Cover
Cover - shares | 12 Months Ended | |
Jun. 30, 2021 | Oct. 02, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | IRSA Investments and Representations Inc. | |
Entity Central Index Key | 0000933267 | |
Document Type | 20-F | |
Amendment Flag | false | |
Entity Voluntary Filers | No | |
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 | No | |
Document Period End Date | Jun. 30, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 0 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity File Number | 001-13542 | |
Entity Address Address Line 3 | Ciudad Autónoma de Buenos Aires | |
Security 12b Title | Global Depositary Shares, each representing ten shares of Common Stock | |
Trading Symbol | IRS | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | No | |
Document Shell Company Report | false | |
Document Registration Statement | false | |
Entity Accounting Standard | IFRS | |
Entity Address Address Line 1 | Carlos M. Della Paolera 261 | |
Entity Address Address Line 2 | 9th Floor (C1001ADA) | |
Entity Address City Or Town | Ciudad Autónoma de Buenos Aires | |
Entity Address Country | AR | |
City Area Code | 11 | |
Local Phone Number | 4323-7449 | |
Entity Incorporation State Country Code | C1 | |
Contact Personnel Email Address | ir@irsa.com.ar |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Non-current assets | ||
Investment properties | $ 183,152,000,000 | $ 341,776,000,000 |
Property plant and equipment | 4,146,000,000 | 56,670,000,000 |
TradingProperties | 1,644,000,000 | 7,294,000,000 |
Intangible assets | 2,400,000,000 | 41,732,000,000 |
Right-of-use assets | 811,000,000 | 29,828,000,000 |
Investments in associates and joint ventures | 12,165,000,000 | 111,740,000,000 |
Deferred income tax assets | 446,000,000 | 951,000,000 |
Income tax and MPIT credit | 30,000,000 | 38,000,000 |
Restricted assets | 0 | 2,810,000,000 |
Trade and other receivables | 2,847,000,000 | 34,738,000,000 |
Investments in financial assets | 1,218,000,000 | 5,277,000,000 |
Derivative financial instruments | 0 | 213,000,000 |
Total non-current assets | 208,859,000,000 | 633,067,000,000 |
Current assets | ||
Trading properties | 114,000,000 | 3,479,000,000 |
Inventories | 72,000,000 | 7,034,000,000 |
Restricted assets | 0 | 9,326,000,000 |
Income tax and MPIT credit | 165,000,000 | 461,000,000 |
Group of assets held for sale | 0 | 62,600,000,000 |
Trade and other receivables | 8,475,000,000 | 55,789,000,000 |
Investments in financial assets | 3,166,000,000 | 29,190,000,000 |
Financial assets held for sale | 0 | 5,072,000,000 |
Derivative financial instruments | 0 | 317,000,000 |
Cash and cash equivalents | 1,931,000,000 | 135,719,000,000 |
Total current assets | 13,923,000,000 | 308,987,000,000 |
TOTAL ASSETS | 222,782,000,000 | 942,054,000,000 |
SHAREHOLDERS' EQUITY | ||
Shareholders' equity attributable to equity holders of the parent (according to corresponding statement) | 61,832,000,000 | 85,805,000,000 |
Non-controlling interest | 20,892,000,000 | 98,423,000,000 |
TOTAL SHAREHOLDERS' EQUITY | 82,724,000,000 | 184,228,000,000 |
Non-current liabilities | ||
Borrowings | 46,724,000,000 | 447,323,000,000 |
Lease liabilities | 852,000,000 | 20,091,000,000 |
Deferred income tax liabilities | 68,748,000,000 | 66,144,000,000 |
Trade and other payables | 1,387,000,000 | 3,258,000,000 |
Provisions | 114,000,000 | 4,601,000,000 |
Employee benefits | 0 | 671,000,000 |
Derivative financial instruments | 9,000,000 | 83,000,000 |
Salaries and social security liabilities | 86,000,000 | 293,000,000 |
Total non-current liabilities | 117,920,000,000 | 542,464,000,000 |
Current liabilities | ||
Trade and other payables | 5,103,000,000 | 44,567,000,000 |
Borrowings | 15,409,000,000 | 117,668,000,000 |
Lease liabilities | 54,000,000 | 7,313,000,000 |
Provisions | 147,000,000 | 3,665,000,000 |
Group of liabilities held for sale | 0 | 33,362,000,000 |
Salaries and social security liabilities | 436,000,000 | 6,166,000,000 |
Income tax and MPIT liabilities | 941,000,000 | 939,000,000 |
Derivative financial instruments | 48,000,000 | 1,682,000,000 |
Total current liabilities | 22,138,000,000 | 215,362,000,000 |
TOTAL LIABILITIES | 140,058,000,000 | 757,826,000,000 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 222,782,000,000 | $ 942,054,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Consolidated Statements of Income and Other Comprehensive Income | |||
Revenues | $ 12,978,000,000 | $ 21,263,000,000 | $ 28,004,000,000 |
Costs | (6,564,000,000) | (8,872,000,000) | (10,461,000,000) |
Gross profit | 6,414,000,000 | 12,391,000,000 | 17,543,000,000 |
Net (loss) / gain from fair value adjustment of investment properties | (7,770,000,000) | 50,664,000,000 | (58,231,000,000) |
General and administrative expenses | (3,017,000,000) | (3,301,000,000) | (4,086,000,000) |
Selling expenses | (1,490,000,000) | (1,822,000,000) | (1,619,000,000) |
Other operating results, net | (86,000,000) | 119,000,000 | (470,000,000) |
(Loss) / profit from operations | (5,949,000,000) | 58,051,000,000 | (46,863,000,000) |
Share of (loss) / profit of associates and joint ventures | (4,380,000,000) | 10,847,000,000 | (10,587,000,000) |
(Loss) / profit before financial results and income tax | (10,329,000,000) | 68,898,000,000 | (57,450,000,000) |
Finance income | 361,000,000 | 320,000,000 | 281,000,000 |
Finance costs | (7,298,000,000) | (9,251,000,000) | (7,187,000,000) |
Other financial results | 11,717,000,000 | (9,288,000,000) | 3,370,000,000 |
Inflation adjustment | (1,446,000,000) | (16,000,000) | (1,028,000,000) |
Financial results, net | 3,334,000,000 | (18,235,000,000) | (4,564,000,000) |
(Loss) / profit before income tax | (6,995,000,000) | 50,663,000,000 | (62,014,000,000) |
Income tax expense | (21,673,000,000) | (10,065,000,000) | (6,760,000,000) |
(Loss) / profit for the year from continuing operations | (28,668,000,000) | 40,598,000,000 | (55,254,000,000) |
Loss for the year from discontinued operations | (8,923,000,000) | (4,947,000,000) | (2,380,000,000) |
(Loss) / profit for the year | (37,591,000,000) | 35,651,000,000 | (57,634,000,000) |
Items that may be reclassified subsequently to profit or loss: | |||
Currency translation adjustment | (372,000,000) | 687,000,000 | 427,000,000 |
Other reserves | 383,000,000 | 605,000,000 | 0 |
Other comprehensive income for the year from continuing operations | 11,000,000 | 1,292,000,000 | 427,000,000 |
Other comprehensive (loss) / income for the year from discontinued operations | (11,443,000,000) | 20,008,000,000 | (3,469,000,000) |
Total other comprehensive (loss) / income for the year (i) | (11,432,000,000) | 21,300,000,000 | (3,042,000,000) |
Total comprehensive (loss) / income for the year | (49,023,000,000) | 56,951,000,000 | (60,676,000,000) |
Total comprehensive (loss) / income from continuing operations | (28,657,000,000) | 41,890,000,000 | (54,828,000,000) |
Total comprehensive (loss) / income from discontinued operations | (20,366,000,000) | 15,061,000,000 | (5,848,000,000) |
Total comprehensive (loss) / income for the year | (49,023,000,000) | 56,951,000,000 | (60,676,000,000) |
(Loss) / profit for the year attributable to: | |||
Equity holders of the parent | (29,929,000,000) | 21,405,000,000 | (54,988,000,000) |
Non-controlling interest | (7,662,000,000) | 14,246,000,000 | (2,646,000,000) |
(Loss) / profit from continuing operations attributable to: | |||
Equity holder of the parent | (22,879,000,000) | 29,932,000,000 | (48,819,000,000) |
Non-controlling interest | (5,789,000,000) | 10,666,000,000 | (6,435,000,000) |
Total comprehensive (Loss) / income attributable to: | |||
Equity holders of the parent | (34,810,000,000) | 19,927,000,000 | (56,396,000,000) |
Non-controlling interest | (14,213,000,000) | 37,024,000,000 | (4,280,000,000) |
Total comprehensive (Loss) / income from continuing operations attributable to: | |||
Equity holders of the parent | (22,163,000,000) | 34,509,000,000 | (48,394,000,000) |
Non-controlling interest | $ (6,494,000,000) | $ 7,381,000,000 | $ (6,434,000,000) |
(Loss) / profit per share attributable to equity holders of the parent: (ii) | |||
Basic | $ (50.86) | $ 37.20 | $ (95.64) |
Diluted | (50.86) | 37.10 | (95.64) |
(Loss) / profit per share from continuing operations attributable to equity holders of the parent: (ii) | |||
Basic | (38.88) | 52.02 | (84.91) |
Diluted | $ (38.88) | $ 51.88 | $ (84.91) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - ARS ($) | Total | Share Premium [Member] | Legal Reserves [Member] | Subtotal [Member] | Non-Controlling Interests [Member] | Treasury Shares [Member] | Inflation Adjustment of Share Capital and Treasury Shares [Member] | Additional Paid-in Capital from Treasury Shares [Member] | CNV 609/12 Resolution Special Reserve [Member] | Other Reserves [Member] | (Accumulated deficit)/Retained Earnings [Member] | Cost of Treasury Shares [Member] | Changes in Non-Controlling Interest [Member] | Reserve for Share-Based Payments [Member] | Reserve for Future Dividends [Member] | Currency Translation Adjustment Reserve [Member] | Hedging Instrument [Member] | Revaluation Surplus [Member] | Special Reserve [Member] | Reserve for Defined Contribution Plans [Member] | Other Reserves from Subsidiaries [Member] | Total Other reserves [Member] | Total [Member] | Warrants ii | Share Capital [Member] |
Beginning balance at Jun. 30, 2018 | $ 21,839,000,000 | $ 728,000,000 | $ 131,665,000,000 | $ 124,899,000,000 | $ 2,000,000 | $ 20,617,000,000 | $ 116,000,000 | $ 14,125,000,000 | $ 7,370,000,000 | $ 66,293,000,000 | $ (274,000,000) | $ (5,865,000,000) | $ 337,000,000 | $ 2,541,000,000 | $ 1,629,000,000 | $ 160,000,000 | $ 156,000,000 | $ 8,996,000,000 | $ (466,000,000) | $ 156,000,000 | $ 7,370,000,000 | $ 256,564,000,000 | $ 575,000,000 | ||
Statement [Line Items] | |||||||||||||||||||||||||
Adjustments of previous years | 0 | 0 | (496,000,000) | (9,000,000) | 0 | 0 | 0 | 0 | 0 | (496,000,000) | (505,000,000) | 0 | |||||||||||||
Restated balance | 21,839,000,000 | 728,000,000 | 131,169,000,000 | 124,890,000,000 | 2,000,000 | 20,617,000,000 | 116,000,000 | 14,125,000,000 | 7,370,000,000 | 65,797,000,000 | 256,059,000,000 | 575,000,000 | |||||||||||||
Net profit/loss for the year | $ (57,634,000,000) | 0 | 0 | (54,988,000,000) | (2,646,000,000) | 0 | 0 | 0 | 0 | (54,988,000,000) | (57,634,000,000) | 0 | |||||||||||||
Total other comprehensive income / (loss) for the year | 0 | 0 | (1,408,000,000) | (1,634,000,000) | 0 | 0 | 0 | 0 | (1,408,000,000) | 0 | 0 | 0 | (1,234,000,000) | (174,000,000) | 0 | 0 | 0 | 0 | (1,408,000,000) | (3,042,000,000) | 0 | ||||
Total profit / (loss) and other comprehensive income for the year | (60,676,000,000) | 0 | 0 | (56,396,000,000) | (4,280,000,000) | 0 | 0 | 0 | 0 | (1,408,000,000) | (54,988,000,000) | 0 | 0 | 0 | (1,234,000,000) | (174,000,000) | 0 | 0 | 0 | 0 | (1,408,000,000) | (60,676,000,000) | 0 | ||
Capitalization of contributions | 0 | 0 | 0 | ||||||||||||||||||||||
Irrevocable contributions | 0 | 0 | 0 | 11,000,000 | 0 | 0 | 0 | 0 | 0 | 11,000,000 | 0 | ||||||||||||||
Reserve for share-based payments | 0 | 0 | 97,000,000 | 0 | 0 | 0 | 0 | 0 | 97,000,000 | 0 | |||||||||||||||
Dividends distribution | 0 | 0 | (3,922,000,000) | (5,002,000,000) | 0 | 0 | 0 | 0 | (3,922,000,000) | (8,924,000,000) | 0 | ||||||||||||||
Other changes in the equity of subsidiaries | 0 | 0 | 62,000,000 | 0 | 0 | 0 | 0 | 0 | 62,000,000 | 62,000,000 | 0 | ||||||||||||||
Changes in non-controlling interest | 0 | 0 | (2,057,000,000) | (343,000,000) | 0 | 0 | 0 | 0 | (2,057,000,000) | (2,057,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,057,000,000) | (2,400,000,000) | 0 | ||||
Assignment of results according to A.G.O | 0 | 0 | 0 | 0 | 0 | 0 | 98,302,000,000 | (98,302,000,000) | 0 | 0 | 0 | 0 | 0 | 98,302,000,000 | 0 | 0 | 98,302,000,000 | 0 | 0 | ||||||
Share-based compensation | 26,000,000 | 0 | (26,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Balance, balance at Jun. 30, 2019 | 21,839,000,000 | 728,000,000 | 68,856,000,000 | 115,373,000,000 | 2,000,000 | 20,617,000,000 | 116,000,000 | 14,125,000,000 | 102,207,000,000 | (91,353,000,000) | (248,000,000) | (7,922,000,000) | 311,000,000 | 2,541,000,000 | 395,000,000 | (14,000,000) | 156,000,000 | 107,298,000,000 | (466,000,000) | 156,000,000 | 102,207,000,000 | 184,229,000,000 | 575,000,000 | ||
Statement [Line Items] | |||||||||||||||||||||||||
Adjustments of previous years | (1,962,000,000) | (1,291,000,000) | 0 | 0 | 0 | 0 | (1,962,000,000) | (3,253,000,000) | |||||||||||||||||
Restated balance | 21,839,000,000 | 728,000,000 | 66,894,000,000 | 114,082,000,000 | 2,000,000 | 20,617,000,000 | 116,000,000 | 14,125,000,000 | 102,207,000,000 | (93,315,000,000) | 180,976,000,000 | 575,000,000 | |||||||||||||
Net profit/loss for the year | 35,651,000,000 | 0 | 21,405,000,000 | 14,246,000,000 | 0 | 0 | 0 | 0 | 21,405,000,000 | 0 | 35,651,000,000 | 0 | |||||||||||||
Total other comprehensive income / (loss) for the year | (1,869,000,000) | 0 | 0 | (1,478,000,000) | 22,778,000,000 | 0 | 0 | 0 | 0 | (1,478,000,000) | 0 | (1,311,000,000) | (536,000,000) | 491,000,000 | (122,000,000) | 0 | (1,478,000,000) | 21,300,000,000 | 0 | ||||||
Total profit / (loss) and other comprehensive income for the year | 56,951,000,000 | 0 | 19,927,000,000 | 37,024,000,000 | 0 | 0 | 0 | (1,478,000,000) | 21,405,000,000 | (1,311,000,000) | (536,000,000) | 491,000,000 | (122,000,000) | 0 | (1,478,000,000) | 56,951,000,000 | 0 | ||||||||
Reserve for share-based payments | 0 | 0 | 0 | 0 | 0 | 26,000,000 | 0 | (26,000,000) | 0 | 0 | |||||||||||||||
Dividends distribution | (3,429,000,000) | 0 | 0 | (3,429,000,000) | |||||||||||||||||||||
Changes in non-controlling interest | 14,000,000 | 4,185,000,000 | 0 | 14,000,000 | 4,199,000,000 | ||||||||||||||||||||
Share-based compensation | (11,000,000) | (15,000,000) | (26,000,000) | ||||||||||||||||||||||
Loss absorption | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (90,800,000,000) | 90,800,000,000 | 0 | 0 | 0 | 0 | (90,800,000,000) | (90,800,000,000) | 0 | |||||||||
Distribution of dividends in shares | 0 | (887,000,000) | 0 | 0 | 0 | 0 | 0 | (887,000,000) | (887,000,000) | (887,000,000) | (887,000,000) | 0 | |||||||||||||
Capitalization of contributions | 0 | 0 | 0 | 47,000,000 | 0 | 0 | 0 | 0 | 47,000,000 | 0 | |||||||||||||||
Decrease due to loss of control (See Note 4.C) | (65,040,000,000) | 0 | (65,040,000,000) | ||||||||||||||||||||||
Cambios en el inter?s no controlante | 14,000,000 | 14,000,000 | |||||||||||||||||||||||
Other changes in equity | (143,000,000) | 375,000,000 | (176,000,000) | 33,000,000 | (176,000,000) | (176,000,000) | 232,000,000 | ||||||||||||||||||
Incorporation by business combination | 11,179,000,000 | 0 | 0 | 0 | 11,179,000,000 | ||||||||||||||||||||
Balance, balance at Jun. 30, 2020 | 184,228,000,000 | 21,839,000,000 | 728,000,000 | 85,805,000,000 | 98,423,000,000 | 2,000,000 | 20,617,000,000 | 142,000,000 | 14,125,000,000 | 8,854,000,000 | 18,923,000,000 | (259,000,000) | (7,908,000,000) | 296,000,000 | 2,541,000,000 | (1,092,000,000) | (550,000,000) | 647,000,000 | 15,611,000,000 | (588,000,000) | 156,000,000 | 8,854,000,000 | 184,228,000,000 | $ 0 | 575,000,000 |
Statement [Line Items] | |||||||||||||||||||||||||
Net profit/loss for the year | (37,591,000,000) | 0 | 0 | (29,929,000,000) | (7,662,000,000) | 0 | 0 | 0 | 0 | 0 | (29,929,000,000) | (37,591,000,000) | 0 | 0 | |||||||||||
Total other comprehensive income / (loss) for the year | (54,000,000) | 0 | 0 | (4,881,000,000) | (6,551,000,000) | 0 | 0 | 0 | 0 | (4,881,000,000) | 0 | 0 | 0 | 0 | 0 | (5,288,000,000) | 205,000,000 | 312,000,000 | 0 | (110,000,000) | 0 | (4,881,000,000) | (11,432,000,000) | 0 | 0 |
Total profit / (loss) and other comprehensive income for the year | (49,023,000,000) | 0 | 0 | (34,810,000,000) | (14,213,000,000) | 0 | 0 | 0 | 0 | (4,881,000,000) | (29,929,000,000) | 0 | 0 | 0 | 0 | (5,288,000,000) | 205,000,000 | 312,000,000 | 0 | (110,000,000) | 0 | (4,881,000,000) | (49,023,000,000) | 0 | 0 |
Dividends distribution | 0 | 0 | 0 | (2,683,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | (2,683,000,000) | 0 | 0 | ||||||||||||
Changes in non-controlling interest | 0 | 0 | |||||||||||||||||||||||
Assignment of results according to A.G.O | 0 | 875,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 15,896,000,000 | (16,771,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15,896,000,000 | 0 | 0 | 15,896,000,000 | 0 | 0 | 0 | |
Distribution of dividends in shares | 0 | 0 | (725,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | (725,000,000) | (725,000,000) | 0 | 0 | ||||||||||||
Decrease due to loss of control (See Note 4.C) | 0 | 0 | 0 | (62,519,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | (62,519,000,000) | 0 | 0 | ||||||||||||
Other changes in equity | 0 | 7,857,000,000 | 958,000,000 | 0 | 0 | 0 | 7,857,000,000 | 0 | (80,000,000) | 0 | 0 | 7,029,000,000 | (301,000,000) | 544,000,000 | 0 | 825,000,000 | (160,000,000) | 7,857,000,000 | 8,815,000,000 | 0 | 0 | ||||
Reserve for share-based payments, amount | 0 | 0 | 0 | 0 | 0 | 0 | 6,000,000 | 0 | (6,000,000) | 0 | 2,000,000 | 0 | (8,000,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (6,000,000) | 0 | 0 | 0 | |
Issuance of shares | 2,270,000,000 | 0 | 4,132,000,000 | 0 | 0 | 3,000,000 | 0 | 0 | 0 | 0 | 4,132,000,000 | 1,779,000,000 | 80,000,000 | ||||||||||||
Capitalisation of irrevocable contributions | 0 | 0 | 0 | 51,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | 51,000,000 | 0 | 0 | ||||||||||||
Balance, balance at Jun. 30, 2021 | $ 82,724,000,000 | $ 24,109,000,000 | $ 1,603,000,000 | $ 61,832,000,000 | $ 20,892,000,000 | $ 2,000,000 | $ 20,620,000,000 | $ 148,000,000 | $ 14,125,000,000 | $ 27,293,000,000 | $ (28,502,000,000) | $ (257,000,000) | $ (8,415,000,000) | $ 288,000,000 | $ 2,541,000,000 | $ 649,000,000 | $ 646,000,000 | $ 1,503,000,000 | $ 31,507,000,000 | $ 127,000,000 | $ (4,000,000) | $ 27,293,000,000 | $ 82,724,000,000 | $ 1,779,000,000 | $ 655,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | |||
Net cash (used in) / generated from continuing operating activities before income tax paid | $ (1,654,000,000) | $ 9,828,000,000 | $ 8,810,000,000 |
Income tax and MPIT paid | (42,000,000) | (455,000,000) | (504,000,000) |
Net cash (used in) / generated from continuing operating activities | (1,696,000,000) | 9,373,000,000 | 8,306,000,000 |
Net cash generated from discontinued operating activities | 3,152,000,000 | 37,358,000,000 | 32,310,000,000 |
Net cash generated from operating activities | 1,456,000,000 | 46,731,000,000 | 40,616,000,000 |
Investing activities: | |||
Acquisition of participation in associates and joint ventures | 0 | 0 | (131,000,000) |
Contributions and issuance of capital in associates and joint ventures | (42,000,000) | (4,058,000,000) | 0 |
Acquisition and improvements of investment properties | (999,000,000) | (5,524,000,000) | (6,425,000,000) |
Proceeds from sales of investment properties | 18,134,000,000 | 270,000,000 | 60,000,000 |
Acquisitions and improvements of property, plant and equipment | (307,000,000) | (379,000,000) | (225,000,000) |
Proceeds from sales of property, plant and equipment | 349,000,000 | 0 | 0 |
Acquisitions of intangible assets | (52,000,000) | (65,000,000) | (292,000,000) |
Dividends collected from associates and joint ventures | 0 | 345,000,000 | 328,000,000 |
Proceeds from sales of interest held in associates and joint ventures | 0 | 0 | 9,000,000 |
Proceeds from loans granted | 9,000,000 | 0 | 312,000,000 |
Net increase of restricted assets, net | 0 | (314,000,000) | 0 |
Acquisitions of investments in financial assets | (10,643,000,000) | (23,146,000,000) | (46,186,000,000) |
Proceeds from disposal of investments in financial assets | 16,639,000,000 | 30,169,000,000 | 49,683,000,000 |
Interest received from financial assets | 673,000,000 | 147,000,000 | 878,000,000 |
Dividends received from financial assets | 0 | (18,000,000) | 45,000,000 |
Payment for acquisition of other assets | 0 | 0 | (3,000,000) |
Loans granted to related parties | 0 | (248,000,000) | (21,000,000) |
Loans granted | 0 | 2,704,000,000 | 0 |
Net cash generated from / (used in) continuing investing activities | 23,761,000,000 | (117,000,000) | (1,968,000,000) |
Net cash generated from discontinued investing activities | 44,119,000,000 | 61,166,000,000 | 18,775,000,000 |
Net cash generated from investing activities | 67,880,000,000 | 61,049,000,000 | 16,807,000,000 |
Financing activities: | |||
Borrowings and issuance of non-convertible notes | 9,363,000,000 | 33,173,000,000 | 9,306,000,000 |
Payment of borrowings and non-convertible notes | (39,849,000,000) | (40,601,000,000) | (6,015,000,000) |
Collections / (Payment) of short term loans, net | 5,128,000,000 | 3,779,000,000 | (1,522,000,000) |
Interests paid | (8,223,000,000) | (8,108,000,000) | (7,986,000,000) |
Repurchase of non-convertible notes | (5,130,000,000) | (3,051,000,000) | (2,307,000,000) |
Capital contributions from non-controlling interest in subsidiaries | 26,000,000 | 0 | 0 |
Acquisition of non-controlling interest in subsidiaries | (75,000,000) | (904,000,000) | (1,475,000,000) |
Issuance of shares | 4,132,000,000 | 0 | 0 |
Borrowings obtained from related parties | 0 | 0 | 97,000,000 |
Dividends paid to non-controlling interest in subsidiaries | (2,587,000,000) | (333,000,000) | 0 |
Proceeds from sales of non-convertible notes in portfolio | 7,058,000,000 | 0 | 0 |
Net proceeds from derivate financial instrument | (520,000,000) | 7,437,000,000 | 918,000,000 |
Net cash used in continuing financing activities | (30,677,000,000) | (8,608,000,000) | (8,984,000,000) |
Net cash used in discontinued financing activities | (18,163,000,000) | (105,735,000,000) | (32,702,000,000) |
Net cash used in financing activities | (48,840,000,000) | (114,343,000,000) | (41,686,000,000) |
Net (decrease) / increase in cash and cash equivalents from continuing activities | (8,612,000,000) | 648,000,000 | (2,646,000,000) |
Net increase / (decrease) in cash and cash equivalents from discontinued activities | 29,108,000,000 | (7,211,000,000) | 18,383,000,000 |
Net increase / (decrease) in cash and cash equivalents | 20,496,000,000 | (6,563,000,000) | 15,737,000,000 |
Cash and cash equivalents at beginning of the year | 135,719,000,000 | 129,837,000,000 | 124,627,000,000 |
Cash and cash equivalents reclassified as held-for-sale | (676,000,000) | (363,000,000) | |
Deconsolidation of subsidiaries | (145,330,000,000) | 0 | 0 |
Foreign exchange gain and inflation adjustment on cash and changes in fair value of cash equivalents | (8,954,000,000) | 13,121,000,000 | (10,164,000,000) |
Cash and cash equivalents at end of the year | $ 1,931,000,000 | $ 135,719,000,000 | $ 129,837,000,000 |
The Group's business and genera
The Group's business and general information | 12 Months Ended |
Jun. 30, 2021 | |
1. The Group's business and general information | 1. The Group’s business and general information IRSA was founded in 1943, and it is engaged in a diversified range of real estate activities in Argentina since 1991. IRSA and its subsidiaries are collectively referred to hereinafter as “the Group”. Cresud is our direct parent company and Consultores Asset Management S.A. is our ultimate parent company. These Consolidated Financial Statements have been approved for issue by the Board of Directors on October 18,2021. The Group, with the acquisition of IDBD, established two Operations Centers, Argentina and Israel, to manage its global business. With the loss of control of the Israel Operations Center and its deconsolidation as of October 1, 2020, the Group manages its operations through a single Operation Center. The Group manages its global business, mainly, through the following companies: Operations Center in Argentina The activities of the Operations Center in Argentina are mainly developed through IRSA and its principal subsidiary, IRSA CP. Through IRSA and IRSA CP, the Group owns, manages and develops 14 shopping malls across Argentina, a portfolio of offices and other rental properties in the Autonomous City of Buenos Aires, and it entered the United States of America (“USA”) real estate market in 2009, mainly through the acquisition of non-controlling interests in office buildings and hotels. Through IRSA or IRSA CP, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term “real estate” indistinctively in these Consolidated Financial Statements to denote investment, development and/or trading properties activities. IRSA CP’s shares are listed and traded on both the BYMA (BYMA: IRCP) and the NASDAQ (NASDAQ: IRCP). IRSA’s shares are listed on the BYMA (Merval: IRSA) and the NYSE (NYSE: IRS). The activities of the Group’s “Others” segment is carried out mainly through BHSA, where IRSA holds, directly or indirectly, a 29.91% interest. BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA’s shares are listed on the BYMA (BYMA: BHIP). Operations Center in Israel As stated 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 along with a custodian over DIC and Clal shares. After this decision, the Board of Directors of IDBD was removed from its functions, therefore, the Group lost control on that date. For comparability purposes and as required by IFRS 5, the results of the Israel Operations Center have been reclassified to discontinued operations for all the years presented. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Jun. 30, 2021 | |
2. Summary of significant accounting policies | 2. Summary of significant accounting policies 2.1. Basis of preparation of the Consolidated Financial Statement (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude whether economy is categorized as hyperinflationary the provisions of IAS 29, details a series of factors to be considered, including the existence of a cumulative inflation rate in the three years preceding the measurement that approximates or exceeds 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with highly inflationary economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2021 accordingly to IAS 29. Pursuant to IAS 29, the Financial Statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the date of the Financial Statements. All the amounts included in the Statements 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 Consolidated Statements of Income and Other Comprehensive 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 of the balance sheet 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 recorded at cost as of the balance sheet date and equity component are restated by applying the relevant adjustment coefficients. - All items in the Consolidated Statements of Income and Other Comprehensive Income are restated applying the relevant conversion factors. - The effect of inflation on the Group’s net monetary position is included in the Consolidated Statements of Income and Other Comprehensive 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. - Translation difference was restated in current terms. - Other comprehensive income / (loss) was restated as from each accounting allocation. - The other reserves in the Consolidated Statements of Income and Other Comprehensive Income were restated as of the initial application date, i.e., June 30, 2016. 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. Since 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, 2020according to official statistics (INDEC) following the guidelines described in Resolution 539/18. Annual price variation June 30, 2019 June 30, 2020 June 30, 2021 Cumulative as of June 30, 2021 (3 years) 56 % 43 % 50 % 234 % As a consequence of the aforementioned, these financial statements as of June 30, 2021 were restated in accordance with IAS 29. (b) Current and non-current classification The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according to the operating cycle of each activity. Current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax liabilities) are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively. (c) Presentation currency The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to “Peso amounts” or “ARS”, are millions of Argentine Pesos, references to “US$” 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 to 2.28 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 for financing of operating activities is presented within operating activities whereas the rest 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 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 amendment Description Date of mandatory adoption for the Group in the year ended on 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 these amendment has not had a material impact for the Group. Standards and amendments not yet adopted by the Group: Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 The IASB amended IAS 1 to require entities to disclose their material accounting policies rather than their significant accounting policies. The amendments define what it implies and how to identify material accounting policy information. They also clarify that it is not necessary to disclose inmaterial accounting policy. If it is disclosed should not overshadow material accounting information. To support this amendment, the IASB also amended IFRS Practical Statement 2 on “Making materiality related judgments” to advise on how to apply the concept of materiality to disclosure of accounting policies. 01-01-2023 Definition of accounting estimates - Amendments to IAS 8. The amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” clarifies how entities should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events, as well as to the current exercise. 01-01-2023 Amendment to IAS 1. The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. 06-30-2023 Amendment to IAS 37. The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract. 06-30-2023 Property, plant and equipment: Proceeds before intended use - Amendments to IAS 16. The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. 06-30-2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and Interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were finalized in May 2020: • IFRS 9 Financial Instruments: clarifies which fees should be included in the 10% test for derecognition of financial liabilities. • IFRS 16 Leases – amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives. • IFRS 1 First-time Adoption of International Financial Reporting Standards – allows entities that have measured their assets and liabilities at carrying amounts recorded in their parent’s books to also measure any cumulative translation differences using the amounts reported by the parent. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption. • IAS 41 Agriculture – removal of the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 Deferred tax - Amendments to IAS 12. The IASB issued amendments to IAS 12 that clarifies how companies account for deferred tax related to assets and liabilities that arise from a single transaction. The effects of these amendments essentially mean that the initial recognition exception is not available for transactions that involve the recognition of both an asset and a liability, such as leases and decommissioning obligations. 06-30-2024 Management is evaluating the impact that these new standards and amendments 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 which must be analyzed. 2.3. Scope of consolidation (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case base. 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 Consolidated Statements of Income and Other Comprehensive Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the main ones are listed below: % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2021 06.30.2020 06.30.2019 IRSA’s direct interest: IRSA CP (1) Argentina Real estate 79.92 % 80.65 % 83.80 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 100.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % U.T. IRSA y Galerias Pacifico (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct interest: 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 % Pareto S.A. Argentina Design and software development 93.63 % 69.69 % 69.69 % La Malteria Argentina Real estate - - 100.00 % Tyrus S.A.’s direct interest: DFL and DN BV Bermuda’s / Netherlands Investment 99.50 % 97.04 % 96.46 % I Madison LLC USA Investment - - - IRSA Development LP USA Investment - - - IRSA International LLC USA Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (5) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermuda’s Investment - - 100.00 % Real Estate Strategies LLC USA Investment 100.00 % 100.00 % 100.00 % Efanur S.A.’s direct interest: Real Estate Investment Group VII LP (REIG VII) Bermuda’s Investment 100.00 % 100.00 % 100.00 % DFL’s and DN BV’s direct interest: IDB Development Corporation Ltd. (4) Israel Investment - 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct interest: Discount Investment Corporation Ltd. (4) Israel Investment - 83.72 % 83.77 % IDBD’s direct interest: IDB Tourism (2009) Ltd. (4) Israel Tourism services - 100.00 % 100.00 % IDB Group Investment Inc (4) Israel Investment - 100.00 % 100.00 % DIC’s direct interest: Property & Building Corporation Ltd. (4) Israel Real estate - 72.40 % 68.80 % Cellcom Israel Ltd. (4) Israel Telecommunications - 46.20 % 44.10 % Elron Electronic Industries Ltd. (4) Israel Investment - 61.06 % 61.06 % Bartan Holdings and Investments Ltd. (4) Israel Investment - 55.68 % 55.68 % Epsilon Investment House Ltd. (4) Israel Investment - 68.75 % 68.75 % Mehadrin Ltd. (4) Israel Agricultural - 43.75 % - PBC’s direct interest: Gav-Yam Bayside Land Corporation Ltd. (4) Israel Real estate - - 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. (4) Israel Real estate - 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. (4) Israel Real estate - 50.10 % 50.10 % Hadarim Properties Ltd. (4) Israel Real estate - 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. (4) Israel Real estate - 100.00 % 100.00 % PBC USA Investments Inc (4) USA Real estate - 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision-making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Control was lost in September 2020. See Note 4.E. (5) Includes Tyrus’ and IRSA S.A.’s equity interests. 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 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 other 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 of accounting, pursuant to which 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 a 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 Consolidated 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 Consolidated Statements of Income and Other Comprehensive Income within other financial income, as appropriate, unless they have been capitalized. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position; (ii) income and expenses for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and (iii) all resulting exchange differences are recognized in the Statement of Comprehensive Income. The accounting policy of the Group consists in accounting for the translation difference of its subsidiaries by the “step-by-step” method according to IAS 21. 2.6. Investment properties Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation, or both, and that are not occupied by the Group for its own operations. Investment property also includes property that is being constructed or developed for future use as investment property. The Group also classifies as investment properties land whose future use has not been determined yet. 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 recognizes economically “buildable potentials” in those properties that meet the following requirements: a) have buildable potential that are legally viable based on the application of approved Planning Codes and / or specific Ordinances. and b) have a commercial viability either due to their realization market or their constructive feasibility (see Note 9). If due to regulatory or legal regulations and commercial and/or economic aspects, the buildable potential can only be made by the Group and it has not been built yet, the asset value is not recognized. When a property is partially owner-occupied, with the rest being held for rental income or capital appreciation, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for as property, plant and equipment under IAS 16 “Property, Plant and Equipment” and the portion that is held for rental income or capital appreciation, or both, is treated as investment properties under IAS 40 “Investment Properties”. 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 condition to start operating. Direct expenses related to lease contract negotiation (such 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. 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 where activities necessary to prepare the asset for redevelopment are in progress. After initial recognition, in |
Significant judgments, key assu
Significant judgments, key assumptions and estimates | 12 Months Ended |
Jun. 30, 2021 | |
3. Significant judgments, key assumptions and estimates | 3. Significant judgments, key assumptions and estimates Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates. Estimation Main assumptions Potential implications Main references 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 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 Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 10. Incorrect valuation of investment property values Note 9 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 21 – 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 15 – 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 14 – 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 19 – 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 14 – Financial instruments by category |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Jun. 30, 2021 | |
4. Acquisitions and disposals | 4. Acquisitions and disposals A) Sale of Boston Tower building During the fiscal year ended on June, 30, 2021, our subsidiary, IRSA Propiedades Comerciales completed the sale of several units from the Boston Tower Building, located at 256 Della Paolera (Catalinas District, Autonomous City of Buenos Aires). Below, we list the details of the units that IRSA Propiedades Comerciales sold: On July 15, 2020, IRSA Propiedades Comerciales completed the sale with possession of a medium-height floor for a total area of approximately 1,247 square meters and 5 parking lots located in the building. The total consideration of the transaction was ARS 666. On August 25, 2020, IRSA Propiedades Comerciales completed the sale of other 5 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 6,235 square meters and 25 parking spaces located in the building. The total consideration of the transaction was ARS 3,574. On November 5, 2020, IRSA Propiedades Comerciales completed the sale with possession of 4 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,892 square meters and 15 parking spaces located in the building. The total consideration of the transaction was ARS 2,271. On November 12, 2020, IRSA Propiedades Comerciales completed the sale with possession with an unrelated third party a bill of sale with possession of 3 floors of the Boston Tower located at 265 Della Paolera in the Catalinas District in the Autonomous City of Buenos Aires for a gross rental area of approximately 3,266 square meters, a commercial space located on the ground floor of approximately 225 square meters and 15 parking spaces located in the building. The total consideration of the transaction was ARS 1,906. B) Sale of Bouchard building On July 30, 2020, IRSA Propiedades Comerciales completed the sale to an unrelated third party of the entire “Bouchard 710” building, located in the Plaza Roma District of the Autonomous City of Buenos Aires, to an unrelated third party. The tower consists of 15,014 square meters of gross rental area on 12 office floors and 116 parking spaces. The total consideration of the transaction was ARS 8,791. C) Acquisition of Hudson Property On December 11, 2020, the purchase bill of the property called Casonas located in Hudson, Berazategui district was signed, paying the remaining balance of 90% for USD 1 million. The initial 10% had been paid in during the year ended June 30, 2018. See Note 35 for sales after June 30, 2021. D) Pareto S.A. - Share capital increase As of June 30, 2020, the Company’s capital stock was represented by 116,500 ordinary shares with a par value of ARS 1 per share and with the right to 1 vote per share. On April 19, 2021, the Ordinary and Extraordinary General Shareholders’ Meeting decided to capitalize the entire share premium and inflation adjustment of share capital. Additionally, new irrevocable contributions were made which were capitalized in the same date. The total of ordinary shares totaled 517,722,151, leaving the share capital as follows: Number of shares Share capital June 30,2020 116,500 116,500 Capitalization of issueshare premium and capitalinflation adjustment of share capital 137,722,151 137,722,151 Issuance of ordinary shares 380,000,000 380,000,000 June 30,2021 517,838,651 517,838,651 E) Lipstick Building, New York, United States On August 7, 2020, due to Ground Lease Building’s low profitability resulting from the expensive price for rental of the land, we executed an agreement with the owner of the Ground Lease Building through which we terminated our legal relationship and discharged our duties as administrators of the building. Consequently, as of June 30, 2020, we are neither responsible for the Metropolitan’s liabilities associated with the Ground Lease, nor the assets and liabilities associated with the building and its administration. We also made an agreement with the owner of the Ground Lease Building that states that Metropolitan is completely released from responsibilities, except for (i) claims for liabilities prior to June 1, 2020 from people who have performed work or provided services in the Ground Lease Building or to Metropolitan; and (ii) claims from people who have had an accident on the property dated before August 7, 2020. This situation impacted our Consolidated Financial Statements as of June 30,2020. F) Investment in Condor Hospitality Trust On July 19, 2019, Condor completed a merger agreement with Nextpoint Hospitality Trust (“NHT”). The acquisition’s closing, originally scheduled for March 23, 2020, did not occur. On October 14, 2020, Condor executed an agreement with NHT to resolve each and every claim between them arising from the aforementioned merger agreement. Pursuant to this agreement, Condor collected a compensation which totalled USD 7.0 million. On June 29, 2021, one of our subsidiaries exercised a put right through which our subsidiary’s Class E preferred shares, in Condor, plus the unpaid accrued dividends as of June 30, 2021, were converted into common shares, which were issued on July 29, 2021. As of the date of submission of this form, we directly and indirectly own 3,194,214 common shares, which represent 21.7% of the capital stock of Condor. We are currently evaluating different strategic alternatives to create value for our shareholders. G) Loss of control of IDBD As described in Note 1. to these financial statements, at the end of September 2020, the Group has lost control of IDBD, deconsolidating the related assets and liabilities and reclassifying the operations from this operations center to discontinued operations. The following table details the net assets disposed: 09.30.2020 ASSETS Investment properties 117,547 Property, plant and equipment 47,989 Trading properties 7,690 Intangible assets 36,546 Right-of-use assets 25,853 Investments in associates and joint ventures 48,443 Deferred income tax assets 568 Income tax credit 426 Restricted assets 8,400 Trade and other receivables 70,693 Investments in financial assets 31,643 Derivative financial instruments 368 Inventories 4,712 Group of assets held for sale 55,028 Cash and cash equivalents 145,330 TOTAL ASSETS 601,236 Borrowings 425,321 Lease liabilities 23,696 Deferred income tax liabilities 16,261 Trade and other payables 30,751 Income tax liabilities 596 Provisions 7,095 Employee benefits 624 Derivative financial instruments 624 Salaries and social security liabilities 4,427 Group of liabilities held for sale 28,805 TOTAL LIABILITIES 538,200 TOTAL NET ASSETS 63,036 Non-controlling interest (62,519 ) Result for loss of control (517 ) Recycling of currency translation adjustment and other reserves (3,505 ) Total result for loss of control (*) (4,022 ) (*) Included within discontinued operations. H) Distribution of dividends in kind On October 26, 2020, our shareholders held an Ordinary and Extraordinary ‘Meeting and approved an in kind dividend distribution equivalent to ARS 484 million (representative of ARS 0.84 per share) and payable in shares of IRSA CP. Our shareholders decided to consider IRSA CP’s ‘quoted price per share as of October 23, 2020, which resulted amounted ARS 320 per share. Pursuant to that shareholders’ decision, we distributed 1,512,500 ordinary shares of IRSA CP. We reflected this transaction on our financial statements as a change in equity, which generated a reduction of the equity attributable to the controlling shareholders totalling ARS 725 million restated for inflation as of June 30, 2021. On the date of this form, our interest in IRSA CP amounts to 79.92%. I) Manibil Sale On December 22, 2020, we completed the sale of all our holdings in Manibil S.A., a company engaged in the real estate business. Those holdings amounted 217,332,873 ordinary Class B, nominative not endorsable shares, each entitled to 1 vote and with a par value of ARS 1 per share. The shares totalled the 49% of Manibil S.A.’s capital stock. As consideration for this operation, on February 2021, we acquired the right to receive future 953 square meters units located in different residential developments. This operation represents an ARS 37 million gain, as disclosed on our financial statements within the “Other operating results, net” category. |
Financial risk management and f
Financial risk management and fair value estimates | 12 Months Ended |
Jun. 30, 2021 | |
5. 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. The Group’s principal financial instruments 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 Cresud’s Audit Committee (Parent Company of IRSA), 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 The market risk is the risk of changes in the market price of financial instruments with which the Group operates. The Group’s market risks arise from open positions in foreign currencies, interest-bearing assets and liabilities 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 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. 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 table shows the net carrying amounts of the Company’s financial instruments nominated in US$, broken down by the functional currencies in which the Company operates for the years ended June 30, 2021 and 2020. The amounts are presented in Argentine Pesos, the presentation currency of the Group: Net monetary position (liability) / asset Functional currency June 30, 2021 June 30, 2020 US$ US$ Argentine Peso (43,811 ) (57,672 ) Uruguayan Peso - 228 Total (43,811 ) (57,444 ) The Group estimates that, other factors being constant, a 10% appreciation of the foreign currency against Argentine Peso at year-end would have an impact in the Statement of Income and Other Comprehensive Income before income tax for the years ended June 30, 2021 and 2020 for an amount of ARS 4,341 (loss) and ARS 5,744 (loss), respectively. 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, 2020 has future exchange contracts pending for an amount of ARS 143, there are no such contracts as of June 30,2021. 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 20). 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. As of June 30, 2021 and 2020, 96.3% and 95.2% of the Group’s long-term financial loans have a fixed interest rate so that IRSA is not significantly exposed to the fluctuation risk of the interest rate. 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 impact 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 20 shows a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2021 and 2020. The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2021 and 2020 in the amount of ARS 2.7 and ARS 46.4, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. Other price risks The Group is exposed to equity securities price risk or derivative financial instruments because of investments held in entities that are publicly traded, which were classified on the Consolidated Statements of Financial Position at “fair value through profit or loss”. The Group regularly reviews the prices evolution of these equity securities in order to identify significant movements. As of June 30, 2021 and 2020 the total value of Group’s investments in shares of public companies amounts to ARS 976 and ARS 29,116, respectively. The Group estimates that, other factors being constant, a 10% decrease in quoted prices of equity securities and in derivative financial instruments portfolio at year-end would generate a loss before income tax for the year ended June 30, 2021, of ARS 98 (ARS 2,911 in 2020). An increase of 10% on these prices would have an equal and opposite effect in the Statement of Income. (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 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. Trade receivables related to leases and services provided by the Group represent a diversified tenant base and account for 96.4% and 94.2% of the Group’s total trade receivables of the operations center as of June 30, 2021 and 2020, respectively. The Group has specific policies to ensure that rental contracts are transacted with counterparties with appropriate credit quality. The majority of the Group’s shopping mall, offices and other rental properties’ tenants are well recognized retailers, diversified companies, professional organizations, and others. Owing to the long-term nature and diversity of its tenancy arrangements, the credit risk of this type of trade receivables is considered to be low. Generally, the Group has not experienced any significant losses resulting from the non-performance of any counterpart to the lease contracts and, as a result, the allowance for doubtful accounts balance is low. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Group. If there is no independent rating, risk control assesses the credit quality of the customer, taking into account its past experience, financial position, actual experience and other factors. Based on the Group’s analysis, the Group determines the size of the deposit that is required from the tenant at inception. Management does not expect any material losses from non-performance by these counterparties. See details on Note 15. On the other hand, property receivables related to the sale of trading properties represent 3.6% and 5.8% of the Group’s total trade receivables as of June 30, 2021 and 2020, respectively. Payments on these receivables have generally been received when due. These receivables are generally secured by mortgages on the properties. Therefore, the credit risk on outstanding amounts is considered very low. (c) Liquidity risk management The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature, the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and Statements of Financial Position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources. The Group monitors 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 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. June 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 2,988 104 1 - - 3,093 Borrowings (excluding finance leases liabilities) 15,409 40,633 5,695 211 185 62,133 Finance leases obligations 93 87 89 90 1,767 2,126 Derivative Financial Instruments 48 9 - - - 57 Total 18,538 40,833 5,785 301 1,952 67,409 June 30, 2020 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,331 234 104 329 2 3,000 Borrowings (excluding finance leases liabilities) 57,680 4,931 40,975 98 324 104,008 Purchase obligations 8,554 1,283 886 - - 10,723 Finance leases obligations 80 74 77 81 1,939 2,251 Derivative Financial Instruments 125 42 9 - - 176 Total 68,770 6,564 42,051 508 2,265 120,158 See Note 20 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 Group’s equity is analyzed into its various components in the statements 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. June 30, 2021 June 30, 2020 Gearing ratio (i) 74.84 % 49.57 % Debt ratio (ii) 32.86 % 44.42 % (i) Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company. (ii) Calculated as total borrowings over total properties (including trading properties, property, plant and equipment, investment properties and rights to receive units under barter agreements). |
Segment information
Segment information | 12 Months Ended |
Jun. 30, 2021 | |
