Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | IRSA INVESTMENTS & REPRESENTATIONS INC |
Entity Central Index Key | 933,267 |
Document Type | 20-F |
Trading Symbol | IRSA |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Entity a Well-known Seasoned Issuer | No |
Entity's Reporting Status Current | Yes |
Entity a Voluntary Filer | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,018 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Non-current assets | ||
Investment properties | $ 162,726 | $ 99,953 |
Property, plant and equipment | 13,403 | 27,113 |
Trading properties | 6,018 | 4,532 |
Intangible assets | 12,297 | 12,387 |
Other assets | 189 | |
Investments in associates and joint ventures | 24,650 | 7,885 |
Deferred income tax assets | 380 | 285 |
Income tax and MPIT credit | 415 | 145 |
Restricted assets | 2,044 | 448 |
Trade and other receivables | 8,142 | 4,974 |
Investments in financial assets | 1,703 | 1,772 |
Financial assets held for sale | 7,788 | 6,225 |
Derivative financial instruments | 31 | |
Total non-current assets | 239,755 | 165,750 |
Current assets | ||
Trading properties | 3,232 | 1,249 |
Inventories | 630 | 4,260 |
Restricted assets | 4,245 | 506 |
Income tax and MPIT credit | 399 | 339 |
Group of assets held for sale | 5,192 | 2,681 |
Trade and other receivables | 14,947 | 17,264 |
Investments in financial assets | 25,503 | 11,951 |
Financial assets held for sale | 4,466 | 2,337 |
Derivative financial instruments | 87 | 51 |
Cash and cash equivalents | 37,317 | 24,854 |
Total current assets | 96,018 | 65,492 |
TOTAL ASSETS | 335,773 | 231,242 |
SHAREHOLDERS' EQUITY | ||
Shareholders' equity attributable to equity holders of the parent (according to corresponding statement) | 37,421 | 25,864 |
Non-controlling interest | 37,120 | 21,472 |
TOTAL SHAREHOLDERS' EQUITY | 74,541 | 47,336 |
Non-current liabilities | ||
Borrowings | 181,046 | 109,489 |
Deferred income tax liabilities | 26,197 | 23,024 |
Trade and other payables | 3,484 | 3,040 |
Provisions | 3,549 | 943 |
Employee benefits | 110 | 763 |
Derivative financial instruments | 24 | 86 |
Salaries and social security liabilities | 66 | 127 |
Total non-current liabilities | 214,476 | 137,472 |
Current liabilities | ||
Trade and other payables | 14,617 | 20,839 |
Borrowings | 25,587 | 19,926 |
Provisions | 1,053 | 890 |
Group of liabilities held for sale | 3,243 | 1,855 |
Salaries and social security liabilities | 1,553 | 2,041 |
Income tax and MPIT liabilities | 522 | 797 |
Derivative financial instruments | 181 | 86 |
Total current liabilities | 46,756 | 46,434 |
TOTAL LIABILITIES | 261,232 | 183,906 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 335,773 | $ 231,242 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Profit or loss [abstract] | |||
Revenues | $ 33,088 | $ 27,004 | $ 12,916 |
Costs | (19,629) | (16,033) | (7,036) |
Gross profit | 13,459 | 10,971 | 5,880 |
Net gain from fair value adjustment of investment properties | 22,605 | 4,340 | 17,536 |
General and administrative expenses | (3,869) | (3,219) | (1,639) |
Selling expenses | (4,663) | (4,007) | (1,842) |
Other operating results, net | 582 | (206) | (32) |
Profit / (loss) from operations | 28,114 | 7,879 | 19,903 |
Share of (loss) / profit of associates and joint ventures | (721) | 109 | 508 |
Profit before financial results and income tax | 27,393 | 7,988 | 20,411 |
Finance income | 1,761 | 937 | 1,264 |
Finance costs | (21,058) | (8,072) | (5,571) |
Other financial results | 596 | 3,040 | (518) |
Financial results, net | (18,701) | (4,095) | (4,825) |
Profit before income tax | 8,692 | 3,893 | 15,586 |
Income tax | 124 | (2,766) | (6,325) |
Profit for the year from continuing operations | 8,816 | 1,127 | 9,261 |
Profit for the year from discontinued operations | 12,479 | 4,093 | 817 |
Profit for the year | 21,295 | 5,220 | 10,078 |
Items that may be reclassified subsequently to profit or loss: | |||
Currency translation adjustment | 12,689 | 1,919 | 4,531 |
Share of other comprehensive income of associates and joint ventures | 922 | 1,920 | (178) |
Revaluation surplus | 99 | ||
Change in the fair value of Hedging instruments net of income taxes | (19) | 124 | 3 |
Items that may not be reclassified subsequently to profit or loss, net of income tax: | |||
Actuarial profit from defined benefit plans | (12) | (10) | (10) |
Other comprehensive income for the year from continuing operations | 13,679 | 3,953 | 4,346 |
Other comprehensive income for the year from discontinued operations | 435 | 560 | (213) |
Total other comprehensive income for the year | 14,114 | 4,513 | 4,133 |
Total comprehensive income for the year | 35,409 | 9,733 | 14,211 |
Total comprehensive income from continuing operations | 22,495 | 5,080 | 13,607 |
Total comprehensive income from discontinued operations | 12,914 | 4,653 | 604 |
Total comprehensive income for the year | 35,409 | 9,733 | 14,211 |
Profit for the year attributable to: | |||
Equity holders of the parent | 15,003 | 3,030 | 9,534 |
Non-controlling interest | 6,292 | 2,190 | 544 |
Profit / (loss) from continuing operations attributable to: | |||
Equity holders of the parent | 5,278 | 1,383 | 9,196 |
Non-controlling interest | 3,538 | (256) | 65 |
Total comprehensive income attributable to: | |||
Equity holders of the parent | 15,532 | 4,054 | 9,605 |
Non-controlling interest | 19,877 | 5,679 | 4,606 |
Total comprehensive income from continuing operations attributable to: | |||
Equity holders of the parent | 5,338 | 1,977 | 9,356 |
Non-controlling interest | $ 17,157 | $ 3,103 | $ 4,251 |
Profit per share attributable to equity holders of the parent: | |||
Basic (in pesos per share) | $ 26.09 | $ 5.27 | $ 16.58 |
Diluted (in pesos per share) | 25.91 | 5.23 | 16.47 |
Profit per share from continuing operations attributable to equity holders of the parent: | |||
Basic (in pesos per share) | 9.18 | 2.41 | 15.99 |
Diluted (in pesos per share) | $ 9.12 | $ 2.39 | $ 15.88 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - ARS ($) $ in Millions | Share Capital [Member] | Treasury Shares [Member] | Inflation Adjustment of Share Capital and Treasury Shares [Member] | [1] | Share Premium [Member] | Additional Paid-in Capital from Treasury Shares [Member] | Legal Reserves [Member] | CNV 609/12 Resolution Special Reserve [Member] | [2] | Cost of Treasury Shares [Member] | Changes in Non-Controlling Interest [Member] | Reserve for Share-Based Payments [Member] | Reserve for Future Dividends [Member] | Cumulative Translation Adjustment Reserve [Member] | Hedging Instruments [Member] | Revaluation Surplus [Member] | Special Reserve [Member] | Reserve for Defined Contribution Plans [Member] | Other Reserves from Subsidiaries [Member] | Other Reserves [Member] | (Accumulated deficit)/Retained Earnings [Member] | Subtotal [Member] | Non-controlling Interests [Member] | Total |
Beginning balance at Jun. 30, 2015 | $ 574 | $ 5 | $ 123 | $ 793 | $ 7 | $ 117 | $ 2,755 | $ (34) | $ 4 | $ 64 | $ 394 | $ 428 | $ 7,235 | $ 12,037 | $ 943 | $ 12,980 | ||||||||
Changes In Equity [Roll Forward] | ||||||||||||||||||||||||
(Loss) / Profit for the year | 9,534 | 9,534 | 544 | 10,078 | ||||||||||||||||||||
Other comprehensive income for the year | 118 | (37) | (10) | 71 | 71 | 4,062 | 4,133 | |||||||||||||||||
Total comprehensive income for the year | 118 | (37) | (10) | 71 | 9,534 | 9,605 | 4,606 | 14,211 | ||||||||||||||||
Incorporated by business combination | 8,630 | 8,630 | ||||||||||||||||||||||
Cumulative translation adjustment for interest held before business combination | (91) | (91) | (91) | (91) | ||||||||||||||||||||
Share of changes in subsidiaries' equity | 37 | 37 | 37 | 51 | 88 | |||||||||||||||||||
Appropriation of retained earnings approved by Shareholders meeting held | 520 | 520 | (520) | |||||||||||||||||||||
Reserve for share-based compensation | 1 | (1) | 9 | 5 | 3 | 8 | 17 | 34 | 51 | |||||||||||||||
Capital reduction of subsidiaries | (4) | (4) | ||||||||||||||||||||||
Dividends distribution | (615) | (615) | ||||||||||||||||||||||
Changes in non-controlling interest | 17 | 17 | 17 | 568 | 585 | |||||||||||||||||||
Capital contribution from non-controlling interest | 11 | 11 | ||||||||||||||||||||||
Dividends reimbursement | 10 | 10 | 10 | |||||||||||||||||||||
Ending balance at Jun. 30, 2016 | 575 | 4 | 123 | 793 | 16 | 117 | 2,755 | (29) | 21 | 67 | 520 | 421 | (37) | (10) | 37 | 990 | 16,259 | 21,632 | 14,224 | 35,856 | ||||
Changes In Equity [Roll Forward] | ||||||||||||||||||||||||
(Loss) / Profit for the year | 3,030 | 3,030 | 2,190 | 5,220 | ||||||||||||||||||||
Other comprehensive income for the year | 973 | 56 | (5) | 1,024 | 1,024 | 3,489 | 4,513 | |||||||||||||||||
Total comprehensive income for the year | 973 | 56 | (5) | 1,024 | 3,030 | 4,054 | 5,679 | 9,733 | ||||||||||||||||
Out-of-period adjustments | (133) | (133) | ||||||||||||||||||||||
Incorporated by business combination | 40 | 40 | ||||||||||||||||||||||
Irrevocable contributions | 2 | 2 | ||||||||||||||||||||||
Capitalization of contributions at subsidiaries | (1) | (1) | ||||||||||||||||||||||
Issuance of capital of subsidiaries | 2,267 | 2,267 | ||||||||||||||||||||||
Appropriation of retained earnings approved by Shareholders meeting held | 26 | (4) | (26) | (26) | 4 | |||||||||||||||||||
Reserve for share-based compensation | 1 | 1 | 11 | 12 | 13 | 87 | 100 | |||||||||||||||||
Capital reduction of subsidiaries | (6) | (6) | ||||||||||||||||||||||
Dividends distribution | (2,232) | (2,232) | ||||||||||||||||||||||
Changes in non-controlling interest | 165 | 165 | 165 | 1,545 | 1,710 | |||||||||||||||||||
Ending balance at Jun. 30, 2017 | 575 | 4 | 123 | 793 | 17 | 143 | 2,751 | (28) | 186 | 78 | 494 | 1,394 | 19 | (15) | 37 | 2,165 | 19,293 | 25,864 | 21,472 | 47,336 | ||||
Changes In Equity [Roll Forward] | ||||||||||||||||||||||||
(Loss) / Profit for the year | 15,003 | 15,003 | 6,292 | 21,295 | ||||||||||||||||||||
Other comprehensive income for the year | 566 | (5) | 45 | (77) | 529 | 529 | 13,585 | 14,114 | ||||||||||||||||
Total comprehensive income for the year | 566 | (5) | 45 | (77) | 529 | 15,003 | 15,532 | 19,877 | 35,409 | |||||||||||||||
Irrevocable contributions | 1 | 1 | ||||||||||||||||||||||
Capitalization of contributions at subsidiaries | 7 | 7 | ||||||||||||||||||||||
Appropriation of retained earnings approved by Shareholders meeting held | 2,081 | 2,081 | (2,081) | |||||||||||||||||||||
Share-based compensation | 2 | 3 | 1 | 4 | 6 | 43 | 49 | |||||||||||||||||
Dividends distribution | (1,400) | (1,400) | (1,490) | (2,890) | ||||||||||||||||||||
Changes in non-controlling interest | (2,657) | (2,657) | (2,657) | 4,545 | 1,888 | |||||||||||||||||||
Loss of control in subsidiary | (11) | (11) | 11 | (7,335) | (7,335) | |||||||||||||||||||
Dividends reimbursement | 76 | 76 | 76 | |||||||||||||||||||||
Ending balance at Jun. 30, 2018 | $ 575 | $ 4 | $ 123 | $ 793 | $ 19 | $ 143 | $ 2,751 | $ (25) | $ (2,471) | $ 79 | $ 494 | $ 1,960 | $ 14 | $ 45 | $ 2,081 | $ (103) | $ 37 | $ 2,111 | $ 30,902 | $ 37,421 | $ 37,120 | $ 74,541 | ||
[1] | Includes Ps.1 of Inflation adjustment of treasury stock. See Note 16. | |||||||||||||||||||||||
[2] | Related to CNV General Resolution N 609/12. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | |||
Net cash generated from continuing operating activities before income tax paid | $ 11,176 | $ 6,736 | $ 4,015 |
Income tax and MPIT paid | (981) | (957) | (778) |
Net cash generated from continuing operating activities | 10,195 | 5,779 | 3,237 |
Net cash generated from discontinued operating activities | 4,144 | 3,280 | 889 |
Net cash generated from operating activities | 14,339 | 9,059 | 4,126 |
Investing activities: | |||
Increase of interest in associates and joint ventures | (209) | (531) | (207) |
Acquisition and improvements of investment properties | (3,200) | (2,751) | (882) |
Advanced payments | (7) | ||
Proceeds from sales of investment properties | 674 | 291 | 1,325 |
Acquisitions and improvements of property, plant and equipment | (1,877) | (1,298) | (477) |
Proceeds from sales of property, plant and equipment | 17 | 8 | |
Acquisitions of intangible assets | (629) | (370) | (86) |
Acquisitions of subsidiaries, net of cash acquired | (46) | (46) | 9,193 |
Net increase of restricted assets | (3,065) | (396) | |
Dividends received from associates and joint ventures | 301 | 216 | 14 |
Dividends received from financial assets | 289 | 35 | 72 |
Proceeds from sales of interest held in associates and joint ventures | 252 | 9 | |
Proceeds from loans granted | 612 | ||
Proceeds from associate liquidation | 7 | ||
Acquisitions of investments in financial assets | (21,999) | (4,752) | (11,895) |
Proceeds from investments in financial assets | 20,526 | 4,569 | 11,951 |
Interest received from financial assets | 463 | 212 | 102 |
Payment for acquisition of other assets | (120) | ||
Loans granted to related parties | (348) | (4) | (862) |
Loans granted | (102) | ||
Net cash (used in) generated from continuing investing activities | (8,454) | (4,817) | 8,250 |
Net cash (used in) generated from discontinued investing activities | (3,119) | 2,749 | (27) |
Net cash (used in) generated from in investing activities | (11,573) | (2,068) | 8,223 |
Financing activities: | |||
Borrowings and issuance of non-convertible notes | 17,853 | 26,596 | 146,396 |
Payment of borrowings and non-convertible notes | (17,969) | (17,780) | (145,401) |
Obtention / (payment) of short term loans, net | 345 | (862) | 752 |
Obtention of loans from related parties | 4 | 4 | |
Payment of borrowings to related parties | (14) | (6) | |
Interests paid | (6,999) | (5,326) | (2,934) |
Issuance of capital from subsidiaries | 857 | ||
Capital distributions to non-controlling interest in subsidiaries | (31) | 73 | (184) |
Capital contributions of non-controlling interest in subsidiaries | 1,347 | 202 | 1 |
Acquisition of non-controlling interest in subsidiaries | (612) | (117) | (802) |
Proceeds from sales of non-controlling interest in subsidiaries | 2,507 | 2,528 | |
Dividends paid | (1,392) | ||
Receipts from claims | 90 | ||
Dividends paid to non-controlling interest in subsidiaries | (1,259) | (2,037) | (106) |
Acquisition of derivative financial instruments | (131) | ||
Proceeds net from derivative financial instruments, net | 81 | 151 | 1,331 |
Net cash (used in) generated from continuing financing activities | (6,125) | 4,140 | (859) |
Net cash generated from (used in) discontinued financing activities | 2,258 | (2,603) | (3,109) |
Net cash (used in) generated from financing activities | (3,867) | 1,537 | (3,968) |
Net (decrease) increase in cash and cash equivalents from continuing activities | (4,384) | 5,102 | 10,628 |
Net increase (decrease) in cash and cash equivalents from discontinued activities | 3,283 | 3,426 | (2,247) |
Net (decrease) increase in cash and cash equivalents | (1,101) | 8,528 | 8,381 |
Cash and cash equivalents at beginning of year | 24,854 | 13,866 | 375 |
Net decrease in cash and cash equivalents reclassified to held for sale | (347) | (157) | |
Foreign exchange gain on cash and changes in fair value of cash equivalents | 13,911 | 2,617 | 5,110 |
Cash and cash equivalents at end of year | $ 37,317 | $ 24,854 | $ 13,866 |
The Group's business and genera
The Group's business and general information | 12 Months Ended |
Jun. 30, 2018 | |
Groups Business And General Information | |
The Group's business and general information | 1. The Group’s business and general information IRSA was founded in 1943, and it is engaged in a diversified range of real estate activities in Argentina since 1991. IRSA and its subsidiaries are collectively referred to hereinafter as “the Group”. Cresud is our direct parent company and IFIS Limited our ultimate parent company. These Consolidated Financial Statements have been approved for issue by the Board of Directors on September 4, 2018. The Group has established two Operations Centers, Argentina and Israel, to manage its global business, mainly through the following companies: (i) Corresponds to Group’s associates, which are hence excluded from consolidation. (ii) The results are included in discontinued operations, due to the loss of control in June 2018 (Note 4.G.) (iii) Disclosed as financial assets held for sale. (iv) Assets and liabilities are disclosed as held for sale and the results as discontinued operations. (v) See Note 4 for more information about the change within the Operations Center in Israel. 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 16 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 BASE (BYMA: IRCP) and the NASDAQ (NASDAQ: IRCP). IRSA's shares are listed on the BASE (Merval: 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 (considering treasury shares). 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 BASE (BYMA: BHIP). Besides that, the Group has a 43.93% indirect equity interest in Tarshop, whose main activities are credit card and loan origination transactions. 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, etc.; 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. It should be noted that the financial position of IDBD, DIC and its subsidiaries at the Operations Center in Israel does not affect the financial position of IRSA and subsidiaries at the Operations Center in Argentina. In addition, the commitments and other covenants resulting from IDBD and DIC’s financial debt do not have impact on IRSA since such indebtedness has no recourse against IRSA and it is not guaranteed by IRSA’s assets. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies | |
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 hyperinflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Bearing in mind that the downward trend in inflation observed in the previous year has reversed, noticing a significant increase in inflation during 2018, that it is also expected that the accumulated inflation rate of the last three years will exceed 100% and that the rest of the indicators do not contradict the conclusion that Argentina should be considered a hyperinflationary economy for accounting purposes, the Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy in the terms of IAS 29, starting with the year initiated on July 1, 2018. Consequently, the Company should restate its next financial statements to be presented after the aforementioned date. However, it must be taken into account that, as of the date of issuance of these financial statements, Decree PEN 664/03 is in force, and it does not allow the presentation of restated for inflation financial statements before the National Securities Commission (CNV) and other bodies of corporate control. In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities, will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets, will gain purchasing power, provided that such items are not subject to an adjustment mechanism. Briefly, the restatement method of IAS 29 establishes that monetary assets and liabilities must not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements must be adjusted in accordance with such agreements. The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be restated. The remaining non-monetary assets and liabilities must be restated by a general price index. The loss or gain from the net monetary position will be included in the net result of the reporting year / period, revealing this information in a separate line item. As of June 30, 2018, the restatement criteria of financial information established in IAS 29 have not been applied. However, in recent years’ certain macroeconomic variables that affect the Company's businesses, such as wages and prices of inputs, have undergone annual variations of certain importance. This circumstance must be considered in the evaluation and interpretation of the financial situation and the results presented by the Company in these financial statements. 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, 2018 includes the results of IDBD and DIC for the 12-month period from April 1, 2017 to March 31, 2018, adjusted for the significant transactions that occurred between April 1, 2018 and June 30, 2018. Moreover, the consolidated comprehensive income of the Group for the year ended June 30, 2016 includes the results of IDBD and DIC operations for the period from October 11, 2015 (the acquisition of control) through March 31, 2016, adjusted for those significant transactions that occurred between April 1, 2016 and June 30, 2016. (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. Deferred tax assets and liabilities are in all cases presented as non-current while the rest is classifed as current and non-current. (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 and references to "NIS" are millions of New Israeli Shekel. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria The Consolidated Financial Statements have been prepared under historical cost criteria, except for investment properties, financial assets and financial liabilities (including derivative instruments) measured at fair value through profit or loss, financial assets held for sale and share-based compensation, which were measured at fair value. (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 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 adoption for the Group in the year ended on Cycle of annual improvements 2014-2016. IFRS 12 “Disclosure of Interests in other entities”. Clarifies the standard scope. 06-30-2018 Amendments to IAS 7 "Disclosure initiative". Establishes that the entity shall disclose information so that users of the Financial Statements may assess the changes in liabilities resulting from financing activities, including both cash and non-cash changes. 06-30-2018 Amendments to IAS 12 "Recognition of deferred tax assets for unrealized losses". Clarifies the accounting of deferred income tax assets in the case of unrealized losses from debt instruments measured at fair value. 06-30-2018 The adoption of these standards and amendments has not had a material impact for the Group. See details of IAS 7 modifications in Note 19. Standards and amendments not yet adopted by the Group Standards and amendments Description Date of mandatory adoption for the Group in the year ended on Amendments to IAS 40 "Transfers of Investment Properties" Clarifies the conditions that should be met for an entity to transfer a property to, or from, investment properties. 06-30-2019 Cycle of annual improvements 2014-2016. IAS 28 “Investments in Associates and Joint ventures”. Clarifies that the option to measure an associate or a joint venture at fair value for a qualifying entity is available upon initial recognition. 06-30-2019 IFRS 9 “Financial Instruments”. Adds a new impairment model based on expected losses and introduces some minor amendments to the classification and measurement of financial assets. 06-30-2019 IFRS 15 “Revenues from contracts with customers” Provides the new revenue recognition model derived from contracts with customers. The core principle underlying the model is satisfaction of performance obligations assumed with customers. Applies to all contracts with customers, except those covered by other IFRSs, such as leases, insurance and financial instruments contracts. The standard does not address recognition of interest or dividend income. 06-30-2019 Amendments to IFRS 2 "Share-based Payment". The amendments clarify the scope of the standard in relation to (i) accounting of the effects that the concession consolidation conditions have on cash settled share-based payments, (ii) the Classification of the share-based payment transactions subject to net settlement, and (iii) accounting for the amendment of terms and conditions of the share-based payment transaction that reclassifies the transaction from cash settled to equity settled. 06-30-2019 IFRS 16 "Leases". Will supersede IAS 17 currently in force (and associated interpretations) and its scope includes all leases, with a two specific exceptions (low cost assets’ leases and short-term leases). Under the new standard, lessees are required to account for leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17. The accounting of the lessor has no significant changes. 06-30-2020 The future adoption of these standards modifications and interpretations will not have a significant impact to the Group, except for the following: IFRS 15: Revenues from contracts with customers The standard introduces a new five step model for recognizing revenue from contracts with customers: 1. Identifying the contract with the customer. 2. Identifying separate performance obligations in the contract. 3. Determining the transaction price. 4. Allocating the transaction price to separate performance obligations. 5. Recognizing revenue when the performance obligations are satisfied. The Group will apply the cumulative effect approach, therefore, accumulated impact will be recognized in Retained earnings as of July 1, 2018. Comparative figures will not be restated. Main effects that affect the Group: Costs of obtaining a contract with a client: Customer acquisition costs are capitalized when it is expected that the Group will recover these costs, instead of recognizing these costs in profit or loss as incurred. Accordingly, incremental incentives and commissions paid to Group employees while resellers for securing contracts with customers, are recognized as an asset and are amortized to profit or loss, in accordance with the expected service period from these contracts (over a period of 2-4 years). In the statements of cash flows, customer acquisition costs paid will be presented as part of cash flows used in investing activities and the amortization of capitalized customer acquisition costs, will be presented under depreciation and amortization as part of cash flows from operating activities. The Group applies the practical exemption specified in the standard and recognizes customer acquisition costs in profit or loss when the expected amortization period of these costs is one year or less. Satisfaction of performance obligation in real estate contracts: Revenues from the sale of offices and apartments will be recognized during the period of construction, in accordance with the work in progress, instead of upon the delivery or signing of the property’s deed, if one of the following conditions are met: 1. The customer simultaneously receives and consumes the benefits provided by the Group’s performance when the Group provides such services. 2. The Group’s performance creates or enhances an asset that is controlled by the customer at the time it is being created or enhanced. 3. The Group’s performance does not create an asset with an alternative use for the Group and the Group has the enforceable right to payment for performance completed to date. The Group will recognize revenue over time on sales contracts with customers for the development of real estate in which no alternative use exists but the sale to the client and it has the right to enforce the performance of the contract. When these conditions are not met, revenue will be recognized at the time of the deed or upon delivery of the asset. The Group determines the amount of revenue from each contract according to the transaction price and work in progress of the asset of each customer separately. IFRS 9: Financial instruments The new standard includes a new model of "expected credit loss" for receivables or other assets not measured at fair value. The new model presents a dual measurement approach for impairment: if the credit risk of a financial asset has not increased significantly since its initial recognition, an allowance for impairment will be recorded in the amount of expected credit losses resulting from the possible non- compliance events within a certain period. If the credit risk has increased significantly, in most cases the allowance will increase and the amount of the expected losses should be recorded. In accordance with the new standard, in cases where a change in terms or exchange of financial liabilities is immaterial and does not lead, at the time of analysis, to the reduction of the previous liability and recognition of the new liability, the new cash flows must be discounted at the original effective interest rate, recording the impact of the difference between the present value of the financial liability that has the new terms and the present value of the original financial liability in net income. As a result of the application of the new standard, the amount of the liabilities, whose terms were modified and for which a new effective interest rate was calculated at the time of the change in accordance with IAS 39, will be recalculated from the date of the change using the original effective interest rate. IFRS 16: Leases The Group is currently assessing the impact of the amendments on its Financial Statements. IFRS 16 will be effective for fiscal year beginning July 1, 2019. On the issue date of these Consolidated Financial Statements, there are no other standards or amendments, issued by the IASB that are yet to become effective and that are expected to have a material effect on the Group. Breakdown of the expected changes to the financial position of the Group due to the application of IFRS 9 and 15 are described below: Current statement of financial position IFRS 15 impact IFRS 9 impact Adjusted statement of financial position ASSETS Non-current assets Trading properties 6,018 (3,338) - 2,680 Investments in associates and joint ventures 24,650 24 (19) 24,655 Deferred income tax assets 380 (95) - 285 Trade and other receivables 8,142 497 (63 ) 8,576 Total non-current assets 239,755 (2,912 ) (82 ) 236,761 Current assets Trading properties 3,232 (734) - 2,498 Trade and other receivables 14,947 292 (32 ) 15,207 Total current assets 96,018 (442 ) (32 ) 95,544 TOTAL ASSETS 335,773 (3,354 ) (114 ) 332,305 SHAREHOLDERS’ EQUITY Shareholders' equity attributable to equity holders of the parent Retained earnings 37,421 127 (453) 37,095 Non-controlling interest 37,120 126 (473 ) 36,773 TOTAL SHAREHOLDERS’ EQUITY 74,541 253 (926 ) 73,868 LIABILITIES Non-current liabilities Trade and other payables 3,484 (1,647) - 1,837 Borrowings 181,046 - 1,025 182,071 Deferred income tax liabilities 26,197 (43 ) (268 ) 25,886 Total non-current liabilities 214,476 (1,690 ) 757 213,543 Current liabilities Trade and other payables 14,617 (1,925) - 12,692 Borrowings 25,587 - 55 25,642 Income tax and MPIT liabilities 522 8 - 530 Total current liabilities 46,756 (1,917 ) 55 44,894 TOTAL LIABILITIES 261,232 (3,607 ) 812 258,437 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 335,773 (3,354 ) (114 ) 332,305 At the date of presentation of these financial statements, the analysis of IFRS 9 in some of the Group's associates is still being performed, which could modify the preceding information at the time of effective adoption. 2.3. Scope of consolidation (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case base. The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Statement of Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the principal are listed below: % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2018 06.30.2017 06.30.2016 IRSA's direct interest: IRSA CP (1) Argentina Real estate 86.34% 94.61% 94.61% 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. Argentina Hotel 80.00% 80.00% 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% U.T. IRSA and Galerías Pacífico (2) (6) Argentina Investment 50.00% 50.00% - IRSA CP's direct interest: Arcos del Gourmet S.A. Argentina Real estate 90.00% 90.00% 90.00% Emprendimiento Recoleta S.A. Argentina Real estate 53.68% 53.68% 53.68% Fibesa S.A. (3) Argentina Real estate 100.00% 100.00% 100.00% Panamerican Mall S.A. Argentina Real estate 80.00% 80.00% 80.00% Shopping Neuquén S.A. Argentina Real estate 99.92% 99.92% 99.14% Torodur S.A. Uruguay Investment 100.00% 100.00% 100.00% EHSA Argentina Investment 70.00% 70.00% - Centro de Entretenimiento La Plata (6) Argentina Real estate 100.00% - - Tyrus S.A.'s direct interest: DFL (4) Bermudas Investment 91.57% 91.57% 91.57% I Madison LLC USA Investment - 100.00% 100.00% IRSA Development LP USA Investment - 100.00% 100.00% IRSA International LLC USA Investment 100.00% 100.00% 100.00% Jiwin S.A. Uruguay Investment 100.00% 100.00% 100.00% Liveck S.A. Uruguay Investment 100.00% 100.00% 100.00% Real Estate Investment Group IV LP (REIG IV) Bermudas Investment - 100.00% 100.00% Real Estate Investment Group V LP (REIG V) Bermudas Investment 100.00% 100.00% 100.00% Real Estate Strategies LLC USA Investment 100.00% 100.00% 100.00% Efanur S.A.'s direct interest: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00% - - DFL's direct interest: IDB Development Corporation Ltd. Israel Investment 100.00% 68.28% 66.28%- Dolphin IL Investment Ltd. Israel Investment 100.00% - - DIL's direct interest: Discount Investment Corporation Ltd. (4) Israel Investment 76.57% 77.25% 76.43% IDBD's direct interest: 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 interest: Property & Building Corporation Ltd. Israel Real estate 64.40% 64.40% 76.45% Shufersal Ltd. (7) Israel Retail - 54.19% 52.95% Cellcom Israel Ltd. (5) Israel Telecommunications 43.14% 42.26% 41.77% Elron Electronic Industries Ltd. Israel Investment 50.30% 50.30% 50.30% Bartan Holdings and Investments Ltd. Israel Investment 55.68% 55.68% 55.68% Epsilon Investment House Ltd. Israel Investment 68.75% 68.75% 68.75% (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and 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) (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, with a stake of 46.16%, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Corresponds to acquisitions and constitutions of new entities considered not material as a whole. (7) Control was lost in June 30, 2018. See Note 4.G. 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 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. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. Note 8 includes summary financial information and other information of the Group's associates. (e) Joint arrangements Joint arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Investments in joint ventures are accounted for under the equity method. 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 a joint ventures is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes such difference in "Share of profit / (loss) of associates and joint ventures" in the Statements of Income. 2.4. Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker (“CODM”), responsible for allocating resources and assessing performance. The operating segments are described in Note 6. 2.5. Foreign currency translation (a) Functional and presentation currency Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The Consolidated Financial Statements are presented in Argentine Pesos, which is the Group’s presentation currency. (b) Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities nominated in foreign currencies are recognized in the profit or loss for the year. Foreign exchange gains and losses are presented in the Statement of Income within finance income and finance costs, 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 the translation difference of its subsidiaries by the “step-by-step” method according to IAS 21. 2.6. Investment properties Investment properties are those properties owned by the Group that are held either to earn long-term rental income or for capital appreciation, or both, and that are not occupied by the Group for its own operations. Investment property also includes property that is being constructed or developed for future use as investment property. The Group also classifies as investment properties land whose future use has not been determined yet. The Group’s investment properties primarily comprise the Group’s portfolio of shopping malls and offices, certain property under development and undeveloped land. 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 conditions to start operating. Direct expenses related to lease contract negotiation (such as payment to third parties for services rendered and c |
Significant judgments, key assu
Significant judgments, key assumptions and estimates | 12 Months Ended |
Jun. 30, 2018 | |
Significant Judgments Key Assumptions And Estimates | |
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, 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 11 – Property, plant and equipment Note 13 – 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 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 11 – Property, plant and equipment Note 13 – 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 10 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 21 – Taxes Allowance for doubtful accounts A periodic review is conducted of receivables risks in the Group’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions. Improper recognition of charges / reimbursements of the allowance for bad debt. Note 15 – Trade and other receivables Level 2 and 3 financial instruments Main assumptions used by the Group are: ● ● ● ● 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 14 – Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group; such estimate is based on legal advisors’ opinions. Charge / reversal of provision in relation to a claim. Note 19 – Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 13 – Financial instruments by category |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Jun. 30, 2018 | |
Acquisitions And Disposals | |
Acquisitions and disposals | 4. Acquisitions and disposals Operations Center in Argentina A) Sale of ADS and shares from IRSA CP During October 2017 and February 2018, IRSA and its subsidiaries completed the sale in the secondary market of 10,420,075 ordinary shares of IRSA CP, par value Ps. 1 per share, represented by American Depositary Shares (“ADSs”), representing four ordinary shares each, which represents nearly 8.27% of IRSA CP capital for a total amount of Ps. 2,489 (US$ 140). After the transaction, IRSA’s direct and indirect interest in IRSA CP amounts to approximately 86.34%. This transaction was accounted in equity as an increase in the equity attributable to the parent for an amount of Ps. 272, net of taxes. B) Acquisition of Philips Building On June 5, 2017, the Group, through IRSA CP, acquired the Philips Building located in Saavedra, Autonomous City of Buenos Aires, next to the DOT Shopping Mall. The building has a constructed area of 10,142 square meters and is intended for office development and lease. The acquisition price was US$ 29 million, which was fully paid up as of June 30, 2017. Furthermore, IRSA CP has signed a bailment contract with the seller for a term of 7 months and 15 days, which has expired automatically on January 19, 2018. Operations Center in Israel A) Purchase of DIC shares by Dolphin As mentioned in Note 7, in connection with the Promotion of Competition and Reduction of Concentration Law in Israel, Dolphin Netherlands B.V. made a non-binding tender offer for the acquisition of all DIC shares held by IDBD. For purposes of the transaction, a committee of independent directors has been set up to assess the tender offer and negotiate the terms and conditions. The Audit Committee has issued an opinion without reservations as to the transaction in accordance with the terms of section 72 et al. of the Capital Markets Law N° 26,831. On November 2017, Dolphin IL, a subsidiary of Dolphin Netherlands B.V., has subscribed the final documents for the acquisition of the total shares owned by IDBD in DIC. The transaction has been made for an amount of NIS 1,843 (equivalent to NIS 17.20 per share of DIC). The consideration was paid NIS 70 in cash (equivalent to Ps. 348 as of the date of the transaction) and NIS 1,773 (equivalent to Ps. 8,814 as of the date of the transaction) were financed by IDBD to Dolphin, maturing in five years, with the possibility of an extension of three additional years in tranches of one year each, that will accrue an initial interest of 6.5% annually, which will increase by 1% annually in case of extension for each annual tranch. Furthermore, guarantees have been implemented for IDBD, for IDBD bondholders and their creditors, through pledges of different degree of privilege over DIC shares resulting from the purchase. Moreover, a pledge will be granted in relation to 9,636,097 (equivalent to 6.38%) of the shares of DIC that Dolphin currently holds in the first degree of privilege in favor of IDBD and in second degree of privilege in favor of IDBD's creditors. This transaction has no effect in the Groups consolidation structure and has been accounted in equity as a decrease in the equity attributable to the parent for an amount of Ps. 114. B) Purchase of IDBD shares to IFISA On December 2017, Dolphin Netherlands BV, has executed a stock purchase agreement for all of the shares that IFISA held of IDBD, which amounted to 31.7% of the capital stock. In this way, as of that date, Dolphin holds the 100% of IDBD's shares. The transaction was made at a price of NIS 398 (equivalent to NIS 1.894 per share and approximately to Ps. 1,968 as of the date of the transaction). As consideration of the transaction all receivables from IFISA to Dolphin have been canceled plus a payment of USD 33.7 (equivalents to Ps. 588 as of the date of the transaction). This transaction was accounted in equity as a decrease in the equity attributable to the parent for an amount of Ps. 2,923. C) Partial sale of Clal On May 1, 2017, August 30, 2017, January 1, 2018 and May, 2018 continuing with the instructions given by the Commissioner of Capital Markets, Insurance and Savings of Israel, IDBD has sold in each of the abovementioned dates a 5% of its stake in Clal through a swap transaction. The consideration was set at an amount of approximately NIS 644.5 (equivalent to approximately Ps. 3,228 considering exchange date at each date). After the completion of the transaction, IDBD’s interest in Clal was reduced to 34.8% of its share capital. D) Agreement for New Pharm acquisition On April 6, 2017, Shufersal entered into an agreement (the "agreement") with Hamashbir 365 Holdings Ltd. ("the seller" or "Hamashbir") for the purchase of the shares of New Pharm Drugstores Ltd. ("New Pharm"), representative of 100% of that Company’s share capital ("the shares sold"). On December 20, 2017, the transaction was completed and Shufersal became the sole shareholder of New Pharm prior to the sale of a Shufersal store and approval of the transaction by the antitrust commission. The price paid, net of the respective adjustments to the transaction price, was NIS 126 (equivalent to Ps. 630 at the date of the transaction). The following table resumes consideration and fair value of the acquired assets and the liabilities assumed: December 2017 Fair value of identifiable assets and assumed liabilities: Properties, plant and equipment 200 Inventories 380 Trade and other receivables 335 Cash and cash equivalents 25 Borrowings (260) Trade and other payables (930) Employee benefits (25) Provisions (15 ) Total net identifiable assets (290 ) Goodwill (pending allocation) 920 Total 630 If New Pharm had been acquired since the beginning of the year, the Group's consolidated statement of income for the year ended June 30, 2018 would show a net pro-forma discontinued operations result of Ps. 12,189. E) Increase of interest in Cellcom On June 27, 2018, Cellcom raised its share capital for a gross total of NIS 280 million (approximately Ps. 2,212 as of that date). DIC took part in such raise by acquiring 6,314,200 shares for a total amount of NIS 145.9 million (approximately Ps. 1,152). In addition, on June 26, 2018, DIC engaged in a swap transaction with a bank for 1,150,000 shares of Cellcom from third parties. The following are the main characteristics of the transaction: · DIC has the voting rights but not the economic rights over the shares under the swap transaction, · The maturity of the swap is 90 days · The impact in results of the swap transaction is the difference of the price per share between the subscription date and the date of its cancellation. After the abovementioned transactions the equity interest that DIC has on Cellcom rose from 42.07% to 43.14% and the percentage of voting rights rose from 45.45% to 46.16% without considering the swap transaction. F) Negotiations between Israir and Sun d’Or On June 30, 2017 IDB Tourism was at an advanced stage of negotiations with Sun d’Or International Airlines Ltd. (“Sun d’Or”), a subsidiary of El Al Israel Airlines Ltd. ("El Al"), and on July 2, 2017 an agreement was signed, which has been rejected by the Antitrust Commission on January 10, 2018. As a consequence of this process, the Group’s Financial Statements as of June 30, 2018 and 2017 present the investment in Israir as assets and liabilities held for sale, and a loss of nearly NIS 56 (approximately equivalent to Ps. 231 as of December 31, 2016 when it was reclassified to discontinued operation), as a result of measuring these net assets at the estimated recoverable value. The Group is evaluating the reasons for the objection and has appealed this situation. The group evaluated that the criteria to continue classifying the investment as discontinued operations as established by IFRS 5 are maintained. G) Changes of interest in Shufersal During the fiscal year ended June 30, 2017, the Group – through DIC and several transactions – increased its interest in Shufersal capital stock by 7.7% upon payment of a net amount of NIS 235 (equivalent to approximately Ps. 935) and in March 2017, DIC sold 1.38% of Shufersal in an amount of NIS 50 (equal to Ps. 210 as of that date) Additionally, 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. 847 on the day of the transaction). Both transactions were accounted for as an equity transaction generating an increase in the equity attributable to the controlling shareholder in the amount of Ps. 287 and Ps. 385 respectively. On June 16, 2018 DIC announced the sale of a percentage of its stake in Shufersal to institutional investors. The same was completed on June 21, 2018. The percentage sold amounted to 16.56% and the net amount charged was approximately NIS 848 (equivalent to Ps. 6,420 on the day of the transaction), consequently DIC lost control of Shufersal, so the Group deconsolidated the subsidiary on that date. Below are the details of the sale: 06.30.2018 Cash received 6,420 Remediation of the fair value of the remaining interest 13,164 Total 19,584 Net assets disposed including goodwill (8,501 ) Gain from the sale of a subsidiary, net of taxes (*) 11,083 (*) Includes Ps. 2,643 as a result of the sale and Ps. 8,440 as a result of the remeasurement at the fair value of the new stake. The following table details the net assets disposed: 06.30.2018 Investment properties 4,489 Property, plant and equipment 29,001 Intangible assets 7,108 Investments in associates and joint ventures 401 Restricted assets 91 Trade and other receivables 12,240 Investments in financial assets 2,846 Derivative financial instruments 23 Inventories 6,276 Cash and cash equivalents 5,579 TOTAL ASSETS 68,054 Borrowings 21,310 Deferred income tax liabilities 2,808 Trade and other payables 23,974 Provisions 447 Employee benefits 1,279 Salaries and social security liabilities 2,392 Income tax and MPIT liabilities 8 TOTAL LIABILITIES 52,218 Non-controlling interest 7,335 Net assets disposed including goodwill 8,501 H) Interest increase in DIC On September 23, 2016 Tyrus acquired 8,888,888 of DIC’s shares from IDBD for a total amount of NIS 100 (equivalent to Ps. 401 as of that date), which represent 8.8% of the Company’s outstanding shares at such date. During March 2017, IDBD exercised all of DIC’s Series 5 and 6 warrants for nearly NIS 210 (approximately equivalent to Ps. 882 as of that date), thereby increasing its direct interest in DIC to nearly 70% of such company’s share capital as of that date and the Group's equity interest to 79.47%. Subsequently, third parties not related to the Group, exercised their warrants, thus diluting the Group’s interest in DIC to 77.25%. This transaction was accounted for as an equity transaction generating a decrease in equity attributable to the controlling shareholder in the amount of Ps. 413. I) Sale of Adama On August 2016, Koor and a subsidiary of ChemChina executed an agreement to obtain the 40% of the shares of Adama held by Koor. The price of the transaction included a payment in cash of US$ 230 plus the total repayment of the non-recourse loan and its interests, which had been granted to Koor by a Chinese bank. On November 22, 2016, the sale transaction was finalized and Koor received cash in the amount of US$ 230. As of June 30, 2017, the Company recorded a gain of Ps. 4,216 pursuant to the sale. Our share in the results of Adama was retrospectively classified as discontinued operations in the Group’s Consolidated Statements of Income as from July 17, 2016 (Note 32). J) Partial sale of equity interest in PBC DIC sold 12% of its equity interest in PBC for a total consideration of NIS 217 (equivalent to approximately K) Partial sale of equity interest in Gav Yam On December 5, 2016, PBC sold 280,873 shares of its subsidiary Gav-Yam Land Corporation Ltd. for an amount of NIS 391 (equivalent to Ps. 1,616 as of that date). As a result of this transaction, the equity interest has decreased to 55.06%. This transaction was accounted for as an equity transaction generating an increase in equity attributable to the controlling shareholder in the amount of Ps. 184. |
Financial risk management and f
Financial risk management and fair value estimates | 12 Months Ended |
Jun. 30, 2018 | |
Financial Risk Management And Fair Value Estimates | |
