Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | CRESUD INC |
Entity Central Index Key | 0001034957 |
Document Type | 20-F |
Document Period End Date | Jun. 30, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | Yes |
Entity File Number | 001-29190 |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 501,642,804 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Entity Incorporation State Country Code | C1 |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Non-current assets | ||
Investment properties | $ 230,167 | $ 335,016 |
Property, plant and equipment | 59,956 | 54,106 |
Trading properties | 4,856 | 7,855 |
Intangible assets | 28,192 | 26,018 |
Right-of-use assets | 21,928 | |
Biological assets | 1,759 | 1,805 |
Other assets | 31 | |
Investments in associates and joint ventures | 75,128 | 44,870 |
Deferred income tax assets | 927 | 772 |
Income tax and MPIT credits | 63 | 273 |
Restricted assets | 1,936 | 4,547 |
Trade and other receivables | 27,326 | 21,730 |
Investment in financial assets | 3,515 | 4,129 |
Financial assets at fair value through profit or loss | 5,972 | |
Derivative financial instruments | 164 | 153 |
Total non-current assets | 455,917 | 507,277 |
Current assets | ||
Trading properties | 2,316 | 523 |
Biological assets | 2,773 | 3,795 |
Inventories | 9,070 | 6,403 |
Restricted assets | 6,209 | 6,261 |
Income tax and MPIT credits | 306 | 559 |
Groups of assets held for sale | 43,816 | 11,498 |
Trade and other receivables | 43,717 | 38,452 |
Investment in financial assets | 18,192 | 45,134 |
Financial assets at fair value through profit or loss | 3,377 | 16,666 |
Derivative financial instruments | 321 | 162 |
Cash and cash equivalents | 100,926 | 89,304 |
Total current assets | 231,023 | 218,757 |
TOTAL ASSETS | 686,940 | 726,034 |
SHAREHOLDERS' EQUITY | ||
Shareholders' equity (according to corresponding statement) | 25,159 | 24,042 |
Non-controlling interest | 96,994 | 103,159 |
TOTAL SHAREHOLDERS' EQUITY | 122,153 | 127,201 |
Non-current liabilities | ||
Borrowings | 320,418 | 397,414 |
Deferred income tax liabilities | 49,469 | 57,192 |
Trade and other payables | 2,986 | 2,830 |
Provisions | 3,091 | 11,478 |
Employee benefits | 447 | 189 |
Lease liabilities | 15,194 | |
Derivative financial instruments | 74 | 1,470 |
Payroll and social security liabilities | 247 | 197 |
Total non-current liabilities | 391,926 | 470,770 |
Current liabilities | ||
Trade and other payables | 35,823 | 32,299 |
Borrowings | 98,389 | 80,384 |
Provisions | 2,443 | 2,477 |
Group of liabilities held for sale | 23,649 | 8,137 |
Payroll and social security liabilities | 4,685 | 3,802 |
Income tax and MPIT liabilities | 824 | 699 |
Lease liabilities | 5,661 | |
Derivative financial instruments | 1,387 | 265 |
Total Current liabilities | 172,861 | 128,063 |
TOTAL LIABILITIES | 564,787 | 598,833 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 686,940 | $ 726,034 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Profit or loss [abstract] | |||
Revenues | $ 121,256 | $ 110,741 | $ 93,266 |
Costs | (83,971) | (75,384) | (62,078) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 2,827 | 2,305 | 1,674 |
Changes in the net realizable value of agricultural products after harvest | 657 | (43) | 532 |
Gross profit | 40,769 | 37,619 | 33,394 |
Net gain / (loss) from fair value adjustment of investment properties | 30,992 | (37,746) | 18,971 |
Gain from disposal of farmlands | 838 | 665 | 1,656 |
General and administrative expenses | (12,267) | (12,152) | (10,876) |
Selling expenses | (16,348) | (13,976) | (13,489) |
Impairment of associates | (2,470) | ||
Other operating results, net | 2,770 | 1,101 | 3,657 |
Management fees | (211) | (1,456) | |
Profit / (Loss) from operations | 44,073 | (24,489) | 31,857 |
Share of profit / (loss) of associates and joint ventures | 8,662 | (7,328) | (3,452) |
Profit / (Loss) from operations before financing and taxation | 52,735 | (31,817) | 28,405 |
Finance income | 1,463 | 1,775 | 1,476 |
Finance cost | (25,683) | (22,571) | (26,377) |
Other financial results | (18,667) | 5,981 | (22,168) |
Inflation adjustment | 177 | (457) | (321) |
Financial results, net | (42,710) | (15,272) | (47,390) |
Profit / (Loss) before income tax | 10,025 | (47,089) | (18,985) |
Income tax | (8,107) | (780) | 9,964 |
Profit / (Loss) for the year from continuing operations | 1,918 | (47,869) | (9,021) |
Profit from discontinued operations after income tax | 18,085 | 7,140 | 36,441 |
Profit / (Loss) for the year | 20,003 | (40,729) | 27,420 |
Items that may be reclassified subsequently to profit or loss: | |||
Currency translation adjustment | 5,232 | (3,113) | 6,417 |
Revaluation surplus | 614 | 1,111 | 316 |
Change in the fair value of hedging instruments net of income taxes | (102) | 19 | (40) |
Items that may not be reclassified subsequently to profit or loss: | |||
Actuarial loss from defined benefit plans | (137) | (66) | (60) |
Other comprehensive income / (loss) for the year from continuing operations | 5,607 | (2,049) | 6,633 |
Other comprehensive income for the year from discontinued operations | 5,810 | 1,245 | 10,059 |
Total other comprehensive income / (loss) for the year | 11,417 | (804) | 16,692 |
Total comprehensive income / (loss) for the year | 31,420 | (41,533) | 44,112 |
Total comprehensive income / (loss) from continuing operations | 7,525 | (49,918) | (2,389) |
Total comprehensive income from discontinued operations | 23,895 | 8,385 | 46,501 |
Total comprehensive income / (loss) for the year | 31,420 | (41,533) | 44,112 |
Profit / (Loss) for the year attributable to: | |||
Equity holders of the parent | 3,929 | (26,796) | 6,106 |
Non-controlling interest | 16,074 | (13,933) | 21,314 |
Profit / (Loss) from continuing operations attributable to: | |||
Equity holders of the parent | (2,368) | (28,334) | (9,492) |
Non-controlling interest | 4,286 | (19,535) | 471 |
Total comprehensive income / (loss) attributable to: | |||
Equity holders of the parent | 2,421 | (27,078) | 5,775 |
Non-controlling interest | $ 28,999 | $ (14,455) | $ 38,337 |
Profit / (Loss) per share attributable to equity holders of the parent: | |||
Basic | $ (7.87) | $ (54.79) | $ 12.29 |
Diluted | (7.63) | (54.79) | 11.82 |
Profit per share from continuing operations attributable to equity holders of the parent: | |||
Basic | (4.81) | (57.94) | (19.11) |
Diluted | $ (4.81) | $ (57.94) | $ (19.11) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - ARS ($) $ in Millions | Share capital | Treasury shares | Inflation adjustment of share capital and treasury shares | [1] | Share premium | Additional paid-in capital from treasury shares | Legal reserve | Special reserve Resolution CNV 609/12 | [2] | Other reserves | Retained earnings | Subtotal | Non-controlling interest | Cost of treasury shares | Changes in non-controlling interest | Reserve for currency translation adjustment | Reserve shared-based compensation | Revaluation Surplus [Member] | Special reserve | Reserve for the acquisition of securities issued by the Company | Other comprehensive income from subsidiaries | Other reserves from subsidiaries | Total other reserves | Total | |
Begining Balance at Jun. 30, 2017 | $ 499 | $ 3 | $ 9,786 | $ 10,592 | $ 89 | $ 286 | $ 5,179 | $ 7,113 | [3] | $ 19,477 | $ 53,024 | $ 97,860 | $ (138) | $ 760 | $ 5,848 | $ 460 | $ 87 | $ 9 | $ 87 | $ 7,113 | $ 150,884 | ||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
(Loss) / profit for the year | [3] | 6,106 | 6,106 | 21,314 | 27,420 | ||||||||||||||||||||
Other comprehensive (loss) / income for the year | (331) | [3] | (331) | 17,023 | (389) | $ 196 | (138) | (331) | 16,692 | ||||||||||||||||
Total comprehensive income for the year | (331) | [3] | 6,106 | 5,775 | 38,337 | (389) | 196 | (138) | (331) | 44,112 | |||||||||||||||
As resolved by Ordinary and Extraordinary Shareholders' Meeting held on October | |||||||||||||||||||||||||
Legal reserve | 87 | [3] | (87) | ||||||||||||||||||||||
Cash dividends | [3] | (1,065) | (1,065) | (1,065) | |||||||||||||||||||||
Reserve for new developments | 3,947 | [3] | (3,947) | 3,947 | 3,947 | ||||||||||||||||||||
Purchase own shares in portfolio | (17) | 17 | (1,779) | [3] | (1,779) | (1,779) | (1,779) | (1,779) | |||||||||||||||||
Changes of interest in subsidiaries | [3] | 17 | 17 | ||||||||||||||||||||||
Share of changes in subsidiaries' equity | (2,833) | [3] | 105 | (2,728) | (2,833) | (2,833) | (2,728) | ||||||||||||||||||
Reserve for share-based payments | 7 | [3] | 7 | 113 | 7 | 7 | 120 | ||||||||||||||||||
Equity incentive plan granted | 2 | [3] | 2 | 3 | |||||||||||||||||||||
Decrease due to loss of control (Note 4 (j)) | [3] | (16,765) | (16,765) | ||||||||||||||||||||||
Changes in non-controlling interest | [3] | 9,000 | 9,000 | ||||||||||||||||||||||
Dividends distribution to non-controlling interest | [3] | (5,371) | (5,371) | ||||||||||||||||||||||
Capitalized contributions | [3] | 17 | 17 | ||||||||||||||||||||||
Issuance of capital | [3] | 7 | 7 | ||||||||||||||||||||||
Acquisition of non-controlling interest | [3] | 3 | 3 | ||||||||||||||||||||||
Ending Balance at Jun. 30, 2018 | 482 | 20 | 9,786 | 10,592 | 91 | 373 | 5,179 | 6,124 | [4] | 20,589 | 53,236 | 123,218 | (1,917) | (2,073) | 5,459 | 467 | 196 | 3,947 | 87 | (51) | 9 | 6,124 | 176,454 | ||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Adjustments previous years (IFRS 9 and 15) (Note 2.2) | [4] | (201) | (201) | (135) | (336) | ||||||||||||||||||||
Restated balance at Jun. 30, 2018 | 482 | 20 | 9,786 | 10,592 | 91 | 373 | 5,179 | 6,124 | [4] | 20,388 | 53,035 | 123,083 | 176,118 | ||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
(Loss) / profit for the year | [4] | (26,796) | (26,796) | (13,933) | (40,729) | ||||||||||||||||||||
Other comprehensive (loss) / income for the year | (282) | [4] | (282) | (522) | (910) | 795 | (167) | (282) | (804) | ||||||||||||||||
Total comprehensive income for the year | (282) | [4] | (26,796) | (27,078) | (14,455) | (910) | 795 | (167) | (282) | (41,533) | |||||||||||||||
As resolved by Ordinary and Extraordinary Shareholders' Meeting held on October | |||||||||||||||||||||||||
Results/Share distribution | 32,531 | [4] | (32,531) | 32,531 | 32,531 | ||||||||||||||||||||
Purchase own shares in portfolio | (17) | 17 | (1,228) | [4] | (1,228) | (1,228) | (1,228) | (1,228) | |||||||||||||||||
Distribution of dividends in shares | 21 | (21) | [4] | (535) | 1,481 | (1,481) | (535) | ||||||||||||||||||
Reserve for share-based payments | 16 | [4] | 16 | 80 | 16 | 16 | 96 | ||||||||||||||||||
Changes in non-controlling interest | (703) | [4] | (703) | (775) | (703) | (703) | (1,478) | ||||||||||||||||||
Reversal by sale of investment properties | (31) | [4] | 31 | (31) | (31) | ||||||||||||||||||||
Dividends distribution to non-controlling interest | [4] | 4,246 | (4,246) | ||||||||||||||||||||||
Irrevocable contributions | 7 | 7 | |||||||||||||||||||||||
Ending Balance at Jun. 30, 2019 | 486 | 16 | 9,786 | 10,592 | 91 | 373 | 5,179 | 36,427 | [5] | (38,908) | 24,042 | 103,159 | (1,664) | (2,776) | 960 | 4,549 | 483 | 34,997 | (218) | 87 | 9 | 36,427 | 127,201 | ||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Adjustments previous years (IFRS 9 and 15) (Note 2.2) | [5] | (814) | (814) | (1,352) | (2,166) | ||||||||||||||||||||
Restated balance at Jun. 30, 2019 | 486 | 16 | 9,786 | 10,592 | 91 | 373 | 5,179 | 36,427 | [5] | (39,722) | 23,228 | 101,807 | 125,035 | ||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
(Loss) / profit for the year | [5] | 3,929 | 3,929 | 16,074 | 20,003 | ||||||||||||||||||||
Other comprehensive (loss) / income for the year | (1,508) | [5] | (1,508) | 12,925 | 328 | (1,565) | (271) | (1,508) | 11,417 | ||||||||||||||||
Total comprehensive income for the year | (1,508) | [5] | 3,929 | 2,421 | 28,999 | 328 | (1,565) | (271) | (1,508) | 31,420 | |||||||||||||||
As resolved by Ordinary and Extraordinary Shareholders' Meeting held on October | |||||||||||||||||||||||||
Incorporation by business combination | [5] | 7,442 | 7,442 | ||||||||||||||||||||||
Treasury shares distribution | 13 | (13) | 1,512 | [5] | (1,512) | 1,512 | 1,512 | ||||||||||||||||||
Reserve for share-based payments | (1) | (3) | [5] | (4) | (7) | 2 | (5) | (3) | (11) | ||||||||||||||||
Decrease due to loss of control (Note 4 (j)) | [5] | (43,301) | (43,301) | ||||||||||||||||||||||
Loss absorption | (4,409) | (34,997) | [5] | 39,406 | (34,997) | (34,997) | |||||||||||||||||||
Other changes in equity | [5] | (61) | (61) | 211 | (93) | 16 | 19 | 58 | 150 | ||||||||||||||||
Changes in non-controlling interest | (425) | [5] | (425) | 4,815 | (425) | (425) | 4,390 | ||||||||||||||||||
Dividends distribution to non-controlling interest | [5] | (3,003) | (3,003) | ||||||||||||||||||||||
Capitalized contributions | [5] | 31 | 31 | ||||||||||||||||||||||
Ending Balance at Jun. 30, 2020 | $ 499 | $ 3 | $ 9,786 | $ 10,592 | $ 90 | $ 373 | $ 770 | $ 1,006 | [5] | $ 2,040 | $ 25,159 | $ 96,994 | $ (150) | $ (3,294) | $ 1,288 | $ 2,984 | $ 494 | $ (470) | $ 87 | $ 67 | $ 1,006 | $ 122,153 | |||
[1] | Includes Ps. 1 and Ps. 1 of inflation adjustment of Treasury shares as of June 30, 2020 and 2019, respectively. | ||||||||||||||||||||||||
[2] | Related to CNV General Resolution N 609/12. See Note 19. | ||||||||||||||||||||||||
[3] | Group's other reserves for the year ended June 30, 2018 were as follows: | ||||||||||||||||||||||||
[4] | Group's other reserves for the year ended June 30, 2019 were as follows: | ||||||||||||||||||||||||
[5] | Group's other reserves for the year ended June 30, 2020 were as follows: |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | |||
Net cash generated from operating activities before income tax paid | $ 33,536 | $ 19,922 | $ 11,716 |
Income tax paid | (650) | (730) | (1,686) |
Net cash generated from continuing operating activities | 32,886 | 19,192 | 10,030 |
Net cash generated from discontinued operating activities | 2,848 | 6,354 | 14,120 |
Net cash generated from operating activities | 35,734 | 25,546 | 24,150 |
Investing activities: | |||
(Increase) / Decrease of interest in associates and joint ventures | (996) | (576) | |
Acquisition of subsidiaries, net of funds acquire | (544) | 672 | 733 |
Decrease in cash due to deconsolidation of subsidiaries | (344) | ||
Capital contributions to associates and joint ventures | (2,852) | (31) | |
Acquisition, improvements and advance payments for the development of investment properties | (4,389) | (6,430) | (4,729) |
Proceeds from sales of investment properties | 13,402 | 1,462 | 887 |
Acquisitions and improvements of property, plant and equipment | (6,116) | (6,940) | (6,557) |
Advance payments | (79) | (9) | (51) |
Acquisition of intangible assets | (4,043) | (4,022) | (1,668) |
Proceeds from sales of property, plant and equipment | 3,382 | 31 | 51 |
Net decrease / (increase) of restricted assets, net | 6,494 | 1,909 | (7,226) |
Dividends collected from associates and joint ventures | 2,033 | 1,556 | 739 |
Proceeds from sales of interest held in associates and joint ventures | 5,049 | 8,377 | 96 |
Proceeds from loans granted | 240 | 1,612 | |
Acquisition of investment in financial assets | (12,837) | (57,996) | (78,493) |
Proceeds from disposal of investments in financial assets | 36,619 | 78,765 | 73,775 |
Interest collected from financial assets | 728 | ||
Dividends received | 107 | (24) | 367 |
Proceeds / (Payments) from other assets acquisition | 28 | (297) | |
Loans granted to related parties | (165) | (6) | (1,065) |
Loans granted | (922) | (130) | (280) |
Advanced proceeds from sales of farmlands | 206 | 300 | |
Farmlands sale advance | 209 | ||
Proceeds from liquidation of associate | 29 | ||
Cash incorporated by business combination, net of cash paid | 1,961 | ||
Net cash generated from / (used in) continuing investing activities | 37,856 | 16,634 | (22,488) |
Net cash (used in) / generated from discontinued investing activities | 2,455 | (6,082) | (9,065) |
Net cash generated from / (used in) investing activities | 40,311 | 10,552 | (31,553) |
Financing activities: | |||
Borrowings and issuance of non-convertible notes | 47,777 | 55,708 | 47,023 |
Payment of borrowings and non-convertible notes | (72,590) | (54,274) | (45,233) |
Obtaining / (Payment) of short term loans, net | (2,459) | 2,248 | 1,661 |
Interest paid | (21,909) | (20,059) | (14,266) |
Repurchase of own shares | (1,228) | (1,784) | |
Repurchase of non-convertible notes | (13,644) | (8,291) | (1,329) |
Capital contributions from non-controlling interest in subsidiaries | 2,761 | 791 | |
Acquisition of non-controlling interest in subsidiaries | (602) | (7,200) | (1,634) |
Capital distribution to subsidiaries non-controlling interest | (89) | ||
Proceeds from sales of non-controlling interest in subsidiaries | 379 | 13 | 6,933 |
Loans received from associates and joint ventures, net | 143 | ||
Issuance of capital in subsidiaries | |||
Dividends paid to subsidiaries non-controlling interest | (1,997) | (2,138) | (4,363) |
Proceeds from derivative financial instruments, net | (3,928) | (726) | (4) |
Payment from derivative financial instruments | (147) | ||
Charge for issue of shares and other equity instrument in subsidiaries | 1,897 | 40 | |
Payment of seller financing | (4) | (224) | |
Net cash (used in) /generated from continuing financing activities | (67,076) | (33,190) | (12,482) |
Net cash generated from / (used in) discontinued financing activities | (5,548) | 7,455 | 8,473 |
Net cash (used in) / generated from financing activities | (72,624) | (25,735) | (4,009) |
Net (decrease) / increase in cash and cash equivalents from continuing activities | 3,666 | 2,636 | (24,940) |
Net (decrease) / increase in cash and cash equivalents from discontinued activities | (245) | 7,727 | 13,528 |
Net (decrease) / increase in cash and cash equivalents | 3,421 | 10,363 | (11,412) |
Cash and cash equivalents at beginning of the year | 89,304 | 85,938 | 73,012 |
Cash and cash equivalents reclassified as held-for-sale | (450) | (242) | (856) |
Foreign exchange gain / (loss) and inflation adjustment on cash and changes in fair value of cash equivalents | 8,651 | (6,755) | 25,194 |
Cash and cash equivalents at the end of the year | $ 100,926 | $ 89,304 | $ 85,938 |
The Group's business and genera
The Group's business and general information | 12 Months Ended |
Jun. 30, 2020 | |
The Group's Business and General Information [Abstract] | |
The Group's business and general information | 1. The Group’s business and general information Cresud was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier’s shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities. In 2002, Cresud acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud’s direct principal subsidiary. Cresud and its subsidiaries are collectively referred to hereinafter as the Group. Main shareholders of the Company are jointly Inversiones Financieras del Sur S.A. and Agroinvestment S.A. Both entities are companies incorporated in Uruguay and belong to the same controlling group and ultimate beneficiary. The Board of Directors has approved these Financial Statements for issuance on November 16, 2020. As of June 30, 2020, the Group operates in two major lines of business: (i) agricultural business and (ii) urban properties and investments business, which is divided into two operations centers: (a) Operations Center in Argentina and (b) Operations Center in Israel. They are developed through several operating companies and the main ones are listed below (Note 7): (i) See Note 4 for more information about the change within the Operations Center in Israel. Agricultural Business Within the agricultural business, the Group, through Cresud, engaged in the operation of crop production, cattle feeding, raising, fattening and slaughtering, milk production, sugarcane production, brokerage activities and sale of supplies. The Group currently has agricultural operations and investments in Argentina, Brazil, Uruguay, Paraguay and Bolivia. Cresud’s shares are listed on the BYMA (BYMA: CRES) and the NASDAQ (NASDAQ: CRESY). The shares of our subsidiary Brasilagro are listed and traded on both the Novo Mercado del BOVESPA (SAO: AGRO3) and the NYSE (NYSE: LND). Urban Properties and Investments Business Operations Center in Argentina The activities of the Operations Center in Argentina are mainly developed through IRSA and its principal subsidiary, IRSA CP. Through IRSA and IRSA CP, the Group owns, manages and develops 14 shopping malls across Argentina, a portfolio of offices and other rental properties in the Autonomous City of Buenos Aires, and it entered the United States of America (“USA”) real estate market in 2009, mainly through the acquisition of non-controlling interests in office buildings and hotels. Through IRSA or IRSA CP, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term “real estate” indistinctively in these Consolidated Financial Statements to denote investment, development and/or trading properties activities. IRSA CP’s shares are listed and traded on both the BYMA (BYMA: IRCP) and the NASDAQ (NASDAQ: IRCP). IRSA’s shares are listed on the BYMA (BYMA: IRSA) and the NYSE (NYSE: IRSA). The activities of the Group’s “Others” segment is carried out mainly through BHSA, where IRSA holds, directly or indirectly, a 29.91% interest. BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA’s shares are listed on the BYMA (BYMA: BHIP). Operations Center in Israel The activities of the Operations Center in Israel are mainly developed through the subsidiaries, IDBD and DIC, whose activities correspond to one of the Israeli largest and most diversified conglomerates, which are involved, through its subsidiaries and other investments, in several markets and industries, including real estate, supermarkets, insurance, telecommunications, and others; controlling or holding an equity interest in companies such as Clal (Insurance), Cellcom (Telecommunications), Shufersal (Supermarkets), PBC (Real Estate), among others. IDBD is listed in the TASE as a “Debentures Company” in accordance with Israeli law, since some series of bonds are traded in that Exchange. DIC shares are listed in the TASE. IDBD and DIC have certain restrictions and financial agreements in relation to their financial debt, including their debentures and loans with banks and financial institutions. Regarding IDBD’s financial position, its cash flow and its ability to meet its financial debt commitments, the following should be considered: As of June 30, 2020, IDBD had a deficit in shareholders’ equity, ongoing negative cash flows from continuing operating activities and a low credit rating, which circumstance may cast significant doubt about IDBD´s ability to continue operating as a going concern. IDBD´s cash flow required to meet its liabilities, including short-term liabilities is based on the realization of assets wich the realization date is not under IDBD´s control. These assets include the current price of Clal’s shares and the impact thereof on swap transaction deposits and the fact that IDBD shall receive, among others, the proceeds from the sale of private investments which are directly owned by IDBD. As of June 30, 2020, the aggregate principal amount of the (i) IDBD Series 9 Bonds was NIS 901 million (“Series 9”), (ii) IDBD Series 14 Bonds was NIS 889 million collateralized by DIC shares owned directly or indirectly by IDBD representing 70% of the share capital of DIC (“Series 14”), (iii) IDBD Series 15 Bonds was NIS 238 million collateralized by shares of Clal representing 5% of the share capital of Clal (“Series 15”). In July 2019 and in June 2020, each of debenture holders (Series 9 and Series 14) and debenture holders (Series 15), respectively, decided to appoint a representative and legal and economic advisor, inter alia, in order to maintain contact with IDBD and / or third parties and to examine proposals that will be presented to the bondholders in connection with the repayment of IDBD’s obligations towards the bondholders and to evaluate IDBD’s financial position and the remedies which may be available to the debenture holders. In June 2020, general meetings of the holders of IDBD’s debentures were convened (all of the series, each series separately), where a resolution on the agenda was not to convene a general meeting on the agenda of which would be the making of the debentures repayable immediately. The meetings of the debenture holders (Series 9 and Series 15), each decided to pass the said resolution; The meeting of the debenture holders (Series 14), decided not to pass the said resolution, and a later stage to instruct the trustee for debenture holders (Series 14) to postpone the date of the said meeting to September 17, 2020; In July 2020, Dolphin Netherlands and the controlling interest therein, Mr. Eduardo Elsztain committed vis-à-vis the generality of the debenture holders in IDBD, that subject to defined terms and conditions, during a certain period of time, some transactions will not be executed and/or initiated and/or promoted, and that subject to the provisions of the law, the power of control in corporations that are controlled by the controlling interest in IDBD will not be operated in order to promote any of those actions, unless notification has been delivered in writing to the trustees for debenture holders (Series 9, 14 and 15), at least 14 business days in advance. On August 31, 2019, IDBD ’s Audit Committee and the Board of Directors approved the acceptance of an irrevocable commitment by Dolphin Netherlands B.V. (“Dolphin Netherland”), the controlling interest in IDBD, to make capital injections into IDBD in an overall amount of NIS 210 million, in three equal annual payments on September 2 in each of the years 2019 to 2021, which would be made in consideration for shares in IDBD or as a subordinated loan on similar terms to the subordinated loans that had been provided by the controlling interest. In August 2020, IDBD received a letter from Dolphin Netherlands stating, inter alia, that given the fact that some of IDBD’s bondholders are expected to include in their agenda for the bondholder’s meetings, a proposal to make the outstanding balances of their bonds immediately due and payable, in preparation for the additional inflow of NIS 70 million scheduled for September 2, 2020, Dolphin Netherlands would examine its undertaking towards IDBD, taking into account the questions that arise from IDBD’s bondholders conducts and intentions. To the said Dolphin Netherlands’ letter was attached a letter from IRSA to Dolphin Netherlands, according to which, among other things, IRSA will consider the validity of its undertaking to Dolphin Netherlands to transfer to it (in accordance with Dolphin Netherlands request) the amounts required for Dolphin Netherlands to meet its commitment to carry out the capital injections into IDBD on September 2, 2020, as aforementioned. IDBD responded to Dolphin Netherlands’ and IRSA’s letters, noting that, among other things, Dolphin Netherlands’ commitment (dated August 29, 2019) towards IDBD is binding and irrevocable, and that there is no basis for not making the capital injections into IDBD, due to other events related to IDBD’s bondholders, which do not fall within the scope of the events listed in the wording of the commitment as expropriating the validity of Dolphin Netherlands’ commitment. In addition, it was also mentioned in IDBD’s response letter, that failure to make the payments into IDBD is not acceptable and will leave IDBD with no other choice than to use all its power and rights according to the law to enforce Dolphin Netherlands’ commitment as well as IRSA’s undertaking. Following the above mentioned, on September 13, 2020, IDBD submitted a statement of claim against Dolphin Netherlands and against IRSA, in which it has sought to require them to pay it an amount of NIS 70 million (with the addition of linkage differentials and interest in accordance with the law). In tandem with the submission of the lawsuit, as aforesaid, IDBD submitted an urgent petition for placing temporary attachments (in the presence of one party) on Dolphin Netherlands and IRSA (which was not accepted by the Court in the presence of one party and which has been passed on for the respondents to respond to the petition). On June 2, 2020, IDBD received a draft proposal from Dolphin IL for IDBD and for the trustees for IDBD’s debentures (Series 9, 14 and 15) for the strengthening of IDBD ’s capital structure, by way of an arrangement between Dolphin, IDBD and the debenture holders, based on an economic contribution to IDBD on Dolphin IL’s part, together with a full or partial (as the case may be) redemption of the generality of IDBD’s debentures;On June 21, 2020, IDBD received an updated proposal in relation to the abovementioned proposal and on June 28, 2020, Dolphin IL approached each of the trustees for the debentures with a request to put said proposal, with slight amendments, on the agenda of meetings of the debenture holders. On July 6, 2020, the Meeting of debenture holders (Series 9) decided to order the trustee for debenture holders (Series 9) not to accept Dolphin IL’s offer ; On September 2, 2020 IDBD received an updated offer from Dolphin IL which was addressed to it and to IDBD’s debenture holders (Series 9, 14 and 15);On September 9, 2020, Dolphin IL updated the commercial terms of its proposal for debenture holders (Series 9), and on September 16, 2020, IDBD received binding offers to debenture holders (Series 14) and debenture holders (Series 15), for the purchase of DIC shares pledged in favor of debenture holders (Series 14) of IDBD, as part of an agreed realization process. As no agreement has been reached, on September 17, 2020, the Series 9 trustee submitted to the District Court in Tel-Aviv-Jaffa (the “Court”) a petition to grant an order for the opening of proceedings for IDBD pursuant to the Insolvency and Economic Rehabilitation Law, 5778 – 2018 and to instruct the appointment of a trustee for IDBD pursuant to Section 43 and to grant the trustee any and all authority over the decision making of IDBD. On September 21, 2020, the Series 14 bond holders approved the immediate fully payment of the remaining balances of such serie. On September 22, 2020, IDBD and Dolphin Netherlands B.V. submitted an initial response to the Petition, arguing that it is in the best interest of IDBD and its creditors to exhaust the negotiations among the controlling shareholder and its creditors during a short period with the aim to maximize the value of its assets, avoid costs and additional negative effects. In addition, responses by the Series 14 trustee and the Series 15 trustee were filed requesting the enforcement of liens and the appointment of a receiver as well as an urgent hearing, which was scheduled for September 24, 2020. On September 25, 2020, the Court resolved that IDBD is insolvent and therefore it resolved to grant all three orders requested and accordingly, issued an order for the initiation of proceedings and liquidation of IDBD, and has appointed a liquidator to IDBD and interim receivers over the Pledged DIC and Clal Shares. Under IFRS 10 “Consolidated Financial Statements” (“IFRS 10”), an investor controls an investee if and only if the investor has all the following: a) power over the investee; b) exposure, or rights, to variable returns from its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor’s returns. Based on the facts and circumstances outlined above, our management believe that, as from September 25, 2020, IRSA lost control over IDBD and DIC (as this term is defined by IFRS 10). Accordingly, our investment in IDBD and DIC will be deconsolidated in our financial statements as of and for the three-month period ended September 30, 2020. The assets and liabilities from the Israel Business Center have been consolidated line by line in these financial statements, totaling a net value attributable to the controlling shareholders of Ps. 2,006 as of june 30, 2020. In addition negative currency translation adjustment reserve amounting to Ps. 1.537 will be expensed upon deconsolidation. The assets and liabilities consolidated in this financial statement are as follow: Current assets: Ps. 188.619 Non-current assets: Ps. 255.865 Current liabilities: Ps. 101.927 Non-current liabilities: Ps. 299.150 Total equity: Ps. 43.407 Equity Attributable to equity holders of the parent: Ps. 2.006 The commitments and other restrictions resulting from the indebtedness of IDBD and DIC have no effect on IRSA since said indebtedness has no recourse against IRSA, nor has IRSA guaranteed it with its assets. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies 2.1. Basis of preparation of the Consolidated Financial Statement (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2020 accordingly to IAS 29. Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the reporting date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements. Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC). The principal inflation adjustment procedures are the following: - Monetary assets and liabilities that are already recorded at the measuring unit as of the balance sheet’s closing date are not restated because they are already stated in terms of the measuring unit current as of the date of the financial statements. - Non-monetary assets, and liabilities and equity component are recorded at restated cost as of the balance sheet date. - All items in the statement of income are restated applying the relevant conversion factors. - The effect of inflation in the Company’s net monetary position is included in the statement of income under Financial results, net, in the item “Inflation adjustment”. - Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs. Upon initially applying inflation adjustment, the equity accounts were restated as follows: - Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. - The resulting amount was included in the “Comprehensive Inflation adjustment of share capital and treasury shares adjustment” account. - Other comprehensive income / (loss) was restated as from each accounting allocation. - The other reserves in the statement of income were restated from the initial application date, i.e., June 30, 2016. In relation to the inflation index to be used and in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2020 according to official statistics (INDEC) following the guidelines described in Resolution 539/18: Price variation June 30, June 30, June 30, Cumulative as of Annual 29 % 56 % 43 % 128 % As a consequence of the aforementioned, these financial statements as of June 30, 2020 were restated in accordance with IAS 29. IDBD and DIC report their quarterly and annual results following the Israeli regulations, whose legal deadlines are after the deadlines in Argentina and since IDBD and DIC fiscal years end differently from IRSA, the results of operations from IDBD and DIC are consolidated with a lag of three months and adjusted for the effects of significant transactions taking place in such period. For these reasons, it is possible to obtain the quarterly results of IDBD and DIC in time so that they can be consolidated by IRSA and reported to the CNV in its consolidated financial statements within the legal deadlines set in Argentina. This way, the Group’s consolidated comprehensive income for the year ended June 30, 2020 includes the results of IDBD and DIC for the 12-month period from April 1, 2019 to March 31, 2020, adjusted for the significant transactions that occurred between April 1, 2020 and June 30, 2020. (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 ‘Ps.’, are millions of Argentine Pesos, references to ‘US$’ or ‘US Dollars’ are millions of US Dollars, references to ‘Rs.’ are millions of Brazilian Reals and references to “NIS” are millions of New Israeli Shekel. As of June 30, 2020 and 2019, the exchange rate between the Argentine Peso and the NIS was Ps. 20.34 and Ps. 11.93 per NIS respectively. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria See Notes 2.2 through 2.31 with the accounting policies of each item. (f) Reporting cash flows The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group’s business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business. (g) Use of estimates The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 3. 2.2 New accounting standards and amendments The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application. Standards and amendments adopted by the Group Standards and amendments Description Date of mandatory IFRS 16 “Leases”. Lessees are required to account for all leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17, including two exceptions for the recognition of leases; low-cost asset leases and short-term leases. Accounting by the lessor has no significant changes. 06-30- 2020 Amendment to IAS 28 “Investment in associates and joint ventures” Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture. 06-30- 2020 Definition of Material - Amendments to IAS 1 and IAS 8 The IASB has made modifications to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors” which requires that the assessment of materiality be consistent for the application of IFRS. 06-30-2020 Defining a business - Amendments to IFRS 3 The new business definition requires that a business combination contribute significantly to creating products or services. 06-30-2020 Amendments to IAS 19- Plan amendment, curtailment or settlement. Clarifies the accounting for defined benefit plan amendments, curtailments or settlements. The amendments require an entity to: (i) determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement, using updated assumptions at the time of the amendment; (ii) recognize any reduction in a surplus immediately in gains or losses, as part of past service cost or a gain or loss on settlement. In other words, any surplus reduction must be recognized, even if that surplus was not previously recognized because of the impact of the asset ceiling; and (iii) separately recognize any change in the asset ceiling through other comprehensive income. 06-30-2019 The adoption of these standards and amendments have not had a material impact for the Group, except for the following: ● IFRS 16: Leases The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated mainly impact the tenant’s accounting. IFRS 16 provides that the lessee 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. In accordance with the standard, a lease agreement is one that provides the right to control the use of an identified asset for a specific period. In order for a company to have control over the use of an identified asset: a) it must have the right to obtain substantially all the economic benefits of the identified asset and b) it must have the right to direct the use of the identified asset. The standard allows excluding the short-term contracts (under 12 months) and those in which the underlying asset has low value, such option has been adopted by the Group. Likewise, the Group has opted to recognize as consideration for the right of use, the amount of Ps. 16,797 as lease liabilities. The commitments under operating leases reported in our consolidated financial statements as of June 30, 2019, amounted to Ps. 18.395 (such difference mainly corresponds to the effect of the discount from future payments and the excluded short-term contracts). ● Modification to IAS 28 “Investment in associates and joint ventures” In accordance with the amendment to IAS 28, an entity shall implement the provisions of IFRS 9 to Long-term Investments that are essentially part of the entity’s net investment in the associate or in the joint venture according to the definitions of said standard. The provisions of IFRS 9 shall apply to such investments with respect to the participation in the losses of an associate or a joint venture, as well as with respect to the recognition of the impairment of an investment in an associate or joint venture. In addition, when applying IFRS 9 to such long-term investments, the entity will make it prior to the adjustments made to the carrying amount of the investment in accordance with IAS 28. The Group opted for an accounting policy where the currency translation adjustments arising from these loans are recorded as part of other comprehensive income. The effect on retained earnings as of July 1, 2019 arising from the initial adoption of IFRS 16 and IAS 28 is as follows: IFRS 16 impact IAS 28 impact Total ASSETS Non-current assets Investment properties 426 - 426 Right-of-use assets 16,374 - 16,374 Investments in associates and joint ventures - (1,979 ) (1,979 ) Trade and other receivables 81 - 81 Total non-current assets 16,881 (1,979 ) 14,902 Income tax and MPIT credit 17 - 17 Group of assets held for sale 3,121 - 3,121 Trade and other receivables (169 ) - (169 ) Total current assets 2,969 - 2,969 TOTAL ASSETS 19,850 (1,979 ) 17,871 SHAREHOLDERS’ EQUITY Shareholders’ equity attributable to equity holders of the parent Retained earnings (117 ) (697 ) (814 ) Non-controlling interest (70 ) (1,282 ) (1,352 ) TOTAL SHAREHOLDERS’ EQUITY (187 ) (1,979 ) (2,166 ) LIABILITIES Non-current liabilities Lease liabilities 12,221 - 12,221 Total non-current liabilities 12,221 - 12,221 Current liabilities Lease liabilities 4,574 - 4,574 Trade and other payables (68 ) - (68 ) Group of liabilities held for sale 3,310 - 3,310 Total current liabilities 7,816 - 7,816 TOTAL LIABILITIES 20,037 - 20,037 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 19,850 (1,979 ) 17,871 The Group applied the cumulative effect approach, therefore, accumulated impact was recognized in retained earnings as of July 1, 2018. Comparative figures were not restated. Standards and amendments not yet adopted by the Group Standards and amendments Description Date of mandatory Covid-19- related lease concessions – Amendments to IFRS 16 As a result of the COVID-19 pandemic, lessees have been granted lease concessions. Such concessions may take a variety of forms, including forgiveness or deferral of rental payments. In May 2020, the IASB amended IFRS 16 – Leases, whereby lessees are permitted to account for the rent concessions as if they were not lease modifications. In several cases, this will result in such concessions being accounted for as variable rent payments within the term same period in which they are granted. 06-30- 2021 Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Amendment to IAS 16 – Property, Plant and Equipment (PP&E) prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. It also specifies that an entity is “testing whether an item of PPE is functioning properly” when it assesses its technical and physical performance. The financial performance of the asset is not relevant for such assessment. 06-30- 2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Some minor amendments were made to IFRS 3 Business combinations to update references to the Conceptual Framework for financial information and add an exception to the recognition principles for 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 on the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were issued in May 2020: IFRS 9 Financial instruments. The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. IFRS 16 Leases. The amendment to Illustrative Example 13 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise. IFRS 1 First-time adoption of International Financial Reporting Standards: Entities that have measured their assets and liabilities at the carrying amounts in their parents´ books are also allowed to measure cumulative translation differences using the amounts reported by their parents. This amendment will also apply to associated and joint ventures that have also taken the IFRS 1 exemption. IAS 41: This amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value pursuant to 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 The future adoption of these standards and amendments will not have a significant impact to the Group. At the date of issuance of these consolidated financial statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group. 2.3 Scope of consolidation (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case basis. The excess of the sum of the consideration transferred the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Statement of Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the principal are listed below: Agricultural Business % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 Cresud’s direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 33.55 % 43.29 % 43.29 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial 100.00 % 100.00 % 100.00 % Futuros y Opciones.Com S.A. Argentina Brokerage 50.10 % 50.10 % 50.10 % Helmir S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % IRSA Inversiones y Representaciones Sociedad Anónima (2) Argentina Real estate 61.95 % 62.35 % 63.74 % Agropecuaria Santa Cruz S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Brasilagro’s direct equity interest in: Araucária Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cajueiro Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Ceibo Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cremaq Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Engenho de Maracajú Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Flamboyant Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Agrícola Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Propriedades Agrícolas S.A. Brazil Agricultural 99.99 % 99.99 % 99.99 % Mogno Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Palmeiras S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agropecuaria Morotí S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agrifirma S.A. Brazil Agricultural 99.99 % - - Futuros y Opciones.Com. S.A.’s direct equity interest in: Amauta Agro S.A. (3) Argentina Brokerage 98.57 % 98.57 % 98.57 % FyO Acopio S.A. (3) Argentina Warehousing and brokerage 98.57 % 98.57 % 98.57 % FyO Chile SPA Chile Brokerage 100.00 % 100.00 % 100.00 % Agropecuaria Santa Cruz S.A.’s direct equity interest in: Agropecuaria Acres del Sud S.A. (2) Bolivia Agricultural 100.00 % 100.00 % 100.00 % Ombú Agropecuaria S.A. Bolivia Agricultural 100.00 % 100.00 % 100.00 % Yatay Agropecuaria S.A. Bolivia Agricultural 100.00 % 100.00 % 100.00 % Yuchán Agropecuaria S.A. (2) Bolivia Agricultural 100.00 % 100.00 % 100.00 % Sedelor S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Codalis S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Alafox S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % (1) The Group exercises “de facto control” over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group, as well as the potential voting rights of the warrants held by the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; and (iv) the effective control exercised by the Group to direct Brasilagro’s relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro. (2) Includes interest indirectly held through Helmir. (3) Includes interest directly held through Cresud. Urban Properties and Investments Business % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 IRSA’s direct equity interest: IRSA CP (1) Argentina Real estate 80.65 % 83.80 % 86.34 % 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 % 80.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % UT IRSA y Galerías Pacífico S.A. (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct equity interest in: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.92 % 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 69.69 % 69.69 % - La Malteria Argentina Real estate - 100.00 % - Tyrus S.A.’s direct equity interest in: DFL and DN BV Bermudas Investment 97.04 % 96.46 % 91.57 % IRSA International LLC United States Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermudas Investment - 100.00 % 100.00 % Real Estate Strategies LLC United States Investment 100.00 % 100.00 % 100.00 % % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 Efanur S.A.’s direct equity interest in: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00 % 100.00 % 100.00 % DFL’s direct equity interest in: IDB Development Corporation Ltd. Israel Investment 100.00 % 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct equity interest in: Discount Investment Corporation Ltd. (4) Israel Investment 83.72 % 83.77 % 76.57 % IDBD’s direct equity interest in: IDB Tourism (2009) Ltd. Israel Tourism services 100.00 % 100.00 % 100.00 % IDB Group Investment Inc Israel Investment 100.00 % 100.00 % 100.00 % DIC’s direct equity interest in: Property & Building Corporation Ltd. Israel Real estate 72.40 % 68.80 % 64.40 % Cellcom Israel Ltd. (5) Israel Telecommunications 46.20 % - - Elron Electronic Industries Ltd. Israel Investment 61.06 % 44.10 % 43.14 % Bartan Holdings and Investments Ltd. Israel Investment 55.68 % 61.06 % 50.30 % Epsilon Investment House Ltd. Israel Investment 68.75 % 55.68 % 55.68 % Mehadrin Ltd. (8) Israel Agricultural 43.75 % 68.75 % 68.75 % PBC’s direct equity interest in: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - 51.70 % 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate 50.10 % 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % PBC USA Investments Inc United States Real estate 100.00 % 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus’ equity interest. (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (47.2%) vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Control was lost in September 30, 2018 (see Note 4.(k)). (7) Includes Tyrus’ and IRSA S.A.’s equity interests. (8) DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-à-vis other shareholders that are highly atomized. Except for the aforementioned items, the percentage of votes does not differ from the stake. The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary. (c) Disposal of subsidiaries with loss of control When the Group ceases to have control over a subsidiary, any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. (d) Associates Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, except as otherwise indicated as explained below. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. As of each year-end or upon the existence of evidence of impairment, a determination is made, as to whether there is any objective indication of impairment in the value of the investments in associates. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the Associates and its carrying value and recognizes the amount adjacent to “Share of profit / (loss) of associates and joint ventures” in the Statement of Income and Other Comprehensive Income. Profit and losses resulting from transactions between the Group and the associate are recognized in the Group’s financial statements only to the extent of the interests in the associates of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates are modified to ensure uniformity within Group policies. Note 8 includes summary financial information and other information of the Group’s associates. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. (e) Joint arrangements Joint arrangements are arrangements of which the Group and another party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of |
Significant judgments, key assu
Significant judgments, key assumptions and estimates | 12 Months Ended |
Jun. 30, 2020 | |
Significant Judgments Key Assumptions and Estimates [Abstract] | |
Significant judgments, key assumptions and estimates | 3. Significant judgments, key assumptions and estimates Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates. Estimation Main assumptions Potential implications Main references Business combination - Allocation of acquisition prices Assumptions regarding timing, amount of future revenues and expenses, revenue growth, expected rate of return, economic conditions, and discount rate, among other. Should the assumptions made be inaccurate, the recognized combination may not be correct. Note 4 – Acquisitions and dispositions Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. The discount rate and the expected growth rate before taxes in connection with cash-generating units. The discount rate and the expected growth rate after taxes in connection with associates. Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Group’s best factual assumption relative to the economic conditions expected to prevail. Business continuity of cash-generating units. Appraisals made by external appraisers and valuators with relation to the assets’ fair value, net of realization costs (including real estate assets). Should any of the assumptions made be inaccurate; this could lead to differences in the recoverable values of cash-generating units. Note 10 – Property, plant and equipment Note 12 – Intangible assets Control, joint control or significant influence Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees’ bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) Note 2.3 – Scope of consolidation Estimated useful life of intangible assets and property, plant and equipment Estimated useful life of assets based on their conditions. Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). Note 10 – Property, plant and equipment Note 12 – Intangible assets Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 10. Incorrect valuation of investment property values Note 9 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 23 – Taxes Allowance for doubtful accounts A periodic review is conducted of receivables risks in the Group’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions. Improper recognition of charges / reimbursements of the allowance for bad debt. Note 16 – Trade and other receivables Level 2 and 3 financial instruments Main assumptions used by the Group are: ● Discounted projected income by interest rate ● Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. ● Comparable market multiple (EV/GMV ratio). ● Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Incorrect recognition of a charge to income / (loss). Note 16 – Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group, such estimate is based on legal advisors’ opinions. Charge / reversal of provision in relation to a claim. Note 21 – Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 16 – Financial instruments by category (Financial liabilities) Biological assets Main assumptions used in valuation are yields, production costs, selling expenses, forwards of sales prices, discount rates. Wrong recognition/valuation of biological assets. See sensitivities modeled on these parameters in Note 13. Note 13 – Biological assets |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Jun. 30, 2020 | |
Acquisitions and Disposals [Abstract] | |
Acquisitions and disposals | 4. Acquisitions and disposals Agricultural business (a) Sale and purchase of Farmlands Acquisition of Serra Grande Farmland On May 18, 2020, the Group through its subsidiary BrasilAgro purchased a farm in Baixa Grande do Ribeiro, Piauí of 4,500 hectares (of which 2,900 can be developed for crop production). The amount of the acquisition was set at BRL 25 million (equivalent ARS 316 million), with an initial payment of BRL 8 million (equivalent ARS 101 million). The balance will be cancelled in three annual installments. Sale of Alto Taquari Farmland On May 29, 2020, the Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 105 hectares of Alto Taquari farm. The total amount of the sale was 115,478 soybean bags per arable hectare equivalent BRL 11 million (equivalent ARS 139 million). The buyer made the initial payment of BRL 1,8 million (equivalent ARS 22 million). The remaining balance will be paid in five annual installments. The Company has recognized gains of BRL 8 million (equivalent ARS 100 million) as result of this transaction. On October 29, 2019, the Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 85 hectares (65 are production hectares) of Alto Taquari farm, a rural property located in the municipality of Alto Taquari, for a total amount of BRL 5.5 (equivalent ARS 94 million). The same date, the buyer made the initial payment of 14,300 soybean bags per arable hectare equivalent BRL 1 million (equivalent ARS 18 million). The remaining balance will be paid in four annual installments. The Company has recognized gains of BRL 4 million (equivalent ARS 68 million) as result of this transaction. On November 21, 2018, the Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 103 hectares of Alto Taquari farm. The total amount of the sale was 1,100 soybean bags per arable hectare equivalent to R$ 7 (equivalent to Ps. 114). The buyer made the initial payment of 22,656 soybeans bags equivalent to equivalent to R$ 1.5 (equivalent to Ps. 17); and the remaining balance will be paid in eight biannual installments. The Company has recognized gains of R$ 5 (equivalent to Ps. 91) as result of this transaction. Jatobá On June 30, 2020, the Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 1,875 hectares (1,500 are production hectares) of Jatobá farm. The total amount of BRL 45 million (equivalent ARS 567 million), of which BRL 5 million (equivalent ARS 63 million) were already collected. The remaining balance will be paid in six annual installments. The Company has recognized gains of BRL 32.8 million (equivalent ARS 413 million) as result of this transaction. On July 11, 2019, the Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 1,134 hectares (893 are production hectares) of Jatobá Farmland, a rural property located in the municipality of Jaborandi – BA. The total amount of sale was 302 soybean bags per arable hectare equivalent or BRL 23 million (equivalent ARS 394 million). The buyer, on September 2, 2019 made the initial payment of 38,000 soybean bags per arable hectare equivalent BRL 3 million (equivalent ARS 45 million). The remaining balance will be paid in six annual installments. Handover of possession and gains as result of this transaction has recognized on September 30, 2019, approximately, BRL 17 million (equivalent ARS 272 million). On June 2019, the Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 3,124 hectares of Jatobá Farm. The total amount of the sale was 285 soybean bags per arable hectare or R$ 47 (equivalent to Ps. 776). The buyer already made an initial payment of R$ 5 (equivalent to Ps. 83) and on July 31, 2019 had pay R$ 5 (equivalent to Ps. 83) more; and the remaining balance, equivalent to 563,844 soybeans bags, will be paid in six equal annual installments. This sale was accounted on June 30, 2019, the gain of this transaction amount R$ 36.5 (equivalent to Ps. 573). On June 13, 2018, the Group, through its subsidiary BrasilAgro, entered into a sales agreement for a total area of 9,784 hectares (7,485 are production hectares) of the Jatobá Establishment, a rural property located in the Municipality of Jaborandi . On July 31, 2018, the buyer made the payment of the first installment of 300,000 bags of soybeans, equivalent to an amount of R$ 21 (equivalent to Ps. 223) according to the conditions set in the agreement, obtaining the transfer of the possession and thus recognizing the disposal of the farmland , for the value of 285 bags per useful hectare, equivalent R$ 123 (equivalent to $ 1,309).. The remaining balance will be paid in six annual installments. The group did not recognize the result of this operation since almost all of the hectares sold corresponded to the Investment Property, and therefore were valued at fair value. La Suiza On June 29, 2018 Cresud signed a deed with a non-related third party for the sale of a fraction of 10,000 hectares of livestock activity of “La Suiza”. The total amount of the transaction was set at US$ 10, of which US$ 3 have been already paid. The remaining balance of US$ 7, guaranteed by a mortgage on the property, will be collected in 10 installments of the same amount ending on June 2023, which will accrue an annual interest of 4.5% on the remaining balances. The gain of the transaction amounts approximately to Ps. 380. La Esmeralda On July 20, 2017, we executed a purchase-sale agreement for all of “La Esmeralda” establishment consisting of 9,352 hectares devoted to agricultural and cattle raising activities in the 9 de Julio district, Province of Santa Fe, Argentina. On June 25, 2018, the Company has made effective with the sign of the deed and delivery of the property, the sale of “La Esmeralda” farm. The amount of the transaction was set at US$ 19, of which US$ 7 have been already paid. The balance, guaranteed with a mortgage on the property, will be collected in 4 installments of the same amount ending in April 2022, which will accrue an annual interest of 4% on the remaining balances. The gain from the sale amounts approximately to Ps. 686. Araucária On May 3, 2018, the Company through its subsidiary Brasilagro, has entered into a purchase-sale agreement for the partial sale 956 hectares (660 arable hectares) of Araucaria Farm, located in Mineiros, Brazil, for an amount of 1,208 soybean bags per arable hectare or Rs. 66.2 (equal to Ps. 639.2) (Rs./ha. 93,356). The company has recognized gains of Ps. 590 as result of this transaction. (b) Merger of BrasilAgro-Agrifirma, Purchase and Sale of BrasilAgro Shares Sale of BrasilAgro’s shares On January 20, 2020, the Company sold in the market 3,400,000 shares of its subsidiary BrasilAgro representatives of 6.30% of the share capital for an amount of USD 15.6 million (equivalent ARS 962 million). Agrifirma On January 27, 2020, and in accordance with the terms and conditions established in the Merger Agreement signed on November 22, 2019, Agrifirma Holding was merged by BrasilAgro and extinguished for all legal purposes, becoming BrasilAgro the controlling shareholder of Agrifirma Agropecuária owning 100% of the total voting share capital. The capital of BrasilAgro increased by BRL 115,586,580 from BRL 584,224,000 to BRL 699,810,577, through the issuance of 5,215,385 new common, registered, book-entry shares with no par value, which were subscribed and paid-up by the shareholders of Agrifirma Holding, in such manner that the share capital of BrasilAgro increased to 62,104,201 shares. A subscription warrant was also issued in favor of AB Holdings, a shareholder of Agrifirma Holding, which will entitle AB Holding (or its permitted successors and assigns) to subscribe up to 654,487 new ordinary shares, registered with no par value of BrasilAgro, subject to the terms and conditions established in the Merger Agreement. The merger was made upon exchange of shares and the initial exchange rate was BRL 31.50 per share of BrasilAgro based on the net worth of BrasilAgro and Agrifirma Holding, as of June 30, 2019 (taken into consideration, especially, the properties owned by BrasilAgro and Agrifirma Holding) as per the appraisal made by Deloitte Touche Tohmatsu Consultores Ltda., adjusted in view of the negotiations between the parties, in accordance with the Merger Agreement. Below is a breakdown of the fair value of the assets acquired, liabilities assumed and minority interest of the acquisiton: 03.31 20 Fair value of identifiable assets and assumed liabilities: Cash and cash equivalents 16 Trade and other receivables 387 Inventories 22 Biological assets 74 Taxes and contributions to recover 45 Group of assets held for sale 362 Property, plant and equipment 3,365 Trade and other payables (297 ) Borrowings (1,884 ) Taxes to pay (9 ) Payroll and social security liabilities (43 ) Provisions (1 ) Deferred income tax liabilities (423 ) Total identifiable net assets 1,614 Non-controlling interest - Key pending allocation 63 Total consideration 1,677 Acquisition of Brasilagro’s shares On March 30, 2020, Cresud purchased in the market 19,100 ordinary shares of its subsidiary BrasilAgro, representing 0.03% of its issued capital, for an amount of ARS 6 million. As a result of the above-mentioned sale and purchase of shares and the merger with Agrifirma, the Company reduced its equity interest in BrasilAgro from 43.17% to 33.55% of its issued capital. On June 29, 2020, Cresud made a contribution in kind to the 100% its controlled subsidiary Helmir S.A. It corresponds to 18,576,400 ADRs of BrasilAgro Comphania de Propriedades Agrícolas, in which the Company currently participates as a shareholder. The total value was USD 69.7 million (equivalent to ARS 4,892 million). At the end of the fiscal year, the Cresud percentage, the percentage of direct ownership is 2.25% and the percentage of indirect ownership through Helmir is 31.30%. In this way, Cresud will continue to control BrasilAgro indirectly through its control of Helmir S.A. Although Cresud maintains less than 50% of the voting rights, in accordance with IFRS, control may exist without a majority of voting rights. Cresud exercises “de facto control” over BrasilAgro as a result of: i) the percentage and concentration of voting rights of the Group and the absence of other shareholders with significant voting rights, ii) the absence of a voting agreement among the other shareholders to vote together as a group, iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; and iv) the effective control exercised by the Group to direct Brasilagro’s relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro. Therefore, Cresud will continue to consolidate BrasilAgro in its financial statements, after the business combination with Agrifirma. Urban properties and investments business Operations Center in Argentina (b) Distribution of a dividend in kind On October 30, 2019, the General Ordinary Shareholders´ Meeting approved the distribution of a dividend in kind for an equivalent of Ps. 480 (representing Ps. 0.83 per share and equivalent of Ps. 589 at current currency as of June 30, 2020) payable in IRSA CP shares. For distribution, the quoted price of the IRSA CP share was taken as of October 29, 2019, which was Ps. 205 per share. The number of shares distributed amounts to 2,341,463. This transaction was accounted for in equity as a decrease in the net equity attributable to the parent company for an amount of Ps.504, restated as of the date of these financial statements. The stake of the Group in IRSA CP as at year-end is 80.65%. On October 29, 2018 a General Ordinary and Extraordinary Shareholder’s meeting was held, whereby the distribution of a dividend in kind for an equivalent of Ps. 1,827 payable in shares of IRSA CP S.A. was resolved (representing Ps 2.44 per share and equivalent of Ps. 2,610 at current currency as of June 30, 2020). For the distribution, the value of IRSA CP share was taken as of October 26, 2018, which was Ps. 220 per share. The number of shares distributed amounted to 6,418,182. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the parent for Ps. 1,534, restated as of the date of these financial statements. (c) Sale of IRSA CP floors On June 9, 2020, IRSA CP executed the assignment and transfer the right to sign a title deed, with delivery of possession, with respect to two medium-height floors in the tower under construction known as “200 Della Paolera”, located in the Catalinas district of the Autonomous City of Buenos Aires, covering a total area of approximately 2,430 sq. meters and 16 parking lots, located in the building. The transaction price was set at approximately Ps. 1,165 million (USD 16.9 million), which has already been fully paid. (d) Condor Merger Agreement On July 19, 2019, Condor executed a merger agreement. As per the contractual terms, each common share of Condor, with a par value of USD 0.01 per share, shall be cancelled prior to the merger and converted into the right to receive an amount in cash equivalent of USD 11.10 per common share. Additionally, pursuant to the terms and conditions of the merger agreement, each convertible Class E share shall be automatically cancelled and shall be converted into the right to receive an amount in cash equivalent of USD 10.00 per share. The closing of the transaction, scheduled for March 23, 2020, has not yet taken place. Condor is currently discussing with NexPoint Hospitality Trust the potential amendments to restructure the previously reported acquisition by merger of the company. No assurances may be given with respect to the outcome of such discussions. The Company will continue to review the options and reserves all its rights and remedies under the original merger agreement. As of the date of presentation of these financial statements, the Group has 2,197,023 common shares and 325,752 Series E shares. (e) TGLT – Recapitalization Agreement On August 8, 2019, we entered into certain arrangements with TGLT S.A. (“TGLT”) providing for collaboration in TGLT’s financial restructuring and recapitalization. We participated in the recapitalization agreement whereby TGLT committed: (i) to make a public offer to subscribe Class A preferred shares at a subscription price of USD 1.00 per TGLT share; (ii) to make a public offering of new Class B preferred shares which may be subscribed by (a) the exchange for ordinary shares of TGLT, at an exchange ratio of one Class B preferred share for every 6.94 ordinary shares of the Company and / or (b) the exchange for convertible notes, at an exchange ratio of a Class B preferred share for each USD 1.00 of convertible notes (including accumulated and unpaid interests under the existing convertible notes); and (iii) to grant an option to subscribe new Class C preferred shares in a public offer for cash to be carried out if: (a) the public offer of Class A and Class B preferred shares are consummated and (b) a minimum number of option holders have exercised that option at a subscription price per Class C preferred share of USD 1.00 (or its equivalent in pesos). Likewise, IRSA CP signed as a holder of convertible notes of TGLT an agreement for deferment of payment of interest payable as of February 15, 2019 and August 15, 2019 until November 8, 2019 and an option agreement which may be subscribed Class C preferred shares. Finally, supporting the recapitalization plan, IRSA CP signed with TGLT a subscription commitment for Class A preferred shares under Class A Public Offer to make a contribution in kind of shares of the company La Maltería SA, 100% of its ownership, for an amount up to USD 24 million and promised to exchange its convertible negotiable obligations into preferred Class B shares. In turn, on November 22, 2019, TGLT held a bondholders of convertible negotiable obligations meeting in order to consider the modification of different clauses of the indenture in force at that date, and in line with what was agreed in the recapitalization agreement , IRSA CP voted in favor of the modifications. Under the agreements described above, the successful consummation of the offer by TGLT, and having reached the thresholds of consent of the holders of convertible notes of TGLT, on December 11, 2019, the Company concluded the envisaged process in the recapitalization agreement and related documents through the subscription of preferred Class A shares, integrating them in kind through the contribution of the shares of the company La Maltería SA, 100% of their ownership and, likewise, proceeded to the exchange of the convertible note - including deferred interest and accrued interest from August 15, 2019 to December 11, 2019 - in preferred Class B shares. During the fiscal year 2020, preferred shares were converted into ordinary shares, which is why IRSA CP begin to have significant influence, considering TGLT S.A. as an associate company. (f) Sale of Tarshop On February 14, 2019, IRSA CP sold its entire stake in Tarshop to BHSA. Following this acquisition, BHSA became the holder of 100% of the capital stock of said company. The loss recognized for this transaction was approximately Ps. 177, restated as of the date of these financial statements. (g) Purchase of equity interest in HASAU (owner of Libertador Hotel) On February 28, 2019, the Group reported the acquisition, from an unrelated third party, of the twenty percent (20%) of HASAU for an amount of US$ 1.2. As a result of this acquisition, IRSA holds 100% of HASAU’s share capital. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the controlling shareholders by Ps. 3 restated at the date of these financial statements. Operations Center in Israel (h) Partial sale of Clal Sales and Swap transactions On May 1, 2017, August 30, 2017, January 1, 2018, May 3, 2018, August 30, 2018, and January 2, 2019, continuing with the instructions given by the Israel Capital Market, Insurance and Savings Commission, IDBD sold 5% of its stake in Clal on each occasion and 4.5% on the last one respectively, with a subsequent swap transaction with a 2- year expiration term for each transaction. The consideration for the transactions amounted to approximately NIS 944.5, which is partially restricted according to these agreements until the swap expires. These transactions did not meet the de-recognition criteria so the Group maintains the asset as “Financial assets available for sale” and accounted for the loans as a financial liability. On December 16, 2019, Clal made a public capital increase for 12,066,000 shares at a price of NIS 53.87 per share. IDBD did not take part in such transaction. Additionally, on that date, IDBD sold 200,000 Clal shares at a price of NIS 53.95 per share, representing 0.3% of the new capital stock. On December 18, 2019, IDBD sold 617,017 Clal shares at an average price of NIS 53.77 per share, representing 0.9% of the issued capital stock. Furthermore, a swap transaction carried out by IDBD involving 2,771,309 shares expired in December 2019. The closing price was NIS 52.25 per share. A swap transaction involving 751,000 shares expired within the January-March 2020 period. The closing price was NIS 45.09 per share. Other sales agreements On May 2, 2019, continuing with the instructions given by the Israel Capital Market, Insurance and Savings Commission, IDBD entered into sales agreements with two unrelated parties (the “Buyers”), according to which each of the Buyers will acquire Clal shares representing 4.99% of its share capital at a cash price of NIS 47.7 per share (approximately Ps. 602 per share). In addition, they were granted an option to acquire additional Clal shares for approximately 3% of the issued capital, for a period of 120 days (subject to obtaining a holding permit) at a price of NIS 50 per share. Additionally on the same day, IDBD also entered into an agreement with a third unrelated buyer (the “Additional Buyer”), according to which the Additional Buyer will receive an option from IDBD, valid for a period of 50 days, to acquire approximately 4.99% of Clal shares (and not less than 3%), at a price of NIS 47.7 per share (approximately Ps. 602 per share). Subject to the exercise of the option by the Additional Buyer, the price will be paid 10% in cash and the rest through a loan that will be provided to the Additional Buyer by IDBD and / or by a related entity and / or by a banking corporation and / or financial institution, under the agreed conditions. The aforementioned agreements include, among others, a commitment by the Buyers and the Additional Buyer to not sell the shares acquired during an agreed period of 24 months. It is clarified that each of the Buyers and the Additional Buyer have declared and committed to IDBD that there are no agreements or understandings between them regarding the joint ownership of Clal shares that are subject to the aforementioned agreements. The total amount of Clal shares that can be acquired by the three buyers mentioned above, to the extent that the three agreements are completed and the options are exercised, represents approximately 18% of Clal’s share capital. As of the date of these financial statements, all previously agreed sales transactions have been consummated. On June 28 and July 6, 2020, IDBD sold 4,791,618 Clal shares held by it through swap transactions, at an average price of approximately NIS 30 per share, representing 7.1% of the capital stock. Additionally, on September 3, 2020, IDBD sold 2,376,527 Clal shares at an average price of NIS 32,475 per share, for a total amount of NIS 77.2 million, representing 3.5% of Clal´s capital stock. As a result of the aforementioned transactions, as of this date, IDBD´s holding in Clal represents 4.99% of its capital stock. It no longer has swap transactions and, accordingly, it is no longer considered as Clal interested party within the context of Israel´s Securities Regulations. On February 4, 2020, Dolphin furnished to the financial entities through which IDB carried out the swap transactions of Clal shares in August and November 2018, guarantees of approximately NIS 11 million, which shall be part of the committed deposits that IDB undertook as part of the terms of such transactions. Furthermore, on February 18, it deposited further guarantees in the amount of NIS 9 million. Following the last sale described above, the guarantees were returned. (i) Distribution of dividends in kind by PBC. Purchase of Mehadrin shares and acquisition of control On December 10, 2019, PBC distributed its entire holding in Mehadrin as a dividend in kind and, as a result, DIC holds, directly, a 31.4% interest in Mehadrin. As a consequence of such transaction, Mehadrin became an associate. In January and February 2020, DIC purchased approximately 8.8% of Mehadrin’s capital stock, for a total cost of NIS 39 (approximately Ps. 712); therefore, the interest in Mehadrin has increased from 31.4% to approximately 40.2%. Such acquisitions resulted in DIC obtaining control over Mehadrin, by the end of February, as it has the majority votes while the remaining equity interests are distributed among several shareholders. Additionally, from April to June 2020, DIC purchased an additional 3.5% interest in Mehadrin for NIS 14 (approximately Ps. 277), increasing its interest to 43.7%. Following the taking of control, as mentioned above, since March 9, 2020, the Group has consolidated the operations of this company. Below is a detail of incorporated net assets and income from such transaction. The process for the assessment of the fair value of incorporated net assets has been significantly completed as of June 30, 2020 and it is expected to conclude in the first months of the fiscal year ending June 30, 2021. However, the Management does not foresee any material adjustments to the incorporated net assets detailed below: 03.31.2020 Fair value of identifiable assets and liabilities incurred Investment properties 244 Property, plant and equipment 6,108 Intangible assets 57 Investments in associates and joint ventures 1,879 Restricted assets 164 Income tax receivables 146 Trade and other receivables 10,211 Rights of use 4,019 Derivative financial instruments 37 Inventories 2,503 Borrowings (7,363 ) Deferred income tax liabilities (945 ) Trade and other payables (4,711 ) Lease liabilities (2,119 ) Provisions (56 ) Employee benefits (128 ) Salaries and social security liabilities (201 ) Income Tax (18 ) Cash and cash equivalents 2,612 TOTAL IDENTIFIABLE NET ASSETS 12,439 Non-controlling interest (7,443 ) Negative goodwill (*) (376 ) Write-off of Investments in associates 3,908 Cash and cash equivalents 712 TOTAL CONSIDERATION 4,620 (*) Included in “Other operating income, net” (j) Partial sale of equity interests in Gav-Yam On July 1, 2019, PBC sold approximately 11.7% of Gav-Yam´s capital stock by private agreements. Following this transaction, PBC´s interest in Gav-Yam decreased from 51.7% to 40%. The consideration received for such sale was NIS 46 (approximately $ 6,949, restated as of the date of these financial statements). Furthermore, on September 1, 2019, PBC sold an additional 5.14%, approximately, of Gav-Yam shares and, as a result, PBC´s interest in Gav-Yam decreased from 40% to 34.9%. As a consequence of such sales, PBC forfeited its right to nominate the majority members of the Board of Directors and to appoint or remove key management members. Accordingly, PBC has lost its control over Gav-Yam and has de-consolidated such investment since such date. Below are the details of the sale: 09.30.2019 Cash received 14,261 Remediation of the fair value of the remaining interest 32,165 Total 46,426 Net assets disposed including goodwill (28,128 ) Gain from the sale of a subsidiary, net of taxes (*) 18,298 (*) Said results are disclosed within discontinued operations, under the caption “other operating results, net” The following table details the net assets disposed: 09.30.2019 Investment properties 155,846 Property, plant and equipment 1,061 Intangible assets 3,281 Right-of-use assets 42 Investments in associates and joint ventures 4,396 Restricted assets 378 Trade and other receivables 1,157 Investments in financial assets 13,544 Trading properties 155 Income tax credit 190 Cash and cash equivalents 10,623 TOTAL ASSETS 190,673 Borrowings 95,443 Lease liabilities 42 Deferred income tax liabilities 21,151 Trade and other payables 2,398 Employee benefits 21 Salaries and social security liabilities 63 Income tax and MPIT liabilities 125 TOTAL LIABILITIES 119,243 Non-controlling interest 43,301 Net assets written off including business key 28,128 On January 12, 2020, PBC received a communication from the Ministry of Justice of Israel questioning the loss of control of Gav-Yam in September 2019 and, accordingly, raising its objections to observance by PBC of the concentration law in Israel. In May 2020, PBC agreed to sell approximately 4.96% of Gav-Yam´s capital stock to an unrelated third party. Therefore, its interest in Gav-Yam decreased from 34.9% to 29.9% after the consummation of the sales transaction and it was thus able to overcome the questioning from the Ministry of Justice of Israel. (k) Changes in equity interest in Shufersal and loss of control On December 24, 2017, DIC sold Shufersal shares, decreasing its stake from 53.30% to 50.12%. The consideration with respect to the sale of the shares amounted to NIS 169.5 (equivalent to Ps. 2,148). Both transactions were accounted for as an equity transaction generating an increase in equity attributable to the controlling company for Ps. 727 and Ps. 976, respectively. On June 16, 2018, DIC announced the sale of a percentage of its stake in Shufersal to institutional investors which was completed on June 21, 2018. The percentage sold amounted to 16.56% and the net amount of the consideration was approximately NIS 848 (equivalent to Ps. 13,845), consequently DIC lost control of Shufersal, so the Group deconsolidated the subsidiary at that date. Below are the details of the sale: 06.30.2018 Cash received 14,275 Remediation of the fair value of the remaining interest 29,271 Total 43,546 Net assets disposed including goodwill (18,902 ) Gain from the sale of a subsidiary, net of taxes (*) 24,644 (*) Includes Ps. 5,856 as a result of the sale and Ps. 18,789 as a result of the re-measurement at the fair value of the new stake, both included in discontinued operations. The following table details the net assets disposed: 06.30.2018 Investment properties 10,332 Property, plant and equipment 64,484 Intangible assets 16,203 Investments in associates and joint ventures 892 Restricted assets 203 Trade and other receivables 32,516 Investments in financial assets 280 Derivative financial instruments 51 Inventories 13,955 Cash and cash equivalents 12,404 TOTAL ASSETS 151,320 Borrowings 47,383 Deferred income tax liabilities 6,244 Trade and other payables 53,306 Provisions 1,025 Employee benefits 2,812 Salaries and social security liabilities 5,322 Income tax and MPIT liabilities 17 TOTAL LIABILITIES 116,109 Non-controlling interest 16,309 Net assets disposed including goodwill 18,902 Additionally, on November 27, 2018, DIC sold 7.5% of the total shares of Shufersal to institutional investors for a consideration of NIS 416 million (approximately Ps. 7,266). After this transaction, the group holding went down to 26.02% approximately. The profit for this sale was NIS 27 (approximately Ps. 430). See Note 34 regarding the sale of the entire equity interest. (l) Interest increase in Cellcom On June 27, 2018, Cellcom increased its capital stock in consideration for a gross amount of NIS 280 (approximately Ps. 4,918). DIC participated in such increase and disbursed NIS 145.9 (approximately Ps. 2,561) for 6,314,200 shares. Furthermore, in December 2018, DIC exercised 1.5 million options (Series 1) held by it in Cellcom, for an amount of NIS 31 million (approximately Ps. 527). In December 2019 and February 2020, DIC purchased Cellcom shares for NIS 19 million (approximately Ps. 357). As a consequence of the exercise of the options and the acquisition, DIC interest in Cellcom increased by 0.9%. These transactions were accounted for as equity transactions generating a decrease in the net equity attributable to the controlling company by Ps. 226, restated as of the date of these financial statements. Additionally, on December 5, 2019, Cellcom increased its capital stock with the participation of DIC that purchased almost 50% of the shares issued. The consideration paid amounted to NIS 307 (approximately Ps. 6,011 as of such date). Cellcom issued an aggregate number of 30,600,000 common shares, 7,038,000 Series 3 Options and 6,426,000 Series 4 Options at a price of NIS 1.021 per unit (each unit will represent 100 common shares, 23 Series 3 Options and 21 Series 4 Options). Following the participation of DIC in such issue, the interest percentage was 46.2% of the issued capital stock and approximately 48.5% of the Company´s voting rights (directly and by means of agreements executed with other shareholders of the Company). (m) Sale of IDBT subsidiary On August 14, 2018, IDBT´s Board of Directors approved an agreement to sell 50% of a subsidiary of IDBT, entrusted with tourism operations for Israir, for a total price of NIS 26 (approximately Ps. 506), which transaction was consummated on December 31, 2018. Such transaction does not affect the intention to sell IDBT in its entirety. The Group evaluated maintaining the criteria to classify the investment as a discontinued operation pursuant to IFRS 5. (n) Agreement to sell plot of land in USA In July 2019, a subsidiary of IDBG signed an agreement to sell a plot of land next to the Tivoli project in Las Vegas for a consideration of US$ 18 million. At this stage, no assurances may be given that the sales transaction will be completed. (o) Sale of Real Estate In October 2018, a subsidiary of Ispro signed an agreement for the sale of all of its rights in real estate area of approximately 29 dunams (equivalent to 1 hectare), in which there are 12,700 square meters in the northern industrial zone in Yavneh for NIS 86 million, (equivalent to Ps.6,439). Such agreement has already been executed. (p) Interest increase in PBC In December 2018 and February 2019, DIC acqu |
Financial risk management and f
Financial risk management and fair value estimates | 12 Months Ended |
Jun. 30, 2020 | |
Financial Risk Management And Fair Value Estimates [Abstract] | |
Financial risk management and fair value estimates | 5. Financial risk management and fair value estimates The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk, indexing risk due to specific clauses and other price risks), credit risk, liquidity risk and capital risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date. The general risk management policies of the Group seek both to minimize adverse potential effects on the financial performance of the Group and to manage and control the financial risks effectively. The Group uses financial instruments to hedge certain risk exposures when deemed appropriate based on its internal management risk policies, as explained below. Given the diversity of characteristics in the activities conducted under its business and operations center, the Group has decentralized the risk management policies based on two significant line of business: (i) agricultural business and (ii) urban properties and investments business, which is divided into two: (a) Argentina and (b) Israel, in order to identify and properly analyze the various types of risks to which each of the subsidiaries is exposed. The Group’s main financial instruments in the agricultural business and urban properties and investments business of the Operation Center in Argentina comprise cash and cash equivalents, receivables, payables, interest bearing assets and liabilities, other financial liabilities, other investments and derivative financial instruments. The Group manages its exposure to key financial risks in accordance with the Group’s risk management policies. The Group’s management framework includes policies, procedures, limits and allowed types of derivative financial instruments. The Group has established a Risk Committee, comprising members of senior management and a member of the Audit Committee, which reviews and oversees management’s compliance with these policies, procedures and limits and has overall accountability for the identification and management of risk across the Group. Given the diversity of the activities conducted by the Operations Center in Israel of the urban properties and investments business (IDBD, DIC and its subsidiaries), and the resulting risks, IDBD and DIC manage the exposure to their own key financial risks and those of its wholly-owned subsidiaries (except for IDB Tourism) in conformity with a centralized risk management policy, with the non-wholly owned IDBD and DIC subsidiaries being responsible for establishing the risk policy, taking action to cover market risks and managing their activities in a decentralized way. Both IDBD and DIC as holding and each subsidiary are responsible for managing their own financial risks in accordance with agreed global guidelines. The Chief Financial Officers of each entity are responsible for managing the risk management policies and systems, the definition of hedging strategies, insofar as applicable and based on any restriction that may be apply as a result of financial debt, the supervision of its implementation and the answer to such restrictions. The management framework includes policies, procedures, limits and allowed types of derivative financial instruments. This section provides a description of the principal risks that could have a material adverse effect on the Group’s strategy, performance, results of operations and financial condition. The risks facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence. The analysis of sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice, this is unlikely to occur, and changes in some of the factors may be correlated – for example, changes in interest rate and changes in foreign currency rates. This sensitivity analysis provides only a limited, point-in-time view. The actual impact on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis. (a) Market risk management Market risk is the risk that the market prices, the fair value or the future cash flows of financial instrument instruments with which the Group operates will fluctuate due to changes in market prices. The Group’s market risks arise from open positions in foreign currencies, interest-bearing assets and liabilities, commodity price risks and equity securities of certain companies, to the extent that these are exposed to market value movements. The Group sets limits on the exposure to these risks that may be accepted, which are monitored on a regular basis. Foreign Exchange risk and associated derivative financial instruments The Group publishes its Consolidated Financial Statements in Argentine pesos but conducts operations and holds positions in other currencies. As a result, the Group is exposed to foreign currency exchange risk through exchange rate movements, which affect the value of the Group’s foreign currency positions. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency. The Group’s activities are carried out as follows: 1) Agricultural business 2) Urban properties and investments business: - Operation Center in Argentina - Operation Center in Israel: An important part of the business activities of these subsidiaries is conducted in above-mentioned local currencies, thus not exposing the Group to foreign exchange risk. Net financial position exposure to the functional currencies is managed on a case-by-case basis, partly by entering into foreign currency derivative instruments and/or by borrowings in foreign currencies, or other methods, considered adequate by the Management, according to circumstances. Financial instruments are considered sensitive to foreign exchange rates only when they are not in the functional currency of the entity that holds them. The following tables shows the net carrying amounts of the Company’s financial instruments nominated in US$, broken down by the functional currencies in which the Company operates for the years ended June 30, 2019 and 2018. The amounts are presented in Argentine Pesos, the presentation currency of the Group: 1) Agricultural business Net monetary position (Liability) / Asset 06.30.20 06.30.19 Functional currency US$ US$ Argentine Peso (31,328 ) (25,618 ) Brazilian Reais 180 332 Bolivian Peso (103 ) (110 ) Total (31,251 ) (25,396 ) The Group estimates that, other factors being constant, a 10% appreciation of the US dollar against the respective functional currencies at year-end would result in a lower gain before income tax for the years ended June 30, 2020 and 2019 for an amount of Ps. 3,125 and Ps. 2,539, respectively. A 10% depreciation of the US dollar against the functional currencies would have an equal and opposite effect on the Statements of Income. On the other hand, the Group also uses derivative instruments, such as future foreign exchange contracts to manage its exposure to foreign exchange risk. As of June 30, 2020, the Group has future exchange contracts pending for an amount of Ps. 16 (asset) and Ps. 178 (liability). As of June 30, 2019, , the Group has future exchange contracts pending for an amount of Ps. 44 (asset) and Ps. 36 (liability). 2) Urban properties and investments business Operation Center in Argentina Net monetary position (Liability) / Asset 06.30.20 06.30.19 Functional currency US$ NIS US$ NIS Argentine Peso (38,397 ) - (21,134 ) - Uruguayan Peso 152 - (274 ) - Total (38,245 ) - (21,408 ) - The Group estimates that, other factors being constant, a 10% appreciation of the US Dollar against the respective functional currencies at year-end for the Operations Center in Argentina would result in a net additional loss before income tax for the years ended June 30, 2020 and 2019 for an amount of Ps. 1,497 and Ps. 2,140, respectively. A 10% depreciation of the US Dollar against the functional currencies would have an equal and opposite effect on the statements of income. On the other hand, the Group also uses derivatives, such as future exchange contracts, to manage its exposure to foreign currency risk. As of June 30, 2020 and 2019 the Group has future exchange contracts pending for an amount of US$ 95 and US$ 22, respectively. Operation Center in Israel As of June 30, 2020 and 2019, the net position of financial instruments in US Dollars, which exposes the Group to the foreign currency risk amounts to Ps. (1,324) and Ps. (11,895), respectively. The Group estimates that, other factors being constant, a 10% appreciation of the US Dollar against the Israeli currency would increase loss before income tax for the year ended June 30, 2020 for an amount of Ps. 498 (Ps. 868 loss in 2019). 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 21). Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities. These activities are evaluated regularly to determine that the Group is not exposed to interest rate fluctuations that could adversely affect its ability to meet its financial obligations and to comply with its borrowing covenants. The Group occasionally manages its cash flow interest rate risk exposure by different hedging instruments, including but not limited to interest rate swap, depending on each particular case. For example, interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates or vice versa. The interest rate risk policy is approved by the Board of Directors. Management analyses the Group’s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. Trade payables are normally interest-free and have settlement dates within one year. The simulation is done on a regular basis to verify that the maximum potential loss is within the limits set by management. Note 22 shows a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2020 and 2019. 1) Agricultural business The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2020 and 2019 in the amount of Ps. 44.0 and Ps. 32.8, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. 2) Urban properties and investments business Operation Center in Argentina 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, 2020 and 2019 in the amount of Ps. 30.9 and Ps. 31.2, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. As of June 30, 2020 and 2019, 95.2% and 94.1% of the Group’s long-term financial loans in this operation center have a fixed interest rate so that IRSA is not significantly exposed to the fluctuation risk of the interest rate. Operation Center in Israel IDBD and DIC manage the exposure to the interest rate risk in a decentralized way and it is monitored regularly by different management offices in order to confirm that there are no adverse effects over their ability to meet their financial obligations and to comply with their borrowings covenants. As of June 30, 2020 and 2019, the 99.4% and 97.1%, respectively, of the Group’s long-term financial borrowings in this operations center are at fixed interest rate, therefore, the Group is not significantly exposed to the interest rate fluctuation risk. 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 year ended June 30, 2020, in approximately Ps. 56 (approximately Ps. 139 in 2019). A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. Commodity price risk and associated derivative financial instruments The Group’s agricultural activities expose it to specific financial risks related to commodity prices. Prices for commodities have historically been cyclical, reflecting overall economic conditions and changes in capacity within the industry, which affect the profitability of entities engaged in the agricultural industry. Generally, the Group uses derivative instruments to hedge risks arising out of its agricultural business operations. The Group uses a variety of commodity-based derivative instruments to manage exposure to price volatility stemming from its integrated crop production activities. These instruments consist mainly of crop forwards, future contracts and put and call option contracts. Contract positions are designed to ensure that the Group will receive a defined minimum price for certain quantities of its production. The Group combines option contracts with future contracts only as a means of reducing the exposure towards the decrease in commodity prices, as being a producer means that the price is uncertain until the time the products are harvested and sold. The Group manages maximum and minimum prices for each commodity and the idea is to choose the best spot price at which to sell. The Group generally covers up to 49.9% of its crop production in order to finance its operating costs. The hedge consists of taking positions on purchased puts or sold futures and calls that assure a fixed exit price. In the past, the Group has never kept a short position greater than its crop inventories and does not intend to. On the other hand, it is not the Group’s current intention to be exposed in a long derivative position in excess of its actual production. The following tables show the outstanding positions for each type of derivative contract for the years ended June 30, 2020 and 2019: 06.30.20 Type of derivative contract Tons Margin Premium paid Derivatives at fair value Gain / (Loss) for Forward: Sales Corn 152,531 70 - (23 ) 7 Soybeans 86,421 60 - (23 ) 227 Wheat 18,500 10 - 3 - Livestock 54,450 - - - (19 ) Cotton 893 - - 13 - Ethanol 600 - - - (8 ) Purchase Corn 46,480 (21 ) - 8 - Soybeans 16,665 22 - 5 - Wheat 17,700 (3 ) - 1 - Options: Sale put Corn 40,265 - - (23 ) (24 ) Soybeans 35,572 - - (5 ) 47 Cotton 625 - - (5 ) - Livestock - - - - (1 ) Purchase put Corn - - - (7 ) - Soybeans 1,000 - - (5 ) - Sale call Corn 89,700 52 (5 ) 31 - Soybeans 4,500 2 (17 ) 28 - Wheat 8,000 4 - 3 - Purchase call Wheat - - 5 (5 ) - Soybeans - - 9 (4 ) - Total 573,902 196 (8 ) (8 ) 229 06.30.19 Type of derivative contract Tons Margin Premium Derivatives Gain / Forward: Sales Corn 123,905 35 - (40 ) (47 ) Soybeans 184,592 129 - (51 ) (29 ) Wheat 26,200 9 - - - Livestock 6,930 - - - - Cotton 423 - - 4 - Ethanol 1,500 - - - 5 Purchase Corn 86,262 (2 ) - 4 4 Soybeans 61,284 (21 ) - 6 6 Wheat 4,100 (1 ) - (1 ) (1 ) Options: Sale put Corn 25,949 - - (21 ) (9 ) Soybeans 54,407 - - (66 ) 106 Wheat - - 1 - (1 ) Cotton 1,473 - - (1 ) - Livestock 16,500 - - (1 ) - Purchase put Corn - - (1 ) - 1 Wheat - - (1 ) - 1 Sale call Corn 108,900 54 6 14 4 Soybeans 131,765 52 (1 ) 24 26 Wheat 14,400 2 (1 ) 4 6 Purchase call Corn - - (1 ) (9 ) 3 Soybeans - - (8 ) - - Total 848,590 257 (6 ) (134 ) 75 Gains and losses on commodity-based derivative instruments were Ps. 229 (gain) and Ps. 75 (gain) for the years ended June 30, 2020 and 2019, respectively. These gains and losses are included in “Other operating results, net” in the Statements of Income. Crops future contracts fair values are computed with reference to quoted market prices on future exchanges. Risk of fluctuations of the Consumer Price Index (“CPI”) of Israel The Operations Center in Israel has financial liabilities indexed by the Israeli CPI. Net financial position exposure to the Israeli CPI fluctuations is managed in a decentralized way on a case-by-case basis, by entering into different derivative financial instruments, as the case may be, or by other methods, considered adequate by the Management, based on the circumstances. As of June 30, 2020, 36.9% of the loans are affected by the evolution of the CPI. A 1% increase in the CPI would generate a loss of Ps. 1,033 (Ps.1,502 for 2019) and a decrease of 1% generates a profit of Ps. 1,054 (Ps.1,519 for 2019). 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, 2020 and 2019 the total value of Group’s investments in shares and derivative financial instruments of public companies amounts to Ps. 19,385 and Ps. 7,984, respectively. In the Operations Center in Israel the investment in Clal is classified on the Statements of Financial Position at “fair value through profit or loss” and represents the most significant IDBD’s exposure to price risk. Neither IDBD or DIC has used hedging against these risks (Note 15). IDBD and DIC regularly review the prices evolution of these equity securities in order to identify significant movements. 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, 2020, of Ps. 1,938 (Ps. 798 in 2019) for the Operations Center in Argentina and a loss before income tax for the year ended June 30, 2020, of Ps. 431 (Ps. 2,551 in 2019) for the Operations Center in Israel. 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 in each operations center is to manage credit exposure from deposits, short-term investments and other financial instruments by maintaining diversified funding sources in various financial institutions. All the institutions that operate with the Group are well known because of their experience in the market and high credit quality. The Group places its cash and cash equivalents, investments, and other financial instruments with various high credit quality financial institutions, thus mitigating the amount of credit exposure to any one institution. The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents and short-term investments in the Statements of Financial Position. 1) Agricultural business The Group’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk and commodities prices. The Group generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to each counter party. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty’s obligations exceed the obligations that the Group has with that counterparty. The credit risk associated with derivative financial instruments is representing by the carrying value of the assets positions of these instruments. The Group’s policy is to manage credit risks associated with trade and other receivables within defined trading limits. All Group’s significant counterparties have internal trading limits. The Group’s customers are distinguished between those customers arising out of the investment and development properties activities of the Group from those arising out of its agricultural and agro-industrial operations. These two groups of customers are monitored separately due to their distinct characteristics. Trade receivables from agriculture and agro-industrial activities are primarily derived from the sale of commodities, raw milk, cattle, and sugarcane; receivables from feedlot operations and raw meat products; receivables from the lease of farmland properties; receivables from the sale of farmland properties; and, other receivables from ancillary activities. Trade receivables from agriculture and agro-industrial activities represent 9% and 4% of the Group’s total trade receivables as of June 30, 2020 and 2019, respectively. In contrast with the investment and development properties activities of the Group, the Group’s agribusiness is conducted through several international subsidiaries. The Group has subsidiaries in Argentina, Brazil, Bolivia and Paraguay. However, Argentina and Brazil together concentrate more than 96% and 94% of the Group’s grain production for the years ended June 30, 2020 and 2019, respectively. For the years ended June 30, 2020 and 2019, the grain production in Bolivia has not been significant representing only 3% and 6% of the total Group’s crop sales, respectively. Each country has its own established market for the respective grain production. Generally, the entire country’s grain production is sold in the domestic market to well-known multinational exporters such as Molinos, Cargill or Bunge, and/or local exporters. Prices for grains are also generally based on the market prices quoted in the domestic markets, which normally take as reference the prices in international grain exchanges such as the Chicago Board of Trade. For the years ended June 30, 2020 and 2019, 47% and 44% of sales of crops in Argentina and Brazil were sold to well-known exporters. The Group performs credit evaluations of its customers and generally does not require collateral. Although sales are highly concentrated, the Group does not believe that significant credit risk exists at the reporting period due to the high credit rating of these customers. The Group concentrates its cattle production in Argentina where it is entirely sold in the domestic market. The main buyers are slaughterhouses and supermarkets and are well dispersed. Prices in the cattle market in Argentina are basically fixed by local supply and demand. The principal market is the Liniers Market in Buenos Aires, which provides a standard in price formation for the rest of the domestic markets. Live animals are sold by auction on a daily basis in the market, whereas prices are negotiated by kilogram of live weight and are mainly determined by local supply and demand. Some supermarkets and meat packers establish their prices by kilogram of processed meat. In these cases, processing yields influences the final price. The Group’s sugarcane production is based in Brazil and to a lesser extent in Bolivia. Brazil concentrates the 100% and 97% of the Group’s total sugarcane production as of June 30, 2020 and 2019, respectively. Currently, the group has two supply agreements of sugarcane. One of them is with Brenco Companhia Brasileira de Energía Renovable (ETH) and the other one Aparecería IV with Agroserra - Agro Pecuária e Industria, in the municipality of São Raimundo das Mangabeiras. Sales to ETH amounted to Ps. 1,320 and Ps. 1,173 and from Agroserra amounted to Ps. 1,757 and Ps. 1,392 during fiscal years ended June 30, 2020 and 2019, respectively. Thus, total sales amounted to Ps. 3,077 and Ps. 2,565 in fiscal year ended June 30, 2020 and 2019, representing 12% and 14% of consolidated agricultural business revenues of the Group of each fiscal year. Although sales are agreed, the Group do not believe that there is a significant collection risk as of the date of year fiscal year, considering the rating of ETH and Agroserra. The Company does not expect any significant losses resulting from the non-performance of the counterparties in any of the business lines. The maximum exposure to Group’s credit risk is represented by the carrying amount of each financial asset in the Statement of Financial Position after deducting any impairment allowance. The Group’s overall exposure of credit risk arising from trade receivables is set out in Note 16. 2) Urban properties and investments business Operation Center in Argentina Trade receivables related to leases and services provided by the Group represent a diversified tenant base and account for 94.2% and 99.1% of the Group’s total trade receivables of the operations center as of June 30, 2020 and 2019, 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 16). On the other hand, property receivables related to the sale of trading properties represent 5.8% and 0.9% of the Group’s total trade receivables as of June 30, 2020 and 2019, 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. Operation Center in Israel IDBD’s and DIC’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk. IDBD and DIC generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to each counterparty. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty’s obligations exceed the obligations that IDBD has with that counterparty. The credit risk associated with derivative financial instruments is representing by the carrying value of the assets positions of these instruments. IDBD and DIC’s policy is to manage credit exposure to trade and other receivables within defined trading limits. All IDBD’s significant counterparties have internal trading limits. Trade receivables from investment and development property activities are primarily derived from leases and services from shopping malls, offices and other rental properties; receivables from the sale of trading properties and investment properties (primarily undeveloped land and non-retail rental properties). IDBD and DIC have a large customer base and is not dependent on any single customer. The credits for sales from the activities of telecommunications and supermarkets do not present large concentrations of credit risk, not depending on a few customers and with most of their transactions in cash or with credit cards (Note 16). (c) Liquidity risk management The Group is exposed to liquidity risks, including risks associated with refinancing borrowings as they mature the risk that borrowing facilities are not available to meet cash requirements, and the risk that financial assets cannot readily be converted to cash without loss of value. Failure to manage liquidity risks could have a material impact on the Group’s cash flow and Statements of Financial Position. Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding its existing and prospective debt requirements by maintaining diversified funding sources. Each business (or operation center, as appropriate) monitors its current and projected financial position using several key internally generated reports: cash flow; debt maturity; and interest rate exposure. The Group also undertakes sensitivity analysis to assess the impact of proposed transactions, movements in interest rates and changes in property values on the key profitability, liquidity and balance sheet ratios. The debt of each operation center and the derivative positions are continually reviewed to meet current and expected debt requirements. Each operation center maintains a balance between longer-term and shorter-term financings. Short-term financing is principally raised through bank facilities and overdraft positions. Medium- to longer-term financing comprises public and private bond issues, including private placements. Financing risk is spread by using a variety of types of debt. The maturity profile is managed in accordance with each operation center needs, by spreading the repayment dates and extending facilities, as appropriate. The tables below show financial liabilities, including each operation center derivative financial liabilities groupings based on the remaining period at the Statements of Financial Position to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows and as a result, they do not reconcile to the amounts disclosed on the Statements of Financial Position. However, undiscounted cash flows in respect of balances due within 12 months generally equal their carrying amounts in the Statements of Financial Position, as the impact of discounting is not significant. The tables include both interest and principal flows. Where the interest payable is not fixed, the amount disclosed has been determined by reference to the existing conditions at the reporting date. 1) Agricultural business 06.30.20 Less than 1 Between 1 Between 2 Between 3 and 4 years More than Total Trade and other payables 6,313 123 188 54 101 6,779 Borrowings 21,628 14,944 9,041 296 289 46,198 Finance lease obligations 790 515 335 270 1,074 2,984 Derivative financial in |