6. Segment information | 6. Segment information IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the CODM. According to IFRS 8, the CODM represents a function whereby strategic decisions are made and resources are assigned. The CODM function is carried out by the President of the Group, Mr. Eduardo S. Elsztain. Segment information is reported from the perspective of products and services, considering separately the various activities being developed, which represent reporting operating segments given the nature of its products, services, operations and risks. As of fiscal year 2018, the CODM reviews certain corporate expenses associated in an aggregate manner and separately from each of the segments, such expenses have been disclosed in the “Corporate” segment. Below is the segment information which was prepared as follows: · Operations Center in Argentina: o The “Shopping Malls” o The “Offices” o The “Sales and Developments” o The “Hotels” o The “International” o The “Others” o The “Corporate” As of the 2018 fiscal year, the CODM reviews the office business as a single segment and the entertainment business in an aggregate manner and separately from offices, and has been exposed in the “Others” segment. 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). The assets’ categories examined by the CODM are: investment properties, property, plant and equipment, trading properties, inventories, right to receive future units under barter agreements, investment in associates and goodwill. The sum of these assets, classified by business segment, is reported under “assets by segment”. Assets are allocated to each segment based on the operations and/or their physical location. Most revenue from its operating segments is derived from, and their assets are located in, Argentina, except for the share of profit / (loss) of associates included in the “International” segment located in USA. 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 used to report its financial performance separately in two Operations Centers. However, as described in Note 1, during September 2020 the Group lost control of IDBD and, then, has reclassified the results of Operations Center in Israel to discontinued operations. As a consequence of the situation described, from October 1, 2020, the Group reports its financial performance through a single Operation Center. Segment information for the previous fiscal years has been recast for the purposes of comparability with the present fiscal year. · Operations Center in Israel : Goods and services exchanged between segments are calculated on the basis of established prices. Intercompany transactions between segments, if any, are eliminated. Below is a summary of the Group’s lines of business and a reconciliation between the results from operations as per segment information and the results from operations as per the Consolidated Statements of Income and Other Comprehensive Income for the years ended June 30, 2021, 2020 and 2019: June 30, 2021 Total Joint ventures (1) Expenses funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 10,114 (50 ) 2,945 (31 ) 12,978 Costs (3,455 ) 70 (3,179 ) - (6,564 ) Gross profit / (loss) 6,659 20 (234 ) (31 ) 6,414 Net loss from fair value adjustment of investment properties (7,649 ) (121 ) - - (7,770 ) General and administrative expenses (3,078 ) 14 - 47 (3,017 ) Selling expenses (1,511 ) 21 - - (1,490 ) Other operating results, net (157 ) (20 ) 107 (16 ) (86 ) Loss from operations (5,736 ) (86 ) (127 ) - (5,949 ) Share of loss of associates and joint ventures (3,988 ) (392 ) - - (4,380 ) Segment profit (9,724 ) (478 ) (127 ) - (10,329 ) Reportable assets 204,883 (1,513 ) - 19,412 222,782 Reportable liabilities - - - (140,058 ) (140,058 ) Net reportable assets 204,883 (1,513 ) - (120,646 ) 82,724 June 30, 2020 Total Joint ventures (1) Expenses funds Elimination of inter-segment transactions and non- reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 16,731 (90 ) 4,655 (33 ) 21,263 Costs (4,101 ) 80 (4,851 ) - (8,872 ) Gross profit / (loss) 12,630 (10 ) (196 ) (33 ) 12,391 Net gain / (loss) from fair value adjustment of investment properties 51,059 (395 ) - - 50,664 General and administrative expenses (3,371 ) 20 - 50 (3,301 ) Selling expenses (1,849 ) 27 - - (1,822 ) Other operating results, net 17 28 91 (17 ) 119 Profit / (loss) from operations 58,486 (330 ) (105 ) - 58,051 Share of profit of associates and joint ventures 10,584 263 - - 10,847 Segment profit / (loss) 69,070 (67 ) (105 ) - 68,898 Reportable assets 913,638 (1,040 ) - 29,456 942,054 Reportable liabilities (602,315 ) - - (155,511 ) (757,826 ) Net reportable assets 311,323 (1,040 ) - (126,055 ) 184,228 June 30, 2019 Total Joint ventures (1) Expenses funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 22,613 140 ) 5,567 (36 ) 28,004 Costs (4,773 ) 102 (5,790 ) - (10,461 ) Gross profit / (loss) 17,840 (38 ) (223 ) (36 ) 17,543 Net (loss) / gain from fair value adjustment of investment properties (59,489 ) 1,258 - - (58,231 ) General and administrative expenses (4,176 ) 24 - 66 (4,086 ) Selling expenses (1,628 ) 9 - - (1,619 ) Other operating results, net (841 ) 282 119 (30 ) (470 ) (Loss) / profit from operations (48,294 ) 1,535 (104 ) - (46,863 ) Share of (loss) of associates and joint ventures (9,060 ) (1,527 ) - - (10,587 ) Segment (loss) / profit (57,354 ) 8 (104 ) - (57,450 ) Reportable assets 971,842 (915 ) - 47,973 1,018,900 Reportable liabilities (692,205 ) - - (142,463 ) (834,668 ) Net reportable assets 279,637 (915 ) - (94,490 ) 184,232 (1) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (2) 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 7, ARS 26 and ARS 13,006, as of June 30, 2021, 2020 and 2019, respectively. Below is a summarized analysis of the lines of business of Group’s operations center in Argentina for the fiscal years ended June 30, 2021, 2020 and 2019: June 30, 2021 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 5,321 2,764 664 921 376 - 68 10,114 Costs (865 ) (226 ) (751 ) (1,065 ) (317 ) - (231 ) (3,455 ) Gross profit / (loss) 4,456 2,538 (87 ) (144 ) 59 - (163 ) 6,659 Net (loss) / gain from fair value adjustment of investment properties (20,342 ) 5,381 6,483 - 6 - 823 (7,649 ) General and administrative expenses (1,432 ) (387 ) (357 ) (426 ) (56 ) (352 ) (68 ) (3,078 ) Selling expenses (451 ) (199 ) (684 ) (141 ) (26 ) - (10 ) (1,511 ) Other operating results, net (126 ) 7 (13 ) (12 ) (12 ) - (1 ) (157 ) (Loss) / profit from operations (17,895 ) 7,340 5,342 (723 ) (29 ) (352 ) 581 (5,736 ) Share of (loss) of associates and joint ventures - - (16 ) - (891 ) - (3,081 ) (3,988 ) Segment (loss) / profit (17,895 ) 7,340 5,326 (723 ) (920 ) (352 ) (2,500 ) (9,724 ) Investment properties and trading properties 54,317 76,925 55,943 - 114 - 2,307 189,606 Investment in associates and joint ventures - - - - 1,916 - 6,993 8,909 Other operating assets 348 1,325 1,948 2,603 - 8 136 6,368 Operating assets 54,665 78,250 57,891 2,603 2,030 8 9,436 204,883 From all the revenues corresponding to the Operations Center in Argentina, ARS 9,738 are originated in Argentina, and ARS 376 in the U.S. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, ARS 202,044 are located in Argentina and ARS 2,839 in other countries, principally in USA for ARS 2,030 and Uruguay for ARS 801. June 30, 2020 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 8,915 3,542 1,104 3,036 17 - 117 16,731 Costs (851 ) (207 ) (1,008 ) (1,870 ) (18 ) - (147 ) (4,101 ) Gross profit / (loss) 8,064 3,335 96 1,166 (1 ) - (30 ) 12,630 Net (loss) / gain from fair value adjustment of investment properties (3,162 ) 34,974 18,293 - - - 954 51,059 General and administrative expenses (1,246 ) (332 ) (342 ) (548 ) (165 ) (562 ) (176 ) (3,371 ) Selling expenses (1,065 ) (126 ) (296 ) (345 ) - - (17 ) (1,849 ) Other operating results, net 26 (39 ) (41 ) (30 ) - - 101 17 Profit / (loss) from operations 2,617 37,812 17,710 243 (166 ) (562 ) 832 58,486 Share of profit / (loss) of associates and joint ventures - - - - 11,080 - (496 ) 10,584 Segment profit / (loss) 2,617 37,812 17,710 243 10,914 (562 ) 336 69,070 Investment properties and trading properties 73,764 94,314 48,321 - 460 - 2,165 219,024 Investment in associates and joint ventures - - 799 - 3,011 - 10,119 13,929 Other operating assetsInvestment 412 321 1,131 2,759 - 9 135 4,767 Operating assets 74,176 94,635 50,251 2,759 3,471 9 12,419 237,720 From all the revenues corresponding to the Operations Center in Argentina, included in the segments ARS 16,713 are originated in Argentina and ARS 17 are originated in USA. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, ARS 233,384 are located in Argentina and ARS 4,336 in other countries, principally in USA for ARS 3,471 and Uruguay for ARS 865. June 30, 2019 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 12,828 3,362 1,681 4,435 21 - 286 22,613 Costs (1,166 ) (197 ) (790 ) (2,383 ) (9 ) - (228 ) (4,773 ) Gross profit 11,662 3,165 891 2,052 12 - 58 17,840 Net (loss) / gain from fair value adjustment of investment properties (60,952 ) 925 1,091 - 9 - (562 ) (59,489 ) General and administrative expenses (1,420 ) (318 ) (425 ) (738 ) (165 ) (940 ) (170 ) (4,176 ) Selling expenses (796 ) (148 ) (178 ) (474 ) - - (32 ) (1,628 ) Other operating results, net (29 ) (47 ) (429 ) 172 (36 ) - (472 ) (841 ) (Loss) / profit from operations (51,535 ) 3,577 950 1,012 (180 ) (940 ) (1,178 ) (48,294 ) Share of (loss) of associates and joint ventures - - (56 ) - (5,526 ) - (3,478 ) (9,060 ) Segment (loss) / profit (51,535 ) 3,577 894 1,012 (5,706 ) (940 ) (4,656 ) (57,354 ) Investment properties and trading properties 75,258 47,405 41,693 - 135 - 1,594 166,085 Investment in associates and joint ventures - - 665 - (10,846 ) - 7,353 (2,828 ) Other operating assets 466 267 277 2,897 270 6 135 4,318 Operating assets 75,724 47,672 42,635 2,897 (10,441 ) 6 9,082 167,575 From all the revenues corresponding to the Operations Center in Argentina, included in the segments ARS 21,873 are originated in Argentina, ARS 719 are originated in Uruguay and ARS 21 are originated in USA. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, ARS 177,136 are located in Argentina and ARS (9,561) in other countries, principally in USA for ARS (10,441) and Uruguay for ARS 874 million. Below is a summarized analysis of the lines of business of Group’s Operations Center in Israel where only assets and liabilities are presented for the years ended June 30, 2020 and 2019: June 30, 2020 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Operating assets 229,718 42,191 210,318 5,072 25,015 163,604 675,918 Operating liabilities (219,789 ) - (159,326 ) - (164,429 ) (58,771 ) (602,315 ) Operating assets (liabilities), net 9,929 42,191 50,992 5,072 (139,414 ) 104,833 73,603 June 30, 2019 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Operating assets 455,745 34,566 164,289 34,002 62,238 53,427 804,267 Operating liabilities (353,800 ) - (127,370 ) - (189,891 ) (21,144 ) (692,205 ) Operating assets (liabilities), net 101,945 34,566 36,919 34,002 (127,653 ) 32,283 112,062 |
Information about the main subs
Information about the main subsidiaries | 12 Months Ended |
Jun. 30, 2021 | |
7. Information about the main subsidiaries | 7. Information about the main subsidiaries The Group conducts its business through several operating and holding subsidiaries. The Group considers that the subsidiaries below are the ones with significant non-controlling interests 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 June 30, 2021 IRSA CP 20.08 % 22,652 154,752 13,122 86,269 78,013 5,549 June 30, 2020 Elron 38.94 % 5,072 5,957 765 213 10,051 6,232 PBC 27.60 % 119,149 168,831 39,259 178,421 70,300 28,933 Cellcom 53.80 % 82,275 119,854 47,142 112,186 42,801 26,916 Mehadrin 56.25 % 19,583 26,794 20,959 5,011 20,407 12,220 IRSA CP 19.35 % 22,417 194,626 24,667 78,866 113,510 6,142 Revenues Net income / (loss) Total comprehensive income / (loss) Total comprehensive profit / (loss) 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 June 30, 2021 IRSA CP 8,092 (22,537 ) (22,406 ) (604 ) 1,282 9,754 (17,242 ) (6,206 ) 438 June 30, 2020 Elron - (2,665 ) (2,800 ) 8,321 (1,166 ) 526 1,313 673 - PBC 18,490 18,997 18,272 29,418 9,505 35,856 (30,405 ) 14,956 2,529 Cellcom 84,226 (3,106 ) (3,154 ) 802 22,401 (11,152 ) (9,497 ) 1,752 - Mehadrin 2,932 159 185 377 369 (105 ) (369 ) (105 ) 26 IRSA CP 12,862 27,266 27,644 1,598 7,345 (4,324 ) (5,349 ) (2,328 ) 996 |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Jun. 30, 2021 | |
8. Investments in associates and joint ventures | 8. Investments in associates and joint ventures Changes of the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2021 and 2020 were as follows: June 30, 2021 June 30, 2020 Beginning of the year 111,714 53,742 Adjustment previous years (IFRS 9 and IAS 28) - (2,972 ) Increase in equity interest in associates and joint ventures - 5,020 Capital contributions 42 4,058 Capital reduction - (159 ) Decrease of interest in associate (iv) (43,849 ) - Deconsolidation (i) (48,443 ) 43,822 Share of profit / (loss) (3,035 ) 13,022 Impairment (iii) (626 ) - Currency translation adjustment (3,579 ) 76 Dividends - (2,734 ) Other comprehensive income (54 ) (1,869 ) Reclassification to held-for-sale - (3,109 ) Others (12 ) (5 ) Incorporation by business combination - 2,822 End of the year (ii) 12,158 111,714 (i) See Note 4. (ii) Includes ARS (7) and ARS (26) reflecting interests in companies with negative equity as of June 30, 2021 and 2020, respectively, which are disclosed in “Provisions” (see Note 19). (iii) Corresponds to investment in TGLT S.A. (iv) Corresponds to the sale of the remaining equity interest in Shufersal in July 2020. Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2021 and 2020, as well as the Group’s share of the comprehensive results of these companies for the years ended on June 30, 2021, 2020 and 2019: % ownership interest Value of Group’s interest in equity Group’s interest in comprehensive income / (loss) Name of the entity June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2019 Associates New Lipstick 49.96 % 49.96 % 49.96 % 218 701 (480 ) 11,465 (4,805 ) BHSA (1) 29.91 % 29.91 % 29.91 % 5,361 6,118 (756 ) (571 ) (3,621 ) Condor (2) 18.89 % 18.89 % 18.89 % 1,620 2,224 (414 ) 180 59 PBEL N/A 45.00 % 45.40 % - - - - (176 ) Shufersal (4) N/A 26.02 % 26.02 % - 42,223 24 7,834 446 Mehadrin N/A N/A 45.41 % - - - - (167 ) Gav-Yam N/A 34.90 % N/A - 40,970 39 (1,181 ) - Quality (3) 50.00 % 50.00 % 50.00 % 2,927 3,156 (259 ) 278 (876 ) La Rural SA 50.00 % 50.00 % 50.00 % 169 305 (135 ) 153 216 TGLT (5) 27.82 % 30.20 % N/A 937 3,093 (2,157 ) (174 ) - Other joint ventures N/A N/A N/A 926 12,924 (2,476 ) (4,886 ) (2,062 ) Total associates and joint ventures 12,158 111,714 (6,614 ) 13,098 (10,986 ) Name of the entity Place of business / Country of incorporation Main Common shares 1 vote Latest financial statements issued Share capital (nominal value) Loss for the year Shareholders’ equity Associates New Lipstick U.S. Real estate N/A - (*) (10 ) (*) (41 ) BHSA Argentina Financial 448,689,072 (***) 1,500 (***) (2,528 ) (***) 17,276 Condor EE.UU. Hotel 2,245,100 (*) 232 (*) (178 ) (*) 54 Quality Argentina Real estate 225,146,012 450 (518 ) 5,760 La Rural SA Argentina Organization of events 714,498 1 (64 ) 378 TGLT (5) Argentina Real estate 257,320,997 925 (4,625 ) 4,311 (1) BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium businesses and large companies. The market price of the share is 9.47 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. (2) Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2021 is US$ 6.07 per share. (3) Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.). (4) Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020. (5) On March 31, 2021 IRSA CP transferred to PointArgentum MasterFund LP, 1,478,788 ADS from TGLT S.A. (equivalent to 22,181,818 ordinary shares) in accordance with the provisions of the share subscription carried out in August 2019. As a consequence of this transaction, IRSA CP’s participation in TGLT S.A. it went from 30.20% to 27.82% (*) Amounts in millions of US Dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest with a three-month lag, including material adjustments, if any. (**) Amounts in millions of NIS. (***) The balances as of June 30, 2021 correspond to the Financial Statements of BHSA prepared in accordance with BCRA standards. 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 derecognised 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. Pursuant to such agreement, Metropolitan was fully released from liability except for (i) claims for liabilities prior to June 1, 2020, from those persons who performed works or rendered services in the Building or for Metropolitan and (ii) claims from persons who had an accident in the property after August 7, 2020. TGLT S.A.: During the previous fiscal year, TGLT S.A. and the Company entered into a recapitalization agreement, based on which IRSA CP increased its holding in TGLT S.A. reason why it began to be considered an associate company. During the current fiscal year, TGLT S.A. has yielded significant losses and its business is being affected by different factors related to the context in which it finds itself. Therefore, the Company decided to re-evaluate the recoverability of this asset. For this reason and considering that the 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. This determination implied that an impairment was recognized in the net investment in TGLT S.A. of $ 626 million in addition to the result from proportional valuation. Set out below is summarized financial information of the associates and joint ventures considered to be material to the Group: Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets % of ownership interest held Interest in associate and joint venture Goodwill and others Book value As of 06.30.21 Associates BHSA 114,759 71,092 156,405 11,661 17,785 29.91 % 5,319 42 5,361 Joint ventures Quality Invest (ii) 5 8,842 100 2,987 5,760 50.00 % 2,880 47 2,927 As of 06.30.20 Associates BHSA 115,457 65,503 153,639 6,954 20,367 29.91 % 6,092 26 6,118 Gav-Yam 63,028 249,149 29,726 176,864 105,587 34.90 % 36,850 4,120 40,970 Shufersal 110,169 280,922 138,032 194,095 58,964 26.02 % 15,342 26,881 42,223 Joint ventures Quality Invest (ii) 6 8,299 131 1,956 6,218 50.00 % 3,109 47 3,156 Revenues Net income / (loss) Total comprehensive income / (loss) Dividend distribution Cash of operating activities Cash of investing activities Cash of financing activities Changes in cash and cash equivalents As of 06.30.21 (i) Associates BHSA 29,257 (2,528 ) (2,528 ) - 4,318 (129 ) (28,139 ) (23,950 ) Joint ventures Quality Invest (ii) 45 (518 ) (518 ) - (59 ) (4 ) 63 - As of 06.30.20 (i) Associates BHSA 19,576 (1,911 ) (1,911 ) - 6,993 56 (5,204 ) 1,845 Gav-Yam 17,350 10,161 8,195 5,388 7,639 (8,596 ) 23,835 22,878 Shufersal 327,436 7,579 6,759 2,155 32,855 (4,069 ) (20,717 ) 8,069 Joint ventures Quality Invest (ii) 27 556 556 - (134 ) - 134 - (i) Information under GAAP applicable in the associate and joint ventures´ jurisdiction. (ii) In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters (“the Agreement”) to surrender a non-significant portion of the land and a monetary consideration of ARS 40 million, payable in two installments of ARS 20 each, the first of which was actually paid on June 30, 2015. In July 2017, the Agreement was amended as follows: 1) a revised zoning plan must be submitted within 120 days as from the amendment date, and 2) the second installment of the monetary considerations was increased to ARS 76 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses. On July 20, 2020 we were notified of the granting of the Hydraulic Aptitude in pre-feasibility instance. On August 5, 2021, they were signed between Quality Invest S.A. and the Municipality of San Martín the following documents: 1) CLUB PERETZ CLUB AGREEMENT ACT CLOSING: It is agreed that within 48 hours of signing the same Quality will pay the certificates owed for the work in question already completed, releasing both parties from any claim regarding the Minutes signed on January 20, 2015 The amount owed (already checked and agreed between the parties) is ARS 18,926,541. and the execution of the works are described, detailed and carried out. 2) COMPLEMENTARY AGREEMENT WITH THE MUNICIPALITY OF SAN MARTIN: In this agreement the completion of the Rodriguez Peña expansion work and the relocation and start-up of the EDENOR substation are agreed, according to the plan and specifications drawn up by TIS and that they are part of its annexes. In return, the certifications owed will be paid as follows: The total is for ARS 26,085,086: ARS 15,000,000.- are paid 48 hours after signing this document and the balance (without any adjustment clause) at the time of the provisional reception of the work, where the definitive reception and Delivery Certificate will be signed. BHSA BHSA is subject to certain restrictions on the distribution of profits, as required by BCRA regulations. As of June 30, 2021, BHSA has a remnant of 35.2 million Class C treasury shares of a par value of ARS 1 received in 2009 as a result of certain financial transactions. The Annual Shareholders’ Meeting decided to allocate 35.1 million of such shares to an employee compensation plan pursuant to Section 67 of Law 26,831. The remaining shares belong to third party holders of Stock Appreciation Rights, who have failed to produce the documentation required for redemption purposes. As of June 30, 2021, considering the effect of such treasury shares, the Group’s interest in BHSA amounts to 29.91%. The Group estimated that the value in use of its investment in BHSA as of June 30, 2021 and 2020 amounted to ARS 6,734, ARS 8,911, respectively. The value in use was estimated based on the present value of future business cash flows. The main assumptions used were the following: - The Group considered 7 years as the horizon for the projection of BHSA cash flows. - The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors. - The projected exchange rate was estimated in accordance with internal data and external information provided by independent consultants. - The discount rate used to discount actual dividend flows was 14.02% in 2021 and 13.82% in 2020. - The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of ARS 625 for 2021 and of ARS 805 for 2020. The estimated value in use overcomes the book value of the investment, because of that, no adjustment was necessary on the recorded value of the investment. Puerto Retiro (joint venture): At present, this 8.3-hectare plot of land, is affected by a zoning regulation defined as U.P. which prevents the property from being used for any purposes other than strictly port activities. Puerto Retiro was involved in a judicial bankruptcy action brought by the National Government. The current Board of Directors would not be held personally liable with regard to this action. Management and legal counsel of the Company believe that there are sufficient legal and technical arguments to consider that the petition for extension of the bankruptcy case will be dismissed by the court. However, in view of the current status of the action, its result cannot be predicted. Moreover, Tandanor filed a civil action against Puerto Retiro S.A. and the other defendants in the criminal case for violation of Section 174 (5) based on Section 173 (7) of the Criminal Code of Argentina. Such action seeks -on the basis of the nullity of the decree that approved the bidding process involving the Dársena Norte property- the restitution of the property and a reimbursement in favor of Tandanor for all such amounts it has allegedly lost as a result of a suspected fraudulent transaction involving the sale of the property. Puerto Retiro has presented the allegation on the merit of the evidence, highlighting that the current shareholders of Puerto Retiro did not participate in any of the suspected acts in the criminal case since they acquired the shares for consideration and in good faith several years after the facts told in the process. Likewise, it was emphasized that the company Puerto Retiro is foreign to the bidding / privatization carried out for the sale of Tandanor shares. On September 7, 2018, the Oral Federal Criminal Court No. 5 rendered a decision. According to the sentence read by the president of the Court, Puerto Retiro won the preliminary objection of limitation filed in the civil action. However, in the criminal case, where Puerto Retiro is not a party, it was ordered, among other issues, the confiscation (“decomiso”) of the property owned by Puerto Retiro known as Planta I. The grounds of the Court's judgment were read on November 11, 2018. From that moment, all the parties were able to present the appeals. Given this fact, an extraordinary appeal was filed, which was rejected, and as a result, a complaint was filed for a rejected appeal, which was granted. Consequently, the appeal is under study in the Argentine Supreme Court of Justice. In the criminal action, the claimant reported the violation by Puerto Retiro of the injunction ordered by the criminal court consisting in an order to stay (“prohibición de innovar”) and not to contract with respect to the property disputed in the civil action. As a result of this complaint, the Federal Oral Court No. 5 formed an incident and ordered and executed the closure of the property where the lease agreements were being executed (a heliport and a mooring), in order to enforce compliance with the measure before mentioned. As a result of this circumstance, it was learned that the proceedings were turned over to the Criminal Chamber for the allocation of the court to investigate the possible commission of a crime of disobedience. As of the date of issuance of these financial statements there has been no news about the progress of this cause. Faced with the evolution of the legal cases that affect it and based on the reports of its legal advisors, Puerto Retiro Management has decided to register in fiscal year 2019 an allowance equivalent to 100% of the book value of its investment property, without prejudice to reverse it when a favorable ruling is obtained in the interposed actions. |
Investment properties
Investment properties | 12 Months Ended |
Jun. 30, 2021 | |
9. Investment properties | 9. Investment properties Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2021 and 2020 were as follows: June 30, 2021 June 30, 2020 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 109,543 232,233 59,942 441,012 Adjustments previous years (IFRS 16) - - - 640 Additions 274 762 5,439 2,761 Capitalized leasing costs 13 9 6 24 Amortization of capitalized leasing costs (i) (7 ) (6 ) (9 ) (14 ) Transfers / Reclassification to assets held for sale (530 ) - 6,836 (43,229 ) Incorporation by business combination - - - 366 Deconsolidation (ii) - (117,547 ) (2,544 ) (234,081 ) Disposals (21,426 ) - (2,613 ) (20,145 ) Currency translation adjustment (12 ) (12,356 ) 20 80,301 Net gain / (loss) from fair value adjustment 5,737 (13,535 ) 42,466 4,598 Fair value at the end of the year 93,592 89,560 109,543 232,233 (i) Amortization charges of capitalized leasing costs were included in “Costs” in the Consolidated Statements of Income and Other Comprehensive Income (Note 24). (ii) As of June 30, 2021 corresponds to IDBD and as of June 30,2020 ARS 2,544 corresponds to La Maltería and ARS 234,081 to Gav-Yam. The following is the balance by type of investment property of the Group as of June 30, 2021 and 2020: 30.06.2021 30.06.2020 Rental properties 125,506 289,412 Undeveloped parcels of land 54,183 41,356 Properties under development 3,463 11,008 TOTAL 183,152 341,776 Certain investment property assets of the Group have been mortgaged or restricted to secure some of the Group’s borrowings and other payables. Book amount of those properties amounts to ARS 1,727, ARS 27,290 as June 30, 2021 and 2020, respectively. The following amounts have been recognized in the Consolidated Statements of Income and Other Comprehensive Income: 06.30.2021 06.30.2020 06.30.2019 Rental and services income 11,034 17,131 21,937 Direct operating expenses (4,430 ) (12,141 ) (12,156 ) Development reimbursements / (expenses) 114 169 (131 ) Net realized gain from fair value adjustment of investment properties (i) (ii) 10,821 1,703 - Net unrealized (loss) / gain from fair value adjustment of investment properties (18,591 ) 48,961 (58,231 ) (i) As of June 30, 2021 it includes ARS 5,434 for the sale of Boston Tower, ARS 5,368 for the sale of Bouchard 710 and ARS 19 for the sale of garages in Bouchard 557. As of June 30, 2020 it includes ARS 5 and ARS 541 for the monetary and non-monetary benefit, respectively, corresponding to the barter transaction related to Caballito Ferro land, ARS 861 for the sale of floors 10th and 11th of the office building “200 Della Paolera”, and ARS 296 for the deconsolidation of La Maltería SA. (ii) As of June 30, 2021, ARS (1,556) corresponds to the result for changes in the fair value realized for the year ((ARS 1,071) from the sale of Torre Boston, (ARS 470) from the sale of Bouchard 710 and (ARS 15) from the sale of garages in Bouchard 557) and ARS 12,377 from the result of changes in the fair value made in previous years (ARS 6,506 from the Boston Tower sale and ARS 5,837 from the Bouchard 710 sale and 34 from the sale of garages in Bouchard 557). As of June 30, 2020, ARS 1,000 corresponds to net realized gain from fair value on investment properties for the year (ARS 139 from the sale of Caballito Ferro land and ARS 861 from the sale of the “200 Della Paolera” building) and ARS 703 net realized gain from fair value on investment properties in previous years (ARS 407 attributable to the Caballito Ferro land and ARS 296 to the deconsolidation of La Maltería S.A.). See note 5 (liquidity schedule) for detail of contractual commitments related to investment properties. Valuation processes The Group’s investment properties were valued at each reporting date by independent professionally qualified appraisers who hold a recognized relevant professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use. 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 buildable potentials identified in this fiscal year are related to the following shopping malls and are valued in accordance with the methodology established for the rest of the Level 2 properties: 1. Patio Bullrich, CABA 2. Alto Palermo, CABA 3. Córdoba Shopping, Córdoba 4. Alto Rosario, Rosario, Santa Fe. Valuation techniques used for the estimation of fair value of the investment property The Group has defined valuation techniques according to the characteristics of each property and the type of market in which these assets are located, in order to maximize the use of observable information available for the determination of fair value. For the Shopping Malls there is no liquid market for the sale of properties with these characteristics that can be taken as a reference of value. Likewise, the Shopping Malls, a business whose revenue is denominated in Argentine Pesos, are highly related to the fluctuation of macroeconomic variables in Argentina, the purchasing power of individuals, the economic cycle of Gross Domestic Product (GDP) growth, the evolution of inflation, among others. Consequently, the methodology adopted by the Group for the valuation of Shopping Malls is the discounted cash flow model (“DCF”), which allows the volatility of the Argentine economy to be taken into account and its correlation with the revenue streams of the Malls and the inherent risk of the Argentine macroeconomy. The DCF methodology contemplates the use of certain unobservable valuation assumptions, which are determined reliably based on the information and internal sources available at the date of each measurement. These assumptions mainly include the following: • Future projected income flow based on the current locations, type and quality of the properties, supported by the rental contracts that the Company has signed with its tenants. Because the Company’s income arises from the higher value between a Minimum Insured Fixed Value (“VMA”) and a percentage of the sales of the tenants in each Shopping Mall, estimates of the evolution of GDP and Inflation of the Argentine economy provided by external consultants to estimate the evolution of tenant sales, which present a high correlation with these macroeconomic variables. Said macroeconomic projections were contrasted with the projections prepared by the International Monetary Fund (“IMF”), the Organization for Economic Cooperation and Development (“OECD”) and with the Market Expectations Survey (“REM”), which consists of a survey prepared by the Central Bank of the Argentine Republic (“BCRA”) aimed at local and foreign specialized analysts in order to allow a systematic monitoring of the main macroeconomic forecasts in the short and medium term on the evolution of the Argentine economy. • The income from all Shopping Malls was considered to grow with the same elasticity in relation to the evolution of the GDP and the projected inflation. The specific characteristics and risks of each Shopping Mall are captured through the use of the historical average EBITDA Margin of each of them. • Cash flows from future investments, expansions or improvements in Shopping Mall were not contemplated. • Terminal value: a perpetuity calculated from the cash flow of the last year of useful life was considered. • The cash flow for concessions was projected until the termination date of the concession stipulated in the current contract. • Given the prevailing inflationary context and the volatility of certain macroeconomic variables, a reference long term interest rate in Argentine Pesos is not available to discount the projected cash flows from shopping malls. Consequently, the projected cash flows were dollarized through the future ARS / US$ exchange rate curve provided by an external consultant, which are contrasted to assess their reasonableness with those of the IMF, OECD, REM and the On-shore Exchange Rate Futures Market (ROFEX). Finally, dollarized cash flows were discounted with a long-term dollar rate, the weighted average capital cost rate (“WACC”), for each valuation date. • The estimation of the WACC discount rate was determined according to the following components: a) United State Governments Bonds risk-free rate; b) Industry beta, considering comparable companies from the United States, Brazil, Chile and Mexico, in order to contemplate the Market Risk on the risk-free rate; c) Argentine country risk considering the EMBI + Index; and d) Cost of debt and capital structure, considering that information available from the Argentine corporate market (“blue chips”) was determined as a reference, since sovereign bonds have a history of defaults. Consequently, and because IRSA CP, based on its representativeness and market share represents the most important entity in the sector, we have taken its indicators to determine the discount rate. For offices, other rental properties, plot of lands and buildable potentials the valuation was determined using transactions of comparable market assets, since the market for offices and land banks in Argentina is liquid and has market transactions that can be taken as reference. These values are adjusted to reflect differences in key attributes such as location, property size and quality of interior fittings (incidence adjustments). The most significant input to the comparable market approach is the price per square meter that derives from the supply and demand in force in the market at each valuation date. Since September 2019, the real estate market has faced certain changes in terms of its operation as a consequence of the implementation of regulations applicable to the foreign exchange market. In general terms, the measure adopted on September 1, 2019 by the BCRA sets forth that exporters of goods and services should settle foreign currency from abroad in the local exchange market 5 days after the collection of such funds, at the latest. Furthermore, it provides that legal entities residing in Argentina may buy foreign currency without restrictions for imports or payments of debts on the maturity date thereof, although they shall apply for the BCRA´s prior authorization for the purposes of: buying foreign currency in order to form external assets, prepaying debts, making remittances of profits and dividends abroad or transferring funds abroad. Likewise, pursuant to such regulations, access to the market by natural persons for the purchase of dollars was restricted. Afterwards, the BCRA implemented stricter measures, further limiting access to the foreign exchange market (see Note 34). From the previous year, it is observed that the purchase and sales transactions for office buildings may be settled in Argentine Pesos (by using an implicit foreign exchange rate higher than the official one) or in dollars. Consequently, the most probable scenario is that any sale of office buildings/reserves be settled in Argentine Pesos at an implicit foreign exchange rate higher than the official one. This is evidenced by the transactions consummated by the Group prior to and after the closing of these financial statements. Therefore, the Group has valued its office buildings, land reserves and buildable potentials in Argentine Pesos at the end of the year considering the situation described above, considering an implicit exchange rate higher than the official one. In certain situations, it is complex to determine reliably the fair value of developing properties. In order to assess whether the fair value of a developing property can be determined reliably, management considers the following factors, among others: • The provisions of the construction contract. • The stage of completion. • Whether the project / property is standard (typical for the market) or non-standard. • The level of reliability of cash inflows after completion. • The specific development risk of the property. • Previous experience with similar constructions. • Status of construction permits. There were no changes in the valuation techniques during the year. The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3): 06.30.21 (i) 06.30.20 (i) 06.30.19 (i) Description Valuation technique Parameters Range fiscal year 2021 / 2019 Increase Decrease Increase Decrease Increase Decrease Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 13.53% / 12.10% (3,840 ) 4,589 (6,387 ) 7,821 (4,906 ) 6,118 Growth rate 2.4% / 3.0% 1,759 (1,472 ) 3,045 (2,486 ) 2,307 (1,850 ) Inflation (*) 8,171 (6,740 ) 13,296 (10,938 ) 4,296 (3,932 ) Devaluation (*) (4,357 ) 5,325 (6,181 ) 7,555 (4,559 ) 5,571 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) ARS 47,427 / (ARS 21,497) 3,493 (3,493 ) 3,243 (3,243 ) 2,007 (2,007 ) % of incidence 30% / (30%) 11,644 (11,644 ) 10,808 (10,808 ) 6,696 (6,696 ) (*) Fiscal year 2021: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 116.94 (corresponding to the year ended June 30, 2022) and arriving at ARS 376.56. In the long term, a nominal devaluation rate of 27.5% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.1% (corresponding to the year ended June 30, 2022) and stabilizes at 30.0% after 5 years.Fiscal year 2020: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 86.21 (corresponding to the year ended June 30, 2021) and arriving at ARS 243.89. In the long term, a nominal devaluation rate of 21.1% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 47.9% (corresponding to the year ended June 30, 2021) and stabilizes at 23.2% after 5 years. Fiscal year 2019: For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 48.47 (corresponding to the year ended June 30, 2020) and arriving at ARS 72.16. In the long term, a nominal devaluation rate of 5.7% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.5% (corresponding to the year ended June 30, 2020) and stabilizes at 8% after 5 years. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 10% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. Costa Urbana –former Solares de Santa María– Costanera Sur, Buenos Aires City (IRSA) We own an important property of more than 70 hectares, which we acquired in 1997, facing the Río de la Plata on the Costanera Sur, south of Puerto Madero, 10 minutes from downtown Buenos Aires, originally called “Solares de Santa María” which we have renamed “Costa Urbana”. We intend to create a mixed-use development including residential complexes, offices, stores, hotels, sports clubs and service areas (schools, supermarkets and parking spaces). After some unsuccessful approval attempts with the City of Buenos Aires Government and its Legislature, and after new negotiations carried out in recent years, we have signed a new agreement with the Executive Power of the City of Buenos Aires under the “Urban Agreement” modality framed within Decree No. 475 published on December 30, 2020, by means of which it approved the regulation of article 10.9. “Urban Agreements” of Law No. 6099 (text consolidated by Law No. 6347). According to article 10.9 of the Urban Code, these agreements are contracts entered into between the owner of a land/property and the Executive Power, which imply a regulatory change that must be approved by the City of Buenos Aires Legislature. Under this modality, a new urbanization project was proposed, in which more than 67% of the property’s surface is destined for public use, maintaining the original “FOT 1” that implies a capacity to develop more than 895,000 sqm. The Bill was raised for treatment in the first reading on the Legislature premises and it was approved without abstentions on August 19, 2021 by 36 votes out of a total of 55. As part of the approval process, it has been set a date for the non-binding Public Hearing on October 15, 2021 to later celebrate the treatment in second reading for final legislative approval. The accounting valuation as of June 30, 2021 does not reflect any of these potential changes, valuing the land with the same methodology as in previous years. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment | |
10. Property, plant and equipment | 10. Property, plant and equipment Changes in the Group’s property, plant and equipment for the years ended June 30, 2021 and 2020 were as follows: Agricultural establishments Buildings and facilities Machinery and equipment Communication networks Others (i) Total Net book amount at the June 30, 2019 - 6,011 1,149 32,439 8,322 47,921 Costs - 15,969 3,630 137,142 18,363 175,104 Accumulated depreciation - (9,958 ) (2,481 ) (104,703 ) (10,041 ) (127,183 ) Balances at June 30, 2019 - 6,011 1,149 32,439 8,322 47,921 Additions 54 677 99 5,132 2,556 8,518 Disposals - (93 ) (8 ) (4,802 ) (62 ) (4,965 ) Incorporation by business combination 6,044 2,424 566 - 140 9,174 Deconsolidation - (635 ) (892 ) - (66 ) (1,593 ) Reclassification to assets assets held for sale - (412 ) - - - (412 ) Currency translation adjustment 468 732 287 5,335 1,927 8,749 Transfers - (368 ) (23 ) 566 (566 ) (391 ) Depreciation charges (ii) (27 ) (598 ) (120 ) (6,956 ) (2,630 ) (10,331 ) Net book amount at the June 30, 2020 6,539 7,738 1,058 31,714 9,621 56,670 Costs 14,268 18,140 6,734 151,598 19,364 210,104 Accumulated depreciation (7,729 ) (10,402 ) (5,676 ) (119,884 ) (9,743 ) (153,434 ) Balances at June 30, 2020 6,539 7,738 1,058 31,714 9,621 56,670 Additions 55 202 64 581 754 1,656 Disposals - (28 ) (7 ) (55 ) - (90 ) Deconsolidation (6,102 ) (4,285 ) (795 ) (28,322 ) (8,485 ) (47,989 ) Reclassification to assets assets held for sale - (28 ) - - - (28 ) Currency translation adjustment (464 ) (343 ) (61 ) (2,286 ) (682 ) (3,836 ) Transfers - 989 - - - 989 Depreciation charges (ii) (28 ) (428 ) (89 ) (1,632 ) (1,049 ) (3,226 ) Net book amount at the June 30, 2021 - 3,817 170 - 159 4,146 Costs - 7,076 2,513 - 578 10,167 Accumulated depreciation - (3,259 ) (2,343 ) - (419 ) (6,021 ) Balances at June 30, 2021 - 3,817 170 - 159 4,146 (i) Includes furniture and fixtures and vehicles. (ii) As of June 30, 2021 and 2020, depreciation charges of property, plant and equipment were recognized: ARS 244 and ARS 337 in "Costs", ARS 100 and ARS 211 in "General and administrative expenses" and ARS 5 and ARS 8 in "Selling expenses", respectively in the Consolidated Statements of Income and Other Comprehensive Income (Note 24). Likewise, a charge of ARS 2,807 and 9,775 has been made in “Discontinued operations” as of June 30, 2021 and 2020, respectively. |
Trading Properties
Trading Properties | 12 Months Ended |
Jun. 30, 2021 | |
11. Trading properties | 11. Trading properties Changes in the Group’s trading properties for the fiscal years ended June 30, 2021 and 2020 were as follows: Completed properties Properties under development Undeveloped sites Total At June 30, 2019 4,033 3,596 4,927 12,556 Additions 36 2,604 846 3,486 Deconsolidation - (233 ) - (233 ) Currency translation adjustment 452 47 817 1,316 Transfers 1,859 (1,486 ) (50 ) 323 Disposals (3,340 ) (3,282 ) (53 ) (6,675 ) At June 30, 2020 3,040 1,246 6,487 10,773 Additions - 408 397 805 Desconsolidation (2,128 ) (142 ) (5,420 ) (7,690 ) Currency translation adjustment (195 ) (126 ) (373 ) (694 ) Transfers 194 (194 ) - - Disposals (790 ) (390 ) (256 ) (1,436 ) At June 30, 2021 121 802 835 1,758 June 30, 2021 June 30, 2020 Non-current 1,644 7,294 Current 114 3,479 Total 1,758 10,773 (i) Includes Zetol and Vista al Muelle plots of land, which have been mortgaged to secure Group’s borrowings. The net book value amounted to ARS 801 and ARS 865 as of June 30, 2021 and 2020, respectively. Additionally, the Group has contractual obligations not provisioned related to these plots of lands committed when certain properties were acquired or real estate projects were approved, and amount to ARS 906 andARS 1,039, respectively. During 2021, infrastructure works have been started in the a and b sector and it is estimated to be complete by the end of 2021 and the beginning of 2022, together with the delivery of the units built in tower 1 by the barterer, this allows us to give better access to the area that will help advance the development that is taking place in the area. |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2021 | |
12. Intangible assets | 12. Intangible assets Changes in the Group’s intangible assets for the years ended June 30, 2021 and 2020 were as follows: Year ended Goodwill Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance at June 30, 2019 9,853 9,789 3,457 4,733 5,729 4,895 38,456 Costs 9,853 10,609 14,219 30,459 9,691 12,934 87,765 Accumulated amortization - (820 ) (10,762 ) (25,726 ) (3,962 ) (8,039 ) (49,309 ) Net book amount at June 30, 2019 9,853 9,789 3,457 4,733 5,729 4,895 38,456 Additions - - - - 2,318 4,453 6,771 Disposals - - - (27 ) (206 ) (96 ) (329 ) Deconsolidation (4,895 ) - - - (33 ) - (4,928 ) Incorporation by business combination - - - 57 29 - 86 Currency translation adjustment 3,518 1,852 597 648 1,023 1,038 8,676 Amortization charges (i) - (183 ) (419 ) (1,694 ) (2,517 ) (2,187 ) (7,000 ) Balance at June 30, 2020 8,476 11,458 3,635 3,717 6,343 8,103 41,732 Costs 8,476 12,649 16,956 35,644 11,888 20,071 105,684 Accumulated amortization - (1,191 ) (13,321 ) (31,927 ) (5,545 ) (11,968 ) (63,952 ) Net book amount at June 30, 2020 8,476 11,458 3,635 3,717 6,343 8,103 41,732 Additions - - - 28 444 1,703 2,175 Disposals - - - - (111 ) - (111 ) Deconsolidation (8,479 ) (10,614 ) (3,292 ) (3,141 ) (4,654 ) (6,366 ) (36,546 ) Impairment (40 ) - - - - - (40 ) Currency translation adjustment 178 (816 ) (260 ) (272 ) (707 ) (598 ) (2,475 ) Amortization charges (i) - (28 ) (83 ) (332 ) (1,110 ) (782 ) (2,335 ) Balance at June 30, 2021 135 - - - 205 2,060 2,400 Costs 135 - - - 789 2,368 3,292 Accumulated amortization - - - - (584 ) (308 ) (892 ) Net book amount at June 30, 2021 135 - - - 205 2,060 2,400 (i) Amortization charge was recognized in the amount of ARS 21 and ARS 98 under "Costs", in the amount of ARS 101 and ARS 6 under "General and administrative expenses" as of June 30, 2021 and 2020, respectively and ARS 2 under "Selling expenses" as of June 30, 2020 in the Consolidated Statements of Income and Other Comprehensive Income (Note 24). Likewise, ARS 2,213 and ARS 6,894has been charged to the result of discontinued operations as of June 30, 2021 and 2020, respectively. |
Rights of use of assets
Rights of use of assets | 12 Months Ended |
Jun. 30, 2021 | |
13. Rights of use of assets | 13. Rights of use of assets Below is the composition of the rights of use of the Group´s assets as of June 30, 2021 and June 30, 2020: June 30, 2021 June 30, 2020 Real Estate 11 6,182 Telecommunications - 16,528 Machinery and equipment 4 20 Others 796 7,098 Total Right-of-use assets 811 29,828 Non-current 811 29,828 Total 811 29,828 Changes in the Group´s rights of use during the fiscal years ended June 30, 2021 and 2020, were as follows: June 30, 2021 June 30, 2020 Beginning of the year 29,828 - IFRS 16 inicial adjustments - 21,214 Additions (i) 889 12,153 Disposals (83 ) - Transfer - 237 Amortization charges (1,912 ) (7,076 ) Deconsolidation (25,853 ) (63 ) Currency translation adjustment (2,058 ) 3,363 Total 811 29,828 (i) includes incorporation by business combination. Depreciation charge for rights of use is detailed below: June 30, 2021 June 30, 2020 Real Estate 1,292 808 Telecommunications 296 4,739 Others 324 1,529 Total depreciation of right-of-use assets (i) 1,912 7,076 (ii) Includes ARS 1,824 and ARS 7,015 charged to the result of discontinued operations as of June 30, 2021 and 2020 respectively. Other charges to income related to rights of use were as follows: June 30, 2021 June 30, 2020 Right-of-use interests (279 ) (765 ) Results from short-term leases (36 ) (57 ) The average discount rate and the term of liability for lease recognized as of June 30, 2021 are detailed below: Average discount rate Maturity date 10.61% 2023-2041 |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Jun. 30, 2021 | |
14. Financial instruments by category | 14. Financial instruments by category The following note presents the financial assets and financial liabilities by category and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Since the line items “Trade and other receivables” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as prepayments, trade receivables, trade payables in-kind and tax receivables and payables), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy. IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. In the case of Level 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can refer to at the date of valuation. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group’s assumptions regarding the factors which market players would consider in their pricing. The Group’s Finance Division has a team in place in charge of estimating the valuation of financial assets required to be reported in the Consolidated Financial Statements, including the fair value of Level-3 instruments. The team directly reports to the Chief Financial Officer (“CFO”). The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, as of the end of each reporting period. According to the Group’s policy, transfers among the several categories of valuation are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer. Financial assets and financial liabilities as of June 30, 2021 are as follows: Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total Level 1 Level 2 Level 3 June 30, 2021 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 7,231 - - - 7,231 4,942 12,173 Investments in financial assets: - Public companies’ securities - 976 - - 976 - 976 - Bonds - 2,711 - - 2,711 - 2,711 - Others 10 639 - 48 697 - 697 Cash and cash equivalents: - Cash at bank and on hand 1,128 - - - 1,128 - 1,128 - Short-term investments - 803 - - 803 - 803 Total assets 8,369 5,129 - 48 13,546 4,942 18,488 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non- financial liabilities Total Level 1 Level 2 Level 3 June 30, 2021 Liabilities as per Statements of Financial Position Trade and other payables 2,884 - - - 2,884 3,606 6,490 Borrowings (excluding finance leases) 62,133 - - - 62,133 - 62,133 Derivative financial instruments: - Swaps - - 57 - 57 - 57 Total liabilities 65,017 - 57 - 65,074 3,606 68,680 Financial assets and financial liabilities as of June 30, 2020 were as follows: Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total Level 1 Level 2 Level 3 June 30, 2020 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 74,133 - - - 74,133 22,004 96,137 Investments in financial assets: - - - - - - - - Public companies’ securities - 862 345 - 1,207 - 1,207 - Private companies’ securities - - - 4,369 4,369 - 4,369 - Deposits 1,437 92 - - 1,529 - 1,529 - Bonds - 13,868 2,169 - 16,037 - 16,037 - Investments in financial assets with quotation - 9,760 1,217 348 11,325 - 11,325 Derivative financial instruments - - - - - - - - Foreign-currency future contracts - - 194 - 194 - 194 - Others 93 - 30 213 336 - 336 Restricted assets (i) 12,136 - - - 12,136 - 12,136 Financial assets available for sale: - - - - - - - - Clal - 5,072 - - 5,072 - 5,072 Cash and cash equivalents: - - - - - - - - Cash at bank and on hand 37,059 - - - 37,059 - 37,059 - Short term investments 94,064 4,596 - - 98,660 - 98,660 Total assets 218,922 34,250 3,955 4,930 262,057 22,004 284,061 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non- financial liabilities Total Level 1 Level 2 Level 3 June 30, 2020 Liabilities as per Statements of Financial Position Trade and other payables 37,529 - - - 37,529 10,296 47,825 Borrowings (excluding finance leases) 564,991 - - - 564,991 - 564,991 Derivative financial instruments: - - Foreign-currency future contracts - - 207 - 207 - 207 - Others - - 1,436 30 1,466 - 1,466 - Forwards - - 92 - 92 - 92 Total liabilities 602,520 - 1,735 30 604,285 10,296 614,581 (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 20). Liabilities carried at amortized cost also include liabilities under finance leases where the Group is the lessee, and which therefore have to be measured in accordance with IAS 17 “Leases”. The categories disclosed are determined by reference to IFRS 9. Finance leases are excluded from the scope of IFRS 7 “Financial Instruments Disclosures”. Therefore, finance leases have been shown separately. The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position: As of June 30, 2021 As of June 30, 2020 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) 9,282 (2,051 ) 7,231 77,448 (3,315 ) 74,133 Financial liabilities Trade and other payables 4,935 (2,051 ) 2,884 40,844 (3,315 ) 37,529 Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2021 Interest income (i) 360 - 360 Interest expense (i) (6,409 ) - (6,409 ) Interest expense on lease liabilities (i) (97 ) - (97 ) Foreign exchange gains, net (i) 7,020 - 7,020 Dividend income (i) 1 - 1 Loss from repurchase of negotiable obligations (i) (95 ) - (95 ) Fair value gain on financial assets at fair value through profit or loss (i) - 5,318 5,318 Interest generated by operating credits 97 - 97 Gain on derivative financial instruments, net (i) - (452 ) (452 ) Other finance costs (i) (866 ) - (866 ) Total financial instruments 11 4,866 4,877 Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2020 Interest income (i) 299 - 299 Interest expense (i) (8,607 ) - (8,607 ) Interest expense on lease liabilities (i) (81 ) - (81 ) Foreign exchange gains, net (i) (9,383 ) - (9,383 ) Dividend income 21 - 21 Gain from repurchase of negotiable obligations (i) 139 - 139 Fair value gain on financial assets at fair value through profit or loss (i) - 505 505 Interest generated by operating credits 254 - 254 Gain on derivative financial instruments, net (i) - (549 ) (549 ) Other finance costs (i) (563 ) - (563 ) Total financial instruments (17,921 ) (44 ) (17,965 ) Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2019 Interest income (i) 260 - 260 Interest expense (i) (6,667 ) - (6,667 ) Foreign exchange gains, net (i) 1,507 - 1,507 Dividend income 21 - 21 Fair value gain on financial assets at fair value through profit or loss (i) - 1,026 1,026 Interest generated by operating credits 369 - 369 Gain on derivative financial instruments, net (i) - 837 837 Other finance costs (i) (520 ) - (520 ) Total financial instruments (5,030 ) 1,863 (3,167 ) (i) Included within “Financial results, net“ in the Consolidated Statements of Income and Other Comprehensive Income. The following table presents the changes in Level 3 financial instruments as of June 30, 2021 and 2020: Derivative financial instruments - Forwards Investments in financial assets - Private companies’ securities nvestments in financial assets - Others Derivative financial instruments Total Balances at June 30, 2019 (104 ) 3,920 2,202 204 6,222 Additions and acquisitions - 53 - - 53 Transfer between levels - - - 527 527 Currency translation adjustment (10 ) 714 158 368 1,230 Write off - - (1,467 ) (916 ) (2,383 ) Gain / (loss) for the year (i) 84 (318 ) (545 ) 30 (749 ) Balances at June 30, 2020 (30 ) 4,369 348 213 4,900 Currency translation adjustment - - (4 ) - (4 ) Deconsolidation 30 (4,369 ) (305 ) (213 ) (4,857 ) Gain for the year (i) - - 9 - 9 Balances at June 30, 2021 - - 48 - 48 (i) Included within “Financial results, net” in the Consolidated Statements of Income and Other Comprehensive Income. During the fiscal year ended June 30, 2020, derivative financial instruments were transferred from level 1 to level 3. During the fiscal year ended June 30, 2021, there were no transfers between levels of hierarchy of the fair value. 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 Promissory note Theoretical price Price of the underlying (Market price) and volatility of the share (historical) and market interest rate (Libor Curve). Level 3 Price of the underlying 3 to 4. Volatility of the share 57% to 77%. Market interest rate 0.75% to 1.25% Investments in financial assets - Other private companies’ securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. Level 3 1 - 3.5 Derivative financial instruments Forwards Theoretical price Underlying asset price and volatility Level 2 and 3 - (*) An increase in the discount rate would decrease the value of investments in private companies, while an increase in projected revenues would increase their value. As of June 30, 2021, there are no changes in economic or business circumstances that affect the fair value of the Group’s financial assets and liabilities. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables | |
15. Trade and other receivables | 15. Trade and other receivables Group’s trade and other receivables as of June 30, 2021 and 2020 were as follows: June 30, 2021 June 30, 2020 Sale, leases and services receivables 4,593 57,756 Less: Allowance for doubtful accounts (851 ) (5,610 ) Total trade receivables 3,742 52,146 Prepaid expenses 805 20,271 Borrowings, deposits and others 3,669 15,064 Advances to suppliers 950 1,516 Tax receivables 1,166 1,208 Others 990 322 Total other receivables 7,580 38,381 Total trade and other receivables 11,322 90,527 Non-current 2,847 34,738 Current 8,475 55,789 Total 11,322 90,527 Book amounts of Group’s trade and other receivables in foreign currencies are detailed in Note 31. 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: June 30, 2021 June 30, 2020 Beginning of the year 5,610 3,985 Additions (i) 755 1,544 Recovery (i) (229 ) (164 ) Currency translation adjustment (276 ) 1,597 Deconsolidation (4,643 ) (30 ) Receivables written off during the year as uncollectable (28 ) (1,077 ) Transfer to assets held for sale - (30 ) Incorporation by business combination - 27 Inflation adjustment (338 ) (242 ) End of the year 851 5,610 (i) The creation and release of the provision for impaired receivables have been included in “Selling expenses” in the Consolidated Statements of Income and Other Comprehensive Income (Note 24). The Group’s trade receivables comprise several classes. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables (see Note 5). The Group also has receivables from related parties neither of them is due nor impaired. Due to the distinct characteristics of each type of receivables, an aging analysis of past due unimpaired and impaired receivables is shown by type and class, as of June 30, 2021 and 2020 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Statement of Financial Position): Past due Additions / (reversals) for Up to 3 months From 3 to 6 months Over 6 months Non-past due Impaired Total % of representation doubtful accounts Leases and services 338 247 657 2,313 835 4,390 95.58 % (194 ) Consumer financing - - - - 16 16 0.35 % - Sale of properties and developments - - - 187 - 187 4.07 % - Total as of June 30, 2021 338 247 657 2,500 851 4,593 100.00 % (194 ) Leases and services 584 84 131 3,482 1,044 5,325 9.22 % (128 ) Consumer financing - - - - 24 24 0.04 % 14 Sale of properties and developments 284 8 8 1,068 2 1,370 2.37 % - Sale of communication equipment - - - 20,538 703 21,241 36.78 % - Agricultural products 2,352 397 183 1,741 30 4,703 8.14 % - Telecommunication services 2,230 - 671 18,385 3,807 25,093 43.45 % (589 ) Total as of June 30, 2020 5,450 489 993 45,214 5,610 57,756 100.00 % (703 ) |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2021 | |