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 corresponding to the business conducted in its operations centers, the Group has decentralized the risk management policies geographically based on its two operations centers (Argentina and Israel) in order to identify and properly analyze the various types of risks to which each subsidiary is exposed. The Group’s principal financial instruments in 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 in the Operation Center in Argentina includes policies, procedures, limits and allowed types of derivative financial instruments. The Group has established a Risk Committee, comprising members of senior management and a member of Cresud’s Audit Committee (Parent Company of IRSA), which reviews and oversees management’s compliance with these policies, procedures and limits and has overall accountability for the identification and management of risk across the Group. Given the diversity of the activities conducted by 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 in each operations center, performance, results of operations and financial condition. The risks facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence. The analysis of sensitivities to market risks included below are based on a change in one factor while holding all other factors constant. In practice this is unlikely to occur, and changes in some of the factors may be correlated – for example, changes in interest rate and changes in foreign currency rates. This sensitivity analysis provides only a limited, point-in-time view. The actual impact on the Group’s financial instruments may differ significantly from the impact shown in the sensitivity analysis. (a) Market risk management The market risk is the risk of changes in the market price of financial instruments with which the Group operates. The Group’s market risks arise from open positions in foreign currencies, interest-bearing assets and liabilities and equity securities of certain companies, to the extent that these are exposed to market value movements. The Group sets limits on the exposure to these risks that may be accepted, which are monitored on a regular basis. Foreign Exchange risk and associated derivative financial instruments The Group publishes its Consolidated Financial Statements in Argentine pesos but conducts operations and holds positions in other currencies. As a result, the Group is exposed to foreign currency exchange risk through exchange rate movements, which affect the value of the Group’s foreign currency positions. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency. The real estate, commercial and/or financial activities of the Group’s subsidiaries from the operations center in Argentina have the Argentine Peso as functional currency. An important part of the business activities of these subsidiaries is conducted in that currency, thus not exposing the Group to foreign exchange risk. Other Group's subsidiaries have other functional currencies, principally US Dollar. In the ordinary course of business, the Group, through its subsidiaries, transacts in currencies other than the respective functional currencies of the subsidiaries. These transactions are primarily denominated in US Dollars and New Israeli Shekel. Net financial position exposure to the functional currencies is managed on a case-by-case basis, partly by entering into foreign currency derivative instruments and/or by borrowings in foreign currencies, or other methods, considered adequate by the Management, according to circumstances. Financial instruments are considered sensitive to foreign exchange rates only when they are not in the functional currency of the entity that holds them. The following table shows the net carrying amounts of the Company’s financial instruments nominated in US$ and NIS, broken down by the functional currencies in which the Company operates for the years ended June 30, 2018 and 2017. The amounts are presented in Argentine Pesos, the presentation currency of the Group: 1) Operations Center in Argentina Net monetary position (Liability)/Asset Functional currency June 30, 2018 June 30, 2017 US$ US$ NIS Argentine Peso (13,324) (11,436) - Uruguayan Peso (368) (131) - US Dollar - - 1 Total (13,692 ) (11,567 ) 1 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, 2018 and 2017 for an amount of Ps. 1,369 and Ps. 1,157, 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, 2018 and 2017 the Group has future exchange contracts pending for an amount of US$ 47.3 and US$ 12.9, respectively. 2) Operations Center in Israel As of June 30, 2018 and 2017, the net position of financial instruments in US Dollars, which exposes the Group to the foreign currency risk amounts to Ps. (7,180) and Ps. (4,376), 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, 2018 for an amount of Ps. 718 (Ps. 438 loss in 2017). 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 19). Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. As of June 30, 2018 and 2017, 95.5% 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. 1) Operations Center in Argentina The Group manages this risk by maintaining an appropriate mix between fixed and floating rate interest bearing liabilities. These activities are evaluated regularly to determine that the Group is not exposed to interest rate fluctuations that could adversely impact its ability to meet its financial obligations and to comply with its borrowing covenants. The Group occasionally manages its cash flow interest rate risk exposure by different hedging instruments, including but not limited to interest rate swap, depending on each particular case. For example, interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates or vice versa. The interest rate risk policy is approved by the Board of Directors. Management analyses the Group’s interest rate exposure on a dynamic basis. Various scenarios are simulated, taking into consideration refinancing, renewal of existing positions and alternative financing sources. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. The scenarios are run only for liabilities that represent the major interest-bearing positions. Trade payables are normally interest-free and have settlement dates within one year. The simulation is done on a regular basis to verify that the maximum potential loss is within the limits set by management. Note 19 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, 2018 and 2017. 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, 2018 and 2017 in the amount of Ps. 15.1 and Ps. 6.6, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. 2) Operations Center in Israel IDBD manages 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 its ability to meet its financial obligations and to comply with its borrowings covenants. As of June 30, 2018 and 2017, the 96.1% and 96.6%, respectively, of the Group’s long-term financial borrowings in this operations center are at fixed interest rate, therefore, IDBD is not significantly exposed to the interest rate fluctuation risk. IDBD 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, 2018, in Ps. 68, approximately (Ps. 21 approximately in 2017). A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. Risk of fluctuations of the Consumer Price Index ("CPI") of Israel The Operations Center in Israel has financial liabilities indexed by the Israeli CPI. As of the date of this Consolidated Financial Statements, more than half of financial liabilities arising from the Operations Center in Israel were adjusted 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, 2018, 44.8% of the loans are affected by the evolution of the CPI. A 1% increase in the CPI would generate a loss of Ps. 721 (Ps. 427 for 2017) and a decrease of 1% generates a profit of Ps. 706 (Ps. 427 for 2017). 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, 2018 and 2017 the total value of Group’s investments in shares and derivative financial instruments of public companies amounts to Ps. 391 and Ps. 300, 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. IDBD has not used hedging against these risks (Note 13). IDBD regularly reviews 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, 2018 of Ps. 31 (Ps. 24 in 2017) for the Operations Center in Argentina and a loss before income tax for the year ended June 30, 2018 of Ps. 1,225 (Ps. 856 in 2017) 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 In the Operations Center in Argentina, the credit risk is managed on a country-by-country basis. Each local entity is responsible for managing and analyzing the credit risk. In the Operations Center in Israel, under the policy established by IDBD’s board of directors, the management deposits excess cash in local banks which are not company creditors, in order to keep minimum risk values in cash balances. 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) Operations Center in Argentina Trade receivables related to leases and services provided by the Group represent a diversified tenant base and account for 91.7% and 89.6% of the Group’s total trade receivables of the operations center as of June 30, 2018 and 2017, 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 14. On the other hand, property receivables related to the sale of trading properties represent 2.1%, 4.4% of the Group’s total trade receivables as of June 30, 2018 and 2017, 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. 2) Operations Center in Israel IDBD’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk. IDBD 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. The IDBD’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 has 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. (See Note 14 for details). (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 operation center 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) Operations Center in Argentina June 30, 2018 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 1,277 127 12 10 3 1,429 Borrowings (excluding finance leases liabilities) 3,837 7,787 7,807 1,236 11,450 32,117 Finance leases obligations 7 6 2 - - 15 Derivative Financial Instruments - - - - 46 46 Total 5,121 7,920 7,821 1,246 11,499 33,607 June 30, 2017 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 752 8 6 2 5 773 Borrowings (excluding finance leases liabilities) 1,656 529 528 525 6,749 9,987 Finance leases obligations 2 1 1 - - 4 Derivative Financial Instruments 5 - - - - 5 Total 2,415 538 535 527 6,754 10,769 2) Operations Center in Israel June 30, 2018 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 12,080 1,191 1,326 - - 14,597 Borrowings 29,733 26,639 22,256 23,734 114,113 216,475 Lease obligations 16 - - - - 16 Purchase obligations 3,921 1,823 639 347 229 6,959 Derivative Financial Instruments 8 - - - - 8 Total 45,758 29,653 24,221 24,081 114,342 238,055 June 30, 2017 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 16,850 1,584 692 - - 19,126 Borrowings 23,733 18,084 20,837 13,353 67,537 143,544 Lease obligations 10 5 5 5 - 25 Purchase obligations 1,135 1,140 873 5 - 3,153 Derivative Financial Instruments 62 76 - - - 138 Total 41,790 20,889 22,407 13,363 67,537 165,986 See Note 19 for a description of the commitments and restrictions related to loans and the ongoing renegotiations. (d) Capital risk management The capital structure of the Group consists of shareholders’ equity and net borrowings. The Group’s equity is analyzed into its various components in the statements of changes in equity. Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders. The Group seeks to manage its capital requirements to maximize value through the mix of debt and equity funding, while ensuring that Group entities continue to operate as going concerns, comply with applicable capital requirements and maintain strong credit ratings. The Group assesses the adequacy of its capital requirements, cost of capital and gearing (i.e., debt/equity mix) as part of its broader strategic plan. The Group continuously reviews its capital structure to ensure that (i) sufficient funds and financing facilities are available to implement the Group’s property development and business acquisition strategies, (ii) adequate financing facilities for unforeseen contingencies are maintained, and (iii) distributions to shareholders are maintained within the Group’s dividend distribution policy. The Group also protects its equity in assets by obtaining appropriate insurance. The Group’s strategy is to maintain key financing metrics (net debt to total equity ratio or gearing and debt ratio) in order to ensure that asset level performance is translated into enhanced returns for shareholders whilst maintaining an appropriate risk reward balance to accommodate changing financial and operating market cycles. The following tables details the Group’s key metrics in relation to managing its capital structure. The ratios are within the ranges previously established by the Group’s strategy. Operation Center in Argentina June 30, 2018 June 30, 2017 June 30, 2016 Gearing ratio (i) 40.83% 31.66% 29.91% Debt ratio (ii) 40.58% 29.13% 25.27% Operation Center in Israel June 30, 2018 June 30, 2017 June 30, 2016 Gearing ratio (i) 82.85% 81.95% 82.74% Debt ratio (ii) 148.46% 128.04% 137.75% (i) Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company. (ii) Calculated as total borrowings over total properties (including trading properties, property, plant and equipment, investment properties and rights to receive units under barter agreements). |
Segment information
Segment information | 12 Months Ended |
Jun. 30, 2018 | |
Segment Information | |
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, and due to the acquisition of IDBD, 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 two perspectives: geographic presence (Argentina and Israel) and products and services. In 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 of fiscal year 2018, the CODM reviews certain corporate expenses associated with each operation center in an aggregate manner and separately from each of the segments, such expenses have been disclosed in the "Corporate" segment of each operation center. Additionally, 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. Segment information for years 2017 and 2016 has been recast for the purposes of comparability with the present year. Below is the segment information which was prepared as follows: · Operations Center in Argentina: Within this operations center, the Group operates in the following segments: o The “Shopping Malls” o The “Offices” o The “Sales and Developments” o The "Hotels" o The “International” o The “Others” o The “Corporate” 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). The assets’ categories examined by the CODM are: investment properties, property, plant and equipment, trading properties, inventories, right to receive future units under barter agreements, investment in associates and goodwill. The sum of these assets, classified by business segment, is reported under “assets by segment”. Assets are allocated to each segment based on the operations and/or their physical location. 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. Revenues for each reporting segments derive from a large and diverse client base and, therefore, there is no revenue concentration in any particular segment. · Operations Center in Israel: Within this operations center, the Group operates in the following segments: o The “Real Estate” o The “Supermarkets” o The “Telecommunications” o The "Insurance" o The "Others" o The “Corporate” 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. As stated under Note 2, the Group consolidates results derived from its operations center in Israel with a three-month lag, adjusted for the effects of significant transactions. Hence, IDBD’s results for the period extending from October 11, 2015 (acquisition date) through March 31, 2016 are included under comprehensive income of the Group for the fiscal year ended June 30, 2016. For the fiscal years ended June 30, 2018 and 2017, a full twelve-month period is consolidated, also with a three-month lag and adjusted for the effects of significant transactions. Goods and services exchanged between segments are calculated on the basis of established prices. Intercompany transactions between segments, if any, are eliminated. Below is a summary of the Group’s lines of business and a reconciliation between the results from operations as per segment information and the results from operations as per the Statements of Income for the years ended June 30, 2018, 2017 and 2016: June 30, 2018 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Discontinued operations (2) Expensesand collectivepromotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (3) Total as per statement of income / statement of financial position Revenues 5,308 86,580 91,888 (46) (60,470) 1,726 (10) 33,088 Costs (1,066 ) (61,395 ) (62,461 ) 29 44,563 (1,760 ) - (19,629 ) Gross profit 4,242 25,185 29,427 (17 ) (15,907 ) (34 ) (10 ) 13,459 Net gain from fair value adjustment of investment properties 21,347 2,160 23,507 (738) (164) - - 22,605 General and administrative expenses (903) (3,870) (4,773) 13 878 - 13 (3,869) Selling expenses (432) (16,986) (17,418) 6 12,749 - - (4,663) Other operating results, net (78 ) 467 389 19 177 - (3 ) 582 Profit / (loss) from operations 24,176 6,956 31,132 (717 ) (2,267 ) (34 ) - 28,114 Share of (loss) / profit of associates and joint ventures (1,269 ) (43 ) (1,312 ) 611 (20 ) - - (721 ) Segment profit / (loss) 22,907 6,913 29,820 (106 ) (2,287 ) (34 ) - 27,393 Reportable assets 66,443 266,802 333,245 (347) - - 16,178 349,076 Reportable liabilities - (215,452 ) (215,452 ) - - - (45,780 ) (261,232 ) Net reportable assets 66,443 51,350 117,793 (347 ) - - (29,602 ) 87,844 June 30, 2017 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Discontinued operations (2) Expensesand collectivepromotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (3) Total as per statement of income / statement of financial position Revenues 4,311 68,422 72,733 (41) (47,168) 1,490 (10) 27,004 Costs (912 ) (49,110 ) (50,022 ) 18 35,488 (1,517 ) - (16,033 ) Gross profit 3,399 19,312 22,711 (23 ) (11,680 ) (27 ) (10 ) 10,971 Net gain from fair value adjustment of investment properties 4,271 374 4,645 (192) (113) - - 4,340 General and administrative expenses (683) (3,173) (3,856) 5 624 - 8 (3,219) Selling expenses (355) (13,093) (13,448) 5 9,434 - 2 (4,007) Other operating results, net (68 ) (196 ) (264 ) (6 ) 64 - - (206 ) Profit / (loss) from operations 6,564 3,224 9,788 (211 ) (1,671 ) (27 ) - 7,879 Share of (loss) / profit of associates and joint ventures (94 ) 105 11 174 (76 ) - - 109 Segment profit / (loss) 6,470 3,329 9,799 (37 ) (1,747 ) (27 ) - 7,988 Reportable assets 44,885 178,964 223,849 (193) - - 7,586 231,242 Reportable liabilities - (155,235 ) (155,235 ) - - - (28,671 ) (183,906 ) Net reportable assets 44,885 23,729 68,614 (193 ) - - (21,085 ) 47,336 June 30, 2016 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Discontinued operations (2) Expensesand collectivepromotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (3) Total as per statement of income / statement of financial position Revenues 3,289 27,077 30,366 (29) (18,607) 1,194 (8) 12,916 Costs (658 ) (19,252 ) (19,910 ) 12 14,063 (1,207 ) 6 (7,036 ) Gross profit 2,631 7,825 10,456 (17 ) (4,544 ) (13 ) (2 ) 5,880 Net gain / (loss) from fair value adjustment of investment properties 18,209 (271) 17,938 (379) (23) - - 17,536 General and administrative expenses (487) (1,360) (1,847) 1 200 - 7 (1,639) Selling expenses (264) (5,442) (5,706) 2 3,862 - - (1,842) Other operating results, net (12 ) (32 ) (44 ) (2 ) 19 - (5 ) (32 ) Profit / (loss) from operations 20,077 720 20,797 (395 ) (486 ) (13 ) - 19,903 Share of profit of associates and joint ventures 127 123 250 258 - - - 508 Segment profit / (loss) 20,204 843 21,047 (137 ) (486 ) (13 ) - 20,411 Reportable assets 39,294 147,470 186,764 (142) - - 5,519 192,141 Reportable liabilities - (132,989 ) (132,989 ) - - - (23,296 ) (156,285 ) Net reportable assets 39,294 14,481 53,775 (142 ) - - (17,777 ) 35,856 (1) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (2) Corresponds to Shufersal’s deconsolidation, the Group lost control in June 2018. See Note 4.G. (3) 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. 2,452, Ps. 72 and Ps. 45, as of June 30, 2018, 2017 and 2016, respectively. Below is a summarized analysis of the lines of business of Group’s operations center in Argentina for the fiscal years ended June 30, 2018, 2017 and 2016: June 30, 2018 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 3,665 532 120 973 - - 18 5,308 Costs (330 ) (45 ) (44 ) (624 ) - - (23 ) (1,066 ) Gross profit / (loss) 3,335 487 76 349 - - (5 ) 4,242 Net gain from fair value adjustment of investment properties 11,340 5,004 4,771 - - - 232 21,347 General and administrative expenses (320) (87) (78) (193) (46) (151) (28) (903) Selling expenses (238) (57) (21) (114) - - (2) (432) Other operating results, net (57 ) (4 ) 11 (17 ) (23 ) - 12 (78 ) Profit / (loss) from operations 14,060 5,343 4,759 25 (69 ) (151 ) 209 24,176 Share of profit of associates and joint ventures (**) - - 26 - (1,923 ) - 628 (1,269 ) Segment profit / (loss) 14,060 5,343 4,785 25 (1,992 ) (151 ) 837 22,907 Investment properties and trading properties 40,468 13,132 10,669 - - - 625 64,894 Investment in associates and joint ventures (*) - - 163 - (1,740) - 2,595 1,018 Other operating assets 82 42 46 172 89 - 100 531 Operating assets 40,550 13,174 10,878 172 (1,651 ) - 3,320 66,443 (*) Includes the investments in Condor for Ps. 697 and New Lipstick for Ps. (2,437). See Note 18. (**) Includes the results of New Lipstick for Ps. (2,380). See Note 18 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. 68,094 are located in Argentina and Ps. (1,651) in other countries, principally in USA for Ps. (1,653) and Uruguay for Ps. 2. June 30, 2017 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 3,047 434 99 725 - - 6 4,311 Costs (350 ) (29 ) (43 ) (486 ) - - (4 ) (912 ) Gross profit 2,697 405 56 239 - - 2 3,399 Net gain from fair value adjustment of investment properties 2,068 1,359 849 - - - (5) 4,271 General and administrative expenses (261) (70) (40) (135) (43) (132) (2) (683) Selling expenses (188) (46) (21) (97) - - (3) (355) Other operating results, net (58 ) (12 ) (36 ) (1 ) 27 - 12 (68 ) Profit / (loss) from operations 4,258 1,636 808 6 (16 ) (132 ) 4 6,564 Share of profit of associates and joint ventures - - 14 - (196 ) - 88 (94 ) Segment profit / (loss) 4,258 1,636 822 6 (212 ) (132 ) 92 6,470 Investment properties and trading properties 28,799 7,422 5,326 - - - 247 41,794 Investment in associates and joint ventures - - 95 - 570 - 2,054 2,719 Other operating assets 79 77 47 167 2 - - 372 Operating assets 28,878 7,499 5,468 167 572 - 2,301 44,885 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. 44,123 are located in Argentina and Ps. 762 in other countries, principally in USA for Ps. 570 and Uruguay for Ps. 192. June 30, 2016 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 2,409 332 8 534 - - 6 3,289 Costs (250 ) (25 ) (20 ) (361 ) - - (2 ) (658 ) Gross profit / (loss) 2,159 307 (12 ) 173 - - 4 2,631 Net gain from fair value adjustment of investment properties 16,132 1,268 773 - - - 36 18,209 General and administrative expenses (179) (85) (24) (103) (24) (72) - (487) Selling expenses (145) (24) (23) (69) - - (3) (264) Other operating results, net (63 ) (6 ) (34 ) (2 ) 92 - 1 (12 ) Profit / (loss) from operations 17,904 1,460 680 (1 ) 68 (72 ) 38 20,077 Share of profit of associates and joint ventures - - 5 - (129 ) - 251 127 Segment profit / (loss) 17,904 1,460 685 (1 ) (61 ) (72 ) 289 20,204 Investment properties and trading properties 26,613 5,534 4,573 - - - 252 36,972 Investment in joint ventures and associates - - 62 - 143 - 1,762 1,967 Other operating assets 75 21 93 164 2 - - 355 Operating assets 26,688 5,555 4,728 164 145 - 2,014 39,294 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. 38,991 are located in Argentina and Ps. 303 in other countries, principally in USA for Ps. 145 and Uruguay for Ps. 158. Below is a summarized analysis of the lines of business of Group’s operations center in Israel for the years ended June 30, 2018, 2017 and 2016: June 30, 2018 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 6,180 60,470 19,347 - - 583 86,580 Costs (2,619 ) (44,563 ) (13,899 ) - - (314 ) (61,395 ) Gross profit 3,561 15,907 5,448 - - 269 25,185 Net gain from fair value adjustment of investment properties 1,996 164 - - - - 2,160 General and administrative expenses (363) (878) (1,810) - (374) (445) (3,870) Selling expenses (115) (12,749) (3,974) - - (148) (16,986) Other operating results, net 98 (177 ) 140 - 434 (28 ) 467 Profit / (loss) from operations 5,177 2,267 (196 ) - 60 (352 ) 6,956 Share of profit / (loss) of associates and joint ventures 167 20 - - - (230 ) (43 ) Segment profit / (loss) 5,344 2,287 (196 ) - 60 (582 ) 6,913 Operating assets 134,038 13,304 49,797 12,254 21,231 36,178 266,802 Operating liabilities (104,202 ) - (38,804 ) (1,214 ) (68,574 ) (2,658 ) (215,452 ) Operating assets (liabilities), net 29,836 13,304 10,993 11,040 (47,343 ) 33,520 51,350 June 30, 2017 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 4,918 47,277 15,964 - - 263 68,422 Costs (2,333 ) (35,432 ) (11,183 ) - - (162 ) (49,110 ) Gross profit 2,585 11,845 4,781 - - 101 19,312 Net gain from fair value adjustment of investment properties 261 113 - - - - 374 General and administrative expenses (290) (627) (1,592) - (384) (280) (3,173) Selling expenses (91) (9,517) (3,406) - - (79) (13,093) Other operating results, net 46 (52 ) (36 ) - (48 ) (106 ) (196 ) Profit / (loss) from operations 2,511 1,762 (253 ) - (432 ) (364 ) 3,224 Share of profit / (loss) of associates and joint ventures 46 75 - - - (16 ) 105 Segment profit / (loss) 2,557 1,837 (253 ) - (432 ) (380 ) 3,329 Operating assets 79,427 38,521 31,648 8,562 14,734 6,072 178,964 Operating liabilities (64,100 ) (29,239 ) (25,032 ) - (33,705 ) (3,159 ) (155,235 ) Operating assets (liabilities), net 15,327 9,282 6,616 8,562 (18,971 ) 2,913 23,729 June 30, 2016 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 1,538 18,610 6,655 - - 274 27,077 Costs (467 ) (14,076 ) (4,525 ) - - (184 ) (19,252 ) Gross profit 1,071 4,534 2,130 - - 90 7,825 Net (loss) / gain from fair value adjustment of investment properties (294) 23 - - - - (271) General and administrative expenses (100) (203) (708) - (321) (28) (1,360) Selling expenses (29) (3,907) (1,493) - - (13) (5,442) Other operating results, net (19 ) (13 ) - - - - (32 ) Profit / (loss) from operations 629 434 (71 ) - (321 ) 49 720 Share of profit / (loss) of associates and joint ventures 226 - - - - (103 ) 123 Segment profit / (loss) 855 434 (71 ) - (321 ) (54 ) 843 Operating assets 60,678 29,440 27,345 4,602 1,753 23,652 147,470 Operating liabilities (49,576 ) (23,614 ) (21,657 ) - (10,441 ) (27,701 ) (132,989 ) Operating assets (liabilities), net 11,102 5,826 5,688 4,602 (8,688 ) (4,049 ) 14,481 From all revenues corresponding to the Operations Center in Israel, Ps. 1,482 are originated in USA (Ps. 1,149 in 2017) and the remaining in Israel. 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. 34,930 are located in USA (Ps. 21,781 in 2017), Ps. 1,049 (Ps. 768 in 2017) in India and the remaining are located in Israel. |
Information about the main subs
Information about the main subsidiaries | 12 Months Ended |
Jun. 30, 2018 | |
Information About Main Subsidiaries | |
Information about the main subsidiaries | 7. Information about the main subsidiaries The Group conducts its business through several operating and holding subsidiaries. The Group considers that the subsidiaries below are the ones with significant non-controlling interests to the Group. Direct interest of non-controlling interest %(1) Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets Book value of non-controlling interests As of June 30, 2018 Elron 49.70% 1,933 1,610 252 24 3,267 2,351 PBC 35.60% 23,655 108,704 16,033 90,620 25,706 21,730 Cellcom (2) 57.90% 21,185 27,648 12,601 26,109 10,123 6,391 IRSA CP 13.66 % 10,670 57,074 2,497 27,284 37,963 4,995 As of June 30, 2017 Elron 49.68% 1,669 1,183 162 10 2,680 1,975 PBC 35.56% 10,956 64,345 10,503 49,902 14,896 11,161 Cellcom (2) 57.74% 11,209 18,273 8,171 15,974 5,337 3,706 IRSA CP 5.39% 4,515 37,907 1,801 17,605 23,016 1,194 Revenues Net income / (loss) Total comprehensive income / (loss) Total comprehensive income / (loss) attributable to non-controlling interest Cash of Operating activities Cash of investing activities Cash of financial activities Net Increase (decrease) in cash and cash equivalents Dividends distribution to non-controlling shareholders Year ended June 30, 2018 Elron - (512) (80) (510) (327) 343 (132) (116) (155) PBC 6,183 2,958 (181) 1,060 3,073 27 (1,191) 1,909 717 Cellcom (2) 19,145 (509) 5 (504) 3,997 (2,574) 382 1,805 - IRSA CP 5,949 15,656 15,656 556 3,624 (3,861 ) 1,800 1,563 (716 ) Year ended June 30, 2017 Elron - (427) (63) (342) (235) 147 (200) (288) 106 PBC 4,877 886 (353) 1,254 2,470 (2,208) 283 545 (975) Cellcom (2) 15,739 (329) - (224) 2,348 (1,574) (1,348) (574) - IRSA CP 4,997 3,378 3,378 117 2,875 (148) (958) 1,769 (831) (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, being 46.16%, 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, Dophin 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 should reduce its control structure of companies that make public offer in Israel to two layers. It currently has three layers of public companies (DIC, PBC and Gav-Yam). The management is analyzing which are the steps to retain control over the Group subsidiaries and meet the requirements of the Law. These alternatives may include corporate reorganizations of the Operations Center in Israel. 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. 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. IDBD: Acquisition of non-controlling interest In March 2016, after the amendments to the agreements for the acquisition of the IDBD shares from its minority shareholders, Dolphin acquired all the shares outstanding on March 29, 2016 from non-controlling shareholders of IDBD (except for those held by IFISA). The price paid for each IDBD share held by non-controlling shareholders was NIS 1.25 per share in cash plus NIS 1.20 per share in bonds of the IDBD Series 9 (the “IDBD Bonds”). Additionally, Dolphin undertook to pay NIS 1.05 per share (subject to adjustments) in cash if Dolphin, either directly or indirectly, gained control of Clal (more than 30%), or else if IDBD sold a controlling shareholding in Clal (more than 30% to a third party) under certain parameters (the “payment for Clal”), which refers mainly to Clal’s sale price at a price which exceeds 75% of its book value upon execution of the sale agreement (subject to adjustments) and, under certain circumstances, the proportion of Clal shares sold by IDBD. It is worth noting that, the obligation to make such contingent payment will only expire if the sale of a controlling interest is completed (more than 30% to a third party), or if Dolphin obtains the control permission from Clal. In addition, Dolphin agreed to pay certain minority shareholders which held warrants that were excersised until March 28, 2016 with IDBD bonds (based on the adjusted nominal value, which was completed) in an amount equal to the difference between NIS 2.45 per share and the exercise price of the warrants and to be entitled to the Clal payment. As guaranty of the payment, Dolphin pledged 28% of its IDBD shares, as well as all its rights in relation to the subordinated loan granted in the amount of NIS 210 on December 2015 to IDBD (see Note 27), until the payment obligation to Clal has been completed or has expired after which the pledge will be discharged. Should new shares be issued by IDBD, Dolphin will have to pledge additional shares until completing the 28% of all IDBD share capital. This pledge replaces the pre-existing pledge. Additionally, Dolphin agreed not to exercise its right to convert the subordinated loans into shares of IDBD until the pledge described above has been released. As of the date of issuance of these Consolidated Financial Statements, the only outstanding payment is that owed to Clal, in the event that the described conditions are fulfilled. Capital issuance in subsidiaries without participation of the Group During April 2017, Shufersal issued approximately 12 million shares for a total net consideration of NIS 210 (equivalent to approximately Ps. 882 as of the date of the issuance). As a result of such issuance, DIC’s interest in Shufersal went down to nearly 56.11%. In June 2017, Shufersal issued 8 million shares as part of a private offering for a total amount of NIS 139 (equivalent to approximately Ps. 654 on the issue date), thus diluting DIC’s interest to 54.19%. During April 2017, Gav Yam increased its share capital by NIS 180 (equivalent to approximately Ps. 810 on the issue date); PBC did not take part in the offering, thus reducing its interest to 51.70% as of that date. |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Jun. 30, 2018 | |
Investments In Associates And Joint Ventures | |
Investments in associates and joint ventures | 8. Investments in associates and joint ventures Changes if the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2018 and 2017 were as follows: June 30, 2018 June 30, 2017 Beginning of the year 7,813 16,835 Increase in equity interest in associates and joint ventures 343 1,102 Issuance of capital and contributions (ii) 156 160 Capital reduction (284) (32) Decrease for control obtainment - (59) Distribution of non-controlling interest - 107 Decrease of interest in associate (339) - Share of (loss) / profit (701) 378 Cumulative translation adjustment 3,056 232 Transfer to loans to associates (i) (190) - Dividends (ii) (319) (250) Distribution for associate liquidation (iii) (72) - Incorporation of deconsolidated subsidiary, net (see Note 4.G.) 12,763 - Reclassification to held for sale (44) (10,709) Others 16 49 End of the year (iv) 22,198 7,813 (i) Corresponds to a reclassification made at the time of formalizing the loan repayment terms with the associate in the Operations Center in Israel. (ii) See Note 29. (iii) Corresponds to the distribution of the income from Baicom’s liquidation. (iv) Includes Ps. (2,452) and Ps. (72) reflecting interests in companies with negative equity as of June 30, 2018 and 2017, respectively, which are disclosed in “Provisions” (see Note 18). 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, 2018 and 2017, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2018, 2017 and 2016: Name of the entity % ownership interest Value of Group's interest in equity Group's interest in comprehensive income / (loss) June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 June 30, 2016 Associates New Lipstick (1) 49.90% 49.90% 49.90% (2,452) (72) (2,380) (201) (64) BHSA (2) 29.91% 30.66% 30.66% 2,250 1,693 618 83 259 Condor (3) 18.90% 28.72% 25.53% 696 634 450 53 (27) Adama (4) N/A N/A 40.00% N/A N/A N/A N/A 4,141 PBEL 45.40% 45.40% 45.40% 1,049 768 389 262 194 Shufersal (7) 33.56% N/A N/A 12,763 N/A N/A N/A N/A Other associates 0.00% 0.00% 0.00% 2,610 1,552 978 (322) 465 Joint ventures Quality (5) 50.00% 50.00% 50.00% 1,062 482 541 119 155 La Rural S.A. 50.00% 50.00% - 94 113 14 15 - Mehadrin (6) 45.41% 45.41% 45.41% 2,272 1,312 961 309 433 Other joint ventures N/A N/A N/A 1,854 1,331 804 292 446 Total associates and joint ventures 22,198 7,813 2,375 610 6,002 Name of the entity Place of business / Country of incorporation Main activity Common shares 1 vote Latest financial statements issued Share capital (nominal value) Profit / (loss) for the year Shareholders’ equity Associates New Lipstick (1) U.S. Real estate N/A - (*) (11) (*) (178) BHSA (2) Argentina Financial 448,689,072 (***) 1.500 (***) 2.238 (***) 8.719 Condor (3) U.S. Hotel 2,198,225 N/A (*) 1 (*) 109 Adama (4) Israel Agrochemical N/A N/A N/A N/A PBEL India Real estate 450 (**) 1 (**) (76) (**) (465) Shufersal (7) Israel Retail 79,282,087 N/A N/A N/A Other associates N/A N/A N/A Joint ventures Quality (5) Argentina Real estate 120,827,022 242 1,079 2,113 La Rural S.A. Argentina Organization of events 714,498 1 78 157 Mehadrin (6) Israel Agriculture 1,509,889 (**) 3 (**) 57 (**) 595 Other joint ventures - N/A N/A N/A (1) New Lipstick's equity comprises a rental office building in New York City known as the “Lipstick Building” with related debt. Metropolitan, a subsidiary of New Lipstick, has renegotiated its non-recourse debt with IRSA, which amounted to US$ 113.1, and obtained a debt reduction of US$ 20 by the lending bank, an extension to April 30, 2020 and an interest rate reduction from LIBOR + 4 b.p. to 2 b.p. upon payment of US$ 40 in cash (US$ 20 in September 2017 and US$ 20 in October 2017), of which IRSA has contributed with US$ 20. Following the renegotiation, Metropolitan’s debt amounts to US$ 53.1. Additionally, Metropolitan has agreed to exercise on or before February 1, 2019 the purchase option on part of the land where the property is built and, to deposit the sum of money corresponding to 1% of the purchase price. Furthermore, Metropolitan has agreed to cause IRSA and other shareholders to furnish the bank, on or before February 1, 2020, with a payment guarantee with acceptable financial ratios fot the Bank for the outstanding balance of the purchase price, or a letter of credit in relation to the loan balance then outstanding. (2) BHSA is a full-service commercial bank offering a wide variety of banking activities and related financial services to individuals, small- and medium-sized companies and large corporations. The effect of Treasury shares was considered. Share market value is Ps. 6.65 per share (3) Condor is a hotel-focused real estate investment trust (REIT). Share market value as of June 30, 2018 is Ps. 10.70 per share. (4) Adama is specialized in the chemical industry, mainly, in the agrochemical industry. See note 4.I. (5) Quality is engaged in the operation of the San Martín premises (formerly owned by Nobleza Piccardo S.A.I.C. y F.). (6) Mehadrin is a company engaged in the production and exports of citrus, fruits and vegetables. The Group has a joint venture agreement in relation to this company. Share market value as of June 30, 2018 is NIS 18.78 per share. (7) Share market value as of June 30, 2018 is NIS 2.24 per share (*) Amounts in millions of US Dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest with a three-month lag, including material adjustments, if any. (**) Amounts in millions of NIS. (***) The balances as of June 30, 2018 correspond to the Financial Statements of BHSA prepared in accordance with BCRA standards. For the purpose of the valuation of the investment in the company, necessary adjustments to adequate the Financial Statements to IFRS have been considered. Set out below is summarized financial information of the associates and joint ventures considered to be material to the Group: Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets % of ownership interest held Interest in associate and joint venture Goodwill and others Book value As of 06.30.18 Associates BHSA 56,150 24,837 44,697 28,560 7,730 (iv) 29.9% (iii) 2,312 (62) 2,250 PBEL 1,965 418 584 5,468 (3,669) 45.0% (1,651) 2,700 1,049 Shufersal 21,982 38,606 24,072 22,100 14,416 33.6% 4,838 7,925 12,763 Joint ventures Quality Invest (ii) 5 2,820 64 648 2,113 50.0% 1,057 5 1,062 Mehadrin 6,367 5,665 4,860 2,478 4,694 45.4% 2,132 140 2,272 As of 06.30.17 Associates BHSA 36,762 18,228 33,675 15,548 5,767 (iv) 30.66% (iii) 1,768 (75) 1,693 PBEL 1,469 272 181 4,302 (2,742) 45.40% (1,245) 2,013 768 Shufersal 12,764 23,482 16,556 12,983 6,707 39.33% 2,638 1,202 3,840 Joint ventures Quality Invest (ii) 18 1,486 82 466 956 50.00% 478 4 482 Mehadrin 3,439 3,520 2,900 1,502 2,557 45.41% 1,161 151 1,312 Revenues Net income / (loss) Total comprehensive income / (loss) Dividend distribution Cash of operating activities Cash of investing activities Cash of financing activities Changes in cash and cash equivalents Year ended 06.30.18 (i) Associates BHSA 11,144 2,238 2,238 200 6,912 1,304 (2,832) 6,180 PBEL 5 (355) (352) - (49) 255 (222) (16) Shufersal 60,486 1,187 (76) 455 3,796 (4,877) 2,937 1,856 Joint ventures Quality Invest (ii) 13 1,079 1,079 - (80) - 80 - Mehadrin 7,249 343 348 - 395 26 (71) 350 Year ended 06.30.17 (i) Associates BHSA 6,821 625 625 - (6,439) 475 2,124 (3,840) PBEL 300 (292) (186) - 202 (37) (160) 5 Shufersal 47,192 1,000 (7) (265) 2,883 (1,590) (1,798) (505) Joint ventures Quality Invest (ii) 26 237 237 - (11) - 11 - Mehadrin 5,403 180 172 - 476 (76) (53) 347 (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) Considering the effect of Treasury shares. (iv) Net of non-controlling interest. BHSA BHSA is subject to certain restrictions on the distribution of profits, as required by BCRA regulations. As of June 30, 2018, 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, 2018, 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, 2018 and 2017 amounted to Ps. 2,673, Ps. 4,134, respectively. The value in use was estimated based on the present value of future business cash flows. The main assumptions used were the following: - The Group considered 7 years as the horizon for the projection of BHSA cash flows. - The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors. - The projected exchange rate was estimated in accordance with internal data and external information provided by independent consultants. - The discount rate used to discount actual dividend flows was 14.01% in 2018 and 12.99% in 2017. - The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of Ps. 237 for 2018 and of Ps. 506 for 2017. The sensitivity to a 1% increase in the "Private BADLAR" interest rate it would be an increase in the value in use of Ps. 292 for 2018 and of Ps. 476 for 2017. |
Investment properties
Investment properties | 12 Months Ended |
Jun. 30, 2018 | |
Investment Properties | |
Investment properties | 9. Investment properties Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2018 and 2017 were as follows: June 30, 2018 June 30, 2017 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 8,158 91,795 6,594 76,109 Additions 1,335 1,954 592 2,059 Financial cost charged 22 60 3 - Capitalized leasing costs 5 13 23 1 Amortization of capitalized leasing costs (i) (3) (2) (1) (1) Transfers 2 (2) - - Transfers from / to property, plant and equipment (5) 1,705 (17) 173 Transfers to trading properties 353 - - (14) Reclassification to assets held for sale - (521) - (71) Deconsolidation (see Note 4.G.) - (4,489) - - Assets incorporated by business combination - 107 - - Reclassifications previous years - - - (224) Disposals (179) (392) (179) (41) Cumulative translation adjustment - 40,041 - 10,494 Net gain from fair value adjustment 6,437 16,332 1,143 3,310 Fair value at the end of the year 16,125 146,601 8,158 91,795 (i) Amortization charges of capitalized leasing costs were included in “Costs” in the Statements of Income (Note 23). The following is the balance by type of investment property of the Group as of June 30, 2018 and 2017: 06.30.2018 06.30.2017 Rental properties 141,241 89,301 Undeveloped parcels of land 12,608 7,647 Properties under development 8,877 3,005 Total 162,726 99,953 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. 26,378, Ps. 40,719 as June 30, 2018 and 2017, respectively. The following amounts have been recognized in the Statements of Income: June 30, 2018 June 30, 2017 June 30, 2016 Rental and services income 10,671 8,711 5,268 Direct operating expenses (3,046) (2,838) (1,888) Development expenditures (1,731) (1,397) (11) Net realized gain from fair value adjustment of investment properties 227 128 908 Net unrealized gain from fair value adjustment of investment properties 22,542 4,325 16,651 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 operations center 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: For Shopping Malls in the Operations Center in Argentina and for rental properties in the Operations Center in Israel, the valuation was determined using discounted cash flow (“DCF”) projections based on significant unobservable assumptions. The following are the key assumptions: · Future rental cash inflows based on the location, type and quality of the properties and supported by the terms of the current lease contract, and considering the estimations of the variation in the Gross Domestic Product (GDP) and the estimated inflation rate given by external advisors. · Given the prevailing inflationary context in Argentina and the volatility of certain macroeconomic variables, it is not possible to rely on a relevant long-term interest rate in pesos to discount the projected cash flows for the shopping centers of the Argentine Operations Center. As a result, we proceeded to dollarize the projected cash flows through the future ARS / USD exchange rate curve provided by an external consultant and discounted it with a long-term interest rate in dollars, the weighted average cost of capital ("WACC"). · Cash flows from future investments, expansions, or improvements in shopping malls were not considered. · Estimated vacancy rates taking into account current and future market conditions once the current leases expire. · The projected cash flows in dollars were discounted using the weighted average cost of capital (WACC) as the discount rate for each valuation date in the Operation Center in Argentina and for the Israel Operations Center the discount rate used was one that reflects the specific risks of each property · Terminal value: a perpetuity calculated based on the cash flow of the last year of useful life was considered. · The cash flows for the concessions were projected until the due date of the concession determined in the current agreement. · Real lease agreements, where payments differ from the proper rent, if any, are subject to adjustments to reflect the actual payments made during the term of the lease. · Type of lessees that occupy the property, the future lessees that may occupy the property after leasing a vacant property, including a general creditworthiness assessment. · The allocation of responsibilities between the Group and the lessee as regards maintenance and insurance of the property. · The physical condition and remaining economic useful life of the property. For offices and other rental properties in general in the Operations Center in Argentina, and undeveloped land in general, the valuation was determined using transaction of market comparables. These values are adjusted for differences in key attributes such as location, size of the property and quality of the interior design and for some undeveloped lands, the valuation methodology considered the lowest average incidence values in the area, applying urbanistic indicators identical to those in the area of influence. The most significant contribution to this market comparables’ approach is the price per square meter. For property under development the valuation is based on the estimated fair value of the investment property after completing the construction, less the present value of the estimated construction costs expected to be incurred during completion of construction works, considering a capitalization rate adjusted for risks and relevant features of the property provided that it is considered reliable. In case the valuation is not considered reliable, it is based on costs incurred plus the fair value of the land at the end of each year. It can sometimes be difficult to reliably determine the fair value of the property under development. In order to assess whether the fair value of the property under development 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 development risk specific to the property. · Past experience with similar constructions. · Status of construction permits. There were no changes to the valuation techniques during the fiscal years ended June 30, 2018 and 2017. The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3): Sensitivity (i) 06.30.18 06.30.17 Description Valuation technique Parameters Range fiscal year 2018 Increase Decrease Increase Decrease Rental properties in Israel - Offices (Level 3) Discounted cash flows Discount rate 7.00% a 9.00% (1,556) 1,864 (1,040) 1,193 Weighted average rental value per square meter (m2) per month, in NIS NIS 63 3,037 (3,037) 1,772 (1,772) Rental properties in Israel - Commercial use (Level 3) Discounted cash flows Discount rate 7.00% a 9.00% (1,322) 1,457 (759) 853 Weighted average rental value per square meter (m2) per month, in NIS NIS 87 1,640 (1,640) 1,003 (1,003) Rental properties in Israel - Industrial use (Level 3) Discounted cash flows Discount rate 7.75% a 9.00% (477) 538 (316) 377 Weighted average rental value per square meter (m2) per month, in NIS NIS 31 996 (996) 599 (599) Rental properties in USA - HSBC Building (Level 3) Discounted cash flows Discount rate 6.25% (1,212) 1,269 (715) 765 Weighted average rental value per square meter (m2) per month, in USD USD 73 2,654 (2,654) 1,497 (1,497) Rental properties in USA - Las Vegas project (Level 3) Discounted cash flows Discount rate 8.50% (134) 141 (86) 91 Weighted average rental value per square meter (m2) per month, in USD USD 33 301 (301) 200 (200) Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 9.79% (5,046) 6,796 (3,948) 5,445 Growth rate 3.00% 3,104 (2,307) 2,464 (1,794) Inflation (*) 4,035 (3,643) 2,684 (2,425) Devaluation (*) (6,554) 9,831 (4,703) 7,054 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) 9,200 64 65 18 (52) % of incidence 3.00% 2,165 (2,167) 1,168 (1,202) 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 - - - - Annual weighted average discount rate 7.00% a 9.00% (377) 377 (437) 437 (*) For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 19.51 (corresponding to the year ended June 30, 2018) and arriving at Ps. 49.05. In the long term, a nominal devaluation rate of 5.6% 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 25.0% (corresponding to the year ended June 30, 2018) and stabilizes at 8% after 10 years. These premises were determined at the closing date of the fiscal year. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 20% 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, 2018 | |
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: Buildings and facilities Machinery and equipment Communication networks Others (i) Total Balance at June 30, 2016 Costs 13,886 3,203 5,974 2,776 25,839 Accumulated depreciation (613) (390) (564) (223) (1,790) Net book amount at June 30, 2016 13,273 2,813 5,410 2,553 24,049 Additions 737 634 711 669 2,751 Disposals (4) (8) (23) (206) (241) Reclassification to assets held for sale (28) (16) - (1,513) (1,557) Impairment / recovery 12 - - - 12 Cumulative translation adjustment 2,948 627 1,148 290 5,013 Transfers from / to investment properties (156) - - - (156) Depreciation charges (ii) (627) (588) (1,084) (459) (2,758) Balance at June 30, 2017 16,155 3,462 6,162 1,334 27,113 Costs 17,573 4,614 8,156 1,973 32,316 Accumulated depreciation (1,418) (1,152) (1,994) (639) (5,203) Net book amount at June 30, 2017 16,155 3,462 6,162 1,334 27,113 Additions 1,098 999 971 916 3,984 Disposals (17) (24) (45) (9) (95) Deconsolidation (see Note 4.G.) (22,744) (5,941) - (316) (29,001) Impairment / recovery (69) - - - (69) Assets incorporated by business combination (iii) 104 113 - - 217 Cumulative translation adjustment 9,057 2,418 3,827 1,030 16,332 Transfers to investment properties (1,568) - - - (1,568) Depreciation charges (ii) (903) (713) (1,297) (597) (3,510) Balance at June 30, 2018 1,113 314 9,618 2,358 13,403 Costs 1,809 489 14,975 4,093 21,366 Accumulated depreciation (696) (175) (5,357) (1,735) (7,963) Net book amount at June 30, 2018 1,113 314 9,618 2,358 13,403 (i) Includes furniture and fixtures, vehicles and aircrafts which have been reclassified to held for sale. (See Note 4) (ii)As of June 30, 2018 and 2017, depreciation charges of property, plant and equipment were recognized: Ps. 1,764 and Ps. 1,522 in "Costs", Ps. 175 and Ps. 251 in "General and administrative expenses" and Ps. 32 and Ps. 889 in "Selling expenses", respectively in the Statements of Income, (Note 23). In addition, a depreciation charge in the amount of Ps. 1,539 and Ps. 96, was recognized in "Discontinued operations" as of June 30, 2018 and 2017, respectively. (iii) See Note 4.D. Includes other non-significant business combinations. |
Trading properties
Trading properties | 12 Months Ended |
Jun. 30, 2018 | |
Trading Properties | |
Trading properties | 11. Trading properties Changes in the Group’s trading properties for the fiscal years ended June 30, 2018 and 2017 were as follows: Completed properties Properties under development (i) Undeveloped sites Total At June 30, 2016 236 3,533 1,202 4,971 Additions 2 1,188 39 1,229 Cumulative translation adjustment 152 652 167 971 Transfers 1,101 (687) (414) - Transfers from intangible assets 13 - - 13 Transfers from investment properties - - 14 14 Disposals (703) (714) - (1,417) At June 30, 2017 801 3,972 1,008 5,781 Additions 14 1,683 173 1,870 Financial costs capitalized - 11 - 11 Cumulative translation adjustment 866 2,207 576 3,649 Transfers 1,435 (1,332) (103) - Transfers from intangible assets 9 - - 9 Transfers from investment properties - (353) - (353) Disposals (516) (1,162) (39) (1,717) At June 30, 2018 2,609 5,026 1,615 9,250 June 30, 2018 June 30, 2017 Non-current 6,018 4,532 Current 3,232 1,249 Total 9,250 5,781 (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. 306 and Ps. 190 as of June 30, 2018 and 2017, 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. 372 and |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2018 | |
Intangible Assets | |
Intangible assets | 12. Intangible assets Changes in the Group’s intangible assets for the years ended June 30, 2018 and 2017 were as follows: Goodwill (v) Trademarks Licenses Customer relations Information systems and software Contracts and others (ii) (iii) Total Balance at June 30, 2016 Costs 2,214 3,378 817 3,923 1,189 1,458 12,979 Accumulated amortization - (23) (58) (704) (241) (190) (1,216) Net book amount at June 30, 2016 2,214 3,355 759 3,219 948 1,268 11,763 Additions - - - - 582 30 612 Disposals - - - - - (52) (52) Out-of-year adjustments (Note 2.30) 31 - - - - - 31 Transfers to assets held for sale - (81) - (36) (21) (44) (182) Transfers to trading properties - - - - - (13) (13) Assets incorporated by business combination (Note 4) 26 - - - - - 26 Cumulative translation adjustment 507 732 148 494 233 170 2,284 Amortization charges (i) - (52) (115) (1,115) (453) (347) (2,082) Balance at June 30, 2017 2,778 3,954 792 2,562 1,289 1,012 12,387 Costs 2,778 4,029 1,002 4,746 2,103 1,659 16,317 Accumulated amortization - (75) (210) (2,184) (814) (647) (3,930) Net book amount at June 30, 2017 2,778 3,954 792 2,562 1,289 1,012 12,387 Additions - - - - 567 80 647 Transfers to trading properties - - - - - (9) (9) Assets incorporated by business combination (iv) 994 - - - - 15 1,009 Deconsolidation (see Note 4.G.) (2,666) (3,393) - (442) (497) (110) (7,108) Cumulative translation adjustment 1,980 2,561 470 1,126 823 410 7,370 Amortization charges (i) - (45) (86) (945) (528) (395) (1,999) Balance at June 30, 2018 3,086 3,077 1,176 2,301 1,654 1,003 12,297 Costs 3,086 3,274 1,657 6,933 3,281 2,695 20,926 Accumulated amortization - (197) (481) (4,632) (1,627) (1,692) (8,629) Net book amount at June 30, 2018 3,086 3,077 1,176 2,301 1,654 1,003 12,297 (i) Amortization charge was recognized in the amount of Ps. 482 and Ps. 487 under "Costs", in the amount of Ps. 399 and Ps. 333 under "General and administrative expenses" and Ps. 880 and Ps. 1,231 under "Selling expenses" as of June 30, 2018 and 2017, respectively in the Statements of Income (Note 23). In addition, a charge of Ps. 238 and Ps. 31 was recognized under "Discontinued operations" as of June 30, 2018 and 2017, respectively. (ii) Includes "Rights of use". Corresponds to Distrito Arcos (iii) 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. (iv) See Note 4.D. Includes other non-significant business combinations. (v) The goodwill assigned to real estate in Israel amounts to NIS 155 (Ps. 907 at the exchange rate at the end of the financial year 2018), that assigned to telecommunications amounts to NIS 268 (Ps. 2,114 at the exchange rate at the end of the financial year 2018) and the one assigned to supermarkets amounted to NIS 192. The rest is goodwill that is allocated to the real estate segment of Argentina. |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Jun. 30, 2018 | |
Financial Instruments By Category | |
