at fair value | $ 77,000,000 | |||
Gain / (Loss) for valuation at fair value at year-end | $ (134) | |||
Premium paid or (collected) | $ (126,000,000) | |||
Option contract [member] | Soybeans [Member] | Purchase Put Option [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 5,500 | 5,500 | 400 | 400 |
Derivatives at fair value | $ 7,000,000 | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 7,000,000 | $ 0 | ||
Premium paid or (collected) | $ (36) | $ (13) | ||
Option contract [member] | Soybeans [Member] | Sale Put Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 36,300 | 36,300 | (40,214) | (40,214) |
Derivatives at fair value | $ 0 | $ (166,000,000) | ||
Gain / (Loss) for valuation at fair value at year-end | $ (57,000,000) | (234,000,000) | ||
Premium paid or (collected) | $ 126 | $ 67 | ||
Option contract [member] | Soybeans [Member] | Sale Call Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 252 | 252 | 45,081 | 45,081 |
Derivatives at fair value | $ (42,000,000) | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 0 | $ 0 | ||
Premium paid or (collected) | $ 523,000,000 | $ 67,000,000 | ||
Option contract [member] | Soybeans [Member] | Purchased Call Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 20,248 | 20,248 | 20,465 | 20,465 |
Derivatives at fair value | $ 7,000,000 | $ 28,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 109 | 1,499 | ||
Premium paid or (collected) | $ (593,000,000) | $ (308,000,000) | ||
Option contract [member] | Wheat [Member] | Purchase Put Option [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 2,600 | 2,600 | 0 | 0 |
Derivatives at fair value | $ 3,000,000 | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ 6,000,000 | $ 0 | ||
Premium paid or (collected) | $ (11,000,000) | $ (11,000,000) | ||
Option contract [member] | Wheat [Member] | Sale Put Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 7,700 | 7,700 | 0 | 0 |
Derivatives at fair value | $ 0 | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ (13,000,000) | $ 0 | ||
Premium paid or (collected) | $ 31 | $ 10 | ||
Option contract [member] | Wheat [Member] | Sale Call Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 3,400 | 3,400 | 4,000 | 4,000 |
Derivatives at fair value | $ 0 | $ 0 | ||
Gain / (Loss) for valuation at fair value at year-end | $ (14) | $ 0 | ||
Premium paid or (collected) | $ 12 | $ 10 | ||
Option contract [member] | Wheat [Member] | Purchased Call Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 2,500 | 2,500 | 1,500,000 | 1,500,000 |
Derivatives at fair value | $ 0 | $ 56,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | 0 | 0 | ||
Premium paid or (collected) | $ (295,000,000) | $ (41,000,000) | ||
Option contract [member] | Cotton [member] | Purchase Call Option [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 0 | 0 | ||
Derivatives at fair value | $ (1,000,000) | |||
Gain / (Loss) for valuation at fair value at year-end | 0 | |||
Premium paid or (collected) | $ 0 | |||
Option contract [member] | Ethanol [Member] | Purchase Call Option [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 14,550 | 14,550 | ||
Derivatives at fair value | $ 28,000,000 | |||
Gain / (Loss) for valuation at fair value at year-end | (11,000,000) | |||
Premium paid or (collected) | $ 0 | |||
Option contract [member] | Wheat One [Member] | Purchased Call Options [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 700 | 700 | ||
Derivatives at fair value | $ 0 | |||
Gain / (Loss) for valuation at fair value at year-end | 0 | |||
Premium paid or (collected) | $ (21,000,000) | |||
Agricultural Business [Member] | ||||
Statement [Line Items] | ||||
Commodities (in tons) | 2,847,261 | 2,847,261 | 3,680,434 | 3,680,434 |
Derivatives at fair value | $ 141,000,000 | $ 1,430,000,000 | ||
Gain / (Loss) for valuation at fair value at year-end | (939,000,000) | (775,000,000) | ||
Premium paid or (collected) | $ (83,000,000) | $ (192,000,000) |
Financial risk management and_5
Financial risk management and fair value estimates (Details 2) | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) |
Statement [Line Items] | |||
Trade and other payables | $ 4,598,000,000 | $ 3,690,000,000 | |
Less than 1 year [Member] | |||
Statement [Line Items] | |||
Trade and other payables | $ 25,586 | 22,475 | |
Borrowings | 39,387 | 50,615 | |
Finance lease obligations | 3,172 | 2,683 | |
Derivative financial instruments | 1,726 | 1,537 | |
Total | 69,871 | 77,310 | |
Between 1 and 2 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 1,218 | 1,415 | |
Borrowings | 15,581 | 29,743 | |
Finance lease obligations | 2,807 | 6,089 | |
Derivative financial instruments | 194 | 62 | |
Total | 19,800 | 37,309 | |
More than 4 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 295 | 0 | |
Borrowings | 6,079 | 2,699 | |
Finance lease obligations | 7,449 | 0 | |
Derivative financial instruments | 0 | 0 | |
Total | 13,823 | 2,699 | |
Between 3and 4 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 0 | 0 | |
Borrowings | 1,519 | 2,699 | |
Finance lease obligations | 889 | 0 | |
Derivative financial instruments | 0 | 0 | |
Total | 2,408 | 2,699 | |
Between 2 and 3 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 0 | 0 | |
Borrowings | 22,279 | 12,212 | |
Finance lease obligations | 2,513 | 92 | |
Derivative financial instruments | 57 | 0 | |
Total | 24,849 | 12,304 | |
Agricultural Business [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 27,099 | 23,890 | |
Borrowings | 84,845 | 97,968 | |
Finance lease obligations | 16,830 | 8,864 | |
Derivative financial instruments | 1,977 | 1,599 | |
Total | $ 130,751 | $ 132,321 |
Financial risk management and_6
Financial risk management and fair value estimates (Details 3) | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) |
Urban Properties And Investments Business [Member] | |||
Statement [Line Items] | |||
Trade and other payables | $ 4,153 | $ 4,679 | |
Borrowings | 72,080 | 96,738 | |
Finance lease obligations | 2,405 | 3,354 | |
Derivative financial instruments | 17 | 95 | |
Total | 78,655 | 104,866 | |
Less than 1 year [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 3,944 | 4,506 | |
Borrowings | 59,162 | 23,856 | |
Finance lease obligations | 40 | 93 | |
Derivative financial instruments | 17 | 80 | |
Total | 63,163 | 28,535 | |
Between 1 and 2 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 103 | 171 | |
Borrowings | 10,461 | 62,889 | |
Finance lease obligations | 76 | 84 | |
Derivative financial instruments | 0 | 15 | |
Total | 10,640 | 63,159 | |
More than 4 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 40 | 0 | |
Borrowings | 317 | 308 | |
Finance lease obligations | 2,096 | 2,898 | |
Derivative financial instruments | 0 | 0 | |
Total | 2,453 | 3,206 | |
Between 3and 4 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 26 | 0 | |
Borrowings | 115 | 346 | |
Finance lease obligations | 100 | 148 | |
Derivative financial instruments | 0 | 0 | |
Total | 241 | 494 | |
Between 2 and 3 years [Member] | |||
Statement [Line Items] | |||
Trade and other payables | 40 | 2 | |
Borrowings | 2,025 | 9,339 | |
Finance lease obligations | 93 | 131 | |
Derivative financial instruments | $ 0 | 0 | |
Total | $ 2,158 | $ 9,472 |
Financial risk management and_7
Financial risk management and fair value estimates (Details 4) | Jun. 30, 2022 | Jun. 30, 2021 |
Agricultural Business [Member] | ||
Statement [Line Items] | ||
Gearing ratio | 31.71% | 64.78% |
Debt ratio | 30.97% | 134.74% |
Urban Properties And Investments Business [Member] | ||
Statement [Line Items] | ||
Gearing ratio | 31.99% | 74.84% |
Debt ratio | 24.31% | 32.86% |
Financial risk management and_8
Financial risk management and fair value estimates (Details Narrative) - ARS ($) | 12 Months Ended | 24 Months Ended |
Jun. 30, 2022 | Jun. 30, 2021 | |
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 | $ 9,448,000,000 | $ 11,233,000,000 |
Percentage of trade receivable by group | 96.60% | 95.60% |
Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Derivative financial instruments | $ 4,474,000,000 | $ 7,184,000,000 |
Net loss before income tax | 420,000 | 4,400,000 |
Derivatives margins | 0 | 558,000,000 |
Gains and losses on commodity-based derivative instruments | 1,554,000,000 | (7,463,000,000) |
Other price risks [Member] | ||
Statement [Line Items] | ||
Derivative financial instruments | 1,546,000,000 | 1,825,000,000 |
Net loss before income tax | 155,000,000 | 183,000,000 |
Future exchange contracts [Member] | ||
Statement [Line Items] | ||
Financial assets | 264,000,000 | 595,000,000 |
Financial liabilities | $ 139,000,000 | $ 72,000,000 |
Argentina [Member] | ||
Statement [Line Items] | ||
Business, description | Argentina and Brazil together concentrate more than 88% of the Group’s grain production for the years ended June 30, 2022 and 2021, respectively | |
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, 2022 and 2021 in the amount of ARS 81 and ARS 121, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income and Other Comprehensive Income | |
Percentage of trade receivable by group | 20.70% | 16.30% |
Segment information (Details)
Segment information (Details) | 12 Months Ended | ||||||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Statement [Line Items] | |||||||||
Revenues | $ 95,850,000,000 | $ 69,547,000,000 | $ 82,244,000,000 | ||||||
Costs | (69,785,000,000) | (55,479,000,000) | $ (55,631,000,000) | ||||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 18,396 | 23,723 | 6,769 | ||||||
Changes in the net realizable value of agricultural products after harvest | (1,998) | (967) | 1,617 | ||||||
Gross profit | 42,463,000,000 | 36,824,000,000 | 34,999,000,000 | ||||||
Net gain / (loss) from fair value adjustments of investment properties | $ 16,583,000,000 | $ (3,683,000,000) | 83,697,000,000 | ||||||
Gain from disposal of farmlands | 5,505,000,000 | 2,148,000,000 | 2,065,000,000 | ||||||
General and administrative expenses | (9,047,000,000) | 8,473,000,000 | (8,440,000,000) | ||||||
Selling expenses | (7,341,000,000) | 6,800,000,000 | (7,953,000,000) | ||||||
Other operating results, net | (765,000,000) | (3,742,000,000) | 4,100,000,000 | ||||||
Management fees | (4,169,000,000) | (518,000,000) | |||||||
Profit / (loss) from operations | 43,229,000,000 | 16,274,000,000 | 107,950,000,000 | ||||||
Share of profit / (loss) of associates and joint ventures | (195,000,000) | (7,273,000,000) | 18,136 | ||||||
Segment profit / (loss) | 43,034,000,000 | 9,001,000,000 | 126,086 | ||||||
Reportable assets | $ 529,227,000,000 | $ 556,183,000,000 | |||||||
Reportable liabilities | (322,438,000,000) | (382,537,000,000) | |||||||
Net reportable assets | 206,789,000,000 | 173,646,000,000 | |||||||
Joint Ventures [Member] | |||||||||
Statement [Line Items] | |||||||||
Revenues | (233,000,000) | (82,000,000) | (150,000,000) | ||||||
Costs | (91,000,000) | (115,000,000) | (131,000,000) | ||||||
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 | (142,000,000) | 33,000,000 | (19,000,000) | ||||||
Net gain / (loss) from fair value adjustments of investment properties | 1,322 | (198,000,000) | 647,000,000 | ||||||
Gain from disposal of farmlands | 0 | 0 | 0 | ||||||
General and administrative expenses | 27,000,000 | 21,000,000 | 35,000,000 | ||||||
Selling expenses | 5,000,000 | 35,000,000 | 41,000,000 | ||||||
Other operating results, net | 0 | (33,000,000) | 44,000,000 | ||||||
Management fees | 0 | 0 | |||||||
Profit / (loss) from operations | 1,212,000,000 | (142,000,000) | (546,000,000) | ||||||
Share of profit / (loss) of associates and joint ventures | (821) | (631) | 414 | ||||||
Segment profit / (loss) | 391,000,000 | (773,000,000) | 132,000,000 | ||||||
Reportable assets | (1,902,000,000) | (2,433,000,000) | (1,653,000,000) | ||||||
Reportable liabilities | 0 | 0 | $ 0 | ||||||
Net reportable assets | (1,902,000,000) | (2,433,000,000) | (1,653,000,000) | ||||||
Total [Member] | |||||||||
Statement [Line Items] | |||||||||
Revenues | 90,001,000,000 | 65,398,000,000 | 76,771,000,000 | ||||||
Costs | (63,002,000,000) | (50,379,000,000) | (47,808,000,000) | ||||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 18,204 | 23,412 | 6,436 | ||||||
Changes in the net realizable value of agricultural products after harvest | (1,998) | (967) | 1,617 | ||||||
Gross profit | 43,205,000,000 | 37,464,000,000 | 37,016,000,000 | ||||||
Net gain / (loss) from fair value adjustments of investment properties | 15,261 | 3,485,000,000 | 84,344,000,000 | ||||||
Gain from disposal of farmlands | 5,505,000,000 | 2,148,000,000 | 2,065,000,000 | ||||||
General and administrative expenses | (9,155,000,000) | (8,645,000,000) | (8,605,000,000) | ||||||
Selling expenses | (7,721,000,000) | (6,978,000,000) | (8,044,000,000) | ||||||
Other operating results, net | (810,000,000) | 3,878,000,000 | 3,929,000,000 | ||||||
Management fees | 0 | 0 | |||||||
Profit / (loss) from operations | 46,285 | 16,626,000,000 | 110,705,000,000 | ||||||
Share of profit / (loss) of associates and joint ventures | 628 | (6,636) | 17,670 | ||||||
Segment profit / (loss) | 46,913,000,000 | 9,990,000,000 | 128,375,000,000 | ||||||
Reportable assets | 417,119,000,000 | 447,578,000,000 | 1,585,626,000,000 | ||||||
Reportable liabilities | 0 | 0 | (984,847,000,000) | ||||||
Net reportable assets | 417,119,000,000 | 447,578,000,000 | 600,779,000,000 | ||||||
Adjustment [Member] | |||||||||
Statement [Line Items] | |||||||||
Revenues | 6,725,000,000 | 4,828,000,000 | 7,638,000,000 | ||||||
Costs | (6,874,000,000) | (5,215,000,000) | (7,954,000,000) | ||||||
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 | (149,000,000) | (387,000,000) | (316,000,000) | ||||||
Net gain / (loss) from fair value adjustments of investment properties | 0 | 0 | 0 | ||||||
Gain from disposal of farmlands | 0 | 0 | 0 | ||||||
General and administrative expenses | 0 | 0 | 0 | ||||||
Selling expenses | 0 | 0 | 0 | ||||||
Other operating results, net | 56,000,000 | 176,000,000 | 149,000,000 | ||||||
Management fees | (4,169,000,000) | 0 | (518,000,000) | ||||||
Profit / (loss) from operations | (4,262,000,000) | (211,000,000) | (685) | ||||||
Share of profit / (loss) of associates and joint ventures | 0 | 0 | 0 | ||||||
Segment profit / (loss) | (4,262,000,000) | (211,000,000) | (685) | ||||||
Reportable assets | 0 | 0 | 0 | ||||||
Reportable liabilities | 0 | 0 | 0 | ||||||
Net reportable assets | 0 | 0 | 0 | ||||||
Elimination [Member] | |||||||||
Statement [Line Items] | |||||||||
Revenues | 643,000,000 | 597,000,000 | (2,015,000,000) | ||||||
Costs | 0 | 0 | 0 | ||||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 192 | 311 | 333 | ||||||
Changes in the net realizable value of agricultural products after harvest | 0 | 0 | 0 | ||||||
Gross profit | (451,000,000) | (286,000,000) | (1,682,000,000) | ||||||
Net gain / (loss) from fair value adjustments of investment properties | 0 | 0 | 0 | ||||||
Gain from disposal of farmlands | 0 | 0 | 0 | ||||||
General and administrative expenses | 81,000,000 | 151,000,000 | 130,000,000 | ||||||
Selling expenses | 375,000,000 | 143,000,000 | 50,000,000 | ||||||
Other operating results, net | (11,000,000) | (7,000,000) | (22,000,000) | ||||||
Management fees | 0 | 0 | |||||||
Profit / (loss) from operations | (6,000,000) | 1,000,000 | (1,524) | ||||||
Share of profit / (loss) of associates and joint ventures | (2) | $ (6) | 52 | ||||||
Segment profit / (loss) | (8,000,000) | (5,000,000) | (1,472) | ||||||
Reportable assets | 107,976,000,000 | 114,010,000,000 | 111,038,000,000 | ||||||
Reportable liabilities | 2,375,928,000,000 | (322,438,000,000) | (382,537,000,000) | ||||||
Net reportable assets | 2,483,904,000,000 | $ (208,428,000,000) | $ (271,499,000,000) | ||||||
Agricultural Business [Member] | |||||||||
Statement [Line Items] | |||||||||
Revenues | 64,408,000,000 | 48,813,000,000 | 49,337,000,000 | ||||||
Costs | (57,652,000,000) | (44,725,000,000) | 41,022,000,000 | ||||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 18,204,000,000 | 23,412,000,000 | 6,436,000,000 | ||||||
Changes in the net realizable value of agricultural products after harvest | (1,998,000,000) | (967,000,000) | 1,617,000,000 | ||||||
Gross profit | 22,962,000,000 | 26,533,000,000 | 16,368,000,000 | ||||||
Net gain / (loss) from fair value adjustments of investment properties | 2,460,000,000 | 9,035,000,000 | 1,921,000,000 | ||||||
Gain from disposal of farmlands | 5,505,000,000 | 2,148,000,000 | 2,065,000,000 | ||||||
General and administrative expenses | (3,788,000,000) | (3,570,000,000) | (3,084,000,000) | ||||||
Selling expenses | (5,480,000,000) | (4,500,000,000) | (5,012,000,000) | ||||||
Other operating results, net | (838,000,000) | (3,621,000,000) | 3,901 | ||||||
Management fees | 0 | 0 | |||||||
Profit / (loss) from operations | 20,821 | 26,025,000,000 | 16,159,000,000 | ||||||
Share of profit / (loss) of associates and joint ventures | 162 | (95) | 303 | ||||||
Segment profit / (loss) | 20,983,000,000 | 25,930,000,000 | 16,462,000,000 | ||||||
Reportable assets | 91,178,000,000 | 107,811,000,000 | 91,304,000,000 | ||||||
Reportable liabilities | 0 | 0 | 0 | ||||||
Net reportable assets | 91,178,000,000 | 107,811,000,000 | 91,304,000,000 | ||||||
Urban Property And Investment Business [Member] | |||||||||
Statement [Line Items] | |||||||||
Revenues | 25,593,000,000 | 16,585,000,000 | 27,434,000,000 | ||||||
Costs | (5,350,000,000) | (5,654,000,000) | (6,786,000,000) | ||||||
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 | 20,243,000,000 | 10,931,000,000 | 20,648,000,000 | ||||||
Net gain / (loss) from fair value adjustments of investment properties | (12,801) | 12,520,000,000 | 82,423,000,000 | ||||||
Gain from disposal of farmlands | 0 | 0 | 0 | ||||||
General and administrative expenses | (5,367,000,000) | (5,075,000,000) | (5,521,000,000) | ||||||
Selling expenses | (2,241) | (2,478,000,000) | (3,032,000,000) | ||||||
Other operating results, net | (28,000,000) | (257,000,000) | 28,000,000 | ||||||
Management fees | $ 0 | 0 | |||||||
Profit / (loss) from operations | 25,464 | (9,399,000,000) | (94,546,000,000) | ||||||
Share of profit / (loss) of associates and joint ventures | 466 | (6,541) | (17,367) | ||||||
Segment profit / (loss) | (25,930,000,000) | (15,940,000,000) | 111,913,000,000 | ||||||
Reportable assets | 325,941,000,000 | 339,767,000,000 | 389,132,000,000 | ||||||
Reportable liabilities | 0 | 0 | 0 | ||||||
Net reportable assets | $ 325,941,000,000 | $ 339,767,000,000 | 389,132,000,000 | ||||||
Urban Properties And Investments Business [Member] | Israel | |||||||||
Statement [Line Items] | |||||||||
Revenues | 0 | ||||||||
Costs | 0 | ||||||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | ||||||||
Changes in the net realizable value of agricultural products after harvest | 0 | ||||||||
Gross profit | 0 | ||||||||
Net gain / (loss) from fair value adjustments of investment properties | 0 | ||||||||
Gain from disposal of farmlands | 0 | ||||||||
General and administrative expenses | 0 | ||||||||
Selling expenses | 0 | ||||||||
Other operating results, net | 0 | ||||||||
Management fees | 0 | ||||||||
Profit / (loss) from operations | 0 | ||||||||
Share of profit / (loss) of associates and joint ventures | 0 | ||||||||
Segment profit / (loss) | 0 | ||||||||
Reportable assets | 1,105,190,000,000 | ||||||||
Reportable liabilities | (984,847,000,000) | ||||||||
Net reportable assets | 120,343,000,000 | ||||||||
Subtotal [Member] | |||||||||
Statement [Line Items] | |||||||||
Revenues | 2,743,000,000 | ||||||||
Costs | (6,786,000,000) | ||||||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | ||||||||
Changes in the net realizable value of agricultural products after harvest | 0 | ||||||||
Gross profit | 20,648,000,000 | ||||||||
Net gain / (loss) from fair value adjustments of investment properties | 82,423,000,000 | ||||||||
Gain from disposal of farmlands | 0 | ||||||||
General and administrative expenses | (5,521,000,000) | ||||||||
Selling expenses | (3,032,000,000) | ||||||||
Other operating results, net | 28,000,000 | ||||||||
Management fees | $ 0 | ||||||||
Profit / (loss) from operations | 94,546,000,000 | ||||||||
Share of profit / (loss) of associates and joint ventures | 17,367 | ||||||||
Segment profit / (loss) | 111,913,000,000 | ||||||||
Reportable assets | 1,494,322,000,000 | ||||||||
Reportable liabilities | (984,847,000,000) | ||||||||
Net reportable assets | $ 509,475,000,000 |
Segment information (Details 1)
Segment information (Details 1) | 12 Months Ended | ||||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | Jul. 22, 2022 USD ($) | |
Statement [Line Items] | |||||||
Revenues | $ 95,850,000,000 | $ 69,547,000,000 | $ 82,244,000,000 | ||||
Costs | (69,785,000,000) | (55,479,000,000) | (55,631,000,000) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 18,396 | 23,723 | 6,769 | ||||
Gross profit / (loss) | 42,463,000,000 | 36,824,000,000 | 34,999,000,000 | ||||
Gain from disposal of farmlands | $ 5,505,000,000 | $ 2,148,000,000 | 2,065,000,000 | ||||
Net gain from fair value adjustment of investment properties | 2,215,000,000 | 2,832,000,000 | |||||
General and administrative expenses | (9,047,000,000) | 8,473,000,000 | (8,440,000,000) | ||||
Selling expenses | (7,341,000,000) | (6,800,000,000) | (7,953,000,000) | ||||
Other operating results, net | (765,000,000) | (3,742,000,000) | 4,100,000,000 | ||||
Profit / (loss) from operations | 43,229,000,000 | 16,274,000,000 | $ 107,950,000,000 | ||||
Share of profit/ (loss) of associates and joint ventures | (195,000,000) | $ (7,273,000,000) | 18,136 | ||||
Segment profit / (loss) | 63,000,000,000 | (40,179,000,000) | 49,265,000,000 | ||||
Investment properties | 302,424,000,000 | 313,369,000,000 | $ 1,000 | ||||
Property, plant and equipment | 59,432,000,000 | 65,783,000,000 | |||||
Investments in associates | 17,918,000,000 | 21,316,000,000 | |||||
Total Agricultural Business [Member] | |||||||
Statement [Line Items] | |||||||
Revenues | 64,408,000,000 | 48,813,000,000 | 49,337,000,000 | ||||
Costs | (57,652,000,000) | (44,725,000,000) | (41,022,000,000) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 18,204,000,000 | (23,412,000,000) | 6,436,000,000 | ||||
Changes in the net realizable value of agricultural products after harvest | (1,998,000,000) | 967,000,000 | 1,617,000,000 | ||||
Gain from disposal of farmlands | 5,505,000,000 | 2,148,000,000 | 2,065,000,000 | ||||
Net gain from fair value adjustment of investment properties | 2,460,000,000 | 9,035,000,000 | 1,921,000,000 | ||||
General and administrative expenses | 3,788,000,000 | 3,570,000,000 | 3,084,000,000 | ||||
Selling expenses | (5,480,000,000) | (4,500,000,000) | (5,012,000,000) | ||||
Other operating results, net | 838,000,000 | (3,621,000,000) | 3,901,000,000 | ||||
Profit / (loss) from operations | 20,821,000,000 | 26,025,000,000 | 16,159,000,000 | ||||
Share of profit/ (loss) of associates and joint ventures | 162,000,000 | (95,000,000) | 303,000,000 | ||||