Segment information
Segment information | 12 Months Ended |
Jun. 30, 2020 | |
Segment Information [Abstract] | |
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. In addition, two responsibility levels have been established for resource allocation and assessment of results of the two operations centers, through executive committees in Argentina and Israel. Segment information is reported from the perspective of products and services: (i) agricultural business and (ii) urban properties and investment business. In addition, this last segment is reported (ie., divided) from the geographic point of view in two Operations Centers to manage its global interests: Argentina and Israel. Within each operations center, the Group considers separately the various activities being developed, which represent reporting operating segments given the nature of its products, services, operations and risks. Management believes the operating segment clustering in each operations center reflects similar economic characteristics in each region, as well as similar products and services offered, types of clients and regulatory environments. As from fiscal year 2018 the CODM reviews the operating income/loss of each business excluding the amounts related to management fees, being such amount reviewed at an aggregate level outside each business. Additionally, the CODM reviews certain corporate expenses associated with each business in an aggregate manner and separately from each of the segments, such expenses have been disclosed in the “Corporate” segment of each operation center. Below is the segment information prepared as follows: Agricultural business ● Agricultural production ● Land transformation and sales ● Corporate ● Other segments Urban properties and investments business ● Operation Center in Argentina o Shopping Malls o Offices o Sales and developments o Hotels o International o Corporate o Others As of fiscal year 2018, the CODM also reviews the office business as a single segment and the entertainment business in an aggregate and separate manner from offices, including that concept in the “Others” segment. The CODM periodically reviews the results and certain asset categories and assesses performance of operating segments of this operations center based on a measure of profit or loss of the segment composed by the operating income plus the share of profit / (loss) of joint ventures and associates. The valuation criteria used in preparing this information are consistent with IFRS standards used for the preparation of the Consolidated Financial Statements, except for the following: ● Operating results from joint ventures are evaluated by the CODM applying proportional consolidation method. Under this method, the profit/loss generated and assets are reported in the Statement of Income line-by-line based on the percentage held in joint ventures rather than in a single item as required by IFRS. Management believes that the proportional consolidation method provides more useful information to understand the business return. On the other hand, the investment in the joint venture La Rural S.A. is accounted for under the equity method since this method is considered to provide more accurate information in this case. ● Operating results from Shopping Malls and Offices segments do not include the amounts pertaining to building administration expenses and collective promotion funds (“FPC”, as per its Spanish acronym) as well as total recovered costs, whether by way of expenses or other concepts included under financial results (for example default interest and other concepts). The CODM examines the net amount from these items (total surplus or deficit between building administration expenses and FPC and recoverable expenses). Revenues for each reporting segments derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment. ● Operation Center in Israel o Real Estate o Supermarkets o Telecommunications o Insurance o Corporate o Others The CODM periodically reviews the results and certain asset categories and assesses performance of operating segments of this operations center based on a measure of profit or loss of the segment composed by the operating income plus the share of profit / (loss) of associates and joint ventures. The valuation criteria used in preparing this information are consistent with IFRS standards used for the preparation of the Consolidated Financial Statements. Goods and services exchanged between segments are calculated on the basis of established prices. Intercompany transactions between segments, if any, are eliminated. Within the agricultural business, the majority of revenue is derived from operating segments in Argentina and Brazil, where most operating assets are located. . Within the Operations Center in Argentina, 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. Within the urban properties and investment business in the operations center in Israel, most revenue from its operating segments are derived from and their assets are located in Israel, except for certain earnings from the Real Estate segment, which are generated from activities outside Israel, mainly in USA. Within the agricultural business and the urban properties and investments business from the operations center in Argentina, the assets categories reviewed by the CODM are investment properties, property, plant and equipment, trading properties, inventories, biological assets, right to receive future units under barter agreements, investment in joint ventures and associates and goodwill. The aggregate of these assets, classified by business segment, are disclosed as “segment assets”. Assets are allocated to each segment based on the operations and/or their physical location. Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2020: 06.30.20 Urban Properties and Investment business (II) Agricultural Operations Operations Subtotal Total Joint Discontinued Adjustments Elimination Total Revenues 26,259 11,138 81,637 92,775 119,034 (60 ) - 3,100 (818 ) 121,256 Costs (22,283 ) (2,755 ) (56,296 ) (59,051 ) (81,334 ) 53 - (3,230 ) 540 (83,971 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,623 - - - 2,623 - - - 204 2,827 Changes in the net realizable value of agricultural products after harvest 657 - - - 657 - - - - 657 Gross profit / (loss) 7,256 8,383 25,341 33,724 40,980 (7 ) - (130 ) (74 ) 40,769 Gain from disposal of farmlands 838 - - - 838 - - - - 838 Net gain / (loss) from fair value adjustment of investment properties 780 33,464 (2,989 ) 30,475 31,255 (263 ) - - - 30,992 General and administrative expenses (1,419 ) (2,150 ) (8,764 ) (10,914 ) (12,333 ) 15 - - 51 (12,267 ) Selling expenses (2,610 ) (1,232 ) (12,544 ) (13,776 ) (16,386 ) 19 - - 19 (16,348 ) Impairment of associates - - (2,470 ) (2,470 ) (2,470 ) - - - - (2,470 ) Other operating results, net 1,662 (48 ) 1,127 1,079 2,741 18 - 17 (6 ) 2,770 Management fees - - - - - - - (211 ) - (211 ) Profit / (loss) from operations 6,507 38,417 (299 ) 38,118 44,625 (218 ) - (324 ) (10 ) 44,073 Share of profit of associates and joint ventures 127 7,047 1,299 8,346 8,473 169 - - 20 8,662 Segment profit / (loss) 6,634 45,464 1,000 46,464 53,098 (49 ) - (324 ) 10 52,735 - Reportable assets 37,070 157,987 451,267 609,254 646,324 (671 ) - - 41,287 686,940 Reportable liabilities - - (403,184 ) (403,184 ) (403,184 ) - - - (161,603 ) (564,787 ) Net reportable assets 37,070 157,987 48,083 206,070 243,140 (671 ) - - (120,316 ) 122,153 Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2019: 30.10.19 Urban Properties and Investment business (II) Agricultural Operations Operations Subtotal Total Joint Discontinued Adjustments Elimination Total Revenues 19,061 15,056 73,537 88,593 107,654 (93 ) - 3,706 (526 ) 110,741 Costs (16,165 ) (3,201 ) (52,426 ) (55,627 ) (71,792 ) 67 - (3,855 ) 196 (75,384 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,035 - - - 2,035 - - - 270 2,305 Changes in the net realizable value of agricultural products after harvest (43 ) - - - (43 ) - - - - (43 ) Gross profit / (loss) 4,888 11,855 21,111 32,966 37,854 (26 ) - (149 ) (60 ) 37,619 Gain from disposal of farmlands 665 - - - 665 - - - - 665 Net gain from fair value adjustment of investment properties - (39,477 ) 892 (38,585 ) (38,585 ) 839 - - - (37,746 ) General and administrative expenses (1,525 ) (2,668 ) (8,031 ) (10,699 ) (12,224 ) 17 - - 55 (12,152 ) Selling expenses (1,717 ) (1,085 ) (11,192 ) (12,277 ) (13,994 ) 7 - - 11 (13,976 ) Other operating results, net 819 (659 ) 742 83 902 193 - 17 (11 ) 1,101 Management fees - - - - - - - - - - Profit / (loss) from operations 3,130 (32,034 ) 3,522 (28,512 ) (25,382 ) 1,030 - (132 ) (5 ) (24,489 ) Share of profit / (loss) of associates and joint ventures 11 (6,183 ) (150 ) (6,333 ) (6,322 ) (1,006 ) - - - (7,328 ) Segment profit / (loss) 3,141 (38,217 ) 3,372 (34,845 ) (31,704 ) 24 - (132 ) (5 ) (31,817 ) Reportable assets 34,597 111,717 535,565 647,282 681,879 (592 ) - - 44,747 726,034 Reportable liabilities - - (461,015 ) (461,015 ) (461,015 ) - - - (137,818 ) (598,833 ) Net reportable assets 34,597 111,717 74,550 186,267 220,864 (592 ) - - (93,071 ) 127,201 Below is a summarized analysis of the lines of business of the Group for the year ended June 30, 2018: 06.30.18 Urban Properties and Agricultural Operations Operations Subtotal Total Joint Adjustments Elimination Total Revenues 15,393 13,872 60,057 73,929 89,322 (111 ) 4,387 (332 ) 93,266 Costs (13,096 ) (2,822 ) (41,935 ) (44,757 ) (57,853 ) 69 (4,445 ) 151 (62,078 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 1,530 - - - 1,530 4 - 140 1,674 Changes in the net realizable value of agricultural products after harvest 532 - - - 532 - - - 532 Gross profit / (loss) 4,359 11,050 18,122 29,172 33,531 (38 ) (58 ) (41 ) 33,394 Net gain from fair value adjustment of investment properties 216 19,809 - 19,809 20,025 (1,054 ) - - 18,971 Loss from disposal of farmlands 1,656 - - - 1,656 - - - 1,656 General and administrative expenses (1,381 ) (2,335 ) (7,233 ) (9,568 ) (10,949 ) 40 - 33 (10,876 ) Selling expenses (1,753 ) (1,126 ) (10,639 ) (11,765 ) (13,518 ) 16 - 13 (13,489 ) Other operating results, net 1,541 (56 ) 2,136 2,080 3,621 42 (2 ) (4 ) 3,657 Management fees - - - - - - (1,456 ) - (1,456 ) Profit / (loss) from operations 4,638 27,342 2,386 29,728 34,366 (994 ) (1,516 ) 1 31,857 Share of (loss) / profit of associates and joint ventures 37 (4,227 ) (422 ) (4,649 ) (4,612 ) 1,160 - - (3,452 ) Segment profit / (loss) 4,675 23,115 1,964 25,079 29,754 166 (1,516 ) 1 28,405 Reportable assets 30,755 152,860 563,654 716,514 747,269 592 - 49,183 797,044 Reportable liabilities - - (479,056 ) (479,056 ) (479,056 ) - - (141,534 ) (620,590 ) Net reportable assets 30,755 152,860 84,598 237,458 268,213 592 - (92,351 ) 176,454 (i) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (ii) Includes Ps. (130), Ps. (149) and Ps. (58) corresponding to Expenses and FPC and Ps. 0, Ps. (336) and Ps. (1,456) to management fees, as of June 30, 2020 and 2018, respectively. (iv) 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 Ps. 17, Ps. 8,658 and Ps. 5,453, as of June 30, 2020, 2019 and 2018, respectively. Agriculture line of business: The following tables present the reportable segments of the agriculture line of business: 06.30.20 Agricultural Land Corporate Others Total Revenues 17,186 - - 9,073 26,259 Costs (14,676 ) (25 ) - (7,582 ) (22,283 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,613 - - 10 2,623 Changes in the net realizable value of agricultural products after harvest 657 - - - 657 Gross profit / (loss) 5,780 (25 ) - 1,501 7,256 Gain from disposal of farmlands - 838 - - 838 Net gain from fair value adjustment of investment properties - 780 - - 780 General and administrative expenses (953 ) (3 ) (177 ) (286 ) (1,419 ) Selling expenses (1,815 ) (1 ) - (794 ) (2,610 ) Other operating results, net 454 962 - 246 1,662 Management fees - - - - - Profit / (loss) from operations 3,466 2,551 (177 ) 667 6,507 Share of profit of associates 55 - - 72 127 Segment profit / (loss) 3,521 2,551 (177 ) 739 6,634 - Investment properties 4,129 - - - 4,129 Property, plant and equipment 20,886 179 - 54 21,119 Investments in associates 419 - - 293 712 Other reportable assets 7,283 331 - 3,496 11,110 Reportable assets 32,717 510 - 3,843 37,070 From all of the Group’s revenues corresponding to Agricultural Business, Ps.18,167 are originated in Argentina and Ps. 8,092 in other countries, principally in Brazil for Ps. 7,278. From all of the Group’s assets included in the segment corresponding to Agricultural Business, Ps. 13,269 are located in Argentina and Ps. 23,801 in other countries, principally in Brazil for Ps. 18.912. 06.30.19 Agricultural Land Corporate Others Total Revenues 11,100 - - 7,961 19,061 Costs (9,466 ) (24 ) - (6,675 ) (16,165 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,029 - - 6 2,035 Changes in the net realizable value of agricultural products after harvest (43 ) - - - (43 ) Gross profit / (loss) 3,620 (24 ) - 1,292 4,888 Gain from disposal of farmlands - 665 - - 665 Net gain from fair value adjustment of investment properties - - - - - General and administrative expenses (959 ) (3 ) (274 ) (289 ) (1,525 ) Selling expenses (1,026 ) (1 ) - (690 ) (1,717 ) Other operating results, net 428 244 - 147 819 Management fees - - - - - (Loss) / Profit from operations 2,063 881 (274 ) 460 3,130 Share of profit / (loss) of associates 57 - - (46 ) 11 Segment (loss) / profit 2,120 881 (274 ) 414 3,141 Investment properties 2,634 - - - 2,634 Property, plant and equipment 20,219 149 - 767 21,135 Investments in associates 391 - - 23 414 Other reportable assets 8,472 - - 1,942 10,414 Reportable assets 31,716 149 - 2,732 34,597 From all of the Group’s revenues corresponding to Agricultural Business, Ps. 12,680 are originated in Argentina and Ps. 6,381 in other countries, principally in Brazil for Ps. 5,923. From all of the Group’s assets included in the segment corresponding to Agricultural Business, Ps. 13,765 are located in Argentina and Ps. 20,832 in other countries, principally in Brazil for Ps. 18,974. 06.30.18 Agricultural Land Corporate Others Total Revenues 9,096 - - 6,297 15,393 Costs (7,388 ) (36 ) - (5,672 ) (13,096 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 1,539 - - (9 ) 1,530 Changes in the net realizable value of agricultural products after harvest 532 - - - 532 Gross profit / (loss) 3,779 (36 ) - 616 4,359 Net gain from fair value adjustment of investment properties - 216 - - 216 Loss from disposal of farmlands - 1,656 - - 1,656 General and administrative expenses (878 ) (2 ) (225 ) (276 ) (1,381 ) Selling expenses (1,322 ) - - (431 ) (1,753 ) Other operating results, net (20 ) 1,457 - 104 1,541 Management fees - - - - - Profit / (Loss) from operations 1,559 3,291 (225 ) 13 4,638 Share of profit / (loss) of associates 39 - - (2 ) 37 Segment profit / (loss) 1,598 3,291 (225 ) 11 4,675 Investment properties 2,052 - - - 2,052 Property, plant and equipment 19,620 131 - 605 20,356 Investments in associates 316 - - 91 407 Other reportable assets 7,073 - - 867 7,940 Reportable assets 29,061 131 - 1,563 30,755 From all of the Group’s revenues corresponding to Agricultural Business, Ps. 11,296 are originated in Argentina and Ps. 4,097 in other countries, principally in Brazil for Ps. 3,743. From all of the Group’s assets included in the segment corresponding to Agricultural Business, Ps. 11,735 are located in Argentina and Ps. 19,020 in other countries, principally in Brazil for Ps. 17,128. (I) Urban properties and investments line of business Below is a summarized analysis of the lines of business of Group’s operations center in Argentina for the fiscal years ended June 30, 2020, 2019 and 2018: 06.30.20 Shopping Offices Sales and developments Hotels International Corporate Others Total Revenues 5,935 2,358 735 2,021 11 - 78 11,138 Costs (567 ) (144 ) (690 ) (1,244 ) (12 ) - (98 ) (2,755 ) Gross profit / (loss) 5,368 2,214 45 777 (1 ) - (20 ) 8,383 Net gain from fair value adjustment of investment properties (2,105 ) 22,756 12,179 - - - 634 33,464 General and administrative expenses (829 ) (220 ) (228 ) (365 ) (110 ) (282 ) (116 ) (2,150 ) Selling expenses (709 ) (85 ) (197 ) (230 ) - - (11 ) (1,232 ) Other operating results, net (38 ) (30 ) (27 ) (20 ) - - 67 (48 ) Management fees - - - - - - - - Profit / (Loss) from operations 1,687 24,635 11,772 162 (111 ) (282 ) 554 38,417 Share of profit / (loss) of associates and joint ventures (**) - - - - 7,377 - (330 ) 7,047 Segment profit / (loss) 1,687 24,635 11,772 162 7,266 (282 ) 224 45,464 Investment and trading properties 49,109 61,284 32,171 - 307 - 1,442 144,313 Property, plant and equipment 225 1,130 - 1,943 - - - 3,298 Investment in associates and joint ventures (*) - - 532 - 2,004 - 6,738 9,274 Other reportable assets 111 122 753 26 - - 90 1,102 Reportable assets 49,445 62,536 33,456 1,969 2,311 - 8,270 157,987 From all the revenues corresponding to the Operations Center in Argentina, Ps. 11,127 are originated in Argentina, and Ps. 11 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, Ps. 155,377 are located in Argentina and Ps. 2,886 in other countries, principally in USA for Ps. 2, 311 and Uruguay for Ps. 575. 06.30.19 Shopping Offices Sales and developments Hotels International Corporate Others Total Revenues 8,541 2,239 1,119 2,953 14 - 190 15,056 Costs (776 ) (153 ) (527 ) (1,588 ) (6 ) - (151 ) (3,201 ) Gross profit 7,765 2,086 592 1,365 8 - 39 11,855 Net gain from fair value adjustment of investment properties (40,582 ) 747 726 - 6 - (374 ) (39,477 ) General and administrative expenses (945 ) (206 ) (283 ) (492 ) (110 ) (519 ) (113 ) (2,668 ) Selling expenses (530 ) (99 ) (119 ) (316 ) - - (21 ) (1,085 ) Other operating results, net (109 ) (40 ) (286 ) 114 (24 ) - (314 ) (659 ) Management fees - - - - - - - - Profit / (Loss) from operations (34,401 ) 2,488 630 671 (120 ) (519 ) (783 ) (32,034 ) Share of profit / (loss) of associates and joint ventures - - (37 ) - (3,679 ) - (2,467 ) (6,183 ) Segment profit / (loss) (34,401 ) 2,488 593 671 (3,799 ) (519 ) (3,250 ) (38,217 ) Investment and trading properties 50,104 31,432 27,777 - 90 - 1,062 110,465 Property, plant and equipment 260 136 - 2,024 180 - - 2,600 Investment in associates and joint ventures - - 443 - (7,222 ) - 4,895 (1,884 ) Other reportable assets 113 123 184 26 - - 90 536 Reportable assets 50,477 31,691 28,404 2,050 (6,952 ) - 6,047 111,717 From all the revenues corresponding to the Operations Center in Argentina, included in the segments Ps. 14,563 are originated in Argentina, Ps. 478 are originated in Uruguay and Ps. 14 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, Ps. 117,932 are located in Argentina and Ps. (6,370) in other countries, principally in USA for Ps. (6,952) and Uruguay for Ps. 582. 06.30.18 Shopping Offices Sales and Hotels International Corporate Others Total Revenues 9,750 1,332 300 2,446 - - 44 13,872 Costs (829 ) (124 ) (149 ) (1,672 ) - - (48 ) (2,822 ) Gross profit / (loss) 8,921 1,208 151 774 - - (4 ) 11,050 Net gain from fair value adjustment of investment properties 6,266 5,843 7,338 - - - 362 19,809 General and administrative expenses (854 ) (216 ) (198 ) (487 ) (118 ) (385 ) (77 ) (2,335 ) Selling expenses (607 ) (143 ) (58 ) (311 ) - - (7 ) (1,126 ) Other operating results, net (105 ) (24 ) 138 (40 ) (58 ) - 33 (56 ) Management fees - - - - - - - - Profit / (Loss) from operations 13,621 6,668 7,371 (64 ) (176 ) (385 ) 307 27,342 Share of profit / (loss) of associates and joint ventures - - 4 - (4,425 ) - 194 (4,227 ) Segment profit / (loss) 13,621 6,668 7,375 (64 ) (4,601 ) (385 ) 501 23,115 Investment and trading properties 89,983 28,142 25,166 - - - 1,334 144,625 Property, plant and equipment 213 120 - 2,135 198 - - 2,666 Investment in associates and joint ventures - - 447 - (3,869 ) - 8,251 4,829 Other reportable assets 129 122 189 27 - - 273 740 Reportable assets 90,325 28,384 25,802 2,162 (3,671 ) - 9,858 152,860 From all the revenues corresponding to the Operations Center in Argentina, the 100% are originated in Argentina. 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, Ps. 155,890 are located in Argentina and Ps. (2,987) in other countries, principally in USA for Ps. (3,672) and Uruguay for Ps. 685 million. Below is a summarized analysis of the lines of business of Group’s Operations Center in Israel for the years ended June 30, 2020, 2019 and 2018: 06.30.20 Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 12,954 - 64,838 - - 3,845 81,637 Costs (6,787 ) - (47,231 ) - - (2,278 ) (56,296 ) Gross profit 6,167 - 17,607 - - 1,567 25,341 Net gain from fair value adjustment of investment properties (2,989 ) - - - - - (2,989 ) General and administrative expenses (812 ) - (5,519 ) - (1,071 ) (1,362 ) (8,764 ) Selling expenses (223 ) - (11,887 ) - - (434 ) (12,544 ) Impairment of associates (2,470 ) - - - - - (2,470 ) Other operating results, net (296 ) - 501 - (48 ) 970 1,127 Profit / (Loss) from operations (623 ) - 702 - (1,119 ) 741 (299 ) Share of profit/ (loss) of associates and joint ventures 1,495 1,063 (265 ) - - (994 ) 1,299 Segment profit / (loss) 872 1,063 437 - (1,119 ) (253 ) 1,000 Reportable assets 152,941 28,090 140,025 3,377 17,911 108,923 451,267 Reportable liabilities (146,331 ) - (106,076 ) - (111,649 ) (39,128 ) (403,184 ) Net reportable assets 6,610 28,090 33,949 3,377 (93,738 ) 69,795 48,083 No external client represents 10% or more of the revenue of any of the reportable segments. From all assets corresponding to the Operations Center in Israel segments, Ps. 82,707 are located in USA (Ps. 74,170 in 2019 and Ps. 77,664 in 2018), Ps. 0 (Ps. 1,979 in 2019 and Ps. 2,333 in 2018) in India and the remaining are located in Israel. 06.30.19 Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 14,392 - 57,506 - - 1,639 73,537 Costs (9,121 ) - (42,424 ) - - (881 ) (52,426 ) Gross profit 5,271 - 15,082 - - 758 21,111 Net gain from fair value adjustment of investment properties 892 - - - - - 892 General and administrative expenses (707 ) - (4,779 ) - (1,058 ) (1,487 ) (8,031 ) Selling expenses (197 ) - (10,562 ) - - (433 ) (11,192 ) Other operating results, net - - 397 - - 345 742 Management fees - - - - - - - Profit / (Loss) from operations 5,259 - 138 - (1,058 ) (817 ) 3,522 Share of profit / (loss) of associates and joint ventures 37 717 - - - (904 ) (150 ) Segment profit / (loss) 5,296 717 138 - (1,058 ) (1,721 ) 3,372 Reportable assets 303,425 23,013 109,380 22,638 41,536 35,573 535,565 Reportable liabilities (235,553 ) - (84,800 ) - (126,585 ) (14,077 ) (461,015 ) Net reportable assets 67,872 23,013 24,580 22,638 (85,049 ) 21,496 74,550 06.30.18 Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 9,497 - 49,066 - - 1,494 60,057 Costs (5,957 ) - (35,189 ) - - (789 ) (41,935 ) Gross profit 3,540 - 13,877 - - 705 18,122 Net gain from fair value adjustment of investment properties - - - - - - - General and administrative expenses (578 ) - (4,594 ) - (854 ) (1,207 ) (7,233 ) Selling expenses (200 ) - (10,059 ) - - (380 ) (10,639 ) Other operating results, net 256 - 772 - 1,141 (33 ) 2,136 Management fees - - - - - - - Profit / (Loss) from operations 3,018 - (4 ) - 287 (915 ) 2,386 Share of profit / (loss) of associates and joint ventures 158 - - - - (580 ) (422 ) Segment profit / (loss) 3,176 - (4 ) - 287 (1,495 ) 1,964 Reportable assets 298,031 29,579 110,723 27,247 47,432 50,642 563,654 Reportable liabilities (231,693 ) - (86,280 ) - (155,567 ) (5,516 ) (479,056 ) Net reportable assets 66,338 29,579 24,443 27,247 (108,135 ) 45,126 84,598 |
Information about the main subs
Information about the main subsidiaries | 12 Months Ended |
Jun. 30, 2020 | |
Information About Main Subsidiaries [Abstract] | |
Information about the main subsidiaries | 7. Information about the main subsidiaries The Group conducts its business through several operating subsidiaries and holdings. The Group considers that the subsidiaries below are the ones with non-controlling interests material to the Group. Direct Current Non-current Current Non-current Net Book value of non- As of June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 37.67 % 205,717 421,482 143,384 361,16 122,655 65,528 Subsidiaries with indirect participation of Cresud Brasilagro 66.45 % 21,976 8,338 5,121 7,903 17,29 11,489 Elron 38.94 % 3,377 3,966 509 142 6,692 4,149 PBC 27.60 % 79,327 112,404 26,138 118,789 46,804 19,263 Cellcom (2) 53.80 % 54,777 79,796 31,386 74,691 28,496 17,92 Mehadrin 56.25 % 13,038 17,839 13,954 3,336 13,587 8,136 IRSA CP 16.73 % 14,925 129,578 16,423 52,507 75,573 4,089 As of June 30, 2019 Subsidiaries with direct participation of Cresud IRSA 37.65 % 201,916 476,445 105,704 450,001 122,656 76,813 Brasilagro 56.71 % 7,075 18,856 3,595 5,252 17,084 - Subsidiaries with indirect participation of Cresud Elron 38.94 % 4,521 3,77 529 69 7,693 4,624 PBC 31.20 % 63,904 236,44 25,708 208,515 66,121 47,766 Cellcom (2) 55.90 % 45,957 59,076 27,278 57,524 20,231 12,777 IRSA CP 14.73 % 24,563 91,203 5,797 51,924 58,045 3,113 Revenues Net Total Total Cash of Cash of Cash of Net Dividends Year ended June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 95,793 23,731 14,182 9,482 31,113 40,644 (76,125 ) (4,368 ) (2,283 ) Subsidiaries with indirect participation of Cresud Brasilagro 7,605 2,368 (2,701 ) (1,795 ) 1,295 (706 ) 9 598 - Elron - (1,774 ) (1,864 ) 5,540 (776 ) 350 874 448 - PBC 12,31 12,648 12,165 19,586 6,328 23,872 (20,243 ) 9,957 1,684 Cellcom (2) 56,076 (2,068 ) (2,100 ) 534 14,914 (7,425 ) (6,323 ) 1,166 - Mehadrin 1,952 106 123 251 246 (70 ) (246 ) (70 ) 17 IRSA CP 8,563 18,153 18,405 1,064 4,890 (2,879 ) (3,561 ) (1,550 ) 663 Year ended June 30, 2019 Subsidiaries with direct participation of Cresud IRSA 99,713 (38,371 ) (2,025 ) (2,848 ) 27,041 11,189 (27,754 ) 10,476 (3,330 ) Brasilagro 5,798 1,995 (342 ) - 849 (356 ) (417 ) 76 - Subsidiaries with indirect participation of Cresud Elron - (1,056 ) (909 ) 2,122 (1,012 ) 207 1,338 533 - PBC 18,061 6,953 7,575 5,23 9,081 1,072 2,926 13,079 2,337 Cellcom (2) 47,535 (1,524 ) (1,538 ) (1,352 ) 10,025 (8,614 ) 1,666 3,077 - IRSA CP 14,537 (25,923 ) (25,923 ) (150 ) 5,588 (4,958 ) (2,631 ) (2,001 ) 1,008 (1) Corresponds to the direct interest from the Group. (2) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings. Restrictions, commitments and other relevant issues Analysis of the impact of the Concentration Law On December 2013, was published in the Official Gazette of Israel the Promotion of Competition and Reduction of Concentration Law N°, 5774-13 (‘the Concentration Law’) which has material implications for IDBD, DIC and its investors, including the disposal of the controlling interest in Clal. In accordance with the provisions of the law, the structures of companies that make public offer of their securities are restricted to two layers of public companies. In November 2017, Dolphin IL, a subsidiary of Dolphin Netherlands B.V. acquired all the shares owned by IDBD in DIC (See note 4). Thus, the section required by the aforementioned law for the year 2017 is completed. Prior to December 31, 2019 the Group lost control over Gav-Yam and in March 2020 it acquired control over Mehadrin, thus complying with the above-mentioned law. Dolphin arbitration process There is an arbitration process going on between Dolphin and ETH (previous shareholder of IDBD) in relation to certain issues connected to the control obtainment of IDBD (mainly regarding who had the right of purchase and the price of the acquisition). In the arbitration process the parties have agreed to designate Eyal Rosovshy and Giora Erdinas to promote a mediation. On August 17, 2017, a mediation hearing was held and the parties failed to reach an agreement. On January 31, 2018, the parties agreed to follow the process in court. As of the date of presentation of these Consolidated Financial Statements, there have been no other developments in the process and it is still pending resolution. Management, based on the opinion of its legal advisors, considers that the resolution of the present litigation will not have an adverse effect for Dolphin. |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Jun. 30, 2020 | |
Investments In Associates and Joint Ventures [Abstract] | |
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, 2019 and 2018 were as follows: 06.30.20 06.30.19 Beginning of the year 36,212 52,739 Adjustment of previous years (IFRS 9 and IAS 28) (1,979 ) - Share-holding increase in associates and joint ventures 2,774 697 Capital contribution 2,852 163 Share of profit / (loss) 8,812 (7,328 ) Decrease for control obtainment (Note 4) - (153 ) Currency translation adjustment 9 (429 ) Cash dividends (i) (1,846 ) (1,734 ) Sale of associates - (7,178 ) Capital reduction (106 ) (672 ) Other comprehensive loss (1,244 ) - Deconsolidation (ii) 29,176 - Reclassification to held-for-sale (2,070 ) - Incorporation by business combination 2,517 212 Others 4 (105 ) End of the year (iii) 75,111 36,212 (i) See Note 32. (ii) Includes Ps. (17) and Ps. (8,658) reflecting interests in companies with negative equity as of June 30, 2020 and 2019, respectively, which are disclosed in “Provisions” (see Note 21). 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, 2020 and 2019, as well as the Group’s share of the comprehensive results of these companies for the years ended on June 30, 2020, 2019 and 2018: % of ownership interest held Value of Group’s interest Group’s interest in comprehensive income Name of the entity 06.30.20 06.30.19 06.30.18 06.30.20 06.30.19 06.30.20 06.30.19 06.30.18 New Lipstick 49.96 % 49.96 % 49.90 % 467 (8,658 ) 7,633 (3,199 ) (5,292 ) BHSA (1) 29.91 % 29.91 % 29.91 % 4,073 4,451 (380 ) (2,411 ) 416 Condor (2) 18.89 % 18.89 % 28.10 % 1,481 1,392 120 39 596 PBEL 45.00 % 45.40 % 45.40 % - 1,979 - (117 ) 416 Shufersal (5) 26.02 % 26.02 % 33.56 % 28,111 23,013 5,215 297 - Quality (3) 50.00 % 50.00 % 50.00 % 2,101 1,869 185 (583 ) 876 La Rural S.A. 50.00 % 50.00 % 50.00 % 203 101 102 144 (44 ) TGLT 30.50 % - - 2,059 - (116 ) - - Cresca S.A. (4) 50.00 % 50.00 % 50.00 % 21 20 (16 ) 18 1 Mehadrin 45.41 % 45.41 % 45.41 % - 4,845 - (111 ) 1,276 Gav-Yam 34.90 % - - 27,277 - (786 ) - - Other associates and joint ventures - - - 9,318 7,200 (3,136 ) (1,834 ) 2,368 Total associates and joint ventures 75,111 36,212 8,821 (7,757 ) 613 The following is additional information about the Group’s investments in associates and joint ventures: Last financial statement issued Name of the entity Place of business / Main Common Share capital Income / Shareholders’ New Lipstick United States Real Estate N/A - (*) 179 (*) (31) BHSA (1) Argentina Financing 448,689,072 (***) 1,500 (***) (1,272 ) (***) 13,186 Condor (2) United States Hotel 2,245,100 (*) 232 (*) (9 ) (*) 86 PBEL India Real Estate (**) 1 (**) (2) (**) - (**) (2) Shufersal (5) Israel Retail 123,917,650 (**) 1,399 (**) 310 (**) 1,930 Mehadrin Israel Agriculture N/A N/A N/A N/A Gav-Yam Israel Real Estate 639,727 (**) 1,356 (**) 411 (**) 3,496 Quality (3) Argentina Real Estate 163,039,244 326 370 4,140 La Rural S.A. Argentina Event organization and others 714,498 1 224 327 TGLT Argentina Real Estate 279,502,813 925 (311 ) 6,004 N/A: Not applicable. (1) BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 8.45 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. (2) Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is US$ 4.07 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) Cresca is a joint venture between the Company and Carlos Casado S.A. with agricultural operations in Paraguay. (5) 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, 2019. (*) Amounts presented in millions of US dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest will a three-month lag including any material adjustments, if any. (**) Amounts in millions of NIS. (***) Amounts as of June 30, 2020, prepared in accordance with BCRA’ regulations. For the purpose of the valuation of the investment in the Company, the adjustments necessary to adequate the Financial Statements to IFRS have been considered 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. 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. Gav-Yam Considering that, on June 30, 2020, the market value of Gav-Yam was lower than its carrying value, PBC management considered whether there may be signs of impairment of the investment in such company. Based on the management´s review, with the assistance of external advisors, PBC considered that there was no evidence of investment impairment. Some of the factors considered are listed below: ● The price of Gav-Yam shares has been significantly volatile since mid-March 2020; therefore, the fact that the market cap of the company was lower than the carrying value as of June 30, 2020 has not been considered as tantamount to a significant or sustained decrease; ● On August 4, 2020, Aharon Frenkel purchased approximately 8.6% of Gav-Yam´s capital stock at a value of NIS 2,091/share, which circumstance reinforces the management´s conclusions; ● Gav-Yam income as of March 31, 2020 and June 30, 2020 show that Gav-Yam is a stable company with a high quality and wide-ranging client portfolio. Set out below is summarized financial information of the associates and joint ventures considered material to the Group: Current assets Non-current assets Current liabilities Non-current liabilities Net assets % of ownership interest held Interest in associates / joint ventures Goodwill and others Book value As of June 30, 2020 Associates BHSA 76,869 43,610 102,290 4,629 13,560 29.91 % 4,056 17 4,073 Gav-Yam 41,963 165,878 19,791 117,752 70,298 34.90 % 24,534 2,743 27,277 Shufersal 73,348 187,032 91,899 129,224 39,257 26.02 % 10,213 17,898 28,111 Joint ventures Quality Invest (ii) 4 5,525 87 1,302 4,140 50.00 % 2,070 31 2,101 As of June 30, 2019 Associates BHSA 87,812 31,989 89,513 15,287 15,001 29.91 % 4,487 35 4,451 PBEL 3,173 853 632 12,128 (8,734 ) 45.00 % (3,930 ) 5,910 1,980 Shufersal 51,741 89,475 54,708 54,794 31,714 26.02 % 8,253 14,761 23,014 Joint ventures Quality Invest (ii) 24 4,921 118 1,152 3,675 50.00 % 1,838 32 1,870 Mehadrin 11,890 15,318 13,068 3,719 10,421 45.41 % 4,733 112 4,846 Revenues Net income / (loss) Total comprehensive income / (loss) Dividends distributed to non-controlling shareholders Cash of operating activitie Cash of investment activities Cash of financial activities Net increase / (decrease) in cash and cash equivalents Year ended June 30, 2020 (i) Associates BHSA 13,033 (1,272 ) (1,272 ) - 4,656 37 (3,465 ) 1,228 Gav-Yam 11,551 6,765 5,456 3,587 5,086 (5,723 ) 15,869 15,232 Shufersal 218,000 5,046 4,500 1,435 21,874 (2,709 ) (13,793 ) 5,372 Joint ventures Quality Invest (ii) 4 5,525 87 1,302 4,140 1 2,070 31 Year ended June 30, 2019 (i) Associates BHSA 24,306 2,426 2,426 358 11,348 (2,917 ) (7,209 ) 1,222 PBEL 12 (260 ) (319 ) - 57 239 (306 ) (10 ) Shufersal 165,640 3,165 3,148 2,448 4,457 (11,530 ) 1,396 (5,677 ) Joint ventures Quality Invest (ii) 35 (1,167 ) (1,167 ) - (124 ) - 124 - Mehadrin 17,330 775 819 - 671 (277 ) (1,262 ) (868 ) (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 Ps. 40 million, payable in two installments of Ps. 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 Ps. 71 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses. (iii) Information under BCRA Standards except for the book value of the interest in the associate, goodwill and others. BHSA BHSA is subject to certain restrictions on the distribution of profits, as required by BCRA regulations. As of June 30, 2020, BHSA has a remnant of 35.2 million Class C treasury shares of a par value of Ps. 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, 2020, 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, 2020 and 2019 amounted to Ps. 5,933, Ps. 5,521, 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 13.82% in 2020 and 14.37% in 2019. - The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of Ps. 536 for 2020 and of Ps.503 for 2019. 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, 2020 | |
Investment Properties [Abstract] | |
Investment properties | 9. Investment properties Changes in the Group's investment properties according to the fair value hierarchy for the years ended June 30, 2020 and 2019 were as follows: 06.30.20 06.30.19 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 45,415 289,601 38,116 325,559 Reclassifications of previous periods (IFRS 16) - 426 - - Currency translation adjustment (670 ) 53,460 59 (3,001 ) Additions 3,621 1,838 5,165 6,446 Additions of capitalized leasing costs 4 16 11 4 Depreciation of capitalized leasing costs (i) (6 ) (9 ) (9 ) (4 ) Transfers 6,116 (28,781 ) 849 1,135 Disposals (1,740 ) (13,412 ) (2,122 ) (3,676 ) Balance incorporated by business combination - 244 - - Deconsolidation (1,694 ) (155,846 ) - - Capitalized finance costs - - 217 16 Net gain / (loss) from fair value adjustment 28,523 3,061 3,129 (36,878 ) Fair value at the end of the year 79,569 150,598 45,415 289,601 (i) Amortization charges of capitalized leasing costs were included in "Costs" in the Statements of Income (Note 27) (ii) Ps. 1,694 corresponde a La Maltería y Ps. 155,846 a Gav-Yam. The following is the balance by type of investment property of the Group as of June 30, 2020 and 2019: 06.30.20 06.30.19 Leased out farmland 4,129 2,633 Rental properties 191,175 287,149 Undeveloped parcels of land 27,534 33,713 Properties under development 7,329 11,521 Total 230,167 335,016 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 Ps. 18,171 and Ps. 15,510 as June 30, 2020 and 2019, respectively. The following amounts have been recognized in the Statements of Income: 06.30.20 06.30.19 06.30.18 Rental and services income 22,131 30,504 27,869 Direct operating expenses (8,983 ) (8,385 ) (7,699 ) Development expenses 121 (87 ) (4,206 ) Net realized gain from fair value adjustment of investment property 1,080 822 527 Net unrealized gain / (loss) from fair value adjustment of investment property 30,380 (38,568 ) 23,554 See Note 5 (liquidity schedule) for detail of contractual commitments related to investment properties. Valuation processes The Group's investment properties were valued at each reporting date by independent professionally qualified appraisers who hold a recognized relevant professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use. Each business (or operations center, as appropriate) has a team, which reviews the appraisals performed by the independent appraisers (the "review 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. In the case of the Operations Center in Argentina, the Board of Directors ultimately approves the fair value calculation for recording into the Financial Statements. In the case of the Operations Center in Israel, the appraisals are examined by Israel Management and reported to the Financial Statements Committee. Valuation techniques used for the estimation of fair value of the investment property Agricultural business For all leases of agricultural land with a total valuation of Ps. 4,193 and Ps. 5,598 for fiscal years ended on June 30, 2020 and 2019, respectively, the valuation was determined using comparable values. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare. Urban properties and investments business Argentina operations center 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, being a business denominated in 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 cash flow projected income based on the current locations, type and quality of the properties, backed by the lease agreements that the Company has signed with its tenants. The Company's revenues are equal to the higher of: i) a Minimum Insured Fixed Value ("VMA") and ii) a percentage of the tenant's sales in each Shopping Mall. Accordingly, estimates of the evolution of the Gross Domestic Product ("GDP) and the Inflation of the Argentine economy, as provided by an external consultant were used to estimate the evolution of tenant sales, which have a high correlation with these macroeconomic variables. These 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 Survey of Market Expectations ("REM"), which consists of a Survey prepared by the Central Bank of Argentina (BCRA) aimed to local and foreign specialized analysts in order to allow a systematic follow-up of the main short and medium term macroeconomic forecasts 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 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 and plot of lands, 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 the differences in key attributes such as location, property size and quality of interior fittings. 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 39 to these consolidated financial statements). At present, purchase and sales transactions for office buildings may be settled in Pesos (by using an implicit foreign exchange rate higher than the official one) or in dollars. However, due to the restrictions applicable to access to dollars to which market participant are subject (most of them are domestic companies and local subsidiaries of foreign companies, all of them subject to the foreign exchange restrictions described above), the chances that a natural person or legal entity may obtain the funds required to execute a transaction in dollars are remote. Consequently, the most probable scenario is that any sale of office buildings/reserves be settled in Pesos at an implicit foreign exchange rate higher than the official one. This is evidenced by the transactions consummated by the Company prior to and after the closing of these financial statements. (See Note 4 and Note 39 to the consolidated financial statements). Therefore, the Company has valued its office buildings and land reserves as of the fiscal year-end taking into account the circumstances described above, which represents a gain with respect to the values previously recorded. 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. Israel operations center Valuations were performed using the DCF method. The discount rates used by appraisers in Israel are mainly in the range of 7% - 9% and are established taking into account the type of property, purpose, location, the level of rent compared to the market price and quality of the tenants. When determining the value of office buildings, buildings aimed at to the technology sector and commercial spaces (mainly located in the city center and in high-tech office parks with high-quality tenants), the discount rates mainly used are between 7% to 9%, while for workshop, storage and industry buildings (mainly located in peripheral areas of the city) they are valuated using a discount rate between 7.75% -9%. There were no changes in valuation techniques during the years ended June 30, 2020 and 2019. The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3): Sensitivity (i) 06.30.20 06.30.19 Description Valuation technique Parameters Range fiscal year 2019 / (2018) Increase Decrease Increase Decrease Rental properties in Israel - Offices (Level 3) Discounted cash flows Discount rate 7.50% to 9.75% / (406 ) 539 (7.00% to 9.00% ) (3,816 ) 4,353 Weighted average rental value per square meter (m2) per month, in NIS NIS 77 / (NIS 63)/ 366 (366 ) 6,713 (6,713 ) Rental properties in Israel - Commercial use (Level 3) Discounted cash flows Discount rate 7.50% to 7.80% / (198 ) 261 (7.00% to 9.00%) (1,931 ) 2,207 Weighted average rental value per square meter (m2) per month, in NIS NIS 41 / (NIS 87) 165 (165 ) 3,047 (3,047 ) Rental properties in Israel - Industrial use (Level 3) Discounted cash flows Discount rate N/A N/A N/A (7.75% to 9.00%) (717 ) 815 Weighted average rental value per square meter (m2) per month, in NIS N/A / (NIS 31) N/A N/A 1,731 (1,731 ) Rental properties in USA - HSBC Building (Level 3) Discounted cash flows Discount rate 4.75% / (6.25%) (6,059 ) 7,507 (2,181 ) 2,31 Weighted average rental value per square meter (m2) per month, in US$ $US 79 /(US$ 73) 6,284 (6,284 ) 4,772 (4,772 ) Rental properties in USA - Las Vegas project (Level 3) Discounted cash flows Discount rate 6.50% / (8.50%) (1,792 ) 2,512 (467 ) 493 Weighted average rental value per square meter (m2) per month, in US$ $US 25 /(US$ 33) (1,307 ) 1,307 586 (586 ) Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 12.18% / (12.10% ) (4,252 ) 5,207 (4,668 ) 5,821 Growth rate 2.3% / (3%) 2,027 (1,655 ) 2,195 (1,761 ) Inflation (*) 8,852 (7,282 ) 4,088 (3,742 ) Devaluation (*) (4,115 ) 5,030 (4,338 ) 6,237 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) Ps. 30,148 / (Ps. 14,312) 2,159 (2,159 ) 1,336 (1,336 ) % of incidence 30% / (30%) 7,196 (7,196 ) 4,458 (4,458 ) Properties under development in Israel (Level 3) Estimated fair value of the investment property after completing the construction Weighted average construction cost per square meter (m2) in NIS 5,787 NIS/m2 / (5,787 NIS/m2) Annual weighted average discount rate 7.00% to 9.00% / (1,307 ) 1,307 (7.00% to 9.00%) (918 ) 918 (*) For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 59.81 (corresponding to the year ended June 30, 2020) and arriving at Ps.243.89. In the long term, a nominal devaluation rate of 2.1% 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, 2020) and stabilizes at 23.2% after 5 years. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 10% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jun. 30, 2020 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 10. Property, plant and equipment Changes in the Group’s property, plant and equipment for the years ended June 30, 2018 and 2017 were as follows: Owner occupied farmland (i) Bearer plant (v) Buildings and facilities Machinery and equipment Communication networks Others (ii) Total Balance as of June 30, 2018 18,198 1,166 4,900 763 21,383 5,663 52,073 Costs 20,035 1,450 11,690 2,322 87,309 10,920 133,726 Accumulated depreciation (1,837 ) (284 ) (6,790 ) (1,559 ) (65,926 ) (5,257 ) (81,653 ) Net book amount at June 30, 2018 18,198 1,166 4,900 763 21,383 5,663 52,073 Currency translation adjustment (545 ) (55 ) 89 96 (550 ) (364 ) (1,329 ) Additions 793 582 549 147 4,599 2,353 9,023 Transfers 652 - 950 19 - - 1,621 Disposals (436 ) - (1 ) (3 ) (43 ) (24 ) (507 ) Depreciation charge (iii) (229 ) (294 ) (510 ) (140 ) (3,792 ) (1,810 ) (6,775 ) Balance as of June 30, 2019 18,433 1,399 5,977 882 21,597 5,818 54,106 Costs 20,498 1,978 13,278 2,581 91,315 12,884 142,534 Accumulated depreciation (2,065 ) (579 ) (7,301 ) (1,699 ) (69,718 ) (7,066 ) (88,428 ) Net book amount at June 30, 2019 18,433 1,399 5,977 882 21,597 5,818 54,106 Additions 761 312 507 82 3,417 1,775 6,854 Disposals (120 ) - (64 ) (6 ) (3,197 ) (111 ) (3,498 ) Desconsolidation - - (423 ) (594 ) - (44 ) (1,061 ) Incorporation by business combination 7,151 - 1,614 377 - 332 9,474 Currency translation adjustment (887 ) (238 ) 447 189 3,551 1,229 4,291 Transfers (1,336 ) (2 ) (1,141 ) (34 ) 377 (378 ) (2,514 ) Depreciation charge (i) (271 ) (343 ) (477 ) (107 ) (4,631 ) (1,867 ) (7,696 ) Balance as of June 30, 2020 23,731 1,128 6,440 789 21,114 6,754 59,956 Costs 30,627 1,885 13,554 4,743 100,931 13,563 165,303 Accumulated depreciation (6,896 ) (757 ) (7,114 ) (3,954 ) (79,817 ) (6,809 ) (105,347 ) Net book amount at June 30, 2020 23,731 1,128 6,440 789 21,114 6,754 59,956 (i) On January 9, 2017, the INRA released a report declaring that Las Londras farm (4565 ha.), with a book value of Ps. 540 as of June 30, 2020, is within the area of the “Guarayos Forestry Reserve” and establishes that the property of Agropecuaria Acres del Sud S.A. should be reduced to 50 hectares, while the remaining acreage would be reverted upon as a fiscal land once the process is concluded. It should be noted that the report is preliminary and is subject to appeal by the interested parties. The Company exercising its rights presented an administrative filing and within the associations of producers that the company is part of. Recently a census was ordered in the affected area, but no definitive resolution was issued to delimit the reservation. At the same time, a claim was made to our sellers to respond for eviction by virtue of the declarations and guarantees granted at the time of the sale of the property. (ii) Includes furniture and fixtures and vehicles. (iii) Amortization charge was recognized in the amount of Ps. 5,909 and Ps. 5,631 under “Costs”, in the amount of Ps. 784 and Ps. 409 under “General and administrative expenses” and Ps. 1,533 and Ps. 114 under “Selling expenses” as of June 30, 2019 and 2018, respectively in the Statements of Income (Note 27) and Ps. 738 and Ps. 583 were capitalized as part of biological assets’ cost. In addition, a charge of Ps. 912 and Ps. 2,200 was recognized under “Discontinued operations” as of June 30, 2020 and 2019, respectively. (iv) See Note 4. Includes other non-significant business combinations. (v) Corresponds to the plantation of sugarcane with a useful life of more than one year. |
Trading properties
Trading properties | 12 Months Ended |
Jun. 30, 2020 | |
Trading Properties [Abstract] | |
Trading properties | 11. Trading properties Changes in the Group’s trading properties for the fiscal years ended June 30, 2020 and 2019 were as follows: Completed Properties Undeveloped Total As of June 30, 2018 5,846 12,124 4,116 22,086 IFRS 15 adjustments (1,558 ) (6,767 ) - (8,325 ) Additions - 3,603 61 3,664 Currency translation adjustment (633 ) (499 ) (217 ) (1,349 ) Transfers 3,470 (2,803 ) (614 ) 53 Impairment - - (46 ) (46 ) Capitalized finance costs - 17 - 17 Disposals (4,439 ) (3,283 ) - (7,722 ) As of June 30, 2019 2,686 2,392 3,300 8,378 Additions 24 1,640 563 2,227 Capitalized finance costs - 93 - 93 Currency translation adjustment 302 33 543 878 Transfers 1,238 (990 ) (33 ) 215 Desconsolidation - (155 ) - (155 ) Disposals (2,226 ) (2,185 ) (53 ) (4,464 ) As of June 30, 2020 2,024 828 4,320 7,172 06.30.20 06.30.19 Non-current 4,856 7,855 Current 2,316 523 Total 7,172 8,378 (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 Ps. 407 as of June 30, 2020 and 2019, respectively. Additionally, the Group has contractual obligations not provisioned related to these plot of lands committed when certain properties were acquired or real estate projects were approved, and amount to Ps. 432 and Ps. 578, respectively. Both projects are expected to be completed in 2029. |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2020 | |
Intangible Assets [Abstract] | |
Intangible assets | 12. Intangible assets Changes in the Group’s intangible assets for the years ended June 30, 2020 and 2019 were as follows: Goodwill Trademarks Licenses Customer Information Contracts and Total Balance as of June 30, 2018 7,105 6,842 2,615 5,117 3,742 2,575 27,996 Costs 7,105 7,265 9,718 15,399 6,995 6,753 53,235 Accumulated depreciation - (423 ) (7,103 ) (10,282 ) (3,253 ) (4,178 ) (25,239 ) Net book amount at June 30, 2018 7,105 6,842 2,615 5,117 3,742 2,575 27,996 Assets incorporated by business combination (i) - - - - 31 - 31 Impairment (184 ) - - - - - (184 ) Currency translation adjustment (189 ) (200 ) (97 ) (312 ) (87 ) 53 (832 ) Transfers - - - - 3 (3 ) - Additions - - - 15 1,531 2,190 3,736 Disposals - - - - (61 ) - (61 ) Depreciation charge (i) - (125 ) (216 ) (1,669 ) (1,305 ) (1,353 ) (4,668 ) Balance as of June 30, 2019 6,732 6,517 2,302 3,151 3,854 3,462 26,018 Costs 6,732 7,064 9,621 15,102 8,412 8,993 55,924 Accumulated depreciation - (547 ) (7,319 ) (11,951 ) (4,558 ) (5,531 ) (29,906 ) Net book amount at June 30, 2019 6,732 6,517 2,302 3,151 3,854 3,462 26,018 Additions - - - - 1,572 2,965 4,537 Disposals - - - (18 ) (137 ) - (155 ) Deconsolidation (3,259 ) - - - (22 ) - (3,281 ) Transfers 1 - - - 9 (64 ) (54 ) Assets incorporated by business combination 11 - - 38 19 - 68 Currency translation adjustment 2,336 1,233 397 432 665 692 5,755 Depreciation charge (i) - (122 ) (279 ) (1,128 ) (1,705 ) (1,462 ) (4,696 ) Balance as of June 30, 2020 5,821 7,628 2,420 2,475 4,255 5,593 28,192 Costs 5,821 8,421 11,289 23,731 8,043 13,751 71,056 Accumulated depreciation - (793 ) (8,869 ) (21,256 ) (3,788 ) (8,158 ) (42,864 ) Net book amount at June 30, 2020 5,821 7,628 2,420 2,475 4,255 5,593 28,192 (i) Amortization charge was recognized in the amount of Ps. 343 and Ps. 1,052 under “Costs”, in the amount of Ps. 1, 653 and Ps. 2,265 under “General and administrative expenses” and Ps. 2,700 and Ps. 2,238 under “Selling expenses” as of June 30, 2020 and 2019, respectively in the Statements of Income (Note 27). In addition, a charge of Ps. 529 was recognized under “Discontinued operations” as of June 30, 2019. The goodwill assigned to real estate in Israel amounts to NIS 268 (Ps. 5,451 at the exchange rate at the end of the financial year 2020), the one assigned to supermarkets amounted to NIS 192 and the assigned to Israel real state amounted to NIS 113. The rest is goodwill that is allocated to the real estate segment of Argentina. Goodwill impairment test The Group performs an annual impairment test of the goodwill. For fiscal year 2020, the recoverable value obtained for said test corresponding to the CGUs where the goodwill is assigned (Israel’s Telecommunications) was calculated based on the fair value (market value) minus the costs of sale. For the fiscal year 2019, based on the significant decrease in the market value of Cellcom and its results in the last financial year, caused by the greater competition in the cell phone market in Israel as a result of the entry of new competitors, the Group calculated the recoverable value at the end of the year of the telecommunications CGU based on the value in use of the assets. This test resulted in the goodwill attributable to Cellcom for an amount of Ps. 4,569 (NIS 268) being recoverable. The value in use as of June 30, 2019, was determined by an independent appraiser and was estimated at Ps. 84,159 (NIS 4,936). The cash flow was calculated based on the budgets approved by management covering a period of 5 years. Subsequent cash flows were estimated based on the long-term growth rate. The main data and assumptions used in the calculation of the value in use were the following: 06.30.19 Net value of the CGU net of taxes NIS 294 Value of the net operating assets of the telecommunications CGU of Israel (including brands and excluding goodwill) NIS 3,668 Value of goodwill of the CGU NIS 268 Annual discount rate after tax 8.5 % Long-term growth rate 1.5 % Long-term market share 25 % ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) NIS 55.50 The recoverable amount of the CGU would be equal to the book value in the scenarios in which the relevant variables are the following, in the event that the rest of the variables remain constant: Annual net discount rate after taxes 9.20 % ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) NIS 53 |
Rights of use of assets
Rights of use of assets | 12 Months Ended |
Jun. 30, 2020 | |
Rights of Use of Assets [Abstract] | |
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, 2020 and June 30, 2019: 06.30.20 06.30.19 Farmland 2,027 - Offices, shopping malls and other buildings 4,116 - Communication networks 11,004 - Machinery and equipment 34 - Others 4,747 - Right-of-use assets 21,928 - Non-current 21,928 - Total 21,928 - Changes in the Group´s rights of use during the fiscal year ended June 30, 2020, were as follows: 06.30.20 IFRS 16 initial adjustments 16,374 Additions (i) 8,859 Disposals (4 ) Transfer 164 Previsions 69 Amortization charges (5,388 ) Currency translation adjustment 1,779 Deconsolidation (42 ) Valorization 117 Total saldo al cierre 21,928 (i) Includes incorporation by business combination Depreciation charge for rights of use is detailed below: 06.30.20 06.30.19 Farmland 254 - Offices, shopping malls and other buildings 538 - Communication networks 3,155 - Others 1,018 - Depreciation charge of right-of-use assets 4,965 - Other charges to income related to rights of use were as follows: 06.30.20 Right-of-use interests (134 ) Results from short-term leases 19,610 Results from variable leases not recognized as lease liabilities 797 The average discount rate and the term of liability for lease recognized as of June 30, 2020 are detailed below: Agricultural business Operations Center Argentina Operations Center Israel Average discount rate Maturity date Average discount rate Maturity date Average discount rate Maturity date 6.9 % 2022-2050 10,61 % 2023-2041 3 % 2022-2090 |
Biological assets
Biological assets | 12 Months Ended |
Jun. 30, 2020 | |
Biological Assets [Abstract] | |
Biological assets | 14. Biological assets Changes in the Group’s biological assets and their allocation to the fair value hierarchy for the years ended June 30, 2020 and 2019 were as follows: Agricultural business Sown land-crops Sugarcane fields Breeding cattle and cattle for sale Dairy cattle Other cattle Others Total Level 1 Level 3 Level 3 Level 2 Level 2 Level 2 Level 1 Balance as of June 30, 2018 131 587 1,003 2,164 - 124 33 4,042 Non-current (Production) - - - 1,944 - 35 33 2,012 Current (Consumable) 131 587 1,003 220 - 89 - 2,030 Balance as of June 30, 2018 131 587 1,003 2,164 - 124 33 4,042 Purchases - - - 134 - 336 - 470 Changes by transformation (131 ) 131 - - - - - - Initial recognition and changes in the fair value of biological assets (i) - 1,635 552 (10 ) - 111 - 2,288 Decrease due to harvest - (7,338 ) (2,435 ) - - - - (9,773 ) Sales - - - (707 ) - (3 ) - (710 ) Consumptions - - - (6 ) - (384 ) (4 ) (394 ) Costs for the year 140 6,743 2,002 832 - 18 5 9,740 Foreign exchange gain / (loss) - 3 (29 ) (37 ) - - - (63 ) Balance as of June 30, 2019 140 1,761 1,093 2,370 - 202 34 5,600 Non-current (Production) - - - 1,744 - 27 34 1,805 Current (Consumable) 140 1,761 1,093 626 - 175 - 3,795 Balance as of June 30, 2019 140 1,761 1,093 2,370 - 202 34 5,600 Transfers (145 ) 145 - - - - - - Purchases - - - 176 - 110 - 286 Initial recognition and changes in the fair value of biological assets (i) - 1,312 1,243 182 - 77 - 2,814 Decrease due to harvest - (9,520 ) (3,448 ) - - - - (12,968 ) Sales - - - (1,608 ) - (1 ) - (1,609 ) Consumptions - - - (4 ) - (359 ) (7 ) (370 ) Costs for the period year 439 7,544 2,369 1,074 - - 5 11,431 Incorporation by business combination - 62 - - - - - 62 Foreign exchange gain / (loss) (191 ) (233 ) (229 ) (61 ) - - - (714 ) Balance as of June 30, 2020 243 1,071 1,028 2,129 - 29 32 4,532 Non-current (Production) - - - 1,700 - 27 32 1,759 Current (Consumable) 243 1,071 1,028 429 - 2 - 2,773 Balance as of June 30, 2020 243 1,071 1,028 2,129 - 29 32 4,532 (i) Biological assets with a production cycle of more than one year (that is, cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to Ps. 259 and Ps. 101 for the fiscal years ended June 30, 2020 and 2019, respectively. For the fiscal years ended June 30, 2020 and 2019, amounts of Ps. 271 and Ps. (93), was attributable to price changes, and amounts of Ps. (12) and Ps. 194, was attributable to physical changes generated by production result, respectively. Crops and oilseeds The Group’s crops generally include crops and oilseeds (corn, wheat, soybean and sunflower) as well as peanut. The Group measures biological assets that have attained significant biological growth at fair value less costs to sell. The Group measures biological assets that have not attained significant biological growth or when the impact of biological transformation on price is not expected to be material, at cost less any impairment losses, which approximates fair value. Sugarcane The Group’s sugarcane production is based in Brazil and to a lesser extent in Bolivia. This crop’s production requires specific weather conditions (tropical and subtropical climates. The Group recognizes these crops at a fair value net of costs of sales from the moment of planting. Fair value of biological assets When an active market exists for biological assets, the Group uses the quoted market price in the principal market as a basis to determine the fair value of its biological. Live cattle is measured at fair value less cost to sell, based on market quoted at an auction involving cattle of the same age, breed and genetic merit adjusted, if applicable, to reflect any difference. When there is no active market or market-determined prices are not available, (for example, unharvested crops with significant growth or growing agricultural produce of sugarcane), the Group determines the fair value of a biological asset based on discounted cash flows models. These models require the input of highly subjective assumptions including observable and unobservable data. The not observable information is determined based on the best information available for example, by reference to historical information of past practices and results, statistics and agricultural information and other analytical techniques. Key assumptions utilized in this method include future market prices, estimated yields at the point of harvest and estimated future costs of harvesting and other costs. Market prices are generally determined by reference to observable data in the principal market for the agricultural produce. Harvesting costs and other costs are estimated based on historical and statistical data. Yields are estimated based on several factors including the location of the farmland and soil type, environmental conditions, infrastructure and other restrictions and growth at the time of measurement. Yields are subject to a high degree of uncertainty and may be affected by several factors out of the Group’s control including but not limited to extreme or unusual weather conditions, plagues and other crop diseases. The key assumptions discussed above are highly sensitive. Reasonable shifts in assumptions including but not limited to increases or decreases in prices, costs and discount factors used may result in a significant increase or decrease to the fair value of biological assets recognized at any given time. Cash flows are projected based on estimated production. Estimates of production in themselves are dependent on various assumptions, in addition to those described above, including but not limited to several factors such as location, environmental conditions and other restrictions. Changes in these estimates could materially impact on estimated production, and could therefore affect estimates of future cash flows used in the assessment of fair value. The valuation models and their assumptions are reviewed periodically, and, if necessary, adjusted. As of June 30 of each year, the Group’s biological assets that are subject to a valuation model include unharvested crops and sugarcane plantations. During years ended June 30, 2020 and 2019, there have been no transfers between the several tiers used in estimating the fair value of the Group’s biological assets, or reclassifications among their respective categories. The fair value less estimated point of sale costs of agricultural produce at the point of harvest amount to Ps. 12,981 and Ps. 9,790 for the years ended June 30, 2020 and 2019, respectively. When no quoted prices are available in an active market, the Group uses a range of valuation models. The following table presents main parameters: Sensitivity (i) 06.30.20 06.30.19 Description Valuation technique Parameters Range fiscal year 2018 Increase Decrease Increase Decrease Cattle (Level 2) Comparable market prices Price per livestock head/kg and per category Sown land-crops (Level 3) Discounted cash flows Yields - Operating costs - Selling expenses - Future of sale prices Argentina Yields: 0.61 - 11.05 tn./ha. 86 (86 ) 177 (177 ) Future of sale prices: 9,283 - 19,964 $/tn 123 (123 ) 239 (239 ) Operating cost: 2,126 - 20,781 $/ha (51 ) 51 (99 ) 99 Bolivia: Yields: 5.00 tn./ha. - - 9 (9 ) Future of sale prices: 160 US$/tn. - - 19 (19 ) Operating cost: 56 US$./ha. - - (10 ) 10 Sugarcane fields (Level 3) Discounted cash flows Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate Brazil: Yields: 84.40 tn/ha 142 (142 ) 176 (176 ) Future of sale prices: 94.04 Rs./tn. 207 -207 256 (256 ) Operating cost: 60.16 Rs./tn. (160 ) 160 (199 ) 199 Bolivia: Yields: 65 - 104 tn./ha. 13 (13 ) - - Future of sale prices: 22.56 US$/tn 27 (27 ) (3 ) 3 Operating cost: 445 - 461 US$/ha. (15 ) 15 3 (3 ) (i) Sensitivities for the biological assets measured at Level 3 have been modeled considering a 10% change in the indicated variable, all else being equal. As of June 30, 2020 and 2019, the better and maximum use of biological assets shall not significantly differ from the current use. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | 15. Inventories Breakdown of Group’s inventories as of June 30, 2020 and 2019 are as follows: 06.30.20 06.30.19 Crops 2,697 2,929 Materials and supplies 1,675 1,426 Seeds and fodders 275 300 Sugarcane 4 - Beef - 149 Agricultural inventories 4,651 4,804 Good for resale and supplies - 3 Telephones and others communication equipment 1,714 1,569 Fruit 2,705 - Others - 27 Total inventories 9,070 6,403 As of June 30, 2020 and 2019 the cost of inventories recognized as expense amounted to Ps. 18,714 and Ps. 14,135, respectively and have been included in “Costs” in the Statements of Income. |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Jun. 30, 2020 | |
Financial Instruments By Category [Abstract] | |
Financial instruments by category | 16. Financial instruments by category The following note presents the financial assets and financial liabilities by category and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Since the line items “Trade and other receivables” and “Trade and other payables” contain both financial instruments and non-financial assets or liabilities (such as prepayments, trade receivables, trade payables in-kind and tax receivables and payables), the reconciliation is shown in the columns headed “Non-financial assets” and “Non-financial liabilities”. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. In the case of Level 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can refer to at the date of valuation. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group’s assumptions regarding the factors which market players would consider in their pricing. The Group’s Finance Division has a team in place in charge of estimating the valuation of financial assets required to be reported in the Consolidated Financial Statements, including the fair value of Level-3 instruments. The team directly reports to the Chief Financial Officer (“CFO”). The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, as of the end of each reporting period. According to the Group’s policy, transfers among the several categories of valuation are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer. Financial assets and financial liabilities as of June 30, 2020 are as follows: Financial assets at fair value through profit or loss Financial assets at amortized cost (i) Level 1 Level 2 Level 3 Subtotal financial assets Non-financial assets Total June 30, 2020 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 57,759 - - - 57,759 17,134 74,893 Investment in financial assets: - Equity securities in public companies - 574 230 - 804 - 804 - Equity securities in private companies - - - 2,909 2,909 - 2,909 - Deposits 956 61 - - 1,017 - 1,017 - Bonds - 7,823 1,444 - 9,267 - 9,267 - Mutual funds - 4,455 - - 4,455 - 4,455 - Others - 2,213 810 232 3,255 - 3,255 Derivative financial instruments: - Crops options contracts - 86 - - 86 - 86 - Crops future contracts - 15 - - 15 - 15 - Foreign-currency options contracts - - - - - - - - Foreign-currency future contracts - 16 128 - 144 - 144 - Swaps - - 17 - 17 - 17 - Warrants - - - 142 142 - 142 - Others 61 - 20 - 81 - 81 Restricted assets (ii) 8,145 - - - 8,145 - 8,145 Financial assets held for sale - Clal - 3,377 - - 3,377 - 3,377 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 27,031 - - - 27,031 - 27,031 - Short-term investments 63,765 10,130 - - 73,895 - 73,895 Total assets 157,717 28,750 2,649 3,283 192,399 17,134 209,533 Financial liabilities at fair value Financial liabilities at amortized cost Level 1 Level 2 Level 3 Subtotal financial liabilities Non-financial liabilities Total June 30, 2020 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 30,928 - - - 30,928 7,881 38,809 Borrowings (excluding finance lease liabilities) (Note 22) 418,807 - - - 418,807 - 418,807 Finance lease obligations (Note 22) - - - - - - - Derivative financial instruments: - Crops options contracts - 71 - - 71 - 71 - Crops futures contracts - 37 - - 37 - 37 - Crops options contracts - 171 50 - 221 - 221 - Swaps - - 95 - 95 - 95 - Forwards - - 61 - 61 - 61 - Others - - 956 20 976 - 976 Total liabilities 449,735 279 1,162 20 451,196 7,881 459,077 Financial assets and financial liabilities as of June 30, 2019 were as follows Financial assets at fair value through profit or loss Financial assets at amortized cost (i) Level 1 Level 2 Level 3 Subtotal financial assets Non-financial assets Total June 30, 2019 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 49,341 - - - 49,341 13,547 62,888 Investment in financial assets: - Equity securities in public companies - 1,367 197 - 1,564 - 1,564 - Equity securities in private companies - - - 2,610 2,610 - 2,610 - Deposits 5,301 51 - - 5,352 - 5,352 - Bonds - 22,430 1,518 966 24,914 - 24,914 - Mutual funds - 10,289 - - 10,289 - 10,289 - Others - 3,411 623 500 4,534 - 4,534 Derivative financial instruments: - Crops futures contracts - 13 - - 13 - 13 - Swaps - - 16 - 16 - 16 - Warrants - - - 136 136 - 136 - Crops options contracts - 46 - - 46 - 46 - Foreign-currency options contracts - 43 - - 43 - 43 - Foreign-currency future contracts - 3 41 - 44 - 44 - Others - - 17 - 17 - 17 Restricted assets (ii) 10,808 - - - 10,808 - 10,808 Financial assets held for sale - Clal - 22,638 - - 22,638 - 22,638 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 10,142 - - - 10,142 - 10,142 - Short-term investments 74,873 4,289 - - 79,162 - 79,162 Total assets 150,465 64,580 2,412 4,212 221,669 13,547 235,216 Financial liabilities at amortized Financial liabilities at fair value Subtotal financial Non-financial cost (i) Level 1 Level 2 Level 3 liabilities liabilities Total June 30, 2019 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 26,444 - - - 26,444 8,685 35,129 Borrowings (excluding finance lease liabilities) (Note 22) 477,432 - - - 477,432 - 477,432 Finance lease obligations (Note 22) 366 - - - 366 - 366 Derivative financial instruments: - Crops futures contracts - 103 - - 103 - 103 - Foreign-currency contracts - 36 - - 36 - 36 - Crops options contracts - 89 - - 89 - 89 - Swaps - - 192 - 192 - 192 - Others - - 1,246 69 1,315 - 1,315 Total liabilities 504,242 228 1,438 69 505,977 8,685 514,662 (i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 22). (ii) Corresponds to deposits in guarantee and escrows. 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: 06.30.20 06.30.19 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) 60,296 (2,537 ) 57,759 51,753 (2,412 ) 49,341 Financial liabilities Trade and other payables 33,465 (2,537 ) 30,928 28,856 (2,412 ) 26,444 Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2020 Interest income 1,059 - 1,059 Interest earned on operating assets 1,782 - 1,782 Interest expenses (24,357 ) - (24,357 ) Foreign exchange loss (10,197 ) - (10,197 ) Dividends income 168 - 168 Fair value gains financial assets at fair value through profit or loss - (9,862 ) (9,862 ) Gain from repurchase of Non-convertible Notes 2,885 - 2,885 Gain on financial instruments derived from commodities - 439 439 Results from derivative financial instruments, net - (1,493 ) (1,493 ) Other financial income 236 - 236 Other financial results (1,439 ) - (1,439 ) Net result (i) (29,863 ) (10,916 ) (40,779 ) Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2019 Interest income 983 - 983 Interest earned on operating assets 841 - 841 Interest expenses (21,893 ) - (21,893 ) Foreign exchange loss 2,633 - 2,633 Dividends income 97 - 97 Fair value gains financial assets at fair value through profit or loss - 2,797 2,797 Gain / (loss) from repurchase of Non-convertible Notes 74 - 74 Gain on financial instruments derived from commodities - 446 446 Results from derivative financial instruments, net - 477 477 Other financial income 695 - 695 Other financial results (971 ) - (971 ) Net result (i) (17,541 ) 3,720 (13,821 ) Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2018 Interest income 1,267 - 1,267 Interest earned on operating assets 156 - 156 Interest expenses (19,564 ) - (19,564 ) Foreign exchange loss (19,587 ) - (19,587 ) Dividends income 209 - 209 Fair value loss in financial assets at fair value through profit or loss - (1,834 ) (1,834 ) Loss from repurchase of Non-convertible Notes (5,908 ) - (5,908 ) Results from derivative financial instruments, net - (743 ) (743 ) Loss from repurchase of Non-convertible Notes - (4 ) (4 ) Gain on financial instruments derived from commodities - 56 56 Other financial results (1,078 ) - (1,078 ) Net result (i) (44,505 ) (2,525 ) (47,030 ) Clal Clal is a holding company that mainly operates in the insurance and pension markets and in segments of pension funds. The Company holds assets and other businesses (such as insurance agencies) and is one of the largest insurance groups in Israel. Clal mainly develops its activities in three operating segments: long-term savings, general insurance and health insurance. Given that IDBD failed to meet the requirements set forth to have control over an insurance company, on August 21, 2013, the Commissioner required that IDBD granted an irrevocable power of attorney to Mr. Moshe Tery (“the Trustee”) for the 51% of the shareholding capital and vote interests in Clal, thus transferring control over that investee. From such date, IDBD recognized its equity interest in Clal as a financial asset held for sale, at fair value through profit or loss. On December 30, 2014, the Commissioner sent an additional letter setting a term by which IDBD’s control over and equity interests in Clal were to be sold and giving directions as to the Trustee’s continuity in office, among other aspects. Refer to Note 4 and Note 40 of these financial statements for the sale of Clal shares. The following table presents the changes in Level 3 financial instruments as of June 30, 2020 and 2019: Derivative financial instruments - Forwards Investments in financial assets - Private companies’ securities Investments in financial assets - Others Investments in financial assets - Warrants Total Balance as of June 30, 2018 (51 ) 2,597 2,064 - 4,610 Additions and acquisitions - 172 - - 172 Transfer to level 1 (ii) - 153 (197 ) 103 59 Currency translation adjustment - (65 ) (31 ) 19 (77 ) Gains and losses recognized in the year (i) (18 ) (247 ) (370 ) 14 (621 ) Balance as of June 30, 2019 (69 ) 2,610 1,466 136 4,143 Additions and acquisitions - 35 - - 35 Transfer to level 1 (ii) - - - 351 351 Currency translation adjustment (7 ) 476 106 245 820 Write off - - (977 ) (610 ) (1,587 ) Gains and losses recognized in the year (i) 56 (212 ) (363 ) 20 (499 ) Balance as of June 30, 2020 (20 ) 2,909 232 142 3,263 (i) Included within “Financial results, net” in the Statements of income. (ii) The Group transferred a financial asset measured at fair value from level 3 to level 1, because it began trading in the stock exchange. During the fiscal year ended June 30, 2020 and 2019, shares of private companies were transferred from level 3 to level 1 when they began trading. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table. Description Pricing model / method Parameters Fair value hierarchy Range Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Investments in financial assets - Other private companies’ securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. Level 3 1 - 3.5 Investments in financial assets - Others Discounted cash flows - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. Level 3 1 - 3.5 Derivative financial instruments Forwards Theoretical price Underlying asset price and volatility Level 2 and 3 - (*) An increase in the discount rate would decrease the value of investments in private companies, while an increase in projected revenues would increase their value. As of June 30, 2020, there have been no changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the group. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 17. Trade and other receivables Group’s trade and other receivables as of June 30, 2020 and 2019 were as follows: 06.30.20 06.30.19 Trade, leases and services receivable 45,922 42,794 Less: allowance for doubtful accounts (3,850 ) (2,706 ) Total trade receivables 42,072 40,088 Prepaid expenses 11,839 8,462 Guarantee deposits 3 3 Tax credits 1,548 1,632 Borrowings granted, deposits, and other balances 7,642 4,192 Others 7,939 5,805 Total other receivables 28,971 20,094 Total trade and other receivables 71,043 60,182 Non-current 27,326 21,730 Current 43,717 38,452 Total 71,043 60,182 Book amounts of Group’s trade and other receivables in foreign currencies are detailed in Note 34. The fair value of current receivables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Trade accounts receivables are generally presented in the Statements of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2. Movements on the Group’s allowance for doubtful accounts were as follows 06.30.20 06.30.19 Beginning of the year 2,706 1,861 IFRS 15 adjustments - 194 Recoveries (i) (113 ) (92 ) Used during the year (720 ) (472 ) Additions (i) 1,081 806 Currency translation adjustment 1,103 646 Deconsolidation (20 ) - Incorporation by business combination (180 ) - Transfer to / from assets available for sale 18 - Inflation adjustment (25 ) (237 ) End of the year 3,850 2,706 (i) The creation and release of the provision for impaired receivables have been included in “Selling expenses” in the Statements of Income (Note.27). The Group’s trade receivables comprise several classes. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables (see Note 5). The Group also has receivables from related parties neither of them is due nor impaired. Due to the distinct characteristics of each type of receivables, an aging analysis of past due unimpaired and impaired receivables is shown by type and class, as of June 30, 2020 and 2019 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Statement of Financial Position): Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 599 67 115 2,622 787 4,190 9.2 % Consumer financing - - - - 16 16 0.0 % Sale of properties and developments 189 5 5 5,606 1 5,806 12.6 % Sale of communication equipment - - - 13,674 468 14,142 30.8 % Telecommunication services 1,485 - 447 12,240 2,535 16,707 36.4 % Agricultural products 1,571 264 122 3,027 43 5,027 10.9 % Securities to deposit 3 - - 31 - 34 0.1 % Total as of 06.30.20 3,847 336 689 37,200 3,850 45,922 100 % Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Agricultural products 91 - 19 1,561 32 1,703 4.0 % Shopping leases and services 344 15 13 780 21 1,173 2.7 % Office leases and services 420 124 176 2,758 472 3,950 9.2 % Hotel leases and services - - - 147 - 147 0.3 % Consumer financing - - - - 23 23 0.1 % Sale of communication equipment - - - 14,234 204 14,438 33.7 % Sale of properties and developments 86 14 14 6,883 26 7,023 16.4 % Telecommunication services 1,604 - 495 10,310 1,928 14,337 33.6 % Total as of 06.30.19 2,545 153 717 36,673 2,706 42,794 100 % |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2020 | |
Cash Flow Information [Abstract] | |
Cash flow information | 18. Cash flow information Following is a detailed description of cash flows generated by the Group’s operations for the years ended June 30, 2020, 2019 and 2018. Note 06.30.20 06.30.19 06.30.18 (Loss) / Profit for the period 20,003 (40,729 ) 27,420 Profit from discontinued operations (18,085 ) (7,140 ) (36,441 ) Adjustments for: Income tax 23 8,107 780 (9,964 ) Amortization and depreciation 27 16,425 10,822 9,741 (Gain) / Loss from disposal of property, plant and equipment - (3 ) 4 Net (gain) / loss from fair value adjustment of investment properties (30,992 ) 37,746 (18,971 ) Share-based compensation 211 63 89 Net gain / (loss) from fair value adjustment of financial assets 1,026 (419 ) (1,199 ) Loss from disposal of property, plant and equipment - (3 ) - Loss from disposal of intangible assets - (13 ) - Disposal of intangible assets by TGLT agreement - - (3 ) Gain / (Loss) from disposal of subsidiary and associates 247 (983 ) (860 ) Loss from disposal of trading properties - (639 ) - Impairment of other assets 2,470 317 - Financial results, net 41,973 13,239 37,705 Provisions and allowances 1,271 1,491 2,365 Share of loss / (profit) of associates and joint ventures (8,662 ) 7,328 3,452 Loss from revaluation of receivables arising from the sale of farmland - - (200 ) (Gain) / Loss from repurchase of Non-convertible Notes 1 - 3 Changes in net realizable value of agricultural products after harvest (657 ) 43 (745 ) Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest (3,333 ) (2,294 ) (1,869 ) Unrealized gain from derivative financial instruments 36 293 267 Other operating results 262 157 - Gain from disposal of farmlands (838 ) (665 ) (1,656 ) Impairment of associates and joint ventures - 184 - Result from the revaluation of the participation held before the business combination (3,501 ) - (93 ) Granting Plan of actions - - 3 Changes in operating assets and liabilities: Decrease in inventories 722 (730 ) (1,025 ) Decrease in trading properties 930 1,392 1,265 Increase in restricted assets (1,165 ) (203 ) - Increase in right-of-use assets (1,053 ) - - Increase in lease liabilities 59 - - Decrease / (increase) in trade and other receivables 10,826 2,473 82 Decrease in trade and other payables (6,161 ) (3,562 ) 1,212 Decrease in salaries and social security liabilities (280 ) (16 ) 296 Decrease in provisions (1,603 ) (427 ) (525 ) Decrease in biological assets 5,188 1,263 1,572 Net variation in derivative financial instruments 109 157 (209 ) Net cash generated by continuing operating activities before income tax paid 33,536 19,922 11,716 Net cash generated by discontinued operating activities before income tax paid 2,848 6,354 14,120 Net cash generated by operating activities before income tax paid 36,384 26,276 25,836 The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities held for sale of subsidiaries: 06.30.20 06.30.19 Investment properties 155,602 (9,743 ) Property, plant and equipment (7,776 ) (62,036 ) Trading properties 155 - Intangible assets 3,232 (13,759 ) Investments in associates and joint ventures 2,517 (812 ) Biological assets (74 ) - Deferred income tax 1 (269 ) Trade and other receivables (8,668 ) (26,404 ) Right-of-use assets (3,977 ) - Investment in financial assets 13,544 (6,329 ) Derivative financial instruments (37 ) (51 ) Inventories (2,170 ) (13,110 ) Restricted assets 214 (203 ) Trade and other payables 2,218 50,898 Lease liabilities 2,077 - Salaries and social security liabilities 70 5,312 Borrowings (87,016 ) 46,804 Provisions 46 960 Income tax and MPIT liabilities (99 ) 16 Deferred income tax liabilities (19,882 ) 6,217 Employee benefits 107 2,790 Net amount of non-cash assets incorporated / held for sale 50,084 (19,719 ) Cash and cash equivalents (4,393 ) (12,350 ) Non-controlling interest 50,745 16,296 Goodwill 347 164 Net amount of assets incorporated / held for sale 96,783 (15,609 ) Interest held before acquisition - (1,049 ) Seller financing - (84 ) Foreign exchange losses - 602 Fair value of interest held before business combination - (1,259 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale 96,783 (17,399 ) The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2020, 2019 and 2018: 06.30.20 06.30.19 06.30.18 Dividends not collected (401 ) (300 ) (252 ) Increase in investment properties through an increase in borrowings - 234 - Decrease in trade and other receivables through an increase in investments in subsidiaries, associates and joint ventures - 3,354 - Decrease in participation in subsidiaries, associates and joint ventures due to transient conversion differences (1,565 ) 928 (4,185 ) Increase in trade and other receivables through an increase in investments in associates and joint ventures - - 16 Increase in property, plant and equipment through a decrease in investment property - 20 - Increase in property, plant and equipment through an increase in trade and other payables 739 853 1,921 Decrease in trade and other receivable through an increase in investments in associates and joint venture - - 447 Registration of investment properties through a reduction of credits for sale and other credits - 574 77 Increase in properties for sale through an increase in borrowings 12 17 - Increase in properties for sale through a decrease in investment properties - 97 23 Purchase of non-controlling interest through reduction of credits for sale and other credits 711 1,048 - Decrease in associates and joint ventures through an increase in trade and other receivable - 1,198 - Changes in non-controlling interest through a decrease in trade and other receivables - - 3,069 Distribution of dividends to non-controlling shareholders pending payment 1,761 (340 ) 3,400 Increase in property, plant and equipment through a business combination - - (2,004 ) Increase in property, plant and equipment through increased borrowings - 6 20 Increase in non-current trade and other receivables through an increase in current and non-current borrowings - - 243 Decrease in investments in associates and joint ventures through dividends pending collection - - 24 Increase of trading properties through an interest capitalization - - 24 Increase of investment properties through an interest capitalization - - 40 Decrease in associates and joint ventures through an increase in assets held for sale 2,071 - 97 Increase in investments in associates and joint ventures through a decrease in investments in financial assets - - 9 Dividend payment through increased business debt - - 17 Transfers of property, plant and equipment to investment properties - - (1,269 ) Grants Action Plan - - 3 Increase in Investment Properties through an increase in Other reserves due to the difference between cost and fair value. - - 47 Increase in financial operations through a decrease in investments in associates and joint ventures - - 144 Increase in trading properties through an increase in trade and other payables - - 137 Increase in trading properties through a decrease in credits - - 69 Increase in investment properties through a decrease in trading properties - - 785 Increase in participation in subsidiaries, associates and joint ventures due to an increase in the reserve share-based payments (4 ) - - Decrease in loans through a decrease in financial assets 2,454 - - Increase in investment properties through a decrease in financial assets 278 - - Increase in intangible assets through an increase in trade and other payabels 494 - - Increase in investment in associates through loss of control in subsidiaries 1,335 - - Distribution of dividends on shares 589 - - Acquisition of investment properties through a decrease in trade and other receivables 28 - - Issuance of Negotiable Obligations 21 - - Increase in investment properties through an increase in borrowings 81 - - Increase of use-rights through a decrease in property, plant and equipment - - - Increase in investments in financial assets through a decrease in investments in associates and joint ventures - - - Increase in investment in associates through a decrease in investments in financial assets 854 - - Increase in investments in financial assets through a decrease in investment properties 1,188 - - Dividends pending collection from associates and joint ventures - - - Increase in investments in financial assets through a decrease in investment properties - - - Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) 14,124 - - Increase in rights of use through an increase in lease liabilities 8,091 - - |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2020 | |
Shareholders Equity | |
Shareholders' Equity | 19. Shareholders’ Equity Share capital and share premium The Group’s share capital is represented by ordinary shares with a nominal value of 1 peso per share and one vote each. No other activity has been recorded for the fiscal year ended June 30, 2020 in the capital accounts. Inflation adjustment of share capital The inflation adjustment related to share capital is allocated to an inflation adjustment reserve that forms part of shareholders’ equity. The balance of this reserve could be applied only towards the issuance of common stock to shareholders of the Company Treasury shares On December 5, 2018, the Board of Directors of Cresud approved the repurchase of shares issued by the Company and established the terms and conditions for the acquisition of treasury shares, under the terms of Article 64 of Law No. 26,831 and the CNV rules, for up to a maximum amount of Ps. 429 million and up to 10% of the share capital in the form of ordinary shares or American Depositary Shares (“ADS”) representative of 10 shares each, up to daily limit of up to 25% of the average volume of daily transactions that the Company’s shares have experienced, jointly in the listed markets, during the previous 90 business days, and at a maximum price of up to US$ 15.50 per ADS and up to a maximum value in pesos equivalent to the maximum price per ADS divided by 10 and multiplied by the value of the exchange rate of the National Bank of at each period. Also, on March 1, 2019, the Board of Directors of Cresud approved the extension of the repurchase term for a period of 30 days in addition to the timely approved. On March 13, 2019, the above mention plan was completed and the Company acquired the equivalent of 6,394,009 common shares representing 99.97% of the approved program and 1.27% of Cresud’s share capital, which correspond to 1,095,009 ordinary shares for a total of Ps. 74 and 529,900 ADRs (representing 5,299,000 ordinary shares) for a total of US$ 6.5 (equivalent to Ps. 354). On March 14, 2019, the Board of Directors of Cresud approved a new repurchase of shares by the Company and established the terms and conditions for the acquisition of treasury shares by the Company, under the terms of Article 64 of the Law No. 26,831 and the CNV rules, for up to a maximum amount of Ps. 429 million and up to 10% of the share capital in the form of ordinary shares or ADS, up to a daily limit of up to 25% of the average volume of transactions daily that have experienced the shares of the Company, jointly in the markets that it quotes, during the previous 90 business days, and to a maximum of up to US$ 15.50 per ADS and up to a maximum value in pesos equivalent to the maximum price per ADS divided by 10 and multiplied by the value of the exchange rate of the National Bank of at each period. The repurchase period was set in up to 90 days, beginning the day following the date of publication of the information in the Daily Bulletin of the Buenos Aires Stock Exchange. On June 26, 2019, the repurchase plan was completed, and the Company acquired the equivalent of 6,712,465 ordinary shares representing 99.96% of the approved program and 1.34% of Cresud’s share capital which correspond to 3,824,035 ordinary shares for a total of Ps. 244 and 288,843 ADRs (representative of 2,888,430 ordinary shares) for a total of US$ 2.9 (equivalent to Ps. 184). Legal reserve According to Law N° 19,550, 5% of the profit of the year is destinated to constitute a legal reserve until it reaches the legal capped amounts (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group has not reached the legal limit of this reserve. Special reserve The CNV, through General Ruling N° 562/9 and 576/10, has provided for the application of Technical Resolutions N° 26 and 29 of the FACPCE, which adopt the IFRS, IASB for companies subject to the public offering regime ruled by Law 17,811, due to the listing of their shares or corporate notes, and for entities that have applied for authorization to be listed under the mentioned regime. The Group has applied IFRS, as issued by the IASB, for the first time in the year beginning July 1, 2012, with the transition date being July 1, 2011. Pursuant to CNV General Ruling N° 609/12, the Company set up a special reserve, to reflect the positive difference between the balance at the beginning of retained earnings disclosed in the first Financial Statements prepared according to IFRS and the balance at closing of retained earnings disclosed in the last Financial Statements prepared in accordance with previously effective accounting standards. The reserve recorded in due course amounted to Ps. 993, which as of June 30, 2018 were fully used to absorb the negative balances in the retained earnings account. During fiscal year ended June 30, 2018, the Company’s Board of Directors decided to change the accounting policy of investment property from the cost method to the fair value method, as allowed by IAS 40. For this reason, as of the transition date, figures have been modified and, hence, the special reserve as set forth by General Ruling CNV N° 609/12 has been increased to Ps. 3,625, which may only be reversed to be capitalized or to absorb potential negative balances under retained earnings. Dividends The Shareholders Meeting held on October 31, 2017, approved a distribution of dividends for Ps. 565, which were paid during the month of November 2017. During the year ended June 30, 2020 and 2018 there was no dividend distribution. Distribution of treasury shares In accordance with the resolutions Shareholders’ Meeting held on October 30, 2019 and the provisions of the Board of Directors of Cresud on the same day, the distribution of treasury stock of the Company duly acquired by a company took place on November 13, 2019. The number of shares distributed was 13,000,000, which constitutes 0.026 shares per ordinary share and 0.26 per ADS, and a percentage of 2.59% of the capital of Ps. 502 and 2.66% of the net capital which exclude treasury shares of Ps. 499. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other payables [abstract] | |
Trade and other payables | 20. Trade and other payables Group’s trade and other payables as of June 30, 2019 and 2018 were as follows: 06.30.20 06.30.19 Trade 22,650 19,672 Sales, rental and services payments received in advance 1,972 6,407 Construction obligations 407 1,331 Accrued invoices 1,221 1,705 Deferred incomes 142 - Admission rights 1,017 - Deposits in guarantee 101 - Total trade payables 27,510 29,115 Dividends payable to non-controlling shareholders 355 569 Taxes payable 745 1,355 Construction obligations - 1,451 Management fees (Note 32) 190 - Others 10,009 2,639 Total other payables 11,299 6,014 Total trade and other payables 38,809 35,129 Non-current 2,986 2,830 Current 35,823 32,299 Total 38,809 35,129 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, 2020 | |
Provisions [abstract] | |