Financial instruments by category | 13. Financial instruments by category The note shows 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, 2018 are as follows: Financial assets at amortized cost (i) Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2018 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 18,648 - - - 18,648 5,246 23,894 Investments in financial assets: - Public companies’ securities - - - 135 135 - 135 - Private companies’ securities - - - 1,168 1,168 - 1,168 - Deposits 1,397 - - - 1,397 - 1,397 - Bonds 10 - 505 - 515 - 515 - Others - - - 793 793 - 793 - Investments in financial assets with quotation - 23,198 - - 23,198 - 23,198 Derivative financial instruments: - Foreign-currency future contracts - - 71 - 71 - 71 - Others - - 16 - 16 - 16 Restricted assets (ii) 6,289 - - - 6,289 - 6,289 Financial assets held for sale: - Clal - 12,254 - - 12,254 - 12,254 Cash and cash equivalents: - Cash at bank and on hand 6,452 - - - 6,452 - 6,452 - Short-term investments 28,334 2,531 - - 30,865 - 30,865 Total assets 61,130 37,983 592 2,096 101,801 5,246 107,047 Financial liabilities at amortized cost (i) Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2018 Liabilities as per Statement of Financial Position Trade and other payables 10,265 - - - 10,265 7,836 18,101 Borrowings (excluding finance leases) 206,617 - - - 206,617 - 206,617 Derivative financial instruments: - Foreign-currency future contracts - - 8 - 8 - 8 - Swaps - - 47 - 47 - 47 - Others - 8 - 24 32 - 32 - Forwards - - 118 - 118 - 118 Total liabilities 216,882 8 173 24 217,087 7,836 224,923 (i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 20). Financial assets and financial liabilities as of June 30, 2017 were as follows: Financial assets at amortized cost (i) Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2017 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 18,731 - - - 18,731 3,819 22,550 Investments in financial assets: - Public companies’ securities - - - 82 82 - 82 - Private companies’ securities - - - 964 964 - 964 - Deposits 1,235 - - - 1,235 - 1,235 - Bonds - - 425 - 425 - 425 - Investments in financial assets with quotation - 11,017 - - 11,017 - 11,017 Derivative financial instruments: - Warrants - - 26 - 26 - 26 - Foreign-currency future contracts - - 27 - 27 - 27 - Swaps - - 29 - 29 - 29 Restricted assets (ii) 954 - - - 954 - 954 Financial assets held for sale: - Clal - 8,562 - - 8,562 - 8,562 Cash and cash equivalents: - Cash at bank and on hand 8,529 - - - 8,529 - 8,529 - Short term investments 14,510 1,815 - - 16,325 - 16,325 Total assets 43,959 21,394 507 1,046 66,906 3,819 70,725 Financial liabilities at amortized cost (i) Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2017 Liabilities as per Statement of Financial Position Trade and other payables 16,166 - - - 16,166 7,713 23,879 Borrowings (excluding finance leases) 129,411 - - - 129,411 - 129,411 Derivative financial instruments: - Foreign-currency future contracts - - 5 - 5 - 5 - Forwards - 5 152 10 167 - 167 Total liabilities 145,577 5 157 10 145,749 7,713 153,462 (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 19). (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: As of June 30, 2018 As of June 30, 2017 Gross amounts recognized Gross amounts offset Net amount presented Gross amounts recognized Gross amounts offset Net amount presented Financial assets Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 19,523 (875) 18,648 19,602 (871) 18,731 Financial liabilities Trade and other payables 11,140 (875) 10,265 17,037 (871) 16,166 Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2018 Interest income 740 - 740 Interest expense (7,745) - (7,745) Foreign exchange (losses) / gains, net (9,864) - (9,864) Dividend income 40 42 82 Loss on debt swap (2,228) - (2,228) Capitalized finance costs 74 - 74 Fair value gain on financial assets at fair value through profit or loss (i) - 426 426 (Loss) / Gain on derivative financial instruments, net 1 169 170 Other finance costs (356) - (356) Net (loss) / income (i) (19,338) 637 (18,701) Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2017 Interest income 704 - 704 Interest expense (6,092) - (6,092) Foreign exchange (losses) / gains, net (1,079) 4 (1,075) Finance cost charged 3 Dividend income 33 35 68 Fair value gain on financial assets at fair value through profit or loss - 2,928 2,928 (Loss) / Gain on derivative financial instruments, net (46) 158 112 Other finance costs (743) - (743) Net (loss) / income (i) (7,220) 3,125 (4,095) Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2016 Interest income 619 - 619 Interest expense (2,307) (23) (2,330) Foreign exchange (losses) / gains, net (2,053) 6 (2,047) Dividend income - 72 72 Fair value gain on financial assets at fair value through profit or loss - (1,445) (1,445) (Loss) / Gain on derivative financial instruments, net - 927 927 Other finance costs (515) (106) (621) Fair value loss on associates (ii) - 79 79 Net (loss) / income (i) (4,256) (490) (4,746) (i) Included within “Financial results, net“ in the Statements of Income. (ii) Included in “Share of profit / (loss) of associates and joint ventures” in the Statement of Income. 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. The sale arrangement outlined in the letter involves IDBD’s and the Trustee’s interests in the sale process under different options and timeframes. The current sale arrangement involved the sale of the interest in the stock exchange or by over-the-counter trades, as per the following detail and by the following dates: a. Sell at least 5% of its equity interest in Clal, since May 7, 2016. b. Sell at least an additional 5% of its equity interest in Clal, during each of the subsequent four-month periods. c. If IDBD sells more than 5% of its equity interest in Clal in any given four-month period, the percentage in excess of the required 5% would be offset against the percentage required in the following period. In case IDBD does not fulfill its obligation in the manner described in the above paragraph the Trustee is entitled to act upon the specified arrangement in lieu of IDBD, pursuant to all powers that have been vested under the representations of the trust letter. The consideration for the sale would be transferred to IDBD, with the expenses incurred in the sale process to be solely borne by IDBD. On May 1, 2017 IDBD agreed to sell the 5% of Clal’s shares jointly with a swap transaction. Hence, the shares were sold on May 4 without any type of encumbrances, at a price of NIS 59.86 each (i.e., for a total of roughly NIS 166, equivalent to nearly Ps. 697 at the exchange rate prevailing on that date). Such request had the consent of the Trustee and a statement from the Commissioner stating that such body does not object to the swap transaction. Concurrently with the sale, IDBD entered into a swap transaction with a banking institution whereby the former will charge or pay for the difference between the sale value of the shares above described and the value such shares will have at the time they are sold to the third-party buyer upon the lapse of a 24-month period. IDBD cannot repurchase such shares, in addition, other sales transactions were made under this modality on August 30, 2017, January 1, 2018 and May 3, 2018 (see Note 4.C.). IDBD continues to evaluate courses of action with regard to the District Court’s pronouncement, including the possibility to file a motion for appeal. Based on the terms and conditions of the swap contract, IDBD maintains the major risks and benefits of all of Clal shares; as a result, as of June 30, 2018, all of Clal shares were reported as a financial asset held for sale and a liability associated to the swap in the amount of Ps. 4,465. Valuation of mentioned shares as of June 30, 2018 amounts to Ps. 7,787, and a loss of Ps. 1,826 has been recorded, reflecting the increase/decrease in the market price and the swap costs in financial results, net. During the fiscal year ended June 30, 2018, shares of private companies were transferred from level 3 to level 1 when they began trading. During the year ended June 30, 2017 and 2016, there were no transfers between levels of the fair value hierarchy. 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 Trade and other receivables -. Cellcom Discounted cash flows Discount interest rate. Level 3 3.3 Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Preferred shares of Condor Binomial tree – Theoretical price I Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Level 3 Underlying asset price 1.8 to 2.2 Share price volatility 58% to 78% Market interest-rate 1.7% to 2.1% Promissory note Discounted cash flows - Theoretical price Market interest-rate (Libor rate curve) Level 3 Market interest-rate 1.8% to 2.2% Warrants of Condor Black-Scholes – Theoretical price Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Level 2 Underlying asset price 1.8 to 1.7 Share price volatility 58% to 78% Market interest-rate 1.7% to 2.1% TGLT Non-convertible Notes Black-Scholes – Theoretical price Underlying asset price (Market price); share price volatility (historical) and market interest rate. Level 3 Underlying asset price 8 to 12 Share price volatility 50% to 70% Market interest-rate 8% to 9% Call option of Arcos Discounted cash flows Projected revenues and discounting rate. Level 3 - 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, 2018, there have been no changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the group. The following table presents the changes in Level 3 financial instruments as of June 30, 2018 and 2017: Investments in financial assets - Public companies’ Securities Derivative financial instruments - Forwards Investments in financial assets - Private companies’ Securities Investment in financial assets - Others Loans - non-recourse loan Total Balances at June 30, 2016 499 - 1,324 140 (10,999) (9,036) Additions and acquisitions 65 (8) 44 - - 101 Cumulative translation adjustment 21 (2) 169 6 242 436 Reclassification to liabilities held for sale (Note 4) - - - - 11,272 11,272 Write off (702) 66 - (146) - (782) Gain / (loss) for the year (i) 199 (66) (573) - (515) (955) Balances at June 30, 2017 82 (10) 964 - - 1,036 Additions and acquisitions - - 34 526 - 560 Transfer to level 1 (ii) - - (100) - - (100) Transfer to current trade and other receivables - - - - - - Cumulative translation adjustment - (14) 489 78 - 553 Deconsolidation (see Note 4.G.) - - (126) - - (126) Write off (67) - - - - (67) Gain / (loss) for the year (i) 120 - (93) 189 - 216 Balances at June 30, 2018 135 (24) 1,168 793 - 2,072 (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. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 14. Trade and other receivables Group’s trade and other receivables as of June 30, 2018 and 2017 were as follows: Total as of June 30, 2018 Total as of June 30, 2017 Sale, leases and services receivables 15,728 16,127 Less: Allowance for doubtful accounts (805) (312) Total trade receivables 14,923 15,815 Prepaid expenses 3,734 2,532 Borrowings, deposits and other debit balances 2,289 2,378 Advances to suppliers 733 825 Tax credits 355 216 Others 1,055 472 Total other receivables 8,166 6,423 Total trade and other receivables 23,089 22,238 Non-current 8,142 4,974 Current 14,947 17,264 Total 23,089 22,238 Book amounts of Group's trade and other receivables in foreign currencies are detailed in Note 30. 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. The present value of receivables related to installment sales of communication devices, made by Cellcom, was calculated using a discount rate of 3.3%. The amount of this Trade accounts receivables are generally presented in the Statements of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2. Movements on the Group’s allowance for doubtful accounts were as follows: June 30, 2018 June 30, 2017 Beginning of the year 312 173 Additions (i) 315 234 Recoveries (28) (11) Cumulative translation adjustment 622 182 Deconsolidation (see Note 4.G.) (142) - Used during the year (274) (266) End of the year 805 312 (i) The creation and release of the provision for impaired receivables have been included in “Selling expenses” in the Statements of Income (Note 23). 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, 2018 and 2017 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Statement of Financial Position): Past due Up to 3 months From 3 to 6 months Over 6 months Non-past due Impaired Total % of representation Additions / (reversals) for doubtful accounts Leases and services 280 42 92 1,094 200 1,708 10.86% (79) Hotel services 782 - 237 68 502 1,589 10.10% - Consumer financing - - - - 16 16 0.10% - Sale of properties and developments 10 1 25 7 - 43 0.27% - Sale of communication equipment - - - 5,184 - 5,184 32.96% - Telecommunication services - - - 7,101 87 7,188 45.70% (190) Total as of June 30, 2018 1,072 43 354 13,454 805 15,728 100% (269) Leases and services 104 26 66 946 145 1,287 7.98% (40) Hotel services 1 - - 61 1 63 0.39% - Consumer financing - - - - 16 16 0.10% - Sale of properties and developments 17 2 2 8 32 61 0.38% - Sale of communication equipment - - 2,156 2,719 - 4,875 30.23% (168) Telecommunication services 482 - 110 2,805 86 3,483 21.60% - Sale of products (supermarkets) 38 - - 6,228 76 6,342 39.33% - Total as of June 30, 2017 642 28 2,334 12,767 356 16,127 100% (208) |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2018 | |
Cash Flow Information | |
Cash flow information | 15. Cash flow information Following is a detailed description of cash flows generated by the Group’s operations for the years ended June 30, 2018, 2017 and 2016: Nota June 30, 2018 June 30, 2017 June 30, 2016 Profit for the year 21,295 5,220 10,078 Profit for the year from discontinued operations (12,479) (4,093) (817) Adjustments for Income tax 18 (124) 2,766 6,325 Amortization and depreciation 20 3,737 3,377 1,531 Loss from disposal of property, plant and equipment (4) 35 (2) Net gain from fair value adjustment of investment properties (22,605) (4,352) (17,549) Share-based payments 23 72 41 (Recovery) Charge for impairment of property, plant and equipment - (12) 26 Expenses from sale of investment properties - - 32 Derecognition of intangible assets by TGLT agreement - 28 - Result from business combinations - (8) - Disposal of disused investment properties - - 24 Gain from disposal of associates (311) - (4) Financial results, net 19,334 4,052 5,036 Reversal of cumulative translation adjustment - (41) (100) Provisions and allowances 372 113 191 Share of loss / (profit) of associates and joint ventures 7 721 (106) (508) Changes in operating assets and liabilities: (Increase) / decrease in inventories (21) 51 16 Decrease in trading properties 499 510 189 Increase in trade and other receivables (19) (986) (547) Increase in trade and other payables 907 147 160 Increase in salaries and social security liabilities 53 48 20 Decrease in provisions (202) (85) (127) Net cash generated by continuing operating activities before income tax paid 11,176 6,736 4,015 Net cash generated by discontinued operating activities before income tax paid 4,144 3,280 892 Net cash generated by operating activities before income tax paid 15,320 10,016 4,907 The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities to held for sale of subsidiaries: June 30, 2018 June 30, 2017 June 30, 2016 Investment properties (4,382) - 29,586 Property, plant and equipment (28,801) 1,712 15,104 Trading properties - - 2,656 Intangible assets (6,188) 19 6,603 Investments in associates and joint ventures (365) (74) 9,268 Deferred income tax - 53 (4,681) Trade and other receivables (11,905) 591 9,713 Investment in financial assets (2,846) - 5,824 Derivative financial instruments (23) - (54) Inventories (5,896) - 1,919 Restricted assets (91) - - Group of assets held for sale - - 91 Financial assets held for sale - - 5,129 Trade and other payables 22,933 (917) (19,749) Salaries and social security liabilities 2,389 (148) - Borrowings 21,050 (660) (60,306) Provisions 432 2 (969) Income tax and MPIT liabilities 7 1 (267) Deferred income tax liabilities 2,796 - - Employee benefits 1,254 (47) (405) Net amount of non-cash assets incorporated / held for sale (9,636) 532 (538) Cash and cash equivalents (5,554) 150 - Non-controlling interest 7,329 40 (8,630) Goodwill 74 (26) 1,391 Net amount of assets incorporated / held for sale (7,787) 696 (7,777) Interest held before acquisition - 67 - Seller financing (38) - - Cash and cash equivalents incorporated / held for sale - (150) 9,193 Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale (7,825) 613 1,416 The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2018, 2017 and 2016: June 30, 2018 June 30, 2017 June 30, 2016 Decrease in investments in associates and joint ventures through a decrease in borrowings 199 9 9 Dividends distribution to non-controlling shareholders not yet paid (1,529) 64 64 Increase in investments in associates and joint ventures through a decrease in trade and other receivables - 49 - Increase in intangible assets through an increase in trade and other payables - 111 - Increase in investments in associates and joint ventures through a decrease in investments in financial assets 4 702 - Increase in derivative financial instruments through a decrease in investments in financial assets - 24 - Payment of dividends through an increase in trade and other payables 8 - - Changes in non-controlling interest through a decrease in trade and other receivables 1,380 - - Increase in property, plant and equipment through an increase of trade and other payables 793 - - Increase in property, plant and equipment through an increase of borrowings 9 - 116 Increase in investment properties through an increase in trade and other payables 133 - - Increase in investment properties through a decrease in trade and other receivables 58 - - Increase in trade and other receivables through an increase in borrowings 109 - - Increase in trading properties through an increase in borrowings 2 - - Increase in investment properties through an increase in borrowings 27 - - Decrease in investment in associates and joint ventures through dividends receivables not yet paid 4 - - Decrease in investment in associates and joint ventures through an increase in assets held for sale 44 - - Increase in financial operations through a decrease in investments in associates and joint ventures 65 - - Decrease in investment in associates and joint ventures through an increase in trade and other receivables 7 - - Increase in investment properties through a decrease in property, plant and equipment - - 57 Increase in investment properties through an increase in trading properties - - 302 Increase in investments in financial assets through a decrease in trade and other receivables - - 71 Increase in investments in financial assets through an increase in trade and other payables - - 180 Increase in non-controlling interest through a decrease in derivative financial instruments - - 128 Increase in trading properties through a decrease in investment properties 10 - 317 Increase in trading properties through an increase in trade and other payables 62 - - Increase in trading properties through a decrease in trade and other receivables 31 - - Increase in investment properties through a decrease in trading properties 353 - - |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2018 | |
Shareholders Equity | |
Shareholders' Equity | 16. Shareholders Equity Share capital and share premium The share capital of the Group is represented by common shares with a nominal value of Ps. 1 per share and one vote each. No other activity has been recorded for the fiscal years ended June 30, 2018, 2017 and 2016 in the capital accounts, other than those related to the acquisition of treasury shares. Inflation adjustment of share capital The Group’s Financial Statements were previously prepared on the basis of general price-level accounting which reflected changes in the purchase price of the Argentine Peso in the historical Financial Statements through February 28, 2003. The inflation adjustment related to share capital was appropriated to an inflation adjustment reserve that formed part of shareholders' equity. The balance of this reserve could be applied only towards the issuance of common stock to shareholders of the Company. CNV General Ruling 592/11 requires that at the transition date to IFRS certain equity accounts, such as the inflation adjustment reserve, are not adjusted and are considered an integral part of share capital. Legal reserve According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of a legal reserve until it reaches the legal capped amount (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group did not reach the legal limit of this reserve. Special reserve The CNV, through General Ruling N° 562/9 and 576/10, has provided for the application of Technical Resolutions N° 26 and 29 of the FACPCE, which adopt the IFRS, as issued by the IASB, for companies subject to the public offering regime ruled by Law 17,811, due to the listing of their shares or corporate notes, and for entities that have applied for authorization to be listed under the mentioned regime. The Group has applied IFRS, as issued by the IASB, for the first time in the year beginning July 1 st st account. During fiscal year ended June 30, 2017, 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. 2,751, which may only be reversed to be capitalized or to absorb potential negative balances under retained earnings. Additional paid-in capital from treasury shares Upon sale of treasury shares, the difference between the net realizable value of the treasury shares sold and the acquisition cost will be recognized, whether it is a gain or a loss, under the non-capitalized contribution account and will be known as “Treasury shares trading premium”. Dividends The Shareholders Meeting held as of October 31, 2017 approved the dividends distribution of Ps. 1,400 (Ps. 2.41 per share), which were paid as of November 7, 2017. During the year ended June 30, 2017, there were no distributions of dividends. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other payables [abstract] | |
Trade and other payables | 17. Trade and other payables Group’s trade and other payables as of June 30, 2018 and 2017 were as follows: Total as of June 30, 2018 Total as of June 30, 2017 Trade payables 9,688 14,793 Sales, rental and services payments received in advance 3,572 4,339 Construction obligations 1,475 1,226 Accrued invoices 948 633 Deferred income 37 73 Total trade payables 15,720 21,064 Dividends payable to non-controlling shareholders 123 251 Tax payables 325 510 Construction obligations 521 343 Other payables 1,412 1,711 Total other payables 2,381 2,815 Total trade and other payables 18,101 23,879 Non-current 3,484 3,040 Current 14,617 20,839 Total 18,101 23,879 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, 2018 | |
Provisions [abstract] | |
Provisions | 18. Provisions The Group is subject to claims, lawsuits and other legal proceedings in the ordinary course of business, including claims from clients where a third party seeks reimbursement or damages. The Group’s responsibility under such claims, lawsuits and legal proceedings cannot be estimated with certainty. From time to time, the status of each major issue is evaluated and its potential financial exposure is assessed. If the potential loss involved in the claim or proceeding is deemed probable and the amount may be reasonably estimated, a liability is recorded. The Group estimates the amount of such liability based on the available information and in accordance with the provisions of the IFRS. If additional information becomes available, the Group will make an evaluation of claims, lawsuits and other outstanding proceeding, and will revise its estimates. The following table shows the movements in the Group's provisions categorized by type: Legal claims (i) Investments in associates and joint ventures (ii) Site dismantling and remediation (iii) Onerous contracts (iv) Other provisions (v) Total As of June 30, 2016 689 45 114 296 427 1,571 Additions 246 105 - 20 131 502 Incorporated by business combination 2 - - - - 2 Recovery (104) (80) - (135) - (319) Used during the year (151) - - - (68) (219) Currency translation adjustment 139 2 26 39 90 296 As of June 30, 2017 821 72 140 220 580 1,833 Additions 299 2,380 10 5 - 2,694 Incorporated by business combination 10 - - - - 10 Recovery (88) - (48) (123) 48 (211) Used during the year (202) - - - - (202) Deconsolidation (see Note 4.G.) (273) - - (174) - (447) Currency translation adjustment 461 - 61 73 330 925 As of June 30, 2018 1,028 2,452 163 1 958 4,602 June 30, 2018 June 30, 2017 Non-current 3,549 943 Current 1,053 890 Total 4,602 1,833 (i) Additions and recoveries are included in "Other operating results, net". (ii) Corresponds to the equity interest in New Lipstick with negative equity. 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 that currently amounts to NIS 106 (equivalent to Ps. 836 of these Consolidated Financial Statements). The parties have appointed an arbitrator that should render a decision on the dispute. The remaining corresponds to provisions related to investment properties. Dolphin In September 2016, a former non-controlling shareholder of IDBD (the "Petitioner") filed a petition with the district court of Be'er Sheva against Dolphin Netherlands, IFISA and Mr. Eduardo Elsztain (jointly referred to as "Dolphin"), to initiate a claim under a collective action (the “Petition”). The Petitioner argues that in executing the modified tender offer of IDBH (a former controlling company of IDBD), as explained in Note 4.H.a), the non-controlling shareholders of IDBD, which voted against the modification of the tender offer, were forced to sell their shares at a value that differed from the value initially agreed upon and that, therefore, Dolphin should compensate them for an estimated amount of NIS 158 (equivalent to Ps. 754 as of the date of these Consolidated Financial Statements). In July 2017, Dolphin filed a motion to dismiss the Petition. Our legal advisors consider that the collective petition will probably be dismissed by the Court. If not dismissed, Dolphin will have to file an answer to the Petition within the 60 days following the Court’s decision regarding the motion to dismiss. IRSA On February 23, 2016, a class action was filed against IRSA, Cresud and some first-line managers and directors at the District Court of the USA for the Central District of California. The complaint, on behalf of people holding American Depositary Receipts of the Company 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 the Company’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 for the Eastern 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 for the Eastern District of Pennsylvania. The complaint, on behalf of people holding American Depositary Receipts of the Companies between May 13, 2015 and December 30, 2015, presumes violations to the US federal securities laws. In addition, it argues that defendants have made material misrepresentations and made some omissions related to the investment of the Company's subsidiary, IRSA, in IDBD. Subsequently, the Companies requested the transfer of the claim to the district of New York, which was accepted. 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 companies filed a petition requesting that the class action brought by shareholders should be dismissed. On April 12, 2017, the Court suspended the class action filed by 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. The Court has yet to render a decision on the motion to dismiss. The companies hold that such allegations are meritless and will continue making a strong defense in both actions. 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 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. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2018 | |
Borrowings [abstract] | |
Borrowings | 19. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2018 and 2017 was as follows: Total as of June 30, 2018 Total as of June 30, 2017 Fair value as of June 30, 2018 Fair value as of June 30, 2017 NCN 171,142 108,417 183,338 110,164 Bank loans 31,244 12,012 31,837 12,048 Non-recourse loans - 7,025 - 6,930 Bank overdrafts 671 91 671 91 Other borrowings (i) 3,576 1,870 4,761 1,828 Total borrowings 206,633 129,415 220,607 131,061 Non-current 181,046 109,489 Current 25,587 19,926 Total (ii) 206,633 129,415 (i) Includes financial leases for Ps. 16 and Ps. 4 as of June 30, 2018 and 2017. (ii) Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. As of June 30, 2018 and 2017, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of Ps. 32,292 and Ps. 11,206, respectively. These borrowings are mainly collateralized by investment properties and property, plant and equipment of the Group (Notes 9 and 10). Borrowings also include liabilities under finance leases where the Group is the lessee and which therefore have to be measured in accordance with IAS 17 “Leases”. Information regarding liabilities under finance leases is disclosed in Note 21. The terms of the loans include standard covenants for this type of financial operations. As of the date of these financial statements, the Group has complied with the covenants contemplated in its respective loan agreements. The maturity of the Group's borrowings (excluding obligations under finance leases) is as follows: June 30, 2018 June 30, 2017 Share capital Less than 1 year 23,865 18,672 Between 1 and 2 years 25,722 14,352 Between 2 and 3 years 22,728 14,998 Between 3 and 4 years 18,887 11,918 Between 4 and 5 years 47,546 10,737 Later than 5 years 66,054 57,438 204,802 128,115 Interest Less than 1 year 1,714 1,253 Between 1 and 2 years 30 4 Between 2 and 3 years 33 7 Between 3 and 4 years 5 19 Between 4 and 5 years - 5 Later than 5 years 33 8 1,815 1,296 Leases 16 4 206,633 129,415 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, 2018 and 2017. June 30, 2018 Rate per currency Argentine Peso Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 1,049 - - 1,049 New Israel Shekel - - 80,685 80,685 US Dollar 23,228 372 12,273 35,873 Subtotal fixed-rate borrowings 24,277 372 92,958 117,607 Floating rate: Argentine Peso 1,154 - - 1,154 New Israel Shekel - - 86,214 86,214 US Dollar - - 1,642 1,642 Subtotal floating-rate borrowings 1,154 - 87,856 89,010 Total borrowings as per analysis 25,431 372 180,814 206,617 Finance leases obligations 16 - - 16 Total borrowings as per Statement of Financial Position 25,447 372 180,814 206,633 June 30, 2017 Rate per currency Argentine Peso Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 79 - - 79 New Israel Shekel - - 35,867 35,867 US Dollar 11,222 135 7,741 19,098 Subtotal fixed-rate borrowings 11,301 135 43,608 55,044 Floating rate: Argentine Peso 540 - - 540 New Israel Shekel - - 72,805 72,805 US Dollar - - 1,022 1,022 Subtotal floating-rate borrowings 540 - 73,827 74,367 Total borrowings as per analysis 11,841 135 117,435 129,411 Finance leases obligations 4 - - 4 Total borrowings as per Statement of Financial Position 11,845 135 117,435 129,415 The following describes the debt issuances made by the Group for the years ended June 30, 2018, and 2017: Entity Class Issuance / expansion date Amount in original currency Maturity date Interest Principal payment Interest payment rate IRSA Class VII sep-16 384.2 9/9/2019 Badlar + 2.99% n.a At expiration quarterly IRSA Class VIII sep-16 US$ 184.5 9/9/2019 7% n.a. At expiration quarterly IRSA CP Class IV sep-17 US$ 140 9/14/2020 5% n.a. At expiration quarterly IDBD SERIES N aug-16 NIS 325 12/29/2022 5.3% e.a At expiration quarterly (1) IDBD SERIES M feb-17 NIS 1,060 11/28/2019 5.40% n.a. At expiration quarterly IDBD SERIES N jul-17 NIS 642.1 12/30/2022 5.3% e.a At expiration quarterly (1) IDBD SERIES N nov-17 NIS 357 12/30/2022 5.3% e.a At expiration quarterly (2) DIC SERIES F aug-16 NIS 360 12/31/2025 4.95% e.a. Annual payments since 2017 annual DIC SERIES F apr-17 NIS 444 12/31/2025 4.95% e.a. Annual payments since 2017 annual DIC SERIES J dec-17 NIS 762 12/30/2026 4.8% e.a. Annual payments since 2021 biannual (2) PBC SERIES I oct-16 NIS 102 6/29/2029 3.95% e.a. At expiration quarterly PBC SERIES I apr-17 NIS 431 6/29/2029 3.95% e.a. At expiration quarterly PBC SERIES I oct-17 NIS 497 6/29/2029 3.95% e.a. At expiration quarterly PBC SERIES I dec-17 NIS 496 6/29/2029 3.95% e.a. At expiration quarterly (2) Gav - Yam SERIES F apr-17 NIS 303 3/31/2026 4.75% e.a. Annual payments since 2021 biannual Gav - Yam SERIES H sep-17 NIS 424 6/30/2034 2.55% e.a. Annual payments since 2019 biannual Cellcom SERIES L jan-18 NIS 401 1/5/2028 2.5% e.a. Annual payments since 2023 annual Shufersal SERIES E jan-18 NIS 544 10/8/2028 4.3% e.a. Annual payments since 2018 annual Shufersal SERIES E jan-18 NIS 544 10/8/2028 4.3% e.a. Annual payments since 2018 annual (2) (1) 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 60.4 million shares of DIC under a single fixed charge of first line and in guarantee of by means of the lien, in an unlimited amount, in favor of the trustee for the holders of the debentures. (2) Corresponds a to an expansion of the series. DIC: On September 28, 2017 DIC offered the holders of Series F NCN to swap their notes for Series J NCN. Series J NCN terms and conditions differ substantially from those of Series F. Therefore, DIC recorded the payment of Series F NCN and recognized a new financial commitment at fair value for Series J NCN. As a result of the swap, DIC recorded a loss resulting from the difference between the Series F NCN cancellation value and the new debt value in the amount of approximately NIS 461 (equal to approximately Ps. 2,228 as of that date), which was accounted for under “Finance costs” (Note 23). IDBD: On November 28, 2017, IDBD made an early redemption of the Series L NCN for an amount of NIS 424 (equivalent to approximately Ps. 2,120 as of the transaction date). The following table shows a detail of evolution of borrowing during the years ended June 30, 2018 and 2017: June 30, 2018 June 30, 2017 Balance at the beginning of the year 129,415 112,936 Borrowings 17,853 26,596 Payment of borrowings (17,969) (17,780) Obtention / (payment) of short term loans, net 345 (862) Interests paid (6,999) (5,326) Deconsolidation (see Note 4.G.) (21,310) - Accrued interests 8,288 6,192 Changes in fair value of third-party loans 114 - Loans received from associates and joint ventures, net 4 - Cumulative translation adjustment and exchange differences, net 96,892 7,659 Balance at the end of the year 206,633 129,415 |
Income tax
Income tax | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax | |
Income tax | 20. 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: Income tax: Presumptions of dividends: Revaluation of assets: 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. Israel tax reform In December 2016 the Israeli Government modified the income tax rate, generating a reduction from 25% to 24% for the 2017 calendar year and 23% for the 2018 calendar year onwards. The details of the provision for the Group’s income tax, is as follows: June 30, 2018 June 30, 2017 June 30, 2016 Current income tax (425) (745) (567) Deferred income tax 549 (2,021) (5,784) MPIT - - 26 Income tax from continuing operations 124 (2,766) (6,325) The statutory taxes rates in the countries where the Group operates for all of the years presented are: Tax jurisdiction Income tax rate Argentina 25% - 35% Uruguay 0% - 25% U.S.A. 0% - 45% 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, 2018, 2017 and 2016: June 30, 2018 June 30, 2017 June 30, 2016 Loss from continuing operations at tax rate applicable in the respective countries (3,571) (1,963) (5,622) Permanent differences: Share of profit of associates and joint ventures (71) 130 (226) Unrecognized tax loss carryforwards (i) (1,557) (1,209) (169) Changes in fair value of financial instruments (ii) (346) 434 - Change of tax rate (ii) 5,676 396 (450) Non-taxable profit / (loss), non-deductible expenses and others (7) (554) 116 Income tax from continuing operations 124 (2,766) (6,351) MPIT - - 26 (i) Corresponds mainly to holding companies in the Operations Center in Israel (ii) As of June 30, 2018 corresponds to the effect of applying the changes in the tax rates applicable in accordance with the tax reform explained above, being Ps. 405 the effect of the rate change in US and Ps. 5,271 the effect of the rate change in Argentina. As of June 30, 2017 and 2016 the rate change was in Israel. Deferred tax assets and liabilities of the Group as of June 30, 2018 and 2017 will be recovered as follows: June 30, 2018 June 30, 2017 Deferred income tax asset to be recovered after more than 12 months 5,865 5,577 Deferred income tax asset to be recovered within 12 months 1,093 159 Deferred income tax assets 6,958 5,736 June 30, 2018 June 30, 2017 Deferred income tax liability to be recovered after more than 12 months (32,597) (19,027) Deferred income tax liability to be recovered within 12 months (178) (9,448) Deferred income tax liability (32,775) (28,475) Deferred income tax assets (liabilities), net (25,817) (22,739) The movement in the deferred income tax assets and liabilities during the years ended June 30, 2018 and 2017, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: 06.30.17 Business combination and Assets held for sale (i) Cumulative translation adjustment Charged / (Credited) to the statements of income Deconsolidation 06.30.18 Assets Trade and other payables 2,021 - 526 (591) - 1,956 Tax loss carry-forwards 2,955 1 746 703 - 4,405 Others 760 - 523 (268) (418) 597 Subtotal assets 5,736 1 1,795 (156) (418) 6,958 Liabilities - - - - - - Investment properties and Property, plant and equipment (24,176) (14) (6,640) (300) 2,445 (28,685) Trading properties (99) - (73) 20 - (152) Trade and other receivables (305) - - (81) - (386) Investments (9) - 1 (16) - (24) Intangible assets (2,682) - 126 433 781 (1,342) Others (1,204) - (1,341) 359 - (2,186) Subtotal liabilities (28,475) (14) (7,927) 415 3,226 (32,775) Assets (Liabilities), net (22,739) (13) (6,132) 259 2,808 (25,817) 06.30.16 Business combination and Assets held for sale (i) Cumulative translation adjustment Charged / (Credited) to the statements of income Reclassification opening balances Use of tax loss carry-forwards 06.30.17 Assets Trade and other payables 1,774 - 281 (34) - - 2,021 Tax loss carry-forwards 3,251 - 488 (613) - (171) 2,955 Others 724 (47) 136 (53) - - 760 Subtotal assets 5,749 (47) 905 (700) - (171) 5,736 Liabilities - - - - - - - Investment properties and Property, plant and equipment (20,772) - (1,888) (1,575) 59 - (24,176) Trading properties (120) - (24) 45 - - (99) Trade and other receivables (142) (7) - (156) - - (305) Investments (10) - 1 - - - (9) Intangible assets (2,860) - (312) 490 - - (2,682) Others (944) 36 (122) (174) - - (1,204) Subtotal liabilities (24,848) 29 (2,345) (1,370) 59 - (28,475) Assets (Liabilities), net (19,099) (18) (1,440) (2,070) 59 (171) (22,739) (i) Includes Ps. 6 for business combination (Note 4) and Ps. 12 for reclassification to assets held for sale (Note 31). 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 do not expire. As of June 30, 2018, the Group's recognized tax loss carry forward prescribed as follows: Date Total 2019 49 2020 35 2021 33 2022 9 2023 2,875 Do not expire 1,404 Total 4,405 In order to fully realize the deferred tax asset, the respective companies of the Group will need to generate future taxable income. To this aim, a projection was made for future years when deferred assets will be deductible. Such projection is based on aspects such as the expected performance of the main macroeconomic variables affecting the business, production issues, pricing, yields and costs that make up the operational flows derived from the regular exploitation of fields and other assets of the group, the flows derived from the performance of financial assets and liabilities and the income generated by the Group’s strategy of crop rotation. Such strategy implies the purchase and/or development of fields in marginal areas or areas with a high upside potential and periodical sale of such properties that are deemed to have reached their maximum appreciation potential. Based on the estimated and aggregate effect of all these aspects on the companies’ performance, Management estimates that as at June 30, 2018, it is probable that the Company will realize all of the deferred tax assets. The Group did not recognize deferred income tax assets (tax loss carry forwards) of Ps. 132,442 and Ps. 131,748 as of June 30, 2018 and 2017, 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. 1,722 and Ps. 1,792 as of June 30, 2018 and 2017, 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, 2018 and 2017, the Group recognized a deferred liability in the amount of Ps. 623 and Ps. 857, 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. The Group has assessed that the sale of Ispro is probable in the near future, so that the corresponding deferred liability has been recognized in these Consolidated Financial statements. This investment does not comply with the requirements of IFRS 5 for classification as held for sale. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2018 | |
Leases | |
Leases | 21. Leases The Group as lessee Operating leases: In the ordinary course of business, the Group leases property or spaces for administrative or commercial use both in Argentina and Israel under operating lease arrangements. 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 29). The future minimum payments that the Group must pay under operating leases are as follows: June 30, 2018 June 30, 2017 June 30, 2016 No later than one year 2,173 2,901 3,860 Later than one year and not later than five years 4,477 7,949 6,705 Later than five years 655 1,869 2,127 7,305 12,719 12,692 Finance leases: The Group is party to several financial lease agreements, mainly of equipment for administrative use in the ordinary course of business. The amounts involved are not material to any of the fiscal years under review. The Group as lessor Operating leases: In the Shopping Malls segment and Offices segment of the Operations Center in Argentina and in the Real Estate segment 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 under non-cancellable operating leases from Group’s shopping malls, offices and other buildings are as follows: June 30, 2018 June 30, 2017 June 30, 2016 No later than one year 4,813 4,437 3,137 Later than one year and not later than five years 22,371 12,451 13,361 Later than five years 8,290 4,632 4,247 35,474 21,520 20,745 Finance leases: The Group does not act as a lessor in connection with finance leases. |
Revenues
Revenues | 12 Months Ended |
Jun. 30, 2018 | |
Revenue [abstract] | |
Revenues | 22. Revenues June 30, 2018 June 30, 2017 June 30, 2016 Income from communication services 14,392 11,958 4,956 Rental and services income 10,671 8,537 5,197 Sale of communication equipment 4,955 4,006 1,844 Sale of trading properties and developments 1,818 1,454 191 Revenue from hotel operation and tourism services 1,040 766 557 Other revenues 212 283 171 Total Group’s revenues 33,088 27,004 12,916 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2018 | |
Expenses By Nature | |
Expenses by nature | 23. 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, 2018, 2017 and 2016: Costs General and administrative expenses Selling expenses Total as of June 30, 2018 Cost of sale of goods and services 5,219 - - 5,219 Salaries, social security costs and other personnel expenses 2,455 1,627 1,485 5,567 Depreciation and amortization 2,250 575 912 3,737 Fees and payments for services 1,830 859 66 2,755 Maintenance, security, cleaning, repairs and others 1,689 146 96 1,931 Advertising and other selling expenses 270 6 1,272 1,548 Taxes, rates and contributions 328 81 196 605 Interconnection and roaming expenses 2,066 - - 2,066 Fees to other operators 2,576 - - 2,576 Director´s fees - 228 - 228 Leases and service charges 52 5 133 190 Allowance for doubtful accounts, net - - 269 269 Other expenses 894 342 234 1,470 Total as of June 30, 2018 19,629 3,869 4,663 28,161 Costs General and administrative expenses Selling expenses Total as of June 30, 2017 Cost of sale of goods and services 4,269 4 - 4,273 Salaries, social security costs and other personnel expenses 2,008 1,257 1,150 4,415 Depreciation and amortization 1,804 520 1,053 3,377 Fees and payments for services 1,704 671 48 2,423 Maintenance, security, cleaning, repairs and others 1,444 86 3 1,533 Advertising and other selling expenses 284 - 1,050 1,334 Taxes, rates and contributions 232 23 168 423 Interconnection and roaming expenses 1,711 - - 1,711 Fees to other operators 1,691 - - 1,691 Director´s fees - 180 - 180 Leases and service charges 82 18 5 105 Allowance for doubtful accounts, net - - 204 204 Other expenses 804 460 326 1,590 Total as of June 30, 2017 16,033 3,219 4,007 23,259 Costs General and administrative expenses Selling expenses Total as of June 30, 2016 Cost of sale of goods and services 1,557 - - 1,557 Salaries, social security costs and other personnel expenses 1,202 552 502 2,256 Depreciation and amortization 738 256 538 1,532 Fees and payments for services 706 396 37 1,139 Maintenance, security, cleaning, repairs and others 664 59 3 726 Advertising and other selling expenses 282 - 472 754 Taxes, rates and contributions 223 14 150 387 Interconnection and roaming expenses - 157 - 157 Leases and service charges 50 2 - 52 Allowance for doubtful accounts, net - 62 8 70 Other expenses 1,614 141 132 1,887 Total as of June 30, 2016 7,036 1,639 1,842 10,517 |
Cost of goods sold and services
Cost of goods sold and services provided | 12 Months Ended |
Jun. 30, 2018 | |
Cost Of Goods Sold And Services Provided | |
Cost of goods sold and services provided | 24. Cost of goods sold and services provided Total as of June 30, 2018 Total as of June 30, 2017 Inventories at the beginning of the year (*) 10,041 8,216 Purchases and expenses 69,910 54,426 Capitalized finance costs 11 - Cumulative translation adjustment 5,874 2,687 Transfers 9 27 Deconsolidation (Note 4.G) (6,276) - Transfers to investment properties (353) - Incorporated by business combination 380 - Inventories at the end of the year (*) (9,880) (10,041) Total costs 69,716 55,315 (**) Includes the cost of goods sold from Shufersal which was reclassified as discontinued operations for an amount of Ps. 45,087, as of June 30, 2018 and Ps. 39,282 as of June 30, 2017. The following table presents the composition of the Group’s inventories for the years ended June 30, 2018 and 2017: Total as of June 30, 2018 Total as of June 30, 2017 Real estate 9,275 5,804 Supermarkets - 3,873 Telecommunications 592 320 Others 13 44 Total inventories at the end of the year (*) 9,880 10,041 (*) Inventories includes trading properties and inventories. |
Other operating results, net
Other operating results, net | 12 Months Ended |
Jun. 30, 2018 | |
Other Operating Results Net | |
Other operating results, net | 25. Other operating results, net June 30, 2018 June 30, 2017 June 30, 2016 Gain from disposal of an associate (1) 311 - - Donations (67) (123) (58) Lawsuits and other contingencies (2) 406 (22) 14 Currency translation adjustment reversal (3) - 41 100 Others (68) (102) (88) Total other operating results, net 582 (206) (32) (1) Includes the gain from the sale of the Group’s equity interest in Cloudyn for Ps. 252. (2) As of June 30, 2018, includes the favorable ruling of a trial in the Operations Center in Israel for an amount of approximately Ps. 435. Includes legal costs and expenses Includes legal costs and expenses (3) As of June 30, 2017, it pertains to the reversal of the cumulative translation adjustment generated by IMadison, a subsidiary liquidated during that fiscal year. As of June 30, 2016, Ps. 143 correspond to the reversal of cumulative translation adjustment before the business combination with IDBD and Ps. 9 to the reversal of the reserve of the cumulative translation adjustment generated in Rigby following the dissolution of the company. |
Financial results, net
Financial results, net | 12 Months Ended |
Jun. 30, 2018 | |
Financial Results Net | |
Financial results, net | <tr style="vertical-align: top"> <td style="width: 35.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial results, net</b></font></td></tr> </table> <p style="font: 10pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr> <td style="padding-left: 5.4pt; width: 57%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 15%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-left: 5.4pt; width: 1%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 13%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td> <td style="padding-left: 5.4pt; width: 1%; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 13%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2016</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finance income:</font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Interest income </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">740</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">704</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">619</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Foreign exchange gain </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">939</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">165</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">573</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Dividends income </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">82</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">68</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">72</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total finance income </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,761</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>937</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,264</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finance costs:</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Interest expenses </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(7,745)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(6,092)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,330)</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Loss on debt swap (Note 19)</font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,228)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Foreign exchange loss </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(10,803)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,240)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,620)</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Other finance costs </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(356)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(743)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(621)</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Subtotal finance costs </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(21,132)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,075)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(5,571)</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Capitalized finance costs</font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">74</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total finance costs </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(21,058)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,072)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(5,571)</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other financial results:</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr> <td style="text-align: justify; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Fair value gain of financial assets and liabilities at fair value through profit or loss, net </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">426</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">2,928</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,445)</font></td></tr> <tr> <td style="text-align: justify; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Gain on derivative financial instruments, net </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">170</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">112</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">927</font></td></tr> <tr> <td style="text-align: justify; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total other financial results </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>596</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,040</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>(518)</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total financial results, net </b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(18,701)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,095)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,825)</b></font></td></tr> </table>" id="sjs-B4"><table cellspacing="0" cellpadding="0" style="font: 10pt/115% Georgia, Times, Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 35.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial results, net</b></font></td></tr> </table> <p style="font: 10pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr> <td style="padding-left: 5.4pt; width: 57%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 15%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-left: 5.4pt; width: 1%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 13%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td> <td style="padding-left: 5.4pt; width: 1%; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 13%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2016</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finance income:</font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Interest income </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">740</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">704</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">619</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Foreign exchange gain </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">939</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">165</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">573</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Dividends income </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">82</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">68</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">72</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total finance income </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,761</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>937</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,264</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finance costs:</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Interest expenses </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(7,745)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(6,092)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,330)</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Loss on debt swap (Note 19)</font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,228)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Foreign exchange loss </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(10,803)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,240)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(2,620)</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Other finance costs </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(356)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(743)</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(621)</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Subtotal finance costs </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(21,132)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,075)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(5,571)</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Capitalized finance costs</font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">74</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total finance costs </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(21,058)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,072)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(5,571)</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other financial results:</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr> <td style="text-align: justify; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Fair value gain of financial assets and liabilities at fair value through profit or loss, net </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">426</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">2,928</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(1,445)</font></td></tr> <tr> <td style="text-align: justify; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> - Gain on derivative financial instruments, net </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">170</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">112</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">927</font></td></tr> <tr> <td style="text-align: justify; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total other financial results </b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>596</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,040</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>(518)</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total financial results, net </b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(18,701)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,095)</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(4,825)</b></font></td></tr> </table> |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2018 | |
Profit per share attributable to equity holders of the parent: | |
Earnings per share | 27. Earnings per share (a) Basic Basic earnings per share amounts are calculated in accordance with IAS 33 "Earning per share" by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. June 30, 2018 June 30, 2017 June 30, 2016 Profit for the year of continuing operations attributable to equity holders of the parent 5,278 1,383 8,635 Profit for the year of discontinued operations attributable to equity holders of the parent 9,725 1,647 338 Profit for the year attributable to equity holders of the parent 15,003 3,030 8,973 Weighted average number of ordinary shares outstanding 575 575 575 Basic earnings per share 26.09 5.27 15.61 (b) Diluted Diluted earnings per share amounts are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. The Group holds treasury shares associated with incentive plans with potentially dilutive effect. June 30, 2018 June 30, 2017 June 30, 2016 Profit for the year of continuing operations attributable to equity holders of the parent 5,278 1,383 8,635 Profit for the year of discontinued operations attributable to equity holders of the parent 9,725 1,647 338 Profit for the year per share attributable to equity holders of the parent 15,003 3,030 8,973 Weighted average number of ordinary shares outstanding 579 579 579 Diluted earnings per share 25.91 5.23 15.50 |
Employee benefits
Employee benefits | 12 Months Ended |
Jun. 30, 2018 | |
Employee Benefits | |