Segment profit / (loss) | 20,983,000,000 | 25,930,000,000 | 16,462,000,000 | ||||
Investment properties | 13,672,000,000 | 18,040,000,000 | 10,170,000,000 | ||||
Property, plant and equipment | 47,104,000,000 | 54,587,000,000 | 52,021,000,000 | ||||
Investments in associates | 1,747,000,000 | 1,338,000,000 | 1,751,000,000 | ||||
Other reportable assets | 28,655,000,000 | 33,846,000,000 | 27,362,000,000 | ||||
Reportable assets | 91,178,000,000 | 107,811,000,000 | 91,304,000,000 | ||||
Gross profit/loss | $ 22,962,000,000 | 26,533,000,000 | 16,368,000,000 | ||||
Agricultural Production [Member] | |||||||
Statement [Line Items] | |||||||
Revenues | 51,070,000,000 | 39,961,000,000 | 42,329,000,000 | ||||
Costs | (47,873,000,000) | (38,561,000,000) | (36,145,000,000) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 18,204,000,000 | 23,412,000,000 | 6,436,000,000 | ||||
Changes in the net realizable value of agricultural products after harvest | (1,998,000,000) | (967,000,000) | 1,617,000,000 | ||||
Gross profit / (loss) | 19,403,000,000 | 23,845,000,000 | 14,237,000,000 | ||||
Gain from disposal of farmlands | 0 | 0 | 0 | ||||
Net gain from fair value adjustment of investment properties | 0 | 0 | 0 | ||||
General and administrative expenses | 2,264,000,000 | 2,250,000,000 | 2,369,000,000 | ||||
Selling expenses | (4,358,000,000) | (3,837,000,000) | (4,470,000,000) | ||||
Other operating results, net | (2,097,000,000) | 6,856,000,000 | 1,121,000,000 | ||||
Profit / (loss) from operations | 10,684,000,000 | 10,902,000,000 | 8,519,000,000 | ||||
Share of profit/ (loss) of associates and joint ventures | 108,000,000 | 98,000,000 | 131,000,000 | ||||
Segment profit / (loss) | 10,792,000,000 | 11,000,000,000 | 8,650,000,000 | ||||
Property, plant and equipment | 46,616,000,000 | 54,001,000,000 | 51,443,000,000 | ||||
Investments in associates | 999,000,000 | 981,000,000 | 1,032,000,000 | ||||
Other reportable assets | 21,519,000,000 | 28,122,000,000 | 17,937,000,000 | ||||
Reportable assets | 69,134,000,000 | 83,104,000,000 | 70,412,000,000 | ||||
Land Transformation And Sales [Member] | |||||||
Statement [Line Items] | |||||||
Revenues | 0 | 0 | 0 | ||||
Costs | (48,000,000) | (59,000,000) | (62,000,000) | ||||
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) | (48,000,000) | (59,000,000) | (62,000,000) | ||||
Gain from disposal of farmlands | 5,505,000,000 | 2,148,000,000 | 2,065,000,000 | ||||
Net gain from fair value adjustment of investment properties | 2,460,000,000 | 9,035,000,000 | 1,921,000,000 | ||||
General and administrative expenses | 8,000,000 | 8,000,000 | 7,000,000 | ||||
Selling expenses | (189,000,000) | (2,000,000) | (2,000,000) | ||||
Other operating results, net | 1,071,000,000 | 2,871,000,000 | 2,369,000,000 | ||||
Profit / (loss) from operations | 8,791,000,000 | 13,985,000,000 | 6,284,000,000 | ||||
Share of profit/ (loss) of associates and joint ventures | 0 | 0 | 0 | ||||
Segment profit / (loss) | 8,791,000,000 | 13,985,000,000 | 6,284,000,000 | ||||
Investment properties | 13,672,000,000 | 18,040,000,000 | 10,170,000,000 | ||||
Property, plant and equipment | 276,000,000 | 435,000,000 | 441,000,000 | ||||
Investments in associates | 0 | 0 | 0 | ||||
Other reportable assets | 0 | 0 | 815,000,000 | ||||
Reportable assets | 13,948,000,000 | 18,475,000,000 | 11,426,000,000 | ||||
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 | 739,000,000 | 720,000,000 | (417,000,000) | ||||
Selling expenses | 0 | 0 | |||||
Profit / (loss) from operations | (739,000,000) | (720,000,000) | (417,000,000) | ||||
Segment profit / (loss) | (739,000,000) | (720,000,000) | (417,000,000) | ||||
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 | ||||
Others [Member] | |||||||
Statement [Line Items] | |||||||
Revenues | 13,338,000,000 | 8,852,000,000 | 7,008,000,000 | ||||
Costs | (9,731,000,000) | (6,105,000,000) | (4,815,000,000) | ||||
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 | ||||
Gain from disposal of farmlands | 0 | 0 | 0 | ||||
Net gain from fair value adjustment of investment properties | 0 | 0 | 0 | ||||
General and administrative expenses | 777,000,000 | 592,000,000 | 291,000,000 | ||||
Selling expenses | (933,000,000) | (661,000,000) | (540,000,000) | ||||
Other operating results, net | 188,000,000 | 364,000,000 | 411,000,000 | ||||
Profit / (loss) from operations | 2,085,000,000 | 1,858,000,000 | 1,773,000,000 | ||||
Share of profit/ (loss) of associates and joint ventures | 54,000,000 | (193,000,000) | 172,000,000 | ||||
Segment profit / (loss) | 2,139,000,000 | 1,665,000,000 | 1,945,000,000 | ||||
Investment properties | 0 | 0 | 0 | ||||
Property, plant and equipment | 212,000,000 | 151,000,000 | 137,000,000 | ||||
Investments in associates | 748,000,000 | 357,000,000 | 719,000,000 | ||||
Other reportable assets | 7,136,000,000 | 5,724,000,000 | 8,610,000,000 | ||||
Reportable assets | 8,096,000,000 | 6,232,000,000 | 9,466,000,000 | ||||
Gross profit / (loss) | $ 3,607,000,000 | $ 2,747,000,000 | $ 2,193,000,000 |
Segment information (Details 2)
Segment information (Details 2) $ in Millions | 12 Months Ended | |||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | |
Statement [Line Items] | ||||||
Revenues | $ 95,850,000,000 | $ 69,547,000,000 | $ 82,244,000,000 | |||
Costs | (69,785,000,000) | (55,479,000,000) | (55,631,000,000) | |||
Gross profit / (loss) | 42,463,000,000 | 36,824,000,000 | 34,999,000,000 | |||
Net (loss) / gain from fair value adjustment of investment properties | 2,215,000,000 | 2,832,000,000 | ||||
General and administrative expenses | $ (9,047) | $ 8,473 | (8,440,000,000) | |||
Selling expenses | (7,341,000,000) | (6,800,000,000) | (7,953,000,000) | |||
Other operating results, net | (765,000,000) | (3,742,000,000) | 4,100,000,000 | |||
Profit / (loss) from operations | 43,229,000,000 | 16,274,000,000 | $ 107,950 | |||
Segment profit / (loss) | 63,000,000,000 | (40,179,000,000) | 49,265,000,000 | |||
Property, plant and equipment | 59,432,000,000 | 65,783,000,000 | ||||
Investments in associates | 17,918,000,000 | 21,316,000,000 | ||||
Operations Center in Argentina [Member] | Total [Member] | ||||||
Statement [Line Items] | ||||||
Revenues | 25,593,000,000 | 16,585,000,000 | 27,434,000,000 | |||
Costs | (5,350,000,000) | (5,654,000,000) | (6,786,000,000) | |||
Gross profit / (loss) | 20,243,000,000 | 10,931,000,000 | 20,648,000,000 | |||
Net (loss) / gain from fair value adjustment of investment properties | 12,801,000,000 | 12,520,000,000 | 82,423,000,000 | |||
General and administrative expenses | 5,367,000,000 | 5,075,000,000 | 5,521,000,000 | |||
Selling expenses | (2,241,000,000) | (2,478,000,000) | (3,032,000,000) | |||
Other operating results, net | 28,000,000 | 257,000,000 | 28,000,000 | |||
Profit / (loss) from operations | 25,464,000,000 | (9,399,000,000) | 94,546,000,000 | |||
Share of loss of associates and joint ventures | 466,000,000 | (6,541,000,000) | 17,367,000,000 | |||
Segment profit / (loss) | 25,930,000,000 | (15,940,000,000) | 111,913,000,000 | |||
Property, plant and equipment | 12,331,000,000 | 10,477,000,000 | 8,125,000,000 | |||
Investments in associates | 11,578,000,000 | 14,611,000,000 | 22,842,000,000 | |||
Other reportable assets | 3,665,000,000 | 3,947,000,000 | 2,719,000,000 | |||
Reportable assets | 325,941,000,000 | 339,767,000,000 | 389,132,000,000 | |||
Investment and trading properties | 298,367,000,000 | 310,732,000,000 | 355,446,000,000 | |||
Operations Center in Argentina [Member] | Shopping Malls [Member] | ||||||
Statement [Line Items] | ||||||
Revenues | 17,334,000,000 | 8,727,000,000 | 14,569,000,000 | |||
Costs | (1,495,000,000) | (1,428,000,000) | (1,401,000,000) | |||
Gross profit / (loss) | 15,839,000,000 | 7,299,000,000 | 13,168,000,000 | |||
Net (loss) / gain from fair value adjustment of investment properties | 553,000,000 | (33,349,000,000) | (5,185,000,000) | |||
General and administrative expenses | 2,862,000,000 | 2,348,000,000 | 2,044,000,000 | |||
Selling expenses | (847,000,000) | (740,000,000) | (1,751,000,000) | |||
Other operating results, net | (142,000,000) | (207,000,000) | 42,000,000 | |||
Profit / (loss) from operations | 12,541,000,000 | (29,345,000,000) | 4,230,000,000 | |||
Share of loss of associates and joint ventures | 0 | 0 | 0 | |||
Segment profit / (loss) | 12,541,000,000 | (29,345,000,000) | 4,230,000,000 | |||
Investment and trading properties | 91,770,000,000 | 89,070,000,000 | 120,956,000,000 | |||
Property, plant and equipment | 261,000,000 | 395,000,000 | 456,000,000 | |||
Investments in associates | 0 | 0 | 0 | |||
Other reportable assets | 186,000,000 | 189,000,000 | 192,000,000 | |||
Reportable assets | 92,217,000,000 | 89,654,000,000 | 121,604,000,000 | |||
Operations Center in Argentina [Member] | Offices [Member] | ||||||
Statement [Line Items] | ||||||
Revenues | 3,041,000,000 | 4,401,000,000 | 5,616,000,000 | |||
Costs | (293,000,000) | (236,000,000) | (209,000,000) | |||
Gross profit / (loss) | 2,748,000,000 | 4,165,000,000 | 5,407,000,000 | |||
Net (loss) / gain from fair value adjustment of investment properties | (5,264,000,000) | 9,235,000,000 | 54,723,000,000 | |||
General and administrative expenses | 381,000,000 | 713,000,000 | 601,000,000 | |||
Selling expenses | (77,199,000,000) | (307,000,000) | (185,000,000) | |||
Other operating results, net | (23,000,000) | (8,000,000) | (20,000,000) | |||
Profit / (loss) from operations | 2,997,000,000 | 12,372,000,000 | 59,324,000,000 | |||
Share of loss of associates and joint ventures | 0 | 0 | 0 | |||
Segment profit / (loss) | 2,997,000,000 | 12,372,000,000 | 59,324,000,000 | |||
Investment and trading properties | 66,860,000,000 | 118,827,000,000 | 147,513,000,000 | |||
Property, plant and equipment | 4,177,000,000 | 3,367,000,000 | 128,000,000 | |||
Investments in associates | 0 | 0 | 0 | |||
Other reportable assets | 159,000,000 | 161,000,000 | 224,000,000 | |||
Reportable assets | 71,196,000,000 | 122,355,000,000 | 147,865,000,000 | |||
Operations Center in Argentina [Member] | Sales and developments [Member] | ||||||
Statement [Line Items] | ||||||
Revenues | 746,000,000 | 1,271,000,000 | 2,025,000,000 | |||
Costs | (581,000,000) | (1,373,000,000) | (1,873,000,000) | |||
Gross profit / (loss) | 165,000,000 | (102,000,000) | 152,000,000 | |||
Net (loss) / gain from fair value adjustment of investment properties | 17,452,000,000 | 11,538,000,000 | 33,224,000,000 | |||
General and administrative expenses | 1,058,000,000 | 1,164,000,000 | 1,217,000,000 | |||
Selling expenses | (922,000,000) | (1,145,000,000) | (502,000,000) | |||
Other operating results, net | (48,000,000) | (8,000,000) | (111,000,000) | |||
Profit / (loss) from operations | 15,589,000,000 | 9,119,000,000 | 31,546,000,000 | |||
Share of loss of associates and joint ventures | 0 | 26,000,000 | 0 | |||
Segment profit / (loss) | 15,589,000,000 | 9,093,000,000 | 31,546,000,000 | |||
Property, plant and equipment | 2,359,000,000 | 2,143,000,000 | 2,359,000,000 | |||
Investments in associates | 0 | 0 | 1,310,000,000 | |||
Other reportable assets | 2,984,000,000 | 3,271,000,000 | 1,935,000,000 | |||
Reportable assets | 144,673,000,000 | 107,829,000,000 | 91,640,000,000 | |||
Investment and trading properties | 139,307,000,000 | 102,415,000,000 | 86,036,000,000 | |||
Operations Center in Argentina [Member] | Hotels [Member] | ||||||
Statement [Line Items] | ||||||
Revenues | 4,300,000,000 | 1,510,000,000 | 4,978,000,000 | |||
Costs | (2,473,000,000) | (1,746,000,000) | (3,064,000,000) | |||
Gross profit / (loss) | 1,827,000,000 | (236,000,000) | 1,914,000,000 | |||
Net (loss) / gain from fair value adjustment of investment properties | 0 | 0 | 0 | |||
General and administrative expenses | 730,000,000 | 699,000,000 | 897,000,000 | |||
Selling expenses | (340,000,000) | (231,000,000) | (566,000,000) | |||
Other operating results, net | (59,000,000) | (20,000,000) | (49,000,000) | |||
Profit / (loss) from operations | 698,000,000 | 1,186,000,000 | 402,000,000 | |||
Share of loss of associates and joint ventures | 0 | 0 | 0 | |||
Segment profit / (loss) | 698,000,000 | 1,186,000,000 | 402,000,000 | |||
Property, plant and equipment | 4,439,000,000 | 4,223,000,000 | 4,786,000,000 | |||
Investments in associates | 0 | 0 | 0 | |||
Other reportable assets | 60,000,000 | 48,000,000 | 64,000,000 | |||
Reportable assets | 4,499,000,000 | 4,271,000,000 | 4,850,000,000 | |||
Investment and trading properties | 0 | 0 | 0 | |||
Operations Center in Argentina 1 [Member] | Other [Member] | ||||||
Statement [Line Items] | ||||||
Revenues | 172,000,000 | 676,000,000 | 246,000,000 | |||
Costs | (508,000,000) | (871,000,000) | (239,000,000) | |||
Gross profit / (loss) | 336,000,000 | 195,000,000 | 7,000,000 | |||
Net (loss) / gain from fair value adjustment of investment properties | 60,000,000 | $ 56 | 339,000,000 | |||
General and administrative expenses | 336,000,000 | 151,000,000 | 762,000,000 | |||
Selling expenses | (55,000,000) | (55,000,000) | (28,000,000) | |||
Other operating results, net | 300,000,000 | (14,000,000) | 166,000,000 | |||
Profit / (loss) from operations | 367,000,000 | 359,000,000 | 956,000,000 | |||
Share of loss of associates and joint ventures | 466,000,000 | (6,515,000,000) | 17,367,000,000 | |||
Segment profit / (loss) | 99,000,000 | (6,874,000,000) | 16,411,000,000 | |||
Property, plant and equipment | 1,072,000,000 | 349,000,000 | 396,000,000 | |||
Investments in associates | 11,578,000,000 | 14,611,000,000 | 21,532,000,000 | |||
Other reportable assets | 276,000,000 | 278,000,000 | 304,000,000 | |||
Reportable assets | 13,356,000,000 | 15,658,000,000 | 23,173,000,000 | |||
Investment and trading properties | $ 430,000,000 | $ 420,000,000 | $ 941,000,000 |
Segment information (Details Na
Segment information (Details Narrative) $ in Millions | 12 Months Ended | |||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Statement [Line Items] | ||||||
Reportable segment percentage | 10% | 10% | 10% | 10% | ||
Provisions amount | $ 720,000,000 | $ 886,000,000 | ||||
Revenue corresponding principle amount | 37,153,000,000 | 26,172,000,000 | $ 28,912,000,000 | |||
MPIT [Member] | ||||||
Statement [Line Items] | ||||||
Provisions amount | 8,000,000 | 23,000,000 | 43,000,000 | |||
FPC [Member] | ||||||
Statement [Line Items] | ||||||
Management fees | $ 4,169 | 518,000,000 | ||||
Corresponding to expenses | (149,000,000) | (387,000,000) | (316,000,000) | |||
Brazil [Member] | ||||||
Statement [Line Items] | ||||||
Revenue corresponding principle amount | 29,665,000,000 | 17,927,000,000 | ||||
Corresponding to assets | 21,375,000,000 | 46,581,000 | ||||
Other Countries [Member] | ||||||
Statement [Line Items] | ||||||
Revenue corresponding principle amount | 32,117,000,000 | 22,375,000,000 | 19,932,000,000 | |||
Corresponding to assets | 60,302,000,000 | 74,273,000,000 | 58,622,000,000 | |||
Agricultural Business [Member] | ||||||
Statement [Line Items] | ||||||
Revenue corresponding principle amount | 32,291,000,000 | 26,438,000,000 | 29,405,000,000 | |||
Corresponding to assets | 30,876,000,000 | 33,538,000,000 | 32,682,000,000 | |||
Urban properties and investments [Member] | ||||||
Statement [Line Items] | ||||||
Corresponding to assets | $ 335,115 | $ 382,022 | ||||
Urban properties and investments [Member] | UNITED STATES | ||||||
Statement [Line Items] | ||||||
Revenue corresponding principle amount | 617,000,000 | 27,406,000,000 | ||||
Corresponding to assets | 2,030,000,000 | 3,329,000,000 | 5,692,000,000 | |||
Urban properties and investments [Member] | Uruguay [Member] | ||||||
Statement [Line Items] | ||||||
Revenue corresponding principle amount | 28,000,000 | |||||
Corresponding to assets | 1,630,000,000 | 1,329,000,000 | 1,418,000,000 | |||
Urban properties and investments [Member] | Other Countries [Member] | ||||||
Statement [Line Items] | ||||||
Corresponding to assets | 1,936,000,000 | 4,658,000,000 | 7,110,000,000 | |||
Urban properties and investments [Member] | Operations Center in Argentina 1 [Member] | ||||||
Statement [Line Items] | ||||||
Revenue corresponding principle amount | 2,557,000,000 | 15,968,000,000 | 21,874,000,000 | |||
Corresponding to assets | $ 30,876,000,000 | $ 33,538,000,000 | $ 29,405,000,000 |
Information about the main su_3
Information about the main subsidiaries (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | |||
Current assets | $ 112,988 | $ 114,757 | |
Non-current assets | 416,239 | 441,426 | |
Current liabilities | 147,579 | 115,488 | |
Non-current liabilities | 174,859 | 267,049 | |
Revenues | 95,850 | 69,547 | $ 82,244 |
Net cash generated from operating activities | 21,807 | 14,573 | 88,014 |
Net cash generated from / (used in) investing activities | 12,894 | 119,929 | 111,462 |
Net cash (used in) / generated from financing activities | $ (37,016) | $ (87,967) | $ (191,052) |
Irsainversionesy Representaciones Sociedad Anonima [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 46.06% | 37.78% | |
Current assets | $ 42,419 | $ 22,831 | |
Non-current assets | 330,373 | 342,492 | |
Current liabilities | 86,429 | 36,302 | |
Non-current liabilities | 116,636 | 193,368 | |
Net assets | 169,727 | 135,653 | |
Book value of non-controlling interests | 78,176 | 51,248 | |
Revenues | 32,085 | 21,282 | |
Net income/ (loss) | 34,892 | (61,643) | |
Total comprehensive income / (loss) | (177) | (18,746) | |
Total comprehensive income / (loss) attributable to non-controlling interest | 340 | (12,564) | |
Net cash generated from operating activities | 14,392 | 2,388 | |
Net cash generated from / (used in) investing activities | 11,195 | 111,311 | |
Net cash (used in) / generated from financing activities | (13,663) | (80,089) | |
Net (decrease) / increase in cash and cash equivalents | 10,209 | 33,610 | |
Dividends distribution to non-controlling shareholders | $ (176) | $ (4,400) | |
Brasilagro [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 60.44% | 60.56% | |
Current assets | $ 37,845 | $ 55,757 | |
Non-current assets | 59,515 | 72,128 | |
Current liabilities | 11,519 | 20,929 | |
Non-current liabilities | 21,341 | 23,586 | |
Net assets | 64,500 | 83,370 | |
Book value of non-controlling interests | 38,984 | 50,491 | |
Revenues | 32,117 | 21,375 | |
Net income/ (loss) | 14,968 | 15,687 | |
Total comprehensive income / (loss) | (5,839) | 15,844 | |
Total comprehensive income / (loss) attributable to non-controlling interest | (3,536) | 9,665 | |
Net cash generated from operating activities | 2,580 | 4,808 | |
Net cash generated from / (used in) investing activities | (210) | (6,713) | |
Net cash (used in) / generated from financing activities | (11,832) | 29,094 | |
Net (decrease) / increase in cash and cash equivalents | $ (9,462) | $ 27,189 | |
IRSA CP [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest | 20.08% | ||
Current assets | $ 37,145 | ||
Non-current assets | 253,766 | ||
Current liabilities | 21,518 | ||
Non-current liabilities | 141,466 | ||
Net assets | 127,927 | ||
Book value of non-controlling interests | 25,689 | ||
Revenues | 18,043 | ||
Net income/ (loss) | (36,957) | ||
Total comprehensive income / (loss) | 215 | ||
Total comprehensive income / (loss) attributable to non-controlling interest | (35,966) | ||
Net cash generated from operating activities | 2,102 | ||
Net cash generated from / (used in) investing activities | 15,995 | ||
Net cash (used in) / generated from financing activities | (28,274) | ||
Net (decrease) / increase in cash and cash equivalents | (10,177) | ||
Dividends distribution to non-controlling shareholders | $ 0 |
Investments in associates and_3
Investments in associates and joint ventures (Details) | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | |
Beginning of the year | $ 21,293,000,000 | $ 184,999,000,000 | ||
Share capital increase and contributions | $ 1,534 | 69 | ||
Decrease of interest in associates and joint ventures (v) | 0 | (71,916) | ||
Share of loss | (195,000,000) | (5,067,000,000) | ||
Other comprehensive results | (646) | (6,120,000,000) | ||
Dividends (i) | (3,675,000,000) | (149,000,000) | ||
Participation in other changes in equity | (282) | $ 0 | ||
Investments in associates and joint venture, deconsolidation | 0 | (79,438,000,000) | ||
Devaluation (iv) | 0 | (1,027,000,000) | ||
Reclassification to financial instruments | 148 | $ 0 | ||
Others | $ 29,000,000 | (58,000,000) | ||
End of the year (ii) | $ 17,910,000,000 | $ 21,293 |
Investments in associates and_4
Investments in associates and joint ventures (Details 1) shares in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||||
Jun. 30, 2022 ARS ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | |
Other Associates And Joint Ventures [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 0% | 0% | 0% | 0% | 0% | 0% |
Value of Group's interest in equity | $ 2,826 | $ 3,159 | ||||
Group's interest in comprehensive income/(loss) | $ 2,900 | $ (468) | $ (4,375) | |||
Total associates and joint ventures [Member] | ||||||
Statement [Line Items] | ||||||
Value of Group's interest in equity | 21,293 | $ 17,910 | ||||
Group's interest in comprehensive income/(loss) | $ 21,728 | $ (841) | $ (11,187) | |||
New Lipstick [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 49.96% | 49.96% | 49.96% | 49.96% | 49.96% | 49.96% |
Value of Group's interest in equity | $ 357 | $ 143 | ||||
Group's interest in comprehensive income/(loss) | $ 18,801 | $ 69 | $ (787) | |||
Main activity | Real estate | Real estate | ||||
Loss/ (income) for the year | $ (1) | |||||
Shareholders' equity | $ (42) | |||||
BHSA [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 29.91% | 29.91% | 29.91% | 29.91% | 29.91% | 29.91% |
Value of Group's interest in equity | $ 8,791 | $ 9,665 | ||||
Group's interest in comprehensive income/(loss) | $ (936) | $ 873 | $ (1,240) | |||
Main activity | Financing | Financing | ||||
Share capital (nominal value) | shares | 1,500 | 1,500 | ||||
Loss/ (income) for the year | $ 2,920 | |||||
Shareholders' equity | $ 31,251 | |||||
Common shares | shares | 448,689,072 | 448,689,072 | ||||
Condor [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 18.89% | 18.89% | 21.70% | 21.70% | 18.89% | 18.89% |
Value of Group's interest in equity | $ 2,657 | $ 0 | ||||
Group's interest in comprehensive income/(loss) | $ 295 | 425 | $ (679) | |||
Main activity | Hotel | Hotel | ||||
Share capital (nominal value) | shares | 244 | 244 | ||||
Loss/ (income) for the year | $ (125) | |||||
Shareholders' equity | $ 119 | |||||
Common shares | shares | 3,191,214 | 3,191,214 | ||||
Gav - Yam [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 34.90% | 34.90% | ||||
Value of Group's interest in equity | $ 0 | 0 | ||||
Group's interest in comprehensive income/(loss) | $ 0 | $ 0 | $ 64 | |||
Quality [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 50% | 50% | 50% | 50% | 50% | 50% |
Value of Group's interest in equity | $ 4,800 | $ 3,858 | ||||