Provisions | 21. Provisions The Group is subject to claims, lawsuits and other legal proceedings in the ordinary course of business, including claims from clients where a third party seeks reimbursement or damages. The Group’s responsibility under such claims, lawsuits and legal proceedings cannot be estimated with certainty. From time to time, the status of each major issue is evaluated and its potential financial exposure is assessed. If the potential loss involved in the claim or proceeding is deemed probable and the amount may be reasonably estimated, a liability is recorded. The Group estimates the amount of such liability based on the available information and in accordance with the provisions of the IFRS. If additional information becomes available, the Group will make an evaluation of claims, lawsuits and other outstanding proceeding, and will revise its estimates. The following table shows the movements in the Group’s provisions categorized by type: Legal claims (i) Investments in associates Site dismantling and Onerous contracts (iv) Other provisions (v) Total June 30, 2018 2,344 5,453 367 - 2,122 10,286 Additions 659 17 - - 272 948 Recoveries (104 ) (7 ) - - - (111 ) Share of profit / (loss) of associates and joint ventures - 3,733 - - - 3,733 Used during the year (339 ) - (15 ) - - (354 ) Inflation adjustment (106 ) - - - - (106 ) Currency translation adjustment (27 ) (535 ) (10 ) - 131 (441 ) As of June 30, 2019 2,427 8,661 342 - 2,525 13,955 Additions 470 - 33 - - 503 Transfers (18 ) - - - - (18 ) Incorporated by business combinations 57 - - - - 57 Share of profit / (loss) of associates and joint ventures - (7,461 ) - - - (7,461 ) Used during the year (698 ) (1,018 ) - - (181 ) (1,897 ) Inflation adjustment (80 ) - - - - (80 ) Currency translation adjustment 369 (165 ) 72 - 199 475 As of June 30, 2020 2,527 17 447 - 2,543 5,534 06.30.20 06.30.19 Non-current 3,091 11,478 Current 2,443 2,477 Total 5,534 13,955 (i) Additions and recoveries are included in “Other operating results, net” (ii) Corresponds to the equity interest in New Lipstick with negative equity in 2019 and Puerto Retiro in 2020 and 2019. Additions and recoveries are included in “Share of profit / (loss) of associates and joint ventures”. (iii) The Group’s companies are required to recognize certain costs related to the dismantling of assets and remediation of sites from the places where such assets are located. The calculation of such expenses is based on the dismantling value for the current year, taking into consideration the best estimate of future changes in prices, inflation, etc. and such costs are capitalized at a risk-free interest rate. Volume projections for retired or built assets are recast based on expected changes from technological rulings and requirements. (iv) Provisions for other contractual obligations include a series of obligations resulting from a contractual liability or law, regarding which there is a high degree of uncertainty as to the terms and the necessary amounts to discharge such liability. (v) In November 2009, PBC’s Audit Committee and Board of Directors approved the agreement with Rock Real whereby the latter would look for and propose to PBC the acquisition of commercial properties outside Israel, in addition to assisting in the negotiations and management of such properties. In return, Rock Real would receive 12% of the net income generated by the acquired property. Pursuant to amendment 16 of the Israel Commercial Act 5759-1999, the agreement must be ratified by the Audit Committee before the third year after the effective date; otherwise, it expires. The agreement has not been ratified by the audit committee within such three-year term, so in January 2017 PBC issued a statement that hinted at the expiration of the agreement and informed that it would begin negotiations to reduce the debt. The parties have appointed an arbitrator that should render a decision on the dispute. The remaining corresponds to provisions related to investment properties. Cresud On February 23, 2016, a class action was filed against IRSA, the Company, some first-line managers and directors with the District Court of the USA for the Central District of California. The complaint, on behalf of people holding American Depositary Receipts of IRSA between November 3, 2014 and December 30, 2015, claims presumed violations to the US federal securities laws. In addition, it argues that defendants have made material misrepresentations and made some omissions related to IRSA’s investment in IDBD. Such complaint was voluntarily waived on May 4, 2016 by the plaintiff and filed again on May 9, 2016 with the US District Court by the East District of Pennsylvania. Furthermore, the Companies and some of its first-line managers and directors are defendants in a class action filed on April 29, 2016 with the US District Court of the East District of Pennsylvania. The complaint, on behalf of people holding American Depositary Receipts of the Company between May 13, 2015 and December 30, 2015, claims violations to the US federal securities laws. In addition, it argues that defendants have made material misrepresentations and made some omissions related to the IRSA’s investment in IDBD. Subsequently, Cresud and IRSA requested that the complaint be moved to the district of New York, which request was later granted. On December 8, 2016, the Court appointed the representatives of each presumed class as primary plaintiffs and the lead legal advisor for each of the classes. On February 13, 2017, the plaintiffs of both classes filed a document containing certain amendments. The Company and IRSA filed a petition requesting that the class action brought by IRSA’s shareholders should be dismissed. On April 12, 2017, the court suspended the class action filed by the Company’s shareholders until the Court decides on the petition of dismissal of such class action. Filing information on the motion to dismiss the collective remedy filed by shareholders of IRSA was completed on July 7, 2017. On September 10, 2018, the New York Court issued an order granting the motion to dismiss the IRSA Case in its entirety. On September 24, 2018, Plaintiff in the Cresud Case filed a document acknowledging that the Cresud Class Action complaint should be dismissed for the same reasons set forth in the Court’s September 10, 2018 order in the IRSA Case, subject to a right of appeal. On October 9, 2018, the Plaintiff in the IRSA Case filed a notice of appeal to the United States Court of Appeals for the Second Circuit. On December 12, 2018, Plaintiff in the Cresud Case filed a notice of voluntary dismissal, with prejudice. On December 13, 2018, Plaintiff moved to dismiss the appeal of the IRSA Case in the Second Circuit upon agreement with IRSA and Cresud that the parties shall bear their own costs and fees in the litigation, including the appeal, and that no fees are due. Accordingly, the Second Circuit dismissed Plaintiff’s appeal on December 18, 2018. The IRSA and Cresud case are fully resolved without any penalty for the Group. Claims against Cellcom and its subsidiaries In the ordinary course of business, Cellcom receives various consumer complaints, mainly through collective actions. They allege excess collections, breach of agreements with customers and failure to comply with established norms or licenses, which could cause harm to consumers. In addition, the Company receives other claims from employees, subcontractors, suppliers and authorities, generally in relation to non-compliance with the provisions of the law with respect to payments upon termination of employment relationships, breach of contracts, violation of copyright and patents or disputes for payments demanded by the authorities. Claims against PBC On July 4, 2017, PBC was served notice from the tax authority of Israel of income tax official assessments based on a “better assessment” of taxes for the years 2012-2015, and concluded that PBC is required to pay approximately NIS 187 (including interest) since compensation of losses is not admitted. In the opinion of legal advisors to PBC, the Company has sound arguments against the Revenue Administration’s position and will file its objection to it. As of the date of these Consolidated Financial Statements, there is no provision in relation to this claim. DIC class action On October 3, 2018 it was sent an action and a motion to approve that action as a class action (jointly – the “Motion”), which had been filed within the District Court of Tel Aviv Yafo (the “Court”) against the Group; against Mr. Eduardo Elsztain, the controlling person of the Company (the “Controlling Person”), who serves as chairman of the Company’s board of directors; against directors serving in the Group who have an interest in the Controlling Person; and against additional directors and officers serving in the Company (all jointly – the “Respondents”), in connection with the exit of the Company’s share, on February 1, 2018, from the TA 90 and TA 125 indices, whereon it had been traded on the Tel Aviv Stock Exchange Ltd. up to that date (the “Indices”), by an applicant alleging to have held the Group’s shares prior to February 1, 2018. In the Motion, the Court is requested, inter alia, to approve the action as a class action and to charge the Respondents with compensating the members of the group according to the damage caused them. The estimated amount is approximately NIS 17.6 million. The Company believes that it acted lawfully and as required in all that pertains to the subject of the Motion, and accordingly, after having preliminarily reviewed the Group’s Motion, believes that it is unfounded. IDBD class action On October 3, 2018, an action and a motion to approve a class action had been filed with the District Court in Tel Aviv Yafo (jointly – the “Motion”). The Motion has been filed, against IDBD, against Dolphin IL, against Mr. Eduardo Elsztain and against the Official Receiver, and in it, the Court was requested to hold that the Transaction was not in compliance with the provisions of the Centralization Law, to appoint a trustee over DIC’s shares owned by the respondents and to order the payment of monetary damages to the public shareholders in DIC for the alleged preservation of the pyramidal structure in IDBD, at a scope of between NIS 58 and NIS 73. The bulk of the Applicant’s allegations is that the Group continues to be the Controlling Person in DIC (potentially and effectively) even after the completion of the sale of DIC shares to DIL as described in Note 4 in the Annual Financial Statements (the “transaction”) and that the controlling person of IDBD (in his capacity as chairman of the Board of Directors and controlling person of DIC as well) had a personal interest separate from the personal interest of the minority shareholders in DIC, in the manner of implementation of the Centralization Law’s provisions, and that he and the Group breached the duty of good faith and the duty of decency toward DIC, and additionally the controlling person of IDBD breached his duty of trust and duty of care toward DIC, this being, allegedly, due to the fact that the decision regarding the preferred alternative for complying with the Centralization Law’s Provisions was not brought before DIC’s general meeting. The Applicant further alleges deprivation of the minority shareholders in DIC. Having preliminarily reviewed the Motion, the Management believes that it is unfounded and that once the transaction is consummated , IDBD complies with the provisions of the Concentration Law. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2020 | |
Borrowings [abstract] | |
Borrowings | 22. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2019 and 2018 was as follows: Book value Fair value 06.30.20 06.30.19 06.30.20 06.30.19 Non-convertible notes 343,028 395,552 276,854 389,689 Bank loans and others 69,884 74,140 58,954 72,638 Bank overdrafts 4,283 1,431 3,233 1,431 Other borrowings (i) 1,612 6,675 6,506 9,235 Total borrowings (ii) 418,807 477,798 345,547 472,993 Non-current 320,418 397,414 Current 98,389 80,384 Total 418,807 477,798 (i) Includes financial leases for Ps. 366 as of June 30, 2019. (ii) Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. As of June 30, 2020 and 2019, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of Ps. 14,920 and Ps. 19,831, 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. Information regarding liabilities under finance leases is disclosed in Note 24. 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, with the exception of an IDBG loan, which was reclassified to current loans, since it breached a term that determined the IDBD debt rating (company that guaranteed that loan). The amount thereof is NIS 153. The maturity of the Group’s borrowings (excluding obligations under finance leases) is as follows: 06.30.20 06.30.19 Principal: Less than one year 96,414 75,709 Between 1 and 2 years 64,197 64,202 Between 2 and 3 years 110,333 48,517 Between 3 and 4 years 35,896 109,928 Between 4 and 5 years 32,328 41,489 More than 5 years 77,375 132,823 416,543 472,668 Interest: Less than one year 1,962 4,329 Between 1 and 2 years 76 56 Between 2 and 3 years 89 54 Between 3 and 4 years 28 254 Between 4 and 5 years 44 27 More than 5 years 65 44 2,264 4,764 Finance lease obligations - 366 418,807 477,798 The following table shows a detail of evolution of borrowing during the years ended June 30, 2019 and 2018: 06.30.20 06.30.19 Balance at the beginning of the year 477,798 488,156 Borrowings 47,777 55,708 Payment of borrowings (72,590 ) (54,274 ) Collection / (Payment) of short term loans, net (2,459 ) 2,248 Interests paid (21,909 ) (20,059 ) Accrued interests 24,357 21,893 Cumulative translation adjustment and exchange differences, net 74,853 (1,433 ) Deconsolidation (95,443 ) 8,751 Changes in fair value of third-party loans - (27 ) Repurchase of non-convertible notes (13,644 ) (8,291 ) Inflation adjustment (997 ) (14,601 ) Incorporation by business combination 1,884 - Transfer to / from assets available for sale (820 ) - Reclassifications and other movements - (273 ) Balance at the end of the year 418,807 477,798 The following tables shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2020 and 2019. 06.30.20 Argentine Peso Brazilian Reais Bolivian Peso Uruguayan Peso US Dollar NIS Total Fixed rate: Argentine Peso 7,793 - - - - - 7,793 Brazilian Reais - 1,594 - - - - 1,594 US Dollar 86,26 110 - 517 146 (1,162 ) 85,871 Bolivian pesos - - - - - 1,424 1,424 NIS - - - - - 176,617 176,617 Subtotal fixed-rate borrowings 94,053 1,704 - 517 146 176,879 273,299 Floating rate: - Argentine Peso 1,934 - - - - - 1,934 Brazilian Reais - 4,877 - - - - 4,877 US Dollar 3,902 - - - - - 3,902 NIS - - - - - 134,795 134,795 Subtotal floating rate borrowings 5,836 4,877 - - - 134,795 145,508 Total borrowings as per analysis 99,889 6,581 - 517 146 311,674 418,807 Finance lease obligations - - - - - - - Total borrowings as per Statement of Financial Position 99,889 6,581 - 517 146 311,674 418,807 06.30.19 Argentine Peso Brazilian Reais Bolivian Peso Uruguayan Peso US Dollar NIS Total Fixed rate: Argentine Peso 1,456 - - - - - 1,456 Brazilian Reais - 2,265 - - - - 2,265 US Dollar 71,803 6 - 449 121 11,896 84,275 Bolivian pesos - - 4 - - - 4 NIS - - - - - 225,582 225,582 Subtotal fixed-rate borrowings 73,259 2,271 4 449 121 237,478 313,582 Floating rate: - Argentine Peso 1,086 - - - - - 1,086 Brazilian Reais - 2,600 - - - - 2,600 US Dollar 4,002 - - - - - 4,002 NIS - - - - - 156,162 156,162 Subtotal floating rate borrowings 5,088 2,6 - - - 156,162 163,85 Total borrowings as per analysis 78,347 4,871 4 449 121 393,64 477,432 Finance lease obligations 366 - - - - - 366 Total borrowings as per Statement of Financial Position 78,713 4,871 4 449 121 393,64 477,798 The following describes the debt issuances made by the Group for the years ended June 30, 2019, and 2018: Entity Class Issuance / Amount in original Maturity date Interest Principal payment Interest payment CRESUD Class XXIII feb-18 USD 113 02/16/2023 6.50% n.a. At expiration biannual CRESUD Class XXIV nov-18 USD 73.6 11/14/2020 9.00% n.a. At expiration quarterly CRESUD Class XXV jul-19 USD 59.6 07/11/2021 9.00% n.a. At expiration biannual CRESUD Class XXVI jan-20 ARS 1,095 01/30/2021 Bladar +650pts At expiration quarterly CRESUD Class XXVII jan-20 USD 5.7 07/30/2021 7.45% n.a. At expiration quarterly CRESUD Class XXVIII jan-20 USD 27.5 04/30/2021 9% n.a. At expiration quarterly PBC SERIE I jul-18 NIS 507 06/29/2029 3.95% n.a. At expiration Quarterly (1) PBC SERIE j may-19 NIS 515 12/31/2029 4.15% n.a. At expiration Annual Gav - Yam SERIE H sep-17 NIS 424 06/30/2034 2.55% n.a. Annual payments since 2019 biannual (1) Gav - Yam SERIE A jul-18 NIS 320 10/31/2023 3.55% n.a. Annual payments since 2021 biannual (1) Gav - Yam SERIE H sep-18 NIS 596 06/30/2024 2.55% n.a. Annual payments since 2019 annual (1) Gav - Yam SERIE A dic-18 NIS 351 10/31/2023 3.55% n.a. Annual payments since 2021 biannual Cellcom SERIE L jan-18 NIS 401 01/05/2028 2.5% n.a. Annual payments since 2023 annual (1) Cellcom SERIE K jul-18 NIS 220 07/05/2026 3.55% n.a. Annual payments since 2021 annual (1) Cellcom SERIE K dic-18 NIS 187 01/07/2026 3.55% n.a. Annual payments since 2021 annual Cellcom SERIE L dic-18 NIS 213 01/15/2028 2.50% n.a. Annual payments since 2023 annual IRSA Class I 2nd tranch aug-19 USD 85 11/15/2028 10.00% n.a. At expiration quarterly IRSA Class II aug-19 CLP 31,503 08/06/2020 10.50% n.a. At expiration quarterly (1) IDBD Serie 15 nov-19 NIS 237 06/30/2022 4.70% n.a Two payments quarterly IRSA Class II may-20 ARS 354 02/19/2021 Badlar.+ 0.6%n.a. At expiration quarterly (1) IRSA Cass IV may-20 USD 51 05/19/2021 7% n.a. At expiration quarterly IRSA Class V may-20 USD 9 05/19/2022 9% n.a. At expiration quarterly (1) Corresponds to an expansion of the series. |
Income tax
Income tax | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax [Abstract] | |
Income tax | 23. Income tax The Group’s income tax has been calculated on the estimated taxable profit for each year at the rates prevailing in the respective tax jurisdictions. The subsidiaries of the Group in the jurisdictions where the Group operates are required to calculate their income taxes on a separate basis; thus, they are not permitted to compensate subsidiaries’ losses against subsidiaries income. Argentine tax reform On December 27, 2017, the Argentine Congress approved the Tax Reform, through Law No. 27,430, which was enacted on December 29, 2017, and has introduced many changes to the income tax treatment applicable to financial income. The key components of the Tax Reform are as follows: Dividends: Tax on dividends distributed by Argentine companies would be as follows: (i) dividends originated from profits obtained before fiscal year ending June 30, 2018 will not be subject to withholding tax; (ii) dividends derived from profits generated during fiscal years of the Company ending June 30, 2019 and 2020 paid to argentine individuals and/or foreign residents, will be subject to a 7% withholding tax; and (iii) dividends originated from profits obtained during fiscal year ending June 30, 2021 onward will be subject to withholding tax at a rate of 13%. Income tax: Corporate income tax would be gradually reduced to 30% for fiscal years commencing after January 1, 2018 through December 31, 2019, and to 25% for fiscal years beginning after January 1, 2020, inclusive. Presumptions of dividends: Certain facts will be presumed to constitute dividend payments, such as: i) withdrawals from shareholders, ii) shareholders private use of property of the company, iii) transactions with shareholders at values different from market values, iv) personal expenses from shareholders or shareholder remuneration without substance. Revaluation of assets: The regulation establishes that, at the option of the companies, tax revaluation of assets is permitted for assets located in Argentina and affected to the generation of taxable profits. The special tax on the amount of the revaluation depends on the asset, being (i) 8% for real estate not classified as inventories, (ii) 15% for real estate classified as inventories, (iii) 5% for shares, quotas and equity interests owned by individuals and (iv) 10% for the rest of the assets. Once the option is exercised for a particular asset, all other assets in the same category must be revalued. The tax result that originates the revaluation is not subject to the income tax and the special tax on the revaluation amount will not be deductible from said tax. Through regulations (Decree 353/2018 and 613/2018, and General Resolution (AFP) 4287), the National Executive Power has been extending the date for the exercise of the option, based on the international context and the greater volatility that it is observed in the financial variables that affect the decision regarding the exercise of the option. The expiration of the term for the exercise of this option for companies with fiscal year end as of June 30, was July 31, 2019. The Group has analyzed the impacts of the option mentioned above and has chosen for the application of the optional tax revaluation in some companies of the Group. Tax inflation adjustment: Law 27,430 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 Statistics 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 55.72% 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. In addition, the argentine tax reform contemplates other amendments regarding the following matters: social security contributions, tax administrative procedures law, criminal tax law, tax on liquid fuels, and excise taxes, among others. As of the date of presentation of these Financial Statements, some aspects are pending regulation by the National Executive Power. 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: 06.30.20 06.30.19 06.30.18 Current income tax (721 ) (1,938 ) (48 ) Deferred income tax (7,252 ) 1,079 10,229 MPIT (134 ) 79 (217 ) Income tax (8,107 ) (780 ) 9,964 The statutory taxes rates in the countries where the Group operates for all of the years presented are: Tax jurisdiction Income tax rate Argentina 25% - 35% Brazil 25% - 34% Uruguay 0% - 25% Bolivia 25% U.S. 0% - 40% Bermudas 0% Israel 23% - 24% Below is a reconciliation between income tax expense and the tax calculated applying the current tax rate, applicable in the respective countries, to profit before taxes for years ended June 30, 2020, 2019 and 2018: 06.30.20 06.30.19 06.30.18 Tax calculated at the tax rates applicable to profits in the respective countries (5,116 ) 11,154 4,265 Permanent differences: Tax inflation adjustment (4,106 ) (5,826 ) - Share of profit / (loss) of associates and joint ventures 1,724 (1,104 ) (575 ) Unrecognized tax loss carry-forwards (i) (3,094 ) (4,255 ) (4,016 ) Expiration of tax loss carry-forwards 13 - (164 ) Provision for unrecoverability of tax loss carry-forwards (1,997 ) (3,184 ) (1,945 ) Changes in fair value of financial instruments and sale of shares (ii) (1,684 ) 74 (720 ) Change of tax rate 2,858 400 11,767 Non-taxable profit 150 - - Non-deductible expenses (12 ) (26 ) (16 ) Others (638 ) 1,071 1,361 Inflation adjustment permanent difference 3,795 916 7 Income tax from continuing operations (8,107 ) (780 ) 9,964 (i) Corresponds mainly to holding companies in the Operations Center in Israel. Deferred tax assets and liabilities of the Group as of June 30, 2020 and 2019 will be recovered as follows: 06.30.20 06.30.19 Deferred income tax assets to be recovered after more than 12 months 15,748 12,806 Deferred income tax assets to be recovered within 12 months 1,207 2,425 Deferred income tax assets 16,955 15,231 06.30.20 06.30.19 Deferred income tax liabilities to be recovered after more than 12 months (62,318 ) (51,537 ) Deferred income tax liabilities to be recovered within 12 months (3,179 ) (20,114 ) Deferred income tax liabilities (65,497 ) (71,651 ) Total deferred income tax (liabilities) assets, net (48,542 ) (56,420 ) The movement in the deferred income tax assets and liabilities during the years ended June 30, 2020 and 2019, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: At the Business Foreign Charged to Reserve for Deconsolidation Use of tax At the end June 30, 2020 Assets Trade and other payables 5,766 (1 ) 863 (834 ) - - (431 ) 5,363 Tax loss carry-forwards 7,904 - 803 908 - - (83 ) 9,532 Others 1,561 (3 ) 149 276 77 - - 2,060 Subtotal assets 15,231 (4 ) 1,815 350 77 - (514 ) 16,955 Liabilities Investment properties and property, plant and equipment (61,085 ) (558 ) 1,301 (8,904 ) - 204 14,973 (54,069 ) Biological assets (514 ) - 73 (192 ) - - - (633 ) Trade and other receivables (889 ) - - (33 ) - - - (922 ) Investments (73 ) - (80 ) 59 - - - (94 ) Intangible assets (2,266 ) - (510 ) 383 - - - (2,393 ) Tax inflation adjustment (4,385 ) (33 ) - (1,856 ) - - - (6,274 ) Borrowings (1,058 ) - (282 ) 386 - - - (954 ) Inventories (728 ) (3 ) 134 (49 ) - - - (646 ) Others (653 ) (593 ) (543 ) 2,459 - - (182 ) 488 Subtotal liabilities (71,651 ) (1,187 ) 93 (7,747 ) - 204 14,791 (65,497 ) (Liabilities) / Assets, net (56,420 ) (1,191 ) 1,908 (7,397 ) 77 204 14,277 (48,542 ) At the Business Foreign gain Charged to Reclassification Use of tax At the end June 30, 2019 Assets Trade and other payables 4,661 - 193 912 - - 5,766 Tax loss carry-forwards 13,022 - (309 ) (4,809 ) - - 7,904 Others 2,029 - (68 ) (687 ) 287 - 1,561 Subtotal assets 19,712 - (184 ) (4,584 ) 287 - 15,231 Liabilities Investment properties and property, plant and equipment (69,039 ) - 1,059 7,839 64 (1,008 ) (61,085 ) Biological assets (359 ) - 1 (156 ) - - (514 ) Trade and other receivables (536 ) - 3 (356 ) - - (889 ) Investments (30 ) - (13 ) (30 ) - - (73 ) Intangible assets (2,985 ) - 262 457 - - (2,266 ) Tax inflation adjustment - - - (4,385 ) - - (4,385 ) Borrowings (1,286 ) - 93 135 - - (1,058 ) Inventories (202 ) - 30 (556 ) - - (728 ) Others (2,628 ) - 626 1,349 - - (653 ) Subtotal liabilities (77,065 ) - 2,061 4,297 64 (1,008 ) (71,651 ) (Liabilities) / Assets, net (57,353 ) - 1,877 (287 ) 351 (1,008 ) (56,420 ) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefits through future taxable profits is probable. Tax loss carry-forwards may have expiration dates or may be permanently available for use by the Group depending on the tax jurisdiction where the tax loss carry forward is generated. Tax loss carry forwards in Argentina and Uruguay generally expire within 5 years, while in Israel they do not expire. Tax loss carry forward in Bolivia expire within 3 years. Tax loss carry forwards in Brazil do not expire. However, in Brazil, the taxable profit for each year can only be reduced by tax losses up to a maximum of 30%. As of June 30, 2020, the Group’s recognized tax loss carry forward prescribed as follows: Jurisdiction 06.30.20 Date of generation Due date Argentina 3 2016 2021 Argentina 11 2017 2022 Argentina 2,785 2018 2023 Argentina 1,186 2019 2024 Argentina 4,809 2020 2025 Bolivia 1 2011-2020 Do not expire Do not expire 3,784 Total cumulative tax loss carry-forwards 12,579 The Group assesses the realizability of deferred income tax assets, by considering whether it is probable that some portion or all of the deferred income tax assets will not be realized. In order to make this assessment, Management considers the scheduled reversal of deferred income tax liabilities, projected business and tax planning strategies. On this basis, it is estimated that as of June 30, 2020, all deferred tax assets and tax credits will be realized. The Group did not recognize deferred income tax assets (tax loss carry forwards) of Ps. 456,299 and Ps. 332,739 as of June 30, 2020 and 2019, respectively. Although management estimates that the business will generate sufficient income, pursuant to IAS 12, management has determined that, as a result of the recent loss history and the lack of verifiable and objective evidence due to the subsidiary’s results of operations history, there is sufficient uncertainty as to the generation of sufficient income to be able to offset losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses. The Group did not recognize deferred income tax liabilities of Ps. 90 and Ps. 86 as of June 30, 2020 and 2019, respectively, 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 and 2019, the Group recognized a deferred liability in the amount of Ps. 906 and Ps. 938, respectively, related to the potential future sale of one of its subsidiaries shares. IDBD and DIC assess whether it is necessary to recognize deferred tax liabilities for the temporary differences arising in relation to its investments in subsidiaries; in this respect, IDBD, DIC and PBC estimate that if each of them is required to dispose of its respective holdings in subsidiaries, they would not be liable to income tax on the sale and, for such reason, they did not recognize the deferred tax liabilities related to this difference in these Consolidated Financial Statements. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 24. Leases The Group as lessee Operating leases In the ordinary course of business, the Group enters into several operating lease agreements. Group conducts a portion of its agricultural activities on land rented from third parties under operating lease contracts averaging a harvest year. Rent expense for the years ended as of June 30, 2020, 2019 and 2018 amounted to Ps. 645, Ps. 269.6 and Ps. 444, respectively and is included in the line item “Costs” in the Statement of Income. The Group is also using land in the Province of Salta under rights of use agreement (the “Anta Agreement”) for which the Group is currently paying a rent fee of 10% of the production. Rent expense paid for the years ended as of June 30, 2020, 2019 and 2018 amounted to Ps. 103, Ps. 73 and Ps. 91, respectively and is included in the line item “Costs” in the Statement of Income. The Group leases property or spaces for administrative or commercial use both in Argentina and in Israel, under operating leases. The agreements entered into include several clauses, including but not limited, to fixed, variable or adjustable payments. Some leases were agreed upon with related parties (Note 32). The amounts involved are not material for any of the periods filed. The future aggregate minimum lease payments the Group will have to cancel under non-cancellable operating leases were as follows: 06.30.20 06.30.19 06.30.18 No later than 1 year 2,428 9,825 5,750 Later than 1 year and not later than 5 years 5,410 15,160 11,118 More than 5 years 2,397 2,098 2,680 10,235 27,083 19,548 The Group as lessor Operating leases (Shopping malls, offices and other buildings) In the segments Shopping malls and Offices and Others in the Operations Center in Argentina and in the segment Real Estate of the Operations Center in Israel, 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, in the Operations Center in Argentina, operating lease agreements with lessees of Shopping malls generally include escalation clauses and contingent payments. In Israel, agreements tend to be agreed upon for fixed amounts, although in some cases they may include adjustment clauses. Income from leases are recorded in the Statement of Income under rental and service income in all of the filed periods. Rental properties are considered to be investment property. Book value is included in Note 9. The future minimum proceeds generated from non-cancellable operating leases from Group’s Shopping malls, offices and other buildings are as follows: 06.30.20 06.30.19 06.30.18 No later than 1 year 1,211 13,216 11,334 Later than 1 year and not later than 5 years 22,063 29,731 51,018 More than 5 years 10,673 21,360 18,625 33,947 64,307 80,977 Operating leases (Farmlands) From time to time, the Group leases certain farmlands. The leases have an average term of one crop year. Rental income is generally based on the market price of a particular crop multiplied by a fixed amount of tons per hectare leased or based on a fixed amount in dollars per hectare leased. The future aggregate minimum lease proceeds under non-cancellable operating leases from the Group are as follows: 06.30.20 06.30.19 06.30.18 No later than 1 year 122 87 60 Later than 1 year and not later than 5 years 148 241 160 More than 5 years - 7 17 270 335 237 Finance leases: The Group does not act as a lessor in connection with finance leases. |
Revenues
Revenues | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Revenues [Abstract] | |
Revenues | 25. Revenues 06.30.20 06.30.19 06.30.18 Beef 6,228 5,764 4,821 Crops 11,462 6,509 5,426 Sugarcane 3,177 2,652 2,049 Cattle 1,326 625 720 Supplies 1,046 766 420 Dairy - 517 237 Consignment 596 576 269 Advertising and brokerage fees 736 929 387 Agricultural rental and other services 922 238 750 Income from agricultural sales and services 25,493 18,576 15,079 Trading properties and developments 5,529 8,079 4,336 Communication services 48,657 42,704 36,514 Sale of communication equipment 16,180 14,803 12,551 Rental and services 19,531 22,689 21,627 Hotel operations, tourism services and others 5,866 3,890 3,159 Total revenues 121,256 110,741 93,266 |
Costs
Costs | 12 Months Ended |
Jun. 30, 2020 | |
Costs [Abstract] | |
Costs | 26. Costs 06.30.20 06.30.19 06.30.18 Other operative costs 25 24 36 Cost of property operations 25 24 36 Beef 5,087 5,160 4,542 Crops 9,787 6,160 4,393 Sugarcane 2,993 2,311 1,948 Cattle 1,622 725 749 Supplies 837 790 332 Dairy - - 172 Consignment 653 133 67 Advertising and brokerage fees 464 397 307 Agricultural rental and other services 274 266 399 Costs of agricultural sales and services 21,717 15,942 12,909 Trading properties and developments 4,529 6,889 4,206 Communication services 35,136 31,782 26,684 Sale of communication equipment 12,128 10,643 8,505 Rental and services 6,934 7,639 7,280 Hotel operations, tourism services and others 3,502 2,465 2,458 Total costs 83,971 75,384 62,078 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2020 | |
Expenses By Nature [Abstract] | |
Expenses by nature | 27. Expenses by nature The Group disclosed expenses in the statements of income by function as part of the line items “Costs”, “General and administrative expenses” and “Selling expenses”. The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2020, 2019 and 2018. Production costs Costs (i) General and administrative expenses Selling expenses Total as of 06.30.20 Leases, services charges and vacant property costs 9 164 33 21 227 Depreciation and amortization 1,372 10,180 2,987 3,258 17,797 Doubtful accounts - 89 - 967 1,056 Advertising, publicity and other selling expenses - 515 - 2,475 2,990 Taxes, rates and contributions 46 687 135 1,329 2,197 Maintenance and repairs 88 4,680 600 428 5,796 Fees and payments for services 33 4,954 1,958 113 7,058 Director’s fees - - 748 - 748 Payroll and social security liabilities 561 7,695 4,851 5,760 18,867 Cost of sale of goods and services - 17,050 - - 17,050 Cost of sale of agricultural products and biological assets - 12,249 - - 12,249 Supplies and labors 8,385 5,275 2 90 13,752 Freights 78 54 - 1,258 1,390 Commissions and bank charges - 6 100 - 106 Conditioning and clearance - - - 179 179 Travel, library expenses and stationery 48 50 76 25 199 Interconnection and roaming expenses - 6,960 - - 6,960 Fees to other operators - 9,711 - - 9,711 Others 811 3,652 777 445 5,685 Total expenses by nature as of 06.30.20 11,431 83,971 12,267 16,348 124,017 Production costs Costs (i) General and administrative expenses Selling expenses Total as of 06.30.19 Leases, services charges and vacant property costs 10 174 57 404 645 Depreciation and amortization 583 6,680 1,792 2,350 11,405 Doubtful accounts - 6 13 645 664 Advertising, publicity and other selling expenses - 585 24 2,315 2,924 Taxes, rates and contributions 50 781 109 1,206 2,146 Maintenance and repairs 99 4,723 652 380 5,854 Fees and payments for services 30 7,332 2,812 200 10,374 Director’s fees - - 1,000 - 1,000 Payroll and social security liabilities 517 7,185 4,578 5,018 17,298 Cost of sale of goods and services - 18,024 - - 18,024 Cost of sale of agricultural products and biological assets - 7,503 - - 7,503 Supplies and labors 7,994 5,134 1 44 13,173 Freights 61 36 - 655 752 Commissions and bank charges - 73 80 3 156 Conditioning and clearance - - - 121 121 Travel, library expenses and stationery 63 60 119 27 269 Interconnection and roaming expenses - 6,064 - - 6,064 Fees to other operators - 8,950 31 - 8,981 Others 333 2,074 884 608 3,899 Total expenses by nature as of 06.30.19 9,740 75,384 12,152 13,976 111,252 Production costs Costs (i) General and administrative expenses Selling expenses Total as of 06.30.18 Leases, services charges and vacant property costs 4 123 49 347 523 Depreciation and amortization 500 5,852 1,552 2,337 10,241 Doubtful accounts - 7 - 676 683 Advertising, publicity and other selling expenses - 693 13 3,258 3,964 Taxes, rates and contributions 53 710 200 949 1,912 Maintenance and repairs 117 4,169 423 247 4,956 Fees and payments for services 13 5,418 2,310 192 7,933 Director’s fees - - 753 - 753 Food, beverage and other lodging expenses - 100 7 23 130 Payroll and social security liabilities 607 6,912 4,651 3,804 15,974 Cost of sale of goods and services - 12,996 - - 12,996 Cost of sale of agricultural products and biological assets - 6,390 - - 6,390 Supplies and labors 4,701 4,668 3 27 9,399 Freights 53 3 - 820 876 Bank commissions and expenses - - 24 - 24 Conditioning and clearance - - - 153 153 Travel, library expenses and stationery 40 7 20 7 74 Interconnection and roaming expenses - 5,241 - - 5,241 Fees to other operators - 6,499 - - 6,499 Others 878 2,290 871 649 4,688 Total expenses by nature as of 06.30.18 6,966 62,078 10,876 13,489 93,409 |
Other operating results, net
Other operating results, net | 12 Months Ended |
Jun. 30, 2020 | |
Other Operating Results Net [Abstract] | |
Other operating results, net | 28. Other operating results, net 06.30.20 06.30.19 06.30.18 Gain from commodity derivative financial instruments 439 446 56 (Loss) / Gain from disposal of associates (260 ) 983 860 Fair value of interest held before business combination - - 1,259 Currency translation adjustment reversal - - 476 Operating interest expense 1,782 841 156 Gain from agreement with TGLT - - 189 Contingencies (132 ) (101 ) 1,052 Donations (170 ) (286 ) (170 ) Others (i) 1,111 (782 ) (221 ) Total other operating results, net 2,770 1,101 3,657 (i) As of June 30, 2018, includes the favorable ruling of a trial in the Operations Center in Israel for an amount of approximately Ps. 1,165. Includes legal costs and expenses Includes legal costs and expenses. |
Financial results, net
Financial results, net | 12 Months Ended |
Jun. 30, 2020 | |
Financial Results Net [Abstract] | |
Financial results, net | 29. Financial results, net 06.30.20 06.30.19 06.30.18 Financial income Interest income 1,059 983 1,267 Dividends income 168 97 209 Other financial income 236 695 - Total financial income 1,463 1,775 1,476 Financial costs Interest expenses (24,357 ) (21,893 ) (19,564 ) Loss on debt swap (Note 21) - - (5,908 ) Other financial costs (1,439 ) (971 ) (1,078 ) Less: capitalized financial costs 113 293 173 Total financial costs (25,683 ) (22,571 ) (26,377 ) Other financial results: Exchange differences, net (10,197 ) 2,633 (19,587 ) Fair value results of financial assets and liabilities at fair value through profit or loss (9,862 ) 2,797 (1,834 ) Gain / (Loss) from repurchase of Non-convertible notes 2,885 74 (4 ) (Loss) / Gain from derivative financial instruments (except commodities) (1,493 ) 477 (743 ) Total other financial results (18,667 ) 5,981 (22,168 ) Inflation adjustment 177 (457 ) (321 ) Total financial results, net (42,710 ) (15,272 ) (47,390 ) |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2020 | |
Earning per share [Abstract] | |
Earnings per share | 30. Earnings per share (a) Basic Basic earnings per share amounts are calculated in accordance with IAS 33, by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year, excluding ordinary shares purchased by the Group and held as treasury shares. 06.30.20 06.30.19 06.30.18 Loss for the year from continuing operations attributable to equity holders of the parent (2,368 ) (28,334 ) (9,492 ) Profit for the year from discontinued operations attributable to equity holders of the parent 6,297 1,538 15,598 Profit / (Loss) for the year attributable to equity holders of the parent 3,929 (26,796 ) 6,106 Weighted average number of ordinary shares outstanding (499 ) 489 497 Basic earnings per share (7.87 ) (54.79 ) 12.29 (b) Diluted Diluted earnings per share amounts are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. As of June 30, 2018, the Group holds treasury shares associated with incentive plans with potentially dilutive effect, therefore, diluted earnings per share is as follows: 06.30.18 Loss for the year from continuing operations attributable to equity holders of the parent (9,492 ) Profit for the year from discontinued operations attributable to equity holders of the parent 15,598 Profit for the year per share attributable to equity holders of the parent 6,106 Weighted average number of ordinary shares outstanding 516 Diluted earnings per share 11.82 Given that the results for the years ended June 30, 2019 and 2017 showed losses, there is no diluted effect of said results. |
Employee benefits and share-bas
Employee benefits and share-based payments | 12 Months Ended |
Jun. 30, 2020 | |
Employee Benefits And Share-based Payments [Abstract] | |
Employee benefits and share-based payments | 31. Employee benefits and share-based payments Incentive Plan The Group has an equity incentive plan, created in September 30, 2011, which aims at certain selected employees, directors and top management of the Company, IRSA and IRSA CP (the “Participants”). Participation in the plan was voluntary and employees were invited to participate by the Board. Under the Incentive Plan, entitle the Participants to receive shares (“Contributions”) of the Company and IRSA, based on a percentage of their annual bonus for the years 2011, 2012 and 2013, providing they remain as employees of the Company for at least five years, among other conditions, required to qualify such Contributions (except in case of disability or death, where there is no time limit). Contributions shall be held by the Company and IRSA, and as the conditions established by the Plan are verified, such contributions shall be transferred to the Participants only when the employees retire from the Company. In spite of this, the economic rights of the shares in the portfolio assigned to said participants will be received by them. As of June 30, 2020, 2019 and 2018, a reserve has been set up under Shareholders’ equity as a result of this Incentive Plan for Ps. 51, Ps. 50 and Ps. 90, respectively, based on the market value of the shares to be granted pertaining to the Group’s contributions, proportionately to the period already elapsed for the vesting of shares in the Incentive Plan and adjusted for the probability that any beneficiary leaves the Group before the term and/or the conditions required to qualify for the benefits of said plan are met at each fiscal year-end. For the fiscal years ended June 30, 2018, the Group has incurred a charge related to the Incentive Plan of Ps. 30 and total cost was recorded considering that the vesting period has elapsed. During the fiscal years ended June 30, 2020, 2019 and 2018, the Group granted 0.48, 0.52 and 0.45 million shares, respectively, corresponding to the Participants’ Contributions. Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows 06.30.20 06.30.19 06.30.18 At the beginning 4,966,463 5,485,194 5,834,676 Granted (482,807 ) (518,731 ) (349,482 ) Disposals - - - At the end 4,483,656 4,966,463 5,485,194 The fair value determined at the time of granting the plan after obtaining all the corresponding authorizations was Ps. 23.5 per share of IRSA and Ps. 16.45 per share of Cresud. This fair value was estimated by taking into account the market price of the shares of the Company on said date. Defined contribution plan The Group operates a defined contribution plan (the “Plan”) which covers certain selected managers from Argentina. The Plan was effective as from January 1, 2006. Participants can make pre-tax contributions to the Plan of up to 2.5% of their monthly salary (“Base Contributions”) and up to 15% of their annual bonus (“Extraordinary Contributions”). Under the Plan, the Group matches employee contributions to the plan at a rate of 200% for Base Contributions and 300% for Extraordinary Contributions. All contributions are invested in funds administered outside of the Group. Participants or their assignees, as the case may be, will have access to the 100% of the Company contributions under the following circumstances: (i) ordinary retirement in accordance with applicable labor regulations; (ii) total or permanent incapacity or disability; (iii) death. In case of resignation or termination without fair cause, the manager will receive the Group’s contribution only if he or she has participated in the Plan for at least 5 years. Contributions made by the Group under the Plan amount to Ps. 51 and Ps. 60 for the fiscal years ended June 30, 2020 and 2019, respectively. Share base plans associated with certain key members of the management - Israel DIC and Cellcom have granted an options benefit plans to key management personnel. For the years ended June 30, 2020, 2019 and 2018, the Group has incurred an expense in relation to said benefit plans of Ps. 10, Ps. 63 and Ps. 66, respectively. The following table shows the detail of the options pending at year-end: DIC Cellcom Exercise price range of outstanding options NIS 6.90 – 12.5 NIS 15.05 – 27.7 Average price of outstanding options NIS 6.72 NIS 17.8 Amount of outstanding options 2,124,000 759,332 Average remaining useful life 4.43 years 3.4 years The fair value of the options was calculated according to the Black-Scholes method, which included assumptions such as the value of the share at the date of granting the plan, expected volatility, expected life of the option or the risk-free rate. Employee benefits - Israel Benefits to hired employees include post-employment benefits, retirement benefits, share-based plans and other short and long-term benefits. The Group’s liabilities in relation to severance pay and/or retirement benefits of Israeli employees are calculated in accordance with Israeli laws. June 30, June 30, June 30, Present value of unfunded obligations - 615 703 Present value of funded obligations 1,363 819 825 Total present value of defined benefits obligations (post-employment) 1,363 1,434 1,528 Fair value of plan assets (936 ) (1,245 ) (1,316 ) Recognized liability for defined benefits obligations 427 189 212 Liability for other long-term benefits 793 682 33 Total recognized liabilities 1,220 871 245 Assets designed for payment of employee benefits (773 ) (683 ) - Net position from employee benefits 447 188 245 Employee long-term incentive - Brasilagro On October 2, 2017, the Shareholders approved the creation of the Long Term Incentive Plan based on Shares (or “ILPA Plan”). By the terms of the ILPA Plan, participants will be entitled to receive a number of shares if they remain in the Company during certain period of time and comply with certain key performance indicators (“KPIs”). The terms of the ILPA Plan determine that the Board of Directors will have broad powers to implement the ILPA Plan and take all necessary measures for its implementation. The shares to be granted under the ILPA Plan may not exceed at any time the maximum and cumulative amount of 2% of the shares issued by the Company. The first award of incentives was approved by the Board of Directors on June 18, 2018, the date on which the First ILPA Program was approved and the beneficiaries, the number of shares to be delivered, the vesting period and the KPIs to be reached were defined. The vesting period for the first ILPA Program is between October 2, 2017 and October 2, 2019 and the participants were selected among those who acted as company’s employees at the beginning of the vesting period considering their position in the company and its related remuneration as of that date. Certain KPIs must be achieved for shares to be delivered to participants, in addition to remain in the Company until the end of the vesting period. One of the KPIs is to reach a certain percentage of valuation in the price of AGRO3 shares during the vesting period: If this percentage is not reached, the participants will not be entitled to receive any share. In the event that the KPI for the valuation of the shares is fulfilled, the number of shares to be delivered will vary in 3 ranges depending on the level of achievement of another 3 KPI, in addition to being adjusted by the dividends per share distributed during the vesting period, as well as an increase in a fixed amount if the value of the share is above the floor value. The fair value of the benefit was estimated at Ps. 0.10. In the initial measurement of the fair value of the benefit, the price of the AGRO3 per share was considered on the date of granting and the probable quotation of the share price is projected at the end of the vesting period based on the past performance of the price per share in a period of 1 year and 4 months (compatible with the period between the granting in June 2018 and the end of the vesting period in October 2018). Considering the volatility of the AGRO3 share, the probability of the price per share at the end of the vesting period was determined to reach the value necessary to comply with the KPI. To determine the number of shares and the amount of the remuneration expense, the Company determines for each year the estimated amount of shares to be delivered based on its best estimate of the amount of each of the 3 KPIs which do not depend on the price of the shares and the dividends to be paid in the same vesting period. The amount of the expense is adjusted based on said estimate and the effects recognized prospectively. The estimated expense is recognized as of the granting in June 2018 ratably during the vesting period between October 2, 2017 and October 2, 2019. In the year ended June 30, 2020, compensation expenses and remuneration charges are Ps. 45.2 (Ps. 19.7 and Ps. 53.7 as of June 30, 2019 and 2018, respectively) and the accumulated amount is Ps. 77.1. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2020 | |
Related Party Transaction [Abstract] | |
Related party transactions | 32. Related party transactions In the normal course of business, the Group conducts transactions with different entities or parties related to it. All transactions are carried out in accordance with market parameters. Remunerations of the Board of Directors The Act N° 19,550 provides that the remuneration of the Board of Directors, where it is not set forth in the Company’s by-laws, shall be fixed by the Shareholders’ Meetings. The maximum amount of remuneration that the members of the Board are allowed to receive, including salary and other performance-based remuneration of permanent technical-administrative functions, may not exceed 25% of the profits. Such maximum amount will be limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where the total of profits is distributed. Some of the Group’s Directors are hired under the Employment Contract Act N° 20,744. This Act rules on certain conditions of the work relationship, including remuneration, salary protection, working hours, vacations, paid leaves, minimum age requirements, workmen protection and forms of suspension and contract termination. The remuneration of directors for each fiscal year is based on the provisions established by the Act N° 19,550, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded by the Company during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders’ Meeting. Senior Management remuneration The members of the Senior or Top Management are appointed and removed by the Board of Directors, and perform functions in accordance with the instructions delivered by the Board itself. The Society’s Senior Management is composed of as follows: Name Date of birth Position Current position since Alejandro G. Elsztain 03/31/1966 General Manager 1994 Carlos Blousson 09/21/1963 General Manager of Operations in Argentina and Bolivia 2008 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 Alejandro Casaretto 10/15/1952 Regional Agricultural Manager 2008 The remuneration earned by Senior Management for their functions consists of an amount that is fixed taking into account the manager’s backgrounds, capacity and experience, plus an annual bonus based on their individual performance and the Group’s results. Members of the senior management participate in defined contributions and share-based incentive plans that are described in Note 30, respectively. The aggregate compensation to the Senior Management of the Operations Center in Argentina for the year ended June 30, 2020 amounts to Ps. 15. Corporate Service Agreement with IRSA and IRSA CP Considering that IRSA, Cresud and IRSA CP have operating overlapping areas, the Board of Directors considered it convenient to implement alternatives that allow reducing certain fixed costs of its activity, in order to reduce its impact on operating results, taking advantage of and optimizing the individual efficiencies of each of the companies in the different areas that make up the operational administration. For this purpose, on June 30, 2004, a Framework Agreement for the Exchange of Corporate Services (“Framework Agreement”) was signed, between IRSA, Cresud and IRSA CP, which was periodically modified, the last update being on June 28, 2019. Under this Framework Agreement, corporate services are currently provided in the following areas: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance, Shared Services Center, Real Estate Business Administration, Directory to distribute Real Estate, HR Real Estate Business, Security, Corporate Legal Management, Corporate Environment, Technical Management Infrastructure and Services, Purchasing and Contracting, Management and Enabling, Investments, Government Affairs, Hotels, Fraud Prevention, Bolivar, Proxy, General Management to distribute, Directory Security. Under this agreement, the companies entrusted to an external consultant the semiannual review and evaluation of the criteria used in the process of liquidating corporate services, as well as the distribution bases and supporting documentation used in the aforementioned process, through the preparation of a semi-annual report. It should be noted that the operation under comment allows Cresud, IRSA and IRSA CP to maintain absolute independence and confidentiality in their strategic and commercial decisions, being the allocation of costs and benefits made on the basis of operational efficiency and equity, without pursuing individual economic benefits for each of the companies. Offices and Shopping malls spaces leases The offices of our President are located at 108 Bolivar, in the Autonomous City of Buenos Aires. The property has been rented to Isaac Elsztain e Hijos S.A., a company controlled by some family members of Eduardo Sergio Elsztain, our president, and to Hamonet S.A., a company controlled by Fernando A. Elsztain, one of our directors, and some of its family members. In addition, Tarshop, BACS, BHN Sociedad de Inversión S.A., BHN Seguros Generales S.A. and BHN Visa S.A. rent offices owned by IRSA CP in different buildings. Furthermore, we also let various spaces in our Shopping malls (stores, stands, storage space or advertising space) to third parties and related parties such us Tarshop S.A. and BHSA. Lease agreements entered into with associates included similar provisions and amounts to those included in agreements with third parties. Donations granted to Fundación IRSA and Fundación Museo de los Niños Fundación IRSA is a non-profit charity institution that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of the youth. It carries out corporate volunteering programs and fosters donations by the employees. The main members of Fundación IRSA’s Board of Directors are Eduardo S. Elsztain (President), Saul Zang (Vice President I), Alejandro Elsztain (Vice President II) and Mariana C. de Elsztain (secretary). It funds its activities with the donations made by us, IRSA and IRSA CP. Fundación Museo de los Niños is a non-profit association, created by the same founders of Fundación IRSA and its Management Board is formed by the same members as Fundación IRSA. Fundación Museo de los Niños acts as special vehicle for the development of “Museo de los Niños, Abasto” and “Museo de los Niños, Rosario”. On October 29, 1999, our shareholders approved the award of the agreement “Museo de los Niños, Abasto” to Fundación Museo de los Niños. On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping Mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Shopping Mall Alto Rosario were loaned for a term of 30 years. Fundación IRSA has used the available area to house the museum called “Museo de los Niños, Abasto” an interactive learning center for kids and adults, which was opened to the public in April 1999. Legal services The Group hires legal services from Estudio Zang, Bergel & Viñes, at which Saúl Zang was a founding partner and sits at the Board of Directors of the Group companies. Hotel services Our company and related parties sometimes rent from NFSA and Hoteles Argentinos S.A. hotel services and conference rooms for events. Purchase-Sale of goods and/or services hiring In the normal course of its business and with the aim of make resources more efficient, in certain occasions purchase and/or hire services which later sells and/or recover for companies or other related parties, based upon their actual utilization. Sale of advertising space in media Our company and our related parties frequently enter into agreements with third parties whereby we sell/acquire rights of use to advertise in media (TV, radio stations, newspapers, etc.) that will later be used in advertising campaigns. Normally, these spaces are sold and/or recovered to/from other companies or other related parties, based on their actual use. Purchase-sale of financial assets Cash surplus are usually invested in several instruments that may include those issued by related companies acquired at issuance or from unrelated third parties through transactions in the secondary market. Investment in investment funds managed by BACS The Group invests parts of liquid funds in mutual funds managed by BACS among other entities. Borrowings In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities between the group’s companies and/or other related parties. These borrowings accrue interests at market rates. Financial and service operations with BHSA The Group works with several financial entities in the Argentine market for operations including, but not limited to, credit, investment, purchase and sale of securities and financial derivatives. Such entities include BHSA and its subsidiaries. BHSA and BACS usually act as underwriters in Capital Market transactions. In addition, we have entered into agreements with BHSA, who provides collection services for our shopping malls. San Bernardo lease The Company leased in January 2019 a farm in the Province of Córdoba owned by San Bernardo de Córdoba S.A. (formerly Isaac Elsztain e hijos S.C.A), continuing the lease held in August 2015, for a fraction of 12,590 hectares. The lease was agreed for 12,590 hectares and the price was set at the amount of pesos equivalent to 2.5 kg of meat per hectare. The price of meat will be set taking into account the price per kilo of meat determined by the I.N.M.L (cattle index of the Liniers Market) reported on the website of said Market. Additionally, a production prize equivalent to 15% of the kilos produced in excess of 175,000 was agreed for the total of the existing property. Consulting Agreement In accordance with the terms of the Consulting Agreement, in force as from November 7, 1994, and its amendments, CAMSA provides us with advisory services on matters related to activities and investments included agricultural, real estate, financial and hotel operations, among others. An 85% of the capital stock of CAMSA is held by one of our shareholders and President of our Board of Directors, while the remaining 15% of the capital stock is owned by our First Vice President. Based on the terms and conditions of the Consulting Agreement, CAMSA provides us with the following services: ● advise in relation to investing in all aspects of the agricultural business, real estate, financial, and hotel operations, among others, and business proposals; ● acts on behalf of our company in such transactions, negotiating prices, terms and conditions and other terms of each transaction; and ● provides advisory services on investments in securities related to such transactions. As regards the Consulting Agreement, in consideration for its services we pay CAMSA an annual fee equal to 10% of our annual net income after tax. During fiscal year 2020, Ps. 221 was recognized in results for fee services. During fiscal year 2019, no charge was recognized. On January 10, 2019, the deferred fees for the 2012-2016 period and the accrued fees from 2017 to June 2018 corresponding to the management agreement signed with CAMSA for the total amount of Ps. 1,130 were paid. The payment was made approximately one third in cash, one third with shares of IRSA and one third with shares of IRSA CP, both owned by the Company. The Consulting Agreement can be revoked by any of the parties upon prior written notice that should not exceed 60 days. If we revoke the Consulting Agreement without cause, we will be liable to pay CAMSA twice the average fee amounts paid for management services during the two fiscal years preceding such revocation. The following is a summary presentation of the balances with related parties as of June 30, 2019 and 2018: Item 06.30.20 06.30.19 Trade and other payables (326 ) (393 ) Borrowings (209 ) (74 ) Trade and other receivables 1,050 1,780 Investments in Financial Assets 269 237 Total 784 1,550 The following is a summary of the results with related parties for the years ended June 30, 2020, 2019 and 2018: Related party 06.30.20 06.30.19 Description of transaction Agro Uranga S.A. - 13 Sale of goods and / or services receivable New Lipstick LLC 16 14 Reimbursement of expenses receivable (77 ) (63 ) Loans payable - 1,258 Loans granted Condor 269 237 Public companies securities - 21 Dividends receivables Other associates and joint ventures (i) 84 16 Leases and/or rights of use receivable 8 - Leases and/or rights of use payable - 1 Shared-based compensation receivable (27 ) (11 ) Loans payable - 1 Loans granted 203 - Sale of goods and / or services payable 122 11 Reimbursement of expenses (1 ) (6 ) Reimbursement of expenses payable Total associates and joint ventures 597 1,492 CAMSA and its subsidiaries (190 ) - Fees payable 1 43 Reimbursement of expenses receivable BHN Vida (52 ) - Reimbursement of expenses payable LRSA - 35 Leases and/or rights of use receivable - 364 Dividends receivables IRSA Real Estate Strategies LP 116 - Reimbursement of expenses Taaman - (17 ) Leases and/or rights of use payable PBS Real Estate Holdings S.R.L 472 - Financial operations payable Other related parties (ii) - (93 ) Other liabilities - 3 Other receivables (53 ) - - (3 ) Legal services payable 18 - Leases and/or rights of use receivable Total other related parties 312 332 IFISA 6 - Financial operations receivable Total Parent Company 6 - Directors and Senior Management (135 ) (274 ) Fees payable 4 - Total Directors and Senior Management (131 ) (274 ) Total 784 1,550 (i) Includes Agrofy Global, BHSA, Lipstick, Tarshop, Mehadrin, Austral Gold Ltd., Cyrsa S.A., NPSF, Puerto Retiro, Shufersal and Quality. (ii) Includes Estudio Zang, Bergel & Viñes, Lartiyrigoyen, SAMSA and Museo de los Niños. Related party 06.30.20 06.30.19 06.30.18 Description of transaction Agrofy S.A. - 3 13 Management fees / Directory Agro-Uranga S.A. - - 7 Sale of goods and/or services Banco de Crédito y Securitización S.A. 51 54 43 Leases and/or rights of use (5 ) - - Financial operations Condor - - 284 Financial operations Tarshop S.A. - 59 - Leases and/or rights of use ISPRO-MEHADRIN - 30 296 Sale of goods and/or services Other associates and joint ventures 9 59 67 Leases and/or rights of use - - 9 Fees and remunerations (131 ) 30 84 Corporate services 37 10 3 Financial operations Total associates and joint ventures (39 ) 245 806 CAMSA and its subsidiaries (211 ) - (1,456 ) Management fee Taaman - 46 397 Corporate services Willi-Food International Ltd. - - 364 Corporate services Other related parties (i) (4 ) 31 27 Leases and/or rights of use (23 ) (16 ) (23 ) Fees and remunerations - - 11 Corporate services (4 ) (9 ) (9 ) Legal services - 3 63 Financial operations - (33 ) (33 ) Donations Total other related parties (242 ) 22 (659 ) IFISA 5 - 156 Financial operations Total Parent Company 5 - 156 Directors (30 ) (63 ) (40 ) Compensation of Directors and senior management (406 ) (546 ) (480 ) Fees and remunerations Senior Management (17 ) (54 ) (64 ) Compensation of Directors and senior management Total Directors and Senior Management (453 ) (663 ) (584 ) Total (729 ) (396 ) (281 ) (i) Includes Estudio Zang, Bergel & Viñes, Isaac Elsztain e Hijos S.C.A., San Bernando de Córdoba S.A., Fundación IRSA, Hamonet, BHN Sociedad de Inversión, BACS Administradora de Activos S.A., BHN Seguros Generales S.A. and BHN Vida S.A. The following is a summary of the transactions with related parties for the years ended June 30, 2020 and 2019: Related party 06.30.20 06.30.19 Description of transaction Manibil 87 31 Irrevocable contributions Uranga Trading S.A. - 32 Irrevocable contributions Puerto Retiro 17 27 Irrevocable contributions Quality 47 73 Irrevocable contributions Total contributions 151 163 Uranga Trading S.A. - 12 Dividends paid Total dividends paid - 12 Agro-Uranga S.A. 25 28 Dividends received Shufersal 400 663 Dividends received Nave by the sea - 47 Dividends received Banco Hipotecario - 113 Dividends received Condor 32 114 Dividends received Emco 16 86 Dividends received La Rural S.A. - 433 Dividends received Manaman - 106 Dividends received Mehadin - 141 Dividends received Nuevo Puerto Santa Fe S.A. 38 14 Dividends received Gav-Yam 1,334 - Dividends received Total dividends received 1,845 1,745 TGLT S.A. 1,394 - Compra y canje de acciones Gav-Yam 1,334 - Dividends received Total other transactions 2,728 - |
Cost of goods sold and services
Cost of goods sold and services provided | 12 Months Ended |
Jun. 30, 2020 | |
Cost Of Goods Sold And Services Provided [Abstract] | |
Cost of goods sold and services provided | 33. Cost of goods sold and services provided Description Cost of sales and services from agricultural business (i) Cost of sales and services from sales and services from urban properties and investment business (ii) (iii) Total as of 06.30.20 Total as of 06.30.19 Total as of 06.30.18 Inventories at the beginning of the period / year 7,164 10,170 17,334 29,624 34,392 Adjustment previous periods (IFRS 15 and 9) - - - (8,325 ) - Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,038 - 2,038 1,275 689 Changes in the net realizable value of agricultural products after harvest 657 - 657 (43 ) 43 Deconsolidation - (155 ) (155 ) (637 ) (14,360 ) Capitalized finance costs - 12 12 17 24 Currency translation adjustment (816 ) 8,262 7,446 (1,935 ) 12,290 Acquisition for business combination - - - - 848 Transfers (355 ) 98 (257 ) 149 (700 ) Harvest 10,639 - 10,639 8,009 6,197 Acquisitions and classifications 8,274 57,605 65,879 66,811 49,286 Consume (2,610 ) - (2,610 ) (4,864 ) 343 Disposals due to sales - (19 ) (19 ) - (23 ) Disposals due to advance in work in progress - 264 264 - - Expenses incurred 3,271 - 3,271 2,613 2,637 Inventories at the end of the period / year (6,545 ) (11,855 ) (18,400 ) (17,334 ) (29,624 ) Costs as of 06.30.20 21,717 64,382 86,099 - - Costs as of 06.30.19 15,942 59,418 - 75,360 - Costs as of 06.30.18 12,909 49,133 - - 62,042 (i) Includes biological assets (see Note 13.) (ii) Includes trade properties (see Note 11). |
Foreign currency assets and lia
Foreign currency assets and liabilities | 12 Months Ended |
Jun. 30, 2020 | |
Foreign Currency Assets And Liabilities [Abstract] | |
Foreign currency assets and liabilities | 34. Foreign currency assets and liabilities Book amounts of foreign currency assets and liabilities are as follows: Item (3) / Currency Amount of foreign currency (2) Prevailing exchange rate (1) Total as of 06.30.20 Total as of 06.30.19 Assets Trade and other receivables US Dollar 66 70.26 4,617 4,584 Euros 11 78.87 880 196 Trade and other receivables related parties US Dollar 4 70.26 299 217 Total Trade and other receivables 5,796 4,997 Investment in financial assets US Dollar 55 70.26 3,870 5,428 Pounds 1 86.90 78 69 Total Investment in financial assets 3,948 5,497 Derivative financial instruments US Dollar 1 70.26 82 61 Total Derivative financial instruments 82 61 Cash and cash equivalents US Dollar 221 70.26 15,542 17,064 Euros 20 78.87 1,549 103 Chilean Pesos - - - 1 Total Cash and cash equivalents 17,091 17,168 Total Assets 26,917 27,723 Liabilities Trade and other payables US Dollar 208 70.46 14,687 11,272 Euros 3 87.36 305 51 Total Trade and other payables 14,992 11,323 Borrowings US Dollar 1,308 70.46 92,189 79,458 Total Borrowings 92,189 79,458 Derivative financial instruments US Dollar 4 70.46 288 96 Total Derivative financial instruments 288 96 Total Liabilities 107,469 90,877 (1) Exchange rate as of June 30, of each year according to Banco Nación Argentina records. (2) Considering foreign currencies those that differ from each Group’s functional currency at each year-end. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 15). |
Groups of assets and liabilitie
Groups of assets and liabilities held for sale | 12 Months Ended |
Jun. 30, 2020 | |
Groups Of Assets And Liabilities Held For Sale [Abstract] | |
Groups of assets and liabilities held for sale | 35. Groups of assets and liabilities held for sale As mentioned in Note 4, the investment in Israir has been reclassified to “Group of assets and liabilities held for sale”. Pursuant to IFRS 5, assets and liabilities held for sale have been valued at the lower between their carrying value and fair value less cost of sale. Given some assets’ carrying value was higher, an impairment loss of Ps. 465 has been recorded for the year ended June 30, 2017. The following table shows the main assets and liabilities classified as held for sale: 06.30.20 06.30.19 Property, plant and equipment 36,718 6,449 Intangible assets 1,370 136 Investments in associates 224 597 Deferred income tax assets 814 290 Income tax credit 3 - Inventories 355 - Trade and other receivables 2,621 3,003 Cash and cash equivalents 1,711 1,023 Total group of assets held for sale 43,816 11,498 Trade and other payables 10,392 4,845 Salaries and social security liabilities 498 - Employee benefits 386 290 Deferred income tax liability 1,981 51 Provisions 12 - Borrowings 10,380 2,951 Total group of liabilities held for sale 23,649 8,137 Total net financial assets held for sale 20,167 3,361 |
Results from discontinued opera
Results from discontinued operations | 12 Months Ended |
Jun. 30, 2020 | |
Results From Discontinued Operations [Abstract] | |
Results from discontinued operations | 36. Results from discontinued operations As mentioned in Note 4., the investments in Israir, Ispro and others have been reclassified to “Group of assets and liabilities held for sale”. The following table shows the main assets and liabilities classified as held for sale: 06.30.20 06.30.19 06.30.18 Revenues 21,921 26,148 175,194 Costs (17,950 ) (17,336 ) (127,564 ) Gross profit 3,971 8,812 47,630 Net gain from fair value adjustment of investment properties - 3,990 5,529 General and administrative expenses (1,198 ) (1,212 ) (3,299 ) Selling expenses (977 ) (1,049 ) (32,990 ) Other operating results, net (i) 17,554 250 24,894 Profit from operations 19,350 10,791 41,764 Share of profit of associates and joint ventures 150 289 320 Profit before financial results and income tax 19,500 11,080 42,084 Financial income 191 460 466 Finance costs (1,720 ) (2,651 ) (2,901 ) Other financial results 115 (24 ) (102 ) Financial results, net (1,414 ) (2,215 ) (2,537 ) Profit before income tax 18,086 8,865 39,547 Income tax (1 ) (1,725 ) (3,106 ) Profit for the period from discontinued operations 18,085 7,140 36,441 Profit for the period from discontinued operations attributable to: Equity holders of the parent 6,297 1,538 15,598 Non-controlling interest 11,788 5,602 20,843 Profit per share from discontinued operations attributable to equity holders of the parent: Basic 12.80 3.15 31.40 Diluted 12.29 3.02 30.21 (i) Includes the remediation, at fair value, of the residual holding in Gav-Yam. |
Economic framework of the Group
Economic framework of the Group’s business | 12 Months Ended |
Jun. 30, 2020 | |
Economic Framework of the Group Business [Abstract] | |
Economic framework of the Groups business | 37. Economic framework of the Group's business 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 novel strain of coronavirus (SARS-COV-2) causing a severe acute respiratory syndrome ("COVID-19") was reported to have surfaced in Wuhan, China. COVID-19 has since spread across the world, including Argentina, and on March 11, 2020, the World Health Organization declared COVID-19 a pandemic. By early November approximately [1,284,519] cases of infections had been confirmed in Argentina. In response, countries have adopted extraordinary measures to contain the spread of the virus, including imposing travel restrictions and closing borders, requiring closures of non-essential businesses, instructing residents to practice social distancing, issuing stay-at-home orders, implementing quarantines and similar actions. The ongoing pandemic and these extraordinary government measures are disrupting global economic activity and resulting in significant volatility in global financial markets. According to the International Monetary Fund ("IMF"), the global economy has recently entered into a recession. The Argentine government has adopted multiple measures in response to the COVID-19 pandemic, including a nationwide mandatory lockdown that began on March 19, 2020 that has been extended several times, most recently through November 8, 2020. The government has also required during the last months the mandatory shutdown of businesses not considered essential. Finally, on November 6, 2020, the government announced the end of the mandatory lockdown for the AMBA (the "Área Metropolitana de Buenos Aires or "AMBA") and the beginning of the new phase of social distancing. However, Coronavirus cases have risen over the last few months in several regions of the world and the rate of infections is still increasing. Lockdowns return to Europe as cases rise again. Spain, France and the UK have all recorded more than one million cases, and several others are seeing their highest number of new infections since the start of the pandemic. 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 view of this scenario, a severe downturn in the Argentine economy is expected. After several negotiations between the Argentine Government and the bondholders, the Argentine Government announced the execution of an agreement in principle with the main groups of bondholders in order to avoid the default. On August 28, 2020, the Government informed that the holders of 93.55% of the aggregate outstanding principal amount of all bonds have accepted a debt exchange and, on August 31, 2020, the Argentine Government obtained the consents required to exchange and/or amend 99.01% of the aggregate outstanding principal amount of all series of eligible bonds. As of the date of these financial statements, the new bonds are already being traded on the market. However, the Government still faces the challenge of arriving at a successful renegotiation of the debt with the IMF. A favorable outcome for Argentina and the restructuring of its debt with the IMF would have a positive impact on the Argentine economy in the mid- and long-term. On the contrary, failure to reach an agreement with foreign private creditors might lead Argentina to default on its sovereign debt and, as a result, this situation may trigger restrictions on the companies' ability to obtain new financing. At a local level, the following circumstances may be noted: ● In June 2020, the Estimador Mensual de Actividad Económica ("EMAE") reported by the National Institute of Statistics and Census (Instituto Nacional de Estadísticas y Censos or INDEC) recorded a (12.3)% variation compared to the same month in 2019 and a (7.4)% variation compared to the previous month. ● The market expectations survey prepared by the Central Bank in July 2020 called Relevamiento de Expectativas de Mercado ("REM") forecasts that the retail inflation rate for 2020 will be 39.5%. The REM analysts foresee a (12.5)% decrease in the real GDP for 2020. In turn, they foresee a recovery in the economy for 2021 that will grow up to 5.6%. The economy is expected to grow during the third quarter of 2020 as the effects of the pandemic are perceived as transitory and economic recovery is expected to start soon. ● The year-over-year inflation rate as of June 30, 2020 was 42.8%. ● From July 2019 to June 2020, the peso depreciated 66% compared to the US dollar at the average wholesale exchange rate quoted by Banco de la Nación Argentina. In view of the foreign exchange restrictions in force since 2019, the gap between the official peso/US dollar exchange rate and the peso/US dollar exchange rate offered in the black market is almost 75%. This has an impact on the level of economic activity and detrimentally affects the reserves 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. On September 15, 2020, the Argentine Central Bank issued Communication "A" 7106 which establishes, among other things, that entities with principal maturities falling due between October 15, 2020 and March 31, 2021 related to the issuance of foreign-currency denominated publicly-registered debt securities in Argentina by private sector clients or by the entities themselves, must submit to the Argentine Central Bank a refinancing plan based on the following criteria: (a) the net amount for which access to the foreign exchange is granted within the original terms must not exceed 40% of the principal amount due, and (b) the remaining principal amount must have been refinanced through new foreign debt with an average life of at least 2 years. Therefore, the Company is analyzing the impact of this provision in order to comply with the Central Bank's requirements in due time and manner, if applicable. Series I Non-convertible Notes having a par value of USD 181,518,707 and other bank debts shall become due on November 15, 2020. COVID-19 Pandemic As it arises from the 'Economic framework of the Group's business' note, the COVID-19 pandemic is having an adverse impact on both the global and the Argentine economy and the Company's business. Although the COVID-19 pandemic has had an impact nationwide on the business conducted by the Company, it is still too early to assess the total scope of its impact. Below follows a description of the expected effects of the COVID-19 pandemic on the Company as of the date of these financial statements: Agricultural business The agricultural business of Cresud and its subsidiaries in Brazil, Paraguay and Bolivia continued to operate relatively normally; since the agricultural activity has been considered an essential activity in the countries where the Company operates. In any case, the effect of Covid-19 could cause changes in demand on a global scale and affect the prices of commodities in the international and local markets in the short term. Urban properties and investments business Operations Center in Argentina ● As a consequence of the preventive and mandatory social isolation, shopping malls across the country have been closed since March 20, 2020. Only those stores engaged in essential activities remain open such as pharmacies, supermarkets and banks whereas some food and clothing stores are offering delivery services and selling products on WhatsApp. In May and June, these measures were relaxed and certain activities were resumed in some marketplaces in the Argentine provinces such as Salta, Mendoza, Santa Fe and Córdoba. Actually, the shopping malls Alto Noa, Mendoza Plaza, Alto Rosario, La Ribera and Córdoba Shopping reopened under strict health and safety protocols providing for reduced shopping hours, social distancing and access controls. The shopping mall in Neuquén was reopened in July 2020 whereas the Distrito Arcos shopping mall, a premium open-air outlet in the City of Buenos Aires, was reopened early in August 2020. As of this date, 44% of the square meters of the Company's Shopping Malls are open. Nevertheless, the uncertainty posed by this situation may cause the closing of stores that have already opened. ● As a result of the shopping mall closings, the Company has decided to differ the invoicing and collection of the Monthly Guaranteed Amount (Valor Mensual Asegurado or V.M.A.) until September 30, 2020, with some exceptions, and not to collect the collective promotion fund during such period in an attempt to prioritize its long-term relationship with the lessees. Additionally, an increase in the delinquency rate of some lessees has been noticed. The ensuing impact on shopping malls has been a 30.5% decrease in income from rentals and services compared to the previous fiscal year and an 83% decrease compared to the last quarter of the previous fiscal year. Moreover, the allowance for bad debts is Ps. 305 million for the fiscal year ended June 30, 2020 and Ps. 187 million for the last quarter of the fiscal year. ● As regards the rental of offices, although most of the lessees are working remotely, they are open under strict health and safety protocols. As of this date, the Company has not experienced any collection difficulties. ● La Rural, the Buenos Aires and Punta del Este Convention Centers and the DIRECTV Arena stadium, which are owned directly or indirectly by the Company, are also closed since March 20. All scheduled conferences have been suspended, most of the fairs and conventions were postponed, and most of the scheduled shows in the DIRECTV Arena stadium have been cancelled. The reopening date of these premises is uncertain as well as the future calendar of fairs, conventions and shows. ● In order to reduce the risk of the virus spreading and protect public health, the Libertador hotels in the City of Buenos Aires and the Llao Llao hotel in the province of Río Negro are temporarily closed and it is still uncertain when they will reopen and go back to normal operations. As regards Hotel Intercontinental in the city of Buenos Aires, it is operating only under a contingency and emergency plan. The impact of all the above on these financial statements has been a 32% decrease in income compared to the previous fiscal year and a 100% decrease compared to the same quarter of the previous year. Operation Center Israel ● The COVID-19 pandemic has had a negative impact on the market valuation of IDBD, DIC and operating subsidiaries due to the sharp fall in prices. The mandatory shutdown lasted almost 10 days and was then relaxed under strict health and safety protocols. The effects on the operating businesses have been diverse: o as regards supermarkets (Shufersal) and agriculture (Mahadrin), the impact has been positive in the short-term as these are considered essential activities; o as concerns telecommunications (Cellcom), in particular the international roaming service, there has been a decrease in consumption keyed to a significant drop in international tourism. Cellcom has taken actions to reduce such negative effects by cutting back on expenses and investments during the coronavirus crisis period, including staff downsizing measures. o In PBC, the activities and income from real estate transactions have been adversely affected by the economic situation and the bans on circulation. Consequently, PBC's cash flow is expected to be somehow vulnerable although it is not possible to estimate as of this date to which extent PBC has made an assessment of its investment properties showing signs of impairment and, as a consequence, a reduction in the value of its properties of Ps. 2,989 has been accounted for. As regards the Group's financial debt: ● IRSA must honor the following maturities within the next 12 months: Series II Non-convertible Notes, having a par value of US$ 71.4, due on July 20, 2020; Series II Non-convertible Notes, having a par value of CLP 31,502.6 (equivalent to US$ 41 approximately), due on August 6, 2020; Series I Non-convertible Notes, having a par value of US$ 181.5, due on November 15, 2020, Series III Non-convertible Notes, having a par value of Ps. 354 (equivalent to US$5), due on February 21, 2021, Series IV Non-convertible Notes, having a par value of US$ 51.3, due on May 21, 2021 and a bank debt in an amount equivalent to US$14.3. ● Our subsidiary, IRSA CP, must honor the maturity of its Series IV Non-convertible Notes, having a par value of US$ 140, which will become due in September 2020 and a bank debt of US$ 23. ● The short-term financial debts of our subsidiaries, IDBD-DIC, have a nominal value of US$ 202 (including non-convertible notes and borrowing from banks and financial entities). It should be noted that such commitments have no effects on IRSA because such indebtedness is without recourse against IRSA and is not guaranteed by IRSA's assets as described in Note 1 to these interim consolidated condensed financial statements. In May and July 2020, IRSA issued US$ 105.4 non-convertible notes in the local market intended to refinance its short-term debt. The proceeds of such issuances were used by the Company to repay its Non-convertible Notes due on July and August 2020. The alternatives that the Company is considering to refinance the repayment of its Non-convertible Notes due in November 2020, February 2021 and June 2021 are a capital increase in an approximate amount of US$ 70 / US$ 100 resolved at the annual shareholders' meeting held in October 30, 2019 and obtaining financing in the domestic or international capital markets through new issues of debt securities or liability management transactions in the range of US$ 40 and US$ 100, in addition to the transactions already conducted in May and July. In addition, IRSA has a long-standing relationship with banks of the local financial system that may supplement and diversify the Company's sources of financing in addition to capital market financing. Moreover, as part of our strategy, the Company may sell a portion of its portfolio of assets (hotels and/or land reserves and offices through its subsidiary, IRSA CP) to generate additional funds. Lastly, IRSA CP has granted IRSA a three-year credit facility up to US$ 180, of which US$ 53.4 were used by IRSA on June 30, 2020. IRSA may still use the remaining balance of such facility and receive dividends from such company in its capacity as controlling shareholder of 80.65% of its capital stock. It should be noted that IRSA CP's cash and cash equivalents (including current financial investments) as of June 30, 2020 amount to US$ 155 and, following the fiscal year-end, it sold office assets worth US$ 128.6. Moreover, it is working on different financing alternatives in pesos with local banks (syndicated loans and/or bilateral loans) in estimated amounts equivalent to USD 50 and USD 100 to discharge its short-term obligations and it may eventually resort to debt transactions in the local capital market. The final effects of the coronavirus outbreak and its impact on the country's economy is unknown and cannot be reasonably foreseen. Nevertheless, although it has had significant effects in the short-run, it is not expected that they will affect the continuation of business. Although there are short-term economic impacts, it is foreseen that the Company will be able to continue meeting its financial commitments in the following twelve months. The Company is closely monitoring the situation and taking all necessary actions to preserve human life and the Company's businesses. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent events | 38. Subsequent events Sale of Bananal Farmland In July 2020, Brasilagro sold 2,160 hectares (of which 1,714 hectares were useful for crop production) of the "Bananal" farmland (municipality Magalhães - BA).The establishment was in groups of assets held for sale due to a disagreement involving the tenant at the time of sale. The previous conditions recognized in the Purchase Agreement were fully met on July 31, 2020 after receipt of R $ 5.5 (equivalent to Ps. 84). The amount of the sale was set at BRL 28 (equivalent to Ps. 392). The face value of the sale is BRL 7.5 (equivalent to Ps. 112) was received. It is not expected to obtain a result from this operation since the asset was valuated at its fair value. Issuance of Cresud Notes On August 31, 2020, after the close of the fiscal year, the seventeenth Series of Notes public tender was carried out, within the framework of the Program approved by the Shareholders Meeting, for up to USD 500, being the liquidation date on June 9, 2020. The main characteristics of the issuance are detailed bellow: - Series XXX: denominated in USD and payable in ARS at the applicable exchange rate, as defined in the issuance documents, with a nominal value of USD 25.0, maturing 36 months from the date of issuance. At a fixed rate of 3.5%, maturing 18 months from the date of issuance with quarterly payments and principal expiring at maturity. The issue price was 100.0% of Nominal Value. ● Sale of floors in the Boston Tower On July 15, 2020, IRSA CP entered into a preliminary sales agreement (with delivery of possession) with respect to a medium-height floor in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 1,063 sq. meters and 5 parking lots located in the building. The price of the transaction was Ps. 477.7 (US$ 6.7), which has been paid in full. On August 26, 2020, IRSA CP executed a preliminary sales agreement (with delivery of possession) with respect to 5 floors in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 6,235 sq. meters and 25 parking lots located in the building. The price of the transaction was Ps. 2,562 million (US$ 34.7 million), which has been paid in full. Bouchard Sale On July 30, 2020, IRSA CP sold the entire "Bouchard 710" building, located in the Plaza Roma district of the City of Buenos Aires. The tower has a gross leasable area of 15,014 sq. meters divided into 12 floors for office use and 116 parking lots. The price of the transaction was approximately Ps. 6,300 million (US$ 87 million), which has been paid in full. 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: ● Ps. 335.2 million (equivalent to USD 4.7 million) 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 million 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 will be used to refinance short-term indebtedness. 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 Ps. 10,381 (US$ 140) and interest accrued as of such date in the amount of Ps. 134 (US$ 1.8) were paid. Sale of remaining shares in Shufersal On July 22, 2020, DIC accepted a private investors' offer to purchase its aggregate shares in Shufersal, representing 26% of the capital stock, in the amount of NIS 1,456 million (NIS 23.5 per share). After the sale, DIC does no longer have any equity interest in such company. Cellcom On August 13, 2020, the Israeli Ministry of Communications approved the acquisition of Golan by Cellcom subject to certain conditions. It is worth noting that by such date the Antitrust Commissioner had already granted clearance. On August 26, 2020, Cellcom informed that it completed the acquisition of Golan in consideration for approximately NIS 545 million in the aggregate, plus the cash equivalents held by Golan as of the closing date less its financial debts, which were paid in full by Cellcom to the Golan shareholders in cash. See information on the agreement in note 4 to these financial statements. Sale of a subsidiary owned by Elron On July 16, 2020, Elron, through the investment held by it in CartiHeal (2009) Ltd. (a company in which Elron holds a 27% interest approx.) ("CartiHeal"), entered into an agreement with Bioventus LLC (an international company engaged in the manufacture of medical devices, "Bioventus"), which is a current shareholder of CartiHeal, providing as follows: ● Bioventus will make an additional US$ 15 – US$ 20 investment in CartiHeal, at a company value of USD 180. ● Bioventus will be granted a call option to buy 100% of the shares in CartiHeal. ● CartiHeal will have a put option to sell 100% of its capital stock to Bioventus. The call option may be exercised at any time after the investment is made. The put option may be exercised subject to pivotal clinical trial success, which includes the successful attainment of certain goals of the secondary trial, subject to obtaining the FDA's approval of the Agili-C device of CartiHeal, which fully coincides with the success of the trial. Sale of Clal Shares On June 28 and July 6, 2020, IDBD sold 4,791,618 shares in Clal held by it through swap transactions, at an average price of NIS 30/share, representing 7.1% of the capital stock. In addition, on September 3, 2020, IDBD sold 2,376,527 shares in Clal, representing 3.5% of its capital stock, at an average price of NIS 32.475/share, amounting to NIS 77.2 in the aggregate. As a consequence of such transactions, IDBD's current stake in Clal represents 4.99% of its capital stock and, as a result, IDBD is no longer regarded as an interested party in Clal under the Israeli Securities Regulations. Increase in the interest held in PBC In July 2020, DIC acquired 1.4% of PBC capital stock in consideration for NIS 18. DIC notes repurchase plan On August 20, 2020, DIC's Board of Directors approved the extension of its notes repurchase plan (Series F and J) until December 31, 2020 up to NIS 300. Repurchases shall be made on the basis of market opportunities and the scope thereof shall be determined by the management. IDBD financing agreement On August 30, 2019, the Company's Board of Directors approved the signing of a commitment with Dolphin, to make capital contributions for up to the amount of NIS 210, according to the schedule of commitments assumed by Dolphin between September 2019 and September 2021 with IDBD. Dolphin undertook to make contributions to IDBD subject to the occurrence of certain events in accordance with the following scheme: (i) NIS 70 to be contributed immediately; (ii) NIS 70 to be contributed until September 2, 2020 and (iii) NIS 70 to be contributed until September 2, 2021. According to Dolphin's agreement with IDBD, said contributions will have the character of capital contributions resulting in the issuance of new IDBD shares in favor of the parent company or may be granted in the form of a subordinated loan. On September 7, 2020, the Company communicated that, with respect to the capital contributions committed for September 2, 2020 and 2021, it considers that there are doubts regarding the fulfillment of the pre-conditions established for making such contributions. Accordingly, it has resolved not to make the contribution corresponding to 2020. Request from IDBD bondholders Exchange Offer - Issuance of Series XXXI and XXXII Notes As a consequence of the new restrictions on access to the Foreign Exchange Market, we launched an exchange offer on our Series XXIV Notes due on November 14, 2020 (the "Existing Notes"). The abovementioned restrictions to obtain United States dollars established under Communication "A" 7,106 apply for the purchase of foreign currency intended for repayment of principal maturing between October 15, 2020 and March 31, 2021 in respect of the issuance of foreign currency-denominated debt securities registered with official registries in Argentina by private sector clients or the entities themselves. For such purposes, all Eligible Holders (the "Eligible Holders") were invited by us to Exchange the Existing Notes, Series XXIV Notes. On October 23, 2020, we announced Notes to be issued in exchange for the Existing Notes, Series XXIV Notes, as applicable, pursuant to the terms and methods for the exchange of the Existing Notes. The exchange offer consisted on the following two options for the bondholders terms: (i) A repayment of principal amount of Existing Notes tendered for Exchange, in cash in United States Dollars, in an amount resulting from dividing USD 29,442,160,00 by the total number of Existing Notes tendered in Exchange for the Series XXXI, always provided such quotient is less than or equal to USD 1 whereas if such quotient is higher than USD 1 the consideration shall be equal to USD 1 (" Principal Repayment (ii) A par for par exchange of notes Series XXXII for each Existing Notes presented to the Exchange. Series XXXII Notes to be issued at a nominal fixed interest rate of 9% per annum, maturing 24 (twenty-four) months after the Date of Issue and Settlement, denominated and payable in a principal amount up to USD 44,163,240, to be paid in kind by tendering for exchange the Existing Notes. For both options interest accrued on the Existing Notes until the Date of Settlement of the Exchange Offer will be paid in cash: Moreover, the Company offers an early exchange consideration equivalent to USD 0.02 per each USD 1 of Existing Notes tendered and accepted in exchange for Series XXXII Notes prior to the deadline to receive the consideration for early acceptance (the "Early Exchange Consideration"). Such consideration shall be paid in Pesos on the Date of Issue and Settlement as per the exchange rate reported by Communication "A" 3,500 of the Central Bank of Argentina on the business day next preceding the Exchange Expiration Date. For the purposes of receiving the Early Exchange Consideration, the Eligible Holders shall tender the Existing Notes in their possession on or before the Deadline to Receive the Early Exchange Consideration. On November 2, 2020, the Company announced the results of the Early Bird of Series XXXII Notes. As of October 30, 2020, deadline for accessing the Early Bird, exchange orders have been submitted for a total amount equivalent to USD 31,820,655 for Series XXXII Notes. All existing notes presented on or before the above mentioned deadline have been accepted by the Company and will be eligible to receive the consideration on the Issue and Settlement Date. As timely announced, the Exchange Offer would expire on November 5, 2020, unless it is extended by the Company. Finally, on November 6, 2020, the Company decided to extend the Exchange Offer, to November 10, 2020. This extension does not imply a modification to the economic terms of the Exchange Offer. On November 11, 2020, the Company reported the results of the Exchange Offer. Eligible holders have been presented for a total amount equivalent (for both Classes) to USD 65.075.746, representing 88.41% of the face value of the Existing Notes in Circulation, through the participation of 1,098 orders. SERIES XXXI Notes issuance: The Face Value of Existing Notes presented and accepted for the Exchange totaled USD 30,751,640 and the Nominal Value of Series XXXI Notes to be issued was USD 1,309,480. The maturity date will be November 12, 2023. According to the terms and subject to the conditions established in the Prospectus Supplement, Eligible Holders whose Existing Notes have been accepted for the Exchange by the Company, will receive for every USD 1 of Existing Notes submitted to the Exchange, the accrued interest of the Existing Notes until the settlement and issue date and the following: a. USD 0.95741755 in cash for each USD 1 of Existing Notes presented to the Exchange; and b. The remaining amount until completing USD 1 for each USD 1 of Existing Notes presented to the Exchange, in Series XXXI Notes. SERIES XXXII Notes Issuance: Face Value of Existing Notes presented and accepted for the Exchange totaled USD 34,324,106 and the Nominal Value of Series XXXII Notes to be issued is USD 34,324,106. The maturity date will be November 12, 2022. Exchange Offer- Issuance of Series VIII and IX Notes As a consequence of the new restrictions on access to the Foreign Exchange Market, IRSA launched an exchange offer on its Series I Notes due on November 15, 2020 (the "Existing Notes"). The abovementioned restrictions to obtain United States dollars established under Communication "A" 7,106 apply for the purchase of foreign currency intended for repayment of principal maturing between October 15, 2020 and March 31, 2021 in respect of the issuance of foreign currency-denominated debt securities registered with official registries in Argentina by private sector clients or the entities themselves. For such purposes, all Eligible Holders (the "Eligible Holders") were invited by IRSA to Exchange the Existing Notes, Series I Notes. On October 22, 2020, IRSA announced Notes to be issued in exchange for the Existing Notes, Series I Notes, or through the Cash Subscription (the "Cash Subscription"), as applicable, pursuant to the terms and methods for the exchange of the Existing Notes. The exchange offer consisted on the following two options for the bondholders terms: (i) A repayment of principal amount of Existing Notes tendered for Exchange, in cash in United States Dollars, in an amount resulting from dividing USD 72,607,482.80 by the total number of Existing Notes tendered in Exchange for the Series VIII, always provided such quotient is less than or equal to USD 1 whereas if such quotient is higher than USD 1 the consideration shall be equal to USD 1 (" Principal Repayment (ii) A par for par exchange of notes Series IX for each Existing Notes presented to the Exchange. Series IX Notes to be issued at a nominal fixed interest rate of 10% per annum, maturing on March 1, 2023, denominated and payable in a principal amount up to USD 108,911,224, that may be increased up to the Maximum Aggregate Principal Amount (the "Maximum Aggregate Principal Amount"), to be paid in kind by tendering for exchange the Existing Notes, or by Subscription in Cash. For both options Moreover, the Company offers an early exchange consideration equivalent to USD 0.02 per each USD 1 of Existing Notes tendered and accepted in exchange for Series IX Notes prior to the deadline to receive the consideration for early acceptance (the "Early Exchange Consideration"). Such consideration shall be paid in Pesos on the Date of Issue and Settlement as per the exchange rate reported by Communication "A" 3500 of the Central Bank of Argentina on the business day next preceding the Exchange Expiration Date. For the purposes of receiving the Early Exchange Consideration, the Eligible Holders shall tender the Existing Notes in their possession on or before the Deadline to Receive the Early Exchange Consideration. On November 2, 2020, the Company, announced the results of the Early Bird of Series IX Notes. As of October 30, 2020, deadline for accessing the Early Bird, exchange orders have been submitted for a total amount equivalent to USD 70,971,181 for Series IX Notes. All existing notes presented on or before the above mentioned deadline have been accepted by the Company and will be eligible to receive the consideration on the Issue and Settlement Date. As timely announced, the Exchange Offer would expire on November 5, 2020, unless it is extended by the Company. Finally, on November 6, 2020, the Company decided to extend the Exchange Offer, to November 10, 2020. This extension does not imply a modification to the economic terms of the Exchange Offer. On November 11, 2020, IRSA reported the results of the Exchange Offer. Eligible holders have been presented for a total amount equivalent (for both Classes) to USD 178,458,188, representing 98.31% of the face value of the Existing Notes in Circulation, through the participation of 6,571 orders. SERIES VIII Notes issuance: The Face Value of Existing Notes presented and accepted for the Exchange totaled USD 104,287,243 and the Nominal Value of Series VIII Notes to be issued was USD 31,679,760. The maturity date will be November 12, 2023. According to the terms and subject to the conditions established in the Prospectus Supplement, Eligible Holders whose existing notes have been accepted for the Exchange by the Company, will receive for every USD 1 of Existing Notes submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following: a. USD 0.69622593 in cash for each USD 1 of Existing Notes presented to the Exchange; and b. The remaining amount until completing 1 USD for each 1 USD of Existing Notes presented to the Exchange, in Notes Series VIII. SERIES IX Notes Issuance: Face Value of Existing Notes presented and accepted for the Exchange totaled USD 74,170,945 and the Nominal Value of Series IX Notes to be issued (together with the Face Value to be issued as a result of the cash subscription) is USD 80,676,505. The maturity date will be March 1, 2023. Modifications to the Terms of the Existing Notes: Pursuant to the terms and conditions specified on the pricing supplement of the Existing Notes, and considering that consent has been obtained for an amount greater than 90% of the principal of the Existing Notes, the Company made the Non-Essential Proposed Modifications and / or the Essential Proposed Modifications, by means of which the terms and conditions of the existing notes will be modified and replaced. Consequently, by virtue of the implementation of the Proposed Non-Essential Modifications, the entire section of "Certain Commitments" and "Events of Default" was 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 were 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. The terms and conditions of the Series I Notes are 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 the Proposed Non-Essential Modifications have been approved by the Company's Board of Directors, dated November 11, 2020. For more information, see "Proposed Modifications to Existing Notes" of the Prospectus and Exchange Supplement. Series I Cancellation: In relation to the Exchange Offer ended on November 10, 2020, and as a result of the settlement of said Exchange, on November 12, 2020, the Company made a partial cancelation for a Nominal Value of USD 178,458,188 of Series I Notes, after the cancellation the Nominal Value under circulation will be USD 3,060,519. Corporate Information: IDBD IDBD has been maintaining negotiations with creditors in order to restructure its financial debt in favorable terms. As of June 30, 2020, the total balance of (i) IDBD's Series 9 Bonds was NIS 901 million (the "Series 9"), (ii) IDBD's Series 14 Bonds were NIS 889 million guaranteed by IDBD's 70% of DIC's shares (the "Series 14"), (iii) IDBD's Series 15 Bonds were NIS 238 million guaranteed by 5% of Clal's shares (the "Series 15"). Due to lack of agreement, on September 17, 2020, a petition was submitted in the District Court in Tel-Aviv-Jaffa ("The Court") on the subject of granting of an order for the opening of proceedings by the Trustee for the holders of the Company's Bonds (Series 9) ("The petition"). Within the framework of the petition, the Court was requested to grant an order for the opening of proceedings for the Company pursuant to Section 18 of the Insolvency and Economic Rehabilitation Law, 5778 – 2018 ("The Law"); to instruct the appointment of a trustee for the Company according to law. On September 21, 2020, the holders of the bonds (Series 14) of IDB Development approved making the entire uncleared balance of IDB Development's bonds (Series 14) repayable immediately. On September 22, 2020, the Company submitted its initial response to the Petition in the Court, in which it argues that it is in the best interest of the company and all its creditors to exhaust the negotiations with the controlling shareholder and its creditors during a short period in order to try and maximize the value of its assets, for the benefit of the creditors and the company, and avoid costs and additional harmful consequences. In addition, the response of Dolphin Netherlands B.V. (the controlling shareholder of the Company) was also submitted, as were responses by the Trustees for the bondholders (Series 15 and Series 14) of the Company to the Petition. It should be mentioned that in tandem to his response, the Trustee of bondholders (Series 14) of the company submitted petitions for the enforcement of a lien and for the appointment of a receiver as well as an urgent petition for the setting of a hearing on the said petitions for a receivership, together with the hearing on the petition, which was set for September 24, 2020. On September 25, 2020, declared the insolvency and liquidation of IDBD and initiated liquidation proceedings. The Court appointed a trustee for the shares of IDBD and a custodian for the shares of DIC and Clal. We are analyzing together with our local and international advisors the decision, including alternatives and courses of action. Boston Tower floor´s sale by IRSA CP On November 5, 2020, IRSA CP has sold and transferred 4 floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,892 sqm and 15 garage units located in the building. The transaction price was approximately USD 22.9 million (USD/sqm 5,570), which was paid in full. After this operation, IRSA CP owns 3 floors with an approximate location area of 3,266 m2 in addition to garage units and other complementary spaces. On November 12, 2020, IRSA CP has sold and transferred three floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,266 sqm, a retail store of approximately 225 sqm and 15 garage units located in the building. The transaction price was approximately USD 19.1 million (USD/sqm 5,490), which was paid in full. After this operation, IRSA CP has no remaining leasable area in the building, only keeping a space of the first basement. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of preparation of the Consolidated Financial Statement | 2.1. Basis of preparation of the Consolidated Financial Statement (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2020 accordingly to IAS 29. Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the reporting date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements. Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC). The principal inflation adjustment procedures are the following: - Monetary assets and liabilities that are already recorded at the measuring unit as of the balance sheet’s closing date are not restated because they are already stated in terms of the measuring unit current as of the date of the financial statements. - Non-monetary assets, and liabilities and equity component are recorded at restated cost as of the balance sheet date. - All items in the statement of income are restated applying the relevant conversion factors. - The effect of inflation in the Company’s net monetary position is included in the statement of income under Financial results, net, in the item “Inflation adjustment”. - Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs. Upon initially applying inflation adjustment, the equity accounts were restated as follows: - Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. - The resulting amount was included in the “Comprehensive Inflation adjustment of share capital and treasury shares adjustment” account. - Other comprehensive income / (loss) was restated as from each accounting allocation. - The other reserves in the statement of income were restated from the initial application date, i.e., June 30, 2016. In relation to the inflation index to be used and in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2020 according to official statistics (INDEC) following the guidelines described in Resolution 539/18: Price variation June 30, June 30, June 30, Cumulative as of Annual 29 % 56 % 43 % 128 % As a consequence of the aforementioned, these financial statements as of June 30, 2020 were restated in accordance with IAS 29. IDBD and DIC report their quarterly and annual results following the Israeli regulations, whose legal deadlines are after the deadlines in Argentina and since IDBD and DIC fiscal years end differently from IRSA, the results of operations from IDBD and DIC are consolidated with a lag of three months and adjusted for the effects of significant transactions taking place in such period. For these reasons, it is possible to obtain the quarterly results of IDBD and DIC in time so that they can be consolidated by IRSA and reported to the CNV in its consolidated financial statements within the legal deadlines set in Argentina. This way, the Group’s consolidated comprehensive income for the year ended June 30, 2020 includes the results of IDBD and DIC for the 12-month period from April 1, 2019 to March 31, 2020, adjusted for the significant transactions that occurred between April 1, 2020 and June 30, 2020. (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 ‘Ps.’, are millions of Argentine Pesos, references to ‘US$’ or ‘US Dollars’ are millions of US Dollars, references to ‘Rs.’ are millions of Brazilian Reals and references to “NIS” are millions of New Israeli Shekel. As of June 30, 2020 and 2019, the exchange rate between the Argentine Peso and the NIS was Ps. 20.34 and Ps. 11.93 per NIS respectively. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria See Notes 2.2 through 2.31 with the accounting policies of each item. (f) Reporting cash flows The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group’s business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business. (g) Use of estimates The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 3. |