Employee benefits | 28. Employee benefits Incentive Plan - Argentina The Group has an equity incentives plan (“Incentive Plan”), created in September 30, 2011, which is aimed at certain employees, directors and top management of the Company, IRSA CP and Cresud (the “Participants”). Engagement is voluntary and by invitation of the Board of Directors. Under the Incentive Plan, over the years 2011, 2012 and 2013, Participants will be entitled to receive shares ("Contributions") of the Company and Cresud based on a percentage of their annual bonus for the years 2011, 2012 and 2013, providing they remain as employees of the Company for at least five years, among other conditions required, to qualify for such Contributions. Contributions shall be held by the Company and Cresud, and as the conditions established by the Plan are verified, such contributions shall be transferred to the Participants. In spite of this, the economic rights of the shares in the portfolio assigned to said participants will be received by them. Regarding the shares to be delivered by Cresud to the employees of the company and IRSA CP, and for the shares to be delivered by IRSA to Cresud employees, the Group accounts the active or passive position measured at the closing date of the financial statements. As of June 30, 2018 and 2017, a reserve has been set up under Shareholders’ equity as a result of this Incentive Plan for Ps. 79 and Ps. 78, 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 should leave 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, 2017 and 2016, the Group has incurred a charge related to the Incentive Plan of Ps. 9.8, Ps. 15.9 and Ps. 21.3, respectively. As of June 30, 2018, the total expense has been recognized for having completed the necessary period to grant the total stocks for this benefit. The unrecognized expense for the periods ended June 30, 2017 and 2016 was Ps. 6.8 and Ps. 16.1 respectively. Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows: June 30, 2018 June 30, 2017 June 30, 2016 At the beginning 3,507,947 3,619,599 4,439,507 Additions - - - Disposals - (10,169) (117,367) Granted (160,746) (101,483) (702,541) At the end 3,347,201 3,507,947 3,619,599 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 of 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 - Argentina The Group operates a defined contribution plan (the “Plan”) which covers certain selected managers from Argentina. The Plan was effective as from January 1, 2006. Participants can make pre-tax contributions to the Plan of up to 2.5% of their monthly salary (“Base Contributions”) and up to 15% of their annual bonus (“Extraordinary Contributions”). Under the Plan, the Group matches employee contributions to the plan at a rate of 200% for Base Contributions and 300% for Extraordinary Contributions. All contributions are invested in funds administered outside of the Group. Participants or their assignees, as the case may be, will have access to the 100% of the Company contributions under the following circumstances: (i) ordinary retirement in accordance with applicable labor regulations; (ii) total or permanent incapacity or disability; (iii) death. In case of resignation or termination without fair cause, the manager will receive the Group’s contribution only if he or she has participated in the Plan for at least 5 years. Contributions made by the Group under the Plan amount to Ps. 32 and Ps. 21 for the fiscal years ended June 30, 2018 and 2017, 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, 2018, 2017 and 2016, the Group has incurred an expense in relation to said benefit plans of Ps. 40.6, Ps. 15.9 and Ps. 21.3, respectively. The following table shows the detail of the options pending at year end: DIC Cellcom Exercise price range of outstanding options NIS 2.92-8 NIS 25.65-51.48 Average price of outstanding options NIS 6.46 NIS 28.3 Amount of outstanding options 4,745,090 918,665 Average remaining useful life 4.75 years 1.61 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, 2018 June 30, 2017 June 30, 2016 Present value of unfunded obligations 316 673 572 Present value of funded obligations 371 1,789 1,070 Total present value of defined benefits obligations (post-employment) 687 2,462 1,642 Fair value of plan assets (592) (1,703) (1,101) Recognized liability for defined benefits obligations 95 759 541 Liability for other long-term benefits 15 4 148 Total recognized liabilities 110 763 689 Assets designed for payment of employee benefits - - (4) Net position from employee benefits 110 763 685 |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2018 | |
Related party transactions [abstract] | |
Related party transactions | 29. Related party transactions In the normal course of business, the Group conducts transactions with different entities or parties related to it. Remunerations of the Board of Directors The Business Companies Act of Argentina (Law N° 19,550), provides that the remuneration to the Board of Directors, where it is not set forth in the Company’s by-laws, shall be fixed by the Shareholders' Meetings. The maximum amount of remuneration that the members of the Board are allowed to receive, including salary and other performance-based remuneration of permanent technical-administrative functions, may not exceed 25% of the profits. Such maximum amount is limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where total profits are distributed. Some of the Group's Directors are hired under the Employment Contract Law N° 20,744. This Act rules on certain conditions of the work relationship, including remuneration, salary protection, working hours, vacations, paid leaves, minimum age requirements, workmen protection and forms of suspension and contract termination. The remuneration of directors for each fiscal year is based on the provisions established by the Business Companies Act, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders’ Meeting. Senior Management remuneration The members of the Group’s senior management are appointed and removed by the Board of Directors, and perform functions in accordance with the instructions delivered by the Board itself. The Company’s Senior Management in the Operation Center in Argentina is composed of as follows: Name Date of Birth Position Actual position since Eduardo S. Elsztain 01/26/1960 General Manager 1991 Daniel R. Elsztain 12/22/1972 Operating Manager 2012 Arnaldo Jawerbaum 08/13/1966 Investment Manager 2017 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 The Company’s Senior Management in the Operation Center in Israel is composed of as follows: Name Date of Birth Position Actual position since Sholem Lapidot 22/10/1979 General Manager 2016 Gil Kotler 10/04/1966 Financial Manager 2016 Aaron Kaufman 03/03/1970 Vice president and General Assessor 2016 The total remuneration paid to members of senior management for their functions consists of a fix salary that takes account of the manager's backgrounds capacity and experience, plus an annual bonus based on their individual performance and the Group's results. Members of senior management participate in defined contributions and share-based incentive plans that are described in Note 28. The aggregate compensation to the Senior Management of the Operations Center in Argentina for the year ended June 30, 2018 amounts to Ps. 23. The aggregate compensation to the Senior Management of the Operations Center in Israel for the year ended June 30, 2018 amounts to Ps. 67. Corporate Service Agreement with Cresud and IRSA CP In due course, given that IRSA, Cresud and IRSA CP have operating overlapping areas, the Boards of Directors considered precedent to share certain services and thereby optimize operating costs, building on and enhancing the individual efficiencies of each of the companies in the different areas of operational management. For this purpose, on June 30, 2004, a Framework Agreement for the Exchange of Corporate Services ("Framework Agreement") was signed by IRSA, Cresud and IRSA CP, which was modified afterwards on the following dates: August 23, 2007; August 14, 2008; November 27, 2009; March 12, 201; July 11, 2011; October 15, 2012; November 12, 2013; February 24, 2014; February 18, 2015; November 12, 2015; May 5, 2017 and June 29, 2018. Under this Framework Agreement, corporate services are provided in the following areas: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance, Shared Services Center, Administration for the Real Estate Business, Board of Directors, Human Resources for the Real Estate Business, Security, Corporate Legal department, Corporate Environment and Quality department, Technical Management, Infrastructure and Purchasing, Investments, Government Affairs, Hotels, Fraud Prevention, Bolívar, Attorneys, Audit Committee, Security. Pursuant to this agreement, the companies hired an external consulting firm to review and evaluate half-yearly the criteria used in the process of liquidating the corporate services, as well as the basis for distribution and source documentation used in the process indicated above, by means of a half-yearly report. The operations described above allows IRSA, Cresud and IRSA CP to keep its strategic and commercial decisions fully independent and confidential, with a cost and profit allocation on the basis of operating efficiency and equity. 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 his 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 as Tarshop S.A. and BHSA. Donations granted to Fundación IRSA and Fundación Museo de los Niños Fundación IRSA is a non-profit charity institution that seeks to support and generate initiatives concerning education, the promotion of corporate social responsibility and the entrepreneurial spirit of the youth. It carries out corporate volunteering programs and fosters donations by the employees. The main members of Fundación IRSA's Board of Directors are: Eduardo S. Elsztain (President); Saul Zang (Vice President I), Alejandro Elsztain (Vice President II) and Mariana C. de Elsztain (secretary). It funds its activities with the donations made by us, Cresud and IRSA CP. Fundación Museo de los Niños is a non-profit association, created by the same founders of Fundación IRSA and its Management Board is formed by the same members as Fundación IRSA. Fundación Museo de los Niños acts as special vehicle for the development of "Museo de los Niños, Abasto" and "Museo de los Niños, Rosario". On October 29, 1999, our shareholders approved the award of the agreement “Museo de los Niños, Abasto” to Fundación Museo de los Niños. On October 31, 1997, IRSA CP entered into an agreement with Fundación IRSA whereby it loaned 3,800 square meters of the area built in the Abasto Shopping mall for a total term of 30 years, and on November 29, 2005, shareholders of IRSA CP approved another agreement entered into with Fundación Museo de los Niños whereby 2,670.11 square meters built in the Alto Rosario shopping mall were loaned for a term of 30 years. Fundación IRSA has used the available area to house the museum called “Museo de los Niños, Abasto” an interactive learning center for kids and adults, which was opened to the public in April 1999. Legal Services The Group hires legal services from Estudio Zang, Bergel & Viñes, at which Saúl Zang is a partner and sits at the Board of Directors of the Group companies. Purchase and sale of goods and/or service hiring In the normal course of its business and with the aim of making resources more efficient, in certain occasions purchases and/or hires services which later sells and/or recovers for companies or other related parties, based upon their actual utilization. Sale of advertising space in media Our company and our related parties frequently enter into agreements with third parties whereby we sell/acquire rights of use to advertise in media (TV, radio stations, newspapers, etc.) that will later be used in advertising campaigns. Normally, these spaces are sold and/or recovered to/from other companies or other related parties, based on their actual use. Purchase and sale of financial assets The Group usually invests excess cash in several instruments that may include those issued by related companies, acquired at issuance or from unrelated third parties through secondary market deals. Investment in investment funds managed by BACS The Group invests its liquid funds in mutual funds managed by BACS among other entities. Borrowings In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities between the group’s companies and/or other related parties. These borrowings generally accrue interests at market rates. Financial and service operations with BHSA The Group works with several financial entities in the Argentine market for operations including, but not limited to, credit, investment, purchase and sale of securities and financial derivatives. Such entities include BHSA and its subsidiaries. BHSA and BACS usually act as underwriters in Capital Market transactions. In addition, we have entered into agreements with BHSA, who provides collection services for our shopping malls. Loan between Dolphin and IDBD As described in Note 8 to these Consolidated Financial Statements Dolphin has granted a series of subordinated loans to IDBD (“the debt”). This debt has the following characteristics: i) it is subordinated, even in the case of insolvency, to all current or future debts of IDBD; (ii) will be reimbursed after payment of all the debts to their creditors; (iii) accrues interest at a rate of 0.5%, which will be added to the amount of the debt and will be payable only on the date the subordinated debt is amortized; (iv) Dolphin will not have a right to participate or vote in the meetings with IDBD creditors with respect to the subordinated debt; (v) as from January 1, 2016, Dolphin has the right, at its own discretion, to convert the debt balance into IDBD shares, at that time, whether wholly or partially, including the interest accrued over the debt until that date; (vi) if Dolphin opts to exercise the conversion, the debt balance will be converted so that Dolphin will receive IDBD shares according to a share price that will be 10% less than the average price of the last 30 days prior to the date the conversion option is exercised. In the event there is no market price per share, it will be determined in accordance with an average of three valuations made by external or independent experts, who shall be determined by mutual consent and, in the event of a lack of consent, will be set by the President of the Institute of Certified Public Accountants in Israel. The following is a summary presentation of the balances with related parties as of June 30, 2018 and 2017: Item June 30, 2018 June 30, 2017 Trade and other receivables 748 1,434 Investments in financial assets 343 324 Trade and other payables (191) (172) Borrowings (10 ) (11 ) Total 890 1,575 Related company June 30, 2018 June 30, 2017 Description of transaction Item Manibil S.A. 72 84 Contributions in advance Trade and other receivables New Lipstick LLC 585 - Loans granted Trade and other receivables 7 - Reimbursement of expenses receivables Trade and other receivables Condor - 8 Dividends receivables Trade and other receivables 135 82 Public companies securities Investments in financial assets LRSA 29 29 Leases and/or rights of use Trade and other receivables (1) - Reimbursement of expenses not yet paid Trade and other payables 7 - Dividends receivables Trade and other receivables Other associates and joint ventures - - Loans granted Trade and other receivables 1 8 Reimbursement of expenses receivables Trade and other receivables - (5) Commissions Trade and other payables (10) (11) Loans received Borrowings (1) - Leases and/or rights of use not yet paid Trade and other payables 4 3 Leases and/or rights of use receivables Trade and other receivables 1 5 Management fees receivables Trade and other receivables 7 - Loans granted Trade and other receivables - (1) Advertising spaces not yet paid Trade and other payables - 1 Share-based payments Trade and other receivables 1 - Long-term incentive plan Trade and other receivables (1 ) (1 ) Reimbursement of expenses not yet paid Trade and other payables Total associates and joint ventures 836 202 Cresud (16) (36) Reimbursement of expenses not yet paid Trade and other payables (56) (22) Corporate services not yet paid Trade and other payables 208 242 NCN Investments in financial assets - 5 Leases and/or rights of use receivables Trade and other receivables (2) - Leases and/or rights of use not yet paid Trade and other payables (22) - Management fee Trade and other payables (3) - Share-based payments Trade and other payables - (1 ) Long-term incentive plan Trade and other payables Total parent company 109 188 IFISA - 1,283 Loans granted Trade and other receivables Taaman - (24 ) Leases and/or rights of use not yet paid Trade and other payables Willifood - (29 ) Leases and/or rights of use not yet paid Trade and other payables RES LP 2 - Reimbursement of expenses receivables Trade and other receivables 19 - Dividends receivables Trade and other receivables Directors (83 ) (44 ) Fees for services received Trade and other payables Others (1) 1 1 Leases and/or rights of use receivables Trade and other receivables 7 2 Fees not yet paid Trade and other receivables (1 ) (4 ) Fees for services received Trade and other payables Total others (55 ) 1,185 Total at the end of the year 890 1,575 (1) Includes CAMSA. Avenida compras and Avenida Inc., Estudio Zang, Bergel & Viñes, Austral Gold, Fundación IRSA, Hamonet S.A., Museo de los Niños. The following is a summary of the results with related parties for the years ended June 30, 2018 and 2017: Related party June 30, 2018 June 30, 2017 June 30, 2016 Description of transaction BACS 17 1 6 Leases and/or rights of use - 39 21 Financial operations Adama - 293 16 Corporate services Manibil 38 - - Corporate services Condor 119 235 122 Financial operations La Rural S.A. 12 - - Leases and/or rights of use 13 - - Financial operations Tarshop 16 14 12 Leases and/or rights of use ISPRO - Mehadrin 117 - 57 Corporate services Other associates and joint ventures 1 (4) (8) Financial operations 7 16 3 Leases and/or rights of use 5 - - Fees and remunerations (1) - - Corporate services - 4 3 Management fees Total associates and joint ventures 344 598 232 Cresud 5 2 7 Leases and/or rights of use (227) (177) (121) Corporate services 151 62 74 Financial operations Total parent company (71 ) (113 ) (40 ) IFISA 56 (116 ) 31 Financial operations Directors (218 ) (113 ) (146 ) Fees and remunerations Estudio Zang, Bergel & Viñes (15 ) - - Fees and remunerations Taaman 157 - - Corporate services Fundación IRSA (13 ) - - Donations Exportaciones Agroindustriales Arg. (21 ) - - Corporate services BHN Vida S.A. 4 18 - Leases and/or rights of use Willifood 134 - - Corporate services Others (1) 5 - - Corporate services 1 4 (1) Leases and/or rights of use 13 - - Financial operations - (9) (8) Donations 4 - - Fees and remunerations - (4 ) (5 ) Legal services Total others 107 (220 ) (129 ) Total at the end of the year 380 265 63 (1) It includes Isaac Elsztain e Hijos, CAMSA. Hamonet S.A., Ramat Hanassi, Estudio Zang, Bergel & Viñes, and Fundación IRSA. The following is a summary of the transactions with related parties for the years ended June 30, 2018 and 2017: Related party June 30, 2018 June 30, 2017 Description of the operation La Rural S.A. 34 9 Dividends received Cyrsa - 7 Dividends received Baicom - 1 Dividends received NPSF 9 12 Dividends received Manaman 25 36 Dividends received Manibil - 19 Dividends received Ramat Hanassi 20 - Dividends received PBEL - - Dividends received EMCO 91 101 Dividends received Aviareps - 36 Dividends received Tourism & Recreation Holdings Ltd. 25 7 Dividends received Condor 55 22 Dividends received Banco Hipotecario 60 - Dividends received Cresud 882 - Dividends paid Helmir 5 - Dividends paid Total distribution 1,206 250 Manibil 45 38 Irrevocable contributions Puerto Retiro - 2 Irrevocable contributions Avenida Inc. 7 - Irrevocable contributions Ramat Hanassi 9 102 Irrevocable contributions PBS-Romania - 7 Irrevocable contributions Secdo / SixGill 34 - Irrevocable contributions PBEL - 8 Irrevocable contributions Secured Touch 5 - Irrevocable contributions Open Legacy 17 - Irrevocable contributions Quality 39 3 Irrevocable contributions Total subsidiaries contributions 156 160 IFISA (see Note 4.) 1,968 - Acquisition of non-controlling interest Total other transactions 2,124 160 |
Foreign currency assets and lia
Foreign currency assets and liabilities | 12 Months Ended |
Jun. 30, 2018 | |
Foreign Currency Assets And Liabilities | |
Foreign currency assets and liabilities | 30. Foreign currency assets and liabilities Item / Currency (1) Amount (2) Exchange rate (3) Total as of 06.30.18 Amount (2) Exchange rate (3) Total as of 06.30.17 Assets Trade and other receivables US Dollar 42 28.750 1,202 35 16.530 572 Euros 5 33.540 179 9 18.848 172 Receivables with related parties: US Dollar 51 28.850 1,466 52 16.630 855 Total trade and other receivables 2,847 1,599 Restricted assets US Dollar - 28.750 - 2 16.530 41 Total Restricted assets - 41 Investments in financial assets US Dollar 125 28.750 3,592 61 16.530 1,014 Pounds 1 37.904 39 1 21.486 18 Investments with related parties: US Dollar 12 28.850 343 20 16.630 324 Total investments in financial assets 3,974 1,356 Derivative financial instruments US Dollar 1 28.750 32 1 16.530 10 Derivative financial instruments with related parties: US Dollar - 28.850 - 2 16.630 26 Total Derivative financial instruments 32 36 Cash and cash equivalents US Dollar 269 28.750 7,734 318 16.530 5,250 Euros 2 33.540 66 3 18.848 49 New Israel Shekel - 7.890 - - 4.770 1 Total Cash and cash equivalents 7,800 5,300 Total Assets 14,653 8,332 Liabilities Trade and other payables US Dollar 104 28.850 3,007 57 16.630 955 Euros 3 33.729 88 1 19.003 19 Payables to related parties: US Dollar 1 28.850 25 1 16.630 21 Total Trade and other payables 3,120 995 Borrowings US Dollar 868 28.850 25,029 1,123 16.630 18,683 Total Borrowings 25,029 18,683 Total Liabilities 28,149 19,678 (1) Stated in millions of units in foreign currency. Considering foreign currencies those that differ from each Group’s functional currency at each year-end. (2) Exchange rate as of June 30, of each year according to Banco Nación Argentina records. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 13). |
Groups of assets and liabilitie
Groups of assets and liabilities held for sale | 12 Months Ended |
Jun. 30, 2018 | |
Groups Of Assets And Liabilities Held For Sale | |
Groups of assets and liabilities held for sale | <tr style="vertical-align: top"> <td style="width: 35.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>31.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Groups of assets and liabilities held for sale</b></font></td></tr> </table> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">As mentioned in Note 4.F., the investment in Israir has been reclassified to "Group of assets and liabilities held for sale". Additionally, IDB Tourism is currently negotiating the sale of its equity interests in Open Sky Ltd. Furthermore, the equity interest of the Group in Adama and the related non-recourse loan, had been reclassified to assets and liabilities held for sale before the disposal as of November 22, 2016 (Note 4.H.). Additionally, an area adjacent to Tilvoli, valued at Ps. 521 is included.</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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. 231 has been recorded for the year ended June 30, 2017.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The following table shows the main assets and liabilities classified as held for sale:</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr> <td style="padding-left: 5.4pt; width: 65%; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 16%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-left: 5.4pt; width: 3%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 16%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2,698</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,712</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">32</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">19</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Investments in associates </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">47</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Deferred income tax assets </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">103</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">57</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Investment properties</font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">521</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Income tax credits </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Trade and other receivables </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,444</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">688</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">347</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">157</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total group of assets held for sale</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,192</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,681</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Trade and other payables </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,957</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">930</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Salaries and social security liabilities </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">148</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Employee benefits </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">150</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">52</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Deferred income tax liability </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Borrowings </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,120</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">715</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total group of liabilities held for sale</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,243</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,855</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total net assets held for sale</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,949</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>826</b></font></td></tr> </table>" id="sjs-B4"><table cellspacing="0" cellpadding="0" style="font: 10pt/115% Georgia, Times, Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 35.45pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>31.</b></font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Groups of assets and liabilities held for sale</b></font></td></tr> </table> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">As mentioned in Note 4.F., the investment in Israir has been reclassified to "Group of assets and liabilities held for sale". Additionally, IDB Tourism is currently negotiating the sale of its equity interests in Open Sky Ltd. Furthermore, the equity interest of the Group in Adama and the related non-recourse loan, had been reclassified to assets and liabilities held for sale before the disposal as of November 22, 2016 (Note 4.H.). Additionally, an area adjacent to Tilvoli, valued at Ps. 521 is included.</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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. 231 has been recorded for the year ended June 30, 2017.</font></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The following table shows the main assets and liabilities classified as held for sale:</font></p> <p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"> <tr> <td style="padding-left: 5.4pt; width: 65%; padding-right: 5.4pt; vertical-align: bottom; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 16%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2018</b></font></td> <td style="padding-left: 5.4pt; width: 3%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%; padding-left: 5.4pt; width: 16%; padding-right: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>June 30, 2017</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Property, plant and equipment </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">2,698</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,712</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Intangible assets </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">32</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">19</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Investments in associates </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">47</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Deferred income tax assets </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">103</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">57</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Investment properties</font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">521</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Income tax credits </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Trade and other receivables </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,444</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">688</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">347</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">157</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total group of assets held for sale</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,192</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; border-top: black 1pt solid; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,681</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Trade and other payables </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,957</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">930</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Salaries and social security liabilities </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> - </font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">148</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Employee benefits </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">150</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">52</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Deferred income tax liability </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">Borrowings </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">1,120</font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif">715</font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total group of liabilities held for sale</b></font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,243</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,855</b></font></td></tr> <tr> <td style="line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total net assets held for sale</b></font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,949</b></font></td> <td style="padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%; padding-left: 5.4pt; padding-right: 5.4pt; white-space: nowrap"><font style="font: 10pt Times New Roman, Times, Serif"><b>826</b></font></td></tr> </table> |
Results from discontinued opera
Results from discontinued operations | 12 Months Ended |
Jun. 30, 2018 | |
Results From Discontinued Operations | |
Results from discontinued operations | 32. Results from discontinued operations The results of Shufersal, Israir and IDB Tourism operations, the share of profit of Adama and the finance costs associated to its non-recourse loan, until Adama’s sale, and the results from sale of the investment in Adama and Shufersal have been reclassified in the Statements of Income under discontinued operations. June 30, 2018 June 30, 2017 June 30, 2016 Revenues 66,740 51,578 19,759 Costs (50,087) (39,282) (15,073) Gross profit 16,653 12,296 4,686 Net gain from fair value adjustment of investment properties 164 113 23 General and administrative expenses (1,162) (857) (294) Selling expenses (13,042) (9,655) (3,955) Other operating results, net (i) 10,838 3,888 (6) Profit from operations 13,451 5,785 454 Share of profit of associates and joint ventures 54 373 344 Profit before financial results and income tax 13,505 6,158 798 Finance income 94 148 408 Finance costs (675) (1,962) (367) Other financial results (75) (111) - Financial results, net (656) (1,925) 41 Profit before income tax 12,849 4,233 839 Income tax (370) (140) (22) Profit from discontinued operations (ii) 12,479 4,093 817 Profit for the year from discontinued operations attributable to: Equity holders of the parent 9,725 1,647 338 Non-controlling interest 2,754 2,446 479 Profit per share from discontinued operations attributable to equity holders of the parent: Basic 16.91 2.86 0.59 Diluted 16.80 2.84 0.58 (i) Includes the result of the loss of control of Shufersal (see note 4.G) as of June 30, 2018 and the sale of Adama, which generated a profit of Ps. 4,216 in the year ended June 30, 2017. (ii) As of June 30, 2018, 2017 and 2016, Ps. 60,470, Ps. 47,168 and Ps 18,607 of the total revenues from discontinued operations and Ps 12,377, Ps. 1,075 and Ps. 373 of the total profit from discontinued operations corresponds to Shufersal. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2018 | |
Subsequent Events | |
Subsequent events | 33. Subsequent events Partial prepayment of IDBD debentures The Board of Directors of IDBD resolved to perform a partial prepayment of series M debentures of IDBD which took place on August 28, 2018. The partial prepayment amounted to NIS 146 million (approximately Ps 1,491 as of the date of issuance of these financial statements) which represents a 14.02% of the remaining amount of series M debentures. Possible sale of a subsidiary of IDB Tourism On August 14, 2018, the Board of Directors of IDB Tourism approved its engagement in a memorandum of understanding for the sale of 50% of the issued share capital of a company which manages the incoming tourism operation which is held by Israir for a total consideration of NIS 26 million (approximately Ps. 285 as of the date of issuance of these financial statements). The closing of the transaction is expected by November 30, 2018. This transaction does not change the intentions of selling the whole investment in IDBT, which the management of the company expects to compete before June 2019. Partial sale of Clal On August 30, 2018 continuing with the instructions given by the Commissioner of Capital Markets, Insurance and Savings of Israel, IDBD has sold 5% of its stake in Clal through a swap transaction in the same conditions that applied to the swap transactions performed in the preceding months of May and August 2017, January and May 2018. The consideration was set at an amount of approximately NIS 173 million (equivalent to approximately Ps. 1,766). After the completion of the transaction, IDBD’s interest in Clal was reduced to 29.8% of its share capital. Agreement to sell plot of land in USA In August 2018, 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 (approximately Ps. 673 as of the date of issuance of these financial statements). As of June 30, 2018 the book value of the plot of land was classified as assets held for sale according to IFRS 5 conditions. Devaluation of the Argentine Peso As of the date of issuance of these financial statements, the argentine peso has suffered a devaluation against the US dollar and other currencies, close to 27.2%, which has an impact on the figures presented on these financial statements, due mainly for the exposure to the devaluation of (i) certain revenues and costs of segment “offices and other properties” segment of the Operation Center in Argentina, (ii) revenues and costs of the Operation Center in Israel and (iii) our financial assets and liabilities nominated in foreign currency. IRSA Shareholders’ Meeting IRSA Shareholders’ Meeting, held on October 29, 2018, approved among others, Ps. 4,983 of net income for the fiscal year ended June 30, 2018 to: (i) Payment of a dividend on shares of IRSA CP for up to Ps.1,412 million; and (ii) The constitution of a special reserve that may be allocated to new projects according to the business development plan of IRSA, to the distribution of dividends, or to the cancellation of commitments authorizing the Board of directors to decide the application of the funds to any of said destinations. Furthermore, the Shareholders’ Meeting decided to appropriate Ps.16,538 of net income for fiscal year ended June 30, 2017 which hadn’t been allocated, to the constitution of a special reserve that may be allocated to new projects according to the business development plan of IRSA, or to the distribution of dividends. On the other hand, it resolved to empower on the Board of Directors for the creation of a new global program for the issuance of simple NCN, either secured or unsecured or guaranteed by third parties, for a total amount of up to US$ 500 (five hundred million US Dollars) (or an equivalent amount in other currencies) before the expiration of the current program. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies | |
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 hyperinflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of a cumulative inflation rate in three years that approximates or exceed 100%. Bearing in mind that the downward trend in inflation observed in the previous year has reversed, noticing a significant increase in inflation during 2018, that it is also expected that the accumulated inflation rate of the last three years will exceed 100% and that the rest of the indicators do not contradict the conclusion that Argentina should be considered a hyperinflationary economy for accounting purposes, the Management understands that there is sufficient evidence to conclude that Argentina is a hyperinflationary economy in the terms of IAS 29, starting with the year initiated on July 1, 2018. Consequently, the Company should restate its next financial statements to be presented after the aforementioned date. However, it must be taken into account that, as of the date of issuance of these financial statements, Decree PEN 664/03 is in force, and it does not allow the presentation of restated for inflation financial statements before the National Securities Commission (CNV) and other bodies of corporate control. In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities, will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets, will gain purchasing power, provided that such items are not subject to an adjustment mechanism. Briefly, the restatement method of IAS 29 establishes that monetary assets and liabilities must not be restated since they are already expressed in the current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements must be adjusted in accordance with such agreements. The non-monetary items measured at their current values at the end of the reporting period, such as the net realization value or others, do not need to be restated. The remaining non-monetary assets and liabilities must be restated by a general price index. The loss or gain from the net monetary position will be included in the net result of the reporting year / period, revealing this information in a separate line item. As of June 30, 2018, the restatement criteria of financial information established in IAS 29 have not been applied. However, in recent years’ certain macroeconomic variables that affect the Company's businesses, such as wages and prices of inputs, have undergone annual variations of certain importance. This circumstance must be considered in the evaluation and interpretation of the financial situation and the results presented by the Company in these financial statements. 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, 2018 includes the results of IDBD and DIC for the 12-month period from April 1, 2017 to March 31, 2018, adjusted for the significant transactions that occurred between April 1, 2018 and June 30, 2018. Moreover, the consolidated comprehensive income of the Group for the year ended June 30, 2016 includes the results of IDBD and DIC operations for the period from October 11, 2015 (the acquisition of control) through March 31, 2016, adjusted for those significant transactions that occurred between April 1, 2016 and June 30, 2016. (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. Deferred tax assets and liabilities are in all cases presented as non-current while the rest is classifed as current and non-current. (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 and references to "NIS" are millions of New Israeli Shekel. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria The Consolidated Financial Statements have been prepared under historical cost criteria, except for investment properties, financial assets and financial liabilities (including derivative instruments) measured at fair value through profit or loss, financial assets held for sale and share-based compensation, which were measured at fair value. (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 | <font style="font: 10pt Times New Roman, Times, Serif"><b>New accounting standards </b></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">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. </font></p> <p style="text-align: left; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>Standards and amendments adopted by the Group </u></font></p> <table cellspacing="0" cellpadding="0" style="font-family: inherit; margin-left: 0px; margin-right: 0px; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-left: #000000 1px solid; width: 43%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Standards and amendments</b></font></td> <td style="border-left: #000000 1px solid; width: 42%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="border-left: #000000 1px solid; width: 15%; border-top: #000000 1px solid; border-right: #000000 1px solid"><p><font style="font: 10pt Times New Roman, Times, Serif">Date of mandatory adoption for the Group in the year ended on </font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Cycle of annual improvements 2014-2016. IFRS 12 “Disclosure of Interests in other entities”.</font></td> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies the standard scope.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2018</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IAS 7 "Disclosure initiative".</font></td> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Establishes that the entity shall disclose information so that users of the Financial Statements may assess the changes in liabilities resulting from financing activities, including both cash and non-cash changes.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2018</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IAS 12 "Recognition of deferred tax assets for unrealized losses".</font></td> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies the accounting of deferred income tax assets in the case of unrealized losses from debt instruments measured at fair value.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2018</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> </table> <p style="text-align: justify; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The adoption of these standards and amendments has not had a material impact for the Group. See details of IAS 7 modifications in Note 19. </font></p> <p style="text-align: justify; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>Standards and amendments not yet adopted by the Group </u></font></p> <table cellspacing="0" cellpadding="0" style="font-family: inherit; margin-left: 0px; margin-right: 0px; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-left: #000000 1px solid; width: 43%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Standards and amendments</b></font></td> <td style="border-left: #000000 1px solid; width: 42%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="border-left: #000000 1px solid; width: 15%; border-top: #000000 1px solid; border-right: #000000 1px solid"><p><font style="font: 10pt Times New Roman, Times, Serif">Date of mandatory adoption for the Group in the year ended on </font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IAS 40 "Transfers of Investment Properties"</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies the conditions that should be met for an entity to transfer a property to, or from, investment properties.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Cycle of annual improvements 2014-2016. IAS 28 “Investments in Associates and Joint ventures”.</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies that the option to measure an associate or a joint venture at fair value for a qualifying entity is available upon initial recognition.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">IFRS 9 “Financial Instruments”.</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Adds a new impairment model based on expected losses and introduces some minor amendments to the classification and measurement of financial assets.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">IFRS 15 “Revenues from contracts with customers”</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Provides the new revenue recognition model derived from contracts with customers. The core principle underlying the model is satisfaction of performance obligations assumed with customers. Applies to all contracts with customers, except those covered by other IFRSs, such as leases, insurance and financial instruments contracts. The standard does not address recognition of interest or dividend income.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IFRS 2 "Share-based Payment".</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">The amendments clarify the scope of the standard in relation to (i) accounting of the effects that the concession consolidation conditions have on cash settled share-based payments, (ii) the Classification of the share-based payment transactions subject to net settlement, and (iii) accounting for the amendment of terms and conditions of the share-based payment transaction that reclassifies the transaction from cash settled to equity settled.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">IFRS 16 "Leases".</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Will supersede IAS 17 currently in force (and associated interpretations) and its scope includes all leases, with a two specific exceptions (low cost assets’ leases and short-term leases). Under the new standard, lessees are required to account for leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17. The accounting of the lessor has no significant changes.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2020</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> </table> <p style="text-align: justify; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The future adoption of these standards modifications and interpretations will not have a significant impact to the Group, except for the following: </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>IFRS 15: Revenues from contracts with customers </u></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The standard introduces a new five step model for recognizing revenue from contracts with customers:</font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">1.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Identifying the contract with the customer.</font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">2.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Identifying separate performance obligations in the contract. </font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">3.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Determining the transaction price. </font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">4.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Allocating the transaction price to separate performance obligations. </font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">5.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Recognizing revenue when the performance obligations are satisfied. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group will apply the cumulative effect approach, therefore, accumulated impact will be recognized in Retained earnings as of July 1, 2018. Comparative figures will not be restated. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><i>Main effects that affect the Group: </i></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Costs of obtaining a contract with a client: </b></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Customer acquisition costs are capitalized when it is expected that the Group will recover these costs, instead of recognizing these costs in profit or loss as incurred. Accordingly, incremental incentives and commissions paid to Group employees while resellers for securing contracts with customers, are recognized as an asset and are amortized to profit or loss, in accordance with the expected service period from these contracts (over a period of 2-4 years). </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In the statements of cash flows, customer acquisition costs paid will be presented as part of cash flows used in investing activities and the amortization of capitalized customer acquisition costs, will be presented under depreciation and amortization as part of cash flows from operating activities. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group applies the practical exemption specified in the standard and recognizes customer acquisition costs in profit or loss when the expected amortization period of these costs is one year or less. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Satisfaction of performance obligation in real estate contracts: </b></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Revenues from the sale of offices and apartments will be recognized during the period of construction, in accordance with the work in progress, instead of upon the delivery or signing of the property’s deed, if one of the following conditions are met:</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">1. The customer simultaneously receives and consumes the benefits provided by the Group’s performance when the Group provides such services.</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">2. The Group’s performance creates or enhances an asset that is controlled by the customer at the time it is being created or enhanced.</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">3. The Group’s performance does not create an asset with an alternative use for the Group and the Group has the enforceable right to payment for performance completed to date. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group will recognize revenue over time on sales contracts with customers for the development of real estate in which no alternative use exists but the sale to the client and it has the right to enforce the performance of the contract. When these conditions are not met, revenue will be recognized at the time of the deed or upon delivery of the asset. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group determines the amount of revenue from each contract according to the transaction price and work in progress of the asset of each customer separately. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>IFRS 9: Financial instruments </u></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The new standard includes a new model of "expected credit loss" for receivables or other assets not measured at fair value. The new model presents a dual measurement approach for impairment: if the credit risk of a financial asset has not increased significantly since its initial recognition, an allowance for impairment will be recorded in the amount of expected credit losses resulting from the possible non- compliance events within a certain period. If the credit risk has increased significantly, in most cases the allowance will increase and the amount of the expected losses should be recorded.</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with the new standard, in cases where a change in terms or exchange of financial liabilities is immaterial and does not lead, at the time of analysis, to the reduction of the previous liability and recognition of the new liability, the new cash flows must be discounted at the original effective interest rate, recording the impact of the difference between the present value of the financial liability that has the new terms and the present value of the original financial liability in net income. As a result of the application of the new standard, the amount of the liabilities, whose terms were modified and for which a new effective interest rate was calculated at the time of the change in accordance with IAS 39, will be recalculated from the date of the change using the original effective interest rate. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>IFRS 16: Leases </u></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group is currently assessing the impact of the amendments on its Financial Statements. IFRS 16 will be effective for fiscal year beginning July 1, 2019. On the issue date of these Consolidated Financial Statements, there are no other standards or amendments, issued by the IASB that are yet to become effective and that are expected to have a material effect on the Group. </font></p> <p style="text-align: left; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Breakdown of the expected changes to the financial position of the Group due to the application of IFRS 9 and 15 are described below: </font></p> <table cellspacing="0" cellpadding="0" style="font-family: inherit; margin-left: 0px; margin-right: 0px; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 40%"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Current statement of financial position </b></font></p></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>IFRS 15 impact </b></font></p></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>IFRS 9 impact </b></font></p></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b> Adjusted statement of financial position </b></font></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000"><b>ASSETS</b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000"><b>Non-current assets</b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Trading properties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> 6,018 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> (3,338)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> - </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> 2,680 </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Investments in associates and joint ventures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> 24,650 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> 24 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> (19)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> 24,655 </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Deferred income tax assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> 380 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> (95)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> - </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom"> 285 </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Trade and other receivables</font></td> <td style="border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom; border-bottom: #000000 2px solid"> 8,142</font><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom; padding-bottom: 2px"> </font></td> <td style="border-bottom: #000000 2px solid"><font styl" id="sjs-B5"><p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>New accounting standards </b></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">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. </font></p> <p style="text-align: left; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>Standards and amendments adopted by the Group  </u></font></p> <table cellspacing="0" cellpadding="0" style="font-family: inherit; margin-left: 0px; margin-right: 0px; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-left: #000000 1px solid; width: 43%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Standards and amendments</b></font></td> <td style="border-left: #000000 1px solid; width: 42%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="border-left: #000000 1px solid; width: 15%; border-top: #000000 1px solid; border-right: #000000 1px solid"><p><font style="font: 10pt Times New Roman, Times, Serif">Date of mandatory adoption for the Group in the year ended on </font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Cycle of annual improvements 2014-2016. IFRS 12 “Disclosure of Interests in other entities”.</font></td> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies the standard scope.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2018</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IAS 7 "Disclosure initiative".</font></td> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Establishes that the entity shall disclose information so that users of the Financial Statements may assess the changes in liabilities resulting from financing activities, including both cash and non-cash changes.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2018</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IAS 12 "Recognition of deferred tax assets for unrealized losses".</font></td> <td style="border-left: #000000 1px solid; text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies the accounting of deferred income tax assets in the case of unrealized losses from debt instruments measured at fair value.