16. Cash flow information | 16. Cash flow information Following is a detailed description of cash flows generated by the Group’s operations for the years ended June 30, 2021, 2020 and 2019: Note 06.30.2021 06.30.2020 06.30.2019 (Loss) / profit for the year (37,591 ) 35,651 (57,634 ) Loss for the year from discontinued operations 8,923 4,947 2,380 Adjustments for - Income tax 18 21,673 10,065 (6,760 ) Amortization and depreciation 20 642 716 560 Net gain / (loss) from fair value adjustment of investment properties 7,770 (50,664 ) 58,231 Share-based compensation - - 94 Impairment of goodwill - - 277 Impairment of properties for sale - - 69 Gain from disposal of associates (37 ) - 225 Financial results, net (6,609 ) 19,737 2,888 Provisions and allowances 281 1,251 1,369 Share of (profit) /loss of associates and joint ventures 7 4,380 (10,847 ) 10,587 Changes in operating assets and liabilities: - Decrease in inventories 26 6 34 Increase in trading properties (28 ) (592 ) (1,308 ) Increase in restricted assets - (1,750 ) - Decrease / (Increase) in trade and other receivables 1,514 2,854 (69 ) Decrease in trade and other payables (2,543 ) (458 ) (1,820 ) Increase / (decrease) in salaries and social security liabilities 53 (290 ) (195 ) Decrease in provisions (108 ) (798 ) (118 ) Net cash (used in) / generated by continuing operating activities before income tax paid (1,654 ) 9,828 8,810 Net cash generated by discontinued operating activities before income tax paid 3,401 37,880 33,916 Net cash generated by operating activities before income tax paid 1,747 47,708 42,726 The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities held for sale of subsidiaries: June 30, 2021 June 30, 2020 June 30, 2019 Investment properties 117,547 233,714 (14,634 ) Property, plant and equipment 47,989 (7,581 ) (96,187 ) Trading properties 7,690 233 - Intangible assets 36,546 4,842 (20,666 ) Investments in associates and joint ventures 48,443 3,781 (1,220 ) Deferred income tax assets 568 - - Restricted assets 8,400 321 (305 ) Income tax and MPIT credit 426 66 - Trade and other receivables 70,693 (13,598 ) (39,759 ) Right-of-use assets 25,853 (5,973 ) - Investments in financial assets 31,643 20,343 (9,506 ) Derivative financial instruments 368 (56 ) (77 ) Inventories 4,712 (3,760 ) (19,691 ) Group of assets held for sale 55,028 - - Borrowings (425,321 ) (132,296 ) 70,300 Lease liabilities (23,696 ) - - Deferred income tax liabilities (16,261 ) (30,349 ) 9,338 Trade and other payables (30,751 ) 3,474 76,590 Lease liabilities - 3,120 - Provisions (7,095 ) 86 1,442 Employee benefits (624 ) 161 4,188 Derivative financial instruments (624 ) - - Salaries and social security liabilities (4,427 ) 207 7,979 Salaries and social security liabilities (28,805 ) - - Income tax expense (596 ) (161 ) 24 Net value of incorporated assets that do not affect cash (82,294 ) 76,574 (32,184 ) Cash and cash equivalents (145,330 ) (9,017 ) (18,550 ) Non-controlling interest (62,519 ) 76,219 24,477 Goodwill - (565 ) 246 Net value of assets incorporated / intended for sale (290,143 ) 143,211 (26,011 ) Seller Financed Amount - - (126 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale (290,143 ) 143,211 (26,137 ) The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2021, 2020 and 2019: 06.30.2021 06.30.2020 06.30.2019 Decrease of associates and joint ventures through a decrease of shareholders’ equity - 3,111 - Increase of investment properties through a decrease of financial assets - 418 - Increase of properties for sale through an increase in borrowings 61 18 26 Increase of property, plant and equipment through an increase of trade and other payables - 1,110 1,282 Increase of intangible assets through an increase of trade and other payables - 742 496 Distribution of dividends in shares 727 885 3,922 Increase in property, plant and equipment through increased borrowings - - 9 Registration of investment properties through a decrease in credits for trade and other receivables - 42 863 Issuance of NCN - 32 5,038 Decrease of property, plant and equipment through an increase of receivables and tax debts 83 - - Distribution of dividends to non-controlling interest pending payment - 2,645 (511 ) Decrease of in investments in associates and joint ventures through a decrease in borrowings - - 13 Decrease in borrowings through a decrease in financial assets - 3,686 - Increase in investment properties through an increase in trade and other payables - 1,068 1,058 Increase of investment properties through an increase of borrowings 407 151 330 Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) - 21,214 - Increase in rights of use through an increase in lease liabilities - 12,153 - Increase of rights of use through a decrease of property, plant and equipment 817 - - |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2021 | |
17. Shareholders' Equity | 17. Shareholders’ Equity Share capital and share premium The share capital of the Group is represented by common shares with a nominal value of ARS 1 per share and one vote each. No other activity has been recorded for the fiscal years ended June 30, 2021, 2020 and 2019 in the capital accounts, other than those related to the acquisition of treasury shares. Inflation adjustment of share capital and treasury shares 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. 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 destined to the constitution of a legal reserve until it reaches the legal capped amount (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group 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, as issued by the 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 st st Additional paid-in capital from treasury shares Upon sale of treasury shares, the difference between the net realizable value of the treasury shares sold and the acquisition cost will be recognized, whether it is a gain or a loss, under the non-capitalized contribution account and will be known as “Treasury shares trading premium”. Dividends See note 4 to these financial statements on distribution of dividend(s) in kind. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other payables | |
18. Trade and other payables | 18. Trade and other payables Group’s trade and other payables as of June 30, 2021 and 2020 were as follows: June 30, 2021 June 30, 2020 Trade payables 1,029 28,114 Advances from sales, leases and services 3,013 3,976 Construction obligations - 611 Accrued invoices 859 659 Deferred income - 213 Total trade payables 4,901 33,573 Dividends payable to non-controlling interest - 336 Taxes payable 683 239 Other payables 906 13,677 Total other payables 1,589 14,252 Total trade and other payables 6,490 47,825 Non-current 1,387 3,258 Current 5,103 44,567 Total 6,490 47,825 The fair value of payables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Fair values are based on discounted cash flows (Level 3). |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2021 | |
Provisions | |
19. Provisions | 19. 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 Other provisions Total As of 06.30.19 3,587 13,006 514 3,794 20,901 Additions (i) 665 - 50 - 715 Share of los of associates - (11,206 ) - - (11,206 ) Incorporated by business combination 84 - - - 84 Recovery (i) (65 ) (1,516 ) - - (1,581 ) Used during the year (978 ) - - (272 ) (1,250 ) Inflation adjustment (102 ) - - - (102 ) Currency translation adjustment 556 (258 ) 108 299 705 As of 06.30.20 3,747 26 672 3,821 8,266 Additions (i) 92 - 28 (111 ) 9 Deconsolidation (3,093 ) - (653 ) (3,349 ) (7,095 ) Recovery (i) (33 ) (19 ) - - (52 ) Used during the year (101 ) - - (28 ) (129 ) Inflation adjustment (114 ) - - - (114 ) Currency translation adjustment (244 ) - (47 ) (333 ) (624 ) As of 06.30.21 254 7 - - 261 June 30, 2021 June 30, 2020 Non-Current 114 4,601 Current 147 3,665 Total 261 8,266 (i) Additions and recoveries are included in “Other operating results, net”. (ii) Corresponds to the equity interest in Puerto Retiro in 2021 and 2020. Additions and recoveries are included in “Share of profit / (loss) of associates and joint ventures”. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2021 | |
Borrowings | |
20. Borrowings | 20. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2021 and 2020 was as follows: Total as of June 30, 2021 Total as of June 30, 2020 (ii) Fair value as of June 30, 2021 Fair value as of June 30, 2020 NCN 51,884 474,404 48,778 378,531 Bank loans 3,116 84,521 3,129 68,084 Bank overdrafts 5,284 3,647 5,280 3,647 Other borrowings (i) 1,383 1,980 1,383 2,420 AABE Debt 258 273 258 273 Loans with non-controlling interests 208 166 208 166 Total borrowings 62,133 564,991 59,036 453,121 Non-current 46,724 447,323 Current 15,409 117,668 Total 62,133 564,991 (i) Includes financial leases for ARS 2 as of June 30, 2020. (ii) Includes ARS 468,134 as of June 30, 2020 corresponding to the Operations Center in Israel. As of June 30, 2021 and 2020, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of ARS 713 and ARS 12,497, respectively. These borrowings are mainly collateralized by investment properties and property, plant and equipment of the Group (Notes 9 and 10). Borrowings also include liabilities under finance leases where the Group is the lessee and which therefore were measured in accordance with IAS 17 “Leases”. Information regarding liabilities under finance leases is disclosed in Note 22. The terms of the loans include standard covenants for this type of financial operations. As of the date of these financial statements, the Group has complied with the covenants contemplated in its respective loan agreements. The maturity of the Group’s borrowings (excluding obligations under finance leases) is as follows: June 30, 2021 June 30, 2020 Share capital Less than 1 year 14,169 116,503 Between 1 and 2 years 40,579 64,461 Between 2 and 3 years 5,682 164,789 Between 3 and 4 years 166 53,531 Between 4 and 5 years 59 48,428 Later than 5 years 86 115,972 60,741 563,684 Interest Less than 1 year 1,240 1,165 Between 1 and 2 years 54 - Between 2 and 3 years 13 71 Between 3 and 4 years 45 - Between 4 and 5 years 6 38 Later than 5 years 34 31 1,392 1,305 Leases - 2 62,133 564,991 The following table shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2021 and 2020. June 30, 2021 Rate per currency Argentine Peso US dollar Total Fixed rate: Argentine Peso 10,126 - 10,126 US Dollar - 49,745 49,745 Subtotal fixed-rate borrowings 10,126 49,745 59,871 Floating rate: Argentine Peso 271 - 271 US Dollar - 1,991 1,991 Subtotal floating-rate borrowings 271 1,991 2,262 Total borrowings as per analysis 10,397 51,736 62,133 Total borrowings as per Statement of Financial Position 10,397 51,736 62,133 June 30, 2020 Rate per currency Argentine Peso US dollar Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 3,648 - - - 3,648 New Israel Shekel - - - 265,277 265,277 US Dollar 87,565 219 777 391 88,952 Subtotal fixed-rate borrowings 91,213 219 777 265,668 357,877 Floating rate: Argentine Peso 1,340 - - - 1,340 New Israel Shekel - - - 202,466 202,466 US Dollar 3,306 - - - 3,306 Subtotal floating-rate borrowings 4,646 - - 202,466 207,112 Total borrowings as per analysis 95,859 219 777 468,134 564,989 Finance leases obligations 2 - - - 2 Total borrowings as per Statement of Financial Position 95,861 219 777 468,134 564,991 The following describes the debt issuances made by the Group for the years ended June 30, 2021 and 2020: Entity Class Issuance / expansion date Amount in original currency Maturity date Principal payment Interest payment Interest rate IRSA Clase I tramo2 aug-19 USD 85 11/15/2028 10.00% n.a. At expiration quarterly (1) IRSA Clase II aug-19 CLP 31,503 8/6/2020 10.50% n.a. At expiration quarterly IRSA Clase II may-20 ARS 354 2/19/2021 Badlar,+ 0.6%n.a. At expiration quarterly (1) IRSA Case IV may-20 USD 51 5/19/2021 7.00% n.a. At expiration quarterly IRSA Clase V may-20 USD 9 5/19/2021 9.00% n.a. At expiration quarterly IRSA Clase I nov-20 USD 3 3/1/2023 10.00% n.a. At expiration quarterly IRSA Clase VII jul-20 USD 34 1/21/2023 4.00% n.a. At expiration quarterly 8/6/2020 At expiration quarterly IRSA Clase VIII nov-20 USD 32 11/12/2023 10,00% n.a. 33% at Nov-21, 33% at Nov-22, 33% at Nov-23 quarterly IRSA Clase VI jul-20 ARS 335 7/21/2021 Badlar + 4.00% n.a. 30% at April-21, 70% at expiration quarterly IRSA Clase IX nov-20 USD 81 3/1/2023 10.00% n.a. At expiration quarterly IRSA Clase X nov-20 ARS 701 3/31/2022 Badlar + 5.00% n.a. At expiration quarterly IRSA Clase XI mar-21 USD 16 3/1/2024 5.00% n.a. At expiration biannual IRSA Clase XII mar-21 UVAs 54 3/31/2024 4.00% n.a. At expiration biannual (1) Corresponds to an expansion of the series. The following table shows a detail of evolution of borrowing during the years ended June 30, 2021 and 2020: June 30, 2021 June 30, 2020 Balance at the beginning of the year 564,991 670,906 Borrowings 26,295 46,066 Payment of borrowings (58,750 ) (102,629 ) Collection / (Payment) of short term loans, net 4,028 3,779 Interests paid (14,352 ) (28,769 ) Deconsolidation (see Note 4) (425,321 ) (143,355 ) Accrued interests 11,870 30,731 Cumulative translation adjustment and exchange differences, net (43,904 ) 89,760 Inflation adjustment (2,724 ) (1,498 ) Balance at the end of the year 62,133 564,991 Issuance of IRSA Non-convertible Notes On July 21, 2020, subsequently to the closing of the fiscal year, the Company issued USD 38.4 Non-convertible Notes in the local market through the following instruments: • ARS 335.2 (equivalent to USD 4.7) Series VI NCNs denominated and payable in Argentine pesos at a variable rate (Private Badlar) + 4.0%, with interest accruing on a quarterly basis. The principal amount is repayable in two installments: the first one -equal to 30% of the par value of the notes- payable on the date that is 9 (nine) months after the Issue and Settlement Date and the second installment -equal to 70% of the par value of the notes- payable on the relevant due date, i.e. July 21, 2021. Notes were issued at 100% of their par value. • US$ 33.7 Series VII NCNs denominated in US$ and payable in Argentine pesos at the applicable exchange rate, at a fixed 4.0% rate, with interest accruing on a quarterly basis. Repayment of capital is due on January 21, 2021. Notes were issued at 100% of their par value. The proceeds were used to refinance short-term indebtedness. On January 21, 2021, the commitments of this note were cancelled. On March 31, 2020, the Company issued USD 65.5 Non-convertible Notes in the local market. The main characteristics of the issue are detailed below: · Series X: denominated and payable in pesos for ARS 701.6 (equivalent at the time of issuance to USD 7.6) at a variable rate (private BADLAR + 5.0%) with quarterly payments. The principal will be paid on the due date, March 31, 2022. Price of issuance was 100.0% of the nominal value. · Series XI: denominated in USD and payable in ARS at the applicable exchange rate for USD 15.8 at a fixed rate of 5.0%, with semiannual payments plus, if applicable, the Premium Factor in the first year (as defined in the corresponding Prospectus Supplement) and principal expiring on March 31, 2024. Price of issuance was 98.39% of the nominal value (IRR 5.6%). · Series XII: denominated in UVA and payable in ARS at the applicable UVA value for UVA 53.8 (equivalent at the time of issuance to ARS 3,868.2 and USD 42.1) at a fixed rate of 4.0%, with semiannual payments and principal expiring on March 31, 2024. Price of issuance was 100.0% of the nominal value. The funds have been used to refinance short-term liabilities and working capital. Payment of non-convertible notes On July 20, 2020, the Company paid the twentieth interest installment and the principal installment of the US$ 75 Series II Non-convertible Notes issued on July 20, 2010. On August 6, 2020, the Company paid the second interest installment and the principal installment of the US$ 47 Series II Non-convertible Notes issued on August 6, 2019. Payment of IRSA CP’s Series IV Non-convertible Notes On September 14, 2020, the aggregate principal amount of the Series IV Non-convertible Notes in the amount of ARS 10,381 (US$ 140) and interest accrued as of such date in the amount of ARS 134 (US$ 1.8) were paid. Exchange of debentures On November 12, 2020, the company carried out an exchange operation of its Series I Notes, for a nominal value of USD 181.5, according to communication “A” 7106 of the BCRA. Nominal Value of Existing Notes presented and accepted for the Exchange (for both Series): approximately USD 178.5 which represents 98.31% acceptance, through the participation of 6,571 orders. · Series VIII: Face Value of Existing Notes presented and accepted for the Exchange: approximately USD 104.3. - Nominal Value to be Issued: approximately USD 31.7. - Issuance Price: 100% nominal value. - Maturity Date: It will be November 12, 2023. - Consideration of the Exchange Offer: eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive for every USD 1 submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following: · A sum of money of approximately USD 72,6 for repayment of capital of such existing notes presented to the Exchange, in cash, in United States Dollars, which will be equivalent to USD 0.69622593 for each USD 1 of existing notes presented to the Exchange; and · The remaining amount until completing 1 USD for each 1 USD of existing notes presented to the Exchange, in notes Series VIII. - Annual Nominal Fixed Interest Rate: 10.00%. - Amortization: The capital of the Series VIII Notes will be amortized in 3 annual installments (33% of the capital on November 12, 2021, 33% of the capital on November 12, 2022, 34% of the capital on the maturity date of Series VIII). - Interest Payment Dates: Interest will be paid quarterly for the expired period as of the issue and settlement date. - Payment Address: Payment will be made to an account at Argentine Securities Commission in the Autonomous City of Buenos Aires · Series IX: Face Value of Existing Notes presented and accepted for the Exchange: approximately USD 74.2. - Nominal Value to be Issued (together with the Face Value to be issued as a result of the cash subscription): approximately USD 80.7 . - Issuance Price: 100% nominal value. - Maturity Date: It will be March 1, 2023. - Consideration of the Exchange Offer: the eligible holders whose existing notes have been accepted for the Exchange by the Company, will receive Series IX Notes for 100% of the capital amount presented for exchange and accepted by the Company and the accrued interest of the existing notes until the settlement and issue date. - Early Bird: will consist of the payment of USD 0.02 for each USD 1 of existing notes delivered and accepted in the Exchange on or before the deadline date to Access the Early Bird. Said consideration will be paid in Pesos on the issue and settlement date according to the exchange rate published by Communication “A” 3500 of the Central Bank of Argentina on the business day prior to the expiration date of the Exchange, which is ARS 79.3433 for each USD 1 of Existing Notes delivered and accepted in the Exchange. - Annual Nominal Fixed Interest Rate: 10.00%. - Amortization: The capital of the Series IX Notes will be amortized in one installment on the maturity date. - Interest Payment Dates: Interest will be paid quarterly for the expired period from the issuance and settlement date. - Payment Address: Payment will be made to an account at Argentine Securities Commission in New York, United States, for which purpose the Company will make US dollars available to an account reported by the Argentine Securities Commission in said jurisdiction. • Modifications to the Terms of the Existing Notes: Considering that consent has been obtained for an amount greater than 90% of the existing notes capital, the Company has modified and replaced the following essential and non-essential terms and conditions of the existing notes. - By virtue of the implementation of the Proposed Non-Essential Modifications, the entire section of “Certain Commitments” and “Events of Default” is eliminated from the terms and conditions set forth in the prospectus supplements dated May 2, 2019 and dated July 25, 2019 corresponding to the existing notes. - Additionally, pursuant to the implementation of the Proposed Essential Modifications, the following terms and conditions of the Existing Notes are modified and replaced: • Expiration Date: It will be March 1, 2023. • Interest Payment Dates: will be the same dates reported for Class IX in the Notice of Results. - It is clarified that the terms and conditions of the Series I Notes not modified by the Proposed Essential Modifications and the Proposed Non-Essential Modifications will maintain their full validity. - The implementation of the Proposed Essential Modifications and Proposed Non-Essential Modifications were approved by the Board of Directors, on November 11, 2020. • Repayment Series I: In relation to the Exchange Offer ended on November 10, 2020, on November 12, 2020, IRSA made a partial repayment of Series I Notes for a Nominal Value of USD 178.5, after the partial repayment the Nominal Value under circulation was USD 3.1 and due to the fact that the necessary percentage for the change of conditions for Series I was reached, then the expiration date was modified, among others, until March 1, 2023, so Series I remains for USD 3.1 until the new maturity, and the payment of interest replicates to Series IX. Loan to related party On October 23, 2020, Dolphin Netherlands granted a loan to Yad Leviim Ltd. in a principal amount of USD 16,250,000 at a rate interest of 5% per year. Yad Leviim Ltd. is a company controlling by Eduardo Elsztain. The maturity date of this loan is March 22, 2022. |
Taxes
Taxes | 12 Months Ended |
Jun. 30, 2021 | |
21. Taxes | 21. Taxes 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. Argentine tax reform Law 27,541 on Solidarity and Production Reactivation, which was published in December 2019, introduced some amendments to different taxes and created the so-called Impuesto Para una Argentina Inclusiva y Solidaria The main amendments related to Income Tax that affect the Group companies are: 1) In the first and second fiscal years begun after January 1, 2019 (i.e., for the Group’s fiscal years begun on July 1, 2019 and 2020), the profit / loss for tax inflation adjustment shall be allocated as follows: one sixth in the fiscal year of assessment thereof and the other five sixths over the following fiscal years; 2) The rate applicable to companies for the third fiscal year commencing after January 1, 2018 (i.e., for the Group’s fiscal years begun on July 1, 2019) is increased from 25% to 30%. Tax inflation adjustment: Law 27,430, which was promulgated by the Argentine Congress on December 29, 2017 in the context of the tax reform, establishes the following rules for the application of the inflation adjustment in income tax: (i) the update of the cost for goods acquired or investments made in the fiscal years that begin as of January 1, 2018 (applicable to IRSA for the year end June 30, 2019), considering the percentage variations of the CPI provided by the National Institute of Statistic and Census (INDEC); and (ii) the application of the adjustment set forth in Title VI of the Income Tax Law when a percentage of variation -of the aforementioned index price - accumulated in thirty-six (36) months prior to the fiscal year end that is liquidated, is greater than 100%, or, with respect to the first, second and third year after its validity, this procedure will be applicable in case the accumulated variation of that index price, calculated from the beginning of the first of them and until the end of each year, exceeds 55%, 30% and 15% for the first, second and third year of application, respectively. At the end of this year, there has been an accumulative variation of 50% in the index price that exceeds the expected condition of 55% for the application of the adjustment in said first year. Consequently, the tax inflation adjustment has been applied and the cost of goods acquired during the year 2019 has been updated as established in article 58 of the Argentine Income Tax Law. Due to the enactment of Law 27630 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 of % 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 for 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 impacts that this change generates on the balances of deferred income tax assets and liabilities, net (ARS 18,166 loss) have been recorded in these financial statements, considering the effective rate that is estimated to be applicable to the probable date for the reversal of such deferred income tax assets and liabilities. US tax reform In December 2017, a bill was passed to reform the Federal Taxation Law in the United States. The reform included a reduction of the corporate tax rate from 35% to 21%, for the tax years 2018 and thereafter. The reform has impact in certain subsidiaries of the Group in the United States. The details of the provision for the Group’s income tax, is as follows: June 30, 2 021 June 30, 2020 June 30, 2019 Current income tax (958 ) (386 ) (337 ) Deferred income tax (20,715 ) (9,476 ) 7,097 Minimum presumed income tax - (203 ) - Income tax from continuing operations (21,673 ) (10,065 ) 6,760 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 % Uruguay 0% - 25 % U.S.A 0% - 40 % Bermuda 0 % Israel 23% - 24 % Below is a reconciliation between income tax expense and the tax calculated applying the current tax rate, applicable in the respective countries, to profit before taxes for years ended June 30, 2021, 2020 and 2019: June 30, 2021 June 30, 2020 June 30, 2019 Profit / (loss) from continuing operations at tax rate applicable in the respective countries 2,099 (16,122 ) 17,519 Permanent differences: Share of profit of associates and joint ventures (1,314 ) 1,335 (2,498 ) Unrecognized tax loss carryforwards (2,361 ) (1,253 ) (2,772 ) Inflation adjustment permanent difference 3,521 2,493 - Tax rate differential (15,186 ) 3,729 (122 ) Gain from disposal of subsidiaries - - 859 Non-taxable profit, non-deductible expenses and others (80 ) 2,659 (838 ) Fiscal transparency (168 ) 227 - Tax inflation adjustment (8,184 ) (3,133 ) (5,388 ) Income tax from continuing operations (21,673 ) (10,065 ) 6,760 Deferred tax assets and liabilities of the Group as of June 30, 2021 and 2020 will be recovered as follows: June 30, 2021 June 30, 2020 Deferred income tax asset to be recovered after more than 12 months 1,599 22,629 Deferred income tax asset to be recovered within 12 months 4,421 1,306 Deferred income tax assets 6,020 23,935 June 30, 2021 June 30, 2020 Deferred income tax liability to be recovered after more than 12 months (73,816 ) (86,116 ) Deferred income tax liability to be recovered within 12 months (506 ) (3,012 ) Deferred income tax liability (74,322 ) (89,128 ) Deferred income tax liabilities, net (68,302 ) (65,193 ) The movement in the deferred income tax assets and liabilities during the years ended June 30, 2021 and 2020, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: 06.30.20 Cumulative translation adjustment Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income Revaluation surplus reserve Deconsolidation Incorporation by business combination 06.30.21 Assets Property, plant and equipment 445 74 56 - (64 ) - 511 Trade and other payables 7,986 2,436 (49 ) - (9,621 ) - 752 Tax loss carry-forwards 12,836 2,320 (5,884 ) - (9,039 ) - 233 Borrowings 231 - 845 - - - 1,076 Trade and other receivables 99 - 2,837 - - - 2,936 Others 2,338 522 (267 ) - (2,119 ) 38 512 Subtotal assets 23,935 5,352 (2,462 ) - (20,843 ) 38 6,020 Liabilities - - - - - - - Investment properties and Property, plant and equipment (77,595 ) (1,492 ) (7,211 ) (83 ) 28,563 - (57,818 ) Trade and other receivables (1,385 ) - (1,904 ) - - - (3,289 ) Investments (107 ) - 104 - - - (3 ) Tax inflation adjustment (6,491 ) - (6,509 ) - - - (13,000 ) Borrowings (1,433 ) (475 ) 94 - 1,816 - 2 Intangible assets (3,595 ) (1,179 ) 168 - 4,531 - (75 ) Others 1,478 (525 ) (2,718 ) - 1,626 - (139 ) Subtotal liabilities (89,128 ) (3,671 ) (17,976 ) (83 ) 36,536 - (74,322 ) Assets (Liabilities), net (65,193 ) 1,681 (20,438 ) (83 ) 15,693 38 (68,302 ) 06.30.19 Cumulative translation adjustment Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income Revaluation surplus reserve Charged / (Credited) to the revaluation surplus reserve Deconsolidation Incorporation by business combination 06.30.20 Assets Property, plant and equipment 255 1,524 (1,334 ) - - - - 445 Investments 9 - (9 ) - - - - - Trade and other payables 8,600 1,289 (1,256 ) - - (647 ) - 7,986 Tax loss carry-forwards 10,479 1,560 922 - - (125 ) - 12,836 Others 1,805 250 613 - - - - 2,668 Subtotal assets 21,148 4,623 (1,064 ) - - (772 ) - 23,935 Liabilities - - - - - - - - Investment properties and Property, plant and equipment (87,425 ) (260 ) (11,864 ) (137 ) 539 22,489 (937 ) (77,595 ) Trade and other receivables (1,335 ) - (50 ) - - - - (1,385 ) Investments (197 ) - 90 - - - - (107 ) Tax inflation adjustment (4,532 ) - (1,959 ) - - - - (6,491 ) Borrowings (1,589 ) (424 ) 580 - - - - (1,433 ) Intangible assets (3,402 ) (768 ) 575 - - - - (3,595 ) Others (802 ) (804 ) 3,722 - - (273 ) (365 ) 1,478 Subtotal liabilities (99,282 ) (2,256 ) (8,906 ) (137 ) 539 22,216 (1,302 ) (89,128 ) Assets (Liabilities), net (78,134 ) 2,367 (9,970 ) (137 ) 539 21,444 (1,302 ) (65,193 ) 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. As of June 30, 2021, the Group’s recognized tax loss carry forward prescribed as follows: Date Total 2024 31 2025 477 2026 157 Total 665 In order to fully realize the deferred tax asset, the respective companies of the Group will need to generate future taxable income. To this aim, a projection was made for future years when deferred assets will be deductible. Such projection is based on aspects such as the expected performance of the main macroeconomic variables affecting the business, production issues, pricing, yields and costs that make up the operational flows derived from the regular exploitation of fields and other assets of the group, the flows derived from the performance of financial assets and liabilities and the income generated by the Group’s strategy of crop rotation. Such strategy implies the purchase and/or development of fields in marginal areas or areas with a high upside potential and periodical sale of such properties that are deemed to have reached their maximum appreciation potential. Based on the estimated and aggregate effect of all these aspects on the companies’ performance, Management estimates that as at June 30, 2021, it is probable that the Company will realize all of the deferred tax assets. The Group did not recognize deferred income tax assets (tax loss carry forwards) of ARS 1,883 as of June 30, 2021 and ARS 197 as of June 30, 2020. Although the Management estimates that the business will generate sufficient income, pursuant to IAS 12, management has determined that, as a result of the recent loss history and the lack of verifiable and objective evidence due to the subsidiary’s results of operations history, there is sufficient uncertainty as to the generation of sufficient income to be able to offset losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses. The Group did not recognize deferred income tax liabilities of ARS 135 as of June 30, 2020, related to their investments in foreign subsidiaries, associates and joint ventures. In addition, the withholdings and/or similar taxes paid at source may be creditable against the Group’s potential final tax liability. On June 30, 2020, the Group recognized a deferred liability in the amount of ARS 1,361 related to the potential future sale of one of its subsidiaries shares. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2021 | |
22. Leases | 22. Leases The Group as lessee In the ordinary course of business, the Group leases property or spaces for administrative or commercial use both in Argentina and Israel. 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 30). The future minimum payments that the Group must pay under leases are as follows: June 30, 2021 June 30, 2020 June 30, 2019 No later than one year - 3,467 13,012 Later than one year and not later than five years - 7,910 20,294 Later than five years - 3,602 1,355 - 14,979 34,661 The Group as lessor Leases: In the Shopping Malls segment and Offices segment, 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. Income from leases are recorded in the Statement of Income under rental and service income in all of the filed fiscal years. Rental properties are considered to be investment property. Book value is included in Note 9. The future minimum proceeds under non-cancellable operating leases from Group’s shopping malls, offices and other buildings are as follows: June 30, 2021 June 30, 2020 June 30, 2019 No later than one year 4,023 1,095 19,850 Later than one year and not later than five years 8,059 31,063 44,656 Later than five years 2,266 14,574 32,083 14,348 46,732 96,589 |
Revenues
Revenues | 12 Months Ended |
Jun. 30, 2021 | |
Revenues | |
23. Revenues | 23. Revenues June 30, 2021 June 30, 2020 June 30, 2019 Rental and services income 11,034 17,131 21,937 Sales of trading properties and developments 1,024 1,095 1,631 Revenue from hotels operation and tourism services 920 3,037 4,436 Total Group’s revenues 12,978 21,263 28,004 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2021 | |
24. Expenses by nature | 24. Expenses by nature The Group disclosed expenses in the Consolidated Statements of Income and Other Comprehensive Income by function as part of the line items “Costs”, “General and administrative expenses” and “Selling expenses”. The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2021, 2020 and 2019: Costs General and administrative expenses Selling expenses Total as of June 30, 2021 Cost of sale of goods and services 1,000 - - 1,000 Salaries, social security costs and other personnel expenses 2,239 1,156 146 3,541 Depreciation and amortization 412 224 6 642 Fees and payments for services 127 228 295 650 Maintenance, security, cleaning, repairs and others 1,679 273 3 1,955 Advertising and other selling expenses 358 - 40 398 Taxes, rates and contributions 511 124 787 1,422 Director´s fees - 845 - 845 Leases and service charges 189 36 14 239 Allowance for doubtful accounts, net - - 194 194 Other expenses 49 131 5 185 Total as of June 30, 2021 6,564 3,017 1,490 11,071 Costs General and administrative expenses Selling expenses Total as of June 30, 2020 Cost of sale of goods and services 939 - - 939 Salaries, social security costs and other personnel expenses 2,861 1,200 201 4,262 Depreciation and amortization 488 225 3 716 Fees and payments for services 225 566 66 857 Maintenance, security, cleaning, repairs and others 2,590 340 5 2,935 Advertising and other selling expenses 774 - 103 877 Taxes, rates and contributions 678 134 933 1,745 Director´s fees - 613 - 613 Leases and service charges 200 35 29 264 Allowance for doubtful accounts, net - - 464 464 Other expenses 117 188 18 323 Total as of June 30, 2020 8,872 3,301 1,822 13,995 Costs General and administrative expenses Selling expenses Total as of June 30, 2019 Cost of sale of goods and services 865 - - 865 Salaries, social security costs and other personnel expenses 3,716 1,488 225 5,429 Depreciation and amortization 382 172 6 560 Fees and payments for services 223 625 88 936 Maintenance, security, cleaning, repairs and others 3,123 335 6 3,464 Advertising and other selling expenses 833 36 133 1,002 Taxes, rates and contributions 906 137 923 1,966 Director´s fees - 998 - 998 Leases and service charges 200 49 30 279 Allowance for doubtful accounts, net - - 191 191 Other expenses 213 246 17 476 Total as of June 30, 2019 10,461 4,086 1,619 16,166 |
Cost of goods sold and services
Cost of goods sold and services provided | 12 Months Ended |
Jun. 30, 2021 | |
25. Cost of goods sold and services provided | 25. Cost of goods sold and services provided Total as of June 30, 2021 Total as of June 30, 2020 Total as of June 30, 2019 Inventories at the beginning of the year (*) 17,807 15,017 35,250 Adjustments previous years - - (12,504 ) Purchases and expenses 1,389 86,523 84,303 Capitalized finance costs - 18 26 Currency translation adjustment (5,784 ) 12,410 (2,119 ) Transfers (306 ) 302 224 Deconsolidation (4,712 ) (233 ) - Incorporated by business combination - 397 - Inventories at the end of the year (*) (1,830 ) (17,807 ) (15,017 ) Total costs 6,564 96,627 90,163 The following table presents the composition of the Group’s inventories for the years ended June 30, 2021 and 2020: Total as of June 30, 2021 Total as of June 30, 2020 Real estate 1,758 10,772 Telecommunications - 2,535 Fruits - 4,063 Others 72 437 Total inventories at the end of the year (*) 1,830 17,807 (*) Inventories includes trading properties and inventories. |
Other operating results, net
Other operating results, net | 12 Months Ended |
Jun. 30, 2021 | |
26. Other operating results, net | 26. Other operating results, net June 30, 2021 June 30, 2020 June 30, 2019 Result from purchase / sale of subsidiary and associates 37 (9 ) (225 ) Donations (137 ) (149 ) (307 ) Lawsuits and other contingencies (87 ) (164 ) (144 ) Interest generated by operating credits 97 254 369 Others 4 187 (163 ) Total other operating results, net (86 ) 119 (470 ) |
Financial results, net
Financial results, net | 12 Months Ended |
Jun. 30, 2021 | |
27. Financial results, net | 27. Financial results, net June 30, 2021 June 30, 2020 June 30, 2019 Finance income: - Interest income 360 299 260 - Dividend income 1 21 21 Total finance income 361 320 281 Finance costs: - Interest expenses (6,974 ) (8,857 ) (7,023 ) - Other finance costs (792 ) (563 ) (520 ) Subtotal finance costs (7,766 ) (9,420 ) (7,543 ) Capitalized finance costs 468 169 356 Total finance costs (7,298 ) (9,251 ) (7,187 ) Other financial results: - Fair value gain of financial assets and liabilities at fair value through profit or loss, net 5,318 505 1,026 - Exchange differences, net 7,020 (9,383 ) 1,507 - (Loss) / gain from repurchase of negotiable obligations (95 ) 139 - - (Loss) / gain from derivative financial instruments, net (452 ) (549 ) 837 - Other financial results (74 ) - - Total other financial results 11,717 (9,288 ) 3,370 - Inflation adjustment (1,446 ) (16 ) (1,028 ) Total financial results, net 3,334 (18,235 ) (4,564 ) |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2021 | |
(Loss) / profit per share attributable to equity holders of the parent: (ii) | |
28. Earnings per share | 28. Earnings per share Below is a reconciliation between the weighted-average number of common shares outstanding and the diluted weighted-average number of common shares. June 30, 2021 June 30, 2020 June 30, 2019 Weighted - average outstanding shares 588 575 575 Adjustments for calculation of diluted earnings per share Treasury shares - 2 - Weighted - average diluted common shares 588 577 575 (a) Basic Basic earnings per share amounts are calculated in accordance with IAS 33 “Earning per share” by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. June 30, 2021 June 30, 2020 June 30, 2019 (Loss) / profit for the year of continuing operations attributable to equity holders of the parent (22,879 ) 29,932 (48,819 ) Loss for the year of discontinued operations attributable to equity holders of the parent (7,050 ) (8,527 ) (6,169 ) (Loss) / profit for the year attributable to equity holders of the parent (29,929 ) 21,405 (54,988 ) Weighted average number of ordinary shares outstanding 588 575 575 Basic earnings per share (50.86 ) 37.20 (95.64 ) (b) Diluted Diluted earnings per share amounts are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. The Group holds treasury shares and, as of fiscal year 2021, warrants associated with incentive plans with potentially dilutive effect. June 30, 2021 June 30, 2020 June 30, 2019 (Loss) / profit for the year of continuing operations attributable to equity holders of the parent (22,879 ) 29,932 (48,819 ) Loss for the year of discontinued operations attributable to equity holders of the parent (7,050 ) (8,527 ) (6,169 ) (Loss) / profit for the year per share attributable to equity holders of the parent (29,929 ) 21,405 (54,988 ) Weighted average number of ordinary shares outstanding 588 577 575 Diluted earnings per share (50.86 ) 37.10 (95.64 ) |
Employee benefits and share-bas
Employee benefits and share-based payments | 12 Months Ended |
Jun. 30, 2021 | |
29. Employee benefits and share-based payments | 29. Employee benefits and share-based payments Incentive Plan - Argentina The Group has an equity incentives plan (“Incentive Plan”), created in September 30, 2011, which is aimed at certain employees, directors and top management of the Company, IRSA CP and Cresud (the “Participants”). Engagement was voluntary and by invitation of the Board of Directors. Under the Incentive Plan, over the years 2011, 2012 and 2013, Participants will be entitled to receive shares (“Contributions”) of the Company and Cresud 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 for such Contributions. Contributions shall be held by the Company and Cresud, and as the conditions established by the Plan are verified, such contributions shall be transferred to the Participants. In spite of this, the economic rights of the shares in the portfolio assigned to said participants will be received by them. Regarding the shares to be delivered by Cresud to the employees of the company and IRSA CP, and for the shares to be delivered by IRSA to Cresud employees, the Group accounts the active or passive position measured at the closing date of the financial statements. For the fiscal years ended June 30, 2021 and 2020, the Group has incurred a charge related to the Incentive Plan of ARS 0.6 and ARS 0,4, respectively. Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows: June 30, 2021 June 30, 2020 June 30, 2019 At the beginning 2.4 2.8 3.3 Granted -0.3 -0.4 -0.5 At the end 2.1 2.4 2.8 The fair value determined at the time of granting the plan after obtaining all the corresponding authorizations was ARS 25.3 per share of IRSA. This fair value was estimated by taking into account the market price of the shares of the Company on said date. Defined contribution plan - Argentina 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 58 and ARS 54 for the fiscal years ended June 30, 2021 and 2020, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
30. Related party transactions | 30. Related party transactions In the normal course of business, the Group conducts transactions with different entities or parties related to it. Remunerations of the Board of Directors The Business Companies Act of Argentina (Law N° 19,550), provides that the remuneration to 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. Some of the Group’s Directors are hired under the Employment Contract Law 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 Business Companies Act, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders’ Meeting. Senior Management remuneration The members of the Group’s senior management are appointed and removed by the Board of Directors, and perform functions in accordance with the instructions delivered by the Board itself. The Company’s Senior Management is composed of as follows: Name Date of Birth Position Current position since Eduardo S. Elsztain 01/26/1960 General Manager 1991 Daniel R. Elsztain 12/22/1972 Operating Manager 2012 Jorge Cruces 11/07/1966 Investment Manager 2020 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 The total remuneration paid to members of senior management for their functions consists of a fix salary that takes account of the manager’s backgrounds capacity and experience, plus an annual bonus based on their individual performance and the Group’s results. Members of senior management participate in defined contributions and share-based incentive plans that are described in Note 29. The aggregate compensation to the Senior Management for the year ended June 30, 2021 amounts to ARS 44. Corporate Service Agreement with Cresud and IRSA CP Considering that IRSA, Cresud and IRSA CP have operating overlapping areas, the Board of Directors considered it convenient to implement alternatives that allow reducing certain fixed costs of its activity, in order to reduce its impact on operating results, taking advantage of and optimizing the individual efficiencies of each of the companies in the different areas that make up the operational administration. For this purpose, on June 30, 2004, a Framework Agreement for the Exchange of Corporate Services (“Framework Agreement”) was signed, between IRSA, Cresud and IRSA CP, which was periodically modified, the last update being on June 28, 2019. Under this Framework Agreement, corporate services are currently provided in the following areas: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance, Shared Services Center, Real Estate Business Administration, Directory to distribute Real Estate, HR Real Estate Business, Security, Corporate Legal Management, Corporate Environment, Technical Management Infrastructure and Services, Purchasing and Contracting, Management and Enabling, Investments, Government Affairs, Hotels, Fraud Prevention, Bolivar, Proxy, General Management to distribute, Directory Security. Under this agreement, the companies entrusted to an external consultant the semi-annual review and evaluation of the criteria used in the process of liquidating corporate services, as well as the distribution bases and supporting documentation used in the aforementioned process, through the preparation of a semi-annual report. It should be noted that the operation under comment allows Cresud, IRSA and IRSA CP to maintain absolute independence and confidentiality in their strategic and commercial decisions, being the allocation of costs and benefits made on the basis of operational efficiency and equity, without pursuing individual economic benefits for each of the companies. Offices and Shopping Malls spaces leases The offices of our President are located at 108 Bolivar, in the Autonomous City of Buenos Aires. The property has been rented to Isaac Elsztain e Hajes 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 his family members. In addition, BACS, BHN Sociedad de Inversión S.A., BHN Seguros Generales S.A. and BHN Vida S.A. rent offices owned by IRSA CP in different buildings. Furthermore, we also let various spaces in our shopping malls (stores, stands, storage space or advertising space) to third parties and related parties such as BHSA. 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, Cresud and IRSA CP. Fundación Museo de los Niños is a non-profit association, created by the same founders of Fundación IRSA and its Management Board is formed by the same members as Fundación IRSA. Fundación Museo de los Niños acts as special vehicle for the development of “Museo de los Niños, Abasto” and “Museo de los Niños, Rosario”. On October 29, 1999, our shareholders approved the award of the agreement “Museo de los Niños, Abasto” to Fundación Museo de los Niños. On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Alto Rosario shopping mall 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. Purchase and sale of goods and/or service hiring In the normal course of its business and with the aim of making resources more efficient, in certain occasions purchases and/or hires services which later sells and/or recovers 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 and sale of financial assets The Group usually invests excess cash in several instruments that may include those issued by related companies, acquired at issuance or from unrelated third parties through secondary market deals. Investment in investment funds managed by BACS The Group invests part of its 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 generally 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. The following is a summary presentation of the balances with related parties as of June 30, 2021 and 2020: Item June 30, 2021 June 30, 2020 Trade and other receivables 2,981 2,361 Investments in financial assets 1,575 2,414 Borrowings (902 ) (236 ) Trade and other payables (457 ) (571 ) Total 3,197 3,968 Related party June 30, 2021 June 30, 2020 Description of transaction Item New Lipstick LLC - (116 ) Loans obtained Borrowings 23 24 Reimbursement of expenses receivable Trade and other receivable Condor 550 365 Public companies securities Trade and other receivable 286 - Loans granted Trade and other receivable 5 - Others Trade and other receivable 48 39 Others Investment in financial assets IRSA Real Estate Strategies LP - 174 Reimbursement of expenses receivable Trade and other receivable PBS Real Estate Holdings S.R.L - 709 Reimbursement of expenses receivable Trade and other receivable Lipstick Management LLC (160 ) - Loans obtained Borrowings Metropolitan 885 Third Av. LLC (472 ) - Loans obtained Borrowings La Rural S.A. 73 110 Loans granted Trade and other receivable 204 306 Dividends Trade and other receivable - 7 Leases and/or rights of use receivable Trade and other payables (13 ) - Leases and/or rights of use payable Trade and other payables Other associates and joint ventures 2 184 Reimbursement of expenses receivable Trade and other receivable (36 ) (41 ) Loans obtained Borrowings - 12 Management fees Trade and other receivable 6 126 Leases and/or rights of use receivable Trade and other receivable (2 ) - Dividends Trade and other receivable 6 - Reimbursement of expenses receivable Trade and other receivable (105 ) - NCN Borrowings (73 ) - Others Trade and other payables 24 - Others Trade and other receivable 1 - Share based payments Trade and other payables (6 ) - Lease liabilities Trade and other payables 7 - Loans granted Trade and other receivable - 305 Dividends Trade and other receivable - (2 ) Reimbursement of expenses payable Trade and other payables Total associates and joint ventures 368 2,202 Cresud - (5 ) Reimbursement of expenses receivable Trade and other payables 13 - Corporate services receivable Trade and other payables (89 ) (367 ) NCN Investment in financial assets 1,527 2,375 Leases and/or rights of use receivable Trade and other payables (144 ) - Management fee Trade and other payables - 6 - (2 ) (3 ) (5 ) Share based payments Trade and other payables Total parent company 1,304 2,002 Futuros y Opciones S.A. (95 ) - Loans obtained Borrowings 3 - Others Trade and other receivable Helmir S.A. (32 ) - NCN Borrowings Total subsidiaries of parent company (124 ) - Directors (126 ) (190 ) Fees for services received Trade and other payables 5 6 Advances Trade and other receivable Yad Levim LTD 1,609 - Loans granted Trade and other receivable Others (1) (1 ) - Leases and/or rights of use receivable Trade and other receivable (2 ) (79 ) Loans obtained Borrowings 146 - Others Trade and other payables (1 ) - Management Fee Trade and other payables 19 27 Reimbursement of expenses receivable Trade and other receivable Total directors and others 1,649 (236 ) Total at the end of the year 3,197 3,968 (1) Includes CAMSA, Avenida compras and Avenida Inc., Estudio Zang, Bergel & Viñes, Austral Gold, Fundación IRSA, Hamonet S.A., Museo de los Niños and BHN Vida S.A. The following is a summary of the results with related parties for the years ended June 30, 2021, 2020 and 2019: Related party June 30, 2021 June 30, 2020 June 30, 2019 Description of transaction BACS 78 77 81 Leases and/or rights of use Manibil - - 45 Corporate services BHN Vida S.A 15 - - Leases and/or rights of use BHN Seguros Generales S.A. 6 - - Leases and/or rights of use Helmir 96 - - Financial operations Tarshop - - 89 Leases and/or rights of use - - 2 Commissions La Rural S.A. (15 ) - 56 Leases and/or rights of use Other associates anf joint ventures (3 ) 56 (2 ) Financial operations (8 ) 14 51 Leases and/or rights of use - (197 ) 45 Corporate services Total associates and joint ventures 169 (50 ) 367 Cresud 36 29 56 Leases and/or rights of use (713 ) (704 ) (820 ) Corporate services 329 336 56 Financial operations Total parent company (348 ) (339 ) (708 ) Directors (845 ) (613 ) (721 ) Fees and remunerations Senior Management (44 ) (45 ) (66 ) Fees and remunerations Taaman - - 69 Corporate services Others (1) (16 ) - 2 Leases and/or rights of use (2 ) - (2 ) Financial operations (53 ) - (2 ) Donations - (35 ) - (30 ) (44 ) - Legal services Total others (990 ) (737 ) (720 ) Total at the end of the year (1,169 ) (1,126 ) (1,061 ) (1) It includes Isaac Elsztain e Hijos, CAMSA, Hamonet S.A., Ramat Hanassi, Estudio Zang, Bergel & Viñes, and Fundación IRSA. The following is a summary of the transactions with related parties for the years ended June 30, 2021 and 2020: Related party June 30, 2021 June 30, 2020 Description of the operation Condor - 48 Dividends received Nuevo Puerto Santa Fe S.A. - 57 Dividends received Shufersal - 601 Dividends received Gav Yam - 2,004 Dividends received Emco - 24 Dividends received Total dividends received - 2,734 Cresud (176 ) (539 ) Dividends granted Helmir - (33 ) Dividends granted Total dividends distribution (176 ) (572 ) Quality (30 ) (71 ) Capital contributions Manibil - (131 ) Capital contributions IBC - (3,832 ) Capitalized loan Others (1) (12 ) (24 ) Capital contributions Total capital contributions (42 ) (4,058 ) TGLT S.A. - 2,094 Purchase and exchange of shares Total other transactions - 2,094 (1) It includes Puerto Retiro S.A. and Gan Falah. |
Foreign currency assets and lia
Foreign currency assets and liabilities | 12 Months Ended |
Jun. 30, 2021 | |
31. Foreign currency assets and liabilities | 31. Foreign currency assets and liabilities Book amounts of foreign currency assets and liabilities are as follows: Item / Currency (1) Amount (2) Peso exchange rate (3) Total as of 06.30.21 Total as of 06.30.20 Assets Trade and other receivables US Dollar 34 95.52 3,250 4,529 Euros - 113.096 24 1,323 Receivables with related parties: US Dollar 20 95.72 1,922 467 Total trade and other receivables 5,196 6,319 Investments in financial assets US Dollar 7 95.52 675 5,412 Pounds 1 131.877 100 117 New Israel Shekel 21 29.356 610 - Investments with related parties: US Dollar 23 95.72 2,242 1,820 Total investments in financial assets 3,627 7,349 Cash and cash equivalents US Dollar 11 95.52 1,054 19,553 Euros - 113.096 1 2,324 Total cash and cash equivalents 1,055 21,877 Total Assets 9,878 35,545 Liabilities Trade and other payables US Dollar 13 95.72 1,209 19,813 Euros - 113.572 32 458 Payables to related parties: US Dollar 1 95.72 53 - Total Trade and other payables 1,294 20,271 Borrowings US Dollar 523 95.72 50,094 91,511 Borrowings with related parties US Dollar 15 95.72 1,455 529 Total Borrowings 51,549 92,040 Derivative financial instruments US Dollar 1 95.72 58 143 Total derivative financial instruments 58 143 Lease liabilities US Dollar 8 95.72 782 12 Lease liabilities with related parties US Dollar - 95.72 6 - Total lease liabilities 788 12 Total Liabilities 53,689 112,466 (1) Stated in millions of units in foreign currency. Considering foreign currencies those that differ from each Group’s functional currency at each year-end. (2) Exchange rate as of June 30, of each year according to Banco Nación Argentina records. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 14). |
Groups of assets and liabilitie