New accounting standards and amendments | 2.2 New accounting standards and amendments The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application. Standards and amendments adopted by the Group Standards and amendments Description Date of mandatory IFRS 16 “Leases”. Lessees are required to account for all leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17, including two exceptions for the recognition of leases; low-cost asset leases and short-term leases. Accounting by the lessor has no significant changes. 06-30- 2020 Amendment to IAS 28 “Investment in associates and joint ventures” Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture. 06-30- 2020 Definition of Material - Amendments to IAS 1 and IAS 8 The IASB has made modifications to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors” which requires that the assessment of materiality be consistent for the application of IFRS. 06-30-2020 Defining a business - Amendments to IFRS 3 The new business definition requires that a business combination contribute significantly to creating products or services. 06-30-2020 Amendments to IAS 19- Plan amendment, curtailment or settlement. Clarifies the accounting for defined benefit plan amendments, curtailments or settlements. The amendments require an entity to: (i) determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement, using updated assumptions at the time of the amendment; (ii) recognize any reduction in a surplus immediately in gains or losses, as part of past service cost or a gain or loss on settlement. In other words, any surplus reduction must be recognized, even if that surplus was not previously recognized because of the impact of the asset ceiling; and (iii) separately recognize any change in the asset ceiling through other comprehensive income. 06-30-2019 The adoption of these standards and amendments have not had a material impact for the Group, except for the following: ● IFRS 16: Leases The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated mainly impact the tenant’s accounting. IFRS 16 provides that the lessee 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. In accordance with the standard, a lease agreement is one that provides the right to control the use of an identified asset for a specific period. In order for a company to have control over the use of an identified asset: a) it must have the right to obtain substantially all the economic benefits of the identified asset and b) it must have the right to direct the use of the identified asset. The standard allows excluding the short-term contracts (under 12 months) and those in which the underlying asset has low value, such option has been adopted by the Group. Likewise, the Group has opted to recognize as consideration for the right of use, the amount of Ps. 16,797 as lease liabilities. The commitments under operating leases reported in our consolidated financial statements as of June 30, 2019, amounted to Ps. 18.395 (such difference mainly corresponds to the effect of the discount from future payments and the excluded short-term contracts). ● Modification to IAS 28 “Investment in associates and joint ventures” In accordance with the amendment to IAS 28, an entity shall implement the provisions of IFRS 9 to Long-term Investments that are essentially part of the entity’s net investment in the associate or in the joint venture according to the definitions of said standard. The provisions of IFRS 9 shall apply to such investments with respect to the participation in the losses of an associate or a joint venture, as well as with respect to the recognition of the impairment of an investment in an associate or joint venture. In addition, when applying IFRS 9 to such long-term investments, the entity will make it prior to the adjustments made to the carrying amount of the investment in accordance with IAS 28. The Group opted for an accounting policy where the currency translation adjustments arising from these loans are recorded as part of other comprehensive income. The effect on retained earnings as of July 1, 2019 arising from the initial adoption of IFRS 16 and IAS 28 is as follows: IFRS 16 impact IAS 28 impact Total ASSETS Non-current assets Investment properties 426 - 426 Right-of-use assets 16,374 - 16,374 Investments in associates and joint ventures - (1,979 ) (1,979 ) Trade and other receivables 81 - 81 Total non-current assets 16,881 (1,979 ) 14,902 Income tax and MPIT credit 17 - 17 Group of assets held for sale 3,121 - 3,121 Trade and other receivables (169 ) - (169 ) Total current assets 2,969 - 2,969 TOTAL ASSETS 19,850 (1,979 ) 17,871 SHAREHOLDERS’ EQUITY Shareholders’ equity attributable to equity holders of the parent Retained earnings (117 ) (697 ) (814 ) Non-controlling interest (70 ) (1,282 ) (1,352 ) TOTAL SHAREHOLDERS’ EQUITY (187 ) (1,979 ) (2,166 ) LIABILITIES Non-current liabilities Lease liabilities 12,221 - 12,221 Total non-current liabilities 12,221 - 12,221 Current liabilities Lease liabilities 4,574 - 4,574 Trade and other payables (68 ) - (68 ) Group of liabilities held for sale 3,310 - 3,310 Total current liabilities 7,816 - 7,816 TOTAL LIABILITIES 20,037 - 20,037 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 19,850 (1,979 ) 17,871 The Group applied the cumulative effect approach, therefore, accumulated impact was recognized in retained earnings as of July 1, 2018. Comparative figures were not restated. Standards and amendments not yet adopted by the Group Standards and amendments Description Date of mandatory Covid-19- related lease concessions – Amendments to IFRS 16 As a result of the COVID-19 pandemic, lessees have been granted lease concessions. Such concessions may take a variety of forms, including forgiveness or deferral of rental payments. In May 2020, the IASB amended IFRS 16 – Leases, whereby lessees are permitted to account for the rent concessions as if they were not lease modifications. In several cases, this will result in such concessions being accounted for as variable rent payments within the term same period in which they are granted. 06-30- 2021 Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Amendment to IAS 16 – Property, Plant and Equipment (PP&E) prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. It also specifies that an entity is “testing whether an item of PPE is functioning properly” when it assesses its technical and physical performance. The financial performance of the asset is not relevant for such assessment. 06-30- 2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Some minor amendments were made to IFRS 3 Business combinations to update references to the Conceptual Framework for financial information and add an exception to the recognition principles for 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 on the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were issued in May 2020: IFRS 9 Financial instruments. The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. IFRS 16 Leases. The amendment to Illustrative Example 13 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise. IFRS 1 First-time adoption of International Financial Reporting Standards: Entities that have measured their assets and liabilities at the carrying amounts in their parents´ books are also allowed to measure cumulative translation differences using the amounts reported by their parents. This amendment will also apply to associated and joint ventures that have also taken the IFRS 1 exemption. IAS 41: This amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value pursuant to 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 The future adoption of these standards and amendments will not have a significant impact to the Group. At the date of issuance of these consolidated financial statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group. |
Scope of consolidation | 2.3 Scope of consolidation (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case basis. The excess of the sum of the consideration transferred the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Statement of Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the principal are listed below: Agricultural Business % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 Cresud’s direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 33.55 % 43.29 % 43.29 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial 100.00 % 100.00 % 100.00 % Futuros y Opciones.Com S.A. Argentina Brokerage 50.10 % 50.10 % 50.10 % Helmir S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % IRSA Inversiones y Representaciones Sociedad Anónima (2) Argentina Real estate 61.95 % 62.35 % 63.74 % Agropecuaria Santa Cruz S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Brasilagro’s direct equity interest in: Araucária Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cajueiro Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Ceibo Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cremaq Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Engenho de Maracajú Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Flamboyant Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Agrícola Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Propriedades Agrícolas S.A. Brazil Agricultural 99.99 % 99.99 % 99.99 % Mogno Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Palmeiras S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agropecuaria Morotí S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agrifirma S.A. Brazil Agricultural 99.99 % - - Futuros y Opciones.Com. S.A.’s direct equity interest in: Amauta Agro S.A. (3) Argentina Brokerage 98.57 % 98.57 % 98.57 % FyO Acopio S.A. (3) Argentina Warehousing and brokerage 98.57 % 98.57 % 98.57 % FyO Chile SPA Chile Brokerage 100.00 % 100.00 % 100.00 % Agropecuaria Santa Cruz S.A.’s direct equity interest in: Agropecuaria Acres del Sud S.A. (2) Bolivia Agricultural 100.00 % 100.00 % 100.00 % Ombú Agropecuaria S.A. Bolivia Agricultural 100.00 % 100.00 % 100.00 % Yatay Agropecuaria S.A. Bolivia Agricultural 100.00 % 100.00 % 100.00 % Yuchán Agropecuaria S.A. (2) Bolivia Agricultural 100.00 % 100.00 % 100.00 % Sedelor S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Codalis S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Alafox S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % (1) The Group exercises “de facto control” over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group, as well as the potential voting rights of the warrants held by the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; and (iv) the effective control exercised by the Group to direct Brasilagro’s relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro. (2) Includes interest indirectly held through Helmir. (3) Includes interest directly held through Cresud. Urban Properties and Investments Business % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 IRSA’s direct equity interest: IRSA CP (1) Argentina Real estate 80.65 % 83.80 % 86.34 % 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 % 80.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % UT IRSA y Galerías Pacífico S.A. (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct equity interest in: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.92 % 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 69.69 % 69.69 % - La Malteria Argentina Real estate - 100.00 % - Tyrus S.A.’s direct equity interest in: DFL and DN BV Bermudas Investment 97.04 % 96.46 % 91.57 % IRSA International LLC United States Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermudas Investment - 100.00 % 100.00 % Real Estate Strategies LLC United States Investment 100.00 % 100.00 % 100.00 % % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 Efanur S.A.’s direct equity interest in: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00 % 100.00 % 100.00 % DFL’s direct equity interest in: IDB Development Corporation Ltd. Israel Investment 100.00 % 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct equity interest in: Discount Investment Corporation Ltd. (4) Israel Investment 83.72 % 83.77 % 76.57 % IDBD’s direct equity interest in: IDB Tourism (2009) Ltd. Israel Tourism services 100.00 % 100.00 % 100.00 % IDB Group Investment Inc Israel Investment 100.00 % 100.00 % 100.00 % DIC’s direct equity interest in: Property & Building Corporation Ltd. Israel Real estate 72.40 % 68.80 % 64.40 % Cellcom Israel Ltd. (5) Israel Telecommunications 46.20 % - - Elron Electronic Industries Ltd. Israel Investment 61.06 % 44.10 % 43.14 % Bartan Holdings and Investments Ltd. Israel Investment 55.68 % 61.06 % 50.30 % Epsilon Investment House Ltd. Israel Investment 68.75 % 55.68 % 55.68 % Mehadrin Ltd. (8) Israel Agricultural 43.75 % 68.75 % 68.75 % PBC’s direct equity interest in: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - 51.70 % 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate 50.10 % 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % PBC USA Investments Inc United States Real estate 100.00 % 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus’ equity interest. (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (47.2%) vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Control was lost in September 30, 2018 (see Note 4.(k)). (7) Includes Tyrus’ and IRSA S.A.’s equity interests. (8) DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-à-vis other shareholders that are highly atomized. Except for the aforementioned items, the percentage of votes does not differ from the stake. The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary. (c) Disposal of subsidiaries with loss of control When the Group ceases to have control over a subsidiary, any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. (d) Associates Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, except as otherwise indicated as explained below. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. As of each year-end or upon the existence of evidence of impairment, a determination is made, as to whether there is any objective indication of impairment in the value of the investments in associates. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the Associates and its carrying value and recognizes the amount adjacent to “Share of profit / (loss) of associates and joint ventures” in the Statement of Income and Other Comprehensive Income. Profit and losses resulting from transactions between the Group and the associate are recognized in the Group’s financial statements only to the extent of the interests in the associates of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates are modified to ensure uniformity within Group policies. Note 8 includes summary financial information and other information of the Group’s associates. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. (e) Joint arrangements Joint arrangements are arrangements of which the Group and another party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Investments in joint ventures are accounted for under the equity method. Under the equity method of accounting, interests in joint ventures are initially recognized in the Consolidated Statements of Financial Position at cost and adjusted thereafter to recognize the Group’s share of post-acquisition profits or losses and other comprehensive income in the Statements of Income and Other Comprehensive Income. The Group determines at each reporting date whether there is any objective evidence that the investment in joint ventures is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes such difference in “Share of profit / (loss) of associates and joint ventures” in the Statements of Income. |
Segment information | 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. |
Foreign currency translation | 2.5 Foreign currency translation (a) Functional and presentation currency Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in Argentine Pesos, which is the Group’s presentation currency. (b) Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities nominated in foreign currencies are recognized in the profit or loss for the year. Foreign exchange gains and losses are presented in the Statement of Income within other financial income, as appropriate, unless they have been capitalized. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position; (ii) income and expenses for each Statement of Comprehensive Income 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 | 2.6 Investment properties Investment properties are those properties owned either by the Group that are held 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. Where 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 owner occupied farmland, office buildings and land reserves is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Group uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow projections. 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. Fair value of office buildings in the Operations Center in Israel are based on discounted cash flow projections. As required by CNV 576/10 Resolution, valuations are performed as of the financial position date by accredited external 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 Statement of Income under the line item “Net gain or (loss) 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 value of the transfer is the one that the property had at the time of the transfer and subsequently is valued in accordance with the accounting policy related to the item. 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 Statement 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, proceeds are accounted for when title to property passes to the buyer and the buyer intends to make the respective payment, and when the conditions the agreement is subject to have been met. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value. The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line “Other operating results, net” in the Statement of Income at the time they are incurred. |
Property, plant and equipment | 2.7 Property, plant and equipment This category primarily comprises, buildings or portions of a building used for administrative purposes, machines, computers, and other equipment, motor vehicles, furniture, fixtures and fittings and improvements to the Group’s corporate offices. The Group has also several hotel properties. Based on the respective contractual arrangements with hotel managers and / or given their direct operators nature, the Group considers it retains significant exposure to the variations in the cash flows of the hotel operations, and accordingly, hotels are treated as owner-occupied properties and classified under “Property, plant and equipment”. All property, plant and equipment (“PPE”) is stated at acquisition cost less accumulated depreciation and impairment, if any. The acquisition cost includes expenditures, which are directly attributable to the acquisition of the items. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and the property is in conditions to start operating. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Such costs may include the cost of improvements and replacement of parts as they meet the conditions to be capitalized. The carrying amount of those parts that are replaced is derecognized. Repairs and maintenance are charged as incurred in the Statement of Income. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets’ estimated useful lives. The remaining useful life as of June 30, 2020 is as follows: Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years As of each fiscal year-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each fiscal year-end, the residual useful life of assets is estimated and adjusted, if necessary. The book amount of an asset is reduced to its recoverable value if the book value is greater than its estimated recoverable value. Gains from the sale of these assets are recognized when the significant risks and rewards have transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied. Gains and losses on disposals are determined by comparing the proceeds, net of direct expenses related to such sales, with the carrying amount. Gains and losses from the disposal of farmlands are disclosed within “Gains from disposal of farmlands” in the Statements of Income. All other gains and losses from the disposal of property, plant and equipment items are recognized within “Other operating results, net” in the Statement of Comprehensive Income. When assets of property, plant and equipment are transferred to investment property, the difference between the value at cost transferred and the fair value of the investment property is allocated to a reserve within equity. Group’s sugarcane fields are recognized as bearer plants under the definition included in IAS 41. For this reason, they are accounted as property, plant and equipment and are valued at amortized cost. |
Leases | 2.8 Leases Leases are recorded pursuant to IFRS 16. The Group recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. For the prior periods’ leases were classified at their inception as either operating or finance leases based on the economic substance of the agreement. A Group company is the lessor Properties leased out to tenants under operating leases are included in “Investment properties” in the Statement of Financial Position. See Note 2.25 for the recognition of rental income. A Group company is the lessee The Group has entered into some operating lease agreements, mainly related to agribusiness activities. By virtue of these contracts, the Group leases land open for agricultural exploitation during one or more crop seasons. The lease price is generally set at a fixed amount in dollars or at a certain number of quintals of soybeans (or equivalent measurement unit) during the entire lease term. Lease payments can be made in installments or in advance at the beginning of the lease. The lease costs are recognized in the Statements of Income in relation to the degree of ripeness of the harvest since the Group considers that this systematic base is more representative of the time pattern of the leases’ benefits. Additionally, the Group maintains other operating leases not related to agricultural activity, mainly associated with the leasing of offices. Payments, including prepayments, made under operating leases (net of any incentives received from the lessor) are charged to the Statement of Income on a straight-line basis over the period of the lease. The Group acquires certain specific assets (especially machinery, computer equipment and real property exploitation concessions) under leases pursuant to IFRS 16. Assets so acquired are recorded as an asset at the present value of the minimum future lease payments. Capitalized lease assets are depreciated over the shorter of the estimated useful life of the assets and the lease term. The finance charges are charged over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Leases falling within the IFRS 16 exemption, where the Group acts as lessee are charged to results at the time they accrue. They mainly include contracts for less than one year and/or for non-material items. |
Intangible assets | 2.9 Intangible assets (a) Goodwill Goodwill represents future economic benefits arising from assets that are not capable of being individually identified and separately recognized by the Group on an acquisition. Goodwill is initially measured as the difference between the fair value of the consideration transferred, plus the amount of non-controlling interest in the acquisition and, in business combinations achieved in stages, the acquisition-date fair value of the previously held equity interest in the acquisition; and the net fair value of the identifiable assets and liabilities assumed on the acquisition date. Goodwill is not amortized but tested for impairment at each fiscal year-end, or more frequently if there is an indication of impairment. For the purpose of impairment testing, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as cash-generating units (“CGU”). In order to determine whether any impairment loss should be recognized, the book value of CGU or CGU groups is compared against its recoverable value. Net book value of CGU and CGU groups include goodwill and assets with limited useful life (such as, investment properties, property, plant and equipment, intangible assets and working capital). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses recognized for goodwill are not reversed in a subsequent period. The recoverable amount of a CGU is the higher of the fair value less costs-to-sell and the value-in-use. The fair value is the amount at which a CGU may be sold in a current transaction between unrelated, willing and duly informed parties. Value-in-use is the present value of all estimated future cash flows expected to be derived from CGU or CGU groups. Goodwill is assigned to the Group’s cash generating units on the basis of operating segments. The recoverable amount of a cash-generating unit is determined based on fair value calculations. These calculations use the price of the CGU assets, they are compared with the book values, plus the goodwill assigned to each cash-generating unit. No material impairment was recorded as a result of the analysis performed (Note 12). (b) Computer software Acquired computer software licenses are capitalized based on the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives of three years. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (c) Branding and client 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 | 2.10 Trading properties Trading properties comprises those properties intended either for sale or in the process of construction for subsequent sale. Trading properties are carried at the lower of cost and net realizable value. Where there is a change in use of investment properties evidenced by the commencement of development with a view to sale, the properties are reclassified as trading properties at cost, which is the carrying value at the date of change in use. They are subsequently carried at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the trading properties to their present location and condition. |
Inventories | 2.11 Inventories Inventories include assets held for sale in the ordinary course of the Group’s business activities, assets in production or construction process for sale purposes, and materials, supplies or other assets held for consumption in the process of producing sales and/or services. Supplies used in the Group’s agricultural activities comprise fertilizers, agrochemicals, vaccines, seeds, feed for livestock and other items. Harvested agricultural produce comprise harvested crops, and raw meat. For the Group’s operations in Argentina and Brazil, harvested crops are perpetually measured at net realizable value until the point of sale because there is an active market for such products, there is a negligible risk that the produce will not be sold and there is a well-established practice in the industry of measuring the inventories at net realizable value. Changes in net realizable value are recognized in the Statements of Income in the year in which they arise under the line item “Changes in net realizable value of agricultural produce after harvest”. Net realizable value is the estimated selling price in the ordinary course of business less selling expenses. It is determined on an ongoing basis, taking into account the product type and aging, based on the accumulated prior experience with the useful life of the product. The Group periodically reviews the inventory and its aging and books an allowance for impairment, as necessary. The cost of consumable supplies, materials and other assets is determined using the weighted average cost method, the cost of inventories of mobile phones, related accessories and spare parts is priced under the moving average method, and the cost of the remaining inventories is priced under the first in, first out (FIFO) method. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Inventories are recorded at the cash cost and the difference between that and the actual amount paid is treated as finance cost. Inventories are measured at the lower of cost or net realizable value. |
Biological assets and agriculture produce at the point of harvest | 2.12 Biological assets and agriculture produce at the point of harvest Biological assets comprise unharvested crops (mainly corn, wheat, soybeans and sunflower), sugarcane, livestock (breeding and dairy cattle and cattle held for sale or meat production) and other less significant biological assets such as sheep and tree plantations. The Group distinguishes between consumable and bearer biological assets. Consumable biological assets are those assets that may be harvested as agricultural produce or sold as biological assets, for example livestock intended for the production of meat and/or livestock held for sale. Bearer biological assets are those assets capable of producing more than one harvest, for example sugarcane, dairy cattle and breeding cattle. Consumable biological assets are generally classified as current while bearer biological assets are generally classified as non-current. Expenses relating to the agricultural activity include items such as planting, harvesting, irrigation, agrochemicals, fertilizers, veterinary services and others. The Group elected to capitalize all costs as part of the biological assets. The line item “Cost of sales of biological assets and agricultural produce” within “Costs” in the Statements of Income represents the recognition as an expense of agricultural produce held in inventory, valued at either cost or net realizable value, as applicable, or biological assets valued at fair value less costs to sell. Either the fair value of a biological asset in its present location and condition is determined based on the present value of expected net cash flows from the biological asset discounted at a current market-determined pre-tax rate or the current quoted market price in the most relevant market. Biological assets are measured at fair value less costs to sell on initial recognition and at each Statement of Financial Position date, except where fair value cannot be reliably measured. Cost approximates fair value when little or no biological transformation has taken place since the costs were originally incurred or the impact of biological transformation on price is not expected to be material. Costs to sell include all incremental costs directly attributable to the sale of the biological assets, excluding finance costs and income taxes. Additionally, the Group’s costs of planting the sugarcane are accounted for as property, plant and equipment and are valued at amortized cost. The growing agricultural product of sugarcane is classified as a biological asset and valued at fair value less costs to sell. The gain or loss arising from initial recognition of a) agricultural produce and b) biological assets at fair value less costs to sell and from a change in fair value less costs to sell of a biological asset is recognized in profit or loss in the year in which occur within the line item “Initial recognition and changes in fair value of biological assets and agricultural produce at the point of harvest”. |
Financial instruments | 2.13 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 whether there is objective evidence that a financial asset or group of financial assets measured at amortized cost is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) can be reliably estimated. The amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. Financial assets and liabilities are offset, and the net amount reported in the statement of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Derivative financial instruments and hedging activities and options | 2.14 Derivative financial instruments and hedging activities and options Derivative financial instruments are initially recognized at fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group manages exposures to various risks using hedging instruments that provide coverage. The Group does not use derivative financial instruments for speculative purposes. To date, the Group has used put and call options, foreign currency future and forward contracts and interest rate swaps, as appropriate. The Group’s policy is to apply hedge accounting where it is permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. Trading derivatives are classified as a current asset or liability on the Statement of Financial Position. Gains and losses on derivatives are classified according to their nature. Gains and losses on commodity derivatives are classified within the line item “Other operating income, net”. Gain and losses on all other derivatives are classified in the Statements of Income where the results of the items covered are recognized. The fair values of financial instruments that are traded in active markets are computed by reference to market prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end as each reporting year. |
Groups of assets and liabilities held for sale | 2.15 Groups of assets and liabilities held for sale Groups of assets and liabilities are classified as held for sale when the Group is expected to recover their value by means of a sale transaction (rather than through use) and where such sale is highly probable. Groups of assets and liabilities held for sale are valued at the lower of their net book value and fair value less selling costs. |
Trade and other receivables | 2.16 Trade and other receivables Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. An allowance for doubtful accounts is recorded based on the expected loss of the receivables portfolio. Indicators of doubtful accounts include significant financial distress of the debtor, the debtor potentially filing a petition for reorganization or bankruptcy, or any event of default or past due account. In the case of larger non-homogeneous receivables, the impairment provision is calculated on an individual basis. The Group collectively evaluates smaller-balance homogeneous receivables for impairment. For that purpose, they are grouped on the basis of similar risk characteristics, and account asset type, collateral type, past-due status and other relevant factors are taken into account. The amount of the allowance is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of a separate account, and the amount of the loss is recognized in the Statements of Income within “Selling expenses”. Subsequent recoveries of amounts previously written off are credited against “Selling expenses” in the Statements of Income. |
Other assets | 2.17 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 | 2.18 Trade and other payables Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. |
Borrowings | 2.19 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 | 2.20 Provisions Provisions are recognized when: (i) the Group has a present (legal or constructive) obligation as a result of past events; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate of the amount of the obligation can be made. Provisions are not recognized for future operating losses. The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel´s experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material adverse effect on its results of operations and financial condition or liquidity. Provisions are measured at the present value of the cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized in the Statements of Income. |
Irrevocable right of use of the capacity of underwater communication lines | 2.21 Irrevocable right of use of the capacity of underwater communication lines Transactions carried out to acquire an irrevocable right of use of the capacity of underwater communication lines are accounted for as service contracts. The amount paid for the rights of use of the communication lines is recognized as “Prepaid expenses” under trade and other receivables, and is amortized over a straight-line basis during the period set forth in the contract (including the option term), which is the estimated useful life of such capacity. |
Employee benefits | 2.22 Employee benefits (a) Defined contribution plans The Group operates a defined contribution plan, which is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current year or prior periods. The contributions are recognized as employee benefit expense in the Statements of Income in the fiscal year they are due. (b) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or as a result of an offer made to encourage voluntary termination as a result of redundancy. (c) Bonus plans The Group recognizes a liability and an expense for bonuses based on a formula that takes into consideration the profit attributable to the Company’s shareholders after certain adjustments. The Group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. (d) Defined benefit plans The Group’s net obligation concerning defined benefit plans are calculated on an individual basis for each plan, estimating the future benefits employees have gained in exchange for their services in the current and prior periods. The benefit is disclosed at its present value, net of the fair value of the plan assets. Calculations are made on an annual basis by a qualified actuary. (e) Share-based payments The fair value of share-based payments is measured at the date of grant. The Group measures the fair value using the valuation technique that it considers to be the most appropriate to value each class of award. Methods used may include Black-Scholes calculations or other models as appropriate. The valuations take into account factors such as non-transferability, exercise restrictions and behavioral considerations. The fair value of the share-based payment is expensed and charged to income under the straight-line method over the vesting period in which the right to the equity instrument becomes irrevocable (“vesting period”); such value is based on the best available estimate of the number of equity instruments expected to vest. Such estimate is revised if subsequent information available indicates that the number of equity instruments expected to vest differs from original estimates. (f) Other long-term benefits The net obligations of IDBD, DIC and its subsidiaries concerning employee long-term benefits, other than retirement plans, is the amount of the minimum future benefits employees have gained in exchange for their services in the current and prior periods. These benefits are discounted at their present values. |
Current income tax, deferred income tax and minimum presumed income tax | 2.23 Current income tax, deferred income tax and minimum presumed income tax Tax expense for the year comprises the charge for tax currently payable and deferred income. Income tax is recognized in the statements of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax expense is calculated on the basis of the tax laws enacted or substantially enacted at the date of the Statements of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the deferred tax liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statements of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence, deferred tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Statements of Financial Position, dividends have been accrued as receivable a binding agreement to distribute past earnings in future has been entered into by the subsidiary or there are sale plans in the foreseeable future. Entities in Argentina are subject to the Minimum Presumed Income Tax (“MPIT”). Pursuant to this tax regime, an entity is required to pay the greater of the income tax or the MPIT. The MPIT provision is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period. When the Group assesses that it is probable that it will use the MPIT payment against future taxable income tax charges within the applicable 10-year period, recognizes the MPIT as a current or non-current receivable, as applicable, within “Trade and other receivables” in the Statements of Financial Position. The minimum presumed income tax was repealed by Law N ° 27,260 in its article 76 for the periods that begin as of January 1, 2019. Regarding the above mentioned, considering the Instruction No. 2 of the Federal Administration of Public Revenues (AFIP), it is not appropriate to record the provision of the above mention tax, in the event that accounting and tax losses occur. |
Cash and cash equivalents | 2.24 Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are not included. |
Revenue recognition | 2.25 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. Additionally and 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. Revenue from satisfaction of performance obligations over time for real estate developments is recognized by measuring progress towards compliance with the obligation when it can be measured reliably. For this measurement, the Group uses the resourced method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimate of the total development costs. The Group’s revenue is recognized at the probable value of the consideration to which it will be entitled in exchange for transferring the products or services to the customer which is not expected to suffer significant changes. Agricultural activities Revenue from Group’s agricultural activities comes primarily from sales of agricultural produce and biological assets, from provision of services related to the activity and from leases of farmlands. The Group also provides agricultural-related (including but not limited to watering and feedlot services) and brokerage services to third parties. Revenue from services are recognized when services are effective rendered. The Group also leases land to third parties under operating lease agreements. Lease income is recognized on a straight-line basis over the period of the lease. Urban properties and investments activities ● Rental and services - Shopping malls portfolio Revenues derived from business activities developed in the Group’s shopping malls mainly include rental income under operating leases, admission rights, commissions and revenue from several complementary services provided to the Group’s lessees. Rental income from shopping mall, admission rights and commissions, are recognized in the Statements of Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis. Contingent rents, i.e. lease payments that are not fixed at the inception of a lease, are recorded as income in the periods in which they are known and can be determined. Rent reviews are recognized when such reviews have been agreed with tenants. The Group’s lease contracts also provide that common area maintenance charges and collective promotion funds of the Group’s shopping malls are borne by the corresponding lessees, generally on a proportionally basis. These common area maintenance charges include all expenses necessary for various purposes including, but not limited to, the operation, maintenance, management, safety, preservation, repair, supervision, insurance and enhancement of the shopping malls. The lessor is responsible for determining the need and suitability of incurring a common area expense. The Group makes the original payment for such expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. Service charge income is presented separately from property operating expenses. Property operating expenses are expensed as incurred. ● Rental and services - Offices and other rental properties Rental income from offices and other rental properties include rental income from offices leased out under operating leases, income from services and expenses recovery paid by tenants. Rental income from offices and other rental properties is recognized in the Statements of Income on a straight-line basis over the term of the leases. When lease incentives are granted, they are recognized as an integral part of the net consideration for the use of the property and are therefore recognized on the same straight-line basis. A substantial portion of the Group’s leases requires the tenant to reimburse the Group for a substantial portion of operating expenses, usually a proportionate share of the allocable operating expenses. Such property operating expenses include necessary expenses such as property operating, repairs and maintenance, security, janitorial, insurance, landscaping, leased properties and other administrative expenses, among others. The Group manages its own rental properties. The Group makes the original payment for these expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. The Group accrues reimbursements from tenants as service charge revenue in the period the applicable expenditures are incurred and is presented separately from property operating expenses. Property operating expenses are expensed as incurred. ● Revenue from communication services and sale of communication equipment Revenue derived from the use of the Group’s communication networks, including mobile phones, Internet services, international calls, fixed line calls, interconnection rates and roaming service rates and television, are recognized when the service is provided, proportionally to the extent the transaction has been realized, and provided all other criteria have been met for revenue recognition. Revenue from the sale of mobile phone cards is initially recognized as deferred revenue and then recognized as revenue as they are used or upon expiration, whichever takes place earlier. A transaction involving the sale of equipment to a final user normally also involves a service sale transaction. In general, this type of sale is performed without a contractual obligation by the client to consume telephone services for a minimum amount over a predetermined period. As a result, the Group records the sale of equipment separately of the performance obligations and recognizes revenue pursuant to the transaction value upon delivery of the equipment to the client. Revenue from telephone services is recognized and accounted for as they are provided over time. When the client is bound to make a minimum consumption of services during a predefined period, the contract formalizes a transaction of several elements and, therefore, revenue from the sale of equipment is recorded at an amount that should not exceed its fair value, and is recognized upon delivery of the equipment to the client and provided the criteria for recognition are met. The Group ascertains the fair value of individual elements, based on the price at which it is normally sold, after taking into account the relevant discounts. Revenue derived from long-term contracts is recognized at the present value of future cash flows, discounted at market rates prevailing on the transaction date. Any difference between the original credit and its net present value is accounted for as interest income over the credit term. ● Revenue from agricultural products Revenue from agricultural products is recognized when the product is delivered and at the time all other criteria for revenue recognition have been met. ● Revenue from supermarkets Revenue from the sale of goods in the ordinary course of business is recognized at the fair value of the consideration collected or receivable, net of returns and discounts. When the credit term is short and financing is that typical in the industry, consideration is not discounted. When the credit term is longer than the industry’s average, in accounting for the consideration, the Group discounts it to its net present value by using the client’s risk premium or the market rate. The difference between the fair value and the nominal amount is accounted for under financial income. If discounts are granted and their amount can be measured reliably, the discount is recognized as a reduction of revenue. Revenues from supermarkets have been recognized in discontinued operations (see Note 4.(p)). |
Cost of sales | 2.26 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. 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 | 2.27 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 | 2.28 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 | 2.29 Comparability of information The balances as of June 30, 2019 and 2018 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. See Note 4. d. for the loss of control of Shufersal and Note 4.c for the loss of control of Gay-Yam. During the years ended June 30, 2020, 2019 and 2018, the Argentine Peso suffered a decrease in its value compared to the US dollar and other currencies close to 66%, 45% and 73%, respectively, which has an impact on the comparability of the figures exposed in the financial statements, mainly due to the exposure to the exchange rate of our Income and costs of “offices” segment, and our assets and liabilities, nominated in foreign currency of the Argentine operations center, the aforementioned devaluation also had an effect on the total balances of the Israel operations center. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of official statistics annual price variation | Price variation June 30, June 30, June 30, Cumulative as of Annual 29 % 56 % 43 % 128 % |
Schedule of new accounting standards and amendments | Standards and amendments Description Date of mandatory IFRS 16 “Leases”. Lessees are required to account for all leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17, including two exceptions for the recognition of leases; low-cost asset leases and short-term leases. Accounting by the lessor has no significant changes. 06-30- 2020 Amendment to IAS 28 “Investment in associates and joint ventures” Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture. 06-30- 2020 Definition of Material - Amendments to IAS 1 and IAS 8 The IASB has made modifications to IAS 1 “Presentation of Financial Statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors” which requires that the assessment of materiality be consistent for the application of IFRS. 06-30-2020 Defining a business - Amendments to IFRS 3 The new business definition requires that a business combination contribute significantly to creating products or services. 06-30-2020 Amendments to IAS 19- Plan amendment, curtailment or settlement. Clarifies the accounting for defined benefit plan amendments, curtailments or settlements. The amendments require an entity to: (i) determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement, using updated assumptions at the time of the amendment; (ii) recognize any reduction in a surplus immediately in gains or losses, as part of past service cost or a gain or loss on settlement. In other words, any surplus reduction must be recognized, even if that surplus was not previously recognized because of the impact of the asset ceiling; and (iii) separately recognize any change in the asset ceiling through other comprehensive income. 06-30-2019 |
Schedule of financial position | IFRS 16 impact IAS 28 impact Total ASSETS Non-current assets Investment properties 426 - 426 Right-of-use assets 16,374 - 16,374 Investments in associates and joint ventures - (1,979 ) (1,979 ) Trade and other receivables 81 - 81 Total non-current assets 16,881 (1,979 ) 14,902 Income tax and MPIT credit 17 - 17 Group of assets held for sale 3,121 - 3,121 Trade and other receivables (169 ) - (169 ) Total current assets 2,969 - 2,969 TOTAL ASSETS 19,850 (1,979 ) 17,871 SHAREHOLDERS’ EQUITY Shareholders’ equity attributable to equity holders of the parent Retained earnings (117 ) (697 ) (814 ) Non-controlling interest (70 ) (1,282 ) (1,352 ) TOTAL SHAREHOLDERS’ EQUITY (187 ) (1,979 ) (2,166 ) LIABILITIES Non-current liabilities Lease liabilities 12,221 - 12,221 Total non-current liabilities 12,221 - 12,221 Current liabilities Lease liabilities 4,574 - 4,574 Trade and other payables (68 ) - (68 ) Group of liabilities held for sale 3,310 - 3,310 Total current liabilities 7,816 - 7,816 TOTAL LIABILITIES 20,037 - 20,037 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 19,850 (1,979 ) 17,871 |
Schedule of standards and amendments not yet adopted by the group | Standards and amendments Description Date of mandatory Covid-19- related lease concessions – Amendments to IFRS 16 As a result of the COVID-19 pandemic, lessees have been granted lease concessions. Such concessions may take a variety of forms, including forgiveness or deferral of rental payments. In May 2020, the IASB amended IFRS 16 – Leases, whereby lessees are permitted to account for the rent concessions as if they were not lease modifications. In several cases, this will result in such concessions being accounted for as variable rent payments within the term same period in which they are granted. 06-30- 2021 Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Amendment to IAS 16 – Property, Plant and Equipment (PP&E) prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. It also specifies that an entity is “testing whether an item of PPE is functioning properly” when it assesses its technical and physical performance. The financial performance of the asset is not relevant for such assessment. 06-30- 2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Some minor amendments were made to IFRS 3 Business combinations to update references to the Conceptual Framework for financial information and add an exception to the recognition principles for 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 on the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were issued in May 2020: IFRS 9 Financial instruments. The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. IFRS 16 Leases. The amendment to Illustrative Example 13 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise. IFRS 1 First-time adoption of International Financial Reporting Standards: Entities that have measured their assets and liabilities at the carrying amounts in their parents´ books are also allowed to measure cumulative translation differences using the amounts reported by their parents. This amendment will also apply to associated and joint ventures that have also taken the IFRS 1 exemption. IAS 41: This amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value pursuant to 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 |
Schedule of agricultural business | % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 Cresud’s direct equity interest in: Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas (1) (2) Brazil Agricultural 33.55 % 43.29 % 43.29 % Sociedad Anónima Carnes Pampeanas S.A. (2) Argentina Agro-industrial 100.00 % 100.00 % 100.00 % Futuros y Opciones.Com S.A. Argentina Brokerage 50.10 % 50.10 % 50.10 % Helmir S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % IRSA Inversiones y Representaciones Sociedad Anónima (2) Argentina Real estate 61.95 % 62.35 % 63.74 % Agropecuaria Santa Cruz S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Brasilagro’s direct equity interest in: Araucária Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cajueiro Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Ceibo Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Cremaq Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Engenho de Maracajú Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Flamboyant Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Agrícola Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Jaborandi Propriedades Agrícolas S.A. Brazil Agricultural 99.99 % 99.99 % 99.99 % Mogno Ltda. Brazil Agricultural 99.99 % 99.99 % 99.99 % Palmeiras S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agropecuaria Morotí S.A. Paraguay Agricultural 99.99 % 99.99 % 99.99 % Agrifirma S.A. Brazil Agricultural 99.99 % - - Futuros y Opciones.Com. S.A.’s direct equity interest in: Amauta Agro S.A. (3) Argentina Brokerage 98.57 % 98.57 % 98.57 % FyO Acopio S.A. (3) Argentina Warehousing and brokerage 98.57 % 98.57 % 98.57 % FyO Chile SPA Chile Brokerage 100.00 % 100.00 % 100.00 % Agropecuaria Santa Cruz S.A.’s direct equity interest in: Agropecuaria Acres del Sud S.A. (2) Bolivia Agricultural 100.00 % 100.00 % 100.00 % Ombú Agropecuaria S.A. Bolivia Agricultural 100.00 % 100.00 % 100.00 % Yatay Agropecuaria S.A. Bolivia Agricultural 100.00 % 100.00 % 100.00 % Yuchán Agropecuaria S.A. (2) Bolivia Agricultural 100.00 % 100.00 % 100.00 % Sedelor S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Codalis S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Alafox S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % (1) The Group exercises “de facto control” over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group, as well as the potential voting rights of the warrants held by the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; and (iv) the effective control exercised by the Group to direct Brasilagro’s relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro. (2) Includes interest indirectly held through Helmir. (3) Includes interest directly held through Cresud. |
Schedule of urban properties and investments business | % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 IRSA’s direct equity interest: IRSA CP (1) Argentina Real estate 80.65 % 83.80 % 86.34 % 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 % 80.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % UT IRSA y Galerías Pacífico S.A. (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct equity interest in: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.92 % 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 69.69 % 69.69 % - La Malteria Argentina Real estate - 100.00 % - Tyrus S.A.’s direct equity interest in: DFL and DN BV Bermudas Investment 97.04 % 96.46 % 91.57 % IRSA International LLC United States Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermudas Investment - 100.00 % 100.00 % Real Estate Strategies LLC United States Investment 100.00 % 100.00 % 100.00 % % of ownership interest held by the Group Name of the entity Country Principal activity 06.30.20 06.30.19 06.30.18 Efanur S.A.’s direct equity interest in: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00 % 100.00 % 100.00 % DFL’s direct equity interest in: IDB Development Corporation Ltd. Israel Investment 100.00 % 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct equity interest in: Discount Investment Corporation Ltd. (4) Israel Investment 83.72 % 83.77 % 76.57 % IDBD’s direct equity interest in: IDB Tourism (2009) Ltd. Israel Tourism services 100.00 % 100.00 % 100.00 % IDB Group Investment Inc Israel Investment 100.00 % 100.00 % 100.00 % DIC’s direct equity interest in: Property & Building Corporation Ltd. Israel Real estate 72.40 % 68.80 % 64.40 % Cellcom Israel Ltd. (5) Israel Telecommunications 46.20 % - - Elron Electronic Industries Ltd. Israel Investment 61.06 % 44.10 % 43.14 % Bartan Holdings and Investments Ltd. Israel Investment 55.68 % 61.06 % 50.30 % Epsilon Investment House Ltd. Israel Investment 68.75 % 55.68 % 55.68 % Mehadrin Ltd. (8) Israel Agricultural 43.75 % 68.75 % 68.75 % PBC’s direct equity interest in: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - 51.70 % 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate 50.10 % 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % PBC USA Investments Inc United States Real estate 100.00 % 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus’ equity interest. (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (47.2%) vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Control was lost in September 30, 2018 (see Note 4.(k)). (7) Includes Tyrus’ and IRSA S.A.’s equity interests. (8) DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-à-vis other shareholders that are highly atomized. |
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, 2020 | |
Significant Judgments Key Assumptions and Estimates [Abstract] | |
Schedule of significant judgments, key assumptions and estimates | Estimation Main assumptions Potential implications Main references Business combination - Allocation of acquisition prices Assumptions regarding timing, amount of future revenues and expenses, revenue growth, expected rate of return, economic conditions, and discount rate, among other. Should the assumptions made be inaccurate, the recognized combination may not be correct. Note 4 – Acquisitions and dispositions Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. The discount rate and the expected growth rate before taxes in connection with cash-generating units. The discount rate and the expected growth rate after taxes in connection with associates. Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Group’s best factual assumption relative to the economic conditions expected to prevail. Business continuity of cash-generating units. Appraisals made by external appraisers and valuators with relation to the assets’ fair value, net of realization costs (including real estate assets). Should any of the assumptions made be inaccurate; this could lead to differences in the recoverable values of cash-generating units. Note 10 – Property, plant and equipment Note 12 – Intangible assets Control, joint control or significant influence Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees’ bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) Note 2.3 – Scope of consolidation Estimated useful life of intangible assets and property, plant and equipment Estimated useful life of assets based on their conditions. Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). Note 10 – Property, plant and equipment Note 12 – Intangible assets Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 10. Incorrect valuation of investment property values Note 9 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 23 – Taxes Allowance for doubtful accounts A periodic review is conducted of receivables risks in the Group’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions. Improper recognition of charges / reimbursements of the allowance for bad debt. Note 16 – Trade and other receivables Level 2 and 3 financial instruments Main assumptions used by the Group are: ● Discounted projected income by interest rate ● Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. ● Comparable market multiple (EV/GMV ratio). ● Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Incorrect recognition of a charge to income / (loss). Note 16 – Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group, such estimate is based on legal advisors’ opinions. Charge / reversal of provision in relation to a claim. Note 21 – Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 16 – Financial instruments by category (Financial liabilities) Biological assets Main assumptions used in valuation are yields, production costs, selling expenses, forwards of sales prices, discount rates. Wrong recognition/valuation of biological assets. See sensitivities modeled on these parameters in Note 13. Note 13 – Biological assets |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Acquisitions and Disposals [Abstract] | |
Schedule of fair value of the acquired assets, the assumed liabilities and the non-controlling interest as of the acquisition date | 03.31 20 Fair value of identifiable assets and assumed liabilities: Cash and cash equivalents 16 Trade and other receivables 387 Inventories 22 Biological assets 74 Taxes and contributions to recover 45 Group of assets held for sale 362 Property, plant and equipment 3,365 Trade and other payables (297 ) Borrowings (1,884 ) Taxes to pay (9 ) Payroll and social security liabilities (43 ) Provisions (1 ) Deferred income tax liabilities (423 ) Total identifiable net assets 1,614 Non-controlling interest - Key pending allocation 63 Total consideration 1,677 |
Schedule of fair value of the acquired assets, the assumed liabilities and the non-controlling interest as of the acquisition date | 03.31.2020 Fair value of identifiable assets and liabilities incurred Investment properties 244 Property, plant and equipment 6,108 Intangible assets 57 Investments in associates and joint ventures 1,879 Restricted assets 164 Income tax receivables 146 Trade and other receivables 10,211 Rights of use 4,019 Derivative financial instruments 37 Inventories 2,503 Borrowings (7,363 ) Deferred income tax liabilities (945 ) Trade and other payables (4,711 ) Lease liabilities (2,119 ) Provisions (56 ) Employee benefits (128 ) Salaries and social security liabilities (201 ) Income Tax (18 ) Cash and cash equivalents 2,612 TOTAL IDENTIFIABLE NET ASSETS 12,439 Non-controlling interest (7,443 ) Negative goodwill (*) (376 ) Write-off of Investments in associates 3,908 Cash and cash equivalents 712 TOTAL CONSIDERATION 4,620 (*) Included in “Other operating income, net” |
Schedule of details of the sale | 09.30.2019 Cash received 14,261 Remediation of the fair value of the remaining interest 32,165 Total 46,426 Net assets disposed including goodwill (28,128 ) Gain from the sale of a subsidiary, net of taxes (*) 18,298 (*) Said results are disclosed within discontinued operations, under the caption “other operating results, net” 06.30.2018 Cash received 14,275 Remediation of the fair value of the remaining interest 29,271 Total 43,546 Net assets disposed including goodwill (18,902 ) Gain from the sale of a subsidiary, net of taxes (*) 24,644 (*) Includes Ps. 5,856 as a result of the sale and Ps. 18,789 as a result of the re-measurement at the fair value of the new stake, both included in discontinued operations. |
Schedule of net assets disposed | 09.30.2019 Investment properties 155,846 Property, plant and equipment 1,061 Intangible assets 3,281 Right-of-use assets 42 Investments in associates and joint ventures 4,396 Restricted assets 378 Trade and other receivables 1,157 Investments in financial assets 13,544 Trading properties 155 Income tax credit 190 Cash and cash equivalents 10,623 TOTAL ASSETS 190,673 Borrowings 95,443 Lease liabilities 42 Deferred income tax liabilities 21,151 Trade and other payables 2,398 Employee benefits 21 Salaries and social security liabilities 63 Income tax and MPIT liabilities 125 TOTAL LIABILITIES 119,243 Non-controlling interest 43,301 Net assets written off including business key 28,128 06.30.2018 Investment properties 10,332 Property, plant and equipment 64,484 Intangible assets 16,203 Investments in associates and joint ventures 892 Restricted assets 203 Trade and other receivables 32,516 Investments in financial assets 280 Derivative financial instruments 51 Inventories 13,955 Cash and cash equivalents 12,404 TOTAL ASSETS 151,320 Borrowings 47,383 Deferred income tax liabilities 6,244 Trade and other payables 53,306 Provisions 1,025 Employee benefits 2,812 Salaries and social security liabilities 5,322 Income tax and MPIT liabilities 17 TOTAL LIABILITIES 116,109 Non-controlling interest 16,309 Net assets disposed including goodwill 18,902 |
Financial risk management and_2
Financial risk management and fair value estimates (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Schedule of net monetary position (liability)/asset | Net monetary position (Liability) / Asset 06.30.20 06.30.19 Functional currency US$ US$ Argentine Peso (31,328 ) (25,618 ) Brazilian Reais 180 332 Bolivian Peso (103 ) (110 ) Total (31,251 ) (25,396 ) |
Schedule of derivative contract | 06.30.20 Type of derivative contract Tons Margin Premium paid Derivatives at fair value Gain / (Loss) for Forward: Sales Corn 152,531 70 - (23 ) 7 Soybeans 86,421 60 - (23 ) 227 Wheat 18,500 10 - 3 - Livestock 54,450 - - - (19 ) Cotton 893 - - 13 - Ethanol 600 - - - (8 ) Purchase Corn 46,480 (21 ) - 8 - Soybeans 16,665 22 - 5 - Wheat 17,700 (3 ) - 1 - Options: Sale put Corn 40,265 - - (23 ) (24 ) Soybeans 35,572 - - (5 ) 47 Cotton 625 - - (5 ) - Livestock - - - - (1 ) Purchase put Corn - - - (7 ) - Soybeans 1,000 - - (5 ) - Sale call Corn 89,700 52 (5 ) 31 - Soybeans 4,500 2 (17 ) 28 - Wheat 8,000 4 - 3 - Purchase call Wheat - - 5 (5 ) - Soybeans - - 9 (4 ) - Total 573,902 196 (8 ) (8 ) 229 06.30.19 Type of derivative contract Tons Margin Premium Derivatives Gain / Forward: Sales Corn 123,905 35 - (40 ) (47 ) Soybeans 184,592 129 - (51 ) (29 ) Wheat 26,200 9 - - - Livestock 6,930 - - - - Cotton 423 - - 4 - Ethanol 1,500 - - - 5 Purchase Corn 86,262 (2 ) - 4 4 Soybeans 61,284 (21 ) - 6 6 Wheat 4,100 (1 ) - (1 ) (1 ) Options: Sale put Corn 25,949 - - (21 ) (9 ) Soybeans 54,407 - - (66 ) 106 Wheat - - 1 - (1 ) Cotton 1,473 - - (1 ) - Livestock 16,500 - - (1 ) - Purchase put Corn - - (1 ) - 1 Wheat - - (1 ) - 1 Sale call Corn 108,900 54 6 14 4 Soybeans 131,765 52 (1 ) 24 26 Wheat 14,400 2 (1 ) 4 6 Purchase call Corn - - (1 ) (9 ) 3 Soybeans - - (8 ) - - Total 848,590 257 (6 ) (134 ) 75 |
Schedule of liquidity risk management | 06.30.20 Less than 1 Between 1 Between 2 Between 3 and 4 years More than Total Trade and other payables 6,313 123 188 54 101 6,779 Borrowings 21,628 14,944 9,041 296 289 46,198 Finance lease obligations 790 515 335 270 1,074 2,984 Derivative financial instruments 243 19 - - - 262 Total 28,974 15,601 9,564 620 1,464 56,223 06.30.19 Less than 1 Between 1 Between 2 Between 3 More than Total Trade and other payables 5,844 44 39 33 80 6,040 Borrowings (excluding finance lease liabilities) 17,451 6,966 2,279 7,952 472 35,120 Finance lease obligations 11 - - - 332 343 Derivative financial instruments 229 - - - - 229 Total 23,535 7,010 2,318 7,985 884 41,732 |
Schedule of capital structure of the group | 06.30.20 06.30.19 Gearing ratio (i) 63.03 % 57.02 % Debt ratio (ii) 251.91 % 218.38 % (i) Calculated as total debt over total capital (including equity plus total debt). (ii) Calculated as total debt over total properties at fair value (including trading properties, properties, plant and equipment, investment properties, farmland rights to receive units under barter agreements). |
Operation Center in Argentina [Member] | |
Statement Line Items [Line Items] | |
Schedule of net monetary position (liability)/asset | Net monetary position (Liability) / Asset 06.30.20 06.30.19 Functional currency US$ NIS US$ NIS Argentine Peso (38,397 ) - (21,134 ) - Uruguayan Peso 152 - (274 ) - Total (38,245 ) - (21,408 ) - |
Schedule of liquidity risk management | 06.30.20 Less than 1 Between 1 Between 2 Between 3 More than Total Trade and other payables 1,546 156 69 219 1 1,991 Borrowings 38,402 3,283 27,280 65 216 69,246 Finance lease obligations 53 49 51 54 1,291 1,498 Derivative financial instruments 83 28 6 - - 117 Total 40,084 3,516 27,406 338 1,508 72,852 06.30.19 Less than Between 1 Between 2 Between 3 More than Total Trade and other payables 2,198 334 146 2 386 3,066 Borrowings (excluding finance lease liabilities) 13,110 19,562 3,787 2,475 21,871 60,805 Purchase obligations 1,827 - - - - 1,827 Finance lease obligations 16 6 1 - - 23 Derivative financial instruments 19 11 6 1 - 37 Total 17,170 19,913 3,940 2,478 22,257 65,758 |
Schedule of capital structure of the group | 06.30.20 06.30.19 Gearing ratio (iii) 49.57 % 40.80 % Debt ratio (iv) 44.42 % 47.54 % |
Operation Center In Israel [Member] | |
Statement Line Items [Line Items] | |
Schedule of liquidity risk management | 06.30.20 Less than 1 Between 1 Between 2 Between 3 More than Total Trade and other payables 25,507 346 61 20 20 25,954 Borrowings 53,289 54,401 94,044 43,051 123,016 367,801 Finance lease obligations 5,238 4,026 2,854 1,806 6,588 20,512 Purchase obligations 5,695 854 590 - - 7,139 Derivative financial instruments 20 - - - - 20 Total 89,749 59,627 97,549 44,877 129,624 421,426 06.30.19 Less than Between 1 Between 2 Between 3 More than Total Trade and other payables 21,615 426 204 - - 22,245 Borrowings (excluding finance lease liabilities) 67,151 54,850 58,112 91,233 196,123 467,469 Finance lease obligations 34 34 1 - - 69 Purchase obligations 4,282 1,365 750 495 - 6,892 Derivative financial instruments 34 - - - - 34 Total 93,116 56,675 59,067 91,728 196,123 496,709 |
Schedule of capital structure of the group | 06.30.20 06.30.19 Gearing ratio (iii) 82.63 % 83.68 % Debt ratio (iv) 244.57 % 149.40 % (iii) Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company. (iv) 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 (Tables)
Segment information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Schedule of segments of the agriculture | 06.30.20 Agricultural Land Corporate Others Total Revenues 17,186 - - 9,073 26,259 Costs (14,676 ) (25 ) - (7,582 ) (22,283 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,613 - - 10 2,623 Changes in the net realizable value of agricultural products after harvest 657 - - - 657 Gross profit / (loss) 5,780 (25 ) - 1,501 7,256 Gain from disposal of farmlands - 838 - - 838 Net gain from fair value adjustment of investment properties - 780 - - 780 General and administrative expenses (953 ) (3 ) (177 ) (286 ) (1,419 ) Selling expenses (1,815 ) (1 ) - (794 ) (2,610 ) Other operating results, net 454 962 - 246 1,662 Management fees - - - - - Profit / (loss) from operations 3,466 2,551 (177 ) 667 6,507 Share of profit of associates 55 - - 72 127 Segment profit / (loss) 3,521 2,551 (177 ) 739 6,634 - Investment properties 4,129 - - - 4,129 Property, plant and equipment 20,886 179 - 54 21,119 Investments in associates 419 - - 293 712 Other reportable assets 7,283 331 - 3,496 11,110 Reportable assets 32,717 510 - 3,843 37,070 06.30.19 Agricultural Land Corporate Others Total Revenues 11,100 - - 7,961 19,061 Costs (9,466 ) (24 ) - (6,675 ) (16,165 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,029 - - 6 2,035 Changes in the net realizable value of agricultural products after harvest (43 ) - - - (43 ) Gross profit / (loss) 3,620 (24 ) - 1,292 4,888 Gain from disposal of farmlands - 665 - - 665 Net gain from fair value adjustment of investment properties - - - - - General and administrative expenses (959 ) (3 ) (274 ) (289 ) (1,525 ) Selling expenses (1,026 ) (1 ) - (690 ) (1,717 ) Other operating results, net 428 244 - 147 819 Management fees - - - - - (Loss) / Profit from operations 2,063 881 (274 ) 460 3,130 Share of profit / (loss) of associates 57 - - (46 ) 11 Segment (loss) / profit 2,120 881 (274 ) 414 3,141 Investment properties 2,634 - - - 2,634 Property, plant and equipment 20,219 149 - 767 21,135 Investments in associates 391 - - 23 414 Other reportable assets 8,472 - - 1,942 10,414 Reportable assets 31,716 149 - 2,732 34,597 06.30.18 Agricultural Land Corporate Others Total Revenues 9,096 - - 6,297 15,393 Costs (7,388 ) (36 ) - (5,672 ) (13,096 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 1,539 - - (9 ) 1,530 Changes in the net realizable value of agricultural products after harvest 532 - - - 532 Gross profit / (loss) 3,779 (36 ) - 616 4,359 Net gain from fair value adjustment of investment properties - 216 - - 216 Loss from disposal of farmlands - 1,656 - - 1,656 General and administrative expenses (878 ) (2 ) (225 ) (276 ) (1,381 ) Selling expenses (1,322 ) - - (431 ) (1,753 ) Other operating results, net (20 ) 1,457 - 104 1,541 Management fees - - - - - Profit / (Loss) from operations 1,559 3,291 (225 ) 13 4,638 Share of profit / (loss) of associates 39 - - (2 ) 37 Segment profit / (loss) 1,598 3,291 (225 ) 11 4,675 Investment properties 2,052 - - - 2,052 Property, plant and equipment 19,620 131 - 605 20,356 Investments in associates 316 - - 91 407 Other reportable assets 7,073 - - 867 7,940 Reportable assets 29,061 131 - 1,563 30,755 |
Schedule of lines of business of groups operations center | 06.30.20 Urban Properties and Investment business (II) Agricultural Operations Operations Subtotal Total Joint Discontinued Adjustments Elimination Total Revenues 26,259 11,138 81,637 92,775 119,034 (60 ) - 3,100 (818 ) 121,256 Costs (22,283 ) (2,755 ) (56,296 ) (59,051 ) (81,334 ) 53 - (3,230 ) 540 (83,971 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,623 - - - 2,623 - - - 204 2,827 Changes in the net realizable value of agricultural products after harvest 657 - - - 657 - - - - 657 Gross profit / (loss) 7,256 8,383 25,341 33,724 40,980 (7 ) - (130 ) (74 ) 40,769 Gain from disposal of farmlands 838 - - - 838 - - - - 838 Net gain / (loss) from fair value adjustment of investment properties 780 33,464 (2,989 ) 30,475 31,255 (263 ) - - - 30,992 General and administrative expenses (1,419 ) (2,150 ) (8,764 ) (10,914 ) (12,333 ) 15 - - 51 (12,267 ) Selling expenses (2,610 ) (1,232 ) (12,544 ) (13,776 ) (16,386 ) 19 - - 19 (16,348 ) Impairment of associates - - (2,470 ) (2,470 ) (2,470 ) - - - - (2,470 ) Other operating results, net 1,662 (48 ) 1,127 1,079 2,741 18 - 17 (6 ) 2,770 Management fees - - - - - - - (211 ) - (211 ) Profit / (loss) from operations 6,507 38,417 (299 ) 38,118 44,625 (218 ) - (324 ) (10 ) 44,073 Share of profit of associates and joint ventures 127 7,047 1,299 8,346 8,473 169 - - 20 8,662 Segment profit / (loss) 6,634 45,464 1,000 46,464 53,098 (49 ) - (324 ) 10 52,735 - Reportable assets 37,070 157,987 451,267 609,254 646,324 (671 ) - - 41,287 686,940 Reportable liabilities - - (403,184 ) (403,184 ) (403,184 ) - - - (161,603 ) (564,787 ) Net reportable assets 37,070 157,987 48,083 206,070 243,140 (671 ) - - (120,316 ) 122,153 30.10.19 Urban Properties and Investment business (II) Agricultural Operations Operations Subtotal Total Joint Discontinued Adjustments Elimination Total Revenues 19,061 15,056 73,537 88,593 107,654 (93 ) - 3,706 (526 ) 110,741 Costs (16,165 ) (3,201 ) (52,426 ) (55,627 ) (71,792 ) 67 - (3,855 ) 196 (75,384 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,035 - - - 2,035 - - - 270 2,305 Changes in the net realizable value of agricultural products after harvest (43 ) - - - (43 ) - - - - (43 ) Gross profit / (loss) 4,888 11,855 21,111 32,966 37,854 (26 ) - (149 ) (60 ) 37,619 Gain from disposal of farmlands 665 - - - 665 - - - - 665 Net gain from fair value adjustment of investment properties - (39,477 ) 892 (38,585 ) (38,585 ) 839 - - - (37,746 ) General and administrative expenses (1,525 ) (2,668 ) (8,031 ) (10,699 ) (12,224 ) 17 - - 55 (12,152 ) Selling expenses (1,717 ) (1,085 ) (11,192 ) (12,277 ) (13,994 ) 7 - - 11 (13,976 ) Other operating results, net 819 (659 ) 742 83 902 193 - 17 (11 ) 1,101 Management fees - - - - - - - - - - Profit / (loss) from operations 3,130 (32,034 ) 3,522 (28,512 ) (25,382 ) 1,030 - (132 ) (5 ) (24,489 ) Share of profit / (loss) of associates and joint ventures 11 (6,183 ) (150 ) (6,333 ) (6,322 ) (1,006 ) - - - (7,328 ) Segment profit / (loss) 3,141 (38,217 ) 3,372 (34,845 ) (31,704 ) 24 - (132 ) (5 ) (31,817 ) Reportable assets 34,597 111,717 535,565 647,282 681,879 (592 ) - - 44,747 726,034 Reportable liabilities - - (461,015 ) (461,015 ) (461,015 ) - - - (137,818 ) (598,833 ) Net reportable assets 34,597 111,717 74,550 186,267 220,864 (592 ) - - (93,071 ) 127,201 06.30.18 Urban Properties and Agricultural Operations Operations Subtotal Total Joint Adjustments Elimination Total Revenues 15,393 13,872 60,057 73,929 89,322 (111 ) 4,387 (332 ) 93,266 Costs (13,096 ) (2,822 ) (41,935 ) (44,757 ) (57,853 ) 69 (4,445 ) 151 (62,078 ) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 1,530 - - - 1,530 4 - 140 1,674 Changes in the net realizable value of agricultural products after harvest 532 - - - 532 - - - 532 Gross profit / (loss) 4,359 11,050 18,122 29,172 33,531 (38 ) (58 ) (41 ) 33,394 Net gain from fair value adjustment of investment properties 216 19,809 - 19,809 20,025 (1,054 ) - - 18,971 Loss from disposal of farmlands 1,656 - - - 1,656 - - - 1,656 General and administrative expenses (1,381 ) (2,335 ) (7,233 ) (9,568 ) (10,949 ) 40 - 33 (10,876 ) Selling expenses (1,753 ) (1,126 ) (10,639 ) (11,765 ) (13,518 ) 16 - 13 (13,489 ) Other operating results, net 1,541 (56 ) 2,136 2,080 3,621 42 (2 ) (4 ) 3,657 Management fees - - - - - - (1,456 ) - (1,456 ) Profit / (loss) from operations 4,638 27,342 2,386 29,728 34,366 (994 ) (1,516 ) 1 31,857 Share of (loss) / profit of associates and joint ventures 37 (4,227 ) (422 ) (4,649 ) (4,612 ) 1,160 - - (3,452 ) Segment profit / (loss) 4,675 23,115 1,964 25,079 29,754 166 (1,516 ) 1 28,405 Reportable assets 30,755 152,860 563,654 716,514 747,269 592 - 49,183 797,044 Reportable liabilities - - (479,056 ) (479,056 ) (479,056 ) - - (141,534 ) (620,590 ) Net reportable assets 30,755 152,860 84,598 237,458 268,213 592 - (92,351 ) 176,454 (i) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (ii) Includes Ps. (130), Ps. (149) and Ps. (58) corresponding to Expenses and FPC and Ps. 0, Ps. (336) and Ps. (1,456) to management fees, as of June 30, 2020 and 2018, respectively. (iv) 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 Ps. 17, Ps. 8,658 and Ps. 5,453, as of June 30, 2020, 2019 and 2018, respectively. |
Operation Center in Argentina [Member] | |
Statement Line Items [Line Items] | |
Schedule of lines of business of groups operations center | 06.30.20 Shopping Offices Sales and developments Hotels International Corporate Others Total Revenues 5,935 2,358 735 2,021 11 - 78 11,138 Costs (567 ) (144 ) (690 ) (1,244 ) (12 ) - (98 ) (2,755 ) Gross profit / (loss) 5,368 2,214 45 777 (1 ) - (20 ) 8,383 Net gain from fair value adjustment of investment properties (2,105 ) 22,756 12,179 - - - 634 33,464 General and administrative expenses (829 ) (220 ) (228 ) (365 ) (110 ) (282 ) (116 ) (2,150 ) Selling expenses (709 ) (85 ) (197 ) (230 ) - - (11 ) (1,232 ) Other operating results, net (38 ) (30 ) (27 ) (20 ) - - 67 (48 ) Management fees - - - - - - - - Profit / (Loss) from operations 1,687 24,635 11,772 162 (111 ) (282 ) 554 38,417 Share of profit / (loss) of associates and joint ventures (**) - - - - 7,377 - (330 ) 7,047 Segment profit / (loss) 1,687 24,635 11,772 162 7,266 (282 ) 224 45,464 Investment and trading properties 49,109 61,284 32,171 - 307 - 1,442 144,313 Property, plant and equipment 225 1,130 - 1,943 - - - 3,298 Investment in associates and joint ventures (*) - - 532 - 2,004 - 6,738 9,274 Other reportable assets 111 122 753 26 - - 90 1,102 Reportable assets 49,445 62,536 33,456 1,969 2,311 - 8,270 157,987 06.30.19 Shopping Offices Sales and developments Hotels International Corporate Others Total Revenues 8,541 2,239 1,119 2,953 14 - 190 15,056 Costs (776 ) (153 ) (527 ) (1,588 ) (6 ) - (151 ) (3,201 ) Gross profit 7,765 2,086 592 1,365 8 - 39 11,855 Net gain from fair value adjustment of investment properties (40,582 ) 747 726 - 6 - (374 ) (39,477 ) General and administrative expenses (945 ) (206 ) (283 ) (492 ) (110 ) (519 ) (113 ) (2,668 ) Selling expenses (530 ) (99 ) (119 ) (316 ) - - (21 ) (1,085 ) Other operating results, net (109 ) (40 ) (286 ) 114 (24 ) - (314 ) (659 ) Management fees - - - - - - - - Profit / (Loss) from operations (34,401 ) 2,488 630 671 (120 ) (519 ) (783 ) (32,034 ) Share of profit / (loss) of associates and joint ventures - - (37 ) - (3,679 ) - (2,467 ) (6,183 ) Segment profit / (loss) (34,401 ) 2,488 593 671 (3,799 ) (519 ) (3,250 ) (38,217 ) Investment and trading properties 50,104 31,432 27,777 - 90 - 1,062 110,465 Property, plant and equipment 260 136 - 2,024 180 - - 2,600 Investment in associates and joint ventures - - 443 - (7,222 ) - 4,895 (1,884 ) Other reportable assets 113 123 184 26 - - 90 536 Reportable assets 50,477 31,691 28,404 2,050 (6,952 ) - 6,047 111,717 06.30.18 Shopping Offices Sales and Hotels International Corporate Others Total Revenues 9,750 1,332 300 2,446 - - 44 13,872 Costs (829 ) (124 ) (149 ) (1,672 ) - - (48 ) (2,822 ) Gross profit / (loss) 8,921 1,208 151 774 - - (4 ) 11,050 Net gain from fair value adjustment of investment properties 6,266 5,843 7,338 - - - 362 19,809 General and administrative expenses (854 ) (216 ) (198 ) (487 ) (118 ) (385 ) (77 ) (2,335 ) Selling expenses (607 ) (143 ) (58 ) (311 ) - - (7 ) (1,126 ) Other operating results, net (105 ) (24 ) 138 (40 ) (58 ) - 33 (56 ) Management fees - - - - - - - - Profit / (Loss) from operations 13,621 6,668 7,371 (64 ) (176 ) (385 ) 307 27,342 Share of profit / (loss) of associates and joint ventures - - 4 - (4,425 ) - 194 (4,227 ) Segment profit / (loss) 13,621 6,668 7,375 (64 ) (4,601 ) (385 ) 501 23,115 Investment and trading properties 89,983 28,142 25,166 - - - 1,334 144,625 Property, plant and equipment 213 120 - 2,135 198 - - 2,666 Investment in associates and joint ventures - - 447 - (3,869 ) - 8,251 4,829 Other reportable assets 129 122 189 27 - - 273 740 Reportable assets 90,325 28,384 25,802 2,162 (3,671 ) - 9,858 152,860 |
Operation Center In Israel [Member] | |
Statement Line Items [Line Items] | |
Schedule of lines of business of groups operations center | 06.30.20 Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 12,954 - 64,838 - - 3,845 81,637 Costs (6,787 ) - (47,231 ) - - (2,278 ) (56,296 ) Gross profit 6,167 - 17,607 - - 1,567 25,341 Net gain from fair value adjustment of investment properties (2,989 ) - - - - - (2,989 ) General and administrative expenses (812 ) - (5,519 ) - (1,071 ) (1,362 ) (8,764 ) Selling expenses (223 ) - (11,887 ) - - (434 ) (12,544 ) Impairment of associates (2,470 ) - - - - - (2,470 ) Other operating results, net (296 ) - 501 - (48 ) 970 1,127 Profit / (Loss) from operations (623 ) - 702 - (1,119 ) 741 (299 ) Share of profit/ (loss) of associates and joint ventures 1,495 1,063 (265 ) - - (994 ) 1,299 Segment profit / (loss) 872 1,063 437 - (1,119 ) (253 ) 1,000 Reportable assets 152,941 28,090 140,025 3,377 17,911 108,923 451,267 Reportable liabilities (146,331 ) - (106,076 ) - (111,649 ) (39,128 ) (403,184 ) Net reportable assets 6,610 28,090 33,949 3,377 (93,738 ) 69,795 48,083 06.30.19 Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 14,392 - 57,506 - - 1,639 73,537 Costs (9,121 ) - (42,424 ) - - (881 ) (52,426 ) Gross profit 5,271 - 15,082 - - 758 21,111 Net gain from fair value adjustment of investment properties 892 - - - - - 892 General and administrative expenses (707 ) - (4,779 ) - (1,058 ) (1,487 ) (8,031 ) Selling expenses (197 ) - (10,562 ) - - (433 ) (11,192 ) Other operating results, net - - 397 - - 345 742 Management fees - - - - - - - Profit / (Loss) from operations 5,259 - 138 - (1,058 ) (817 ) 3,522 Share of profit / (loss) of associates and joint ventures 37 717 - - - (904 ) (150 ) Segment profit / (loss) 5,296 717 138 - (1,058 ) (1,721 ) 3,372 Reportable assets 303,425 23,013 109,380 22,638 41,536 35,573 535,565 Reportable liabilities (235,553 ) - (84,800 ) - (126,585 ) (14,077 ) (461,015 ) Net reportable assets 67,872 23,013 24,580 22,638 (85,049 ) 21,496 74,550 06.30.18 Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 9,497 - 49,066 - - 1,494 60,057 Costs (5,957 ) - (35,189 ) - - (789 ) (41,935 ) Gross profit 3,540 - 13,877 - - 705 18,122 Net gain from fair value adjustment of investment properties - - - - - - - General and administrative expenses (578 ) - (4,594 ) - (854 ) (1,207 ) (7,233 ) Selling expenses (200 ) - (10,059 ) - - (380 ) (10,639 ) Other operating results, net 256 - 772 - 1,141 (33 ) 2,136 Management fees - - - - - - - Profit / (Loss) from operations 3,018 - (4 ) - 287 (915 ) 2,386 Share of profit / (loss) of associates and joint ventures 158 - - - - (580 ) (422 ) Segment profit / (loss) 3,176 - (4 ) - 287 (1,495 ) 1,964 Reportable assets 298,031 29,579 110,723 27,247 47,432 50,642 563,654 Reportable liabilities (231,693 ) - (86,280 ) - (155,567 ) (5,516 ) (479,056 ) Net reportable assets 66,338 29,579 24,443 27,247 (108,135 ) 45,126 84,598 |
Information about the main su_2
Information about the main subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Information About Main Subsidiaries [Abstract] | |
Schedule of information about principal subsidiaries | Direct Current Non-current Current Non-current Net Book value of non- As of June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 37.67 % 205,717 421,482 143,384 361,16 122,655 65,528 Subsidiaries with indirect participation of Cresud Brasilagro 66.45 % 21,976 8,338 5,121 7,903 17,29 11,489 Elron 38.94 % 3,377 3,966 509 142 6,692 4,149 PBC 27.60 % 79,327 112,404 26,138 118,789 46,804 19,263 Cellcom (2) 53.80 % 54,777 79,796 31,386 74,691 28,496 17,92 Mehadrin 56.25 % 13,038 17,839 13,954 3,336 13,587 8,136 IRSA CP 16.73 % 14,925 129,578 16,423 52,507 75,573 4,089 As of June 30, 2019 Subsidiaries with direct participation of Cresud IRSA 37.65 % 201,916 476,445 105,704 450,001 122,656 76,813 Brasilagro 56.71 % 7,075 18,856 3,595 5,252 17,084 - Subsidiaries with indirect participation of Cresud Elron 38.94 % 4,521 3,77 529 69 7,693 4,624 PBC 31.20 % 63,904 236,44 25,708 208,515 66,121 47,766 Cellcom (2) 55.90 % 45,957 59,076 27,278 57,524 20,231 12,777 IRSA CP 14.73 % 24,563 91,203 5,797 51,924 58,045 3,113 Revenues Net Total Total Cash of Cash of Cash of Net Dividends Year ended June 30, 2020 Subsidiaries with direct participation of Cresud IRSA 95,793 23,731 14,182 9,482 31,113 40,644 (76,125 ) (4,368 ) (2,283 ) Subsidiaries with indirect participation of Cresud Brasilagro 7,605 2,368 (2,701 ) (1,795 ) 1,295 (706 ) 9 598 - Elron - (1,774 ) (1,864 ) 5,540 (776 ) 350 874 448 - PBC 12,31 12,648 12,165 19,586 6,328 23,872 (20,243 ) 9,957 1,684 Cellcom (2) 56,076 (2,068 ) (2,100 ) 534 14,914 (7,425 ) (6,323 ) 1,166 - Mehadrin 1,952 106 123 251 246 (70 ) (246 ) (70 ) 17 IRSA CP 8,563 18,153 18,405 1,064 4,890 (2,879 ) (3,561 ) (1,550 ) 663 Year ended June 30, 2019 Subsidiaries with direct participation of Cresud IRSA 99,713 (38,371 ) (2,025 ) (2,848 ) 27,041 11,189 (27,754 ) 10,476 (3,330 ) Brasilagro 5,798 1,995 (342 ) - 849 (356 ) (417 ) 76 - Subsidiaries with indirect participation of Cresud Elron - (1,056 ) (909 ) 2,122 (1,012 ) 207 1,338 533 - PBC 18,061 6,953 7,575 5,23 9,081 1,072 2,926 13,079 2,337 Cellcom (2) 47,535 (1,524 ) (1,538 ) (1,352 ) 10,025 (8,614 ) 1,666 3,077 - IRSA CP 14,537 (25,923 ) (25,923 ) (150 ) 5,588 (4,958 ) (2,631 ) (2,001 ) 1,008 (1) Corresponds to the direct interest from the Group. (2) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings. |
Investments in associates and
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Investments In Associates and Joint Ventures [Abstract] | |
Schedule of investments in joint ventures | 06.30.20 06.30.19 Beginning of the year 36,212 52,739 Adjustment of previous years (IFRS 9 and IAS 28) (1,979 ) - Share-holding increase in associates and joint ventures 2,774 697 Capital contribution 2,852 163 Share of profit / (loss) 8,812 (7,328 ) Decrease for control obtainment (Note 4) - (153 ) Currency translation adjustment 9 (429 ) Cash dividends (i) (1,846 ) (1,734 ) Sale of associates - (7,178 ) Capital reduction (106 ) (672 ) Other comprehensive loss (1,244 ) - Deconsolidation (ii) 29,176 - Reclassification to held-for-sale (2,070 ) - Incorporation by business combination 2,517 212 Others 4 (105 ) End of the year (iii) 75,111 36,212 (i) See Note 32. (ii) Includes Ps. (17) and Ps. (8,658) reflecting interests in companies with negative equity as of June 30, 2020 and 2019, respectively, which are disclosed in “Provisions” (see Note 21). |
Schedule of comprehensive income | % of ownership interest held Value of Group’s interest Group’s interest in comprehensive income Name of the entity 06.30.20 06.30.19 06.30.18 06.30.20 06.30.19 06.30.20 06.30.19 06.30.18 New Lipstick 49.96 % 49.96 % 49.90 % 467 (8,658 ) 7,633 (3,199 ) (5,292 ) BHSA (1) 29.91 % 29.91 % 29.91 % 4,073 4,451 (380 ) (2,411 ) 416 Condor (2) 18.89 % 18.89 % 28.10 % 1,481 1,392 120 39 596 PBEL 45.00 % 45.40 % 45.40 % - 1,979 - (117 ) 416 Shufersal (5) 26.02 % 26.02 % 33.56 % 28,111 23,013 5,215 297 - Quality (3) 50.00 % 50.00 % 50.00 % 2,101 1,869 185 (583 ) 876 La Rural S.A. 50.00 % 50.00 % 50.00 % 203 101 102 144 (44 ) TGLT 30.50 % - - 2,059 - (116 ) - - Cresca S.A. (4) 50.00 % 50.00 % 50.00 % 21 20 (16 ) 18 1 Mehadrin 45.41 % 45.41 % 45.41 % - 4,845 - (111 ) 1,276 Gav-Yam 34.90 % - - 27,277 - (786 ) - - Other associates and joint ventures - - - 9,318 7,200 (3,136 ) (1,834 ) 2,368 Total associates and joint ventures 75,111 36,212 8,821 (7,757 ) 613 Last financial statement issued Name of the entity Place of business / Main Common Share capital Income / Shareholders’ New Lipstick United States Real Estate N/A - (*) 179 (*) (31) BHSA (1) Argentina Financing 448,689,072 (***) 1,500 (***) (1,272 ) (***) 13,186 Condor (2) United States Hotel 2,245,100 (*) 232 (*) (9 ) (*) 86 PBEL India Real Estate (**) 1 (**) (2) (**) - (**) (2) Shufersal (5) Israel Retail 123,917,650 (**) 1,399 (**) 310 (**) 1,930 Mehadrin Israel Agriculture N/A N/A N/A N/A Gav-Yam Israel Real Estate 639,727 (**) 1,356 (**) 411 (**) 3,496 Quality (3) Argentina Real Estate 163,039,244 326 370 4,140 La Rural S.A. Argentina Event organization and others 714,498 1 224 327 TGLT Argentina Real Estate 279,502,813 925 (311 ) 6,004 N/A: Not applicable. (1) BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 8.45 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. (2) Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is US$ 4.07 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) Cresca is a joint venture between the Company and Carlos Casado S.A. with agricultural operations in Paraguay. (5) 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, 2019. (*) Amounts presented in millions of US dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest will a three-month lag including any material adjustments, if any. (**) Amounts in millions of NIS. (***) Amounts as of June 30, 2020, prepared in accordance with BCRA’ regulations. For the purpose of the valuation of the investment in the Company, the adjustments necessary to adequate the Financial Statements to IFRS have been considered |
Schedule of significant joint ventures | Current assets Non-current assets Current liabilities Non-current liabilities Net assets % of ownership interest held Interest in associates / joint ventures Goodwill and others Book value As of June 30, 2020 Associates BHSA 76,869 43,610 102,290 4,629 13,560 29.91 % 4,056 17 4,073 Gav-Yam 41,963 165,878 19,791 117,752 70,298 34.90 % 24,534 2,743 27,277 Shufersal 73,348 187,032 91,899 129,224 39,257 26.02 % 10,213 17,898 28,111 Joint ventures Quality Invest (ii) 4 5,525 87 1,302 4,140 50.00 % 2,070 31 2,101 As of June 30, 2019 Associates BHSA 87,812 31,989 89,513 15,287 15,001 29.91 % 4,487 35 4,451 PBEL 3,173 853 632 12,128 (8,734 ) 45.00 % (3,930 ) 5,910 1,980 Shufersal 51,741 89,475 54,708 54,794 31,714 26.02 % 8,253 14,761 23,014 Joint ventures Quality Invest (ii) 24 4,921 118 1,152 3,675 50.00 % 1,838 32 1,870 Mehadrin 11,890 15,318 13,068 3,719 10,421 45.41 % 4,733 112 4,846 Revenues Net income / (loss) Total comprehensive income / (loss) Dividends distributed to non-controlling shareholders Cash of operating activitie Cash of investment activities Cash of financial activities Net increase / (decrease) in cash and cash equivalents Year ended June 30, 2020 (i) Associates BHSA 13,033 (1,272 ) (1,272 ) - 4,656 37 (3,465 ) 1,228 Gav-Yam 11,551 6,765 5,456 3,587 5,086 (5,723 ) 15,869 15,232 Shufersal 218,000 5,046 4,500 1,435 21,874 (2,709 ) (13,793 ) 5,372 Joint ventures Quality Invest (ii) 4 5,525 87 1,302 4,140 1 2,070 31 Year ended June 30, 2019 (i) Associates BHSA 24,306 2,426 2,426 358 11,348 (2,917 ) (7,209 ) 1,222 PBEL 12 (260 ) (319 ) - 57 239 (306 ) (10 ) Shufersal 165,640 3,165 3,148 2,448 4,457 (11,530 ) 1,396 (5,677 ) Joint ventures Quality Invest (ii) 35 (1,167 ) (1,167 ) - (124 ) - 124 - Mehadrin 17,330 775 819 - 671 (277 ) (1,262 ) (868 ) (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 Ps. 40 million, payable in two installments of Ps. 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 Ps. 71 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses. (iii) Information under BCRA Standards except for the book value of the interest in the associate, goodwill and others. |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Investment Properties [Abstract] | |