Group's interest in comprehensive income/(loss) | $ 456 | $ (983) | $ (425) | |||
Main activity | Real estate | Real estate | ||||
Share capital (nominal value) | shares | 406 | 406 | ||||
Loss/ (income) for the year | $ (1,965) | |||||
Shareholders' equity | $ 7,563 | |||||
Common shares | shares | 225,146,912 | 225,146,912 | ||||
La Rural S.A. [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 50% | 50% | 50% | 50% | 50% | 50% |
Value of Group's interest in equity | $ 277 | $ 243 | ||||
Group's interest in comprehensive income/(loss) | $ 251 | $ (42) | $ (221) | |||
Main activity | Organization of events | Organization of events | ||||
Share capital (nominal value) | shares | 1 | 1 | ||||
Loss/ (income) for the year | $ (58) | |||||
Shareholders' equity | $ 339 | |||||
Common shares | shares | 714,998 | 714,998 | ||||
TGLT S.A. [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 30.20% | 30.20% | 27.82% | 27.82% | 27.82% | 27.82% |
Value of Group's interest in equity | $ 1,537 | $ 813 | ||||
Group's interest in comprehensive income/(loss) | $ 0 | $ (723) | $ (3,537) | |||
Main activity | Real estate | Real estate | ||||
Share capital (nominal value) | shares | 925 | 925 | ||||
Loss/ (income) for the year | $ (2,950) | |||||
Shareholders' equity | $ 4,084 | |||||
Common shares | shares | 257,330,595 | 257,330,595 | ||||
Cresca S.A. [Member] | ||||||
Statement [Line Items] | ||||||
% ownership interest | 50% | 50% | 50% | 50% | 50% | 50% |
Value of Group's interest in equity | $ 48 | $ 29 | ||||
Group's interest in comprehensive income/(loss) | $ (39) | $ 8 | $ 13 |
Investments in associates and_5
Investments in associates and joint ventures (Details 2) | 12 Months Ended | |||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2022 USD ($) | |
Statement [Line Items] | ||||||
Current assets | $ 112,988,000,000 | $ 114,757,000,000 | ||||
Non-current assets | 416,239,000,000 | 441,426,000,000 | ||||
Current liabilities | 147,579,000,000 | 115,488,000,000 | ||||
Non-current liabilities | 174,859,000,000 | 267,049,000,000 | ||||
Goodwill and others | 4,282,000,000 | 4,902,000,000 | ||||
Revenues | 95,850,000,000 | 69,547,000,000 | $ 82,244,000,000 | |||
Profit / (loss) from operations | 43,229,000,000 | 16,274,000,000 | $ 107,950,000,000 | |||
TGLT S.A. [Member] | ||||||
Statement [Line Items] | ||||||
Current assets | 7,511,000,000 | 8,460,000,000 | ||||
Non-current assets | 12,371,000,000 | 19,366,000,000 | ||||
Current liabilities | 8,176,000,000 | 8,117,000,000 | ||||
Non-current liabilities | 7,677,000,000 | 12,635,000,000 | ||||
Net assets | $ 4,029,000,000 | $ 7,074,000,000 | ||||
% of ownership interest held | 27.82% | 27.82% | 27.82% | |||
Interest in associates / joint ventures | $ 1,968 | $ 1,121 | ||||
Goodwill and others | 0 | 308 | ||||
Book value | (431) | 813 | ||||
Revenues | $ 4,198 | 4,196 | ||||
Net income/(loss) | (2,129) | (3,155) | ||||
Total comprehensive (loss)/ income | (2,089) | (3,155) | ||||
Dividends distributed to non-controlling shareholders | 0 | 0 | ||||
Profit / (loss) from operations | (1,322) | 185 | ||||
Cash of investment activities | 4,209 | 108 | ||||
Cash of financial activities | (2,530) | (746) | ||||
Net (decrease)/ increase in cash and cash equivalents | $ 357 | (453) | ||||
Quality Invest [Member] | ||||||
Statement [Line Items] | ||||||
Current assets | $ 61,000,000 | 8,000,000 | ||||
Non-current assets | 11,490,000,000 | 14,499,000,000 | ||||
Current liabilities | 70,000,000 | 164,000,000 | ||||
Non-current liabilities | 3,919,000,000 | 4,898,000,000 | ||||
Net assets | $ 7,562,000,000 | $ 9,445,000,000 | ||||
% of ownership interest held | 50% | 50% | 50% | |||
Interest in associates / joint ventures | $ 4,723 | 3,781 | ||||
Goodwill and others | 77 | 77 | ||||
Book value | 4,800 | 3,858 | ||||
Revenues | $ 206 | 74 | ||||
Net income/(loss) | (1,965) | (849) | ||||
Total comprehensive (loss)/ income | (1,965) | 849 | ||||
Dividends distributed to non-controlling shareholders | 0 | 0 | ||||
Profit / (loss) from operations | (1) | (97) | ||||
Cash of investment activities | 24 | (7) | ||||
Cash of financial activities | (2) | 104 | ||||
Net (decrease)/ increase in cash and cash equivalents | $ 21 | 0 | ||||
BHSA [Member] | ||||||
Statement [Line Items] | ||||||
Current assets | $ 241,536,000,000 | 188,185,000,000 | ||||
Non-current assets | 79,939,000,000 | 116,578,000,000 | ||||
Current liabilities | 280,495,000,000 | 256,477,000,000 | ||||
Non-current liabilities | 8,961,000,000 | 19,122,000,000 | ||||
Net assets | $ 32,019,000,000 | $ 29,164,000,000 | ||||
% of ownership interest held | 29.91% | 29.91% | 29.91% | |||
Interest in associates / joint ventures | $ 8,722 | 9,577 | ||||
Goodwill and others | 69 | 88 | ||||
Book value | 8,791 | $ 9,665 | ||||
Revenues | $ 54,043 | 47,976 | ||||
Net income/(loss) | 2,920 | (4,145) | ||||
Total comprehensive (loss)/ income | 2,920 | (4,145) | ||||
Dividends distributed to non-controlling shareholders | 0 | 0 | ||||
Profit / (loss) from operations | 33,208 | 7,081 | ||||
Cash of investment activities | (240) | (212) | ||||
Cash of financial activities | (24,583) | (46,143) | ||||
Net (decrease)/ increase in cash and cash equivalents | $ 8,385 | $ (39,274) |
Investments in associates and_6
Investments in associates and joint ventures (Details Narrative1) $ / shares in Units, shares in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Aug. 07, 2020 | Mar. 31, 2011 | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 ARS ($) | Jun. 30, 2020 ARS ($) | |
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 71 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. As of June 30, 2022, the amount owed and the works are completed and paid, as well as the closing act signed. 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 | $ | $ (8) | $ (23) | ||||
New Lipstick [Member] | ||||||
Statement [Line Items] | ||||||
Interest rate percentage | 49.96% | |||||
BHSA [Member] | ||||||
Statement [Line Items] | ||||||
Investment in associates | $ 9,680 | $ 11,043 | ||||
Market price per share | $ / shares | $ 7.78 | |||||
Discount actual dividend flows | 15.64% | 14.02% | ||||
Employee compensation plan | shares | 2,683.1 | |||||
Interest excluding the treasury stock | 29.91% | |||||
Discount rate reduction value | $ | $ 760 | $ 625 | ||||
Treasury stock, shares | $ / shares | $ 26.8 |
Investment properties (Details)
Investment properties (Details) $ in Millions | 12 Months Ended | |||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | |
Statement [Line Items] | ||||||
Fair value at the beginning of the year | $ 313,369,000,000 | |||||
Net gain / (loss) from fair value adjustment | 16,583,000,000 | $ (3,683,000,000) | $ 83,697,000,000 | |||
Currency translation adjustment | $ (4,123) | $ (11,179) | $ 18,340 | |||
Fair value at the end of the year | 302,424,000,000 | 313,369,000,000 | ||||
Level 3 [Member] | Argentina [Member] | ||||||
Statement [Line Items] | ||||||
Fair value at the beginning of the year | 146,863,000,000 | 380,818,000,000 | ||||
Additions | 2,052,000,000 | 1,250,000,000 | ||||
Disposals | 0 | 0 | ||||
Transfers | (63,306,000,000) | 0 | ||||
Net gain / (loss) from fair value adjustment | (883,000,000) | (22,149,000,000) | ||||
Additions of capitalized leasing costs | 19,000,000 | 15,000,000 | ||||
Depreciation of capitalized leasing costs | (9,000,000) | (10,000,000) | ||||
Currency translation adjustment | 0 | (20,304,000,000) | ||||
Investment properties, deconsolidation | 0 | (192,757,000,000) | ||||
Fair value at the end of the year | 84,736 | 146,863,000,000 | 380,818,000,000 | |||
Level 2 [Member] | ||||||
Statement [Line Items] | ||||||
Fair value at the beginning of the year | 166,506,000,000 | 186,087,000,000 | ||||
Additions | 7,358,000,000 | 444,000,000 | ||||
Disposals | (29,116,000,000) | (35,134,000,000) | ||||
Transfers | 59,506,000,000 | (3,639,000,000) | ||||
Net gain / (loss) from fair value adjustment | 17,466,000,000 | 18,466,000,000 | ||||
Additions of capitalized leasing costs | 23,000,000 | 21,000,000 | ||||
Depreciation of capitalized leasing costs | (36,000,000) | (11,000,000) | ||||
Currency translation adjustment | (4,019,000,000) | $ 272 | ||||
Investment properties, deconsolidation | $ 0 | 0 | ||||
Fair value at the end of the year | $ 217,688 | $ 166,506,000,000 | $ 186,087,000,000 |
Investment properties (Details
Investment properties (Details 1) $ in Millions | Jul. 22, 2022 USD ($) | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) |
Statement [Line Items] | |||
Investment properties | $ 1,000 | $ 302,424 | $ 313,369 |
Shopping Malls [Member] | |||
Statement [Line Items] | |||
Investment properties | 90,142 | 83,331 | |
Properties Under Development [Member] | |||
Statement [Line Items] | |||
Investment properties | 858 | 5,680 | |
Leased Out Farmland [Member] | |||
Statement [Line Items] | |||
Investment properties | 13,672 | 18,040 | |
Rental Properties [Member] | |||
Statement [Line Items] | |||
Investment properties | 69,797 | 117,467 | |
Undeveloped Parcels Of Land [Member] | |||
Statement [Line Items] | |||
Investment properties | 127,955 | 88,851 | |
Investment Property [Member] | |||
Statement [Line Items] | |||
Investment properties | $ 302,424 | $ 313,369 |
Investment properties (Detail_2
Investment properties (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Rental and services income | $ 27,219 | $ 18,001 | $ 54,509 |
Direct operating expenses | (9,951) | (7,667) | (22,125) |
Development expenses | (186) | (187) | 298 |
Net realized gain from fair value adjustment of investment property | 13,980 | 17,745 | 2,793 |
Net unrealized (loss) / gain from fair value adjustment of investment property | $ 2,603 | $ (21,428) | $ 80,904 |
Investment properties (Detail_3
Investment properties (Details 3) - Level 3 [Member] - Shopping Malls [Member] - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | ||||
Discount rate | 14.53% | 12.18% | ||
Discount rate, increase | $ (5,864) | $ (6,297) | $ (10,474) | |
Discount rate, decrease | 6,890 | $ 7,525 | 12,825 | |
Growth rate | 2.40% | 2.30% | ||
Growth rate, increase | 2,636 | $ 2,884 | 4,993 | |
Growth rate, decrease | (2,234) | (2,414) | (4,077) | |
Increase in inflation | 10,516 | 13,399 | 21,803 | |
Decrease in inflation | (8,704) | (11,052) | (17,936) | |
Devaluation, increase | (7,758) | (7,145) | (10,136) | |
Devaluation, decrease | $ 9,482 | $ 8,732 | $ 12,389 |
Investment properties (Detail_4
Investment properties (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 | 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 163.65 (corresponding to the year ended June 30, 2023) and arriving at ARS 622.06 in 2028. In the long term, a nominal devaluation rate of 5.57% 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 70.9% (corresponding to the year ended June 30, 2023) and stabilizes at 8.0% after 5 years. | 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 2027. 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 2026. 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. | |
Net realized gain from fair value in investment | $ 9,513 | $ 23,493 | $ 1,641 | $ 1,152 |
Change in fair value realized from sale | 2,552 | 20,297 | ||
Book value of investment property assets | 2,215 | 2,832 | ||
Proceeds from sale of property | 25,977 | 30,394 | 961 | |
Caballito Ferro Land [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 228 | 667 | ||
Monetary benefit | 8 | |||
Non-monetary benefit | 887 | |||
200 Della Paolera [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 1,413 | |||
Proceeds from sale of property | 1,413 | |||
Torre Boston [Member] | ||||
Statement [Line Items] | ||||
Change in fair value realized from sale | 1,776 | |||
Proceeds from sale of property | 8,911 | |||
Bouchard 710 [Member] | ||||
Statement [Line Items] | ||||
Change in fair value realized from sale | 771 | 9,574 | ||
Proceeds from sale of property | 8,803 | |||
Garages In Bouchard 557 [Member] | ||||
Statement [Line Items] | ||||
Change in fair value realized from sale | 25 | 56 | ||
Proceeds from sale of property | 31 | |||
Casona Hudson [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 103 | 121 | ||
Proceeds from sale of property | 18 | |||
Merlo Land [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 22 | 105 | ||
Proceeds from sale of property | 83 | |||
Mariano Acosta Land [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 25 | 100 | ||
Proceeds from sale of property | 75 | |||
Libertador building [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 104 | 217 | ||
Proceeds from sale of property | 113 | |||
Catalinas building's floors [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 2,733 | 7,956 | ||
Proceeds from sale of property | 5,223 | |||
Rep?blica building [Member] | ||||
Statement [Line Items] | ||||
Net realized gain from fair value in investment | 6,526 | $ 14,994 | ||
Proceeds from sale of property | $ 8,468 | |||
Boston Tower [Member] | ||||
Statement [Line Items] | ||||
Change in fair value realized from sale | 10,667 | |||
La Malteria [Member] | ||||
Statement [Line Items] | ||||
Disposals | $ 485 | $ 485 |
Property plant and equipment (D
Property plant and equipment (Details) | 12 Months Ended | ||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2019 ARS ($) | |
Statement [Line Items] | |||||
Net book amount at beginning of period | $ 65,783,000,000 | $ 147,675,000,000 | $ 52,073,000,000,000,000 | ||
Balance at beginning of period | $ 65,783,000,000 | $ 147,675,000,000 | |||
Additions | 4,022,000,000 | 5,540,000,000 | |||
Disposals | (1,767,000,000) | (1,383,000,000) | |||
Deconsolidation | (78,694,000,000) | ||||
Currency translation adjustment | (9,858,000,000) | (7,074,000,000) | |||
Transfers | 4,713,000,000 | 6,601,000,000 | |||
Depreciation charge | (2,284,000,000) | (6,882,000,000) | |||
Transfer to assets held for sale | (1,177,000,000) | ||||
Net book amount at end of period | 59,432,000,000 | 65,783,000,000 | |||
Balance at end of period | 59,432,000,000 | 0 | |||
Costs [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 309,420,000,000 | 384,430,000,000 | |||
Net book amount at end of period | 76,267,000,000 | 309,420,000,000 | |||
Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | (243,637,000,000) | (236,755,000,000) | |||
Net book amount at end of period | (16,835,000,000) | (243,637,000,000) | |||
Others [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 1,165,000,000 | 16,634,000,000 | |||
Balance at beginning of period | 1,165,000,000 | 16,634,000,000 | |||
Additions | 444,000,000 | 1,546,000,000 | |||
Deconsolidation | (13,914,000,000) | ||||
Currency translation adjustment | (214,000,000) | (1,118,000,000) | |||
Transfers | 0 | 25,000,000 | |||
Depreciation charge | (167,000,000) | (1,828,000,000) | |||
Transfer to assets held for sale | 0 | ||||
Net book amount at end of period | 1,204,000,000 | 1,165,000,000 | |||
Balance at end of period | 1,204,000,000 | ||||
Disposals | 24,000,000 | 180,000,000 | |||
Others [Member] | Costs [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 24,995,000,000 | 38,636,000,000 | |||
Net book amount at end of period | 2,601,000,000 | 24,995,000,000 | |||
Others [Member] | Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | (23,830,000,000) | (22,002,000,000) | |||
Net book amount at end of period | (1,397,000,000) | (23,830,000,000) | |||
Communication Networks [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 0 | 52,004,000,000 | |||
Balance at beginning of period | 0 | 52,004,000,000 | |||
Additions | 0 | 952,000,000 | |||
Deconsolidation | (46,443,000,000) | ||||
Currency translation adjustment | 0 | (3,747,000,000) | |||
Transfers | 0 | 0 | |||
Depreciation charge | 0 | (2,676,000,000) | |||
Transfer to assets held for sale | 0 | ||||
Net book amount at end of period | 0 | 0 | |||
Balance at end of period | 0 | ||||
Disposals | 0 | 90,000,000 | |||
Buildings And Facilities [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 11,205,000,000 | 15,864,000,000 | |||
Balance at beginning of period | 11,205,000,000 | 15,864,000,000 | |||
Additions | 692,000,000 | 461,000,000 | |||
Deconsolidation | (7,027,000,000) | ||||
Currency translation adjustment | (162,000,000) | (512,000,000) | |||
Transfers | (1,498,000,000) | 3,298,000,000 | |||
Depreciation charge | (634,000,000) | (735,000,000) | |||
Transfer to assets held for sale | 0 | ||||
Net book amount at end of period | 12,577,000,000 | 11,205,000,000 | |||
Balance at end of period | 12,577,000,000 | ||||
Disposals | 22,000,000 | 144,000,000 | |||
Buildings And Facilities [Member] | Costs [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 31,096,000,000 | 35,020,000,000 | |||
Net book amount at end of period | 17,168,000,000 | 31,096,000,000 | |||
Buildings And Facilities [Member] | Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | (19,891,000,000) | (19,156,000,000) | |||
Net book amount at end of period | (4,591,000,000) | (19,891,000,000) | |||
Communication Networks [Member] | Costs [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 185,799,000,000 | 235,127,000,000 | |||
Net book amount at end of period | 0 | 185,799,000,000 | |||
Communication Networks [Member] | Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | (185,799,000,000) | (183,123,000,000) | |||
Net book amount at end of period | 0 | (185,799,000,000) | |||
Owner Occupied Farmland [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 50,684,000,000 | 58,450,000,000 | |||
Balance at beginning of period | 50,684,000,000 | 58,450,000,000 | |||
Additions | 2,113,000,000 | 2,188,000,000 | |||
Deconsolidation | (10,006,000,000) | ||||
Currency translation adjustment | (8,961,000,000) | (1,589,000,000) | |||
Transfers | 3,202,000,000 | 3,276,000,000 | |||
Depreciation charge | (576,000,000) | (677,000,000) | |||
Transfer to assets held for sale | (1,177,000,000) | ||||
Net book amount at end of period | 43,571,000,000 | 50,684,000,000 | |||
Balance at end of period | 43,571,000,000 | ||||
Disposals | 1,714,000,000 | 958,000,000 | |||
Owner Occupied Farmland [Member] | Costs [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 57,115,000,000 | 64,204,000,000 | |||
Net book amount at end of period | 47,875,000,000 | 57,115,000,000 | |||
Owner Occupied Farmland [Member] | Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | (6,431,000,000) | (5,754,000,000) | |||
Net book amount at end of period | (4,304,000,000) | (6,431,000,000) | |||
Bearer Plants [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 2,243,000,000 | 2,780,000,000 | |||
Balance at beginning of period | 2,243,000,000 | 2,780,000,000 | |||
Additions | 617,000,000 | 234,000,000 | |||
Deconsolidation | 0 | ||||
Currency translation adjustment | (521,000,000) | 0 | |||
Transfers | (6,000,000) | 0 | |||
Depreciation charge | (719,000,000) | (771,000,000) | |||
Transfer to assets held for sale | 0 | ||||
Net book amount at end of period | 1,609,000,000 | 2,243,000,000 | |||
Balance at end of period | 1,609,000,000 | ||||
Disposals | 5,000,000 | 0 | |||
Bearer Plants [Member] | Costs [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 5,285,000,000 | 5,051,000,000 | |||
Net book amount at end of period | 3,768,000,000 | 5,285,000,000 | |||
Bearer Plants [Member] | Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | (3,042,000,000) | (2,271,000,000) | |||
Net book amount at end of period | (2,159,000,000) | (3,042,000,000) | |||
Machinery And Equipment [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 486,000,000 | 1,943,000,000 | |||
Balance at beginning of period | 486,000,000 | $ 1,943,000,000 | |||
Additions | 156,000,000 | 159,000,000 | |||
Deconsolidation | (1,304,000,000) | ||||
Currency translation adjustment | 0 | (108,000,000) | |||
Transfers | 19,000,000 | 2,000,000 | |||
Depreciation charge | (188,000,000) | (195,000,000) | |||
Transfer to assets held for sale | 0 | ||||
Net book amount at end of period | 471,000,000 | 486,000,000 | |||
Balance at end of period | $ 471,000,000 | ||||
Disposals | 2,000,000 | 11,000,000 | |||
Machinery And Equipment [Member] | Costs [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | 5,130,000,000 | 6,392,000,000 | |||
Net book amount at end of period | 4,855,000,000 | 5,130,000,000 | |||
Machinery And Equipment [Member] | Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Net book amount at beginning of period | (4,644,000,000) | (4,449,000,000) | |||
Net book amount at end of period | $ (4,384,000,000) | $ (4,644,000,000) |
Property plant and equipment _2
Property plant and equipment (Details Narrative) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | |||
Biological assets capitalized | $ 1,413,000,000 | $ 1,404,000,000 | |
Expense recognized under discontinued operations | 4,447,000,000 | $ 4,447,000,000 | |
Costs [Member] | |||
Statement [Line Items] | |||
Amortization charge | $ 577,000,000 | 692,000,000 | |
General And Administrative Expenses [Member] | |||
Statement [Line Items] | |||
Amortization charge | 279,000,000 | 328,000,000 | |
Selling Expenses [Member] | |||
Statement [Line Items] | |||
Amortization charge | $ 15,000,000 | $ 11,000,000 |
Trading properties (Details)
Trading properties (Details) $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | |
Statement [Line Items] | ||||
Beginning | $ 2,883 | $ 17,667 | ||
Additions | 507 | $ 1,320 | ||
Currency translation adjustment | (156) | (1,138) | ||
Transfers | 0 | |||
Desconsolidation | (12,611) | |||
Disposals | (2,355) | |||
Ending | $ 3,234,000,000 | 2,883 | ||
Properties Under Development [Member] | ||||
Statement [Line Items] | ||||
Beginning | 1,313 | 2,040 | ||
Additions | 470 | 669 | ||
Currency translation adjustment | (156) | (205) | ||
Transfers | (318) | |||
Desconsolidation | (233) | |||
Disposals | (640) | |||
Ending | 1,627,000,000 | 1,313 | ||
Completed Properties [Member] | ||||
Statement [Line Items] | ||||
Beginning | 200 | 4,985 | ||
Additions | 0 | 0 | ||
Currency translation adjustment | 0 | (318) | ||
Transfers | 318 | |||
Desconsolidation | (3,490) | |||
Disposals | (1,295) | |||
Ending | 200,000,000 | 200 | ||
Undeveloped Properties [Member] | ||||
Statement [Line Items] | ||||
Beginning | 1,370 | 10,642 | ||
Additions | 37 | 651 | ||
Currency translation adjustment | $ 0 | (615) | ||
Transfers | 0 | |||
Desconsolidation | $ (8,888) | |||
Disposals | (420) | |||
Ending | $ 1,407,000,000 | $ 1,370 |
Trading properties (Details 1)
Trading properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Trading properties (Details) | ||
Non-current | $ 3,041 | $ 2,696 |
Current | 193 | 187 |
Total | $ 3,234 | $ 2,883 |
Trading properties (Details Nar
Trading properties (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Trading properties (Details) | ||
Acquired properties real estate projects approved amount | $ 953 | $ 1,470 |
Net book value | $ 1,629 | $ 1,300 |
Intangible assets (Details)
Intangible assets (Details) | 12 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2022 ARS ($) | |
Statement [Line Items] | |||||