Groups of assets and liabilities held for sale | 12 Months Ended |
Jun. 30, 2021 | |
32. Groups of assets and liabilities held for sale | 32. Groups of assets and liabilities held for sale As of June 30, 2020, the Group had certain assets and liabilities classified as held for sale. The following table shows the main ones: June 30, 2021 June 30, 2020 (i) Property, plant and equipment - 53,650 Intangible assets - 2,047 Investments in associates - 336 Deferred income tax assets - 1,223 Trade and other receivables - 2,777 Cash and cash equivalents - 2,567 Total assets held-for-sale - 62,600 Trade and other payables - 14,909 Salaries and social security liabilities - 581 Employee benefits - 580 Deferred income tax liabilities - 2,933 Borrowings - 14,359 Total liabilities held-for-sale - 33,362 Total net assets held-for-sale - 29,238 (i) Corresponds to investments in ISRAIR and ISPRO. |
Results from discontinued opera
Results from discontinued operations | 12 Months Ended |
Jun. 30, 2021 | |
33. Results from discontinued operations | 33. Results from discontinued operations The results of discontinued operations include the operations of IDBD / DIC which were deconsolidated in the current year (see Note 4.E) and the results of the comparative fiscal years have been reclassified. June 30, 2021 June 30, 2020 June 30, 2019 Revenues 37,844 155,544 149,726 Costs (30,707 ) (111,519 ) (104,782 ) Gross profit 7,137 44,025 44,944 Net loss from fair value adjustment of investment properties (28 ) (4,490 ) 7,333 General and administrative expenses (4,355 ) (14,824 ) (13,721 ) Selling expenses (4,150 ) (20,308 ) (18,386 ) Impairment of associates and joint ventures - (3,710 ) - Other operating results, net 1,416 536 1,492 Profit from operations 20 1,229 21,662 Share of profit of associates and joint ventures 719 2,175 208 Profit before financial results and income tax 739 3,404 21,870 Finance income 526 2,022 3,031 Finance cost (6,901 ) (25,576 ) (27,208 ) Other financial results 458 (12,068 ) 2,892 Financial results, net (5,917 ) (35,622 ) (21,285 ) Loss before income tax (5,178 ) (32,218 ) 585 Income tax 277 (252 ) (2,965 ) Loss from operations that are discontinued (4,901 ) (32,470 ) (2,380 ) (Loss) / gain for loss of control (4,022 ) 27,523 - Loss from discontinued operations (8,923 ) (4,947 ) (2,380 ) (Loss) / profit for the year from discontinued operations attributable to: Equity holders of the parent (7,050 ) (8,527 ) (6,169 ) Non-controlling interest (1,873 ) 3,580 3,789 Loss per share from discontinued operations attributable to equity holders of the parent: Basic (11.98 ) (14.82 ) (10.73 ) Diluted (11.98 ) (14.82 ) (10.73 ) |
Other relevant events of the ye
Other relevant events of the year | 12 Months Ended |
Jun. 30, 2021 | |
34. Other relevant events of the year | 34. Other relevant events of the year Purchase-sale bill of “Catalinas” building On June 18, 2021, a purchase-sale bill was signed for the 12th floor and parking spaces located in the 2nd basement of the property called “Catalinas”, receiving an advanced payment for USD 2 million. The price of the transaction was USD 7. To date, possession has not been transferred, which is agreed no later than December 15, 2021. Capital increase On April 12, 2021, the Company announced the launch of its public offering of shares for up to 80 million shares (or its equivalent 8 million GDS) and 80 million warrants to subscribe for new common shares, to registered holders as of April 16, 2021. Each right corresponding to one share (or GDS) allowed its holder to subscribe 0.1382465082 new ordinary shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 58.35 or USD 0.36 and for the new GDS it was USD 3.60. The new shares, registered, of ARS 1 (one peso) of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation. The 80,000,000 new shares (or its equivalent 8 million GDS) offered were totally subscribed. Likewise, 80,000,000 options were issued that will entitle the holders through their exercise to acquire up to 80 million additional new shares. The exercise price of the warrants is USD 0.432. The warrants may be exercised quarterly from the 90th day of their issuance on the 17th to the 25th (inclusive) of the months of February, May, September, and November of each year on the business day prior to maturity and on the date of maturity (if dates are business days in the city of New York and in the Autonomous City of Buenos Aires) until their expiration 5 years from the date of issue. The Company received all the funds in the amount of USD 28.8 and issued the new shares, increasing the capital stock to 658,676,460 shares. Economic context in which the Group operates The Company does business in a complex framework due to the macroeconomic conditions, whose main variables have recently shown high volatility, and also due to regulatory, social and political conditions, both at a national and international level. Its operating income may be affected by the fluctuations in the inflation rate and in the exchange rate at which the peso is converted into other currencies, mainly the US dollar, the variations in interest rates, which have an impact on the cost of capital, the changes in governmental policies, capital controls and other local and international political or economic events. In December 2019, a new coronavirus strain (SARS-COV-2), causing a 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 actions intended to prevent the spread of the virus, including, travel bans, border shutdowns, closing of non-essential businesses, instructions to residents to practice social distancing and implementation of lockdowns, among others. The ongoing pandemic and these extraordinary governmental actions are affecting the worldwide economy and have rendered global financial markets highly volatile. On March 3, 2020, the first case of COVID-19 was registered in the country and as of today, more than 5,000,000 cases of infections had been confirmed in Argentina, by virtue of which the Argentinian Government implemented a series of health measures of social, preventive, and mandatory lockdown at the national level with the closure of non-essential activities, including shopping malls, as well as the suspension of flights and border closures, for much of the year 2020. Since October 2020, a large part of the activities started to become more flexible, in line with a decrease in infections, although between April 16 and June 11, 2021, because of the sustained increase in the cases registered, the National Government established restrictions on night activity and the closure of shopping malls in Buenos Aires Metropolitan Area. As of the date of these financial statements, 100% of the shopping malls are operational. These measures have significantly affected Argentine companies, which have faced drops in income and the deterioration of their flow of payments. In this context, the Argentine Government announced several actions intended to tackle the financial crisis of the companies adversely affected by the COVID-19 pandemic. In addition to the stagnation of the Argentine economy, there is an international crisis caused by the COVID-19 pandemic. In this scenario, a strong contraction of the Argentine economy was evidenced. At the local environment, the following circumstances may be noted: · In May 2021, an indicator called “Monthly Estimator of Economic Activity” (“EMAE”) reported by the National Institute of Statistics and Censuses (“INDEC”), registered a variation of (13.6%) compared to the same month of 2020, and from (2.0%) compared to the previous month. · The retail inflation reached 50.20% in the last 12 months. The market expectations survey prepared by the Central Bank in April 2021 called Relevamiento de Expectativas de Mercado (“REM”) · From July 2020 to June 2021, the argentine peso depreciated 35.9% compared to the US dollar at the average wholesale exchange rate quoted by Banco de la Nación Argentina. Given the exchange restrictions in force since August 2019, as of June 30, 2021 the exchange gap between the official peso/US dollar exchange rate and the peso/US dollar exchange rate offered in the black market is almost 77.5%. This has an impact on the level of economic activity and detrimentally affects the reserves of the of the Argentine Central Bank. In addition, the current foreign exchange restrictions or those that may be imposed in the future may impair the Company’s ability to access the Sole Free FX Market (Mercado Único Libre de Cambio or MULC) to purchase the currency required to meet its financial obligations. COVID-19 Pandemic As described above, the COVID-19 pandemic is adversely impacting both the global economy and the Argentine economy and the Group’s business. The current estimated impacts of the COVID-19 pandemic on the Company as of the date of these financial statements are established below. · During the fourth quarter of fiscal year 2021, shopping malls in the Buenos Aires Metropolitan Area suspended their operations between April 16 and June 11, operating only those items considered essential such as pharmacies, supermarkets, and banks. The impact on income for the closing months due to the pandemic was 40.3% in fiscal year 2021. · Regarding the offices, although most of the tenants continue to work from home, they are operational with strict safety and hygiene protocols. To today, we have registered a slight increase in vacancies, although we have not evidenced a deterioration in collections. · La Rural, the Buenos Aires and Punta del Este Convention Centers and the Arena stadium, establishments that the Group owns directly or indirectly, were closed from March 20, 2020, to July 12, 2021, date from which the protocols for holding events, congresses and exhibitions were activated. · The Libertador and Intercontinental hotels in the City of Buenos Aires have been operating since December 2020, although with low occupancy levels. The Llao Llao Resort, located in Bariloche, was able to operate during the quarter with average occupancy levels thanks to the domestic tourism. The final scope of the Coronavirus outbreak and its impact on the country’s economy is still uncertain. However, although it has produced significant short-term effects, they are not expected to affect business continuity and its ability to meet its financial commitments for the next twelve months. The Company is closely monitoring the situation and taking all necessary measures to preserve human life and the Group’s businesses. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2021 | |
35. Subsequent events | 35. Subsequent events Sale of real estate parcels in Hudson On August 2, 2021, our subsidiary IRSA CP signed the bill for the sale of several parcels of the property called Casonas located in Hudson, Berazategui district. The price of the transaction was USD0.6. Sale of Mariano Acosta Plot On August 9, 2021, the sales ticket for Mariano Acosta Plot was signed for a total amount of USD 0.7. With the signing of the ticket, the amount of USD 0.5 was received and the remaining balance of USD 0.2 at the signing of the deed. Sale of Merlo Plot On August 9, 2021, the sales ticket for Merlo Plot was signed for a total amount of USD 0.7. With the signing of the ticket, the amount of USD 0.5 was received and the remaining balance of USD 0.2 at the signing of the deed. Issuance of IRSA Non-convertible Notes On August 26, 2021, the Company issued USD 58.1 Non-convertible Notes in the local market. The main characteristics of the issue are detailed below: · Series XIII: denominated in USD and payable in ARS at the applicable exchange rate for USD 58.1 at a fixed rate of 3.9%, with semiannual payments plus. The principal will be paid in three installments, counted from the date of issue: the first one - equal to 25% of the par value of the notes - payable on the date that is 12 (twelve) months after the Issue, on August 26, 2023; the second one - equal to 25% of the par value of the notes - payable on the date that is 30 (thirty) months after the Issue, on February 26, 2024 and the third one - equal to 50% of the par value of the notes - payable on the relevant due date, i.e. July 26, 2024. Price of issuance was 100.0% of the nominal value. The funds have been used mainly to refinance short-term liabilities. Corporate reorganization process On September 30, 2021 the Company’s Board of Directors has approved the beginning of the corporate reorganization process in the terms of article 82 and sbqs. of the General Companies Law No. 19,550, the Income Tax Law No. 20,628, amendments and regulations, CNV’s Rules and the Listing Regulations of BYMA, by which IRSA, acting as the absorbing company, will merge by absorption with IRSA Propiedades Comerciales S.A. (“IRSA PC”), as the absorbed company. In this regard, the Board of Directors has approved: (i) the individual and special merger financial statements as of June 30, 2021; (ii) the consolidated and special merger financial statements as of June 30, 2021; (iii) the subscription of the Prior Merger Agreement between both companies and (iv) establish the effective date of reorganization on July 1, 2021. The merger is subject to the approval of the shareholders’ meeting of both companies, which will be held once both companies have the administrative approval of the United States Securities and Exchange Commission, an entity to which they are subject because both companies’ shares are listed in markets that operate in said jurisdiction. Likewise, and within the framework of the reorganization process, the Board of Directors has approved the exchange ratio, which has been established at 1.40 IRSA shares for each IRSA PC share, which is equivalent to 0.56 IRSA GDS for each ADS of IRSA PC. Condor Hospitality Trust agreement On September 23, 2021, Condor Hospitality Trust, Inc. announced an agreement with affiliates of Blackstone Real Estate Partners to sell its entire portfolio of hotels in a US$ 305 million transaction. This is an all cash transaction without the assumption of any existing debt. Completion of the transaction, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the Condor’s shareholders. Condor also announced that its Board of Directors has unanimously adopted a Plan of Liquidation and Dissolution (the “Plan of Liquidation”). The Plan of Liquidation contemplates an orderly wind down of the Company’s business affairs. Following the closing of the sale of the hotel portfolio and the payment of outstanding liabilities, along with the taking of other actions specified in the Plan of Liquidation, including reserving for certain contingent liabilities and claims, the Company intends to distribute certain net proceeds from the sale of the hotel portfolio to the Condor’s shareholders in one or more liquidating distribution installments. The implementation of the Plan of Liquidation is conditioned on obtaining approval of the Condor’s shareholders. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Basis of preparation of the Consolidated Financial Statement | (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude whether economy is categorized as hyperinflationary the provisions of IAS 29, details a series of factors to be considered, including the existence of a cumulative inflation rate in the three years preceding the measurement that approximates or exceeds 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with highly inflationary economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2021 accordingly to IAS 29. Pursuant to IAS 29, the Financial Statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the date of the Financial Statements. All the amounts included in the Statements 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 Consolidated Statements of Income and Other Comprehensive 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 of the balance sheet 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 recorded at cost as of the balance sheet date and equity component are restated by applying the relevant adjustment coefficients. - All items in the Consolidated Statements of Income and Other Comprehensive Income are restated applying the relevant conversion factors. - The effect of inflation on the Group’s net monetary position is included in the Consolidated Statements of Income and Other Comprehensive 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. - Translation difference was restated in current terms. - Other comprehensive income / (loss) was restated as from each accounting allocation. - The other reserves in the Consolidated Statements of Income and Other Comprehensive Income were restated as of the initial application date, i.e., June 30, 2016. 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. Since 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, 2020according to official statistics (INDEC) following the guidelines described in Resolution 539/18. Annual price variation June 30, 2019 June 30, 2020 June 30, 2021 Cumulative as of June 30, 2021 (3 years) 56 % 43 % 50 % 234 % As a consequence of the aforementioned, these financial statements as of June 30, 2021 were restated in accordance with IAS 29. (b) Current and non-current classification The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according to the operating cycle of each activity. Current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax liabilities) are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively. (c) Presentation currency The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to “Peso amounts” or “ARS”, are millions of Argentine Pesos, references to “US$” 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 to 2.28 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 for financing of operating activities is presented within operating activities whereas the rest 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 | 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 amendment Description Date of mandatory adoption for the Group in the year ended on 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 these amendment has not had a material impact for the Group. Standards and amendments not yet adopted by the Group: Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Accounting Policy Disclosures - Amendment to IAS 1 and Practical Statement 2 The IASB amended IAS 1 to require entities to disclose their material accounting policies rather than their significant accounting policies. The amendments define what it implies and how to identify material accounting policy information. They also clarify that it is not necessary to disclose inmaterial accounting policy. If it is disclosed should not overshadow material accounting information. To support this amendment, the IASB also amended IFRS Practical Statement 2 on “Making materiality related judgments” to advise on how to apply the concept of materiality to disclosure of accounting policies. 01-01-2023 Definition of accounting estimates - Amendments to IAS 8. The amendment to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” clarifies how entities should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events, as well as to the current exercise. 01-01-2023 Amendment to IAS 1. The narrow-scope amendments to IAS 1 Presentation of Financial Statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. 06-30-2023 Amendment to IAS 37. The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognizing a separate provision for an onerous contract, the entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract. 06-30-2023 Property, plant and equipment: Proceeds before intended use - Amendments to IAS 16. The amendment to IAS 16 Property, Plant and Equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. 06-30-2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Minor amendments were made to IFRS 3 Business Combinations to update the references to the Conceptual Framework for Financial Reporting and add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and Interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized at the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were finalized in May 2020: • IFRS 9 Financial Instruments: clarifies which fees should be included in the 10% test for derecognition of financial liabilities. • IFRS 16 Leases – amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives. • IFRS 1 First-time Adoption of International Financial Reporting Standards – allows entities that have measured their assets and liabilities at carrying amounts recorded in their parent’s books to also measure any cumulative translation differences using the amounts reported by the parent. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption. • IAS 41 Agriculture – removal of the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 Deferred tax - Amendments to IAS 12. The IASB issued amendments to IAS 12 that clarifies how companies account for deferred tax related to assets and liabilities that arise from a single transaction. The effects of these amendments essentially mean that the initial recognition exception is not available for transactions that involve the recognition of both an asset and a liability, such as leases and decommissioning obligations. 06-30-2024 Management is evaluating the impact that these new standards and amendments 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 which must be analyzed. |
Scope of consolidation | (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case base. 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 Consolidated Statements of Income and Other Comprehensive Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the main ones are listed below: % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2021 06.30.2020 06.30.2019 IRSA’s direct interest: IRSA CP (1) Argentina Real estate 79.92 % 80.65 % 83.80 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 100.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % U.T. IRSA y Galerias Pacifico (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct interest: 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 % Pareto S.A. Argentina Design and software development 93.63 % 69.69 % 69.69 % La Malteria Argentina Real estate - - 100.00 % Tyrus S.A.’s direct interest: DFL and DN BV Bermuda’s / Netherlands Investment 99.50 % 97.04 % 96.46 % I Madison LLC USA Investment - - - IRSA Development LP USA Investment - - - IRSA International LLC USA Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (5) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermuda’s Investment - - 100.00 % Real Estate Strategies LLC USA Investment 100.00 % 100.00 % 100.00 % Efanur S.A.’s direct interest: Real Estate Investment Group VII LP (REIG VII) Bermuda’s Investment 100.00 % 100.00 % 100.00 % DFL’s and DN BV’s direct interest: IDB Development Corporation Ltd. (4) Israel Investment - 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct interest: Discount Investment Corporation Ltd. (4) Israel Investment - 83.72 % 83.77 % IDBD’s direct interest: IDB Tourism (2009) Ltd. (4) Israel Tourism services - 100.00 % 100.00 % IDB Group Investment Inc (4) Israel Investment - 100.00 % 100.00 % DIC’s direct interest: Property & Building Corporation Ltd. (4) Israel Real estate - 72.40 % 68.80 % Cellcom Israel Ltd. (4) Israel Telecommunications - 46.20 % 44.10 % Elron Electronic Industries Ltd. (4) Israel Investment - 61.06 % 61.06 % Bartan Holdings and Investments Ltd. (4) Israel Investment - 55.68 % 55.68 % Epsilon Investment House Ltd. (4) Israel Investment - 68.75 % 68.75 % Mehadrin Ltd. (4) Israel Agricultural - 43.75 % - PBC’s direct interest: Gav-Yam Bayside Land Corporation Ltd. (4) Israel Real estate - - 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. (4) Israel Real estate - 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. (4) Israel Real estate - 50.10 % 50.10 % Hadarim Properties Ltd. (4) Israel Real estate - 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. (4) Israel Real estate - 100.00 % 100.00 % PBC USA Investments Inc (4) USA Real estate - 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision-making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Control was lost in September 2020. See Note 4.E. (5) Includes Tyrus’ and IRSA S.A.’s equity interests. 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 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 other 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 of accounting, pursuant to which 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 a 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 Consolidated 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 Consolidated Statements of Income and Other Comprehensive Income within other financial income, as appropriate, unless they have been capitalized. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position; (ii) income and expenses for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and (iii) all resulting exchange differences are recognized in the Statement of Comprehensive Income. The accounting policy of the Group consists in accounting for the translation difference of its subsidiaries by the “step-by-step” method according to IAS 21. |
Investment properties | Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation, or both, and that are not occupied by the Group for its own operations. Investment property also includes property that is being constructed or developed for future use as investment property. The Group also classifies as investment properties land whose future use has not been determined yet. 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 recognizes economically “buildable potentials” in those properties that meet the following requirements: a) have buildable potential that are legally viable based on the application of approved Planning Codes and / or specific Ordinances. and b) have a commercial viability either due to their realization market or their constructive feasibility (see Note 9). If due to regulatory or legal regulations and commercial and/or economic aspects, the buildable potential can only be made by the Group and it has not been built yet, the asset value is not recognized. When a property is partially owner-occupied, with the rest being held for rental income or capital appreciation, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for as property, plant and equipment under IAS 16 “Property, Plant and Equipment” and the portion that is held for rental income or capital appreciation, or both, is treated as investment properties under IAS 40 “Investment Properties”. 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 condition to start operating. Direct expenses related to lease contract negotiation (such 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. 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 where activities necessary to prepare the asset for redevelopment are in progress. After initial recognition, investment property is carried at fair value. Investment property that is being redeveloped for continuing use as investment property 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. On the other hand, properties under construction for which the fair value cannot be determined reliably, but for which the Group expects it to be 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 comparable 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. As required by CNV 576/10 Resolution, valuations are performed as of the financial position date by accredited externals appraisers who have recognized 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 expenditures are 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 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 Income and Other Comprehensive Income under the line item “Net (loss) / gain from fair value adjustment of investment properties”. Asset transfers, including assets classified as investments properties which are reclassified under other items or vice-versa, may only be carried out when there is a change of use evidenced by: a) commencement of occupation of real property by the Group, where investment property is transferred to property, plant and equipment; b) commencement of development activities for sale purposes, where investment property is transferred to property for sale; c) the end of Group occupation, where it is transferred from property, plant and equipment to investment properties; or d) commencement of an operating lease transaction with a third party, where properties for sale are transferred to investment property. 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 its investment property when it considers that such property no longer forms part of the lease business. The carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Consolidated Statements of Income and Other Comprehensive Income in the line “Net 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 disposals. The disposal of properties is recognized when the significant risks and rewards have been transferred to the buyer. As for unconditional agreements, proceeds are accounted for when title to property passes to the buyer and the buyer intends to make the respective payment. In the case of conditional agreements, disposal are accounted for when the conditions the agreements is subject to has 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 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 Consolidated Statements of Income and Other Comprehensive Income. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets’ estimated useful lives. The remaining useful life as of June 30, 2021 is as follows: Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years As of each fiscal year-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each fiscal year-end, the residual useful life of assets is estimated and adjusted, if necessary. The book amount of an asset is reduced to its recoverable value if the book value greater than its estimated recoverable value. Gains from the sale of these assets are recognized when the significant risks and rewards have transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied. Gains and losses on disposals are determined by comparing the proceeds net of direct expenses related to such sales, with the carrying amount as of the date of each transaction. Gains and losses from the disposal of property, plant and equipment items are recognized within “Other operating results, net” in the Statement of 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. |
Leases | Leases are recorded pursuant to IFRS 16. The Group recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. For the prior periods’ leases were classified at their inception as either operating or finance leases based on the economic substance of the agreement. A Group company is the lessor: Properties leased out to tenants under operating leases are included in “Investment Properties” in the Statement of Financial Position. See Note 2.25 for the recognition of rental income. A Group company is the lessee: The Group acquires certain specific assets (especially machinery, computer equipment and real property exploitation concessions) under leases pursuant to IFRS 16. Assets so acquired are recorded as an asset at the present value of the minimum future lease payments. Capitalized lease assets are depreciated over the shorter of the estimated useful life of the assets and the lease term. The finance charges are charged over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Leases falling within the IFRS 16 exemption, where the Group acts as lessee are charged to results at the time they accrue. They mainly include contracts for less than one year and/or for non-material items. |
Intangible assets | (a) Goodwill Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill is initially measured as the difference between the fair value of the consideration transferred, plus the amount of non-controlling interest in the acquisition and, in business combinations achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquisition; and the net fair value of the identifiable assets and liabilities assumed on the acquisition date. Goodwill is not amortized but tested for impairment at each fiscal year-end, or more frequently if there is an indication of impairment. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as cash-generating units (“CGU”). In order to determine whether any impairment loss should be recognized, the book value of CGU or CGU groups is compared against its recoverable value. Net book value of CGU and CGU groups include goodwill and assets with limited useful life (such as, investment properties, property, plant and equipment, intangible assets and working capital). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill are not reversed in a subsequent period. The recoverable amount of a CGU is the higher of the fair value less costs-to-sell and the value-in-use. The fair value is the amount at which a CGU may be sold in a current transaction between unrelated, willing and duly informed parties. Value-in-use is the present value of all estimated future cash flows expected to be derived from CGU or CGU groups. Goodwill is assigned to the Group’s cash generating units on the basis of operating segments. The recoverable amount of a cash generating unit is determined based on fair value calculations. These calculations use the price of the CGU assets and 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. These costs are amortized over their estimated useful lives of three years. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (c) Branding and client relationships This relates to the fair value of brands and client relationships arising at the time of the business combination with IDBD. They are subsequently valued at cost, less the accumulated amortization or impairment. Client relationships 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 either intended 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, agricultural products, supplies or other assets held for consumption in the process of producing sales and/or services. Inventories are measured at the lower of cost or net realizable value. 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 and materials are initially recognized at cash price, and the difference being charged as finance cost. |
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. 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. 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 the expected losses for impairment of a financial asset or group of financial assets measured at amortized cost. 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. 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 of each reporting year. |
Groups of assets and liabilities held for sale | The groups of assets and liabilities are classified as held for sale where the Group is expected to recover their value by means of a sale transaction (rather than through use) and where such sale is highly probable. Groups of assets and liabilities held for sale are valued at the lower of their net book value and fair value less selling costs. |
Trade and other receivables | Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. An allowance for doubtful accounts is recorded based on the expected loss of the receivables portfolio. Indicators of doubtful accounts include significant financial distress of the debtor, the debtor potentially filing a petition for reorganization or bankruptcy, or any event of default or past due account. In the case of larger non-homogeneous receivables, the impairment provision is calculated on an individual basis. The Group collectively evaluates smaller-balance homogeneous receivables for impairment. For that purpose, they are grouped on the basis of similar risk characteristics, and account asset type, collateral type, past-due status and other relevant factors are taken into account. The amount of the allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of a separate account, and the amount of the loss is recognized in the Consolidated Statements of Income and Other Comprehensive Income within “Selling expenses”. Subsequent recoveries of amounts previously written off are credited against “Selling expenses” in the Consolidated Statements of Income and Other Comprehensive Income. |
Other assets | Other assets are recognized initially at cost and subsequently measured at the acquisition cost or the net realizable value, the lower. |
Trade and other payables | Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. |
Borrowings | Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized as finance cost over the period of the borrowings using the effective interest method. |
Provisions | Provisions are recognized when: (i) the Group has a present (legal or constructive) obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are not recognized for future operating losses. The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel´s experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material adverse effect on its results of operations and financial condition or liquidity. Provisions are measured at the present value of the cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized in the Consolidated Statements of Income and Other Comprehensive Income. |
Irrevocable right of use of the capacity of underwater communication lines | Transactions, carried out by Cellcom, to acquire an irrevocable right of use of the capacity of underwater communication lines are accounted for as service contracts. The amount paid for the rights of use of the communication lines is recognized as “Prepaid expenses” under trade and other receivables and is amortized over a straight-line basis during the period set forth in the contract (including the option term), which is the estimated useful life of such capacity. |
Employee benefits | (a) Defined contribution plans The Group operates a defined contribution plan, which is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current year or prior periods. The contributions are recognized as employee benefit expense in the Consolidated Statements of Income and Other Comprehensive 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 Consolidated Statements of Income and Other Comprehensive Income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax expense is calculated on the basis of the tax laws enacted or substantially enacted at the date of the Statements of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the deferred tax liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statements of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence, deferred tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Statements of Financial Position, dividends have been accrued as receivable a binding agreement to distribute past earnings in future has been entered into by the subsidiary or there are sale plans in the foreseeable future. Entities in Argentina are subject to the Minimum Presumed Income Tax (“MPIT”). Pursuant to this tax regime, an entity is required to pay the greater of the income tax or the MPIT. The MPIT provision is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period. When the Group assesses that it is probable that it will use the MPIT payment against future taxable income tax charges within the applicable 10-year period, recognizes the MPIT as a current or non-current receivable, as applicable, within “Trade and other receivables” in the Statements of Financial Position. The minimum presumed income tax was repealed by Law N ° 27,260 in its article 76 for the periods that begin as of January 1,2020. Regarding the above mentioned, considering Instruction No. 2 of the Federal Administration of Public Revenues (AFIP), it is not appropriate to record the provision of the above mention tax, in the event that accounting and tax losses occur. |
Cash and cash equivalents | Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less and that they are subject to a negligible risk of change in value. Bank overdrafts are not included. |
Revenue recognition | The group identifies contracts with customers and evaluates the goods and services committed therein to determine performance obligations and their classification between performance obligations that are satisfied at a given time or over time. Revenue from satisfaction of performance obligations at a given time is recognized when the client obtains control of the committed asset or service considering whether there is a right to collection, if the client has the physical possession, if the client has the legal right and if they have the transferred the risks and benefits. In accordance with IFRS 15, the Group recognizes revenues over time from the sales of real estate developments in which there is no alternative use for the asset and the Group has the right to demand payment of the contract. When these conditions are not met, the income is recognized at the time of delivery or deed, depending on the case, when the risk transfers are completed, the collection is reasonably assured and there is a price already determined. Revenue from satisfaction of performance obligations over time for real estate developments is recognized by measuring progress towards compliance with the obligation when it can be measured reliably. For this measurement, the Group uses the resourced method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimate of the total development costs. The Group’s revenue is recognized at the probable value of the consideration to which it will be entitled in exchange for transferring the products or services to the customer which is not expected to suffer significant changes. · Rental and services - Shopping malls portfolio Revenues derived from business activities developed in the Group’s shopping malls mainly include rental income under operating leases, admission rights, commissions and revenue from several complementary services provided to the Group’s lessees. Rental income from shopping mall, admission rights and commissions, are recognized in the 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 reviews are recognized when such reviews have been agreed with tenants. The Group’s lease contracts also provide that common area maintenance charges and collective promotion funds of the Group’s shopping malls are borne by the corresponding lessees, generally on a proportionally basis. These common area maintenance charges include all expenses necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The lessor is responsible for determining the need and suitability of incurring a common area expense. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. Service charge income is presented separately from property operating expenses. Property operating expenses are expensed as incurred. · Rental and services - Offices and other rental properties Rental income from offices and other rental properties include rental income from offices leased out under operating leases, income from services and expenses recovery paid by tenants. Rental income from offices and other rental properties is recognized in the 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. A substantial portion of the Group’s leases require 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 communication networks by the Group, including mobile phones, Internet services, international calls, fixed line calls, interconnection rates, 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 have been recognized in discontinued operations. See Note 4.E. · Revenue from agricultural products Revenue from agricultural products is recognized when the product is delivered and at the time all other criteria for revenue recognition have been met. These revenues have been recognized in discontinued operations. See Note 4.E. · Revenue from supermarkets Revenue from the sale of goods in the ordinary course of business is recognized at the fair value of the consideration collected or receivable, net of returns and discounts. When the credit term is short and financing is that typical in the industry, consideration is not discounted. When the credit term is longer than the industry’s average, in accounting for the consideration, the Group discounts it to its net present value by using the client’s risk premium or the market rate. The difference between the fair value and the nominal amount is accounted for under financial income. If discounts are granted and their amount can be measured reliably, the discount is recognized as a reduction of revenue. These revenues have been recognized in discontinued operations. See Note 4.E. |
Cost of sales | The cost of sales, includes the acquisition costs and the operational and management costs for shopping malls held by the Group as part of its real estate investments. The Group’s cost of sales in relation to the supply of communication services mainly includes the costs to purchase equipment, salaries and related expenses, service costs, royalties, ongoing license dues, interconnection and roaming expenses, cell tower lease costs, depreciation and amortization expenses and maintenance expenses directly related to the services provided and they are classified in discontinued operations. The cost of sales of supermarkets, includes the acquisition costs for the products less discounts granted by suppliers, as well as all expenses associated with storing and handling inventories and is classified as discontinued operations. |
Cost of borrowings and capitalization | The costs for general and specific loans that are directly attributable to the acquisition, construction or production of suitable assets for which a prolonged period is required to place them in the conditions required for their use or sale, are capitalized as part of the cost of those assets until the assets are substantially ready for use or sale. The general loan costs are capitalized according to the average debt rate of the Group. Foreign exchange differences for loans in foreign currency are capitalized if they are considered an adjustment to interest costs. The interest earned on the temporary investments of a specific loan for the acquisition of qualifying assets are deducted from the eligible costs to be capitalized. The rest of the costs from loans are recognized as expenses in the period in which they are incurred. |
Share capital | Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. When any Group’s subsidiary purchases the Company’s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders until the shares are cancelled or reissued. When such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and related income tax effects, is included in equity. Instruments issued by the Group that will be settled by the Company delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash or another financial asset are classified as equity. |
Comparability of information | The balances as of June 30, 2020 and 2019 that are disclosed for comparative purposes were restated in accordance with IAS 29. See Note 2.1. Certain items from prior fiscal years have been reclassified for consistency purposes related with the loss of control of IDBD (see Notes 1 and 4.E). |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of evolution of these indices | Annual price variation June 30, 2019 June 30, 2020 June 30, 2021 Cumulative as of June 30, 2021 (3 years) 56 % 43 % 50 % 234 % |
Schedule of business through several operating and investment companies | % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2021 06.30.2020 06.30.2019 IRSA’s direct interest: IRSA CP (1) Argentina Real estate 79.92 % 80.65 % 83.80 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 100.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % U.T. IRSA y Galerias Pacifico (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct interest: 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 % Pareto S.A. Argentina Design and software development 93.63 % 69.69 % 69.69 % La Malteria Argentina Real estate - - 100.00 % Tyrus S.A.’s direct interest: DFL and DN BV Bermuda’s / Netherlands Investment 99.50 % 97.04 % 96.46 % I Madison LLC USA Investment - - - IRSA Development LP USA Investment - - - IRSA International LLC USA Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (5) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermuda’s Investment - - 100.00 % Real Estate Strategies LLC USA Investment 100.00 % 100.00 % 100.00 % Efanur S.A.’s direct interest: Real Estate Investment Group VII LP (REIG VII) Bermuda’s Investment 100.00 % 100.00 % 100.00 % DFL’s and DN BV’s direct interest: IDB Development Corporation Ltd. (4) Israel Investment - 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct interest: Discount Investment Corporation Ltd. (4) Israel Investment - 83.72 % 83.77 % IDBD’s direct interest: IDB Tourism (2009) Ltd. (4) Israel Tourism services - 100.00 % 100.00 % IDB Group Investment Inc (4) Israel Investment - 100.00 % 100.00 % DIC’s direct interest: Property & Building Corporation Ltd. (4) Israel Real estate - 72.40 % 68.80 % Cellcom Israel Ltd. (4) Israel Telecommunications - 46.20 % 44.10 % Elron Electronic Industries Ltd. (4) Israel Investment - 61.06 % 61.06 % Bartan Holdings and Investments Ltd. (4) Israel Investment - 55.68 % 55.68 % Epsilon Investment House Ltd. (4) Israel Investment - 68.75 % 68.75 % Mehadrin Ltd. (4) Israel Agricultural - 43.75 % - PBC’s direct interest: Gav-Yam Bayside Land Corporation Ltd. (4) Israel Real estate - - 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. (4) Israel Real estate - 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. (4) Israel Real estate - 50.10 % 50.10 % Hadarim Properties Ltd. (4) Israel Real estate - 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. (4) Israel Real estate - 100.00 % 100.00 % PBC USA Investments Inc (4) USA Real estate - 100.00 % 100.00 % |
Schedule of useful life | Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years |
Significant judgments, key as_2
Significant judgments, key assumptions and estimates (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of complexity, judgment or estimations involved in their application | Estimation Main assumptions Potential implications Main references 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 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 Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 10. Incorrect valuation of investment property values Note 9 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 21 – 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 15 – 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 14 – 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 19 – 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 14 – Financial instruments by category |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Share capital summary | Number of shares Share capital June 30,2020 116,500 116,500 Capitalization of issueshare premium and capitalinflation adjustment of share capital 137,722,151 137,722,151 Issuance of ordinary shares 380,000,000 380,000,000 June 30,2021 517,838,651 517,838,651 |
Schedule of net assets disposed | The following table details the net assets disposed: 09.30.2020 ASSETS Investment properties 117,547 Property, plant and equipment 47,989 Trading properties 7,690 Intangible assets 36,546 Right-of-use assets 25,853 Investments in associates and joint ventures 48,443 Deferred income tax assets 568 Income tax credit 426 Restricted assets 8,400 Trade and other receivables 70,693 Investments in financial assets 31,643 Derivative financial instruments 368 Inventories 4,712 Group of assets held for sale 55,028 Cash and cash equivalents 145,330 TOTAL ASSETS 601,236 Borrowings 425,321 Lease liabilities 23,696 Deferred income tax liabilities 16,261 Trade and other payables 30,751 Income tax liabilities 596 Provisions 7,095 Employee benefits 624 Derivative financial instruments 624 Salaries and social security liabilities 4,427 Group of liabilities held for sale 28,805 TOTAL LIABILITIES 538,200 TOTAL NET ASSETS 63,036 Non-controlling interest (62,519 ) Result for loss of control (517 ) Recycling of currency translation adjustment and other reserves (3,505 ) Total result for loss of control (*) (4,022 ) |
Financial risk management and_2
Financial risk management and fair value estimates (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of net carrying amounts of the Company's financial instruments broken down by the functional currencies | Net monetary position (liability) / asset Functional currency June 30, 2021 June 30, 2020 US$ US$ Argentine Peso (43,811 ) (57,672 ) Uruguayan Peso - 228 Total (43,811 ) (57,444 ) |
Schedule of Group's derivative financial liabilities to the contractual maturity date. | June 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 2,988 104 1 - - 3,093 Borrowings (excluding finance leases liabilities) 15,409 40,633 5,695 211 185 62,133 Finance leases obligations 93 87 89 90 1,767 2,126 Derivative Financial Instruments 48 9 - - - 57 Total 18,538 40,833 5,785 301 1,952 67,409 June 30, 2020 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,331 234 104 329 2 3,000 Borrowings (excluding finance leases liabilities) 57,680 4,931 40,975 98 324 104,008 Purchase obligations 8,554 1,283 886 - - 10,723 Finance leases obligations 80 74 77 81 1,939 2,251 Derivative Financial Instruments 125 42 9 - - 176 Total 68,770 6,564 42,051 508 2,265 120,158 |
Schedule of Group's key metrics in relation to managing its capital structure | June 30, 2021 June 30, 2020 Gearing ratio (i) 74.84 % 49.57 % Debt ratio (ii) 32.86 % 44.42 % |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of lines of business of groups operations center | June 30, 2020 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Operating assets 229,718 42,191 210,318 5,072 25,015 163,604 675,918 Operating liabilities (219,789 ) - (159,326 ) - (164,429 ) (58,771 ) (602,315 ) Operating assets (liabilities), net 9,929 42,191 50,992 5,072 (139,414 ) 104,833 73,603 June 30, 2019 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Operating assets 455,745 34,566 164,289 34,002 62,238 53,427 804,267 Operating liabilities (353,800 ) - (127,370 ) - (189,891 ) (21,144 ) (692,205 ) Operating assets (liabilities), net 101,945 34,566 36,919 34,002 (127,653 ) 32,283 112,062 |
Schedule of Group's lines of business and a reconciliation between the results from operations as per segment information | June 30, 2021 Total Joint ventures (1) Expenses funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 10,114 (50 ) 2,945 (31 ) 12,978 Costs (3,455 ) 70 (3,179 ) - (6,564 ) Gross profit / (loss) 6,659 20 (234 ) (31 ) 6,414 Net loss from fair value adjustment of investment properties (7,649 ) (121 ) - - (7,770 ) General and administrative expenses (3,078 ) 14 - 47 (3,017 ) Selling expenses (1,511 ) 21 - - (1,490 ) Other operating results, net (157 ) (20 ) 107 (16 ) (86 ) Loss from operations (5,736 ) (86 ) (127 ) - (5,949 ) Share of loss of associates and joint ventures (3,988 ) (392 ) - - (4,380 ) Segment profit (9,724 ) (478 ) (127 ) - (10,329 ) Reportable assets 204,883 (1,513 ) - 19,412 222,782 Reportable liabilities - - - (140,058 ) (140,058 ) Net reportable assets 204,883 (1,513 ) - (120,646 ) 82,724 June 30, 2020 Total Joint ventures (1) Expenses funds Elimination of inter-segment transactions and non- reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 16,731 (90 ) 4,655 (33 ) 21,263 Costs (4,101 ) 80 (4,851 ) - (8,872 ) Gross profit / (loss) 12,630 (10 ) (196 ) (33 ) 12,391 Net gain / (loss) from fair value adjustment of investment properties 51,059 (395 ) - - 50,664 General and administrative expenses (3,371 ) 20 - 50 (3,301 ) Selling expenses (1,849 ) 27 - - (1,822 ) Other operating results, net 17 28 91 (17 ) 119 Profit / (loss) from operations 58,486 (330 ) (105 ) - 58,051 Share of profit of associates and joint ventures 10,584 263 - - 10,847 Segment profit / (loss) 69,070 (67 ) (105 ) - 68,898 Reportable assets 913,638 (1,040 ) - 29,456 942,054 Reportable liabilities (602,315 ) - - (155,511 ) (757,826 ) Net reportable assets 311,323 (1,040 ) - (126,055 ) 184,228 June 30, 2019 Total Joint ventures (1) Expenses funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 22,613 140 ) 5,567 (36 ) 28,004 Costs (4,773 ) 102 (5,790 ) - (10,461 ) Gross profit / (loss) 17,840 (38 ) (223 ) (36 ) 17,543 Net (loss) / gain from fair value adjustment of investment properties (59,489 ) 1,258 - - (58,231 ) General and administrative expenses (4,176 ) 24 - 66 (4,086 ) Selling expenses (1,628 ) 9 - - (1,619 ) Other operating results, net (841 ) 282 119 (30 ) (470 ) (Loss) / profit from operations (48,294 ) 1,535 (104 ) - (46,863 ) Share of (loss) of associates and joint ventures (9,060 ) (1,527 ) - - (10,587 ) Segment (loss) / profit (57,354 ) 8 (104 ) - (57,450 ) Reportable assets 971,842 (915 ) - 47,973 1,018,900 Reportable liabilities (692,205 ) - - (142,463 ) (834,668 ) Net reportable assets 279,637 (915 ) - (94,490 ) 184,232 |