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2018</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> </table> <p style="text-align: justify; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The adoption of these standards and amendments has not had a material impact for the Group. See details of IAS 7 modifications in Note 19. </font></p> <p style="text-align: justify; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>Standards and amendments not yet adopted by the Group  </u></font></p> <table cellspacing="0" cellpadding="0" style="font-family: inherit; margin-left: 0px; margin-right: 0px; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-left: #000000 1px solid; width: 43%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Standards and amendments</b></font></td> <td style="border-left: #000000 1px solid; width: 42%; border-top: #000000 1px solid; text-align: center; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description</b></font></td> <td style="border-left: #000000 1px solid; width: 15%; border-top: #000000 1px solid; border-right: #000000 1px solid"><p><font style="font: 10pt Times New Roman, Times, Serif">Date of mandatory adoption for the Group in the year ended on </font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IAS 40 "Transfers of Investment Properties"</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies the conditions that should be met for an entity to transfer a property to, or from, investment properties.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Cycle of annual improvements 2014-2016. IAS 28 “Investments in Associates and Joint ventures”.</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Clarifies that the option to measure an associate or a joint venture at fair value for a qualifying entity is available upon initial recognition.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">IFRS 9 “Financial Instruments”.</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Adds a new impairment model based on expected losses and introduces some minor amendments to the classification and measurement of financial assets.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">IFRS 15 “Revenues from contracts with customers”</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Provides the new revenue recognition model derived from contracts with customers. The core principle underlying the model is satisfaction of performance obligations assumed with customers. Applies to all contracts with customers, except those covered by other IFRSs, such as leases, insurance and financial instruments contracts. The standard does not address recognition of interest or dividend income.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Amendments to IFRS 2 "Share-based Payment".</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">The amendments clarify the scope of the standard in relation to (i) accounting of the effects that the concession consolidation conditions have on cash settled share-based payments, (ii) the Classification of the share-based payment transactions subject to net settlement, and (iii) accounting for the amendment of terms and conditions of the share-based payment transaction that reclassifies the transaction from cash settled to equity settled.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2019</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">IFRS 16 "Leases".</font></td> <td style="border-left: #000000 1px solid; text-align: left; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Will supersede IAS 17 currently in force (and associated interpretations) and its scope includes all leases, with a two specific exceptions (low cost assets’ leases and short-term leases). Under the new standard, lessees are required to account for leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17. The accounting of the lessor has no significant changes.</font></td> <td style="border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; border-bottom: #000000 2px solid"> 06-30-2020</font><font style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 2px"> </font></td></tr> </table> <p style="text-align: justify; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The future adoption of these standards modifications and interpretations will not have a significant impact to the Group, except for the following: </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>IFRS 15: Revenues from contracts with customers </u></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The standard introduces a new five step model for recognizing revenue from contracts with customers:</font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">1.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Identifying the contract with the customer.</font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">2.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Identifying separate performance obligations in the contract. </font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">3.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Determining the transaction price. </font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">4.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Allocating the transaction price to separate performance obligations. </font></p> <p style="text-align: left; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">5.</font></p> <p style="text-align: justify; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Recognizing revenue when the performance obligations are satisfied. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group will apply the cumulative effect approach, therefore, accumulated impact will be recognized in Retained earnings as of July 1, 2018. Comparative figures will not be restated. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><i>Main effects that affect the Group: </i></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Costs of obtaining a contract with a client: </b></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Customer acquisition costs are capitalized when it is expected that the Group will recover these costs, instead of recognizing these costs in profit or loss as incurred. Accordingly, incremental incentives and commissions paid to Group employees while resellers for securing contracts with customers, are recognized as an asset and are amortized to profit or loss, in accordance with the expected service period from these contracts (over a period of 2-4 years). </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In the statements of cash flows, customer acquisition costs paid will be presented as part of cash flows used in investing activities and the amortization of capitalized customer acquisition costs, will be presented under depreciation and amortization as part of cash flows from operating activities. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group applies the practical exemption specified in the standard and recognizes customer acquisition costs in profit or loss when the expected amortization period of these costs is one year or less. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Satisfaction of performance obligation in real estate contracts: </b></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Revenues from the sale of offices and apartments will be recognized during the period of construction, in accordance with the work in progress, instead of upon the delivery or signing of the property’s deed, if one of the following conditions are met:</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">1. The customer simultaneously receives and consumes the benefits provided by the Group’s performance when the Group provides such services.</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">2.  The Group’s performance creates or enhances an asset that is controlled by the customer at the time it is being created or enhanced.</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">3. The Group’s performance does not create an asset with an alternative use for the Group and the Group has the enforceable right to payment for performance completed to date. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group will recognize revenue over time on sales contracts with customers for the development of real estate in which no alternative use exists but the sale to the client and it has the right to enforce the performance of the contract. When these conditions are not met, revenue will be recognized at the time of the deed or upon delivery of the asset. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group determines the amount of revenue from each contract according to the transaction price and work in progress of the asset of each customer separately. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>IFRS 9: Financial instruments </u></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The new standard includes a new model of "expected credit loss" for receivables or other assets not measured at fair value. The new model presents a dual measurement approach for impairment: if the credit risk of a financial asset has not increased significantly since its initial recognition, an allowance for impairment will be recorded in the amount of expected credit losses resulting from the possible non- compliance events within a certain period. If the credit risk has increased significantly, in most cases the allowance will increase and the amount of the expected losses should be recorded.</font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">In accordance with the new standard, in cases where a change in terms or exchange of financial liabilities is immaterial and does not lead, at the time of analysis, to the reduction of the previous liability and recognition of the new liability, the new cash flows must be discounted at the original effective interest rate, recording the impact of the difference between the present value of the financial liability that has the new terms and the present value of the original financial liability in net income. As a result of the application of the new standard, the amount of the liabilities, whose terms were modified and for which a new effective interest rate was calculated at the time of the change in accordance with IAS 39, will be recalculated from the date of the change using the original effective interest rate. </font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><u>IFRS 16: Leases </u></font></p> <p style="text-align: justify; text-indent: 48px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">The Group is currently assessing the impact of the amendments on its Financial Statements. IFRS 16 will be effective for fiscal year beginning July 1, 2019. On the issue date of these Consolidated Financial Statements, there are no other standards or amendments, issued by the IASB that are yet to become effective and that are expected to have a material effect on the Group. </font></p> <p style="text-align: left; text-indent: 0px; margin-right: 0; margin-left: 0; font: 13px Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Breakdown of the expected changes to the financial position of the Group due to the application of IFRS 9 and 15 are described below:  </font></p> <table cellspacing="0" cellpadding="0" style="font-family: inherit; margin-left: 0px; margin-right: 0px; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 40%"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b>Current statement of financial position </b></font></p></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>IFRS 15 impact </b></font></p></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"><b>IFRS 9 impact </b></font></p></td> <td style="width: 15%"><p><font style="font: 10pt Times New Roman, Times, Serif"><b> Adjusted statement of financial position </b></font></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000"><b>ASSETS</b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"></font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000"><b>Non-current assets</b></font></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td> <td><p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p><font style="font: 10pt Times New Roman, Times, Serif"> </font></p></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Trading properties</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  6,018 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  (3,338)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  - </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  2,680 </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Investments in associates and joint ventures</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  24,650 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  24 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  (19)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  24,655 </font></td></tr> <tr style="background-color: #cceeff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Deferred income tax assets</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  380 </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  (95)</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  - </font></td> <td><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom">  285 </font></td></tr> <tr style="background-color: #ffffff; vertical-align: bottom"> <td style="text-align: justify; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000">Trade and other receivables</font></td> <td style="border-bottom: #000000 2px solid"><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom; padding-bottom: 2px"> </font><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom; border-bottom: #000000 2px solid"> 8,142</font><font style="font: 10pt Times New Roman, Times, Serif; color: #000000; vertical-align: bottom; padding-bottom: 2px"> </font></td> <td style="border-bottom: #000000 2px solid"><font styl |
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 base. The excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognized directly in the Statement of Income as “Bargain purchase gains”. The Group conducts its business through several operating and investment companies, the principal are listed below: % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2018 06.30.2017 06.30.2016 IRSA's direct interest: IRSA CP (1) Argentina Real estate 86.34% 94.61% 94.61% 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. Argentina Hotel 80.00% 80.00% 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% U.T. IRSA and Galerías Pacífico (2) (6) Argentina Investment 50.00% 50.00% - IRSA CP's direct interest: Arcos del Gourmet S.A. Argentina Real estate 90.00% 90.00% 90.00% Emprendimiento Recoleta S.A. Argentina Real estate 53.68% 53.68% 53.68% Fibesa S.A. (3) Argentina Real estate 100.00% 100.00% 100.00% Panamerican Mall S.A. Argentina Real estate 80.00% 80.00% 80.00% Shopping Neuquén S.A. Argentina Real estate 99.92% 99.92% 99.14% Torodur S.A. Uruguay Investment 100.00% 100.00% 100.00% EHSA Argentina Investment 70.00% 70.00% - Centro de Entretenimiento La Plata (6) Argentina Real estate 100.00% - - Tyrus S.A.'s direct interest: DFL (4) Bermudas Investment 91.57% 91.57% 91.57% I Madison LLC USA Investment - 100.00% 100.00% IRSA Development LP USA Investment - 100.00% 100.00% IRSA International LLC USA Investment 100.00% 100.00% 100.00% Jiwin S.A. Uruguay Investment 100.00% 100.00% 100.00% Liveck S.A. Uruguay Investment 100.00% 100.00% 100.00% Real Estate Investment Group IV LP (REIG IV) Bermudas Investment - 100.00% 100.00% Real Estate Investment Group V LP (REIG V) Bermudas Investment 100.00% 100.00% 100.00% Real Estate Strategies LLC USA Investment 100.00% 100.00% 100.00% Efanur S.A.'s direct interest: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00% - - DFL's direct interest: IDB Development Corporation Ltd. Israel Investment 100.00% 68.28% 66.28%- Dolphin IL Investment Ltd. Israel Investment 100.00% - - DIL's direct interest: Discount Investment Corporation Ltd. (4) Israel Investment 76.57% 77.25% 76.43% IDBD's direct interest: 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 interest: Property & Building Corporation Ltd. Israel Real estate 64.40% 64.40% 76.45% Shufersal Ltd. (7) Israel Retail - 54.19% 52.95% Cellcom Israel Ltd. (5) Israel Telecommunications 43.14% 42.26% 41.77% Elron Electronic Industries Ltd. Israel Investment 50.30% 50.30% 50.30% Bartan Holdings and Investments Ltd. Israel Investment 55.68% 55.68% 55.68% Epsilon Investment House Ltd. Israel Investment 68.75% 68.75% 68.75% (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and 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) (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, with a stake of 46.16%, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Corresponds to acquisitions and constitutions of new entities considered not material as a whole. (7) Control was lost in June 30, 2018. See Note 4.G. 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 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. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. Note 8 includes summary financial information and other information of the Group's associates. (e) Joint arrangements Joint arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Investments in joint ventures are accounted for under the equity method. 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 a joint ventures is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value and recognizes such difference in "Share of profit / (loss) of associates and joint ventures" in the 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 finance income and finance costs, 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 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 by the Group that are held either to earn long-term rental income or for capital appreciation, or both, and that are not occupied by the Group for its own operations. Investment property also includes property that is being constructed or developed for future use as investment property. The Group also classifies as investment properties land whose future use has not been determined yet. The Group’s investment properties primarily comprise the Group’s portfolio of shopping malls and offices, certain property under development and undeveloped land. 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 conditions 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, for the Operations Center in Argentina, fair value of office buildings and land reserves is based on active market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. 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. Fair value of office building for the Operations Center in Israel is based on 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. The fair value of office buildings in the Operations Center in Israel is based on discounted cash flow projections. As required by CNV 576/10 Resolution, valuations are performed as of the financial position date by accredited externals appraisers who have recognized professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the Consolidated Financial Statements. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. Subsequent expenditures are capitalized to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized. Changes in fair values are recognized in the Statement of Income under the line item “Net gain from fair value adjustment of investment properties”. Asset transfers, including assets classified as investments properties which are reclassified under other items or vice-versa, may only be carried out when there is a change of use evidenced by: a) commencement of occupation of real property by the Group, where investment property is transferred to property, plant and equipment; b) commencement of development activities for sale purposes, where investment property is transferred to property for sale; c) the end of Group occupation, where it is transferred from property, plant and equipment to investment properties; or d) commencement of an operating lease transaction with a third party, where properties for sale are transferred to investment property. The 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 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, where such conditions have been met. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value. The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line "Other operating results, net" in the 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 depreciation and accumulated 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, 2018 is as follows: Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years As of each fiscal year-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each fiscal year-end, the residual useful life of assets is estimated and adjusted, if necessary. The book amount of an asset is reduced to its recoverable value if the book value greater than its estimated recoverable value. Gains from the sale of these assets are recognized when the significant risks and rewards have transferred to the buyer. This will normally take place on unconditional exchange, generally when legal title passes to the buyer and it is probable that the buyer will pay. For conditional exchanges, sales are recognized when these conditions are satisfied. Gains and losses on disposals are determined by comparing the proceeds net of direct expenses related to such sales, with the carrying amount as of the date of each transaction. Gains and losses from the disposal of property, plant and equipment items are recognized within “Other operating results, net” in the Statement of Income. When assets of property, plant and equipment are transferred to investment property, the difference between the value at cost transferred and the fair value of the investment property is allocated to a reserve within equity. |
Leases | 2.8. Leases Leases are 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. The Group has not leased out to tenants under financial leases. A Group company is the lessee: The Group acquires certain specific assets (especially machinery and computer equipment) under finance leases. Finance leases are capitalized at the commencement of the lease at the lower of the fair value of the property and the present value of the minimum 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. Liabilities corresponding to finance leases, measured at discounted value, are included in current and non-current borrowings. Operating leases where the Group acts as lessee were charged to results at the time they accrue. They mainly include offices and properties for commercial uses. |
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 and they are compared with the book values plus the goodwill assigned to each cash generating unit. No impairment was recorded as a result of the analysis performed. (b) Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives of three years. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (c) Branding and client relationships This relates to the fair value of brands and client relationships arising at the time of the business combination with IDBD. They are subsequently valued at cost, less the accumulated amortization or impairment. Client relationships have an average twelve-year useful life, while one of the brands have an indefinite useful life and the other ten-year useful life. (d) Right to receive future units under barter agreements The Group also enters into barter transactions where it normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land. The Group generally receives monetary assets as part of the transactions and/or a right to receive future units to be constructed by developers. Such rights are initially recognized at cost (which is the fair value of the land assigned) and are not adjusted later, unless there is any sign of impairment. At each year-end, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any of such signs exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. For intangible assets with indefinite useful lives, the Group annually reviews the existence of an impairment, or more frequently if signs of impairment are identified. |
Trading properties | 2.10. Trading properties Trading properties comprises those properties either intended for sale or in the process of construction for subsequent sale. Trading properties are carried at the lower of cost and net realizable value. Where there is a change in use of investment properties evidenced by the commencement of development with a view to sale, the properties are reclassified as trading properties at cost, which is the carrying value at the date of change in use. They are subsequently carried at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the trading properties to their present location and condition. |
Inventories | 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. Inventories are measured at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less selling expenses. It is determined on an ongoing basis, taking into account the product type and aging, based on the accumulated prior experience with the useful life of the product. The Group periodically reviews the inventory and its aging and books an allowance for impairment, as necessary. The cost of consumable supplies, materials and other assets is determined using the weighted average cost method, the cost of inventories of mobile phones, related accessories and spare parts is priced under the moving average method, and the cost of the remaining inventories is priced under the first in, first out (FIFO) method. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Inventories and materials are initially recognized at cash price, and the difference being charged as finance cost. |
Financial instruments | 2.12. 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 | 2.13. Derivative financial instruments and hedging activities and options Derivative financial instruments are initially recognized at fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group manages exposures to various risks using hedging instruments that provide coverage. The Group does not use derivative financial instruments for speculative purposes. To date, the Group has used put and call options, foreign currency future and forward contracts and interest rate swaps, as appropriate. The Group’s policy is to apply hedge accounting where it is permissible under IFRS 9, practical to do so and its application reduces volatility, but transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. The fair values of financial instruments that are traded in active markets are computed by reference to market prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting year. The stock call options involving shares of subsidiaries agreed at a fixed price are accounted for under shareholders’ equity. |
Groups of assets and liabilities held for sale | 2.14. Groups of assets and liabilities held for sale The groups of assets and liabilities are classified as held for sale where the Group is expected to recover their value by means of a sale transaction (rather than through use) and where such sale is highly probable. Groups of assets and liabilities held for sale are valued at the lower of their net book value and fair value less selling costs. |
Trade and other receivables | 2.15. 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 where there is objective evidence that the Group may not be able to collect all receivables within their original payment term. 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 | 2.16. Other assets Other assets are recognized initially at cost and subsequently measured at the acquisition cost or the net realizable value, the lower. Within this item the Group includes CLN tokens (digital assets). |
Trade and other payables | 2.17. Trade and other payables Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. |
Borrowings | 2.18. 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. |
Provision | 2.19. 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 expenditures 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. |
Onerous contracts | 2.20. Onerous contracts A provision for onerous contracts is recognized when the expected benefits are lower than the costs of complying with contractual obligations. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the net expected cost of continuing the contract. Before recognizing a provision, the Group recognizes the impairment of the assets related to the mentioned contract. |
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 charge 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 repeeled 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 recent 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 highly liquid investments with original maturities of three months or less. Bank overdrafts are not included. |
Revenue recognition | 2.25. Revenue recognition Group's revenue is measured at the fair value of the consideration received or receivable. Revenue from the sale of property is recognized when: (a) material risks and benefits derived from title to property have been transferred; (b) the Company does not retain any management function on the assets sold nor does it have any control whatsoever on such assets; (c) the amount of revenues and costs associated to the transaction may be measured on a reliable basis; and (d) the Company is expected to accrue the economic benefits associated to the transaction. Revenue derived from the provision of services is recognized when: (a) the amount of revenue and costs associated to services may be measured on a reliable basis; (b) the Company is expected to accrue the economic benefits associated to the transaction, and (c) the level of completion of services may be measured on a reliable basis. · 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 require the tenant to reimburse the Group for a substantial portion of operating expenses, usually a proportionate share of the allocable operating expenses. Such property operating expenses include necessary expenses such as property operating, repairs and maintenance, security, janitorial, insurance, landscaping, leased properties and other administrative expenses, among others. The Group manages its own rental properties. The Group makes the original payment for these expenses, which are then reimbursed by the lessees. The Group considers that it acts as a principal in these cases. The Group accrues reimbursements from tenants as service charge revenue in the period the applicable expenditures are incurred and is presented separately from property operating expenses. Property operating expenses are expensed as incurred. · Revenue from 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.G. · Revenue from communication services and sale of communication equipment Revenue derived from the use of communication networks by the Group, including mobile phones, Internet services, international calls, fixed line calls, interconnection rates and roaming service rates, 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 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. 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. |
Cost of sales | 2.26. Cost of sales 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. It also includes 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. |
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 As required by IFRS 3, the information of IDBD and DIC is included in the Consolidated Financial Statements of the Group from the date that control was obtained, that is from October 11, 2015, and the prior periods were not modified by this situation. Therefore, the consolidated financial information for periods after the acquisition is not comparable with prior periods. Additionally, results for the fiscal year ended June 30, 2018 and 2017 includes 12 full months of results from IDBD and DIC, for the period beginning April 1 st st. Furthermore, during the fiscal year ended as of June 30, 2018 and 2016, the Argentine Peso devalued against the US Dollar and other currencies by around 73% and 65%, respectively, which has an impact in comparative information presented in the Financial Statements, due mainly to the currency exposure of our income and costs from the "Offices" segment, and our assets and liabilities in foreign currency. During the fiscal year ended as of June 30, 2017, the devaluation of the Argentine Peso against the US Dollar was not significant. The balances as of June 30, 2017 and 2016, which are disclosed for comparative porpoises arise from the Consolidated Financial Statements as of June 30, 2017. Certain items from prior fiscal years have been reclassified for consistency purposes. See Note 4.G. regarding the loss of control in Shufersal. |
Out-of-period adjustment | 2.30. Out-of-period adjustments During the fiscal year ended June 30, 2017, the Group reclassified Ps. 31 into intangible assets, Ps. 224 into investment property, Ps. 59 into deferred tax liabilities and Ps. 133 into non-controlling interests, with modifications to such items by those amounts for the previous fiscal year. These reclassifications were not material to the Financial Statements previously issued, and are not material to these Consolidated Financial Statements, either individually or as a whole. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Schedule of income and other comprehensive income | 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 adoption for the Group in the year ended on Cycle of annual improvements 2014-2016. IFRS 12 “Disclosure of Interests in other entities”. Clarifies the standard scope. 06-30-2018 Amendments to IAS 7 "Disclosure initiative". Establishes that the entity shall disclose information so that users of the Financial Statements may assess the changes in liabilities resulting from financing activities, including both cash and non-cash changes. 06-30-2018 Amendments to IAS 12 "Recognition of deferred tax assets for unrealized losses". Clarifies the accounting of deferred income tax assets in the case of unrealized losses from debt instruments measured at fair value. 06-30-2018 The adoption of these standards and amendments has not had a material impact for the Group. See details of IAS 7 modifications in Note 19. Standards and amendments not yet adopted by the Group Standards and amendments Description Date of mandatory adoption for the Group in the year ended on Amendments to IAS 40 "Transfers of Investment Properties" Clarifies the conditions that should be met for an entity to transfer a property to, or from, investment properties. 06-30-2019 Cycle of annual improvements 2014-2016. IAS 28 “Investments in Associates and Joint ventures”. Clarifies that the option to measure an associate or a joint venture at fair value for a qualifying entity is available upon initial recognition. 06-30-2019 IFRS 9 “Financial Instruments”. Adds a new impairment model based on expected losses and introduces some minor amendments to the classification and measurement of financial assets. 06-30-2019 IFRS 15 “Revenues from contracts with customers” Provides the new revenue recognition model derived from contracts with customers. The core principle underlying the model is satisfaction of performance obligations assumed with customers. Applies to all contracts with customers, except those covered by other IFRSs, such as leases, insurance and financial instruments contracts. The standard does not address recognition of interest or dividend income. 06-30-2019 Amendments to IFRS 2 "Share-based Payment". The amendments clarify the scope of the standard in relation to (i) accounting of the effects that the concession consolidation conditions have on cash settled share-based payments, (ii) the Classification of the share-based payment transactions subject to net settlement, and (iii) accounting for the amendment of terms and conditions of the share-based payment transaction that reclassifies the transaction from cash settled to equity settled. 06-30-2019 IFRS 16 "Leases". Will supersede IAS 17 currently in force (and associated interpretations) and its scope includes all leases, with a two specific exceptions (low cost assets’ leases and short-term leases). Under the new standard, lessees are required to account for leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17. The accounting of the lessor has no significant changes. 06-30-2020 The future adoption of these standards modifications and interpretations will not have a significant impact to the Group, except for the following: |
Schedule of financial position | Breakdown of the expected changes to the financial position of the Group due to the application of IFRS 9 and 15 are described below: Current statement of financial position IFRS 15 impact IFRS 9 impact Adjusted statement of financial position ASSETS Non-current assets Trading properties 6,018 (3,338) - 2,680 Investments in associates and joint ventures 24,650 24 (19) 24,655 Deferred income tax assets 380 (95) - 285 Trade and other receivables 8,142 497 (63 ) 8,576 Total non-current assets 239,755 (2,912 ) (82 ) 236,761 Current assets Trading properties 3,232 (734) - 2,498 Trade and other receivables 14,947 292 (32 ) 15,207 Total current assets 96,018 (442 ) (32 ) 95,544 TOTAL ASSETS 335,773 (3,354 ) (114 ) 332,305 SHAREHOLDERS’ EQUITY Shareholders' equity attributable to equity holders of the parent Retained earnings 37,421 127 (453) 37,095 Non-controlling interest 37,120 126 (473 ) 36,773 TOTAL SHAREHOLDERS’ EQUITY 74,541 253 (926 ) 73,868 LIABILITIES Non-current liabilities Trade and other payables 3,484 (1,647) - 1,837 Borrowings 181,046 - 1,025 182,071 Deferred income tax liabilities 26,197 (43 ) (268 ) 25,886 Total non-current liabilities 214,476 (1,690 ) 757 213,543 Current liabilities Trade and other payables 14,617 (1,925) - 12,692 Borrowings 25,587 - 55 25,642 Income tax and MPIT liabilities 522 8 - 530 Total current liabilities 46,756 (1,917 ) 55 44,894 TOTAL LIABILITIES 261,232 (3,607 ) 812 258,437 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 335,773 (3,354 ) (114 ) 332,305 |
Schedule of business through several operating and investment companies | The Group conducts its business through several operating and investment companies, the principal are listed below: % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2018 06.30.2017 06.30.2016 IRSA's direct interest: IRSA CP (1) Argentina Real estate 86.34% 94.61% 94.61% 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. Argentina Hotel 80.00% 80.00% 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% U.T. IRSA and Galerías Pacífico (2) (6) Argentina Investment 50.00% 50.00% - IRSA CP's direct interest: Arcos del Gourmet S.A. Argentina Real estate 90.00% 90.00% 90.00% Emprendimiento Recoleta S.A. Argentina Real estate 53.68% 53.68% 53.68% Fibesa S.A. (3) Argentina Real estate 100.00% 100.00% 100.00% Panamerican Mall S.A. Argentina Real estate 80.00% 80.00% 80.00% Shopping Neuquén S.A. Argentina Real estate 99.92% 99.92% 99.14% Torodur S.A. Uruguay Investment 100.00% 100.00% 100.00% EHSA Argentina Investment 70.00% 70.00% - Centro de Entretenimiento La Plata (6) Argentina Real estate 100.00% - - Tyrus S.A.'s direct interest: DFL (4) Bermudas Investment 91.57% 91.57% 91.57% I Madison LLC USA Investment - 100.00% 100.00% IRSA Development LP USA Investment - 100.00% 100.00% IRSA International LLC USA Investment 100.00% 100.00% 100.00% Jiwin S.A. Uruguay Investment 100.00% 100.00% 100.00% Liveck S.A. Uruguay Investment 100.00% 100.00% 100.00% Real Estate Investment Group IV LP (REIG IV) Bermudas Investment - 100.00% 100.00% Real Estate Investment Group V LP (REIG V) Bermudas Investment 100.00% 100.00% 100.00% Real Estate Strategies LLC USA Investment 100.00% 100.00% 100.00% Efanur S.A.'s direct interest: Real Estate Investment Group VII LP (REIG VII) Bermudas Investment 100.00% - - DFL's direct interest: IDB Development Corporation Ltd. Israel Investment 100.00% 68.28% 66.28%- Dolphin IL Investment Ltd. Israel Investment 100.00% - - DIL's direct interest: Discount Investment Corporation Ltd. (4) Israel Investment 76.57% 77.25% 76.43% IDBD's direct interest: 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 interest: Property & Building Corporation Ltd. Israel Real estate 64.40% 64.40% 76.45% Shufersal Ltd. (7) Israel Retail - 54.19% 52.95% Cellcom Israel Ltd. (5) Israel Telecommunications 43.14% 42.26% 41.77% Elron Electronic Industries Ltd. Israel Investment 50.30% 50.30% 50.30% Bartan Holdings and Investments Ltd. Israel Investment 55.68% 55.68% 55.68% Epsilon Investment House Ltd. Israel Investment 68.75% 68.75% 68.75% (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and 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) (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, with a stake of 46.16%, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Corresponds to acquisitions and constitutions of new entities considered not material as a whole. (7) Control was lost in June 30, 2018. See Note 4.G. |
Schedule of useful life | The remaining useful life as of June 30, 2018 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 |
Significant judgments, key as_2
Significant judgments, key assumptions and estimates (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Significant Judgments Key Assumptions And Estimates | |
Schedule of complexity, judgment or estimations involved in their application | 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, 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 11 – Property, plant and equipment Note 13 – 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 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 11 – Property, plant and equipment Note 13 – 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 10 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury’s Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 21 – Taxes Allowance for doubtful accounts A periodic review is conducted of receivables risks in the Group’s clients’ portfolios. Bad debts based on the expiration of account receivables and account receivables’ specific conditions. Improper recognition of charges / reimbursements of the allowance for bad debt. Note 15 – Trade and other receivables Level 2 and 3 financial instruments Main assumptions used by the Group are: ● ● ● ● 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 14 – Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group; such estimate is based on legal advisors’ opinions. Charge / reversal of provision in relation to a claim. Note 19 – Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 13 – Financial instruments by category |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of detailed information about business combination [line items] | |
Schedule of net assets disposed | The following table details the net assets disposed: 06.30.2018 Investment properties 4,489 Property, plant and equipment 29,001 Intangible assets 7,108 Investments in associates and joint ventures 401 Restricted assets 91 Trade and other receivables 12,240 Investments in financial assets 2,846 Derivative financial instruments 23 Inventories 6,276 Cash and cash equivalents 5,579 TOTAL ASSETS 68,054 Borrowings 21,310 Deferred income tax liabilities 2,808 Trade and other payables 23,974 Provisions 447 Employee benefits 1,279 Salaries and social security liabilities 2,392 Income tax and MPIT liabilities 8 TOTAL LIABILITIES 52,218 Non-controlling interest 7,335 Net assets disposed including goodwill 8,501 |
New Pharm Drugstores Ltd. [Member] | |
Disclosure of detailed information about business combination [line items] | |
Schedule of consideration and fair value of the acquired assets and the liabilities | The following table resumes consideration and fair value of the acquired assets and the liabilities assumed: December 2017 Fair value of identifiable assets and assumed liabilities: Properties, plant and equipment 200 Inventories 380 Trade and other receivables 335 Cash and cash equivalents 25 Borrowings (260) Trade and other payables (930) Employee benefits (25) Provisions (15 ) Total net identifiable assets (290 ) Goodwill (pending allocation) 920 Total 630 |
Shufersal Ltd. [Member] | |
Disclosure of detailed information about business combination [line items] | |
Schedule of deconsolidated the subsidiary | Below are the details of the sale: 06.30.2018 Cash received 6,420 Remediation of the fair value of the remaining interest 13,164 Total 19,584 Net assets disposed including goodwill (8,501 ) Gain from the sale of a subsidiary, net of taxes (*) 11,083 (*) Includes Ps. 2,643 as a result of the sale and Ps. 8,440 as a result of the remeasurement at the fair value of the new stake. |
Financial risk management and_2
Financial risk management and fair value estimates (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Financial Risk Management And Fair Value Estimates | |
Schedule of net carrying amounts of the Company's financial instruments broken down by the functional currencies | 1) Operations Center in Argentina Net monetary position (Liability)/Asset Functional currency June 30, 2018 June 30, 2017 US$ US$ NIS Argentine Peso (13,324) (11,436) - Uruguayan Peso (368) (131) - US Dollar - - 1 Total (13,692 ) (11,567 ) 1 |
Schedule of Group's derivative financial liabilities to the contractual maturity date. | Where the interest payable is not fixed, the amount disclosed has been determined by reference to the existing conditions at the reporting date. 1) Operations Center in Argentina June 30, 2018 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 1,277 127 12 10 3 1,429 Borrowings (excluding finance leases liabilities) 3,837 7,787 7,807 1,236 11,450 32,117 Finance leases obligations 7 6 2 - - 15 Derivative Financial Instruments - - - - 46 46 Total 5,121 7,920 7,821 1,246 11,499 33,607 June 30, 2017 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 752 8 6 2 5 773 Borrowings (excluding finance leases liabilities) 1,656 529 528 525 6,749 9,987 Finance leases obligations 2 1 1 - - 4 Derivative Financial Instruments 5 - - - - 5 Total 2,415 538 535 527 6,754 10,769 2) Operations Center in Israel June 30, 2018 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 12,080 1,191 1,326 - - 14,597 Borrowings 29,733 26,639 22,256 23,734 114,113 216,475 Lease obligations 16 - - - - 16 Purchase obligations 3,921 1,823 639 347 229 6,959 Derivative Financial Instruments 8 - - - - 8 Total 45,758 29,653 24,221 24,081 114,342 238,055 June 30, 2017 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 16,850 1,584 692 - - 19,126 Borrowings 23,733 18,084 20,837 13,353 67,537 143,544 Lease obligations 10 5 5 5 - 25 Purchase obligations 1,135 1,140 873 5 - 3,153 Derivative Financial Instruments 62 76 - - - 138 Total 41,790 20,889 22,407 13,363 67,537 165,986 |
Schedule of Group's key metrics in relation to managing its capital structure | The ratios are within the ranges previously established by the Group’s strategy. Operation Center in Argentina June 30, 2018 June 30, 2017 June 30, 2016 Gearing ratio (i) 40.83% 31.66% 29.91% Debt ratio (ii) 40.58% 29.13% 25.27% Operation Center in Israel June 30, 2018 June 30, 2017 June 30, 2016 Gearing ratio (i) 82.85% 81.95% 82.74% Debt ratio (ii) 148.46% 128.04% 137.75% (i) Calculated as total of borrowings over total borrowings plus equity attributable equity holders of the parent company. (ii) Calculated as total borrowings over total properties (including trading properties, property, plant and equipment, investment properties and rights to receive units under barter agreements). |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Segment Information | |
Schedule of Group's lines of business and a reconciliation between the results from operations as per segment information | Below is a summary of the Group’s lines of business and a reconciliation between the results from operations as per segment information and the results from operations as per the Statements of Income for the years ended June 30, 2018, 2017 and 2016: June 30, 2018 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Discontinued operations (2) Expensesand collectivepromotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (3) Total as per statement of income / statement of financial position Revenues 5,308 86,580 91,888 (46) (60,470) 1,726 (10) 33,088 Costs (1,066 ) (61,395 ) (62,461 ) 29 44,563 (1,760 ) - (19,629 ) Gross profit 4,242 25,185 29,427 (17 ) (15,907 ) (34 ) (10 ) 13,459 Net gain from fair value adjustment of investment properties 21,347 2,160 23,507 (738) (164) - - 22,605 General and administrative expenses (903) (3,870) (4,773) 13 878 - 13 (3,869) Selling expenses (432) (16,986) (17,418) 6 12,749 - - (4,663) Other operating results, net (78 ) 467 389 19 177 - (3 ) 582 Profit / (loss) from operations 24,176 6,956 31,132 (717 ) (2,267 ) (34 ) - 28,114 Share of (loss) / profit of associates and joint ventures (1,269 ) (43 ) (1,312 ) 611 (20 ) - - (721 ) Segment profit / (loss) 22,907 6,913 29,820 (106 ) (2,287 ) (34 ) - 27,393 Reportable assets 66,443 266,802 333,245 (347) - - 16,178 349,076 Reportable liabilities - (215,452 ) (215,452 ) - - - (45,780 ) (261,232 ) Net reportable assets 66,443 51,350 117,793 (347 ) - - (29,602 ) 87,844 June 30, 2017 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Discontinued operations (2) Expensesand collectivepromotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (3) Total as per statement of income / statement of financial position Revenues 4,311 68,422 72,733 (41) (47,168) 1,490 (10) 27,004 Costs (912 ) (49,110 ) (50,022 ) 18 35,488 (1,517 ) - (16,033 ) Gross profit 3,399 19,312 22,711 (23 ) (11,680 ) (27 ) (10 ) 10,971 Net gain from fair value adjustment of investment properties 4,271 374 4,645 (192) (113) - - 4,340 General and administrative expenses (683) (3,173) (3,856) 5 624 - 8 (3,219) Selling expenses (355) (13,093) (13,448) 5 9,434 - 2 (4,007) Other operating results, net (68 ) (196 ) (264 ) (6 ) 64 - - (206 ) Profit / (loss) from operations 6,564 3,224 9,788 (211 ) (1,671 ) (27 ) - 7,879 Share of (loss) / profit of associates and joint ventures (94 ) 105 11 174 (76 ) - - 109 Segment profit / (loss) 6,470 3,329 9,799 (37 ) (1,747 ) (27 ) - 7,988 Reportable assets 44,885 178,964 223,849 (193) - - 7,586 231,242 Reportable liabilities - (155,235 ) (155,235 ) - - - (28,671 ) (183,906 ) Net reportable assets 44,885 23,729 68,614 (193 ) - - (21,085 ) 47,336 June 30, 2016 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Discontinued operations (2) Expensesand collectivepromotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (3) Total as per statement of income / statement of financial position Revenues 3,289 27,077 30,366 (29) (18,607) 1,194 (8) 12,916 Costs (658 ) (19,252 ) (19,910 ) 12 14,063 (1,207 ) 6 (7,036 ) Gross profit 2,631 7,825 10,456 (17 ) (4,544 ) (13 ) (2 ) 5,880 Net gain / (loss) from fair value adjustment of investment properties 18,209 (271) 17,938 (379) (23) - - 17,536 General and administrative expenses (487) (1,360) (1,847) 1 200 - 7 (1,639) Selling expenses (264) (5,442) (5,706) 2 3,862 - - (1,842) Other operating results, net (12 ) (32 ) (44 ) (2 ) 19 - (5 ) (32 ) Profit / (loss) from operations 20,077 720 20,797 (395 ) (486 ) (13 ) - 19,903 Share of profit of associates and joint ventures 127 123 250 258 - - - 508 Segment profit / (loss) 20,204 843 21,047 (137 ) (486 ) (13 ) - 20,411 Reportable assets 39,294 147,470 186,764 (142) - - 5,519 192,141 Reportable liabilities - (132,989 ) (132,989 ) - - - (23,296 ) (156,285 ) Net reportable assets 39,294 14,481 53,775 (142 ) - - (17,777 ) 35,856 (1) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (2) Corresponds to Shufersal’s deconsolidation, the Group lost control in June 2018. See Note 4.G. (3) 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. 2,452, Ps. 72 and Ps. 45, as of June 30, 2018, 2017 and 2016, respectively. Below is a summarized analysis of the lines of business of Group’s operations center in Argentina for the fiscal years ended June 30, 2018, 2017 and 2016: June 30, 2018 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 3,665 532 120 973 - - 18 5,308 Costs (330 ) (45 ) (44 ) (624 ) - - (23 ) (1,066 ) Gross profit / (loss) 3,335 487 76 349 - - (5 ) 4,242 Net gain from fair value adjustment of investment properties 11,340 5,004 4,771 - - - 232 21,347 General and administrative expenses (320) (87) (78) (193) (46) (151) (28) (903) Selling expenses (238) (57) (21) (114) - - (2) (432) Other operating results, net (57 ) (4 ) 11 (17 ) (23 ) - 12 (78 ) Profit / (loss) from operations 14,060 5,343 4,759 25 (69 ) (151 ) 209 24,176 Share of profit of associates and joint ventures (**) - - 26 - (1,923 ) - 628 (1,269 ) Segment profit / (loss) 14,060 5,343 4,785 25 (1,992 ) (151 ) 837 22,907 Investment properties and trading properties 40,468 13,132 10,669 - - - 625 64,894 Investment in associates and joint ventures (*) - - 163 - (1,740) - 2,595 1,018 Other operating assets 82 42 46 172 89 - 100 531 Operating assets 40,550 13,174 10,878 172 (1,651 ) - 3,320 66,443 (*) Includes the investments in Condor for Ps. 697 and New Lipstick for Ps. (2,437). See Note 18. (**) Includes the results of New Lipstick for Ps. (2,380). See Note 18 |
Schedule of lines of business of groups operations center | June 30, 2017 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 3,047 434 99 725 - - 6 4,311 Costs (350 ) (29 ) (43 ) (486 ) - - (4 ) (912 ) Gross profit 2,697 405 56 239 - - 2 3,399 Net gain from fair value adjustment of investment properties 2,068 1,359 849 - - - (5) 4,271 General and administrative expenses (261) (70) (40) (135) (43) (132) (2) (683) Selling expenses (188) (46) (21) (97) - - (3) (355) Other operating results, net (58 ) (12 ) (36 ) (1 ) 27 - 12 (68 ) Profit / (loss) from operations 4,258 1,636 808 6 (16 ) (132 ) 4 6,564 Share of profit of associates and joint ventures - - 14 - (196 ) - 88 (94 ) Segment profit / (loss) 4,258 1,636 822 6 (212 ) (132 ) 92 6,470 Investment properties and trading properties 28,799 7,422 5,326 - - - 247 41,794 Investment in associates and joint ventures - - 95 - 570 - 2,054 2,719 Other operating assets 79 77 47 167 2 - - 372 Operating assets 28,878 7,499 5,468 167 572 - 2,301 44,885 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. 44,123 are located in Argentina and Ps. 762 in other countries, principally in USA for Ps. 570 and Uruguay for Ps. 192. June 30, 2016 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 2,409 332 8 534 - - 6 3,289 Costs (250 ) (25 ) (20 ) (361 ) - - (2 ) (658 ) Gross profit / (loss) 2,159 307 (12 ) 173 - - 4 2,631 Net gain from fair value adjustment of investment properties 16,132 1,268 773 - - - 36 18,209 General and administrative expenses (179) (85) (24) (103) (24) (72) - (487) Selling expenses (145) (24) (23) (69) - - (3) (264) Other operating results, net (63 ) (6 ) (34 ) (2 ) 92 - 1 (12 ) Profit / (loss) from operations 17,904 1,460 680 (1 ) 68 (72 ) 38 20,077 Share of profit of associates and joint ventures - - 5 - (129 ) - 251 127 Segment profit / (loss) 17,904 1,460 685 (1 ) (61 ) (72 ) 289 20,204 Investment properties and trading properties 26,613 5,534 4,573 - - - 252 36,972 Investment in joint ventures and associates - - 62 - 143 - 1,762 1,967 Other operating assets 75 21 93 164 2 - - 355 Operating assets 26,688 5,555 4,728 164 145 - 2,014 39,294 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. 38,991 are located in Argentina and Ps. 303 in other countries, principally in USA for Ps. 145 and Uruguay for Ps. 158. Below is a summarized analysis of the lines of business of Group’s operations center in Israel for the years ended June 30, 2018, 2017 and 2016: June 30, 2018 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 6,180 60,470 19,347 - - 583 86,580 Costs (2,619 ) (44,563 ) (13,899 ) - - (314 ) (61,395 ) Gross profit 3,561 15,907 5,448 - - 269 25,185 Net gain from fair value adjustment of investment properties 1,996 164 - - - - 2,160 General and administrative expenses (363) (878) (1,810) - (374) (445) (3,870) Selling expenses (115) (12,749) (3,974) - - (148) (16,986) Other operating results, net 98 (177 ) 140 - 434 (28 ) 467 Profit / (loss) from operations 5,177 2,267 (196 ) - 60 (352 ) 6,956 Share of profit / (loss) of associates and joint ventures 167 20 - - - (230 ) (43 ) Segment profit / (loss) 5,344 2,287 (196 ) - 60 (582 ) 6,913 Operating assets 134,038 13,304 49,797 12,254 21,231 36,178 266,802 Operating liabilities (104,202 ) - (38,804 ) (1,214 ) (68,574 ) (2,658 ) (215,452 ) Operating assets (liabilities), net 29,836 13,304 10,993 11,040 (47,343 ) 33,520 51,350 June 30, 2017 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 4,918 47,277 15,964 - - 263 68,422 Costs (2,333 ) (35,432 ) (11,183 ) - - (162 ) (49,110 ) Gross profit 2,585 11,845 4,781 - - 101 19,312 Net gain from fair value adjustment of investment properties 261 113 - - - - 374 General and administrative expenses (290) (627) (1,592) - (384) (280) (3,173) Selling expenses (91) (9,517) (3,406) - - (79) (13,093) Other operating results, net 46 (52 ) (36 ) - (48 ) (106 ) (196 ) Profit / (loss) from operations 2,511 1,762 (253 ) - (432 ) (364 ) 3,224 Share of profit / (loss) of associates and joint ventures 46 75 - - - (16 ) 105 Segment profit / (loss) 2,557 1,837 (253 ) - (432 ) (380 ) 3,329 Operating assets 79,427 38,521 31,648 8,562 14,734 6,072 178,964 Operating liabilities (64,100 ) (29,239 ) (25,032 ) - (33,705 ) (3,159 ) (155,235 ) Operating assets (liabilities), net 15,327 9,282 6,616 8,562 (18,971 ) 2,913 23,729 June 30, 2016 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 1,538 18,610 6,655 - - 274 27,077 Costs (467 ) (14,076 ) (4,525 ) - - (184 ) (19,252 ) Gross profit 1,071 4,534 2,130 - - 90 7,825 Net (loss) / gain from fair value adjustment of investment properties (294) 23 - - - - (271) General and administrative expenses (100) (203) (708) - (321) (28) (1,360) Selling expenses (29) (3,907) (1,493) - - (13) (5,442) Other operating results, net (19 ) (13 ) - - - - (32 ) Profit / (loss) from operations 629 434 (71 ) - (321 ) 49 720 Share of profit / (loss) of associates and joint ventures 226 - - - - (103 ) 123 Segment profit / (loss) 855 434 (71 ) - (321 ) (54 ) 843 Operating assets 60,678 29,440 27,345 4,602 1,753 23,652 147,470 Operating liabilities (49,576 ) (23,614 ) (21,657 ) - (10,441 ) (27,701 ) (132,989 ) Operating assets (liabilities), net 11,102 5,826 5,688 4,602 (8,688 ) (4,049 ) 14,481 |