Balance at the period beginning | $ 69,436,000,000 | ||||
Net book amount at beginning of period | 69,436,000,000 | ||||
Additions | $ 153,000,000 | 3,637,000,000 | |||
Disposals | (477,000,000) | (182,000,000) | |||
Intangible assets, deconsolidation | (59,929,000,000) | ||||
Impairment | (66) | ||||
Previsions | (40,000,000) | ||||
Transfers | (3,000,000) | ||||
Currency translation adjustment | (29,000,000) | (4,067,000,000) | |||
Depreciation charge | (227,000,000) | (3,924,000,000) | |||
Balance at period end | 4,282,000,000 | 4,902,000,000 | |||
Trademarks [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | $ 0 | 18,787,000,000 | |||
Net book amount at beginning of period | 0 | 18,787,000,000 | |||
Additions | 0 | $ 0 | |||
Disposals | 0 | 0 | |||
Intangible assets, deconsolidation | 0 | (17,405,000,000) | |||
Transfers | 0 | 0 | |||
Currency translation adjustment | 0 | (1,336,000,000) | |||
Balance at period end | 0 | $ 0 | |||
Net book amount at end of period | 0 | ||||
Devaluation | 0 | ||||
Depreciation charge | 0 | (46,000,000) | |||
Licenses [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | 0 | 5,960,000,000 | |||
Net book amount at beginning of period | 0 | 5,960,000,000 | |||
Additions | 0 | 0 | |||
Disposals | 0 | 0 | |||
Intangible assets, deconsolidation | 0 | (5,398,000,000) | |||
Transfers | 0 | 0 | |||
Currency translation adjustment | 0 | (426,000,000) | |||
Balance at period end | 0 | 0 | |||
Net book amount at end of period | 0 | ||||
Depreciation charge | 0 | (136,000,000) | |||
Customer Relations [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | 0 | 6,097,000,000 | |||
Net book amount at beginning of period | 0 | 6,097,000,000 | |||
Additions | 0 | 46,000,000 | |||
Disposals | 0 | 0 | |||
Intangible assets, deconsolidation | 0 | (5,151,000,000) | |||
Transfers | 0 | 0 | |||
Currency translation adjustment | 0 | (448,000,000) | |||
Balance at period end | 0 | 0 | |||
Net book amount at end of period | 0 | ||||
Depreciation charge | 0 | (544,000,000) | |||
Information Systems And Software [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | 10,482,000,000 | ||||
Net book amount at beginning of period | 433,000,000 | 10,482,000,000 | |||
Additions | 115,000,000 | 797,000,000 | |||
Disposals | 0 | (182,000,000) | |||
Intangible assets, deconsolidation | (7,632,000,000) | ||||
Previsions | (40,000,000) | 0 | |||
Transfers | 0 | (3,000,000) | |||
Currency translation adjustment | (7,000,000) | (1,140,000,000) | |||
Balance at period end | 433,000,000 | 301,000,000 | |||
Net book amount at end of period | 301,000,000 | ||||
Depreciation charge | (200,000,000) | (1,889,000,000) | |||
Goodwill [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | 14,339,000,000 | ||||
Net book amount at beginning of period | 633,000,000 | 14,339,000,000 | |||
Additions | 0 | 0 | |||
Disposals | (6,000,000) | 0 | |||
Intangible assets, deconsolidation | 0 | (13,904,000,000) | |||
Impairment | 0 | (66) | |||
Transfers | 0 | 0 | |||
Currency translation adjustment | (22,000,000) | 264,000,000 | |||
Balance at period end | 605,000,000 | ||||
Depreciation charge | 0 | 0 | |||
Net book amount at end of period | 605,000,000 | 0 | |||
Contracts And Others [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | 3,836,000,000 | 13,771,000,000 | |||
Net book amount at beginning of period | 3,836,000,000 | 13,771,000,000 | |||
Additions | 38,000,000 | 2,794,000,000 | |||
Disposals | (471,000,000) | 0 | |||
Intangible assets, deconsolidation | 0 | (10,439,000,000) | |||
Transfers | 0 | 0 | |||
Currency translation adjustment | 0 | (981,000,000) | |||
Balance at period end | 3,836,000,000 | 3,376,000,000 | |||
Net book amount at end of period | $ 3,376,000,000 | ||||
Depreciation charge | (27,000,000) | (1,309,000,000) | |||
Accumulated Depreciation [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | (2,125,000,000) | (2,484,000,000) | |||
Balance at the period beginning | (2,125,000,000) | (85,226,000,000) | |||
Accumulated Depreciation [Member] | Trademarks [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 0 | 0 | |||
Balance at the period beginning | 0 | (1,648,000,000) | |||
Accumulated Depreciation [Member] | Licenses [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 0 | 0 | |||
Balance at the period beginning | 0 | (18,714,000,000) | |||
Accumulated Depreciation [Member] | Customer Relations [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 0 | 0 | |||
Balance at the period beginning | 0 | (32,213,000,000) | |||
Accumulated Depreciation [Member] | Information Systems And Software [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 1,266,000,000 | (1,482,000,000) | |||
Balance at the period beginning | (1,266,000,000) | (15,426,000,000) | |||
Accumulated Depreciation [Member] | Goodwill [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 0 | 0 | |||
Balance at the period beginning | 0 | 0 | |||
Accumulated Depreciation [Member] | Contracts And Others [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | (859,000,000) | (1,002,000,000) | |||
Balance at the period beginning | (859,000,000) | (17,225,000,000) | |||
Costs [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 4,282,000,000 | 6,766,000,000 | |||
Balance at the period beginning | 7,027,000,000 | 154,662,000,000 | |||
Costs [Member] | Trademarks [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 0 | 0 | |||
Balance at the period beginning | 0 | 20,435,000,000 | |||
Costs [Member] | Licenses [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 0 | 0 | |||
Balance at the period beginning | 0 | 24,674,000,000 | |||
Costs [Member] | Customer Relations [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | 0 | 0 | |||
Balance at the period beginning | 0 | 38,310,000,000 | |||
Costs [Member] | Information Systems And Software [Member] | |||||
Statement [Line Items] | |||||
Balance at period end | (1,699,000,000) | 1,783,000,000 | |||
Balance at the period beginning | 1,699,000,000 | 25,908,000,000 | |||
Costs [Member] | Goodwill [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | 633,000,000 | 14,339,000,000 | |||
Balance at period end | 633,000,000 | 605,000,000 | |||
Costs [Member] | Contracts And Others [Member] | |||||
Statement [Line Items] | |||||
Balance at the period beginning | $ 4,695,000,000 | $ 30,996,000,000 | |||
Balance at period end | $ 4,902,000,000 | $ 4,378,000,000 |
Intangible assets (Details Narr
Intangible assets (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Costs [Member] | ||
Statement [Line Items] | ||
Amortization charge | $ 53 | $ 84 |
General And Administrative Expenses [Member] | ||
Statement [Line Items] | ||
Amortization charge | 173 | 128 |
Selling Expenses [Member] | ||
Statement [Line Items] | ||
Amortization charge | $ 1 | 2 |
Discontinued opertions [Member] | ||
Statement [Line Items] | ||
Amortization charge | $ 3,710 |
Rights of use of assets (Detail
Rights of use of assets (Details) $ in Millions, $ in Millions | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) |
Statement [Line Items] | ||||
Non-current | $ 6,796 | $ 6,981 | ||
Right-of-use assets | 6,796 | $ 6,981 | ||
Total | 6,796 | 6,981 | ||
Machinery And Equipment [member] | ||||
Statement [Line Items] | ||||
Right-of-use assets | 77 | 102 | ||
Others [Member] | ||||
Statement [Line Items] | ||||
Right-of-use assets | 1,303 | 1,379 | ||
Farmland [Member] | ||||
Statement [Line Items] | ||||
Right-of-use assets | $ 5,399 | 5,482 | ||
Shopping Malls, Offices And Other Buildings [Member] | ||||
Statement [Line Items] | ||||
Right-of-use assets | $ 17 | $ 18 |
Rights of use of assets (Deta_2
Rights of use of assets (Details 1) $ in Millions | 12 Months Ended | 24 Months Ended | ||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2021 ARS ($) | |
Rights of use of assets (Details) | ||||||
Balance at the period beginning | $ 6,981,000,000 | $ 54,009,000,000 | ||||
Addition | 2,170,000,000 | 4,282,000,000 | ||||
Disposals | 0 | (138,000,000) | ||||
Previsions | 0 | (125,000,000) | ||||
Depreciation charges | (2,231,000,000) | (2,881,000,000) | ||||
Currency translation adjustment | (650,000,000) | (6,574,000,000) | ||||
Deconsolidation | $ 0 | $ (7,727) | $ (156,877) | $ (697,472,000,000) | ||
Valorization | $ 526,000,000 | 802,000,000 | ||||
Balance at the period ending | $ 6,796 | $ 6,981,000,000 | $ 6,981,000,000 |
Rights of use of assets (Deta_3
Rights of use of assets (Details 2) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 2,231 | $ 2,881 |
Machinery And Equipment [member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | 54 | 57 |
Farmland [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | 2,037 | 2,645 |
Shopping Malls, Offices And Other Buildings [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 1 | $ 2 |
Rights of use of assets (Deta_4
Rights of use of assets (Details 3) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Rights of use of assets (Details) | ||
Right-of-use interests | $ 292 | $ 421 |
Results from short-term leases | (67) | (102) |
Results from variable leases not recognized as lease liabilities | $ (423) | $ (638) |
Rights of use of assets (Deta_5
Rights of use of assets (Details 4) | 1 Months Ended | 12 Months Ended |
Jul. 22, 2022 | Jun. 30, 2022 | |
Statement [Line Items] | ||
Average discount rate | 25% | |
Agricultural Business [Member] | ||
Statement [Line Items] | ||
Average discount rate | 5.80% | |
Maturity date | 2022-2050 | |
Urban Properties And Investment Business [Member] | ||
Statement [Line Items] | ||
Average discount rate | 10.61% | |
Maturity date | 2023-2041 |
Rights of use of assets (Deta_6
Rights of use of assets (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 2,231 | $ 2,881 |
Discontinued Operations [Member] | ||
Statement [Line Items] | ||
Depreciation charge of right-of-use assets | $ 112 |
Biological assets (Details)
Biological assets (Details) | 12 Months Ended | ||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | |
Statement [Line Items] | |||||
As of beginning of period | $ 16,341,000,000 | $ 11,161,000,000 | $ 11,161,000,000 | ||
Transfers | 0 | 0 | |||
Purchases | 1,739,000,000 | 894,000,000 | |||
Initial recognition and changes in the fair value of biological assets | 18,368,000,000 | 23,703,000,000 | |||
Decrease due to harvest | 46,598,000,000 | 47,023,000,000 | |||
Sales | (3,092,000,000) | (3,908,000,000) | |||
Consumptions | (26,000,000) | (30,000,000) | |||
Costs for the year | 30,741,000,000 | 31,797,000,000 | |||
Foreign exchange gain / (loss) | (2,191,000,000) | (253,000,000) | |||
As of end of period | 15,282,000,000 | 16,341,000,000 | $ 11,161,000,000 | $ 11,161,000,000 | |
Non-current (Production) | 6,070,000,000 | 5,325,000,000 | 4,331,000,000 | ||
Current (Consumable) | 9,212,000,000 | 11,016,000,000 | 6,830,000,000 | ||
Level 1 [Member] | Agricultural Business [Member] | Others [Member] | |||||
Statement [Line Items] | |||||
As of beginning of period | 72,000,000 | 79,000,000 | 79,000,000 | ||
Transfers | 0 | 0 | |||
Purchases | 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 | (12,000,000) | (14,000,000) | |||
Costs for the year | 3,000,000 | 7,000,000 | |||
Foreign exchange gain / (loss) | 0 | 0 | |||
As of end of period | 63,000,000 | 72,000,000 | 79,000,000 | 79,000,000 | |
Non-current (Production) | 63,000,000 | 72,000,000 | 79,000,000 | ||
Current (Consumable) | 0 | 0 | 0 | ||
Breeding Cattle And Cattle For Sale [Member] | Agricultural Business 1 [Member] | Level 2 [Member] | |||||
Statement [Line Items] | |||||
As of beginning of period | 6,004,000,000 | 5,242,000,000 | 5,242,000,000 | ||
Transfers | 0 | 0 | |||
Purchases | 1,734,000,000 | 883,000,000 | |||
Initial recognition and changes in the fair value of biological assets | (300,000,000) | 1,128,000,000 | |||
Decrease due to harvest | 0 | 0 | |||
Sales | (3,082,000,000) | (3,903,000,000) | |||
Consumptions | (14,000,000) | (16,000,000) | |||
Costs for the year | 2,689,000,000 | 2,686,000,000 | |||
Foreign exchange gain / (loss) | (447,000,000) | (16,000,000) | |||
As of end of period | 6,584,000,000 | 6,004,000,000 | 5,242,000,000 | 5,242,000,000 | |
Non-current (Production) | 5,900,000,000 | 5,161,000,000 | 4,186,000,000 | ||
Current (Consumable) | 684,000,000 | 843,000,000 | 1,056,000,000 | ||
Other Cattle [Member] | Level 2 [Member] | Agricultural Business [Member] | |||||
Statement [Line Items] | |||||
As of beginning of period | 100,000,000 | 71,000,000 | 71,000,000 | ||
Transfers | 0 | 0 | |||
Purchases | 5,000,000 | 11,000,000 | |||
Initial recognition and changes in the fair value of biological assets | 23,000,000 | 23,000,000 | |||
Decrease due to harvest | 0 | 0 | |||
Sales | (10,000,000) | (5,000,000) | |||
Consumptions | 0 | 0 | |||
Costs for the year | 0 | 0 | |||
Foreign exchange gain / (loss) | 0 | 0 | |||
As of end of period | 118,000,000 | 100,000,000 | 71,000,000 | 71,000,000 | |
Non-current (Production) | 107,000,000 | 92,000,000 | 66,000,000 | ||
Current (Consumable) | 11,000,000 | 8,000,000 | 5,000,000 | ||
Sown Land-crops [Member] | Level 1 [Member] | Agricultural Business [Member] | |||||
Statement [Line Items] | |||||
As of beginning of period | 152,000,000 | 598,000,000 | 598,000,000 | ||
Transfers | (464,000,000) | (1,054,000,000) | |||
Purchases | 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 | 0 | 0 | |||
Costs for the year | 2,629,000,000 | 734,000,000 | |||
Foreign exchange gain / (loss) | (464,000,000) | (126,000,000) | |||
As of end of period | 1,853,000,000 | 152,000,000 | 598,000,000 | 598,000,000 | |
Non-current (Production) | 0 | 0 | 0 | ||
Current (Consumable) | 1,853,000,000 | 152,000,000 | 598,000,000 | ||
Sown Land-crops [Member] | Level 3 [Member] | Agricultural Business [Member] | |||||
Statement [Line Items] | |||||
As of beginning of period | 6,202,000,000 | 2,637,000,000 | 2,637,000,000 | ||
Transfers | 464,000,000 | 1,054,000,000 | |||
Purchases | 0 | 0 | |||
Initial recognition and changes in the fair value of biological assets | 12,359,000,000 | 18,215,000,000 | |||
Decrease due to harvest | 35,801,000,000 | 38,575,000,000 | |||
Sales | 0 | 0 | |||
Consumptions | 0 | 0 | |||
Costs for the year | 19,504,000,000 | 23,018,000,000 | |||
Foreign exchange gain / (loss) | (173,000,000) | (147,000,000) | |||
As of end of period | 2,555,000,000 | 6,202,000,000 | 2,637,000,000 | 2,637,000,000 | |
Non-current (Production) | 0 | 0 | 0 | ||
Current (Consumable) | 2,555,000,000 | 6,202,000,000 | 2,637,000,000 | ||
Sugarcane Fields [Member] | Level 3 [Member] | Agricultural Business [Member] | |||||
Statement [Line Items] | |||||
As of beginning of period | 3,811,000,000 | 2,534,000,000 | $ 2,534,000,000 | ||
Transfers | 0 | 0 | |||
Purchases | 0 | 0 | |||
Initial recognition and changes in the fair value of biological assets | 6,286,000,000 | 4,337,000,000 | |||
Decrease due to harvest | 10,797,000,000 | 8,448,000,000 | |||
Sales | 0 | 0 | |||
Consumptions | 0 | 0 | |||
Costs for the year | 5,916,000,000 | 5,352,000,000 | |||
Foreign exchange gain / (loss) | (1,107,000,000) | 36,000,000 | |||
As of end of period | 4,109,000,000 | 3,811,000,000 | $ 2,534,000,000 | 2,534,000,000 | |
Non-current (Production) | 0 | 0 | 0 | ||
Current (Consumable) | $ 4,109,000,000 | $ 3,811,000,000 | $ 2,534,000,000 |
Biological assets (Details 1)
Biological assets (Details 1) | 12 Months Ended | ||
Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) | |
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] | Brazil [Member] | |||
Statement [Line Items] | |||
Increase yields | $ 427,000,000 | $ 567 | |
Increase future of sale prices | 160,000,000 | 290 | |
Increase operating cost | (214,000,000) | (362) | |
Decrease yields | (427,000,000) | (567) | |
Decrease future of sale prices | (160,000,000) | (290) | |
Decrease operating cost | 214,000,000 | 362 | |
Sown Land-crops [Member] | Level 3 [Member] | Discounted Cash Flows [Member] | Argentina [Member] | |||
Statement [Line Items] | |||
Increase yields | 266,000,000 | 425,000,000 | |
Increase future of sale prices | 335,000,000 | 534,000,000 | |
Increase operating cost | (129,000,000) | (193,000,000) | |
Decrease yields | (266,000,000) | (425,000,000) | |
Decrease future of sale prices | (335,000,000) | (534,000,000) | |
Decrease operating cost | $ 129,000,000 | 193,000,000 | |
Sown Land-crops [Member] | Level 3 [Member] | Bottom Of Range [Member] | Discounted Cash Flows [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] | Bottom Of Range [Member] | Discounted Cash Flows [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] | Top Of Range [Member] | Discounted Cash Flows [Member] | Brazil [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 5.55 | ||
Future of sale prices | $ / shares | $ 4,344 | ||
Operating cost | $ 1,633,000,000 | ||
Sown Land-crops [Member] | Level 3 [Member] | Top Of Range [Member] | Discounted Cash Flows [Member] | Argentina [Member] | |||
Statement [Line Items] | |||
Yields | $ / shares | $ 12.59 | ||
Future of sale prices | $ / shares | $ 98,040 | ||
Operating cost | $ 46,152,000,000 | ||
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 | $ 6,312 | ||
Increase yields | $ 1,177,000,000 | 1,564,000,000 | |
Increase future of sale prices | 647,000,000 | 879,000,000 | |
Increase operating cost | (766,000,000) | (1,035,000,000) | |
Decrease yields | (1,177,000,000) | (1,564,000,000) | |
Decrease future of sale prices | (647,000,000) | (879,000,000) | |
Decrease operating cost | $ 766,000,000 | $ 1,035,000,000 | |
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 ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Point of harvest amount | $ 47,019 | $ 47,023 |
Initial recognition and changes in fair value of biological assets | (277) | 1,151 |
Amount attributable to price changes | 267 | 2,063 |
Amount attributable to physical changes | $ (544) | $ (912) |
Percentage change in the biological assets measured at level 3 | 10% |
Inventories (Details)
Inventories (Details) - ARS ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Statement [Line Items] | ||
Inventories | $ 13,421,000,000 | $ 17,523,000,000 |
Crops [Member] | ||
Statement [Line Items] | ||
Inventories | 6,177,000,000 | 11,684,000,000 |
Materials And Supplies [Member] | ||
Statement [Line Items] | ||
Inventories | 6,952,000,000 | 5,839,000,000 |
Sugarcane [Member] | ||
Statement [Line Items] | ||
Inventories | 292 | 0 |
Agricultural Inventories [Member] | ||
Statement [Line Items] | ||
Inventories | 13,421,000,000 | 17,523,000,000 |
Total Inventories [Member] | ||
Statement [Line Items] | ||
Inventories | $ 13,421,000,000 | $ 17,523,000,000 |
Inventories (Details Narrative)
Inventories (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Cost of inventories recognized as expense amounted | $ 48,271 | $ 37,003 |
Financial instruments by cate_3
Financial instruments by category (Details) - ARS ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Borrowings [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | $ 141,431,000,000 | $ 194,594,000,000 |
Financial liabilities at amortized cost (i) | 141,431,000,000 | 194,594,000,000 |
Total | 141,431,000,000 | 194,594,000,000 |
Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 34,109,000,000 | 38,471,000,000 |
Subtotal financial assets | 38,473,000,000 | 40,925,000,000 |
Non-financial assets | 10,662,000,000 | 15,546,000,000 |
Total | 49,135,000,000 | 56,471,000,000 |
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 | 1,546,000,000 | 1,825,000,000 |
Non-financial assets | 0 | 0 |
Total | 1,546,000,000 | 1,825,000,000 |
Bonds 1 [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 1,769,000,000 | 1,345,000,000 |
Non-financial assets | 0 | 0 |
Total | 1,769,000,000 | 1,345,000,000 |
Mutual Funds [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 16,128,000,000 | 62,000,000 |
Non-financial assets | 0 | 0 |
Total | 16,128,000,000 | 62,000,000 |
Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 114,000,000 | 180,000,000 |
Subtotal financial assets | 499,000,000 | 1,252,000,000 |
Non-financial assets | 0 | 0 |
Total | 499,000,000 | 1,252,000,000 |
Crops Options Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 304,000,000 | 293,000,000 |
Non-financial assets | 0 | 0 |
Total | 304,000,000 | 293,000,000 |
Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | 280,000,000 | 425,000,000 |
Total | 280,000,000 | 425,000,000 |
Foreign Currency Options Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 70,000,000 | 80,000,000 |
Non-financial assets | 0 | 0 |
Total | 70,000,000 | 80,000,000 |
Foreign Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Total | 163,000,000 | 52,000,000 |
Subtotal financial liabilities | 163,000,000 | 52,000,000 |
Foreign Currency Future Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 264,000,000 | 515,000,000 |
Non-financial assets | 0 | 0 |
Total | 264,000,000 | 515,000,000 |
Foreign Currency Future Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Total | 139,000,000 | 20,000,000 |
Subtotal financial liabilities | 139,000,000 | 20,000,000 |
Short-term Bank In Deposits [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 16,649,000,000 | 34,463,000,000 |
Non-financial assets | 0 | 0 |
Total | 16,649,000,000 | 34,463,000,000 |
Crops Future Contracts [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | 0 |
Subtotal financial assets | 2,227,000,000 | 253,000,000 |
Non-financial assets | 0 | 0 |
Total | 2,227,000,000 | 253,000,000 |
Restricted Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 466,000,000 | 331,000,000 |
Subtotal financial assets | 466,000,000 | 331,000,000 |
Non-financial assets | 0 | 0 |
Total | 466,000,000 | 331,000,000 |
Cash at bank and on hand [Member] | Cash And Cash Equivalents [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 18,262,000,000 | 10,680,000,000 |
Subtotal financial assets | 18,262,000,000 | 10,680,000,000 |
Non-financial assets | 0 | 0 |
Total | 18,262,000,000 | 10,680,000,000 |
Swaps [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost (i) | 0 | |
Subtotal financial assets | 20,000,000 | |
Non-financial assets | 0 | |
Total | 20,000,000 | |
Swaps [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | 55,000,000 | 177,000,000 |
Total | 55,000,000 | 177,000,000 |
Trade And Other Payables [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | 24,853,000,000 | 25,363,000,000 |
Financial liabilities at amortized cost (i) | 24,853,000,000 | 25,363,000,000 |
Non-financial liabilities | 10,667,000,000 | 10,443,000,000 |
Total | 35,520,000,000 | 35,806,000,000 |
Crops Futures Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Subtotal financial liabilities | 484,000,000 | 1,176,000,000 |
Financial liabilities at amortized cost (i) | 3,000,000 | |
Total | 484,000,000 | 1,176,000,000 |
Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 20,000,000 |
Financial liabilities at fair value through profit or loss | 119,000,000 | 251,000,000 |
Level 2 [Member] | Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Level 2 [Member] | Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 103,000,000 | 156,000,000 |