Schedule of lines of business of groups operations center | June 30, 2021 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 5,321 2,764 664 921 376 - 68 10,114 Costs (865 ) (226 ) (751 ) (1,065 ) (317 ) - (231 ) (3,455 ) Gross profit / (loss) 4,456 2,538 (87 ) (144 ) 59 - (163 ) 6,659 Net (loss) / gain from fair value adjustment of investment properties (20,342 ) 5,381 6,483 - 6 - 823 (7,649 ) General and administrative expenses (1,432 ) (387 ) (357 ) (426 ) (56 ) (352 ) (68 ) (3,078 ) Selling expenses (451 ) (199 ) (684 ) (141 ) (26 ) - (10 ) (1,511 ) Other operating results, net (126 ) 7 (13 ) (12 ) (12 ) - (1 ) (157 ) (Loss) / profit from operations (17,895 ) 7,340 5,342 (723 ) (29 ) (352 ) 581 (5,736 ) Share of (loss) of associates and joint ventures - - (16 ) - (891 ) - (3,081 ) (3,988 ) Segment (loss) / profit (17,895 ) 7,340 5,326 (723 ) (920 ) (352 ) (2,500 ) (9,724 ) Investment properties and trading properties 54,317 76,925 55,943 - 114 - 2,307 189,606 Investment in associates and joint ventures - - - - 1,916 - 6,993 8,909 Other operating assets 348 1,325 1,948 2,603 - 8 136 6,368 Operating assets 54,665 78,250 57,891 2,603 2,030 8 9,436 204,883 June 30, 2020 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 8,915 3,542 1,104 3,036 17 - 117 16,731 Costs (851 ) (207 ) (1,008 ) (1,870 ) (18 ) - (147 ) (4,101 ) Gross profit / (loss) 8,064 3,335 96 1,166 (1 ) - (30 ) 12,630 Net (loss) / gain from fair value adjustment of investment properties (3,162 ) 34,974 18,293 - - - 954 51,059 General and administrative expenses (1,246 ) (332 ) (342 ) (548 ) (165 ) (562 ) (176 ) (3,371 ) Selling expenses (1,065 ) (126 ) (296 ) (345 ) - - (17 ) (1,849 ) Other operating results, net 26 (39 ) (41 ) (30 ) - - 101 17 Profit / (loss) from operations 2,617 37,812 17,710 243 (166 ) (562 ) 832 58,486 Share of profit / (loss) of associates and joint ventures - - - - 11,080 - (496 ) 10,584 Segment profit / (loss) 2,617 37,812 17,710 243 10,914 (562 ) 336 69,070 Investment properties and trading properties 73,764 94,314 48,321 - 460 - 2,165 219,024 Investment in associates and joint ventures - - 799 - 3,011 - 10,119 13,929 Other operating assetsInvestment 412 321 1,131 2,759 - 9 135 4,767 Operating assets 74,176 94,635 50,251 2,759 3,471 9 12,419 237,720 June 30, 2019 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 12,828 3,362 1,681 4,435 21 - 286 22,613 Costs (1,166 ) (197 ) (790 ) (2,383 ) (9 ) - (228 ) (4,773 ) Gross profit 11,662 3,165 891 2,052 12 - 58 17,840 Net (loss) / gain from fair value adjustment of investment properties (60,952 ) 925 1,091 - 9 - (562 ) (59,489 ) General and administrative expenses (1,420 ) (318 ) (425 ) (738 ) (165 ) (940 ) (170 ) (4,176 ) Selling expenses (796 ) (148 ) (178 ) (474 ) - - (32 ) (1,628 ) Other operating results, net (29 ) (47 ) (429 ) 172 (36 ) - (472 ) (841 ) (Loss) / profit from operations (51,535 ) 3,577 950 1,012 (180 ) (940 ) (1,178 ) (48,294 ) Share of (loss) of associates and joint ventures - - (56 ) - (5,526 ) - (3,478 ) (9,060 ) Segment (loss) / profit (51,535 ) 3,577 894 1,012 (5,706 ) (940 ) (4,656 ) (57,354 ) Investment properties and trading properties 75,258 47,405 41,693 - 135 - 1,594 166,085 Investment in associates and joint ventures - - 665 - (10,846 ) - 7,353 (2,828 ) Other operating assets 466 267 277 2,897 270 6 135 4,318 Operating assets 75,724 47,672 42,635 2,897 (10,441 ) 6 9,082 167,575 |
Information about the main su_2
Information about the main subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of subsidiaries with significant non-controlling interests | 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 June 30, 2021 IRSA CP 20.08 % 22,652 154,752 13,122 86,269 78,013 5,549 June 30, 2020 Elron 38.94 % 5,072 5,957 765 213 10,051 6,232 PBC 27.60 % 119,149 168,831 39,259 178,421 70,300 28,933 Cellcom 53.80 % 82,275 119,854 47,142 112,186 42,801 26,916 Mehadrin 56.25 % 19,583 26,794 20,959 5,011 20,407 12,220 IRSA CP 19.35 % 22,417 194,626 24,667 78,866 113,510 6,142 Revenues Net income / (loss) Total comprehensive income / (loss) Total comprehensive profit / (loss) 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 June 30, 2021 IRSA CP 8,092 (22,537 ) (22,406 ) (604 ) 1,282 9,754 (17,242 ) (6,206 ) 438 June 30, 2020 Elron - (2,665 ) (2,800 ) 8,321 (1,166 ) 526 1,313 673 - PBC 18,490 18,997 18,272 29,418 9,505 35,856 (30,405 ) 14,956 2,529 Cellcom 84,226 (3,106 ) (3,154 ) 802 22,401 (11,152 ) (9,497 ) 1,752 - Mehadrin 2,932 159 185 377 369 (105 ) (369 ) (105 ) 26 IRSA CP 12,862 27,266 27,644 1,598 7,345 (4,324 ) (5,349 ) (2,328 ) 996 |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of Group's investments in joint ventures | June 30, 2021 June 30, 2020 Beginning of the year 111,714 53,742 Adjustment previous years (IFRS 9 and IAS 28) - (2,972 ) Increase in equity interest in associates and joint ventures - 5,020 Capital contributions 42 4,058 Capital reduction - (159 ) Decrease of interest in associate (iv) (43,849 ) - Deconsolidation (i) (48,443 ) 43,822 Share of profit / (loss) (3,035 ) 13,022 Impairment (iii) (626 ) - Currency translation adjustment (3,579 ) 76 Dividends - (2,734 ) Other comprehensive income (54 ) (1,869 ) Reclassification to held-for-sale - (3,109 ) Others (12 ) (5 ) Incorporation by business combination - 2,822 End of the year (ii) 12,158 111,714 |
Schedule of additional information related to the Groups investment | % ownership interest Value of Group’s interest in equity Group’s interest in comprehensive income / (loss) Name of the entity June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 June 30, 2019 Associates New Lipstick 49.96 % 49.96 % 49.96 % 218 701 (480 ) 11,465 (4,805 ) BHSA (1) 29.91 % 29.91 % 29.91 % 5,361 6,118 (756 ) (571 ) (3,621 ) Condor (2) 18.89 % 18.89 % 18.89 % 1,620 2,224 (414 ) 180 59 PBEL N/A 45.00 % 45.40 % - - - - (176 ) Shufersal (4) N/A 26.02 % 26.02 % - 42,223 24 7,834 446 Mehadrin N/A N/A 45.41 % - - - - (167 ) Gav-Yam N/A 34.90 % N/A - 40,970 39 (1,181 ) - Quality (3) 50.00 % 50.00 % 50.00 % 2,927 3,156 (259 ) 278 (876 ) La Rural SA 50.00 % 50.00 % 50.00 % 169 305 (135 ) 153 216 TGLT (5) 27.82 % 30.20 % N/A 937 3,093 (2,157 ) (174 ) - Other joint ventures N/A N/A N/A 926 12,924 (2,476 ) (4,886 ) (2,062 ) Total associates and joint ventures 12,158 111,714 (6,614 ) 13,098 (10,986 ) Name of the entity Place of business / Country of incorporation Main Common shares 1 vote Latest financial statements issued Share capital (nominal value) Loss for the year Shareholders’ equity Associates New Lipstick U.S. Real estate N/A - (*) (10 ) (*) (41 ) BHSA Argentina Financial 448,689,072 (***) 1,500 (***) (2,528 ) (***) 17,276 Condor EE.UU. Hotel 2,245,100 (*) 232 (*) (178 ) (*) 54 Quality Argentina Real estate 225,146,012 450 (518 ) 5,760 La Rural SA Argentina Organization of events 714,498 1 (64 ) 378 TGLT (5) Argentina Real estate 257,320,997 925 (4,625 ) 4,311 |
Schedule of financial information of the joint ventures considered to be material | Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets % of ownership interest held Interest in associate and joint venture Goodwill and others Book value As of 06.30.21 Associates BHSA 114,759 71,092 156,405 11,661 17,785 29.91 % 5,319 42 5,361 Joint ventures Quality Invest (ii) 5 8,842 100 2,987 5,760 50.00 % 2,880 47 2,927 As of 06.30.20 Associates BHSA 115,457 65,503 153,639 6,954 20,367 29.91 % 6,092 26 6,118 Gav-Yam 63,028 249,149 29,726 176,864 105,587 34.90 % 36,850 4,120 40,970 Shufersal 110,169 280,922 138,032 194,095 58,964 26.02 % 15,342 26,881 42,223 Joint ventures Quality Invest (ii) 6 8,299 131 1,956 6,218 50.00 % 3,109 47 3,156 Revenues Net income / (loss) Total comprehensive income / (loss) Dividend distribution Cash of operating activities Cash of investing activities Cash of financing activities Changes in cash and cash equivalents As of 06.30.21 (i) Associates BHSA 29,257 (2,528 ) (2,528 ) - 4,318 (129 ) (28,139 ) (23,950 ) Joint ventures Quality Invest (ii) 45 (518 ) (518 ) - (59 ) (4 ) 63 - As of 06.30.20 (i) Associates BHSA 19,576 (1,911 ) (1,911 ) - 6,993 56 (5,204 ) 1,845 Gav-Yam 17,350 10,161 8,195 5,388 7,639 (8,596 ) 23,835 22,878 Shufersal 327,436 7,579 6,759 2,155 32,855 (4,069 ) (20,717 ) 8,069 Joint ventures Quality Invest (ii) 27 556 556 - (134 ) - 134 - |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of recognized in the Statements of Income | 06.30.2021 06.30.2020 06.30.2019 Rental and services income 11,034 17,131 21,937 Direct operating expenses (4,430 ) (12,141 ) (12,156 ) Development reimbursements / (expenses) 114 169 (131 ) Net realized gain from fair value adjustment of investment properties (i) (ii) 10,821 1,703 - Net unrealized (loss) / gain from fair value adjustment of investment properties (18,591 ) 48,961 (58,231 ) |
Schedule of fair value measurements of investment properties | 06.30.21 (i) 06.30.20 (i) 06.30.19 (i) Description Valuation technique Parameters Range fiscal year 2021 / 2019 Increase Decrease Increase Decrease Increase Decrease Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 13.53% / 12.10% (3,840 ) 4,589 (6,387 ) 7,821 (4,906 ) 6,118 Growth rate 2.4% / 3.0% 1,759 (1,472 ) 3,045 (2,486 ) 2,307 (1,850 ) Inflation (*) 8,171 (6,740 ) 13,296 (10,938 ) 4,296 (3,932 ) Devaluation (*) (4,357 ) 5,325 (6,181 ) 7,555 (4,559 ) 5,571 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) ARS 47,427 / (ARS 21,497) 3,493 (3,493 ) 3,243 (3,243 ) 2,007 (2,007 ) % of incidence 30% / (30%) 11,644 (11,644 ) 10,808 (10,808 ) 6,696 (6,696 ) |
Schedule of investment properties | June 30, 2021 June 30, 2020 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 109,543 232,233 59,942 441,012 Adjustments previous years (IFRS 16) - - - 640 Additions 274 762 5,439 2,761 Capitalized leasing costs 13 9 6 24 Amortization of capitalized leasing costs (i) (7 ) (6 ) (9 ) (14 ) Transfers / Reclassification to assets held for sale (530 ) - 6,836 (43,229 ) Incorporation by business combination - - - 366 Deconsolidation (ii) - (117,547 ) (2,544 ) (234,081 ) Disposals (21,426 ) - (2,613 ) (20,145 ) Currency translation adjustment (12 ) (12,356 ) 20 80,301 Net gain / (loss) from fair value adjustment 5,737 (13,535 ) 42,466 4,598 Fair value at the end of the year 93,592 89,560 109,543 232,233 |
Schedule of investment property of the Group | 30.06.2021 30.06.2020 Rental properties 125,506 289,412 Undeveloped parcels of land 54,183 41,356 Properties under development 3,463 11,008 TOTAL 183,152 341,776 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment | |
Schedule of property, plant and equipment | Agricultural establishments Buildings and facilities Machinery and equipment Communication networks Others (i) Total Net book amount at the June 30, 2019 - 6,011 1,149 32,439 8,322 47,921 Costs - 15,969 3,630 137,142 18,363 175,104 Accumulated depreciation - (9,958 ) (2,481 ) (104,703 ) (10,041 ) (127,183 ) Balances at June 30, 2019 - 6,011 1,149 32,439 8,322 47,921 Additions 54 677 99 5,132 2,556 8,518 Disposals - (93 ) (8 ) (4,802 ) (62 ) (4,965 ) Incorporation by business combination 6,044 2,424 566 - 140 9,174 Deconsolidation - (635 ) (892 ) - (66 ) (1,593 ) Reclassification to assets assets held for sale - (412 ) - - - (412 ) Currency translation adjustment 468 732 287 5,335 1,927 8,749 Transfers - (368 ) (23 ) 566 (566 ) (391 ) Depreciation charges (ii) (27 ) (598 ) (120 ) (6,956 ) (2,630 ) (10,331 ) Net book amount at the June 30, 2020 6,539 7,738 1,058 31,714 9,621 56,670 Costs 14,268 18,140 6,734 151,598 19,364 210,104 Accumulated depreciation (7,729 ) (10,402 ) (5,676 ) (119,884 ) (9,743 ) (153,434 ) Balances at June 30, 2020 6,539 7,738 1,058 31,714 9,621 56,670 Additions 55 202 64 581 754 1,656 Disposals - (28 ) (7 ) (55 ) - (90 ) Deconsolidation (6,102 ) (4,285 ) (795 ) (28,322 ) (8,485 ) (47,989 ) Reclassification to assets assets held for sale - (28 ) - - - (28 ) Currency translation adjustment (464 ) (343 ) (61 ) (2,286 ) (682 ) (3,836 ) Transfers - 989 - - - 989 Depreciation charges (ii) (28 ) (428 ) (89 ) (1,632 ) (1,049 ) (3,226 ) Net book amount at the June 30, 2021 - 3,817 170 - 159 4,146 Costs - 7,076 2,513 - 578 10,167 Accumulated depreciation - (3,259 ) (2,343 ) - (419 ) (6,021 ) Balances at June 30, 2021 - 3,817 170 - 159 4,146 |
Trading Properties (Tables)
Trading Properties (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of trading properties | Completed properties Properties under development Undeveloped sites Total At June 30, 2019 4,033 3,596 4,927 12,556 Additions 36 2,604 846 3,486 Deconsolidation - (233 ) - (233 ) Currency translation adjustment 452 47 817 1,316 Transfers 1,859 (1,486 ) (50 ) 323 Disposals (3,340 ) (3,282 ) (53 ) (6,675 ) At June 30, 2020 3,040 1,246 6,487 10,773 Additions - 408 397 805 Desconsolidation (2,128 ) (142 ) (5,420 ) (7,690 ) Currency translation adjustment (195 ) (126 ) (373 ) (694 ) Transfers 194 (194 ) - - Disposals (790 ) (390 ) (256 ) (1,436 ) At June 30, 2021 121 802 835 1,758 June 30, 2021 June 30, 2020 Non-current 1,644 7,294 Current 114 3,479 Total 1,758 10,773 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of intangible assets | Year ended Goodwill Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance at June 30, 2019 9,853 9,789 3,457 4,733 5,729 4,895 38,456 Costs 9,853 10,609 14,219 30,459 9,691 12,934 87,765 Accumulated amortization - (820 ) (10,762 ) (25,726 ) (3,962 ) (8,039 ) (49,309 ) Net book amount at June 30, 2019 9,853 9,789 3,457 4,733 5,729 4,895 38,456 Additions - - - - 2,318 4,453 6,771 Disposals - - - (27 ) (206 ) (96 ) (329 ) Deconsolidation (4,895 ) - - - (33 ) - (4,928 ) Incorporation by business combination - - - 57 29 - 86 Currency translation adjustment 3,518 1,852 597 648 1,023 1,038 8,676 Amortization charges (i) - (183 ) (419 ) (1,694 ) (2,517 ) (2,187 ) (7,000 ) Balance at June 30, 2020 8,476 11,458 3,635 3,717 6,343 8,103 41,732 Costs 8,476 12,649 16,956 35,644 11,888 20,071 105,684 Accumulated amortization - (1,191 ) (13,321 ) (31,927 ) (5,545 ) (11,968 ) (63,952 ) Net book amount at June 30, 2020 8,476 11,458 3,635 3,717 6,343 8,103 41,732 Additions - - - 28 444 1,703 2,175 Disposals - - - - (111 ) - (111 ) Deconsolidation (8,479 ) (10,614 ) (3,292 ) (3,141 ) (4,654 ) (6,366 ) (36,546 ) Impairment (40 ) - - - - - (40 ) Currency translation adjustment 178 (816 ) (260 ) (272 ) (707 ) (598 ) (2,475 ) Amortization charges (i) - (28 ) (83 ) (332 ) (1,110 ) (782 ) (2,335 ) Balance at June 30, 2021 135 - - - 205 2,060 2,400 Costs 135 - - - 789 2,368 3,292 Accumulated amortization - - - - (584 ) (308 ) (892 ) Net book amount at June 30, 2021 135 - - - 205 2,060 2,400 |
Rights of use of assets (Tables
Rights of use of assets (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of composition of the rights of use of the Group?s assets | June 30, 2021 June 30, 2020 Real Estate 11 6,182 Telecommunications - 16,528 Machinery and equipment 4 20 Others 796 7,098 Total Right-of-use assets 811 29,828 Non-current 811 29,828 Total 811 29,828 |
Schedule of changes in the Group?s rights of use | June 30, 2021 June 30, 2020 Beginning of the year 29,828 - IFRS 16 inicial adjustments - 21,214 Additions (i) 889 12,153 Disposals (83 ) - Transfer - 237 Amortization charges (1,912 ) (7,076 ) Deconsolidation (25,853 ) (63 ) Currency translation adjustment (2,058 ) 3,363 Total 811 29,828 |
Schedule of depreciation charge for rights of use | June 30, 2021 June 30, 2020 Real Estate 1,292 808 Telecommunications 296 4,739 Others 324 1,529 Total depreciation of right-of-use assets (i) 1,912 7,076 |
Schedule of other charges to income related to rights of use | June 30, 2021 June 30, 2020 Right-of-use interests (279 ) (765 ) Results from short-term leases (36 ) (57 ) |
Schedule of average discount rate and the term of liability for lease | Average discount rate Maturity date 10.61% 2023-2041 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of financial assets and financial liabilities | Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total Level 1 Level 2 Level 3 June 30, 2021 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 7,231 - - - 7,231 4,942 12,173 Investments in financial assets: - Public companies’ securities - 976 - - 976 - 976 - Bonds - 2,711 - - 2,711 - 2,711 - Others 10 639 - 48 697 - 697 Cash and cash equivalents: - Cash at bank and on hand 1,128 - - - 1,128 - 1,128 - Short-term investments - 803 - - 803 - 803 Total assets 8,369 5,129 - 48 13,546 4,942 18,488 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non- financial liabilities Total Level 1 Level 2 Level 3 June 30, 2021 Liabilities as per Statements of Financial Position Trade and other payables 2,884 - - - 2,884 3,606 6,490 Borrowings (excluding finance leases) 62,133 - - - 62,133 - 62,133 Derivative financial instruments: - Swaps - - 57 - 57 - 57 Total liabilities 65,017 - 57 - 65,074 3,606 68,680 Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non- financial assets Total Level 1 Level 2 Level 3 June 30, 2020 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 74,133 - - - 74,133 22,004 96,137 Investments in financial assets: - - - - - - - - Public companies’ securities - 862 345 - 1,207 - 1,207 - Private companies’ securities - - - 4,369 4,369 - 4,369 - Deposits 1,437 92 - - 1,529 - 1,529 - Bonds - 13,868 2,169 - 16,037 - 16,037 - Investments in financial assets with quotation - 9,760 1,217 348 11,325 - 11,325 Derivative financial instruments - - - - - - - - Foreign-currency future contracts - - 194 - 194 - 194 - Others 93 - 30 213 336 - 336 Restricted assets (i) 12,136 - - - 12,136 - 12,136 Financial assets available for sale: - - - - - - - - Clal - 5,072 - - 5,072 - 5,072 Cash and cash equivalents: - - - - - - - - Cash at bank and on hand 37,059 - - - 37,059 - 37,059 - Short term investments 94,064 4,596 - - 98,660 - 98,660 Total assets 218,922 34,250 3,955 4,930 262,057 22,004 284,061 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non- financial liabilities Total Level 1 Level 2 Level 3 June 30, 2020 Liabilities as per Statements of Financial Position Trade and other payables 37,529 - - - 37,529 10,296 47,825 Borrowings (excluding finance leases) 564,991 - - - 564,991 - 564,991 Derivative financial instruments: - - Foreign-currency future contracts - - 207 - 207 - 207 - Others - - 1,436 30 1,466 - 1,466 - Forwards - - 92 - 92 - 92 Total liabilities 602,520 - 1,735 30 604,285 10,296 614,581 |
Schedule of book value of financial instruments recognized | As of June 30, 2021 As of June 30, 2020 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) 9,282 (2,051 ) 7,231 77,448 (3,315 ) 74,133 Financial liabilities Trade and other payables 4,935 (2,051 ) 2,884 40,844 (3,315 ) 37,529 |
Schedule of income, expense, gains and losses on financial instruments | Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2021 Interest income (i) 360 - 360 Interest expense (i) (6,409 ) - (6,409 ) Interest expense on lease liabilities (i) (97 ) - (97 ) Foreign exchange gains, net (i) 7,020 - 7,020 Dividend income (i) 1 - 1 Loss from repurchase of negotiable obligations (i) (95 ) - (95 ) Fair value gain on financial assets at fair value through profit or loss (i) - 5,318 5,318 Interest generated by operating credits 97 - 97 Gain on derivative financial instruments, net (i) - (452 ) (452 ) Other finance costs (i) (866 ) - (866 ) Total financial instruments 11 4,866 4,877 Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2020 Interest income (i) 299 - 299 Interest expense (i) (8,607 ) - (8,607 ) Interest expense on lease liabilities (i) (81 ) - (81 ) Foreign exchange gains, net (i) (9,383 ) - (9,383 ) Dividend income 21 - 21 Gain from repurchase of negotiable obligations (i) 139 - 139 Fair value gain on financial assets at fair value through profit or loss (i) - 505 505 Interest generated by operating credits 254 - 254 Gain on derivative financial instruments, net (i) - (549 ) (549 ) Other finance costs (i) (563 ) - (563 ) Total financial instruments (17,921 ) (44 ) (17,965 ) Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2019 Interest income (i) 260 - 260 Interest expense (i) (6,667 ) - (6,667 ) Foreign exchange gains, net (i) 1,507 - 1,507 Dividend income 21 - 21 Fair value gain on financial assets at fair value through profit or loss (i) - 1,026 1,026 Interest generated by operating credits 369 - 369 Gain on derivative financial instruments, net (i) - 837 837 Other finance costs (i) (520 ) - (520 ) Total financial instruments (5,030 ) 1,863 (3,167 ) |
Schedule of changes in Level 3 instruments | Derivative financial instruments - Forwards Investments in financial assets - Private companies’ securities nvestments in financial assets - Others Derivative financial instruments Total Balances at June 30, 2019 (104 ) 3,920 2,202 204 6,222 Additions and acquisitions - 53 - - 53 Transfer between levels - - - 527 527 Currency translation adjustment (10 ) 714 158 368 1,230 Write off - - (1,467 ) (916 ) (2,383 ) Gain / (loss) for the year (i) 84 (318 ) (545 ) 30 (749 ) Balances at June 30, 2020 (30 ) 4,369 348 213 4,900 Currency translation adjustment - - (4 ) - (4 ) Deconsolidation 30 (4,369 ) (305 ) (213 ) (4,857 ) Gain for the year (i) - - 9 - 9 Balances at June 30, 2021 - - 48 - 48 |
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 Promissory note Theoretical price Price of the underlying (Market price) and volatility of the share (historical) and market interest rate (Libor Curve). Level 3 Price of the underlying 3 to 4. Volatility of the share 57% to 77%. Market interest rate 0.75% to 1.25% Investments in financial assets - Other private companies’ securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. Level 3 1 - 3.5 Derivative financial instruments Forwards 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, 2021 | |
Trade and other receivables | |
Schedule of trade and other receivables | June 30, 2021 June 30, 2020 Sale, leases and services receivables 4,593 57,756 Less: Allowance for doubtful accounts (851 ) (5,610 ) Total trade receivables 3,742 52,146 Prepaid expenses 805 20,271 Borrowings, deposits and others 3,669 15,064 Advances to suppliers 950 1,516 Tax receivables 1,166 1,208 Others 990 322 Total other receivables 7,580 38,381 Total trade and other receivables 11,322 90,527 Non-current 2,847 34,738 Current 8,475 55,789 Total 11,322 90,527 |
Schedule of allowance for doubtful accounts | June 30, 2021 June 30, 2020 Beginning of the year 5,610 3,985 Additions (i) 755 1,544 Recovery (i) (229 ) (164 ) Currency translation adjustment (276 ) 1,597 Deconsolidation (4,643 ) (30 ) Receivables written off during the year as uncollectable (28 ) (1,077 ) Transfer to assets held for sale - (30 ) Incorporation by business combination - 27 Inflation adjustment (338 ) (242 ) End of the year 851 5,610 |
Schedule of an aging analysis of past due unimpaired and impaired receivables | Past due Additions / (reversals) for Up to 3 months From 3 to 6 months Over 6 months Non-past due Impaired Total % of representation doubtful accounts Leases and services 338 247 657 2,313 835 4,390 95.58 % (194 ) Consumer financing - - - - 16 16 0.35 % - Sale of properties and developments - - - 187 - 187 4.07 % - Total as of June 30, 2021 338 247 657 2,500 851 4,593 100.00 % (194 ) Leases and services 584 84 131 3,482 1,044 5,325 9.22 % (128 ) Consumer financing - - - - 24 24 0.04 % 14 Sale of properties and developments 284 8 8 1,068 2 1,370 2.37 % - Sale of communication equipment - - - 20,538 703 21,241 36.78 % - Agricultural products 2,352 397 183 1,741 30 4,703 8.14 % - Telecommunication services 2,230 - 671 18,385 3,807 25,093 43.45 % (589 ) Total as of June 30, 2020 5,450 489 993 45,214 5,610 57,756 100.00 % (703 ) |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of cash flows generated | Note 06.30.2021 06.30.2020 06.30.2019 (Loss) / profit for the year (37,591 ) 35,651 (57,634 ) Loss for the year from discontinued operations 8,923 4,947 2,380 Adjustments for - Income tax 18 21,673 10,065 (6,760 ) Amortization and depreciation 20 642 716 560 Net gain / (loss) from fair value adjustment of investment properties 7,770 (50,664 ) 58,231 Share-based compensation - - 94 Impairment of goodwill - - 277 Impairment of properties for sale - - 69 Gain from disposal of associates (37 ) - 225 Financial results, net (6,609 ) 19,737 2,888 Provisions and allowances 281 1,251 1,369 Share of (profit) /loss of associates and joint ventures 7 4,380 (10,847 ) 10,587 Changes in operating assets and liabilities: - Decrease in inventories 26 6 34 Increase in trading properties (28 ) (592 ) (1,308 ) Increase in restricted assets - (1,750 ) - Decrease / (Increase) in trade and other receivables 1,514 2,854 (69 ) Decrease in trade and other payables (2,543 ) (458 ) (1,820 ) Increase / (decrease) in salaries and social security liabilities 53 (290 ) (195 ) Decrease in provisions (108 ) (798 ) (118 ) Net cash (used in) / generated by continuing operating activities before income tax paid (1,654 ) 9,828 8,810 Net cash generated by discontinued operating activities before income tax paid 3,401 37,880 33,916 Net cash generated by operating activities before income tax paid 1,747 47,708 42,726 |
Schedule of reclassification of assets and liabilities held for sale | June 30, 2021 June 30, 2020 June 30, 2019 Investment properties 117,547 233,714 (14,634 ) Property, plant and equipment 47,989 (7,581 ) (96,187 ) Trading properties 7,690 233 - Intangible assets 36,546 4,842 (20,666 ) Investments in associates and joint ventures 48,443 3,781 (1,220 ) Deferred income tax assets 568 - - Restricted assets 8,400 321 (305 ) Income tax and MPIT credit 426 66 - Trade and other receivables 70,693 (13,598 ) (39,759 ) Right-of-use assets 25,853 (5,973 ) - Investments in financial assets 31,643 20,343 (9,506 ) Derivative financial instruments 368 (56 ) (77 ) Inventories 4,712 (3,760 ) (19,691 ) Group of assets held for sale 55,028 - - Borrowings (425,321 ) (132,296 ) 70,300 Lease liabilities (23,696 ) - - Deferred income tax liabilities (16,261 ) (30,349 ) 9,338 Trade and other payables (30,751 ) 3,474 76,590 Lease liabilities - 3,120 - Provisions (7,095 ) 86 1,442 Employee benefits (624 ) 161 4,188 Derivative financial instruments (624 ) - - Salaries and social security liabilities (4,427 ) 207 7,979 Salaries and social security liabilities (28,805 ) - - Income tax expense (596 ) (161 ) 24 Net value of incorporated assets that do not affect cash (82,294 ) 76,574 (32,184 ) Cash and cash equivalents (145,330 ) (9,017 ) (18,550 ) Non-controlling interest (62,519 ) 76,219 24,477 Goodwill - (565 ) 246 Net value of assets incorporated / intended for sale (290,143 ) 143,211 (26,011 ) Seller Financed Amount - - (126 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale (290,143 ) 143,211 (26,137 ) |
Schedule of detail of significant non-cash transactions | 06.30.2021 06.30.2020 06.30.2019 Decrease of associates and joint ventures through a decrease of shareholders’ equity - 3,111 - Increase of investment properties through a decrease of financial assets - 418 - Increase of properties for sale through an increase in borrowings 61 18 26 Increase of property, plant and equipment through an increase of trade and other payables - 1,110 1,282 Increase of intangible assets through an increase of trade and other payables - 742 496 Distribution of dividends in shares 727 885 3,922 Increase in property, plant and equipment through increased borrowings - - 9 Registration of investment properties through a decrease in credits for trade and other receivables - 42 863 Issuance of NCN - 32 5,038 Decrease of property, plant and equipment through an increase of receivables and tax debts 83 - - Distribution of dividends to non-controlling interest pending payment - 2,645 (511 ) Decrease of in investments in associates and joint ventures through a decrease in borrowings - - 13 Decrease in borrowings through a decrease in financial assets - 3,686 - Increase in investment properties through an increase in trade and other payables - 1,068 1,058 Increase of investment properties through an increase of borrowings 407 151 330 Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) - 21,214 - Increase in rights of use through an increase in lease liabilities - 12,153 - Increase of rights of use through a decrease of property, plant and equipment 817 - - |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Trade and other payables | |
Schedule of trade and other payables | June 30, 2021 June 30, 2020 Trade payables 1,029 28,114 Advances from sales, leases and services 3,013 3,976 Construction obligations - 611 Accrued invoices 859 659 Deferred income - 213 Total trade payables 4,901 33,573 Dividends payable to non-controlling interest - 336 Taxes payable 683 239 Other payables 906 13,677 Total other payables 1,589 14,252 Total trade and other payables 6,490 47,825 Non-current 1,387 3,258 Current 5,103 44,567 Total 6,490 47,825 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Provisions | |
Schedule of provisions | Legal claims (i) Investments in associates and joint ventures (ii) Site dismantling and remediation Other provisions Total As of 06.30.19 3,587 13,006 514 3,794 20,901 Additions (i) 665 - 50 - 715 Share of los of associates - (11,206 ) - - (11,206 ) Incorporated by business combination 84 - - - 84 Recovery (i) (65 ) (1,516 ) - - (1,581 ) Used during the year (978 ) - - (272 ) (1,250 ) Inflation adjustment (102 ) - - - (102 ) Currency translation adjustment 556 (258 ) 108 299 705 As of 06.30.20 3,747 26 672 3,821 8,266 Additions (i) 92 - 28 (111 ) 9 Deconsolidation (3,093 ) - (653 ) (3,349 ) (7,095 ) Recovery (i) (33 ) (19 ) - - (52 ) Used during the year (101 ) - - (28 ) (129 ) Inflation adjustment (114 ) - - - (114 ) Currency translation adjustment (244 ) - (47 ) (333 ) (624 ) As of 06.30.21 254 7 - - 261 June 30, 2021 June 30, 2020 Non-Current 114 4,601 Current 147 3,665 Total 261 8,266 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Borrowings | |
Schedule of fair value of borrowings | Total as of June 30, 2021 Total as of June 30, 2020 (ii) Fair value as of June 30, 2021 Fair value as of June 30, 2020 NCN 51,884 474,404 48,778 378,531 Bank loans 3,116 84,521 3,129 68,084 Bank overdrafts 5,284 3,647 5,280 3,647 Other borrowings (i) 1,383 1,980 1,383 2,420 AABE Debt 258 273 258 273 Loans with non-controlling interests 208 166 208 166 Total borrowings 62,133 564,991 59,036 453,121 Non-current 46,724 447,323 Current 15,409 117,668 Total 62,133 564,991 |
Schedule of maturity of the group's borrowings | June 30, 2021 June 30, 2020 Share capital Less than 1 year 14,169 116,503 Between 1 and 2 years 40,579 64,461 Between 2 and 3 years 5,682 164,789 Between 3 and 4 years 166 53,531 Between 4 and 5 years 59 48,428 Later than 5 years 86 115,972 60,741 563,684 Interest Less than 1 year 1,240 1,165 Between 1 and 2 years 54 - Between 2 and 3 years 13 71 Between 3 and 4 years 45 - Between 4 and 5 years 6 38 Later than 5 years 34 31 1,392 1,305 Leases - 2 62,133 564,991 |
Schedule of borrowing by type of fixed-rate and floating-rate | June 30, 2021 Rate per currency Argentine Peso US dollar Total Fixed rate: Argentine Peso 10,126 - 10,126 US Dollar - 49,745 49,745 Subtotal fixed-rate borrowings 10,126 49,745 59,871 Floating rate: Argentine Peso 271 - 271 US Dollar - 1,991 1,991 Subtotal floating-rate borrowings 271 1,991 2,262 Total borrowings as per analysis 10,397 51,736 62,133 Total borrowings as per Statement of Financial Position 10,397 51,736 62,133 June 30, 2020 Rate per currency Argentine Peso US dollar Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 3,648 - - - 3,648 New Israel Shekel - - - 265,277 265,277 US Dollar 87,565 219 777 391 88,952 Subtotal fixed-rate borrowings 91,213 219 777 265,668 357,877 Floating rate: Argentine Peso 1,340 - - - 1,340 New Israel Shekel - - - 202,466 202,466 US Dollar 3,306 - - - 3,306 Subtotal floating-rate borrowings 4,646 - - 202,466 207,112 Total borrowings as per analysis 95,859 219 777 468,134 564,989 Finance leases obligations 2 - - - 2 Total borrowings as per Statement of Financial Position 95,861 219 777 468,134 564,991 |
Schedule of debt issuances | Entity Class Issuance / expansion date Amount in original currency Maturity date Principal payment Interest payment Interest rate IRSA Clase I tramo2 aug-19 USD 85 11/15/2028 10.00% n.a. At expiration quarterly (1) IRSA Clase II aug-19 CLP 31,503 8/6/2020 10.50% n.a. At expiration quarterly IRSA Clase II may-20 ARS 354 2/19/2021 Badlar,+ 0.6%n.a. At expiration quarterly (1) IRSA Case IV may-20 USD 51 5/19/2021 7.00% n.a. At expiration quarterly IRSA Clase V may-20 USD 9 5/19/2021 9.00% n.a. At expiration quarterly IRSA Clase I nov-20 USD 3 3/1/2023 10.00% n.a. At expiration quarterly IRSA Clase VII jul-20 USD 34 1/21/2023 4.00% n.a. At expiration quarterly 8/6/2020 At expiration quarterly IRSA Clase VIII nov-20 USD 32 11/12/2023 10,00% n.a. 33% at Nov-21, 33% at Nov-22, 33% at Nov-23 quarterly IRSA Clase VI jul-20 ARS 335 7/21/2021 Badlar + 4.00% n.a. 30% at April-21, 70% at expiration quarterly IRSA Clase IX nov-20 USD 81 3/1/2023 10.00% n.a. At expiration quarterly IRSA Clase X nov-20 ARS 701 3/31/2022 Badlar + 5.00% n.a. At expiration quarterly IRSA Clase XI mar-21 USD 16 3/1/2024 5.00% n.a. At expiration biannual IRSA Clase XII mar-21 UVAs 54 3/31/2024 4.00% n.a. At expiration biannual |
Schedule of evolution of borrowing | June 30, 2021 June 30, 2020 Balance at the beginning of the year 564,991 670,906 Borrowings 26,295 46,066 Payment of borrowings (58,750 ) (102,629 ) Collection / (Payment) of short term loans, net 4,028 3,779 Interests paid (14,352 ) (28,769 ) Deconsolidation (see Note 4) (425,321 ) (143,355 ) Accrued interests 11,870 30,731 Cumulative translation adjustment and exchange differences, net (43,904 ) 89,760 Inflation adjustment (2,724 ) (1,498 ) Balance at the end of the year 62,133 564,991 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of income tax | Accumulated net taxable profit Will pay More of % 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 |
Schedule of provision for group income tax | June 30, 2 021 June 30, 2020 June 30, 2019 Current income tax (958 ) (386 ) (337 ) Deferred income tax (20,715 ) (9,476 ) 7,097 Minimum presumed income tax - (203 ) - Income tax from continuing operations (21,673 ) (10,065 ) 6,760 |
Schedule of statutory taxes rates | Tax jurisdiction Income tax rate Argentina 25% - 35 % Uruguay 0% - 25 % U.S.A 0% - 40 % Bermuda 0 % Israel 23% - 24 % |
Schedule of reconciliation of income tax expense | June 30, 2021 June 30, 2020 June 30, 2019 Profit / (loss) from continuing operations at tax rate applicable in the respective countries 2,099 (16,122 ) 17,519 Permanent differences: Share of profit of associates and joint ventures (1,314 ) 1,335 (2,498 ) Unrecognized tax loss carryforwards (2,361 ) (1,253 ) (2,772 ) Inflation adjustment permanent difference 3,521 2,493 - Tax rate differential (15,186 ) 3,729 (122 ) Gain from disposal of subsidiaries - - 859 Non-taxable profit, non-deductible expenses and others (80 ) 2,659 (838 ) Fiscal transparency (168 ) 227 - Tax inflation adjustment (8,184 ) (3,133 ) (5,388 ) Income tax from continuing operations (21,673 ) (10,065 ) 6,760 |
Schedule of deferred tax assets and liabilities | June 30, 2021 June 30, 2020 Deferred income tax asset to be recovered after more than 12 months 1,599 22,629 Deferred income tax asset to be recovered within 12 months 4,421 1,306 Deferred income tax assets 6,020 23,935 June 30, 2021 June 30, 2020 Deferred income tax liability to be recovered after more than 12 months (73,816 ) (86,116 ) Deferred income tax liability to be recovered within 12 months (506 ) (3,012 ) Deferred income tax liability (74,322 ) (89,128 ) Deferred income tax liabilities, net (68,302 ) (65,193 ) |
Schedule of movement in the deferred income tax assets and liabilities | 06.30.20 Cumulative translation adjustment Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income Revaluation surplus reserve Deconsolidation Incorporation by business combination 06.30.21 Assets Property, plant and equipment 445 74 56 - (64 ) - 511 Trade and other payables 7,986 2,436 (49 ) - (9,621 ) - 752 Tax loss carry-forwards 12,836 2,320 (5,884 ) - (9,039 ) - 233 Borrowings 231 - 845 - - - 1,076 Trade and other receivables 99 - 2,837 - - - 2,936 Others 2,338 522 (267 ) - (2,119 ) 38 512 Subtotal assets 23,935 5,352 (2,462 ) - (20,843 ) 38 6,020 Liabilities - - - - - - - Investment properties and Property, plant and equipment (77,595 ) (1,492 ) (7,211 ) (83 ) 28,563 - (57,818 ) Trade and other receivables (1,385 ) - (1,904 ) - - - (3,289 ) Investments (107 ) - 104 - - - (3 ) Tax inflation adjustment (6,491 ) - (6,509 ) - - - (13,000 ) Borrowings (1,433 ) (475 ) 94 - 1,816 - 2 Intangible assets (3,595 ) (1,179 ) 168 - 4,531 - (75 ) Others 1,478 (525 ) (2,718 ) - 1,626 - (139 ) Subtotal liabilities (89,128 ) (3,671 ) (17,976 ) (83 ) 36,536 - (74,322 ) Assets (Liabilities), net (65,193 ) 1,681 (20,438 ) (83 ) 15,693 38 (68,302 ) 06.30.19 Cumulative translation adjustment Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income Revaluation surplus reserve Charged / (Credited) to the revaluation surplus reserve Deconsolidation Incorporation by business combination 06.30.20 Assets Property, plant and equipment 255 1,524 (1,334 ) - - - - 445 Investments 9 - (9 ) - - - - - Trade and other payables 8,600 1,289 (1,256 ) - - (647 ) - 7,986 Tax loss carry-forwards 10,479 1,560 922 - - (125 ) - 12,836 Others 1,805 250 613 - - - - 2,668 Subtotal assets 21,148 4,623 (1,064 ) - - (772 ) - 23,935 Liabilities - - - - - - - - Investment properties and Property, plant and equipment (87,425 ) (260 ) (11,864 ) (137 ) 539 22,489 (937 ) (77,595 ) Trade and other receivables (1,335 ) - (50 ) - - - - (1,385 ) Investments (197 ) - 90 - - - - (107 ) Tax inflation adjustment (4,532 ) - (1,959 ) - - - - (6,491 ) Borrowings (1,589 ) (424 ) 580 - - - - (1,433 ) Intangible assets (3,402 ) (768 ) 575 - - - - (3,595 ) Others (802 ) (804 ) 3,722 - - (273 ) (365 ) 1,478 Subtotal liabilities (99,282 ) (2,256 ) (8,906 ) (137 ) 539 22,216 (1,302 ) (89,128 ) Assets (Liabilities), net (78,134 ) 2,367 (9,970 ) (137 ) 539 21,444 (1,302 ) (65,193 ) |
Schedule of tax loss carry forward | Date Total 2024 31 2025 477 2026 157 Total 665 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of operating leases | June 30, 2021 June 30, 2020 June 30, 2019 No later than one year - 3,467 13,012 Later than one year and not later than five years - 7,910 20,294 Later than five years - 3,602 1,355 - 14,979 34,661 |
Schedule of non-cancellable operating leases | June 30, 2021 June 30, 2020 June 30, 2019 No later than one year 4,023 1,095 19,850 Later than one year and not later than five years 8,059 31,063 44,656 Later than five years 2,266 14,574 32,083 14,348 46,732 96,589 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Revenues | |
Schedule of revenues | June 30, 2021 June 30, 2020 June 30, 2019 Rental and services income 11,034 17,131 21,937 Sales of trading properties and developments 1,024 1,095 1,631 Revenue from hotels operation and tourism services 920 3,037 4,436 Total Group’s revenues 12,978 21,263 28,004 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of expenses by nature | Costs General and administrative expenses Selling expenses Total as of June 30, 2021 Cost of sale of goods and services 1,000 - - 1,000 Salaries, social security costs and other personnel expenses 2,239 1,156 146 3,541 Depreciation and amortization 412 224 6 642 Fees and payments for services 127 228 295 650 Maintenance, security, cleaning, repairs and others 1,679 273 3 1,955 Advertising and other selling expenses 358 - 40 398 Taxes, rates and contributions 511 124 787 1,422 Director´s fees - 845 - 845 Leases and service charges 189 36 14 239 Allowance for doubtful accounts, net - - 194 194 Other expenses 49 131 5 185 Total as of June 30, 2021 6,564 3,017 1,490 11,071 Costs General and administrative expenses Selling expenses Total as of June 30, 2020 Cost of sale of goods and services 939 - - 939 Salaries, social security costs and other personnel expenses 2,861 1,200 201 4,262 Depreciation and amortization 488 225 3 716 Fees and payments for services 225 566 66 857 Maintenance, security, cleaning, repairs and others 2,590 340 5 2,935 Advertising and other selling expenses 774 - 103 877 Taxes, rates and contributions 678 134 933 1,745 Director´s fees - 613 - 613 Leases and service charges 200 35 29 264 Allowance for doubtful accounts, net - - 464 464 Other expenses 117 188 18 323 Total as of June 30, 2020 8,872 3,301 1,822 13,995 Costs General and administrative expenses Selling expenses Total as of June 30, 2019 Cost of sale of goods and services 865 - - 865 Salaries, social security costs and other personnel expenses 3,716 1,488 225 5,429 Depreciation and amortization 382 172 6 560 Fees and payments for services 223 625 88 936 Maintenance, security, cleaning, repairs and others 3,123 335 6 3,464 Advertising and other selling expenses 833 36 133 1,002 Taxes, rates and contributions 906 137 923 1,966 Director´s fees - 998 - 998 Leases and service charges 200 49 30 279 Allowance for doubtful accounts, net - - 191 191 Other expenses 213 246 17 476 Total as of June 30, 2019 10,461 4,086 1,619 16,166 |
Cost of goods sold and servic_2
Cost of goods sold and services provided (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of cost of goods sold and services | Total as of June 30, 2021 Total as of June 30, 2020 Total as of June 30, 2019 Inventories at the beginning of the year (*) 17,807 15,017 35,250 Adjustments previous years - - (12,504 ) Purchases and expenses 1,389 86,523 84,303 Capitalized finance costs - 18 26 Currency translation adjustment (5,784 ) 12,410 (2,119 ) Transfers (306 ) 302 224 Deconsolidation (4,712 ) (233 ) - Incorporated by business combination - 397 - Inventories at the end of the year (*) (1,830 ) (17,807 ) (15,017 ) Total costs 6,564 96,627 90,163 |
Schedule of inventories | Total as of June 30, 2021 Total as of June 30, 2020 Real estate 1,758 10,772 Telecommunications - 2,535 Fruits - 4,063 Others 72 437 Total inventories at the end of the year (*) 1,830 17,807 |
Other operating results net (Ta
Other operating results net (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of other operating results | June 30, 2021 June 30, 2020 June 30, 2019 Result from purchase / sale of subsidiary and associates 37 (9 ) (225 ) Donations (137 ) (149 ) (307 ) Lawsuits and other contingencies (87 ) (164 ) (144 ) Interest generated by operating credits 97 254 369 Others 4 187 (163 ) Total other operating results, net (86 ) 119 (470 ) |
Financial results net (Tables)
Financial results net (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of financial results | June 30, 2021 June 30, 2020 June 30, 2019 Finance income: - Interest income 360 299 260 - Dividend income 1 21 21 Total finance income 361 320 281 Finance costs: - Interest expenses (6,974 ) (8,857 ) (7,023 ) - Other finance costs (792 ) (563 ) (520 ) Subtotal finance costs (7,766 ) (9,420 ) (7,543 ) Capitalized finance costs 468 169 356 Total finance costs (7,298 ) (9,251 ) (7,187 ) Other financial results: - Fair value gain of financial assets and liabilities at fair value through profit or loss, net 5,318 505 1,026 - Exchange differences, net 7,020 (9,383 ) 1,507 - (Loss) / gain from repurchase of negotiable obligations (95 ) 139 - - (Loss) / gain from derivative financial instruments, net (452 ) (549 ) 837 - Other financial results (74 ) - - Total other financial results 11,717 (9,288 ) 3,370 - Inflation adjustment (1,446 ) (16 ) (1,028 ) Total financial results, net 3,334 (18,235 ) (4,564 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
(Loss) / profit per share attributable to equity holders of the parent: (ii) | |
Schedule of reconciliation between the weighted-average number of common shares outstanding | June 30, 2021 June 30, 2020 June 30, 2019 Weighted - average outstanding shares 588 575 575 Adjustments for calculation of diluted earnings per share Treasury shares - 2 - Weighted - average diluted common shares 588 577 575 |
Schedule of basic earnings per share | June 30, 2021 June 30, 2020 June 30, 2019 (Loss) / profit for the year of continuing operations attributable to equity holders of the parent (22,879 ) 29,932 (48,819 ) Loss for the year of discontinued operations attributable to equity holders of the parent (7,050 ) (8,527 ) (6,169 ) (Loss) / profit for the year attributable to equity holders of the parent (29,929 ) 21,405 (54,988 ) Weighted average number of ordinary shares outstanding 588 575 575 Basic earnings per share (50.86 ) 37.20 (95.64 ) |
Schedule of diluted earnings per share | June 30, 2021 June 30, 2020 June 30, 2019 (Loss) / profit for the year of continuing operations attributable to equity holders of the parent (22,879 ) 29,932 (48,819 ) Loss for the year of discontinued operations attributable to equity holders of the parent (7,050 ) (8,527 ) (6,169 ) (Loss) / profit for the year per share attributable to equity holders of the parent (29,929 ) 21,405 (54,988 ) Weighted average number of ordinary shares outstanding 588 577 575 Diluted earnings per share (50.86 ) 37.10 (95.64 ) |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of movements in the number of matching shares outstanding | June 30, 2021 June 30, 2020 June 30, 2019 At the beginning 2.4 2.8 3.3 Granted -0.3 -0.4 -0.5 At the end 2.1 2.4 2.8 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Related party transactions | |
Schedule of company's senior management | Name Date of Birth Position Current position since Eduardo S. Elsztain 01/26/1960 General Manager 1991 Daniel R. Elsztain 12/22/1972 Operating Manager 2012 Jorge Cruces 11/07/1966 Investment Manager 2020 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 |
Schedule of balances with related parties | Item June 30, 2021 June 30, 2020 Trade and other receivables 2,981 2,361 Investments in financial assets 1,575 2,414 Borrowings (902 ) (236 ) Trade and other payables (457 ) (571 ) Total 3,197 3,968 Related party June 30, 2021 June 30, 2020 Description of transaction Item New Lipstick LLC - (116 ) Loans obtained Borrowings 23 24 Reimbursement of expenses receivable Trade and other receivable Condor 550 365 Public companies securities Trade and other receivable 286 - Loans granted Trade and other receivable 5 - Others Trade and other receivable 48 39 Others Investment in financial assets IRSA Real Estate Strategies LP - 174 Reimbursement of expenses receivable Trade and other receivable PBS Real Estate Holdings S.R.L - 709 Reimbursement of expenses receivable Trade and other receivable Lipstick Management LLC (160 ) - Loans obtained Borrowings Metropolitan 885 Third Av. LLC (472 ) - Loans obtained Borrowings La Rural S.A. 73 110 Loans granted Trade and other receivable 204 306 Dividends Trade and other receivable - 7 Leases and/or rights of use receivable Trade and other payables (13 ) - Leases and/or rights of use payable Trade and other payables Other associates and joint ventures 2 184 Reimbursement of expenses receivable Trade and other receivable (36 ) (41 ) Loans obtained Borrowings - 12 Management fees Trade and other receivable 6 126 Leases and/or rights of use receivable Trade and other receivable (2 ) - Dividends Trade and other receivable 6 - Reimbursement of expenses receivable Trade and other receivable (105 ) - NCN Borrowings (73 ) - Others Trade and other payables 24 - Others Trade and other receivable 1 - Share based payments Trade and other payables (6 ) - Lease liabilities Trade and other payables 7 - Loans granted Trade and other receivable - 305 Dividends Trade and other receivable - (2 ) Reimbursement of expenses payable Trade and other payables Total associates and joint ventures 368 2,202 Cresud - (5 ) Reimbursement of expenses receivable Trade and other payables 13 - Corporate services receivable Trade and other payables (89 ) (367 ) NCN Investment in financial assets 1,527 2,375 Leases and/or rights of use receivable Trade and other payables (144 ) - Management fee Trade and other payables - 6 - (2 ) (3 ) (5 ) Share based payments Trade and other payables Total parent company 1,304 2,002 Futuros y Opciones S.A. (95 ) - Loans obtained Borrowings 3 - Others Trade and other receivable Helmir S.A. (32 ) - NCN Borrowings Total subsidiaries of parent company (124 ) - Directors (126 ) (190 ) Fees for services received Trade and other payables 5 6 Advances Trade and other receivable Yad Levim LTD 1,609 - Loans granted Trade and other receivable Others (1) (1 ) - Leases and/or rights of use receivable Trade and other receivable (2 ) (79 ) Loans obtained Borrowings 146 - Others Trade and other payables (1 ) - Management Fee Trade and other payables 19 27 Reimbursement of expenses receivable Trade and other receivable Total directors and others 1,649 (236 ) Total at the end of the year 3,197 3,968 |
Schedule of results with related parties | Related party June 30, 2021 June 30, 2020 June 30, 2019 Description of transaction BACS 78 77 81 Leases and/or rights of use Manibil - - 45 Corporate services BHN Vida S.A 15 - - Leases and/or rights of use BHN Seguros Generales S.A. 6 - - Leases and/or rights of use Helmir 96 - - Financial operations Tarshop - - 89 Leases and/or rights of use - - 2 Commissions La Rural S.A. (15 ) - 56 Leases and/or rights of use Other associates anf joint ventures (3 ) 56 (2 ) Financial operations (8 ) 14 51 Leases and/or rights of use - (197 ) 45 Corporate services Total associates and joint ventures 169 (50 ) 367 Cresud 36 29 56 Leases and/or rights of use (713 ) (704 ) (820 ) Corporate services 329 336 56 Financial operations Total parent company (348 ) (339 ) (708 ) Directors (845 ) (613 ) (721 ) Fees and remunerations Senior Management (44 ) (45 ) (66 ) Fees and remunerations Taaman - - 69 Corporate services Others (1) (16 ) - 2 Leases and/or rights of use (2 ) - (2 ) Financial operations (53 ) - (2 ) Donations - (35 ) - (30 ) (44 ) - Legal services Total others (990 ) (737 ) (720 ) Total at the end of the year (1,169 ) (1,126 ) (1,061 ) |
Schedule of transactions with related parties | Related party June 30, 2021 June 30, 2020 Description of the operation Condor - 48 Dividends received Nuevo Puerto Santa Fe S.A. - 57 Dividends received Shufersal - 601 Dividends received Gav Yam - 2,004 Dividends received Emco - 24 Dividends received Total dividends received - 2,734 Cresud (176 ) (539 ) Dividends granted Helmir - (33 ) Dividends granted Total dividends distribution (176 ) (572 ) Quality (30 ) (71 ) Capital contributions Manibil - (131 ) Capital contributions IBC - (3,832 ) Capitalized loan Others (1) (12 ) (24 ) Capital contributions Total capital contributions (42 ) (4,058 ) TGLT S.A. - 2,094 Purchase and exchange of shares Total other transactions - 2,094 |
Foreign currency assets and l_2
Foreign currency assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of book amounts of foreign currency assets and liabilities | Item / Currency (1) Amount (2) Peso exchange rate (3) Total as of 06.30.21 Total as of 06.30.20 Assets Trade and other receivables US Dollar 34 95.52 3,250 4,529 Euros - 113.096 24 1,323 Receivables with related parties: US Dollar 20 95.72 1,922 467 Total trade and other receivables 5,196 6,319 Investments in financial assets US Dollar 7 95.52 675 5,412 Pounds 1 131.877 100 117 New Israel Shekel 21 29.356 610 - Investments with related parties: US Dollar 23 95.72 2,242 1,820 Total investments in financial assets 3,627 7,349 Cash and cash equivalents US Dollar 11 95.52 1,054 19,553 Euros - 113.096 1 2,324 Total cash and cash equivalents 1,055 21,877 Total Assets 9,878 35,545 Liabilities Trade and other payables US Dollar 13 95.72 1,209 19,813 Euros - 113.572 32 458 Payables to related parties: US Dollar 1 95.72 53 - Total Trade and other payables 1,294 20,271 Borrowings US Dollar 523 95.72 50,094 91,511 Borrowings with related parties US Dollar 15 95.72 1,455 529 Total Borrowings 51,549 92,040 Derivative financial instruments US Dollar 1 95.72 58 143 Total derivative financial instruments 58 143 Lease liabilities US Dollar 8 95.72 782 12 Lease liabilities with related parties US Dollar - 95.72 6 - Total lease liabilities 788 12 Total Liabilities 53,689 112,466 |
Groups of assets and liabilit_2
Groups of assets and liabilities held for sale (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of assets and liabilities classified as held for sale | June 30, 2021 June 30, 2020 (i) Property, plant and equipment - 53,650 Intangible assets - 2,047 Investments in associates - 336 Deferred income tax assets - 1,223 Trade and other receivables - 2,777 Cash and cash equivalents - 2,567 Total assets held-for-sale - 62,600 Trade and other payables - 14,909 Salaries and social security liabilities - 581 Employee benefits - 580 Deferred income tax liabilities - 2,933 Borrowings - 14,359 Total liabilities held-for-sale - 33,362 Total net assets held-for-sale - 29,238 |
Results from discontinued ope_2
Results from discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of discontinued operations | June 30, 2021 June 30, 2020 June 30, 2019 Revenues 37,844 155,544 149,726 Costs (30,707 ) (111,519 ) (104,782 ) Gross profit 7,137 44,025 44,944 Net loss from fair value adjustment of investment properties (28 ) (4,490 ) 7,333 General and administrative expenses (4,355 ) (14,824 ) (13,721 ) Selling expenses (4,150 ) (20,308 ) (18,386 ) Impairment of associates and joint ventures - (3,710 ) - Other operating results, net 1,416 536 1,492 Profit from operations 20 1,229 21,662 Share of profit of associates and joint ventures 719 2,175 208 Profit before financial results and income tax 739 3,404 21,870 Finance income 526 2,022 3,031 Finance cost (6,901 ) (25,576 ) (27,208 ) Other financial results 458 (12,068 ) 2,892 Financial results, net (5,917 ) (35,622 ) (21,285 ) Loss before income tax (5,178 ) (32,218 ) 585 Income tax 277 (252 ) (2,965 ) Loss from operations that are discontinued (4,901 ) (32,470 ) (2,380 ) (Loss) / gain for loss of control (4,022 ) 27,523 - Loss from discontinued operations (8,923 ) (4,947 ) (2,380 ) (Loss) / profit for the year from discontinued operations attributable to: Equity holders of the parent (7,050 ) (8,527 ) (6,169 ) Non-controlling interest (1,873 ) 3,580 3,789 Loss per share from discontinued operations attributable to equity holders of the parent: Basic (11.98 ) (14.82 ) (10.73 ) Diluted (11.98 ) (14.82 ) (10.73 ) |
The Groups business and general
The Groups business and general information (Details) | Jun. 30, 2021 |
Business combinations interest, percent | 29.91% |
Summary of significant accoun_4
Summary of significant accounting (Details) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Annual | 50.00% | 43.00% | 56.00% |
Accumulated in three years | 234.00% |
Summary of significant accoun_5
Summary of significant accounting policies (Details 2) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
IRSA's Direct Interest [Member] | IRSA Propiedades Comerciales S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 79.92% | 80.65% | 83.80% |
IRSA's Direct Interest [Member] | Efanur S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA's Direct Interest [Member] | Hoteles Argentinos S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Hotel | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA's Direct Interest [Member] | Inversora Bolivar S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA's Direct Interest [Member] | Llao Llao Resorts S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Hotel | ||
% of ownership interest held by the Group | 50.00% | 50.00% | 50.00% |
IRSA's Direct Interest [Member] | Nuevas Fronteras S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Hotel | ||
% of ownership interest held by the Group | 76.34% | 76.34% | 76.34% |
IRSA's Direct Interest [Member] | Palermo Invest S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA's Direct Interest [Member] | Ritelco S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA's Direct Interest [Member] | Tyrus S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA's Direct Interest [Member] | U.T. IRSA y Galerias Pacifico [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 50.00% | 50.00% | 50.00% |