Schedule of investment properties | 06.30.20 06.30.19 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 45,415 289,601 38,116 325,559 Reclassifications of previous periods (IFRS 16) - 426 - - Currency translation adjustment (670 ) 53,460 59 (3,001 ) Additions 3,621 1,838 5,165 6,446 Additions of capitalized leasing costs 4 16 11 4 Depreciation of capitalized leasing costs (i) (6 ) (9 ) (9 ) (4 ) Transfers 6,116 (28,781 ) 849 1,135 Disposals (1,740 ) (13,412 ) (2,122 ) (3,676 ) Balance incorporated by business combination - 244 - - Deconsolidation (1,694 ) (155,846 ) - - Capitalized finance costs - - 217 16 Net gain / (loss) from fair value adjustment 28,523 3,061 3,129 (36,878 ) Fair value at the end of the year 79,569 150,598 45,415 289,601 (i) Amortization charges of capitalized leasing costs were included in “Costs” in the Statements of Income (Note 27) (ii) Ps. 1,694 corresponde a La Maltería y Ps. 155,846 a Gav-Yam. |
Schedule of balance by type of investment property | 06.30.20 06.30.19 Leased out farmland 4,129 2,633 Rental properties 191,175 287,149 Undeveloped parcels of land 27,534 33,713 Properties under development 7,329 11,521 Total 230,167 335,016 |
Schedule of recognized in the Statements of Income | 06.30.20 06.30.19 06.30.18 Rental and services income 22,131 30,504 27,869 Direct operating expenses (8,983 ) (8,385 ) (7,699 ) Development expenses 121 (87 ) (4,206 ) Net realized gain from fair value adjustment of investment property 1,080 822 527 Net unrealized gain / (loss) from fair value adjustment of investment property 30,380 (38,568 ) 23,554 |
Schedule of fair value measurements of investment properties | Sensitivity (i) 06.30.20 06.30.19 Description Valuation technique Parameters Range fiscal year 2019 / (2018) Increase Decrease Increase Decrease Rental properties in Israel - Offices (Level 3) Discounted cash flows Discount rate 7.50% to 9.75% / (406 ) 539 (7.00% to 9.00% ) (3,816 ) 4,353 Weighted average rental value per square meter (m2) per month, in NIS NIS 77 / (NIS 63)/ 366 (366 ) 6,713 (6,713 ) Rental properties in Israel - Commercial use (Level 3) Discounted cash flows Discount rate 7.50% to 7.80% / (198 ) 261 (7.00% to 9.00%) (1,931 ) 2,207 Weighted average rental value per square meter (m2) per month, in NIS NIS 41 / (NIS 87) 165 (165 ) 3,047 (3,047 ) Rental properties in Israel - Industrial use (Level 3) Discounted cash flows Discount rate N/A N/A N/A (7.75% to 9.00%) (717 ) 815 Weighted average rental value per square meter (m2) per month, in NIS N/A / (NIS 31) N/A N/A 1,731 (1,731 ) Rental properties in USA - HSBC Building (Level 3) Discounted cash flows Discount rate 4.75% / (6.25%) (6,059 ) 7,507 (2,181 ) 2,31 Weighted average rental value per square meter (m2) per month, in US$ $US 79 /(US$ 73) 6,284 (6,284 ) 4,772 (4,772 ) Rental properties in USA - Las Vegas project (Level 3) Discounted cash flows Discount rate 6.50% / (8.50%) (1,792 ) 2,512 (467 ) 493 Weighted average rental value per square meter (m2) per month, in US$ $US 25 /(US$ 33) (1,307 ) 1,307 586 (586 ) Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 12.18% / (12.10% ) (4,252 ) 5,207 (4,668 ) 5,821 Growth rate 2.3% / (3%) 2,027 (1,655 ) 2,195 (1,761 ) Inflation (*) 8,852 (7,282 ) 4,088 (3,742 ) Devaluation (*) (4,115 ) 5,030 (4,338 ) 6,237 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) Ps. 30,148 / (Ps. 14,312) 2,159 (2,159 ) 1,336 (1,336 ) % of incidence 30% / (30%) 7,196 (7,196 ) 4,458 (4,458 ) Properties under development in Israel (Level 3) Estimated fair value of the investment property after completing the construction Weighted average construction cost per square meter (m2) in NIS 5,787 NIS/m2 / (5,787 NIS/m2) Annual weighted average discount rate 7.00% to 9.00% / (1,307 ) 1,307 (7.00% to 9.00%) (918 ) 918 (*) For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 59.81 (corresponding to the year ended June 30, 2020) and arriving at Ps.243.89. In the long term, a nominal devaluation rate of 2.1% 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, 2020) and stabilizes at 23.2% after 5 years. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 10% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | Changes in the Group’s property, plant and equipment for the years ended June 30, 2018 and 2017 were as follows: Owner occupied farmland (i) Bearer plant (v) Buildings and facilities Machinery and equipment Communication networks Others (ii) Total Balance as of June 30, 2018 18,198 1,166 4,900 763 21,383 5,663 52,073 Costs 20,035 1,450 11,690 2,322 87,309 10,920 133,726 Accumulated depreciation (1,837 ) (284 ) (6,790 ) (1,559 ) (65,926 ) (5,257 ) (81,653 ) Net book amount at June 30, 2018 18,198 1,166 4,900 763 21,383 5,663 52,073 Currency translation adjustment (545 ) (55 ) 89 96 (550 ) (364 ) (1,329 ) Additions 793 582 549 147 4,599 2,353 9,023 Transfers 652 - 950 19 - - 1,621 Disposals (436 ) - (1 ) (3 ) (43 ) (24 ) (507 ) Depreciation charge (iii) (229 ) (294 ) (510 ) (140 ) (3,792 ) (1,810 ) (6,775 ) Balance as of June 30, 2019 18,433 1,399 5,977 882 21,597 5,818 54,106 Costs 20,498 1,978 13,278 2,581 91,315 12,884 142,534 Accumulated depreciation (2,065 ) (579 ) (7,301 ) (1,699 ) (69,718 ) (7,066 ) (88,428 ) Net book amount at June 30, 2019 18,433 1,399 5,977 882 21,597 5,818 54,106 Additions 761 312 507 82 3,417 1,775 6,854 Disposals (120 ) - (64 ) (6 ) (3,197 ) (111 ) (3,498 ) Desconsolidation - - (423 ) (594 ) - (44 ) (1,061 ) Incorporation by business combination 7,151 - 1,614 377 - 332 9,474 Currency translation adjustment (887 ) (238 ) 447 189 3,551 1,229 4,291 Transfers (1,336 ) (2 ) (1,141 ) (34 ) 377 (378 ) (2,514 ) Depreciation charge (i) (271 ) (343 ) (477 ) (107 ) (4,631 ) (1,867 ) (7,696 ) Balance as of June 30, 2020 23,731 1,128 6,440 789 21,114 6,754 59,956 Costs 30,627 1,885 13,554 4,743 100,931 13,563 165,303 Accumulated depreciation (6,896 ) (757 ) (7,114 ) (3,954 ) (79,817 ) (6,809 ) (105,347 ) Net book amount at June 30, 2020 23,731 1,128 6,440 789 21,114 6,754 59,956 (i) On January 9, 2017, the INRA released a report declaring that Las Londras farm (4565 ha.), with a book value of Ps. 540 as of June 30, 2020, is within the area of the “Guarayos Forestry Reserve” and establishes that the property of Agropecuaria Acres del Sud S.A. should be reduced to 50 hectares, while the remaining acreage would be reverted upon as a fiscal land once the process is concluded. It should be noted that the report is preliminary and is subject to appeal by the interested parties. The Company exercising its rights presented an administrative filing and within the associations of producers that the company is part of. Recently a census was ordered in the affected area, but no definitive resolution was issued to delimit the reservation. At the same time, a claim was made to our sellers to respond for eviction by virtue of the declarations and guarantees granted at the time of the sale of the property. (ii) Includes furniture and fixtures and vehicles. (iii) Amortization charge was recognized in the amount of Ps. 5,909 and Ps. 5,631 under “Costs”, in the amount of Ps. 784 and Ps. 409 under “General and administrative expenses” and Ps. 1,533 and Ps. 114 under “Selling expenses” as of June 30, 2019 and 2018, respectively in the Statements of Income (Note 27) and Ps. 738 and Ps. 583 were capitalized as part of biological assets’ cost. In addition, a charge of Ps. 912 and Ps. 2,200 was recognized under “Discontinued operations” as of June 30, 2020 and 2019, respectively. (iv) See Note 4. Includes other non-significant business combinations. (v) Corresponds to the plantation of sugarcane with a useful life of more than one year. |
Trading properties (Tables)
Trading properties (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trading Properties [Abstract] | |
Schedule of trading properties | Completed Properties Undeveloped Total As of June 30, 2018 5,846 12,124 4,116 22,086 IFRS 15 adjustments (1,558 ) (6,767 ) - (8,325 ) Additions - 3,603 61 3,664 Currency translation adjustment (633 ) (499 ) (217 ) (1,349 ) Transfers 3,470 (2,803 ) (614 ) 53 Impairment - - (46 ) (46 ) Capitalized finance costs - 17 - 17 Disposals (4,439 ) (3,283 ) - (7,722 ) As of June 30, 2019 2,686 2,392 3,300 8,378 Additions 24 1,640 563 2,227 Capitalized finance costs - 93 - 93 Currency translation adjustment 302 33 543 878 Transfers 1,238 (990 ) (33 ) 215 Desconsolidation - (155 ) - (155 ) Disposals (2,226 ) (2,185 ) (53 ) (4,464 ) As of June 30, 2020 2,024 828 4,320 7,172 06.30.20 06.30.19 Non-current 4,856 7,855 Current 2,316 523 Total 7,172 8,378 (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 Ps. 407 as of June 30, 2020 and 2019, respectively. Additionally, the Group has contractual obligations not provisioned related to these plot of lands committed when certain properties were acquired or real estate projects were approved, and amount to Ps. 432 and Ps. 578, respectively. Both projects are expected to be completed in 2029. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | Goodwill Trademarks Licenses Customer Information Contracts and Total Balance as of June 30, 2018 7,105 6,842 2,615 5,117 3,742 2,575 27,996 Costs 7,105 7,265 9,718 15,399 6,995 6,753 53,235 Accumulated depreciation - (423 ) (7,103 ) (10,282 ) (3,253 ) (4,178 ) (25,239 ) Net book amount at June 30, 2018 7,105 6,842 2,615 5,117 3,742 2,575 27,996 Assets incorporated by business combination (i) - - - - 31 - 31 Impairment (184 ) - - - - - (184 ) Currency translation adjustment (189 ) (200 ) (97 ) (312 ) (87 ) 53 (832 ) Transfers - - - - 3 (3 ) - Additions - - - 15 1,531 2,190 3,736 Disposals - - - - (61 ) - (61 ) Depreciation charge (i) - (125 ) (216 ) (1,669 ) (1,305 ) (1,353 ) (4,668 ) Balance as of June 30, 2019 6,732 6,517 2,302 3,151 3,854 3,462 26,018 Costs 6,732 7,064 9,621 15,102 8,412 8,993 55,924 Accumulated depreciation - (547 ) (7,319 ) (11,951 ) (4,558 ) (5,531 ) (29,906 ) Net book amount at June 30, 2019 6,732 6,517 2,302 3,151 3,854 3,462 26,018 Additions - - - - 1,572 2,965 4,537 Disposals - - - (18 ) (137 ) - (155 ) Deconsolidation (3,259 ) - - - (22 ) - (3,281 ) Transfers 1 - - - 9 (64 ) (54 ) Assets incorporated by business combination 11 - - 38 19 - 68 Currency translation adjustment 2,336 1,233 397 432 665 692 5,755 Depreciation charge (i) - (122 ) (279 ) (1,128 ) (1,705 ) (1,462 ) (4,696 ) Balance as of June 30, 2020 5,821 7,628 2,420 2,475 4,255 5,593 28,192 Costs 5,821 8,421 11,289 23,731 8,043 13,751 71,056 Accumulated depreciation - (793 ) (8,869 ) (21,256 ) (3,788 ) (8,158 ) (42,864 ) Net book amount at June 30, 2020 5,821 7,628 2,420 2,475 4,255 5,593 28,192 (i) Amortization charge was recognized in the amount of Ps. 343 and Ps. 1,052 under “Costs”, in the amount of Ps. 1, 653 and Ps. 2,265 under “General and administrative expenses” and Ps. 2,700 and Ps. 2,238 under “Selling expenses” as of June 30, 2020 and 2019, respectively in the Statements of Income (Note 27). In addition, a charge of Ps. 529 was recognized under “Discontinued operations” as of June 30, 2019. |
Summary of subsequent cash flows estimated based on the long-term growth rate | 06.30.19 Net value of the CGU net of taxes NIS 294 Value of the net operating assets of the telecommunications CGU of Israel (including brands and excluding goodwill) NIS 3,668 Value of goodwill of the CGU NIS 268 Annual discount rate after tax 8.5 % Long-term growth rate 1.5 % Long-term market share 25 % ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) NIS 55.50 Annual net discount rate after taxes 9.20 % ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) NIS 53 |
Rights of use of assets (Tables
Rights of use of assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Rights Of Use Of Assets Tables Abstract | |
Schedule of the composition of the rights of use of the Group´s assets | 06.30.20 06.30.19 Farmland 2,027 - Offices, shopping malls and other buildings 4,116 - Communication networks 11,004 - Machinery and equipment 34 - Others 4,747 - Right-of-use assets 21,928 - Non-current 21,928 - Total 21,928 - |
Schedule of changes in the Group´s rights of use | 06.30.20 IFRS 16 initial adjustments 16,374 Additions (i) 8,859 Disposals (4 ) Transfer 164 Previsions 69 Amortization charges (5,388 ) Currency translation adjustment 1,779 Deconsolidation (42 ) Valorization 117 Total saldo al cierre 21,928 (i) Includes incorporation by business combination |
Schedule of depreciation charge for rights of use | 06.30.20 06.30.19 Farmland 254 - Offices, shopping malls and other buildings 538 - Communication networks 3,155 - Others 1,018 - Depreciation charge of right-of-use assets 4,965 - |
Schedule of other charges to income related to rights of use | 06.30.20 Right-of-use interests (134 ) Results from short-term leases 19,610 Results from variable leases not recognized as lease liabilities 797 |
Schedule of average discount rate and the term of liability for lease recognized | Agricultural business Operations Center Argentina Operations Center Israel Average discount rate Maturity date Average discount rate Maturity date Average discount rate Maturity date 6.9 % 2022-2050 10,61 % 2023-2041 3 % 2022-2090 |
Biological assets (Tables)
Biological assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Biological Assets [Abstract] | |
Schedule of changes biological assets | Agricultural business Sown land-crops Sugarcane fields Breeding cattle and cattle for sale Dairy cattle Other cattle Others Total Level 1 Level 3 Level 3 Level 2 Level 2 Level 2 Level 1 Balance as of June 30, 2018 131 587 1,003 2,164 - 124 33 4,042 Non-current (Production) - - - 1,944 - 35 33 2,012 Current (Consumable) 131 587 1,003 220 - 89 - 2,030 Balance as of June 30, 2018 131 587 1,003 2,164 - 124 33 4,042 Purchases - - - 134 - 336 - 470 Changes by transformation (131 ) 131 - - - - - - Initial recognition and changes in the fair value of biological assets (i) - 1,635 552 (10 ) - 111 - 2,288 Decrease due to harvest - (7,338 ) (2,435 ) - - - - (9,773 ) Sales - - - (707 ) - (3 ) - (710 ) Consumptions - - - (6 ) - (384 ) (4 ) (394 ) Costs for the year 140 6,743 2,002 832 - 18 5 9,740 Foreign exchange gain / (loss) - 3 (29 ) (37 ) - - - (63 ) Balance as of June 30, 2019 140 1,761 1,093 2,370 - 202 34 5,600 Non-current (Production) - - - 1,744 - 27 34 1,805 Current (Consumable) 140 1,761 1,093 626 - 175 - 3,795 Balance as of June 30, 2019 140 1,761 1,093 2,370 - 202 34 5,600 Transfers (145 ) 145 - - - - - - Purchases - - - 176 - 110 - 286 Initial recognition and changes in the fair value of biological assets (i) - 1,312 1,243 182 - 77 - 2,814 Decrease due to harvest - (9,520 ) (3,448 ) - - - - (12,968 ) Sales - - - (1,608 ) - (1 ) - (1,609 ) Consumptions - - - (4 ) - (359 ) (7 ) (370 ) Costs for the period year 439 7,544 2,369 1,074 - - 5 11,431 Incorporation by business combination - 62 - - - - - 62 Foreign exchange gain / (loss) (191 ) (233 ) (229 ) (61 ) - - - (714 ) Balance as of June 30, 2020 243 1,071 1,028 2,129 - 29 32 4,532 Non-current (Production) - - - 1,700 - 27 32 1,759 Current (Consumable) 243 1,071 1,028 429 - 2 - 2,773 Balance as of June 30, 2020 243 1,071 1,028 2,129 - 29 32 4,532 (i) Biological assets with a production cycle of more than one year (that is, cattle) generated “Initial recognition and changes in fair value of biological assets” amounting to Ps. 259 and Ps. 101 for the fiscal years ended June 30, 2020 and 2019, respectively. For the fiscal years ended June 30, 2020 and 2019, amounts of Ps. 271 and Ps. (93), was attributable to price changes, and amounts of Ps. (12) and Ps. 194, was attributable to physical changes generated by production result, respectively. |
Schedule of presents main parameters | Sensitivity (i) 06.30.20 06.30.19 Description Valuation technique Parameters Range fiscal year 2018 Increase Decrease Increase Decrease Cattle (Level 2) Comparable market prices Price per livestock head/kg and per category Sown land-crops (Level 3) Discounted cash flows Yields - Operating costs - Selling expenses - Future of sale prices Argentina Yields: 0.61 - 11.05 tn./ha. 86 (86 ) 177 (177 ) Future of sale prices: 9,283 - 19,964 $/tn 123 (123 ) 239 (239 ) Operating cost: 2,126 - 20,781 $/ha (51 ) 51 (99 ) 99 Bolivia: Yields: 5.00 tn./ha. - - 9 (9 ) Future of sale prices: 160 US$/tn. - - 19 (19 ) Operating cost: 56 US$./ha. - - (10 ) 10 Sugarcane fields (Level 3) Discounted cash flows Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate Brazil: Yields: 84.40 tn/ha 142 (142 ) 176 (176 ) Future of sale prices: 94.04 Rs./tn. 207 -207 256 (256 ) Operating cost: 60.16 Rs./tn. (160 ) 160 (199 ) 199 Bolivia: Yields: 65 - 104 tn./ha. 13 (13 ) - - Future of sale prices: 22.56 US$/tn 27 (27 ) (3 ) 3 Operating cost: 445 - 461 US$/ha. (15 ) 15 3 (3 ) (i) Sensitivities for the biological assets measured at Level 3 have been modeled considering a 10% change in the indicated variable, all else being equal. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Schedule of inventories | 06.30.20 06.30.19 Crops 2,697 2,929 Materials and supplies 1,675 1,426 Seeds and fodders 275 300 Sugarcane 4 - Beef - 149 Agricultural inventories 4,651 4,804 Good for resale and supplies - 3 Telephones and others communication equipment 1,714 1,569 Fruit 2,705 - Others - 27 Total inventories 9,070 6,403 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Financial Instruments By Category [Abstract] | |
Schedule of financial assets and financial liabilities | Financial assets at fair value through profit or loss Financial assets at amortized cost (i) Level 1 Level 2 Level 3 Subtotal financial assets Non-financial assets Total June 30, 2020 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 57,759 - - - 57,759 17,134 74,893 Investment in financial assets: - Equity securities in public companies - 574 230 - 804 - 804 - Equity securities in private companies - - - 2,909 2,909 - 2,909 - Deposits 956 61 - - 1,017 - 1,017 - Bonds - 7,823 1,444 - 9,267 - 9,267 - Mutual funds - 4,455 - - 4,455 - 4,455 - Others - 2,213 810 232 3,255 - 3,255 Derivative financial instruments: - Crops options contracts - 86 - - 86 - 86 - Crops future contracts - 15 - - 15 - 15 - Foreign-currency options contracts - - - - - - - - Foreign-currency future contracts - 16 128 - 144 - 144 - Swaps - - 17 - 17 - 17 - Warrants - - - 142 142 - 142 - Others 61 - 20 - 81 - 81 Restricted assets (ii) 8,145 - - - 8,145 - 8,145 Financial assets held for sale - Clal - 3,377 - - 3,377 - 3,377 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 27,031 - - - 27,031 - 27,031 - Short-term investments 63,765 10,130 - - 73,895 - 73,895 Total assets 157,717 28,750 2,649 3,283 192,399 17,134 209,533 Financial liabilities at fair value Financial liabilities at amortized cost Level 1 Level 2 Level 3 Subtotal financial liabilities Non-financial liabilities Total June 30, 2020 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 30,928 - - - 30,928 7,881 38,809 Borrowings (excluding finance lease liabilities) (Note 22) 418,807 - - - 418,807 - 418,807 Finance lease obligations (Note 22) - - - - - - - Derivative financial instruments: - Crops options contracts - 71 - - 71 - 71 - Crops futures contracts - 37 - - 37 - 37 - Crops options contracts - 171 50 - 221 - 221 - Swaps - - 95 - 95 - 95 - Forwards - - 61 - 61 - 61 - Others - - 956 20 976 - 976 Total liabilities 449,735 279 1,162 20 451,196 7,881 459,077 Financial assets at fair value through profit or loss Financial assets at amortized cost (i) Level 1 Level 2 Level 3 Subtotal financial assets Non-financial assets Total June 30, 2019 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 17) 49,341 - - - 49,341 13,547 62,888 Investment in financial assets: - Equity securities in public companies - 1,367 197 - 1,564 - 1,564 - Equity securities in private companies - - - 2,610 2,610 - 2,610 - Deposits 5,301 51 - - 5,352 - 5,352 - Bonds - 22,430 1,518 966 24,914 - 24,914 - Mutual funds - 10,289 - - 10,289 - 10,289 - Others - 3,411 623 500 4,534 - 4,534 Derivative financial instruments: - Crops futures contracts - 13 - - 13 - 13 - Swaps - - 16 - 16 - 16 - Warrants - - - 136 136 - 136 - Crops options contracts - 46 - - 46 - 46 - Foreign-currency options contracts - 43 - - 43 - 43 - Foreign-currency future contracts - 3 41 - 44 - 44 - Others - - 17 - 17 - 17 Restricted assets (ii) 10,808 - - - 10,808 - 10,808 Financial assets held for sale - Clal - 22,638 - - 22,638 - 22,638 Cash and cash equivalents (excluding bank overdrafts): - Cash on hand and at bank 10,142 - - - 10,142 - 10,142 - Short-term investments 74,873 4,289 - - 79,162 - 79,162 Total assets 150,465 64,580 2,412 4,212 221,669 13,547 235,216 Financial liabilities at amortized Financial liabilities at fair value Subtotal financial Non-financial cost (i) Level 1 Level 2 Level 3 liabilities liabilities Total June 30, 2019 Liabilities as per Statement of Financial Position Trade and other payables (Note 20) 26,444 - - - 26,444 8,685 35,129 Borrowings (excluding finance lease liabilities) (Note 22) 477,432 - - - 477,432 - 477,432 Finance lease obligations (Note 22) 366 - - - 366 - 366 Derivative financial instruments: - Crops futures contracts - 103 - - 103 - 103 - Foreign-currency contracts - 36 - - 36 - 36 - Crops options contracts - 89 - - 89 - 89 - Swaps - - 192 - 192 - 192 - Others - - 1,246 69 1,315 - 1,315 Total liabilities 504,242 228 1,438 69 505,977 8,685 514,662 (i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 22). (ii) Corresponds to deposits in guarantee and escrows. |
Schedule of book value of financial instruments recognized | 06.30.20 06.30.19 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) 60,296 (2,537 ) 57,759 51,753 (2,412 ) 49,341 Financial liabilities Trade and other payables 33,465 (2,537 ) 30,928 28,856 (2,412 ) 26,444 |
Schedule of income, expense, gains and losses on financial instruments | Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2020 Interest income 1,059 - 1,059 Interest earned on operating assets 1,782 - 1,782 Interest expenses (24,357 ) - (24,357 ) Foreign exchange loss (10,197 ) - (10,197 ) Dividends income 168 - 168 Fair value gains financial assets at fair value through profit or loss - (9,862 ) (9,862 ) Gain from repurchase of Non-convertible Notes 2,885 - 2,885 Gain on financial instruments derived from commodities - 439 439 Results from derivative financial instruments, net - (1,493 ) (1,493 ) Other financial income 236 - 236 Other financial results (1,439 ) - (1,439 ) Net result (i) (29,863 ) (10,916 ) (40,779 ) Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2019 Interest income 983 - 983 Interest earned on operating assets 841 - 841 Interest expenses (21,893 ) - (21,893 ) Foreign exchange loss 2,633 - 2,633 Dividends income 97 - 97 Fair value gains financial assets at fair value through profit or loss - 2,797 2,797 Gain / (loss) from repurchase of Non-convertible Notes 74 - 74 Gain on financial instruments derived from commodities - 446 446 Results from derivative financial instruments, net - 477 477 Other financial income 695 - 695 Other financial results (971 ) - (971 ) Net result (i) (17,541 ) 3,720 (13,821 ) Financial assets and liabilities at amortized cost Financial assets and liabilities at fair value through profit or loss Total June 30, 2018 Interest income 1,267 - 1,267 Interest earned on operating assets 156 - 156 Interest expenses (19,564 ) - (19,564 ) Foreign exchange loss (19,587 ) - (19,587 ) Dividends income 209 - 209 Fair value loss in financial assets at fair value through profit or loss - (1,834 ) (1,834 ) Loss from repurchase of Non-convertible Notes (5,908 ) - (5,908 ) Results from derivative financial instruments, net - (743 ) (743 ) Loss from repurchase of Non-convertible Notes - (4 ) (4 ) Gain on financial instruments derived from commodities - 56 56 Other financial results (1,078 ) - (1,078 ) Net result (i) (44,505 ) (2,525 ) (47,030 ) |
Schedule of changes in Level 3 instruments | Derivative financial instruments - Forwards Investments in financial assets - Private companies’ securities Investments in financial assets - Others Investments in financial assets - Warrants Total Balance as of June 30, 2018 (51 ) 2,597 2,064 - 4,610 Additions and acquisitions - 172 - - 172 Transfer to level 1 (ii) - 153 (197 ) 103 59 Currency translation adjustment - (65 ) (31 ) 19 (77 ) Gains and losses recognized in the year (i) (18 ) (247 ) (370 ) 14 (621 ) Balance as of June 30, 2019 (69 ) 2,610 1,466 136 4,143 Additions and acquisitions - 35 - - 35 Transfer to level 1 (ii) - - - 351 351 Currency translation adjustment (7 ) 476 106 245 820 Write off - - (977 ) (610 ) (1,587 ) Gains and losses recognized in the year (i) 56 (212 ) (363 ) 20 (499 ) Balance as of June 30, 2020 (20 ) 2,909 232 142 3,263 (i) Included within “Financial results, net” in the Statements of income. (ii) The Group transferred a financial asset measured at fair value from level 3 to level 1, because it began trading in the stock exchange. |
Schedule of range of valuation models for the measurement of Level 2 and Level 3 instruments | Description Pricing model / method Parameters Fair value hierarchy Range Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Investments in financial assets - Other private companies’ securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. Level 3 1 - 3.5 Investments in financial assets - Others Discounted cash flows - Theoretical price Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. Level 3 1 - 3.5 Derivative financial instruments Forwards Theoretical price Underlying asset price and volatility Level 2 and 3 - (*) 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. |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other receivables [abstract] | |
Schedule of trade and other receivables | 06.30.20 06.30.19 Trade, leases and services receivable 45,922 42,794 Less: allowance for doubtful accounts (3,850 ) (2,706 ) Total trade receivables 42,072 40,088 Prepaid expenses 11,839 8,462 Guarantee deposits 3 3 Tax credits 1,548 1,632 Borrowings granted, deposits, and other balances 7,642 4,192 Others 7,939 5,805 Total other receivables 28,971 20,094 Total trade and other receivables 71,043 60,182 Non-current 27,326 21,730 Current 43,717 38,452 Total 71,043 60,182 |
Schedule of allowance for doubtful accounts | 06.30.20 06.30.19 Beginning of the year 2,706 1,861 IFRS 15 adjustments - 194 Recoveries (i) (113 ) (92 ) Used during the year (720 ) (472 ) Additions (i) 1,081 806 Currency translation adjustment 1,103 646 Deconsolidation (20 ) - Incorporation by business combination (180 ) - Transfer to / from assets available for sale 18 - Inflation adjustment (25 ) (237 ) End of the year 3,850 2,706 (i) The creation and release of the provision for impaired receivables have been included in “Selling expenses” in the Statements of Income (Note.27). |
Schedule of an aging analysis of past due unimpaired and impaired receivables | Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Leases and services 599 67 115 2,622 787 4,190 9.2 % Consumer financing - - - - 16 16 0.0 % Sale of properties and developments 189 5 5 5,606 1 5,806 12.6 % Sale of communication equipment - - - 13,674 468 14,142 30.8 % Telecommunication services 1,485 - 447 12,240 2,535 16,707 36.4 % Agricultural products 1,571 264 122 3,027 43 5,027 10.9 % Securities to deposit 3 - - 31 - 34 0.1 % Total as of 06.30.20 3,847 336 689 37,200 3,850 45,922 100 % Expired Up to 3 months From 3 to 6 months Over 6 months Not past due Allowance Total % of representation Agricultural products 91 - 19 1,561 32 1,703 4.0 % Shopping leases and services 344 15 13 780 21 1,173 2.7 % Office leases and services 420 124 176 2,758 472 3,950 9.2 % Hotel leases and services - - - 147 - 147 0.3 % Consumer financing - - - - 23 23 0.1 % Sale of communication equipment - - - 14,234 204 14,438 33.7 % Sale of properties and developments 86 14 14 6,883 26 7,023 16.4 % Telecommunication services 1,604 - 495 10,310 1,928 14,337 33.6 % Total as of 06.30.19 2,545 153 717 36,673 2,706 42,794 100 % |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Cash Flow Information [Abstract] | |
Schedule of cash flows generated | Note 06.30.20 06.30.19 06.30.18 (Loss) / Profit for the period 20,003 (40,729 ) 27,420 Profit from discontinued operations (18,085 ) (7,140 ) (36,441 ) Adjustments for: Income tax 23 8,107 780 (9,964 ) Amortization and depreciation 27 16,425 10,822 9,741 (Gain) / Loss from disposal of property, plant and equipment - (3 ) 4 Net (gain) / loss from fair value adjustment of investment properties (30,992 ) 37,746 (18,971 ) Share-based compensation 211 63 89 Net gain / (loss) from fair value adjustment of financial assets 1,026 (419 ) (1,199 ) Loss from disposal of property, plant and equipment - (3 ) - Loss from disposal of intangible assets - (13 ) - Disposal of intangible assets by TGLT agreement - - (3 ) Gain / (Loss) from disposal of subsidiary and associates 247 (983 ) (860 ) Loss from disposal of trading properties - (639 ) - Impairment of other assets 2,470 317 - Financial results, net 41,973 13,239 37,705 Provisions and allowances 1,271 1,491 2,365 Share of loss / (profit) of associates and joint ventures (8,662 ) 7,328 3,452 Loss from revaluation of receivables arising from the sale of farmland - - (200 ) (Gain) / Loss from repurchase of Non-convertible Notes 1 - 3 Changes in net realizable value of agricultural products after harvest (657 ) 43 (745 ) Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest (3,333 ) (2,294 ) (1,869 ) Unrealized gain from derivative financial instruments 36 293 267 Other operating results 262 157 - Gain from disposal of farmlands (838 ) (665 ) (1,656 ) Impairment of associates and joint ventures - 184 - Result from the revaluation of the participation held before the business combination (3,501 ) - (93 ) Granting Plan of actions - - 3 Changes in operating assets and liabilities: Decrease in inventories 722 (730 ) (1,025 ) Decrease in trading properties 930 1,392 1,265 Increase in restricted assets (1,165 ) (203 ) - Increase in right-of-use assets (1,053 ) - - Increase in lease liabilities 59 - - Decrease / (increase) in trade and other receivables 10,826 2,473 82 Decrease in trade and other payables (6,161 ) (3,562 ) 1,212 Decrease in salaries and social security liabilities (280 ) (16 ) 296 Decrease in provisions (1,603 ) (427 ) (525 ) Decrease in biological assets 5,188 1,263 1,572 Net variation in derivative financial instruments 109 157 (209 ) Net cash generated by continuing operating activities before income tax paid 33,536 19,922 11,716 Net cash generated by discontinued operating activities before income tax paid 2,848 6,354 14,120 Net cash generated by operating activities before income tax paid 36,384 26,276 25,836 |
Schedule of deconsolidation or reclassification of assets and liabilities | 06.30.20 06.30.19 Investment properties 155,602 (9,743 ) Property, plant and equipment (7,776 ) (62,036 ) Trading properties 155 - Intangible assets 3,232 (13,759 ) Investments in associates and joint ventures 2,517 (812 ) Biological assets (74 ) - Deferred income tax 1 (269 ) Trade and other receivables (8,668 ) (26,404 ) Right-of-use assets (3,977 ) - Investment in financial assets 13,544 (6,329 ) Derivative financial instruments (37 ) (51 ) Inventories (2,170 ) (13,110 ) Restricted assets 214 (203 ) Trade and other payables 2,218 50,898 Lease liabilities 2,077 - Salaries and social security liabilities 70 5,312 Borrowings (87,016 ) 46,804 Provisions 46 960 Income tax and MPIT liabilities (99 ) 16 Deferred income tax liabilities (19,882 ) 6,217 Employee benefits 107 2,790 Net amount of non-cash assets incorporated / held for sale 50,084 (19,719 ) Cash and cash equivalents (4,393 ) (12,350 ) Non-controlling interest 50,745 16,296 Goodwill 347 164 Net amount of assets incorporated / held for sale 96,783 (15,609 ) Interest held before acquisition - (1,049 ) Seller financing - (84 ) Foreign exchange losses - 602 Fair value of interest held before business combination - (1,259 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale 96,783 (17,399 ) |
Schedule of detail of significant non-cash transactions | 06.30.20 06.30.19 06.30.18 Dividends not collected (401 ) (300 ) (252 ) Increase in investment properties through an increase in borrowings - 234 - Decrease in trade and other receivables through an increase in investments in subsidiaries, associates and joint ventures - 3,354 - Decrease in participation in subsidiaries, associates and joint ventures due to transient conversion differences (1,565 ) 928 (4,185 ) Increase in trade and other receivables through an increase in investments in associates and joint ventures - - 16 Increase in property, plant and equipment through a decrease in investment property - 20 - Increase in property, plant and equipment through an increase in trade and other payables 739 853 1,921 Decrease in trade and other receivable through an increase in investments in associates and joint venture - - 447 Registration of investment properties through a reduction of credits for sale and other credits - 574 77 Increase in properties for sale through an increase in borrowings 12 17 - Increase in properties for sale through a decrease in investment properties - 97 23 Purchase of non-controlling interest through reduction of credits for sale and other credits 711 1,048 - Decrease in associates and joint ventures through an increase in trade and other receivable - 1,198 - Changes in non-controlling interest through a decrease in trade and other receivables - - 3,069 Distribution of dividends to non-controlling shareholders pending payment 1,761 (340 ) 3,400 Increase in property, plant and equipment through a business combination - - (2,004 ) Increase in property, plant and equipment through increased borrowings - 6 20 Increase in non-current trade and other receivables through an increase in current and non-current borrowings - - 243 Decrease in investments in associates and joint ventures through dividends pending collection - - 24 Increase of trading properties through an interest capitalization - - 24 Increase of investment properties through an interest capitalization - - 40 Decrease in associates and joint ventures through an increase in assets held for sale 2,071 - 97 Increase in investments in associates and joint ventures through a decrease in investments in financial assets - - 9 Dividend payment through increased business debt - - 17 Transfers of property, plant and equipment to investment properties - - (1,269 ) Grants Action Plan - - 3 Increase in Investment Properties through an increase in Other reserves due to the difference between cost and fair value. - - 47 Increase in financial operations through a decrease in investments in associates and joint ventures - - 144 Increase in trading properties through an increase in trade and other payables - - 137 Increase in trading properties through a decrease in credits - - 69 Increase in investment properties through a decrease in trading properties - - 785 Increase in participation in subsidiaries, associates and joint ventures due to an increase in the reserve share-based payments (4 ) - - Decrease in loans through a decrease in financial assets 2,454 - - Increase in investment properties through a decrease in financial assets 278 - - Increase in intangible assets through an increase in trade and other payabels 494 - - Increase in investment in associates through loss of control in subsidiaries 1,335 - - Distribution of dividends on shares 589 - - Acquisition of investment properties through a decrease in trade and other receivables 28 - - Issuance of Negotiable Obligations 21 - - Increase in investment properties through an increase in borrowings 81 - - Increase of use-rights through a decrease in property, plant and equipment - - - Increase in investments in financial assets through a decrease in investments in associates and joint ventures - - - Increase in investment in associates through a decrease in investments in financial assets 854 - - Increase in investments in financial assets through a decrease in investment properties 1,188 - - Dividends pending collection from associates and joint ventures - - - Increase in investments in financial assets through a decrease in investment properties - - - Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) 14,124 - - Increase in rights of use through an increase in lease liabilities 8,091 - - |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other payables [abstract] | |
Schedule of trade and other payables | 06.30.20 06.30.19 Trade 22,650 19,672 Sales, rental and services payments received in advance 1,972 6,407 Construction obligations 407 1,331 Accrued invoices 1,221 1,705 Deferred incomes 142 - Admission rights 1,017 - Deposits in guarantee 101 - Total trade payables 27,510 29,115 Dividends payable to non-controlling shareholders 355 569 Taxes payable 745 1,355 Construction obligations - 1,451 Management fees (Note 32) 190 - Others 10,009 2,639 Total other payables 11,299 6,014 Total trade and other payables 38,809 35,129 Non-current 2,986 2,830 Current 35,823 32,299 Total 38,809 35,129 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Provisions [abstract] | |
Schedule of provisions | Legal claims (i) Investments in associates Site dismantling and Onerous contracts (iv) Other provisions (v) Total June 30, 2018 2,344 5,453 367 - 2,122 10,286 Additions 659 17 - - 272 948 Recoveries (104 ) (7 ) - - - (111 ) Share of profit / (loss) of associates and joint ventures - 3,733 - - - 3,733 Used during the year (339 ) - (15 ) - - (354 ) Inflation adjustment (106 ) - - - - (106 ) Currency translation adjustment (27 ) (535 ) (10 ) - 131 (441 ) As of June 30, 2019 2,427 8,661 342 - 2,525 13,955 Additions 470 - 33 - - 503 Transfers (18 ) - - - - (18 ) Incorporated by business combinations 57 - - - - 57 Share of profit / (loss) of associates and joint ventures - (7,461 ) - - - (7,461 ) Used during the year (698 ) (1,018 ) - - (181 ) (1,897 ) Inflation adjustment (80 ) - - - - (80 ) Currency translation adjustment 369 (165 ) 72 - 199 475 As of June 30, 2020 2,527 17 447 - 2,543 5,534 06.30.20 06.30.19 Non-current 3,091 11,478 Current 2,443 2,477 Total 5,534 13,955 (i) Additions and recoveries are included in “Other operating results, net” (ii) Corresponds to the equity interest in New Lipstick with negative equity in 2019 and Puerto Retiro in 2020 and 2019. Additions and recoveries are included in “Share of profit / (loss) of associates and joint ventures”. (iii) The Group’s companies are required to recognize certain costs related to the dismantling of assets and remediation of sites from the places where such assets are located. The calculation of such expenses is based on the dismantling value for the current year, taking into consideration the best estimate of future changes in prices, inflation, etc. and such costs are capitalized at a risk-free interest rate. Volume projections for retired or built assets are recast based on expected changes from technological rulings and requirements. (iv) Provisions for other contractual obligations include a series of obligations resulting from a contractual liability or law, regarding which there is a high degree of uncertainty as to the terms and the necessary amounts to discharge such liability. (v) In November 2009, PBC’s Audit Committee and Board of Directors approved the agreement with Rock Real whereby the latter would look for and propose to PBC the acquisition of commercial properties outside Israel, in addition to assisting in the negotiations and management of such properties. In return, Rock Real would receive 12% of the net income generated by the acquired property. Pursuant to amendment 16 of the Israel Commercial Act 5759-1999, the agreement must be ratified by the Audit Committee before the third year after the effective date; otherwise, it expires. The agreement has not been ratified by the audit committee within such three-year term, so in January 2017 PBC issued a statement that hinted at the expiration of the agreement and informed that it would begin negotiations to reduce the debt. The parties have appointed an arbitrator that should render a decision on the dispute. The remaining corresponds to provisions related to investment properties. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Borrowings [abstract] | |
Schedule of borrowings | Book value Fair value 06.30.20 06.30.19 06.30.20 06.30.19 Non-convertible notes 343,028 395,552 276,854 389,689 Bank loans and others 69,884 74,140 58,954 72,638 Bank overdrafts 4,283 1,431 3,233 1,431 Other borrowings (i) 1,612 6,675 6,506 9,235 Total borrowings (ii) 418,807 477,798 345,547 472,993 Non-current 320,418 397,414 Current 98,389 80,384 Total 418,807 477,798 (i) Includes financial leases for Ps. 366 as of June 30, 2019. (ii) Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Schedule of maturity of the Group's borrowings | 06.30.20 06.30.19 Principal: Less than one year 96,414 75,709 Between 1 and 2 years 64,197 64,202 Between 2 and 3 years 110,333 48,517 Between 3 and 4 years 35,896 109,928 Between 4 and 5 years 32,328 41,489 More than 5 years 77,375 132,823 416,543 472,668 Interest: Less than one year 1,962 4,329 Between 1 and 2 years 76 56 Between 2 and 3 years 89 54 Between 3 and 4 years 28 254 Between 4 and 5 years 44 27 More than 5 years 65 44 2,264 4,764 Finance lease obligations - 366 418,807 477,798 |
Schedule of evolution of borrowing | 06.30.20 06.30.19 Balance at the beginning of the year 477,798 488,156 Borrowings 47,777 55,708 Payment of borrowings (72,590 ) (54,274 ) Collection / (Payment) of short term loans, net (2,459 ) 2,248 Interests paid (21,909 ) (20,059 ) Accrued interests 24,357 21,893 Cumulative translation adjustment and exchange differences, net 74,853 (1,433 ) Deconsolidation (95,443 ) 8,751 Changes in fair value of third-party loans - (27 ) Repurchase of non-convertible notes (13,644 ) (8,291 ) Inflation adjustment (997 ) (14,601 ) Incorporation by business combination 1,884 - Transfer to / from assets available for sale (820 ) - Reclassifications and other movements - (273 ) Balance at the end of the year 418,807 477,798 |
Schedule of borrowing by type of fixed-rate and floating-rate | 06.30.20 Argentine Peso Brazilian Reais Bolivian Peso Uruguayan Peso US Dollar NIS Total Fixed rate: Argentine Peso 7,793 - - - - - 7,793 Brazilian Reais - 1,594 - - - - 1,594 US Dollar 86,26 110 - 517 146 (1,162 ) 85,871 Bolivian pesos - - - - - 1,424 1,424 NIS - - - - - 176,617 176,617 Subtotal fixed-rate borrowings 94,053 1,704 - 517 146 176,879 273,299 Floating rate: - Argentine Peso 1,934 - - - - - 1,934 Brazilian Reais - 4,877 - - - - 4,877 US Dollar 3,902 - - - - - 3,902 NIS - - - - - 134,795 134,795 Subtotal floating rate borrowings 5,836 4,877 - - - 134,795 145,508 Total borrowings as per analysis 99,889 6,581 - 517 146 311,674 418,807 Finance lease obligations - - - - - - - Total borrowings as per Statement of Financial Position 99,889 6,581 - 517 146 311,674 418,807 06.30.19 Argentine Peso Brazilian Reais Bolivian Peso Uruguayan Peso US Dollar NIS Total Fixed rate: Argentine Peso 1,456 - - - - - 1,456 Brazilian Reais - 2,265 - - - - 2,265 US Dollar 71,803 6 - 449 121 11,896 84,275 Bolivian pesos - - 4 - - - 4 NIS - - - - - 225,582 225,582 Subtotal fixed-rate borrowings 73,259 2,271 4 449 121 237,478 313,582 Floating rate: - Argentine Peso 1,086 - - - - - 1,086 Brazilian Reais - 2,600 - - - - 2,600 US Dollar 4,002 - - - - - 4,002 NIS - - - - - 156,162 156,162 Subtotal floating rate borrowings 5,088 2,6 - - - 156,162 163,85 Total borrowings as per analysis 78,347 4,871 4 449 121 393,64 477,432 Finance lease obligations 366 - - - - - 366 Total borrowings as per Statement of Financial Position 78,713 4,871 4 449 121 393,64 477,798 |
Schedule of debt issuances of the Group's borrowings | Entity Class Issuance / Amount in original Maturity date Interest Principal payment Interest payment CRESUD Class XXIII feb-18 USD 113 02/16/2023 6.50% n.a. At expiration biannual CRESUD Class XXIV nov-18 USD 73.6 11/14/2020 9.00% n.a. At expiration quarterly CRESUD Class XXV jul-19 USD 59.6 07/11/2021 9.00% n.a. At expiration biannual CRESUD Class XXVI jan-20 ARS 1,095 01/30/2021 Bladar +650pts At expiration quarterly CRESUD Class XXVII jan-20 USD 5.7 07/30/2021 7.45% n.a. At expiration quarterly CRESUD Class XXVIII jan-20 USD 27.5 04/30/2021 9% n.a. At expiration quarterly PBC SERIE I jul-18 NIS 507 06/29/2029 3.95% n.a. At expiration Quarterly (1) PBC SERIE j may-19 NIS 515 12/31/2029 4.15% n.a. At expiration Annual Gav - Yam SERIE H sep-17 NIS 424 06/30/2034 2.55% n.a. Annual payments since 2019 biannual (1) Gav - Yam SERIE A jul-18 NIS 320 10/31/2023 3.55% n.a. Annual payments since 2021 biannual (1) Gav - Yam SERIE H sep-18 NIS 596 06/30/2024 2.55% n.a. Annual payments since 2019 annual (1) Gav - Yam SERIE A dic-18 NIS 351 10/31/2023 3.55% n.a. Annual payments since 2021 biannual Cellcom SERIE L jan-18 NIS 401 01/05/2028 2.5% n.a. Annual payments since 2023 annual (1) Cellcom SERIE K jul-18 NIS 220 07/05/2026 3.55% n.a. Annual payments since 2021 annual (1) Cellcom SERIE K dic-18 NIS 187 01/07/2026 3.55% n.a. Annual payments since 2021 annual Cellcom SERIE L dic-18 NIS 213 01/15/2028 2.50% n.a. Annual payments since 2023 annual IRSA Class I 2nd tranch aug-19 USD 85 11/15/2028 10.00% n.a. At expiration quarterly IRSA Class II aug-19 CLP 31,503 08/06/2020 10.50% n.a. At expiration quarterly (1) IDBD Serie 15 nov-19 NIS 237 06/30/2022 4.70% n.a Two payments quarterly IRSA Class II may-20 ARS 354 02/19/2021 Badlar.+ 0.6%n.a. At expiration quarterly (1) IRSA Cass IV may-20 USD 51 05/19/2021 7% n.a. At expiration quarterly IRSA Class V may-20 USD 9 05/19/2022 9% n.a. At expiration quarterly (1) Corresponds to an expansion of the series. |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax [Abstract] | |
Schedule of income tax | 06.30.20 06.30.19 06.30.18 Current income tax (721 ) (1,938 ) (48 ) Deferred income tax (7,252 ) 1,079 10,229 MPIT (134 ) 79 (217 ) Income tax (8,107 ) (780 ) 9,964 |
Schedule of statutory tax rate | Tax jurisdiction Income tax rate Argentina 25% - 35% Brazil 25% - 34% Uruguay 0% - 25% Bolivia 25% U.S. 0% - 40% Bermudas 0% Israel 23% - 24% |
Schedule of income/loss before income tax | 06.30.20 06.30.19 06.30.18 Tax calculated at the tax rates applicable to profits in the respective countries (5,116 ) 11,154 4,265 Permanent differences: Tax inflation adjustment (4,106 ) (5,826 ) - Share of profit / (loss) of associates and joint ventures 1,724 (1,104 ) (575 ) Unrecognized tax loss carry-forwards (i) (3,094 ) (4,255 ) (4,016 ) Expiration of tax loss carry-forwards 13 - (164 ) Provision for unrecoverability of tax loss carry-forwards (1,997 ) (3,184 ) (1,945 ) Changes in fair value of financial instruments and sale of shares (ii) (1,684 ) 74 (720 ) Change of tax rate 2,858 400 11,767 Non-taxable profit 150 - - Non-deductible expenses (12 ) (26 ) (16 ) Others (638 ) 1,071 1,361 Inflation adjustment permanent difference 3,795 916 7 Income tax from continuing operations (8,107 ) (780 ) 9,964 (i) Corresponds mainly to holding companies in the Operations Center in Israel. |
Schedule of deferred tax assets and liabilities | 06.30.20 06.30.19 Deferred income tax assets to be recovered after more than 12 months 15,748 12,806 Deferred income tax assets to be recovered within 12 months 1,207 2,425 Deferred income tax assets 16,955 15,231 06.30.20 06.30.19 Deferred income tax liabilities to be recovered after more than 12 months (62,318 ) (51,537 ) Deferred income tax liabilities to be recovered within 12 months (3,179 ) (20,114 ) Deferred income tax liabilities (65,497 ) (71,651 ) Total deferred income tax (liabilities) assets, net (48,542 ) (56,420 ) |
Schedule of deferred income tax | At the Business Foreign Charged to Reserve for Deconsolidation Use of tax At the end June 30, 2020 Assets Trade and other payables 5,766 (1 ) 863 (834 ) - - (431 ) 5,363 Tax loss carry-forwards 7,904 - 803 908 - - (83 ) 9,532 Others 1,561 (3 ) 149 276 77 - - 2,060 Subtotal assets 15,231 (4 ) 1,815 350 77 - (514 ) 16,955 Liabilities Investment properties and property, plant and equipment (61,085 ) (558 ) 1,301 (8,904 ) - 204 14,973 (54,069 ) Biological assets (514 ) - 73 (192 ) - - - (633 ) Trade and other receivables (889 ) - - (33 ) - - - (922 ) Investments (73 ) - (80 ) 59 - - - (94 ) Intangible assets (2,266 ) - (510 ) 383 - - - (2,393 ) Tax inflation adjustment (4,385 ) (33 ) - (1,856 ) - - - (6,274 ) Borrowings (1,058 ) - (282 ) 386 - - - (954 ) Inventories (728 ) (3 ) 134 (49 ) - - - (646 ) Others (653 ) (593 ) (543 ) 2,459 - - (182 ) 488 Subtotal liabilities (71,651 ) (1,187 ) 93 (7,747 ) - 204 14,791 (65,497 ) (Liabilities) / Assets, net (56,420 ) (1,191 ) 1,908 (7,397 ) 77 204 14,277 (48,542 ) At the Business Foreign gain Charged to Reclassification Use of tax At the end June 30, 2019 Assets Trade and other payables 4,661 - 193 912 - - 5,766 Tax loss carry-forwards 13,022 - (309 ) (4,809 ) - - 7,904 Others 2,029 - (68 ) (687 ) 287 - 1,561 Subtotal assets 19,712 - (184 ) (4,584 ) 287 - 15,231 Liabilities Investment properties and property, plant and equipment (69,039 ) - 1,059 7,839 64 (1,008 ) (61,085 ) Biological assets (359 ) - 1 (156 ) - - (514 ) Trade and other receivables (536 ) - 3 (356 ) - - (889 ) Investments (30 ) - (13 ) (30 ) - - (73 ) Intangible assets (2,985 ) - 262 457 - - (2,266 ) Tax inflation adjustment - - - (4,385 ) - - (4,385 ) Borrowings (1,286 ) - 93 135 - - (1,058 ) Inventories (202 ) - 30 (556 ) - - (728 ) Others (2,628 ) - 626 1,349 - - (653 ) Subtotal liabilities (77,065 ) - 2,061 4,297 64 (1,008 ) (71,651 ) (Liabilities) / Assets, net (57,353 ) - 1,877 (287 ) 351 (1,008 ) (56,420 ) |
Schedule of loss carry forward | Jurisdiction 06.30.20 Date of generation Due date Argentina 3 2016 2021 Argentina 11 2017 2022 Argentina 2,785 2018 2023 Argentina 1,186 2019 2024 Argentina 4,809 2020 2025 Bolivia 1 2011-2020 Do not expire Do not expire 3,784 Total cumulative tax loss carry-forwards 12,579 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of future aggregate minimum lease non-cancellable operating leases | 06.30.20 06.30.19 06.30.18 No later than 1 year 2,428 9,825 5,750 Later than 1 year and not later than 5 years 5,410 15,160 11,118 More than 5 years 2,397 2,098 2,680 10,235 27,083 19,548 06.30.20 06.30.19 06.30.18 No later than 1 year 1,211 13,216 11,334 Later than 1 year and not later than 5 years 22,063 29,731 51,018 More than 5 years 10,673 21,360 18,625 33,947 64,307 80,977 06.30.20 06.30.19 06.30.18 No later than 1 year 122 87 60 Later than 1 year and not later than 5 years 148 241 160 More than 5 years - 7 17 270 335 237 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Revenues [Abstract] | |
Schedule of revenues | 06.30.20 06.30.19 06.30.18 Beef 6,228 5,764 4,821 Crops 11,462 6,509 5,426 Sugarcane 3,177 2,652 2,049 Cattle 1,326 625 720 Supplies 1,046 766 420 Dairy - 517 237 Consignment 596 576 269 Advertising and brokerage fees 736 929 387 Agricultural rental and other services 922 238 750 Income from agricultural sales and services 25,493 18,576 15,079 Trading properties and developments 5,529 8,079 4,336 Communication services 48,657 42,704 36,514 Sale of communication equipment 16,180 14,803 12,551 Rental and services 19,531 22,689 21,627 Hotel operations, tourism services and others 5,866 3,890 3,159 Total revenues 121,256 110,741 93,266 |
Costs (Tables)
Costs (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Costs [Abstract] | |
Schedule of costs | 06.30.20 06.30.19 06.30.18 Other operative costs 25 24 36 Cost of property operations 25 24 36 Beef 5,087 5,160 4,542 Crops 9,787 6,160 4,393 Sugarcane 2,993 2,311 1,948 Cattle 1,622 725 749 Supplies 837 790 332 Dairy - - 172 Consignment 653 133 67 Advertising and brokerage fees 464 397 307 Agricultural rental and other services 274 266 399 Costs of agricultural sales and services 21,717 15,942 12,909 Trading properties and developments 4,529 6,889 4,206 Communication services 35,136 31,782 26,684 Sale of communication equipment 12,128 10,643 8,505 Rental and services 6,934 7,639 7,280 Hotel operations, tourism services and others 3,502 2,465 2,458 Total costs 83,971 75,384 62,078 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Expenses By Nature [Abstract] | |
Schedule of expenses by nature | Production costs Costs (i) General and administrative expenses Selling expenses Total as of 06.30.20 Leases, services charges and vacant property costs 9 164 33 21 227 Depreciation and amortization 1,372 10,180 2,987 3,258 17,797 Doubtful accounts - 89 - 967 1,056 Advertising, publicity and other selling expenses - 515 - 2,475 2,990 Taxes, rates and contributions 46 687 135 1,329 2,197 Maintenance and repairs 88 4,680 600 428 5,796 Fees and payments for services 33 4,954 1,958 113 7,058 Director’s fees - - 748 - 748 Payroll and social security liabilities 561 7,695 4,851 5,760 18,867 Cost of sale of goods and services - 17,050 - - 17,050 Cost of sale of agricultural products and biological assets - 12,249 - - 12,249 Supplies and labors 8,385 5,275 2 90 13,752 Freights 78 54 - 1,258 1,390 Commissions and bank charges - 6 100 - 106 Conditioning and clearance - - - 179 179 Travel, library expenses and stationery 48 50 76 25 199 Interconnection and roaming expenses - 6,960 - - 6,960 Fees to other operators - 9,711 - - 9,711 Others 811 3,652 777 445 5,685 Total expenses by nature as of 06.30.20 11,431 83,971 12,267 16,348 124,017 Production costs Costs (i) General and administrative expenses Selling expenses Total as of 06.30.19 Leases, services charges and vacant property costs 10 174 57 404 645 Depreciation and amortization 583 6,680 1,792 2,350 11,405 Doubtful accounts - 6 13 645 664 Advertising, publicity and other selling expenses - 585 24 2,315 2,924 Taxes, rates and contributions 50 781 109 1,206 2,146 Maintenance and repairs 99 4,723 652 380 5,854 Fees and payments for services 30 7,332 2,812 200 10,374 Director’s fees - - 1,000 - 1,000 Payroll and social security liabilities 517 7,185 4,578 5,018 17,298 Cost of sale of goods and services - 18,024 - - 18,024 Cost of sale of agricultural products and biological assets - 7,503 - - 7,503 Supplies and labors 7,994 5,134 1 44 13,173 Freights 61 36 - 655 752 Commissions and bank charges - 73 80 3 156 Conditioning and clearance - - - 121 121 Travel, library expenses and stationery 63 60 119 27 269 Interconnection and roaming expenses - 6,064 - - 6,064 Fees to other operators - 8,950 31 - 8,981 Others 333 2,074 884 608 3,899 Total expenses by nature as of 06.30.19 9,740 75,384 12,152 13,976 111,252 Production costs Costs (i) General and administrative expenses Selling expenses Total as of 06.30.18 Leases, services charges and vacant property costs 4 123 49 347 523 Depreciation and amortization 500 5,852 1,552 2,337 10,241 Doubtful accounts - 7 - 676 683 Advertising, publicity and other selling expenses - 693 13 3,258 3,964 Taxes, rates and contributions 53 710 200 949 1,912 Maintenance and repairs 117 4,169 423 247 4,956 Fees and payments for services 13 5,418 2,310 192 7,933 Director’s fees - - 753 - 753 Food, beverage and other lodging expenses - 100 7 23 130 Payroll and social security liabilities 607 6,912 4,651 3,804 15,974 Cost of sale of goods and services - 12,996 - - 12,996 Cost of sale of agricultural products and biological assets - 6,390 - - 6,390 Supplies and labors 4,701 4,668 3 27 9,399 Freights 53 3 - 820 876 Bank commissions and expenses - - 24 - 24 Conditioning and clearance - - - 153 153 Travel, library expenses and stationery 40 7 20 7 74 Interconnection and roaming expenses - 5,241 - - 5,241 Fees to other operators - 6,499 - - 6,499 Others 878 2,290 871 649 4,688 Total expenses by nature as of 06.30.18 6,966 62,078 10,876 13,489 93,409 |
Other operating results, net (T
Other operating results, net (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Other Operating Results Net [Abstract] | |
Schedule of other operating results net | 06.30.20 06.30.19 06.30.18 Gain from commodity derivative financial instruments 439 446 56 (Loss) / Gain from disposal of associates (260 ) 983 860 Fair value of interest held before business combination - - 1,259 Currency translation adjustment reversal - - 476 Operating interest expense 1,782 841 156 Gain from agreement with TGLT - - 189 Contingencies (132 ) (101 ) 1,052 Donations (170 ) (286 ) (170 ) Others (i) 1,111 (782 ) (221 ) Total other operating results, net 2,770 1,101 3,657 (i) As of June 30, 2018, includes the favorable ruling of a trial in the Operations Center in Israel for an amount of approximately Ps. 1,165. Includes legal costs and expenses Includes legal costs and expenses. |
Financial results, net (Tables)
Financial results, net (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Financial Results Net [Abstract] | |
Schedule of financial results net | 06.30.20 06.30.19 06.30.18 Financial income Interest income 1,059 983 1,267 Dividends income 168 97 209 Other financial income 236 695 - Total financial income 1,463 1,775 1,476 Financial costs Interest expenses (24,357 ) (21,893 ) (19,564 ) Loss on debt swap (Note 21) - - (5,908 ) Other financial costs (1,439 ) (971 ) (1,078 ) Less: capitalized financial costs 113 293 173 Total financial costs (25,683 ) (22,571 ) (26,377 ) Other financial results: Exchange differences, net (10,197 ) 2,633 (19,587 ) Fair value results of financial assets and liabilities at fair value through profit or loss (9,862 ) 2,797 (1,834 ) Gain / (Loss) from repurchase of Non-convertible notes 2,885 74 (4 ) (Loss) / Gain from derivative financial instruments (except commodities) (1,493 ) 477 (743 ) Total other financial results (18,667 ) 5,981 (22,168 ) Inflation adjustment 177 (457 ) (321 ) Total financial results, net (42,710 ) (15,272 ) (47,390 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Earning per share [Abstract] | |
Schedule of basic earnings per share | 06.30.20 06.30.19 06.30.18 Loss for the year from continuing operations attributable to equity holders of the parent (2,368 ) (28,334 ) (9,492 ) Profit for the year from discontinued operations attributable to equity holders of the parent 6,297 1,538 15,598 Profit / (Loss) for the year attributable to equity holders of the parent 3,929 (26,796 ) 6,106 Weighted average number of ordinary shares outstanding (499 ) 489 497 Basic earnings per share (7.87 ) (54.79 ) 12.29 |
Schedule of diluted earnings per share | 06.30.18 Loss for the year from continuing operations attributable to equity holders of the parent (9,492 ) Profit for the year from discontinued operations attributable to equity holders of the parent 15,598 Profit for the year per share attributable to equity holders of the parent 6,106 Weighted average number of ordinary shares outstanding 516 Diluted earnings per share 11.82 |
Employee benefits and share-b_2
Employee benefits and share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Employee Benefits And Share-based Payments [Abstract] | |
Schedule of shares outstanding under the incentive plan | 06.30.20 06.30.19 06.30.18 At the beginning 4,966,463 5,485,194 5,834,676 Granted (482,807 ) (518,731 ) (349,482 ) Disposals - - - At the end 4,483,656 4,966,463 5,485,194 |
Schedule of options pending at year-end | DIC Cellcom Exercise price range of outstanding options NIS 6.90 – 12.5 NIS 15.05 – 27.7 Average price of outstanding options NIS 6.72 NIS 17.8 Amount of outstanding options 2,124,000 759,332 Average remaining useful life 4.43 years 3.4 years |
Schedule of severance pay or retirement benefits | June 30, June 30, June 30, Present value of unfunded obligations - 615 703 Present value of funded obligations 1,363 819 825 Total present value of defined benefits obligations (post-employment) 1,363 1,434 1,528 Fair value of plan assets (936 ) (1,245 ) (1,316 ) Recognized liability for defined benefits obligations 427 189 212 Liability for other long-term benefits 793 682 33 Total recognized liabilities 1,220 871 245 Assets designed for payment of employee benefits (773 ) (683 ) - Net position from employee benefits 447 188 245 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Related Party Transaction [Abstract] | |
Schedule of company's senior management | Name Date of birth Position Current position since Alejandro G. Elsztain 03/31/1966 General Manager 1994 Carlos Blousson 09/21/1963 General Manager of Operations in Argentina and Bolivia 2008 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 Alejandro Casaretto 10/15/1952 Regional Agricultural Manager 2008 |
Schedule of balances with related parties | Related party 06.30.20 06.30.19 Description of transaction Agro Uranga S.A. - 13 Sale of goods and / or services receivable New Lipstick LLC 16 14 Reimbursement of expenses receivable (77 ) (63 ) Loans payable - 1,258 Loans granted Condor 269 237 Public companies securities - 21 Dividends receivables Other associates and joint ventures (i) 84 16 Leases and/or rights of use receivable 8 - Leases and/or rights of use payable - 1 Shared-based compensation receivable (27 ) (11 ) Loans payable - 1 Loans granted 203 - Sale of goods and / or services payable 122 11 Reimbursement of expenses (1 ) (6 ) Reimbursement of expenses payable Total associates and joint ventures 597 1,492 CAMSA and its subsidiaries (190 ) - Fees payable 1 43 Reimbursement of expenses receivable BHN Vida (52 ) - Reimbursement of expenses payable LRSA - 35 Leases and/or rights of use receivable - 364 Dividends receivables IRSA Real Estate Strategies LP 116 - Reimbursement of expenses Taaman - (17 ) Leases and/or rights of use payable PBS Real Estate Holdings S.R.L 472 - Financial operations payable Other related parties (ii) - (93 ) Other liabilities - 3 Other receivables (53 ) - - (3 ) Legal services payable 18 - Leases and/or rights of use receivable Total other related parties 312 332 IFISA 6 - Financial operations receivable Total Parent Company 6 - Directors and Senior Management (135 ) (274 ) Fees payable 4 - Total Directors and Senior Management (131 ) (274 ) Total 784 1,550 (i) Includes Agrofy Global, BHSA, Lipstick, Tarshop, Mehadrin, Austral Gold Ltd., Cyrsa S.A., NPSF, Puerto Retiro, Shufersal and Quality. (ii) Includes Estudio Zang, Bergel & Viñes, Lartiyrigoyen, SAMSA and Museo de los Niños. Related party 06.30.20 06.30.19 06.30.18 Description of transaction Agrofy S.A. - 3 13 Management fees / Directory Agro-Uranga S.A. - - 7 Sale of goods and/or services Banco de Crédito y Securitización S.A. 51 54 43 Leases and/or rights of use (5 ) - - Financial operations Condor - - 284 Financial operations Tarshop S.A. - 59 - Leases and/or rights of use ISPRO-MEHADRIN - 30 296 Sale of goods and/or services Other associates and joint ventures 9 59 67 Leases and/or rights of use - - 9 Fees and remunerations (131 ) 30 84 Corporate services 37 10 3 Financial operations Total associates and joint ventures (39 ) 245 806 CAMSA and its subsidiaries (211 ) - (1,456 ) Management fee Taaman - 46 397 Corporate services Willi-Food International Ltd. - - 364 Corporate services Other related parties (i) (4 ) 31 27 Leases and/or rights of use (23 ) (16 ) (23 ) Fees and remunerations - - 11 Corporate services (4 ) (9 ) (9 ) Legal services - 3 63 Financial operations - (33 ) (33 ) Donations Total other related parties (242 ) 22 (659 ) IFISA 5 - 156 Financial operations Total Parent Company 5 - 156 Directors (30 ) (63 ) (40 ) Compensation of Directors and senior management (406 ) (546 ) (480 ) Fees and remunerations Senior Management (17 ) (54 ) (64 ) Compensation of Directors and senior management Total Directors and Senior Management (453 ) (663 ) (584 ) Total (729 ) (396 ) (281 ) (i) Includes Estudio Zang, Bergel & Viñes, Isaac Elsztain e Hijos S.C.A., San Bernando de Córdoba S.A., Fundación IRSA, Hamonet, BHN Sociedad de Inversión, BACS Administradora de Activos S.A., BHN Seguros Generales S.A. and BHN Vida S.A. |
Schedule of transactions with related parties | Related party 06.30.20 06.30.19 Description of transaction Manibil 87 31 Irrevocable contributions Uranga Trading S.A. - 32 Irrevocable contributions Puerto Retiro 17 27 Irrevocable contributions Quality 47 73 Irrevocable contributions Total contributions 151 163 Uranga Trading S.A. - 12 Dividends paid Total dividends paid - 12 Agro-Uranga S.A. 25 28 Dividends received Shufersal 400 663 Dividends received Nave by the sea - 47 Dividends received Banco Hipotecario - 113 Dividends received Condor 32 114 Dividends received Emco 16 86 Dividends received La Rural S.A. - 433 Dividends received Manaman - 106 Dividends received Mehadin - 141 Dividends received Nuevo Puerto Santa Fe S.A. 38 14 Dividends received Gav-Yam 1,334 - Dividends received Total dividends received 1,845 1,745 TGLT S.A. 1,394 - Compra y canje de acciones Gav-Yam 1,334 - Dividends received Total other transactions 2,728 - |
Cost of goods sold and servic_2
Cost of goods sold and services provided (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Cost Of Goods Sold And Services Provided [Abstract] | |
Schedule of cost of sales and services provided | Description Cost of sales and services from agricultural business (i) Cost of sales and services from sales and services from urban properties and investment business (ii) (iii) Total as of 06.30.20 Total as of 06.30.19 Total as of 06.30.18 Inventories at the beginning of the period / year 7,164 10,170 17,334 29,624 34,392 Adjustment previous periods (IFRS 15 and 9) - - - (8,325 ) - Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 2,038 - 2,038 1,275 689 Changes in the net realizable value of agricultural products after harvest 657 - 657 (43 ) 43 Deconsolidation - (155 ) (155 ) (637 ) (14,360 ) Capitalized finance costs - 12 12 17 24 Currency translation adjustment (816 ) 8,262 7,446 (1,935 ) 12,290 Acquisition for business combination - - - - 848 Transfers (355 ) 98 (257 ) 149 (700 ) Harvest 10,639 - 10,639 8,009 6,197 Acquisitions and classifications 8,274 57,605 65,879 66,811 49,286 Consume (2,610 ) - (2,610 ) (4,864 ) 343 Disposals due to sales - (19 ) (19 ) - (23 ) Disposals due to advance in work in progress - 264 264 - - Expenses incurred 3,271 - 3,271 2,613 2,637 Inventories at the end of the period / year (6,545 ) (11,855 ) (18,400 ) (17,334 ) (29,624 ) Costs as of 06.30.20 21,717 64,382 86,099 - - Costs as of 06.30.19 15,942 59,418 - 75,360 - Costs as of 06.30.18 12,909 49,133 - - 62,042 (i) Includes biological assets (see Note 13.) (ii) Includes trade properties (see Note 11). |
Foreign currency assets and l_2
Foreign currency assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Foreign Currency Assets And Liabilities [Abstract] | |
Schedule of foreign currency assets and liabilities | Item (3) / Currency Amount of foreign currency (2) Prevailing exchange rate (1) Total as of 06.30.20 Total as of 06.30.19 Assets Trade and other receivables US Dollar 66 70.26 4,617 4,584 Euros 11 78.87 880 196 Trade and other receivables related parties US Dollar 4 70.26 299 217 Total Trade and other receivables 5,796 4,997 Investment in financial assets US Dollar 55 70.26 3,870 5,428 Pounds 1 86.90 78 69 Total Investment in financial assets 3,948 5,497 Derivative financial instruments US Dollar 1 70.26 82 61 Total Derivative financial instruments 82 61 Cash and cash equivalents US Dollar 221 70.26 15,542 17,064 Euros 20 78.87 1,549 103 Chilean Pesos - - - 1 Total Cash and cash equivalents 17,091 17,168 Total Assets 26,917 27,723 Liabilities Trade and other payables US Dollar 208 70.46 14,687 11,272 Euros 3 87.36 305 51 Total Trade and other payables 14,992 11,323 Borrowings US Dollar 1,308 70.46 92,189 79,458 Total Borrowings 92,189 79,458 Derivative financial instruments US Dollar 4 70.46 288 96 Total Derivative financial instruments 288 96 Total Liabilities 107,469 90,877 (1) Exchange rate as of June 30, of each year according to Banco Nación Argentina records. (2) Considering foreign currencies those that differ from each Group’s functional currency at each year-end. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 15). |
Groups of assets and liabilit_2
Groups of assets and liabilities held for sale (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Groups Of Assets And Liabilities Held For Sale [Abstract] | |
Schedule of groups of assets and liabilities held for sale | 06.30.20 06.30.19 Property, plant and equipment 36,718 6,449 Intangible assets 1,370 136 Investments in associates 224 597 Deferred income tax assets 814 290 Income tax credit 3 - Inventories 355 - Trade and other receivables 2,621 3,003 Cash and cash equivalents 1,711 1,023 Total group of assets held for sale 43,816 11,498 Trade and other payables 10,392 4,845 Salaries and social security liabilities 498 - Employee benefits 386 290 Deferred income tax liability 1,981 51 Provisions 12 - Borrowings 10,380 2,951 Total group of liabilities held for sale 23,649 8,137 Total net financial assets held for sale 20,167 3,361 |
Results from discontinued ope_2
Results from discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Results from Discontinued Operations [Abstract] | |
Results from discontinued operations | 06.30.20 06.30.19 06.30.18 Revenues 21,921 26,148 175,194 Costs (17,950 ) (17,336 ) (127,564 ) Gross profit 3,971 8,812 47,630 Net gain from fair value adjustment of investment properties - 3,990 5,529 General and administrative expenses (1,198 ) (1,212 ) (3,299 ) Selling expenses (977 ) (1,049 ) (32,990 ) Other operating results, net (i) 17,554 250 24,894 Profit from operations 19,350 10,791 41,764 Share of profit of associates and joint ventures 150 289 320 Profit before financial results and income tax 19,500 11,080 42,084 Financial income 191 460 466 Finance costs (1,720 ) (2,651 ) (2,901 ) Other financial results 115 (24 ) (102 ) Financial results, net (1,414 ) (2,215 ) (2,537 ) Profit before income tax 18,086 8,865 39,547 Income tax (1 ) (1,725 ) (3,106 ) Profit for the period from discontinued operations 18,085 7,140 36,441 Profit for the period from discontinued operations attributable to: Equity holders of the parent 6,297 1,538 15,598 Non-controlling interest 11,788 5,602 20,843 Profit per share from discontinued operations attributable to equity holders of the parent: Basic 12.80 3.15 31.40 Diluted 12.29 3.02 30.21 (i) Includes the remediation, at fair value, of the residual holding in Gav-Yam. |
The Group's business and gene_2
The Group's business and general information (Details) - ARS ($) $ in Millions | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||||||
Sep. 30, 2020 | Aug. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2009 | Dec. 31, 2002 | Aug. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Current assets | $ 231,023 | $ 218,757 | |||||||
Current liabilities | 172,861 | 128,063 | |||||||
Non-current liabilities | 391,926 | 470,770 | |||||||
Total equity | 122,153 | 127,201 | $ 176,454 | $ 150,884 | |||||
Equity Attributable to equity holders of the parent | 686,940 | $ 726,034 | |||||||
Ps [Member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Current assets | 188,619 | ||||||||
Non-current assets | 255,865 | ||||||||
Current liabilities | 101,927 | ||||||||
Non-current liabilities | 29,915 | ||||||||
Total equity | 43,407 | ||||||||
Equity Attributable to equity holders of the parent | 2,006 | ||||||||
IRSA [Member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Proportion of ownership interest | 55.64% | 19.85% | |||||||
IDBD Series 9 Bonds [Member] | Nis [member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Capital contributions | 901 | ||||||||
IDBD Series 14 Bonds [Member] | Nis [member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Capital contributions | 889 | ||||||||
IDBD Series 15 Bonds [Member] | Nis [member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Capital contributions | $ 238 | ||||||||
Share capital | 5.00% | ||||||||
DIC [Member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Share capital | 70.00% | ||||||||
IDBD Bondholders [Member] | Nis [member] | Major ordinary share transactions [member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Additioanl inflow from bonds | $ 70 | ||||||||
IDBD [Member] | Nis [member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Capital contributions | $ 210 | ||||||||
IDBD [Member] | Nis [member] | Major ordinary share transactions [member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Amount of sought to require to pay | $ 70 | ||||||||
Israel Business Center [Member] | Ps [Member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Net value | $ 2,006 | ||||||||
Adjustment reserve | $ 1,537 | ||||||||
Operation Center in Argentina [Member] | BHSA [Member] | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Proportion of ownership interest | 29.91% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Summary of Significant Accounting Policies [Abstract] | |||
Annual price variation | 43.00% | 56.00% | 29.00% |
Percentage of cumulative | 128.00% |
Summary of significant accoun_5
Summary of significant accounting policies (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Non-current assets | ||||
Investment properties | $ 230,167 | $ 335,016 | ||
Right-of-use assets | 21,928 | |||
Investment in associates and joint ventures | (75,128) | (44,870) | ||
Trade and other receivables | 27,326 | 21,730 | ||
Total non-current assets | 455,917 | 507,277 | ||
Total current assets | 231,023 | 218,757 | ||
TOTAL ASSETS | 686,940 | 726,034 | ||
Non-controlling interest | 96,994 | 103,159 | ||
TOTAL SHAREHOLDERS' EQUITY | 122,153 | 127,201 | $ 176,454 | $ 150,884 |
Non-current liabilities | ||||
Lease liabilities | 15,194 | |||
Total non-current liabilities | 391,926 | 470,770 | ||
Current liabilities | ||||
Lease liabilities | 5,661 | |||
Trade and other payables | (2,986) | (2,830) | ||
Group of liabilities held for sale | 23,649 | 8,137 | ||
Total Current liabilities | 172,861 | 128,063 | ||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 686,940 | $ 726,034 | ||
July 1, 2018 [Member] | ||||
Non-current assets | ||||
Investment properties | 426 | |||
Right-of-use assets | 16,374 | |||
Investment in associates and joint ventures | (1,979) | |||
Trade and other receivables | 81 | |||
Total non-current assets | 14,902 | |||
Income tax and MPIT credit | 17 | |||
Groups of assets held for sale | 3,121 | |||
Trade and other receivables | (169) | |||
Total current assets | 2,969 | |||
TOTAL ASSETS | 17,871 | |||
Shareholders' equity attributable to equity holders of the parent | (814) | |||
Retained earnings | (1,352) | |||
Non-controlling interest | (2,166) | |||
Non-current liabilities | ||||
Lease liabilities | 12,221 | |||
Total non-current liabilities | 12,221 | |||
Current liabilities | ||||
Lease liabilities | 4,574 | |||
Trade and other payables | (68) | |||
Group of liabilities held for sale | 3,310 | |||
Total Current liabilities | 7,816 | |||
TOTAL LIABILITIES | 20,037 | |||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 17,871 | |||
IFRS 16 Impact [Member] | July 1, 2018 [Member] | ||||
Non-current assets | ||||
Investment properties | 426 | |||
Right-of-use assets | 16,374 | |||
Investment in associates and joint ventures | ||||
Trade and other receivables | 81 | |||
Total non-current assets | 16,881 | |||
Income tax and MPIT credit | 17 | |||
Groups of assets held for sale | 3,121 | |||
Trade and other receivables | (169) | |||
Total current assets | 2,969 | |||
TOTAL ASSETS | 19,850 | |||
Shareholders' equity attributable to equity holders of the parent | (117) | |||
Retained earnings | (70) | |||
Non-controlling interest | (187) | |||
Non-current liabilities | ||||
Lease liabilities | 12,221 | |||
Total non-current liabilities | 12,221 | |||
Current liabilities | ||||
Lease liabilities | 4,574 | |||
Trade and other payables | (68) | |||
Group of liabilities held for sale | 3,310 | |||
Total Current liabilities | 7,816 | |||
TOTAL LIABILITIES | 20,037 | |||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 19,850 | |||
IAS 28 Impact [Member] | ||||
Non-current assets | ||||
Investment properties | ||||
Right-of-use assets | ||||
Investment in associates and joint ventures | (1,979) | |||
Trade and other receivables | ||||
Total non-current assets | (1,979) | |||
Income tax and MPIT credit | ||||
Groups of assets held for sale | ||||
Trade and other receivables | ||||
Total current assets | ||||
TOTAL ASSETS | (1,979) | |||
Shareholders' equity attributable to equity holders of the parent | (697) | |||
Retained earnings | (1,282) | |||
Non-controlling interest | (1,979) | |||
Non-current liabilities | ||||
Lease liabilities | ||||
Total non-current liabilities | ||||
Current liabilities | ||||
Lease liabilities | ||||
Trade and other payables | ||||
Group of liabilities held for sale | ||||
Total Current liabilities | ||||
TOTAL LIABILITIES | ||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ (1,979) |
Summary of significant accoun_6
Summary of significant accounting policies (Details 2) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Araucaria Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Araucária Ltda. | |||
Cajueiro Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Cajueiro Ltda. | |||
Ceibo Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Ceibo Ltda. | |||
Cremaq Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Cremaq Ltda. | |||
Engenho De Maracaju Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Engenho de Maracajú Ltda. | |||
Flamboyant Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Flamboyant Ltda. | |||
Jaborandi Agricola Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Jaborandi Agrícola Ltda. | |||
Jaborandi Propriedades Agricolas S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Jaborandi Propriedades Agrícolas S.A. | |||
Mogno Ltda. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | 99.99% | |
Description of equity interest | Mogno Ltda. | |||
Palmeiras S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | ||
Description of equity interest | Palmeiras S.A. | |||
Agropecuaria Morot S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 99.99% | 99.99% | ||
Description of equity interest | Agropecuaria Morotí S.A. | |||
Amauta Agro S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Principal activity | Brokerage | |||
% of ownership interest held by the Group | [1] | 98.57% | 98.57% | 98.57% |
Description of equity interest | Amauta Agro S.A. | |||
FYO Acopio S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Principal activity | Warehousing and brokerage | |||
% of ownership interest held by the Group | [1] | 98.57% | 98.57% | 98.57% |
Description of equity interest | FyO Acopio S.A. | |||
FYO Chile Spa. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Chile | |||
Principal activity | Brokerage | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | FyO Chile SPA | |||
Agropecuaria Acres Del Sud S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bolivia | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | [2] | 100.00% | 100.00% | 100.00% |
Description of equity interest | Agropecuaria Acres del Sud S.A. | |||
Ombu Agropecuaria S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bolivia | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Ombú Agropecuaria S.A. | |||
Yatay Agropecuaria S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bolivia | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Yatay Agropecuaria S.A. | |||
Yuchan Agropecuaria S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bolivia | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | [2] | 100.00% | 100.00% | 100.00% |
Description of equity interest | Yuchán Agropecuaria S.A. | |||
Sedelor S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Principal activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Sedelor S.A. | |||
Codalis S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Principal activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Codalis S.A. | |||
Alafox S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Principal activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Alafox S.A. | |||
Agropecuaria Santa Cruz S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Brazil | |||
Principal activity | Agricultural | |||
% of ownership interest held by the Group | [3] | 33.55% | 43.29% | 43.29% |
Description of equity interest | Brasilagro-CompanhIa Brasileira de Propriedades Agrícolas | |||
Sociedad Anonima Carnes Pampeanas S.A [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Principal activity | Agro-industrial | |||
% of ownership interest held by the Group | [2] | 100.00% | 100.00% | 100.00% |
Description of equity interest | Sociedad Anónima Carnes Pampeanas S.A. | |||
Futuros Y Opciones.com S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Principal activity | Brokerage | |||
% of ownership interest held by the Group | 50.10% | 50.10% | 59.59% | |
Description of equity interest | Futuros y Opciones.Com S.A. | |||
Helmir S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Principal activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Helmir S.A. | |||
IRSA Inversiones y Representaciones Sociedad Anónima [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Principal activity | Real State | |||
% of ownership interest held by the Group | [2] | 61.95% | 62.35% | 63.74% |
Description of equity interest | IRSA Inversiones y Representaciones Sociedad Anónima | |||
Agropecuaria Morotí S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Principal activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Agropecuaria Santa Cruz S.A. | |||
[1] | Includes interest directly held through Cresud. | |||
[2] | Includes interest indirectly held through Helmir. | |||
[3] | The Group exercises "de facto control" over Brasilagro as a result of (i) the percentage and concentration of voting rights of the Group, as well as the potential voting rights of the warrants held by the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, (iii) the record of attendance to Shareholders' Meetings and the record of votes casted by the other shareholders; and (iv) the effective control exercised by the Group to direct Brasilagro's relevant activities through its seat in the Board of Directors. See Note 7 for further information regarding to Brasilagro. |
Summary of significant accoun_7
Summary of significant accounting policies (Details 3) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
IRSA CP [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | [1] | 80.65% | 83.80% | 86.34% |
Description of equity interest | IRSA CP | |||
E-commerce Latina S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | E-Commerce Latina S.A. | |||
Efanur S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Efanur S.A. | |||
Hoteles Argentinos S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Hotel | |||
% of ownership interest held by the Group | 100.00% | 0.80% | 0.80% | |
Description of equity interest | Hoteles Argentinos S.A. | |||
Inversora Bolivar S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Inversora Bolívar S.A. | |||
Llao Llao Resorts S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Hotel | |||
% of ownership interest held by the Group | [2] | 50.00% | 50.00% | 50.00% |
Description of equity interest | Llao Llao Resorts S.A. | |||
Nuevas Fronteras S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Hotel | |||
% of ownership interest held by the Group | 76.34% | 76.34% | 76.34% | |
Description of equity interest | Nuevas Fronteras S.A. | |||
Palermo Invest S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Palermo Invest S.A. | |||
Ritelco S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Ritelco S.A. | |||
Tyrus S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Tyrus S.A. | |||
U.T. IRSA And Galerias Pacifico [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Investment | |||
% of ownership interest held by the Group | [2] | 50.00% | 50.00% | 50.00% |
Description of equity interest | UT IRSA y Galerías Pacífico S.A. | |||
Arcos Del Gourmet S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 90.00% | 90.00% | 90.00% | |
Description of equity interest | Arcos del Gourmet S.A. | |||
Emprendimiento Recoleta S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 53.68% | 53.68% | 53.68% | |
Description of equity interest | Emprendimiento Recoleta S.A. | |||
Fibesa S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | [3] | 100.00% | 100.00% | 100.00% |
Description of equity interest | Fibesa S.A. | |||
Panamerican Mall S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 80.00% | 80.00% | 80.00% | |
Description of equity interest | Panamerican Mall S.A. | |||
Shopping Neuquen S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 99.95% | 99.92% | 99.92% | |
Description of equity interest | Shopping Neuquén S.A. | |||
Torodur S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Torodur S.A. | |||
EHSA [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 70.00% | 70.00% | ||
Description of equity interest | EHSA | |||
Centro De Entretenimiento La Plata [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | ||
Description of equity interest | Centro de Entretenimiento La Plata | |||
DFL and DN BV [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bermudas | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 97.04% | 96.46% | 91.57% | |
Description of equity interest | DFL and DN BV | |||
IRSA International LLC [Member] | ||||
Disclosure of associates [line items] | ||||
Country | United States | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | IRSA International LLC | |||
Jiwin S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Jiwin S.A. | |||
Liveck S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Main activity | Investment | |||
% of ownership interest held by the Group | [4] | 100.00% | 100.00% | 100.00% |
Description of equity interest | Liveck S.A. | |||
Real Estate Investment Group V LP (REIG V) [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bermudas | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | ||
Description of equity interest | Real Estate Investment Group V LP (REIG V) | |||
Real Estate Strategies LLC [Member] | ||||
Disclosure of associates [line items] | ||||
Country | United States | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Real Estate Strategies LLC | |||
Real Estate Investment Group VII LP (REIG VII) [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bermudas | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | ||
Description of equity interest | Real Estate Investment Group VII LP (REIG VII) | |||
IDB Development Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | IDB Development Corporation Ltd. | |||
Discount Investment Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | [5] | 83.72% | 83.72% | 76.57% |
Description of equity interest | Discount Investment Corporation Ltd. | |||
Dolphin IL Investment Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Dolphin IL Investment Ltd. | |||
IDB Tourism (2009) Ltd [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Tourism services | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | IDB Tourism (2009) Ltd. | |||
IDB Group Investment Inc. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | IDB Group Investment Inc | |||
Cellcom [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Telecommunications | |||
% of ownership interest held by the Group | [6] | 46.20% | ||
Description of equity interest | Cellcom Israel Ltd. | |||
Elron Electronic Industries Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 61.06% | 44.10% | 43.14% | |
Description of equity interest | Elron Electronic Industries Ltd. | |||
Bartan Holdings And Investments Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 55.68% | 61.06% | 50.30% | |
Description of equity interest | Bartan Holdings and Investments Ltd. | |||
Epsilon Investment House Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 68.75% | 55.68% | 55.68% | |
Description of equity interest | Epsilon Investment House Ltd. | |||
Gav-Yam Bayside Land Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | [7] | 51.07% | 51.07% | |
Description of equity interest | Gav-Yam Bayside Land Corporation Ltd. | |||
Ispro The Israeli Properties Rental Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Ispro The Israeli Properties Rental Corporation Ltd. | |||
Matam - Scientific Industries Center Haifa Ltd.[Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 50.10% | 50.10% | 50.10% | |
Description of equity interest | Matam - Scientific Industries Center Haifa Ltd. | |||
Hadarim Properties Ltd.[Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Hadarim Properties Ltd. | |||
Property & Building Commercial Centers Ltd.[Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | Property & Building (Commercial Centers) Ltd. | |||
PBC USA Investments Inc [Member] | ||||
Disclosure of associates [line items] | ||||
Country | United States | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Description of equity interest | PBC USA Investments Inc | |||
La Malteria [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | ||
Description of equity interest | La Malteria | |||
Pareto S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Design and software development | |||
% of ownership interest held by the Group | 60.69% | 69.69% | ||
Description of equity interest | Pareto S.A. | |||
Property & Building Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 7240.00% | 6880.00% | 64.40% | |
Description of equity interest | Property & Building Corporation Ltd. | |||
Mehadrin Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Agricultural | |||
% of ownership interest held by the Group | [8] | 43.75% | 68.75% | 68.75% |
Description of equity interest | Mehadrin Ltd. | |||
[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 Galerias Pacifico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. | |||
[3] | Includes interest held through Ritelco S.A. and Torodur S.A. | |||
[4] | Includes Tyrus and IRSA S.A.'s equity interests. | |||
[5] | Includes Tyrus' equity interest. | |||
[6] | DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (47.2%) vis-a-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. | |||
[7] | Control was lost in September 30, 2018 (see Note 4.(k)). | |||
[8] | DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-a-vis other shareholders that are highly atomized. |
Summary of significant accoun_8
Summary of significant accounting policies (Details 4) | 12 Months Ended |
Jun. 30, 2020 | |
Buildings And Facilities [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 5 and 50 years |
Machinery And Equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 3 and 24 years |
Communication Networks [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 4 and 20 years |
Others [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 3 and 25 years |
Summary of significant accoun_9
Summary of significant accounting policies (Details Textual) - ARS ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | |
Summary of Significant Accounting Policies (Textual) | |||
Accumulated inflation rate, description | The standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. Accumulated inflation in Argentina in the last three years is over 100%. | ||
Associates voting rights, description | Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. | ||
Argentine peso suffered, description | During the years ended June 30, 2020, 2019 and 2018, the Argentine Peso suffered a decrease in its value compared to the US dollar and other currencies close to 66%, 45% and 73%, respectively | ||
Description of presentation currency | As of June 30, 2020 and 2019, the exchange rate between the Argentine Peso and the NIS was Ps. 20.34 and Ps. 11.93 per NIS respectively. | ||
Statutory asset tax rate | 1.00% | ||
Minimum presumed income tax payable period | 10 years | ||
Lease liabilities | $ 16,797 | $ 18,395 | |
Top Of Range [Member] | |||
Summary of Significant Accounting Policies (Textual) | |||
Percentage of voting performance | 43.75% | ||
Statutory asset tax rate | 35.00% | 30.00% | |
Bottom of range [member] | |||
Summary of Significant Accounting Policies (Textual) | |||
Percentage of voting performance | 47.20% | ||
Statutory asset tax rate | 21.00% | 25.00% |
Significant judgments, key as_3
Significant judgments, key assumptions and estimates (Details) | 12 Months Ended |
Jun. 30, 2020 | |
Business Combination [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Business combination - Allocation of acquisition prices |
Main assumptions | Assumptions regarding timing, amount of future revenues and expenses, revenue growth, expected rate of return, economic conditions, and discount rate, among other. |
Potential implications | Should the assumptions made be inaccurate, the recognized combination may not be correct. |
Main references | Note 4 – Acquisitions and dispositions |
Cash Generating [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. |
Main assumptions | 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). |
Potential implications | Should any of the assumptions made be inaccurate; this could lead to differences in the recoverable values of cash-generating units. |
Main references | Note 10 - Property, plant and equipment Note 12 Intangible assets |
Consolidation [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Control, joint control or significant influence |
Main assumptions | 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. |
Potential implications | Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) |
Main references | Note 2.3 – Scope of consolidation |
Estimated Useful Life Of Intangible Assets And Property Plant And Equipment [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Estimated useful life of intangible assets and property, plant and equipment |
Main assumptions | Estimated useful life of assets based on their conditions. |
Potential implications | Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). |
Main references | Note 10 - Property, plant and equipment Note 12 - Intangible assets |
Fair Value Valuation Of Investment Properties [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Fair value valuation of investment properties |
Main assumptions | Fair value valuation made by external appraisers and valuators. See Note 10. |
Potential implications | Incorrect valuation of investment property values |
Main references | Note 9 – Investment properties |
Income Tax [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Income tax |
Main assumptions | 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. |
Potential implications | 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. |
Main references | Note 22 – Taxes |
Allowance For Doubtful Accounts [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Allowance for doubtful accounts |
Main assumptions | 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. |
Potential implications | Improper recognition of charges / reimbursements of the allowance for bad debt. |
Main references | Note 16 – Trade and other receivables |
Level 2 And 3 Financial Instruments [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Level 2 and 3 financial instruments |
Main assumptions | Main assumptions used by the Group are: Discounted projected income by interest rate, Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. Comparable market multiple (EV/GMV ratio). Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). |
Potential implications | Incorrect recognition of a charge to income / (loss). |
Main references | Note 16 – Financial instruments by category |
Probability Estimate Of Contingent Liabilities [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Probability estimate of contingent liabilities. |
Main assumptions | Whether more economic resources may be spent in relation to litigation against the Group, such estimate is based on legal advisors' opinions. |
Potential implications | Charge / reversal of provision in relation to a claim. |
Main references | Note 21 – Provisions |
Qualitative Considerations [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms |
Main assumptions | 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. |
Potential implications | 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. |
Main references | Note 16 – Financial instruments by category (Financial liabilities) |
Biological Assets [Member] | |
Disclosure of financial assets [line items] | |
Estimation | Biological assets |
Main assumptions | Main assumptions used in valuation are yields, production costs, selling expenses, forwards of sales prices, discount rates. |
Potential implications | Wrong recognition/valuation of biological assets. See sensitivities modeled on these parameters in Note 13. |
Main references | Note 13 – Biological assets |
Acquisitions and disposals (Det
Acquisitions and disposals (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Fair value of identifiable assets and assumed liabilities: | |||||
Cash and cash equivalents | $ 100,926 | $ 89,304 | $ 85,938 | $ 73,012 | |
Inventories | 9,070 | 6,403 | |||
Biological assets | 2,773 | 3,795 | |||
Property, plant and equipment | 59,956 | 54,106 | $ 52,073 | ||
Trade and other payables | (38,809) | (35,129) | |||
Borrowings | (98,389) | (80,384) | |||
Payroll and social security liabilities | 4,685 | 3,802 | |||
Provisions | (2,443) | (2,477) | |||
Deferred income tax liabilities | (19,882) | 6,217 | |||
Non-controlling interest | $ 96,994 | $ 103,159 | |||
Cresca S.A. [Member] | |||||
Fair value of identifiable assets and assumed liabilities: | |||||
Cash and cash equivalents | $ 16 | ||||
Trade and other receivables | 387 | ||||
Inventories | 22 | ||||
Biological assets | 74 | ||||
Taxes and contributions to recover | 45 | ||||
Group of assets held for sale | 362 | ||||
Property, plant and equipment | 3,365 | ||||
Trade and other payables | (297) | ||||
Borrowings | (1,884) | ||||
Taxes to pay | (9) | ||||
Payroll and social security liabilities | (43) | ||||
Provisions | (1) | ||||
Deferred income tax liabilities | (423) | ||||
Total identifiable net assets | 1,614 | ||||
Non-controlling interest | |||||
Key pending allocation | 63 | ||||
Total consideration | $ 1,677 |
Acquisitions and disposals (D_2
Acquisitions and disposals (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | |
Fair value of identifiable assets and liabilities incurred | ||||
Investment properties | $ 155,602 | $ (9,743) | ||
Property, plant and equipment | (7,776) | (62,036) | ||
Intangible assets | 3,232 | (13,759) | ||
Investments in associates and joint ventures | 2,517 | (812) | ||
Inventories | 2,170 | 13,110 | ||
Borrowings | 87,016 | (46,804) | ||
Trade and other payables | (2,218) | (50,898) | ||
Provisions | (46) | (960) | ||
Employee benefits | (107) | (2,790) | ||
Cash and cash equivalents | (4,393) | (12,350) | ||
Non-controlling interest | $ (50,745) | $ (16,296) | ||
Mehadrin [Member] | ||||
Fair value of identifiable assets and liabilities incurred | ||||
Investment properties | $ 244 | |||
Property, plant and equipment | 6,108 | |||
Intangible assets | 57 | |||
Investments in associates and joint ventures | 1,879 | |||
Restricted assets | 164 | |||
Income tax receivables | 146 | |||
Trade and other receivables | 10,211 | |||
Rights of use | 4,019 | |||
Derivative financial instruments | 37 | |||
Inventories | 2,503 | |||
Borrowings | (7,363) | |||
Deferred income tax liabilities | (945) | |||
Trade and other payables | (4,711) | |||
Lease liabilities | (2,119) | |||
Provisions | (56) | |||
Employee benefits | (128) | |||
Salaries and social security liabilities | (201) | |||
Income Tax | (18) | |||
Cash and cash equivalents | 2,612 | |||
TOTAL IDENTIFIABLE NET ASSETS | 12,439 | |||
Non-controlling interest | (7,443) | |||
Negative goodwill | [1] | (376) | ||
Write-off of Investments in associates | 3,908 | |||
Cash and cash equivalents | 712 | |||
TOTAL CONSIDERATION | $ 4,620 | |||
[1] | Included in "Other operating income, net" |
Acquisitions and disposals (D_3
Acquisitions and disposals (Details 2) - ARS ($) $ in Millions | Sep. 30, 2019 | Jun. 30, 2018 | |
Gav-Yam [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Cash received | $ 14,261 | ||
Remediation of the fair value of the remaining interest | 32,165 | ||
Total | 46,426 | ||
Net assets disposed including goodwill | (28,128) | ||
Gain from the sale of a subsidiary, net of taxes | [1] | $ 18,298 | |
Shufersal [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Cash received | $ 14,275 | ||
Remediation of the fair value of the remaining interest | 29,271 | ||
Total | 43,546 | ||
Net assets disposed including goodwill | (18,902) | ||
Gain from the sale of a subsidiary, net of taxes | [2] | $ 24,644 | |
[1] | Said results are disclosed within discontinued operations, under the caption "other operating results, net" | ||
[2] | Includes Ps. 5,856 as a result of the sale and Ps. 18,789 as a result of the re-measurement at the fair value of the new stake, both included in discontinued operations. |
Acquisitions and disposals (D_4
Acquisitions and disposals (Details 3) - ARS ($) $ in Millions | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Statement Line Items [Line Items] | ||||
Investment properties | $ 155,602 | $ (9,743) | ||
Property, plant and equipment | (7,776) | (62,036) | ||
Intangible assets | 3,232 | (13,759) | ||
Investments in associates and joint ventures | 2,517 | (812) | ||
Inventories | 2,170 | 13,110 | ||
Cash and cash equivalents | (4,393) | (12,350) | ||
Borrowings | 87,016 | (46,804) | ||
Trade and other payables | (2,218) | (50,898) | ||
Employee benefits | (107) | (2,790) | ||
Non-controlling interest | $ (50,745) | $ (16,296) | ||
Gav-Yam [Member] | ||||
Statement Line Items [Line Items] | ||||
Investment properties | $ 155,846 | |||
Property, plant and equipment | 1,061 | |||
Intangible assets | 3,281 | |||
Right-of-use assets | 42 | |||
Investments in associates and joint ventures | 4,396 | |||
Restricted assets | 378 | |||
Trade and other receivables | 1,157 | |||
Investments in financial assets | 13,544 | |||
Trading properties | 155 | |||
Income tax credit | 190 | |||
Cash and cash equivalents | 10,623 | |||
TOTAL ASSETS | 190,673 | |||
Borrowings | (95,443) | |||
Lease liabilities | 42 | |||
Deferred income tax liabilities | (21,151) | |||
Trade and other payables | (2,398) | |||
Employee benefits | (21) | |||
Salaries and social security liabilities | 63 | |||
Income tax and MPIT liabilities | 125 | |||
TOTAL LIABILITIES | 119,243 | |||
Non-controlling interest | (43,301) | |||
Net assets written off including business key | $ 28,128 | |||
Shufersal [Member] | ||||
Statement Line Items [Line Items] | ||||
Investment properties | $ 10,332 | |||
Property, plant and equipment | 64,484 | |||
Intangible assets | 16,203 | |||
Investments in associates and joint ventures | 892 | |||
Restricted assets | 203 | |||
Trade and other receivables | 32,516 | |||
Investments in financial assets | 280 | |||
Derivative financial instruments | 51 | |||
Inventories | 13,955 | |||
Cash and cash equivalents | 12,404 | |||
TOTAL ASSETS | 151,320 | |||
Borrowings | (47,383) | |||
Lease liabilities | 6,244 | |||
Deferred income tax liabilities | (53,306) | |||
Trade and other payables | (1,025) | |||
Employee benefits | (2,812) | |||
Salaries and social security liabilities | 5,322 | |||
Income tax and MPIT liabilities | 17 | |||
TOTAL LIABILITIES | 116,109 | |||
Non-controlling interest | (16,309) | |||
Net assets written off including business key | $ 18,902 |
Acquisitions and disposals (D_5
Acquisitions and disposals (Details Textual) - ARS ($) $ / shares in Units, $ in Millions | Feb. 04, 2020 | Dec. 10, 2019 | Sep. 02, 2019 | Aug. 08, 2019 | Jul. 11, 2019 | May 02, 2019 | Aug. 14, 2018 | Jun. 16, 2018 | Jun. 13, 2018 | May 03, 2018 | Jun. 30, 2020 | Jun. 29, 2020 | May 31, 2020 | May 29, 2020 | May 18, 2020 | Apr. 30, 2020 | Feb. 29, 2020 | Jan. 27, 2020 | Jan. 26, 2020 | Oct. 30, 2019 | Oct. 29, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | Jul. 02, 2019 | Jun. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Nov. 27, 2018 | Nov. 21, 2018 | Oct. 31, 2018 | Oct. 29, 2018 | Jun. 29, 2018 | Jun. 27, 2018 | Dec. 24, 2017 | Jun. 20, 2017 | Jun. 30, 2020 | Sep. 03, 2020 | Jul. 06, 2020 | Jun. 28, 2020 | Jun. 09, 2020 | Mar. 30, 2020 | Mar. 23, 2020 | Jan. 29, 2020 | Jan. 20, 2020 | Jul. 19, 2019 | Feb. 14, 2019 | May 22, 2018 |
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shares | 2,197,023 | 2,197,023 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends in kind by PBC, description | PBC distributed its entire holding in Mehadrin as a dividend in kind and, as a result, DIC holds, directly, a 31.4% interest in Mehadrin. As a consequence of such transaction, Mehadrin became an associate. | In January and February 2020, DIC purchased approximately 8.8% of Mehadrin’s capital stock, for a total cost of NIS 39 (approximately Ps. 712); therefore, the interest in Mehadrin has increased from 31.4% to approximately 40.2%. Such acquisitions resulted in DIC obtaining control over Mehadrin, by the end of February, as it has the majority votes while the remaining equity interests are distributed among several shareholders. rom April to June 2020, DIC purchased an additional 3.5% interest in Mehadrin for NIS 14 (approximately Ps. 277), increasing its interest to 43.7%. | ||||||||||||||||||||||||||||||||||||||||||||||