Information about the main su_2
Information about the main subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Information About Main Subsidiaries | |
Schedule of subsidiaries with significant non-controlling interests | The Group conducts its business through several operating and holding subsidiaries. The Group considers that the subsidiaries below are the ones with significant non-controlling interests to the Group. Direct interest of non-controlling interest %(1) Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets Book value of non-controlling interests As of June 30, 2018 Elron 49.70% 1,933 1,610 252 24 3,267 2,351 PBC 35.60% 23,655 108,704 16,033 90,620 25,706 21,730 Cellcom (2) 57.90% 21,185 27,648 12,601 26,109 10,123 6,391 IRSA CP 13.66 % 10,670 57,074 2,497 27,284 37,963 4,995 As of June 30, 2017 Elron 49.68% 1,669 1,183 162 10 2,680 1,975 PBC 35.56% 10,956 64,345 10,503 49,902 14,896 11,161 Cellcom (2) 57.74% 11,209 18,273 8,171 15,974 5,337 3,706 IRSA CP 5.39% 4,515 37,907 1,801 17,605 23,016 1,194 Revenues Net income / (loss) Total comprehensive income / (loss) Total comprehensive income / (loss) attributable to non-controlling interest Cash of Operating activities Cash of investing activities Cash of financial activities Net Increase (decrease) in cash and cash equivalents Dividends distribution to non-controlling shareholders Year ended June 30, 2018 Elron - (512) (80) (510) (327) 343 (132) (116) (155) PBC 6,183 2,958 (181) 1,060 3,073 27 (1,191) 1,909 717 Cellcom (2) 19,145 (509) 5 (504) 3,997 (2,574) 382 1,805 - IRSA CP 5,949 15,656 15,656 556 3,624 (3,861 ) 1,800 1,563 (716 ) Year ended June 30, 2017 Elron - (427) (63) (342) (235) 147 (200) (288) 106 PBC 4,877 886 (353) 1,254 2,470 (2,208) 283 545 (975) Cellcom (2) 15,739 (329) - (224) 2,348 (1,574) (1,348) (574) - IRSA CP 4,997 3,378 3,378 117 2,875 (148) (958) 1,769 (831) (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, being 46.16%, also taking into account the historic voting performance in the Shareholders’ Meetings. |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Investments In Associates And Joint Ventures | |
Schedule of Group's investments in joint ventures | Changes if the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2018 and 2017 were as follows: June 30, 2018 June 30, 2017 Beginning of the year 7,813 16,835 Increase in equity interest in associates and joint ventures 343 1,102 Issuance of capital and contributions (ii) 156 160 Capital reduction (284) (32) Decrease for control obtainment - (59) Distribution of non-controlling interest - 107 Decrease of interest in associate (339) - Share of (loss) / profit (701) 378 Cumulative translation adjustment 3,056 232 Transfer to loans to associates (i) (190) - Dividends (ii) (319) (250) Distribution for associate liquidation (iii) (72) - Incorporation of deconsolidated subsidiary, net (see Note 4.G.) 12,763 - Reclassification to held for sale (44) (10,709) Others 16 49 End of the year (iv) 22,198 7,813 (i) Corresponds to a reclassification made at the time of formalizing the loan repayment terms with the associate in the Operations Center in Israel. (ii) See Note 29. (iii) Corresponds to the distribution of the income from Baicom’s liquidation. (iv) Includes Ps. (2,452) and Ps. (72) reflecting interests in companies with negative equity as of June 30, 2018 and 2017, respectively, which are disclosed in “Provisions” (see Note 18). |
Schedule of additional information related to the Groups investment | 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, 2018 and 2017, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2018, 2017 and 2016: Name of the entity % ownership interest Value of Group's interest in equity Group's interest in comprehensive income / (loss) June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 June 30, 2016 Associates New Lipstick (1) 49.90% 49.90% 49.90% (2,452) (72) (2,380) (201) (64) BHSA (2) 29.91% 30.66% 30.66% 2,250 1,693 618 83 259 Condor (3) 18.90% 28.72% 25.53% 696 634 450 53 (27) Adama (4) N/A N/A 40.00% N/A N/A N/A N/A 4,141 PBEL 45.40% 45.40% 45.40% 1,049 768 389 262 194 Shufersal (7) 33.56% N/A N/A 12,763 N/A N/A N/A N/A Other associates 0.00% 0.00% 0.00% 2,610 1,552 978 (322) 465 Joint ventures Quality (5) 50.00% 50.00% 50.00% 1,062 482 541 119 155 La Rural S.A. 50.00% 50.00% - 94 113 14 15 - Mehadrin (6) 45.41% 45.41% 45.41% 2,272 1,312 961 309 433 Other joint ventures N/A N/A N/A 1,854 1,331 804 292 446 Total associates and joint ventures 22,198 7,813 2,375 610 6,002 Name of the entity Place of business / Country of incorporation Main activity Common shares 1 vote Latest financial statements issued Share capital (nominal value) Profit / (loss) for the year Shareholders’ equity Associates New Lipstick (1) U.S. Real estate N/A - (*) (11) (*) (178) BHSA (2) Argentina Financial 448,689,072 (***) 1.500 (***) 2.238 (***) 8.719 Condor (3) U.S. Hotel 2,198,225 N/A (*) 1 (*) 109 Adama (4) Israel Agrochemical N/A N/A N/A N/A PBEL India Real estate 450 (**) 1 (**) (76) (**) (465) Shufersal (7) Israel Retail 79,282,087 N/A N/A N/A Other associates N/A N/A N/A Joint ventures Quality (5) Argentina Real estate 120,827,022 242 1,079 2,113 La Rural S.A. Argentina Organization of events 714,498 1 78 157 Mehadrin (6) Israel Agriculture 1,509,889 (**) 3 (**) 57 (**) 595 Other joint ventures - N/A N/A N/A (1) New Lipstick's equity comprises a rental office building in New York City known as the “Lipstick Building” with related debt. Metropolitan, a subsidiary of New Lipstick, has renegotiated its non-recourse debt with IRSA, which amounted to US$ 113.1, and obtained a debt reduction of US$ 20 by the lending bank, an extension to April 30, 2020 and an interest rate reduction from LIBOR + 4 b.p. to 2 b.p. upon payment of US$ 40 in cash (US$ 20 in September 2017 and US$ 20 in October 2017), of which IRSA has contributed with US$ 20. Following the renegotiation, Metropolitan’s debt amounts to US$ 53.1. Additionally, Metropolitan has agreed to exercise on or before February 1, 2019 the purchase option on part of the land where the property is built and, to deposit the sum of money corresponding to 1% of the purchase price. Furthermore, Metropolitan has agreed to cause IRSA and other shareholders to furnish the bank, on or before February 1, 2020, with a payment guarantee with acceptable financial ratios fot the Bank for the outstanding balance of the purchase price, or a letter of credit in relation to the loan balance then outstanding. (2) BHSA is a full-service commercial bank offering a wide variety of banking activities and related financial services to individuals, small- and medium-sized companies and large corporations. The effect of Treasury shares was considered. Share market value is Ps. 6.65 per share (3) Condor is a hotel-focused real estate investment trust (REIT). Share market value as of June 30, 2018 is Ps. 10.70 per share. (4) Adama is specialized in the chemical industry, mainly, in the agrochemical industry. See note 4.I. (5) Quality is engaged in the operation of the San Martín premises (formerly owned by Nobleza Piccardo S.A.I.C. y F.). (6) Mehadrin is a company engaged in the production and exports of citrus, fruits and vegetables. The Group has a joint venture agreement in relation to this company. Share market value as of June 30, 2018 is NIS 18.78 per share. (7) Share market value as of June 30, 2018 is NIS 2.24 per share (*) Amounts in millions of US Dollars under USGAAP. Condor’s year-end falls on December 31, so the Group estimates their interest with a three-month lag, including material adjustments, if any. (**) Amounts in millions of NIS. (***) The balances as of June 30, 2018 correspond to the Financial Statements of BHSA prepared in accordance with BCRA standards. For the purpose of the valuation of the investment in the company, necessary adjustments to adequate the Financial Statements to IFRS have been considered. |
Schedule of financial information of the joint ventures considered to be material | Set out below is summarized financial information of the associates and joint ventures considered to be material to the Group: Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets % of ownership interest held Interest in associate and joint venture Goodwill and others Book value As of 06.30.18 Associates BHSA 56,150 24,837 44,697 28,560 7,730 (iv) 29.9% (iii) 2,312 (62) 2,250 PBEL 1,965 418 584 5,468 (3,669) 45.0% (1,651) 2,700 1,049 Shufersal 21,982 38,606 24,072 22,100 14,416 33.6% 4,838 7,925 12,763 Joint ventures Quality Invest (ii) 5 2,820 64 648 2,113 50.0% 1,057 5 1,062 Mehadrin 6,367 5,665 4,860 2,478 4,694 45.4% 2,132 140 2,272 As of 06.30.17 Associates BHSA 36,762 18,228 33,675 15,548 5,767 (iv) 30.66% (iii) 1,768 (75) 1,693 PBEL 1,469 272 181 4,302 (2,742) 45.40% (1,245) 2,013 768 Shufersal 12,764 23,482 16,556 12,983 6,707 39.33% 2,638 1,202 3,840 Joint ventures Quality Invest (ii) 18 1,486 82 466 956 50.00% 478 4 482 Mehadrin 3,439 3,520 2,900 1,502 2,557 45.41% 1,161 151 1,312 Revenues Net income / (loss) Total comprehensive income / (loss) Dividend distribution Cash of operating activities Cash of investing activities Cash of financing activities Changes in cash and cash equivalents Year ended 06.30.18 (i) Associates BHSA 11,144 2,238 2,238 200 6,912 1,304 (2,832) 6,180 PBEL 5 (355) (352) - (49) 255 (222) (16) Shufersal 60,486 1,187 (76) 455 3,796 (4,877) 2,937 1,856 Joint ventures Quality Invest (ii) 13 1,079 1,079 - (80) - 80 - Mehadrin 7,249 343 348 - 395 26 (71) 350 Year ended 06.30.17 (i) Associates BHSA 6,821 625 625 - (6,439) 475 2,124 (3,840) PBEL 300 (292) (186) - 202 (37) (160) 5 Shufersal 47,192 1,000 (7) (265) 2,883 (1,590) (1,798) (505) Joint ventures Quality Invest (ii) 26 237 237 - (11) - 11 - Mehadrin 5,403 180 172 - 476 (76) (53) 347 (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) Considering the effect of Treasury shares. (iv) Net of non-controlling interest. |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Investment Properties | |
Schedule of investment properties | Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2018 and 2017 were as follows: June 30, 2018 June 30, 2017 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 8,158 91,795 6,594 76,109 Additions 1,335 1,954 592 2,059 Financial cost charged 22 60 3 - Capitalized leasing costs 5 13 23 1 Amortization of capitalized leasing costs (i) (3) (2) (1) (1) Transfers 2 (2) - - Transfers from / to property, plant and equipment (5) 1,705 (17) 173 Transfers to trading properties 353 - - (14) Reclassification to assets held for sale - (521) - (71) Deconsolidation (see Note 4.G.) - (4,489) - - Assets incorporated by business combination - 107 - - Reclassifications previous years - - - (224) Disposals (179) (392) (179) (41) Cumulative translation adjustment - 40,041 - 10,494 Net gain from fair value adjustment 6,437 16,332 1,143 3,310 Fair value at the end of the year 16,125 146,601 8,158 91,795 (i) Amortization charges of capitalized leasing costs were included in “Costs” in the Statements of Income (Note 23). |
Schedule of investment property of the Group | The following is the balance by type of investment property of the Group as of June 30, 2018 and 2017: 06.30.2018 06.30.2017 Rental properties 141,241 89,301 Undeveloped parcels of land 12,608 7,647 Properties under development 8,877 3,005 Total 162,726 99,953 |
Schedule of recognized in the Statements of Income | The following amounts have been recognized in the Statements of Income: June 30, 2018 June 30, 2017 June 30, 2016 Rental and services income 10,671 8,711 5,268 Direct operating expenses (3,046) (2,838) (1,888) Development expenditures (1,731) (1,397) (11) Net realized gain from fair value adjustment of investment properties 227 128 908 Net unrealized gain from fair value adjustment of investment properties 22,542 4,325 16,651 |
Schedule of fair value measurements of investment properties | The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3): Sensitivity (i) 06.30.18 06.30.17 Description Valuation technique Parameters Range fiscal year 2018 Increase Decrease Increase Decrease Rental properties in Israel - Offices (Level 3) Discounted cash flows Discount rate 7.00% a 9.00% (1,556) 1,864 (1,040) 1,193 Weighted average rental value per square meter (m2) per month, in NIS NIS 63 3,037 (3,037) 1,772 (1,772) Rental properties in Israel - Commercial use (Level 3) Discounted cash flows Discount rate 7.00% a 9.00% (1,322) 1,457 (759) 853 Weighted average rental value per square meter (m2) per month, in NIS NIS 87 1,640 (1,640) 1,003 (1,003) Rental properties in Israel - Industrial use (Level 3) Discounted cash flows Discount rate 7.75% a 9.00% (477) 538 (316) 377 Weighted average rental value per square meter (m2) per month, in NIS NIS 31 996 (996) 599 (599) Rental properties in USA - HSBC Building (Level 3) Discounted cash flows Discount rate 6.25% (1,212) 1,269 (715) 765 Weighted average rental value per square meter (m2) per month, in USD USD 73 2,654 (2,654) 1,497 (1,497) Rental properties in USA - Las Vegas project (Level 3) Discounted cash flows Discount rate 8.50% (134) 141 (86) 91 Weighted average rental value per square meter (m2) per month, in USD USD 33 301 (301) 200 (200) Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 9.79% (5,046) 6,796 (3,948) 5,445 Growth rate 3.00% 3,104 (2,307) 2,464 (1,794) Inflation (*) 4,035 (3,643) 2,684 (2,425) Devaluation (*) (6,554) 9,831 (4,703) 7,054 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) 9,200 64 65 18 (52) % of incidence 3.00% 2,165 (2,167) 1,168 (1,202) 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 - - - - Annual weighted average discount rate 7.00% a 9.00% (377) 377 (437) 437 (*) For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 19.51 (corresponding to the year ended June 30, 2018) and arriving at Ps. 49.05. In the long term, a nominal devaluation rate of 5.6% 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 25.0% (corresponding to the year ended June 30, 2018) and stabilizes at 8% after 10 years. These premises were determined at the closing date of the fiscal year. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 20% 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, 2018 | |
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: Buildings and facilities Machinery and equipment Communication networks Others (i) Total Balance at June 30, 2016 Costs 13,886 3,203 5,974 2,776 25,839 Accumulated depreciation (613) (390) (564) (223) (1,790) Net book amount at June 30, 2016 13,273 2,813 5,410 2,553 24,049 Additions 737 634 711 669 2,751 Disposals (4) (8) (23) (206) (241) Reclassification to assets held for sale (28) (16) - (1,513) (1,557) Impairment / recovery 12 - - - 12 Cumulative translation adjustment 2,948 627 1,148 290 5,013 Transfers from / to investment properties (156) - - - (156) Depreciation charges (ii) (627) (588) (1,084) (459) (2,758) Balance at June 30, 2017 16,155 3,462 6,162 1,334 27,113 Costs 17,573 4,614 8,156 1,973 32,316 Accumulated depreciation (1,418) (1,152) (1,994) (639) (5,203) Net book amount at June 30, 2017 16,155 3,462 6,162 1,334 27,113 Additions 1,098 999 971 916 3,984 Disposals (17) (24) (45) (9) (95) Deconsolidation (see Note 4.G.) (22,744) (5,941) - (316) (29,001) Impairment / recovery (69) - - - (69) Assets incorporated by business combination (iii) 104 113 - - 217 Cumulative translation adjustment 9,057 2,418 3,827 1,030 16,332 Transfers to investment properties (1,568) - - - (1,568) Depreciation charges (ii) (903) (713) (1,297) (597) (3,510) Balance at June 30, 2018 1,113 314 9,618 2,358 13,403 Costs 1,809 489 14,975 4,093 21,366 Accumulated depreciation (696) (175) (5,357) (1,735) (7,963) Net book amount at June 30, 2018 1,113 314 9,618 2,358 13,403 (i) Includes furniture and fixtures, vehicles and aircrafts which have been reclassified to held for sale. (See Note 4) (ii)As of June 30, 2018 and 2017, depreciation charges of property, plant and equipment were recognized: Ps. 1,764 and Ps. 1,522 in "Costs", Ps. 175 and Ps. 251 in "General and administrative expenses" and Ps. 32 and Ps. 889 in "Selling expenses", respectively in the Statements of Income, (Note 23). In addition, a depreciation charge in the amount of Ps. 1,539 and Ps. 96, was recognized in "Discontinued operations" as of June 30, 2018 and 2017, respectively. (iii) See Note 4.D. Includes other non-significant business combinations. |
Trading properties (Tables)
Trading properties (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Trading Properties | |
Schedule of trading properties | Changes in the Group’s trading properties for the fiscal years ended June 30, 2018 and 2017 were as follows: Completed properties Properties under development (i) Undeveloped sites Total At June 30, 2016 236 3,533 1,202 4,971 Additions 2 1,188 39 1,229 Cumulative translation adjustment 152 652 167 971 Transfers 1,101 (687) (414) - Transfers from intangible assets 13 - - 13 Transfers from investment properties - - 14 14 Disposals (703) (714) - (1,417) At June 30, 2017 801 3,972 1,008 5,781 Additions 14 1,683 173 1,870 Financial costs capitalized - 11 - 11 Cumulative translation adjustment 866 2,207 576 3,649 Transfers 1,435 (1,332) (103) - Transfers from intangible assets 9 - - 9 Transfers from investment properties - (353) - (353) Disposals (516) (1,162) (39) (1,717) At June 30, 2018 2,609 5,026 1,615 9,250 June 30, 2018 June 30, 2017 Non-current 6,018 4,532 Current 3,232 1,249 Total 9,250 5,781 (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. 306 and Ps. 190 as of June 30, 2018 and 2017, 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. 372 and |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Intangible Assets | |
Schedule of intangible assets | Changes in the Group’s intangible assets for the years ended June 30, 2018 and 2017 were as follows: Goodwill (v) Trademarks Licenses Customer relations Information systems and software Contracts and others (ii) (iii) Total Balance at June 30, 2016 Costs 2,214 3,378 817 3,923 1,189 1,458 12,979 Accumulated amortization - (23) (58) (704) (241) (190) (1,216) Net book amount at June 30, 2016 2,214 3,355 759 3,219 948 1,268 11,763 Additions - - - - 582 30 612 Disposals - - - - - (52) (52) Out-of-year adjustments (Note 2.30) 31 - - - - - 31 Transfers to assets held for sale - (81) - (36) (21) (44) (182) Transfers to trading properties - - - - - (13) (13) Assets incorporated by business combination (Note 4) 26 - - - - - 26 Cumulative translation adjustment 507 732 148 494 233 170 2,284 Amortization charges (i) - (52) (115) (1,115) (453) (347) (2,082) Balance at June 30, 2017 2,778 3,954 792 2,562 1,289 1,012 12,387 Costs 2,778 4,029 1,002 4,746 2,103 1,659 16,317 Accumulated amortization - (75) (210) (2,184) (814) (647) (3,930) Net book amount at June 30, 2017 2,778 3,954 792 2,562 1,289 1,012 12,387 Additions - - - - 567 80 647 Transfers to trading properties - - - - - (9) (9) Assets incorporated by business combination (iv) 994 - - - - 15 1,009 Deconsolidation (see Note 4.G.) (2,666) (3,393) - (442) (497) (110) (7,108) Cumulative translation adjustment 1,980 2,561 470 1,126 823 410 7,370 Amortization charges (i) - (45) (86) (945) (528) (395) (1,999) Balance at June 30, 2018 3,086 3,077 1,176 2,301 1,654 1,003 12,297 Costs 3,086 3,274 1,657 6,933 3,281 2,695 20,926 Accumulated amortization - (197) (481) (4,632) (1,627) (1,692) (8,629) Net book amount at June 30, 2018 3,086 3,077 1,176 2,301 1,654 1,003 12,297 (i) Amortization charge was recognized in the amount of Ps. 482 and Ps. 487 under "Costs", in the amount of Ps. 399 and Ps. 333 under "General and administrative expenses" and Ps. 880 and Ps. 1,231 under "Selling expenses" as of June 30, 2018 and 2017, respectively in the Statements of Income (Note 23). In addition, a charge of Ps. 238 and Ps. 31 was recognized under "Discontinued operations" as of June 30, 2018 and 2017, respectively. . (ii) Includes "Rights of use". Corresponds to Distrito Arcos (iii) 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. (iv) See Note 4.D. Includes other non-significant business combinations. (v) The goodwill assigned to real estate in Israel amounts to NIS 155 (Ps. 907 at the exchange rate at the end of the financial year 2018), that assigned to telecommunications amounts to NIS 268 (Ps. 2,114 at the exchange rate at the end of the financial year 2018) and the one assigned to supermarkets amounted to NIS 192. The rest is goodwill that is allocated to the real estate segment of Argentina. |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Financial Instruments By Category | |
Schedule of financial assets and financial liabilities | Financial assets and financial liabilities as of June 30, 2018 are as follows: Financial assets at amortized cost (i) Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2018 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 18,648 - - - 18,648 5,246 23,894 Investments in financial assets: - Public companies’ securities - - - 135 135 - 135 - Private companies’ securities - - - 1,168 1,168 - 1,168 - Deposits 1,397 - - - 1,397 - 1,397 - Bonds 10 - 505 - 515 - 515 - Others - - - 793 793 - 793 - Investments in financial assets with quotation - 23,198 - - 23,198 - 23,198 Derivative financial instruments: - Foreign-currency future contracts - - 71 - 71 - 71 - Others - - 16 - 16 - 16 Restricted assets (ii) 6,289 - - - 6,289 - 6,289 Financial assets held for sale: - Clal - 12,254 - - 12,254 - 12,254 Cash and cash equivalents: - Cash at bank and on hand 6,452 - - - 6,452 - 6,452 - Short-term investments 28,334 2,531 - - 30,865 - 30,865 Total assets 61,130 37,983 592 2,096 101,801 5,246 107,047 Financial liabilities at amortized cost (i) Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2018 Liabilities as per Statement of Financial Position Trade and other payables 10,265 - - - 10,265 7,836 18,101 Borrowings (excluding finance leases) 206,617 - - - 206,617 - 206,617 Derivative financial instruments: - Foreign-currency future contracts - - 8 - 8 - 8 - Swaps - - 47 - 47 - 47 - Others - 8 - 24 32 - 32 - Forwards - - 118 - 118 - 118 Total liabilities 216,882 8 173 24 217,087 7,836 224,923 (i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 20). Financial assets and financial liabilities as of June 30, 2017 were as follows: Financial assets at amortized cost (i) Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2017 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 18,731 - - - 18,731 3,819 22,550 Investments in financial assets: - Public companies’ securities - - - 82 82 - 82 - Private companies’ securities - - - 964 964 - 964 - Deposits 1,235 - - - 1,235 - 1,235 - Bonds - - 425 - 425 - 425 - Investments in financial assets with quotation - 11,017 - - 11,017 - 11,017 Derivative financial instruments: - Warrants - - 26 - 26 - 26 - Foreign-currency future contracts - - 27 - 27 - 27 - Swaps - - 29 - 29 - 29 Restricted assets (ii) 954 - - - 954 - 954 Financial assets held for sale: - Clal - 8,562 - - 8,562 - 8,562 Cash and cash equivalents: - Cash at bank and on hand 8,529 - - - 8,529 - 8,529 - Short term investments 14,510 1,815 - - 16,325 - 16,325 Total assets 43,959 21,394 507 1,046 66,906 3,819 70,725 Financial liabilities at amortized cost (i) Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2017 Liabilities as per Statement of Financial Position Trade and other payables 16,166 - - - 16,166 7,713 23,879 Borrowings (excluding finance leases) 129,411 - - - 129,411 - 129,411 Derivative financial instruments: - Foreign-currency future contracts - - 5 - 5 - 5 - Forwards - 5 152 10 167 - 167 Total liabilities 145,577 5 157 10 145,749 7,713 153,462 (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 19). (ii) Corresponds to deposits in guarantee and escrows. |
Schedule of book value of financial instruments recognized | The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position: As of June 30, 2018 As of June 30, 2017 Gross amounts recognized Gross amounts offset Net amount presented Gross amounts recognized Gross amounts offset Net amount presented Financial assets Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 19,523 (875) 18,648 19,602 (871) 18,731 Financial liabilities Trade and other payables 11,140 (875) 10,265 17,037 (871) 16,166 |
Schedule of income, expense, gains and losses on financial instruments | Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2018 Interest income 740 - 740 Interest expense (7,745) - (7,745) Foreign exchange (losses) / gains, net (9,864) - (9,864) Dividend income 40 42 82 Loss on debt swap (2,228) - (2,228) Capitalized finance costs 74 - 74 Fair value gain on financial assets at fair value through profit or loss (i) - 426 426 (Loss) / Gain on derivative financial instruments, net 1 169 170 Other finance costs (356) - (356) Net (loss) / income (i) (19,338) 637 (18,701) Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2017 Interest income 704 - 704 Interest expense (6,092) - (6,092) Foreign exchange (losses) / gains, net (1,079) 4 (1,075) Finance cost charged 3 Dividend income 33 35 68 Fair value gain on financial assets at fair value through profit or loss - 2,928 2,928 (Loss) / Gain on derivative financial instruments, net (46) 158 112 Other finance costs (743) - (743) Net (loss) / income (i) (7,220) 3,125 (4,095) Financial assets / liabilities at amortized cost Financial assets / liabilities at fair value through profit or loss Total June 30, 2016 Interest income 619 - 619 Interest expense (2,307) (23) (2,330) Foreign exchange (losses) / gains, net (2,053) 6 (2,047) Dividend income - 72 72 Fair value gain on financial assets at fair value through profit or loss - (1,445) (1,445) (Loss) / Gain on derivative financial instruments, net - 927 927 Other finance costs (515) (106) (621) Fair value loss on associates (ii) - 79 79 Net (loss) / income (i) (4,256) (490) (4,746) (i) Included within “Financial results, net“ in the Statements of Income. (ii) Included in “Share of profit / (loss) of associates and joint ventures” in the Statement of Income. |
Schedule of range of valuation models for the measurement of Level 2 and Level 3 instruments | 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 Trade and other receivables -. Cellcom Discounted cash flows Discount interest rate. Level 3 3.3 Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Preferred shares of Condor Binomial tree – Theoretical price I Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Level 3 Underlying asset price 1.8 to 2.2 Share price volatility 58% to 78% Market interest-rate 1.7% to 2.1% Promissory note Discounted cash flows - Theoretical price Market interest-rate (Libor rate curve) Level 3 Market interest-rate 1.8% to 2.2% Warrants of Condor Black-Scholes – Theoretical price Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve). Level 2 Underlying asset price 1.8 to 1.7 Share price volatility 58% to 78% Market interest-rate 1.7% to 2.1% TGLT Non-convertible Notes Black-Scholes – Theoretical price Underlying asset price (Market price); share price volatility (historical) and market interest rate. Level 3 Underlying asset price 8 to 12 Share price volatility 50% to 70% Market interest-rate 8% to 9% Call option of Arcos Discounted cash flows Projected revenues and discounting rate. Level 3 - 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. |
Schedule of changes in Level 3 instruments | The following table presents the changes in Level 3 financial instruments as of June 30, 2018 and 2017: Investments in financial assets - Public companies’ Securities Derivative financial instruments - Forwards Investments in financial assets - Private companies’ Securities Investment in financial assets - Others Loans - non-recourse loan Total Balances at June 30, 2016 499 - 1,324 140 (10,999) (9,036) Additions and acquisitions 65 (8) 44 - - 101 Cumulative translation adjustment 21 (2) 169 6 242 436 Reclassification to liabilities held for sale (Note 4) - - - - 11,272 11,272 Write off (702) 66 - (146) - (782) Gain / (loss) for the year (i) 199 (66) (573) - (515) (955) Balances at June 30, 2017 82 (10) 964 - - 1,036 Additions and acquisitions - - 34 526 - 560 Transfer to level 1 (ii) - - (100) - - (100) Transfer to current trade and other receivables - - - - - - Cumulative translation adjustment - (14) 489 78 - 553 Deconsolidation (see Note 4.G.) - - (126) - - (126) Write off (67) - - - - (67) Gain / (loss) for the year (i) 120 - (93) 189 - 216 Balances at June 30, 2018 135 (24) 1,168 793 - 2,072 (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. |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other receivables [abstract] | |
Schedule of trade and other receivables | Group’s trade and other receivables as of June 30, 2018 and 2017 were as follows: Total as of June 30, 2018 Total as of June 30, 2017 Sale, leases and services receivables 15,728 16,127 Less: Allowance for doubtful accounts (805) (312) Total trade receivables 14,923 15,815 Prepaid expenses 3,734 2,532 Borrowings, deposits and other debit balances 2,289 2,378 Advances to suppliers 733 825 Tax credits 355 216 Others 1,055 472 Total other receivables 8,166 6,423 Total trade and other receivables 23,089 22,238 Non-current 8,142 4,974 Current 14,947 17,264 Total 23,089 22,238 |
Schedule of allowance for doubtful accounts | Movements on the Group’s allowance for doubtful accounts were as follows: June 30, 2018 June 30, 2017 Beginning of the year 312 173 Additions (i) 315 234 Recoveries (28) (11) Cumulative translation adjustment 622 182 Deconsolidation (see Note 4.G.) (142) - Used during the year (274) (266) End of the year 805 312 (i) The creation and release of the provision for impaired receivables have been included in “Selling expenses” in the Statements of Income (Note 23). |
Schedule of an aging analysis of past due unimpaired and impaired receivables | 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, 2018 and 2017 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Statement of Financial Position): Past due Up to 3 months From 3 to 6 months Over 6 months Non-past due Impaired Total % of representation Additions / (reversals) for doubtful accounts Leases and services 280 42 92 1,094 200 1,708 10.86% (79) Hotel services 782 - 237 68 502 1,589 10.10% - Consumer financing - - - - 16 16 0.10% - Sale of properties and developments 10 1 25 7 - 43 0.27% - Sale of communication equipment - - - 5,184 - 5,184 32.96% - Telecommunication services - - - 7,101 87 7,188 45.70% (190) Total as of June 30, 2018 1,072 43 354 13,454 805 15,728 100% (269) Leases and services 104 26 66 946 145 1,287 7.98% (40) Hotel services 1 - - 61 1 63 0.39% - Consumer financing - - - - 16 16 0.10% - Sale of properties and developments 17 2 2 8 32 61 0.38% - Sale of communication equipment - - 2,156 2,719 - 4,875 30.23% (168) Telecommunication services 482 - 110 2,805 86 3,483 21.60% - Sale of products (supermarkets) 38 - - 6,228 76 6,342 39.33% - Total as of June 30, 2017 642 28 2,334 12,767 356 16,127 100% (208) |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Cash Flow Information | |
Schedule of cash flows generated | Following is a detailed description of cash flows generated by the Group’s operations for the years ended June 30, 2018, 2017 and 2016: Nota June 30, 2018 June 30, 2017 June 30, 2016 Profit for the year 21,295 5,220 10,078 Profit for the year from discontinued operations (12,479) (4,093) (817) Adjustments for Income tax 18 (124) 2,766 6,325 Amortization and depreciation 20 3,737 3,377 1,531 Loss from disposal of property, plant and equipment (4) 35 (2) Net gain from fair value adjustment of investment properties (22,605) (4,352) (17,549) Share-based payments 23 72 41 (Recovery) Charge for impairment of property, plant and equipment - (12) 26 Expenses from sale of investment properties - - 32 Derecognition of intangible assets by TGLT agreement - 28 - Result from business combinations - (8) - Disposal of disused investment properties - - 24 Gain from disposal of associates (311) - (4) Financial results, net 19,334 4,052 5,036 Reversal of cumulative translation adjustment - (41) (100) Provisions and allowances 372 113 191 Share of loss / (profit) of associates and joint ventures 7 721 (106) (508) Changes in operating assets and liabilities: (Increase) / decrease in inventories (21) 51 16 Decrease in trading properties 499 510 189 Increase in trade and other receivables (19) (986) (547) Increase in trade and other payables 907 147 160 Increase in salaries and social security liabilities 53 48 20 Decrease in provisions (202) (85) (127) Net cash generated by continuing operating activities before income tax paid 11,176 6,736 4,015 Net cash generated by discontinued operating activities before income tax paid 4,144 3,280 892 Net cash generated by operating activities before income tax paid 15,320 10,016 4,907 |
Schedule of reclassification of assets and liabilities held for sale | The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities to held for sale of subsidiaries: June 30, 2018 June 30, 2017 June 30, 2016 Investment properties (4,382) - 29,586 Property, plant and equipment (28,801) 1,712 15,104 Trading properties - - 2,656 Intangible assets (6,188) 19 6,603 Investments in associates and joint ventures (365) (74) 9,268 Deferred income tax - 53 (4,681) Trade and other receivables (11,905) 591 9,713 Investment in financial assets (2,846) - 5,824 Derivative financial instruments (23) - (54) Inventories (5,896) - 1,919 Restricted assets (91) - - Group of assets held for sale - - 91 Financial assets held for sale - - 5,129 Trade and other payables 22,933 (917) (19,749) Salaries and social security liabilities 2,389 (148) - Borrowings 21,050 (660) (60,306) Provisions 432 2 (969) Income tax and MPIT liabilities 7 1 (267) Deferred income tax liabilities 2,796 - - Employee benefits 1,254 (47) (405) Net amount of non-cash assets incorporated / held for sale (9,636) 532 (538) Cash and cash equivalents (5,554) 150 - Non-controlling interest 7,329 40 (8,630) Goodwill 74 (26) 1,391 Net amount of assets incorporated / held for sale (7,787) 696 (7,777) Interest held before acquisition - 67 - Seller financing (38) - - Cash and cash equivalents incorporated / held for sale - (150) 9,193 Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale (7,825) 613 1,416 |
Schedule of detail of significant non-cash transactions | The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2018, 2017 and 2016: June 30, 2018 June 30, 2017 June 30, 2016 Decrease in investments in associates and joint ventures through a decrease in borrowings 199 9 9 Dividends distribution to non-controlling shareholders not yet paid (1,529) 64 64 Increase in investments in associates and joint ventures through a decrease in trade and other receivables - 49 - Increase in intangible assets through an increase in trade and other payables - 111 - Increase in investments in associates and joint ventures through a decrease in investments in financial assets 4 702 - Increase in derivative financial instruments through a decrease in investments in financial assets - 24 - Payment of dividends through an increase in trade and other payables 8 - - Changes in non-controlling interest through a decrease in trade and other receivables 1,380 - - Increase in property, plant and equipment through an increase of trade and other payables 793 - - Increase in property, plant and equipment through an increase of borrowings 9 - 116 Increase in investment properties through an increase in trade and other payables 133 - - Increase in investment properties through a decrease in trade and other receivables 58 - - Increase in trade and other receivables through an increase in borrowings 109 - - Increase in trading properties through an increase in borrowings 2 - - Increase in investment properties through an increase in borrowings 27 - - Decrease in investment in associates and joint ventures through dividends receivables not yet paid 4 - - Decrease in investment in associates and joint ventures through an increase in assets held for sale 44 - - Increase in financial operations through a decrease in investments in associates and joint ventures 65 - - Decrease in investment in associates and joint ventures through an increase in trade and other receivables 7 - - Increase in investment properties through a decrease in property, plant and equipment - - 57 Increase in investment properties through an increase in trading properties - - 302 Increase in investments in financial assets through a decrease in trade and other receivables - - 71 Increase in investments in financial assets through an increase in trade and other payables - - 180 Increase in non-controlling interest through a decrease in derivative financial instruments - - 128 Increase in trading properties through a decrease in investment properties 10 - 317 Increase in trading properties through an increase in trade and other payables 62 - - Increase in trading properties through a decrease in trade and other receivables 31 - - Increase in investment properties through a decrease in trading properties 353 - - |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other payables [abstract] | |
Schedule of trade and other payables | Group’s trade and other payables as of June 30, 2018 and 2017 were as follows: Total as of June 30, 2018 Total as of June 30, 2017 Trade payables 9,688 14,793 Sales, rental and services payments received in advance 3,572 4,339 Construction obligations 1,475 1,226 Accrued invoices 948 633 Deferred income 37 73 Total trade payables 15,720 21,064 Dividends payable to non-controlling shareholders 123 251 Tax payables 325 510 Construction obligations 521 343 Other payables 1,412 1,711 Total other payables 2,381 2,815 Total trade and other payables 18,101 23,879 Non-current 3,484 3,040 Current 14,617 20,839 Total 18,101 23,879 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Provisions [abstract] | |
Schedule of provisions | The following table shows the movements in the Group's provisions categorized by type: Legal claims (i) Investments in associates and joint ventures (ii) Site dismantling and remediation (iii) Onerous contracts (iv) Other provisions (v) Total As of June 30, 2016 689 45 114 296 427 1,571 Additions 246 105 - 20 131 502 Incorporated by business combination 2 - - - - 2 Recovery (104) (80) - (135) - (319) Used during the year (151) - - - (68) (219) Currency translation adjustment 139 2 26 39 90 296 As of June 30, 2017 821 72 140 220 580 1,833 Additions 299 2,380 10 5 - 2,694 Incorporated by business combination 10 - - - - 10 Recovery (88) - (48) (123) 48 (211) Used during the year (202) - - - - (202) Deconsolidation (see Note 4.G.) (273) - - (174) - (447) Currency translation adjustment 461 - 61 73 330 925 As of June 30, 2018 1,028 2,452 163 1 958 4,602 June 30, 2018 June 30, 2017 Non-current 3,549 943 Current 1,053 890 Total 4,602 1,833 (i) Additions and recoveries are included in "Other operating results, net". (ii) Corresponds to the equity interest in New Lipstick with negative equity. 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 that currently amounts to NIS 106 (equivalent to Ps. 836 of these Consolidated Financial Statements). 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, 2018 | |
Borrowings [abstract] | |
Schedule of fair value of borrowings | The breakdown and the fair value of the Group borrowings as of June 30, 2018 and 2017 was as follows: Total as of June 30, 2018 Total as of June 30, 2017 Fair value as of June 30, 2018 Fair value as of June 30, 2017 NCN 171,142 108,417 183,338 110,164 Bank loans 31,244 12,012 31,837 12,048 Non-recourse loans - 7,025 - 6,930 Bank overdrafts 671 91 671 91 Other borrowings (i) 3,576 1,870 4,761 1,828 Total borrowings 206,633 129,415 220,607 131,061 Non-current 181,046 109,489 Current 25,587 19,926 Total (ii) 206,633 129,415 (i) Includes financial leases for Ps. 16 and Ps. 4 as of June 30, 2018 and 2017. (ii) Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. |
Schedule of maturity of the group's borrowings | The maturity of the Group's borrowings (excluding obligations under finance leases) is as follows: June 30, 2018 June 30, 2017 Share capital Less than 1 year 23,865 18,672 Between 1 and 2 years 25,722 14,352 Between 2 and 3 years 22,728 14,998 Between 3 and 4 years 18,887 11,918 Between 4 and 5 years 47,546 10,737 Later than 5 years 66,054 57,438 204,802 128,115 Interest Less than 1 year 1,714 1,253 Between 1 and 2 years 30 4 Between 2 and 3 years 33 7 Between 3 and 4 years 5 19 Between 4 and 5 years - 5 Later than 5 years 33 8 1,815 1,296 Leases 16 4 206,633 129,415 |
Schedule of borrowing by type of fixed-rate and floating-rate | 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, 2018 and 2017. June 30, 2018 Rate per currency Argentine Peso Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 1,049 - - 1,049 New Israel Shekel - - 80,685 80,685 US Dollar 23,228 372 12,273 35,873 Subtotal fixed-rate borrowings 24,277 372 92,958 117,607 Floating rate: Argentine Peso 1,154 - - 1,154 New Israel Shekel - - 86,214 86,214 US Dollar - - 1,642 1,642 Subtotal floating-rate borrowings 1,154 - 87,856 89,010 Total borrowings as per analysis 25,431 372 180,814 206,617 Finance leases obligations 16 - - 16 Total borrowings as per Statement of Financial Position 25,447 372 180,814 206,633 June 30, 2017 Rate per currency Argentine Peso Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 79 - - 79 New Israel Shekel - - 35,867 35,867 US Dollar 11,222 135 7,741 19,098 Subtotal fixed-rate borrowings 11,301 135 43,608 55,044 Floating rate: Argentine Peso 540 - - 540 New Israel Shekel - - 72,805 72,805 US Dollar - - 1,022 1,022 Subtotal floating-rate borrowings 540 - 73,827 74,367 Total borrowings as per analysis 11,841 135 117,435 129,411 Finance leases obligations 4 - - 4 Total borrowings as per Statement of Financial Position 11,845 135 117,435 129,415 |
Schedule of debt issuances | The following describes the debt issuances made by the Group for the years ended June 30, 2018, and 2017: Entity Class Issuance / expansion date Amount in original currency Maturity date Interest Principal payment Interest payment rate IRSA Class VII sep-16 384.2 9/9/2019 Badlar + 2.99% n.a At expiration quarterly IRSA Class VIII sep-16 US$ 184.5 9/9/2019 7% n.a. At expiration quarterly IRSA CP Class IV sep-17 US$ 140 9/14/2020 5% n.a. At expiration quarterly IDBD SERIES N aug-16 NIS 325 12/29/2022 5.3% e.a At expiration quarterly (1) IDBD SERIES M feb-17 NIS 1,060 11/28/2019 5.40% n.a. At expiration quarterly IDBD SERIES N jul-17 NIS 642.1 12/30/2022 5.3% e.a At expiration quarterly (1) IDBD SERIES N nov-17 NIS 357 12/30/2022 5.3% e.a At expiration quarterly (2) DIC SERIES F aug-16 NIS 360 12/31/2025 4.95% e.a. Annual payments since 2017 annual DIC SERIES F apr-17 NIS 444 12/31/2025 4.95% e.a. Annual payments since 2017 annual DIC SERIES J dec-17 NIS 762 12/30/2026 4.8% e.a. Annual payments since 2021 biannual (2) PBC SERIES I oct-16 NIS 102 6/29/2029 3.95% e.a. At expiration quarterly PBC SERIES I apr-17 NIS 431 6/29/2029 3.95% e.a. At expiration quarterly PBC SERIES I oct-17 NIS 497 6/29/2029 3.95% e.a. At expiration quarterly PBC SERIES I dec-17 NIS 496 6/29/2029 3.95% e.a. At expiration quarterly (2) Gav - Yam SERIES F apr-17 NIS 303 3/31/2026 4.75% e.a. Annual payments since 2021 biannual Gav - Yam SERIES H sep-17 NIS 424 6/30/2034 2.55% e.a. Annual payments since 2019 biannual Cellcom SERIES L jan-18 NIS 401 1/5/2028 2.5% e.a. Annual payments since 2023 annual Shufersal SERIES E jan-18 NIS 544 10/8/2028 4.3% e.a. Annual payments since 2018 annual Shufersal SERIES E jan-18 NIS 544 10/8/2028 4.3% e.a. Annual payments since 2018 annual (2) (1) 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 60.4 million shares of DIC under a single fixed charge of first line and in guarantee of by means of the lien, in an unlimited amount, in favor of the trustee for the holders of the debentures. (2) Corresponds a to an expansion of the series. |
Schedule of evolution of borrowing | The following table shows a detail of evolution of borrowing during the years ended June 30, 2018 and 2017: June 30, 2018 June 30, 2017 Balance at the beginning of the year 129,415 112,936 Borrowings 17,853 26,596 Payment of borrowings (17,969) (17,780) Obtention / (payment) of short term loans, net 345 (862) Interests paid (6,999) (5,326) Deconsolidation (see Note 4.G.) (21,310) - Accrued interests 8,288 6,192 Changes in fair value of third-party loans 114 - Loans received from associates and joint ventures, net 4 - Cumulative translation adjustment and exchange differences, net 96,892 7,659 Balance at the end of the year 206,633 129,415 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax | |
Schedule of income tax | The details of the provision for the Group’s income tax, is as follows: June 30, 2018 June 30, 2017 June 30, 2016 Current income tax (425) (745) (567) Deferred income tax 549 (2,021) (5,784) MPIT - - 26 Income tax from continuing operations 124 (2,766) (6,325) |
Schedule of statutory taxes rates | The statutory taxes rates in the countries where the Group operates for all of the years presented are: Tax jurisdiction Income tax rate Argentina 25% - 35% Uruguay 0% - 25% U.S.A. 0% - 45% Bermudas 0% Israel 23% - 24% |
Schedule of reconciliation of income tax expense | 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, 2018, 2017 and 2016: June 30, 2018 June 30, 2017 June 30, 2016 Loss from continuing operations at tax rate applicable in the respective countries (3,571) (1,963) (5,622) Permanent differences: Share of profit of associates and joint ventures (71) 130 (226) Unrecognized tax loss carryforwards (i) (1,557) (1,209) (169) Changes in fair value of financial instruments (ii) (346) 434 - Change of tax rate (ii) 5,676 396 (450) Non-taxable profit / (loss), non-deductible expenses and others (7) (554) 116 Income tax from continuing operations 124 (2,766) (6,351) MPIT - - 26 (i) Corresponds mainly to holding companies in the Operations Center in Israel (ii) As of June 30, 2018 corresponds to the effect of applying the changes in the tax rates applicable in accordance with the tax reform explained above, being Ps. 405 the effect of the rate change in US and Ps. 5,271 the effect of the rate change in Argentina. As of June 30, 2017 and 2016 the rate change was in Israel. |
Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities of the Group as of June 30, 2018 and 2017 will be recovered as follows: June 30, 2018 June 30, 2017 Deferred income tax asset to be recovered after more than 12 months 5,865 5,577 Deferred income tax asset to be recovered within 12 months 1,093 159 Deferred income tax assets 6,958 5,736 June 30, 2018 June 30, 2017 Deferred income tax liability to be recovered after more than 12 months (32,597) (19,027) Deferred income tax liability to be recovered within 12 months (178) (9,448) Deferred income tax liability (32,775) (28,475) Deferred income tax assets (liabilities), net (25,817) (22,739) |
Schedule of movement in the deferred income tax assets and liabilities | The movement in the deferred income tax assets and liabilities during the years ended June 30, 2018 and 2017, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: 06.30.17 Business combination and Assets held for sale (i) Cumulative translation adjustment Charged / (Credited) to the statements of income Deconsolidation 06.30.18 Assets Trade and other payables 2,021 - 526 (591) - 1,956 Tax loss carry-forwards 2,955 1 746 703 - 4,405 Others 760 - 523 (268) (418) 597 Subtotal assets 5,736 1 1,795 (156) (418) 6,958 Liabilities - - - - - - Investment properties and Property, plant and equipment (24,176) (14) (6,640) (300) 2,445 (28,685) Trading properties (99) - (73) 20 - (152) Trade and other receivables (305) - - (81) - (386) Investments (9) - 1 (16) - (24) Intangible assets (2,682) - 126 433 781 (1,342) Others (1,204) - (1,341) 359 - (2,186) Subtotal liabilities (28,475) (14) (7,927) 415 3,226 (32,775) Assets (Liabilities), net (22,739) (13) (6,132) 259 2,808 (25,817) 06.30.16 Business combination and Assets held for sale (i) Cumulative translation adjustment Charged / (Credited) to the statements of income Reclassification opening balances Use of tax loss carry-forwards 06.30.17 Assets Trade and other payables 1,774 - 281 (34) - - 2,021 Tax loss carry-forwards 3,251 - 488 (613) - (171) 2,955 Others 724 (47) 136 (53) - - 760 Subtotal assets 5,749 (47) 905 (700) - (171) 5,736 Liabilities - - - - - - - Investment properties and Property, plant and equipment (20,772) - (1,888) (1,575) 59 - (24,176) Trading properties (120) - (24) 45 - - (99) Trade and other receivables (142) (7) - (156) - - (305) Investments (10) - 1 - - - (9) Intangible assets (2,860) - (312) 490 - - (2,682) Others (944) 36 (122) (174) - - (1,204) Subtotal liabilities (24,848) 29 (2,345) (1,370) 59 - (28,475) Assets (Liabilities), net (19,099) (18) (1,440) (2,070) 59 (171) (22,739) (i) Includes Ps. 6 for business combination (Note 4) and Ps. 12 for reclassification to assets held for sale (Note 31). |
Schedule of tax loss carry forward | As of June 30, 2018, the Group's recognized tax loss carry forward prescribed as follows: Date Total 2019 49 2020 35 2021 33 2022 9 2023 2,875 Do not expire 1,404 Total 4,405 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Leases | |
Schedule of operating leases | The future minimum payments that the Group must pay under operating leases are as follows: June 30, 2018 June 30, 2017 June 30, 2016 No later than one year 2,173 2,901 3,860 Later than one year and not later than five years 4,477 7,949 6,705 Later than five years 655 1,869 2,127 7,305 12,719 12,692 Rental properties are considered to be investment property. Book value is included in Note 9. The future minimum proceeds under non-cancellable operating leases from Group’s shopping malls, offices and other buildings are as follows: June 30, 2018 June 30, 2017 June 30, 2016 No later than one year 4,813 4,437 3,137 Later than one year and not later than five years 22,371 12,451 13,361 Later than five years 8,290 4,632 4,247 35,474 21,520 20,745 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Revenue [abstract] | |
Schedule of revenues | June 30, 2018 June 30, 2017 June 30, 2016 Income from communication services 14,392 11,958 4,956 Rental and services income 10,671 8,537 5,197 Sale of communication equipment 4,955 4,006 1,844 Sale of trading properties and developments 1,818 1,454 191 Revenue from hotel operation and tourism services 1,040 766 557 Other revenues 212 283 171 Total Group’s revenues 33,088 27,004 12,916 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Expenses By Nature | |
Schedule of expenses by nature | The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2018, 2017 and 2016: Costs General and administrative expenses Selling expenses Total as of June 30, 2018 Cost of sale of goods and services 5,219 - - 5,219 Salaries, social security costs and other personnel expenses 2,455 1,627 1,485 5,567 Depreciation and amortization 2,250 575 912 3,737 Fees and payments for services 1,830 859 66 2,755 Maintenance, security, cleaning, repairs and others 1,689 146 96 1,931 Advertising and other selling expenses 270 6 1,272 1,548 Taxes, rates and contributions 328 81 196 605 Interconnection and roaming expenses 2,066 - - 2,066 Fees to other operators 2,576 - - 2,576 Director´s fees - 228 - 228 Leases and service charges 52 5 133 190 Allowance for doubtful accounts, net - - 269 269 Other expenses 894 342 234 1,470 Total as of June 30, 2018 19,629 3,869 4,663 28,161 Costs General and administrative expenses Selling expenses Total as of June 30, 2017 Cost of sale of goods and services 4,269 4 - 4,273 Salaries, social security costs and other personnel expenses 2,008 1,257 1,150 4,415 Depreciation and amortization 1,804 520 1,053 3,377 Fees and payments for services 1,704 671 48 2,423 Maintenance, security, cleaning, repairs and others 1,444 86 3 1,533 Advertising and other selling expenses 284 - 1,050 1,334 Taxes, rates and contributions 232 23 168 423 Interconnection and roaming expenses 1,711 - - 1,711 Fees to other operators 1,691 - - 1,691 Director´s fees - 180 - 180 Leases and service charges 82 18 5 105 Allowance for doubtful accounts, net - - 204 204 Other expenses 804 460 326 1,590 Total as of June 30, 2017 16,033 3,219 4,007 23,259 Costs General and administrative expenses Selling expenses Total as of June 30, 2016 Cost of sale of goods and services 1,557 - - 1,557 Salaries, social security costs and other personnel expenses 1,202 552 502 2,256 Depreciation and amortization 738 256 538 1,532 Fees and payments for services 706 396 37 1,139 Maintenance, security, cleaning, repairs and others 664 59 3 726 Advertising and other selling expenses 282 - 472 754 Taxes, rates and contributions 223 14 150 387 Interconnection and roaming expenses - 157 - 157 Leases and service charges 50 2 - 52 Allowance for doubtful accounts, net - 62 8 70 Other expenses 1,614 141 132 1,887 Total as of June 30, 2016 7,036 1,639 1,842 10,517 |
Cost of goods sold and servic_2
Cost of goods sold and services provided (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Cost Of Goods Sold And Services Provided | |
Schedule of cost of goods sold and services | Total as of June 30, 2018 Total as of June 30, 2017 Inventories at the beginning of the year (*) 10,041 8,216 Purchases and expenses 69,910 54,426 Capitalized finance costs 11 - Cumulative translation adjustment 5,874 2,687 Transfers 9 27 Deconsolidation (Note 4.G) (6,276) - Transfers to investment properties (353) - Incorporated by business combination 380 - Inventories at the end of the year (*) (9,880) (10,041) Total costs 69,716 55,315 (**) Includes the cost of goods sold from Shufersal which was reclassified as discontinued operations for an amount of Ps. 45,087, as of June 30, 2018 and Ps. 39,282 as of June 30, 2017. |