IRSA's Direct Interest [Member] | E-Commerce Latina S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA CP's Direct Interest [Member] | Arcos del Gourmet S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 90.00% | 90.00% | 90.00% |
IRSA CP's Direct Interest [Member] | Emprendimiento Recoleta S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 53.68% | 53.68% | 53.68% |
IRSA CP's Direct Interest [Member] | Fibesa S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA CP's Direct Interest [Member] | Panamerican Mall S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 80.00% | 80.00% | 80.00% |
IRSA CP's Direct Interest [Member] | Shopping Neuquen S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 99.95% | 99.95% | 99.95% |
IRSA CP's Direct Interest [Member] | Torodur S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA CP's Direct Interest [Member] | EHSA [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 70.00% | 70.00% | 70.00% |
IRSA CP's Direct Interest [Member] | Centro De Entretenimiento La Plata [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IRSA CP's Direct Interest [Member] | Pareto S.A. [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Design and software development | ||
% of ownership interest held by the Group | 93.63% | 69.69% | 69.69% |
IRSA CP's Direct Interest [Member] | La Malteria [Member] | |||
Statement [Line Items] | |||
Country | Argentina | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0.00% | 0.00% | 100.00% |
Tyrus S.A.'s Direct Interest [Member] | Dolphin Fund Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Bermuda’s / Netherlands | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 99.50% | 97.04% | 96.46% |
Tyrus S.A.'s Direct Interest [Member] | I Madison LLC [Member] | |||
Statement [Line Items] | |||
Country | USA | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 0.00% | 0.00% | 0.00% |
Tyrus S.A.'s Direct Interest [Member] | IRSA Development LP [Member] | |||
Statement [Line Items] | |||
Country | USA | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 0.00% | ||
Tyrus S.A.'s Direct Interest [Member] | IRSA International LLC [Member] | |||
Statement [Line Items] | |||
Country | USA | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Tyrus S.A.'s Direct Interest [Member] | Jiwin S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Tyrus S.A.'s Direct Interest [Member] | Real Estate Investment Group V LP (REIG V) [Member] | |||
Statement [Line Items] | |||
Country | Bermuda’s | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 0.00% | 0.00% | 100.00% |
Tyrus S.A.'s Direct Interest [Member] | Real Estate Strategies LLC [Member] | |||
Statement [Line Items] | |||
Country | USA | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Tyrus S.A.'s Direct Interest [Member] | Liveck S.A. [Member] | |||
Statement [Line Items] | |||
Country | Uruguay | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
Efanur S.A.'s Direct Interest [Member] | Real Estate Investment Group VII LP (REIG VII) [Member] | |||
Statement [Line Items] | |||
Country | Bermuda’s | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
DFL's Direct Interest [Member] | IDB Development Corporation Ltd [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 0.00% | 100.00% | 100.00% |
DFL's Direct Interest [Member] | Dolphin IL Investment Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% |
IDBD's Direct Interest [Member] | IDB Tourism (2009) Ltd [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Tourism services | ||
% of ownership interest held by the Group | 0.00% | 100.00% | 100.00% |
IDBD's Direct Interest [Member] | IDB Group Investment Inc. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 0.00% | 100.00% | 100.00% |
DIC's Direct Interest [Member] | Property And Building Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0.00% | 72.40% | 68.80% |
DIC's Direct Interest [Member] | Cellcom Israel Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Telecommunications | ||
% of ownership interest held by the Group | 0.00% | 46.20% | 44.10% |
DIC's Direct Interest [Member] | Elron Electronic Industries Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 61.06% | 61.06% | |
DIC's Direct Interest [Member] | Bartan Holdings and Investments Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 55.68% | 55.68% | |
DIC's Direct Interest [Member] | Epsilon Investment House Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 68.75% | 68.75% | |
DIC's Direct Interest [Member] | Mehadrin Ltd [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Agricultural | ||
% of ownership interest held by the Group | 43.75% | 0.00% | |
DIL's Direct Interest [Member] | Discount Investment Corporation Ltd [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Investment | ||
% of ownership interest held by the Group | 0.00% | 83.72% | 83.77% |
PBC's direct interest [Member] | Gav-Yam Bayside Land Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 0.00% | 51.70% | |
PBC's direct interest [Member] | Ispro The Israeli Properties Rental Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
PBC's direct interest [Member] | Matam - Scientific Industries Center Haifa Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 50.10% | 50.10% | |
PBC's direct interest [Member] | Hadarim Properties Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
PBC's direct interest [Member] | Property & Building (Commercial Centers) Ltd. [Member] | |||
Statement [Line Items] | |||
Country | Israel | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% | |
PBC's direct interest [Member] | PBC USA Investments Inc [Member] | |||
Statement [Line Items] | |||
Country | USA | ||
Main activity | Real estate | ||
% of ownership interest held by the Group | 100.00% | 100.00% |
Summary of significant accoun_6
Summary of significant accounting policies (Details 3) | 12 Months Ended |
Jun. 30, 2021 | |
Buildings And Facilities [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 5 and 50 years |
Machinery and Equipment [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 3 and 24 years |
Telecommunications [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 4 and 20 years |
Other PPE [Member] | |
Statement [Line Items] | |
Useful life of property, plant and equipment | Between 3 and 25 years |
Summary of significant accoun_7
Summary of significant accounting policies (Details Narrative) | 12 Months Ended |
Jun. 30, 2021 | |
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 |
Acquisitions and disposals (Det
Acquisitions and disposals (Details) | 12 Months Ended |
Jun. 30, 2021USD ($)shares | |
Statement [Line Items] | |
Beginning balance | 116,500 |
Capitalization of issueshare premium and capitalinflation adjustment of share capital, number of shares | 137,722,151 |
Issuance of ordinary shares | $ | $ 380,000,000 |
Ending balance | 517,838,651 |
Pareto S.A. - Share capital increase [Member] | |
Statement [Line Items] | |
Beginning balance | 116,500 |
Capitalization of issueshare premium and capitalinflation adjustment of share capital, number of shares | 137,722,151 |
Issuance of ordinary shares | $ | $ 380,000,000 |
Ending balance | 517,838,651 |
Acquisitions and disposals (D_2
Acquisitions and disposals (Details 1) | Jun. 30, 2021ARS ($) | Sep. 30, 2020ARS ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) |
Statement [Line Items] | |||||
Investment properties | $ 117,547,000,000 | $ 233,714,000,000 | $ (14,634,000,000) | ||
Property, plant and equipment | 47,989,000,000 | (7,581,000,000) | (96,187,000,000) | ||
Trading properties | 7,690,000,000 | 233,000,000 | 0 | ||
Investments in associates and joint ventures | 48,443,000,000 | 3,781,000,000 | (1,220,000,000) | ||
Deferred income tax assets | 446,000,000 | 951,000,000 | |||
Income tax credit | 30,000,000 | 38,000,000 | |||
Restricted assets | 8,400,000,000 | 321,000,000 | (305,000,000) | ||
Investments in financial assets | 31,643,000,000 | 20,343,000,000 | (9,506,000,000) | ||
Inventories | 4,712,000,000 | (3,760,000,000) | (19,691,000,000) | ||
Group of assets held for sale | 55,028,000,000 | 0 | 0 | ||
Cash and cash equivalents | 145,330,000,000 | 9,017,000,000 | 18,550,000,000 | ||
Trade and other payables | 30,751,000,000 | (3,474,000,000) | (76,590,000,000) | ||
Provisions | (7,095,000,000) | 86,000,000 | 1,442,000,000 | ||
Employee benefits | (624,000,000) | 161,000,000 | 4,188,000,000 | ||
Non-controlling interest | $ 62,519,000,000 | $ (76,219,000,000) | $ (24,477,000,000) | ||
PBC Distributed [Member] | |||||
Statement [Line Items] | |||||
Investment properties | $ 117,547,000,000 | ||||
Property, plant and equipment | 47,989,000,000 | ||||
Trading properties | $ 7,690,000,000 | ||||
Intangible assets | 36,546,000,000 | ||||
Right-of-use assets | 25,853,000,000 | ||||
Investments in associates and joint ventures | 48,443,000,000 | ||||
Deferred income tax assets | 568,000,000 | ||||
Income tax credit | 426,000,000 | ||||
Restricted assets | 8,400,000,000 | ||||
Trade and other receivables | 70,693,000,000 | ||||
Investments in financial assets | 31,643,000,000 | ||||
Derivative financial instruments | 368,000,000 | ||||
Inventories | 4,712,000,000 | ||||
Group of assets held for sale | 55,028 | ||||
Cash and cash equivalents | 145,330,000,000 | ||||
TOTAL IDENTIFIABLE NET ASSETS | 601,236,000,000 | ||||
Borrowings | (425,321,000,000) | ||||
Lease liabilities | 23,696,000,000 | ||||
Deferred income tax liabilities | (16,261,000,000) | ||||
Trade and other payables | (30,751,000,000) | ||||
Income tax liabilities | 596,000,000 | ||||
Provisions | 7,095,000,000 | ||||
Employee benefits | 624,000,000 | ||||
Derivative financial instrumentss | 624 | ||||
Salaries and social security liabilities | 4,427,000,000 | ||||
Group of liabilities held for sale | 28,805,000,000 | ||||
TOTAL CONSIDERATION | 538,200,000,000 | ||||
TOTAL NET ASSETS | $ 63,036 | ||||
Non-controlling interest | 62,519,000,000 | ||||
Result for loss of control | (517,000,000) | ||||
Recycling of currency translation adjustment and other reserves | (3,505,000,000) | ||||
Total result for loss of control | $ (4,022,000,000) |
Acquisitions and disposals (D_3
Acquisitions and disposals (Details Narrative) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 22, 2020 | Dec. 11, 2020 | Oct. 26, 2020ARS ($)shares | Oct. 26, 2020$ / shares | Jun. 30, 2021shares | Nov. 12, 2020ARS ($)a | Nov. 05, 2020ARS ($)a | Aug. 25, 2020ARS ($)a | Jul. 30, 2020ARS ($)a | Jul. 15, 2020ARS ($)a | Jun. 30, 2020$ / shares | |
Manibil Sale [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Descripton of sale | Those holdings amounted 217,332,873 ordinary Class B, nominative not endorsable shares, each entitled to 1 vote and with a par value of ARS 1 per share. The shares totalled the 49% of Manibil S.A.’s capital stock. As consideration for this operation, on February 2021, we acquired the right to receive future 953 square meters units located in different residential developments. This operation represents an ARS 37 million gain, | ||||||||||
Distribution of dividends in kind [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Dividend distribution | $ 484 | ||||||||||
Dividend distribution, per share | $ / shares | $ 0.84 | ||||||||||
Ordinary shares distibuted | shares | 1,512,500 | ||||||||||
Ordinary shares distributed, value | $ 725 | ||||||||||
Interest rate | 79.92% | ||||||||||
Investment in Condor Hospitality Trust [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Capital stock, percentage | 21.70% | ||||||||||
Pareto S.A. - Share capital increase [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Ordinary shares, total | shares | 2 | ||||||||||
Ordinary shares | shares | 116,500 | ||||||||||
Ordinary shares, value | $ / shares | $ 1 | ||||||||||
Sale of Boston Tower building [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Covering a total area | a | 225 | 3,892 | 6,235 | 1,247 | |||||||
Transaction price | $ 1,906 | $ 2,271 | $ 3,574 | $ 666 | |||||||
Sale of Bouchard building [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Covering a total area | a | 15,014 | ||||||||||
Transaction price | $ 8,791 | ||||||||||
Acquisition of Hudson Property [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Acquisition, description | the purchase bill of the property called Casonas located in Hudson, Berazategui district was signed, paying the remaining balance of 90% for USD 1 million. The initial 10% had been paid in during the year ended June 30, 2018 |
Financial risk management and_3
Financial risk management and fair value estimates (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Net monetary position (liability) /asset | $ (43,811) | $ (57,444) |
Market Risk [Member] | Uruguayan Peso [Member] | ||
Statement [Line Items] | ||
Net monetary position (liability) /asset | 0 | 228 |
Market Risk [Member] | Argentina country [Member] | ||
Statement [Line Items] | ||
Net monetary position (liability) /asset | $ (43,811) | $ (57,672) |
Financial risk management and_4
Financial risk management and fair value estimates (Details 1) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Trade and other payables | $ 1,387,000,000 | $ 3,258,000,000 |
Finance leases obligations | 2,000,000 | |
Derivative Financial Instruments | 0 | 213,000,000 |
Liquidity Risk [Member] | ||
Statement [Line Items] | ||
Total obligations | 67,409,000,000 | 120,158,000,000 |
Trade and other payables | 3,093,000,000 | 3,000,000,000 |
Borrowings (excluding finance leases liabilities) | 62,133 | 104,008 |
Finance leases obligations | 2,126 | 2,251 |
Derivative Financial Instruments | 57 | 176 |
Purchase obligations | 0 | 10,723 |
Liquidity Risk [Member] | Less Than 1 year [Member] | ||
Statement [Line Items] | ||
Total obligations | 18,538,000,000 | 68,770,000,000 |
Trade and other payables | 2,988 | 2,331 |
Borrowings (excluding finance leases liabilities) | 15,409 | 57,680 |
Finance leases obligations | 93 | 80 |
Derivative Financial Instruments | 48 | 125 |
Purchase obligations | 0 | 8,554 |
Liquidity Risk [Member] | Between 1 And 2 Years [Member] | ||
Statement [Line Items] | ||
Total obligations | 40,833,000,000 | 6,564,000,000 |
Trade and other payables | 104 | 234 |
Borrowings (excluding finance leases liabilities) | 40,633 | 4,931 |
Finance leases obligations | 87 | 74 |
Derivative Financial Instruments | 9 | 42 |
Purchase obligations | 0 | 1,283 |
Liquidity Risk [Member] | Between 2 and 3 years [Member] | ||
Statement [Line Items] | ||
Total obligations | 5,785,000,000 | 42,051,000,000 |
Trade and other payables | 1 | 104 |
Borrowings (excluding finance leases liabilities) | 5,695 | 40,975 |
Finance leases obligations | 89 | 77 |
Derivative Financial Instruments | 0 | 9 |
Purchase obligations | 0 | 886 |
Liquidity Risk [Member] | Between 3 and 4 years [Member] | ||
Statement [Line Items] | ||
Total obligations | 301,000,000 | 508,000,000 |
Trade and other payables | 0 | 329 |
Borrowings (excluding finance leases liabilities) | 211 | 98 |
Finance leases obligations | 90 | 81 |
Liquidity Risk [Member] | More Than 4 Years [Member] | ||
Statement [Line Items] | ||
Total obligations | 2,265,000,000 | 1,952,000,000 |
Trade and other payables | 0 | 2 |
Borrowings (excluding finance leases liabilities) | 185 | 324 |
Finance leases obligations | $ 1,767 | $ 1,939 |
Financial risk management and_5
Financial risk management and fair value estimates (Details 2) - Operations Center in Argentina [Member] | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Gearing ratio | 74.84% | 49.57% |
Debt ratio | 32.86% | 44.42% |
Financial risk management and_6
Financial risk management and fair value estimates (Details Narrative) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Future exchanges contract pending | $ 0 | $ (143,000,000) | |
Percentage increase in foreign currency | 10.00% | 10.00% | |
Profit / (loss) before income tax | $ (6,995,000,000) | $ 50,663,000,000 | $ (62,014,000,000) |
Currency Risk [Member] | Operations Center in Israel [Member] | |||
Statement [Line Items] | |||
Percentage increase in foreign currency | 1.00% | 1.00% | |
Profit / (loss) before income tax | $ 2,700,000 | $ 46,400,000 | |
Other Price Risk [Member] | Derivatives [Member] | |||
Statement [Line Items] | |||
Financial investment | $ 976,000,000 | $ 29,116,000,000 | |
Credit Risk [Member] | Operations Center in Argentina [Member] | |||
Statement [Line Items] | |||
Percentage of trade receivable by group | 96.40% | 94.20% | |
Credit Risk [Member] | Operations Center in Argentina [Member] | Sale Of Trading Properties [Member] | |||
Statement [Line Items] | |||
Percentage of trade receivable by group | 3.60% | 5.80% | |
Fixed Interest Rate [Member] | Currency Risk [Member] | |||
Statement [Line Items] | |||
Percentage of long term borrowing | 96.30% | 95.20% | |
10% Decrease In Quoted Proces Of Equity Securities And In Derivative Financial Instruments Portfolio [Member] | Other Price Risk [Member] | Operations Center in Israel [Member] | |||
Statement [Line Items] | |||
Profit / (loss) before income tax | $ 98,000,000 | $ 2,911,000,000 | |
Argentina country [Member] | |||
Statement [Line Items] | |||
Profit / (loss) before income tax | $ 4,341,000,000 | $ 5,744,000,000 |
Segment information (Details)
Segment information (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Revenues | $ 12,978,000,000 | $ 21,263,000,000 | $ 28,004,000,000 |
Costs | 6,564,000,000 | 8,872,000,000 | 10,461,000,000 |
Gross profit / (loss) | 6,414,000,000 | 12,391,000,000 | 17,543,000,000 |
Net loss from fair value adjustment of investment properties | 7,770,000,000 | (50,664,000,000) | 58,231,000,000 |
General and administrative expenses | 3,017,000,000 | 3,301,000,000 | 4,086,000,000 |
Selling expenses | 1,490,000,000 | 1,822,000,000 | 1,619,000,000 |
Other operating results, net | (86,000,000) | 119,000,000 | (470,000,000) |
Loss from operations | (5,949,000,000) | 58,051,000,000 | (46,863,000,000) |
Share of loss of associates and joint ventures | (4,380,000,000) | 10,847,000,000 | (10,587,000,000) |
Segment profit | (10,329,000,000) | 68,898,000,000 | (57,450,000,000) |
Operations Center in Israel [Member] | |||
Statement [Line Items] | |||
Revenues | 12,978,000,000 | 21,263,000,000 | 28,004,000,000 |
Costs | 6,564,000,000 | 8,872,000,000 | 10,461,000,000 |
Gross profit / (loss) | 6,414,000,000 | 12,391,000,000 | 17,543,000,000 |
Net loss from fair value adjustment of investment properties | (7,770,000,000) | 50,664,000,000 | (58,231,000,000) |
General and administrative expenses | 3,017,000,000 | 3,301,000,000 | 4,086,000,000 |
Selling expenses | 1,490,000,000 | 1,822,000,000 | 1,619,000,000 |
Other operating results, net | (86,000,000) | 119,000,000 | (470,000,000) |
Loss from operations | (5,949,000,000) | 58,051,000,000 | (46,863,000,000) |
Share of loss of associates and joint ventures | (4,380,000,000) | 10,847,000,000 | (10,587,000,000) |
Segment profit | (10,329,000,000) | 68,898,000,000 | (57,450,000,000) |
Reportable assets | 222,782,000,000 | 942,054,000,000 | 1,018,900,000,000 |
Net reportable assets | 82,724,000,000 | 184,228,000,000 | 184,232,000,000 |
Reportable liabilities | (140,058,000,000) | (757,826,000,000) | (834,668,000,000) |
Operations Center in Israel [Member] | Income and Other Comprehensive Income, Total [Member] | |||
Statement [Line Items] | |||
Revenues | 10,114,000,000 | 16,731,000,000 | 22,613,000,000 |
Costs | 3,455,000,000 | 4,101,000,000 | 4,773,000,000 |
Gross profit / (loss) | 6,659,000,000 | 12,630,000,000 | 17,840,000,000 |
Net loss from fair value adjustment of investment properties | (7,649,000,000) | 51,059,000,000 | (59,489,000,000) |
General and administrative expenses | 3,078,000,000 | 3,371,000,000 | 4,176,000,000 |
Selling expenses | 1,511,000,000 | 1,849,000,000 | 1,628,000,000 |
Other operating results, net | (157,000,000) | 17,000,000 | (841,000,000) |
Loss from operations | (5,736,000,000) | 58,486,000,000 | (48,294,000,000) |
Share of loss of associates and joint ventures | (3,988,000,000) | 10,584,000,000 | (9,060,000,000) |
Segment profit | (9,724,000,000) | 69,070,000,000 | (57,354,000,000) |
Reportable assets | 204,883,000,000 | 913,638,000,000 | 971,842,000,000 |
Net reportable assets | 204,883,000,000 | 311,323,000,000 | 279,637,000,000 |
Reportable liabilities | 0 | (602,315,000,000) | (692,205,000,000) |
Operations Center in Israel [Member] | Elimination of Inter-Segment Transactions and Non-reportable Assets / Liabilities [Member] | |||
Statement [Line Items] | |||
Revenues | (31,000,000) | (33,000,000) | (36,000,000) |
Gross profit / (loss) | (31,000,000) | (33,000,000) | 36,000,000 |
General and administrative expenses | 47,000,000 | 50,000,000 | 66,000,000 |
Other operating results, net | (16,000,000) | (17,000,000) | (30,000,000) |
Reportable assets | 19,412,000,000 | 29,456,000,000 | 47,973,000,000 |
Net reportable assets | (120,646,000,000) | (126,055,000,000) | (94,490,000,000) |
Reportable liabilities | (140,058,000,000) | (155,511,000,000) | (142,463,000,000) |
Operations Center in Israel [Member] | Expenses and Collective Promotion Funds [Member] | |||
Statement [Line Items] | |||
Revenues | 2,945,000,000 | 4,655,000,000 | 5,567,000,000 |
Costs | 3,179,000,000 | 4,851,000,000 | 5,790,000,000 |
Gross profit / (loss) | (234,000,000) | (196,000,000) | (223,000,000) |
Other operating results, net | 107,000,000 | 91,000,000 | 119,000,000 |
Loss from operations | (127,000,000) | (105,000,000) | (104,000,000) |
Segment profit | (127,000,000) | (105,000,000) | (104,000,000) |
Joint Ventures [Member] | Operations Center in Israel [Member] | |||
Statement [Line Items] | |||
Revenues | (50,000,000) | (90,000,000) | (140,000,000) |
Costs | 70,000,000 | 80,000,000 | 102,000,000 |
Gross profit / (loss) | 20,000,000 | 10,000,000 | (38,000,000) |
Net loss from fair value adjustment of investment properties | (121,000,000) | (395,000,000) | 1,258,000,000 |
General and administrative expenses | 14,000,000 | 20,000,000 | 24,000,000 |
Selling expenses | 21,000,000 | 27,000,000 | 9,000,000 |
Other operating results, net | (20,000,000) | 28,000,000 | 282,000,000 |
Loss from operations | (86,000,000) | (330,000,000) | 1,535,000,000 |
Share of loss of associates and joint ventures | (392,000,000) | 263,000,000 | (1,527,000,000) |
Segment profit | (478,000,000) | (67,000,000) | 8,000,000 |
Reportable assets | (1,513,000,000) | (1,040,000,000) | (915,000,000) |
Net reportable assets | $ (1,513,000,000) | $ (1,040,000,000) | $ (915,000,000) |
Segment information (Details 1)
Segment information (Details 1) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Revenues | $ 12,978,000,000 | $ 21,263,000,000 | $ 28,004,000,000 |
Costs | 6,564,000,000 | 8,872,000,000 | 10,461,000,000 |
Gross profit / (loss) | 6,414,000,000 | 12,391,000,000 | 17,543,000,000 |
Net gain from fair value adjustment of investment properties | 7,770,000,000 | (50,664,000,000) | 58,231,000,000 |
General and administrative expenses | 3,017,000,000 | 3,301,000,000 | 4,086,000,000 |
Selling expenses | 1,490,000,000 | 1,822,000,000 | 1,619,000,000 |
Other operating results, net | (86,000,000) | 119,000,000 | (470,000,000) |
(Loss) / profit from operations | (5,949,000,000) | 58,051,000,000 | (46,863,000,000) |
Segment (loss) / profit | (10,329,000,000) | 68,898,000,000 | (57,450,000,000) |
Operations Center in Argentina [Member] | |||
Statement [Line Items] | |||
Revenues | 10,114,000,000 | 16,731,000,000 | 22,613,000,000 |
Costs | 3,455,000,000 | 4,101,000,000 | 4,773,000,000 |
Gross profit / (loss) | 6,659,000,000 | 12,630,000,000 | 17,840,000,000 |
Net gain from fair value adjustment of investment properties | (7,649,000,000) | 51,059,000,000 | (59,489,000,000) |
General and administrative expenses | 3,078,000,000 | 3,371,000,000 | 4,176,000,000 |
Selling expenses | 1,511,000,000 | 1,849,000,000 | 1,628,000,000 |
Other operating results, net | (157,000,000) | 17,000,000 | (841,000,000) |
(Loss) / profit from operations | (5,736,000,000) | 58,486,000,000 | (48,294,000,000) |
Share of profit of associates and joint ventures | (3,988,000,000) | 10,584,000,000 | (9,060,000,000) |
Segment (loss) / profit | (9,724,000,000) | 69,070,000,000 | (57,354,000,000) |
Investment properties and trading properties | 189,606,000,000 | 219,024,000,000 | 166,085,000,000 |
Investment in associates and joint ventures | 8,909,000,000 | 13,929,000,000 | (2,828,000,000) |
Other operating assets | 6,368,000,000 | 4,767,000,000 | 4,318,000,000 |
Operating assets | 204,883,000,000 | 237,720,000,000 | 167,575,000,000 |
Operations Center in Argentina [Member] | Shopping Malls [Member] | |||
Statement [Line Items] | |||
Revenues | 5,321,000,000 | 8,915,000,000 | 12,828,000,000 |
Costs | 865,000,000 | 851,000,000 | 1,166,000,000 |
Gross profit / (loss) | 4,456,000,000 | 8,064,000,000 | 11,662,000,000 |
Net gain from fair value adjustment of investment properties | (20,342,000,000) | (3,162,000,000) | (60,952,000,000) |
General and administrative expenses | 1,432,000,000 | 1,246,000,000 | 1,420,000,000 |
Selling expenses | 451,000,000 | 1,065,000,000 | 796,000,000 |
Other operating results, net | (126,000,000) | 26,000,000 | (29,000,000) |
(Loss) / profit from operations | (17,895,000,000) | 2,617,000,000 | (51,535,000,000) |
Segment (loss) / profit | (17,895,000,000) | 2,617,000,000 | (51,535,000,000) |
Investment properties and trading properties | 54,317,000,000 | 73,764,000,000 | 75,258,000,000 |
Other operating assets | 348,000,000 | 412,000,000 | 466,000,000 |
Operating assets | 54,665,000,000 | 74,176,000,000 | 75,724,000,000 |
Operations Center in Argentina [Member] | Offices [Member] | |||
Statement [Line Items] | |||
Revenues | 2,764,000,000 | 3,542,000,000 | 3,362,000,000 |
Costs | 226,000,000 | 207,000,000 | 197,000,000 |
Gross profit / (loss) | 2,538,000,000 | 3,335,000,000 | 3,165,000,000 |
Net gain from fair value adjustment of investment properties | 5,381,000,000 | 34,974,000,000 | 925,000,000 |
General and administrative expenses | 387,000,000 | 332,000,000 | 318,000,000 |
Selling expenses | 199,000,000 | 126,000,000 | 148,000,000 |
Other operating results, net | 7,000,000 | (39,000,000) | (47,000,000) |
(Loss) / profit from operations | 7,340,000,000 | 37,812,000,000 | 3,577,000,000 |
Segment (loss) / profit | 7,340,000,000 | 37,812,000,000 | 3,577,000,000 |
Investment properties and trading properties | 76,925,000,000 | 94,314,000,000 | 47,405,000,000 |
Other operating assets | 1,325,000,000 | 321,000,000 | 267,000,000 |
Operating assets | 78,250,000,000 | 94,635,000,000 | 47,672,000,000 |
Operations Center in Argentina [Member] | Sales and Developments [Member] | |||
Statement [Line Items] | |||
Revenues | 664,000,000 | 1,104,000,000 | 1,681,000,000 |
Costs | 751,000,000 | 1,008,000,000 | 790,000,000 |
Gross profit / (loss) | (87,000,000) | 96,000,000 | 891,000,000 |
Net gain from fair value adjustment of investment properties | 6,483,000,000 | 18,293,000,000 | 1,091,000,000 |
General and administrative expenses | 357,000,000 | 342,000,000 | 425,000,000 |
Selling expenses | 684,000,000 | 296,000,000 | 178,000,000 |
Other operating results, net | (13,000,000) | (41,000,000) | (429,000,000) |
(Loss) / profit from operations | 5,342,000,000 | 17,710,000,000 | 950,000,000 |
Share of profit of associates and joint ventures | (16,000,000) | (56,000,000) | |
Segment (loss) / profit | 5,326,000,000 | 17,710,000,000 | 894,000,000 |
Investment properties and trading properties | 55,943,000,000 | 48,321,000,000 | 41,693,000,000 |
Investment in associates and joint ventures | 0 | 799,000,000 | 665,000,000 |
Other operating assets | 1,948,000,000 | 1,131,000,000 | 277,000,000 |
Operating assets | 57,891,000,000 | 50,251,000,000 | 42,635,000,000 |
Operations Center in Argentina [Member] | Hotels [Member] | |||
Statement [Line Items] | |||
Revenues | 921,000,000 | 3,036,000,000 | 4,435,000,000 |
Costs | 1,065,000,000 | 1,870,000,000 | 2,383,000,000 |
Gross profit / (loss) | (144,000,000) | 1,166,000,000 | 2,052,000,000 |
General and administrative expenses | 426,000,000 | 548,000,000 | 738,000,000 |
Selling expenses | 141,000,000 | 345,000,000 | 474,000,000 |
Other operating results, net | (12,000,000) | (30,000,000) | 172,000,000 |
(Loss) / profit from operations | (723,000,000) | 243,000,000 | 1,012,000,000 |
Segment (loss) / profit | (723,000,000) | 243,000,000 | 1,012,000,000 |
Other operating assets | 2,603,000,000 | 2,759,000,000 | 2,897,000,000 |
Operating assets | 2,603,000,000 | 2,759,000,000 | 2,897,000,000 |
Operations Center in Argentina [Member] | International [Member] | |||
Statement [Line Items] | |||
Revenues | 376,000,000 | 17,000,000 | 21,000,000 |
Costs | 317,000,000 | 18,000,000 | 9,000,000 |
Gross profit / (loss) | 59,000,000 | (1,000,000) | 12,000,000 |
Net gain from fair value adjustment of investment properties | 6,000,000 | 0 | 9,000,000 |
General and administrative expenses | 56,000,000 | 165,000,000 | 165,000,000 |
Selling expenses | 26,000,000 | 0 | |
Other operating results, net | (12,000,000) | 0 | (36,000,000) |
(Loss) / profit from operations | (29,000,000) | (166,000,000) | (180,000,000) |
Share of profit of associates and joint ventures | (891,000,000) | 11,080,000,000 | (5,526,000,000) |
Segment (loss) / profit | (920,000,000) | 10,914,000,000 | (5,706,000,000) |
Investment properties and trading properties | 114,000,000 | 460,000,000 | 135,000,000 |
Investment in associates and joint ventures | 1,916,000,000 | 3,011,000,000 | (10,846,000,000) |
Other operating assets | 270,000,000 | ||
Operating assets | 2,030,000,000 | 3,471,000,000 | (10,441,000,000) |
Operations Center in Argentina [Member] | Corporate [Member] | |||
Statement [Line Items] | |||
General and administrative expenses | 352,000,000 | 562,000,000 | 940,000,000 |
(Loss) / profit from operations | (352,000,000) | (562,000,000) | (940,000,000) |
Segment (loss) / profit | (352,000,000) | (562,000,000) | (940,000,000) |
Other operating assets | 8,000,000 | 9,000,000 | 6,000,000 |
Operating assets | 8,000,000 | 9,000,000 | 6,000,000 |
Operations Center in Argentina [Member] | Other [Member] | |||
Statement [Line Items] | |||
Revenues | 68,000,000 | 117,000,000 | 286,000,000 |
Costs | 231,000,000 | 147,000,000 | 228,000,000 |
Gross profit / (loss) | (163,000,000) | (30,000,000) | 58,000,000 |
Net gain from fair value adjustment of investment properties | 823,000,000 | 954,000,000 | (562,000,000) |
General and administrative expenses | 68,000,000 | 176,000,000 | 170,000,000 |
Selling expenses | 10,000,000 | 17,000,000 | 32,000,000 |
Other operating results, net | (1,000,000) | 101,000,000 | (472,000,000) |
(Loss) / profit from operations | 581,000,000 | 832,000,000 | (1,178,000,000) |
Share of profit of associates and joint ventures | (3,081,000,000) | (496,000,000) | (3,478,000,000) |
Segment (loss) / profit | (2,500,000,000) | 336,000,000 | (4,656,000,000) |
Investment properties and trading properties | 2,307,000,000 | 2,165,000,000 | 1,594,000,000 |
Investment in associates and joint ventures | 6,993,000,000 | 10,119,000,000 | 7,353,000,000 |
Other operating assets | 136,000,000 | 135,000,000 | 135,000,000 |
Operating assets | $ 9,436,000,000 | $ 12,419,000,000 | $ 9,082,000,000 |
Segment information (Details 2)
Segment information (Details 2) - Operations Center in Israel [Member] - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | ||
Operating assets | $ 675,918 | $ 804,267 |
Operating liabilities | (602,315) | (692,205) |
Operating assets (liabilities), net | 73,603 | 112,062 |
Others assets and liabilities [Member] | ||
Statement [Line Items] | ||
Operating assets | 163,604 | 53,427 |
Operating liabilities | (58,771) | (21,144) |
Operating assets (liabilities), net | 104,833 | 32,283 |
Telecommunications [Member] | ||
Statement [Line Items] | ||
Operating assets | 210,318 | 164,289 |
Operating liabilities | (159,326) | (127,370) |
Operating assets (liabilities), net | 50,992 | 36,919 |
Real Estate [Member] | ||
Statement [Line Items] | ||
Operating assets | 229,718 | 455,745 |
Operating liabilities | (219,789) | (353,800) |
Operating assets (liabilities), net | 9,929 | 101,945 |
Supermarkets [Member] | ||
Statement [Line Items] | ||
Operating assets | 42,191 | 34,566 |
Operating assets (liabilities), net | 42,191 | 34,566 |
Insurance [Member] | ||
Statement [Line Items] | ||
Operating assets | 5,072 | 34,002 |
Operating assets (liabilities), net | 5,072 | 34,002 |
Corporates [Member] | ||
Statement [Line Items] | ||
Operating assets | 25,015 | 62,238 |
Operating liabilities | (164,429) | (189,891) |
Operating assets (liabilities), net | $ (139,414) | $ (127,653) |
Information about the main su_3
Information about the main subsidiaries (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Current Assets | $ 13,923,000,000 | $ 308,987,000,000 | |
Non-current Assets | 208,859,000,000 | 633,067,000,000 | |
Current Liabilities | 22,138,000,000 | 215,362,000,000 | |
Non-current Liabilities | 117,920,000,000 | 542,464,000,000 | |
Net assets | 222,782,000,000 | 942,054,000,000 | |
Revenues | 12,978,000,000 | 21,263,000,000 | $ 28,004,000,000 |
Net income / (loss) | (37,591,000,000) | 35,651,000,000 | (57,634,000,000) |
Total profit / (loss) and other comprehensive income for the year | (49,023,000,000) | 56,951,000,000 | (60,676,000,000) |
Cash of Operating activities | 1,456,000,000 | 46,731,000,000 | 40,616,000,000 |
Cash of investing activities | 67,880,000,000 | 61,049,000,000 | 16,807,000,000 |
Cash of financial activities | (48,840,000,000) | (114,343,000,000) | (41,686,000,000) |
Net (decrease) / increase in cash and cash equivalents | 20,496,000,000 | (6,563,000,000) | 15,737,000,000 |
Dividends distribution to non-controlling shareholders | $ (2,587,000,000) | $ (333,000,000) | $ 0 |
Mehadrin [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest % | 56.25% | ||
Current Assets | $ 19,583,000,000 | ||
Non-current Assets | 26,794,000,000 | ||
Current Liabilities | 20,959,000,000 | ||
Non-current Liabilities | 5,011,000,000 | ||
Net assets | 20,407,000,000 | ||
Book value of non-controlling interests | 12,220,000,000 | ||
Revenues | 2,932,000,000 | ||
Net income / (loss) | 159,000,000 | ||
Total profit / (loss) and other comprehensive income for the year | 185,000,000 | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | 377,000,000 | ||
Cash of Operating activities | 369,000,000 | ||
Cash of investing activities | (105,000,000) | ||
Cash of financial activities | (369,000,000) | ||
Net (decrease) / increase in cash and cash equivalents | (105,000,000) | ||
Dividends distribution to non-controlling shareholders | $ 26,000,000 | ||
Elron Electronic Industries Ltd. [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest % | 38.94% | ||
Current Assets | $ 5,072,000,000 | ||
Non-current Assets | 5,957,000,000 | ||
Current Liabilities | 765,000,000 | ||
Non-current Liabilities | 213,000,000 | ||
Net assets | 10,051,000,000 | ||
Book value of non-controlling interests | 6,232,000,000 | ||
Revenues | 0 | ||
Net income / (loss) | (2,665,000,000) | ||
Total profit / (loss) and other comprehensive income for the year | (2,800,000,000) | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | 8,321,000,000 | ||
Cash of Operating activities | (1,166,000,000) | ||
Cash of investing activities | 526,000,000 | ||
Cash of financial activities | 1,313,000,000 | ||
Net (decrease) / increase in cash and cash equivalents | 673,000,000 | ||
Dividends distribution to non-controlling shareholders | $ 0 | ||
Property And Building Corporation Ltd. [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest % | 27.60% | ||
Current Assets | $ 119,149,000,000 | ||
Non-current Assets | 168,831,000,000 | ||
Current Liabilities | 39,259,000,000 | ||
Non-current Liabilities | 178,421,000,000 | ||
Net assets | 70,300,000,000 | ||
Book value of non-controlling interests | 28,933,000,000 | ||
Revenues | 18,490,000,000 | ||
Net income / (loss) | 18,997,000,000 | ||
Total profit / (loss) and other comprehensive income for the year | 18,272,000,000 | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | 29,418,000,000 | ||
Cash of Operating activities | 9,505,000,000 | ||
Cash of investing activities | 35,856,000,000 | ||
Cash of financial activities | (30,405,000,000) | ||
Net (decrease) / increase in cash and cash equivalents | 14,956,000,000 | ||
Dividends distribution to non-controlling shareholders | $ 2,529,000,000 | ||
Cellcom Israel Ltd. [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest % | 53.80% | ||
Current Assets | $ 82,275,000,000 | ||
Non-current Assets | 119,854,000,000 | ||
Current Liabilities | 47,142,000,000 | ||
Non-current Liabilities | 112,186,000,000 | ||
Net assets | 42,801,000,000 | ||
Book value of non-controlling interests | 26,916,000,000 | ||
Revenues | 84,226,000,000 | ||
Net income / (loss) | (3,106,000,000) | ||
Total profit / (loss) and other comprehensive income for the year | (3,154,000,000) | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | 802,000,000 | ||
Cash of Operating activities | 22,401,000,000 | ||
Cash of investing activities | (11,152,000,000) | ||
Cash of financial activities | (9,497,000,000) | ||
Net (decrease) / increase in cash and cash equivalents | 1,752,000,000 | ||
Dividends distribution to non-controlling shareholders | $ 0 | ||
IRSA Propiedades Comerciales S.A. [Member] | |||
Statement [Line Items] | |||
Direct interest of non-controlling interest % | 20.08% | 19.35% | |
Current Assets | $ 22,652,000,000 | $ 22,417,000,000 | |
Non-current Assets | 154,752,000,000 | 194,626,000,000 | |
Current Liabilities | 13,122,000,000 | 24,667,000,000 | |
Non-current Liabilities | 86,269,000,000 | 78,866,000,000 | |
Net assets | 78,013,000,000 | 113,510,000,000 | |
Book value of non-controlling interests | 5,549,000,000 | 6,142,000,000 | |
Revenues | 8,092,000,000 | 12,862,000,000 | |
Net income / (loss) | (22,537,000,000) | 27,266,000,000 | |
Total profit / (loss) and other comprehensive income for the year | (22,406,000,000) | 27,644,000,000 | |
Total comprehensive profit / (loss) attributable to non-controlling interest | (604,000,000) | 1,598,000,000 | |
Cash of Operating activities | 1,282,000,000 | 7,345,000,000 | |
Cash of investing activities | 9,754,000,000 | (4,324,000,000) | |
Cash of financial activities | (17,242,000,000) | (5,349,000,000) | |
Net (decrease) / increase in cash and cash equivalents | (6,206,000,000) | (2,328,000,000) | |
Dividends distribution to non-controlling shareholders | $ 438,000,000 | $ 996,000,000 |
Investments in associates and_3
Investments in associates and joint ventures (Details) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Beginning of the year | $ 111,714,000,000 | $ 53,742,000,000 |
Adjustment as of previous periods (IFRS 9 and IAS 28) | 0 | (2,972,000,000) |
Increase in equity interest in associates and joint ventures | 0 | 5,020,000,000 |
Capital contributions | 42,000,000 | 4,058,000,000 |
Capital reduction | 0 | (159,000,000) |
Decrease of interest in associate | (43,849,000,000) | 0 |
Deconsolidations | (7,095,000,000) | 43,822,000,000 |
Impairment | (3,035,000,000) | 13,022,000,000 |
Share of profit / (loss) | (626,000,000) | |
Currency translation adjustment | (3,579,000,000) | 76,000,000 |
Dividends | 0 | (2,734,000,000) |
Other comprehensive income | (54,000,000) | (1,869,000,000) |
Reclassification to held-for-sale | 0 | (3,109,000,000) |
Others | (12,000,000) | (5,000,000) |
Incorporation by business combination | 0 | 2,822,000,000 |
End of the year | $ 12,158,000,000 | $ 111,714,000,000 |
Investments in associates and_4
Investments in associates and joint ventures (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Mehadrin [Member] | |||
Statement [Line Items] | |||
% ownership interest | 45.41% | 0.00% | 45.41% |
Group's interest in comprehensive income/(loss) | $ (167) | $ 0 | $ 0 |
Value of group interest in equity | $ 0 | $ 0 | |
Quality Invest [Member] | |||
Statement [Line Items] | |||
% ownership interest | 50.00% | 50.00% | 50.00% |
Group's interest in comprehensive income/(loss) | $ (876) | $ (259) | $ 278 |
Value of group interest in equity | $ 3,156 | $ 2,927 | |
La Rural S.A. [Member] | |||
Statement [Line Items] | |||
% ownership interest | 50.00% | 50.00% | 50.00% |
Group's interest in comprehensive income/(loss) | $ 216 | $ (135) | $ 153 |
Value of group interest in equity | $ 305 | $ 169 | |
Shufersal Ltd. [Member] | |||
Statement [Line Items] | |||
% ownership interest | 26.02% | 26.02% | 26.02% |
Group's interest in comprehensive income/(loss) | $ 446 | $ 24 | $ 7,834 |
Value of group interest in equity | $ 42,223 | $ 0 | |
Condor [Member] | |||
Statement [Line Items] | |||
% ownership interest | 18.89% | 18.89% | 18.89% |
Group's interest in comprehensive income/(loss) | $ 59 | $ (414) | $ 180 |
Value of group interest in equity | $ 2,224 | $ 1,620 | |
New Lipstick [Member] | |||
Statement [Line Items] | |||
% ownership interest | 49.96% | 49.96% | 49.96% |
Group's interest in comprehensive income/(loss) | $ (480) | $ 11,465 | $ (4,805) |
Value of group interest in equity | 701 | 218 | |
Total Associates And Joint Ventures [Member] | |||
Statement [Line Items] | |||
Group's interest in comprehensive income/(loss) | (6,614) | 13,098 | $ (10,986) |
Value of group interest in equity | $ 12,158 | $ 111,714 | |
BHSA [Member] | |||
Statement [Line Items] | |||
% ownership interest | 29.91% | 29.91% | 29.91% |
Group's interest in comprehensive income/(loss) | $ (3,621) | $ (756) | $ (571) |
Value of group interest in equity | $ 6,118 | $ 5,361 | |
PBEL [Member] | |||
Statement [Line Items] | |||
% ownership interest | 45.40% | 45.00% | 45.40% |
Group's interest in comprehensive income/(loss) | $ (176) | $ 0 | $ 0 |
Value of group interest in equity | $ 0 | $ 0 | |
TGLT [Member] | |||
Statement [Line Items] | |||
% ownership interest | 27.82% | 30.20% | 30.20% |
Group's interest in comprehensive income/(loss) | $ 0 | $ (2,157) | $ (174) |
Value of group interest in equity | $ 3,093 | $ 937 | |
Other joint ventures [Member] | |||
Statement [Line Items] | |||
% ownership interest | 0.00% | 0.00% | 0.00% |
Group's interest in comprehensive income/(loss) | $ (2,062) | $ (2,476) | $ (4,886) |
Value of group interest in equity | $ 12,924 | $ 926 | |
Gav - Yam [Member] | |||
Statement [Line Items] | |||
% ownership interest | 0.00% | 34.90% | 34.90% |
Group's interest in comprehensive income/(loss) | $ 0 | $ 39 | $ (1,181) |
Value of group interest in equity | $ 40,970 | $ 0 |
Investments in associates and_5
Investments in associates and joint ventures (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Current Assets | $ 13,923 | $ 308,987 | |
Non-current Assets | 208,859 | 633,067 | |
Current Liabilities | 22,138 | 215,362 | |
Non-current Liabilities | 117,920 | 542,464 | |
Net assets | 222,782 | 942,054 | |
Revenues | 12,978 | 21,263 | $ 28,004 |
Net income / (loss) | (37,591) | 35,651 | (57,634) |
Total profit / (loss) and other comprehensive income for the year | (49,023) | 56,951 | (60,676) |
Cash of operating activities | 1,456 | 46,731 | 40,616 |
Net cash generated from / (used in) investing activities | 67,880 | 61,049 | 16,807 |
Cash of financing activities | (48,840) | (114,343) | $ (41,686) |
Shufersal [Member] | |||
Statement [Line Items] | |||
Current Assets | 110,169 | ||
Non-current Assets | 280,922 | ||
Current Liabilities | 138,032 | ||
Non-current Liabilities | 194,095 | ||
Net assets | $ 58,964 | ||
% ownership interest held | 26.02% | ||
Interest in associate and joint venture | $ 15,342 | ||
Goodwill and others | 26,881 | ||
Book value | 42,223 | ||
Revenues | 327,436 | ||
Net income / (loss) | 7,579 | ||
Total profit / (loss) and other comprehensive income for the year | 6,759 | ||
Dividend distribution | 2,155 | ||
Cash of operating activities | 32,855 | ||
Net cash generated from / (used in) investing activities | (4,069) | ||
Cash of financing activities | (20,717) | ||
Changes in cash and cash equivalents | 8,069 | ||
Quality Invest [Member] | |||
Statement [Line Items] | |||
Current Assets | 5 | 6 | |
Non-current Assets | 8,842 | 8,299 | |
Current Liabilities | 100 | 131 | |
Non-current Liabilities | 2,987 | 1,956 | |
Net assets | $ 5,760 | $ 6,218 | |
% ownership interest held | 50.00% | 50.00% | |
Interest in associate and joint venture | $ 2,880 | $ 3,109 | |
Goodwill and others | 47 | 47 | |
Book value | 2,927 | 3,156 | |
Revenues | 45 | 27 | |
Net income / (loss) | (518) | 556 | |
Total profit / (loss) and other comprehensive income for the year | (518) | 556 | |
Dividend distribution | 0 | 0 | |
Cash of operating activities | (59) | (134) | |
Net cash generated from / (used in) investing activities | (4) | 0 | |
Cash of financing activities | 63 | 134 | |
Changes in cash and cash equivalents | 0 | 0 | |
BHSA [Member] | |||
Statement [Line Items] | |||
Current Assets | 114,759 | 115,457 | |
Non-current Assets | 71,092 | 65,503 | |
Current Liabilities | 156,405 | 153,639 | |
Non-current Liabilities | 11,661 | 6,954 | |
Net assets | $ 17,785 | $ 20,367 | |
% ownership interest held | 29.91% | 29.91% | |
Interest in associate and joint venture | $ 5,319 | $ 6,092 | |
Goodwill and others | 42 | 26 | |
Book value | 5,361 | 6,118 | |
Revenues | 29,257 | 19,576 | |
Net income / (loss) | (2,528) | (1,911) | |
Total profit / (loss) and other comprehensive income for the year | (2,528) | (1,911) | |
Dividend distribution | 0 | ||
Cash of operating activities | 4,318 | 6,993 | |
Net cash generated from / (used in) investing activities | (129) | 56 | |
Cash of financing activities | (28,139) | (5,204) | |
Changes in cash and cash equivalents | $ (23,950) | 1,845 | |
Gav - Yam [Member] | |||
Statement [Line Items] | |||
Current Assets | 63,028 | ||
Non-current Assets | 249,149 | ||
Current Liabilities | 29,726 | ||
Non-current Liabilities | 176,864 | ||
Net assets | $ 105,587 | ||
% ownership interest held | 34.90% | ||
Interest in associate and joint venture | $ 36,850 | ||
Goodwill and others | 4,120 | ||
Book value | 40,970 | ||
Revenues | 17,350 | ||
Net income / (loss) | 10,161 | ||
Total profit / (loss) and other comprehensive income for the year | 8,195 | ||
Dividend distribution | 5,388 | ||
Cash of operating activities | 7,639 | ||
Net cash generated from / (used in) investing activities | (8,596) | ||
Cash of financing activities | 23,835 | ||
Changes in cash and cash equivalents | $ 22,878 |
Investments in associates and_6
Investments in associates and joint ventures (Details 3) | 12 Months Ended |
Jun. 30, 2021USD ($)shares | |
Condor [Member] | |
Statement [Line Items] | |
Place of business / Country of incorporation | EE.UU. |
Main activity | Hotel |
Common share 1 vote | shares | 2,245,100 |
Share capital (nominal value) | $ 232 |
Loss for year | (178) |
Shareholders equity | $ 54 |
Quality [Member] | |
Statement [Line Items] | |
Place of business / Country of incorporation | Argentina |
Main activity | Real estate |
Common share 1 vote | shares | 225,146,012 |
Share capital (nominal value) | $ 450 |
Loss for year | (518) |
Shareholders equity | $ 5,760 |
La Rural S. A. [Member] | |
Statement [Line Items] | |
Place of business / Country of incorporation | Argentina |
Main activity | Organization of events |
Common share 1 vote | shares | 714,498 |
Share capital (nominal value) | $ 1 |
Loss for year | (64) |
Shareholders equity | $ 378 |
New Lipstick [Member] | |
Statement [Line Items] | |
Place of business / Country of incorporation | U.S. |
Main activity | Real estate |
Common share 1 vote | shares | 0 |
Share capital (nominal value) | $ 0 |
Loss for year | (10) |
Shareholders equity | $ (41) |
BHSA [Member] | |
Statement [Line Items] | |
Place of business / Country of incorporation | Argentina |
Main activity | Financial |
Common share 1 vote | shares | 448,689,072 |
Share capital (nominal value) | $ 1,500 |
Loss for year | (2,528) |
Shareholders equity | $ 17,276 |
TGLT [Member] | |
Statement [Line Items] | |
Place of business / Country of incorporation | Argentina |
Main activity | Real estate |
Common share 1 vote | shares | 257,320,997 |
Share capital (nominal value) | $ 925 |
Loss for year | (4,625) |
Shareholders equity | $ 4,311 |
Investments in associates and_7
Investments in associates and joint ventures (Details Narrative) shares in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Jun. 30, 2021ARS ($)$ / sharesshares | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | Jan. 15, 2015ARS ($) | |
Statement [Line Items] | |||||
Value of Group's interest in equity | $ 6,734,000,000 | $ 8,911,000,000 | $ 35,780,000,000 | ||
Quality Invest [Member] | |||||
Statement [Line Items] | |||||
Value of Group's interest in equity | 1,869,000,000 | ||||
% ownership interest | 50.00% | 50.00% | |||
Debt instrument, description | In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters (“the Agreement”) to surrender a non-significant portion of the land and a monetary consideration of ARS 40 million, payable in two installments of ARS 20 each, the first of which was actually paid on June 30, 2015. In July 2017, the Agreement was amended as follows: 1) a revised zoning plan must be submitted within 120 days as from the amendment date, and 2) the second installment of the monetary considerations was increased to ARS 76 million payables in 18 equal monthly installments | ||||
Amount owed | $ 18,926,541 | ||||
Shufersal Ltd. [Member] | |||||
Statement [Line Items] | |||||
Value of Group's interest in equity | 23,013,000,000 | ||||
Market price per share, description | Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020 | ||||
Condor [Member] | |||||
Statement [Line Items] | |||||
Share price | $ / shares | $ 6.07 | ||||
BHSA [Member] | |||||
Statement [Line Items] | |||||
Treasury stock | shares | 35.2 | ||||
Employee compensation plan | shares | 35.1 | ||||
Description of assumptions for future business cash flows | The discount rate used to discount actual dividend flows was 14.02% in 2021 and 13.82% in 2020 | ||||
% ownership interest | 29.91% | 29.91% | |||
TGLT [Member] | |||||
Statement [Line Items] | |||||
Debt instrument, description | On March 31, 2021 IRSA CP transferred to PointArgentum MasterFund LP, 1,478,788 ADS from TGLT S.A. (equivalent to 22,181,818 ordinary shares) in accordance with the provisions of the share subscription carried out in August 2019. As a consequence of this transaction, IRSA CP’s participation in TGLT S.A. it went from 30.20% to 27.82% | ||||
New Lipstick [Member] | |||||
Statement [Line Items] | |||||
Value of Group's interest in equity | $ (8,659,000,000) | ||||
% ownership interest | 49.96% | 0.2991% |
Investment properties (Details)
Investment properties (Details) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Fair value at the beginning of the year | $ 341,776,000,000 | |
Incorporation by business combination | $ 9,174,000,000 | |
Fair value at the end of the year | 183,152,000,000 | 341,776,000,000 |
Level 2 [Member] | ||
Statement [Line Items] | ||
Fair value at the beginning of the year | 109,543,000,000 | 59,942,000,000 |
Adjustments previous years (IFRS 16) | 0 | 0 |
Additions | 274,000,000 | 5,439,000,000 |
Capitalized leasing costs | 13,000,000 | 6,000,000 |
Amortization of capitalized leasing costs | (7,000,000) | (9,000,000) |
Transfers / Reclassification to assets held for sale | (530) | 6,836 |
Incorporation by business combination | 0 | 0 |
Investment properties, deconsolidation | 0 | (2,544) |
Disposals | 21,426,000,000 | 2,613,000,000 |
Currency translation adjustment | (12,000,000) | 20,000,000 |
Net gain / (loss) from fair value adjustment | 5,737,000,000 | 42,466,000,000 |
Fair value at the end of the year | 93,592,000,000 | 109,543,000,000 |
Level 3 [Member] | Shopping Malls in Argentina [Member] | ||
Statement [Line Items] | ||
Fair value at the beginning of the year | 232,233,000,000 | 441,012,000,000 |
Adjustments previous years (IFRS 16) | 0 | 640 |
Additions | 762,000,000 | 2,761,000,000 |
Capitalized leasing costs | 9,000,000 | 24,000,000 |
Amortization of capitalized leasing costs | (6,000,000) | (14,000,000) |
Transfers / Reclassification to assets held for sale | 0 | (43,229) |
Incorporation by business combination | 0 | 366,000,000 |
Investment properties, deconsolidation | (117,547,000,000) | (234,081) |
Disposals | 0 | 20,145,000,000 |
Currency translation adjustment | (12,356,000,000) | 80,301,000,000 |
Net gain / (loss) from fair value adjustment | (13,535,000,000) | 4,598,000,000 |
Fair value at the end of the year | $ 89,560,000,000 | $ 232,233,000,000 |
Investment properties (Details
Investment properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Total Properties | $ 183,152 | $ 341,776 |
Rental Properties [Member] | ||
Statement [Line Items] | ||
Total Properties | 125,506 | 289,412 |
Undeveloped Parcels Of Land [Member] | ||
Statement [Line Items] | ||
Total Properties | 54,183 | 41,356 |
Properties Under Development [Member] | ||
Statement [Line Items] | ||
Total Properties | $ 3,463 | $ 11,008 |
Investment properties (Detail_2
Investment properties (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Rental and services income | $ 11,034 | $ 17,131 | $ 21,937 |
Direct operating expenses | 4,430 | 12,141 | 12,156 |
Development reimbursements / (expenses) | 114 | 169 | (131) |
Net realized gain from fair value adjustment of investment properties | 10,821 | 1,703 | 0 |
Net unrealized gain from fair value adjustment of investment properties | $ (18,591) | $ 48,961 | $ (58,231) |
Investment properties (Detail_3
Investment properties (Details 3) - Level 3 [Member] - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Shopping Malls in Argentina [Member] | |||
Statement [Line Items] | |||
Fair value of investment properties, valuation technique | Discounted cash flows | ||
Shopping Malls in Argentina [Member] | Discount rate [Member] | |||
Statement [Line Items] | |||
Fair value investment properties, range | 13.53% | 12.10% | |
Fair value investment properties, increase | $ (3,840) | $ (6,387) | $ (4,906) |
Fair value investment properties, decrease | 4,589 | 7,821 | 6,118 |
Shopping Malls in Argentina [Member] | Growth rate [Member] | |||
Statement [Line Items] | |||
Fair value investment properties, increase | 1,759 | 3,045 | 2,307 |
Fair value investment properties, decrease | $ (1,472) | (2,486) | $ (1,850) |
Fair value investment properties, range | 2.40% | 3.00% | |
Shopping Malls in Argentina [Member] | Inflation [Member] | |||
Statement [Line Items] | |||
Fair value investment properties, increase | $ 8,171 | 13,296 | $ 4,296 |
Fair value investment properties, decrease | (6,740) | (10,938) | (3,932) |
Shopping Malls in Argentina [Member] | Devaluation [Member] | |||
Statement [Line Items] | |||
Fair value investment properties, increase | (4,357) | (6,181) | (4,559) |
Fair value investment properties, decrease | $ 5,325 | 7,555 | 5,571 |
Plot of land in Argentina [Member] | |||
Statement [Line Items] | |||
Fair value of investment properties, valuation technique | comparable with incidence adjustment | ||
Fair value of investment properties, value per square meter | $ 47,427,000,000 | $ 21,497,000,000 | |
Fair value of investment properties, percentage of incidence | 30.00% | 30.00% | |
Plot of land in Argentina [Member] | Value per square meter [Member] | |||
Statement [Line Items] | |||
Fair value investment properties, increase | $ 3,493 | 3,243 | $ 2,007 |
Fair value investment properties, decrease | (3,493) | (3,243) | (2,007) |
Plot of land in Argentina [Member] | Percentage of incidence [Member] | |||
Statement [Line Items] | |||
Fair value investment properties, increase | 11,644 | 10,808 | 6,696 |
Fair value investment properties, decrease | $ (11,644) | $ (10,808) | $ 6,696 |
Investment properties (Detail_4
Investment properties (Details Narrative) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Investment properties | $ 1,727 | $ 27,290 | |
Monetary benefits corresponding to barter transaction | 5 | ||
Non-monetary benefits corresponding to barter transaction | $ 541 | ||
Investment properties, description | For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 116.94 (corresponding to the year ended June 30, 2022) and arriving at ARS 376.56. In the long term, a nominal devaluation rate of 27.5% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.1% (corresponding to the year ended June 30, 2022) and stabilizes at 30.0% after 5 years. | For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 86.21 (corresponding to the year ended June 30, 2021) and arriving at ARS 243.89. In the long term, a nominal devaluation rate of 21.1% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 47.9% (corresponding to the year ended June 30, 2021) and stabilizes at 23.2% after 5 years | For the next 5 years, an average ARS / US$ exchange rate with an upward trend was considered, starting at ARS 48.47 (corresponding to the year ended June 30, 2020) and arriving at ARS 72.16. In the long term, a nominal devaluation rate of 5.7% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 44.5% (corresponding to the year ended June 30, 2020) and stabilizes at 8% after 5 years |