Other Sales Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital stock percentage | 7.10% | |||||||||||||||||||||||||||||||||||||||||||||||
Share capital percentage | 4.99% | |||||||||||||||||||||||||||||||||||||||||||||||
Cash price per share value | $ 47.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Other sales agreements, description | Additionally on the same day, IDBD also entered into an agreement with a third unrelated buyer (the “Additional Buyer”), according to which the Additional Buyer will receive an option from IDBD, valid for a period of 50 days, to acquire approximately 4.99% of Clal shares (and not less than 3%), at a price of NIS 47.7 per share (approximately Ps. 602 per share). Subject to the exercise of the option by the Additional Buyer, the price will be paid 10% in cash and the rest through a loan that will be provided to the Additional Buyer by IDBD and / or by a related entity and / or by a banking corporation and / or financial institution, under the agreed conditions. | |||||||||||||||||||||||||||||||||||||||||||||||
Shares were sold | 4,791,618 | |||||||||||||||||||||||||||||||||||||||||||||||
Average price per share | $ 30 | |||||||||||||||||||||||||||||||||||||||||||||||
Description of swap transactions | Dolphin furnished to the financial entities through which IDB carried out the swap transactions of Clal shares in August and November 2018, guarantees of approximately NIS 11 million, which shall be part of the committed deposits that IDB undertook as part of the terms of such transactions. Furthermore, on February 18, it deposited further guarantees in the amount of NIS 9 million. Following the last sale described above, the guarantees were returned. | |||||||||||||||||||||||||||||||||||||||||||||||
Other Sales Agreements [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital stock percentage | 3.50% | 7.10% | ||||||||||||||||||||||||||||||||||||||||||||||
Shares were sold | 2,376,527 | 4,791,618 | ||||||||||||||||||||||||||||||||||||||||||||||
Average price per share | $ 32,475 | $ 30 | ||||||||||||||||||||||||||||||||||||||||||||||
Additional capital amount | $ 772 | |||||||||||||||||||||||||||||||||||||||||||||||
Partial Sale of Equity Interests in Gav-Yam [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Partial sale of equity interests, description | PBC sold an additional 5.14%, approximately, of Gav-Yam shares and, as a result, PBC´s interest in Gav-Yam decreased from 40% to 34.9%. As a consequence of such sales, PBC forfeited its right to nominate the majority members of the Board of Directors and to appoint or remove key management members. Accordingly, PBC has lost its control over Gav-Yam and has de-consolidated such investment since such date. | PBC agreed to sell approximately 4.96% of Gav-Yam´s capital stock to an unrelated third party. Therefore, its interest in Gav-Yam decreased from 34.9% to 29.9% after the consummation of the sales transaction and it was thus able to overcome the questioning from the Ministry of Justice of Israel. | PBC sold approximately 11.7% of Gav-Yam´s capital stock by private agreements. Following this transaction, PBC´s interest in Gav-Yam decreased from 51.7% to 40%. The consideration received for such sale was NIS 46 (approximately $ 6,949, restated as of the date of these financial statements). | |||||||||||||||||||||||||||||||||||||||||||||
Changes in Equity Interest in Shufersal and Loss of Control [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Description of changes in equity interest | DIC announced the sale of a percentage of its stake in Shufersal to institutional investors which was completed on June 21, 2018. The percentage sold amounted to 16.56% and the net amount of the consideration was approximately NIS 848 (equivalent to Ps. 13,845), consequently DIC lost control of Shufersal, so the Group deconsolidated the subsidiary at that date. | DIC sold 7.5% of the total shares of Shufersal to institutional investors for a consideration of NIS 416 million (approximately Ps. 7,266). After this transaction, the group holding went down to 26.02% approximately. The profit for this sale was NIS 27 (approximately Ps. 430). See Note 34 regarding the sale of the entire equity interest. | DIC sold Shufersal shares, decreasing its stake from 53.30% to 50.12%. The consideration with respect to the sale of the shares amounted to NIS 169.5 (equivalent to Ps. 2,148). Both transactions were accounted for as an equity transaction generating an increase in equity attributable to the controlling company for Ps. 727 and Ps. 976, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
Interest Increase in Cellcom [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest increase in Cellcom, description | Cellcom increased its capital stock in consideration for a gross amount of NIS 280 (approximately Ps. 4,918). DIC participated in such increase and disbursed NIS 145.9 (approximately Ps. 2,561) for 6,314,200 shares. | Furthermore, in December 2018, DIC exercised 1.5 million options (Series 1) held by it in Cellcom, for an amount of NIS 31 million (approximately Ps. 527). In December 2019 and February 2020, DIC purchased Cellcom shares for NIS 19 million (approximately Ps. 357). As a consequence of the exercise of the options and the acquisition, DIC interest in Cellcom increased by 0.9%. These transactions were accounted for as equity transactions generating a decrease in the net equity attributable to the controlling company by Ps. 226, restated as of the date of these financial statements. Additionally, on December 5, 2019, Cellcom increased its capital stock with the participation of DIC that purchased almost 50% of the shares issued. The consideration paid amounted to NIS 307 (approximately Ps. 6,011 as of such date). Cellcom issued an aggregate number of 30,600,000 common shares, 7,038,000 Series 3 Options and 6,426,000 Series 4 Options at a price of NIS 1.021 per unit (each unit will represent 100 common shares, 23 Series 3 Options and 21 Series 4 Options). Following the participation of DIC in such issue, the interest percentage was 46.2% of the issued capital stock and approximately 48.5% of the Company´s voting rights (directly and by means of agreements executed with other shareholders of the Company). | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of IDBT Subsidiary [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
IDBT subsidiary, description | IDBT´s Board of Directors approved an agreement to sell 50% of a subsidiary of IDBT, entrusted with tourism operations for Israir, for a total price of NIS 26 (approximately Ps. 506), which transaction was consummated on December 31, 2018. Such transaction does not affect the intention to sell IDBT in its entirety. The Group evaluated maintaining the criteria to classify the investment as a discontinued operation pursuant to IFRS 5. | |||||||||||||||||||||||||||||||||||||||||||||||
Agreement to Sell Plot of Land in USA [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Consideration amount | $ 18 | |||||||||||||||||||||||||||||||||||||||||||||||
Sale of Real Estate [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Sale of real estate, description | Subsidiary of Ispro signed an agreement for the sale of all of its rights in real estate area of approximately 29 dunams (equivalent to 1 hectare), in which there are 12,700 square meters in the northern industrial zone in Yavneh for NIS 86 million, (equivalent to Ps.6,439). Such agreement has already been executed. | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Increase in PBC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest increase in PBC, description | In December 2018 and February 2019, DIC acquired an additional 4.40% of PBC in the market for NIS 81 million (equivalent to Ps.1,435). The present transactions were accounted for as equity transactions, generating an increase in net equity attributable to the controlling company for Ps. 101, restated as of the date of these financial statements. | |||||||||||||||||||||||||||||||||||||||||||||||
Cellcom- Golan Telecom Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Cellcom- Golan Telecom Agreement, description | Cellcom, the shareholders of Golan Telecom and Golan Telecom executed a binding memorandum of understanding for the acquisition of Golan Telecom entire capital stock, for a total amount of NIS 590, payable in 2 installments (NIS 413 at the closing date of the transaction and NIS 177 within a term of 3 years following such closing date). Cellcom shall issue and deposit the Company´s shares for 8.2 million, with a trustee into a trust account (“Shares held in Trust”), as collateral. | |||||||||||||||||||||||||||||||||||||||||||||||
Agreement For the Sale of Ispro [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Consideration amount | $ 885 | |||||||||||||||||||||||||||||||||||||||||||||||
Agreement for the sale of Ispro, description | PBC executed an agreement with another buyer for NIS 800 involving all ISPRO shares and the rights over the loans granted by PBC to ISPRO. As a consequence of the agreement for the sale of ISPRO´s shares, the Group has reclassified net assets totaling Ps. 15,473 as “Group of Assets available for Sale”. Income to be recognized at the time of the consummation of the transaction shall be NIS 47 (equivalent of Ps. 842 as of the current fiscal year-end). | |||||||||||||||||||||||||||||||||||||||||||||||
Deposit amount | 15 | |||||||||||||||||||||||||||||||||||||||||||||||
Additional amount | $ 40 | |||||||||||||||||||||||||||||||||||||||||||||||
Installment amount | $ 40 | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Own Shares by DIC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of own shares by DIC, description | In December 2018, DIC’s Board of Directors approved a plan to buy back DIC shares, for a period of one year, until December 2020 amounting up to NIS 120 million (approximately Ps.2,498). Acquisition of securities shall be carried out in accordance with market opportunities, dates, prices and quantities, as determined by the management of DIC, in such a way that in any event, the public holdings shall be, at any time, at least 10.1% of the total issued share capital of DIC. Since December 2018 as of the fiscal year-end date, DIC acquired 12.2 million shares for a total amount of NIS 119 million (approximately Ps. 2,040). Additionally, in December 2018, minority shareholders of DIC exercised DIC Series 6 options for an amount of NIS 9 million (approximately Ps.174). As a result of the operations described above, the participation of Dolphin IL in DIC increased approximately by 5.4%. The present transactions were accounted for as equity transactions generating a decrease in the equity attributable to the controlling company for Ps. 133, restated as of the date of these financial statements. | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Increase in Elron [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest increase in Elron, description | DIC acquired an additional 9.2% of Elron in the market for NIS 31 million (equivalent to Ps. 557). Additionally, in June 2020, Elron issued shares to the market and third parties unrelated to the Group acquired an interest in the Company in consideration for NIS 26. These transactions were accounted for as an equity transaction generating a decrease in the equity attributable to the controlling company for Ps. 64. | DIC acquired an additional 9.2% of Elron in the market for NIS 31 million (equivalent to Ps. 557). Additionally, in June 2020, Elron issued shares to the market and third parties unrelated to the Group acquired an interest in the Company in consideration for NIS 26. These transactions were accounted for as an equity transaction generating a decrease in the equity attributable to the controlling company for Ps. 64. | ||||||||||||||||||||||||||||||||||||||||||||||
Interest Increase in DIC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest increase in DIC, description | On July 5, 2018, Tyrus acquired 2,062,000 of DIC’s shares in the market for a total amount of NIS 20 million (equivalent to Ps. 490), which represent 1.35% of the Company’s outstanding shares at such date. As a result of this transaction, the Group’s equity interest has increased from 76.57% to 77.92%. This transaction was accounted for as an equity transaction generating an increase in the net equity attributable to the controlling company by Ps. 46, restated as of the date of these financial statements. | |||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares, percentage | 83.77% | |||||||||||||||||||||||||||||||||||||||||||||||
Early Payment of Ispro Bonds [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Early payment of Ispro bonds, description | The Audit Committee and the Board of Directors of Ispro approved the full advance payment of (Tranche B) corporate bonds, traded on the TASE. The aggregate amount was NIS 131 (approximately Ps. 2,465 restated as of the date of these financial statements). The prepayment of these corporate bonds caused Ispro to become a reporting company for TASE and not a listed company. | |||||||||||||||||||||||||||||||||||||||||||||||
Series E Common Shares [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Common shares | 325,752 | 325,752 | ||||||||||||||||||||||||||||||||||||||||||||||
Operations Center in Israel [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Sales and swap transactions, description | On May 1, 2017, August 30, 2017, January 1, 2018, May 3, 2018, August 30, 2018, and January 2, 2019, continuing with the instructions given by the Israel Capital Market, Insurance and Savings Commission, IDBD sold 5% of its stake in Clal on each occasion and 4.5% on the last one respectively, with a subsequent swap transaction with a 2- year expiration term for each transaction. The consideration for the transactions amounted to approximately NIS 944.5, which is partially restricted according to these agreements until the swap expires. These transactions did not meet the de-recognition criteria so the Group maintains the asset as “Financial assets available for sale” and accounted for the loans as a financial liability. On December 16, 2019, Clal made a public capital increase for 12,066,000 shares at a price of NIS 53.87 per share. IDBD did not take part in such transaction. Additionally, on that date, IDBD sold 200,000 Clal shares at a price of NIS 53.95 per share, representing 0.3% of the new capital stock. On December 18, 2019, IDBD sold 617,017 Clal shares at an average price of NIS 53.77 per share, representing 0.9% of the issued capital stock. Furthermore, a swap transaction carried out by IDBD involving 2,771,309 shares expired in December 2019. The closing price was NIS 52.25 per share. A swap transaction involving 751,000 shares expired within the January-March 2020 period. The closing price was NIS 45.09 per share. | |||||||||||||||||||||||||||||||||||||||||||||||
Urban Properties And Investments Business [Member] | Operations Center in Argentina [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution of a dividend in kind, description | General Ordinary Shareholders´ Meeting approved the distribution of a dividend in kind for an equivalent of Ps. 480 (representing Ps. 0.83 per share and equivalent of Ps. 589 at current currency as of June 30, 2020) payable in IRSA CP shares. For distribution, the quoted price of the IRSA CP share was taken as of October 29, 2019, which was Ps. 205 per share. The number of shares distributed amounts to 2,341,463. This transaction was accounted for in equity as a decrease in the net equity attributable to the parent company for an amount of Ps.504, restated as of the date of these financial statements. The stake of the Group in IRSA CP as at year-end is 80.65%. | General Ordinary and Extraordinary Shareholder’s meeting was held, whereby the distribution of a dividend in kind for an equivalent of Ps. 1,827 payable in shares of IRSA CP S.A. was resolved (representing Ps 2.44 per share and equivalent of Ps. 2,610 at current currency as of June 30, 2020). For the distribution, the value of IRSA CP share was taken as of October 26, 2018, which was Ps. 220 per share. The number of shares distributed amounted to 6,418,182. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the parent for Ps. 1,534, restated as of the date of these financial statements. | ||||||||||||||||||||||||||||||||||||||||||||||
Bottom Of Range [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Condor Merger Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalent | $ 111 | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock par value | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalent price per share | $ 10 | |||||||||||||||||||||||||||||||||||||||||||||||
Brasil Agro [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural business, description | The Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 1,134 hectares (893 are production hectares) of Jatobá Farmland, a rural property located in the municipality of Jaborandi – BA. The total amount of sale was 302 soybean bags per arable hectare equivalent or BRL 23 million (equivalent ARS 394 million). The buyer, on September 2, 2019 made the initial payment of 38,000 soybean bags per arable hectare equivalent BRL 3 million (equivalent ARS 45 million). The remaining balance will be paid in six annual installments. Handover of possession and gains as result of this transaction has recognized on September 30, 2019, approximately, BRL 17 million (equivalent ARS 272 million). | The Group, through its subsidiary BrasilAgro, entered into a sales agreement for a total area of 9,784 hectares (7,485 are production hectares) of the Jatobá Establishment, a rural property located in the Municipality of Jaborandi . On July 31, 2018, the buyer made the payment of the first installment of 300,000 bags of soybeans, equivalent to an amount of R$ 21 (equivalent to Ps. 223) according to the conditions set in the agreement, obtaining the transfer of the possession and thus recognizing the disposal of the farmland , for the value of 285 bags per useful hectare, equivalent R$ 123 (equivalent to $ 1,309).. The remaining balance will be paid in six annual installments. The group did not recognize the result of this operation since almost all of the hectares sold corresponded to the Investment Property, and therefore were valued at fair value. | The Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 1,875 hectares (1,500 are production hectares) of Jatobá farm. The total amount of BRL 45 million (equivalent ARS 567 million), of which BRL 5 million (equivalent ARS 63 million) were already collected. The remaining balance will be paid in six annual installments. The Company has recognized gains of BRL 32.8 million (equivalent ARS 413 million) as result of this transaction. | The Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 105 hectares of Alto Taquari farm. The total amount of the sale was 115,478 soybean bags per arable hectare equivalent BRL 11 million (equivalent ARS 139 million). The buyer made the initial payment of BRL 1,8 million (equivalent ARS 22 million). The remaining balance will be paid in five annual installments. The Company has recognized gains of BRL 8 million (equivalent ARS 100 million) as result of this transaction. | The Group through its subsidiary BrasilAgro purchased a farm in Baixa Grande do Ribeiro, Piauí of 4,500 hectares (of which 2,900 can be developed for crop production). The amount of the acquisition was set at BRL 25 million (equivalent ARS 316 million), with an initial payment of BRL 8 million (equivalent ARS 101 million). The balance will be cancelled in three annual installments. | The Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 85 hectares (65 are production hectares) of Alto Taquari farm, a rural property located in the municipality of Alto Taquari, for a total amount of BRL 5.5 (equivalent ARS 94 million). The same date, the buyer made the initial payment of 14,300 soybean bags per arable hectare equivalent BRL 1 million (equivalent ARS 18 million). The remaining balance will be paid in four annual installments. The Company has recognized gains of BRL 4 million (equivalent ARS 68 million) as result of this transaction. | The Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 3,124 hectares of Jatobá Farm. The total amount of the sale was 285 soybean bags per arable hectare or R$ 47 (equivalent to Ps. 776). The buyer already made an initial payment of R$ 5 (equivalent to Ps. 83) and on July 31, 2019 had pay R$ 5 (equivalent to Ps. 83) more; and the remaining balance, equivalent to 563,844 soybeans bags, will be paid in six equal annual installments. This sale was accounted on June 30, 2019, the gain of this transaction amount R$ 36.5 (equivalent to Ps. 573). | The Group through its subsidiary BrasilAgro has entered into a purchase-sale agreement for an area of 103 hectares of Alto Taquari farm. The total amount of the sale was 1,100 soybean bags per arable hectare equivalent to R$ 7 (equivalent to Ps. 114). The buyer made the initial payment of 22,656 soybeans bags equivalent to equivalent to R$ 1.5 (equivalent to Ps. 17); and the remaining balance will be paid in eight biannual installments. The Company has recognized gains of R$ 5 (equivalent to Ps. 91) as result of this transaction. | ||||||||||||||||||||||||||||||||||||||||
Brasil Agro [Member] | Merger of BrasilAgro-Agrifirma [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Market value of shares | 19,100 | 3,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Market value of share percentage | 0.03% | 6.30% | ||||||||||||||||||||||||||||||||||||||||||||||
Capital amount | $ 6 | $ 156 | ||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalent | $ 962 | |||||||||||||||||||||||||||||||||||||||||||||||
Brasil Agro [Member] | Merger of BrasilAgro-Agrifirma [Member] | Top Range [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issued capital percentage | 43.17% | |||||||||||||||||||||||||||||||||||||||||||||||
Brasil Agro [Member] | Merger of BrasilAgro-Agrifirma [Member] | Bottom Range [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issued capital percentage | 33.55% | |||||||||||||||||||||||||||||||||||||||||||||||
Brasil Agro [Member] | Merger of BrasilAgro-Agrifirma [Member] | Bottom Of Range [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition, description | Cresud made a contribution in kind to the 100% its controlled subsidiary Helmir S.A. It corresponds to 18,576,400 ADRs of BrasilAgro Comphania de Propriedades Agrícolas, in which the Company currently participates as a shareholder. The total value was USD 69.7 million (equivalent to ARS 4,892 million). At the end of the fiscal year, the Cresud percentage, the percentage of direct ownership is 2.25% and the percentage of indirect ownership through Helmir is 31.30%. In this way, Cresud will continue to control BrasilAgro indirectly through its control of Helmir S.A. | |||||||||||||||||||||||||||||||||||||||||||||||
La Suiza [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural business, description | Cresud signed a deed with a non-related third party for the sale of a fraction of 10,000 hectares of livestock activity of “La Suiza”. The total amount of the transaction was set at US$ 10, of which US$ 3 have been already paid. The remaining balance of US$ 7, guaranteed by a mortgage on the property, will be collected in 10 installments of the same amount ending on June 2023, which will accrue an annual interest of 4.5% on the remaining balances. The gain of the transaction amounts approximately to Ps. 380. | |||||||||||||||||||||||||||||||||||||||||||||||
La Esmeralda [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural business, description | We executed a purchase-sale agreement for all of “La Esmeralda” establishment consisting of 9,352 hectares devoted to agricultural and cattle raising activities in the 9 de Julio district, Province of Santa Fe, Argentina. On June 25, 2018, the Company has made effective with the sign of the deed and delivery of the property, the sale of “La Esmeralda” farm. The amount of the transaction was set at US$ 19, of which US$ 7 have been already paid. The balance, guaranteed with a mortgage on the property, will be collected in 4 installments of the same amount ending in April 2022, which will accrue an annual interest of 4% on the remaining balances. The gain from the sale amounts approximately to Ps. 686. | |||||||||||||||||||||||||||||||||||||||||||||||
Araucária [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Agricultural business, description | The Company through its subsidiary Brasilagro, has entered into a purchase-sale agreement for the partial sale 956 hectares (660 arable hectares) of Araucaria Farm, located in Mineiros, Brazil, for an amount of 1,208 soybean bags per arable hectare or Rs. 66.2 (equal to Ps. 639.2) (Rs./ha. 93,356). The company has recognized gains of Ps. 590 as result of this transaction. | |||||||||||||||||||||||||||||||||||||||||||||||
Agrifirma [Member] | Merger of BrasilAgro-Agrifirma [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Merger agreement, description | Merger Agreement signed on November 22, 2019, Agrifirma Holding was merged by BrasilAgro and extinguished for all legal purposes, becoming BrasilAgro the controlling shareholder of Agrifirma Agropecuária owning 100% of the total voting share capital. The capital of BrasilAgro increased by BRL 115,586,580 from BRL 584,224,000 to BRL 699,810,577, through the issuance of 5,215,385 new common, registered, book-entry shares with no par value, which were subscribed and paid-up by the shareholders of Agrifirma Holding, in such manner that the share capital of BrasilAgro increased to 62,104,201 shares. | |||||||||||||||||||||||||||||||||||||||||||||||
Common shares | 654,487 | |||||||||||||||||||||||||||||||||||||||||||||||
Exchange rate | $ 3,150 | |||||||||||||||||||||||||||||||||||||||||||||||
IRSA CP Floors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transaction price | $ 1,165 | |||||||||||||||||||||||||||||||||||||||||||||||
IRSA CP Floors [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transaction price | $ 169 | |||||||||||||||||||||||||||||||||||||||||||||||
TGLT [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Voting rights, percentage | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Recapitalization agreement, description | We entered into certain arrangements with TGLT S.A. (“TGLT”) providing for collaboration in TGLT’s financial restructuring and recapitalization. We participated in the recapitalization agreement whereby TGLT committed: (i) to make a public offer to subscribe Class A preferred shares at a subscription price of USD 1.00 per TGLT share; (ii) to make a public offering of new Class B preferred shares which may be subscribed by (a) the exchange for ordinary shares of TGLT, at an exchange ratio of one Class B preferred share for every 6.94 ordinary shares of the Company and / or (b) the exchange for convertible notes, at an exchange ratio of a Class B preferred share for each USD 1.00 of convertible notes (including accumulated and unpaid interests under the existing convertible notes); and (iii) to grant an option to subscribe new Class C preferred shares in a public offer for cash to be carried out if: (a) the public offer of Class A and Class B preferred shares are consummated and (b) a minimum number of option holders have exercised that option at a subscription price per Class C preferred share of USD 1.00 (or its equivalent in pesos). | |||||||||||||||||||||||||||||||||||||||||||||||
Ownership amount | $ 24 | |||||||||||||||||||||||||||||||||||||||||||||||
BHSA [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital stock percentage | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||
HASAU [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of equity interest, description | The Group reported the acquisition, from an unrelated third party, of the twenty percent (20%) of HASAU for an amount of US$ 1.2. As a result of this acquisition, IRSA holds 100% of HASAU’s share capital. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the controlling shareholders by Ps. 3 restated at the date of these financial statements. |
Financial risk management and_3
Financial risk management and fair value estimates (Details) - Market Risk [Member] - Agricultural Business [Member] - USD - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability)/Asset | $ (31,251) | $ (25,396) |
Argentine Peso [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability)/Asset | (31,328) | (25,618) |
Brazilian Reais [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability)/Asset | 180 | 332 |
Bolivian Peso [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability)/Asset | $ (103) | $ (110) |
Financial risk management and_4
Financial risk management and fair value estimates (Details 1) - Uruguayan Peso [Member] - Urban Properties And Investments Business [Member] - Operation Center in Argentina [Member] - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Israeli New Shekel [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability) / Asset | ||
Argentine Peso [Member] | Israeli New Shekel [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability) / Asset | ||
UYU | Israeli New Shekel [member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability) / Asset | ||
USD | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability) / Asset | (38,245) | (21,408) |
USD | Argentine Peso [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability) / Asset | (38,397) | (21,134) |
USD | UYU | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability) / Asset | $ 152 | $ (274) |
Financial risk management and_5
Financial risk management and fair value estimates (Details 2) $ in Millions | Jun. 30, 2020ARS ($)Tonne | Jun. 30, 2019ARS ($)Tonne |
Disclosure of financial assets [line items] | ||
Derivatives at fair value | $ 16 | $ 44 |
Agricultural Business [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 573,902 | 848,590 |
Margin | $ 196 | $ 257 |
Premium paid or (collected) | (8) | (6) |
Derivatives at fair value | (8) | (134) |
Gain / (Loss) for valuation at fair value at year-end | $ 229 | $ 75 |
Agricultural Business [Member] | Futures Contract [Member] | Sale Futures [Member] | Corn [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 152,531 | 123,905 |
Margin | $ 70 | $ 35 |
Premium paid or (collected) | ||
Derivatives at fair value | (23) | (40) |
Gain / (Loss) for valuation at fair value at year-end | $ 7 | $ (47) |
Agricultural Business [Member] | Futures Contract [Member] | Sale Futures [Member] | Soybeans [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 86,421 | 184,592 |
Margin | $ 60 | $ 129 |
Premium paid or (collected) | ||
Derivatives at fair value | (23) | (51) |
Gain / (Loss) for valuation at fair value at year-end | $ 227 | $ (29) |
Agricultural Business [Member] | Futures Contract [Member] | Sale Futures [Member] | Wheat [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 86,421 | 26,200 |
Margin | $ 10 | $ 9 |
Premium paid or (collected) | ||
Derivatives at fair value | 3 | |
Gain / (Loss) for valuation at fair value at year-end | ||
Agricultural Business [Member] | Futures Contract [Member] | Sale Futures [Member] | Ethanol [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 600 | 1,500 |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | ||
Gain / (Loss) for valuation at fair value at year-end | $ (8) | $ 5 |
Agricultural Business [Member] | Futures Contract [Member] | Purchase futures [Member] | Corn [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 46,480 | 86,262 |
Margin | $ (21) | $ (2) |
Premium paid or (collected) | ||
Derivatives at fair value | 8 | 4 |
Gain / (Loss) for valuation at fair value at year-end | $ 4 | |
Agricultural Business [Member] | Futures Contract [Member] | Purchase futures [Member] | Soybeans [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 16,665 | 61,284 |
Margin | $ 22 | $ (21) |
Premium paid or (collected) | ||
Derivatives at fair value | 5 | 6 |
Gain / (Loss) for valuation at fair value at year-end | $ 6 | |
Agricultural Business [Member] | Futures Contract [Member] | Purchase futures [Member] | Wheat [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 17,700 | 4,100 |
Margin | $ (3) | $ (1) |
Premium paid or (collected) | ||
Derivatives at fair value | 1 | (1) |
Gain / (Loss) for valuation at fair value at year-end | $ (1) | |
Agricultural Business [Member] | Futures Contract [Member] | Sale Futures [Member] | Livestock [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 54,450 | 6,930 |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | ||
Gain / (Loss) for valuation at fair value at year-end | $ (9) | |
Agricultural Business [Member] | Futures Contract [Member] | Sale Futures [Member] | Cotton [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 893 | 423 |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | 13 | 4 |
Gain / (Loss) for valuation at fair value at year-end | ||
Agricultural Business [Member] | Option contract [member] | Sale Put Options [Member] | Corn [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 40,265 | 25,949 |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | (23) | (21) |
Gain / (Loss) for valuation at fair value at year-end | $ (24) | $ (9) |
Agricultural Business [Member] | Option contract [member] | Sale Put Options [Member] | Soybeans [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 35,572 | 54,407 |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | (5) | (66) |
Gain / (Loss) for valuation at fair value at year-end | $ 47 | 106 |
Agricultural Business [Member] | Option contract [member] | Sale Put Options [Member] | Wheat [Member] | ||
Disclosure of financial assets [line items] | ||
Margin | ||
Premium paid or (collected) | 1 | |
Derivatives at fair value | ||
Gain / (Loss) for valuation at fair value at year-end | $ (1) | |
Agricultural Business [Member] | Option contract [member] | Sale Put Options [Member] | Livestock [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 16,500 | |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | (1) | |
Gain / (Loss) for valuation at fair value at year-end | $ (1) | |
Agricultural Business [Member] | Option contract [member] | Sale Put Options [Member] | Cotton [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 625 | 1,473 |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | (5) | (1) |
Gain / (Loss) for valuation at fair value at year-end | ||
Agricultural Business [Member] | Option contract [member] | Purchase Put Option [Member] | Corn [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | ||
Margin | ||
Premium paid or (collected) | (1) | |
Derivatives at fair value | (7) | |
Gain / (Loss) for valuation at fair value at year-end | 1 | |
Agricultural Business [Member] | Option contract [member] | Purchase Put Option [Member] | Soybeans [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 1,000 | |
Margin | ||
Premium paid or (collected) | ||
Derivatives at fair value | (5) | |
Gain / (Loss) for valuation at fair value at year-end | ||
Agricultural Business [Member] | Option contract [member] | Purchase Put Option [Member] | Wheat [Member] | ||
Disclosure of financial assets [line items] | ||
Margin | ||
Premium paid or (collected) | (1) | |
Derivatives at fair value | ||
Gain / (Loss) for valuation at fair value at year-end | $ 1 | |
Agricultural Business [Member] | Option contract [member] | Sale Call Options [Member] | Corn [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 89,700 | 108,900 |
Margin | $ 52 | $ 54 |
Premium paid or (collected) | (5) | 6 |
Derivatives at fair value | 31 | 14 |
Gain / (Loss) for valuation at fair value at year-end | $ 4 | |
Agricultural Business [Member] | Option contract [member] | Sale Call Options [Member] | Soybeans [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 89,700 | 131,765 |
Margin | $ 2 | $ 52 |
Premium paid or (collected) | (17) | (1) |
Derivatives at fair value | 28 | 24 |
Gain / (Loss) for valuation at fair value at year-end | $ 26 | |
Agricultural Business [Member] | Option contract [member] | Sale Call Options [Member] | Wheat [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | 8,000 | 14,400 |
Margin | $ 4 | $ 2 |
Premium paid or (collected) | (1) | |
Derivatives at fair value | 3 | 4 |
Gain / (Loss) for valuation at fair value at year-end | 6 | |
Agricultural Business [Member] | Option contract [member] | Purchased Call Options [Member] | Corn [Member] | ||
Disclosure of financial assets [line items] | ||
Margin | ||
Premium paid or (collected) | (1) | |
Derivatives at fair value | (9) | |
Gain / (Loss) for valuation at fair value at year-end | 3 | |
Agricultural Business [Member] | Option contract [member] | Purchased Call Options [Member] | Soybeans [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | ||
Margin | ||
Premium paid or (collected) | 9 | (8) |
Derivatives at fair value | (4) | |
Gain / (Loss) for valuation at fair value at year-end | ||
Agricultural Business [Member] | Option contract [member] | Purchased Call Options [Member] | Wheat [Member] | ||
Disclosure of financial assets [line items] | ||
Commodities (in tons) | Tonne | ||
Margin | ||
Premium paid or (collected) | 5 | |
Derivatives at fair value | (5) | |
Gain / (Loss) for valuation at fair value at year-end |
Financial risk management and_6
Financial risk management and fair value estimates (Details 3) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | $ 564,787 | $ 598,833 |
Agricultural Business [Member] | Liquidity Risk [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 56,223 | 41,732 |
Agricultural Business [Member] | Liquidity Risk [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 6,779 | 6,040 |
Agricultural Business [Member] | Liquidity Risk [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 46,198 | 35,120 |
Agricultural Business [Member] | Liquidity Risk [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 2,984 | 343 |
Agricultural Business [Member] | Liquidity Risk [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 262 | 229 |
Agricultural Business [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 28,974 | 23,535 |
Agricultural Business [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 6,313 | 5,844 |
Agricultural Business [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 21,628 | 17,451 |
Agricultural Business [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 11 | 790 |
Agricultural Business [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 229 | 243 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 15,601 | 7,010 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 123 | 44 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 14,944 | 6,966 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 515 | |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 19 | |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 2,318 | 9,564 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 188 | |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 9,041 | 2,279 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 335 | |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Agricultural Business [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 7,985 | 620 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 54 | 33 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 296 | 7,952 |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 270 | |
Agricultural Business [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Agricultural Business [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,464 | 884 |
Agricultural Business [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 101 | 80 |
Agricultural Business [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 289 | 472 |
Agricultural Business [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,074 | 332 |
Agricultural Business [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total |
Financial risk management and_7
Financial risk management and fair value estimates (Details 4) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | $ 564,787 | $ 598,833 |
Urban Properties And Investments Business [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Borrowings [Member] | Operation Center in Argentina [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 216 | 21,871 |
Urban Properties And Investments Business [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Borrowings [Member] | Operation Center In Israel [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 123,016 | 196,123 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 72,852 | 65,758 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,991 | 3,066 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 69,246 | 60,805 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,827 | |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 117 | 37 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,498 | 23 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 40,084 | 17,170 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,546 | 2,198 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 38,402 | 13,110 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 53 | 16 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,827 | |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 83 | 19 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 3,516 | 19,913 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 156 | 334 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 3,283 | 19,562 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 28 | 11 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 49 | 6 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 27,406 | 3,940 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 69 | 146 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 27,280 | 3,787 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 6 | 6 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 51 | |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 338 | 2,478 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 219 | 2 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 65 | 2,475 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1 | |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 54 | |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,508 | 22,257 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1 | 386 |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,291 | |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 421,426 | 496,709 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 25,954 | 22,245 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 367,801 | 467,469 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 7,139 | 6,892 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 20 | 34 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 20,512 | 69 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 89,749 | 93,116 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 25,507 | 21,615 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 53,289 | 67,151 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 5,695 | 4,282 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 20 | 34 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Less Than 1 Year [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 34 | 5,238 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 59,627 | 56,675 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 346 | 426 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 54,401 | 54,850 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 854 | 1,365 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 1 and 2 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 4,026 | 34 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 97,549 | 59,067 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 61 | 204 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 94,044 | 58,112 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 590 | 750 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 2 and 3 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 2,854 | 1 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 44,877 | 91,728 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 20 | |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Borrowings [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 43,051 | 91,233 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 495 | |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Between 3 and 4 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,806 | |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 129,624 | 196,123 |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 20 | |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Liquidity Risk [Member] | Later than 4 years [Member] | Finance lease obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | $ 6,588 |
Financial risk management and_8
Financial risk management and fair value estimates (Details 5) | Jun. 30, 2020 | Jun. 30, 2019 | |
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Gearing ratio | [1] | 49.57% | 40.80% |
Debt ratio | [2] | 44.42% | 47.54% |
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Gearing ratio | [1] | 82.63% | 82.63% |
Debt ratio | [2] | 244.57% | 149.40% |
Agricultural Business [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Gearing ratio | [3] | 63.03% | 57.02% |
Debt ratio | [4] | 251.91% | 218.38% |
[1] | Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company. | ||
[2] | Calculated as total borrowings over total properties (including trading properties, property, plant and equipment, investment properties and rights to receive units under barter agreements). | ||
[3] | Calculated as total debt over total capital (including equity plus total debt). | ||
[4] | Calculated as total debt over total properties at fair value (including trading properties, properties, plant and equipment, investment properties, farmland rights to receive units under barter agreements). |
Financial risk management and_9
Financial risk management and fair value estimates (Details Textual) $ in Millions | 12 Months Ended | |
Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Statement Line Items [Line Items] | ||
Percentage of other factors | 10.00% | 10.00% |
Net additional loss before income tax | $ 10,025 | $ (47,089) |
Future exchanges contract pending (asset) | 16 | 44 |
Future exchanges contract pending (liability) | 178 | 36 |
Foreign currency risk | $ (1,324) | $ (11,895) |
Business, description | 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, 2020, of Ps. 1,938 (Ps. 798 in 2019) for the Operations Center in Argentina and a loss before income tax for the year ended June 30, 2020, of Ps. 431 (Ps. 2,551 in 2019) for the Operations Center in Israel. An increase of 10% on these prices would have an equal and opposite effect in the Statement of Income. | |
Percentage of trade receivable by group | 0.90% | 2.10% |
Argentina | ||
Statement Line Items [Line Items] | ||
Business, description | Argentina and Brazil together concentrate more than 96% and 94% of the Group’s grain production for the years ended June 30, 2020 and 2019, respectively. | |
Percentage increase in foreign currency | 47.00% | |
Brazil | ||
Statement Line Items [Line Items] | ||
Business, description | The Group’s sugarcane production is based in Brazil and to a lesser extent in Bolivia. Brazil concentrates the 100% and 97% of the Group’s total sugarcane production as of June 30, 2020 and 2019, respectively. Currently, the group has two supply agreements of sugarcane. One of them is with Brenco Companhia Brasileira de Energía Renovable (ETH) and the other one Aparecería IV with Agroserra - Agro Pecuária e Industria, in the municipality of São Raimundo das Mangabeiras. Sales to ETH amounted to Ps. 1,320 and Ps. 1,173 and from Agroserra amounted to Ps. 1,757 and Ps. 1,392 during fiscal years ended June 30, 2020 and 2019, respectively. Thus, total sales amounted to Ps. 3,077 and Ps. 2,565 in fiscal year ended June 30, 2020 and 2019, representing 12% and 14% of consolidated agricultural business revenues of the Group of each fiscal year. Although sales are agreed, the Group do not believe that there is a significant collection risk as of the date of year fiscal year, considering the rating of ETH and Agroserra. | |
Percentage increase in foreign currency | 44.00% | |
Bolivia | ||
Statement Line Items [Line Items] | ||
Business, description | For the years ended June 30, 2020 and 2019, the grain production in Bolivia has not been significant representing only 3% and 6% of the total Group’s crop sales, respectively. | |
Operation Center in Argentina [Member] | ||
Statement Line Items [Line Items] | ||
Business, description | The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2020 and 2019 in the amount of Ps. 30.9 and Ps. 31.2, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. | |
Percentage of long term borrowing | 0.941 | 0.955 |
Percentage of trade receivable by group | 94.20% | 99.10% |
Operation Center In Israel [Member] | ||
Statement Line Items [Line Items] | ||
Net additional loss before income tax | $ 498 | $ 868 |
Business, description | The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the year ended June 30, 2020, in approximately Ps. 56 (approximately Ps. 139 in 2019). A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. | |
Percentage of long term borrowing | 0.994 | 0.971 |
Consumer Price Index ("CPI") of Israel [Member] | ||
Statement Line Items [Line Items] | ||
Derivative financial instruments | $ 19,385 | $ 7,984 |
Business, description | As of June 30, 2020, 36.9% of the loans are affected by the evolution of the CPI. A 1% increase in the CPI would generate a loss of Ps. 1,033 (Ps.1,502 for 2019) and a decrease of 1% generates a profit of Ps. 1,054 (Ps.1,519 for 2019). | |
Total Agricultural Business [Member] | ||
Statement Line Items [Line Items] | ||
Net additional loss before income tax | $ 3,125 | $ 2,539 |
Percentage of trade receivable by group | 4.00% | 9.00% |
Agricultural Business [Member] | ||
Statement Line Items [Line Items] | ||
Derivative financial instruments | $ 75 | $ 229 |
Future exchanges contract pending (asset) | $ (8) | (134) |
Business, description | The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2020 and 2019 in the amount of Ps. 44.0 and Ps. 32.8, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. | |
Derivative Financial Instruments [Member] | ||
Statement Line Items [Line Items] | ||
Derivative financial instruments | $ 1,497 | 2,140 |
Future exchanges contract pending (asset) | $ 95 | $ 22 |
Segment information (Details)
Segment information (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Disclosure of operating segments [line items] | |||||||
Revenues | $ 121,256 | $ 110,741 | $ 93,266 | ||||
Costs | (83,971) | (75,384) | (62,078) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 2,827 | 2,305 | 1,674 | ||||
Changes in the net realizable value of agricultural products after harvest | 657 | (43) | 532 | ||||
Gross profit / (loss) | 40,769 | 37,619 | 33,394 | ||||
Gain from disposal of farmlands | 838 | 665 | 18,971 | ||||
Net gain from fair value adjustments of investment properties | 30,992 | (37,746) | 1,656 | ||||
General and administrative expenses | (12,267) | (12,152) | (10,876) | ||||
Selling expenses | 16,348 | 13,976 | 13,489 | ||||
Impairment of associates | (2,470) | ||||||
Other operating results, net | 2,770 | 1,101 | 3,657 | ||||
Management fees | (211) | (1,456) | |||||
Profit / (loss) from operations | 44,073 | (24,489) | 31,857 | ||||
Share of profit / (loss) of associates and joint ventures | 8,662 | (7,328) | (3,452) | ||||
Segment profit / (loss) | 52,735 | (31,817) | 28,405 | ||||
Reportable assets | 686,940 | 726,034 | 797,044 | ||||
Reportable liabilities | (564,787) | (598,833) | (620,590) | ||||
Net reportable assets | 122,153 | 127,201 | 176,454 | ||||
Discontinued Operations [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | [1] | [1] | |||||
Costs | [1] | [1] | |||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | [1] | [1] | |||||
Changes in the net realizable value of agricultural products after harvest | [1] | [1] | |||||
Gross profit / (loss) | [1] | [1] | [2] | ||||
Gain from disposal of farmlands | [1] | [1] | |||||
Net gain from fair value adjustments of investment properties | |||||||
General and administrative expenses | [1] | [1] | |||||
Selling expenses | |||||||
Impairment of associates | [1] | ||||||
Other operating results, net | [1] | [1] | [2] | ||||
Management fees | [1] | [1] | |||||
Profit / (loss) from operations | [1] | [1] | [2] | ||||
Share of profit / (loss) of associates and joint ventures | [1] | [1] | [2] | ||||
Segment profit / (loss) | [1] | [1] | [2] | ||||
Reportable assets | [1] | [1] | |||||
Reportable liabilities | [1] | [1] | |||||
Net reportable assets | [1] | [1] | |||||
Joint Ventures [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | [3] | (60) | (93) | (111) | |||
Costs | [3] | (53) | (67) | (69) | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | [3] | 4 | |||||
Changes in the net realizable value of agricultural products after harvest | [3] | ||||||
Gross profit / (loss) | [3] | (7) | (26) | (38) | |||
Gain from disposal of farmlands | [3] | (1,054) | |||||
Net gain from fair value adjustments of investment properties | (263) | 839 | |||||
General and administrative expenses | [3] | 15 | 17 | 40 | |||
Selling expenses | (19) | (7) | (16) | ||||
Impairment of associates | [3] | ||||||
Other operating results, net | [3] | 18 | 193 | 42 | |||
Management fees | [3] | ||||||
Profit / (loss) from operations | [3] | (218) | 1,030 | (994) | |||
Share of profit / (loss) of associates and joint ventures | [3] | 169 | (1,006) | 1,160 | |||
Segment profit / (loss) | [3] | (49) | 24 | 166 | |||
Reportable assets | [3] | (671) | (592) | 592 | |||
Reportable liabilities | [3] | ||||||
Net reportable assets | [3] | (671) | (592) | 592 | |||
Total [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 119,034 | 107,654 | 89,322 | ||||
Costs | (81,334) | (71,792) | (57,853) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 2,623 | 2,035 | 1,530 | ||||
Changes in the net realizable value of agricultural products after harvest | 657 | (43) | 532 | ||||
Gross profit / (loss) | 40,980 | 37,854 | 33,531 | ||||
Gain from disposal of farmlands | 838 | 665 | 20,025 | ||||
Net gain from fair value adjustments of investment properties | 31,255 | (38,585) | 1,656 | ||||
General and administrative expenses | (12,333) | (12,224) | (10,949) | ||||
Selling expenses | 16,386 | 13,994 | 13,518 | ||||
Impairment of associates | (2,470) | ||||||
Other operating results, net | 2,741 | 902 | 3,621 | ||||
Management fees | |||||||
Profit / (loss) from operations | 44,625 | (25,382) | 34,366 | ||||
Share of profit / (loss) of associates and joint ventures | 8,473 | (6,322) | (4,612) | ||||
Segment profit / (loss) | 53,098 | (31,704) | 29,754 | ||||
Reportable assets | 646,324 | 681,879 | 747,269 | ||||
Reportable liabilities | (403,184) | (461,015) | (479,056) | ||||
Net reportable assets | 243,140 | 220,864 | 268,213 | ||||
Adjustment [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 3,100 | 3,706 | 4,387 | ||||
Costs | (3,230) | (3,855) | (4,445) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | |||||||
Changes in the net realizable value of agricultural products after harvest | |||||||
Gross profit / (loss) | [4] | (130) | (149) | (58) | |||
Gain from disposal of farmlands | |||||||
Net gain from fair value adjustments of investment properties | |||||||
General and administrative expenses | |||||||
Selling expenses | |||||||
Impairment of associates | |||||||
Other operating results, net | [4] | 17 | 17 | (2) | |||
Management fees | (211) | (1,456) | |||||
Profit / (loss) from operations | [4] | (324) | (132) | (1,516) | |||
Share of profit / (loss) of associates and joint ventures | [4] | ||||||
Segment profit / (loss) | [4] | (324) | (132) | (1,516) | |||
Reportable assets | |||||||
Reportable liabilities | |||||||
Net reportable assets | |||||||
Elimination Of Inter-segment Transactions And Non-reportable Assets / Liabilities [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | [5] | (818) | (526) | (332) | |||
Costs | [5] | 540 | 196 | 151 | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | [5] | 204 | 270 | 140 | |||
Changes in the net realizable value of agricultural products after harvest | [5] | ||||||
Gross profit / (loss) | [5] | (74) | (60) | (41) | |||
Gain from disposal of farmlands | [5] | ||||||
Net gain from fair value adjustments of investment properties | |||||||
General and administrative expenses | [5] | 51 | 55 | 33 | |||
Selling expenses | (19) | (11) | (13) | ||||
Impairment of associates | [5] | ||||||
Other operating results, net | [5] | (6) | (11) | (4) | |||
Management fees | [5] | ||||||
Profit / (loss) from operations | [5] | (10) | (5) | 1 | |||
Share of profit / (loss) of associates and joint ventures | [5] | 20 | |||||
Segment profit / (loss) | [5] | 10 | (5) | 1 | |||
Reportable assets | [5] | 41,287 | 44,747 | 49,183 | |||
Reportable liabilities | [5] | (161,603) | (137,818) | (141,534) | |||
Net reportable assets | [5] | (120,316) | (93,071) | (92,351) | |||
Israel | Total [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Costs | (56,296) | (52,426) | (41,935) | ||||
Gross profit / (loss) | 25,341 | 21,111 | 18,122 | ||||
General and administrative expenses | (8,764) | (8,031) | (7,233) | ||||
Other operating results, net | 1,127 | 742 | 2,136 | ||||
Profit / (loss) from operations | (299) | 3,522 | 2,386 | ||||
Agricultural Business [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | [3] | 26,259 | 19,061 | 15,393 | |||
Costs | [3] | (22,283) | (16,165) | (13,096) | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | [3] | 2,623 | 2,035 | 1,530 | |||
Changes in the net realizable value of agricultural products after harvest | [3] | 657 | (43) | 532 | |||
Gross profit / (loss) | [3] | 7,256 | 4,888 | 4,359 | |||
Gain from disposal of farmlands | [3] | 838 | 665 | 216 | |||
Net gain from fair value adjustments of investment properties | 780 | 1,656 | |||||
General and administrative expenses | [3] | (1,419) | (1,525) | (1,381) | |||
Selling expenses | 2,610 | 1,717 | 1,753 | ||||
Impairment of associates | [3] | ||||||
Other operating results, net | [3] | 1,662 | 819 | 1,541 | |||
Management fees | [3] | ||||||
Profit / (loss) from operations | [3] | 6,507 | 3,130 | 4,638 | |||
Share of profit / (loss) of associates and joint ventures | [3] | 127 | 11 | 37 | |||
Segment profit / (loss) | [3] | 6,634 | 3,141 | 4,675 | |||
Reportable assets | [3] | 37,070 | 34,597 | 30,755 | |||
Reportable liabilities | [3] | ||||||
Net reportable assets | [3] | 37,070 | 34,597 | 30,755 | |||
Urban Properties And Investments Business [Member] | Operations Center in Argentina [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 11,138 | 15,056 | 13,872 | ||||
Costs | (2,755) | (3,201) | (2,822) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | |||||||
Changes in the net realizable value of agricultural products after harvest | |||||||
Gross profit / (loss) | 8,383 | 11,855 | 11,050 | ||||
Gain from disposal of farmlands | 19,809 | ||||||
Net gain from fair value adjustments of investment properties | 33,464 | (39,477) | |||||
General and administrative expenses | (2,150) | (2,668) | (2,335) | ||||
Selling expenses | 1,232 | 1,085 | 1,126 | ||||
Impairment of associates | |||||||
Other operating results, net | (48) | (659) | (56) | ||||
Management fees | |||||||
Profit / (loss) from operations | 38,417 | (32,034) | 27,342 | ||||
Share of profit / (loss) of associates and joint ventures | 7,047 | (6,183) | (4,227) | ||||
Segment profit / (loss) | 45,464 | (38,217) | 23,115 | ||||
Reportable assets | 157,987 | 111,717 | 152,860 | ||||
Reportable liabilities | |||||||
Net reportable assets | 157,987 | 111,717 | 152,860 | ||||
Urban Properties And Investments Business [Member] | Israel | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 81,637 | 73,537 | 60,057 | ||||
Costs | (56,296) | (52,426) | (41,935) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | |||||||
Changes in the net realizable value of agricultural products after harvest | |||||||
Gross profit / (loss) | 25,341 | 21,111 | 18,122 | ||||
Gain from disposal of farmlands | |||||||
Net gain from fair value adjustments of investment properties | (2,989) | 892 | |||||
General and administrative expenses | (8,764) | (8,031) | (7,233) | ||||
Selling expenses | 12,544 | 11,192 | 10,639 | ||||
Impairment of associates | (2,470) | ||||||
Other operating results, net | 1,127 | 742 | 2,136 | ||||
Management fees | |||||||
Profit / (loss) from operations | (299) | 3,522 | 2,386 | ||||
Share of profit / (loss) of associates and joint ventures | 1,299 | (150) | (422) | ||||
Segment profit / (loss) | 1,000 | 3,372 | 1,964 | ||||
Reportable assets | 451,267 | 535,565 | 563,654 | ||||
Reportable liabilities | (403,184) | (461,015) | (479,056) | ||||
Net reportable assets | 48,083 | 74,550 | 84,598 | ||||
Subtotal [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Revenues | 92,775 | 88,593 | 73,929 | ||||
Costs | (59,051) | (55,627) | (44,757) | ||||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | |||||||
Changes in the net realizable value of agricultural products after harvest | |||||||
Gross profit / (loss) | 33,724 | 32,966 | 29,172 | ||||
Gain from disposal of farmlands | 19,809 | ||||||
Net gain from fair value adjustments of investment properties | 30,475 | (38,585) | |||||
General and administrative expenses | (10,914) | (10,699) | (9,568) | ||||
Selling expenses | 13,776 | 12,277 | 11,765 | ||||
Impairment of associates | (2,470) | ||||||
Other operating results, net | 1,079 | 83 | 2,080 | ||||
Management fees | |||||||
Profit / (loss) from operations | 38,118 | (28,512) | 29,728 | ||||
Share of profit / (loss) of associates and joint ventures | 8,346 | (6,333) | (4,649) | ||||
Segment profit / (loss) | 46,464 | (34,845) | 25,079 | ||||
Reportable assets | 609,254 | 647,282 | 716,514 | ||||
Reportable liabilities | (403,184) | (461,015) | (479,056) | ||||
Net reportable assets | $ 206,070 | $ 186,267 | $ 237,458 | ||||
[1] | Includes Ps. (130), Ps. (149) and Ps. (58) corresponding to Expenses and FPC and Ps. 0, Ps. (336) and Ps. (1,456) to management fees, as of June 30, 2020 and 2018, respectively. | ||||||
[2] | Corresponds to Shufersal's deconsolidation, the Group lost control in June 2018. See Note 4.(p). | ||||||
[3] | Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. | ||||||
[4] | Includes Ps. (104), Ps. (41) and Ps. (56) corresponding to Expenses and FPC and Ps. 0, Ps. (1,019) and Ps. (433) to management fees, as of June 30, 2019, 2018 and 2017, respectively. | ||||||
[5] | 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 Ps. 17, Ps. 8,658 and Ps. 5,453, as of June 30, 2020, 2019 and 2018, respectively. |
Segment information (Details 1)
Segment information (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues | $ 121,256 | $ 110,741 | $ 93,266 |
Costs | (83,971) | (75,384) | (62,078) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 2,827 | 2,305 | 1,674 |
Changes in the net realizable value of agricultural products after harvest | (657) | 43 | (532) |
Gross profit / (loss) | 40,769 | 37,619 | 33,394 |
Gain (Loss) from disposal of farmlands | 838 | 665 | 18,971 |
Net gain from fair value adjustment of investment properties | (30,992) | 37,746 | (18,971) |
General and administrative expenses | (12,267) | (12,152) | (10,876) |
Selling expenses | 16,348 | 13,976 | 13,489 |
Other operating results, net | 2,770 | 1,101 | 3,657 |
Profit / (loss) from operations | 44,073 | (24,489) | 31,857 |
Segment profit / (loss) | 20,003 | (40,729) | 27,420 |
Investment properties | 230,167 | 335,016 | |
Property, plant and equipment | 59,956 | 54,106 | 52,073 |
Investments in associates | 75,128 | 44,870 | |
Total Agricultural Business [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 26,259 | 19,061 | 15,393 |
Costs | (22,283) | (16,165) | (13,096) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 2,623 | 2,035 | 1,530 |
Changes in the net realizable value of agricultural products after harvest | 657 | (43) | 532 |
Gross profit / (loss) | 7,256 | 4,888 | 4,359 |
Gain (Loss) from disposal of farmlands | 838 | 665 | 216 |
Net gain from fair value adjustment of investment properties | 780 | 1,656 | |
General and administrative expenses | (1,419) | (1,525) | (1,381) |
Selling expenses | (2,610) | (1,717) | (1,753) |
Other operating results, net | 1,662 | 819 | 1,541 |
Management fees | |||
Profit / (loss) from operations | 6,507 | 3,130 | 4,638 |
Share of profit / (loss) of associates | 127 | 11 | 37 |
Segment profit / (loss) | 6,634 | 3,141 | 4,675 |
Investment properties | 4,129 | 2,634 | 2,052 |
Property, plant and equipment | 21,119 | 21,135 | 20,356 |
Investments in associates | 712 | 414 | 407 |
Other reportable assets | 11,110 | 10,414 | 7,940 |
Reportable assets | 37,070 | 34,597 | 30,755 |
Agricultural Production [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 17,186 | 11,100 | 9,096 |
Costs | (14,676) | (9,466) | (7,388) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 2,613 | 2,029 | 1,539 |
Changes in the net realizable value of agricultural products after harvest | 657 | (43) | 532 |
Gross profit / (loss) | 5,780 | 3,620 | 3,779 |
Gain (Loss) from disposal of farmlands | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (953) | (959) | (878) |
Selling expenses | (1,815) | (1,026) | (1,322) |
Other operating results, net | 454 | 428 | (20) |
Management fees | |||
Profit / (loss) from operations | 3,466 | 2,063 | 1,559 |
Share of profit / (loss) of associates | 55 | 57 | 39 |
Segment profit / (loss) | 3,521 | 2,120 | 1,598 |
Investment properties | 4,129 | 2,634 | 2,052 |
Property, plant and equipment | 20,886 | 20,219 | 19,620 |
Investments in associates | 419 | 391 | 316 |
Other reportable assets | 7,283 | 8,472 | 7,073 |
Reportable assets | 32,717 | 31,716 | 29,061 |
Land Transformation And Sales [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | |||
Costs | (25) | (24) | (36) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | |||
Changes in the net realizable value of agricultural products after harvest | |||
Gross profit / (loss) | (25) | (24) | (36) |
Gain (Loss) from disposal of farmlands | 838 | 665 | 216 |
Net gain from fair value adjustment of investment properties | 780 | 1,656 | |
General and administrative expenses | (3) | (3) | (2) |
Selling expenses | (1) | (1) | |
Other operating results, net | 962 | 244 | 1,457 |
Management fees | |||
Profit / (loss) from operations | 2,551 | 881 | 3,291 |
Share of profit / (loss) of associates | |||
Segment profit / (loss) | 2,551 | 881 | 3,291 |
Investment properties | |||
Property, plant and equipment | 179 | 149 | 131 |
Investments in associates | |||
Other reportable assets | 331 | ||
Reportable assets | 510 | 149 | 131 |
Corporate [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | |||
Costs | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | |||
Changes in the net realizable value of agricultural products after harvest | |||
Gross profit / (loss) | |||
Gain (Loss) from disposal of farmlands | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (177) | (274) | (225) |
Selling expenses | |||
Other operating results, net | |||
Management fees | |||
Profit / (loss) from operations | (177) | (274) | (225) |
Share of profit / (loss) of associates | |||
Segment profit / (loss) | (177) | (274) | (225) |
Investment properties | |||
Property, plant and equipment | |||
Investments in associates | |||
Other reportable assets | |||
Reportable assets | |||
Others [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 9,073 | 7,961 | 6,297 |
Costs | (7,582) | 6,675 | (5,672) |
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 10 | 6 | (9) |
Changes in the net realizable value of agricultural products after harvest | |||
Gross profit / (loss) | 1,501 | 1,292 | 616 |
Gain (Loss) from disposal of farmlands | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (286) | (289) | (276) |
Selling expenses | (794) | (690) | (431) |
Other operating results, net | 246 | 147 | 104 |
Management fees | |||
Profit / (loss) from operations | 667 | 460 | 13 |
Share of profit / (loss) of associates | 72 | (46) | (2) |
Segment profit / (loss) | 739 | 414 | 11 |
Investment properties | |||
Property, plant and equipment | 54 | 767 | 605 |
Investments in associates | 293 | 23 | 91 |
Other reportable assets | 3,496 | 1,942 | 867 |
Reportable assets | $ 3,843 | $ 2,732 | $ 1,563 |
Segment information (Details 2)
Segment information (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 121,256 | $ 110,741 | $ 93,266 |
Costs | (83,971) | (75,384) | (62,078) |
Gross profit / (loss) | 40,769 | 37,619 | 33,394 |
Net gain from fair value adjustment of investment properties | (30,992) | 37,746 | (18,971) |
General and administrative expenses | (12,267) | (12,152) | (10,876) |
Selling expenses | 16,348 | 13,976 | 13,489 |
Other operating results, net | 2,770 | 1,101 | 3,657 |
Profit / (loss) from operations | 44,073 | (24,489) | 31,857 |
Share of profit / (loss) of associates and joint ventures | 8,662 | (7,328) | (3,452) |
Segment profit / (loss) | 20,003 | (40,729) | 27,420 |
Property, plant and equipment | 59,956 | 54,106 | 52,073 |
Investment in associates and joint ventures | 75,128 | 44,870 | |
Corporate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit / (loss) | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (177) | (274) | (225) |
Selling expenses | |||
Other operating results, net | |||
Management fees | |||
Profit / (loss) from operations | (177) | (274) | (225) |
Segment profit / (loss) | (177) | (274) | (225) |
Property, plant and equipment | |||
Investment in associates and joint ventures | |||
Other reportable assets | |||
Others [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 9,073 | 7,961 | 6,297 |
Costs | (7,582) | 6,675 | (5,672) |
Gross profit / (loss) | 1,501 | 1,292 | 616 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (286) | (289) | (276) |
Selling expenses | (794) | (690) | (431) |
Other operating results, net | 246 | 147 | 104 |
Management fees | |||
Profit / (loss) from operations | 667 | 460 | 13 |
Segment profit / (loss) | 739 | 414 | 11 |
Property, plant and equipment | 54 | 767 | 605 |
Investment in associates and joint ventures | 293 | 23 | 91 |
Other reportable assets | 3,496 | 1,942 | 867 |
Operations Center in Argentina [Member] | Total [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 11,138 | 15,056 | 13,872 |
Costs | (2,755) | (3,201) | (2,822) |
Gross profit / (loss) | 8,383 | 11,855 | 11,050 |
Net gain from fair value adjustment of investment properties | 33,464 | (39,477) | 19,809 |
General and administrative expenses | (2,150) | (2,668) | (2,335) |
Selling expenses | (1,232) | (1,085) | (1,126) |
Other operating results, net | (48) | (659) | (56) |
Management fees | |||
Profit / (loss) from operations | 38,417 | (32,034) | 27,342 |
Share of profit / (loss) of associates and joint ventures | 7,047 | (6,183) | (4,227) |
Segment profit / (loss) | 45,464 | (38,217) | 23,115 |
Investment and trading properties | 144,313 | 110,465 | 144,625 |
Property, plant and equipment | 3,298 | 2,600 | 2,666 |
Investment in associates and joint ventures | 9,274 | 1,884 | 4,829 |
Other reportable assets | 1,102 | 536 | 740 |
Reportable assets | 157,987 | 111,717 | 152,860 |
Operations Center in Argentina [Member] | Shopping Malls [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 5,935 | 8,541 | 9,750 |
Costs | (567) | (776) | (829) |
Gross profit / (loss) | 5,368 | 7,765 | 8,921 |
Net gain from fair value adjustment of investment properties | (2,105) | (40,582) | 6,266 |
General and administrative expenses | (829) | (945) | (854) |
Selling expenses | (709) | (530) | (607) |
Other operating results, net | (38) | (109) | (105) |
Management fees | |||
Profit / (loss) from operations | 1,687 | (34,401) | 13,621 |
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | 1,687 | (34,401) | 13,621 |
Investment and trading properties | 49,109 | 50,104 | 89,983 |
Property, plant and equipment | 225 | 260 | 213 |
Investment in associates and joint ventures | |||
Other reportable assets | 111 | 113 | 129 |
Reportable assets | 49,445 | 50,477 | 90,325 |
Operations Center in Argentina [Member] | Offices [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 2,358 | 2,239 | 1,332 |
Costs | (144) | (153) | (124) |
Gross profit / (loss) | 2,214 | 2,086 | 1,208 |
Net gain from fair value adjustment of investment properties | 22,756 | 747 | 5,843 |
General and administrative expenses | (220) | (206) | (216) |
Selling expenses | (85) | (99) | (143) |
Other operating results, net | (30) | (40) | (24) |
Management fees | |||
Profit / (loss) from operations | 24,635 | 2,488 | 6,668 |
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | 24,635 | 2,488 | 6,668 |
Investment and trading properties | 61,284 | 31,432 | 28,142 |
Property, plant and equipment | 1,130 | 136 | 120 |
Investment in associates and joint ventures | |||
Other reportable assets | 122 | 123 | 122 |
Reportable assets | 62,536 | 31,691 | 28,384 |
Operations Center in Argentina [Member] | Sales and developments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 735 | 1,119 | 300 |
Costs | (690) | (527) | (149) |
Gross profit / (loss) | 45 | 592 | 151 |
Net gain from fair value adjustment of investment properties | 12,179 | 726 | 7,338 |
General and administrative expenses | (228) | (283) | (198) |
Selling expenses | (197) | (119) | (58) |
Other operating results, net | (27) | (286) | 138 |
Management fees | |||
Profit / (loss) from operations | 11,772 | 630 | 7,371 |
Share of profit / (loss) of associates and joint ventures | (37) | 4 | |
Segment profit / (loss) | 11,772 | 593 | 7,375 |
Investment and trading properties | 32,171 | 27,777 | 25,166 |
Property, plant and equipment | |||
Investment in associates and joint ventures | 532 | 443 | 447 |
Other reportable assets | 753 | 184 | 189 |
Reportable assets | 33,456 | 28,404 | 25,802 |
Operations Center in Argentina [Member] | Hotels [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 2,021 | 2,953 | 2,446 |
Costs | (1,244) | (1,588) | (1,672) |
Gross profit / (loss) | 777 | 1,365 | 774 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (365) | (492) | (487) |
Selling expenses | (230) | (316) | (311) |
Other operating results, net | (20) | 114 | (40) |
Management fees | |||
Profit / (loss) from operations | 162 | 671 | (64) |
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | 162 | 671 | (64) |
Investment and trading properties | |||
Property, plant and equipment | 1,943 | 2,024 | 2,135 |
Investment in associates and joint ventures | |||
Other reportable assets | 26 | 26 | 27 |
Reportable assets | 1,969 | 2,050 | 2,162 |
Operations Center in Argentina [Member] | International [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 11 | 14 | |
Costs | (12) | (6) | |
Gross profit / (loss) | (1) | 8 | |
Net gain from fair value adjustment of investment properties | 6 | ||
General and administrative expenses | (110) | (110) | (118) |
Selling expenses | |||
Other operating results, net | (24) | (58) | |
Management fees | |||
Profit / (loss) from operations | (111) | (120) | (176) |
Share of profit / (loss) of associates and joint ventures | 7,377 | (3,679) | (4,425) |
Segment profit / (loss) | 7,266 | (3,799) | (4,601) |
Investment and trading properties | 307 | 90 | |
Property, plant and equipment | 180 | 198 | |
Investment in associates and joint ventures | 2,004 | (7,222) | (3,869) |
Other reportable assets | |||
Reportable assets | 2,311 | (6,952) | (3,671) |
Operations Center in Argentina [Member] | Corporate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit / (loss) | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (282) | (519) | (385) |
Selling expenses | |||
Other operating results, net | |||
Management fees | |||
Profit / (loss) from operations | (282) | (519) | (385) |
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | (282) | (519) | (385) |
Investment and trading properties | |||
Property, plant and equipment | |||
Investment in associates and joint ventures | |||
Other reportable assets | |||
Reportable assets | |||
Operations Center in Argentina [Member] | Others [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 78 | 190 | 44 |
Costs | (98) | (151) | (48) |
Gross profit / (loss) | (20) | 39 | (4) |
Net gain from fair value adjustment of investment properties | 634 | (374) | 362 |
General and administrative expenses | (116) | (113) | (77) |
Selling expenses | (11) | (21) | (7) |
Other operating results, net | 67 | (314) | 33 |
Management fees | |||
Profit / (loss) from operations | 554 | (783) | 307 |
Share of profit / (loss) of associates and joint ventures | (330) | (2,467) | 194 |
Segment profit / (loss) | 224 | (3,250) | 501 |
Investment and trading properties | 1,442 | 1,062 | 1,334 |
Property, plant and equipment | |||
Investment in associates and joint ventures | 6,738 | 4,895 | 8,251 |
Other reportable assets | 90 | 90 | 273 |
Reportable assets | $ 8,270 | $ 6,047 | $ 9,858 |
Segment information (Details 3)
Segment information (Details 3) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of operating segments [line items] | |||
Revenues | $ 121,256 | $ 110,741 | $ 93,266 |
Costs | (83,971) | (75,384) | (62,078) |
Gross profit | 40,769 | 37,619 | 33,394 |
Net gain from fair value adjustment of investment properties | (30,992) | 37,746 | (18,971) |
General and administrative expenses | (12,267) | (12,152) | (10,876) |
Selling expenses | (16,348) | (13,976) | (13,489) |
Other operating results, net | 2,770 | 1,101 | 3,657 |
Profit / (Loss) from operations | 44,073 | (24,489) | 31,857 |
Segment profit / (loss) | 20,003 | (40,729) | 27,420 |
Total [Member] | |||
Disclosure of operating segments [line items] | |||
Costs | (81,334) | (71,792) | (57,853) |
Gross profit | 40,980 | 37,854 | 33,531 |
General and administrative expenses | (12,333) | (12,224) | (10,949) |
Other operating results, net | 2,741 | 902 | 3,621 |
Profit / (Loss) from operations | 44,625 | (25,382) | 34,366 |
Corporate [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (177) | (274) | (225) |
Selling expenses | |||
Other operating results, net | |||
Management fees | |||
Profit / (Loss) from operations | (177) | (274) | (225) |
Segment profit / (loss) | (177) | (274) | (225) |
Others [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 9,073 | 7,961 | 6,297 |
Costs | (7,582) | 6,675 | (5,672) |
Gross profit | 1,501 | 1,292 | 616 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (286) | (289) | (276) |
Selling expenses | 794 | 690 | 431 |
Other operating results, net | 246 | 147 | 104 |
Management fees | |||
Profit / (Loss) from operations | 667 | 460 | 13 |
Segment profit / (loss) | 739 | 414 | 11 |
Israel | Total [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 81,637 | 73,537 | 60,057 |
Costs | (56,296) | (52,426) | (41,935) |
Gross profit | 25,341 | 21,111 | 18,122 |
Net gain from fair value adjustment of investment properties | (2,989) | 892 | |
General and administrative expenses | (8,764) | (8,031) | (7,233) |
Selling expenses | 12,544 | 11,192 | 10,639 |
Impairment of associates | (2,470) | ||
Other operating results, net | 1,127 | 742 | 2,136 |
Management fees | |||
Profit / (Loss) from operations | (299) | 3,522 | 2,386 |
Share of profit/ (loss) of associates and joint ventures | 1,299 | (150) | (422) |
Segment profit / (loss) | 1,000 | 3,372 | 1,964 |
Reportable assets | 451,267 | 535,565 | 563,654 |
Reportable liabilities | (403,184) | (461,015) | (479,056) |
Net reportable assets | 48,083 | 74,550 | 84,598 |
Israel | Real Estate [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 12,954 | 14,392 | 9,497 |
Costs | (6,787) | (9,121) | (5,957) |
Gross profit | 6,167 | 5,271 | 3,540 |
Net gain from fair value adjustment of investment properties | (2,989) | 892 | |
General and administrative expenses | (812) | (707) | (578) |
Selling expenses | 223 | 197 | 200 |
Impairment of associates | (2,470) | ||
Other operating results, net | (296) | 256 | |
Management fees | |||
Profit / (Loss) from operations | (623) | 5,259 | 3,018 |
Share of profit/ (loss) of associates and joint ventures | 1,495 | 37 | 158 |
Segment profit / (loss) | 872 | 5,296 | 3,176 |
Reportable assets | 152,941 | 303,425 | 298,031 |
Reportable liabilities | (146,331) | (235,553) | (231,693) |
Net reportable assets | 6,610 | 67,872 | 66,338 |
Israel | Supermarkets [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | |||
Selling expenses | |||
Impairment of associates | |||
Other operating results, net | |||
Management fees | |||
Profit / (Loss) from operations | |||
Share of profit/ (loss) of associates and joint ventures | 1,063 | 717 | |
Segment profit / (loss) | 1,063 | 717 | |
Reportable assets | 28,090 | 23,013 | 29,579 |
Reportable liabilities | |||
Net reportable assets | 28,090 | 23,013 | 29,579 |
Israel | Telecommunications [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 64,838 | 57,506 | 49,066 |
Costs | (47,231) | (42,424) | (35,189) |
Gross profit | 17,607 | 15,082 | 13,877 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (5,519) | (4,779) | (4,594) |
Selling expenses | 11,887 | 10,562 | 10,059 |
Impairment of associates | |||
Other operating results, net | 501 | 397 | 772 |
Management fees | |||
Profit / (Loss) from operations | 702 | 138 | (4) |
Share of profit/ (loss) of associates and joint ventures | (265) | ||
Segment profit / (loss) | 437 | 138 | (4) |
Reportable assets | 140,025 | 109,380 | 110,723 |
Reportable liabilities | (106,076) | (84,800) | (86,280) |
Net reportable assets | 33,949 | 24,580 | 24,443 |
Israel | Insurance [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | |||
Selling expenses | |||
Impairment of associates | |||
Other operating results, net | |||
Management fees | |||
Profit / (Loss) from operations | |||
Share of profit/ (loss) of associates and joint ventures | |||
Segment profit / (loss) | |||
Reportable assets | 3,377 | 22,638 | 27,247 |
Reportable liabilities | |||
Net reportable assets | 3,377 | 22,638 | 27,247 |
Israel | Corporate [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (1,071) | (1,058) | (854) |
Selling expenses | |||
Impairment of associates | |||
Other operating results, net | (48) | 1,141 | |
Management fees | |||
Profit / (Loss) from operations | (1,119) | (1,058) | 287 |
Share of profit/ (loss) of associates and joint ventures | |||
Segment profit / (loss) | (1,119) | (1,058) | 287 |
Reportable assets | 17,911 | 41,536 | 47,432 |
Reportable liabilities | (111,649) | (126,585) | (155,567) |
Net reportable assets | (93,738) | (85,049) | (108,135) |
Israel | Others [Member] | |||
Disclosure of operating segments [line items] | |||
Revenues | 3,845 | 1,639 | 1,494 |
Costs | (2,278) | (881) | (789) |
Gross profit | 1,567 | 758 | 705 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (1,362) | (1,487) | (1,207) |
Selling expenses | 434 | (433) | 380 |
Impairment of associates | |||
Other operating results, net | 970 | 345 | (33) |
Management fees | |||
Profit / (Loss) from operations | 741 | (817) | (915) |
Share of profit/ (loss) of associates and joint ventures | (994) | (904) | (580) |
Segment profit / (loss) | (253) | (1,721) | (1,495) |
Reportable assets | 108,923 | 35,573 | 50,642 |
Reportable liabilities | (39,128) | (14,077) | (5,516) |
Net reportable assets | $ 69,795 | $ 21,496 | $ 45,126 |
Segment information (Details Te
Segment information (Details Textual) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment information (Textual) | |||
Provisions amount | $ (5,534) | $ (13,955) | |
Revenue corresponding principle amount | $ 11,462 | $ 6,509 | $ 5,426 |
Description of corresponding assets | No external client represents 10% or more of the revenue of any of the reportable segments. From all assets corresponding to the Operations Center in Israel segments, Ps. 82,707 are located in USA (Ps. 74,170 in 2019 and Ps. 77,664 in 2018), Ps. 0 (Ps. 1,979 in 2019 and Ps. 2,333 in 2018) in India and the remaining are located in Israel. | From all the revenues corresponding to the Operations Center in Argentina, the 100% are originated in Argentina. No external client represents 10% or more of revenue of any of the reportable segments. | |
Reportable segment percentage | 10.00% | 10.00% | 10.00% |
Elimination Of Inter-segment Transactions And Non-reportable Assets / Liabilities [Member] | |||
Segment information (Textual) | |||
Provisions amount | $ 17 | $ 8,658 | $ 5,453 |
Urban properties and investments [Member] | Uruguay [Member] | |||
Segment information (Textual) | |||
Corresponding to assets | 575 | ||
Argentina | |||
Segment information (Textual) | |||
Revenue corresponding principle amount | 18,167 | 12,680 | 11,296 |
Corresponding to assets | 13,269 | 13,765 | 11,735 |
Argentina | Urban properties and investments [Member] | |||
Segment information (Textual) | |||
Revenue corresponding principle amount | 11,127 | 14,563 | |
Corresponding to assets | 155,377 | 117,932 | 155,890 |
Other Countries [Member] | |||
Segment information (Textual) | |||
Revenue corresponding principle amount | 8,092 | 6,381 | 4,097 |
Corresponding to assets | 23,801 | 20,832 | 19,020 |
Other Countries [Member] | Urban properties and investments [Member] | |||
Segment information (Textual) | |||
Corresponding to assets | 2,886 | (6,370) | (2,987) |
Brazil | |||
Segment information (Textual) | |||
Revenue corresponding principle amount | 7,278 | 5,923 | 3,743 |
Corresponding to assets | 18,912 | 18,974 | 17,128 |
UNITED STATES | Urban properties and investments [Member] | |||
Segment information (Textual) | |||
Revenue corresponding principle amount | 11 | 14 | |
Corresponding to assets | 2,311 | (6,952) | (3,672) |
Uruguay [Member] | Urban properties and investments [Member] | |||
Segment information (Textual) | |||
Revenue corresponding principle amount | 478 | ||
Corresponding to assets | 582 | 685 | |
Adjustments [Member] | |||
Segment information (Textual) | |||
Corresponding to expenses | (130) | (149) | (58) |
Management fees | $ 0 | $ (336) | $ (1,456) |
Information about the main su_3
Information about the main subsidiaries (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of subsidiaries [line items] | ||||
Current assets | $ 231,023 | $ 218,757 | ||
Non-current assets | 455,917 | 507,277 | ||
Current liabilities | 172,861 | 128,063 | ||
Non-current liabilities | 391,926 | 470,770 | ||
Revenues | 121,256 | 110,741 | $ 93,266 | |
Cash of operating activities | 35,734 | 25,546 | 24,150 | |
Cash of investing activities | 40,311 | 10,552 | (31,553) | |
Cash of financial activities | (72,624) | (25,735) | (4,009) | |
Net increase / (decrease) in cash and cash equivalents | $ 3,421 | $ 10,363 | $ (11,412) | |
Irsainversionesy Representaciones Sociedad Anonima [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest | [1] | 37.67% | 37.65% | |
Current assets | $ 141,276 | $ 201,916 | ||
Non-current assets | 421,482 | 476,445 | ||
Current liabilities | 143,384 | 105,704 | ||
Non-current liabilities | 36,116 | 450,001 | ||
Net assets | 122,655 | 122,656 | ||
Book value of non-controlling interests | 65,528 | 76,813 | ||
Revenues | 95,793 | 99,713 | ||
Net income/ (loss) | 23,731 | (38,371) | ||
Total comprehensive income / (loss) | 14,182 | (2,025) | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 9,482 | (2,848) | ||
Cash of operating activities | 31,113 | 27,041 | ||
Cash of investing activities | 40,644 | 11,189 | ||
Cash of financial activities | (76,125) | (27,754) | ||
Net increase / (decrease) in cash and cash equivalents | (4,368) | 10,476 | ||
Dividends distribution to non-controlling shareholders | $ (2,283) | $ (3,330) | ||
Brasilagro [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest | [1] | 66.45% | 56.71% | |
Current assets | $ 21,976 | $ 7,075 | ||
Non-current assets | 8,338 | 18,856 | ||
Current liabilities | 5,121 | 3,595 | ||
Non-current liabilities | 7,903 | 5,252 | ||
Net assets | 1,729 | 17,084 | ||
Book value of non-controlling interests | 11,489 | |||
Revenues | 7,605 | 5,798 | ||
Net income/ (loss) | 2,368 | 1,995 | ||
Total comprehensive income / (loss) | (2,701) | (342) | ||
Total comprehensive income / (loss) attributable to non-controlling interest | (1,795) | |||
Cash of operating activities | 1,295 | 849 | ||
Cash of investing activities | (706) | (356) | ||
Cash of financial activities | 9 | (417) | ||
Net increase / (decrease) in cash and cash equivalents | 598 | 76 | ||
Dividends distribution to non-controlling shareholders | ||||
Elron [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest | [1] | 38.94% | 38.94% | |
Current assets | $ 3,377 | $ 4,521 | ||
Non-current assets | 3,966 | 377 | ||
Current liabilities | 509 | 529 | ||
Non-current liabilities | 142 | 69 | ||
Net assets | 6,692 | 7,693 | ||
Book value of non-controlling interests | 4,149 | 4,624 | ||
Revenues | ||||
Net income/ (loss) | (1,774) | (1,056) | ||
Total comprehensive income / (loss) | (1,864) | (909) | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 5,540 | 2,122 | ||
Cash of operating activities | (776) | (1,012) | ||
Cash of investing activities | 350 | 207 | ||
Cash of financial activities | 874 | 1,338 | ||
Net increase / (decrease) in cash and cash equivalents | 448 | 533 | ||
Dividends distribution to non-controlling shareholders | ||||
PBC [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest | [1] | 27.60% | 31.20% | |
Current assets | $ 79,327 | $ 63,904 | ||
Non-current assets | 112,404 | 23,644 | ||
Current liabilities | 26,138 | 25,708 | ||
Non-current liabilities | 118,789 | 208,515 | ||
Net assets | 46,804 | 66,121 | ||
Book value of non-controlling interests | 19,263 | 47,766 | ||
Revenues | 1,231 | 18,061 | ||
Net income/ (loss) | 12,648 | 6,953 | ||
Total comprehensive income / (loss) | 12,165 | 7,575 | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 19,586 | 523 | ||
Cash of operating activities | 6,328 | 9,081 | ||
Cash of investing activities | 23,872 | 1,072 | ||
Cash of financial activities | (20,243) | 2,926 | ||
Net increase / (decrease) in cash and cash equivalents | 9,957 | 13,079 | ||
Dividends distribution to non-controlling shareholders | $ 1,684 | $ 2,337 | ||
Cellcom [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest | [1],[2] | 53.80% | 55.90% | |
Current assets | [2] | $ 54,777 | $ 45,957 | |
Non-current assets | [2] | 79,796 | 59,076 | |
Current liabilities | [2] | 31,386 | 27,278 | |
Non-current liabilities | [2] | 74,691 | 57,524 | |
Net assets | [2] | 28,496 | 20,231 | |
Book value of non-controlling interests | [2] | 1,792 | 12,777 | |
Revenues | [2] | 56,076 | 47,535 | |
Net income/ (loss) | [2] | (2,068) | (1,524) | |
Total comprehensive income / (loss) | [2] | (2,100) | (1,538) | |
Total comprehensive income / (loss) attributable to non-controlling interest | [2] | 534 | (1,352) | |
Cash of operating activities | [2] | 14,914 | 10,025 | |
Cash of investing activities | [2] | (7,425) | (8,614) | |
Cash of financial activities | [2] | (6,323) | 1,666 | |
Net increase / (decrease) in cash and cash equivalents | [2] | 1,166 | 3,077 | |
Dividends distribution to non-controlling shareholders | [2] | |||
Mehadrin [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest | [1] | 56.25% | ||
Current assets | $ 13,038 | |||
Non-current assets | 17,839 | |||
Current liabilities | 13,954 | |||
Non-current liabilities | 3,336 | |||
Net assets | 13,587 | |||
Book value of non-controlling interests | 8,136 | |||
Revenues | 1,952 | |||
Net income/ (loss) | 106 | |||
Total comprehensive income / (loss) | 123 | |||
Total comprehensive income / (loss) attributable to non-controlling interest | 251 | |||
Cash of operating activities | 246 | |||
Cash of investing activities | (70) | |||
Cash of financial activities | (246) | |||
Net increase / (decrease) in cash and cash equivalents | (70) | |||
Dividends distribution to non-controlling shareholders | $ 17 | |||
IRSA CP [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest | [1] | 16.73% | 14.73% | |
Current assets | $ 14,925 | $ 24,563 | ||
Non-current assets | 129,578 | 91,203 | ||
Current liabilities | 16,423 | 5,797 | ||
Non-current liabilities | 52,507 | 51,924 | ||
Net assets | 75,573 | 58,045 | ||
Book value of non-controlling interests | 4,089 | 3,113 | ||
Revenues | 8,563 | 14,537 | ||
Net income/ (loss) | 18,153 | (25,923) | ||
Total comprehensive income / (loss) | 18,405 | (25,923) | ||
Total comprehensive income / (loss) attributable to non-controlling interest | 1,064 | (150) | ||
Cash of operating activities | 4,890 | 5,588 | ||
Cash of investing activities | (2,879) | (4,958) | ||
Cash of financial activities | (3,561) | (2,631) | ||
Net increase / (decrease) in cash and cash equivalents | (1,550) | (2,001) | ||
Dividends distribution to non-controlling shareholders | $ 663 | $ 1,008 | ||
[1] | Corresponds to the direct interest from the Group. | |||
[2] | DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-a-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings. |
Investments in associates and_2
Investments in associates and joint ventures (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Investments In Associates and Joint Ventures [Abstract] | ||||
Beginning of the year | $ 36,212 | $ 52,739 | ||
Adjustment of previous years (IFRS 9 and IAS 28) | (1,979) | |||
Share-holding increase in associates and joint ventures | 2,774 | 697 | ||
Capital contribution | 2,852 | 163 | ||
Share of profit / (loss) | 8,812 | (7,328) | ||
Decrease for control obtainment (Note 4) | (153) | |||
Currency translation adjustment | 9 | (429) | ||
Cash dividends | [1] | (1,846) | (1,734) | |
Sale of associates | (7,178) | |||
Capital reduction | (106) | (672) | ||
Other comprehensive loss | (1,244) | |||
Deconsolidation | (155) | (637) | $ (14,360) | |
Reclassification to held-for-sale | (2,070) | |||
Incorporation by business combination | 2,517 | 212 | ||
Others | 4 | (105) | ||
End of the year | $ 75,111 | $ 36,212 | $ 52,739 | |
[1] | See Note 32. |
Investments in associates and_3
Investments in associates and joint ventures (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Disclosure of associates [line items] | |||||||
Value of Group's interest in equity | $ 75,111 | $ 36,212 | |||||
Group's interest in comprehensive income | $ 8,821 | $ (7,757) | $ 613 | ||||
Quality [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | Argentina | ||||||
Main activity | Real estate | ||||||
Common shares 1 vote | 163,039,244 | ||||||
Share capital (nominal value) | 326 | ||||||
Income/(loss) for the year | $ 370 | ||||||
Shareholders' equity | $ 4,140 | ||||||
% of ownership interest held | [1] | 50.00% | 50.00% | 50.00% | |||
Value of Group's interest in equity | [1] | $ 2,101 | $ 1,869 | ||||
Group's interest in comprehensive income | [1] | $ 185 | $ (583) | $ 876 | |||
La Rural S.A. [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | Argentina | ||||||
Main activity | Event organization and others | ||||||
Common shares 1 vote | 714,498 | ||||||
Share capital (nominal value) | 1 | ||||||
Income/(loss) for the year | $ 224 | ||||||
Shareholders' equity | $ 327 | ||||||
% of ownership interest held | 50.00% | 50.00% | 50.00% | ||||
Value of Group's interest in equity | $ 203 | $ 101 | |||||
Group's interest in comprehensive income | $ 102 | $ 144 | $ (44) | ||||
Cresca S.A. [Member] | |||||||
Disclosure of associates [line items] | |||||||
% of ownership interest held | [2] | 50.00% | [3] | 50.00% | 50.00% | ||
Value of Group's interest in equity | [2] | $ 21 | $ 20 | ||||
Group's interest in comprehensive income | [2] | $ (16) | $ 18 | $ 1 | |||
Mehadrin [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | Israel | ||||||
Main activity | Agriculture | ||||||
Common shares 1 vote | |||||||
Share capital (nominal value) | |||||||
Income/(loss) for the year | |||||||
Shareholders' equity | |||||||
% of ownership interest held | 45.41% | [3] | 45.41% | 45.41% | [3] | ||
Value of Group's interest in equity | $ 4,845 | ||||||
Group's interest in comprehensive income | $ (111) | $ 1,276 | |||||
Other associates and joint ventures [Member] | |||||||
Disclosure of associates [line items] | |||||||
% of ownership interest held | |||||||
Value of Group's interest in equity | $ 9,318 | $ 7,200 | |||||
Group's interest in comprehensive income | $ (3,136) | $ (1,834) | $ 2,368 | ||||
TGLT [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | Argentina | ||||||
Main activity | Real Estate | ||||||
Common shares 1 vote | 279,502,813 | ||||||
Share capital (nominal value) | 925 | ||||||
Income/(loss) for the year | $ (311) | ||||||
Shareholders' equity | $ 6,004 | ||||||
% of ownership interest held | 30.50% | ||||||
Value of Group's interest in equity | $ 2,059 | ||||||
Group's interest in comprehensive income | $ (116) | ||||||
Gav-Yam [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | Israel | ||||||
Main activity | Real Estate | ||||||
Common shares 1 vote | 639,727 | ||||||
Share capital (nominal value) | [4] | 1,356 | |||||
Income/(loss) for the year | [4] | $ 411 | |||||
Shareholders' equity | [4] | $ 3,496 | |||||
% of ownership interest held | |||||||
Value of Group's interest in equity | $ 27,277 | ||||||
Group's interest in comprehensive income | $ (786) | ||||||
New Lipstick [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | United States | ||||||
Main activity | Real Estate | ||||||
Common shares 1 vote | |||||||
Share capital (nominal value) | |||||||
Income/(loss) for the year | [5] | $ 179 | |||||
Shareholders' equity | [5] | $ (31) | |||||
% of ownership interest held | [6] | 49.96% | 49.96% | 49.90% | |||
Value of Group's interest in equity | $ 467 | $ (8,658) | |||||
Group's interest in comprehensive income | $ 7,633 | $ (3,199) | $ (5,292) | ||||
BHSA [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | Argentina | ||||||
Main activity | Financing | ||||||
Common shares 1 vote | 448,689,072 | ||||||
Share capital (nominal value) | [7] | 1,500 | |||||
Income/(loss) for the year | [7] | $ (1,272) | |||||
Shareholders' equity | [7] | $ 13,186 | |||||
% of ownership interest held | [8] | 29.91% | 29.91% | 29.91% | |||
Value of Group's interest in equity | [8] | $ 4,073 | $ 4,451 | ||||
Group's interest in comprehensive income | [8] | $ (380) | $ (2,411) | $ 416 | |||
Condor [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | United States | ||||||
Main activity | Hotel | ||||||
Common shares 1 vote | 2,245,100 | ||||||
Share capital (nominal value) | [5] | 232 | |||||
Income/(loss) for the year | [5] | $ (9) | |||||
Shareholders' equity | [5] | $ 86 | |||||
% of ownership interest held | [9] | 18.89% | 18.89% | 28.10% | |||
Value of Group's interest in equity | [9] | $ 1,481 | $ 1,392 | ||||
Group's interest in comprehensive income | [9] | $ 120 | $ 39 | $ 596 | |||
PBEL [Member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | India | ||||||
Main activity | Retail | ||||||
Common shares 1 vote | [4] | 1 | |||||
Share capital (nominal value) | [4] | (2) | |||||
Income/(loss) for the year | [4] | ||||||
Shareholders' equity | [4] | $ (2) | |||||
% of ownership interest held | 45.00% | 45.00% | 45.40% | ||||
Value of Group's interest in equity | $ 1,979 | ||||||
Group's interest in comprehensive income | $ (117) | $ 416 | |||||
Shufersal [member] | |||||||
Disclosure of associates [line items] | |||||||
Place of business / Country of incorporation | Israel | ||||||
Main activity | Retail | ||||||
Common shares 1 vote | 123,917,650 | ||||||
Share capital (nominal value) | [4] | 1,399 | |||||
Income/(loss) for the year | [4] | $ 310 | |||||
Shareholders' equity | [4] | $ 1,930 | |||||
% of ownership interest held | 26.02% | [10] | 26.02% | [10] | 33.56% | [11] | |
Value of Group's interest in equity | [10] | $ 28,111 | $ 23,013 | ||||
Group's interest in comprehensive income | [10] | 5,215 | 297 | ||||
Other Associates [Member] | |||||||
Disclosure of associates [line items] | |||||||
Value of Group's interest in equity | 9,318 | 7,200 | |||||
Group's interest in comprehensive income | $ (844) | $ 231 | $ (990) | ||||
[1] | Quality is dedicated to the exploitation of the San Mart?n property (former property of Nobleza Piccardo S.A.I.C. and F.). | ||||||
[2] | Cresca is a joint venture between the Company and Carlos Casado S.A. with agricultural operations in Paraguay. | ||||||
[3] | Mehadrin is a company dedicated to the production and export of citrus, fruits and vegetables. The Group has entered into a Joint - Venture agreement in relation to this company. The price of its shares as of June 30, 2019 is NIS 20.40 per share. | ||||||
[4] | Amounts in millions of NIS. | ||||||
[5] | Amounts presented in millions of US dollars under USGAAP. Condor's year-end falls on December 31, so the Group estimates their interest will a three-month lag including any material adjustments, if any. | ||||||
[6] | On March 4, 2019, Metropolitan, a subsidiary of New Lipstick, has renegotiated its debt without recourse to IRSA and has been reconfigured with a balance of US$ 11MM. Said debt must be canceled on April 30, 2021.In June 2019, an Escrow Agreement was signed for the sum of US$ 5.1 million, through which an option was acquired to purchase the controlling stake on one of the lands on which the Lipstick building is built. This option expired on August 30, so the seller has the right to collect the deposit. The company will continue negotiations, trying to obtain funding sources that allow us to execute the purchase. | ||||||
[7] | Amounts as of June 30, 2020, prepared in accordance with BCRA' regulations. For the purpose of the valuation of the investment in the Company, the adjustments necessary to adequate the Financial Statements to IFRS have been considered | ||||||
[8] | BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 8.45 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. | ||||||
[9] | Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is US$ 4.07 per share | ||||||
[10] | Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 2,385 as of June 30, 2019. | ||||||
[11] | Share market value as of June 30, 2018 is NIS 2.24 per share. |
Investments in associates and_4
Investments in associates and joint ventures (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||||
Disclosure of associates [line items] | |||||||
Current assets | $ 231,023 | $ 218,757 | |||||
Non-current assets | 455,917 | 507,277 | |||||
Current liabilities | 172,861 | 128,063 | |||||
Non-current liabilities | 391,926 | 470,770 | |||||
Net assets | 686,940 | 726,034 | |||||
Revenues | 121,256 | 110,741 | $ 93,266 | ||||
Net income / (loss) | 20,003 | (40,729) | 27,420 | ||||
Total comprehensive income / (loss) | 31,420 | (41,533) | 44,112 | ||||
Cash of operating activitie | 35,734 | 25,546 | 24,150 | ||||
Cash of investing activities | 40,311 | 10,552 | (31,553) | ||||
Cash of financing activities | (72,624) | (25,735) | $ (4,009) | ||||
Quality Invest [Member] | |||||||
Disclosure of associates [line items] | |||||||
Current assets | [1] | 4 | 24 | ||||
Non-current assets | [1] | 5,525 | 4,921 | ||||
Current liabilities | [1] | 87 | 118 | ||||
Non-current liabilities | [1] | 1,302 | 1,152 | ||||
Net assets | [1] | $ 4,140 | $ 3,675 | ||||
% of ownership interest held | [1] | 50.00% | 50.00% | ||||
Interest in associates / joint ventures | [1] | $ 2,070 | $ 1,838 | ||||
Goodwill and others | [1] | 31 | 32 | ||||
Book value | [1] | 2,101 | 1,870 | ||||
Revenues | [1] | 4 | 35 | ||||
Net income / (loss) | [1] | 5,525 | (1,167) | ||||
Total comprehensive income / (loss) | [1] | 87 | (1,167) | ||||
Dividends distributed to non-controlling shareholders | [1] | 1,302 | |||||
Cash of operating activitie | [1] | 4,140 | (124) | ||||
Cash of investing activities | [1] | 1 | |||||