Schedule of inventories | The following table presents the composition of the Group’s inventories for the years ended June 30, 2018 and 2017: Total as of June 30, 2018 Total as of June 30, 2017 Real estate 9,275 5,804 Supermarkets - 3,873 Telecommunications 592 320 Others 13 44 Total inventories at the end of the year (*) 9,880 10,041 (*) Inventories includes trading properties and inventories. |
Other operating results, net (T
Other operating results, net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Other Operating Results Net | |
Schedule of other operating results | June 30, 2018 June 30, 2017 June 30, 2016 Gain from disposal of an associate (1) 311 - - Donations (67) (123) (58) Lawsuits and other contingencies (2) 406 (22) 14 Currency translation adjustment reversal (3) - 41 100 Others (68) (102) (88) Total other operating results, net 582 (206) (32) (1) Includes the gain from the sale of the Group’s equity interest in Cloudyn for Ps. 252. (2) As of June 30, 2018, includes the favorable ruling of a trial in the Operations Center in Israel for an amount of approximately Ps. 435. Includes legal costs and expenses Includes legal costs and expenses (3) As of June 30, 2017, it pertains to the reversal of the cumulative translation adjustment generated by IMadison, a subsidiary liquidated during that fiscal year. As of June 30, 2016, Ps. 143 correspond to the reversal of cumulative translation adjustment before the business combination with IDBD and Ps. 9 to the reversal of the reserve of the cumulative translation adjustment generated in Rigby following the dissolution of the company. |
Financial results, net (Tables)
Financial results, net (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Financial Results Net | |
Schedule of financial results | June 30, 2018 June 30, 2017 June 30, 2016 Finance income: - Interest income 740 704 619 - Foreign exchange gain 939 165 573 - Dividends income 82 68 72 Total finance income 1,761 937 1,264 Finance costs: - Interest expenses (7,745) (6,092) (2,330) - Loss on debt swap (Note 19) (2,228) - - - Foreign exchange loss (10,803) (1,240) (2,620) - Other finance costs (356) (743) (621) Subtotal finance costs (21,132) (8,075) (5,571) Capitalized finance costs 74 3 - Total finance costs (21,058) (8,072) (5,571) Other financial results: - Fair value gain of financial assets and liabilities at fair value through profit or loss, net 426 2,928 (1,445) - Gain on derivative financial instruments, net 170 112 927 Total other financial results 596 3,040 (518) Total financial results, net (18,701) (4,095) (4,825) |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Profit per share attributable to equity holders of the parent: | |
Schedule of basic earnings per share | Basic earnings per share amounts are calculated in accordance with IAS 33 "Earning per share" by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares outstanding during the year. June 30, 2018 June 30, 2017 June 30, 2016 Profit for the year of continuing operations attributable to equity holders of the parent 5,278 1,383 8,635 Profit for the year of discontinued operations attributable to equity holders of the parent 9,725 1,647 338 Profit for the year attributable to equity holders of the parent 15,003 3,030 8,973 Weighted average number of ordinary shares outstanding 575 575 575 Basic earnings per share 26.09 5.27 15.61 |
Schedule of diluted earnings per share | The Group holds treasury shares associated with incentive plans with potentially dilutive effect. June 30, 2018 June 30, 2017 June 30, 2016 Profit for the year of continuing operations attributable to equity holders of the parent 5,278 1,383 8,635 Profit for the year of discontinued operations attributable to equity holders of the parent 9,725 1,647 338 Profit for the year per share attributable to equity holders of the parent 15,003 3,030 8,973 Weighted average number of ordinary shares outstanding 579 579 579 Diluted earnings per share 25.91 5.23 15.50 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Employee Benefits | |
Schedule of movements in the number of matching shares outstanding | Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows: June 30, 2018 June 30, 2017 June 30, 2016 At the beginning 3,507,947 3,619,599 4,439,507 Additions - - - Disposals - (10,169) (117,367) Granted (160,746) (101,483) (702,541) At the end 3,347,201 3,507,947 3,619,599 |
Schedule of options pending | The following table shows the detail of the options pending at year end: DIC Cellcom Exercise price range of outstanding options NIS 2.92-8 NIS 25.65-51.48 Average price of outstanding options NIS 6.46 NIS 28.3 Amount of outstanding options 4,745,090 918,665 Average remaining useful life 4.75 years 1.61 years |
Schedule of employee benefits - Israel | 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, 2018 June 30, 2017 June 30, 2016 Present value of unfunded obligations 316 673 572 Present value of funded obligations 371 1,789 1,070 Total present value of defined benefits obligations (post-employment) 687 2,462 1,642 Fair value of plan assets (592) (1,703) (1,101) Recognized liability for defined benefits obligations 95 759 541 Liability for other long-term benefits 15 4 148 Total recognized liabilities 110 763 689 Assets designed for payment of employee benefits - - (4) Net position from employee benefits 110 763 685 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Related party transactions [abstract] | |
Schedule of company's senior management | The Company’s Senior Management in the Operation Center in Argentina is composed of as follows: Name Date of Birth Position Actual position since Eduardo S. Elsztain 01/26/1960 General Manager 1991 Daniel R. Elsztain 12/22/1972 Operating Manager 2012 Arnaldo Jawerbaum 08/13/1966 Investment Manager 2017 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 The Company’s Senior Management in the Operation Center in Israel is composed of as follows: Name Date of Birth Position Actual position since Sholem Lapidot 22/10/1979 General Manager 2016 Gil Kotler 10/04/1966 Financial Manager 2016 Aaron Kaufman 03/03/1970 Vice president and General Assessor 2016 |
Schedule of balances with related parties | The following is a summary presentation of the balances with related parties as of June 30, 2018 and 2017: Item June 30, 2018 June 30, 2017 Trade and other receivables 748 1,434 Investments in financial assets 343 324 Trade and other payables (191) (172) Borrowings (10 ) (11 ) Total 890 1,575 Related company June 30, 2018 June 30, 2017 Description of transaction Item Manibil S.A. 72 84 Contributions in advance Trade and other receivables New Lipstick LLC 585 - Loans granted Trade and other receivables 7 - Reimbursement of expenses receivables Trade and other receivables Condor - 8 Dividends receivables Trade and other receivables 135 82 Public companies securities Investments in financial assets LRSA 29 29 Leases and/or rights of use Trade and other receivables (1) - Reimbursement of expenses not yet paid Trade and other payables 7 - Dividends receivables Trade and other receivables Other associates and joint ventures - - Loans granted Trade and other receivables 1 8 Reimbursement of expenses receivables Trade and other receivables - (5) Commissions Trade and other payables (10) (11) Loans received Borrowings (1) - Leases and/or rights of use not yet paid Trade and other payables 4 3 Leases and/or rights of use receivables Trade and other receivables 1 5 Management fees receivables Trade and other receivables 7 - Loans granted Trade and other receivables - (1) Advertising spaces not yet paid Trade and other payables - 1 Share-based payments Trade and other receivables 1 - Long-term incentive plan Trade and other receivables (1 ) (1 ) Reimbursement of expenses not yet paid Trade and other payables Total associates and joint ventures 836 202 Cresud (16) (36) Reimbursement of expenses not yet paid Trade and other payables (56) (22) Corporate services not yet paid Trade and other payables 208 242 NCN Investments in financial assets - 5 Leases and/or rights of use receivables Trade and other receivables (2) - Leases and/or rights of use not yet paid Trade and other payables (22) - Management fee Trade and other payables (3) - Share-based payments Trade and other payables - (1 ) Long-term incentive plan Trade and other payables Total parent company 109 188 IFISA - 1,283 Loans granted Trade and other receivables Taaman - (24 ) Leases and/or rights of use not yet paid Trade and other payables Willifood - (29 ) Leases and/or rights of use not yet paid Trade and other payables RES LP 2 - Reimbursement of expenses receivables Trade and other receivables 19 - Dividends receivables Trade and other receivables Directors (83 ) (44 ) Fees for services received Trade and other payables Others (1) 1 1 Leases and/or rights of use receivables Trade and other receivables 7 2 Fees not yet paid Trade and other receivables (1 ) (4 ) Fees for services received Trade and other payables Total others (55 ) 1,185 Total at the end of the year 890 1,575 (1) Includes CAMSA. Avenida compras and Avenida Inc., Estudio Zang, Bergel & Viñes, Austral Gold, Fundación IRSA, Hamonet S.A., Museo de los Niños. |
Schedule of results with related parties | The following is a summary of the results with related parties for the years ended June 30, 2018 and 2017: Related party June 30, 2018 June 30, 2017 June 30, 2016 Description of transaction BACS 17 1 6 Leases and/or rights of use - 39 21 Financial operations Adama - 293 16 Corporate services Manibil 38 - - Corporate services Condor 119 235 122 Financial operations La Rural S.A. 12 - - Leases and/or rights of use 13 - - Financial operations Tarshop 16 14 12 Leases and/or rights of use ISPRO - Mehadrin 117 - 57 Corporate services Other associates and joint ventures 1 (4) (8) Financial operations 7 16 3 Leases and/or rights of use 5 - - Fees and remunerations (1) - - Corporate services - 4 3 Management fees Total associates and joint ventures 344 598 232 Cresud 5 2 7 Leases and/or rights of use (227) (177) (121) Corporate services 151 62 74 Financial operations Total parent company (71 ) (113 ) (40 ) IFISA 56 (116 ) 31 Financial operations Directors (218 ) (113 ) (146 ) Fees and remunerations Estudio Zang, Bergel & Viñes (15 ) - - Fees and remunerations Taaman 157 - - Corporate services Fundación IRSA (13 ) - - Donations Exportaciones Agroindustriales Arg. (21 ) - - Corporate services BHN Vida S.A. 4 18 - Leases and/or rights of use Willifood 134 - - Corporate services Others (1) 5 - - Corporate services 1 4 (1) Leases and/or rights of use 13 - - Financial operations - (9) (8) Donations 4 - - Fees and remunerations - (4 ) (5 ) Legal services Total others 107 (220 ) (129 ) Total at the end of the year 380 265 63 (1) It includes Isaac Elsztain e Hijos, CAMSA. Hamonet S.A., Ramat Hanassi, Estudio Zang, Bergel & Viñes, and Fundación IRSA. |
Schedule of transactions with related parties | The following is a summary of the transactions with related parties for the years ended June 30, 2018 and 2017: Related party June 30, 2018 June 30, 2017 Description of the operation La Rural S.A. 34 9 Dividends received Cyrsa - 7 Dividends received Baicom - 1 Dividends received NPSF 9 12 Dividends received Manaman 25 36 Dividends received Manibil - 19 Dividends received Ramat Hanassi 20 - Dividends received PBEL - - Dividends received EMCO 91 101 Dividends received Aviareps - 36 Dividends received Tourism & Recreation Holdings Ltd. 25 7 Dividends received Condor 55 22 Dividends received Banco Hipotecario 60 - Dividends received Cresud 882 - Dividends paid Helmir 5 - Dividends paid Total distribution 1,206 250 Manibil 45 38 Irrevocable contributions Puerto Retiro - 2 Irrevocable contributions Avenida Inc. 7 - Irrevocable contributions Ramat Hanassi 9 102 Irrevocable contributions PBS-Romania - 7 Irrevocable contributions Secdo / SixGill 34 - Irrevocable contributions PBEL - 8 Irrevocable contributions Secured Touch 5 - Irrevocable contributions Open Legacy 17 - Irrevocable contributions Quality 39 3 Irrevocable contributions Total subsidiaries contributions 156 160 IFISA (see Note 4.) 1,968 - Acquisition of non-controlling interest Total other transactions 2,124 160 |
Foreign currency assets and l_2
Foreign currency assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Foreign Currency Assets And Liabilities | |
Schedule of foreign currency assets and liabilities | Item / Currency (1) Amount (2) Exchange rate (3) Total as of 06.30.18 Amount (2) Exchange rate (3) Total as of 06.30.17 Assets Trade and other receivables US Dollar 42 28.750 1,202 35 16.530 572 Euros 5 33.540 179 9 18.848 172 Receivables with related parties: US Dollar 51 28.850 1,466 52 16.630 855 Total trade and other receivables 2,847 1,599 Restricted assets US Dollar - 28.750 - 2 16.530 41 Total Restricted assets - 41 Investments in financial assets US Dollar 125 28.750 3,592 61 16.530 1,014 Pounds 1 37.904 39 1 21.486 18 Investments with related parties: US Dollar 12 28.850 343 20 16.630 324 Total investments in financial assets 3,974 1,356 Derivative financial instruments US Dollar 1 28.750 32 1 16.530 10 Derivative financial instruments with related parties: US Dollar - 28.850 - 2 16.630 26 Total Derivative financial instruments 32 36 Cash and cash equivalents US Dollar 269 28.750 7,734 318 16.530 5,250 Euros 2 33.540 66 3 18.848 49 New Israel Shekel - 7.890 - - 4.770 1 Total Cash and cash equivalents 7,800 5,300 Total Assets 14,653 8,332 Liabilities Trade and other payables US Dollar 104 28.850 3,007 57 16.630 955 Euros 3 33.729 88 1 19.003 19 Payables to related parties: US Dollar 1 28.850 25 1 16.630 21 Total Trade and other payables 3,120 995 Borrowings US Dollar 868 28.850 25,029 1,123 16.630 18,683 Total Borrowings 25,029 18,683 Total Liabilities 28,149 19,678 (1) Stated in millions of units in foreign currency. Considering foreign currencies those that differ from each Group’s functional currency at each year-end. (2) Exchange rate as of June 30, of each year according to Banco Nación Argentina records. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 13). |
Groups of assets and liabilit_2
Groups of assets and liabilities held for sale (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Groups Of Assets And Liabilities Held For Sale | |
Schedule of assets and liabilities classified as held for sale | The following table shows the main assets and liabilities classified as held for sale: June 30, 2018 June 30, 2017 Property, plant and equipment 2,698 1,712 Intangible assets 32 19 Investments in associates 47 33 Deferred income tax assets 103 57 Investment properties 521 5 Income tax credits - 10 Trade and other receivables 1,444 688 Cash and cash equivalents 347 157 Total group of assets held for sale 5,192 2,681 Trade and other payables 1,957 930 Salaries and social security liabilities - 148 Employee benefits 150 52 Deferred income tax liability 16 10 Borrowings 1,120 715 Total group of liabilities held for sale 3,243 1,855 Total net assets held for sale 1,949 826 |
Results from discontinued ope_2
Results from discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Results From Discontinued Operations | |
Schedule of discontinued operations. | The results of Shufersal, Israir and IDB Tourism operations, the share of profit of Adama and the finance costs associated to its non-recourse loan, until Adama’s sale, and the results from sale of the investment in Adama and Shufersal have been reclassified in the Statements of Income under discontinued operations. June 30, 2018 June 30, 2017 June 30, 2016 Revenues 66,740 51,578 19,759 Costs (50,087) (39,282) (15,073) Gross profit 16,653 12,296 4,686 Net gain from fair value adjustment of investment properties 164 113 23 General and administrative expenses (1,162) (857) (294) Selling expenses (13,042) (9,655) (3,955) Other operating results, net (i) 10,838 3,888 (6) Profit from operations 13,451 5,785 454 Share of profit of associates and joint ventures 54 373 344 Profit before financial results and income tax 13,505 6,158 798 Finance income 94 148 408 Finance costs (675) (1,962) (367) Other financial results (75) (111) - Financial results, net (656) (1,925) 41 Profit before income tax 12,849 4,233 839 Income tax (370) (140) (22) Profit from discontinued operations (ii) 12,479 4,093 817 Profit for the year from discontinued operations attributable to: Equity holders of the parent 9,725 1,647 338 Non-controlling interest 2,754 2,446 479 Profit per share from discontinued operations attributable to equity holders of the parent: Basic 16.91 2.86 0.59 Diluted 16.80 2.84 0.58 (i) Includes the result of the loss of control of Shufersal (see note 4.G) as of June 30, 2018 and the sale of Adama, which generated a profit of Ps. 4,216 in the year ended June 30, 2017. (ii) As of June 30, 2018, 2017 and 2016, Ps. 60,470, Ps. 47,168 and Ps 18,607 of the total revenues from discontinued operations and Ps 12,377, Ps. 1,075 and Ps. 373 of the total profit from discontinued operations corresponds to Shufersal. |
Summary of significant accoun_4
Summary of significant accounting policies (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Non-current assets | ||||
Trading properties | $ 6,018 | $ 4,532 | ||
Investments in associates and joint ventures | 24,650 | 7,885 | ||
Deferred income tax assets | 380 | |||
Trade and other receivables | 8,142 | 4,974 | ||
Total non-current assets | 239,755 | 165,750 | ||
Current assets | ||||
Trading properties | 3,232 | 1,249 | ||
Trade and other receivables | 14,947 | 17,264 | ||
Total current assets | 96,018 | 65,492 | ||
TOTAL ASSETS | 335,773 | 231,242 | ||
Shareholders' equity attributable to equity holders of the parent | ||||
Retained earnings | 37,421 | |||
Non-controlling interest | 37,120 | 21,472 | ||
TOTAL SHAREHOLDERS' EQUITY | 74,541 | 47,336 | $ 35,856 | $ 12,980 |
Non-current liabilities | ||||
Trade and other payables | 3,484 | 3,040 | ||
Borrowings | 181,046 | 109,489 | ||
Deferred income tax liabilities | 26,197 | |||
Total non-current liabilities | 214,476 | 137,472 | ||
Current liabilities | ||||
Trade and other payables | 14,617 | 20,839 | ||
Borrowings | 25,587 | |||
Income tax and MPIT liabilities | 522 | |||
Total current liabilities | 46,756 | 46,434 | ||
TOTAL LIABILITIES | 261,232 | 183,906 | ||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 335,773 | $ 231,242 | ||
IFRS 15 Impact [Member] | ||||
Non-current assets | ||||
Trading properties | (3,338) | |||
Investments in associates and joint ventures | 24 | |||
Deferred income tax assets | (95) | |||
Trade and other receivables | 497 | |||
Total non-current assets | (2,912) | |||
Current assets | ||||
Trading properties | (734) | |||
Trade and other receivables | 292 | |||
Total current assets | (442) | |||
TOTAL ASSETS | (3,354) | |||
Shareholders' equity attributable to equity holders of the parent | ||||
Retained earnings | 127 | |||
Non-controlling interest | 126 | |||
TOTAL SHAREHOLDERS' EQUITY | 253 | |||
Non-current liabilities | ||||
Trade and other payables | (1,647) | |||
Borrowings | ||||
Deferred income tax liabilities | (43) | |||
Total non-current liabilities | (1,690) | |||
Current liabilities | ||||
Trade and other payables | (1,925) | |||
Borrowings | ||||
Income tax and MPIT liabilities | 8 | |||
Total current liabilities | (1,917) | |||
TOTAL LIABILITIES | (3,607) | |||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | (3,354) | |||
IFRS 9 Impact [Member] | ||||
Non-current assets | ||||
Trading properties | ||||
Investments in associates and joint ventures | (19) | |||
Deferred income tax assets | ||||
Trade and other receivables | (63) | |||
Total non-current assets | (82) | |||
Current assets | ||||
Trading properties | ||||
Trade and other receivables | (32) | |||
Total current assets | (32) | |||
TOTAL ASSETS | (114) | |||
Shareholders' equity attributable to equity holders of the parent | ||||
Retained earnings | (453) | |||
Non-controlling interest | (473) | |||
TOTAL SHAREHOLDERS' EQUITY | (926) | |||
Non-current liabilities | ||||
Trade and other payables | ||||
Borrowings | 1,025 | |||
Deferred income tax liabilities | (268) | |||
Total non-current liabilities | 757 | |||
Current liabilities | ||||
Trade and other payables | ||||
Borrowings | 55 | |||
Income tax and MPIT liabilities | ||||
Total current liabilities | 55 | |||
TOTAL LIABILITIES | 812 | |||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | (114) | |||
Adjusted Statement Of Financial Position [Member] | ||||
Non-current assets | ||||
Trading properties | 2,680 | |||
Investments in associates and joint ventures | 24,655 | |||
Deferred income tax assets | 285 | |||
Trade and other receivables | 8,576 | |||
Total non-current assets | 236,761 | |||
Current assets | ||||
Trading properties | 2,498 | |||
Trade and other receivables | 15,207 | |||
Total current assets | 95,544 | |||
TOTAL ASSETS | 332,305 | |||
Shareholders' equity attributable to equity holders of the parent | ||||
Retained earnings | 37,095 | |||
Non-controlling interest | 36,773 | |||
TOTAL SHAREHOLDERS' EQUITY | 73,868 | |||
Non-current liabilities | ||||
Trade and other payables | 1,837 | |||
Borrowings | 182,071 | |||
Deferred income tax liabilities | 25,886 | |||
Total non-current liabilities | 213,543 | |||
Current liabilities | ||||
Trade and other payables | 12,692 | |||
Borrowings | 25,642 | |||
Income tax and MPIT liabilities | 530 | |||
Total current liabilities | 44,894 | |||
TOTAL LIABILITIES | 258,437 | |||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 332,305 |
Summary of significant accoun_5
Summary of significant accounting policies (Details 1) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
IRSA's Direct Interest [Member] | IRSA Propiedades Comerciales S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [1] | Argentina | ||
Main activity | [1] | Real estate | ||
% of ownership interest held by the Group | [1] | 86.34% | 94.61% | 94.61% |
IRSA's Direct Interest [Member] | 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% | |
IRSA's Direct Interest [Member] | 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% | |
IRSA's Direct Interest [Member] | Hoteles Argentinos S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Hotel | |||
% of ownership interest held by the Group | 80.00% | 80.00% | 80.00% | |
IRSA's Direct Interest [Member] | 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% | |
IRSA's Direct Interest [Member] | Llao Llao Resorts S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [2] | Argentina | ||
Main activity | [2] | Hotel | ||
% of ownership interest held by the Group | [2] | 50.00% | 50.00% | 50.00% |
IRSA's Direct Interest [Member] | 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% | |
IRSA's Direct Interest [Member] | 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% | |
IRSA's Direct Interest [Member] | 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% | |
IRSA's Direct Interest [Member] | 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% | |
IRSA's Direct Interest [Member] | U.T. IRSA And Galerias Pacifico [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [2],[3] | Argentina | ||
Main activity | [2],[3] | Investment | ||
% of ownership interest held by the Group | [2],[3] | 50.00% | 50.00% | |
IRSA CP's Direct Interest [Member] | 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% | |
IRSA CP's Direct Interest [Member] | 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% | |
IRSA CP's Direct Interest [Member] | Fibesa S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [4] | Argentina | ||
Main activity | [4] | Real estate | ||
% of ownership interest held by the Group | [4] | 100.00% | 100.00% | 100.00% |
IRSA CP's Direct Interest [Member] | 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% | |
IRSA CP's Direct Interest [Member] | Shopping Neuquen S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 99.92% | 99.92% | 99.14% | |
IRSA CP's Direct Interest [Member] | 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% | |
IRSA CP's Direct Interest [Member] | Entertainment Holdings S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 70.00% | 70.00% | ||
IRSA CP's Direct Interest [Member] | Centro De Entretenimiento La Plata [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [3] | Argentina | ||
Main activity | [3] | Real estate | ||
% of ownership interest held by the Group | [3] | 100.00% | ||
Tyrus S.A.'s Direct Interest [Member] | Dolphin Fund Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bermudas | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 91.57% | 91.57% | 91.57% | |
Tyrus S.A.'s Direct Interest [Member] | I Madison LLC [Member] | ||||
Disclosure of associates [line items] | ||||
Country | USA | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | ||
Tyrus S.A.'s Direct Interest [Member] | IRSA Development LP [Member] | ||||
Disclosure of associates [line items] | ||||
Country | USA | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | ||
Tyrus S.A.'s Direct Interest [Member] | IRSA International LLC [Member] | ||||
Disclosure of associates [line items] | ||||
Country | USA | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Tyrus S.A.'s Direct Interest [Member] | Jiwin S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Uruguay | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Tyrus S.A.'s Direct Interest [Member] | Liveck 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% | |
Tyrus S.A.'s Direct Interest [Member] | Real Estate Investment Group IV LP (REIG IV) [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bermudas | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | ||
Tyrus S.A.'s Direct Interest [Member] | 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% | 100.00% | |
Tyrus S.A.'s Direct Interest [Member] | Real Estate Strategies LLC [Member] | ||||
Disclosure of associates [line items] | ||||
Country | USA | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
Efanur S.A.'s Direct Interest [Member] | Real Estate Investment Group VII LP (REIG VII) [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bermudas | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | |||
DFL's Direct Interest [Member] | IDB Development Corporation Ltd [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 68.28% | 68.28% | |
DFL's Direct Interest [Member] | Dolphin IL Investment Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | |||
DIL's Direct Interest [Member] | Discount Investment Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [5] | Israel | ||
Main activity | [5] | Investment | ||
% of ownership interest held by the Group | [5] | 76.57% | 77.25% | 76.43% |
IDBD's Direct Interest [Member] | 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% | |
IDBD's Direct Interest [Member] | 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% | |
DIC's Direct Interest [Member] | Property And Building Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 64.40% | 64.40% | 76.45% | |
DIC's Direct Interest [Member] | Shufersal Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [6] | Israel | ||
Main activity | [6] | Retail | ||
% of ownership interest held by the Group | [6] | 54.19% | 52.95% | |
DIC's Direct Interest [Member] | Cellcom Israel Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [7] | Israel | ||
Main activity | [7] | Telecommunications | ||
% of ownership interest held by the Group | [7] | 43.14% | 42.26% | 41.77% |
DIC's Direct Interest [Member] | Elron Electronic Industries Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 50.30% | 50.30% | 50.30% | |
DIC's Direct Interest [Member] | 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% | 55.68% | 55.68% | |
DIC's Direct Interest [Member] | Epsilon Investment House Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 68.75% | 68.75% | 68.75% | |
[1] | Includes interest held through E-Commerce Latina S.A. and Tyrus S.A.. | |||
[2] | The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerias Pacifico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. | |||
[3] | Corresponds to acquisitions and constitutions of new entities considered not material as a whole. | |||
[4] | Includes interest held through Ritelco S.A. and Torodur S.A.. | |||
[5] | Includes Tyrus's equity interest. Until the present financial year, the participation was through Tyrus S.A. and IDBD. | |||
[6] | Control was lost in June 30, 2018. See Note 4.G. | |||
[7] | DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-a-vis other shareholders, with a stake of 46.16%, also taking into account the historic voting performance in the Shareholders' Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. |
Summary of significant accoun_6
Summary of significant accounting policies (Details 2) | 12 Months Ended |
Jun. 30, 2018 | |
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 |
Acquisitions and disposals (Det
Acquisitions and disposals (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Fair value of identifiable assets and assumed liabilities: | ||||
Properties, plant and equipment | $ (28,801) | $ 1,712 | $ 15,104 | |
Inventories | (5,896) | 1,919 | ||
Cash and cash equivalents | (5,554) | 150 | ||
Borrowings | (21,050) | 660 | 60,306 | |
Trade and other payables | (22,933) | 917 | 19,749 | |
Provisions | $ (432) | $ (2) | $ 969 | |
New Pharm Drugstores Ltd. [Member] | ||||
Fair value of identifiable assets and assumed liabilities: | ||||
Properties, plant and equipment | $ 200 | |||
Inventories | 380 | |||
Trade and other receivables | 335 | |||
Cash and cash equivalents | 25 | |||
Borrowings | (260) | |||
Trade and other payables | (930) | |||
Employee benefits | (25) | |||
Provisions | (15) | |||
Total net identifiable assets | (290) | |||
Goodwill (pending allocation) | 920 | |||
Total | $ 630 |
Acquisitions and disposals (D_2
Acquisitions and disposals (Details 1) - Shufersal Ltd. [Member] $ in Millions | 12 Months Ended | |
Jun. 30, 2018ARS ($) | ||
Disclosure of detailed information about business combination [line items] | ||
Cash received | $ 6,420 | |
Remediation of the fair value of the remaining interest | 13,164 | |
Total | 19,584 | |
Net assets disposed including goodwill | (8,501) | |
Gain from the sale of a subsidiary, net of taxes | $ 11,083 | [1] |
[1] | Includes Ps. 2,643 as a result of the sale and Ps. 8,440 as a result of the remeasurement at the fair value of the new stake. |
Acquisitions and disposals (D_3
Acquisitions and disposals (Details 2) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Fair value of identifiable assets and assumed liabilities: | |||
Investment properties | $ (4,382) | $ 29,586 | |
Property, plant and equipment | (28,801) | 1,712 | 15,104 |
Intangible assets | (6,188) | 19 | 6,603 |
Investments in associates and joint ventures | (365) | (74) | 9,268 |
Restricted assets | (91) | ||
Investments in financial assets | (2,846) | 5,824 | |
Inventories | (5,896) | 1,919 | |
Cash and cash equivalents | (5,554) | 150 | |
Borrowings | 21,050 | (660) | (60,306) |
Trade and other payables | 22,933 | (917) | (19,749) |
Provisions | 432 | 2 | (969) |
Employee benefits | 1,254 | (47) | (405) |
Non-controlling interest | 7,329 | $ 40 | $ (8,630) |
Shufersal Ltd. [Member] | |||
Fair value of identifiable assets and assumed liabilities: | |||
Investment properties | 4,489 | ||
Property, plant and equipment | 29,001 | ||
Intangible assets | 7,108 | ||
Investments in associates and joint ventures | 401 | ||
Restricted assets | 91 | ||
Trade and other receivables | 12,240 | ||
Investments in financial assets | 2,846 | ||
Derivative financial instruments | 23 | ||
Inventories | 6,276 | ||
Cash and cash equivalents | 5,579 | ||
TOTAL ASSETS | 68,054 | ||
Borrowings | 21,310 | ||
Deferred income tax liabilities | 2,808 | ||
Trade and other payables | 23,974 | ||
Provisions | 447 | ||
Employee benefits | 1,279 | ||
Salaries and social security liabilities | 2,392 | ||
Income tax and MPIT liabilities | 8 | ||
TOTAL LIABILITIES | 52,218 | ||
Non-controlling interest | 7,335 | ||
Net assets disposed including goodwill | $ 8,501 |
Financial risk management and_3
Financial risk management and fair value estimates (Details) - Market Risk [Member] $ in Millions, $ in Millions, $ in Millions | Jun. 30, 2018USD ($) | Jun. 30, 2018UYU ($) | Jun. 30, 2018ARS ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017UYU ($) | Jun. 30, 2017ARS ($) |
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Net monetary position (Liability)/Asset US | $ (13,692) | $ (11,567) | ||||
Net monetary position (Liability)/Asset NIS | 1 | |||||
Argentina, Pesos | ||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Net monetary position (Liability)/Asset US | $ (13,324) | (11,436) | ||||
Net monetary position (Liability)/Asset NIS | ||||||
UYU | ||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Net monetary position (Liability)/Asset US | $ (368) | $ (131) | ||||
Net monetary position (Liability)/Asset NIS | ||||||
USD | ||||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||||
Net monetary position (Liability)/Asset US | ||||||
Net monetary position (Liability)/Asset NIS | $ 1 |
Financial risk management and_4
Financial risk management and fair value estimates (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | $ 261,232 | $ 183,906 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 33,607 | 10,769 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,429 | 773 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 32,117 | 9,987 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 15 | 4 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 46 | 5 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Less Than 1 year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 5,121 | 2,415 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Less Than 1 year [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,277 | 752 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Less Than 1 year [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 3,837 | 1,656 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Less Than 1 year [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 7 | 2 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Less Than 1 year [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 5 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 1 and 2 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 7,920 | 538 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 1 and 2 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 127 | 8 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 1 and 2 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 7,787 | 529 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 1 and 2 years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 6 | 1 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 1 and 2 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 2 and 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 7,821 | 535 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 2 and 3 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 12 | 6 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 2 and 3 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 7,807 | 528 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 2 and 3 years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 2 | 1 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 2 and 3 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 3 and 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,246 | 527 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 3 and 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 10 | 2 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 3 and 4 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,236 | 525 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 3 and 4 years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 3 and 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Argentina [Member] | More Than 4 Years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 11,499 | 6,754 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | More Than 4 Years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 3 | 5 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | More Than 4 Years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 11,450 | 6,749 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | More Than 4 Years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Argentina [Member] | More Than 4 Years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 46 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 238,055 | 165,986 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 14,597 | 19,126 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 216,475 | 143,544 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 16 | 25 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 8 | 138 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 6,959 | 3,153 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Less Than 1 year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 45,758 | 41,790 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Less Than 1 year [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 12,080 | 16,850 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Less Than 1 year [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 29,733 | 23,733 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Less Than 1 year [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 16 | 10 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Less Than 1 year [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 8 | 62 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Less Than 1 year [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 3,921 | 1,135 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 1 and 2 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 29,653 | 20,889 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 1 and 2 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,191 | 1,584 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 1 and 2 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 26,639 | 18,084 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 1 and 2 years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 5 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 1 and 2 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 76 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 1 and 2 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,823 | 1,140 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 2 and 3 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 24,221 | 22,407 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 2 and 3 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 1,326 | 692 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 2 and 3 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 22,256 | 20,837 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 2 and 3 years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 5 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 2 and 3 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 2 and 3 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 639 | 873 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 3 and 4 years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 24,081 | 13,363 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 3 and 4 years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 3 and 4 years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 23,734 | 13,353 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 3 and 4 years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 5 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 3 and 4 years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 3 and 4 years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 347 | 5 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | More Than 4 Years [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 114,342 | 67,537 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | More Than 4 Years [Member] | Trade And Other Payables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | More Than 4 Years [Member] | Borrowings Excluding Finance Leases [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | 114,113 | 67,537 |
Liquidity Risk [Member] | Operations Center in Israel [Member] | More Than 4 Years [Member] | Finance Leases Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | More Than 4 Years [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | More Than 4 Years [Member] | Purchase Obligations [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Total | $ 229 |
Financial risk management and_5
Financial risk management and fair value estimates (Details 2) | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operations Center in Argentina [Member] | ||||
Disclosure of operating segments [line items] | ||||
Gearing ratio | [1] | 40.83% | 31.66% | 29.91% |
Debt ratio | [2] | 40.58% | 29.13% | 25.27% |
Operations Center in Israel [Member] | ||||
Disclosure of operating segments [line items] | ||||
Gearing ratio | [1] | 82.85% | 81.95% | 82.74% |
Debt ratio | [2] | 148.46% | 128.04% | 137.75% |
[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). |
Financial risk management and_6
Financial risk management and fair value estimates (Details Narrative) $ in Millions, $ in Millions | 12 Months Ended | ||||||
Jun. 30, 2018ARS ($) | Jun. 30, 2017ARS ($) | Jun. 30, 2016ARS ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018ARS ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017ARS ($) | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Net additional loss before income tax | $ 8,692 | $ 3,893 | $ 15,586 | ||||
(Loss) / Profit for the year | 21,295 | 5,220 | 10,078 | ||||
Interest Rate Risk [Member] | ARGENTINA | Floating Interest Rate [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Percentage change in interest rates | 1.00% | 1.00% | |||||
Interest Rate Risk [Member] | Derivatives [Member] | ARGENTINA | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Financial investment | $ 300 | ||||||
Currency Risk [Member] | Fixed Interest Rate [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Percentage of long term borrowing | 0.955 | 0.955 | 0.955 | 0.955 | |||
Other Price Risk [Member] | Derivatives [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Financial investment | $ 391 | $ 300 | |||||
Operations Center in Argentina [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
(Loss) / Profit for the year | 22,907 | 6,470 | 20,204 | ||||
Operations Center in Argentina [Member] | Currency Risk [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Net additional loss before income tax | 1,369 | 1,157 | |||||
Percentage increase in foreign currency | 10.00% | 10.00% | |||||
Operations Center in Argentina [Member] | Currency Risk [Member] | Derivatives [Member] | Forward Contract [member] | USD | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Future exchanges contract pending | $ 47.3 | $ 12.9 | |||||
Operations Center in Argentina [Member] | Interest Rate Risk [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Net additional loss before income tax | 15.1 | 6.6 | |||||
Operations Center in Argentina [Member] | Interest Rate Risk [Member] | Derivatives [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Percentage change in interest rates | (10.00%) | (10.00%) | |||||
Financial investment | $ 391 | ||||||
Operations Center in Argentina [Member] | Credit Risk [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Percentage of trade receivable by group | 91.70% | 91.70% | 89.60% | 89.60% | |||
Operations Center in Argentina [Member] | Other Price Risk [Member] | 10% Decrease In Quoted Proces Of Equity Securities And In Derivative Financial Instruments Portfolio [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Net additional loss before income tax | (31) | (24) | |||||
Operations Center in Israel [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
(Loss) / Profit for the year | 6,913 | 3,329 | $ 843 | ||||
Operations Center in Israel [Member] | Currency Risk [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Net additional loss before income tax | 718 | (438) | |||||
Percentage increase in foreign currency | 10.00% | 10.00% | |||||
Operations Center in Israel [Member] | Currency Risk [Member] | Derivatives [Member] | Forward Contract [member] | USD | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Future exchanges contract pending | $ (7,180) | $ (4,376) | |||||
Operations Center in Israel [Member] | Currency Risk [Member] | Fixed Interest Rate [Member] | IDB Development Corporation Ltd [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Percentage of long term borrowing | 0.961 | 0.961 | 0.966 | 0.966 | |||
Operations Center in Israel [Member] | 1% Increase Consumer Price Index [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
(Loss) / Profit for the year | (721) | (427) | |||||
Operations Center in Israel [Member] | 1% Decrease Consumer Price Index [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
(Loss) / Profit for the year | 706 | 427 | |||||
Operations Center in Israel [Member] | Other Price Risk [Member] | 10% Decrease In Quoted Proces Of Equity Securities And In Derivative Financial Instruments Portfolio [Member] | |||||||
Disclosure of risk management strategy related to hedge accounting [line items] | |||||||
Net additional loss before income tax | $ 1,225 | $ 856 |
Segment information (Details)
Segment information (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | $ 33,088 | $ 27,004 | $ 12,916 | ||
Gross profit | 13,459 | 10,971 | 5,880 | ||
Net gain / (loss) from fair value adjustment of investment properties | (22,605) | (4,352) | (17,549) | ||
General and administrative expenses | (3,869) | (3,219) | (1,639) | ||
Selling expenses | (4,663) | (4,007) | (1,842) | ||
Other operating results, net | 582 | (206) | (32) | ||
Profit / (loss) from operations | 28,114 | 7,879 | 19,903 | ||
Share of (loss) / profit of associates and joint ventures | (721) | 109 | 508 | ||
Segment profit / (loss) | 21,295 | 5,220 | 10,078 | ||
Net reportable assets | 1,949 | 826 | |||
Expenses and Collective Promotion Funds [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | 1,726 | 1,490 | 1,194 | ||
Costs | (1,760) | (1,517) | (1,207) | ||
Gross profit | (34) | (27) | (13) | ||
Net gain / (loss) from fair value adjustment of investment properties | |||||
General and administrative expenses | |||||
Selling expenses | |||||
Other operating results, net | |||||
Profit / (loss) from operations | (34) | (27) | (13) | ||
Share of (loss) / profit of associates and joint ventures | |||||
Segment profit / (loss) | (34) | (27) | (13) | ||
Reportable assets | |||||
Reportable liabilities | |||||
Net reportable assets | |||||
Discontinued Operations [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | [1] | (60,470) | (47,168) | (18,607) | |
Costs | [1] | 44,563 | 35,488 | 14,063 | |
Gross profit | [1] | (15,907) | (11,680) | (4,544) | |
Net gain / (loss) from fair value adjustment of investment properties | [1] | (164) | (113) | (23) | |
General and administrative expenses | [1] | 878 | 624 | 200 | |
Selling expenses | [1] | 12,749 | 9,434 | 3,862 | |
Other operating results, net | [1] | 177 | 64 | 19 | |
Profit / (loss) from operations | [1] | (2,267) | (1,671) | (486) | |
Share of (loss) / profit of associates and joint ventures | [1] | (20) | (76) | ||
Segment profit / (loss) | [1] | (2,287) | (1,747) | (486) | |
Reportable assets | [1] | ||||
Reportable liabilities | [1] | ||||
Net reportable assets | [1] | ||||
Joint Ventures [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | [2] | (46) | (41) | (29) | |
Costs | [2] | 29 | 18 | 12 | |
Gross profit | [2] | (17) | (23) | (17) | |
Net gain / (loss) from fair value adjustment of investment properties | [2] | (738) | (192) | (379) | |
General and administrative expenses | [2] | 13 | 5 | 1 | |
Selling expenses | [2] | 6 | 5 | 2 | |
Other operating results, net | [2] | 19 | (6) | (2) | |
Profit / (loss) from operations | [2] | (717) | (211) | (395) | |
Share of (loss) / profit of associates and joint ventures | [2] | 611 | 174 | 258 | |
Segment profit / (loss) | [2] | (106) | (37) | (137) | |
Reportable assets | [2] | (347) | (193) | (142) | |
Reportable liabilities | [2] | ||||
Net reportable assets | [2] | (347) | (193) | (142) | |
Operations Center in Argentina [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | 5,308 | 4,311 | 3,289 | ||
Costs | (1,066) | (912) | (658) | ||
Gross profit | 4,242 | 3,399 | 2,631 | ||
Net gain / (loss) from fair value adjustment of investment properties | 21,347 | 4,271 | 18,209 | ||
General and administrative expenses | (903) | (683) | (487) | ||
Selling expenses | (432) | (355) | (264) | ||
Other operating results, net | (78) | (68) | (12) | ||
Profit / (loss) from operations | 24,176 | 6,564 | 20,077 | ||
Share of (loss) / profit of associates and joint ventures | (1,269) | [3] | (94) | 127 | |
Segment profit / (loss) | 22,907 | 6,470 | 20,204 | ||
Reportable assets | 66,443 | 44,885 | 39,294 | ||
Reportable liabilities | |||||
Net reportable assets | 66,443 | 44,885 | 39,294 | ||
Operations Center in Israel [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | 86,580 | 68,422 | 27,077 | ||
Costs | (61,395) | (49,110) | (19,252) | ||
Gross profit | 25,185 | 19,312 | 7,825 | ||
Net gain / (loss) from fair value adjustment of investment properties | 2,160 | 374 | (271) | ||
General and administrative expenses | (3,870) | (3,173) | (1,360) | ||
Selling expenses | (16,986) | (13,093) | (5,442) | ||
Other operating results, net | 467 | (196) | (32) | ||
Profit / (loss) from operations | 6,956 | 3,224 | 720 | ||
Share of (loss) / profit of associates and joint ventures | (43) | 105 | 123 | ||
Segment profit / (loss) | 6,913 | 3,329 | 843 | ||
Reportable assets | 266,802 | 178,964 | 147,470 | ||
Reportable liabilities | (215,452) | (155,235) | (132,989) | ||
Net reportable assets | 51,350 | 23,729 | 14,481 | ||
Total | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | 91,888 | 72,733 | 30,366 | ||
Costs | (62,461) | (50,022) | (19,910) | ||
Gross profit | 29,427 | 22,711 | 10,456 | ||
Net gain / (loss) from fair value adjustment of investment properties | 23,507 | 4,645 | 17,938 | ||
General and administrative expenses | (4,773) | (3,856) | (1,847) | ||
Selling expenses | (17,418) | (13,448) | (5,706) | ||
Other operating results, net | 389 | (264) | (44) | ||
Profit / (loss) from operations | 31,132 | 9,788 | 20,797 | ||
Share of (loss) / profit of associates and joint ventures | (1,312) | 11 | 250 | ||
Segment profit / (loss) | 29,820 | 9,799 | 21,047 | ||
Reportable assets | 333,245 | 223,849 | 186,764 | ||
Reportable liabilities | (215,452) | (155,235) | (132,989) | ||
Net reportable assets | 117,793 | 68,614 | 53,775 | ||
Elimination of Inter-Segment Transactions and Non-reportable Assets / Liabilities [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | [4] | (10) | (10) | (8) | |
Costs | [4] | 6 | |||
Gross profit | [4] | (10) | (10) | (2) | |
Net gain / (loss) from fair value adjustment of investment properties | [4] | ||||
General and administrative expenses | [4] | 13 | 8 | 7 | |
Selling expenses | [4] | 2 | |||
Other operating results, net | [4] | (3) | (5) | ||
Profit / (loss) from operations | [4] | ||||
Share of (loss) / profit of associates and joint ventures | [4] | ||||
Segment profit / (loss) | [4] | ||||
Reportable assets | [4] | 16,178 | 7,586 | 5,519 | |
Reportable liabilities | [4] | (45,780) | (28,671) | (23,296) | |
Net reportable assets | [4] | (29,602) | (21,085) | (17,777) | |
Total as Per Statement of Income / Statement of Financial Position [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenues | 33,088 | 27,004 | 12,916 | ||
Costs | (19,629) | (16,033) | (7,036) | ||
Gross profit | 13,459 | 10,971 | 5,880 | ||
Net gain / (loss) from fair value adjustment of investment properties | 22,605 | 4,340 | 17,536 | ||
General and administrative expenses | (3,869) | (3,219) | (1,639) | ||
Selling expenses | (4,663) | (4,007) | (1,842) | ||
Other operating results, net | 582 | (206) | (32) | ||
Profit / (loss) from operations | 28,114 | 7,879 | 19,903 | ||
Share of (loss) / profit of associates and joint ventures | (721) | 109 | 508 | ||
Segment profit / (loss) | 27,393 | 7,988 | 20,411 | ||
Reportable assets | 349,076 | 231,242 | 192,141 | ||
Reportable liabilities | (261,232) | (183,906) | (156,285) | ||
Net reportable assets | $ 87,844 | $ 47,336 | $ 35,856 | ||
[1] | Corresponds to Shufersal's deconsolidation, the Group lost control in June 2018. See Note 4.G. | ||||
[2] | Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. | ||||
[3] | Includes the results of New Lipstick for Ps. (2,380). See Note 18 | ||||
[4] | 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. 2,452, Ps. 72 and Ps. 45, as of June 30, 2018, 2017 and 2016, respectively. |
Segment information (Details 1)
Segment information (Details 1) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | $ 33,088 | $ 27,004 | $ 12,916 | |
Gross profit / (loss) | 13,459 | 10,971 | 5,880 | |
Net gain from fair value adjustment of investment properties | (22,605) | (4,352) | (17,549) | |
General and administrative expenses | (3,869) | (3,219) | (1,639) | |
Selling expenses | (4,663) | (4,007) | (1,842) | |
Other operating results, net | 582 | (206) | (32) | |
Profit / (loss) from operations | 28,114 | 7,879 | 19,903 | |
Share of profit of associates and joint ventures | (721) | 109 | 508 | |
Segment profit / (loss) | 21,295 | 5,220 | 10,078 | |
Investment in associates and joint ventures | 24,650 | 7,885 | ||
Operations Center in Argentina [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 5,308 | 4,311 | 3,289 | |
Costs | (1,066) | (912) | (658) | |
Gross profit / (loss) | 4,242 | 3,399 | 2,631 | |
Net gain from fair value adjustment of investment properties | 21,347 | 4,271 | 18,209 | |
General and administrative expenses | (903) | (683) | (487) | |
Selling expenses | (432) | (355) | (264) | |
Other operating results, net | (78) | (68) | (12) | |
Profit / (loss) from operations | 24,176 | 6,564 | 20,077 | |
Share of profit of associates and joint ventures | (1,269) | [1] | (94) | 127 |
Segment profit / (loss) | 22,907 | 6,470 | 20,204 | |
Investment properties and trading properties | 64,894 | 41,794 | 36,972 | |
Investment in associates and joint ventures | 1,018 | [2] | 2,719 | 1,967 |
Other operating assets | 531 | 372 | 355 | |
Operating assets | 66,443 | 44,885 | 39,294 | |
Operations Center in Argentina [Member] | Shopping Malls [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 3,665 | 3,047 | 2,409 | |
Costs | (330) | (350) | (250) | |
Gross profit / (loss) | 3,335 | 2,697 | 2,159 | |
Net gain from fair value adjustment of investment properties | 11,340 | 2,068 | 16,132 | |
General and administrative expenses | (320) | (261) | (179) | |
Selling expenses | (238) | (188) | (145) | |
Other operating results, net | (57) | (58) | (63) | |
Profit / (loss) from operations | 14,060 | 4,258 | 17,904 | |
Share of profit of associates and joint ventures | [1] | |||
Segment profit / (loss) | 14,060 | 4,258 | 17,904 | |
Investment properties and trading properties | 40,468 | 28,799 | 26,613 | |
Investment in associates and joint ventures | [2] | |||
Other operating assets | 82 | 79 | 75 | |
Operating assets | 40,550 | 28,878 | 26,688 | |
Operations Center in Argentina [Member] | Offices [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 532 | 434 | 332 | |
Costs | (45) | (29) | (25) | |
Gross profit / (loss) | 487 | 405 | 307 | |
Net gain from fair value adjustment of investment properties | 5,004 | 1,359 | 1,268 | |
General and administrative expenses | (87) | (70) | (85) | |
Selling expenses | (57) | (46) | (24) | |
Other operating results, net | (4) | (12) | (6) | |
Profit / (loss) from operations | 5,343 | 1,636 | 1,460 | |
Share of profit of associates and joint ventures | [1] | |||
Segment profit / (loss) | 5,343 | 1,636 | 1,460 | |
Investment properties and trading properties | 13,132 | 7,422 | 5,534 | |
Investment in associates and joint ventures | [2] | |||
Other operating assets | 42 | 77 | 21 | |