Level 2 [Member] | Swaps [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 20,000,000 | |
Financial liabilities at fair value through profit or loss | 16,000,000 | 95,000,000 |
Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 43,706,000,000 | 42,283,000,000 |
Financial liabilities at fair value through profit or loss | 999,000,000 | 1,599,000,000 |
Level 1 [Member] | Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 4,364,000,000 | 2,454,000,000 |
Level 1 [Member] | Equity securities in public companies [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 1,546,000,000 | 1,825,000,000 |
Level 1 [Member] | Bonds 1 [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 1,769,000,000 | 1,345,000,000 |
Level 1 [Member] | Mutual Funds [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 16,128,000,000 | 62,000,000 |
Level 1 [Member] | Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 385,000,000 | 993,000,000 |
Level 1 [Member] | Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 304,000,000 | 293,000,000 |
Financial liabilities at fair value through profit or loss | 177,000,000 | 269,000,000 |
Level 1 [Member] | Foreign Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 70,000,000 | 80,000,000 |
Financial liabilities at fair value through profit or loss | 163,000,000 | 52,000,000 |
Level 1 [Member] | Foreign Currency Future Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 264,000,000 | 515,000,000 |
Financial liabilities at fair value through profit or loss | 139,000,000 | 20,000,000 |
Level 1 [Member] | Short-term Bank In Deposits [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 16,649,000,000 | 34,463,000,000 |
Level 1 [Member] | Crops Future Contracts [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 2,227,000,000 | 253,000,000 |
Financial liabilities at fair value through profit or loss | 481,000,000 | 1,176,000,000 |
Level 1 [Member] | Swaps [Member] | Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 82,000,000 | |
Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 79,000,000 |
Financial liabilities at fair value through profit or loss | 0 | 0 |
Level 3 [Member] | Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | $ 0 | 0 |
Level 3 [Member] | Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | $ 79,000,000 |
Financial instruments by cate_4
Financial instruments by category (Details 1) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Gross amounts recognized, Financial assets | $ 41,776 | $ 45,758 |
Gross amounts offset, Financial assets | (3,303) | (4,833) |
Net amount presented, Financial assets | 38,473 | 40,925 |
Trade And Other Payables [Member] | ||
Statement [Line Items] | ||
Gross amounts recognized, Financial liabilities | 28,156 | 30,196 |
Gross amounts offset, Financial liabilities | (3,303) | (4,833) |
Net amount presented, Financial liabilities | $ 24,853 | $ 25,363 |
Financial instruments by cate_5
Financial instruments by category (Details 2) $ in Millions, $ in Millions | 12 Months Ended | ||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | |
Statement [Line Items] | |||||
Interest income | $ 1,286 | $ 1,075 | $ 721 | ||
Interest earned on operating assets | 1,429 | 5,059 | 3,183 | ||
Interest expenses | (14,067) | (23,297) | (23,786) | ||
Foreign exchange, net | 29,449 | 17,192 | (24,906) | ||
Dividends income | 2 | 2 | 33 | ||
Fair value gains financial assets at fair value through profit or loss | 5,906 | 16,543 | 2,347 | ||
Gain (Loss) from repurchase of Non-convertible Notes | $ 1,456 | (41) | 226 | ||
Gain (loss) on financial instruments derived from commodities | (2,358) | (7,463) | 1,081 | ||
Loss from derivative financial instruments, net | (1,440) | (782) | (3,429) | ||
Other financial cost | 1,068 | 2,222 | 1,609 | ||
Net result | 20,595 | 6,066 | (46,139) | ||
Financial Assets And Liabilities At Amortised Cost Category [Member] | |||||
Statement [Line Items] | |||||
Interest income | 1,286 | 1,075 | 721 | ||
Interest earned on operating assets | 1,429 | 5,059 | 3,183 | ||
Interest expenses | (14,067) | (23,297) | (23,786) | ||
Foreign exchange, net | 29,449 | 17,192 | (24,906) | ||
Dividends income | 2 | 2 | 33 | ||
Gain (Loss) from repurchase of Non-convertible Notes | 1,456 | (41) | 226 | ||
Other financial cost | $ 1,068 | $ 2,222 | 1,609 | ||
Net result | 18,487 | (2,232) | (46,138) | ||
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 | 5,906 | 16,543 | 2,347 | ||
Gain (loss) on financial instruments derived from commodities | (2,358) | (7,463) | 1,081 | ||
Loss from derivative financial instruments, net | (1,440) | (782) | (3,429) | ||
Net result | $ 2,108 | $ 8,298 | $ (1) |
Financial instruments by cate_6
Financial instruments by category (Details 3) $ in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 USD ($) | |
Statement [Line Items] | |||
Balance | $ 79 | $ 8,035 | |
Currency translation adjustment | $ (8) | (7) | |
Write off | (96) | (7,964) | |
Gains and losses recognized in the year | 25 | 15 | |
Ending Balance | 0 | 79 | |
Investments In Financial Assets [Member] | Others Investment In Financial Assets [Member] | |||
Statement [Line Items] | |||
Balance | 79 | 571 | |
Currency translation adjustment | (8) | (7) | |
Write off | (96) | (500) | |
Gains and losses recognized in the year | 25 | 15 | |
Ending Balance | 0 | 79 | |
Investments In Financial Assets [Member] | Private companies securities [member] | |||
Statement [Line Items] | |||
Balance | 0 | 7,164 | |
Currency translation adjustment | 0 | 0 | |
Write off | 0 | (7,164) | |
Gains and losses recognized in the year | 0 | 0 | |
Ending Balance | 0 | 0 | |
Investments In Financial Assets [Member] | Warrant [member] | |||
Statement [Line Items] | |||
Balance | 0 | 349 | |
Currency translation adjustment | 0 | 0 | |
Write off | 0 | (349) | |
Gains and losses recognized in the year | 0 | 0 | |
Ending Balance | 0 | 0 | |
Derivative Financial Instruments [Member] | Forwards [Member] | |||
Statement [Line Items] | |||
Balance | 0 | (49) | |
Currency translation adjustment | 0 | 0 | |
Write off | $ 0 | 49 | |
Gains and losses recognized in the year | 0 | 0 | |
Ending Balance | $ 0 | $ 0 |
Financial instruments by cate_7
Financial instruments by category (Details 4) - Derivative financial instruments Forwards [Member] | 12 Months Ended |
Jun. 30, 2022 | |
Level 3 [Member] | |
Statement [Line Items] | |
Parameters | Underlying asset price and volatility |
Level 2 [Member] | |
Statement [Line Items] | |
Description | Derivative financial instruments - Swaps |
Parameters | Underlying asset price and volatility |
Trade and other receivables (De
Trade and other receivables (Details) | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) |
Trade and other receivables | ||||
Trade, leases and services receivable | $ 31,231,000,000 | $ 34,677,000,000 | ||
Less: allowance for doubtful accounts | 1,026,000,000 | 1,638,000,000 | ||
Total trade receivables | 30,205 | $ 33,039 | ||
Prepayments | 5,934,000,000 | 8,056,000,000 | ||
Loan, deposits, and others | 4,766,000,000 | 5,967,000,000 | ||
Contributions pending integration | $ 25 | 16 | ||
Guarantee deposits | 1,000,000 | 2,000,000 | ||
Tax receivables | 2,960,000,000 | 4,177,000,000 | ||
Others | 4,218,000,000 | 3,576,000,000 | ||
Total other receivables | 17,904 | 21,794 | ||
Total trade and other receivables | 48,109 | 54,833 | ||
Non-current | 14,793,000,000 | 17,571,000,000 | ||
Current | 33,316,000,000 | $ 37,262,000,000 | ||
Total | $ 48,109 | $ 54,833 |
Trade and other receivables (_2
Trade and other receivables (Details 1) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | |
Trade and other receivables | |||
Beginning of the year | $ 1,638,000,000 | $ 9,484,000,000 | |
Additions | 276,000,000 | 1,415,000,000 | |
Recoveries | (283,000,000) | (1,053,000,000) | |
Currency translation adjustment | 61,000,000 | 216,000,000 | |
Deconsolidation | 0 | (7,615,000,000) | |
Utilization | (12,000,000) | (46,000,000) | |
Inflation adjustment | (654,000,000) | (643,000,000) | |
Transfer to assets held for sale | $ 0 | (120,000,000) | |
End of the year | $ 1,026 | $ 1,638,000,000 |
Trade and other receivables (_3
Trade and other receivables (Details 2) $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | |
Total [Member] | ||||
Statement [Line Items] | ||||
Percentage of representation | 100% | 100% | 100% | 100% |
Total | $ 31,231,000,000 | $ 34,677,000,000 | ||
Non-past Due [Member] | ||||
Statement [Line Items] | ||||
Total | 6,917,000,000 | 9,265,000,000 | ||
Allowance [Member] | ||||
Statement [Line Items] | ||||
Total | 1,026,000,000 | 1,638,000,000 | ||
Up To 3 Months [Member] | ||||
Statement [Line Items] | ||||
Total | 1,996,000,000 | 1,834,000,000 | ||
From 3 To 6 Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 254,000,000 | 602,000,000 | ||
Over 6 Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 727 | $ 1,112,000,000 | ||
Non Pastdue [Member] | ||||
Statement [Line Items] | ||||
Total | $ 27,228 | $ 29,491 | ||
Lease And Services [Member] | ||||
Statement [Line Items] | ||||
Percentage of representation | 34.60% | 34.60% | 41.49% | 41.49% |
Total | $ 10,812,000,000 | $ 14,389,000,000 | ||
Lease And Services [Member] | Allowance [Member] | ||||
Statement [Line Items] | ||||
Total | 978,000,000 | 1,576,000,000 | ||
Lease And Services [Member] | Up To 3 Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 1,956,000,000 | $ 1,834 | ||
Lease And Services [Member] | From 3 To 6 Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 254 | $ 602 | ||
Lease And Services [Member] | Over 6 Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 707 | $ 1,112,000,000 | ||
Sale of Properties and Developments [Member] | ||||
Statement [Line Items] | ||||
Percentage of representation | 44.70% | 44.70% | 42.19% | 42.19% |
Total | $ 13,958,000,000 | $ 14,631,000,000 | ||
Sale of Properties and Developments [Member] | Non-past Due [Member] | ||||
Statement [Line Items] | ||||
Total | $ 13,898 | 14,631,000,000 | ||
Sale of Properties and Developments [Member] | Allowance [Member] | ||||
Statement [Line Items] | ||||
Total | $ 0 | 0 | ||
Sale of Properties and Developments [Member] | Up To 3 Months [Member] | ||||
Statement [Line Items] | ||||
Total | 40 | 0 | ||
Sale of Properties and Developments [Member] | From 3 To 6 Months [Member] | ||||
Statement [Line Items] | ||||
Total | 0 | 0 | ||
Sale of Properties and Developments [Member] | Over Six Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 20 | $ 0 | ||
Agricultural Products [Member] | ||||
Statement [Line Items] | ||||
Percentage of representation | 20.70% | 20.70% | 16.31% | 16.31% |
Total | $ 6,461,000,000 | $ 5,657,000,000 | ||
Agricultural Products [Member] | Non-past Due [Member] | ||||
Statement [Line Items] | ||||
Total | 6,413,000,000 | 5,595,000,000 | ||
Agricultural Products [Member] | Allowance [Member] | ||||
Statement [Line Items] | ||||
Total | $ 48,000,000 | 62,000,000 | ||
Agricultural Products [Member] | Up To 3 Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 0 | 0 | ||
Agricultural Products [Member] | From 3 To 6 Months [Member] | ||||
Statement [Line Items] | ||||
Total | 0 | 0 | ||
Agricultural Products [Member] | Over 6 Months [Member] | ||||
Statement [Line Items] | ||||
Total | $ 0 | $ 0 |
Cash flow information (Details)
Cash flow information (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Changes in operating assets and liabilities: | |||
Book value of investment property assets | $ 2,215,000,000 | $ 2,832,000,000 | |
Financial results, net | 21,943,000,000 | 10,177,000,000 | $ (50,397,000,000) |
Cash Flow Information [Member] | |||
Changes in operating assets and liabilities: | |||
(Loss) / Profit for the period | 63,000,000,000 | (40,179,000,000) | 49,265,000,000 |
Profit from discontinued operations | 0 | 13,540,000,000 | 6,831,000,000 |
Income tax | 1,977,000,000 | 45,817,000,000 | 19,593,000,000 |
Amortization and depreciation | 4,787,000,000 | 5,661,000,000 | 4,833,000,000 |
Book value of investment property assets | (16,583,000,000) | 3,683,000,000 | (83,697,000,000) |
Changes in the fair value of investments in financial assets | 0 | 0 | 2,527,000,000 |
Gain/ (loss) from disposal of subsidiary and associates | 0 | (61) | 0 |
Disposal of property, plant and equipment | (8) | (10) | 0 |
Financial results, net | (27,130,000,000) | (7,407,000,000) | 45,707,000,000 |
Provisions and allowances | 6,315,000,000 | 810,000,000 | 2,415,000,000 |
Share of loss / (profit) of associates and joint ventures | 195,000,000 | 7,273,000,000 | (18,136,000,000) |
Loss from repurchase of Non-convertible Notes | (1,456,000,000) | 41,000,000 | 3 |
Gain from valuation at fair value of financial assets with changes in results | (1,857,000,000) | (7,953) | 0 |
Changes in net realizable value of agricultural products after harvest | 1,998,000,000 | 967,000,000 | (1,617,000,000) |
Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest | (18,680,000,000) | (20,188,000,000) | (8,184,000,000) |
Unrealized gain from derivative financial instruments | 0 | 940,000,000 | 89,000,000 |
Other operating results | 0 | 551,000,000 | 646,000,000 |
Gain from disposal of farmlands | (5,505,000,000) | (2,148,000,000) | (2,065,000,000) |
Incentive Plan granted | 0 | 77 | 0 |
(Increase)/ Decrease in inventories | 206,000,000 | (7,607,000,000) | 1,810,000,000 |
Increase in trading properties | 89,000,000 | (46,000,000) | (971,000,000) |
Decrease in biological assets | 19,726,000,000 | 14,780,000,000 | 12,331,000,000 |
Increase in restricted assets | 0 | 0 | (2,870) |
Decrease in trade and other receivables | 4,578,000,000 | 6,861,000,000 | 13,206,000,000 |
Increase / (Decrease) in trade and other payables | (6,623,000,000) | 1,071,000,000 | (7,182,000,000) |
Decrease in salaries and social security liabilities | 76,000,000 | (528,000,000) | (894,000,000) |
Decrease in provisions | (288,000,000) | (254,000,000) | (1,441,000,000) |
(Decrease)/ Increase in lease liabilities | (1,905,000,000) | (2,681,000,000) | 146 |
Net variation in derivative financial instruments | 122,000,000 | (3,273,000,000) | 269,000,000 |
Increase in right of use | 0 | (82,000,000) | (2,593) |
Net cash generated by continuing operating activities before income tax paid | 23,034,000,000 | 9,655,000,000 | 30,021,000,000 |
Net cash generated by discontinued operating activities before income tax paid | 0 | 5,395,000,000 | 59,595,000,000 |
Net cash generated by operating activities before income tax paid | $ 23,034,000,000 | $ 15,050,000,000 | $ 89,616,000,000 |
Cash flow information (Details
Cash flow information (Details 1) - ARS ($) | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | |||
Income tax credit | $ 35,000,000 | $ 94,000,000 | |
Business Combination Reclassification [member] | |||
Statement [Line Items] | |||
Income tax credit | 0 | 699 | $ 0 |
Investment properties | 0 | 192,757,000,000 | 383,250,000,000 |
Property, plant and equipment | 0 | 78,694,000,000 | (19,153,000,000) |
Trading properties | 0 | 12,610,000,000 | 382 |
Intangible assets | 0 | 59,929,000,000 | 7,960,000,000 |
Right-of-use assets | 0 | 42,394,000,000 | (9,795) |
Investments in associates and joint ventures | 0 | 79,438,000,000 | 6,200,000,000 |
Biological Assets | 0 | 0 | (182) |
Deferred income tax assets | 0 | 931,000,000 | 3,000,000 |
Restricted assets | 0 | 13,775,000,000 | 526,000,000 |
Trade and other receivables | 0 | 115,924,000,000 | (21,349,000,000) |
Investment in financial assets | 0 | 51,889,000,000 | 33,359,000,000 |
Derivative financial instruments | 0 | 603 | 0 |
Inventories | 0 | 7,727,000,000 | (5,344,000,000) |
Group of assets held for sale | 0 | 90,236 | 0 |
Borrowings | 0 | (697,452,000,000) | (214,322,000,000) |
Lease liabilities | 0 | (38,857,000,000) | 5,116 |
Deferred income tax liabilities | 0 | 26,665,000,000 | 48,970,000,000 |
Trade and other payables | 0 | (50,426,000,000) | 5,462,000,000 |
Income tax liabilities | 0 | (977,000,000) | (244,000,000) |
Provisions | 0 | (11,635,000,000) | 113,000,000 |
Employee benefits | 0 | (1,023,000,000) | 264,000,000 |
Derivative financial instrument | 0 | (1,023,000,000) | (92,000,000) |
Salaries and social security liabilities | 0 | (7,260,000,000) | 172,000,000 |
Group of liabilities held for sale | 0 | (47,235) | 0 |
Net value of incorporated assets that do not affect cash | 0 | (134,947,000,000) | 123,356,000,000 |
Cash and cash equivalents | 0 | (238,316,000,000) | (10,820,000,000) |
Non-controlling interest | 0 | (102,520,000,000) | 124,986,000,000 |
Goodwill | 0 | 0 | 854,000,000 |
Net value of incorporated assets/ disposal assets | 0 | (475,783,000,000) | 238,376,000,000 |
Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale | $ 0 | $ (475,783,000,000) | $ 238,376,000,000 |
Cash flow information (Detail_2
Cash flow information (Details 2) | 12 Months Ended | ||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | |
Dividends not collected | $ 0 | $ 0 | $ (987,000,000) | ||
Increase/ (Decrease) in participation in subsidiaries, associates and joint ventures due to currency translation adjustment | 8,847,000,000 | 5,854,000,000 | (3,855,000,000) | ||
Increase in other reserves through an increase in investments in associates and joint ventures | 170,000,000 | 9,693 | 0 | ||
Increase in intangible assets through a decrease in investment in associates | 0 | 1,340 | 0 | ||
Decrease in property, plant and equipment through an increase in tax credits and liabilities | 0 | 754 | 0 | ||
Increase in property, plant and equipment through a decrease in investment property | 0 | 3,639 | 0 | ||
Decrease in property, plant and equipment through an increase in equity | 913,000,000 | 394 | 0 | ||
Decrease trade and other receivables through a decrease in lease liabilities | 3,000,000 | 30 | 0 | ||
Increase in financial instruments through a decrease in trade and other receivables with related parties | 0 | 71 | 0 | ||
Increase in trading properties through an increase in borrowings | 0 | 100,000,000 | 30,000,000 | ||
Dividends in shares distribution | 0 | 1,192,000,000 | 1,451 | ||
Increase in investment properties through an increase in borrowings | 0 | $ 667,000,000 | 200,000,000 | ||
Increase in rights of use assets through an increase in lease liabilities | 985,000,000 | 3,304,000,000 | 19,929 | ||
Increase in property, plant and equipment through an increase in trade and other payables | 0 | 0 | 1,820,000,000 | ||
Increase in trading properties through a decrease in investment properties | 3,139 | 0 | 0 | ||
Increase in investment properties through an increase in trade and other payables | 185 | 0 | 1,751,000,000 | ||
Cancellation of non-convertible notes in portfolio | 8,563 | 0 | $ 0 | ||
Decrease in investment properties through an increase in property, plant and equipment | 4,958 | 0 | 0 | ||
Decrease in property, plant and equipment through an increase in investment properties | 1,159 | 0 | 0 | ||
Distribution of dividends to non-controlling shareholders? pending payment | 0 | 0 | 4,337,000,000 | ||
Decrease in associates and joint ventures through an increase in assets held for sale | 0 | 0 | 5,101 | ||
Increase in participation in subsidiaries, associates and joint ventures due to an increase in the reserve share-based payments | 70 | 0 | (10) | ||
Decrease in borrowings through a decrease in financial assets | 0 | 0 | 6,044 | ||
Increase in investment properties through a decrease in financial assets | 0 | 0 | 685 | ||
Increase in intangible assets through an increase in trade and other payables | 12 | 0 | 1,217 | ||
Increase in investment in associates through loss of control in subsidiaries | 0 | 0 | 3,286 | ||
Acquisition of investment properties through a decrease in trade and other receivables | 0 | 0 | 69,000,000 | ||
Inssuance of non-convertible notes | 10,264 | 0 | 52 | ||
Increase in investment in associates through a decrease in investments in financial assets | 865 | 0 | 2,104 | ||
Increase in investments in financial assets through a decrease in investment properties | 0 | 0 | 2,925 | ||
Increase in rights of use assets through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) | 0 | 0 | 34,787 | ||
Increase in intangible assets through an increase in payroll and social security liabilities | 26 | 0 | 0 | ||
Decrease in equity through an increase in deferred income tax liabilities | 374 | 0 | 0 | ||
Decrease in borrowings through a decrease in trade and other receivables | 441 | 0 | 0 | ||
Increase in investment in associates and joint ventures through an decrease in investments in financial assets | 45 | 0 | 0 | ||
Increase in dividends receivables through a decrease in investment in associates and join ventures | 17 | 0 | 0 | ||
Capital contributions from non-controlling interest in subsidiaries through a decrease in borrowings | 4 | 0 | 0 | ||
Capital contributions from non-controlling interest in subsidiaries through an increase in trade and other receivables | 5,000,000 | $ 0 | $ 0 | ||
Decrease in property, plant and equipment through an increase in trade and other receivables | $ 16,000,000 | $ 0 | $ 0 |
Shareholders Equity (Details Na
Shareholders Equity (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 13, 2019 | Mar. 05, 2021 $ / shares shares | Feb. 17, 2021 $ / shares | Jun. 26, 2019 | Mar. 14, 2019 $ / shares | Mar. 14, 2019 ARS ($) | Mar. 13, 2019 | Dec. 05, 2018 ARS ($) | Jun. 30, 2022 ARS ($) shares | Jun. 30, 2019 | Jun. 30, 2021 $ / shares | Feb. 17, 2021 ARS ($) shares | Jun. 30, 2020 | Oct. 30, 2019 $ / shares | Oct. 30, 2019 ARS ($) | Dec. 05, 2018 $ / shares | Jun. 30, 2018 ARS ($) | |
Statement [Line Items] | |||||||||||||||||
Reserve | $ | $ 993,000,000 | ||||||||||||||||
Ordinary share capital | 10% | 2.59% | 10% | ||||||||||||||
Average volume | 25% | 25% | |||||||||||||||
Profit of legal reserve, percentage | 5% | ||||||||||||||||
Total capital of legal reserve, percentage | 20% | ||||||||||||||||
Net capital, percentage | 2.66% | ||||||||||||||||
Top Range [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Common shares, per share | $ / shares | $ 15.50 | $ 15.50 | |||||||||||||||
Ordinary shares [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ordinary share | $ | $ 1,000,000 | ||||||||||||||||
Common shares, per share | $ / shares | $ 0.1794105273 | $ 1 | $ 0.26 | ||||||||||||||
Public offering shares | 90,000,000 | ||||||||||||||||
Common shares issued | 90,000,000 | 90,000,000 | |||||||||||||||
Pre-emptive right amount, new shares | 87,264,898 | ||||||||||||||||
Shares offered percentage | 97% | ||||||||||||||||
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 | 26,017,220 | ||||||||||||||||
Shares were issued, new | 2,735,102 | ||||||||||||||||
Exercise acquire new shares | 90,000,000 | ||||||||||||||||
Exercise price per shares | $ / shares | $ 0.566 | ||||||||||||||||
Maturity of shares | 5 years | ||||||||||||||||
Funds recieved of shares | $ | $ 7,612,000,000 | ||||||||||||||||