Cash of financing activities | [1] | 2,070 | 124 | ||||
Net increase / (decrease) in cash and cash equivalents | [1] | $ 31 | |||||
Mehadrin [Member] | |||||||
Disclosure of associates [line items] | |||||||
Current assets | 11,890 | ||||||
Non-current assets | 15,318 | ||||||
Current liabilities | 13,068 | ||||||
Non-current liabilities | 3,719 | ||||||
Net assets | $ 10,421 | ||||||
% of ownership interest held | 45.41% | [2] | 45.41% | 45.41% | [2] | ||
Interest in associates / joint ventures | $ 4,733 | ||||||
Goodwill and others | 112 | ||||||
Book value | 4,846 | ||||||
Revenues | [3] | 17,330 | |||||
Net income / (loss) | [3] | 775 | |||||
Total comprehensive income / (loss) | [3] | 819 | |||||
Dividends distributed to non-controlling shareholders | |||||||
Cash of operating activitie | [3] | 671 | |||||
Cash of investing activities | [3] | (277) | |||||
Cash of financing activities | [3] | (1,262) | |||||
Net increase / (decrease) in cash and cash equivalents | (868) | ||||||
BHSA [Member] | |||||||
Disclosure of associates [line items] | |||||||
Current assets | $ 76,869 | [4] | 87,812 | ||||
Non-current assets | 43,610 | [4] | 31,989 | ||||
Current liabilities | 102,290 | [4] | 89,513 | ||||
Non-current liabilities | 4,629 | [4] | 15,287 | ||||
Net assets | $ 13,560 | [4] | $ 15,001 | ||||
% of ownership interest held | [5] | 29.91% | 29.91% | 29.91% | |||
Interest in associates / joint ventures | $ 4,056 | [4] | $ 4,487 | ||||
Goodwill and others | 17 | [4] | 35 | ||||
Book value | 4,073 | [4] | 4,451 | ||||
Revenues | [3] | 13,033 | [4] | 24,306 | |||
Net income / (loss) | [3] | (1,272) | [4] | 2,426 | |||
Total comprehensive income / (loss) | [3] | (1,272) | [4] | 2,426 | |||
Dividends distributed to non-controlling shareholders | 358 | ||||||
Cash of operating activitie | [3] | 4,656 | [4] | 11,348 | |||
Cash of investing activities | [3] | 37 | [4] | (2,917) | |||
Cash of financing activities | [3] | (3,465) | [4] | (7,209) | |||
Net increase / (decrease) in cash and cash equivalents | 1,228 | 1,222 | |||||
Gav - Yam [Member] | |||||||
Disclosure of associates [line items] | |||||||
Current assets | 41,963 | ||||||
Non-current assets | 165,878 | ||||||
Current liabilities | 19,791 | ||||||
Non-current liabilities | 117,752 | ||||||
Net assets | $ 70,298 | ||||||
% of ownership interest held | 34.90% | ||||||
Interest in associates / joint ventures | $ 24,534 | ||||||
Goodwill and others | 2,743 | ||||||
Book value | 27,277 | ||||||
Revenues | 11,551 | ||||||
Net income / (loss) | 6,765 | ||||||
Total comprehensive income / (loss) | 5,456 | ||||||
Dividends distributed to non-controlling shareholders | 3,587 | ||||||
Cash of operating activitie | 5,086 | ||||||
Cash of investing activities | (5,723) | ||||||
Cash of financing activities | 15,869 | ||||||
Net increase / (decrease) in cash and cash equivalents | $ 15,232 | ||||||
PBEL [Member] | |||||||
Disclosure of associates [line items] | |||||||
Current assets | 3,173 | ||||||
Non-current assets | 853 | ||||||
Current liabilities | 632 | ||||||
Non-current liabilities | 12,128 | ||||||
Net assets | $ (8,734) | ||||||
% of ownership interest held | 45.00% | 45.00% | 45.40% | ||||
Interest in associates / joint ventures | $ (3,930) | ||||||
Goodwill and others | 5,910 | ||||||
Book value | 1,980 | ||||||
Shufersal [member] | |||||||
Disclosure of associates [line items] | |||||||
Current assets | $ 73,348 | 51,741 | |||||
Non-current assets | 187,032 | 89,475 | |||||
Current liabilities | 91,899 | 54,708 | |||||
Non-current liabilities | 129,224 | 54,794 | |||||
Net assets | $ 39,257 | $ 31,714 | |||||
% of ownership interest held | 26.02% | [6] | 26.02% | [6] | 33.56% | [7] | |
Interest in associates / joint ventures | $ 10,213 | $ 8,253 | |||||
Goodwill and others | 17,898 | 14,761 | |||||
Book value | 28,111 | 23,014 | |||||
Revenues | [3] | 218,000 | 165,640 | ||||
Net income / (loss) | [3] | 5,046 | 3,165 | ||||
Total comprehensive income / (loss) | [3] | 4,500 | 3,148 | ||||
Dividends distributed to non-controlling shareholders | 1,435 | 2,448 | |||||
Cash of operating activitie | [3] | 21,874 | 4,457 | ||||
Cash of investing activities | [3] | (2,709) | (11,530) | ||||
Cash of financing activities | [3] | (13,793) | 1,396 | ||||
Net increase / (decrease) in cash and cash equivalents | $ 5,372 | $ (5,677) | |||||
[1] | In March 2011, Quality acquired an industrial plant located in San Mart?n, 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 Ps. 40 million, payable in two installments of Ps. 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 Ps. 71 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses. | ||||||
[2] | Mehadrin is a company dedicated to the production and export of citrus, fruits and vegetables. The Group has entered into a Joint - Venture agreement in relation to this company. The price of its shares as of June 30, 2019 is NIS 20.40 per share. | ||||||
[3] | Information under GAAP applicable in the associate and joint ventures' jurisdiction. | ||||||
[4] | Information under BCRA Standards except for the book value of the interest in the associate, goodwill and others. | ||||||
[5] | BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 8.45 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. | ||||||
[6] | Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 2,385 as of June 30, 2019. | ||||||
[7] | Share market value as of June 30, 2018 is NIS 2.24 per share. |
Investments in associates and_5
Investments in associates and joint ventures (Details Textual) $ / shares in Units, $ in Millions | Aug. 07, 2020 | Aug. 04, 2020shares | Mar. 31, 2011 | Jun. 30, 2020ARS ($)ha$ / sharesshares | Jun. 30, 2019ARS ($)shares |
Disclosure of transactions between related parties [line items] | |||||
Agreement, description | In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters (“the Agreement”) to surrender a non-significant portion of the land and a monetary consideration of Ps. 40 million, payable in two installments of Ps. 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 Ps. 71 million payables in 18 equal monthly installments. On March 8, 2018, it was agreed with the well-known Gehl Study (Denmark) - Urban Quality Consultant - the elaboration of a Master Plan, generating a modern concept of New Urban District of Mixed Uses. | ||||
Interests in negative equity | $ | $ 17 | $ 8,658 | |||
Market price per share | $ / shares | $ 4.07 | ||||
New Lipstick [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Interest rate percentage | 49.96% | ||||
Gav-Yam [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Interest rate percentage | 8.60% | ||||
NIS [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Share Market Value | 2,259 | ||||
NIS [Member] | Gav-Yam [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Captail stock, shares | 2,091 | ||||
BHSA [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Investment in associates | $ | $ 5,933 | $ 5,521 | |||
Treasury stock | 35.2 | ||||
Discount actual dividend flows | 13.82% | 14.37% | |||
Discount rate, percentage | 1.00% | ||||
Employee compensation plan | 35.1 | ||||
Interest excluding the treasury stock | 29.91% | ||||
Market price per share | $ / shares | $ 8.45 | ||||
Discount rate reduction value | $ | $ 536 | $ 503 | |||
Treasury stock, shares | 1 | ||||
Area of land | ha | 8.3 | ||||
Book value, percentage | 100.00% |
Investment properties (Details)
Investment properties (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of detailed information about investment property [line items] | ||||
Fair value at the beginning of the year | $ 335,016 | |||
Currency translation adjustment | 7,446 | $ (1,935) | $ 12,290 | |
Deconsolidation | (155) | (637) | (14,360) | |
Fair value at the end of the year | 230,167 | 335,016 | ||
Level 2 [Member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Fair value at the beginning of the year | 45,415 | 38,116 | ||
Reclassifications of previous periods (IFRS 16) | ||||
Currency translation adjustment | (670) | 59 | ||
Additions | 3,621 | 5,165 | ||
Additions of capitalized leasing costs | 4 | 11 | ||
Depreciation of capitalized leasing costs | [1] | (6) | (9) | |
Transfers | 6,116 | 849 | ||
Disposals | (1,740) | (2,122) | ||
Balance incorporated by business combination | ||||
Deconsolidation | (1,694) | |||
Capitalized finance costs | 217 | |||
Net gain / (loss) from fair value adjustment | 28,523 | 3,129 | ||
Fair value at the end of the year | 79,569 | 45,415 | 38,116 | |
Level 3 [Member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Fair value at the beginning of the year | 289,601 | 325,559 | ||
Reclassifications of previous periods (IFRS 16) | 426 | |||
Currency translation adjustment | 53,460 | (3,001) | ||
Additions | 1,838 | 6,446 | ||
Additions of capitalized leasing costs | 16 | 4 | ||
Depreciation of capitalized leasing costs | [1] | (9) | (4) | |
Transfers | (28,781) | 1,135 | ||
Disposals | (13,412) | (3,676) | ||
Balance incorporated by business combination | 244 | |||
Deconsolidation | (155,846) | |||
Capitalized finance costs | 16 | |||
Net gain / (loss) from fair value adjustment | 3,061 | (36,878) | ||
Fair value at the end of the year | $ 150,598 | $ 289,601 | $ 325,559 | |
[1] | Amortization charge was recognized in the amount of Ps. 343 and Ps. 1,052 under "Costs", in the amount of Ps. 1, 653 and Ps. 2,265 under "General and administrative expenses" and Ps. 2,700 and Ps. 2,238 under "Selling expenses" as of June 30, 2020 and 2019, respectively in the Statements of Income (Note 27). In addition, a charge of Ps. 529 was recognized under "Discontinued operations" as of June 30, 2019. |
Investment properties (Details
Investment properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of detailed information about investment property [line items] | ||
Total | $ 230,167 | $ 335,016 |
Leased Out Farmland [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Total | 4,129 | 2,633 |
Rental Properties [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Total | 191,175 | 287,149 |
Undeveloped Parcels Of Land [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Total | 27,534 | 33,713 |
Properties Under Development [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Total | $ 7,329 | $ 11,521 |
Investment properties (Detail_2
Investment properties (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment Properties [Abstract] | |||
Rental and services income | $ 22,131 | $ 30,504 | $ 27,869 |
Direct operating expenses | (8,983) | (8,385) | (7,699) |
Development expenses | 121 | (87) | (4,206) |
Net realized gain from fair value adjustment of investment property | 1,080 | 822 | 527 |
Net unrealized gain / (loss) from fair value adjustment of investment property | $ 30,380 | $ (38,568) | $ 23,554 |
Investment properties (Detail_3
Investment properties (Details 3) - Level 3 [Member] - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Rental Property [Member] | HSBC Building (Offices) [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 4.75% | ||
Increases in sensitivity analysis | [1] | $ (6,059) | |
Decreases in sensitivity analysis | [1] | 7,507 | |
Rental Property [Member] | HSBC Building (Offices) [Member] | Discounted Cash Flows [Member] | Weighted Average Rental Value [Member] | US Dollar [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Weighted average rental value (per square meter) | 79 | $ 73 | |
Increases in sensitivity analysis | [1] | 6,284 | 4,772 |
Decreases in sensitivity analysis | [1] | $ (6,284) | $ (4,772) |
Rental Property [Member] | Las Vegas Project (Offices And Commercial Use) [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 6.50% | (8.50%) | |
Increases in sensitivity analysis | [1] | $ (1,792) | $ (467) |
Decreases in sensitivity analysis | [1] | 2,512 | 493 |
Rental Property [Member] | Las Vegas Project (Offices And Commercial Use) [Member] | Discounted Cash Flows [Member] | Weighted Average Rental Value [Member] | US Dollar [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Weighted average rental value (per square meter) | 25 | 33 | |
Increases in sensitivity analysis | [1] | (1,307) | 586 |
Decreases in sensitivity analysis | [1] | 1,307 | (586) |
Rental Property [Member] | Israel | Offices [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Increases in sensitivity analysis | [1] | (406) | (3,816) |
Decreases in sensitivity analysis | [1] | $ 539 | $ 4,353 |
Rental Property [Member] | Israel | Offices [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | Minimum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 7.50% | 7.00% | |
Rental Property [Member] | Israel | Offices [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | Maximum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 9.75% | 9.00% | |
Rental Property [Member] | Israel | Offices [Member] | Discounted Cash Flows [Member] | Weighted Average Rental Value [Member] | Israel, New Shekels | |||
Disclosure of detailed information about investment property [line items] | |||
Weighted average rental value (per square meter) | $ 77 | $ 63 | |
Increases in sensitivity analysis | [1] | 366 | 6,713 |
Decreases in sensitivity analysis | [1] | (366) | (6,713) |
Rental Property [Member] | Israel | Commercial Use [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Increases in sensitivity analysis | [1] | (198) | (1,931) |
Decreases in sensitivity analysis | [1] | $ 261 | $ 2,207 |
Rental Property [Member] | Israel | Commercial Use [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | Minimum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 7.50% | 7.00% | |
Rental Property [Member] | Israel | Commercial Use [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | Maximum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 7.80% | 9.00% | |
Rental Property [Member] | Israel | Commercial Use [Member] | Discounted Cash Flows [Member] | Weighted Average Rental Value [Member] | Israel, New Shekels | |||
Disclosure of detailed information about investment property [line items] | |||
Weighted average rental value (per square meter) | $ 41 | $ 87 | |
Increases in sensitivity analysis | [1] | 165 | 3,047 |
Decreases in sensitivity analysis | [1] | $ (165) | (3,047) |
Rental Property [Member] | Israel | Industrial Use [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | |||
Increases in sensitivity analysis | [1] | (717) | |
Decreases in sensitivity analysis | [1] | $ 815 | |
Rental Property [Member] | Israel | Industrial Use [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | Minimum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 7.75% | ||
Rental Property [Member] | Israel | Industrial Use [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | Maximum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 9.00% | ||
Rental Property [Member] | Israel | Industrial Use [Member] | Discounted Cash Flows [Member] | Weighted Average Rental Value [Member] | Israel, New Shekels | |||
Disclosure of detailed information about investment property [line items] | |||
Weighted average rental value (per square meter) | $ 31 | ||
Increases in sensitivity analysis | [1] | 1,731 | |
Decreases in sensitivity analysis | [1] | $ (1,731) | |
Rental Property [Member] | UNITED STATES | HSBC Building (Offices) [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | (6.25%) | ||
Increases in sensitivity analysis | [1] | $ (2,181) | |
Decreases in sensitivity analysis | [1] | $ 2,310 | |
Shopping Malls [Member] | Operations Center in Argentina [Member] | Discounted Cash Flows [Member] | Discount Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Discount rate | 12.18% | (12.10%) | |
Increases in sensitivity analysis | [1] | $ (4,252) | $ (4,668) |
Decreases in sensitivity analysis | [1] | $ 5,207 | $ 5,821 |
Shopping Malls [Member] | Operations Center in Argentina [Member] | Discounted Cash Flows [Member] | Growth Rate [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Growth rate | 2.30% | 3.00% | |
Increases in sensitivity analysis | [1] | $ 2,027 | $ 2,195 |
Decreases in sensitivity analysis | [1] | (1,655) | (1,761) |
Shopping Malls [Member] | Operations Center in Argentina [Member] | Discounted Cash Flows [Member] | Inflation [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Inflation | [2] | ||
Increases in sensitivity analysis | [1] | 8,852 | 4,088 |
Decreases in sensitivity analysis | [1] | (7,282) | (3,742) |
Shopping Malls [Member] | Operations Center in Argentina [Member] | Discounted Cash Flows [Member] | Devaluation [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Devaluation rate | [2] | ||
Increases in sensitivity analysis | [1] | (4,115) | (4,338) |
Decreases in sensitivity analysis | [1] | 5,030 | 6,237 |
Plot Of Land [Member] | Operations Center in Argentina [Member] | Comparable With Incidence Adjustment [Member] | Weighted Average Rental Value [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Weighted average rental value (per square meter) | 30,148 | 14,312 | |
Increases in sensitivity analysis | [1] | 2,159 | 7,196 |
Decreases in sensitivity analysis | [1] | $ (2,159) | $ (7,196) |
Plot Of Land [Member] | Operations Center in Argentina [Member] | Comparable With Incidence Adjustment [Member] | % of incidence [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Percentage of incidence | 30.00% | 30.00% | |
Increases in sensitivity analysis | [1] | $ 7,196 | $ 4,458 |
Decreases in sensitivity analysis | [1] | (7,196) | (4,458) |
Properties Under Development [Member] | Israel | Estimated Fair Value Of Investment Property [Member] | Weighted Average Construction Cost [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Increases in sensitivity analysis | [1] | (1,307) | (918) |
Decreases in sensitivity analysis | [1] | 1,307 | 918 |
Properties Under Development [Member] | Israel | Estimated Fair Value Of Investment Property [Member] | Weighted Average Construction Cost [Member] | Israel, New Shekels | |||
Disclosure of detailed information about investment property [line items] | |||
Weighted average construction cost (per square meter) | 5,787 | 5,787 | |
Increases in sensitivity analysis | [1] | ||
Decreases in sensitivity analysis | [1] | ||
Properties Under Development [Member] | Israel | Estimated Fair Value Of Investment Property [Member] | Weighted Average Construction Cost [Member] | Minimum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Annual weighted average discount rate | 7.00% | 7.00% | |
Properties Under Development [Member] | Israel | Estimated Fair Value Of Investment Property [Member] | Weighted Average Construction Cost [Member] | Maximum [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Annual weighted average discount rate | 9.00% | 9.00% | |
[1] | On January 9, 2017, the INRA released a report declaring that Las Londras farm (4565 ha.), with a book value of Ps. 540 as of June 30, 2020, is within the area of the "Guarayos Forestry Reserve" and establishes that the property of Agropecuaria Acres del Sud S.A. should be reduced to 50 hectares, while the remaining acreage would be reverted upon as a fiscal land once the process is concluded. It should be noted that the report is preliminary and is subject to appeal by the interested parties. The Company exercising its rights presented an administrative filing and within the associations of producers that the company is part of. Recently a census was ordered in the affected area, but no definitive resolution was issued to delimit the reservation. At the same time, a claim was made to our sellers to respond for eviction by virtue of the declarations and guarantees granted at the time of the sale of the property. | ||
[2] | For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 59.81 (corresponding to the year ended June 30, 2020) and arriving at Ps.243.89. In the long term, a nominal devaluation rate of 2.1% 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, 2020) and stabilizes at 23.2% after 5 years. |
Investment properties (Detail_4
Investment properties (Details Textual) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment properties (Textual) | |||
Deconsolidation | $ (155) | $ (637) | $ (14,360) |
Level 2 [Member] | |||
Investment properties (Textual) | |||
Deconsolidation | (1,694) | ||
Level 3 [Member] | |||
Investment properties (Textual) | |||
Deconsolidation | $ (155,846) | ||
Shopping Malls in Argentina [Member] | Argentina | |||
Investment properties (Textual) | |||
Growth rate | 10.00% | ||
Shopping Malls in Argentina [Member] | Israel | Discount Rate [Member] | |||
Investment properties (Textual) | |||
Discount rate | 1.00% | ||
Shopping Malls in Argentina [Member] | UNITED STATES | Discount Rate [Member] | |||
Investment properties (Textual) | |||
Discount rate | 1.00% | ||
Total Agricultural Business [Member] | |||
Investment properties (Textual) | |||
Agricultural land | $ 4,193 | $ 5,598 | |
Operation Center In Israel [Member] | |||
Investment properties (Textual) | |||
Description of fair value measurements of investment properties | For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 59.81 (corresponding to the year ended June 30, 2020) and arriving at Ps.243.89. In the long term, a nominal devaluation rate of 2.1% 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, 2020) and stabilizes at 23.2% after 5 years. | ||
Operation Center In Israel [Member] | Bottom Of Range [Member] | |||
Investment properties (Textual) | |||
Annual weighted average discount rate | 7.00% | ||
Operation Center In Israel [Member] | Bottom Of Range [Member] | Buildings And Facilities [Member] | |||
Investment properties (Textual) | |||
Annual weighted average discount rate | 7.75% | ||
Operation Center In Israel [Member] | Top Of Range [Member] | |||
Investment properties (Textual) | |||
Annual weighted average discount rate | 9.00% | ||
Operation Center In Israel [Member] | Top Of Range [Member] | Buildings And Facilities [Member] | |||
Investment properties (Textual) | |||
Annual weighted average discount rate | 9.00% |
Property, plant and equipment_2
Property, plant and equipment (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | ||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | $ 54,106 | $ 52,073 | |||
Currency translation adjustment | 4,291 | (1,329) | |||
Additions | 6,854 | 9,023 | |||
Transfers | (2,514) | 1,621 | |||
Disposals | (3,498) | (507) | |||
Depreciation charge | (7,696) | [1] | (6,775) | [2] | |
Deconsolidation | (1,061) | ||||
Incorporation by business combination | 7,442 | ||||
Net book amount at end of period | 59,956 | 54,106 | |||
Owner Occupied Farmland [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [1] | 18,433 | 18,198 | ||
Currency translation adjustment | [1] | (887) | (545) | ||
Additions | [1] | 761 | 793 | ||
Transfers | [1] | (1,336) | 652 | ||
Disposals | [1] | (120) | (436) | ||
Depreciation charge | (271) | [1] | (229) | [2] | |
Deconsolidation | [1] | ||||
Incorporation by business combination | [1] | 7,151 | |||
Net book amount at end of period | [1] | 23,731 | 18,433 | ||
Bearer Plant [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [3] | 1,399 | 1,166 | ||
Currency translation adjustment | [3] | (238) | (55) | ||
Additions | [3] | 312 | 582 | ||
Transfers | [3] | (2) | |||
Disposals | [3] | ||||
Depreciation charge | [3] | (343) | [1] | (294) | [2] |
Deconsolidation | [3] | ||||
Incorporation by business combination | [3] | ||||
Net book amount at end of period | [3] | 1,128 | 1,399 | ||
Buildings And Facilities [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | 5,977 | 4,900 | |||
Currency translation adjustment | 89 | ||||
Additions | 507 | 549 | |||
Transfers | (1,141) | 950 | |||
Disposals | (64) | (1) | |||
Depreciation charge | (477) | [1] | (510) | [2] | |
Deconsolidation | (423) | ||||
Incorporation by business combination | 1,614 | ||||
Net book amount at end of period | 6,440 | 5,977 | |||
Machinery and equipment [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | 882 | 763 | |||
Currency translation adjustment | 189 | 96 | |||
Additions | 82 | 147 | |||
Transfers | (34) | 19 | |||
Disposals | (6) | (3) | |||
Depreciation charge | (107) | [1] | (140) | [2] | |
Deconsolidation | (594) | ||||
Incorporation by business combination | 377 | ||||
Net book amount at end of period | 789 | 882 | |||
Communication Networks [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | 21,597 | 21,383 | |||
Currency translation adjustment | 3,551 | (550) | |||
Additions | 3,417 | 4,599 | |||
Transfers | 377 | ||||
Disposals | (3,197) | (43) | |||
Depreciation charge | (4,631) | [1] | (3,792) | [2] | |
Deconsolidation | |||||
Incorporation by business combination | |||||
Net book amount at end of period | 21,114 | 21,597 | |||
Others [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [2] | 5,818 | 5,663 | ||
Currency translation adjustment | [2] | 1,229 | (364) | ||
Additions | [2] | 1,775 | 2,353 | ||
Transfers | [2] | (378) | |||
Disposals | [2] | (111) | (24) | ||
Depreciation charge | [2] | (1,867) | [1] | (1,810) | |
Deconsolidation | [2] | (44) | |||
Incorporation by business combination | [2] | 332 | |||
Net book amount at end of period | [2] | 6,754 | 5,818 | ||
Costs [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | 142,534 | 133,726 | |||
Currency translation adjustment | |||||
Net book amount at end of period | 165,303 | 142,534 | |||
Costs [Member] | Owner Occupied Farmland [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [1] | 20,498 | 20,035 | ||
Currency translation adjustment | |||||
Net book amount at end of period | [1] | 30,627 | 20,498 | ||
Costs [Member] | Bearer Plant [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [3] | 1,978 | 1,450 | ||
Currency translation adjustment | |||||
Net book amount at end of period | [3] | 1,885 | 1,978 | ||
Costs [Member] | Buildings And Facilities [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | 13,278 | 11,690 | |||
Currency translation adjustment | |||||
Net book amount at end of period | 13,554 | 13,278 | |||
Costs [Member] | Machinery and equipment [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | 2,581 | 2,322 | |||
Currency translation adjustment | |||||
Net book amount at end of period | 4,743 | 2,581 | |||
Costs [Member] | Communication Networks [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | 91,315 | 87,309 | |||
Currency translation adjustment | |||||
Net book amount at end of period | 100,931 | 91,315 | |||
Costs [Member] | Others [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [2] | 12,884 | 10,920 | ||
Currency translation adjustment | |||||
Net book amount at end of period | [2] | 13,563 | 12,884 | ||
Accumulated Depreciation [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | (88,428) | (81,653) | |||
Currency translation adjustment | |||||
Net book amount at end of period | (105,347) | (88,428) | |||
Accumulated Depreciation [Member] | Owner Occupied Farmland [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [1] | (2,065) | (1,837) | ||
Currency translation adjustment | |||||
Net book amount at end of period | [1] | (6,896) | (2,065) | ||
Accumulated Depreciation [Member] | Bearer Plant [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [3] | (579) | (284) | ||
Currency translation adjustment | |||||
Net book amount at end of period | [3] | (757) | (579) | ||
Accumulated Depreciation [Member] | Buildings And Facilities [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | (7,301) | (6,790) | |||
Currency translation adjustment | |||||
Net book amount at end of period | (7,114) | (7,301) | |||
Accumulated Depreciation [Member] | Machinery and equipment [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | (1,699) | (1,559) | |||
Currency translation adjustment | |||||
Net book amount at end of period | (3,954) | (1,699) | |||
Accumulated Depreciation [Member] | Communication Networks [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | (69,718) | (65,926) | |||
Currency translation adjustment | |||||
Net book amount at end of period | (79,817) | (69,718) | |||
Accumulated Depreciation [Member] | Others [Member] | |||||
Changes in property, plant and equipment [abstract] | |||||
Net book amount at beginning of period | [2] | (7,066) | (5,257) | ||
Currency translation adjustment | |||||
Net book amount at end of period | [2] | $ (6,809) | $ (7,066) | ||
[1] | On January 9, 2017, the INRA released a report declaring that Las Londras farm (4565 ha.), with a book value of Ps. 540 as of June 30, 2020, is within the area of the "Guarayos Forestry Reserve" and establishes that the property of Agropecuaria Acres del Sud S.A. should be reduced to 50 hectares, while the remaining acreage would be reverted upon as a fiscal land once the process is concluded. It should be noted that the report is preliminary and is subject to appeal by the interested parties. The Company exercising its rights presented an administrative filing and within the associations of producers that the company is part of. Recently a census was ordered in the affected area, but no definitive resolution was issued to delimit the reservation. At the same time, a claim was made to our sellers to respond for eviction by virtue of the declarations and guarantees granted at the time of the sale of the property. | ||||
[2] | Amortization charge was recognized in the amount of Ps. 5,909 and Ps. 5,631 under "Costs", in the amount of Ps. 784 and Ps. 409 under "General and administrative expenses" and Ps. 1,533 and Ps. 114 under "Selling expenses" as of June 30, 2019 and 2018, respectively in the Statements of Income (Note 27) and Ps. 738 and Ps. 583 were capitalized as part of biological assets cost. In addition, a charge of Ps. 912 and Ps. 2,200 was recognized under "Discontinued operations" as of June 30, 2020 and 2019, respectively. | ||||
[3] | Corresponds to the plantation of sugarcane with a useful life of more than one year. |
Trading properties (Details)
Trading properties (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of financial assets [line items] | ||||
Beginning | $ 8,378 | $ 22,086 | ||
IFRS 15 adjustment | (8,325) | |||
Additions | 2,227 | 3,664 | ||
Capitalized finance costs | 12 | 17 | $ 24 | |
Currency translation adjustment | 878 | (1,349) | ||
Transfers | 215 | 53 | ||
Impairment | (155) | (46) | ||
Disposals | (4,464) | (7,722) | ||
Ending | 7,172 | 8,378 | 22,086 | |
Completed Properties [Member] | ||||
Disclosure of financial assets [line items] | ||||
Beginning | 2,686 | 5,846 | ||
IFRS 15 adjustment | (1,558) | |||
Additions | 24 | |||
Capitalized finance costs | ||||
Currency translation adjustment | 302 | (633) | ||
Transfers | 1,238 | 3,470 | ||
Impairment | ||||
Disposals | (2,226) | (4,439) | ||
Ending | 2,024 | 2,686 | 5,846 | |
Properties Under Development [Member] | ||||
Disclosure of financial assets [line items] | ||||
Beginning | [1] | 2,392 | 12,124 | |
IFRS 15 adjustment | [1] | (6,767) | ||
Additions | [1] | 1,640 | 3,603 | |
Capitalized finance costs | [1] | 93 | 17 | |
Currency translation adjustment | [1] | 33 | (499) | |
Transfers | [1] | (990) | (2,803) | |
Impairment | [1] | (155) | ||
Disposals | [1] | (2,185) | (3,283) | |
Ending | [1] | 828 | 2,392 | 12,124 |
Undeveloped Properties [Member] | ||||
Disclosure of financial assets [line items] | ||||
Beginning | 3,300 | 4,116 | ||
IFRS 15 adjustment | ||||
Additions | 563 | 61 | ||
Capitalized finance costs | ||||
Currency translation adjustment | 543 | (217) | ||
Transfers | (33) | (614) | ||
Impairment | (46) | |||
Disposals | (53) | |||
Ending | $ 4,320 | $ 3,300 | $ 4,116 | |
[1] | Includes Zetol and Vista al Muelle plots of land, which have been mortgaged to secure Group's borrowings. The net book value amounted to Ps. 407 as of June 30, 2020 and 2019, respectively. Additionally, the Group has contractual obligations not provisioned related to these plot of lands committed when certain properties were acquired or real estate projects were approved, and amount to Ps. 432 and Ps. 578, respectively. Both projects are expected to be completed in 2029. |
Trading properties (Details 1)
Trading properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Trading Properties [Abstract] | ||
Non-current | $ 4,856 | $ 7,855 |
Current | 2,316 | 523 |
Total | $ 7,172 | $ 8,378 |
Intangible assets (Details)
Intangible assets (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Balance at the period beginning | $ 26,018 | $ 27,996 | |||
Costs | 53,235 | ||||
Accumulated depreciation | (25,239) | ||||
Additions | 4,537 | 3,736 | |||
Disposals | (155) | (61) | |||
Deconsolidation | (3,281) | ||||
Transfers | (54) | ||||
Assets incorporated by business combination | 68 | 31 | |||
Currency translation adjustment | 5,755 | (832) | |||
Depreciation charge | (4,696) | (4,668) | [1] | ||
Impairment | (184) | ||||
Balance at period end | 28,192 | 26,018 | |||
Goodwill business [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Balance at the period beginning | 6,732 | 7,105 | |||
Costs | 7,105 | ||||
Accumulated depreciation | |||||
Additions | |||||
Disposals | |||||
Deconsolidation | (3,259) | ||||
Transfers | (1) | ||||
Assets incorporated by business combination | 11 | ||||
Currency translation adjustment | 2,336 | (189) | |||
Depreciation charge | [1] | ||||
Impairment | (184) | ||||
Balance at period end | 5,821 | 6,732 | |||
Trademarks [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Balance at the period beginning | 6,517 | 6,842 | |||
Costs | 7,265 | ||||
Accumulated depreciation | (423) | ||||
Additions | |||||
Disposals | |||||
Deconsolidation | |||||
Transfers | |||||
Assets incorporated by business combination | |||||
Currency translation adjustment | 1,233 | (200) | |||
Depreciation charge | [1] | (122) | (125) | ||
Impairment | |||||
Balance at period end | 7,628 | 6,517 | |||
Licenses [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Balance at the period beginning | 2,302 | 2,615 | |||
Costs | 9,718 | ||||
Accumulated depreciation | (7,103) | ||||
Additions | |||||
Disposals | |||||
Deconsolidation | |||||
Transfers | |||||
Assets incorporated by business combination | |||||
Currency translation adjustment | 397 | (97) | |||
Depreciation charge | [1] | (279) | (216) | ||
Impairment | |||||
Balance at period end | 2,420 | 2,302 | |||
Customer relations [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Balance at the period beginning | 3,151 | 5,117 | |||
Costs | 15,399 | ||||
Accumulated depreciation | (10,282) | ||||
Additions | 15 | ||||
Disposals | (18) | ||||
Deconsolidation | |||||
Transfers | |||||
Assets incorporated by business combination | 38 | ||||
Currency translation adjustment | 432 | (312) | |||
Depreciation charge | [1] | (1,128) | (1,669) | ||
Impairment | |||||
Balance at period end | 2,475 | 3,151 | |||
Information systems and software [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Balance at the period beginning | 3,854 | 3,742 | |||
Costs | 6,995 | ||||
Accumulated depreciation | (3,253) | ||||
Additions | 1,572 | 1,531 | |||
Disposals | (137) | (61) | |||
Deconsolidation | (22) | ||||
Transfers | (9) | (3) | |||
Assets incorporated by business combination | 19 | 31 | |||
Currency translation adjustment | 665 | (87) | |||
Depreciation charge | [1] | (1,705) | (1,305) | ||
Impairment | |||||
Balance at period end | 4,255 | 3,854 | |||
Contracts and others [Member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Balance at the period beginning | 3,462 | [2],[3] | 2,575 | ||
Costs | 6,753 | ||||
Accumulated depreciation | (4,178) | ||||
Additions | 2,965 | 2,190 | |||
Disposals | |||||
Deconsolidation | |||||
Transfers | (64) | (3) | |||
Assets incorporated by business combination | |||||
Currency translation adjustment | 692 | 53 | |||
Depreciation charge | [1] | (1,462) | (1,353) | ||
Impairment | |||||
Balance at period end | $ 5,593 | $ 3,462 | [2],[3] | ||
[1] | Amortization charge was recognized in the amount of Ps. 343 and Ps. 1,052 under "Costs", in the amount of Ps. 1,653 and Ps. 2,265 under "General and administrative expenses" and Ps. 2,700 and Ps. 2,238 under "Selling expenses" as of June 30, 2020 and 2019, respectively in the Statements of Income (Note 27). In addition, a charge of Ps. 529 was recognized under "Discontinued operations" as of June 30, 2019. | ||||
[2] | Includes "Rights of use". Corresponds to Distrito Arcos. | ||||
[3] | Includes "Rights to receive future units under barter agreements". Corresponds to receivables in kind representing the right to receive residential apartments in the future under barter agreements. Caballito: On June 29, 2011, the Group and TGLT entered into a barter agreement in the amount of US$ 12.8. In 2013, a neighborhood association secured a preliminary injunction, which suspended the works, to be carried out by TGLT in the property and started a claim against GCBA and TGLT. As a consequence of the unfavorable rulings rendered by lower courts and appellate courts in the cited proceeding, the Group and TGLT reached a settlement agreement dated December 30 2016, whereby they agreed to provide a deed for the revocation of the barter agreement, after TGLT resolved certain issues. Consequently, the Group has decided to deregister the intangible asset related to this transaction, thus recognizing a loss of Ps. 27.7. Subsequently, on April 26, 2018, the deed for the revocation was signed, which extinguished the obligations arising from the "barter agreement" dated June 29, 2011, and its amending agreements. Thus, the Group has received the property located in Caballito again. |
Intangible assets (Details 1)
Intangible assets (Details 1) $ in Millions | 12 Months Ended |
Jun. 30, 2020ARS ($) | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Annual discount rate after tax | 8.50% |
Long-term growth rate | 1.50% |
Long-term market share | 25.00% |
NIS [Member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Net value of the CGU net of taxes | $ 294 |
Value of the net operating assets of the telecommunications CGU of Israel (including brands and excluding goodwill) | 3,668 |
Value of goodwill of the CGU | 268 |
ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) | $ 555 |
Intangible assets (Details 2)
Intangible assets (Details 2) $ in Millions | 12 Months Ended |
Jun. 30, 2020ARS ($) | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Annual net discount rate after taxes | 9.20% |
NIS [Member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) | $ 53 |
Intangible assets (Details Text
Intangible assets (Details Textual) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Intangible assets (Textual) | ||
Goodwill | $ 4,569 | |
Principal amount | 84,159 | |
NIS [Member] | ||
Intangible assets (Textual) | ||
Goodwill | 268 | |
Principal amount | 4,936 | |
Barter Agreement [Member] | ||
Intangible assets (Textual) | ||
Description of goodwill | The goodwill assigned to real estate in Israel amounts to NIS 268 (Ps. 5,451 at the exchange rate at the end of the financial year 2020), the one assigned to supermarkets amounted to NIS 192 and the assigned to Israel real state amounted to NIS 113. The rest is goodwill that is allocated to the real estate segment of Argentina. | |
Costs [Member] | ||
Intangible assets (Textual) | ||
Amortization charge | $ 343 | 1,052 |
General And Administrative Expenses [Member] | ||
Intangible assets (Textual) | ||
Amortization charge | 2,265 | 1,653 |
Selling Expenses [Member] | ||
Intangible assets (Textual) | ||
Amortization charge | $ 2,700 | $ 2,238 |
Rights of use of assets (Detail
Rights of use of assets (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Statement Line Items [Line Items] | ||
Right-of-use assets | $ 21,928 | |
Non-current | 21,928 | |
Total | 21,928 | |
Farmland [Member] | ||
Statement Line Items [Line Items] | ||
Right-of-use assets | 2,027 | |
Shopping Malls, Offices And Other Buildings [Member] | ||
Statement Line Items [Line Items] | ||
Right-of-use assets | 4,116 | |
Communication networks [Member] | ||
Statement Line Items [Line Items] | ||
Right-of-use assets | 11,004 | |
Machinery and equipment [Member] | ||
Statement Line Items [Line Items] | ||
Right-of-use assets | 34 | |
Others [Member] | ||
Statement Line Items [Line Items] | ||
Right-of-use assets | $ 4,747 |
Rights of use of assets (Deta_2
Rights of use of assets (Details 1) $ in Millions | 12 Months Ended |
Jun. 30, 2020ARS ($) | |
Rights Of Use Of Assets | |
IFRS 16 initial adjustments | $ 16,374 |
Addition | 8,859 |
Disposals | (4) |
Transfer | 164 |
Previsions | 69 |
Amortization charges | (5,388) |
Currency translation adjustment | 1,779 |
Deconsolidation | (42) |
Valorization | 117 |
Total saldo al cierre | $ 21,928 |
Rights of use of assets (Deta_3
Rights of use of assets (Details 2) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Statement Line Items [Line Items] | ||
Depreciation charge of right-of-use assets | $ 4,965 | |
Farmland [Member] | ||
Statement Line Items [Line Items] | ||
Depreciation charge of right-of-use assets | 254 | |
Shopping Malls, Offices And Other Buildings [Member] | ||
Statement Line Items [Line Items] | ||
Depreciation charge of right-of-use assets | 538 | |
Communication networks [Member] | ||
Statement Line Items [Line Items] | ||
Depreciation charge of right-of-use assets | 3,155 | |
Others [Member] | ||
Statement Line Items [Line Items] | ||
Depreciation charge of right-of-use assets | $ 1,018 |
Rights of use of assets (Deta_4
Rights of use of assets (Details 3) $ in Millions | Jun. 30, 2020ARS ($) |
Rights Of Use Of Assets Details 3Abstract | |
Right-of-use interests | $ (134) |
Results from short-term leases | 19,610 |
Results from variable leases not recognized as lease liabilities | $ 797 |
Rights of use of assets (Deta_5
Rights of use of assets (Details 4) | 12 Months Ended |
Jun. 30, 2020 | |
Agricultural business [Member] | |
Statement Line Items [Line Items] | |
Average discount rate | 6.90% |
Maturity date | 2022-2050 |
Operations Center Argentina [Member] | |
Statement Line Items [Line Items] | |
Average discount rate | 10.61% |
Maturity date | 2023-2041 |
Operations Center Israel [Member] | |
Statement Line Items [Line Items] | |
Average discount rate | 3.00% |
Maturity date | 2022-2090 |
Biological assets (Details)
Biological assets (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | $ 5,600 | $ 4,042 | |
Transfers | |||
Purchases | 286 | 470 | |
Changes by transformation | |||
Initial recognition and changes in the fair value of biological assets | [1] | 2,814 | 2,288 |
Decrease due to harvest | (12,968) | (9,773) | |
Sales | (1,609) | (710) | |
Consumptions | (370) | (394) | |
Costs for the year | 11,431 | 9,740 | |
Incorporation by business combination | 7,442 | ||
Foreign exchange gain / (loss) | (714) | (63) | |
As of end of period | 4,532 | 5,600 | |
Agricultural business [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 1,805 | 2,012 | |
Transfers | |||
As of end of period | 1,759 | 1,805 | |
Agricultural business [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 3,795 | 2,030 | |
Transfers | |||
As of end of period | 2,773 | 3,795 | |
Agricultural business [Member] | Sown land-crops [Member] | Level 1 [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 140 | 131 | |
Transfers | (145) | ||
Purchases | |||
Changes by transformation | (131) | ||
Initial recognition and changes in the fair value of biological assets | [1] | ||
Decrease due to harvest | |||
Sales | |||
Consumptions | |||
Costs for the year | 439 | 140 | |
Incorporation by business combination | |||
Foreign exchange gain / (loss) | (191) | ||
As of end of period | 243 | 140 | |
Agricultural business [Member] | Sown land-crops [Member] | Level 1 [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | |||
Transfers | |||
As of end of period | |||
Agricultural business [Member] | Sown land-crops [Member] | Level 1 [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 140 | 131 | |
Transfers | |||
As of end of period | 243 | 140 | |
Agricultural business [Member] | Sown land-crops [Member] | Level 3 [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 1,761 | 587 | |
Transfers | 145 | ||
Purchases | |||
Changes by transformation | 131 | ||
Initial recognition and changes in the fair value of biological assets | [1] | 1,312 | 1,635 |
Decrease due to harvest | 9,520 | 7,338 | |
Sales | |||
Consumptions | |||
Costs for the year | 7,544 | 6,743 | |
Incorporation by business combination | 62 | ||
Foreign exchange gain / (loss) | (233) | 3 | |
As of end of period | 1,071 | 1,761 | |
Agricultural business [Member] | Sown land-crops [Member] | Level 3 [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | |||
Transfers | |||
As of end of period | |||
Agricultural business [Member] | Sown land-crops [Member] | Level 3 [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 1,761 | 587 | |
Transfers | |||
As of end of period | 1,071 | 1,761 | |
Agricultural business [Member] | Sugarcane fields [Member] | Level 3 [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 1,093 | 1,003 | |
Transfers | |||
Purchases | |||
Changes by transformation | |||
Initial recognition and changes in the fair value of biological assets | [1] | 1,243 | 552 |
Decrease due to harvest | 3,448 | 2,435 | |
Sales | |||
Consumptions | |||
Costs for the year | 2,369 | 2,002 | |
Incorporation by business combination | |||
Foreign exchange gain / (loss) | (229) | (29) | |
As of end of period | 1,028 | 1,093 | |
Agricultural business [Member] | Sugarcane fields [Member] | Level 3 [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | |||
Transfers | |||
As of end of period | |||
Agricultural business [Member] | Sugarcane fields [Member] | Level 3 [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 1,093 | 1,003 | |
Transfers | |||
As of end of period | 1,028 | 1,093 | |
Agricultural business [Member] | Breeding cattle and cattle for sale [Member] | Level 2 [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 2,370 | 2,164 | |
Transfers | |||
Purchases | 176 | 134 | |
Changes by transformation | |||
Initial recognition and changes in the fair value of biological assets | [1] | 182 | (10) |
Decrease due to harvest | |||
Sales | (1,608) | (707) | |
Consumptions | (4) | (6) | |
Costs for the year | 1,074 | 832 | |
Incorporation by business combination | |||
Foreign exchange gain / (loss) | (61) | (37) | |
As of end of period | 2,129 | 2,370 | |
Agricultural business [Member] | Breeding cattle and cattle for sale [Member] | Level 2 [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 1,744 | 1,944 | |
Transfers | |||
As of end of period | 1,700 | 1,744 | |
Agricultural business [Member] | Breeding cattle and cattle for sale [Member] | Level 2 [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 626 | 220 | |
Transfers | |||
As of end of period | 429 | 626 | |
Agricultural business [Member] | Dairy cattle [Member] | Level 2 [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | |||
Purchases | |||
Changes by transformation | |||
Initial recognition and changes in the fair value of biological assets | [1] | ||
Decrease due to harvest | |||
Sales | |||
Consumptions | |||
Costs for the year | |||
Foreign exchange gain / (loss) | |||
As of end of period | |||
Agricultural business [Member] | Dairy cattle [Member] | Level 2 [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | |||
Transfers | |||
As of end of period | |||
Agricultural business [Member] | Dairy cattle [Member] | Level 2 [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | |||
Transfers | |||
As of end of period | |||
Agricultural business [Member] | Other cattle [Member] | Level 2 [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 202 | 124 | |
Transfers | |||
Purchases | 110 | 336 | |
Changes by transformation | |||
Initial recognition and changes in the fair value of biological assets | [1] | 77 | 111 |
Decrease due to harvest | |||
Sales | (1) | (3) | |
Consumptions | (359) | (384) | |
Costs for the year | 18 | ||
Incorporation by business combination | |||
Foreign exchange gain / (loss) | |||
As of end of period | 29 | 202 | |
Agricultural business [Member] | Other cattle [Member] | Level 2 [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 27 | 35 | |
Transfers | |||
As of end of period | 27 | 27 | |
Agricultural business [Member] | Other cattle [Member] | Level 2 [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 175 | 89 | |
Transfers | |||
As of end of period | 2 | 175 | |
Agricultural business [Member] | Others [Member] | Level 1 [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 34 | 33 | |
Transfers | |||
Purchases | |||
Changes by transformation | |||
Initial recognition and changes in the fair value of biological assets | [1] | ||
Decrease due to harvest | |||
Sales | |||
Consumptions | (7) | (4) | |
Costs for the year | 5 | 5 | |
Incorporation by business combination | |||
Foreign exchange gain / (loss) | |||
As of end of period | 32 | 34 | |
Agricultural business [Member] | Others [Member] | Level 1 [Member] | Non-current (Production) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | 34 | 33 | |
Transfers | |||
As of end of period | 32 | 34 | |
Agricultural business [Member] | Others [Member] | Level 1 [Member] | Current (Consumable) [Member] | |||
Reconciliation of changes in biological assets [abstract] | |||
As of beginning of period | |||
Transfers | |||
As of end of period | |||
[1] | Biological assets with a production cycle of more than one year (that is, cattle) generated "Initial recognition and changes in fair value of biological assets" amounting to Ps. 259 and Ps. 101 for the fiscal years ended June 30, 2020 and 2019, respectively. For the fiscal years ended June 30, 2020 and 2019, amounts of Ps. 271 and Ps. (93), was attributable to price changes, and amounts of Ps. (12) and Ps. 194, was attributable to physical changes generated by production result, respectively. |
Biological assets (Details 1)
Biological assets (Details 1) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | |||
Sown land-crops [Member] | Level 3 [Member] | Discounted cash flows [Member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Parameters | Yields - Operating costs - Selling expenses - Future of sale prices | |||
Sown land-crops [Member] | Level 3 [Member] | Discounted cash flows [Member] | Argentina [Member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Increase yields | [1] | $ 86 | $ 177 | |
Increase future of sale prices | [1] | 123 | 239 | |
Increase operating cost | [1] | (51) | (99) | |
Decrease yields | [1] | (86) | (177) | |
Decrease future of sale prices | [1] | (123) | (239) | |
Decrease operating cost | [1] | $ 51 | 99 | |
Sown land-crops [Member] | Level 3 [Member] | Discounted cash flows [Member] | Argentina [Member] | Bottom of range [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Yields | $ 0.61 | |||
Future of sale prices | 9,283 | |||
Operating cost | 2,126 | |||
Sown land-crops [Member] | Level 3 [Member] | Discounted cash flows [Member] | Argentina [Member] | Top of range [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Yields | 11.05 | |||
Future of sale prices | 19,964 | |||
Operating cost | 20,781 | |||
Sown land-crops [Member] | Level 3 [Member] | Discounted cash flows [Member] | Bolivia [Member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Yields | 5 | |||
Future of sale prices | 160 | |||
Operating cost | $ 56 | |||
Increase yields | [1] | 9 | ||
Increase future of sale prices | [1] | 19 | ||
Increase operating cost | [1] | (10) | ||
Decrease yields | [1] | (9) | ||
Decrease future of sale prices | [1] | (19) | ||
Decrease operating cost | [1] | 10 | ||
Sugarcane fields [Member] | Level 3 [Member] | Discounted cash flows [Member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Parameters | Yields - Operating costs - Selling expenses - Future of sale prices - Discount rate | |||
Sugarcane fields [Member] | Level 3 [Member] | Discounted cash flows [Member] | Bolivia [Member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Future of sale prices | $ 22.56 | |||
Increase yields | [1] | $ 13 | ||
Increase future of sale prices | [1] | 27 | (3) | |
Increase operating cost | [1] | (15) | 3 | |
Decrease yields | (13) | [1] | ||
Decrease future of sale prices | [1] | (27) | 3 | |
Decrease operating cost | [1] | $ 15 | (3) | |
Sugarcane fields [Member] | Level 3 [Member] | Discounted cash flows [Member] | Bolivia [Member] | Bottom of range [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Yields | $ 65 | |||
Operating cost | 445 | |||
Sugarcane fields [Member] | Level 3 [Member] | Discounted cash flows [Member] | Bolivia [Member] | Top of range [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Yields | 104 | |||
Operating cost | 461 | |||
Sugarcane fields [Member] | Level 3 [Member] | Discounted cash flows [Member] | Brazil [Member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Yields | 84.40 | |||
Future of sale prices | 94.04 | |||
Operating cost | $ 60.16 | |||
Increase yields | [1] | $ 142 | 176 | |
Increase future of sale prices | [1] | 207 | 256 | |
Increase operating cost | [1] | (160) | (199) | |
Decrease yields | [1] | (142) | (176) | |
Decrease future of sale prices | [1] | (207) | (256) | |
Decrease operating cost | [1] | $ 160 | $ 199 | |
Cattle [Member] | Level 2 [Member] | Comparable market prices [Member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||||
Parameters | Price per livestock head/kg and per category | |||
[1] | Sensitivities for the biological assets measured at Level 3 have been modeled considering a 10% change in the indicated variable, all else being equal. |
Biological assets (Details Text
Biological assets (Details Textual) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Biological assets (Textual) | ||
Point of harvest amount | $ 12,981 | $ 9,790 |
Initial recognition and changes in fair value of biological assets | 259 | 101 |
Amount attributable to price changes | 271 | (93) |
Amount attributable to physical changes | $ (12) | $ 194 |
Inventories (Details)
Inventories (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | $ 9,070 | $ 6,403 |
Crops [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 2,697 | 2,929 |
Materials And Supplies [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 1,675 | 1,426 |
Seeds And Fodders [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 275 | 300 |
Sugarcane [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 4 | |
Beef [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 149 | |
Agricultural Inventories [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 4,651 | 4,804 |
Good For Resale And Supplies [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 3 | |
Telephones And Others Communication Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 1,714 | 1,569 |
Fruit [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | 2,705 | |
Others [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Total inventories | $ 27 |
Inventories (Details Textual)
Inventories (Details Textual) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Inventories [Abstract] | ||
Cost of inventories recognized as expense amounted | $ 18,714 | $ 14,135 |
Financial instruments by cate_3
Financial instruments by category (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | ||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | $ 157,717 | [1] | $ 157,717 | |
Subtotal financial assets | 192,399 | 192,399 | ||
Non-financial assets | 17,134 | 17,134 | ||
Total | 209,533 | 209,533 | ||
Financial liabilities at amortized cost (i) | 449,735 | 504,242 | ||
Subtotal financial liabilities | 451,196 | 505,977 | ||
Non-financial liabilities | 7,881 | 8,685 | ||
Total | 459,077 | 8,685 | ||
Trade And Other Payables [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | 30,928 | 26,444 | ||
Subtotal financial liabilities | 30,928 | 26,444 | ||
Non-financial liabilities | 7,881 | 8,685 | ||
Total | 30,928 | 35,129 | ||
Borrowings [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | 418,807 | 477,432 | ||
Subtotal financial liabilities | 418,807 | 477,432 | ||
Non-financial liabilities | ||||
Total | 418,807 | 477,432 | ||
Finance Lease Obligations [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | 366 | |||
Subtotal financial liabilities | 366 | |||
Non-financial liabilities | ||||
Total | 366 | |||
Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | ||||
Subtotal financial liabilities | 71 | 89 | ||
Non-financial liabilities | ||||
Total | 71 | 89 | ||
Crops Futures Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | ||||
Subtotal financial liabilities | 37 | 103 | ||
Non-financial liabilities | ||||
Total | 37 | 103 | ||
Crops options contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | 171 | |||
Subtotal financial liabilities | 221 | |||
Non-financial liabilities | ||||
Total | 221 | |||
Swaps [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | ||||
Subtotal financial liabilities | 95 | 192 | ||
Non-financial liabilities | ||||
Total | 95 | 192 | ||
Forward Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | ||||
Subtotal financial liabilities | 61 | |||
Non-financial liabilities | ||||
Total | 61 | |||
Others [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | ||||
Subtotal financial liabilities | 976 | 1,315 | ||
Non-financial liabilities | ||||
Total | 976 | 1,315 | ||
Foreign-Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at amortized cost (i) | ||||
Subtotal financial liabilities | 36 | |||
Non-financial liabilities | ||||
Total | 36 | |||
Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 28,750 | 28,750 | ||
Financial liabilities at fair value through profit or loss | 279 | 228 | ||
Level 1 [Member] | Trade And Other Payables [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 1 [Member] | Borrowings [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 1 [Member] | Finance Lease Obligations [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 1 [Member] | Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 71 | 89 | ||
Level 1 [Member] | Crops Futures Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 37 | 103 | ||
Level 1 [Member] | Crops options contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 50 | |||
Level 1 [Member] | Swaps [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 1 [Member] | Forward Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 1 [Member] | Others [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 1 [Member] | Foreign-Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 36 | |||
Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 2,649 | 2,649 | ||
Financial liabilities at fair value through profit or loss | 1,162 | 1,438 | ||
Level 2 [Member] | Trade And Other Payables [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 2 [Member] | Borrowings [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 2 [Member] | Finance Lease Obligations [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 2 [Member] | Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 2 [Member] | Crops Futures Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 2 [Member] | Crops options contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 2 [Member] | Swaps [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 95 | 192 | ||
Level 2 [Member] | Forward Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 61 | |||
Level 2 [Member] | Others [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 956 | 1,246 | ||
Level 2 [Member] | Foreign-Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 3,283 | 3,283 | ||
Financial liabilities at fair value through profit or loss | 20 | 69 | ||
Level 3 [Member] | Trade And Other Payables [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Borrowings [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Finance Lease Obligations [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Crops Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Crops Futures Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Crops options contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Swaps [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Forward Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Level 3 [Member] | Others [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | 20 | 69 | ||
Level 3 [Member] | Foreign-Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial liabilities at fair value through profit or loss | ||||
Trade And Other Receivables [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | 57,759 | 49,341 | |
Subtotal financial assets | 57,759 | 49,341 | ||
Non-financial assets | 17,134 | 13,547 | ||
Total | 74,893 | 62,888 | ||
Trade And Other Receivables [Member] | Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Trade And Other Receivables [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Trade And Other Receivables [Member] | Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Equity securities in public companies [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 804 | 1,564 | ||
Non-financial assets | ||||
Total | 804 | 1,564 | ||
Equity securities in public companies [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 574 | 1,367 | ||
Equity securities in public companies [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 230 | 197 | ||
Public companies securities [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Equity securities in private companies [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 2,909 | 2,610 | ||
Non-financial assets | ||||
Total | 2,909 | 2,610 | ||
Equity securities in private companies [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Equity securities in private companies [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Equity securities in private companies [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 2,909 | 2,610 | ||
Deposits [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | 956 | 5,301 | |
Subtotal financial assets | 1,017 | 5,352 | ||
Non-financial assets | ||||
Total | 1,017 | 5,352 | ||
Deposits [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 61 | 51 | ||
Deposits [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Deposits [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Bond [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 9,267 | 24,914 | ||
Non-financial assets | ||||
Total | 9,267 | 24,914 | ||
Bond [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 7,823 | 22,430 | ||
Bond [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 1,444 | 1,518 | ||
Bond [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 966 | |||
Mutual Funds [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 4,455 | 10,289 | ||
Non-financial assets | ||||
Total | 4,455 | 10,289 | ||
Mutual Funds [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 4,455 | 10,289 | ||
Mutual Funds [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Mutual Funds [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Others Investment In Financial Assets [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 3,255 | 4,534 | ||
Non-financial assets | ||||
Total | 3,255 | 4,534 | ||
Others Investment In Financial Assets [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 2,213 | 3,411 | ||
Others Investment In Financial Assets [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 810 | 623 | ||
Others Investment In Financial Assets [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 232 | 500 | ||
Crops Options Contracts [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 86 | 46 | ||
Non-financial assets | ||||
Total | 86 | 46 | ||
Crops Options Contracts [Member] | Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 86 | 46 | ||
Crops Options Contracts [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Crops Options Contracts [Member] | Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Crops Future Contracts [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | ||||
Subtotal financial assets | 15 | |||
Non-financial assets | ||||
Total | 15 | |||
Crops Future Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | ||||
Subtotal financial assets | 13 | |||
Non-financial assets | ||||
Total | 13 | |||
Crops Future Contracts [Member] | Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 15 | |||
Crops Future Contracts [Member] | Level 1 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 13 | |||
Crops Future Contracts [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Crops Future Contracts [Member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Crops Future Contracts [Member] | Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Crops Future Contracts [Member] | Level 3 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Options Contracts [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | ||||
Non-financial assets | ||||
Total | ||||
Foreign-Currency Options Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | ||||
Subtotal financial assets | 43 | |||
Non-financial assets | ||||
Total | 43 | |||
Foreign-Currency Options Contracts [Member] | Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Options Contracts [Member] | Level 1 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 43 | |||
Foreign-Currency Options Contracts [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Options Contracts [Member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Options Contracts [Member] | Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Options Contracts [Member] | Level 3 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Contracts [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 144 | |||
Non-financial assets | ||||
Total | 144 | |||
Foreign-Currency Contracts [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | ||||
Subtotal financial assets | 17 | |||
Non-financial assets | ||||
Total | 17 | |||
Foreign-Currency Contracts [Member] | Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 16 | |||
Foreign-Currency Contracts [Member] | Level 1 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Contracts [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 128 | |||
Foreign-Currency Contracts [Member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 17 | |||
Foreign-Currency Contracts [Member] | Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Foreign-Currency Contracts [Member] | Level 3 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Swaps [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 17 | 16 | ||
Non-financial assets | ||||
Total | 17 | 16 | ||
Swaps [Member] | Level 1 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Swaps [Member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 17 | 16 | ||
Swaps [Member] | Level 3 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Warrants [member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 142 | 136 | ||
Non-financial assets | ||||
Total | 142 | 136 | ||
Warrants [member] | Level 1 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Warrants [member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Warrants [member] | Level 3 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 142 | 136 | ||
Others [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | 61 | |||
Financial assets at fair value through profit or loss | 81 | |||
Subtotal financial assets | 17 | |||
Non-financial assets | 81 | |||
Total | 17 | |||
Others [Member] | Level 1 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Others [Member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 20 | 17 | ||
Others [Member] | Level 3 [Member] | Derivative Financial Instruments [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Restricted Assets [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1],[2] | 8,145 | 10,808 | |
Subtotal financial assets | [2] | 8,145 | 10,808 | |
Non-financial assets | [2] | |||
Total | [2] | 8,145 | 10,808 | |
Restricted Assets [Member] | Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | [2] | |||
Restricted Assets [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | [2] | |||
Restricted Assets [Member] | Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | [2] | |||
Financial Assets And Other Assets Held For Sale [member] | Clal Insurance Enterprises Holdings Ltd [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | |||
Subtotal financial assets | 3,377 | 3,377 | ||
Non-financial assets | ||||
Total | 3,377 | 3,377 | ||
Financial Assets And Other Assets Held For Sale [member] | Level 1 [Member] | Clal Insurance Enterprises Holdings Ltd [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 3,377 | 3,377 | ||
Financial Assets And Other Assets Held For Sale [member] | Level 2 [Member] | Clal Insurance Enterprises Holdings Ltd [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Financial Assets And Other Assets Held For Sale [member] | Level 3 [Member] | Clal Insurance Enterprises Holdings Ltd [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Cash on Hand and at Bank [Member] | Cash And Cash Equivalents [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | 27,031 | 27,031 | |
Subtotal financial assets | 27,031 | 27,031 | ||
Non-financial assets | ||||
Total | 27,031 | 27,031 | ||
Cash on Hand and at Bank [Member] | Level 1 [Member] | Cash And Cash Equivalents [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Cash on Hand and at Bank [Member] | Level 2 [Member] | Cash And Cash Equivalents [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Cash on Hand and at Bank [Member] | Level 3 [Member] | Cash And Cash Equivalents [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Short-term Bank in Deposits [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at amortized cost (i) | [1] | 63,765 | 63,765 | |
Subtotal financial assets | 73,895 | 73,895 | ||
Non-financial assets | ||||
Total | 73,895 | 73,895 | ||
Short-term Bank in Deposits [Member] | Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | 10,130 | 10,130 | ||
Short-term Bank in Deposits [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
Short-term Bank in Deposits [Member] | Level 3 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Financial assets at fair value through profit or loss | ||||
[1] | The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 22). | |||
[2] | Corresponds to deposits in guarantee and escrows. |
Financial instruments by cate_4
Financial instruments by category (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of fair value measurement of liabilities [line items] | ||
Net amount presented, Financial assets | $ 192,399 | $ 192,399 |
Net amount presented, Financial liabilities | 451,196 | 505,977 |
Trade And Other Payables [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Gross amounts recognized, Financial liabilities | 33,465 | 28,856 |
Gross amounts offset, Financial liabilities | (2,537) | (2,412) |
Net amount presented, Financial liabilities | 30,928 | 26,444 |
Trade And Other Receivables [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Gross amounts recognized, Financial assets | 60,296 | 51,753 |
Gross amounts offset, Financial assets | (2,537) | (2,412) |
Net amount presented, Financial assets | $ 57,759 | $ 49,341 |
Financial instruments by cate_5
Financial instruments by category (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of financial liabilities [line items] | |||
Interest income | $ 1,059 | $ 983 | $ 1,267 |
Interest earned on operating assets | 1,782 | 841 | 156 |
Interest expenses | (24,357) | (21,893) | (19,564) |
Foreign exchange loss | (10,197) | 2,633 | (19,587) |
Dividends income | 168 | 97 | 209 |
Fair value gains financial assets at fair value through profit or loss | (9,862) | 2,797 | (1,834) |
Loss on debt swap | (5,908) | ||
Gain from derivative financial instruments (commodities) | 439 | 446 | |
Results from derivative financial instruments, net | (1,493) | 477 | (743) |
Loss from repurchase of Non-convertible Notes | (4) | ||
Other financial income | 236 | 695 | |
Other financial results | (1,439) | (971) | (1,078) |
Net result | (40,779) | (13,821) | (47,030) |
Financial Assets And Liabilities At Amortised Cost Category [Member] | |||
Disclosure of financial liabilities [line items] | |||
Interest income | 1,059 | 983 | 1,267 |
Interest earned on operating assets | 1,782 | 841 | 156 |
Interest expenses | (24,357) | (21,893) | (19,564) |
Foreign exchange loss | (10,197) | 2,633 | (19,587) |
Dividends income | 168 | 97 | 209 |
Fair value gains financial assets at fair value through profit or loss | |||
Gain from derivative financial instruments (commodities) | |||
Results from derivative financial instruments, net | |||
Loss from repurchase of Non-convertible Notes | |||
Other financial income | 236 | 695 | |
Other financial results | (1,439) | (971) | (1,078) |
Net result | (29,863) | (17,541) | (44,505) |
Financial Assets And Liabilities At Fair Value Through Profit Or Loss Category [Member] | |||
Disclosure of financial liabilities [line items] | |||
Interest income | |||
Interest earned on operating assets | |||
Interest expenses | |||
Foreign exchange loss | |||
Dividends income | |||
Fair value gains financial assets at fair value through profit or loss | (9,862) | 2,797 | (1,834) |
Gain from derivative financial instruments (commodities) | 439 | 446 | |
Results from derivative financial instruments, net | (1,493) | 477 | (743) |
Loss from repurchase of Non-convertible Notes | (4) | ||
Other financial income | |||
Other financial results | |||
Net result | $ (10,916) | $ 3,720 | $ (2,525) |
Financial instruments by cate_6
Financial instruments by category (Details 3) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | |||
Disclosure of fair value measurement of assets [line items] | ||||
Balance | $ 4,143 | $ 4,610 | ||
Additions and acquisitions | 35 | 172 | ||
Transfer to level 1 | [1] | 351 | 59 | |
Currency translation adjustment | 820 | (77) | ||
Write off | (1,587) | |||
Gains and losses recognized in the year | (499) | (621) | [2] | |
Balance | 3,263 | 4,143 | ||
Derivative Financial Instruments [Member] | Forwards [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Balance | 69 | (51) | ||
Additions and acquisitions | ||||
Transfer to level 1 | [1] | |||
Currency translation adjustment | (7) | |||
Write off | ||||
Gains and losses recognized in the year | 56 | (18) | [2] | |
Balance | (20) | 69 | ||
Investments In Financial Assets [Member] | Private companies securities [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Balance | 2,610 | 2,597 | ||
Additions and acquisitions | 35 | 172 | ||
Transfer to level 1 | 153 | [1] | ||
Currency translation adjustment | 476 | (65) | ||
Write off | ||||
Gains and losses recognized in the year | (212) | (247) | [2] | |
Balance | 2,909 | 2,610 | ||
Investments In Financial Assets [Member] | Others [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Balance | 1,466 | 2,064 | ||
Additions and acquisitions | ||||
Transfer to level 1 | (197) | [1] | ||
Currency translation adjustment | 106 | (31) | ||
Write off | (977) | |||
Gains and losses recognized in the year | (363) | (370) | [2] | |
Balance | 232 | 1,466 | ||
Investments In Financial Assets [Member] | Warrant [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Balance | 136 | |||
Additions and acquisitions | ||||
Transfer to level 1 | 351 | 103 | ||
Currency translation adjustment | 245 | 19 | ||
Write off | (610) | |||
Gains and losses recognized in the year | 20 | 14 | ||
Balance | $ 20 | $ 136 | ||
[1] | The Group transferred a financial asset measured at fair value from level 3 to level 1, because it began trading in the stock exchange. | |||
[2] | Included within "Financial results, net" in the Statements of income. |
Financial instruments by cate_7
Financial instruments by category (Details 4) | 12 Months Ended | |
Jun. 30, 2020 | ||
Level 2 [Member] | Interest rate swaps [Member] | ||
Statement Line Items [Line Items] | ||
Description | Interest rate swaps | |
Pricing model / method | Cash flows - Theoretical price | |
Parameters | Interest rate futures contracts and cash flows | |
Level 2 [Member] | Derivative financial instruments Forwards [Member] | ||
Statement Line Items [Line Items] | ||
Description | Derivative financial instruments Forwards | |
Pricing model / method | Theoretical price | |
Parameters | Underlying asset price and volatility | |
Level 3 [Member] | Investments in financial assets [Member] | ||
Statement Line Items [Line Items] | ||
Description | Investments in financial assets - Other private companies’ securities | [1] |
Pricing model / method | Cash flow / NAV - Theoretical price | |
Parameters | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. | |
Range | 1 - 3.5 | |
Level 3 [Member] | Investments in financial assets - Others [member] | ||
Statement Line Items [Line Items] | ||
Description | Investments in financial assets - Others | |
Pricing model / method | Discounted cash flows - Theoretical price | |
Parameters | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. | |
Range | 1 - 3.5 | |
Level 3 [Member] | Derivative financial instruments Forwards [Member] | ||
Statement Line Items [Line Items] | ||
Description | Derivative financial instruments Forwards | |
Pricing model / method | Theoretical price | |
Parameters | Underlying asset price and volatility | |
[1] | 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. |
Trade and other receivables (De
Trade and other receivables (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other receivables [abstract] | ||
Trade, leases and services receivable | $ 45,922 | $ 26,352 |
Less: allowance for doubtful accounts | (3,850) | (1,302) |
Total trade receivables | 42,072 | 25,050 |
Prepaid expenses | 11,839 | 7,494 |
Guarantee deposits | 3 | 255 |
Tax credits | 1,548 | 1,263 |
Borrowings granted, deposits, and other balances | 7,642 | 5,058 |
Others | 7,939 | 1,859 |
Total other receivables | 28,971 | 15,929 |
Total trade and other receivables | 71,043 | 40,979 |
Non-current | 27,326 | 14,202 |
Current | 43,717 | 26,777 |
Total | $ 71,043 | $ 40,979 |
Trade and other receivables (_2
Trade and other receivables (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Trade and other receivables [abstract] | |||
Beginning of the year | $ 2,706 | $ 1,861 | |
IFRS 15 adjustments | 194 | ||
Recoveries | [1] | (113) | (92) |
Used during the year | (720) | (472) | |
Additions | [1] | 1,081 | 806 |
Currency translation adjustment | 1,103 | 646 | |
Deconsolidation | (20) | ||
Incorporation by business combination | (180) | ||
Transfer to / from assets available for sale | 18 | ||
Inflation adjustment | (25) | (237) | |
End of the year | $ 3,850 | $ 2,706 | |
[1] | The creation and release of the provision for impaired receivables have been included in "Selling expenses" in the Statements of Income (Note.27). |
Trade and other receivables (_3
Trade and other receivables (Details 2) $ in Millions | 12 Months Ended | |
Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 45,922 | $ 42,794 |
Percentage of representation | 1 | 1 |
Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 37,200 | $ 36,673 |
Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 3,850 | 2,706 |
Agricultural Products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 5,027 | $ 1,703 |
Percentage of representation | 0.109 | 0.040 |
Agricultural Products [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 3,027 | $ 1,561 |
Agricultural Products [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 43 | 32 |
Shopping Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 1,173 | |
Percentage of representation | 0.027 | |
Shopping Leases And Services [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 2,622 | $ 780 |
Shopping Leases And Services [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 21 | |
Office Lease And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 3,950 | |
Percentage of representation | 0.092 | |
Office Lease And Services [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 2,758 | |
Office Lease And Services [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 472 | |
Hotel Leases And Services [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 147 | |
Percentage of representation | 0.003 | |
Hotel Leases And Services [member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 147 | |
Hotel Leases And Services [member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 16 | $ 23 |
Percentage of representation | 0 | 0.001 |
Consumer Financing [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Consumer Financing [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 16 | 23 |
Sale of communication equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 14,142 | $ 14,438 |
Percentage of representation | 0.308 | 0.337 |
Sale of communication equipment [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 13,674 | $ 14,234 |
Sale of communication equipment [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 468 | 204 |
Sale of properties and developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 5,806 | $ 7,023 |
Percentage of representation | 0.126 | 0.164 |
Sale of properties and developments [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 5,606 | $ 6,883 |
Sale of properties and developments [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1 | 26 |
Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 16,707 | $ 14,337 |
Percentage of representation | 0.364 | 0.336 |
Telecommunication Services [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 12,240 | $ 10,310 |
Telecommunication Services [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 2,535 | 1,928 |
Leases and services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 4,190 | |
Percentage of representation | 0.092 | |
Leases and services [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 787 | |
Securities to deposit [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 34 | |
Percentage of representation | 0.001 | |
Securities to deposit [Member] | Non-past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 31 | |
Securities to deposit [Member] | Allowance [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Up To 3 Months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 3,847 | 2,545 |
Up To 3 Months [Member] | Agricultural Products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1,571 | 91 |
Up To 3 Months [Member] | Shopping Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 344 | |
Up To 3 Months [Member] | Office Lease And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 420 | |
Up To 3 Months [Member] | Hotel Leases And Services [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Up To 3 Months [Member] | Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Up To 3 Months [Member] | Sale of communication equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Up To 3 Months [Member] | Sale of properties and developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 189 | 86 |
Up To 3 Months [Member] | Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1,485 | 1,604 |
Up To 3 Months [Member] | Leases and services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 599 | |
Up To 3 Months [Member] | Securities to deposit [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 3,847 | |
From 3 To 6 Months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 336 | 153 |
From 3 To 6 Months [Member] | Agricultural Products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 264 | |
From 3 To 6 Months [Member] | Shopping Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 15 | |
From 3 To 6 Months [Member] | Office Lease And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 124 | |
From 3 To 6 Months [Member] | Hotel Leases And Services [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
From 3 To 6 Months [Member] | Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
From 3 To 6 Months [Member] | Sale of communication equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
From 3 To 6 Months [Member] | Sale of properties and developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 5 | 14 |
From 3 To 6 Months [Member] | Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
From 3 To 6 Months [Member] | Leases and services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 67 | |
From 3 To 6 Months [Member] | Securities to deposit [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Over 6 Months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 689 | 717 |
Over 6 Months [Member] | Agricultural Products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 122 | 19 |
Over 6 Months [Member] | Shopping Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 13 | |
Over 6 Months [Member] | Office Lease And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 176 | |
Over 6 Months [Member] | Hotel Leases And Services [member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Over 6 Months [Member] | Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Over 6 Months [Member] | Sale of communication equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Over 6 Months [Member] | Sale of properties and developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 5 | 14 |
Over 6 Months [Member] | Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 447 | $ 495 |
Over 6 Months [Member] | Leases and services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 115 | |
Over 6 Months [Member] | Securities to deposit [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total |
Cash flow information (Details)
Cash flow information (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flow Information [Abstract] | |||
(Loss) / Profit for the period | $ 20,003 | $ (40,729) | $ 27,420 |
Profit from discontinued operations | (18,085) | (7,140) | (36,441) |
Adjustments for: | |||
Income tax | 8,107 | 780 | (9,964) |
Amortization and depreciation | 16,425 | 10,822 | 9,741 |
(Gain) / Loss from disposal of property, plant and equipment | (3) | 4 | |
Net (gain)/ loss from fair value adjustment of investment properties | (30,992) | 37,746 | (18,971) |
Share-based compensation | 211 | 63 | 89 |
Net gain / (loss) from fair value adjustment of financial assets | 1,026 | (419) | (1,199) |
Loss from disposal of property, plant and equipment | (3) | ||
Gain from disposal of intangible assets | (13) | ||
Disposal of intangible assets by TGLT agreement | (3) | ||
Gain/ (loss) from disposal of subsidiary and associates | 247 | (983) | (860) |
Loss from disposal of trading properties | (639) | ||
Impairment of other assets | 2,470 | 317 | |
Financial results, net | 41,973 | 13,239 | 37,705 |
Provisions and allowances | 1,271 | 1,491 | 2,365 |
Share of loss / (profit) of associates and joint ventures | (8,662) | 7,328 | 3,452 |
Loss from revaluation of receivables arising from the sale of farmland | (200) | ||
(Gain)/Loss from repurchase of Non-convertible Notes | 1 | 3 | |
Changes in net realizable value of agricultural products after harvest | (657) | 43 | (745) |
Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest | (3,333) | (2,294) | (1,869) |
Unrealized gain from derivative financial instruments | 36 | 293 | 267 |
Other operating results | 262 | 157 | |
Gain from disposal of farmlands | (838) | (665) | (1,656) |
Impairment of assocaites and joint ventures | 184 | ||
Result from the revaluation of the participation held before the business combination | (3,501) | (93) | |
Granting Plan of actions | 3 | ||
Changes in operating assets and liabilities: | |||
Decrease in inventories | 722 | (730) | (1,025) |
Decrease in trading properties | 930 | 1,392 | 1,265 |
Increase in restricted assets | (1,165) | (203) | |
Increase in right-of -use assets | (1,053) | ||
Increase in lease liabilities | 59 | ||
Decrease/ (increase) in trade and other receivables | 10,826 | 2,473 | 82 |
Decrease in trade and other payables | (6,161) | (3,562) | 1,212 |
Decrease in salaries and social security liabilities | (280) | (16) | 296 |
Decrease in provisions | (1,603) | (427) | (525) |
Decrease in biological assets | 5,188 | 1,263 | 1,572 |
Net variation in derivative financial instruments | 109 | 157 | (209) |
Net cash generated by continuing operating activities before income tax paid | 33,536 | 19,922 | 11,716 |
Net cash generated by discontinued operating activities before income tax paid | 2,848 | 6,354 | 14,120 |
Net cash generated by operating activities before income tax paid | $ 36,384 | $ 26,276 | $ 25,836 |
Cash flow information (Details
Cash flow information (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Cash Flow Information [Abstract] | ||
Investment properties | $ 155,602 | $ (9,743) |
Property, plant and equipment | (7,776) | (62,036) |
Trading properties | 155 | |
Intangible assets | 3,232 | (13,759) |
Investments in associates and joint ventures | 2,517 | (812) |
Biological assets | (74) | |
Deferred income tax | 1 | (269) |
Trade and other receivables | (8,668) | (26,404) |
Right-of-use assets | (3,977) | |
Investment in financial assets | 13,544 | (6,329) |
Derivative financial instruments | (37) | (51) |
Inventories | (2,170) | (13,110) |
Restricted assets | 214 | (203) |
Trade and other payables | 2,218 | 50,898 |
Lease liabilities | 2,077 | |
Salaries and social security liabilities | 70 | 5,312 |
Borrowings | (87,016) | 46,804 |
Provisions | 46 | 960 |
Income tax and MPIT liabilities | (99) | 16 |
Deferred income tax liabilities | (19,882) | 6,217 |
Employee benefits | 107 | 2,790 |
Net amount of non-cash assets incorporated / held for sale | 50,084 | (19,719) |
Cash and cash equivalents | (4,393) | (12,350) |
Non-controlling interest | 50,745 | 16,296 |
Goodwill | 347 | 164 |
Net amount of assets incorporated / held for sale | 96,783 | (15,609) |
Interest held before acquisition | (1,049) | |
Seller financing | (84) | |
Foreign exchange losses | 602 | |
Fair value of interest held before business combination | (1,259) | |
Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale | $ 96,783 | $ (17,399) |
Cash flow information (Detail_2
Cash flow information (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flow Information [Abstract] | |||
Dividends not collected | $ (401) | $ (300) | $ (252) |
Increase in investment properties through an increase in borrowings | 234 | ||
Decrease in trade and other receivables through an increase in investments in subsidiaries, associates and joint ventures | 3,354 | ||
Decrease in participation in subsidiaries, associates and joint ventures due to transient conversion differences | (1,565) | 928 | (4,185) |
Increase in trade and other receivables through an increase in investments in associates and joint ventures | 16 | ||
Increase in property, plant and equipment through a decrease in investment property | 20 | ||
Increase in property, plant and equipment through an increase in trade and other payables | 739 | 853 | 1,921 |
Decrease in trade and other receivable through an increase in investments in associates and joint venture | 447 | ||
Registration of investment properties through a reduction of credits for sale and other credits | 574 | 77 | |
Increase in properties for sale through an increase in borrowings | 12 | 17 | |
Increase in properties for sale through a decrease in investment properties | 97 | 23 | |
Purchase of non-controlling interest through reduction of credits for sale and other credits | 711 | 1,048 | |
Decrease in associates and joint ventures through an increase in trade and other receivable | 1,198 | ||
Changes in non-controlling interest through a decrease in trade and other receivables | 3,069 | ||
Distribution of dividends to non-controlling shareholders pending payment | 1,761 | (340) | 3,400 |
Increase in property, plant and equipment through a business combination | (2,004) | ||
Increase in property, plant and equipment through increased borrowings | $ 6 | 20 | |
Increase in non-current trade and other receivables through an increase current and non-current borrowings | 243 | ||
Decrease in investments in associates and joint ventures through dividends penfing collection | 24 | ||
Increase of trading properties through an interest capitalization | 24 | ||
Increase of investment properties through an interest capitalization | 40 | ||
Decrease in associates and joint ventures through an increase in assets held for sale | 2,071 | 97 | |
Increase in investments in associates and joint ventures through a decrease in investments in financial assets | 9 | ||
Dividend payment through increased business debt | 17 | ||
Transfers of property, plant and equipment to investment properties | (1,269) | ||
Grants Action Plan | 3 | ||
Increase in Investment Properties through an increase in Other reserves due to the difference between cost and fair value. | 47 | ||
Increase in financial operations through a decrease in investments in associates and joint ventures | 144 | ||
Increase in trading properties through an increase in trade and other payables | 137 | ||
Increase in trading properties through a decrease in credits | 69 | ||
Increase in investment properties through a decrease in trading properties | $ 785 | ||
Increase in participation in subsidiaries, associates and joint ventures due to an increase in the reserve share-based payments | (4) | ||
Decrease in loans through a decrease in financial assets | 2,454 | ||
Increase in investment properties through a decrease in financial assets | 278 | ||
Increase in intangible assets through an increase in trade and other payabels | 494 | ||
Increase in investment in associates through loss of control in subsidiaries | 1,335 | ||
Distribution of dividends on shares | 589 | ||
Acquisition of investment properties through a decrease in trade and other receivables | 28 | ||
Issuance of Negotiable Obligations | 21 | ||
Increase in investment properties through an increase in borrowings | 81 | ||
Increase of use-rights through a decrease in property, plant and equipment | |||
Increase in investments in financial assets through a decrease in investments in associates and joint ventures | |||
Increase in investment in associates through a decrease in investments in financial assets | 854 | ||
Increase in investments in financial assets through a decrease in investment properties | 1,188 | ||
Dividends pending collection from associates and joint ventures | |||
Increase in investments in financial assets through a decrease in investment properties | |||
Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) | 14,124 | ||
Increase in rights of use through an increase in lease liabilities | $ 8,091 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) $ / shares in Units, $ in Millions | Mar. 13, 2019 | Jun. 26, 2019 | Mar. 14, 2019ARS ($)$ / shares | Dec. 05, 2018ARS ($)$ / shares | May 22, 2018ARS ($)$ / shares | Jun. 30, 2019 | Jun. 30, 2020ARS ($) | Oct. 30, 2019ARS ($)$ / shares | Jun. 30, 2018ARS ($) | Nov. 30, 2017ARS ($) |
Statement Line Items [Line Items] | ||||||||||
American depositary shares, per share | $ / shares | $ 0.026 | |||||||||
Distribution of treasury shares | $ 13,000,000 | |||||||||
Reserve | $ 993 | |||||||||
Special reserve | $ 3,625 | |||||||||
Dividends distributed | $ 565 | |||||||||
Acquisition of treasury shares | $ 900 | |||||||||
Ordinary share capital | 10.00% | 10.00% | 10.00% | 2.59% | ||||||
Ordinary share | $ 502 | |||||||||
American depositary shares | 10 | 10 | ||||||||
Average volume | 25.00% | 25.00% | 25.00% | |||||||
Profit of legal reserve, percentage | 5.00% | |||||||||
Total capital of legal reserve, percentage | 20.00% | |||||||||
Net capital, percentage | 2.66% | |||||||||
Top of range [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Common shares, per share | $ / shares | $ 15.50 | $ 15.50 | $ 62.5 | |||||||
American depositary shares, per share | $ / shares | 25 | |||||||||
Bottom of range [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Common shares, per share | $ / shares | 1 | |||||||||
American depositary shares, per share | $ / shares | $ 1 | |||||||||
Ordinary shares [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Common shares, per share | $ / shares | $ 0.26 | |||||||||
Acquisition of treasury shares | $ 429,000,000 | $ 429,000,000 | ||||||||
American depositary shares | 10 | 10 | ||||||||
Description of common shares | The Company acquired the equivalent of 6,394,009 common shares representing 99.97% of the approved program and 1.27% of Cresud's share capital, which correspond to 1,095,009 ordinary shares for a total of Ps. 74 and 529,900 ADRs (representing 5,299,000 ordinary shares) for a total of US$ 6.5 (equivalent to Ps. 354). | The repurchase plan was completed, and the Company acquired the equivalent of 6,712,465 ordinary shares representing 99.96% of the approved program and 1.34% of Cresud's share capital which correspond to 3,824,035 ordinary shares for a total of Ps. 244 and 288,843 ADRs (representative of 2,888,430 ordinary shares) for a total of US$ 2.9 (equivalent to Ps. 184). | The Company acquired 3,211,786 ordinary shares (VN Ps. 1 per share) in various transactions for a total of Ps. 138.79 and 1,433,874 ADS (representing 14,338,740 common shares) for a total of US$ 27.19 (equivalent to Ps. 624.20), completing the terms and conditions of the repurchase plan of treasury shares. | |||||||
Net capital of treasury shares | $ 499 |
Trade and other payables (Detai
Trade and other payables (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other payables [abstract] | ||
Trade | $ 22,650 | $ 19,672 |
Sales, rental and services payments received in advance | 1,972 | 6,407 |
Construction obligations | 407 | 1,331 |
Accrued invoices | 1,221 | 1,705 |
Deferred incomes | 142 | |
Admission rights | 1,017 | |
Deposits in guarantee | 101 | |
Total trade payables | 27,510 | 29,115 |
Dividends payable to non-controlling shareholders | 355 | 569 |
Taxes payable | 745 | 1,355 |
Construction obligations | 1,451 | |
Management fees (Note 32) | 190 | |
Others | 10,009 | 2,639 |
Total other payables | 11,299 | 6,014 |
Total trade and other payables | 38,809 | 35,129 |
Non-current | 2,986 | 2,830 |
Current | 35,823 | 32,299 |
Total | $ 38,809 | $ 35,129 |
Provisions (Details)
Provisions (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | ||||
Reconciliation of changes in other provisions [abstract] | |||||
Other provisions | $ 13,955 | $ 10,286 | |||
Additions | 503 | 948 | |||
Transfers | (18) | ||||
Incorporated by business combination | 57 | ||||
Share of profit / (loss) of associates and joint ventures | (7,461) | 3,733 | |||
Used during the year | (1,897) | (354) | |||
Inflation adjustment | (80) | (106) | |||
Currency translation adjustment | 475 | (441) | |||
Other provisions | 5,534 | 13,955 | |||
Recoveries | (111) | ||||
Legal Claims [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Other provisions | 2,427 | [1] | 2,344 | [2] | |
Additions | 470 | [1] | 659 | [2] | |
Transfers | [1] | (18) | |||
Incorporated by business combination | [1] | 57 | |||
Share of profit / (loss) of associates and joint ventures | [1] | [2] | |||
Used during the year | (698) | [1] | (339) | [2] | |
Inflation adjustment | (80) | [1] | (106) | [2] | |
Currency translation adjustment | 369 | [1] | (27) | [2] | |
Other provisions | [1] | 2,527 | 2,427 | ||
Recoveries | [2] | (104) | |||
Investments In Associates And Joint Ventures [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Other provisions | [3] | 8,661 | 5,453 | ||
Additions | [1] | 17 | [3] | ||
Transfers | [1] | ||||
Incorporated by business combination | [1] | ||||
Share of profit / (loss) of associates and joint ventures | (7,461) | [1] | 3,733 | [3] | |
Used during the year | (1,018) | [1] | [3] | ||
Inflation adjustment | [1] | [3] | |||
Currency translation adjustment | (165) | [1] | (535) | [3] | |
Other provisions | 17 | [1] | 8,661 | [3] | |
Recoveries | [3] | (7) | |||
Site Dismantling And Remediation [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Other provisions | [4] | 342 | 367 | ||
Additions | 33 | [3] | [4] | ||
Transfers | [3] | ||||
Incorporated by business combination | [3] | ||||
Share of profit / (loss) of associates and joint ventures | [3] | [4] | |||
Used during the year | [3] | (15) | [4] | ||
Inflation adjustment | [3] | [4] | |||
Currency translation adjustment | 72 | [3] | (10) | [4] | |
Other provisions | 447 | [3] | 342 | [4] | |
Recoveries | [4] | ||||
Onerous Contracts [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Other provisions | [4] | ||||
Additions | [4] | ||||
Transfers | [4] | ||||
Incorporated by business combination | [4] | ||||
Share of profit / (loss) of associates and joint ventures | [4] | ||||
Used during the year | [4] | ||||
Inflation adjustment | [4] | ||||
Currency translation adjustment | [4] | ||||
Other provisions | [4] | ||||
Recoveries | [4] | ||||
Other Provisions [Member] | |||||
Reconciliation of changes in other provisions [abstract] | |||||
Other provisions | [4] | 2,525 | 2,122 | ||
Additions | [4] | 272 | |||
Transfers | [4] | ||||
Incorporated by business combination | [4] | ||||
Share of profit / (loss) of associates and joint ventures | [4] | ||||
Used during the year | [4] | (181) | |||
Inflation adjustment | [4] | ||||
Currency translation adjustment | [4] | 199 | 131 | ||
Other provisions | [4] | $ 2,543 | 2,525 | ||
Recoveries | [4] | ||||
[1] | Corresponds to the equity interest in New Lipstick with negative equity in 2019 and Puerto Retiro in 2020 and 2019. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures". | ||||
[2] | Additions and recoveries are included in "Other operating results, net" | ||||
[3] | The Group's companies are required to recognize certain costs related to the dismantling of assets and remediation of sites from the places where such assets are located. The calculation of such expenses is based on the dismantling value for the current year, taking into consideration the best estimate of future changes in prices, inflation, etc. and such costs are capitalized at a risk-free interest rate. Volume projections for retired or built assets are recast based on expected changes from technological rulings and requirements. | ||||
[4] | In November 2009, PBC's Audit Committee and Board of Directors approved the agreement with Rock Real whereby the latter would look for and propose to PBC the acquisition of commercial properties outside Israel, in addition to assisting in the negotiations and management of such properties. In return, Rock Real would receive 12% of the net income generated by the acquired property. Pursuant to amendment 16 of the Israel Commercial Act 5759-1999, the agreement must be ratified by the Audit Committee before the third year after the effective date; otherwise, it expires. The agreement has not been ratified by the audit committee within such three-year term, so in January 2017 PBC issued a statement that hinted at the expiration of the agreement and informed that it would begin negotiations to reduce the debt. The parties have appointed an arbitrator that should render a decision on the dispute. The remaining corresponds to provisions related to investment properties. |
Provisions (Details 1)
Provisions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Provisions [abstract] | ||
Non-current | $ 3,091 | $ 11,478 |
Current | 2,443 | 2,477 |
Total | $ 5,534 | $ 13,955 |
Provisions (Details Textual)
Provisions (Details Textual) $ in Millions | 1 Months Ended |
Oct. 03, 2018ARS ($) | |
Provisions (Textual) | |
Estimated amount | $ 176 |
IDBD class action, description | The Motion has been filed, against IDBD, against Dolphin IL, against Mr. Eduardo Elsztain and against the Official Receiver, and in it, the Court was requested to hold that the Transaction was not in compliance with the provisions of the Centralization Law, to appoint a trustee over DIC’s shares owned by the respondents and to order the payment of monetary damages to the public shareholders in DIC for the alleged preservation of the pyramidal structure in IDBD, at a scope of between NIS 58 and NIS 73. |
Borrowings (Details)
Borrowings (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Disclosure of detailed information about borrowings [line items] | ||||||
Total non-current borrowings | $ 320,418 | $ 397,414 | ||||
Total current borrowings | 98,389 | 80,384 | ||||
Total borrowings | 418,807 | [1] | 477,798 | [1] | $ 488,156 | |
At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | [1] | 345,547 | 472,993 | |||
Non- Convertible Notes [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | 343,028 | 395,552 | ||||
Non- Convertible Notes [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | 276,854 | 389,689 | ||||
Bank Loans And Others [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | 69,884 | 74,140 | ||||
Bank Loans And Others [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | 58,954 | 72,638 | ||||
Bank Overdrafts [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | 4,283 | 1,431 | ||||