Net realized gain from fair value adjustment of investment properties | $ 10,821 | $ 1,703 | $ 0 |
La Malteria SA [Member] | |||
Statement [Line Items] | |||
Investment properties, deconsolidation | 296 | ||
Boston Tower [Member] | |||
Statement [Line Items] | |||
Sale of property | 5,434 | ||
Net gain / (loss) from fair value adjustment | 1,071 | 6,506 | |
Bouchard [Member] | |||
Statement [Line Items] | |||
Sale of property | 5,368 | ||
Net gain / (loss) from fair value adjustment | 470 | 5,837 | |
Garages [Member] | |||
Statement [Line Items] | |||
Sale of property | 19 | ||
Net gain / (loss) from fair value adjustment | 15 | 34 | |
200 Della Paolera [Member] | |||
Statement [Line Items] | |||
Sale of property | 861 | ||
Net realized gain from fair value adjustment of investment properties | 861 | ||
Caballito Ferro [member] | |||
Statement [Line Items] | |||
Net realized gain from fair value adjustment of investment properties | $ 139 | $ 407 | |
La Malteria [Member] | |||
Statement [Line Items] | |||
Investment properties | 2,544 | ||
Gav - Yam [Member] | |||
Statement [Line Items] | |||
Investment properties | $ 234,081 |
Property Plant and Equipment (D
Property Plant and Equipment (Details) | 12 Months Ended | ||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | |
Statement [Line Items] | |||
Net book amount at the beginning | $ 56,670 | $ 47,921 | |
Additions | $ 1,656,000,000 | 8,518,000,000 | |
Disposals | (90,000,000) | (4,965,000,000) | |
Incorporation by business combination | 9,174,000,000 | ||
Property plant and equipment, deconsolidation | (1,593,000,000) | (47,989,000,000) | |
Reclassification to assets assets held for sale | 28,000,000 | 412,000,000 | |
Currency translation adjustment | (3,836,000,000) | 8,749,000,000 | |
Transfers | 989,000,000 | (391,000,000) | |
Depreciation charges | (3,226,000,000) | (10,331,000,000) | |
Net book amount at the ending | 4,146,000,000 | 56,670,000,000 | |
Net book amount at the beginning | 56,670,000,000 | ||
Costs [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | 10,167,000,000 | 210,104,000,000 | |
Net book amount at the beginning | 210,104,000,000 | 175,104,000,000 | |
Accumulated Depreciation [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | (6,021,000,000) | (153,434,000,000) | |
Net book amount at the beginning | (153,434,000,000) | (127,183,000,000) | |
Buildings And Facilities [Member] | |||
Statement [Line Items] | |||
Net book amount at the beginning | 7,738 | 6,011 | |
Additions | 202,000,000 | 677,000,000 | |
Disposals | (28,000,000) | (93,000,000) | |
Incorporation by business combination | 2,424,000,000 | ||
Property plant and equipment, deconsolidation | (4,285,000,000) | (635,000,000) | |
Reclassification to assets assets held for sale | 28,000,000 | 412,000,000 | |
Currency translation adjustment | (343,000,000) | 732,000,000 | |
Transfers | 989,000,000 | (368,000,000) | |
Depreciation charges | (428,000,000) | (598,000,000) | |
Net book amount at the ending | 3,817,000,000 | 7,738,000,000 | |
Net book amount at the beginning | 7,738,000,000 | ||
Buildings And Facilities [Member] | Accumulated Depreciation [Member] | |||
Statement [Line Items] | |||
Net book amount at the beginning | (10,402) | (9,958) | |
Net book amount at the ending | (3,259,000,000) | (10,402,000,000) | |
Net book amount at the beginning | (10,402,000,000) | ||
Buildings And Facilities [Member] | Costs [Member] | |||
Statement [Line Items] | |||
Net book amount at the beginning | 7,076 | 18,140 | |
Net book amount at the ending | 18,140,000,000 | 15,969,000,000 | |
Net book amount at the beginning | 15,969,000,000 | ||
Machinery and Equipment [Member] | |||
Statement [Line Items] | |||
Additions | 64,000,000 | 99,000,000 | |
Disposals | (7,000,000) | (8,000,000) | |
Incorporation by business combination | 566,000,000 | ||
Property plant and equipment, deconsolidation | (795,000,000) | (892,000,000) | |
Reclassification to assets assets held for sale | 0 | 0 | |
Currency translation adjustment | (61,000,000) | 287,000,000 | |
Transfers | 0 | (23,000,000) | |
Depreciation charges | (89,000,000) | (120,000,000) | |
Net book amount at the ending | 170,000,000 | 1,058,000,000 | |
Net book amount at the beginning | 1,058,000,000 | 1,149,000,000 | |
Machinery and Equipment [Member] | Accumulated Depreciation [Member] | |||
Statement [Line Items] | |||
Net book amount at the beginning | (5,676) | (2,481) | |
Net book amount at the ending | (2,343,000,000) | (5,676,000,000) | |
Net book amount at the beginning | (5,676,000,000) | ||
Machinery and Equipment [Member] | Costs [Member] | |||
Statement [Line Items] | |||
Net book amount at the beginning | 2,513 | 6,734 | |
Net book amount at the ending | 6,734,000,000 | 3,630,000,000 | |
Net book amount at the beginning | 3,630,000,000 | ||
Communication Networks [Member] | |||
Statement [Line Items] | |||
Additions | 581,000,000 | 5,132,000,000 | |
Disposals | (55,000,000) | (4,802,000,000) | |
Incorporation by business combination | 0 | ||
Property plant and equipment, deconsolidation | (28,322,000,000) | 0 | |
Reclassification to assets assets held for sale | 0 | 0 | |
Currency translation adjustment | (2,286,000,000) | 5,335,000,000 | |
Transfers | 0 | 566,000,000 | |
Depreciation charges | (1,632,000,000) | (6,956,000,000) | |
Net book amount at the ending | 0 | 31,714,000,000 | |
Net book amount at the beginning | 31,714,000,000 | 32,439,000,000 | |
Communication Networks [Member] | Accumulated Depreciation [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | 0 | (119,884,000,000) | |
Net book amount at the beginning | (119,884,000,000) | (104,703,000,000) | |
Communication Networks [Member] | Costs [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | 0 | 151,598,000,000 | |
Net book amount at the beginning | 151,598,000,000 | 137,142,000,000 | |
Other PPE [Member] | |||
Statement [Line Items] | |||
Additions | 754,000,000 | 2,556,000,000 | |
Disposals | 0 | (62,000,000) | |
Incorporation by business combination | 140,000,000 | ||
Property plant and equipment, deconsolidation | (8,485,000,000) | (66,000,000) | |
Reclassification to assets assets held for sale | 0 | 0 | |
Currency translation adjustment | (682,000,000) | 1,927,000,000 | |
Transfers | 0 | (566,000,000) | |
Depreciation charges | (1,049,000,000) | (2,630,000,000) | |
Net book amount at the ending | 159,000,000 | 9,621,000,000 | |
Net book amount at the beginning | 9,621,000,000 | 8,322,000,000 | |
Other PPE [Member] | Accumulated Depreciation [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | (419,000,000) | (9,743,000,000) | |
Net book amount at the beginning | (9,743,000,000) | (10,041,000,000) | |
Other PPE [Member] | Costs [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | 578,000,000 | 19,364,000,000 | |
Net book amount at the beginning | 19,364,000,000 | 18,363,000,000 | |
Agricultural establishments [Member] | |||
Statement [Line Items] | |||
Additions | 55,000,000 | 54,000,000 | |
Disposals | 0 | 0 | |
Incorporation by business combination | 6,044,000,000 | ||
Property plant and equipment, deconsolidation | (6,102,000,000) | 0 | |
Reclassification to assets assets held for sale | 0 | 0 | |
Currency translation adjustment | (464,000,000) | 468,000,000 | |
Transfers | 0 | 0 | |
Depreciation charges | (28,000,000) | (27,000,000) | |
Net book amount at the ending | 0 | 6,539,000,000 | |
Net book amount at the beginning | 6,539,000,000 | 0 | |
Agricultural establishments [Member] | Accumulated Depreciation [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | (7,729,000,000) | ||
Net book amount at the beginning | (7,729,000,000) | 0 | |
Net book amount at the ending | $ 0 | (7,729) | |
Agricultural establishments [Member] | Costs [Member] | |||
Statement [Line Items] | |||
Net book amount at the ending | 0 | 14,268,000,000 | |
Net book amount at the beginning | $ 14,268,000,000 | $ 0 |
Property Plant and Equipment _2
Property Plant and Equipment (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
General And Administrative Expenses [Member] | ||
Statement [Line Items] | ||
Depreciation charges | $ 100 | $ 211 |
Costs [Member] | ||
Statement [Line Items] | ||
Depreciation charges | 244 | 337 |
Selling Expenses [Member] | ||
Statement [Line Items] | ||
Depreciation charges | 5 | 8 |
Discontinued Operations [Member] | ||
Statement [Line Items] | ||
Depreciation charges | $ 2,807 | $ 9,775 |
Trading Properties (Details)
Trading Properties (Details) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Beginning | $ 10,773 | $ 12,556 |
Additions | 805 | 3,486 |
Desconsolidation | (7,690) | (233) |
Currency translation adjustment | (694) | 1,316 |
Transfers | 0 | 323 |
Disposals | (1,436) | (6,675) |
Ending | 1,758 | 10,773 |
Properties Under Development [Member] | ||
Statement [Line Items] | ||
Beginning | 1,246 | 3,596 |
Additions | 408 | 2,604 |
Desconsolidation | (142) | (233) |
Currency translation adjustment | (126) | 47 |
Transfers | (194) | (1,486) |
Disposals | (390) | (3,282) |
Ending | 802 | 1,246 |
Completed Properties [Member] | ||
Statement [Line Items] | ||
Beginning | 3,040 | 4,033 |
Additions | 0 | 36 |
Desconsolidation | (2,128) | 0 |
Currency translation adjustment | (195) | 452 |
Transfers | 194 | 1,859 |
Disposals | (790) | (3,340) |
Ending | 121 | 3,040 |
Undeveloped Sites [Member] | ||
Statement [Line Items] | ||
Beginning | 6,487 | 4,927 |
Additions | 397 | 846 |
Desconsolidation | (5,420) | 0 |
Currency translation adjustment | (373) | 817 |
Transfers | 0 | (50) |
Disposals | (256) | (53) |
Ending | $ 835 | $ 6,487 |
Trading Properties (Details 1)
Trading Properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Non-current | $ 1,644 | $ 7,294 |
Current | 114 | 3,479 |
Total current and non-current | $ 1,758 | $ 10,773 |
Trading Properties (Details Nar
Trading Properties (Details Narrative) $ in Millions, $ in Millions | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020ARS ($) |
Net book value | $ 801 | $ 865 | |
Contractual obligation amount | $ 906 | $ 1,039 |
Intangible assets (Details)
Intangible assets (Details) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | Jun. 30, 2019USD ($) | |
Statement [Line Items] | |||||
Net book amount at the beginning | $ 41,732,000,000 | $ 38,456,000,000 | |||
Costs | 3,292,000,000 | 105,684,000,000 | $ 87,765 | ||
Accumulated amortization | (892,000,000) | (63,952,000,000) | $ (49,309,000,000) | ||
Additions | 2,175,000,000 | 6,771,000,000 | |||
Disposals | 111,000,000 | 329,000,000 | |||
Intangible assets, deconsolidation | (36,546,000,000) | (4,928,000,000) | |||
Impairment | $ (40) | ||||
Incorporated by business combination | 86,000,000 | ||||
Currency translation adjustment | (2,475,000,000) | 8,676,000,000 | |||
Amortization charges | 2,335,000,000 | 7,000,000,000 | |||
Balance at the end | 2,400,000,000 | 41,732,000,000 | 38,456,000,000 | ||
Net book amount | 2,400,000,000 | 41,732,000,000 | 38,456,000,000 | ||
Brand names [member] | |||||
Statement [Line Items] | |||||
Net book amount at the beginning | 11,458,000,000 | 9,789,000,000 | |||
Costs | 0 | 12,649,000,000 | 10,609,000,000 | ||
Accumulated amortization | 0 | (1,191,000,000) | (820,000,000) | ||
Additions | 0 | 0 | |||
Disposals | 0 | 0 | |||
Intangible assets, deconsolidation | (10,614,000,000) | 0 | |||
Impairment | 0 | ||||
Incorporated by business combination | 0 | ||||
Currency translation adjustment | (816,000,000) | 1,852,000,000 | |||
Amortization charges | 28,000,000 | 183,000,000 | |||
Balance at the end | 0 | 11,458,000,000 | 9,789,000,000 | ||
Net book amount | 0 | 11,458,000,000 | 9,789,000,000 | ||
Licenses [Member] | |||||
Statement [Line Items] | |||||
Net book amount at the beginning | 3,635,000,000 | 3,457,000,000 | |||
Costs | 0 | 16,956,000,000 | 14,219,000,000 | ||
Accumulated amortization | 0 | (13,321,000,000) | (10,762,000,000) | ||
Additions | 0 | 0 | |||
Disposals | 0 | 0 | |||
Intangible assets, deconsolidation | (3,292,000,000) | 0 | |||
Impairment | 0 | ||||
Incorporated by business combination | 0 | ||||
Currency translation adjustment | (260,000,000) | 597,000,000 | |||
Amortization charges | 83,000,000 | 419,000,000 | |||
Balance at the end | 0 | 3,635,000,000 | 3,457,000,000 | ||
Net book amount | 0 | 3,635,000,000 | 3,457,000,000 | ||
Customer-related intangible assets [member] | |||||
Statement [Line Items] | |||||
Net book amount at the beginning | 3,717,000,000 | 4,733,000,000 | |||
Costs | 0 | 35,644,000,000 | 30,459,000,000 | ||
Accumulated amortization | 0 | (31,927,000,000) | (25,726,000,000) | ||
Additions | 28,000,000 | 0 | |||
Disposals | 0 | 27,000,000 | |||
Intangible assets, deconsolidation | (3,141,000,000) | 0 | |||
Impairment | 0 | ||||
Incorporated by business combination | 57,000,000 | ||||
Currency translation adjustment | (272,000,000) | 648,000,000 | |||
Amortization charges | 332,000,000 | 1,694,000,000 | |||
Balance at the end | 0 | 3,717,000,000 | 4,733,000,000 | ||
Net book amount | 0 | 3,717,000,000 | 4,733,000,000 | ||
Information Systems And Software [Member] | |||||
Statement [Line Items] | |||||
Net book amount at the beginning | 6,343,000,000 | 5,729,000,000 | |||
Costs | 789,000,000 | 11,888,000,000 | 9,691,000,000 | ||
Accumulated amortization | (584,000,000) | (5,545,000,000) | (3,961,000,000) | ||
Additions | 444,000,000 | 2,318,000,000 | |||
Disposals | 111,000,000 | 206,000,000 | |||
Intangible assets, deconsolidation | (4,654,000,000) | (33,000,000) | |||
Impairment | 0 | ||||
Incorporated by business combination | 29,000,000 | ||||
Currency translation adjustment | (707,000,000) | 1,023,000,000 | |||
Amortization charges | 1,110,000,000 | 2,517,000,000 | |||
Balance at the end | 205,000,000 | 6,343,000,000 | 5,729,000,000 | ||
Net book amount | 205,000,000 | 6,343,000,000 | 5,729,000,000 | ||
Goodwill [Member] | |||||
Statement [Line Items] | |||||
Net book amount at the beginning | 8,476,000,000 | 9,853,000,000 | |||
Costs | 135,000,000 | 8,476,000,000 | 9,853,000,000 | ||
Accumulated amortization | 0 | 0 | 0 | ||
Additions | 0 | 0 | |||
Disposals | 0 | 0 | |||
Intangible assets, deconsolidation | (8,479,000,000) | (4,895,000,000) | |||
Impairment | (40,000,000) | ||||
Incorporated by business combination | 0 | ||||
Currency translation adjustment | 178,000,000 | 3,518,000,000 | |||
Amortization charges | 0 | 0 | |||
Balance at the end | 135,000,000 | 8,476,000,000 | 9,853,000,000 | ||
Net book amount | 135,000,000 | 8,476,000,000 | 9,853,000,000 | ||
Contracts And Others [Member] | |||||
Statement [Line Items] | |||||
Net book amount at the beginning | 8,103,000,000 | 4,895,000,000 | |||
Costs | 3,292,000,000 | 20,071,000,000 | 12,934,000,000 | ||
Accumulated amortization | (892,000,000) | (11,968,000,000) | (8,039,000,000) | ||
Additions | 1,703,000,000 | 4,453,000,000 | |||
Disposals | 0 | 96,000,000 | |||
Intangible assets, deconsolidation | (6,366,000,000) | 0 | |||
Impairment | 0 | ||||
Incorporated by business combination | 0 | ||||
Currency translation adjustment | (598,000,000) | 1,038,000,000 | |||
Amortization charges | 782,000,000 | 2,187,000,000 | |||
Balance at the end | 2,060,000,000 | 8,103,000,000 | 4,895,000,000 | ||
Net book amount | $ 2,060,000,000 | $ 8,103,000,000 | $ 4,895,000,000 |
Intangible assets (Details Narr
Intangible assets (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Discontinued Operations [Member] | ||
Statement [Line Items] | ||
Amortization charge | $ 2,213 | $ 6,894 |
General And Administrative Expenses [Member] | ||
Statement [Line Items] | ||
Amortization charge | 101 | 6 |
Costs [Member] | ||
Statement [Line Items] | ||
Amortization charge | $ 21 | 98 |
Selling Expenses [Member] | ||
Statement [Line Items] | ||
Amortization charge | $ 2 |
Rights of use of assets (Detail
Rights of use of assets (Details) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Total Right-of-use assets | $ 811,000,000 | $ 29,828,000,000 |
Non-current | 811,000,000 | 29,828,000,000 |
Total right of use assets including non-current | 811,000,000 | 29,828,000,000 |
Telecommunications [Member] | ||
Statement [Line Items] | ||
Total Right-of-use assets | 0 | 16,528,000,000 |
Machinery and Equipment [Member] | ||
Statement [Line Items] | ||
Total Right-of-use assets | 4,000,000 | 20,000,000 |
Real Estate [Member] | ||
Statement [Line Items] | ||
Total Right-of-use assets | 11,000,000 | 6,182,000,000 |
Other [Member] | ||
Statement [Line Items] | ||
Total Right-of-use assets | $ 796,000,000 | $ 7,098,000,000 |
Rights of use of assets (Deta_2
Rights of use of assets (Details 1) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Beginning of the year | $ 29,828,000,000 | $ 0 |
IFRS 16 inicial adjustments | 0 | 21,214,000,000 |
Additions (i) | 889,000,000 | 12,153,000,000 |
Disposals | (83,000,000) | 0 |
Transfer | 0 | 237,000,000 |
Amortization charges | (1,912,000,000) | (7,076,000,000) |
Deconsolidation right of use assets | (25,853,000,000) | (63,000,000) |
Currency translation adjustment | (2,058,000,000) | 3,363,000,000 |
Total Right-of-use assets | $ 811,000,000 | $ 29,828,000,000 |
Rights of use of assets (Deta_3
Rights of use of assets (Details 2) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Total depreciation of right-of-use assets | $ 1,912,000,000 | $ 7,076,000,000 |
Telecommunications [Member] | ||
Statement [Line Items] | ||
Total depreciation of right-of-use assets | 296,000,000 | 3,155,000,000 |
Real Estate [Member] | ||
Statement [Line Items] | ||
Total depreciation of right-of-use assets | 1,292,000,000 | 808,000,000 |
Other [Member] | ||
Statement [Line Items] | ||
Total depreciation of right-of-use assets | $ 324,000,000 | $ 1,529,000,000 |
Rights of use of assets (Deta_4
Rights of use of assets (Details 3) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Right-of-use interests | $ (279) | $ (765) |
Results from short-term leases | $ (36) | $ (57) |
Rights of use of assets (Deta_5
Rights of use of assets (Details 4) | 12 Months Ended |
Jun. 30, 2021 | |
Average discount rate | 10.61% |
Maturity date | 2023-2041 |
Financial instruments by cate_3
Financial instruments by category (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Financial assets at amortized cost | $ 8,369 | $ 218,922 |
Subtotal financial assets | 13,546 | 262,057 |
Non-financial assets | 4,942 | 22,004 |
Total financial asset | 18,488 | 284,061 |
Financial liabilities at amortized cost | 65,017 | 602,520 |
Subtotal financial liabilities | 65,074 | 604,285 |
Non-financial liabilities | 3,606 | 10,296 |
Total financial liability | 68,680 | 614,581 |
Borrowings Excluding Finance Leases [Member] | ||
Statement [Line Items] | ||
Financial liabilities at amortized cost | 62,133 | 564,991 |
Subtotal financial liabilities | 62,133 | 564,991 |
Non-financial liabilities | 0 | 0 |
Total financial liability | 62,133 | 564,991 |
Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 3,955 |
Financial liabilities at fair value through profit or loss | 57 | 1,735 |
Level 2 [Member] | Borrowings Excluding Finance Leases [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | 0 |
Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 48 | 4,930 |
Financial liabilities at fair value through profit or loss | 0 | 30 |
Level 3 [Member] | Borrowings Excluding Finance Leases [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | 0 |
Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 5,129 | 34,250 |
Financial liabilities at fair value through profit or loss | 0 | 0 |
Level 1 [Member] | Borrowings Excluding Finance Leases [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | 0 |
Trade And Other Payables [Member] | ||
Statement [Line Items] | ||
Financial liabilities at amortized cost | 2,884 | 37,529 |
Subtotal financial liabilities | 2,884 | 37,529 |
Non-financial liabilities | 3,606 | 10,296 |
Total financial liability | 6,490 | 47,825 |
Trade And Other Payables one [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | 0 |
Trade And Other Payables 2 [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | 0 |
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts And Other Receivables [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 7,231 | 74,133 |
Subtotal financial assets | 7,231 | 74,133 |
Non-financial assets | 4,942 | 22,004 |
Total financial asset | 12,173 | 96,137 |
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts And Other Receivables [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts And Other Receivables [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts And Other Receivables [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Trade And Other Payables [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | 0 |
Investments In Financial Assets [Member] | Public Companies Securities [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 0 | 0 |
Subtotal financial assets | 976 | 1,207 |
Non-financial assets | 0 | 0 |
Total financial asset | 976 | 1,207 |
Investments In Financial Assets [Member] | Public Companies Securities [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 976 | 345 |
Investments In Financial Assets [Member] | Public Companies Securities [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Investments In Financial Assets [Member] | Public Companies Securities [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 862 |
Investments In Financial Assets [Member] | Private Companies Securities [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 0 | |
Subtotal financial assets | 4,369 | |
Non-financial assets | 0 | |
Total financial asset | 4,369 | |
Investments In Financial Assets [Member] | Private Companies Securities [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Investments In Financial Assets [Member] | Private Companies Securities [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Investments In Financial Assets [Member] | Private Companies Securities [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Investments In Financial Assets [Member] | Deposits [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 1,437 | |
Subtotal financial assets | 1,529 | |
Non-financial assets | 0 | |
Total financial asset | 1,529 | |
Investments In Financial Assets [Member] | Deposits [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Investments In Financial Assets [Member] | Deposits [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Investments In Financial Assets [Member] | Deposits [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 92 | |
Investments In Financial Assets [Member] | Bonds [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 0 | 0 |
Subtotal financial assets | 2,711 | 16,037 |
Non-financial assets | 0 | 0 |
Total financial asset | 2,711 | 16,037 |
Investments In Financial Assets [Member] | Bonds [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 2,711 | 2,169 |
Investments In Financial Assets [Member] | Bonds [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Investments In Financial Assets [Member] | Bonds [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 13,868 |
Investments In Financial Assets [Member] | Investments In Financial Assets With Quotation [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 0 | |
Subtotal financial assets | 11,325 | |
Non-financial assets | 0 | |
Total financial asset | 11,325 | |
Investments In Financial Assets [Member] | Investments In Financial Assets With Quotation [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 1,217 | |
Investments In Financial Assets [Member] | Investments In Financial Assets With Quotation [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 348 | |
Investments In Financial Assets [Member] | Investments In Financial Assets With Quotation [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 9,760 | |
Investments In Financial Assets [Member] | Total Others [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 10 | |
Subtotal financial assets | 697 | |
Non-financial assets | 0 | |
Total financial asset | 697 | |
Investments In Financial Assets [Member] | Total Others [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Investments In Financial Assets [Member] | Total Others [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 48 | |
Investments In Financial Assets [Member] | Total Others [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 639 | |
Derivative Financial Instruments [Member] | Swaps [member] | ||
Statement [Line Items] | ||
Financial liabilities at amortized cost | 0 | |
Subtotal financial liabilities | 57 | |
Non-financial liabilities | 0 | |
Total financial liability | 57 | |
Derivative Financial Instruments [Member] | Other Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial liabilities at amortized cost | 0 | |
Subtotal financial liabilities | 1,466 | |
Non-financial liabilities | 0 | |
Total financial liability | 1,466 | |
Derivative Financial Instruments [Member] | Level 2 [Member] | Swaps [member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 57 | |
Derivative Financial Instruments [Member] | Level 2 [Member] | Other Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 1,436 | |
Derivative Financial Instruments [Member] | Level 3 [Member] | Swaps [member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | |
Derivative Financial Instruments [Member] | Level 3 [Member] | Other Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 30 | |
Derivative Financial Instruments [Member] | Level 1 [Member] | Swaps [member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | |
Derivative Financial Instruments [Member] | Level 1 [Member] | Other Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | |
Derivative Financial Instruments [Member] | Others assets and liabilities [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 93 | |
Subtotal financial assets | 336 | |
Non-financial assets | 0 | |
Total financial asset | 336 | |
Derivative Financial Instruments [Member] | Others [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 213 | |
Derivative Financial Instruments [Member] | Others [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Derivative Financial Instruments [Member] | Others one [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 30 | |
Derivative Financial Instruments [Member] | Foreign Currency Future Contracts [member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 0 | |
Subtotal financial assets | 194 | |
Non-financial assets | 0 | |
Total financial asset | 194 | |
Financial liabilities at amortized cost | 0 | |
Subtotal financial liabilities | 207 | |
Non-financial liabilities | 0 | |
Derivative Financial Instruments [Member] | Foreign Currency Future Contracts [member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 194 | |
Financial liabilities at fair value through profit or loss | 207 | |
Derivative Financial Instruments [Member] | Foreign Currency Future Contracts [member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Financial liabilities at fair value through profit or loss | 0 | |
Derivative Financial Instruments [Member] | Foreign Currency Future Contracts [member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Financial liabilities at fair value through profit or loss | 0 | |
Derivative Financial Instruments [Member] | Forwards [Member] | ||
Statement [Line Items] | ||
Financial liabilities at amortized cost | 0 | |
Subtotal financial liabilities | 92 | |
Non-financial liabilities | 0 | |
Total financial liability | 92 | |
Derivative Financial Instruments [Member] | Forwards [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 92 | |
Derivative Financial Instruments [Member] | Forwards [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | |
Derivative Financial Instruments [Member] | Forwards [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial liabilities at fair value through profit or loss | 0 | |
Restricted Assets [member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 12,136 | |
Subtotal financial assets | 12,136 | |
Non-financial assets | 0 | |
Total financial asset | 12,136 | |
Restricted Assets [member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Restricted Assets [member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Restricted Assets [member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Financial Assets Held-For-Sale, Category [Member] | Clal [member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 0 | |
Subtotal financial assets | 5,072 | |
Non-financial assets | 0 | |
Total financial asset | 5,072 | |
Financial Assets Held-For-Sale, Category [Member] | Clal [member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Financial Assets Held-For-Sale, Category [Member] | Clal [member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Financial Assets Held-For-Sale, Category [Member] | Clal [member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 5,072 | |
Cash And Cash Equivalents [member] | Cash At Bank And On Hand [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 1,128 | 37,059 |
Subtotal financial assets | 1,128 | 37,059 |
Non-financial assets | 0 | 0 |
Total financial asset | 1,128 | 37,059 |
Cash And Cash Equivalents [member] | Cash At Bank And On Hand [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Cash And Cash Equivalents [member] | Cash At Bank And On Hand [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Cash And Cash Equivalents [member] | Cash At Bank And On Hand [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Cash And Cash Equivalents [member] | Short Term Investments [Member] | ||
Statement [Line Items] | ||
Financial assets at amortized cost | 0 | 94,064 |
Subtotal financial assets | 803 | 98,660 |
Non-financial assets | 0 | 0 |
Total financial asset | 803 | 98,660 |
Cash And Cash Equivalents [member] | Short Term Investments [Member] | Level 2 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 803 | 0 |
Cash And Cash Equivalents [member] | Short Term Investments [Member] | Level 3 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Cash And Cash Equivalents [member] | Short Term Investments [Member] | Level 1 [Member] | ||
Statement [Line Items] | ||
Financial assets at fair value through profit or loss | $ 0 | $ 4,596 |
Financial instruments by cate_4
Financial instruments by category (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Net amount presented | $ 13,546 | $ 262,057 |
Net amount presented | 65,074 | 604,285 |
Trade And Other Payables one [Member] | ||
Statement [Line Items] | ||
Gross amounts recognized | 4,935 | 40,844 |
Gross amounts offset | (2,051) | (3,315) |
Net amount presented | 2,884 | 37,529 |
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts And Other Receivables [Member] | ||
Statement [Line Items] | ||
Gross amounts recognized | 9,282 | 77,448 |
Gross amounts offset | (2,051) | (3,315) |
Net amount presented | $ 7,231 | $ 74,133 |
Financial instruments by cate_5
Financial instruments by category (Details 2) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Interest income | $ 360,000,000 | $ 299,000,000 | $ 260,000,000 |
Interest expense | (6,409,000,000) | (8,607,000,000) | (6,667,000,000) |
Interest expense on lease liabilities | (97,000,000) | (81,000,000) | |
Foreign exchange gains, net | 7,020,000,000 | (9,383,000,000) | 1,507,000,000 |
Dividend income | 1,000,000 | 21,000,000 | 21,000,000 |
Gain/Loss from repurchase of negotiable obligations | (95,000,000) | 139,000,000 | |
Fair value gain on financial assets at fair value through profit or loss | 5,318,000,000 | 505,000,000 | 1,026,000,000 |
Interest generated by operating credits | 97,000,000 | 254,000,000 | 369,000,000 |
Gain on derivative financial instruments, net | (452,000,000) | (549,000,000) | 837,000,000 |
Other finance costs | (866,000,000) | (563,000,000) | (520,000,000) |
Total financial instruments | 4,877,000,000 | (17,965,000,000) | (3,167,000,000) |
Financial Assets And Liabilities At Amortised Cost Category [Member] | |||
Statement [Line Items] | |||
Interest income | 360,000,000 | 299,000,000 | 260,000,000 |
Interest expense | (6,409,000,000) | (8,607,000,000) | (6,667,000,000) |
Interest expense on lease liabilities | (97,000,000) | (81,000,000) | |
Foreign exchange gains, net | 7,020,000,000 | (9,383,000,000) | 1,507,000,000 |
Dividend income | 1,000,000 | 21,000,000 | 21,000,000 |
Gain/Loss from repurchase of negotiable obligations | (95,000,000) | 139,000,000 | |
Fair value gain on financial assets at fair value through profit or loss | 0 | 0 | 0 |
Interest generated by operating credits | 97,000,000 | 254,000,000 | 369,000,000 |
Gain on derivative financial instruments, net | 0 | 0 | 0 |
Other finance costs | (866,000,000) | (563,000,000) | (520,000,000) |
Total financial instruments | 11,000,000 | (17,921,000,000) | (5,030,000,000) |
Financial Assets And Liabilities At Fair Value Through Profit Or Loss Category [Member] | |||
Statement [Line Items] | |||
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Interest expense on lease liabilities | 0 | 0 | |
Foreign exchange gains, net | 0 | 0 | 0 |
Dividend income | 0 | 0 | 0 |
Gain/Loss from repurchase of negotiable obligations | 0 | 0 | |
Fair value gain on financial assets at fair value through profit or loss | 5,318,000,000 | 505,000,000 | 1,026,000,000 |
Interest generated by operating credits | 0 | 0 | 452,000,000 |
Gain on derivative financial instruments, net | (452,000,000) | (549,000,000) | 837,000,000 |
Other finance costs | 0 | 0 | 866,000,000 |
Total financial instruments | $ 4,866,000,000 | $ (44,000,000) | $ 1,863,000,000 |
Financial instruments by cate_6
Financial instruments by category (Details 3) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Additions and acquisitions | $ 53,000,000 | |
Transfer between levels | 527,000,000 | |
Currency translation adjustments | $ (4,000,000) | 1,230,000,000 |
Write off | (2,383,000,000) | |
Gain / (loss) for the year | 9,000,000 | (749,000,000) |
Derivative Financial Instruments [Member] | ||
Statement [Line Items] | ||
Additions and acquisitions | 0 | |
Transfer between levels | 527,000,000 | |
Currency translation adjustments | 0 | 368,000,000 |
Write off | (916,000,000) | |
Gain / (loss) for the year | 0 | 30,000,000 |
Derivative Financial Instruments [Member] | Forwards [Member] | ||
Statement [Line Items] | ||
Additions and acquisitions | 0 | |
Transfer between levels | 0 | |
Currency translation adjustments | 0 | (10,000,000) |
Write off | 0 | |
Gain / (loss) for the year | 0 | 84,000,000 |
Investments In Financial Assets [Member] | Private Companies Securities [Member] | ||
Statement [Line Items] | ||
Additions and acquisitions | 53,000,000 | |
Transfer between levels | 0 | |
Currency translation adjustments | 0 | 714,000,000 |
Write off | 0 | |
Gain / (loss) for the year | 0 | (318,000,000) |
Investments In Financial Assets [Member] | Total Others [Member] | ||
Statement [Line Items] | ||
Additions and acquisitions | 0 | |
Transfer between levels | 0 | |
Currency translation adjustments | (4,000,000) | 158,000,000 |
Write off | (1,467,000,000) | |
Gain / (loss) for the year | $ 9,000,000 | $ (545,000,000) |
Financial instruments by cate_7
Financial instruments by category (Details 4) | 12 Months Ended |
Jun. 30, 2021 | |
Promissory Note [Member] | Level 3 [Member] | |
Statement [Line Items] | |
Description | Promissory note |
Pricing model / method | Theoretical price |
Parameters | Price of the underlying (Market price) and volatility of the share (historical) and market interest rate (Libor Curve). |
Range | Price of the underlying 3 to 4. Volatility of the share 57% to 77%. Market interest rate 0.75% to 1.25% |
Cash Flow / NAV - Theoretical Price [Member] | Level 3 [Member] | |
Statement [Line Items] | |
Description | Investments in financial assets - Other private companies’ securities |
Pricing model / method | Cash flow / NAV |
Parameters | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. |
Range | 1 - 3.5 |
Theoretical Price [Member] | Level 2 And 3 [Member] | |
Statement [Line Items] | |
Description | Derivative financial instruments Forwards |
Pricing model / method | Theoretical price |
Parameters | Underlying asset price and volatility |
Range | 0 |
Trade and other receivables (De
Trade and other receivables (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Sale, leases and services receivables | $ 4,593 | $ 57,756 |
Less: Allowance for doubtful accounts | (851) | (5,610) |
Total trade receivables | 3,742 | 52,146 |
Prepaid expenses | 805 | 20,271 |
Borrowings, deposits and others | 3,669 | 15,064 |
Advances to suppliers | 950 | 1,516 |
Tax receivables | 1,166 | 1,208 |
Others | 990 | 322 |
Total other receivables | 7,580 | 38,381 |
Total trade and other receivables | 11,322 | 90,527 |
Non-current | 2,847 | 34,738 |
Current | 8,475 | 55,789 |
Total trade and other receivables including current | $ 11,322 | $ 90,527 |
Trade and other receivables (_2
Trade and other receivables (Details 1) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Beginning of the year | $ 5,610,000,000 | $ 3,985,000,000 |
Additions (i) | 755,000,000 | 1,544,000,000 |
Recovery (i) | (229,000,000) | (164,000,000) |
Currency translations adjustment | (276,000,000) | 1,597,000,000 |
Trade and other receivables, deconsolidation | (4,643,000,000) | (30,000,000) |
Receivables written off during the period/year as uncollectable | (28,000,000) | (1,077,000,000) |
Transfer to assets held for sale | 0 | (30,000,000) |
Incorporation by business combination | 0 | 27,000,000 |
Inflation adjustment | (338,000,000) | (242,000,000) |
End of the year | $ 851,000,000 | $ 5,610,000,000 |
Trade and other receivables (_3
Trade and other receivables (Details 2) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
% of representation | 100.00% | 100.00% |
Additions / (reversals) for doubtful accounts | $ (194,000,000) | $ (703,000,000) |
Leases And Services [Member] | ||
Statement [Line Items] | ||
% of representation | 95.58% | 9.22% |
Additions / (reversals) for doubtful accounts | $ (194,000,000) | $ (128,000,000) |
Consumer Financing [Member] | ||
Statement [Line Items] | ||
% of representation | 0.35% | 0.04% |
Additions / (reversals) for doubtful accounts | $ 0 | $ 14,000,000 |
Sale Of Properties And Developments [Member] | ||
Statement [Line Items] | ||
% of representation | 4.07% | 2.37% |
Additions / (reversals) for doubtful accounts | $ 0 | $ 0 |
Sale Of Communication Equipment [Member] | ||
Statement [Line Items] | ||
% of representation | 36.78% | |
Additions / (reversals) for doubtful accounts | $ 0 | |
Telecommunication Services [Member] | ||
Statement [Line Items] | ||
% of representation | 43.45% | |
Additions / (reversals) for doubtful accounts | $ (589,000,000) | |
Agricultural products [Member] | ||
Statement [Line Items] | ||
% of representation | 8.14% | |
Additions / (reversals) for doubtful accounts | $ 0 | |
Non-Past Due [Member] | ||
Statement [Line Items] | ||
Leases and services | 0 | 0 |
Consumer financing | 0 | 0 |
Sale of properties and developments | 0 | 0 |
Sale of communication equipment | 20,538,000,000 | |
Agricultural products | 1,741,000,000 | |
Telecommunication services | 18,385,000,000 | |
Total other receivables | 2,500,000,000 | 45,214,000,000 |
Impaired [Member] | ||
Statement [Line Items] | ||
Leases and services | 835,000,000 | 1,044,000,000 |
Consumer financing | 16,000,000 | 24,000,000 |
Sale of properties and developments | 2,000,000 | |
Sale of communication equipment | 703,000,000 | |
Agricultural products | 30,000,000 | |
Telecommunication services | 3,807,000,000 | |
Total other receivables | 851,000,000 | 5,610,000,000 |
Past Due, Total [Member] | ||
Statement [Line Items] | ||
Leases and services | 4,390,000,000 | 5,325,000,000 |
Consumer financing | 16,000,000 | 24,000,000 |
Sale of properties and developments | 187,000,000 | 1,370,000,000 |
Sale of communication equipment | 21,241,000,000 | |
Agricultural products | 4,703,000,000 | |
Telecommunication services | 25,093,000,000 | |
Total other receivables | 4,593,000,000 | 57,756,000,000 |
Up to 3 Months [Member] | ||
Statement [Line Items] | ||
Leases and services | 338,000,000 | 584,000,000 |
Consumer financing | 0 | 0 |
Sale of properties and developments | 0 | 284,000,000 |
Sale of communication equipment | 0 | |
Agricultural products | 2,352,000,000 | |
Telecommunication services | 2,230,000,000 | |
Total other receivables | 338,000,000 | 5,450,000,000 |
3 To 6 Months [Member] | ||
Statement [Line Items] | ||
Leases and services | 247,000,000 | 84,000,000 |
Consumer financing | 0 | 0 |
Sale of properties and developments | 0 | 8,000,000 |
Sale of communication equipment | 0 | |
Agricultural products | 397,000,000 | |
Telecommunication services | 0 | |
Total other receivables | 247,000,000 | 489,000,000 |
Over 6 Months [Member] | ||
Statement [Line Items] | ||
Leases and services | 657,000,000 | 131,000,000 |
Sale of properties and developments | 8,000,000 | |
Agricultural products | 183,000,000 | |
Telecommunication services | 671,000,000 | |
Total other receivables | $ 657,000,000 | $ 993,000,000 |
Cash flow information (Details)
Cash flow information (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income / (loss) | $ (37,591,000,000) | $ 35,651,000,000 | $ (57,634,000,000) |
Profit for the period from discontinued operations | 8,923,000,000 | 4,947,000,000 | 2,380,000,000 |
Adjustments for: | |||
Income tax | 21,673,000,000 | 10,065,000,000 | (6,760,000,000) |
Amortization and depreciation | 642,000,000 | 716,000,000 | 560,000,000 |
Net gain / (loss) from fair value adjustment of investment properties | 7,770,000,000 | (50,664,000,000) | 58,231,000,000 |
Share-based compensation | 0 | 0 | 94,000,000 |
Impairment of goodwill | 0 | 0 | 277,000,000 |
Impairment of properties for sale | 0 | 0 | 69,000,000 |
Gain from disposal of subsidiary and associates | (37,000,000) | 0 | 225,000,000 |
Financial results, net | (6,609,000,000) | 19,737,000,000 | 2,888,000,000 |
Provisions and allowances | 281,000,000 | 1,251,000,000 | 1,369,000,000 |
Share of (profit) /loss of associates and joint ventures | 4,380,000,000 | (10,847,000,000) | 10,587,000,000 |
Changes in operating assets and liabilities: | |||
Decrease in inventories | 26,000,000 | 6,000,000 | 34,000,000 |
Decrease in trading properties | (28,000,000) | (592,000,000) | (1,308,000,000) |
Increase in restricted assets | 0 | (1,750,000,000) | 0 |
Decrease / (Increase) in trade and other receivables | 1,514,000,000 | 2,854,000,000 | (69,000,000) |
Decrease in trade and other payables | (2,543,000,000) | (458,000,000) | (1,820,000,000) |
Increase / (decrease) in salaries and social security liabilities | 53,000,000 | (290,000,000) | (195,000,000) |
Decrease in provisions | (108,000,000) | (798,000,000) | (118,000,000) |
Net cash (used in) / generated by continuing operating activities before income tax paid | (1,654,000,000) | 9,828,000,000 | 8,810,000,000 |
Net cash generated by discontinued operating activities before income tax paid | 3,401,000,000 | 37,880,000,000 | 33,916,000,000 |
Net cash generated by operating activities before income tax paid | $ 1,747,000,000 | $ 47,708,000,000 | $ 42,726,000,000 |
Cash flow information (Details
Cash flow information (Details 1) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Investment properties | $ 117,547,000,000 | $ 233,714,000,000 | $ (14,634,000,000) |
Property, plant and equipment | 47,989,000,000 | (7,581,000,000) | (96,187,000,000) |
Trading properties | 7,690,000,000 | 233,000,000 | 0 |
Intangible assets | 36,546,000,000 | 4,842,000,000 | (20,666,000,000) |
Investments in associates and joint ventures | 48,443,000,000 | 3,781,000,000 | (1,220,000,000) |
Deferred income tax assets | 568,000,000 | 0 | 0 |
Restricted assets | 8,400,000,000 | 321,000,000 | (305,000,000) |
Income tax and MPIT credit | 426,000,000 | 66,000,000 | 0 |
Trade and other receivables | 70,693,000,000 | (13,598,000,000) | (39,759,000,000) |
Right-of-use assets | 25,853,000,000 | (5,973,000,000) | 0 |
Investments in financial assets | 31,643,000,000 | 20,343,000,000 | (9,506,000,000) |
Derivative financial instruments | 368,000,000 | (56,000,000) | (77,000,000) |
Inventories | 4,712,000,000 | (3,760,000,000) | (19,691,000,000) |
Group of assets held for sale | 55,028,000,000 | 0 | 0 |
Borrowings | (425,321,000,000) | (132,296,000,000) | 70,300,000,000 |
Lease liabilities | (23,696,000,000) | 0 | 0 |
Deferred income tax liabilities | (16,261,000,000) | (30,349,000,000) | 9,338,000,000 |
Trade and other payables | (30,751,000,000) | 3,474,000,000 | 76,590,000,000 |
Lease liabilities | 0 | 3,120,000,000 | 0 |
Provisions | (7,095,000,000) | 86,000,000 | 1,442,000,000 |
Employee benefits | (624,000,000) | 161,000,000 | 4,188,000,000 |
Derivative financial instruments | 9,000,000 | 0 | 0 |
Salaries and social security liabilities | (4,427,000,000) | 207,000,000 | 7,979,000,000 |
Salaries and social security liabilities | (28,805,000,000) | 0 | 0 |
Income tax expense | (596,000,000) | (161,000,000) | 24,000,000 |
Net value of incorporated assets that do not affect cash | (82,294,000,000) | 76,574,000,000 | (32,184,000,000) |
Cash and cash equivalents | 145,330,000,000 | 9,017,000,000 | 18,550,000,000 |
Non-controlling interest | (62,519,000,000) | 76,219,000,000 | 24,477,000,000 |
Goodwill | 0 | (565,000,000) | 246,000,000 |
Net value of assets incorporated / intended for sale | (290,143,000,000) | 143,211,000,000 | (26,011,000,000) |
Seller Financed Amount | 0 | 0 | (126,000,000) |
Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale | $ (290,143,000,000) | $ 143,211,000,000 | $ (26,137,000,000) |
Cash flow information (Detail_2
Cash flow information (Details 2) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Decrease of associates and joint ventures through a decrease of shareholders' equity | $ 0 | $ 3,111,000,000 | $ 0 |
Increase of investment properties through a decrease of financial assets | 0 | 418,000,000 | 0 |
Increase of properties for sale through an increase in borrowings | 61,000,000 | 18,000,000 | 26,000,000 |
Increase of property, plant and equipment through an increase of trade and other payables | 0 | 1,110,000,000 | 1,282,000,000 |
Increase of intangible assets through an increase of trade and other payables | 0 | 742,000,000 | 496,000,000 |
Distribution of dividends on shares | 727,000,000 | 885,000,000 | 3,922,000,000 |
Increase in property, plant and equipment through increased borrowings | 0 | 0 | 9,000,000 |
Registration of investment properties through a decrease in credits for trade and other receivables | 0 | 42,000,000 | 863,000,000 |
Issuance of NCN | 0 | 32,000,000 | 5,038,000,000 |
Decrease of property, plant and equipment through an increase of receivables and tax debts | 83,000,000 | 0 | 0 |
Distribution of dividends to non-controlling interest pending payment | 0 | 2,645,000,000 | (511,000,000) |
Decrease of in investments in associates and joint ventures through a decrease in borrowings | 0 | 0 | 13,000,000 |
Decrease in borrowings through a decrease in financial assets | 0 | 3,686,000,000 | 0 |
Increase in investment properties through an increase in trade and other payables | 0 | 1,068,000,000 | 1,058,000,000 |
Increase of investment properties through an increase of borrowings | 407,000,000 | 151,000,000 | 330,000,000 |
Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) | 0 | 21,214,000,000 | 0 |
Increase in rights of use through an increase in lease liabilities | 0 | 12,153,000,000 | 0 |
Increase of rights of use through a decrease of property, plant and equipments | $ 817,000,000 | $ 0 | $ 0 |
Shareholders Equity (Details Na
Shareholders Equity (Details Narrative) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2017 | |
Special reserve | $ 10,121 | |
Nominal value per share | $ 1 | |
Description of legal reserve | According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of a legal reserve until it reaches the legal capped amount (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group reached the legal limit of this reserve | |
Reserve | $ 425 |
Trade and other payables (Detai
Trade and other payables (Details) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Trade payables | $ 1,029,000,000 | $ 28,114,000,000 |
Advances from sales, leases and services | 3,013,000,000 | 3,976,000,000 |
Construction obligations | 0 | 611,000,000 |
Accrued invoices | 859,000,000 | 659,000,000 |
Deferred income | 0 | 213,000,000 |
Total trade payables | 4,901,000,000 | 33,573,000,000 |
Dividends payable to non-controlling interest | 0 | 336,000,000 |
Tax payable | 683,000,000 | 239,000,000 |
Other payables | 906,000,000 | 13,677,000,000 |
Total other payables | 1,589,000,000 | 14,252,000,000 |
Total trade and other payables | 6,490,000,000 | 47,825,000,000 |
Trade and other payables | 1,387,000,000 | 3,258,000,000 |
Current | 5,103,000,000 | 44,567,000,000 |
Total other payable | $ 6,490,000,000 | $ 47,825,000,000 |
Provisions (Details)
Provisions (Details) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
As of beginning | $ 8,206,000,000 | $ 20,901,000,000 |
Additions | 9,000,000 | 715,000,000 |
Share of los of associates | (11,206,000,000) | |
Incorporated by business combination | 84,000,000 | |
Recovery | (52,000,000) | (1,581,000,000) |
Used during the period / year | (129,000,000) | (1,250,000,000) |
Deconsolidation | (7,095,000,000) | |
Inflation adjustment | (114,000,000) | (102,000,000) |
Currency translation adjustment | (624,000,000) | 705,000,000 |
As of end | 261,000,000 | 8,206,000,000 |
Legal Claims [Member] | ||
Statement [Line Items] | ||
As of beginning | 3,747,000,000 | 3,587,000,000 |
Additions | 92,000,000 | 665,000,000 |
Share of los of associates | 0 | |
Incorporated by business combination | 84,000,000 | |
Recovery | (33,000,000) | (65,000,000) |
Used during the period / year | (101,000,000) | (978,000,000) |
Deconsolidation | (3,093,000,000) | |
Inflation adjustment | (114,000,000) | (102,000,000) |
Currency translation adjustment | (244,000,000) | 556,000,000 |
As of end | 254,000,000 | 3,747,000,000 |
Investments In Associates And Joint Ventures [Member] | ||
Statement [Line Items] | ||
As of beginning | 26,000,000 | 13,006,000,000 |
Additions | 0 | 0 |
Share of los of associates | (11,206,000,000) | |
Incorporated by business combination | 0 | |
Recovery | (19,000,000) | (1,516,000,000) |
Used during the period / year | 0 | 0 |
Deconsolidation | 0 | |
Inflation adjustment | 0 | 0 |
Currency translation adjustment | 0 | (258,000,000) |
As of end | 7,000,000 | 26,000,000 |
Site Dismantling And Remediation [Member] | ||
Statement [Line Items] | ||
As of beginning | 672,000,000 | 514,000,000 |
Additions | 28,000,000 | 50,000,000 |
Share of los of associates | 0 | |
Incorporated by business combination | 0 | |
Recovery | 0 | 0 |
Used during the period / year | 0 | 0 |
Deconsolidation | (653,000,000) | 0 |
Inflation adjustment | 0 | 0 |
Currency translation adjustment | (47,000,000) | 108,000,000 |
As of end | 0 | 672,000,000 |
Other Provisions [Member] | ||
Statement [Line Items] | ||
As of beginning | 3,821,000,000 | 3,794,000,000 |
Additions | 111,000,000 | |
Share of los of associates | 0 | |
Incorporated by business combination | 0 | |
Recovery | 0 | 0 |
Used during the period / year | (28,000,000) | (272,000,000) |
Deconsolidation | (3,349,000,000) | |
Inflation adjustment | 0 | 0 |
Currency translation adjustment | (333,000,000) | 299,000,000 |
As of end | $ 0 | $ 3,821,000,000 |
Provisions (Details 1)
Provisions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Non-current | $ 114 | $ 4,601 |
Current | 147 | 3,665 |
Total provision | $ 261 | $ 8,266 |
Borrowings (Details)
Borrowings (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Total non-current borrowings | $ 46,724 | $ 447,323 | |
Total current borrowings | 15,409 | 117,668 | |
Borrowings total amount | 62,133 | 564,991 | $ 670,906 |
At Fair Value [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 59,036 | 453,121 | |
NCN [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 51,884 | 474,404 | |
NCN [Member] | At Fair Value [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 48,778 | 378,531 | |
Bank loans [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 3,116 | 84,521 | |
Other Borrowings [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 1,383 | 1,980 | |
Other Borrowings [Member] | At Fair Value [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 1,383 | 2,420 | |
AABE Debt [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 258 | 273 | |
AABE Debt [Member] | At Fair Value [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 258 | 273 | |
Loans with Non-controlling Interests [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 208 | 166 | |
Loans with Non-controlling Interests [Member] | At Fair Value [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 208 | 166 | |
Bank Overdrafts [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 5,284 | 3,647 | |
Bank Overdrafts [Member] | At Fair Value [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 5,280 | 3,647 | |
Bank Loans [Member] | At Fair Value [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | $ 3,129 | $ 68,084 |
Borrowings (Details 1)
Borrowings (Details 1) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Share capital | $ 60,741,000,000 | $ 563,684,000,000 | |
Interest | 1,392,000,000 | 1,305,000,000 | |
Leases | 2,000,000 | ||
Borrowings | 62,133,000,000 | 564,991,000,000 | $ 670,906,000,000 |
Less Than 1 year [Member] | |||
Statement [Line Items] | |||
Share capital | 14,169,000,000 | 116,503,000,000 | |
Interest | 1,240,000,000 | 1,165,000,000 | |
Between 1 And 2 Years [Member] | |||
Statement [Line Items] | |||
Share capital | 40,579,000,000 | 64,461,000,000 | |
Interest | 54,000,000 | 0 | |
Between 2 and 3 years [Member] | |||
Statement [Line Items] | |||
Share capital | 5,682,000,000 | 164,789,000,000 | |
Interest | 13,000,000 | 71,000,000 | |
Between 3 and 4 years [Member] | |||
Statement [Line Items] | |||
Share capital | 166,000,000 | 53,531,000,000 | |
Interest | 45,000,000 | 0 | |
Between 4 and 5 years [Member] | |||
Statement [Line Items] | |||
Share capital | 59,000,000 | 48,428,000,000 | |
Interest | 6,000,000 | 38,000,000 | |
Later Than Five Years [Member] | |||
Statement [Line Items] | |||
Share capital | 86,000,000 | 115,972,000,000 | |
Interest | $ 34,000,000 | $ 31,000,000 |
Borrowings (Details 2)
Borrowings (Details 2) | Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019ARS ($) |
Rate per currency | |||||
Subtotal fixed-rate borrowings | $ 59,871,000,000 | $ 357,877,000,000 | |||
Subtotal floating-rate borrowings | 2,262,000,000 | 207,112,000,000 | |||
Total borrowings as per analysis | 62,133,000,000 | 564,989,000,000 | |||
Finance leases obligations | 2,000,000 | ||||
Borrowings total amount | 62,133,000,000 | 564,991,000,000 | $ 670,906,000,000 | ||
Floating rate [Member] | |||||
Rate per currency | |||||
Subtotal floating-rate borrowings | 2,262,000,000 | 207,112,000,000 | |||
Fixed rate [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | 59,871,000,000 | 357,877,000,000 | |||
Argentine Peso [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | 10,126,000,000 | 91,213,000,000 | |||
Subtotal floating-rate borrowings | 271,000,000 | 4,646,000,000 | |||
Total borrowings as per analysis | 10,397,000,000 | 95,859,000,000 | |||
Finance leases obligations | $ 2,000,000 | ||||
Borrowings total amount | 10,397,000,000 | 95,861,000,000 | |||
Argentine Peso [Member] | Floating rate [Member] | |||||
Rate per currency | |||||
Subtotal floating-rate borrowings | 271,000,000 | 1,340,000,000 | |||
Argentine Peso [Member] | Fixed rate [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | $ 10,126,000,000 | 3,648,000,000 | |||
Uruguayan Peso [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | 777,000,000 | ||||
Subtotal floating-rate borrowings | 777 | ||||
Total borrowings as per analysis | 777,000,000 | ||||
Finance leases obligations | 0 | ||||
Borrowings total amount | 777,000,000 | ||||
Uruguayan Peso [Member] | Fixed rate [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | 777,000,000 | ||||
USD [Member] | Fixed rate [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | 219,000,000 | ||||
New Israel Shekel [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | 265,668,000,000 | ||||
Subtotal floating-rate borrowings | 202,466,000,000 | ||||
Total borrowings as per analysis | 468,134,000,000 | ||||
Finance leases obligations | 0 | ||||
Borrowings total amount | 468,134,000,000 | ||||
New Israel Shekel [Member] | Floating rate [Member] | |||||