Increasing capital stock 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 common shares representing 99.96% of the approved program and 1.34% of Cresud's share capital which correspond to 3,824,035 common shares for a total of ARS 244 and 288,843 ADRs (representative of 2,888,430 common 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 common shares for a total of ARS 74 and 529,900 ADRs (representing 5,299,000 common shares) for a total of USD 6.5 (equivalent to ARS 354) | the Company acquired 3,211,786 common shares (NPV $ 1 per share) for a total of ARS 198.36 and 1,433,874 ADRs (representing 14,338,740 common 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 | ||||||||||||||||
Description of treasury shares | The number of shares distributed was 13,000,000, which constitutes 0.026 shares per common 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 |
Trade and other payables (Detai
Trade and other payables (Details) $ in Millions, $ in Millions | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) |
Trade payables | $ 14,818 | $ 15,383 | ||
Advances from sales, leases and services | 5,363 | 5,802 | ||
Accrued invoices | 2,319 | 4,921 | ||
Deferred incomes | 96 | 0 | ||
Admission fees | 2,575 | 1,771 | ||
Deposits in guarantee | 67 | 148 | ||
Total trade payables | 25,238 | 28,025 | ||
Dividends payable to non-controlling shareholders | 1,691 | 1,507 | ||
Taxes payable | 2,632 | 2,865 | ||
Director's fees | 661 | 251 | ||
Management fees | $ 3,973 | $ 0 | ||
Others | 1,325 | 3,158 | ||
Total other payables | 10,282 | 7,781 | ||
Trade and other payables | 35,520 | 35,806 | ||
Non-current | 4,598 | 3,690 | ||
Current | 30,922 | 32,116 | ||
Total | $ 35,520 | $ 35,806 |
Provisions (Details)
Provisions (Details) | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | |
Statement [Line Items] | ||||
Beginning balance | $ 886 | $ 13,630 | ||
Additions | $ 604,000,000 | 652,000,000 | ||
Transfers | (3) | $ (38) | ||
Inflation adjustment | (213,000,000) | (436,000,000) | ||
Used during the year | (304,000,000) | (288,000,000) | ||
Deconsolidation (see Note 4) | (11,635) | |||
Transfer to / of assets available for sales | 10 | |||
Currency translation adjustment | (8,000,000) | (1,251,000,000) | ||
Ending balance | 720 | 886 | ||
Legal Claims [Member] | ||||
Statement [Line Items] | ||||
Beginning balance | 863 | 6,221 | ||
Additions | 604,000,000 | 788,000,000 | ||
Transfers | (38,000,000) | (3,000,000) | ||
Inflation adjustment | (436,000,000) | (213,000,000) | ||
Used during the year | (273,000,000) | (238,000,000) | ||
Deconsolidation (see Note 4) | (5,072) | |||
Transfer to / of assets available for sales | 10 | |||
Currency translation adjustment | (8,000,000) | (630,000,000) | ||
Ending balance | 712 | 863 | ||
Investments In Associates And Joint Ventures [Member] | ||||
Statement [Line Items] | ||||
Beginning balance | 23 | 43 | ||
Additions | 0 | 0 | ||
Transfers | 0 | |||
Inflation adjustment | 0 | 0 | ||
Used during the year | (15) | (20,000,000) | ||
Deconsolidation (see Note 4) | 0 | |||
Transfer to / of assets available for sales | 0 | |||
Currency translation adjustment | 0 | 0 | ||
Ending balance | 8 | 23 | ||
Incorporated by business combination | 0 | |||
Site Dismantling And Remediation [Member] | ||||
Statement [Line Items] | ||||
Beginning balance | 0 | 1,102 | ||
Additions | 0 | 46 | ||
Transfers | 0 | 0 | ||
Inflation adjustment | 0 | 0 | ||
Used during the year | 0 | 0 | ||
Deconsolidation (see Note 4) | 0 | (1,071) | ||
Transfer to / of assets available for sales | 0 | |||
Currency translation adjustment | 0 | (77,000,000) | ||
Ending balance | 0 | 0 | ||
Other Provisions [Member] | ||||
Statement [Line Items] | ||||
Beginning balance | 0 | 6,264 | ||
Additions | 0 | 182 | ||
Transfers | 0 | 0 | ||
Used during the year | 0 | (46,000,000) | ||
Deconsolidation (see Note 4) | $ (5,492) | |||
Currency translation adjustment | $ 0 | (544,000,000) | ||
Ending balance | $ 0 | $ 0 |
Provisions (Details 1)
Provisions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Provisions | ||
Non-current | $ 511 | $ 638 |
Current | 209 | 248 |
Provisions amount | $ 720 | $ 886 |
Provisions (Details Narrative)
Provisions (Details Narrative) | 12 Months Ended |
Jun. 30, 2022 | |
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, garnishment have been processed within the framework of file 726737/20 and in relation to executive order 815/20, for the sum of ARS 42.5 million, in the framework of file 739946/21 and in relation to executive order 395/21, for the sum of ARS 44.7 million, in the framework of file 742573/21 and in relation to executive order 396/21, for the sum of ARS 45.5 million, in the framework of file 739937/21 and in relation to executive order 397/21, for the sum of ARS 69.2 million, and within the framework of file 740034/21 and in relation to executive order 398/21, for the sum of ARS 58.4 million In this regard, and based on the executive orders issued by the Government of Salta and in accordance with what was reported by our external advisory lawyers, the contingency is estimated in the amount of ARS 284.5 million |
Borrowings (Details)
Borrowings (Details) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Statement [Line Items] | ||
Total non-current borrowings | $ 46,164 | $ 120,089 |
Borrowings | 95,267 | 74,505 |
Total borrowings | 141,431 | 194,594 |
NCN [Member] | ||
Statement [Line Items] | ||
Total borrowings | 113,830 | 146,397 |
Bank Loans And Others [Member] | ||
Statement [Line Items] | ||
Total borrowings | 11,998 | 29,896 |
Bank Overdrafts [Member] | ||
Statement [Line Items] | ||
Total borrowings | 13,968 | 15,270 |
Other Borrowings [Member] | ||
Statement [Line Items] | ||
Total borrowings | 1,635 | 3,031 |
At Book Value [Member] | ||
Statement [Line Items] | ||
Total borrowings | 141,431 | 194,594 |
At Fair Value [Member] | ||
Statement [Line Items] | ||
Total borrowings | 125,799 | 188,599 |
At Fair Value [Member] | NCN [Member] | ||
Statement [Line Items] | ||
Total borrowings | 98,198 | 140,402 |
At Fair Value [Member] | Bank Loans And Others [Member] | ||
Statement [Line Items] | ||
Total borrowings | 11,998 | 29,896 |
At Fair Value [Member] | Bank Overdrafts [Member] | ||
Statement [Line Items] | ||
Total borrowings | 13,968 | 15,270 |
At Fair Value [Member] | Other Borrowings [Member] | ||
Statement [Line Items] | ||
Total borrowings | $ 1,635 | $ 3,031 |
Borrowings (Details 1)
Borrowings (Details 1) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Statement [Line Items] | ||
Principal | $ 138,114 | $ 190,690 |
Do not accrue interest | 3,317 | 3,904 |
Total Borrowings | 141,431 | 194,594 |
Less than 1 year [Member] | ||
Statement [Line Items] | ||
Do not accrue interest | 3,181 | 3,542 |
Principal | 92,086 | 70,963 |
Between 1 and 2 years [Member] | ||
Statement [Line Items] | ||
Do not accrue interest | 0 | 198 |
Principal | 24,817 | 92,290 |
Between 2 and 3 years [Member] | ||
Statement [Line Items] | ||
Do not accrue interest | 63 | 21 |
Principal | 16,532 | 21,529 |
Between 3 And 4 Years [Member] | ||
Statement [Line Items] | ||
Do not accrue interest | 9 | 74 |
Principal | 1,625 | 2,971 |
Between 4 And 5 Years [Member] | ||
Statement [Line Items] | ||
Do not accrue interest | 64 | 10 |
Principal | 1,675 | 2,796 |
More Than Five 5 [Member] | ||
Statement [Line Items] | ||
Do not accrue interest | 0 | 59 |
Principal | $ 1,379 | $ 141 |
Borrowings (Details 2)
Borrowings (Details 2) $ in Millions, $ in Millions | 12 Months Ended | 24 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2021 ARS ($) | |
Borrowings | |||||
Balance at the beginning of the year, Beginning | $ 194,594 | $ 1,031,529 | |||
Borrowings | 31,004 | 93,534 | |||
Payment of borrowings | (45,286) | (153,450) | |||
Collection / (Payment) of short term loans, net | 2,319 | 13,381 | |||
Interests paid | (16,178) | (33,680) | |||
Accrued interests | 13,067 | 27,162 | |||
Currency translation adjustment and exchange differences, net | 32,074 | (72,302) | |||
Deconsolidation | $ 0 | $ (7,727) | $ (156,877) | (697,472) | |
Capitalized finance costs | 0 | $ 0 | $ 0 | $ 30 | 767 |
Inflation adjustment | (69,598) | (15,141) | |||
Reclassifications and other movements | (565) | 266 | |||
Balance at the end of the year, Ending | $ 141,431 | $ 194,594 |
Borrowings (Details 3)
Borrowings (Details 3) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Fixed rate: | ||
Fixed rate, Argentine Peso | $ 24,579 | $ 29,617 |
Fixed rate, Brazilian Reais | 2,025 | 9,209 |
Fixed rate, US Dollar | 106,059 | 140,078 |
Subtotal fixed-rate borrowings | 132,663 | 178,904 |
Floating rate: | ||
Floating rate, Argentine Peso | 418 | 336 |
Floating rate, Brazilian Reais | 8,101 | 11,699 |
Floating rate, US Dollar | 249 | 3,655 |
Subtotal floating rate borrowings | 8,768 | 15,690 |
Total borrowings | 141,431 | 194,594 |
Uruguayan Peso [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 0 | 0 |
Fixed rate, Brazilian Reais | 0 | 0 |
Fixed rate, US Dollar | 953 | 1,172 |
Subtotal fixed-rate borrowings | 953 | 1,172 |
Floating rate: | ||
Floating rate, Argentine Peso | 0 | 0 |
Floating rate, Brazilian Reais | 0 | 0 |
Floating rate, US Dollar | 0 | 0 |
Subtotal floating rate borrowings | 0 | 0 |
Total borrowings | 953 | 1,172 |
US Dollar [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 0 | 0 |
Fixed rate, Brazilian Reais | 0 | 0 |
Fixed rate, US Dollar | 0 | 82 |
Subtotal fixed-rate borrowings | 0 | 82 |
Floating rate: | ||
Floating rate, Argentine Peso | 0 | 0 |
Floating rate, Brazilian Reais | 0 | 0 |
Floating rate, US Dollar | 0 | 331 |
Subtotal floating rate borrowings | 0 | 331 |
Total borrowings | 0 | 413 |
Argentine Peso [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 24,579 | 29,617 |
Fixed rate, Brazilian Reais | 0 | 0 |
Fixed rate, US Dollar | 104,449 | 138,744 |
Subtotal fixed-rate borrowings | 129,028 | 168,361 |
Floating rate: | ||
Floating rate, Argentine Peso | 418 | 336 |
Floating rate, Brazilian Reais | 0 | 0 |
Floating rate, US Dollar | 249 | 3,324 |
Subtotal floating rate borrowings | 667 | 3,660 |
Total borrowings | 129,695 | 172,021 |
Brazilian Reais [Member] | ||
Fixed rate: | ||
Fixed rate, Argentine Peso | 0 | 0 |
Fixed rate, Brazilian Reais | 2,025 | 9,209 |
Fixed rate, US Dollar | 657 | 80 |
Subtotal fixed-rate borrowings | 2,682 | 9,289 |
Floating rate: | ||
Floating rate, Argentine Peso | 0 | 0 |
Floating rate, Brazilian Reais | 8,101 | 11,699 |
Floating rate, US Dollar | 0 | 0 |
Subtotal floating rate borrowings | 8,101 | 11,699 |
Total borrowings | $ 10,783 | $ 20,988 |
Borrowings (Details 4)
Borrowings (Details 4) $ in Thousands, R$ in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 BRL (R$) | Jun. 30, 2022 CLP ($) | |
Brasilagro [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | may-21 | ||
Amount in original currency | R$ | R$ 240 | ||
Interest rate | 5.3658% | 5.3658% | 5.3658% |
Principal payment | 50% April 2027 y 50% April 2028 | ||
Interest payment | Annual | ||
Maturity date | Apr. 12, 2028 | ||
Class | n/a | ||
Class IV [Member] | IRSA [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | mar-21 | ||
Amount in original currency | $ 15,810 | ||
Interest rate | 10% | 10% | 10% |
Principal payment | At expiration | ||
Interest payment | Biannual | ||
Maturity date | Mar. 01, 2024 | ||
Class | Series XI | ||
Class [Member] | Cresud [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | feb-18 | ||
Maturity date | Feb. 16, 2023 | ||
Amount in original currency | $ 113,200 | ||
Interest rate | 6.50% | 6.50% | 6.50% |
Principal payment | At expiration | ||
Interest payment | Biannual | ||
Class | Series XXVI | ||
Class One [Member] | Cresud 1 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | aug-20 | ||
Maturity date | Aug. 31, 2023 | ||
Amount in original currency | $ 25,000 | ||
Interest rate | 2% | 2% | 2% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Series XXX | ||
Class Two [Member] | Cresud 2 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Amount in original currency | $ 30,800 | ||
Interest rate | 9% | 9% | 9% |
Principal payment | Annual payments since 2021 | ||
Interest payment | Quarterly | ||
Class | Series XXXI | ||
Maturity date | Nov. 12, 2023 | ||
Class Three [Member] | Cresud 3 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Amount in original currency | $ 34,300 | ||
Interest rate | 9% | 9% | 9% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Class | Series XXXII | ||
Maturity date | Nov. 12, 2022 | ||
Class Seven [Member] | Cresud 7 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | feb-22 | ||
Amount in original currency | $ 35,700 | ||
Interest rate | 2% | 2% | 2% |
Principal payment | At expiration | ||
Interest payment | Annual payments since 2023 | ||
Class | Series XXXVI | ||
Maturity date | Jun. 30, 2024 | ||
Class Six [Member] | Cresud 6 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | sep-21 | ||
Amount in original currency | $ 35,700 | ||
Interest rate | 3.50% | 3.50% | 3.50% |
Principal payment | Annual payments since 2023 | ||
Interest payment | Biannual | ||
Maturity date | Jun. 30, 2024 | ||
Class | Series XXXV | ||
Class II [Member] | IRSA [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Amount in original currency | $ 31.7 | ||
Interest rate | 10% | 10% | 10% |
Principal payment | 33% in November 21, 33% in November 22, 34% in November 23 | ||
Interest payment | Quarterly | ||
Maturity date | Nov. 12, 2023 | ||
Class | Series VIII | ||
Class I [Member] | IRSA [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Amount in original currency | $ 3,100 | ||
Interest rate | 5% | 5% | 5% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Maturity date | Mar. 01, 2023 | ||
Class | Series I | ||
Cass VI [Member] | IRSA [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | aug-21 | ||
Amount in original currency | $ 58,100 | ||
Interest rate | 3.90% | 3.90% | 3.90% |
Principal payment | Biannual | ||
Interest payment | Quarterly | ||
Maturity date | Aug. 26, 2024 | ||
Class | Series XIII | ||
Class Four [Member] | Cresud 4 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | jul-21 | ||
Amount in original currency | $ 18,800 | ||
Interest rate | 6.99% | 6.99% | 6.99% |
Principal payment | Annual payments since 2022 | ||
Interest payment | Biannual | ||
Class | Series XXXIII | ||
Maturity date | Jul. 06, 2024 | ||
Class Five [Member] | Cresud 5 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | jun-21 | ||
Amount in original currency | $ 35,700 | ||
Interest rate | 6.99% | 6.99% | 6.99% |
Principal payment | Annual payments since 2022 | ||
Interest payment | Biannual | ||
Class | Series XXXIV | ||
Maturity date | Jun. 30, 2024 | ||
Class Eight [Member] | Cresud 8 [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | jun-22 | ||
Amount in original currency | $ 24,400 | ||
Interest rate | 5.50% | 5.50% | 5.50% |
Principal payment | At expiration | ||
Interest payment | Biannual | ||
Maturity date | Jun. 30, 2024 | ||
FyO [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | oct-21 | ||
Amount in original currency | $ 12,300 | ||
Interest rate | 0% | 0% | 0% |
Principal payment | Biannual | ||
Interest payment | n/a | ||
Class | Series I | ||
Maturity date | Oct. 22, 2023 | ||
Class V [Member] | IRSA [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | mar-21 | ||
Amount in original currency | $ 53,780 | ||
Interest rate | 4% | 4% | 4% |
Principal payment | At expiration | ||
Interest payment | Biannual | ||
Maturity date | Mar. 31, 2024 | ||
Class | Series XII | ||
Class III [Member] | IRSA [Member] | |||
Statement [Line Items] | |||
Issuance / expansion date | nov-20 | ||
Amount in original currency | $ 80,700 | ||
Interest rate | 10% | 10% | 10% |
Principal payment | At expiration | ||
Interest payment | Quarterly | ||
Maturity date | Mar. 01, 2023 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) $ in Thousands, $ in Millions | 1 Months Ended | |||||||||
Mar. 13, 2024 | Nov. 10, 2021 | Sep. 13, 2021 | Jun. 15, 2022 | Feb. 18, 2022 USD ($) | Oct. 22, 2021 USD ($) | Aug. 26, 2021 USD ($) | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 15, 2021 USD ($) | |
Issuance of IRSA Non-convertible Notes [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Fixed interest rate | 3.90% | |||||||||
Non-convertible notes | $ 5,810 | |||||||||
Description of instalments of note payable | 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. August 26, 2024. Price of issuance was 100.0% of the nominal value. | |||||||||
Series I Issued by FyO [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Issuance of first bond | $ 1,230 | |||||||||
Issue price | 100% | |||||||||
Series XXXV NonConvertible Notes Member | ||||||||||
Statement [Line Items] | ||||||||||
First instalment | 25% | |||||||||
Second instalment | 25% | |||||||||
Issue price | 100% | |||||||||
Third instalment | 50% | |||||||||
Series XXIX Non-convertible Notes Redemption Member | ||||||||||
Statement [Line Items] | ||||||||||
Redemption Price | 100% | |||||||||
Series XXXVI Non Convertible Notes [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Issued negotiable obligations | $ 4,060 | |||||||||
Fixed interest rate | 2% | |||||||||
Maturity date | 182025 years | |||||||||
Issue price | 100% | |||||||||
Series XXXVII Non-convertible Notes [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Fixed interest rate | 5.50% | |||||||||
Issue price | $ 24,400 | |||||||||
Share capital | ||||||||||
Statement [Line Items] | ||||||||||
Borrowings include collateralized liabilities | $ 14,537 | $ 33,946,000 |
Income tax (Details)
Income tax (Details) $ in Millions | Jun. 30, 2022 USD ($) | Jun. 30, 2022 ARS ($) |
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% | 25% |
On the surplus of | $ 0 | |
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% | 30% |
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% | 35% |
On the surplus of | $ 50,000,000 |
Income tax (Details 1)
Income tax (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Current income tax | $ (18,362) | $ (3,160) | $ (1,830) |
Deferred income tax | 16,385 | (42,657) | (17,431) |
MPIT | 0 | 0 | (332) |
Income tax | $ (1,977) | $ (45,817) | $ (19,593) |
Income tax (Details 2)
Income tax (Details 2) | 12 Months Ended |
Jun. 30, 2022 | |
Bolivia [Member] | |
Statement [Line Items] | |
Income tax rate | 25% |
Uruguay State [Member] | Bottom of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 0% |
Uruguay State [Member] | Top Of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 25% |
Brazil [Member] | Top Of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 34% |
Brazil [Member] | Bottom Of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 25% |
Argentina [Member] | Top Of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 35% |
Argentina [Member] | Bottom Of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 25% |
U.S. [Member] | Top of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 40% |
U.S. [Member] | Bottom of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 0% |
Israel | Top Of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 24% |
Israel | Bottom Of Range [Member] | |
Statement [Line Items] | |
Income tax rate | 23% |
Bermudas [Member] | |
Statement [Line Items] | |
Income tax rate | 0% |
Income tax (Details 3)
Income tax (Details 3) | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2020 ARS ($) | |
Tax calculated at the tax rates applicable to (loss)/ profit in the respective countries | $ (19,055,000,000) | $ (7,460,000,000) | $ (24,060,000,000) | |
Permanent differences: | ||||
Tax inflation adjustment | (16,495) | (20,253,000,000) | (10,062,000,000) | |
Share of profit / (loss) of associates and joint ventures | (242,000,000) | (2,124,000,000) | 2,458,000,000 | |
Result from sale of participation in subsidiaries | $ (328) | 185 | 0 | |
Unrecognized tax loss carry-forwards | 0 | (8,468,000,000) | (6,981,000,000) | |
Expiration of tax loss carry-forwards | 0 | 0 | (2,000,000) | |
Recognition of deferred taxes | 0 | 2,232 | 0 | |
Fiscal transparency | (1,269) | 579 | 0 | |
Provision for unrecoverability of tax loss carry-forwards | 9,565,000,000 | 0 | 0 | |
Change of tax rate | 0 | (23,463,000,000) | 7,100,000,000 | |
Non-taxable profit | (385) | (156) | 2,538,000,000 | |
Non-deductible expenses | 184,000,000 | (89) | 0 | |
Others | 418,000,000 | (89) | 0 | |
Inflation adjustment permanent difference | $ 25,630,000,000 | 13,289,000,000 | 9,416,000,000 | |
Income tax from continuing operations | $ (1,977) | $ (45,817) | $ (19,593) |
Income tax (Details 4)
Income tax (Details 4) $ in Millions, $ in Millions | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) |
Statement [Line Items] | |||
Deferred income tax assets | $ 5,398 | $ 9,808 | |
Deferred income tax liabilities | (121,581) | $ (143,845) | |
Total deferred income tax (liabilities) assets, net | (116,183) | $ (134,037) | |
Recovered After More Than 12 Months [Member] | |||
Statement [Line Items] | |||
Deferred income tax assets | 2,331 | 3,030 | |
Deferred income tax liabilities | (109,268) | (132,442) | |
Less than 1 year [Member] | |||
Statement [Line Items] | |||
Deferred income tax assets | 3,067 | 6,778 | |
Deferred income tax liabilities | $ (12,313) | $ (11,403) |
Income tax (Details 5)
Income tax (Details 5) | 12 Months Ended | ||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Statement [Line Items] | |||||
Currency translation adjustment | $ (4,123,000,000) | $ (11,179,000,000) | $ 18,340,000,000 | ||
Ending of the year | $ (116,183,000,000) | $ (134,037,000,000) | |||
Borrowings [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | 1,768,000,000 | (1,971,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | (1,597,000,000) | 1,540,000,000 | |||
Currency translation adjustment | 0 | (779) | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 2,978 | |||
Ending of the year | 171,000,000 | 1,768,000,000 | |||
Trade And Other Receivables [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (579,000,000) | (2,109,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | 3,000,000 | 1,530,000,000 | |||
Currency translation adjustment | 0 | 0 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 0 | |||
Ending of the year | (576,000,000) | (579,000,000) | |||
Investment Properties And Property, Plant And Equipment [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (107,423,000,000) | (133,427,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | 4,102,000,000 | (16,520,000,000) | |||
Currency translation adjustment | 2,467 | (3,591) | |||
Revaluation surplus | (374) | (618) | |||
Income tax, deconsolidation | 0 | 46,733,000,000 | |||
Ending of the year | (101,228,000,000) | (107,423,000,000) | |||
Investments [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (11,000,000) | (230,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | (40,000,000) | 221,000,000 | |||
Currency translation adjustment | 0 | (2) | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 0 | |||
Ending of the year | (51,000,000) | (11,000,000) | |||