Bank Overdrafts [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | 3,233 | 1,431 | ||||
Other Borrowings [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | [2] | 1,612 | 6,675 | |||
Other Borrowings [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Total borrowings | [1] | $ 6,506 | $ 9,235 | |||
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. | |||||
[2] | Includes financial leases for Ps. 366 as of June 30, 2019. |
Borrowings (Details 1)
Borrowings (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Principal | $ 416,543 | $ 472,668 | |||
Do not accrue interest | 2,264 | 4,764 | |||
Finance lease obligations | 366 | ||||
Borrowings | 418,807 | [1] | 477,798 | [1] | $ 488,156 |
Less than one year [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Principal | 96,414 | 75,709 | |||
Do not accrue interest | 1,962 | 4,329 | |||
Between 1 And 2 Years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Principal | 64,197 | 64,202 | |||
Do not accrue interest | 76 | 56 | |||
Between 2 And 3 Years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Principal | 110,333 | 48,517 | |||
Do not accrue interest | 89 | 54 | |||
Between 3 And 4 Years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Principal | 35,896 | 109,928 | |||
Do not accrue interest | 28 | 254 | |||
Between 4 And 5 Years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Principal | 32,328 | 41,489 | |||
Do not accrue interest | 44 | ||||
More Than 5 Years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Principal | 77,375 | 103,017 | |||
Do not accrue interest | $ 65 | $ 44 | |||
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details 2)
Borrowings (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Evolution of borrowing [RollForward] | |||||
Balance at the beginning of the year | $ 477,798 | [1] | $ 488,156 | ||
Borrowings | 47,777 | 55,708 | $ 47,023 | ||
Payment of borrowings | (72,590) | (54,274) | (45,233) | ||
Collection / (Payment) of short term loans, net | (2,459) | 2,248 | |||
Interests paid | (21,909) | (20,059) | (14,266) | ||
Accrued interests | 24,357 | 21,893 | |||
Cumulative translation adjustment and exchange differences, net | 74,853 | (1,433) | |||
Deconsolidation | (95,443) | 8,751 | |||
Changes in fair value of third-party loans | (27) | ||||
Repurchase of non-convertible notes | (13,644) | (8,291) | |||
Inflation adjustment | (997) | (14,601) | |||
Incorporation by business combination | 1,884 | ||||
Transfer to / from assets available for sale | (820) | ||||
Reclassifications and other movements | (273) | ||||
Balance at the end of the year | $ 418,807 | [1] | $ 477,798 | [1] | $ 488,156 |
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details 3)
Borrowings (Details 3) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Fixed rate: | |||||
Argentine Peso | $ 7,793 | $ 1,456 | |||
Brazilian Reais | 1,594 | 2,265 | |||
US Dollar | 85,871 | 84,275 | |||
Bolivian pesos | 1,424 | 4 | |||
NIS | 176,617 | 225,582 | |||
Subtotal fixed-rate borrowings | 273,299 | 313,582 | |||
Floating rate: | |||||
Argentine Peso | 1,934 | 1,086 | |||
Brazilian Reais | 4,877 | 2,600 | |||
US Dollar | 3,902 | 4,002 | |||
NIS | 134,795 | 156,162 | |||
Subtotal floating rate borrowings | 145,508 | 16,385 | |||
Total borrowings as per analysis | 418,807 | 477,432 | |||
Finance lease obligations | 366 | ||||
Total borrowings as per Statement of Financial Position | 418,807 | [1] | 477,798 | [1] | $ 488,156 |
Argentine Peso [Member] | |||||
Fixed rate: | |||||
Argentine Peso | 7,793 | 1,456 | |||
Brazilian Reais | |||||
US Dollar | 8,626 | 71,803 | |||
Bolivian pesos | |||||
NIS | |||||
Subtotal fixed-rate borrowings | 94,053 | 73,259 | |||
Floating rate: | |||||
Argentine Peso | 1,934 | 1,086 | |||
Brazilian Reais | |||||
US Dollar | 3,902 | 4,002 | |||
NIS | |||||
Subtotal floating rate borrowings | 5,836 | 5,088 | |||
Total borrowings as per analysis | 99,889 | 78,347 | |||
Finance lease obligations | 366 | ||||
Total borrowings as per Statement of Financial Position | 99,889 | 78,713 | |||
Brazilian Reais [Member] | |||||
Fixed rate: | |||||
Argentine Peso | |||||
Brazilian Reais | 1,594 | 2,265 | |||
US Dollar | 110 | 6 | |||
Bolivian pesos | |||||
NIS | |||||
Subtotal fixed-rate borrowings | 1,704 | 2,271 | |||
Floating rate: | |||||
Argentine Peso | |||||
Brazilian Reais | 4,877 | 2,600 | |||
US Dollar | |||||
NIS | |||||
Subtotal floating rate borrowings | 4,877 | 26 | |||
Total borrowings as per analysis | 6,581 | 4,871 | |||
Finance lease obligations | |||||
Total borrowings as per Statement of Financial Position | 6,581 | 4,871 | |||
Bolivian pesos [Member] | |||||
Fixed rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | |||||
Bolivian pesos | 4 | ||||
NIS | |||||
Subtotal fixed-rate borrowings | 4 | ||||
Floating rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | |||||
NIS | |||||
Subtotal floating rate borrowings | |||||
Total borrowings as per analysis | 4 | ||||
Finance lease obligations | |||||
Total borrowings as per Statement of Financial Position | 4 | ||||
Uruguayan Peso [Member] | |||||
Fixed rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | 517 | 449 | |||
Bolivian pesos | |||||
NIS | |||||
Subtotal fixed-rate borrowings | 517 | 449 | |||
Floating rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | |||||
NIS | |||||
Subtotal floating rate borrowings | |||||
Total borrowings as per analysis | 517 | 449 | |||
Finance lease obligations | |||||
Total borrowings as per Statement of Financial Position | 517 | 449 | |||
US Dollar [Member] | |||||
Fixed rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | 146 | 121 | |||
Bolivian pesos | |||||
NIS | |||||
Subtotal fixed-rate borrowings | 146 | 121 | |||
Floating rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | |||||
NIS | |||||
Subtotal floating rate borrowings | |||||
Total borrowings as per analysis | 146 | 121 | |||
Finance lease obligations | |||||
Total borrowings as per Statement of Financial Position | 146 | 121 | |||
NIS [Member] | |||||
Fixed rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | (1,162) | 11,896 | |||
Bolivian pesos | 1,424 | ||||
NIS | 176,617 | 225,582 | |||
Subtotal fixed-rate borrowings | 176,879 | 237,478 | |||
Floating rate: | |||||
Argentine Peso | |||||
Brazilian Reais | |||||
US Dollar | |||||
NIS | 134,795 | 156,162 | |||
Subtotal floating rate borrowings | 134,795 | 156,162 | |||
Total borrowings as per analysis | 311,674 | 39,364 | |||
Finance lease obligations | |||||
Total borrowings as per Statement of Financial Position | $ 311,674 | $ 39,364 | |||
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details 4)
Borrowings (Details 4) $ in Millions | 12 Months Ended | |
Jun. 30, 2020ARS ($) | ||
Cresud [Member] | Class XXIV [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-11 | |
Maturity date | Nov. 14, 2020 | |
Interest rate | 9.00% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
Cresud [Member] | Class XXIV [Member] | USD | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 736 | |
Cresud [Member] | Class XXIII [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-02 | |
Maturity date | Feb. 16, 2023 | |
Interest rate | 6.50% | |
Principal payment | At expiration | |
Interest payment | biannual | |
Cresud [Member] | Class XXIII [Member] | USD | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 113 | |
Cresud [Member] | Class XXV [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-07 | |
Amount in original currency | $ 596 | |
Maturity date | Jul. 11, 2021 | |
Interest rate | 9.00% | |
Principal payment | At expiration | |
Interest payment | biannual | |
Cresud [Member] | Class XXVI [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-01 | |
Amount in original currency | $ 1,095 | |
Maturity date | Jan. 30, 2021 | |
Interest rate | 6.50% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
Cresud [Member] | Class XXVII [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-01 | |
Amount in original currency | $ 57 | |
Maturity date | Jul. 30, 2021 | |
Interest rate | 7.45% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
Cresud [Member] | Class XXVIII [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-01 | |
Amount in original currency | $ 275 | |
Maturity date | Apr. 30, 2021 | |
Interest rate | 9.00% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
PBC [Member] | SERIE j [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-05 | |
Amount in original currency | $ 515 | |
Maturity date | Dec. 31, 2029 | |
Interest rate | 4.15% | |
Principal payment | At expiration | |
Interest payment | Annual | |
PBC [Member] | SERIES I [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2017-10 | |
Maturity date | Jun. 29, 2029 | |
Interest rate | 3.95% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
PBC [Member] | SERIES I [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 497 | |
PBC [Member] | SERIES I [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2017-12 | |
Maturity date | Jun. 29, 2029 | |
Interest rate | 3.95% | [1] |
Principal payment | At expiration | |
Interest payment | quarterly | |
PBC [Member] | SERIES I [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 496 | |
PBC [Member] | SERIE I [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-07 | [2] |
Maturity date | Jun. 29, 2029 | [2] |
Interest rate | 3.95% | [2] |
Principal payment | !-SYNTAX- | [2] |
Interest payment | !-SYNTAX- | [2] |
PBC [Member] | SERIE I [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 507 | |
PBC [Member] | Series I [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-05 | |
Maturity date | Dec. 31, 2029 | |
Interest rate | 4.15% | |
Principal payment | At expiration | |
Interest payment | annual | |
PBC [Member] | Series I [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 515 | |
Brasilagro-companhia Brasileira De Propiedades Agricolas [Member] | CRA SerieI [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-05 | |
Maturity date | Aug. 1, 2022 | |
Principal payment | Annual payments since 2020 | |
Interest payment | annual | |
Brasilagro-companhia Brasileira De Propiedades Agricolas [Member] | CRA SerieII [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-05 | |
Maturity date | Jul. 31, 2023 | |
Interest rate | 110.00% | |
Principal payment | Annual payments since 2020 | |
Interest payment | annual | |
Brasilagro-companhia Brasileira De Propiedades Agricolas [Member] | CRA SerieII [Member] | BRL | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 57 | |
IRSA Propiedades Comerciales S.A. [Member] | Class IV [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-05 | |
Amount in original currency | $ 51 | |
Maturity date | May 19, 2021 | |
Interest rate | 7.00% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
IRSA Propiedades Comerciales S.A. [Member] | Class IV [Member] | USD | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 140 | |
IRSA Propiedades Comerciales S.A. [Member] | Class I 2nd tranch [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-08 | |
Amount in original currency | $ 85 | |
Maturity date | Nov. 15, 2028 | |
Interest rate | 10.00% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
IRSA Propiedades Comerciales S.A. [Member] | Class II [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-08 | [2] |
Amount in original currency | $ 31,503 | [2] |
Maturity date | Aug. 6, 2020 | [2] |
Interest rate | 10.50% | [2] |
Principal payment | At expiration | [2] |
Interest payment | quarterly | [2] |
IRSA Propiedades Comerciales S.A. [Member] | Class II One [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-05 | [2] |
Amount in original currency | $ 354 | [2] |
Maturity date | Feb. 19, 2021 | [2] |
Interest rate | 0.60% | [2] |
Principal payment | At expiration | [2] |
Interest payment | quarterly | [2] |
IRSA Propiedades Comerciales S.A. [Member] | Class V [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-05 | |
Amount in original currency | $ 9 | |
Maturity date | May 19, 2022 | |
Interest rate | 9.00% | |
Principal payment | At expiration | |
Interest payment | quarterly | |
IDB Development Corporation Ltd. [Member] | SERIES N [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2017-07 | [3] |
Maturity date | Dec. 30, 2022 | [3] |
Interest rate | 5.30% | [3] |
Principal payment | At expiration | [3] |
Interest payment | quarterly | [3] |
IDB Development Corporation Ltd. [Member] | SERIES N [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 6,421 | |
IDB Development Corporation Ltd. [Member] | SERIES N [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2017-11 | |
Maturity date | Dec. 30, 2022 | |
Interest rate | 5.30% | [1] |
Principal payment | At expiration | |
Interest payment | quarterly | |
IDB Development Corporation Ltd. [Member] | SERIES N [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 357 | |
Discount Investment Corporation Ltd. [Member] | SERIES J [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2017-12 | |
Maturity date | Dec. 30, 2026 | |
Interest rate | 4.80% | [1] |
Principal payment | Annual payments since 2021 | |
Interest payment | biannual | |
Discount Investment Corporation Ltd. [Member] | SERIES J [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 762 | |
Gav - Yam [Member] | SERIE H [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2017-09 | [2] |
Maturity date | Jun. 30, 2034 | [2] |
Interest rate | 2.55% | [2] |
Principal payment | At expiration | [2] |
Interest payment | Quarterly | [2] |
Gav - Yam [Member] | SERIE H [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 424 | |
Gav - Yam [Member] | SERIE A [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-07 | [2] |
Maturity date | Oct. 31, 2023 | [2] |
Interest rate | 3.55% | [2] |
Principal payment | Annual payments since 2019 | [2] |
Interest payment | biannual | [2] |
Gav - Yam [Member] | SERIE A [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 320 | |
Gav - Yam [Member] | SERIE H [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-09 | [2] |
Maturity date | Jun. 30, 2024 | [2] |
Interest rate | 2.55% | [2] |
Principal payment | Annual payments since 2021 | [2] |
Interest payment | biannual | [2] |
Gav - Yam [Member] | SERIE H [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 596 | |
Gav - Yam [Member] | SERIE A [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-12 | |
Maturity date | Oct. 31, 2023 | |
Interest rate | 3.55% | |
Principal payment | Annual payments since 2021 | |
Interest payment | biannual | |
Gav - Yam [Member] | SERIE A [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 351 | |
Cellcom [Member] | SERIE L [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-01 | [2] |
Maturity date | Jan. 5, 2028 | [2] |
Interest rate | 2.50% | [2] |
Principal payment | Annual payments since 2023 | [2] |
Interest payment | annual | [2] |
Cellcom [Member] | SERIE L [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 401 | |
Cellcom [Member] | SERIE K [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-07 | [2] |
Maturity date | Jul. 5, 2026 | [2] |
Interest rate | 3.55% | [2] |
Principal payment | Annual payments since 2021 | [2] |
Interest payment | annual | [2] |
Cellcom [Member] | SERIE K [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 220 | |
Cellcom [Member] | SERIE K [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-12 | |
Maturity date | Jul. 5, 2026 | |
Interest rate | 3.55% | |
Principal payment | Annual payments since 2021 | |
Interest payment | annual | |
Cellcom [Member] | SERIE K [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 187 | |
Cellcom [Member] | SERIE L [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-12 | |
Maturity date | Jan. 5, 2028 | |
Interest rate | 2.50% | |
Principal payment | Annual payments since 2023 | |
Interest payment | annual | |
Cellcom [Member] | SERIE L [Member] | ILS | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 213 | |
IDBD [Member] | Serie 15 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-11 | |
Amount in original currency | $ 237 | |
Maturity date | Jun. 30, 2022 | |
Interest rate | 4.70% | |
Principal payment | Two payments | |
Interest payment | quarterly | |
[1] | Corresponds a to an expansion of the series. | |
[2] | Corresponds to an expansion of the series. | |
[3] | IDBD has the right to make an early repayment, totally or partially. As a guarantee for the full compliance of all the commitments IDBD has pledged approximately 99.3 million shares of DIC under a single fixed charge of first line and in guarantee of by means of the lien (which represent 70.02% of its capital), in an unlimited amount, in favor of the trustee for the holders of the debentures. |
Borrowings (Details Textual)
Borrowings (Details Textual) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Statement Line Items [Line Items] | ||
Borrowings include collateralized liabilities | $ 14,920 | $ 19,831 |
IDBG loan | 153 | |
Operation Center In Israel [Member] | ||
Statement Line Items [Line Items] | ||
Financial leases | $ 311,674 | $ 393,641 |
Income tax (Details)
Income tax (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax [Abstract] | |||
Current income tax | $ (721) | $ (1,938) | $ (48) |
Deferred income tax | (7,252) | 1,079 | 10,229 |
MPIT | (134) | 79 | (217) |
Income tax | $ (8,107) | $ (780) | $ 9,964 |
Income tax (Details 1)
Income tax (Details 1) | 12 Months Ended |
Jun. 30, 2020 | |
Argentina [Member] | Bottom Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 25.00% |
Argentina [Member] | Top Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 35.00% |
Brazil [Member] | Top Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 34.00% |
Brazil [Member] | Bottom Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 25.00% |
Uruguay [Member] | Top Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 25.00% |
Uruguay [Member] | Bottom Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 0.00% |
Bolivia [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 25.00% |
U.S. [Member] | Top Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 40.00% |
U.S. [Member] | Bottom Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 0.00% |
Bermudas [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 0.00% |
Israel [Member] | Bottom Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 23.00% |
Israel [Member] | Top Of Range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Income tax rate | 24.00% |
Income tax (Details 2)
Income tax (Details 2) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Income Tax [Abstract] | ||||
Tax calculated at the tax rates applicable to profits in the respective countries | $ (5,116) | $ 11,154 | $ 4,265 | |
Permanent differences: | ||||
Inflation adjustment for tax purposes | (4,106) | (5,826) | ||
Share of profit / (loss) of associates and joint ventures | 1,724 | (1,104) | (575) | |
Unrecognized tax loss carry-forwards | [1] | (3,094) | (4,255) | (4,016) |
Expiration of tax loss carry-forwards | 13 | (164) | ||
Provision for unrecoverability of tax loss carry-forwards | (1,997) | (3,184) | (1,945) | |
Changes in fair value of financial instruments and sale of shares | (1,684) | 74 | (720) | |
Change of tax rate | 2,858 | 400 | 11,767 | |
Non-taxable profit | 150 | |||
Non-deductible expenses | (12) | (26) | (16) | |
Others | (638) | 1,071 | 1,361 | |
Inflation adjustment for accounting purposes | 3,795 | 916 | 7 | |
Income tax from continuing operations | $ (8,107) | $ (780) | $ 9,964 | |
[1] | Corresponds mainly to holding companies in the Operations Center in Israel. |
Income tax (Details 3)
Income tax (Details 3) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Deferred income tax assets | $ 16,955 | $ 15,231 |
Deferred income tax liabilities | (65,497) | (71,651) |
Total deferred income tax (liabilities) assets, net | (48,542) | (56,420) |
Recovered After More Than 12 Months [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Deferred income tax assets | 15,748 | 12,806 |
Deferred income tax liabilities | (62,318) | (51,537) |
Less Than 1 Year [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Deferred income tax assets | 1,207 | |
Deferred income tax liabilities | $ (3,179) | |
Less Than 1 Year [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Deferred income tax assets | 2,425 | |
Deferred income tax liabilities | $ (20,114) |
Income tax (Details 4)
Income tax (Details 4) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Tax Loss Carry-forwards [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | $ 7,904 | $ 13,022 |
Business combinations and reclassification to other assets held for sale | ||
Foreign exchange gain | 803 | (309) |
Charged to the Statement of Income | 908 | (4,809) |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | (83) | |
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | 9,532 | 7,904 |
Others [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | 1,561 | 2,029 |
Business combinations and reclassification to other assets held for sale | (3) | |
Foreign exchange gain | 149 | (68) |
Charged to the Statement of Income | 276 | (687) |
Reclassification of opening amounts | 287 | |
Use of tax loss carry-forwards | ||
Reserve for changes of non-controlling interest | 77 | |
Deconsolidation | ||
Ending of the year | 2,060 | 1,561 |
Subtotal Assets [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | 15,231 | 19,712 |
Business combinations and reclassification to other assets held for sale | (4) | |
Foreign exchange gain | 1,815 | (184) |
Charged to the Statement of Income | 350 | (4,584) |
Reclassification of opening amounts | 287 | |
Use of tax loss carry-forwards | (514) | |
Reserve for changes of non-controlling interest | 77 | |
Deconsolidation | ||
Ending of the year | 16,955 | 15,231 |
(Liabilities) / Assets, Net [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (56,420) | (57,353) |
Business combinations and reclassification to other assets held for sale | (1,191) | |
Foreign exchange gain | 1,908 | 1,877 |
Charged to the Statement of Income | (7,397) | (287) |
Reclassification of opening amounts | 351 | |
Use of tax loss carry-forwards | 14,277 | (1,008) |
Reserve for changes of non-controlling interest | 77 | |
Deconsolidation | 204 | |
Ending of the year | (48,542) | (56,420) |
Trade And Other Payables [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | 5,766 | 4,661 |
Business combinations and reclassification to other assets held for sale | (1) | |
Foreign exchange gain | 863 | 193 |
Charged to the Statement of Income | (834) | 912 |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | (431) | |
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | 5,363 | 5,766 |
Investment Properties And Property, Plant And Equipment [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (61,085) | (69,039) |
Business combinations and reclassification to other assets held for sale | (558) | |
Foreign exchange gain | 1,301 | 1,059 |
Charged to the Statement of Income | (8,904) | 7,839 |
Reclassification of opening amounts | 64 | |
Use of tax loss carry-forwards | 14,973 | |
Reserve for changes of non-controlling interest | ||
Deconsolidation | 204 | |
Ending of the year | (54,069) | (61,085) |
Biological Assets [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (514) | (359) |
Business combinations and reclassification to other assets held for sale | ||
Foreign exchange gain | 73 | 1 |
Charged to the Statement of Income | (192) | (156) |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | (1,008) | |
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | (633) | (514) |
Trade And Other Receivables [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (889) | (536) |
Business combinations and reclassification to other assets held for sale | ||
Foreign exchange gain | 3 | |
Charged to the Statement of Income | 33 | (356) |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | ||
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | (922) | (889) |
Investments [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (73) | (30) |
Business combinations and reclassification to other assets held for sale | ||
Foreign exchange gain | (80) | (13) |
Charged to the Statement of Income | 59 | (30) |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | ||
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | (94) | (73) |
Intangible Assets [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (2,266) | (2,985) |
Business combinations and reclassification to other assets held for sale | ||
Foreign exchange gain | (510) | 262 |
Charged to the Statement of Income | 383 | 457 |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | ||
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | (2,393) | (2,266) |
Tax inflation adjustment [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (4,385) | |
Business combinations and reclassification to other assets held for sale | (33) | |
Foreign exchange gain | ||
Charged to the Statement of Income | (1,856) | (4,385) |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | ||
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | 6,274 | (4,385) |
Borrowings [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (1,058) | (1,286) |
Business combinations and reclassification to other assets held for sale | ||
Foreign exchange gain | (282) | 93 |
Charged to the Statement of Income | 386 | 135 |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | ||
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | (954) | (1,058) |
Inventories [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (728) | (202) |
Business combinations and reclassification to other assets held for sale | (3) | |
Foreign exchange gain | 134 | 30 |
Charged to the Statement of Income | (49) | (556) |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | ||
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | (646) | (728) |
Others [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (653) | (2,628) |
Business combinations and reclassification to other assets held for sale | (593) | |
Foreign exchange gain | (543) | 626 |
Charged to the Statement of Income | 2,459 | 1,349 |
Reclassification of opening amounts | ||
Use of tax loss carry-forwards | (182) | |
Reserve for changes of non-controlling interest | ||
Deconsolidation | ||
Ending of the year | 488 | (653) |
Subtotal Liabilities [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning of the year | (71,651) | (77,065) |
Business combinations and reclassification to other assets held for sale | (1,187) | |
Foreign exchange gain | 93 | 2,061 |
Charged to the Statement of Income | (7,747) | 4,297 |
Reclassification of opening amounts | 64 | |
Use of tax loss carry-forwards | 14,791 | (1,008) |
Reserve for changes of non-controlling interest | ||
Deconsolidation | 204 | |
Ending of the year | $ (65,497) | $ (71,651) |
Income tax (Details 5)
Income tax (Details 5) $ in Millions | Jun. 30, 2020ARS ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | $ 12,579 |
Do Not Expire [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | 3,784 |
Argentina | 2016 [Member] | 2021 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | 3 |
Argentina | 2017 [Member] | 2022 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | 11 |
Argentina | 2018 [Member] | 2023 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | 2,785 |
Argentina | 2019 [Member] | 2024 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | 1,186 |
Bolivia | 2020 [Member] | 2025 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | 4,809 |
Brazil | 2011 To 2019 [Member] | Do Not Expire [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total cumulative tax loss carry-forwards | $ 1 |
Income tax (Details Textual)
Income tax (Details Textual) - ARS ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 27, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income tax (Textual) | ||||
Dividends, description | (i) dividends originated from profits obtained before fiscal year ending June 30, 2018 will not be subject to withholding tax; (ii) dividends derived from profits generated during fiscal years of the Company ending June 30, 2019 and 2020 paid to argentine individuals and/or foreign residents, will be subject to a 7% withholding tax; and (iii) dividends originated from profits obtained during fiscal year ending June 30, 2021 onward will be subject to withholding tax at a rate of 13%. | |||
Corporate income tax, percentage | 1.00% | |||
Revaluation of assets, description | (i) 8% for real estate not classified as inventories, (ii) 15% for real estate classified as inventories, (iii) 5% for shares, quotas and equity interests owned by individuals and (iv) 10% for the rest of the assets. Once the option is exercised for a particular asset, all other assets in the same category must be revalued. | |||
Tax inflation adjustment, description | Law 27,430 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 Statistics 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 55.72% in the index price that exceeds the expected condition of 55% for the application of the adjustment in said first year. | |||
Deferred income tax assets (tax loss carry forwards) | $ 456,299 | $ 332,739 | ||
Deferred income tax liabilities | 90 | 86 | ||
Deferred liability | $ 906 | $ 938 | ||
Argentina [Member] | ||||
Income tax (Textual) | ||||
Tax loss carry forwards expiration | 5 years | |||
Uruguay [Member] | ||||
Income tax (Textual) | ||||
Tax loss carry forwards expiration | 5 years | |||
Bolivia | ||||
Income tax (Textual) | ||||
Tax loss carry forwards expiration | 3 years | |||
Brazil | ||||
Income tax (Textual) | ||||
Tax loss carry forwards expiration | In Brazil, the taxable profit for each year can only be reduced by tax losses up to a maximum of 30% | |||
Bottom Of Range [Member] | ||||
Income tax (Textual) | ||||
Corporate income tax, percentage | 21.00% | 25.00% | ||
Top Of Range [Member] | ||||
Income tax (Textual) | ||||
Corporate income tax, percentage | 35.00% | 30.00% |
Leases (Details)
Leases (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 10,235 | $ 27,083 | $ 19,548 |
Less Than 1 Year [Member] | |||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 2,428 | ||
Later Than 1 Year and Not Later Than 5 Years [Member] | |||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |||
Future minimum proceeds generated from non-cancellable operating leases | 5,410 | 15,160 | 11,118 |
More Than 5 Years [Member] | |||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 2,397 | 2,098 | 2,680 |
Less Than 1 Year [Member] | |||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 9,825 | ||
No Later Than 1 Year [Member] | |||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |||
Future minimum proceeds generated from non-cancellable operating leases | $ 5,750 |
Leases (Details 1)
Leases (Details 1) - Shopping Malls, Offices And Other Buildings [Member] - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
future minimum proceeds generated from non-cancellable operating leases | $ 33,947 | $ 64,307 | $ 80,977 |
Less Than 1 Year [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future minimum proceeds generated from non-cancellable operating leases | 1,211 | ||
Later Than 1 Year and Not Later Than 5 Years [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future minimum proceeds generated from non-cancellable operating leases | 22,063 | 29,731 | 51,018 |
More Than 5 Years [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future minimum proceeds generated from non-cancellable operating leases | $ 10,673 | 21,360 | 18,625 |
Less Than 1 Year [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future minimum proceeds generated from non-cancellable operating leases | $ 13,216 | ||
No Later Than 1 Year [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future minimum proceeds generated from non-cancellable operating leases | $ 11,334 |
Leases (Details 2)
Leases (Details 2) - Farmlands [Member] - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
future aggregate minimum lease proceeds under non-cancellable operating leases | $ 270 | $ 335 | $ 237 |
No Later Than 1 Year [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future aggregate minimum lease proceeds under non-cancellable operating leases | 122 | ||
Later Than 1 Year and Not Later Than 5 Years [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future aggregate minimum lease proceeds under non-cancellable operating leases | 148 | 241 | 160 |
More Than 5 Years [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future aggregate minimum lease proceeds under non-cancellable operating leases | 7 | 17 | |
Less Than 1 Year [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future aggregate minimum lease proceeds under non-cancellable operating leases | $ 87 | ||
Less Than 1 Year [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
future aggregate minimum lease proceeds under non-cancellable operating leases | $ 60 |
Leases (Details Textual)
Leases (Details Textual) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Rent expense | $ 645 | $ 269 | $ 444 |
Anta Agreement [Member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Rent expense | $ 103 | $ 73 | $ 91 |
Percentage of rent fees | 10.00% |
Revenues (Details)
Revenues (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Revenues [Abstract] | |||
Beef | $ 6,228 | $ 5,764 | $ 4,821 |
Crops | 11,462 | 6,509 | 5,426 |
Sugarcane | 3,177 | 2,652 | 2,049 |
Cattle | 1,326 | 625 | 720 |
Supplies | 1,046 | 766 | 420 |
Dairy | 517 | 237 | |
Consignment | 596 | 576 | 269 |
Advertising and brokerage fees | 736 | 929 | 387 |
Agricultural rental and other services | 922 | 238 | 750 |
Income from agricultural sales and services | 25,493 | 18,576 | 15,079 |
Trading properties and developments | 5,529 | 8,079 | 4,336 |
Communication services | 48,657 | 42,704 | 36,514 |
Sale of communication equipment | 16,180 | 14,803 | 12,551 |
Rental and services | 19,531 | 22,689 | 21,627 |
Hotel operations, tourism services and others | 5,866 | 3,890 | 3,159 |
Total revenues | $ 121,256 | $ 110,741 | $ 93,266 |
Costs (Details)
Costs (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of reconciliation of changes in biological assets [line items] | |||
Beef | $ (6,228) | $ (5,764) | $ (4,821) |
Crops | (11,462) | (6,509) | (5,426) |
Sugarcane | (3,177) | (2,652) | (2,049) |
Cattle | (1,326) | (625) | (720) |
Supplies | (1,046) | (766) | (420) |
Dairy | (517) | (237) | |
Advertising and brokerage fees | (736) | (929) | (387) |
At Cost [Member] | |||
Disclosure of reconciliation of changes in biological assets [line items] | |||
Other operative costs | 25 | 24 | 36 |
Cost of property operations | 25 | 24 | 36 |
Beef | 5,087 | 5,160 | 4,542 |
Crops | 9,787 | 6,160 | 4,393 |
Sugarcane | 2,993 | 2,311 | 1,948 |
Cattle | 1,622 | 725 | 749 |
Supplies | 837 | 790 | 332 |
Dairy | 172 | ||
Consignment | 653 | 133 | 67 |
Advertising and brokerage fees | 464 | 397 | 307 |
Agricultural rental and other services | 274 | 266 | 399 |
Costs of agricultural sales and services | 21,717 | 15,942 | 12,909 |
Trading properties and developments | 4,529 | 6,889 | 4,206 |
Communication services | 35,136 | 31,782 | 26,684 |
Sale of communication equipment | 12,128 | 10,643 | 8,505 |
Rental and services | 6,934 | 7,639 | 7,280 |
Hotel operations, tourism services and others | 3,502 | 2,465 | 2,458 |
Total costs | $ 83,971 | $ 75,384 | $ 62,078 |
Expenses by nature (Details)
Expenses by nature (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Leases, services charges and vacant property costs | $ 227 | $ 645 | $ 523 |
Depreciation and amortization | 17,797 | 11,405 | 10,241 |
Doubtful accounts | 1,056 | 664 | 683 |
Advertising, publicity and other selling expenses | 2,990 | 2,924 | 3,964 |
Taxes, rates and contributions | 2,197 | 2,146 | 1,912 |
Maintenance and repairs | 5,796 | 5,854 | 4,956 |
Fees and payments for services | 7,058 | 10,374 | 7,933 |
Director's fees | 748 | 1,000 | 753 |
Food, beverage and other lodging expenses | 130 | ||
Payroll and social security liabilities | 18,867 | 17,298 | 15,974 |
Cost of sale of goods and services | 17,050 | 18,024 | 12,996 |
Cost of sale of agricultural products and biological assets | 12,249 | 7,503 | 6,390 |
Supplies and labors | 13,752 | 13,173 | 9,399 |
Freights | 1,390 | 752 | 876 |
Commissions and bank charges | 106 | 156 | 24 |
Conditioning and clearance | 179 | 121 | 153 |
Travel, library expenses and stationery | 199 | 269 | 74 |
Interconnection and roaming expenses | 6,960 | 6,064 | 5,241 |
Fees to other operators | 9,711 | 8,981 | 6,499 |
Others | 5,685 | 3,899 | 4,688 |
Total expenses by nature | 124,017 | 111,252 | 93,409 |
Production Costs [Member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Leases, services charges and vacant property costs | 9 | 10 | 4 |
Depreciation and amortization | 1,372 | 583 | 500 |
Doubtful accounts | |||
Advertising, publicity and other selling expenses | |||
Taxes, rates and contributions | 46 | 50 | 53 |
Maintenance and repairs | 88 | 99 | 117 |
Fees and payments for services | 33 | 30 | 13 |
Director's fees | |||
Food, beverage and other lodging expenses | |||
Payroll and social security liabilities | 561 | 517 | 607 |
Cost of sale of goods and services | |||
Cost of sale of agricultural products and biological assets | |||
Supplies and labors | 8,385 | 7,994 | 4,701 |
Freights | 78 | 61 | 53 |
Commissions and bank charges | |||
Conditioning and clearance | |||
Travel, library expenses and stationery | 48 | 63 | 40 |
Interconnection and roaming expenses | |||
Fees to other operators | |||
Others | 811 | 333 | 878 |
Total expenses by nature | 11,431 | 9,740 | 6,966 |
Costs [Member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Leases, services charges and vacant property costs | 164 | 174 | 123 |
Depreciation and amortization | 10,180 | 6,680 | 5,852 |
Doubtful accounts | 89 | 6 | 7 |
Advertising, publicity and other selling expenses | 515 | 585 | 693 |
Taxes, rates and contributions | 687 | 781 | 710 |
Maintenance and repairs | 4,680 | 4,723 | 4,169 |
Fees and payments for services | 4,954 | 7,332 | 5,418 |
Director's fees | |||
Food, beverage and other lodging expenses | 100 | ||
Payroll and social security liabilities | 7,695 | 7,185 | 6,912 |
Cost of sale of goods and services | 17,050 | 18,024 | 12,996 |
Cost of sale of agricultural products and biological assets | 12,249 | 7,503 | 6,390 |
Supplies and labors | 5,275 | 5,134 | 4,668 |
Freights | 54 | 36 | 3 |
Commissions and bank charges | 6 | 73 | |
Conditioning and clearance | |||
Travel, library expenses and stationery | 50 | 60 | 7 |
Interconnection and roaming expenses | 6,960 | 6,064 | 5,241 |
Fees to other operators | 9,711 | 8,950 | 6,499 |
Others | 3,652 | 2,074 | 2,290 |
Total expenses by nature | 83,971 | 75,384 | 62,078 |
General And Administrative Expenses [Member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Leases, services charges and vacant property costs | 33 | 57 | 49 |
Depreciation and amortization | 2,987 | 1,792 | 1,552 |
Doubtful accounts | 13 | ||
Advertising, publicity and other selling expenses | 24 | 13 | |
Taxes, rates and contributions | 135 | 109 | 200 |
Maintenance and repairs | 600 | 652 | 423 |
Fees and payments for services | 1,958 | 2,812 | 2,310 |
Director's fees | 748 | 1,000 | 753 |
Food, beverage and other lodging expenses | 7 | ||
Payroll and social security liabilities | 4,851 | 4,578 | 4,651 |
Cost of sale of goods and services | |||
Cost of sale of agricultural products and biological assets | |||
Supplies and labors | 2 | 1 | 3 |
Freights | |||
Commissions and bank charges | 100 | 80 | 24 |
Conditioning and clearance | |||
Travel, library expenses and stationery | 76 | 119 | 20 |
Interconnection and roaming expenses | |||
Fees to other operators | 31 | ||
Others | 777 | 884 | 871 |
Total expenses by nature | 12,267 | 12,152 | 10,876 |
Selling Expenses [Member] | |||
Disclosure of maturity analysis of finance lease payments receivable [line items] | |||
Leases, services charges and vacant property costs | 21 | 404 | 347 |
Depreciation and amortization | 3,258 | 2,350 | 2,337 |
Doubtful accounts | 967 | 645 | 676 |
Advertising, publicity and other selling expenses | 2,475 | 2,315 | 3,258 |
Taxes, rates and contributions | 1,329 | 1,206 | 949 |
Maintenance and repairs | 428 | 380 | 247 |
Fees and payments for services | 113 | 200 | 192 |
Director's fees | |||
Food, beverage and other lodging expenses | 23 | ||
Payroll and social security liabilities | 5,760 | 5,018 | 3,804 |
Cost of sale of goods and services | |||
Cost of sale of agricultural products and biological assets | |||
Supplies and labors | 90 | 44 | 27 |
Freights | 1,258 | 655 | 820 |
Commissions and bank charges | 3 | ||
Conditioning and clearance | 179 | 121 | 153 |
Travel, library expenses and stationery | 25 | 27 | 7 |
Interconnection and roaming expenses | |||
Fees to other operators | |||
Others | 445 | 608 | 649 |
Total expenses by nature | $ 16,348 | $ 13,976 | $ 13,489 |
Other operating results, net (D
Other operating results, net (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Other Operating Results Net [Abstract] | ||||
Gain from commodity derivative financial instruments | $ 439 | $ 446 | $ 56 | |
(Loss) / Gain from disposal of associates | (260) | 983 | 860 | |
Fair value of interest held before business combination | 1,259 | |||
Currency translation adjustment reversal | 476 | |||
Operating interest expense | 1,782 | 841 | 156 | |
Gain from agreement with TGLT | 189 | |||
Contingencies | (132) | (101) | 1,052 | |
Donations | (170) | (286) | (170) | |
Others | [1] | 1,111 | (782) | (221) |
Total other operating results, net | $ 2,770 | $ 1,101 | $ 3,657 | |
[1] | As of June 30, 2018, includes the favorable ruling of a trial in the Operations Center in Israel for an amount of approximately Ps. 1,165. Includes legal costs and expenses Includes legal costs and expenses. |
Other operating results, net _2
Other operating results, net (Details Textual) $ in Millions | 12 Months Ended |
Jun. 30, 2018ARS ($) | |
Israel [Member] | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | |
Legal costs and expenses | $ 1,165 |
Financial results, net (Details
Financial results, net (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financial income | |||
Interest income | $ 1,059 | $ 983 | $ 1,267 |
Dividends income | 168 | 97 | 209 |
Other financial income | 236 | 695 | |
Total financial income | 1,463 | 1,775 | 1,476 |
Financial costs | |||
Interest expenses | 24,357 | 21,893 | 19,564 |
Loss on debt swap (Note 21) | (5,908) | ||
Other financial costs | (1,439) | (971) | (1,078) |
Less: capitalized financial costs | (113) | (293) | (173) |
Total financial costs | (25,683) | (22,571) | (26,377) |
Other financial results: | |||
Exchange rate difference, net | 10,197 | (2,633) | 19,587 |
Fair value gains of financial assets and liabilities at fair value through profit or loss | 9,862 | (2,797) | 1,834 |
Loss from repurchase of Non-convertible notes | 2,885 | 74 | (4) |
Gain / (Loss) from derivative financial instruments (except commodities) | 1,493 | (477) | 743 |
Total other financial results | 18,667 | (5,981) | 22,168 |
Inflation adjustment | 177 | (457) | (321) |
Total financial results, net | $ (42,710) | $ (15,272) | $ (47,390) |
Earnings per share (Details)
Earnings per share (Details) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earning per share [Abstract] | |||
Loss for the year from continuing operations attributable to equity holders of the parent | $ (2,368) | $ (28,334) | $ (9,492) |
Profit for the year from discontinued operations attributable to equity holders of the parent | 6,297 | 1,538 | 15,598 |
Profit / (Loss) for the year attributable to equity holders of the parent | $ 3,929 | $ (26,796) | $ 6,106 |
Weighted average number of ordinary shares outstanding | (499,000) | 489,000 | 497,000 |
Basic earnings per share | $ (7.87) | $ (54.79) | $ 12.29 |
Earnings per share (Details 1)
Earnings per share (Details 1) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earning per share [Abstract] | |||
Loss for the year from continuing operations attributable to equity holders of the parent | $ (9,492) | ||
Profit for the year from discontinued operations attributable to equity holders of the parent | 15,598 | ||
Profit for the year per share attributable to equity holders of the parent | $ 6,106 | ||
Weighted average number of ordinary shares outstanding | 516 | ||
Diluted earnings per share (in peso per share) | $ (7.63) | $ (54.79) | $ 11.82 |
Employee benefits and share-b_3
Employee benefits and share-based payments (Details) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Benefits And Share-based Payments [Abstract] | |||
At the beginning | 4,966,463 | 5,485,194 | 5,834,676 |
Granted | (482,807) | (518,731) | (349,482) |
Disposals | |||
At the end | 4,483,656 | 4,966,463 | 5,485,194 |
Employee benefits and share-b_4
Employee benefits and share-based payments (Details 1) $ / shares in Units, $ in Millions | 12 Months Ended |
Jun. 30, 2020ARS ($)$ / shares | |
Cellcom [Member] | |
Disclosure of associates [line items] | |
Average price of outstanding options | $ 17.8 |
Amount of outstanding options | $ | $ 759,332 |
Average remaining useful life | 3 years 4 months 24 days |
Bottom Of Range [Member] | Cellcom [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | $ 15.05 |
Top Of Range [Member] | Cellcom [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | 27.7 |
Discount Investment Corporation Ltd. [Member] | |
Disclosure of associates [line items] | |
Average price of outstanding options | $ 672 |
Amount of outstanding options | $ | $ 2,124,000 |
Average remaining useful life | 4 years 5 months 5 days |
Discount Investment Corporation Ltd. [Member] | Bottom Of Range [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | $ 6.90 |
Discount Investment Corporation Ltd. [Member] | Top Of Range [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | $ 12.5 |
Employee benefits and share-b_5
Employee benefits and share-based payments (Details 2) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Employee Benefits And Share-based Payments [Abstract] | |||
Present value of unfunded obligations | $ 615 | $ 703 | |
Present value of funded obligations | 1,363 | 819 | 825 |
Total present value of defined benefits obligations (post-employment) | 1,363 | 1,434 | 1,528 |
Fair value of plan assets | (936) | (1,245) | (1,316) |
Recognized liability for defined benefits obligations | 427 | 189 | 212 |
Liability for other long-term benefits | 793 | 682 | 33 |
Total recognized liabilities | 1,220 | 871 | 245 |
Assets designed for payment of employee benefits | (773) | (683) | |
Net position from employee benefits | $ 447 | $ 189 | $ 245 |
Employee benefits and share-b_6
Employee benefits and share-based payments (Details Textual) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 18, 2019 | Jun. 30, 2018 | |
Employee benefits and share-based payments (Textual) | ||||
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 | $ 51 | $ 60 | ||
Key management personnel expense | 10 | 63 | $ 66 | |
Fair value of Employee benefit estimated | 1 | |||
Employee benefits compensation expenses | 452 | |||
Accumulated amount | 771 | |||
Remuneration charges | $ 197 | 537 | ||
Maximum and cumulative amount of shares granted, description | The shares to be granted under the ILPA Plan may not exceed at any time the maximum and cumulative amount of 2% of the shares issued by the Company. | |||
Maximum [Member] | ||||
Employee benefits and share-based payments (Textual) | ||||
Employee benefits for incentive plan shares granted | 447,127 | |||
Incentive Plan [Member] | ||||
Employee benefits and share-based payments (Textual) | ||||
Reserve | $ 51 | $ 50 | 90 | |
Employee benefits charges | 30 | |||
Employee benefits unrecognized expense | $ 16 | |||
IRSA [Member] | ||||
Employee benefits and share-based payments (Textual) | ||||
Participants’ contributions granted per shares | $ 23.5 | |||
Cresud [Member] | ||||
Employee benefits and share-based payments (Textual) | ||||
Participants’ contributions granted per shares | $ 16.45 |
Related party transactions (Det
Related party transactions (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of financial assets [line items] | ||
Total | $ 784 | $ 1,550 |
Trade and other payables [Member] | ||
Disclosure of financial assets [line items] | ||
Total | (326) | (393) |
Borrowings [Member] | ||
Disclosure of financial assets [line items] | ||
Total | (209) | (74) |
Trade and other receivables [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 1,050 | 1,780 |
Investments in Financial Assets [Member] | ||
Disclosure of financial assets [line items] | ||
Total | $ 269 | $ 237 |
Related party transactions (D_2
Related party transactions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Total associates and joint ventures | $ 597 | $ 1,492 | |
Total other related parties | 312 | 332 | |
Total Directors and Senior Management | (131) | (274) | |
Total | 784 | 1,550 | |
Other associates and joint ventures [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Loans payable | [1] | (27) | (11) |
Loans granted | [1] | 1 | |
Leases and/or rights of use receivable | [1] | 84 | 16 |
Leases and/or rights of use payable | [1] | 8 | |
Shared-based compensation receivable | [1] | 1 | |
Sale of goods and / or services payable | [1] | 203 | |
Reimbursement of expenses | [1] | 122 | 11 |
Reimbursement of expenses payable | [1] | (1) | (6) |
CAMSA and its subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Reimbursement of expenses receivable | 1 | 43 | |
Fees payable | (190) | ||
LRSA [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends receivables | 364 | ||
Leases and/or rights of use receivable | 35 | ||
IRSA Real Estate Strategies LP [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Reimbursement of expenses | 116 | ||
Taaman [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Leases and/or rights of use payable | (17) | ||
Other related parties [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Other receivables | [1] | 3 | |
Leases and/or rights of use receivable | [1] | 18 | |
Other liabilities | [1] | (93) | |
Legal services payable | [1] | (3) | |
Total other related parties | [1] | (53) | |
Directors and Senior Management [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Fees payable | (135) | (274) | |
BHN Vida [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Reimbursement of expenses payable | (52) | ||
BS Real Estate Holdings S.R.L [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Financial operations payable | 472 | ||
IFISA [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Financial operations payable | 6 | ||
Agro Uranga S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Sale of goods and / or services receivable | 13 | ||
New Lipstick LLC [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Reimbursement of expenses receivable | 16 | 14 | |
Loans payable | (77) | (63) | |
Loans granted | 1,258 | ||
Condor [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends receivables | 21 | ||
Public companies securities | $ 269 | $ 237 | |
[1] | Includes Estudio Zang, Bergel & Vines, Lartiyrigoyen, SAMSA and Museo de los Ninos. |
Related party transactions (D_3
Related party transactions (Details 2) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | $ 5 | $ 156 | ||
Donations | (170) | (286) | (170) | |
Total associates and joint ventures | (39) | 245 | 806 | |
Total other related parties | (242) | 22 | (659) | |
Total Directors and Senior Management | (453) | (663) | (584) | |
Total | (729) | (396) | (281) | |
Other associates and joint ventures [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | (131) | 30 | 84 | |
Financial operations | 37 | 10 | 3 | |
Leases and/or rights of use | 9 | 59 | 67 | |
Fees and remunerations | 9 | |||
CAMSA and its subsidiaries [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Management fee | (211) | (1,456) | ||
Taaman [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 46 | 397 | ||
Willi-Food International Ltd. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 364 | |||
Other related parties [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | [1] | 11 | ||
Financial operations | [1] | 3 | 63 | |
Leases and/or rights of use | [1] | (4) | 31 | 27 |
Fees and remunerations | [1] | (23) | (16) | (23) |
Legal services | [1] | (6) | (9) | (9) |
Donations | [1] | (33) | (33) | |
IFISA [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | 5 | 156 | ||
Directors [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees and remunerations | (406) | (546) | (480) | |
Compensation of Directors and senior management | (30) | (63) | (40) | |
Senior Management [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Compensation of Directors and senior management | (17) | (54) | (64) | |
Agrofy S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Management fees / Directory | 3 | 13 | ||
Agro-Uranga S.A.[Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sale of goods and/or services | 7 | |||
Banco de Crédito y Securitización S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | 81 | |||
Leases and/or rights of use | 38 | 30 | 2 | |
Condor [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | 284 | |||
Tarshop S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 59 | |||
ISPRO-MEHADRIN [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Sale of goods and/or services | $ 30 | $ 296 | ||
[1] | Includes Estudio Zang, Bergel & Vines, Isaac Elsztain e Hijos S.C.A., San Bernando de Cordoba S.A., Fundacion IRSA, Hamonet, BHN Sociedad de Inversion, BACS Administradora de Activos S.A., BHN Seguros Generales S.A. and BHN Vida S.A. |
Related party transactions (D_4
Related party transactions (Details 3) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Irrevocable contributions | $ 7 | ||
Total contributions | $ 151 | 163 | |
Total dividends paid | 12 | ||
Total dividends received | 1,845 | 1,745 | |
Acquisition of non-controlling interest | $ 3 | ||
Total other transactions | 2,728 | ||
Manibil [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Irrevocable contributions | 87 | 31 | |
Puerto Retiro [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Irrevocable contributions | 17 | 27 | |
Quality [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Irrevocable contributions | 47 | 73 | |
Agro-Uranga S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 25 | 28 | |
Condor [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 32 | 114 | |
EMCO [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 16 | 86 | |
La Rural S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 433 | ||
Manaman [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 106 | ||
Nuevo Puerto Santa Fe S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 38 | 14 | |
Shufersal [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 400 | 663 | |
Uranga Trading S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Irrevocable contributions | 32 | ||
Dividends paid | 12 | ||
Nave by the sea [member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 47 | ||
Banco Hipotecario [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 113 | ||
Mehadin [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 141 | ||
Gav-Yam [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Dividends received | 1,334 | ||
TGLT S.A. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Compra y canje de acciones | $ 1,394 |
Related party transactions (D_5
Related party transactions (Details Textual) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Related party transaction (Textual) | ||
Aggregate compensation to Senior Management | $ 15 | |
Offices and Shopping malls spaces leases, description | On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping Mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Shopping Mall Alto Rosario were loaned for a term of 30 years. | |
San Bernardo lease, description | The Company leased in January 2019 a farm in the Province of Córdoba owned by San Bernardo de Córdoba S.A. (formerly Isaac Elsztain e hijos S.C.A), continuing the lease held in August 2015, for a fraction of 12,590 hectares. | |
Ownership interest percentage, description | An 85% of the capital stock of CAMSA is held by one of our shareholders and President of our Board of Directors, while the remaining 15% of the capital stock is owned by our First Vice President. | |
Annual fee, percentage | 10.00% | |
Total amount paid | $ 1,130 |
Cost of goods sold and servic_3
Cost of goods sold and services provided (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of reconciliation of changes in biological assets [line items] | ||||
Inventories at the beginning of the period / year | $ 6,403 | |||
Adjustment previous periods (IFRS 15 and 9) | $ (8,325) | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 2,038 | 1,275 | 689 | |
Changes in net realizable value of agricultural products after harvest | 657 | (43) | 43 | |
Deconsolidation | (155) | (637) | (14,360) | |
Capitalized finance costs | 12 | 17 | 24 | |
Currency translation adjustment | 7,446 | (1,935) | 12,290 | |
Acquisition for business combination | 848 | |||
Transfers | (257) | 149 | (700) | |
Harvest | 10,639 | 8,009 | 6,197 | |
Acquisitions and classifications | 65,879 | 66,811 | 49,286 | |
Consume | (2,610) | (4,864) | 343 | |
Disposals due to sales | (19) | (23) | ||
Disposals due to advance in work in progress | 264 | |||
Expenses incurred | 3,271 | 2,613 | 2,637 | |
Inventories at the end of the period / year | (18,400) | (17,334) | (29,624) | |
Costs as of 06.30.20 | 75,360 | |||
Costs as of 06.30.19 | ||||
Costs as of 06.30.18 | $ 62,042 | |||
Cost of sales and services from agricultural business [Member] | ||||
Disclosure of reconciliation of changes in biological assets [line items] | ||||
Adjustment previous periods (IFRS 15 and 9) | [1] | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | [1] | 2,038 | ||
Changes in net realizable value of agricultural products after harvest | [1] | 657 | ||
Deconsolidation | [1] | |||
Capitalized finance costs | [1] | |||
Currency translation adjustment | [1] | (816) | ||
Acquisition for business combination | [1] | |||
Transfers | [1] | (355) | ||
Harvest | [1] | 10,639 | ||
Acquisitions and classifications | [1] | 8,274 | ||
Consume | [1] | (2,610) | ||
Disposals due to sales | [1] | |||
Disposals due to advance in work in progress | [1] | |||
Expenses incurred | [1] | 3,271 | ||
Inventories at the end of the period / year | [1] | (6,545) | ||
Costs as of 06.30.20 | [1] | 21,717 | ||
Costs as of 06.30.19 | [1] | 15,942 | ||
Costs as of 06.30.18 | [1] | 12,909 | ||
Cost of sales and services from sales and services from urban properties and investment business [Member] | ||||
Disclosure of reconciliation of changes in biological assets [line items] | ||||
Adjustment previous periods (IFRS 15 and 9) | [2] | |||
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | [2] | |||
Changes in net realizable value of agricultural products after harvest | [2] | |||
Deconsolidation | [2] | (155) | ||
Capitalized finance costs | [2] | 12 | ||
Currency translation adjustment | [2] | 8,262 | ||
Acquisition for business combination | [2] | |||
Transfers | [2] | 98 | ||
Harvest | [2] | |||
Acquisitions and classifications | [2] | 57,605 | ||
Consume | [2] | |||
Disposals due to sales | [2] | (19) | ||
Disposals due to advance in work in progress | [2] | 264 | ||
Expenses incurred | [2] | |||
Inventories at the end of the period / year | [2] | (11,855) | ||
Costs as of 06.30.20 | [2] | 64,382 | ||
Costs as of 06.30.19 | [2] | 59,418 | ||
Costs as of 06.30.18 | [2] | $ 49,133 | ||
[1] | (i) Includes biological assets (see Note 13.) | |||
[2] | Includes trade properties (see Note 11). |
Foreign currency assets and l_3
Foreign currency assets and liabilities (Details) $ in Millions | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Assets | |||
Total assets | $ 209,533 | $ 209,533 | |
Liabilities | |||
Total liabilities | 459,077 | 8,685 | |
Trade and Other Payables [Member] | |||
Liabilities | |||
Total liabilities | 30,928 | 35,129 | |
Borrowings [Member] | |||
Liabilities | |||
Total liabilities | 418,807 | 477,432 | |
Trade and Other Receivables [Member | |||
Assets | |||
Total assets | 74,893 | 62,888 | |
Derivative Financial Instruments [Member] | USD | |||
Liabilities | |||
Amount | [1],[2] | $ 4 | |
Exchange rate | [2],[3] | 70.46 | |
Derivative Financial Liabilities | [2] | $ 288 | (96) |
Derivative Financial Instruments [Member] | USD | Trade and Other Payables [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 208 | |
Exchange rate | [2],[3] | 70.46 | |
Derivative Financial Liabilities | [2] | $ 14,687 | 11,272 |
Derivative Financial Instruments [Member] | USD | Borrowings [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 1,308 | |
Exchange rate | [2],[3] | 70.46 | |
Derivative Financial Liabilities | [2] | $ 92,189 | 79,458 |
Derivative Financial Instruments [Member] | Euros | Trade and Other Payables [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 3 | |
Exchange rate | [2],[3] | 87.36 | |
Derivative Financial Liabilities | [2] | $ 305 | 51 |
Derivative Financial Instruments [Member] | Trade and other receivable [Member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 66 | |
Exchange rate | [2],[3] | 70.26 | |
Derivative Financial Assets | [2] | $ 4,617 | 4,584 |
Derivative Financial Instruments [Member] | Trade and Other Receivables [Member | Euros | |||
Assets | |||
Amount | [1],[2] | $ 11 | |
Exchange rate | [2],[3] | 78.87 | |
Derivative Financial Assets | [2] | $ 880 | 196 |
Derivative Financial Instruments [Member] | Trade and other receivable with related parties [member]Trade and other receivable with related parties [member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 4 | |
Exchange rate | [2],[3] | 70.26 | |
Derivative Financial Assets | [2] | $ 299 | 217 |
Derivative Financial Instruments [Member] | Investments In Financial Assets [member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 55 | |
Exchange rate | [2],[3] | 70.26 | |
Derivative Financial Assets | [2] | $ 3,870 | 5,428 |
Derivative Financial Instruments [Member] | Investments In Financial Assets [member] | Pounds | |||
Assets | |||
Amount | [1],[2] | $ 1 | |
Exchange rate | [2],[3] | 86.90 | |
Derivative Financial Assets | [2] | $ 78 | 69 |
Derivative Financial Instruments [Member] | Derivative Financial Instruments [Member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 1 | |
Exchange rate | [2],[3] | 70.26 | |
Derivative Financial Assets | [2] | $ 82 | 61 |
Derivative Financial Instruments [Member] | Cash and cash equivalents [member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 221 | |
Exchange rate | [2],[3] | 70.26 | |
Derivative Financial Assets | [2] | $ 15,542 | 17,064 |
Derivative Financial Instruments [Member] | Cash and cash equivalents [member] | Euros | |||
Assets | |||
Amount | [1],[2] | $ 20 | |
Exchange rate | [2],[3] | 78.87 | |
Derivative Financial Assets | [2] | $ 1,549 | 103 |
Total [Member] | |||
Assets | |||
Total trade and other receivables | [2] | 5,796 | 4,997 |
Total investments in financial assets | [2] | 3,948 | 5,497 |
Total derivative financial instruments | [2] | 82 | 61 |
Total cash and cash equivalents | [2] | 17,091 | 17,168 |
Total assets | [2] | 26,917 | 27,723 |
Liabilities | |||
Total trade and other payables | [2] | 14,992 | 11,323 |
Total borrowings | [2] | 92,189 | 79,458 |
Total derivative financial instruments | [2] | 288 | (96) |
Total liabilities | [2] | $ 107,469 | $ 90,877 |
[1] | Considering foreign currencies those that differ from each Group's functional currency at each year-end. | ||
[2] | The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 15). | ||
[3] | Exchange rate as of June 30 of each year according to Banco Nacion Argentina records. |
Groups of assets and liabilit_3
Groups of assets and liabilities held for sale (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of financial assets [line items] | ||
Total | $ 43,816 | $ 11,498 |
Property Plant And Equipment [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 36,718 | 6,449 |
Intangible Assets [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 1,370 | 136 |
Investments In Associates [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 224 | 597 |
Deferred Income Tax Asset [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 814 | 290 |
Income Tax Credit [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 3 | |
Trade And Other Receivables [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 2,621 | 3,003 |
Cash And Cashs Equivalents [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 1,711 | 1,023 |
Inventories [Member] | ||
Disclosure of financial assets [line items] | ||
Total | $ 355 |
Groups of assets and liabilit_4
Groups of assets and liabilities held for sale (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of financial assets [line items] | ||
Total | $ 23,649 | $ 8,137 |
Total net financial assets held for sale | 20,167 | 3,361 |
Trade And Other Payables [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 10,392 | 4,845 |
Employee Benefits [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 386 | 290 |
Deferred Income Tax Liability [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 1,981 | 51 |
Borrowings [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 10,380 | 2,951 |
Salaries and social security liabilities [Member] | ||
Disclosure of financial assets [line items] | ||
Total | 498 | |
Provisions [Member] | ||
Disclosure of financial assets [line items] | ||
Total | $ 12 |
Groups of assets and liabilit_5
Groups of assets and liabilities held for sale (Details Textual) $ in Millions | 12 Months Ended |
Jun. 30, 2018ARS ($) | |
Groups of assets and liabilities held for sale (Textual) | |
Impairment loss | $ 465 |
Results from discontinued ope_3
Results from discontinued operations (Details) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Revenues | $ 121,256 | $ 110,741 | $ 93,266 | |
Costs | (83,971) | (75,384) | (62,078) | |
General and administrative expenses | (12,267) | (12,152) | (10,876) | |
Other financial results | 1,439 | 971 | 1,078 | |
Financial results, net | (42,710) | (15,272) | (47,390) | |
Income tax | (8,107) | (780) | 9,964 | |
Profit for the period from discontinued operations | 18,085 | 7,140 | 36,441 | |
Discontinued Operations [Member] | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Revenues | [1] | 21,921 | 26,148 | 175,194 |
Costs | (17,950) | (17,336) | (127,564) | |
Gross profit | 3,971 | 8,812 | 47,630 | |
Net gain from fair value adjustment of investment properties | 3,990 | 5,529 | ||
General and administrative expenses | 1,198 | 1,212 | 3,299 | |
Selling expenses | 977 | 1,049 | 32,990 | |
Other operating results, net | 17,554 | 250 | 24,894 | |
Profit from operations | 19,350 | 10,791 | 41,764 | |
Share of profit of associates and joint ventures | 150 | 289 | 320 | |
Profit before financial results and income tax | (19,500) | (11,080) | (42,084) | |
Financial income | 191 | 460 | 466 | |
Finance costs | 1,720 | 2,651 | 2,901 | |
Other financial results | (115) | 24 | 102 | |
Financial results, net | (1,414) | (2,215) | (2,537) | |
Profit before income tax | 18,086 | 8,865 | 39,547 | |
Income tax | 1 | 1,725 | 3,106 | |
Profit for the period from discontinued operations | 18,085 | 7,140 | 36,441 | |
Profit for the period from discontinued operations attributable to: | ||||
Equity holders of the parent | 6,297 | 1,538 | 15,598 | |
Non-controlling interest | $ 11,788 | $ 5,602 | $ 20,843 | |
Profit per share from discontinued operations attributable to equity holders of the parent: | ||||
Basic | $ 12.80 | $ 3.15 | $ 31.40 | |
Diluted | $ 12.29 | $ 3.02 | $ 30.21 | |
[1] | Corresponds to Shufersal's deconsolidation, the Group lost control in June 2018. See Note 4.(p). |
Economic framework of the Gro_2
Economic framework of the Group’s business (Details) - ARS ($) $ in Millions | 1 Months Ended | 12 Months Ended | 13 Months Ended | ||||
Sep. 15, 2020 | Aug. 28, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Jul. 31, 2020 | May 31, 2020 | Nov. 15, 2019 | |
Statement Line Items [Line Items] | |||||||
Economic framework of the Group’s business, description | COVID-19 has since spread across the world, including Argentina, and on March 11, 2020, the World Health Organization declared COVID-19 a pandemic. By early November approximately [1,284,519] cases of infections had been confirmed in Argentina. In response, countries have adopted extraordinary measures to contain the spread of the virus, including imposing travel restrictions and closing borders, requiring closures of non-essential businesses, instructing residents to practice social distancing, issuing stay-at-home orders, implementing quarantines and similar actions. The ongoing pandemic and these extraordinary government measures are disrupting global economic activity and resulting in significant volatility in global financial markets. According to the International Monetary Fund (“IMF”), the global economy has recently entered into a recession. | ||||||
Bond accepted debt exchange | 93.55% | ||||||
Aggregate outstanding principal, percentage | At a local level, the following circumstances may be noted: ● In June 2020, the Estimador Mensual de Actividad Económica (“EMAE”) reported by the National Institute of Statistics and Census (Instituto Nacional de Estadísticas y Censos or INDEC) recorded a (12.3)% variation compared to the same month in 2019 and a (7.4)% variation compared to the previous month. In June 2020, the Estimador Mensual de Actividad Económica (“EMAE”) reported by the National Institute of Statistics and Census (Instituto Nacional de Estadísticas y Censos or INDEC) recorded a (12.3)% variation compared to the same month in 2019 and a (7.4)% variation compared to the previous month.In June 2020, the Estimador Mensual de Actividad Económica (“EMAE”) reported by the National Institute of Statistics and Census (Instituto Nacional de Estadísticas y Censos or INDEC) recorded a (12.3)% variation compared to the same month in 2019 and a (7.4)% variation compared to the previous month. ● The market expectations survey prepared by the Central Bank in July 2020 called Relevamiento de Expectativas de Mercado (“REM”) forecasts that the retail inflation rate for 2020 will be 39.5%. The REM analysts foresee a (12.5)% decrease in the real GDP for 2020. In turn, they foresee a recovery in the economy for 2021 that will grow up to 5.6%. The economy is expected to grow during the third quarter of 2020 as the effects of the pandemic are perceived as transitory and economic recovery is expected to start soon. ● The year-over-year inflation rate as of June 30, 2020 was 42.8%. ● From July 2019 to June 2020, the peso depreciated 66% compared to the US dollar at the average wholesale exchange rate quoted by Banco de la Nación Argentina. In view of the foreign exchange restrictions in force since 2019, the gap between the official peso/US dollar exchange rate and the peso/US dollar exchange rate offered in the black market is almost 75%. This has an impact on the level of economic activity and detrimentally affects the reserves 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. | ||||||
Foreign exchange granted percentage | 40.00% | ||||||
Repayment of its non-convertible, description | IRSA issued US$ 105.4 non-convertible notes in the local market intended to refinance its short-term debt. The proceeds of such issuances were used by the Company to repay its Non-convertible Notes due on July and August 2020. The alternatives that the Company is considering to refinance the repayment of its Non-convertible Notes due in November 2020, February 2021 and June 2021 are a capital increase in an approximate amount of US$ 70 / US$ 100 resolved at the annual shareholders’ meeting held in October 30, 2019 and obtaining financing in the domestic or international capital markets through new issues of debt securities or liability management transactions in the range of US$ 40 and US$ 100, in addition to the transactions already conducted in May and July. In addition, IRSA has a long-standing relationship with banks of the local financial system that may supplement and diversify the Company’s sources of financing in addition to capital market financing. Moreover, as part of our strategy, the Company may sell a portion of its portfolio of assets (hotels and/or land reserves and offices through its subsidiary, IRSA CP) to generate additional funds. | ||||||
Group’s financial debt [Member] | |||||||
Statement Line Items [Line Items] | |||||||
COVID-19 pandemic, description | ● IRSA must honor the following maturities within the next 12 months: Series II Non-convertible Notes, having a par value of US$ 71.4, due on July 20, 2020; Series II Non-convertible Notes, having a par value of CLP 31,502.6 (equivalent to US$ 41 approximately), due on August 6, 2020; Series I Non-convertible Notes, having a par value of US$ 181.5, due on November 15, 2020, Series III Non-convertible Notes, having a par value of Ps. 354 (equivalent to US$5), due on February 21, 2021, Series IV Non-convertible Notes, having a par value of US$ 51.3, due on May 21, 2021 and a bank debt in an amount equivalent to US$14.3.● Our subsidiary, IRSA CP, must honor the maturity of its Series IV Non-convertible Notes, having a par value of US$ 140, which will become due in September 2020 and a bank debt of US$ 23.● The short-term financial debts of our subsidiaries, IDBD-DIC, have a nominal value of US$ 202 (including non-convertible notes and borrowing from banks and financial entities). It should be noted that such commitments have no effects on IRSA because such indebtedness is without recourse against IRSA and is not guaranteed by IRSA’s assets as described in Note 1 to these interim consolidated condensed financial statements. | ||||||
IRSA [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Economic framework of the Group’s business, description | IRSA CP has granted IRSA a three-year credit facility up to US$ 180, of which US$ 53.4 were used by IRSA on June 30, 2020. IRSA may still use the remaining balance of such facility and receive dividends from such company in its capacity as controlling shareholder of 80.65% of its capital stock. It should be noted that IRSA CP’s cash and cash equivalents (including current financial investments) as of June 30, 2020 amount to US$ 155 and, following the fiscal year-end, it sold office assets worth US$ 128.6. Moreover, it is working on different financing alternatives in pesos with local banks (syndicated loans and/or bilateral loans) in estimated amounts equivalent to USD 50 and USD 100 to discharge its short-term obligations and it may eventually resort to debt transactions in the local capital market. | ||||||
US Dollar [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Non-convertible notes issued | $ 105 | ||||||
Credit facility | $ 53 | ||||||
US Dollar [Member] | Non - adjusting events after reporting period [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Other bank debts | $ 181,518,707 | ||||||
Non-convertible notes issued | $ 105 | ||||||
Urban Properties And Investments Business [Member] | Operation Center in Argentina [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Economic framework of the Group’s business, description | ● As a consequence of the preventive and mandatory social isolation, shopping malls across the country have been closed since March 20, 2020. Only those stores engaged in essential activities remain open such as pharmacies, supermarkets and banks whereas some food and clothing stores are offering delivery services and selling products on WhatsApp. In May and June, these measures were relaxed and certain activities were resumed in some marketplaces in the Argentine provinces such as Salta, Mendoza, Santa Fe and Córdoba. Actually, the shopping malls Alto Noa, Mendoza Plaza, Alto Rosario, La Ribera and Córdoba Shopping reopened under strict health and safety protocols providing for reduced shopping hours, social distancing and access controls. The shopping mall in Neuquén was reopened in July 2020 whereas the Distrito Arcos shopping mall, a premium open-air outlet in the City of Buenos Aires, was reopened early in August 2020. As of this date, 44% of the square meters of the Company’s Shopping Malls are open. Nevertheless, the uncertainty posed by this situation may cause the closing of stores that have already opened. ● As a result of the shopping mall closings, the Company has decided to differ the invoicing and collection of the Monthly Guaranteed Amount (Valor Mensual Asegurado or V.M.A.) until September 30, 2020, with some exceptions, and not to collect the collective promotion fund during such period in an attempt to prioritize its long-term relationship with the lessees. Additionally, an increase in the delinquency rate of some lessees has been noticed. The ensuing impact on shopping malls has been a 30.5% decrease in income from rentals and services compared to the previous fiscal year and an 83% decrease compared to the last quarter of the previous fiscal year. Moreover, the allowance for bad debts is Ps. 305 million for the fiscal year ended June 30, 2020 and Ps. 187 million for the last quarter of the fiscal year. ● As regards the rental of offices, although most of the lessees are working remotely, they are open under strict health and safety protocols. As of this date, the Company has not experienced any collection difficulties. ● La Rural, the Buenos Aires and Punta del Este Convention Centers and the DIRECTV Arena stadium, which are owned directly or indirectly by the Company, are also closed since March 20. All scheduled conferences have been suspended, most of the fairs and conventions were postponed, and most of the scheduled shows in the DIRECTV Arena stadium have been cancelled. The reopening date of these premises is uncertain as well as the future calendar of fairs, conventions and shows. ● In order to reduce the risk of the virus spreading and protect public health, the Libertador hotels in the City of Buenos Aires and the Llao Llao hotel in the province of Río Negro are temporarily closed and it is still uncertain when they will reopen and go back to normal operations. As regards Hotel Intercontinental in the city of Buenos Aires, it is operating only under a contingency and emergency plan. The impact of all the above on these financial statements has been a 32% decrease in income compared to the previous fiscal year and a 100% decrease compared to the same quarter of the previous year. | ||||||
COVID-19 pandemic, description | As a consequence of the preventive and mandatory social isolation, shopping malls across the country have been closed since March 20, 2020. Only those stores engaged in essential activities remain open such as pharmacies, supermarkets and banks whereas some food and clothing stores are offering delivery services and selling products on WhatsApp. In May and June, these measures were relaxed and certain activities were resumed in some marketplaces in the Argentine provinces such as Salta, Mendoza, Santa Fe and Córdoba. Actually, the shopping malls Alto Noa, Mendoza Plaza, Alto Rosario, La Ribera and Córdoba Shopping reopened under strict health and safety protocols providing for reduced shopping hours, social distancing and access controls. The shopping mall in Neuquén was reopened in July 2020 whereas the Distrito Arcos shopping mall, a premium open-air outlet in the City of Buenos Aires, was reopened early in August 2020. As of this date, 44% of the square meters of the Company’s Shopping Malls are open. Nevertheless, the uncertainty posed by this situation may cause the closing of stores that have already opened. ● As a result of the shopping mall closings, the Company has decided to differ the invoicing and collection of the Monthly Guaranteed Amount (Valor Mensual Asegurado or V.M.A.) until September 30, 2020, with some exceptions, and not to collect the collective promotion fund during such period in an attempt to prioritize its long-term relationship with the lessees. Additionally, an increase in the delinquency rate of some lessees has been noticed. The ensuing impact on shopping malls has been a 30.5% decrease in income from rentals and services compared to the previous fiscal year and an 83% decrease compared to the last quarter of the previous fiscal year. Moreover, the allowance for bad debts is Ps. 305 million for the fiscal year ended June 30, 2020 and Ps. 187 million for the last quarter of the fiscal year.● As regards the rental of offices, although most of the lessees are working remotely, they are open under strict health and safety protocols. As of this date, the Company has not experienced any collection difficulties.● La Rural, the Buenos Aires and Punta del Este Convention Centers and the DIRECTV Arena stadium, which are owned directly or indirectly by the Company, are also closed since March 20. All scheduled conferences have been suspended, most of the fairs and conventions were postponed, and most of the scheduled shows in the DIRECTV Arena stadium have been cancelled. The reopening date of these premises is uncertain as well as the future calendar of fairs, conventions and shows.● In order to reduce the risk of the virus spreading and protect public health, the Libertador hotels in the City of Buenos Aires and the Llao Llao hotel in the province of Río Negro are temporarily closed and it is still uncertain when they will reopen and go back to normal operations. As regards Hotel Intercontinental in the city of Buenos Aires, it is operating only under a contingency and emergency plan. The impact of all the above on these financial statements has been a 32% decrease in income compared to the previous fiscal year and a 100% decrease compared to the same quarter of the previous year. | ||||||
Urban Properties And Investments Business [Member] | Operation Center In Israel [Member] | Financial debt[Member] | |||||||
Statement Line Items [Line Items] | |||||||
Economic framework of the Group’s business, description | ● IRSA must honor the following maturities within the next 12 months: Series II Non-convertible Notes, having a par value of US$ 71.4, due on July 20, 2020; Series II Non-convertible Notes, having a par value of CLP 31,502.6 (equivalent to US$ 41 approximately), due on August 6, 2020; Series I Non-convertible Notes, having a par value of US$ 181.5, due on November 15, 2020, Series III Non-convertible Notes, having a par value of Ps. 354 (equivalent to US$5), due on February 21, 2021, Series IV Non-convertible Notes, having a par value of US$ 51.3, due on May 21, 2021 and a bank debt in an amount equivalent to US$14.3. ● Our subsidiary, IRSA CP, must honor the maturity of its Series IV Non-convertible Notes, having a par value of US$ 140, which will become due in September 2020 and a bank debt of US$ 23. ● The short-term financial debts of our subsidiaries, IDBD-DIC, have a nominal value of US$ 202 (including non-convertible notes and borrowing from banks and financial entities). It should be noted that such commitments have no effects on IRSA because such indebtedness is without recourse against IRSA and is not guaranteed by IRSA’s assets as described in Note 1 to these interim consolidated condensed financial statements. | ||||||
COVID-19 pandemic, description | In PBC, the activities and income from real estate transactions have been adversely affected by the economic situation and the bans on circulation. Consequently, PBC’s cash flow is expected to be somehow vulnerable although it is not possible to estimate as of this date to which extent PBC has made an assessment of its investment properties showing signs of impairment and, as a consequence, a reduction in the value of its properties of Ps. 2,989 has been accounted for. |
Subsequent events (Details)
Subsequent events (Details) - ARS ($) $ / shares in Units, $ in Millions | Sep. 14, 2020 | Sep. 03, 2020 | Aug. 06, 2020 | Jul. 15, 2020 | Jul. 06, 2020 | Aug. 31, 2020 | Aug. 30, 2020 | Aug. 26, 2020 | Jul. 31, 2020 | Jul. 30, 2020 | Jul. 22, 2020 | Jul. 21, 2020 | Jul. 20, 2020 | Jul. 16, 2020 | Jun. 28, 2020 | Aug. 30, 2019 | Jul. 31, 2019 | Jun. 30, 2020 |
Issuance of Series XXXI Notes [Member] | ||||||||||||||||||
Subsequent events (Textual) | ||||||||||||||||||
Exchange offer, description | A repayment of principal amount of Existing Notes tendered for Exchange, in cash in United States Dollars, in an amount resulting from dividing USD 29,442,160,00 by the total number of Existing Notes tendered in Exchange for the Series XXXI, always provided such quotient is less than or equal to USD 1 whereas if such quotient is higher than USD 1 the consideration shall be equal to USD 1 (“Principal Repayment”);which would represent at least 40% of the amount of the Existing Notes tendered and the remaining amount until reaching USD 1 of each USD 1 of the Existing Notes tendered for Exchange, in Series XXXI Notes. Series XXXI Notes to be issued at a fixed nominal interest rate of 9.00% per annum and maturing 3 (three) years after the Date of Issue and Settlement, with annual repayments, denominated and payable in United States Dollars, in a principal amount up to USD 44,163,240 to be paid in kind by tendering for exchange of the Existing Notes. In all cases, the sum of (i) and (ii) shall be the equivalent to USD 1 per each USD 1 of Existing Notes tendered for Exchange | |||||||||||||||||
Notes issuance, descrition | The Face Value of Existing Notes presented and accepted for the Exchange totaled USD 30,751,640 and the Nominal Value of Series XXXI Notes to be issued was USD 1,309,480. The maturity date will be November 12, 2023. According to the terms and subject to the conditions established in the Prospectus Supplement, Eligible Holders whose Existing Notes have been accepted for the Exchange by the Company, will receive for every USD 1 of Existing Notes submitted to the Exchange, the accrued interest of the Existing Notes until the settlement and issue date and the following: a. USD 0.95741755 in cash for each USD 1 of Existing Notes presented to the Exchange; and b. The remaining amount until completing USD 1 for each USD 1 of Existing Notes presented to the Exchange, in Series XXXI Notes. | |||||||||||||||||
Issuance of Series XXXII Notes [Member] | ||||||||||||||||||
Subsequent events (Textual) | ||||||||||||||||||
Exchange offer, description | A par for par exchange of notes Series XXXII for each Existing Notes presented to the Exchange. Series XXXII Notes to be issued at a nominal fixed interest rate of 9% per annum, maturing 24 (twenty-four) months after the Date of Issue and Settlement, denominated and payable in a principal amount up to USD 44,163,240, to be paid in kind by tendering for exchange the Existing Notes. For both options interest accrued on the Existing Notes until the Date of Settlement of the Exchange Offer will be paid in cash. Moreover, the Company offers an early exchange consideration equivalent to USD 0.02 per each USD 1 of Existing Notes tendered and accepted in exchange for Series XXXII Notes prior to the deadline to receive the consideration for early acceptance (the “Early Exchange Consideration”). Such consideration shall be paid in Pesos on the Date of Issue and Settlement as per the exchange rate reported by Communication “A” 3,500 of the Central Bank of Argentina on the business day next preceding the Exchange Expiration Date. For the purposes of receiving the Early Exchange Consideration, the Eligible Holders shall tender the Existing Notes in their possession on or before the Deadline to Receive the Early Exchange Consideration. On November 2, 2020, the Company announced the results of the Early Bird of Series XXXII Notes. As of October 30, 2020, deadline for accessing the Early Bird, exchange orders have been submitted for a total amount equivalent to USD 31,820,655 for Series XXXII Notes. All existing notes presented on or before the above mentioned deadline have been accepted by the Company and will be eligible to receive the consideration on the Issue and Settlement Date. As timely announced, the Exchange Offer would expire on November 5, 2020, unless it is extended by the Company. Finally, on November 6, 2020, the Company decided to extend the Exchange Offer, to November 10, 2020. This extension does not imply a modification to the economic terms of the Exchange Offer. On November 11, 2020, the Company reported the results of the Exchange Offer. Eligible holders have been presented for a total amount equivalent (for both Classes) to USD 65.075.746, representing 88.41% of the face value of the Existing Notes in Circulation, through the participation of 1,098 orders. | |||||||||||||||||
Notes issuance, descrition | Face Value of Existing Notes presented and accepted for the Exchange totaled USD 34,324,106 and the Nominal Value of Series XXXII Notes to be issued is USD 34,324,106. The maturity date will be November 12, 2022. | |||||||||||||||||
Issuance of Series VIII Notes [Member] | ||||||||||||||||||
Subsequent events (Textual) | ||||||||||||||||||
Exchange offer, description | A repayment of principal amount of Existing Notes tendered for Exchange, in cash in United States Dollars, in an amount resulting from dividing USD 72,607,482.80 by the total number of Existing Notes tendered in Exchange for the Series VIII, always provided such quotient is less than or equal to USD 1 whereas if such quotient is higher than USD 1 the consideration shall be equal to USD 1 (“Principal Repayment”); which would represent at least 40% of the amount of the Existing Notes tendered and the remaining amount until reaching USD 1 of each USD1 of the Existing Notes tendered for Exchange, in Series VIII Notes. Series VIII Notes to be issued at a fixed nominal interest rate of 10.00% per annum and maturing 3 (three) years after the Date of Issue and Settlement, with annual repayments, denominated and payable in United States Dollars, in a principal amount up to USD 108,911224 to be paid in kind by tendering for exchange of the Existing Notes . In all cases, the sum of (i) and (ii) shall be the equivalent to USD1 per each USD1 of Existing Notes tendered for Exchange. | |||||||||||||||||
Notes issuance, descrition | The Face Value of Existing Notes presented and accepted for the Exchange totaled USD 104,287,243 and the Nominal Value of Series VIII Notes to be issued was USD 31,679,760. The maturity date will be November 12, 2023. According to the terms and subject to the conditions established in the Prospectus Supplement, Eligible Holders whose existing notes have been accepted for the Exchange by the Company, will receive for every USD 1 of Existing Notes submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following: a. USD 0.69622593 in cash for each USD 1 of Existing Notes presented to the Exchange; and b. The remaining amount until completing 1 USD for each 1 USD of Existing Notes presented to the Exchange, in Notes Series VIII. | |||||||||||||||||
Issuance of Series IX Notes [Member] | ||||||||||||||||||
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Exchange offer, description | A par for par exchange of notes Series IX for each Existing Notes presented to the Exchange. Series IX Notes to be issued at a nominal fixed interest rate of 10% per annum, maturing on March 1, 2023, denominated and payable in a principal amount up to USD 108,911,224, that may be increased up to the Maximum Aggregate Principal Amount (the “Maximum Aggregate Principal Amount”), to be paid in kind by tendering for exchange the Existing Notes, or by Subscription in Cash. For both options interest accrued on the Existing Notes until the Date of Settlement of the Exchange Offer will be paid in cash: Moreover, the Company offers an early exchange consideration equivalent to USD 0.02 per each USD 1 of Existing Notes tendered and accepted in exchange for Series IX Notes prior to the deadline to receive the consideration for early acceptance (the “Early Exchange Consideration”). Such consideration shall be paid in Pesos on the Date of Issue and Settlement as per the exchange rate reported by Communication “A” 3500 of the Central Bank of Argentina on the business day next preceding the Exchange Expiration Date. For the purposes of receiving the Early Exchange Consideration, the Eligible Holders shall tender the Existing Notes in their possession on or before the Deadline to Receive the Early Exchange Consideration. On November 2, 2020, the Company, announced the results of the Early Bird of Series IX Notes. As of October 30, 2020, deadline for accessing the Early Bird, exchange orders have been submitted for a total amount equivalent to USD 70,971,181 for Series IX Notes. All existing notes presented on or before the above mentioned deadline have been accepted by the Company and will be eligible to receive the consideration on the Issue and Settlement Date. As timely announced, the Exchange Offer would expire on November 5, 2020, unless it is extended by the Company. Finally, on November 6, 2020, the Company decided to extend the Exchange Offer, to November 10, 2020. This extension does not imply a modification to the economic terms of the Exchange Offer. On November 11, 2020, IRSA reported the results of the Exchange Offer. Eligible holders have been presented for a total amount equivalent (for both Classes) to USD 178,458,188, representing 98.31% of the face value of the Existing Notes in Circulation, through the participation of 6,571 orders. | |||||||||||||||||
Notes issuance, descrition | Face Value of Existing Notes presented and accepted for the Exchange totaled USD 74,170,945 and the Nominal Value of Series IX Notes to be issued (together with the Face Value to be issued as a result of the cash subscription) is USD 80,676,505. The maturity date will be March 1, 2023. Modifications to the Terms of the Existing Notes: Pursuant to the terms and conditions specified on the pricing supplement of the Existing Notes, and considering that consent has been obtained for an amount greater than 90% of the principal of the Existing Notes, the Company made the Non-Essential Proposed Modifications and / or the Essential Proposed Modifications, by means of which the terms and conditions of the existing notes will be modified and replaced. Consequently, by virtue of the implementation of the Proposed Non-Essential Modifications, the entire section of "Certain Commitments" and "Events of Default" was 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 were 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. | |||||||||||||||||
Series I Notes [Member] | ||||||||||||||||||
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Notes cancellation, description | In relation to the Exchange Offer ended on November 10, 2020, and as a result of the settlement of said Exchange, on November 12, 2020, the Company made a partial cancelation for a Nominal Value of USD 178,458,188 of Series I Notes, after the cancellation the Nominal Value under circulation will be USD 3,060,519. | |||||||||||||||||
Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Capital stock, percentage | 7.10% | 14.00% | 7.10% | |||||||||||||||
Capital stock amount | $ 18 | |||||||||||||||||
Shares sold | 4,791,618 | 4,791,618 | ||||||||||||||||
Average price | $ 30 | $ 30 | ||||||||||||||||
Securities regulations, description | IDBD sold 2,376,527 shares in Clal, representing 3.5% of its capital stock, at an average price of NIS 32.475/share, amounting to NIS 77.2 in the aggregate.As a consequence of such transactions, IDBD’s current stake in Clal represents 4.99% of its capital stock and, as a result, IDBD is no longer regarded as an interested party in Clal under the Israeli Securities Regulations. | |||||||||||||||||
Non - adjusting events after reporting period [Member] | Board of Directors [Member] | ||||||||||||||||||
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Repurchase plan, description | Board of Directors approved the extension of its notes repurchase plan (Series F and J) until December 31, 2020 up to NIS 300. Repurchases shall be made on the basis of market opportunities and the scope thereof shall be determined by the management. | |||||||||||||||||
Financing agreement, description | The Company’s Board of Directors approved the signing of a commitment with Dolphin, to make capital contributions for up to the amount of NIS 210, according to the schedule of commitments assumed by Dolphin between September 2019 and September 2021 with IDBD.Dolphin undertook to make contributions to IDBD subject to the occurrence of certain events in accordance with the following scheme: (i) NIS 70 to be contributed immediately; (ii) NIS 70 to be contributed until September 2, 2020 and (iii) NIS 70 to be contributed until September 2, 2021. According to Dolphin’s agreement with IDBD, said contributions will have the character of capital contributions resulting in the issuance of new IDBD shares in favor of the parent company or may be granted in the form of a subordinated loan. | |||||||||||||||||
Non - adjusting events after reporting period [Member] | Sale of floors in the Boston Tower [Member] | ||||||||||||||||||
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Preliminary sales agreement, description | IRSA CP entered into a preliminary sales agreement (with delivery of possession) with respect to a medium-height floor in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 1,063 sq. meters and 5 parking lots located in the building. The price of the transaction was Ps. 477.7 (US$ 6.7), which has been paid in full. | IRSA CP executed a preliminary sales agreement (with delivery of possession) with respect to 5 floors in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 6,235 sq. meters and 25 parking lots located in the building. The price of the transaction was Ps. 2,562 million (US$ 34.7 million), which has been paid in full. | ||||||||||||||||
Non - adjusting events after reporting period [Member] | Bouchard Sale [Member] | ||||||||||||||||||
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Bouchard sale, description | IRSA CP sold the entire “Bouchard 710” building, located in the Plaza Roma district of the City of Buenos Aires. The tower has a gross leasable area of 15,014 sq. meters divided into 12 floors for office use and 116 parking lots. The price of the transaction was approximately Ps. 6,300 million (US$ 87 million), which has been paid in full. | |||||||||||||||||
Non - adjusting events after reporting period [Member] | Issuance of Cresud Notes [Member] | US Dollar | ||||||||||||||||||
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Description of shareholders' meeting | Series XXX: denominated in USD and payable in ARS at the applicable exchange rate, as defined in the issuance documents, with a nominal value of USD 25.0, maturing 36 months from the date of issuance. At a fixed rate of 3.5%, maturing 18 months from the date of issuance with quarterly payments and principal expiring at maturity. The issue price was 100.0% of Nominal Value. | |||||||||||||||||
Shareholders amount | $ 500 | |||||||||||||||||
IRSA [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Description of shareholders' meeting | Brasilagro sold 2,160 hectares (of which 1,714 hectares were useful for crop production) of the “Bananal” farmland (municipality Magalhães - BA).The establishment was in groups of assets held for sale due to a disagreement involving the tenant at the time of sale. The previous conditions recognized in the Purchase Agreement were fully met on July 31, 2020 after receipt of R $ 5.5 (equivalent to Ps. 84). The amount of the sale was set at BRL 28 (equivalent to Ps. 392). The face value of the sale is BRL 7.5 (equivalent to Ps. 112) was received. It is not expected to obtain a result from this operation since the asset was valuated at its fair value. | |||||||||||||||||
Issuance of IRSA Non-convertible Notes [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Non-convertible notes issued | $ 38.4 | |||||||||||||||||
Denominated payable, description | ● Ps. 335.2 million (equivalent to USD 4.7 million) 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 million 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 will be used to refinance short-term indebtedness. | |||||||||||||||||
Payment of non-convertible notes [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Principal installment amount | $ 47 | $ 75 | ||||||||||||||||
Payment of IRSA CP’s Series IV Non-convertible Notes [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Non-convertible notes, description | The aggregate principal amount of the Series IV Non-convertible Notes in the amount of Ps. 10,381 (US$ 140) and interest accrued as of such date in the amount of Ps. 134 (US$ 1.8) were paid. | |||||||||||||||||
Sale of remaining shares in Shufersal [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Capital stock, percentage | 26.00% | |||||||||||||||||
Capital stock amount | $ 1,456 | |||||||||||||||||
Captial stock, per share price | $ 23.5 | |||||||||||||||||
Cellcom [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Aggregate of principal amount | $ 545 | |||||||||||||||||
Elron [Member] | Non - adjusting events after reporting period [Member] | ||||||||||||||||||
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Description of sale of subsidiary owned by Elron | Elron, through the investment held by it in CartiHeal (2009) Ltd. (a company in which Elron holds a 27% interest approx.) (“CartiHeal”), entered into an agreement with Bioventus LLC (an international company engaged in the manufacture of medical devices, “Bioventus”), which is a current shareholder of CartiHeal, providing as follows: ● Bioventus will make an additional US$ 15 – US$ 20 investment in CartiHeal, at a company value of USD 180. ● Bioventus will be granted a call option to buy 100% of the shares in CartiHeal. ● CartiHeal will have a put option to sell 100% of its capital stock to Bioventus. The call option may be exercised at any time after the investment is made. The put option may be exercised subject to pivotal clinical trial success, which includes the successful attainment of certain goals of the secondary trial, subject to obtaining the FDA’s approval of the Agili-C device of CartiHeal, which fully coincides with the success of the trial. | |||||||||||||||||
IDBD [Member] | ||||||||||||||||||
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Corporate information, description | IDBD has been maintaining negotiations with creditors in order to restructure its financial debt in favorable terms. As of June 30, 2020, the total balance of (i) IDBD’s Series 9 Bonds was NIS 901 million (the "Series 9"), (ii) IDBD's Series 14 Bonds were NIS 889 million guaranteed by IDBD’s 70% of DIC's shares (the “Series 14”), (iii) IDBD’s Series 15 Bonds were NIS 238 million guaranteed by 5% of Clal’s shares (the "Series 15"). Due to lack of agreement, on September 17, 2020, a petition was submitted in the District Court in Tel-Aviv-Jaffa (“The Court”) on the subject of granting of an order for the opening of proceedings by the Trustee for the holders of the Company's Bonds (Series 9) (“The petition”). Within the framework of the petition, the Court was requested to grant an order for the opening of proceedings for the Company pursuant to Section 18 of the Insolvency and Economic Rehabilitation Law, 5778 – 2018 (“The Law”); to instruct the appointment of a trustee for the Company according to law. | |||||||||||||||||
IRSA CP [Member] | ||||||||||||||||||
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Boston tower floors sale, description | On November 5, 2020, IRSA CP has sold and transferred 4 floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,892 sqm and 15 garage units located in the building. The transaction price was approximately USD 22.9 million (USD/sqm 5,570), which was paid in full. After this operation, IRSA CP owns 3 floors with an approximate location area of 3,266 m2 in addition to garage units and other complementary spaces. On November 12, 2020, IRSA CP has sold and transferred three floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,266 sqm, a retail store of approximately 225 sqm and 15 garage units located in the building. The transaction price was approximately USD 19.1 million (USD/sqm 5,490), which was paid in full. After this operation, IRSA CP has no remaining leasable area in the building, only keeping a space of the first basement. |