Rate per currency | |||||
Subtotal floating-rate borrowings | 202,466,000,000 | ||||
New Israel Shekel [Member] | Fixed rate [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | 265,277,000,000 | ||||
US Dollar [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | $ 49,745,000,000 | 219,000,000 | |||
Subtotal floating-rate borrowings | 1,991,000,000 | ||||
Total borrowings as per analysis | 51,736,000,000 | 219,000,000 | |||
Finance leases obligations | $ 0 | ||||
Borrowings total amount | 51,736,000,000 | 219,000,000 | |||
US Dollar [Member] | Floating rate [Member] | |||||
Rate per currency | |||||
Subtotal floating-rate borrowings | 1,991,000,000 | 3,306,000,000 | |||
US Dollar [Member] | Fixed rate [Member] | |||||
Rate per currency | |||||
Subtotal fixed-rate borrowings | $ 49,745,000,000 | $ 88,952,000,000 |
Borrowings (Details 3)
Borrowings (Details 3) - IRSA [Member] $ in Millions | 12 Months Ended |
Jun. 30, 2021ARS ($) | |
Class I [Member] | |
Statement [Line Items] | |
Issuance / expansion date | nov-20 |
Maturity date | 3/1/2023 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | 10.00% n.a |
Class VII [Member] | |
Statement [Line Items] | |
Issuance / expansion date | jul-20 |
Maturity date | 1/21/2023 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | 4.00% n.a |
Class VII [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 34 |
Class VIII [Member] | |
Statement [Line Items] | |
Issuance / expansion date | nov-20 |
Maturity date | 11/12/2023 |
Principal payment | 33% at Nov-21, 33% at Nov-22, 33% at Nov-23 |
Interest payment | quarterly |
Description of interest rate | 10,00% n.a |
Class VIII [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 32 |
Class VI [Member] | |
Statement [Line Items] | |
Issuance / expansion date | jul-20 |
Maturity date | 7/21/2021 |
Principal payment | 30% at April-21, 70% at expiration |
Interest payment | quarterly |
Description of interest rate | Badlar + 4.00% n.a |
Class VI [Member] | Argentina country [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 335 |
Class XII [Member] | |
Statement [Line Items] | |
Issuance / expansion date | mar-21 |
Maturity date | 3/31/2024 |
Principal payment | At expiration |
Interest payment | biannual |
Description of interest rate | 4.00% n.a. |
Class XII [Member] | UVAs [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 54 |
Class IX [Member] | |
Statement [Line Items] | |
Issuance / expansion date | nov-20 |
Maturity date | 3/1/2023 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | 10.00% n.a |
Class IX [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 81 |
Class X [Member] | |
Statement [Line Items] | |
Issuance / expansion date | nov-20 |
Maturity date | 3/31/2022 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | Badlar + 5.00% n.a |
Class X [Member] | Argentina, Pesos [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 701 |
Class I tramo2 [Member] | |
Statement [Line Items] | |
Issuance / expansion date | aug-19 |
Maturity date | 11/15/2028 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | 10.00% n.a |
Class I tramo2 [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 85 |
Class II [Member] | |
Statement [Line Items] | |
Issuance / expansion date | aug-19 |
Maturity date | 8/6/2020 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | 10.50% n.a |
Class II [Member] | CLP [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 31,503 |
Class XI [Member] | |
Statement [Line Items] | |
Issuance / expansion date | mar-21 |
Maturity date | 3/1/2024 |
Principal payment | At expiration |
Interest payment | biannual |
Description of interest rate | 5.00% n.a. |
Class XI [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 16 |
Class IV [Member] | |
Statement [Line Items] | |
Issuance / expansion date | may-20 |
Maturity date | 5/19/2021 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | 7.00% n.a |
Class IV [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 51 |
Clase V [Member] | |
Statement [Line Items] | |
Issuance / expansion date | may-20 |
Maturity date | 5/19/2021 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | 9.00% n. |
Class V [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 9 |
Class I [Member] | USD [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 3 |
Class II One[Member] | |
Statement [Line Items] | |
Issuance / expansion date | may-20 |
Maturity date | 2/19/2021 |
Principal payment | At expiration |
Interest payment | quarterly |
Description of interest rate | Badlar,+ 0.6%n.a |
Class II One[Member] | Argentina, Pesos [Member] | |
Statement [Line Items] | |
Amount in original currency | $ 354 |
Borrowings (Details 4)
Borrowings (Details 4) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance at the beginning of the year | $ 564,991,000,000 | $ 670,906,000,000 | |
Borrowings | 7,058,000,000 | 0 | $ 0 |
Payment of borrowings | 39,849,000,000 | 40,601,000,000 | 6,015,000,000 |
Collection / (Payment) of short term loans, net | 4,028,000,000 | 3,779,000,000 | |
Interests paid | (14,352,000,000) | (28,769,000,000) | |
Deconsolidation (see Note 4) | (425,321,000,000) | (143,355,000,000) | |
Accrued interests | 11,870,000,000 | 30,731,000,000 | |
Cumulative translation adjustment and exchange differences, net | (43,904,000,000) | 89,760,000,000 | |
Inflation adjustment | (2,724,000,000) | (1,498,000,000) | |
Balance at the end of the year | $ 62,133,000,000 | $ 564,991,000,000 | $ 670,906,000,000 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) $ in Millions | Nov. 12, 2020USD ($) | Jul. 21, 2020USD ($) | Mar. 31, 2020ARS ($) | Jun. 30, 2021ARS ($) | Oct. 23, 2020USD ($) | Sep. 14, 2020USD ($) | Sep. 14, 2020ARS ($) | Aug. 06, 2020USD ($) | Jul. 20, 2020USD ($) | Jun. 30, 2020ARS ($) |
Statement [Line Items] | ||||||||||
Total Borrowings from collateralized liabilities | $ 713 | $ 12,497 | ||||||||
Financial leases | 2 | |||||||||
Loan to related party | $ 16,250,000,000,000 | |||||||||
Interest rate per year | 5 | |||||||||
Non-convertible notes issued | $ 38,400,000 | $ 65.5 | ||||||||
Non-convertible notes issued description | ARS 335.2 (equivalent to USD 4.7) Series VI NCNs denominated and payable in Argentine pesos at a variable rate (Private Badlar) + 4.0%, with interest accruing on a quarterly basis. The principal amount is repayable in two installments: the first one -equal to 30% of the par value of the notes- payable on the date that is 9 (nine) months after the Issue and Settlement Date and the second installment -equal to 70% of the par value of the notes- payable on the relevant due date, i.e. July 21, 2021. Notes were issued at 100% of their par value | Series X: denominated and payable in pesos for ARS 701.6 (equivalent at the time of issuance to USD 7.6) at a variable rate (private BADLAR + 5.0%) with quarterly payments. The principal will be paid on the due date, March 31, 2022. Price of issuance was 100.0% of the nominal value | ||||||||
Non-convertible notes issued exchange rate description | US$ 33.7 Series VII NCNs denominated in US$ and payable in Argentine pesos at the applicable exchange rate, at a fixed 4.0% rate, with interest accruing on a quarterly basis. Repayment of capital is due on January 21, 2021. Notes were issued at 100% of their par value. The proceeds were used to refinance short-term indebtedness. On January 21, 2021, the commitments of this note were cancelled | Series XI: denominated in USD and payable in ARS at the applicable exchange rate for USD 15.8 at a fixed rate of 5.0%, with semiannual payments plus, if applicable, the Premium Factor in the first year (as defined in the corresponding Prospectus Supplement) and principal expiring on March 31, 2024. Price of issuance was 98.39% of the nominal value (IRR 5.6%). | ||||||||
Nominal value of series I notes | $ 181,500,000 | |||||||||
Corresponding to the operations center in israel | $ 468,134 | |||||||||
Partial repayment the nominal value under circulation | 3,100,000 | |||||||||
Non-convertible notes issued exchange rate description UVA | Series XII: denominated in UVA and payable in ARS at the applicable UVA value for UVA 53.8 (equivalent at the time of issuance to ARS 3,868.2 and USD 42.1) at a fixed rate of 4.0%, with semiannual payments and principal expiring on March 31, 2024. Price of issuance was 100.0% of the nominal value | |||||||||
Principal installment | $ 140,000,000 | $ 47,000,000 | $ 75,000,000 | |||||||
Interest accrued | $ 1,800,000 | |||||||||
Nominal value of existing notes presented and accepted amount | $ 178,500,000 | |||||||||
Nominal value of existing notes presented and accepted percentage | 98.31 | |||||||||
Face value of existing notes presented and accepted | $ 104,300,000 | |||||||||
Nominal value to be issued | $ 31,700,000 | |||||||||
Issuance price percentage | 100 | |||||||||
Maturity date | Nov. 12, 2023 | |||||||||
Repayment of capital related to notes | $ 72,600,000 | |||||||||
Repayment of capital related to notes description | A sum of money of approximately USD 72,6 for repayment of capital of such existing notes presented to the Exchange, in cash, in United States Dollars, which will be equivalent to USD 0.69622593 for each USD 1 of existing notes presented to the Exchange; and | |||||||||
Annual nominal fixed interest rate | 10.00 | |||||||||
Amortization of capital of series VIII notes description | The capital of the Series VIII Notes will be amortized in 3 annual installments (33% of the capital on November 12, 2021, 33% of the capital on November 12, 2022, 34% of the capital on the maturity date of Series VIII). | |||||||||
Argentina country [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Principal installment | $ 10,381 | |||||||||
Interest accrued | $ 134 | |||||||||
Series IX [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Partial repayment the nominal value under circulation | $ 3,100,000 | |||||||||
Face value of existing notes presented and accepted | 74,200,000 | |||||||||
Nominal value to be issued | $ 80,700,000 | |||||||||
Issuance price percentage | 100 | |||||||||
Maturity date | Mar. 1, 2023 | |||||||||
Annual nominal fixed interest rate | 10.00 | |||||||||
Early bird transaction description | Early Bird: will consist of the payment of USD 0.02 for each USD 1 of existing notes delivered and accepted in the Exchange on or before the deadline date to Access the Early Bird. Said consideration will be paid in Pesos on the issue and settlement date according to the exchange rate published by Communication “A” 3500 of the Central Bank of Argentina on the business day prior to the expiration date of the Exchange, which is ARS 79.3433 for each USD 1 of Existing Notes delivered and accepted in the Exchange | |||||||||
Modifications terms of existing notes percentage | 90 |
Taxes (Details)
Taxes (Details) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Transaction 1 [Member] | |
Statement [Line Items] | |
Accumulated net taxable profit More of | $ 0 |
Accumulated net taxable profit To | 5,000,000 |
Corporate income tax will pay | $ 0 |
Corporate income tax More of % | 25 |
Corporate income tax On the surplus of | $ 0 |
Transaction 2 [Member] | |
Statement [Line Items] | |
Accumulated net taxable profit More of | 5,000,000 |
Accumulated net taxable profit To | 50,000,000 |
Corporate income tax will pay | $ 1,250,000 |
Corporate income tax More of % | 30 |
Corporate income tax On the surplus of | $ 5,000,000 |
Transaction 3 [Member] | |
Statement [Line Items] | |
Accumulated net taxable profit More of | 50,000,000 |
Corporate income tax will pay | $ 14,750,000 |
Corporate income tax More of % | 35 |
Corporate income tax On the surplus of | $ 50,000,000 |
Taxes (Details 1)
Taxes (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Current income tax | $ (958) | $ (386) | $ (337) |
Deferred income tax | (20,715) | (9,476) | 7,097 |
Minimum presumed income tax | 0 | (203) | 0 |
Income tax from continuing operations | $ (21,673) | $ (10,065) | $ 6,760 |
Taxes (Details 2)
Taxes (Details 2) | 12 Months Ended |
Jun. 30, 2021 | |
Argentina, Pesos [Member] | Minimum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 25.00% |
Argentina, Pesos [Member] | Maximum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 35.00% |
Uruguay [Member] | Minimum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 0.00% |
Uruguay [Member] | Maximum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 25.00% |
U.S.A. [Member] | Minimum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 0.00% |
U.S.A. [Member] | Maximum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 40.00% |
Israel [Member] | Minimum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 23.00% |
Israel [Member] | Maximum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 24.00% |
Bermuda [Member] | Minimum [Member] | |
Statement [Line Items] | |
Statutory taxes rates | 0.00% |
Taxes (Details 3)
Taxes (Details 3) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Profit from continuing operations at tax rate applicable in the respective countries | $ 2,099,000,000 | $ (16,122,000,000) | $ 17,519,000,000 |
Permanent differences: | |||
Share of profit of associates and joint ventures | (1,314,000,000) | 1,335,000,000 | (2,498,000,000) |
Unrecognized tax loss carryforwards | (2,361,000,000) | (1,253,000,000) | (2,772,000,000) |
Inflation adjustment permanent difference | 3,521,000,000 | 2,493,000,000 | 0 |
Tax rate differential | (15,186,000,000) | 3,729,000,000 | (122,000,000) |
Gain from disposal of subsidiaries | 0 | 0 | 859,000,000 |
Non-taxable profit, non-deductible expenses and others | (80,000,000) | 2,659,000,000 | (838,000,000) |
Fiscal transparency | (168,000,000) | 227,000,000 | 0 |
Tax inflation adjustment | (8,184,000,000) | (3,133,000,000) | (5,388,000,000) |
Income tax from continuing operations | $ (21,673,000,000) | $ (10,065,000,000) | $ 6,760,000,000 |
Taxes (Details 4)
Taxes (Details 4) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Deferred income tax asset to be recovered after more than 12 months | $ 1,599 | $ 22,629 |
Deferred income tax asset to be recovered within 12 months | 4,421 | 1,306 |
Deferred income tax assets | 6,020 | 23,935 |
Deferred income tax liability to be recovered after more than 12 months | (73,816) | (86,116) |
Deferred income tax liability to be recovered within 12 months | (506) | (3,012) |
Deferred income tax liability | (74,322) | (89,128) |
Deferred income tax assets (liabilities), net | $ (68,302) | $ (65,193) |
Taxes (Details 5)
Taxes (Details 5) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | $ (65,193,000,000) | $ (78,134,000,000) |
Cumulative translation adjustment | 1,681,000,000 | 2,367,000,000 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (20,438,000,000) | (9,970,000,000) |
Revaluation surplus reserve | (83,000,000) | (137,000,000) |
Charged / (Credited) to the revaluation surplus reserve | 539,000,000 | |
Taxes, deconsolidation | 15,693,000,000 | 21,444,000,000 |
Incorporation by business combination | 38,000,000 | (1,302,000,000) |
Assets (Liabilities), net at ending of period | (68,302,000,000) | (65,193,000,000) |
Investments [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | (107,000,000) | (197,000,000) |
Cumulative translation adjustment | 0 | 0 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | 104,000,000 | 90,000,000 |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | 0 | 0 |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | (3,000,000) | (107,000,000) |
Intangible Assets [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | (3,595,000,000) | (3,402,000,000) |
Cumulative translation adjustment | (1,179,000,000) | (768,000,000) |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | 168,000,000 | 575,000,000 |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | 4,531,000,000 | 0 |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | (75,000,000) | (3,595,000,000) |
Subtotal Liabilities [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | (89,128,000,000) | (99,282,000,000) |
Cumulative translation adjustment | (3,671,000,000) | (2,256,000,000) |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (17,976,000,000) | (8,906,000,000) |
Revaluation surplus reserve | (83,000,000) | (137,000,000) |
Charged / (Credited) to the revaluation surplus reserve | 539,000,000 | |
Taxes, deconsolidation | 36,536,000,000 | 22,216,000,000 |
Incorporation by business combination | 0 | (1,302,000,000) |
Assets (Liabilities), net at ending of period | (74,322,000,000) | (89,128,000,000) |
Borrowings Excluding Finance Lease [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | (1,433,000,000) | (1,589,000,000) |
Cumulative translation adjustment | (475,000,000) | (424,000,000) |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | 94,000,000 | 580,000,000 |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | 1,816,000,000 | 0 |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | 2,000,000 | (1,433,000,000) |
Others PPE 1 [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 1,478,000,000 | (802,000,000) |
Cumulative translation adjustment | (525,000,000) | (804,000,000) |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (2,718,000,000) | 3,722,000,000 |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | 1,626,000,000 | (273,000,000) |
Incorporation by business combination | 0 | (365,000,000) |
Assets (Liabilities), net at ending of period | (139,000,000) | 1,478,000,000 |
Other PPE [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 2,338,000,000 | 1,805,000,000 |
Cumulative translation adjustment | 522,000,000 | 250,000,000 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (267,000,000) | 613,000,000 |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | (2,119,000,000) | 0 |
Incorporation by business combination | 38,000,000 | 0 |
Assets (Liabilities), net at ending of period | 512,000,000 | 2,668,000,000 |
Property, Plant and Equipment [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 445,000,000 | 255,000,000 |
Cumulative translation adjustment | 74,000,000 | 1,524,000,000 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | 56,000,000 | (1,334,000,000) |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | (64,000,000) | 0 |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | 511,000,000 | 445,000,000 |
Trade and other receivables 1 [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | (1,385,000,000) | (1,335,000,000) |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (1,904,000,000) | (50,000,000) |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | (3,289,000,000) | (1,385,000,000) |
Investments 1 [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 9,000,000 | |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (9,000,000) | |
Revaluation surplus reserve | 0 | |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Incorporation by business combination | 0 | |
Trade And Other Payable [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 99,000,000 | |
Cumulative translation adjustment | 2,436 | |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | 2,837,000,000 | |
Revaluation surplus reserve | 0 | |
Taxes, deconsolidation | 9,621 | |
Incorporation by business combination | 0 | |
Assets (Liabilities), net at ending of period | 2,936,000,000 | |
Tax Loss Carry-Forwards [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 12,836,000,000 | 10,479,000,000 |
Cumulative translation adjustment | 2,320,000,000 | 1,560,000,000 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (5,884,000,000) | 922,000,000 |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | (9,039,000,000) | (125,000,000) |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | 233,000,000 | 12,836,000,000 |
Subtotal Assets [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 23,935,000,000 | 21,148,000,000 |
Cumulative translation adjustment | 5,352,000,000 | 4,623,000,000 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (2,462,000,000) | (1,064,000,000) |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | (20,843,000,000) | (772,000,000) |
Incorporation by business combination | 38,000,000 | 0 |
Assets (Liabilities), net at ending of period | 6,020,000,000 | 23,935,000,000 |
Investment Property and Property Plant and Equipment [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | (77,595,000,000) | (87,425,000,000) |
Cumulative translation adjustment | (1,492,000,000) | (260,000,000) |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (7,211,000,000) | (11,864,000,000) |
Revaluation surplus reserve | (83,000,000) | (137,000,000) |
Charged / (Credited) to the revaluation surplus reserve | 539,000,000 | |
Taxes, deconsolidation | 28,563,000,000 | 22,489,000,000 |
Incorporation by business combination | 0 | (937,000,000) |
Assets (Liabilities), net at ending of period | (57,818,000,000) | (77,595,000,000) |
Tax inflation adjustment [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | (6,491,000,000) | (4,532,000,000) |
Cumulative translation adjustment | 0 | 0 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (6,509,000,000) | (1,959,000,000) |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | 0 | 0 |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | (13,000,000,000) | (6,491,000,000) |
Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 7,986,000,000 | 8,600,000,000 |
Cumulative translation adjustment | 2,436,000,000 | 1,289,000,000 |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | (49,000,000) | (1,256,000,000) |
Revaluation surplus reserve | 0 | 0 |
Charged / (Credited) to the revaluation surplus reserve | 0 | |
Taxes, deconsolidation | (9,621,000,000) | (647,000,000) |
Incorporation by business combination | 0 | 0 |
Assets (Liabilities), net at ending of period | 752,000,000 | $ 7,986,000,000 |
Borrowings [Member] | ||
Statement [Line Items] | ||
Assets (Liabilities), net at beginning of period | 231,000,000 | |
Cumulative translation adjustment | 0 | |
Charged / (Credited) to the Consolidated Statements of Income and Other Comprehensive Income | 845,000,000 | |
Revaluation surplus reserve | 0 | |
Taxes, deconsolidation | 0 | |
Incorporation by business combination | 0 | |
Assets (Liabilities), net at ending of period | $ 1,076,000,000 |
Taxes (Details 6)
Taxes (Details 6) $ in Millions | Jun. 30, 2021ARS ($) |
2024 | $ 31 |
2025 | 477 |
2026 | 157 |
Total taxes | $ 665 |
Taxes (Details Narrative)
Taxes (Details Narrative) | 12 Months Ended | |||
Jun. 30, 2021ARS ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020ARS ($) | Jun. 30, 2018 | |
Statement [Line Items] | ||||
Deferred income tax liabilities, not recognize | $ 135,000,000 | |||
Deferred liability, group recognized | 1,361,000,000 | |||
Deferred income tax assets and liabilities, net | $ 18,166 | |||
Tax inflation adjustment, description | the update of the cost for goods acquired or investments made in the fiscal years that begin as of January 1, 2018 (applicable to IRSA for the year end June 30, 2019), considering the percentage variations of the CPI provided by the National Institute of Statistic and Census (INDEC); and (ii) the application of the adjustment set forth in Title VI of the Income Tax Law when a percentage of variation -of the aforementioned index price - accumulated in thirty-six (36) months prior to the fiscal year end that is liquidated, is greater than 100%, or, with respect to the first, second and third year after its validity, this procedure will be applicable in case the accumulated variation of that index price, calculated from the beginning of the first of them and until the end of each year, exceeds 55%, 30% and 15% for the first, second and third year of application, respectively. At the end of this year, there has been an accumulative variation of 50% in the index price that exceeds the expected condition of 55% for the application of the adjustment in said first year. Consequently, the tax inflation adjustment has been applied and the cost of goods acquired during the year 2019 has been updated as established in article 58 of the Argentine Income Tax Law | |||
Bottom of range [Member] | ||||
Statement [Line Items] | ||||
Reduction of the corporate tax rate | 21.00% | |||
Tax rate applicable to the companies | 25.00% | 25.00% | ||
Maximum [Member] | ||||
Statement [Line Items] | ||||
Reduction of the corporate tax rate | 35.00% | |||
Tax rate applicable to the companies | 30.00% | 30.00% | ||
Joint Ventures [Member] | ||||
Statement [Line Items] | ||||
Deferred income tax liabilities, not recognize | 135,000,000 | |||
Argentine Operations Center [Member] | ||||
Statement [Line Items] | ||||
Deferred income tax assets, not recognize | $ 1,883,000,000 | $ 197,000,000 |
Leases (Details)
Leases (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Operating Lease by lessee | $ 0 | $ 14,979 | $ 34,661 |
Later Than Five Years [Member] | |||
Statement [Line Items] | |||
Operating Lease by lessee | 0 | 3,602 | 1,355 |
Less Than 1 year [Member] | |||
Statement [Line Items] | |||
Operating Lease by lessee | 0 | 3,467 | 13,012 |
Later Than One Year And Not Later Than Five Years [Member] | |||
Statement [Line Items] | |||
Operating Lease by lessee | $ 0 | $ 7,910 | $ 20,294 |
Leases (Details 1)
Leases (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Operating Lease by lessor | $ 14,348 | $ 46,732 | $ 96,589 |
Later Than Five Years [Member] | |||
Statement [Line Items] | |||
Operating Lease by lessor | 2,266 | 14,574 | 32,083 |
Less Than 1 year [Member] | |||
Statement [Line Items] | |||
Operating Lease by lessor | 4,023 | 1,095 | 19,850 |
Later Than One Year And Not Later Than Five Years [Member] | |||
Statement [Line Items] | |||
Operating Lease by lessor | $ 8,059 | $ 31,063 | $ 44,656 |
Revenues (Details)
Revenues (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | |||
Rental and services income | $ 11,034 | $ 17,131 | $ 21,937 |
Sales of trading properties and developments | 1,024 | 1,095 | 1,631 |
Revenue from hotels operation and tourism services | 920 | 3,037 | 4,436 |
Revenues | $ 12,978 | $ 21,263 | $ 28,004 |
Expenses by nature (Details)
Expenses by nature (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Cost of sale of goods and services | $ 1,000,000,000 | $ 939,000,000 | $ 865,000,000 |
Salaries, social security costs and other personnel expenses | 3,541,000,000 | 4,262,000,000 | 5,429,000,000 |
Depreciation and amortization | 642,000,000 | 716,000,000 | 560,000,000 |
Fees and payments for services | 650,000,000 | 857,000,000 | 936,000,000 |
Maintenance, security, cleaning, repairs and others | 1,955,000,000 | 2,935,000,000 | 3,464,000,000 |
Advertising and other selling expenses | 398,000,000 | 877,000,000 | 1,002,000,000 |
Taxes, rates and contributions | 1,422,000,000 | 1,745,000,000 | 1,966,000,000 |
Director's fees | 845,000,000 | 613,000,000 | 998,000,000 |
Leases and service charges | 239,000,000 | 264,000,000 | 279,000,000 |
Allowance for doubtful accounts, net | 194,000,000 | 464,000,000 | 191,000,000 |
Other expenses | 185,000,000 | 323,000,000 | 476,000,000 |
Total cost and expense | 11,071,000,000 | 13,995,000,000 | 16,166,000,000 |
General And Administrative Expenses [Member] | |||
Statement [Line Items] | |||
Cost of sale of goods and services | 0 | 0 | 0 |
Salaries, social security costs and other personnel expenses | 1,156,000,000 | 1,200,000,000 | 1,488,000,000 |
Depreciation and amortization | 224,000,000 | 225,000,000 | 172,000,000 |
Fees and payments for services | 228,000,000 | 566,000,000 | 625,000,000 |
Maintenance, security, cleaning, repairs and others | 273,000,000 | 340,000,000 | 335,000,000 |
Advertising and other selling expenses | 0 | 0 | 36,000,000 |
Taxes, rates and contributions | 124,000,000 | 134,000,000 | 137,000,000 |
Director's fees | 845,000,000 | 613,000,000 | 998,000,000 |
Leases and service charges | 36,000,000 | 35,000,000 | 49,000,000 |
Allowance for doubtful accounts, net | 0 | 0 | 0 |
Other expenses | 131,000,000 | 188,000,000 | 246,000,000 |
Total cost and expense | 3,017,000,000 | 3,301,000,000 | 4,086,000,000 |
Costs [Member] | |||
Statement [Line Items] | |||
Cost of sale of goods and services | 1,000,000,000 | 939,000,000 | 865,000,000 |
Salaries, social security costs and other personnel expenses | 2,239,000,000 | 2,861,000,000 | 3,716,000,000 |
Depreciation and amortization | 412,000,000 | 488,000,000 | 382,000,000 |
Fees and payments for services | 127,000,000 | 225,000,000 | 223,000,000 |
Maintenance, security, cleaning, repairs and others | 1,679,000,000 | 2,590,000,000 | 3,123,000,000 |
Advertising and other selling expenses | 358,000,000 | 774,000,000 | 833,000,000 |
Taxes, rates and contributions | 511,000,000 | 678,000,000 | 906,000,000 |
Director's fees | 0 | 0 | 0 |
Leases and service charges | 189,000,000 | 200,000,000 | 200,000,000 |
Allowance for doubtful accounts, net | 0 | 0 | 0 |
Other expenses | 49,000,000 | 117,000,000 | 213,000,000 |
Total cost and expense | 6,564,000,000 | 8,872,000,000 | 10,461,000,000 |
Selling Expenses [Member] | |||
Statement [Line Items] | |||
Cost of sale of goods and services | 0 | 0 | 0 |
Salaries, social security costs and other personnel expenses | 146,000,000 | 201,000,000 | 225,000,000 |
Depreciation and amortization | 6,000,000 | 3,000,000 | 6,000,000 |
Fees and payments for services | 295,000,000 | 66,000,000 | 88,000,000 |
Maintenance, security, cleaning, repairs and others | 3,000,000 | 5,000,000 | 6,000,000 |
Advertising and other selling expenses | 40,000,000 | 103,000,000 | 133,000,000 |
Taxes, rates and contributions | 787,000,000 | 933,000,000 | 923,000,000 |
Director's fees | 0 | 0 | 0 |
Leases and service charges | 14,000,000 | 29,000,000 | 30,000,000 |
Allowance for doubtful accounts, net | 194,000,000 | 464,000,000 | 191,000,000 |
Other expenses | 5,000,000 | 18,000,000 | 17,000,000 |
Total cost and expense | $ 1,490,000,000 | $ 1,822,000,000 | $ 1,619,000,000 |
Cost of goods sold and servic_3
Cost of goods sold and services provided (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Inventories at the beginning of the year | $ 17,807 | $ 15,017 | $ 35,250 |
Adjustments previous years | 0 | 0 | (12,504) |
Purchases and expenses | 1,389 | 86,523 | 84,303 |
Capitalized finance costs | 0 | 18 | 26 |
Currency translation adjustment | (5,784) | 12,410 | (2,119) |
Transfers | (306) | 302 | 224 |
Deconsolidation cogs | (4,712) | (233) | 0 |
Incorporated by business combination | 0 | 397 | 0 |
Inventories at the end of the period | (1,830) | 17,807 | 15,017 |
Total costs | $ 6,564 | $ 96,627 | $ 90,163 |
Cost of goods sold and servic_4
Cost of goods sold and services provided (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Real estate | $ 1,758 | $ 10,772 |
Telecommunications | 0 | 2,535 |
Fruits | 0 | 4,063 |
Others | 72 | 437 |
Total inventories at the end of the year | $ 1,830 | $ 17,807 |
Other operating results, net (D
Other operating results, net (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Result from purchase / sale of subsidiary and associates | $ 37 | $ (9) | $ (225) |
Donations | 137 | 149 | 307 |
Lawsuits and other contingencies | (87) | (164) | (144) |
Interest generated by operating credits | 97 | 254 | 369 |
Others | 4 | 187 | (163) |
Total other operating results, net | $ (86) | $ 119 | $ (470) |
Financial results, net (Details
Financial results, net (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
- Interest income | $ 360,000,000 | $ 299,000,000 | $ 260,000,000 |
- Dividend income | 1,000,000 | 21,000,000 | 21,000,000 |
Total finance income | 361,000,000 | 320,000,000 | 281,000,000 |
- Interest expense | (6,974,000,000) | (8,857,000,000) | (7,023,000,000) |
- Others financial costs | (792,000,000) | (563,000,000) | (520,000,000) |
Subtotal finance costs | 7,766,000,000 | 9,420,000,000 | 7,543,000,000 |
Subtotal finance costs | (7,766,000,000) | (9,420,000,000) | (7,543,000,000) |
Capitalized finance costs | 468,000,000 | 169,000,000 | 356,000,000 |
Total finance costs | 7,298,000,000 | 9,251,000,000 | 7,187,000,000 |
- Fair value gain of financial assets and liabilities at fair value through profit or loss, net | (5,318,000,000) | (505,000,000) | (1,026,000,000) |
Exchange differences, net | 7,020,000,000 | (9,383,000,000) | 1,507,000,000 |
- (Loss) / gain from repurchase of negotiable obligations | 95,000,000 | (139,000,000) | 0 |
- (Loss) / gain from derivative financial instruments, net | (452,000,000) | (549,000,000) | 837,000,000 |
Other financial results | (74,000,000) | 0 | 0 |
Total Other financial results | 11,717,000,000 | (9,288,000,000) | 3,370,000,000 |
- Inflation adjustment | (1,446,000,000) | (16,000,000) | (1,028,000,000) |
Total financial results, net | $ 3,334,000,000 | $ (18,235,000,000) | $ (4,564,000,000) |
Earnings per share (Details)
Earnings per share (Details) - shares shares in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
(Loss) / profit per share attributable to equity holders of the parent: (ii) | |||
Weighted average outstanding shares | 588 | 575 | 575 |
Adjustments for calculation of diluted earnings per share Treasury shares | 2 | ||
Weighted - average diluted common shares | 588 | 577 | 575 |
Earnings per share (Details 1)
Earnings per share (Details 1) - ARS ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic | |||
(Loss) / profit for the year of continuing operations attributable to equity holders of the parent | $ (22,879) | $ 29,932 | $ (48,819) |
Loss for the year of discontinued operations attributable to equity holders of the parent | (7,050) | (8,527) | (6,169) |
(Loss) / profit for the year attributable to equity holders of the parent | $ (29,929) | $ 21,405 | $ (54,988) |
Weighted average number of ordinary shares outstanding | 588 | 575 | 575 |
Basic earnings per share | $ (50.86) | $ 37.20 | $ (95.64) |
Earnings per share (Details 2)
Earnings per share (Details 2) - ARS ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Diluted | |||
(Loss) / profit for the year of continuing operations attributable to equity holders of the parent | $ (22,879) | $ 29,932 | $ (48,819) |
Loss for the year of discontinued operations attributable to equity holders of the parent | (7,050) | (8,527) | (6,169) |
(Loss) / profit for the year per share attributable to equity holders of the parent | $ (29,929) | $ 21,405 | $ (54,988) |
Weighted average number of ordinary shares outstanding | 588 | 577 | 575 |
Diluted earnings per share | $ (50.86) | $ 37.10 | $ (95.64) |
Employee benefits and share-b_2
Employee benefits and share-based payments (Details) - shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
At the beginning | 2,400,000 | 2,800,000 | 3,300,000 |
Granted | (300,000) | (400,000) | (500,000) |
At the end | 2,100,000 | 2,400,000 | 2,800,000 |
Employee benefits and share-b_3
Employee benefits and share-based payments (Details Narrative) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Charge related to the Incentive Plan | $ 600,000 | $ 400,000 |
Granting fair value per share | $ 25.3 | |
Defined contribution plan, description | 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. | |
Percentage of contributions access | 100.00% | |
Resignation or termination, description | 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 plan amount | $ 58,000,000 | $ 54,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended |
Jun. 30, 2021 | |
Eduardo S. Elsztain [Member] | |
Statement [Line Items] | |
Date of Birth | 01/26/1960 |
Position | General Manager |
Current position since | 1991 |
Daniel R. Elsztain [Member] | |
Statement [Line Items] | |
Date of Birth | 12/22/1972 |
Position | Operating Manager |
Current position since | 2012 |
Matias I. Gaivironsky [Member] | |
Statement [Line Items] | |
Date of Birth | 02/23/1976 |
Position | Administrative and Financial Manager |
Current position since | 2011 |
Jorge Cruces [Member] | |
Statement [Line Items] | |
Date of Birth | 11/07/1966 |
Position | Investment Manager |
Current position since | 2020 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Statement [Line Items] | ||
Total related party balances | $ 3,197 | $ 3,968 |
Borrowings Excluding Finance Leases [Member] | ||
Statement [Line Items] | ||
Total related party balances | (902) | (236) |
Investments In Financial Assets [Member] | ||
Statement [Line Items] | ||
Total related party balances | 1,575 | 2,414 |
Trade And Other Payable [Member] | ||
Statement [Line Items] | ||
Total related party balances | (457) | (571) |
Trade And Other Receivables [Member] | ||
Statement [Line Items] | ||
Total related party balances | $ 2,981 | $ 2,361 |
Related Party Transactions (D_3
Related Party Transactions (Details 2) - ARS ($) | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement [Line Items] | |||
Total associates and joint ventures | $ 368,000,000 | $ 2,002,000,000 | |
Total parent company | 1,304,000,000 | 2,002,000,000 | |
Total subsidiaries of parent company | (124,000,000) | 0 | |
Total directors and others | 1,649,000,000 | (236,000,000) | |
Total at the end of the year | 3,197,000,000 | 3,968,000,000 | |
Borrowings total amount | 62,133,000,000 | 564,991,000,000 | $ 670,906,000,000 |
Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Total at the end of the year | 2,981,000,000 | 2,361,000,000 | |
Trade And Other Receivables [Member] | Directors [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | (2,000,000) | (79,000,000) | |
Leases and/or rights of use receivables | (1,000,000) | 0 | |
Reimbursement of expenses receivables | 19,000,000 | 27,000,000 | |
Advances | 5,000,000 | 6,000,000 | |
Trade And Other Receivables [Member] | Others one [Member] | |||
Statement [Line Items] | |||
Dividends | 0 | 305,000,000 | |
Trade And Other Payables [Member] | Cresud [Member] | |||
Statement [Line Items] | |||
Dividends | 0 | (2,000,000) | |
Leases and/or rights of use receivables | 1,527,000,000 | 2,375,000,000 | |
Reimbursement of expenses not yet paid | 0 | (5,000,000) | |
Share-based payments | (3,000,000) | (5,000,000) | |
Management fees | (144,000,000) | 0 | |
Corporate services not yet paid | 13,000,000 | 0 | |
NCN | (89,000,000) | (367,000,000) | |
Payments | 0 | 6,000,000 | |
Trade And Other Payables [Member] | Directors [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 1,609,000,000 | 0 | |
Total others | 146,000,000 | 0 | |
Management fees | (1,000,000) | 0 | |
Fees for services received | (126,000,000) | (190,000,000) | |
Trade And Other Payables [Member] | La Rural S.A. [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use payable | (13,000,000) | 0 | |
Borrowings total amount | 73,000,000 | 376,159,000,000 | |
Dividends | 204,000,000 | 306,000,000 | |
Leases and/or rights of use receivables | 0 | 7,000,000 | |
Lipstick Management LLC [Member] | |||
Statement [Line Items] | |||
Loans obtained | (160,000,000) | 0 | |
Metropolitan 885 Third Av. LLC [Member] | |||
Statement [Line Items] | |||
Loans obtained | (472,000,000) | 0 | |
New Lipstick [Member] | Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Loans obtained | 0 | (116,000,000) | |
Reimbursement of expenses receivables | 23,000,000 | 24,000,000 | |
IRSA Real Estate Strategies LP [Member] | Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Reimbursement of expenses receivables | 0 | 174,000,000 | |
PBS Real Estate Holdings S.R.L. [Member] | Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Reimbursement of expenses receivables | 0 | 709,000,000 | |
Other Associates And Joint Ventures [Member] | Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Loans obtained | (36,000,000) | (41,000,000) | |
Borrowings total amount | 7,000,000 | 0 | |
Dividends | (2,000,000) | 0 | |
Leases and/or rights of use receivables | 6,000,000 | 126,000,000 | |
Reimbursement of expenses receivables | 2,000,000 | 184,000,000 | |
Reimbursement of expenses receivables one | 6,000,000 | 0 | |
Management fees receivables | 0 | 12,000,000 | |
Total others | 24,000,000 | 0 | |
Other Associates And Joint Ventures [Member] | Trade And Other Payables [Member] | |||
Statement [Line Items] | |||
Total others | (73,000,000) | 0 | |
Reimbursement of expenses not yet paid | 0 | (2,000,000) | |
Share-based payments | 1,000,000 | 0 | |
Lease liabilities | (6,000,000) | 0 | |
Condor [Member] | Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Borrowings total amount | 286,000,000 | 0 | |
Total others | 5,000,000 | 0 | |
Public companies securities | 550,000,000 | 365,000,000 | |
Investment in financial assets | 48,000,000 | 39,000,000 | |
NCN | (105,000,000) | 0 | |
Futuros y Opciones S.A. [Member] | Trade And Other Receivables [Member] | |||
Statement [Line Items] | |||
Loans obtained | (95,000,000) | 0 | |
Total others | 3,000,000 | 0 | |
NCN | $ (32,000,000) | $ 0 |
Related Party Transactions (D_4
Related Party Transactions (Details 3) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other PPE [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | $ (16,000,000) | $ 0 | $ 2,000,000 |
Fees and remunerations | 0 | (35,000,000) | 0 |
Financial operations | (2,000,000) | 0 | (2,000,000) |
Corporate services | 0 | 0 | 69,000,000 |
Donations | (53,000,000) | 0 | (2,000,000) |
Legal services | (30,000,000) | (44,000,000) | 0 |
La Rural S.A. [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | (15,000,000) | 0 | 56,000,000 |
Totals [Member] | |||
Statement [Line Items] | |||
Total related party liabilities | (1,169,000,000) | (1,126,000,000) | (1,061,000,000) |
Senior Management [Member] | |||
Statement [Line Items] | |||
Fees and remunerations | (44,000,000) | (45,000,000) | (66,000,000) |
Helmir [Member] | |||
Statement [Line Items] | |||
Financial operations | 96,000,000 | 0 | 0 |
Cresud [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | 36,000,000 | 29,000,000 | 56,000,000 |
Financial operations | 329,000,000 | 336,000,000 | 45,000,000 |
Corporate services | (713,000,000) | (704,000,000) | (820,000,000) |
Taaman [Member] | |||
Statement [Line Items] | |||
Corporate services | (16,000,000) | 0 | 2,000,000 |
Directors [Member] | |||
Statement [Line Items] | |||
Fees and remunerations | (845,000,000) | (613,000,000) | (721,000,000) |
Total Parent Company [Member] | |||
Statement [Line Items] | |||
Total parent company | (348,000,000) | (339,000,000) | (708,000,000) |
Total Others [Member] | |||
Statement [Line Items] | |||
Total others | 990,000,000 | (737,000,000) | (720,000,000) |
Total Associates And Joint Ventures [Member] | |||
Statement [Line Items] | |||
Total associates and joint ventures | 169,000,000 | (50,000,000) | 367,000,000 |
BACS [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | 78,000,000 | 77,000,000 | 81,000,000 |
BHN Vida S.A [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | 15,000,000 | 0 | 0 |
BHN Seguros Generales S.A [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | 6,000,000 | 0 | 0 |
Tarshop [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | 0 | 0 | 89,000,000 |
Commissions | 0 | 0 | 2,000,000 |
Other Associates And Joint Ventures [Member] | |||
Statement [Line Items] | |||
Leases and/or rights of use | (8,000,000) | 14,000,000 | 51,000,000 |
Financial operations | (3) | 56,000,000 | (2,000,000) |
Corporate services | 0 | (197,000,000) | 45,000,000 |
Manibil S.A. [Member] | |||
Statement [Line Items] | |||
Corporate services | $ 0 | $ 0 | $ 45,000,000 |
Related Party Transactions (D_5
Related Party Transactions (Details 4) - ARS ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement [Line Items] | ||
Total dividends received | $ 0 | $ 2,734,000,000 |
Total capital contributions | (42,000,000) | (4,058,000,000) |
Total dividends distribution | (176,000,000) | (572,000,000) |
Total other transactions | 0 | 2,094,000,000 |
Other PPE [Member] | ||
Statement [Line Items] | ||
Capital contributions | (12,000,000) | (24,000,000) |
Gav - Yam [Member] | ||
Statement [Line Items] | ||
Dividends received | 0 | 2,004,000,000 |
Manibil S.A. [Member] | ||
Statement [Line Items] | ||
Capital contributions | 0 | (131,000,000) |
NPSF [Member] | ||
Statement [Line Items] | ||
Dividends received | 0 | 57,000,000 |
EMCO [Member] | ||
Statement [Line Items] | ||
Dividends received | 0 | 24,000,000 |
Condor [Member] | ||
Statement [Line Items] | ||
Dividends received | 0 | 48,000,000 |
Shufersal [Member] | ||
Statement [Line Items] | ||
Dividends received | 0 | 601,000,000 |
Cresud [Member] | ||
Statement [Line Items] | ||
Dividends granted | (176,000,000) | (539,000,000) |
Helmir [Member] | ||
Statement [Line Items] | ||
Dividends granted | 0 | (33,000,000) |
Quality [Member] | ||
Statement [Line Items] | ||
Capital contributions | (30,000,000) | (71,000,000) |
TGLT S.A. [Member] | ||
Statement [Line Items] | ||
Total other transactions | 0 | 2,094,000,000 |
IBC [Member] | ||
Statement [Line Items] | ||
Capitalized loan | $ 0 | $ (3,832,000,000) |
Related Party Transactions (D_6
Related Party Transactions (Details Narrative) | 1 Months Ended |
Oct. 29, 1999 | |
Related party transactions | |
Award of the agreement, description | 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 Alto Rosario shopping mall 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. |
Foreign currency assets and l_3
Foreign currency assets and liabilities (Details) - ARS ($) $ / shares in Units, $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Assets | ||
Total Financial assets | $ 9,878 | $ 35,545 |
Liabilities | ||
Total financial liabliites | 53,689 | 112,466 |
Derivative Financial Instruments [Member] | ||
Liabilities | ||
Total financial liabliites | 58 | 143 |
Derivative Financial Instruments [Member] | Lease Liabilities with Related Parties [Member] | ||
Liabilities | ||
Derivative Financial Liabilities | 788 | 12 |
Derivative Financial Instruments [Member] | Borrowings Excluding Finance Leases [Member] | ||
Liabilities | ||
Derivative Financial Liabilities | 51,549 | 92,040 |
USD [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 1 | |
Exchange rate | $ 95.72 | |
Derivative Financial Liabilities | $ 58 | 143 |
USD [Member] | Derivative Financial Instruments [Member] | Lease Liabilities with Related Parties [Member] | ||
Liabilities | ||
Amount | $ 0 | |
Exchange rate | $ 95.72 | |
Derivative Financial Liabilities | $ 6 | 0 |
USD [Member] | Derivative Financial Instruments [Member] | Lease Liabilities [Member] | ||
Liabilities | ||
Amount | $ 8 | |
Exchange rate | $ 95.72 | |
Derivative Financial Liabilities | $ 782 | 12 |
USD [Member] | Derivative Financial Instruments [Member] | Borrowings Excluding Finance Leases [Member] | ||
Liabilities | ||
Amount | $ 523 | |
Exchange rate | $ 95.72 | |
Derivative Financial Liabilities | $ 50,094 | 91,511 |
USD [Member] | Derivative Financial Instruments [Member] | Trade And Other Receivables [Member] | ||
Liabilities | ||
Amount | $ 34 | |
Peso exchange rate | $ 95.52 | |
Derivative Financial Assets | $ 3,250 | 4,529 |
Euros [Member] | Derivative Financial Instruments [Member] | Trade And Other Receivables [Member] | ||
Liabilities | ||
Amount | $ 0 | |
Peso exchange rate | $ 113.096 | |
Derivative Financial Assets | $ 24 | 1,323 |
USD [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 7 | |
Peso exchange rate | $ 95.52 | |
Derivative Financial Assets | $ 675 | 5,412 |
Related Parties [Member] | USD [Member] | Derivative Financial Instruments [Member] | Borrowings Excluding Finance Leases [Member] | ||
Liabilities | ||
Amount | $ 15 | |
Exchange rate | $ 95.72 | |
Derivative Financial Liabilities | $ 1,455 | 529 |
Investments In Financial Assets [Member] | Pounds [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 1 | |
Peso exchange rate | $ 131.877 | |
Derivative Financial Assets | $ 100 | 117 |
Investments In Financial Assets [Member] | New Israel Shekel [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 21 | |
Peso exchange rate | $ 29.356 | |
Derivative Financial Assets | $ 610 | 0 |
Investments In Financial Assets [Member] | Related Parties [Member] | USD [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 23 | |
Peso exchange rate | $ 95.72 | |
Derivative Financial Assets | $ 2,242 | 1,820 |
Receivable [member] | Related Parties [Member] | USD [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 20 | |
Peso exchange rate | $ 95.72 | |
Derivative Financial Assets | $ 1,922 | 467 |
Cash And Cash Equivalents [Member] | USD [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 11 | |
Peso exchange rate | $ 95.52 | |
Derivative Financial Assets | $ 1,054 | 19,553 |
Cash And Cash Equivalents [Member] | Euros [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 0 | |
Peso exchange rate | $ 113.096 | |
Derivative Financial Assets | $ 1 | 2,324 |
Total trade and other receivables [Member] | ||
Assets | ||
Total Financial assets | 5,196 | 6,319 |
Total Cash And Cash Equivalents [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Derivative Financial Assets | 1,055 | 21,877 |
Trade And Other Payables [Member] | USD [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 13 | |
Exchange rate | $ 95.72 | |
Derivative Financial Liabilities | $ 1,209 | 19,813 |
Trade And Other Payables [Member] | Euros [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 0 | |
Exchange rate | $ 113.572 | |
Derivative Financial Liabilities | $ 32 | 458 |
Payables [member] | Related Parties [Member] | USD [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Amount | $ 1 | |
Exchange rate | $ 95.72 | |
Derivative Financial Liabilities | $ 53 | 0 |
Trade And Other Payable [Member] | ||
Liabilities | ||
Total trade and other payables | 1,294 | 20,271 |
Total Investments In Financial Assets [Member] | Derivative Financial Instruments [Member] | ||
Liabilities | ||
Derivative Financial Assets | $ 3,627 | $ 7,349 |
Groups of assets and liabilit_3
Groups of assets and liabilities held for sale (Details) - ARS ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Property, plant and equipment | $ 0 | $ 53,650 |
Intangible assets | 0 | 2,047 |
Investments in associates | 0 | 336 |
Deferred income tax assets | 0 | 1,223 |
Trade and other receivables | 0 | 2,777 |
Cash and cash equivalents | 0 | 2,567 |
Total assets held-for-sale | 0 | 62,600 |
Trade and other payables | 0 | 14,909 |
Salaries and social security liabilities | 0 | 581 |
Employee benefits | 0 | 580 |
Deferred income tax liabilities | 0 | 2,933 |
Borrowings | 0 | 14,359 |
Total liabilities held-for-sale | 0 | 33,362 |
Total net assets held-for-sale | $ 0 | $ 29,238 |
Results from discontinued ope_3
Results from discontinued operations (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement [Line Items] | |||
Costs | $ 6,564,000,000 | $ 8,872,000,000 | $ 10,461,000,000 |
Net gain from fair value adjustment of investment properties | (7,770,000,000) | 50,664,000,000 | (58,231,000,000) |
Share of profit of associates and joint ventures | (1,314,000,000) | 1,335,000,000 | (2,498,000,000) |
Finance income | 361,000,000 | 320,000,000 | 281,000,000 |
Finance costs | (7,298,000,000) | (9,251,000,000) | (7,187,000,000) |
Financial results, net | 3,334,000,000 | (18,235,000,000) | (4,564,000,000) |
Loss before income tax | (6,995,000,000) | 50,663,000,000 | (62,014,000,000) |
Loss from discontinued operations | (8,923,000,000) | (4,947,000,000) | (2,380,000,000) |
Equity holders of the parent | (29,929,000,000) | 21,405,000,000 | (54,988,000,000) |
Non-controlling interest | $ (7,662,000,000) | $ 14,246,000,000 | $ (2,646,000,000) |
Basic | $ (50.86) | $ 37.20 | $ (95.64) |
Diluted | $ (50.86) | $ 37.10 | $ (95.64) |
Discontinued Operations [Member] | |||
Statement [Line Items] | |||
Revenues | $ 37,844,000,000 | $ 155,554,000,000 | $ 149,726,000,000 |
Costs | 30,707,000,000 | 111,519,000,000 | 104,782,000,000 |
Gross profit | 7,137,000,000 | 44,025,000,000 | 44,944,000,000 |
Net gain from fair value adjustment of investment properties | (28,000,000) | (4,490,000,000) | 7,333,000,000 |
General and administrative expenses | (4,355,000,000) | (14,824,000,000) | (13,721,000,000) |
Selling expenses | (4,150,000,000) | (20,308,000,000) | (18,386,000,000) |
Impairment of associates and joint ventures | 0 | (3,710,000,000) | 0 |
Other operating results, net | 1,416,000,000 | 536,000,000 | 1,492,000,000 |
Profit from operations | 20,000,000 | 1,229,000,000 | 21,662,000,000 |
Share of profit of associates and joint ventures | 719,000,000 | 2,175,000,000 | 208,000,000 |
Profit before financial results and income tax | 739,000,000 | 3,404,000,000 | 21,870,000,000 |
Finance income | 526,000,000 | 2,022,000,000 | 3,031,000,000 |
Finance costs | (6,901,000,000) | (25,576,000,000) | (27,208,000,000) |
Other financial results | 458,000,000 | (12,068,000,000) | 2,892,000,000 |
Financial results, net | (5,917,000,000) | (35,622,000,000) | (21,285,000,000) |
Loss before income tax | (5,178,000,000) | (32,218,000,000) | 585,000,000 |
Income tax | 277,000,000 | (252,000,000) | (2,965,000,000) |
Loss from operations that are discontinued | (4,901,000,000) | (32,470,000,000) | (2,380,000,000) |
(Loss) / gain for loss of control | (4,022,000,000) | 27,523,000,000 | 0 |
Loss from discontinued operations | (8,923,000,000) | (4,947,000,000) | (2,380,000,000) |
Equity holders of the parent | (7,050,000,000) | (8,527,000,000) | (6,169,000,000) |
Non-controlling interest | $ (1,873,000,000) | $ 3,580,000,000 | $ 3,789,000,000 |
Basic | $ (11.98) | $ (14.82) | $ (10.73) |
Diluted | $ (11.98) | $ (14.82) | $ (10.73) |
Other relevant events of the _2
Other relevant events of the year (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | Apr. 12, 2021 | Jun. 18, 2021 |
Statement [Line Items] | ||
Public offering | 80,000,000 | |
Warrants issued | 80,000,000 | |
Warrants right description | Each right corresponding to one share (or GDS) allowed its holder to subscribe 0.1382465082 new ordinary shares and receive free of charge an option with the right to subscribe 1 additional ordinary share in the future. The final subscription price for the new shares was ARS 58.35 or USD 0.36 and for the new GDS it was USD 3.60. The new shares, registered, of ARS 1 (one peso) of par value each and with the right to one vote per share gives the right to receive dividends under the same conditions as the current shares in circulation. | |
Exercise price of the warrants | $ 0.432 | |
Proceeds from issuance of shares | $ 28.8 | |
Increased capital stock | 658,676,460 | |
Catalinas [Member] | ||
Statement [Line Items] | ||
Advanced recieved against purchase-sale bill | $ 2 | |
Transaction price | $ 7 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) $ / shares in Units, $ in Millions | 1 Months Ended | ||||||
Sep. 30, 2021 | Aug. 26, 2021ARS ($)$ / shares | Sep. 23, 2021ARS ($) | Aug. 09, 2021ARS ($) | Aug. 02, 2021ARS ($) | Jul. 21, 2020USD ($) | Mar. 31, 2020ARS ($) | |
Statement [Line Items] | |||||||
Non-convertible notes issued | $ 38.4 | $ 65,500,000 | |||||
Subsequent Events [Member] | |||||||
Statement [Line Items] | |||||||
Non-convertible notes issued | $ 58,100,000 | ||||||
Exchange rate | $ / shares | $ 58.1 | ||||||
Fixed rate of non-convertible notes percentage | 3.90% | ||||||
Non-convertible notes percentage description | Series XIII: denominated in USD and payable in ARS at the applicable exchange rate for USD 58.1 at a fixed rate of 3.9%, with semiannual payments plus. The principal will be paid in three installments, counted from the date of issue: the first one - equal to 25% of the par value of the notes - payable on the date that is 12 (twelve) months after the Issue, on August 26, 2023; the second one - equal to 25% of the par value of the notes - payable on the date that is 30 (thirty) months after the Issue, on February 26, 2024 and the third one - equal to 50% of the par value of the notes - payable on the relevant due date, i.e. July 26, 2024. Price of issuance was 100.0% of the nominal value. | ||||||
Exchange ratio approval description | Board of Directors has approved the exchange ratio, which has been established at 1.40 IRSA shares for each IRSA PC share, which is equivalent to 0.56 IRSA GDS for each ADS of IRSA PC. | ||||||
Subsequent Events [Member] | Condor [Member] | |||||||
Statement [Line Items] | |||||||
Cash received from sale of hotel | $ 305,000,000 | ||||||
Subsequent Events [Member] | Mariano Acosta Plot [Member] | |||||||
Statement [Line Items] | |||||||
Price of sale of real estate parcels | $ 700,000 | ||||||
Signing amount received | 500,000 | ||||||
Remaining balance on signing of deed | 200,000 | ||||||
Subsequent Events [Member] | Merlo Plot [Member] | |||||||
Statement [Line Items] | |||||||
Price of sale of real estate parcels | 700,000 | ||||||
Signing amount received | 500,000 | ||||||
Remaining balance on signing of deed | $ 200,000 | ||||||
Subsequent Events [Member] | Hudson [Member] | |||||||
Statement [Line Items] | |||||||
Price of sale of real estate parcels | $ 600,000 |