Intangible Assets [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (123) | (123) | (5,895) | ||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | (557,000,000) | 275,000,000 | |||
Currency translation adjustment | 0 | (1,933) | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 7,430 | |||
Ending of the year | (680) | (123) | (123) | (5,895) | |
Tax inflation adjustment [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (30,668) | (30,668) | (15,454) | ||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | 15,957,000,000 | (15,214,000,000) | |||
Currency translation adjustment | 0 | 0 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 0 | |||
Ending of the year | (14,711) | (30,668) | (30,668) | (15,454) | |
Inventories [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (1,481,000,000) | (1,591,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | (183,000,000) | 195,000,000 | |||
Currency translation adjustment | 384 | (85) | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 0 | |||
Ending of the year | (1,481,000,000) | ||||
Ending of the year | (1,481,000,000) | (1,280,000,000) | |||
Subtotal Liabilities [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (143,845,000,000) | (160,777,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | 19,129,000,000 | (36,054,000,000) | |||
Currency translation adjustment | 3,509 | (6,203) | |||
Revaluation surplus | (374) | (618) | |||
Income tax, deconsolidation | 0 | 59,807,000,000 | |||
Ending of the year | (121,581,000,000) | (143,845,000,000) | |||
Tax Loss Carry-forwards [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | 4,890 | 4,890 | 23,477 | ||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | (2,271,000,000) | (7,722,000,000) | |||
Currency translation adjustment | (1,117) | 3,957 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | (14,822) | |||
Ending of the year | 1,502 | 4,890 | 4,890 | $ 23,477 | |
Subtotal Assets [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | 9,808,000,000 | 41,219,000,000 | |||
Business combinations and reclassification to other assets held for sale | 0 | 62,000,000 | |||
Charged to the Statement of Income | (2,744,000,000) | (6,150,000,000) | |||
Currency translation adjustment | (1,666) | 8,751 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | (34,074) | |||
Ending of the year | 5,398,000,000 | 9,808,000,000 | |||
Biological Assets [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (4,380,000,000) | (1,558,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | 1,021,000,000 | (3,009,000,000) | |||
Currency translation adjustment | 643 | 187 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 0 | |||
Ending of the year | (2,716,000,000) | (4,380,000,000) | |||
Others Liabilities [member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (948,000,000) | 1,458,000,000 | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | 423,000,000 | (5,072,000,000) | |||
Currency translation adjustment | 15 | 0 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | 2,666 | |||
Ending of the year | (510,000,000) | (948,000,000) | |||
Assets/ (Liabilities), Net [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | (134,037,000,000) | (119,558,000,000) | |||
Business combinations and reclassification to other assets held for sale | 0 | 62,000,000 | |||
Charged to the Statement of Income | 16,385,000,000 | (42,204,000,000) | |||
Currency translation adjustment | 1,843 | 2,548 | |||
Revaluation surplus | (374) | (618) | |||
Income tax, deconsolidation | 0 | 25,733,000,000 | |||
Ending of the year | (116,183,000,000) | (134,037,000,000) | |||
Trade And Other Payables [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | 1,290,000,000 | 13,210,000,000 | |||
Business combinations and reclassification to other assets held for sale | 0 | 0 | |||
Charged to the Statement of Income | 239,000,000 | (92,000,000) | |||
Currency translation adjustment | 0 | 3,949 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | 0 | (15,777) | |||
Ending of the year | 1,529,000,000 | 1,290,000,000 | |||
Others [Member] | |||||
Statement [Line Items] | |||||
Beginning of the year | 3,628 | 3,628 | 4,532,000,000 | ||
Business combinations and reclassification to other assets held for sale | 0 | 62,000,000 | |||
Charged to the Statement of Income | (712,000,000) | 1,664,000,000 | |||
Currency translation adjustment | (549) | 845 | |||
Revaluation surplus | 0 | 0 | |||
Income tax, deconsolidation | $ 0 | (3,475) | |||
Ending of the year | $ 2,367 | $ 3,628 | $ 3,628 |
Income tax (Details 6)
Income tax (Details 6) $ in Thousands | Jun. 30, 2022 ARS ($) |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | $ 4,955 |
Argentina [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 9,000 |
Brazil [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 3,036 |
Argentina 1 [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 130,000 |
Argentina 2 [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 261,000 |
Argentina 3 [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 441,000 |
Argentina 4 [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | 331,000 |
Argentina 5 [Member] | |
Statement [Line Items] | |
Total cumulative tax loss carry-forwards | $ 747,000 |
Income tax (Details Narrative)
Income tax (Details Narrative) $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 ARS ($) | |
Statement [Line Items] | ||||
Corporate income tax, percentage | 1% | 1% | ||
Accrued interest | $ 1,743 | |||
Tax Losses | $ 100,000,000 | $ 300,000,000 | ||
Deferred income tax assets (tax loss carry forwards) | $ 6,384 | $ 13,324 | ||
Top Range [Member] | ||||
Statement [Line Items] | ||||
Corporate income tax, percentage | 30% | 30% | ||
Argentina [Member] | ||||
Statement [Line Items] | ||||
Tax loss carry forwards expiration | 5 | 5 | ||
Bolivia [Member] | ||||
Statement [Line Items] | ||||
Tax loss carry forwards expiration | 3 | 3 | ||
Uruguay [Member] | ||||
Statement [Line Items] | ||||
Tax loss carry forwards expiration | 5 years | 5 years |
Leases (Details)
Leases (Details) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 8,173 | $ 5,936 | $ 25,208 |
More Than Five 5 [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 0 | 1,671 | 5,903 |
Later Than 1 Year And Not Later Than 5 Years [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 7,117 | 3,358 | 13,325 |
No Later than 1 year [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 1,056 | $ 907 | $ 5,980 |
Leases (Details 1)
Leases (Details 1) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Shopping Malls, Offices And Other Buildings [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 12,098 | $ 24,063 | $ 83,613 |
More Than Five 5 [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 1,394 | 3,717 | 26,288 |
Later Than 1 Year And Not Later Than 5 Years [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 7,738 | 13,565 | 54,342 |
No later than 1 year [Member] | |||
Statement [Line Items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 2,966 | $ 6,781 | $ 2,983 |
Leases (Details 2)
Leases (Details 2) - ARS ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | |||
Future aggregate minimum lease proceeds under non-cancellable operating leases | $ 405 | $ 664 | $ 664 |
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 | 421 | 364 |
No later than 1 year [Member] | |||
Statement [Line Items] | |||
Future aggregate minimum lease proceeds under non-cancellable operating leases | $ 148 | $ 243 | $ 300 |
Leases (Details 3)
Leases (Details 3) - ARS ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Contingent rent | $ 8,296 | $ 2,360 | $ 3,604 |
Leases (Details Narrative)
Leases (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | |||
Rent expense | $ 1,124 | $ 397 | $ 674 |
Anta Agreement [Member] | |||
Statement [Line Items] | |||
Rent expense | $ 213 | $ 257 | $ 254 |
Revenues (Details)
Revenues (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Crops | $ 37,153 | $ 26,172 | $ 28,912 |
Sugarcane | 10,454 | 8,607 | 7,827 |
Cattle | 3,721 | 4,664 | 3,266 |
Supplies | 6,319 | 3,504 | 2,575 |
Consignment | 2,030 | 1,597 | 1,468 |
Advertising and brokerage fees | 2,307 | 2,232 | 1,812 |
Agricultural rental and other services | 1,844 | 1,581 | 1,587 |
Income from sales and services from agricultural business | 63,828 | 48,357 | 47,447 |
Trading properties and developments | 505 | 1,679 | 1,796 |
Rental and services | 27,219 | 18,002 | 28,021 |
Hotel operations, tourism services and others | 4,298 | 1,509 | 4,980 |
Income from sales and services from urban properties and investment business | 32,022 | 21,190 | 34,797 |
Revenues | $ 95,850 | $ 69,547 | $ 82,244 |
Costs (Details)
Costs (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2020 ARS ($) | |
Statement [Line Items] | ||||
Crops | $ 37,153 | $ 26,172 | $ 28,912 | |
Sugarcane | 10,454 | 8,607 | 7,827 | |
Cattle | 3,721 | 4,664 | 3,266 | |
Supplies | 6,319 | 3,504 | 2,575 | |
Advertising and brokerage fees | 2,307 | 2,232 | 1,812 | |
At Cost [Member] | ||||
Statement [Line Items] | ||||
Other operative costs | 51 | 57 | 62 | |
Cost of property operations | 51 | 57 | 62 | |
Crops | 34,527 | 26,800 | 24,105 | |
Sugarcane | 9,655 | 7,478 | 7,371 | |
Cattle | 3,119 | 3,886 | 3,995 | |
Supplies | 4,455 | 2,726 | 2,062 | |
Consignment | 3,415 | 1,956 | 1,609 | |
Advertising and brokerage fees | $ 1,670 | 1,425 | 1,145 | |
Agricultural rental and other services | 759 | 397 | 674 | |
Cost of sales and services from agricultural business | 57,600 | 44,668 | 40,961 | |
Trading properties and developments | 469 | 1,753 | 1,686 | |
Rental and services | 9,192 | 7,269 | 9,862 | |
Hotel operations, tourism services and others | 2,473 | 1,732 | 3,060 | |
Cost of sales and services from sales and services from urban properties and investment business | $ 12,134 | 10,754 | 14,608 | |
Total costs | $ 69,785 | $ 55,479 | $ 55,631 |
Expenses by nature (Details)
Expenses by nature (Details) $ in Millions | 12 Months Ended | |||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) | |
Statement [Line Items] | ||||||
Leases, services charges and vacant property costs | $ 465,000,000 | $ 502,000,000 | $ 558,000,000 | |||
Depreciation and amortization | 4,787,000,000 | 5,661,000,000 | 4,833,000,000 | |||
Doubtful accounts | (7,000,000) | 362,000,000 | 882,000,000 | |||
Advertising, publicity and other selling expenses | $ 1,758 | 700,000,000 | 1,477,000,000 | |||
Taxes, rates and contributions | 4,239,000,000 | 3,814,000,000 | 4,162,000,000 | |||
Maintenance and repairs | 4,470,000,000 | 3,748,000,000 | 5,335,000,000 | |||
Fees and payments for services | 7,107,000,000 | 8,033,000,000 | 7,521,000,000 | |||
Director's fees | 1,822,000,000 | 2,074,000,000 | 1,500,000,000 | |||
Payroll and social security liabilities | 11,955,000,000 | 10,623,000,000 | 11,236,000,000 | |||
Cost of sale of goods and services | 7,429,000,000 | $ 5,657 | $ 2,401 | |||
Cost of sale of agricultural products and biological assets | 43,255,000,000 | 32,247 | 30,170,000,000 | |||
Supplies and labors | 24,068,000,000 | 24,303,000,000 | 23,058,000,000 | |||
Freights | 2,449,000,000 | 2,145,000,000 | 3,166,000,000 | |||
Commissions and bank charges | 194,000,000 | 182,000,000 | 235,000,000 | |||
Conditioning and clearance | 296,000,000 | 310 | 441,000,000 | |||
Travel, library expenses and stationery | 471,000,000 | 312,000,000 | 454,000,000 | |||
Interconnection and roaming expenses | 101 | 79,000,000 | 259,000,000 | |||
Others | 2,055,000,000 | 1,797,000,000 | 2,489,000,000 | |||
Total expenses by nature | 116,914,000,000 | 102,549,000,000 | 100,177,000,000 | |||
Costs [Member] | ||||||
Statement [Line Items] | ||||||
Leases, services charges and vacant property costs | 322,000,000 | 369,000,000 | 405,000,000 | |||
Depreciation and amortization | 760,000,000 | 840,000,000 | 994,000,000 | |||
Doubtful accounts | 0 | 0 | 220,000,000 | |||
Advertising, publicity and other selling expenses | 1,327,000,000 | 587,000,000 | 1,269,000,000 | |||
Taxes, rates and contributions | 1,144,000,000 | 884,000,000 | 1,154,000,000 | |||
Maintenance and repairs | 3,532,000,000 | 2,789,000,000 | 4,291,000,000 | |||
Fees and payments for services | 5,389,000,000 | 6,640,000,000 | 5,971,000,000 | |||
Director's fees | 0 | 0 | 0 | |||
Payroll and social security liabilities | 6,019,000,000 | 5,028,000,000 | 5,698,000,000 | |||
Cost of sale of goods and services | 7,429,000,000 | 5,657,000,000 | 2,401,000,000 | |||
Cost of sale of agricultural products and biological assets | 43,255,000,000 | 32,247,000,000 | 30,170,000,000 | |||
Supplies and labors | 280,000,000 | 233,000,000 | 2,381,000,000 | |||
Freights | 3,000,000 | 2,000,000 | 130,000,000 | |||
Commissions and bank charges | 11,000,000 | 8,000,000 | 15,000,000 | |||
Conditioning and clearance | 0 | 0 | 0 | |||
Travel, library expenses and stationery | 120,000,000 | 62,000,000 | 116,000,000 | |||
Interconnection and roaming expenses | 99,000,000 | 77,000,000 | 259,000,000 | |||
Others | 95,000,000 | 56,000,000 | 157,000,000 | |||
Total expenses by nature | 69,785,000,000 | 55,479,000,000 | 55,631,000,000 | |||
General And Administrative Expenses [Member] | ||||||
Statement [Line Items] | ||||||
Leases, services charges and vacant property costs | 120,000,000 | 85,000,000 | 80,000,000 | |||
Depreciation and amortization | 454,000,000 | 474,000,000 | 438,000,000 | |||
Doubtful accounts | 0 | 0 | 0 | |||
Advertising, publicity and other selling expenses | 0 | 0 | ||||
Taxes, rates and contributions | 284,000,000 | 275,000,000 | 285,000,000 | |||
Maintenance and repairs | 706,000,000 | 685,000,000 | 817,000,000 | |||
Fees and payments for services | 1,030,000,000 | 751,000,000 | 1,268,000,000 | |||
Director's fees | 1,822,000,000 | 2,074,000,000 | 1,500,000,000 | |||
Payroll and social security liabilities | 4,218,000,000 | 3,755,000,000 | 3,572,000,000 | |||
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 | 1,000,000 | 8,000,000 | 0 | |||
Commissions and bank charges | 182,000,000 | 172,000,000 | 220,000,000 | |||
Conditioning and clearance | 0 | 0 | 0 | |||
Travel, library expenses and stationery | 149,000,000 | 98,000,000 | 159,000,000 | |||
Interconnection and roaming expenses | 2,000,000 | 2,000,000 | 0 | |||
Others | 79,000,000 | 94,000,000 | 101,000,000 | |||
Total expenses by nature | 9,047,000,000 | 8,473,000,000 | 8,440,000,000 | |||
Production Costs [Member] | ||||||
Statement [Line Items] | ||||||
Leases, services charges and vacant property costs | 12,000,000 | 20,000,000 | 21,000,000 | |||
Depreciation and amortization | 3,552,000,000 | 4,295,000,000 | 3,380,000,000 | |||
Doubtful accounts | 0 | 0 | 0 | |||
Advertising, publicity and other selling expenses | 0 | 0 | 0 | |||
Taxes, rates and contributions | 75,000,000 | 100,000,000 | 112,000,000 | |||
Maintenance and repairs | 228,000,000 | 267,000,000 | 216,000,000 | |||
Fees and payments for services | 79,000,000 | 80,000,000 | 80,000,000 | |||
Director's fees | 0 | 0 | 0 | |||
Payroll and social security liabilities | 1,323,000,000 | 1,369,000,000 | 1,382,000,000 | |||
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 | 23,488,000,000 | 23,804,000,000 | 20,652,000,000 | |||
Freights | 167,000,000 | 189,000,000 | 193,000,000 | |||
Commissions and bank charges | 0 | 0 | 0 | |||
Conditioning and clearance | 0 | 0 | 0 | |||
Travel, library expenses and stationery | 147,000,000 | 118,000,000 | 120,000,000 | |||
Interconnection and roaming expenses | 0 | 0 | 0 | |||
Others | 1,670,000,000 | 1,555,000,000 | 1,997,000,000 | |||
Total expenses by nature | 30,741,000,000 | 31,797,000,000 | 28,153,000,000 | |||
Selling Expenses [Member] | ||||||
Statement [Line Items] | ||||||
Leases, services charges and vacant property costs | 11,000,000 | 28,000,000 | 52,000,000 | |||
Depreciation and amortization | 21,000,000 | 52,000,000 | 21,000,000 | |||
Doubtful accounts | (7,000,000) | 362,000,000 | 662,000,000 | |||
Advertising, publicity and other selling expenses | $ 431 | 113,000,000 | 208,000,000 | |||
Taxes, rates and contributions | 2,736,000,000 | 2,555,000,000 | 2,611,000,000 | |||
Maintenance and repairs | 4,000,000 | 7,000,000 | 11,000,000 | |||
Fees and payments for services | 609,000,000 | 562,000,000 | 202,000,000 | |||
Director's fees | 0 | 0 | 0 | |||
Payroll and social security liabilities | 395,000,000 | 471,000,000 | 584,000,000 | |||
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 | 300,000,000 | 266,000,000 | 25,000,000 | |||
Freights | 2,278,000,000 | 1,946,000,000 | 2,843,000,000 | |||
Commissions and bank charges | 1,000,000 | 2,000,000 | 0 | |||
Conditioning and clearance | 296,000,000 | 310,000,000 | 441,000,000 | |||
Travel, library expenses and stationery | 55,000,000 | 34,000,000 | 59,000,000 | |||
Interconnection and roaming expenses | 0 | $ 0 | 0 | |||
Others | 211,000,000 | 92,000,000 | 234,000,000 | |||
Total expenses by nature | $ 7,341,000,000 | $ 6,800,000,000 | $ 7,953,000,000 |
Other operating results net (De
Other operating results net (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Results from commodity derivative financial instruments | $ (2,358) | $ (7,463) | $ 1,081 |
Result from disposal of subsidiaries and associates | 0 | 141 | (15) |
Result from sale of property, plant and equipment | 8 | 16 | (2) |
Donations | (159) | (300) | (251) |
Lawsuits and other contingencies | (331) | (549) | (294) |
Interest and allowances generated by operating assets | 1,429 | 5,059 | 3,183 |
Administration fees | 39 | 18 | 43 |
Others | 607 | (664) | 355 |
Other operating results, net | $ (765) | $ (3,742) | $ 4,100 |
Financial results net (Details)
Financial results net (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financial income | |||
Interest income | $ 1,286 | $ 1,075 | $ 721 |
Dividends income | 2 | 2 | 33 |
Other financial income | 19 | 0 | 0 |
Total financial income | 1,307 | 1,077 | 754 |
Financial costs | |||
Interest expense | (14,067) | (23,297) | (23,786) |
Other financial costs | (1,508) | (2,102) | (1,609) |
Total financial costs | (15,575) | (25,399) | (25,395) |
Capitalized finance costs | 0 | 769 | 275 |
Total finance costs | (15,575) | (24,630) | (25,120) |
Other financial results: | |||
Foreign exchange, net | 29,449 | 17,192 | (24,906) |
Fair value gain/ (loss) of financial assets and liabilities at fair value through profit or loss | 5,906 | 16,543 | 2,347 |
(Loss)/ gain from repurchase of Non-convertible notes | 1,456 | (41) | 226 |
(Loss) / gain from derivative financial instruments (except commodities) | (1,440) | (782) | (3,429) |
Others | 440 | (120) | 0 |
Total other financial results | 35,811 | 32,792 | (25,762) |
Inflation adjustment | 400 | 938 | (269) |
Total financial results, net | $ 21,943 | $ 10,177 | $ (50,397) |
Earnings per share (Details)
Earnings per share (Details) - Basic [Member] $ / shares in Units, $ / shares in Units, shares in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||
Jun. 30, 2022 ARS ($) $ / shares shares | Jun. 30, 2021 ARS ($) shares | Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2020 ARS ($) shares | Jun. 30, 2020 USD ($) $ / shares shares | |
Statement [Line Items] | |||||
Profit/ (loss) for the year from continuing operations attributable to equity holders of the parent | $ | $ 37,088 | $ (12,592) | $ 17,106 | ||
(Loss)/ Profit for the year from discontinued operations attributable to equity holders of the parent | 0 | $ (8,019) | $ (7,428) | ||
Profit/ (loss) for the year attributable to equity holders of the parent | $ 37,088 | $ (20,611) | $ 9,678 | ||
Weighted average number of ordinary shares outstanding | shares | 590 | 527 | 527 | 499 | 499 |
Basic earnings per share | (per share) | $ 62.86 | $ 39.11 | $ 19.38 |
Earnings per share (Details 1)
Earnings per share (Details 1) - Diluted [Member] $ / shares in Units, shares in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 ARS ($) shares | Jun. 30, 2022 $ / shares | Jun. 30, 2020 USD ($) $ / shares shares | |
Statement [Line Items] | |||
Profit for the year from continuing operations attributable to equity holders of the parent | $ 37,088 | $ 17,106 | |
Profit for the year from discontinued operations attributable to equity holders of the parent | 0 | (7,428) | |
Profit for the year per share attributable to equity holders of the parent | $ 37,088 | $ 9,678 | |
Weighted average number of ordinary shares outstanding | shares | 695 | 515 | |
Diluted earnings per share | $ / shares | $ 53.36 | $ 18.80 |
Employee benefits and shareba_2
Employee benefits and sharebased payments (Details) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
At the beginning | 4,162,917 | 4,483,656 | 4,966,463 |
Granted | (297,807) | (320,739) | (482,807) |
At the end | 3,865,110 | 4,162,917 | 4,483,656 |
Employee benefits and shareba_3
Employee benefits and sharebased payments (Details Narrative) - ARS ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | |||
Shares granted - Corresponding to the Participants' Contributions | 300 | 530 | 790 |
IRSA [Member] | |||
Statement [Line Items] | |||
Fair value determined at the time of granting the plan after obtaining all the corresponding authorizations | $ 23.5 | ||
Defined contribution plan [member] | |||
Statement [Line Items] | |||
Contributions | $ 49 | $ 72 | |
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) $ in Millions, $ in Millions | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) |
Statement [Line Items] | |||
Total related party transactions | $ 8,125 | $ 5,050 | |
Total related party transactions | 8,125 | $ 5,050 | |
Trade And Other Receivable | |||
Statement [Line Items] | |||
Total related party transactions | 3,785 | (330) | |
Investments In Financial Asset [member] | |||
Statement [Line Items] | |||
Total related party transactions | 234 | 809 | |
Trade And Other Payable [Member] Brazilian Reais [Member] | |||
Statement [Line Items] | |||
Total related party transactions | 4,167 | 4,633 | |
Borrowings [Member] | |||
Statement [Line Items] | |||
Total related party transactions | $ (61) | $ (62) |
Related party transactions (D_2
Related party transactions (Details 1) | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) |
Statement [Line Items] | ||||
Total associates and joint ventures | $ 1,276,000,000 | $ 1,641,000,000 | ||
Total Direct Parent company | 269 | 0 | ||
Total other related parties | 6,632,000,000 | 3,562,000,000 | ||
Total Directors and Senior Management | (52,000,000) | (153,000,000) | ||
Total Related Parties | 8,125,000,000 | 5,050,000,000 | ||
Other payables | 10,282,000,000 | 7,781,000,000 | ||
Turismo Investment S.A. [Member] | ||||
Statement [Line Items] | ||||
Other receivables | 0 | 612 | ||
Condor Hospitality Trust Inc. [Member] | ||||
Statement [Line Items] | ||||
Public companies securities | 0 | 902,000,000 | ||
Loans granted | 0 | 469 | ||
Others | 0 | 79 | ||
Other receivables | 0 | 8 | ||
New Lipstick LLC [Member] | ||||
Statement [Line Items] | ||||
Reimbursement of expenses | 30,000,000 | 38,000,000 | ||
Other Associates And Joint Ventures [Member] | ||||
Statement [Line Items] | ||||
Loans granted | 246,000,000 | 131 | ||
Other receivables | 707,000,000 | 39 | ||
Leases and/or rights of use receivable | 7,000,000 | 10,000,000 | ||
Leases and/or rights of use pay | 0 | (21,000,000) | ||
Dividends receivables | $ 204 | $ 335 | ||
Contributions pending integration | 0 | (3) | ||
Other investments | 273 | 0 | ||
Non convertible notes | (63) | (172,000,000) | ||
Other liabilities | 0 | (120) | ||
Equity incentive plan receivable | 1 | 2 | ||
Borrowings | 61 | 59 | ||
Reimbursement of expenses | 1,000,000 | 3,000,000 | ||
Management fees receivable | 19 | 10 | ||
Other payables | 88 | 0 | ||
Lease liabilities | 0 | 10 | ||
Yad Levin [Member] | ||||
Statement [Line Items] | ||||
Loans granted | 2,209,000,000 | 2,638,000,000 | ||
Other Related Parties [Member] | ||||
Statement [Line Items] | ||||
Loans granted | 0 | 10 | ||
Other receivables | 436,000,000 | 278 | ||
Management Fees payable | (12) | (2,000,000) | ||
Non convertible notes | 24 | 0 | ||
Borrowings | 0 | 3 | ||
Other payables | 10 | $ 0 | ||
Reimbursement of expenses | 25,000,000 | 31,000,000 | ||
Legal services | 13 | 2 | ||
IFISA [Member] | ||||
Statement [Line Items] | ||||
Loans granted | $ 269 | 0 | ||
CAMSA And Its Subsidiaries [Member] | ||||
Statement [Line Items] | ||||
Management Fees payable | 3,973 | 0 | ||
Directors And Senior Management [Member] | ||||
Statement [Line Items] | ||||
Fees | (65,000,000) | (172,000,000) | ||
Advance receivables | $ 13 | $ 19 |
Related party transactions (D_3
Related party transactions (Details 2) | 12 Months Ended | |||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2020 ARS ($) | |
Statement [Line Items] | ||||
Total associates and joint ventures | $ 503,000,000 | $ 278,000,000 | $ (95,000,000) | |
Total other related parties | (4,121,000,000) | (48,000,000) | (595,000,000) | |
Total parent company | $ (6) | 13 | 13 | |
Total Directors and Senior Management | (1,488,000,000) | (1,651,000,000) | (1,117,000,000) | |
Total related party transaction 1 | (5,112,000,000) | (1,408,000,000) | (1,794,000,000) | |
Donations | (159,000,000) | (300,000,000) | (251,000,000) | |
BACS [Member] | ||||
Statement [Line Items] | ||||
Financial operations | 58 | 0 | (13) | |
Leases and/or rights of use | 0 | 128,000,000 | 126,000,000 | |
Other Associates And Joint Ventures [Member] | ||||
Statement [Line Items] | ||||
Corporate services | $ 31,000,000 | 0 | (323,000,000) | |
Financial operations | 379,000,000 | 153,000,000 | 92,000,000 | |
Leases and/or rights of use | 35,000,000 | (3,000,000) | 23,000,000 | |
Other Related Parties [Member] | ||||
Statement [Line Items] | ||||
Corporate services | 57 | 0 | 0 | |
Leases and/or rights of use | (9,000,000) | (11,000,000) | (10,000,000) | |
Fees and remunerations | 0 | 0 | (57,000,000) | |
Legal services | 0 | 11,000,000 | 10,000,000 | |
Donations | 0 | (26,000,000) | 0 | |
IFISA [Member] | ||||
Statement [Line Items] | ||||
Financial operations | (6,000,000) | 13,000,000 | 13,000,000 | |
CAMSA And Its Subsidiaries [Member] | ||||
Statement [Line Items] | ||||
Management fee | (4,169,000,000) | 0 | (518) | |
Directors [Member] | ||||
Statement [Line Items] | ||||
Fees and remunerations | (66,000,000) | (1,540,000,000) | (1,000,000,000) | |
Compensation of Directors and senior management | (1,316,000,000) | (72,000,000) | (74,000,000) | |
Senior Management [Member] | ||||
Statement [Line Items] | ||||
Compensation of Directors and senior management | $ (106,000,000) | $ (39,000,000) | $ (43,000,000) |
Related party transactions (D_4
Related party transactions (Details 3) | 12 Months Ended | ||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ARS ($) | |
Statement [Line Items] | |||
Total contributions | $ (1,534,000,000) | $ (69,000,000) | |
Total dividends received | 3,675,000,000 | 149,000,000 | |
Irrevocable contributions | 215,000,000 | ||
Quality Invest S.A. [Member] | |||
Statement [Line Items] | |||
Irrevocable contributions | (41,000,000) | (49,000,000) | |
Other [Member] | |||
Statement [Line Items] | |||
Irrevocable contributions | $ (52) | (20) | |
Comparaencasa [Member] | |||
Statement [Line Items] | |||
Irrevocable contributions | (129) | 0 | |
Uranga Trading S.A. [Member] | |||
Statement [Line Items] | |||
Dividends received | 19 | 26 | |
Condor Hospitality Trust Inc. [Member] | |||
Statement [Line Items] | |||
Irrevocable contributions | (865) | 0 | |
Dividends received | 3,586 | 0 | |
Agro Uranga S.A. [Member] | |||
Statement [Line Items] | |||
Dividends received | $ 70 | 123 | |
Agrofy [Member] | |||
Statement [Line Items] | |||
Irrevocable contributions | $ (447,000,000) | $ 0 |
Related party transactions (D_5
Related party transactions (Details Narrative) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2020 USD ($) | |
Aggregate compensation to Senior Management | $ 106 | ||
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. | |
Fee services | $ 4,169 | $ 518 |
Cost of goods sold and servic_3
Cost of goods sold and services provided (Details) $ in Millions | 12 Months Ended | 24 Months Ended | ||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) | |
Statement [Line Items] | ||||||
Inventories at the beginning of the period / year | $ 26,390,000,000 | $ 45,323,000,000 | $ 42,697,000,000 | $ 42,697,000,000 | ||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 14,946,000,000 | 15,022,000,000 | 5,020,000,000 | |||
Changes in net realizable value of agricultural products after harvest | (1,998,000,000) | (967,000,000) | 1,619,000,000 | |||
Lease Pastagem | 128,000,000 | 59,000,000 | 0 | |||
Capitalized finance costs | $ 0 | 0 | 0 | 30,000,000 | $ 767 | |
Currency translation adjustment | (4,123,000,000) | (11,179,000,000) | 18,340,000,000 | |||
Transfers | 0 | (318,000,000) | (633,000,000) | |||
Harvest | 26,940,000,000 | 27,967,000,000 | 26,204,000,000 | |||
Acquisitions and classifications | 29,686,000,000 | 18,159,000,000 | 162,262,000,000 | |||
Consumptions | (5,868,000,000) | (4,775,000,000) | (6,428,000,000) | |||
Disposals due to sales | 0 | 0 | (48) | |||
Deconsolidation | 0 | (7,727,000,000) | (156,877,000,000) | (697,472) | ||
Incorporation by business combination | 0 | 0 | 651 | |||
Expenses incurred | 6,865,000,000 | 7,443,000,000 | 8,055,000,000 | |||
Inventories at the end of the period / year | 23,232,000,000 | 26,390,000,000 | 45,323,000,000 | 26,390,000,000 | ||
Costs as of 06.30.22 | 69,734 | 0 | 0 | 0 | ||
Costs as of 06.30.21 | 0 | 62,617 | 0 | 62,617 | ||
Costs as of 06.30.20 | 0 | $ 0 | $ 55,569,000,000 | $ 0 | ||
Inventories at the end of the period / year | 13,421 | $ 17,523 | ||||
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 | 14,946,000,000 | |||||
Changes in net realizable value of agricultural products after harvest | (1,998,000,000) | |||||
Lease Pastagem | 128,000,000 | |||||
Capitalized finance costs | 0 | |||||
Currency translation adjustment | (3,977,000,000) | |||||
Transfers | 0 | |||||
Harvest | 26,940,000,000 | |||||
Acquisitions and classifications | 17,055,000,000 | |||||
Consumptions | (5,868,000,000) | |||||
Disposals due to sales | 0 | |||||
Deconsolidation | $ 0 | |||||
Incorporation by business combination | 0 | |||||
Expenses incurred | 6,865,000,000 | |||||
Costs as of 06.30.22 | 57,600,000,000 | |||||
Costs as of 06.30.21 | 51,863,000,000 | |||||
Costs as of 06.30.20 | 40,961,000,000 | |||||
Inventories at the beginning of the period / year | 23,507 | |||||
Inventories at the end of the period / year | 19,998,000,000 | |||||
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 | |||||
Lease Pastagem | 0 | |||||
Capitalized finance costs | 0 | |||||
Currency translation adjustment | (146,000,000) | |||||
Transfers | 0 | |||||
Harvest | 0 | |||||
Acquisitions and classifications | 12,631,000,000 | |||||
Consumptions | 0 | |||||
Disposals due to sales | 0 | |||||
Deconsolidation | 0 | |||||
Incorporation by business combination | 0 | |||||
Expenses incurred | 0 | |||||
Costs as of 06.30.22 | 12,134,000,000 | |||||
Costs as of 06.30.21 | 10,754,000,000 | |||||
Costs as of 06.30.20 | 14,608,000,000 | |||||
Inventories at the beginning of the period / year | 2,883 | |||||
Inventories at the end of the period / year | $ (3,234) |
Foreign currency assets and l_3
Foreign currency assets and liabilities (Details) $ / shares in Units, $ in Millions | Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) |
Statement [Line Items] | ||||
Derivative financial instruments | $ | $ 2,800 | $ 1,038 | ||
Cash and cash equivalents | $ | 34,911 | 45,143 | ||
Trade and other payables | $ | $ 4,598 | $ 3,690 | ||
Euros [Member] | Trade And Other Receivables [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 0.08 | |||
Prevailing exchange rate | $ 130.88 | |||
Trade and other receivables | $ | $ 11 | $ 39 | ||
Trade And Other Receivable | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 80.17 | |||
Prevailing exchange rate | $ 125.03 | |||
Trade and other receivables | $ | $ 10,024 | 15,121 | ||
Trade and other receivables related parties [member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 18.24 | |||
Prevailing exchange rate | $ 125.23 | |||
Trade and other receivables related parties | $ | $ 2,284 | 10 | ||
Investment in financial assets [member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 3.81 | |||
Prevailing exchange rate | $ 21.80 | |||
Investment in financial assets | $ | $ 83 | 0 | ||
Investment in financial assets [member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 16.16 | |||
Prevailing exchange rate | $ 125.03 | |||
Investment in financial assets | $ | $ 2,020 | 1,492 | ||
Investment in financial assets [member] | New Israel Shekel [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 15.98 | |||
Prevailing exchange rate | $ 35.93 | |||
Investment in financial assets | $ | $ 574 | 1,000 | ||
Investment in financial assets [member] | Pounds [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 0.75 | |||
Prevailing exchange rate | $ 130.95 | |||
Investment in financial assets | $ | $ 98 | 164 | ||
Derivative Financial Instruments [Member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 3.09 | |||
Prevailing exchange rate | $ 125.03 | |||
Derivative financial instruments | $ | $ 386 | 687 | ||
Cash and cash equivalents [member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 61.06 | |||
Prevailing exchange rate | $ 21.80 | |||
Cash and cash equivalents | $ | $ 1,331 | 0 | ||
Cash and cash equivalents [member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 133.35 | |||
Prevailing exchange rate | $ 125.03 | |||
Cash and cash equivalents | $ | $ 16,673 | 10,249 | ||
Cash and cash equivalents [member] | Euros [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 0.02 | |||
Prevailing exchange rate | $ 130.88 | |||
Cash and cash equivalents | $ | $ 2 | 2 | ||
Borrowings [member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 848.42 | |||
Prevailing exchange rate | $ 125.23 | |||
Borrowings | $ | $ 106,248 | 142,706 | ||
Borrowings with related parties [member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 7.11 | |||
Prevailing exchange rate | $ 125.23 | |||
Borrowings with related parties | $ | $ 890 | 118 | ||
Derivative financial liabilities [member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 3.06 | |||
Prevailing exchange rate | $ 125.23 | |||
Derivative financial instruments | $ | $ 383 | 166 | ||
Foreign currency Assets [member] | ||||
Statement [Line Items] | ||||
Trade and other receivables | $ | 12,319 | 15,170 | ||
Investment in financial assets | $ | 2,775 | 2,656 | ||
Derivative financial instruments | $ | 386 | 687 | ||
Cash and cash equivalents | $ | 18,007 | 10,251 | ||
Total Assets | $ | 33,487 | 28,764 | ||
Foreign currency Liabilities [member] | ||||
Statement [Line Items] | ||||
Trade and other payables | $ | 4,965 | 9,075 | ||
Borrowings | $ | 107,138 | 142,824 | ||
Derivative financial liabilities | $ | 383 | 166 | ||
Total Liabilities | $ | $ 112,486 | 152,065 | ||
Cash And Cash Equivalent [Member] Urguayan Pesos [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 0.31 | |||
Prevailing exchange rate | $ 3.21 | |||
Cash and cash equivalents | $ | $ 1 | 0 | ||
Trade And Other Payable [Member] Brazilian Reais [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 0.93 | |||
Prevailing exchange rate | $ 3.21 | |||
Trade and other payables | $ | $ 3 | 2 | ||
Trade And Other Payable [Member] Brazilian Reais [Member] | US Dollar [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 39.22 | |||
Prevailing exchange rate | $ 125.23 | |||
Trade and other payables | $ | $ 4,912 | 9,021 | ||
Trade And Other Payable [Member] Brazilian Reais [Member] | Euros [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 0.02 | |||
Prevailing exchange rate | $ 131.40 | |||
Trade and other payables | $ | $ 2 | 52 | ||
Trade And Other Payable [Member] Brazilian Reais [Member] | Uruguayan pesos [Member] | ||||
Statement [Line Items] | ||||
Amount of foreign currency | $ 0.38 | |||
Prevailing exchange rate | $ 125.23 | |||
Trade and other payables | $ | $ 48 | $ 0 |
Results from discontinued ope_3
Results from discontinued operations (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Jun. 30, 2022 ARS ($) | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 ARS ($) | Jun. 30, 2021 USD ($) $ / shares | Jun. 30, 2020 ARS ($) | Jun. 30, 2020 USD ($) $ / shares | |
(Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: | ||||||
Revenues | $ 95,850 | $ 69,547 | $ 82,244 | |||
Costs | (69,785) | (55,479) | (55,631) | |||
Gross profit / (loss) | 42,463 | 36,824 | 34,999 | |||
Book value of investment property assets | 2,215 | 2,832 | ||||
General and administrative expenses | (9,047) | (8,473) | (8,440) | |||
Selling expenses | (7,341) | (6,800) | (7,953) | |||
Profit / (loss) from operations | 43,229 | 16,274 | $ 107,950,000,000 | |||
Share of profit of joint ventures and associates | (195) | (7,273) | 18,136 | |||
Profit from operations before financing and taxation | 43,229 | 16,274 | 107,950 | |||
Inflation adjustment | 400 | 938 | (269) | |||
Loss before income tax | $ 64,977 | $ 19,178 | $ 75,689 | |||
Discontinued Operations [Member] | ||||||
(Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: | ||||||
Revenues | $ 0 | $ 70,042 | 270,404 | |||
Costs | 0 | (57,548) | (195,401) | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 0 | 0 | 193 | |||
Gross profit / (loss) | 0 | 12,494 | 75,196 | |||
Book value of investment property assets | 0 | (46) | (7,363) | |||
General and administrative expenses | 0 | (7,328) | (24,724) | |||
Selling expenses | 0 | (7,748) | (34,718) | |||
Impairment of associate | 0 | 0 | (6,084) | |||
Other operating results, net | 0 | 2,365 | 46,207 | |||
Profit / (loss) from operations | 0 | (263) | 48,514 | |||
Share of profit of joint ventures and associates | 0 | 1,179 | 3,568 | |||
Profit from operations before financing and taxation | 0 | 916 | 52,082 | |||
Financial income | 0 | 874 | 3,319 | |||
Finance costs | 0 | (11,344) | (42,378) | |||
Other financial results | 0 | 741 | (19,935) | |||
Inflation adjustment | 0 | 146 | 458 | |||
Financial results, net | 0 | (9,583) | (58,536) | |||
Loss before income tax | 0 | (8,667) | (6,454) | |||
Income tax | 0 | 517 | (377) | |||
Loss for the year from discontinued operations | 0 | (8,150) | (6,831) | |||
Result for loss of control (i) | 0 | (5,390) | 0 | |||
(Loss)/ profit for the year from discontinued operations | 0 | (13,540) | (6,831) | |||
(Loss)/ profit for the year from discontinued operations attributable to: | ||||||
Equity holders of the parent | 0 | (8,019) | (7,428) | |||
Non-controlling interest | $ 0 | $ (5,521) | $ 597 | |||
(Loss)/ profit per share from discontinued operations attributable to equity holders of the parent: | ||||||
Basic | $ / shares | $ 0 | $ (15.22) | $ (14.87) | |||
Diluted | $ / shares | $ 0 | $ (15.22) | $ (14.43) |
Relevant events of the year (De
Relevant events of the year (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||||||||
May 25, 2022 USD ($) shares | Apr. 04, 2022 USD ($) | Feb. 25, 2022 USD ($) shares | Nov. 25, 2021 USD ($) shares | Sep. 25, 2021 USD ($) shares | Apr. 12, 2021 | Jan. 31, 2022 USD ($) shares | Oct. 31, 2021 USD ($) shares | Sep. 30, 2021 USD ($) shares | Jun. 30, 2023 | Jun. 30, 2022 USD ($) | Jun. 30, 2021 | Mar. 03, 2020 integer | |
Statement [Line Items] | |||||||||||||
Additional shares acquired | $ 80,750 | $ 36,835 | $ 92,718 | $ 9,480 | $ 32,603 | ||||||||
Common shares converted | shares | 142,669 | 65,079 | 163,813 | 16,750 | 57,620 | ||||||||
Distribution of ordinary Share | $ 4,000,000 | $ 4,000,000 | |||||||||||
Liquid foreign assets | $ 100,000 | ||||||||||||
Number of infected COVID cases | integer | 9,500,000 | ||||||||||||
Option contract [member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Maximum term of the real right of surface | 70 years | ||||||||||||
Second Stage [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Contract Year | 3 years | ||||||||||||
Additional extension | $ 100,000,000,000 | ||||||||||||
Current annual interest rate on the payment | $ 1,000,000 | ||||||||||||
First Stgae [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Contract Year | 3 years | ||||||||||||
Additional extension | $ 70,000,000,000 | ||||||||||||
Third Stage [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Contract Year | 3 years | ||||||||||||
Additional extension | $ 120,000,000,000 | ||||||||||||
Four Stage [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Contract Year | 4 years | ||||||||||||
Additional extension | $ 250,000,000,000 | ||||||||||||
Five Stage [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Additional extension | $ 1,000,000 | ||||||||||||
Distribution of dividends by FyoAcopioS.A [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Monthly Economic Activity Estimator | 2% | ||||||||||||
Brasilagro [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Share capital increase description | At Brasilagro's Ordinary General Shareholders' Meeting held on October 27, 2021, Brasilagro's Shareholders´ approved a dividend for an amount of BRL 260.0, or BRL 2.621181215 per share. Such dividends were paid on November 10, 2021. | ||||||||||||
Distribution of dividends | $ 200 | ||||||||||||
Argentine peso depreciated | 30.80% | ||||||||||||
IRSA [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Distribution of ordinary shares | shares | 400 | 395,000,000 | |||||||||||
Economic context Group operates [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Percent of distribution of dividends | 6.40% | ||||||||||||
Previous month Distribution of dividends | 1.10% | ||||||||||||
Annual retail inflation | 63.98% | ||||||||||||
Estimates a retail inflation | 76.60% | 90.20% | |||||||||||
Economic growth | 3.40% | ||||||||||||
Banco de la Naci?n Argentina [Member] | |||||||||||||
Statement [Line Items] | |||||||||||||
Percent of exchange gap | 99.30% |
Subsequent events (Details Narr
Subsequent events (Details Narrative) R$ in Millions, $ in Millions | 1 Months Ended | ||||||||
Jul. 08, 2022 USD ($) | Jul. 06, 2022 USD ($) | Sep. 22, 2022 USD ($) | Sep. 15, 2022 BRL (R$) | Aug. 23, 2022 USD ($) | Jul. 25, 2022 USD ($) | Jul. 22, 2022 USD ($) | Jun. 30, 2022 ARS ($) | Jun. 30, 2021 ARS ($) | |
Statement [Line Items] | |||||||||
Percentage of approved program | 99.51% | ||||||||
Outstanding shares | 1.16% | ||||||||
Investment properties | $ 1,000 | $ 302,424 | $ 313,369 | ||||||
Percentage of the capital acquired in a company | 10% | ||||||||
Percentage of the average volume of the daily transaction | 25% | ||||||||
Panamby farm property acquisition value | R$ | R$ 285.6 | ||||||||
Panamby farm property arable ?rea | The property has an arable área of 5,400 hectares (10,800 hectares of total área), of which 80% are suitable for second crop. | ||||||||
First down payment installment, amount | R$ | R$ 140.0 | ||||||||
Second payment installment, amount | R$ | R$ 145.6 | ||||||||
Panamby farm payment date | Aug. 21, 2023 | ||||||||
IRSA common shares | $ 9,419,623 | ||||||||
Non convertible notes Series XXXVIII [Member] | |||||||||
Statement [Line Items] | |||||||||
Outstanding shares | 86.98% | ||||||||
Aggregate principal amount | $ 113,158,632 | ||||||||
Expiration of the exchange offer | 98,422,999 | ||||||||
Notes issued | 70,600,000 | ||||||||
Outstanding amount | $ 14,735,633 | ||||||||
Description of option A | Cash payment for up to 30% of the total amount of participation in the exchange, and the difference to complete the exchanged face value, in Series XXXVIII Notes. For every USD 1 offered, the holder received USD 0.6913 plus the remaining amount to complete USD 1 for each USD 1 of Series XXIII Notes presented for the exchange, in Series XXXVIII Notes. Under Option A, 43.40% of the notes were accepted. | ||||||||
Description of option B | For each USD 1 of Series XXIII Notes tendered and accepted the bondholder received in exchange USD 1,03 Series XXXVIII Notes. Under Option B, 56.60% of the notes were accepted. | ||||||||
Series XXXVIII notes maturity date | 32026 years | ||||||||
% of ownership interest held | 8% | ||||||||
Amortization in one installment | 32026 years | ||||||||
Issue price | 100% | ||||||||
Exchange SeriesII Notes - BCRA "A" 7466 Resolution [Member] | |||||||||
Statement [Line Items] | |||||||||
Percentage of tendered notes | 66.38% | ||||||||
Nominal value | $ 360 | ||||||||
Existing notes tendered | 238,985,000 | ||||||||
Principal amount of series II notes | $ 360,000,000 | ||||||||
Description of option A | 60.83% of the notes were tendered under Option A. Per USD 1,000 tendered, the eligible holder will receive USD 493.18 in cash and USD 514.42 in Series XIV Notes. | ||||||||
Description of option B | 39.17% of the notes were tendered under Option B. Per USD 1,000 tendered, the eligible holder will receive USD 1,030 of Series XIV Notes. | ||||||||
Series XIV Notes [Member] | |||||||||
Statement [Line Items] | |||||||||
Issuance of amount | $ 171,200,000 | ||||||||
Issuance and settlement date | 82022 years | ||||||||
Price of issuance | 100% | ||||||||
Annual amortization | 17.50% | ||||||||
Maturity date1 | 20242027 years | ||||||||
Annual amortization 2 | 30% | ||||||||
Maturity date 3 | 2028 years | ||||||||
Interest rate | 8.75% | ||||||||
Outstanding amount | $ 121,000,000 | ||||||||
Serie II ( issuance by FyO) [Member] | |||||||||
Statement [Line Items] | |||||||||
Issuance of non convertible notes | $ 15,000,000 | ||||||||
Term of non convertible notes | 3 years | ||||||||
Fixed annual rate | 0% | ||||||||
Issuance price | 0% | ||||||||
Series XXXIX Notes Member | |||||||||
Statement [Line Items] | |||||||||
Cresud issued price | $ 512,250,000 | ||||||||
Description of issuance price | The issuance price was 100%, they will accrue an annual interest rate of Private Badlar + 1.0%, payable quarterly, and will mature on February 23, 2024. |