Operating assets | 13,174 | 7,499 | 5,555 | |
Operations Center in Argentina [Member] | Sales and Developments [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 120 | 99 | 8 | |
Costs | (44) | (43) | (20) | |
Gross profit / (loss) | 76 | 56 | (12) | |
Net gain from fair value adjustment of investment properties | 4,771 | 849 | 773 | |
General and administrative expenses | (78) | (40) | (24) | |
Selling expenses | (21) | (21) | (23) | |
Other operating results, net | 11 | (36) | (34) | |
Profit / (loss) from operations | 4,759 | 808 | 680 | |
Share of profit of associates and joint ventures | 26 | [1] | 14 | 5 |
Segment profit / (loss) | 4,785 | 822 | 685 | |
Investment properties and trading properties | 10,669 | 5,326 | 4,573 | |
Investment in associates and joint ventures | 163 | [2] | 95 | 62 |
Other operating assets | 46 | 47 | 93 | |
Operating assets | 10,878 | 5,468 | 4,728 | |
Operations Center in Argentina [Member] | Hotels [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 973 | 725 | 534 | |
Costs | (624) | (486) | (361) | |
Gross profit / (loss) | 349 | 239 | 173 | |
Net gain from fair value adjustment of investment properties | ||||
General and administrative expenses | (193) | (135) | (103) | |
Selling expenses | (114) | (97) | (69) | |
Other operating results, net | (17) | (1) | (2) | |
Profit / (loss) from operations | 25 | 6 | (1) | |
Share of profit of associates and joint ventures | [1] | |||
Segment profit / (loss) | 25 | 6 | (1) | |
Investment properties and trading properties | ||||
Investment in associates and joint ventures | [2] | |||
Other operating assets | 172 | 167 | 164 | |
Operating assets | 172 | 167 | 164 | |
Operations Center in Argentina [Member] | International [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 | (46) | (43) | (24) | |
Selling expenses | ||||
Other operating results, net | (23) | 27 | 92 | |
Profit / (loss) from operations | (69) | (16) | 68 | |
Share of profit of associates and joint ventures | (1,923) | [1] | (196) | (129) |
Segment profit / (loss) | (1,992) | (212) | (61) | |
Investment properties and trading properties | ||||
Investment in associates and joint ventures | (1,740) | [2] | 570 | 143 |
Other operating assets | 89 | 2 | 2 | |
Operating assets | (1,651) | 572 | 145 | |
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 | (151) | (132) | (72) | |
Selling expenses | ||||
Other operating results, net | ||||
Profit / (loss) from operations | (151) | (132) | (72) | |
Share of profit of associates and joint ventures | [1] | |||
Segment profit / (loss) | (151) | (132) | (72) | |
Investment properties and trading properties | ||||
Investment in associates and joint ventures | [2] | |||
Other operating assets | ||||
Operating assets | ||||
Operations Center in Argentina [Member] | Other [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 18 | 6 | 6 | |
Costs | (23) | (4) | (2) | |
Gross profit / (loss) | (5) | 2 | 4 | |
Net gain from fair value adjustment of investment properties | 232 | (5) | 36 | |
General and administrative expenses | (28) | (2) | ||
Selling expenses | (2) | (3) | (3) | |
Other operating results, net | 12 | 12 | 1 | |
Profit / (loss) from operations | 209 | 4 | 38 | |
Share of profit of associates and joint ventures | 628 | [1] | 88 | 251 |
Segment profit / (loss) | 837 | 92 | 289 | |
Investment properties and trading properties | 625 | 247 | 252 | |
Investment in associates and joint ventures | 2,595 | [2] | 2,054 | 1,762 |
Other operating assets | 100 | |||
Operating assets | $ 3,320 | $ 2,301 | $ 2,014 | |
[1] | Includes the results of New Lipstick for Ps. (2,380). See Note 18 | |||
[2] | Includes the investments in Condor for Ps. 697 and New Lipstick for Ps. (2,437). See Note 18. |
Segment information (Details 2)
Segment information (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 33,088 | $ 27,004 | $ 12,916 |
Gross profit | 13,459 | 10,971 | 5,880 |
Net (loss) / gain from fair value adjustment of investment properties | (22,605) | (4,352) | (17,549) |
General and administrative expenses | (3,869) | (3,219) | (1,639) |
Selling expenses | (4,663) | (4,007) | (1,842) |
Other operating results, net | 582 | (206) | (32) |
Profit / (loss) from operations | 28,114 | 7,879 | 19,903 |
Share of profit / (loss) of associates and joint ventures | (721) | 109 | 508 |
Segment profit / (loss) | 21,295 | 5,220 | 10,078 |
Operations Center in Israel [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 86,580 | 68,422 | 27,077 |
Costs | (61,395) | (49,110) | (19,252) |
Gross profit | 25,185 | 19,312 | 7,825 |
Net (loss) / gain from fair value adjustment of investment properties | 2,160 | 374 | (271) |
General and administrative expenses | (3,870) | (3,173) | (1,360) |
Selling expenses | (16,986) | (13,093) | (5,442) |
Other operating results, net | 467 | (196) | (32) |
Profit / (loss) from operations | 6,956 | 3,224 | 720 |
Share of profit / (loss) of associates and joint ventures | (43) | 105 | 123 |
Segment profit / (loss) | 6,913 | 3,329 | 843 |
Operating assets | 266,802 | 178,964 | 147,470 |
Operating liabilities | (215,452) | (155,235) | (132,989) |
Operating assets (liabilities), net | 51,350 | 23,729 | 14,481 |
Operations Center in Israel [Member] | Real Estate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 6,180 | 4,918 | 1,538 |
Costs | (2,619) | (2,333) | (467) |
Gross profit | 3,561 | 2,585 | 1,071 |
Net (loss) / gain from fair value adjustment of investment properties | 1,996 | 261 | (294) |
General and administrative expenses | (363) | (290) | (100) |
Selling expenses | (115) | (91) | (29) |
Other operating results, net | 98 | 46 | (19) |
Profit / (loss) from operations | 5,177 | 2,511 | 629 |
Share of profit / (loss) of associates and joint ventures | 167 | 46 | 226 |
Segment profit / (loss) | 5,344 | 2,557 | 855 |
Operating assets | 134,038 | 79,427 | 60,678 |
Operating liabilities | (104,202) | (64,100) | (49,576) |
Operating assets (liabilities), net | 29,836 | 15,327 | 11,102 |
Operations Center in Israel [Member] | Supermarkets [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 60,470 | 47,277 | 18,610 |
Costs | (44,563) | (35,432) | (14,076) |
Gross profit | 15,907 | 11,845 | 4,534 |
Net (loss) / gain from fair value adjustment of investment properties | 164 | 113 | 23 |
General and administrative expenses | (878) | (627) | (203) |
Selling expenses | (12,749) | (9,517) | (3,907) |
Other operating results, net | (177) | (52) | (13) |
Profit / (loss) from operations | 2,267 | 1,762 | 434 |
Share of profit / (loss) of associates and joint ventures | 20 | 75 | |
Segment profit / (loss) | 2,287 | 1,837 | 434 |
Operating assets | 13,304 | 38,521 | 29,440 |
Operating liabilities | (29,239) | (23,614) | |
Operating assets (liabilities), net | 13,304 | 9,282 | 5,826 |
Operations Center in Israel [Member] | Telecommunications [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 19,347 | 15,964 | 6,655 |
Costs | (13,899) | (11,183) | (4,525) |
Gross profit | 5,448 | 4,781 | 2,130 |
Net (loss) / gain from fair value adjustment of investment properties | |||
General and administrative expenses | (1,810) | (1,592) | (708) |
Selling expenses | (3,974) | (3,406) | (1,493) |
Other operating results, net | 140 | (36) | |
Profit / (loss) from operations | (196) | (253) | (71) |
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | (196) | (253) | (71) |
Operating assets | 49,797 | 31,648 | 27,345 |
Operating liabilities | (38,804) | (25,032) | (21,657) |
Operating assets (liabilities), net | 10,993 | 6,616 | 5,688 |
Operations Center in Israel [Member] | Insurance [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net (loss) / gain from fair value adjustment of investment properties | |||
General and administrative expenses | |||
Selling expenses | |||
Other operating results, net | |||
Profit / (loss) from operations | |||
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | |||
Operating assets | 12,254 | 8,562 | 4,602 |
Operating liabilities | (1,214) | ||
Operating assets (liabilities), net | 11,040 | 8,562 | 4,602 |
Operations Center in Israel [Member] | Corporate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net (loss) / gain from fair value adjustment of investment properties | |||
General and administrative expenses | (374) | (384) | (321) |
Selling expenses | |||
Other operating results, net | 434 | (48) | |
Profit / (loss) from operations | 60 | (432) | (321) |
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | 60 | (432) | (321) |
Operating assets | 21,231 | 14,734 | 1,753 |
Operating liabilities | (68,574) | (33,705) | (10,441) |
Operating assets (liabilities), net | (47,343) | (18,971) | (8,688) |
Operations Center in Israel [Member] | Others [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 583 | 263 | 274 |
Costs | (314) | (162) | (184) |
Gross profit | 269 | 101 | 90 |
Net (loss) / gain from fair value adjustment of investment properties | |||
General and administrative expenses | (445) | (280) | (28) |
Selling expenses | (148) | (79) | (13) |
Other operating results, net | (28) | (106) | |
Profit / (loss) from operations | (352) | (364) | 49 |
Share of profit / (loss) of associates and joint ventures | (230) | (16) | (103) |
Segment profit / (loss) | (582) | (380) | (54) |
Operating assets | 36,178 | 6,072 | 23,652 |
Operating liabilities | (2,658) | (3,159) | (27,701) |
Operating assets (liabilities), net | $ 33,520 | $ 2,913 | $ (4,049) |
Information about the main su_3
Information about the main subsidiaries (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure of subsidiaries [line items] | ||||
Current Assets | $ 96,018 | $ 65,492 | ||
Non-current Assets | 239,755 | 165,750 | ||
Current Liabilities | 46,756 | 46,434 | ||
Non-current Liabilities | 214,476 | 137,472 | ||
Net assets | 335,773 | 231,242 | ||
Revenues | 33,088 | 27,004 | $ 12,916 | |
Net income / (loss) | 21,295 | 5,220 | 10,078 | |
Total comprehensive income / (loss) | 35,409 | 9,733 | 14,211 | |
Cash of Operating activities | 14,339 | 9,059 | 4,126 | |
Cash of investing activities | (11,573) | (2,068) | 8,223 | |
Cash of financial activities | (3,867) | 1,537 | (3,968) | |
Net Increase (decrease) in cash and cash equivalents | (1,101) | 8,528 | 8,381 | |
Dividends distribution to non-controlling shareholders | $ 1,259 | $ 2,037 | $ 106 | |
Elron Electronic Industries Ltd. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest % | [1] | 49.70% | 49.68% | |
Current Assets | $ 1,933 | $ 1,669 | ||
Non-current Assets | 1,610 | 1,183 | ||
Current Liabilities | 252 | 162 | ||
Non-current Liabilities | 24 | 10 | ||
Net assets | 3,267 | 2,680 | ||
Book value of non-controlling interests | 2,351 | 1,975 | ||
Revenues | ||||
Net income / (loss) | (512) | (427) | ||
Total comprehensive income / (loss) | (80) | (63) | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | (510) | (342) | ||
Cash of Operating activities | (327) | (235) | ||
Cash of investing activities | 343 | 147 | ||
Cash of financial activities | (132) | (200) | ||
Net Increase (decrease) in cash and cash equivalents | (116) | (288) | ||
Dividends distribution to non-controlling shareholders | $ (155) | $ 106 | ||
Property And Building Corporation Ltd. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest % | [1] | 35.60% | 35.56% | |
Current Assets | $ 23,655 | $ 10,956 | ||
Non-current Assets | 108,704 | 64,345 | ||
Current Liabilities | 16,033 | 10,503 | ||
Non-current Liabilities | 90,620 | 49,902 | ||
Net assets | 25,706 | 14,896 | ||
Book value of non-controlling interests | 21,730 | 11,161 | ||
Revenues | 6,183 | 4,877 | ||
Net income / (loss) | 2,958 | 886 | ||
Total comprehensive income / (loss) | (181) | (353) | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | 1,060 | 1,254 | ||
Cash of Operating activities | 3,073 | 2,470 | ||
Cash of investing activities | 27 | (2,208) | ||
Cash of financial activities | (1,191) | 283 | ||
Net Increase (decrease) in cash and cash equivalents | 1,909 | 545 | ||
Dividends distribution to non-controlling shareholders | $ 717 | $ (975) | ||
Cellcom Israel Ltd. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest % | [1],[2] | 57.90% | 57.74% | |
Current Assets | [2] | $ 21,185 | $ 11,209 | |
Non-current Assets | [2] | 27,648 | 18,273 | |
Current Liabilities | [2] | 12,601 | 8,171 | |
Non-current Liabilities | [2] | 26,109 | 15,974 | |
Net assets | [2] | 10,123 | 5,337 | |
Book value of non-controlling interests | [2] | 6,391 | 3,706 | |
Revenues | [2] | 19,145 | 15,739 | |
Net income / (loss) | [2] | (509) | (329) | |
Total comprehensive income / (loss) | [2] | 5 | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | [2] | (504) | (224) | |
Cash of Operating activities | [2] | 3,997 | 2,348 | |
Cash of investing activities | [2] | (2,574) | (1,574) | |
Cash of financial activities | [2] | 382 | (1,348) | |
Net Increase (decrease) in cash and cash equivalents | [2] | 1,805 | (574) | |
Dividends distribution to non-controlling shareholders | [2] | |||
IRSA Propiedades Comerciales S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Direct interest of non-controlling interest % | [1] | 13.66% | 5.39% | |
Current Assets | $ 10,670 | $ 4,515 | ||
Non-current Assets | 57,074 | 37,907 | ||
Current Liabilities | 2,497 | 1,801 | ||
Non-current Liabilities | 27,284 | 17,605 | ||
Net assets | 37,963 | 23,016 | ||
Book value of non-controlling interests | 4,995 | 1,194 | ||
Revenues | 5,949 | 4,997 | ||
Net income / (loss) | 15,656 | 3,378 | ||
Total comprehensive income / (loss) | 15,656 | 3,378 | ||
Total comprehensive profit / (loss) attributable to non-controlling interest | 556 | 117 | ||
Cash of Operating activities | 3,624 | 2,875 | ||
Cash of investing activities | (3,861) | (148) | ||
Cash of financial activities | 1,800 | (958) | ||
Net Increase (decrease) in cash and cash equivalents | 1,563 | 1,769 | ||
Dividends distribution to non-controlling shareholders | $ (716) | $ (831) | ||
[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, being 46.16%, also taking into account the historic voting performance in the Shareholders' Meetings. |
Investments in associates and_3
Investments in associates and joint ventures (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | |||
Investments In Associates And Joint Ventures | ||||
Beginning of the year | $ 7,813 | [1] | $ 16,835 | |
Increase in equity interest in associates and joint ventures | 343 | 1,102 | ||
Issuance of capital and contributions | [2] | 156 | 160 | |
Capital reduction | (284) | (32) | ||
Decrease for control obtainment | (59) | |||
Distribution of non-controlling interest | 107 | |||
Decrease of interest in associate | (339) | |||
Share of (loss) / profit | (701) | 378 | ||
Cumulative translation adjustment | 3,056 | 232 | ||
Transfer to loans to associates | [3] | (190) | ||
Dividends | [2] | (319) | (250) | |
Distribution for associate liquidation | [4] | (72) | ||
Incorporation of deconsolidated subsidiary, net | 12,763 | |||
Reclassification to held for sale | (44) | (10,709) | ||
Others | 16 | 49 | ||
End of the year | [1] | $ 22,198 | $ 7,813 | |
[1] | Includes Ps. (2,452) and Ps. (72) reflecting interests in companies with negative equity as of June 30, 2018 and 2017, respectively, which are disclosed in "Provisions" (see Note 18). | |||
[2] | See Note 29. | |||
[3] | Corresponds to a reclassification made at the time of formalizing the loan repayment terms with the associate in the Operations Center in Israel. | |||
[4] | Corresponds to the distribution of the income from Baicom's liquidation. |
Investments in associates and_4
Investments in associates and joint ventures (Details 1) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure of associates [line items] | ||||
Value of Group's interest in equity | $ 22,198 | $ 7,813 | ||
Group's interest in comprehensive income (loss) | $ 2,375 | $ 610 | $ 6,002 | |
Quality Invest S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | [1] | 50.00% | 50.00% | 50.00% |
Value of Group's interest in equity | [1] | $ 1,062 | $ 482 | |
Group's interest in comprehensive income (loss) | [1] | $ 541 | $ 119 | $ 155 |
Place of business / Country of incorporation | [1] | <font style="font: 10pt Times New Roman, Times, Serif">Argentina</font></p>" id="sjs-C11"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Argentina</font></p> | ||
Main activity | [1] | <font style="font: 10pt Times New Roman, Times, Serif">Real estate</font></p>" id="sjs-C12"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Real estate</font></p> | ||
Common shares 1 vote | [1] | 120,827,022 | ||
Share capital (nominal value) | [1] | 242 | ||
Profit / (Loss) for the year | [1] | $ 1,079 | ||
Shareholders' equity | [1] | $ 2,113 | ||
La Rural S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 50.00% | 50.00% | ||
Value of Group's interest in equity | $ 94 | $ 113 | ||
Group's interest in comprehensive income (loss) | $ 14 | $ 15 | ||
Place of business / Country of incorporation | <font style="font: 10pt Times New Roman, Times, Serif">Argentina</font></p>" id="sjs-C22"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Argentina</font></p> | |||
Main activity | <font style="font: 10pt Times New Roman, Times, Serif">Organization of events</font></p>" id="sjs-C23"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Organization of events</font></p> | |||
Common shares 1 vote | 714,498 | |||
Share capital (nominal value) | 1 | |||
Profit / (Loss) for the year | $ 78 | |||
Shareholders' equity | $ 157 | |||
Mehadrin [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | [2] | 45.41% | 45.41% | 45.41% |
Value of Group's interest in equity | [2] | $ 2,272 | $ 1,312 | |
Group's interest in comprehensive income (loss) | [2] | $ 961 | 309 | $ 433 |
Place of business / Country of incorporation | [2] | <font style="font: 10pt Times New Roman, Times, Serif">Israel</font></p>" id="sjs-C33"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Israel</font></p> | ||
Main activity | [2] | <font style="font: 10pt Times New Roman, Times, Serif">Agriculture</font></p>" id="sjs-C34"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Agriculture</font></p> | ||
Common shares 1 vote | [2] | 1,509,889 | ||
Share capital (nominal value) | [2],[3] | 3 | ||
Profit / (Loss) for the year | [2],[3] | $ 57 | ||
Shareholders' equity | [2],[3] | 595 | ||
Other Joint Ventures [Member] | ||||
Disclosure of associates [line items] | ||||
Value of Group's interest in equity | 1,854 | 1,331 | ||
Group's interest in comprehensive income (loss) | $ 804 | $ 292 | $ 446 | |
New Lipstick [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | [4] | 49.90% | 49.90% | 49.90% |
Value of Group's interest in equity | [4] | $ (2,452) | $ (72) | |
Group's interest in comprehensive income (loss) | [4] | $ (2,380) | $ (201) | $ (64) |
Place of business / Country of incorporation | [4] | <font style="font: 10pt Times New Roman, Times, Serif">U.S.</font></p>" id="sjs-C48"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">U.S.</font></p> | ||
Main activity | [4] | <font style="font: 10pt Times New Roman, Times, Serif">Real estate</font></p>" id="sjs-C49"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Real estate</font></p> | ||
Share capital (nominal value) | [4] | |||
Profit / (Loss) for the year | [4],[5] | $ (11) | ||
Shareholders' equity | [4],[5] | $ (178) | ||
BHSA [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | [6] | 29.91% | 30.66% | 30.66% |
Value of Group's interest in equity | [6] | $ 2,250 | $ 1,693 | |
Group's interest in comprehensive income (loss) | [6] | $ 618 | $ 83 | $ 259 |
Place of business / Country of incorporation | [6] | <font style="font: 10pt Times New Roman, Times, Serif">Argentina</font></p>" id="sjs-C58"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Argentina</font></p> | ||
Main activity | [6] | <font style="font: 10pt Times New Roman, Times, Serif">Financial</font></p>" id="sjs-C59"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Financial</font></p> | ||
Common shares 1 vote | [6] | 448,689,072 | ||
Share capital (nominal value) | [6],[7] | 1,500 | ||
Profit / (Loss) for the year | [6],[7] | $ 2,238 | ||
Shareholders' equity | [6],[7] | $ 8,719 | ||
Condor [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | [8] | 18.90% | 28.72% | 25.53% |
Value of Group's interest in equity | [8] | $ 696 | $ 634 | |
Group's interest in comprehensive income (loss) | [8] | $ 450 | $ 53 | $ (27) |
Place of business / Country of incorporation | [8] | <font style="font: 10pt Times New Roman, Times, Serif">U.S.</font></p>" id="sjs-C69"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">U.S.</font></p> | ||
Main activity | [8] | <font style="font: 10pt Times New Roman, Times, Serif">Hotel</font></p>" id="sjs-C70"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Hotel</font></p> | ||
Common shares 1 vote | [8] | 2,198,225 | ||
Profit / (Loss) for the year | [5],[8] | $ 1 | ||
Shareholders' equity | [5],[8] | $ 109 | ||
Adama [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | [9] | 40.00% | ||
Group's interest in comprehensive income (loss) | [9] | $ 4,141 | ||
Place of business / Country of incorporation | [9] | <font style="font: 10pt Times New Roman, Times, Serif">Israel</font></p>" id="sjs-C78"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Israel</font></p> | ||
Main activity | [9] | <font style="font: 10pt Times New Roman, Times, Serif">Agrochemical</font></p>" id="sjs-C79"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Agrochemical</font></p> | ||
PBEL [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 45.40% | 45.40% | 45.40% | |
Value of Group's interest in equity | $ 1,049 | $ 768 | ||
Group's interest in comprehensive income (loss) | $ 389 | $ 262 | $ 194 | |
Place of business / Country of incorporation | <font style="font: 10pt Times New Roman, Times, Serif">India</font></p>" id="sjs-C85"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">India</font></p> | |||
Main activity | <font style="font: 10pt Times New Roman, Times, Serif">Real estate</font></p>" id="sjs-C86"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Real estate</font></p> | |||
Common shares 1 vote | 450 | |||
Share capital (nominal value) | [3] | 1 | ||
Profit / (Loss) for the year | [3] | $ (76) | ||
Shareholders' equity | [3] | $ (465) | ||
Shufersal Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | [10] | 33.56% | ||
Value of Group's interest in equity | [10] | $ 12,763 | ||
Place of business / Country of incorporation | [10] | <font style="font: 10pt Times New Roman, Times, Serif">Israel</font></p>" id="sjs-C95"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Israel</font></p> | ||
Main activity | [10] | <font style="font: 10pt Times New Roman, Times, Serif">Retail</font></p>" id="sjs-C96"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Retail</font></p> | ||
Common shares 1 vote | [10] | 79,282,087 | ||
Other Associates [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 0.00% | 0.00% | 0.00% | |
Value of Group's interest in equity | $ 2,610 | $ 1,552 | ||
Group's interest in comprehensive income (loss) | $ 978 | $ (322) | $ 465 | |
[1] | Quality is engaged in the operation of the San Martin premises (formerly owned by Nobleza Piccardo S.A.I.C. y F.). | |||
[2] | Mehadrin is a company engaged in the production and exports of citrus, fruits and vegetables. The Group has a joint venture agreement in relation to this company. Share market value as of June 30, 2018 is NIS 18.78 per share. | |||
[3] | Amounts in millions of NIS. | |||
[4] | New Lipstick's equity comprises a rental office building in New York City known as the "Lipstick Building" with related debt. Metropolitan, a subsidiary of New Lipstick, has renegotiated its non-recourse debt with IRSA, which amounted to US$ 113.1, and obtained a debt reduction of US$ 20 by the lending bank, an extension to April 30, 2020 and an interest rate reduction from LIBOR + 4 b.p. to 2 b.p. upon payment of US$ 40 in cash (US$ 20 in September 2017 and US$ 20 in October 2017), of which IRSA has contributed with US$ 20. Following the renegotiation, Metropolitan's debt amounts to US$ 53.1. Additionally, Metropolitan has agreed to exercise on or before February 1, 2019 the purchase option on part of the land where the property is built and, to deposit the sum of money corresponding to 1% of the purchase price. Furthermore, Metropolitan has agreed to cause IRSA and other shareholders to furnish the bank, on or before February 1, 2020, with a payment guarantee with acceptable financial ratios fot the Bank for the outstanding balance of the purchase price, or a letter of credit in relation to the loan balance then outstanding. | |||
[5] | Amounts in millions of US Dollars under USGAAP. Condor's year-end falls on December 31, so the Group estimates their interest with a three-month lag, including material adjustments, if any. | |||
[6] | BHSA is a full-service commercial bank offering a wide variety of banking activities and related financial services to individuals, small- and medium-sized companies and large corporations. The effect of Treasury shares was considered. Share market value is Ps. 6.65 per share | |||
[7] | The balances as of June 30, 2018 correspond to the Financial Statements of BHSA prepared in accordance with BCRA standards. For the purpose of the valuation of the investment in the company, necessary adjustments to adequate the Financial Statements to IFRS have been considered. | |||
[8] | Condor is a hotel-focused real estate investment trust (REIT). Share market value as of June 30, 2018 is Ps. 10.70 per share. | |||
[9] | Adama is specialized in the chemical industry, mainly, in the agrochemical industry. See note 4.I. | |||
[10] | 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 2) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure of associates [line items] | ||||
Current Assets | $ 96,018 | $ 65,492 | ||
Non-current Assets | 239,755 | 165,750 | ||
Current Liabilities | 46,756 | 46,434 | ||
Non-current Liabilities | 214,476 | 137,472 | ||
Net assets | 335,773 | 231,242 | ||
Revenues | 33,088 | 27,004 | $ 12,916 | |
Net income / (loss) | 21,295 | 5,220 | 10,078 | |
Total comprehensive income / (loss) | 35,409 | 9,733 | 14,211 | |
Cash of operating activities | 14,339 | 9,059 | 4,126 | |
Cash of investing activities | (11,573) | (2,068) | 8,223 | |
Cash of financing activities | (3,867) | 1,537 | $ (3,968) | |
Quality Invest [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | [1] | 5 | 18 | |
Non-current Assets | [1] | 2,820 | 1,486 | |
Current Liabilities | [1] | 64 | 82 | |
Non-current Liabilities | [1] | 648 | 466 | |
Net assets | [1] | $ 2,113 | $ 956 | |
% ownership interest | 50.00% | 50.00% | ||
Interest in associate and joint venture | [1] | $ 1,057 | $ 478 | |
Goodwill and others | [1] | 5 | 4 | |
Book value | [1] | 1,062 | 482 | |
Revenues | [1],[2] | 13 | 26 | |
Net income / (loss) | [1],[2] | 1,079 | 237 | |
Total comprehensive income / (loss) | [1],[2] | 1,079 | 237 | |
Dividend distribution | [1],[2] | |||
Cash of operating activities | [1],[2] | (80) | (11) | |
Cash of investing activities | [1],[2] | |||
Cash of financing activities | [1],[2] | 80 | 11 | |
Changes in cash and cash equivalents | [1],[2] | |||
Mehadrin [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 6,367 | 3,439 | ||
Non-current Assets | 5,665 | 3,520 | ||
Current Liabilities | 4,860 | 2,900 | ||
Non-current Liabilities | 2,478 | 1,502 | ||
Net assets | $ 4,694 | $ 2,557 | ||
% ownership interest | 45.40% | 45.41% | ||
Interest in associate and joint venture | $ 2,132 | $ 1,161 | ||
Goodwill and others | 140 | 151 | ||
Book value | 2,272 | 1,312 | ||
Revenues | [2] | 7,249 | 5,403 | |
Net income / (loss) | [2] | 343 | 180 | |
Total comprehensive income / (loss) | [2] | 348 | 172 | |
Dividend distribution | [2] | |||
Cash of operating activities | [2] | 395 | 476 | |
Cash of investing activities | [2] | 26 | (76) | |
Cash of financing activities | [2] | (71) | (53) | |
Changes in cash and cash equivalents | [2] | 350 | 347 | |
BHSA [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 56,150 | 36,762 | ||
Non-current Assets | 24,837 | 18,228 | ||
Current Liabilities | 44,697 | 33,675 | ||
Non-current Liabilities | 28,560 | 15,548 | ||
Net assets | [3] | $ 7,730 | $ 5,767 | |
% ownership interest | 29.90% | 30.66% | ||
Interest in associate and joint venture | $ 2,312 | $ 1,768 | ||
Goodwill and others | (62) | (75) | ||
Book value | 2,250 | 1,693 | ||
Revenues | [2] | 11,144 | 6,821 | |
Net income / (loss) | [2] | 2,238 | 625 | |
Total comprehensive income / (loss) | [2] | 2,238 | 625 | |
Dividend distribution | [2] | 200 | ||
Cash of operating activities | [2] | 6,912 | (6,439) | |
Cash of investing activities | [2] | 1,304 | 475 | |
Cash of financing activities | [2] | (2,832) | 2,124 | |
Changes in cash and cash equivalents | [2] | 6,180 | (3,840) | |
PBEL [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 1,965 | 1,469 | ||
Non-current Assets | 418 | 272 | ||
Current Liabilities | 584 | 181 | ||
Non-current Liabilities | 5,468 | 4,302 | ||
Net assets | $ (3,669) | $ (2,742) | ||
% ownership interest | 45.00% | 45.40% | ||
Interest in associate and joint venture | $ (1,651) | $ (1,245) | ||
Goodwill and others | 2,700 | 2,013 | ||
Book value | 1,049 | 768 | ||
Revenues | [2] | 5 | 300 | |
Net income / (loss) | [2] | (355) | (292) | |
Total comprehensive income / (loss) | [2] | (352) | (186) | |
Dividend distribution | [2] | |||
Cash of operating activities | [2] | (49) | 202 | |
Cash of investing activities | [2] | 255 | (37) | |
Cash of financing activities | [2] | (222) | (160) | |
Changes in cash and cash equivalents | [2] | (16) | 5 | |
Shufersal Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 21,982 | 12,764 | ||
Non-current Assets | 38,606 | 23,482 | ||
Current Liabilities | 24,072 | 16,556 | ||
Non-current Liabilities | 22,100 | 12,983 | ||
Net assets | $ 14,416 | $ 6,707 | ||
% ownership interest | [4] | 33.60% | 39.33% | |
Interest in associate and joint venture | $ 4,838 | $ 2,638 | ||
Goodwill and others | 7,925 | 1,202 | ||
Book value | 12,763 | 3,840 | ||
Revenues | [2] | 60,486 | 47,192 | |
Net income / (loss) | [2] | 1,187 | 1,000 | |
Total comprehensive income / (loss) | [2] | (76) | (7) | |
Dividend distribution | [2] | 455 | (265) | |
Cash of operating activities | [2] | 3,796 | 2,883 | |
Cash of investing activities | [2] | (4,877) | (1,590) | |
Cash of financing activities | [2] | 2,937 | (1,798) | |
Changes in cash and cash equivalents | [2] | $ 1,856 | $ (505) | |
[1] | In March 2011, Quality acquired an industrial plant located in San Martin, 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] | Information under GAAP applicable in the associate and joint ventures' jurisdiction. | |||
[3] | Net of non-controlling interest. | |||
[4] | Control was lost in June 30, 2018. See Note 4.G. |
Investments in associates and_6
Investments in associates and joint ventures (Details Narrative) - BHSA [Member] - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Treasury stock | $ 35.2 | |
Use of estimated investment | $ 2,673 | $ 4,134 |
Employee compensation plan | 35.1 | |
Description of assumptions for future business cash flows | <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Group considered 7 years as the horizon for the projection of BHSA cash flows. </font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The projected exchange rate was estimated in accordance with internal data and external information provided by independent consultants.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The discount rate used to discount actual dividend flows was 14.01% in 2018 and 12.99% in 2017.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of Ps. 237 for 2018 and of Ps. 506 for 2017. The sensitivity to a 1% increase in the "Private BADLAR" interest rate it would be an increase in the value in use of Ps. 292 for 2018 and of Ps. 476 for 2017.</font></td></tr> </table>" id="sjs-B7"><table cellspacing="0" cellpadding="0" style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Group considered 7 years as the horizon for the projection of BHSA cash flows. </font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The projected exchange rate was estimated in accordance with internal data and external information provided by independent consultants.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The discount rate used to discount actual dividend flows was 14.01% in 2018 and 12.99% in 2017.</font></td></tr> </table> <table cellspacing="0" cellpadding="0" style="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0px; margin-bottom: 0px; width: 100%"> <tr style="vertical-align: top"> <td style="width: 21.3pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 14.15pt"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of Ps. 237 for 2018 and of Ps. 506 for 2017. The sensitivity to a 1% increase in the "Private BADLAR" interest rate it would be an increase in the value in use of Ps. 292 for 2018 and of Ps. 476 for 2017.</font></td></tr> </table> |
Investment properties (Details)
Investment properties (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Disclosure of detailed information about investment property [line items] | |||
Fair value at the beginning of the year | $ 99,953 | ||
Fair value at the end of the year | 162,726 | $ 99,953 | |
Level 2 [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Fair value at the beginning of the year | 8,158 | 6,594 | |
Additions | 1,335 | 592 | |
Financial cost charged | 22 | 3 | |
Capitalized leasing costs | 5 | 23 | |
Amortization of capitalized leasing costs | [1] | (3) | (1) |
Transfers | 2 | ||
Transfers from / to property, plant and equipment | (5) | (17) | |
Transfers to trading properties | 353 | ||
Reclassification to assets held for sale | |||
Deconsolidation (see Note 4.G.) | |||
Assets incorporated by business combination | |||
Reclassifications previous years | |||
Disposals | (179) | (179) | |
Cumulative translation adjustment | |||
Net gain from fair value adjustment | 6,437 | 1,143 | |
Fair value at the end of the year | 16,125 | 8,158 | |
Level 3 [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Fair value at the beginning of the year | 91,795 | 76,109 | |
Additions | 1,954 | 2,059 | |
Financial cost charged | 60 | ||
Capitalized leasing costs | 13 | 1 | |
Amortization of capitalized leasing costs | [1] | (2) | (1) |
Transfers | (2) | ||
Transfers from / to property, plant and equipment | 1,705 | 173 | |
Transfers to trading properties | (14) | ||
Reclassification to assets held for sale | (521) | (71) | |
Deconsolidation (see Note 4.G.) | (4,489) | ||
Assets incorporated by business combination | 107 | ||
Reclassifications previous years | (224) | ||
Disposals | (392) | (41) | |
Cumulative translation adjustment | 40,041 | 10,494 | |
Net gain from fair value adjustment | 16,332 | 3,310 | |
Fair value at the end of the year | $ 146,601 | $ 91,795 | |
[1] | Amortization charges of capitalized leasing costs were included in "Costs" in the Statements of Income (Note 23). |
Investment properties (Details
Investment properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of detailed information about investment property [line items] | ||
Total | $ 162,726 | $ 99,953 |
Rental Properties [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Total | 141,241 | 89,301 |
Undeveloped Parcels Of Land [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Total | 12,608 | 7,647 |
Properties Under Development [Member] | ||
Disclosure of detailed information about investment property [line items] | ||
Total | $ 8,877 | $ 3,005 |
Investment properties (Detail_2
Investment properties (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investment Properties | |||
Rental and services income | $ 10,671 | $ 8,711 | $ 5,268 |
Direct operating expenses | (3,046) | (2,838) | (1,888) |
Development expenditures | (1,731) | (1,397) | (11) |
Net realized gain from fair value adjustment of investment properties | 227 | 128 | 908 |
Net unrealized gain from fair value adjustment of investment properties | $ 22,542 | $ 4,325 | $ 16,651 |
Investment properties (Detail_3
Investment properties (Details 3) - Level 3 [Member] ₪ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||
Jun. 30, 2018USD ($) | Jun. 30, 2018ILS (₪) | Jun. 30, 2018ARS ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017ILS (₪) | Jun. 30, 2017ARS ($) | ||
Rental Property [Member] | ISRAEL | Offices [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Increases in sensitivity analysis | ₪ | [1] | ₪ (1,556) | ₪ (1,040) | ||||
Decreases in sensitivity analysis | ₪ | [1] | ₪ 1,864 | 1,193 | ||||
Rental Property [Member] | ISRAEL | Offices [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Minimum [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 7.00% | 7.00% | 7.00% | ||||
Rental Property [Member] | ISRAEL | Offices [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Maximum [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||
Rental Property [Member] | ISRAEL | Offices [Member] | Discounted Cash Flow [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) | ₪ | ₪ 63 | ||||||
Increases in sensitivity analysis | ₪ | [1] | 3,037 | 1,772 | ||||
Decreases in sensitivity analysis | ₪ | [1] | (3,037) | (1,772) | ||||
Rental Property [Member] | ISRAEL | Commercial Use [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Increases in sensitivity analysis | ₪ | [1] | (1,322) | (759) | ||||
Decreases in sensitivity analysis | ₪ | [1] | ₪ 1,457 | 853 | ||||
Rental Property [Member] | ISRAEL | Commercial Use [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Minimum [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 7.00% | 7.00% | 7.00% | ||||
Rental Property [Member] | ISRAEL | Commercial Use [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Maximum [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||
Rental Property [Member] | ISRAEL | Commercial Use [Member] | Discounted Cash Flow [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) | ₪ | ₪ 87 | ||||||
Increases in sensitivity analysis | ₪ | [1] | 1,640 | 1,003 | ||||
Decreases in sensitivity analysis | ₪ | [1] | (1,640) | (1,003) | ||||
Rental Property [Member] | ISRAEL | Industrial Use [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Increases in sensitivity analysis | ₪ | [1] | (477) | (316) | ||||
Decreases in sensitivity analysis | ₪ | [1] | ₪ 538 | 377 | ||||
Rental Property [Member] | ISRAEL | Industrial Use [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Minimum [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 7.75% | 7.75% | 7.75% | ||||
Rental Property [Member] | ISRAEL | Industrial Use [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Maximum [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 9.00% | 9.00% | 9.00% | ||||
Rental Property [Member] | ISRAEL | Industrial Use [Member] | Discounted Cash Flow [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] | 996 | 599 | ||||
Decreases in sensitivity analysis | ₪ | [1] | ₪ (996) | (599) | ||||
Rental Property [Member] | UNITED STATES | HSBC Building (Offices) [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 6.25% | 6.25% | 6.25% | ||||
Increases in sensitivity analysis | [1] | $ (1,212) | $ (715) | ||||
Decreases in sensitivity analysis | [1] | 1,269 | 765 | ||||
Rental Property [Member] | UNITED STATES | HSBC Building (Offices) [Member] | Discounted Cash Flow [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) | ₪ | ₪ 73 | ||||||
Increases in sensitivity analysis | [1] | 2,654 | 1,497 | ||||
Decreases in sensitivity analysis | [1] | $ (2,654) | (1,497) | ||||
Rental Property [Member] | UNITED STATES | Las Vegas Project (Offices And Commercial Use) [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 8.50% | 8.50% | 8.50% | ||||
Increases in sensitivity analysis | [1] | $ (134) | (86) | ||||
Decreases in sensitivity analysis | [1] | 141 | 91 | ||||
Rental Property [Member] | UNITED STATES | Las Vegas Project (Offices And Commercial Use) [Member] | Discounted Cash Flow [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) | ₪ | ₪ 33 | ||||||
Increases in sensitivity analysis | [1] | 301 | 200 | ||||
Decreases in sensitivity analysis | [1] | $ (301) | $ (200) | ||||
Shopping Malls [Member] | ARGENTINA | Discounted Cash Flow [Member] | Discount Rate [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Discount rate | 9.79% | 9.79% | 9.79% | ||||
Increases in sensitivity analysis | [1] | $ (5,046) | $ (3,948) | ||||
Decreases in sensitivity analysis | [1] | $ 6,796 | 5,445 | ||||
Shopping Malls [Member] | ARGENTINA | Discounted Cash Flow [Member] | Growth Rate [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Growth rate | 3.00% | 3.00% | 3.00% | ||||
Increases in sensitivity analysis | [1] | $ 3,104 | 2,464 | ||||
Decreases in sensitivity analysis | [1] | (2,307) | (1,794) | ||||
Shopping Malls [Member] | ARGENTINA | Discounted Cash Flow [Member] | Inflation [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Inflation | [2] | ||||||
Increases in sensitivity analysis | [1] | 4,035 | 2,684 | ||||
Decreases in sensitivity analysis | [1] | (3,643) | (2,425) | ||||
Shopping Malls [Member] | ARGENTINA | Discounted Cash Flow [Member] | Devaluation [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Devaluation rate | [2] | ||||||
Increases in sensitivity analysis | [1] | (6,554) | (4,703) | ||||
Decreases in sensitivity analysis | [1] | 9,831 | 7,054 | ||||
Plot Of Land [Member] | ARGENTINA | 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) | 9,200 | ||||||
Increases in sensitivity analysis | [1] | 64 | 18 | ||||
Decreases in sensitivity analysis | [1] | $ 65 | (52) | ||||
Plot Of Land [Member] | ARGENTINA | Comparable With Incidence Adjustment [Member] | % of incidence [Member] | |||||||
Disclosure of detailed information about investment property [line items] | |||||||
Percentage of incidence | 3.00% | 3.00% | 3.00% | ||||
Increases in sensitivity analysis | [1] | $ 2,165 | 1,168 | ||||
Decreases in sensitivity analysis | [1] | $ (2,167) | $ (1,202) | ||||
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] | ₪ (377) | (437) | ||||
Decreases in sensitivity analysis | ₪ | [1] | 377 | 437 | ||||
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 | ||||||
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% | 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% | 9.00% | ||||
[1] | Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 20% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. | ||||||
[2] | For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 19.51 (corresponding to the year ended June 30, 2018) and arriving at Ps. 49.05. In the long term, a nominal devaluation rate of 5.6% 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 25.0% (corresponding to the year ended June 30, 2018) and stabilizes at 8% after 10 years. These premises were determined at the closing date of the fiscal year. |
Property, plant and equipment_2
Property, plant and equipment (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | $ 27,113 | $ 24,049 | |
Additions | 3,984 | 2,751 | |
Disposals | (95) | (241) | |
Deconsolidation | (29,001) | ||
Reclassification to assets held for sale | (1,557) | ||
Impairment / recovery | (69) | 12 | |
Assets incorporated by business combination | [1] | 217 | |
Cumulative translation adjustment | 16,332 | 5,013 | |
Transfers from / to investment properties | (1,568) | (156) | |
Depreciation charges | [2] | (3,510) | (2,758) |
Net book amount at the end | 13,403 | 27,113 | |
Costs [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | 32,316 | 25,839 | |
Additions | |||
Net book amount at the end | 21,366 | 32,316 | |
Accumulated Depreciation [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | (5,203) | (1,790) | |
Net book amount at the end | (7,963) | (5,203) | |
Buildings And Facilities [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | 16,155 | 13,273 | |
Additions | 1,098 | 737 | |
Disposals | (17) | (4) | |
Deconsolidation | (22,744) | ||
Reclassification to assets held for sale | (28) | ||
Impairment / recovery | (69) | 12 | |
Assets incorporated by business combination | [1] | 104 | |
Cumulative translation adjustment | 9,057 | 2,948 | |
Transfers from / to investment properties | (1,568) | (156) | |
Depreciation charges | [2] | (903) | (627) |
Net book amount at the end | 1,113 | 16,155 | |
Buildings And Facilities [Member] | Costs [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | 17,573 | 13,886 | |
Additions | |||
Net book amount at the end | 1,809 | 17,573 | |
Buildings And Facilities [Member] | Accumulated Depreciation [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | (1,418) | (613) | |
Additions | |||
Net book amount at the end | (696) | (1,418) | |
Machinery And Equipment [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | 3,462 | 2,813 | |
Additions | 999 | 634 | |
Disposals | (24) | (8) | |
Deconsolidation | (5,941) | ||
Reclassification to assets held for sale | (16) | ||
Impairment / recovery | |||
Assets incorporated by business combination | [1] | 113 | |
Cumulative translation adjustment | 2,418 | 627 | |
Transfers from / to investment properties | |||
Depreciation charges | [2] | (713) | (588) |
Net book amount at the end | 314 | 3,462 | |
Machinery And Equipment [Member] | Costs [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | 4,614 | 3,203 | |
Additions | |||
Net book amount at the end | 489 | 4,614 | |
Machinery And Equipment [Member] | Accumulated Depreciation [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | (1,152) | (390) | |
Additions | |||
Net book amount at the end | (175) | (1,152) | |
Communication Networks [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | 6,162 | 5,410 | |
Additions | 971 | 711 | |
Disposals | (45) | (23) | |
Deconsolidation | |||
Reclassification to assets held for sale | |||
Impairment / recovery | |||
Assets incorporated by business combination | [1] | ||
Cumulative translation adjustment | 3,827 | 1,148 | |
Transfers from / to investment properties | |||
Depreciation charges | [2] | (1,297) | (1,084) |
Net book amount at the end | 9,618 | 6,162 | |
Communication Networks [Member] | Costs [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | 8,156 | 5,974 | |
Additions | |||
Net book amount at the end | 14,975 | 8,156 | |
Communication Networks [Member] | Accumulated Depreciation [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | (1,994) | (564) | |
Additions | |||
Net book amount at the end | (5,357) | (1,994) | |
Others [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | [3] | 1,334 | 2,553 |
Additions | [3] | 916 | 669 |
Disposals | [3] | (9) | (206) |
Deconsolidation | [3] | (316) | |
Reclassification to assets held for sale | [3] | (1,513) | |
Impairment / recovery | [3] | ||
Assets incorporated by business combination | [1],[3] | ||
Cumulative translation adjustment | [3] | 1,030 | 290 |
Transfers from / to investment properties | [3] | ||
Depreciation charges | [2],[3] | (597) | (459) |
Net book amount at the end | [3] | 2,358 | 1,334 |
Others [Member] | Costs [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | [3] | 1,973 | 2,776 |
Additions | [3] | ||
Net book amount at the end | [3] | 4,093 | 1,973 |
Others [Member] | Accumulated Depreciation [Member] | |||
Changes in property, plant and equipment [abstract] | |||
Net book amount at the beginning | [3] | (639) | (223) |
Additions | [3] | ||
Net book amount at the end | [3] | $ (1,735) | $ (639) |
[1] | See Note 4.D. Includes other non-significant business combinations. | ||
[2] | As of June 30, 2018 and 2017, depreciation charges of property, plant and equipment were recognized: Ps. 1,764 and Ps. 1,522 in "Costs", Ps. 175 and Ps. 251 in "General and administrative expenses" and Ps. 32 and Ps. 889 in "Selling expenses", respectively in the Statements of Income, (Note 23). In addition, a depreciation charge in the amount of Ps. 1,539 and Ps. 96, was recognized in "Discontinued operations" as of June 30, 2018 and 2017, respectively. | ||
[3] | Includes furniture and fixtures, vehicles and aircrafts which have been reclassified to held for sale. (See Note 4) |
Property, plant and equipment_3
Property, plant and equipment (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Discontinued Operations [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation charge | $ 1,539 | $ 96 |
Costs [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation charge | 1,764 | 1,522 |
General And Administrative Expenses [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation charge | 175 | 251 |
Selling Expenses [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation charge | $ 32 | $ 889 |
Trading properties (Details)
Trading properties (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Disclosure of financial assets [line items] | |||
Beginning | $ 5,781 | $ 4,971 | |
Additions | 1,870 | 1,229 | |
Financial costs capitalized | 11 | ||
Cumulative translation adjustment | 3,649 | 971 | |
Transfer | |||
Transfers from intangible assets | 9 | 13 | |
Transfers from investment properties | (353) | 14 | |
Disposals | (1,717) | (1,417) | |
Ending | 9,250 | 5,781 | |
Completed Properties [Member] | |||
Disclosure of financial assets [line items] | |||
Beginning | 801 | 236 | |
Additions | 14 | 2 | |
Financial costs capitalized | |||
Cumulative translation adjustment | 866 | 152 | |
Transfer | 1,435 | 1,101 | |
Transfers from intangible assets | 9 | 13 | |
Transfers from investment properties | |||
Disposals | (516) | (703) | |
Ending | 2,609 | 801 | |
Properties Under Development [Member] | |||
Disclosure of financial assets [line items] | |||
Beginning | [1] | 3,972 | 3,533 |
Additions | [1] | 1,683 | 1,188 |
Financial costs capitalized | [1] | 11 | |
Cumulative translation adjustment | [1] | 2,207 | 652 |
Transfer | [1] | (1,332) | (687) |
Transfers from intangible assets | [1] | ||
Transfers from investment properties | [1] | (353) | |
Disposals | [1] | (1,162) | (714) |
Ending | [1] | 5,026 | 3,972 |
Undeveloped Sites [Member] | |||
Disclosure of financial assets [line items] | |||
Beginning | 1,008 | 1,202 | |
Additions | 173 | 39 | |
Financial costs capitalized | |||
Cumulative translation adjustment | 576 | 167 | |
Transfer | (103) | (414) | |
Transfers from intangible assets | |||
Transfers from investment properties | 14 | ||
Disposals | (39) | ||
Ending | $ 1,615 | $ 1,008 | |
[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. 306 and Ps. 190 as of June 30, 2018 and 2017, 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. 372 and Ps. 135, respectively. Both projects are expected to be completed in 2029. |
Trading properties (Details1)
Trading properties (Details1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Trading Properties | ||
Non-current | $ 6,018 | $ 4,532 |
Current | 3,232 | 1,249 |
Total | $ 9,250 | $ 5,781 |
Trading properties (Details Nar
Trading properties (Details Narrative) - Argentina, Pesos - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of financial assets [line items] | ||
Net Book Value of Properties | $ 306 | $ 190 |
Contractual obligation amount | $ 372 | $ 135 |
Intangible assets (Details)
Intangible assets (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | |||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | $ 12,387 | $ 11,763 | ||
Additions | 647 | 612 | ||
Disposals | (52) | |||
Out-of-year adjustments | 31 | |||
Transfers to assets held for sale | (182) | |||
Transfers to trading properties | (9) | (13) | ||
Assets incorporated by business combination (Note 4) | [1] | 1,009 | 26 | |
Deconsolidation (see Note 4.G.) | (7,108) | |||
Cumulative translation adjustment | 7,370 | 2,284 | ||
Amortization charges | [2] | (1,999) | (2,082) | |
Balance at the end | 12,297 | 12,387 | ||
Costs [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 16,317 | 12,979 | ||
Balance at the end | 20,926 | 16,317 | ||
Accumulated Amortization [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | (3,930) | (1,216) | ||
Balance at the end | (8,629) | (3,930) | ||
Goodwill [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | [3] | 2,778 | 2,214 | |
Additions | [3] | |||
Disposals | [3] | |||
Out-of-year adjustments | [3] | 31 | ||
Transfers to assets held for sale | [3] | |||
Transfers to trading properties | [3] | |||
Assets incorporated by business combination (Note 4) | [1],[3] | 994 | 26 | |
Deconsolidation (see Note 4.G.) | [3] | (2,666) | ||
Cumulative translation adjustment | [3] | 1,980 | 507 | |
Amortization charges | [2],[3] | |||
Balance at the end | [3] | 3,086 | 2,778 | |
Goodwill [Member] | Costs [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | [3] | 2,778 | 2,214 | |
Additions | [3] | |||
Amortization charges | ||||
Balance at the end | 3,086 | 2,778 | [3] | |
Goodwill [Member] | Accumulated Amortization [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | [3] | |||
Additions | [3] | |||
Balance at the end | [3] | |||
Trademarks [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 3,954 | 3,355 | ||
Additions | ||||
Disposals | ||||
Out-of-year adjustments | ||||
Transfers to assets held for sale | (81) | |||
Transfers to trading properties | ||||
Assets incorporated by business combination (Note 4) | [1] | |||
Deconsolidation (see Note 4.G.) | (3,393) | |||
Cumulative translation adjustment | 2,561 | 732 | ||
Amortization charges | [2] | (45) | (52) | |
Balance at the end | 3,077 | 3,954 | ||
Trademarks [Member] | Costs [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 4,029 | 3,378 | ||
Balance at the end | 3,274 | 4,029 | ||
Trademarks [Member] | Accumulated Amortization [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | (75) | (23) | ||
Balance at the end | (197) | (75) | ||
Licenses [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 792 | 759 | ||
Additions | ||||
Disposals | ||||
Out-of-year adjustments | ||||
Transfers to assets held for sale | ||||
Transfers to trading properties | ||||
Assets incorporated by business combination (Note 4) | [1] | |||
Deconsolidation (see Note 4.G.) | ||||
Cumulative translation adjustment | 470 | 148 | ||
Amortization charges | [2] | (86) | (115) | |
Balance at the end | 1,176 | 792 | ||
Licenses [Member] | Costs [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 1,002 | 817 | ||
Balance at the end | 1,657 | 1,002 | ||
Licenses [Member] | Accumulated Amortization [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | (210) | (58) | ||
Balance at the end | (481) | (210) | ||
Customer Relations [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 2,562 | 3,219 | ||
Additions | ||||
Disposals | ||||
Out-of-year adjustments | ||||
Transfers to assets held for sale | (36) | |||
Transfers to trading properties | ||||
Assets incorporated by business combination (Note 4) | [1] | |||
Deconsolidation (see Note 4.G.) | (442) | |||
Cumulative translation adjustment | 1,126 | 494 | ||
Amortization charges | [2] | (945) | (1,115) | |
Balance at the end | 2,301 | 2,562 | ||
Customer Relations [Member] | Costs [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 4,746 | 3,923 | ||
Balance at the end | 6,933 | 4,746 | ||
Customer Relations [Member] | Accumulated Amortization [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | (2,184) | (704) | ||
Balance at the end | (4,632) | (2,184) | ||
Information Systems And Software [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 1,289 | 948 | ||
Additions | 567 | 582 | ||
Disposals | ||||
Out-of-year adjustments | ||||
Transfers to assets held for sale | (21) | |||
Transfers to trading properties | ||||
Assets incorporated by business combination (Note 4) | [1] | |||
Deconsolidation (see Note 4.G.) | (497) | |||
Cumulative translation adjustment | 823 | 233 | ||
Amortization charges | [2] | (528) | (453) | |
Balance at the end | 1,654 | 1,289 | ||
Information Systems And Software [Member] | Costs [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 2,103 | 1,189 | ||
Balance at the end | 3,281 | 2,103 | ||
Information Systems And Software [Member] | Accumulated Amortization [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | (814) | (241) | ||
Balance at the end | (1,627) | (814) | ||
Contracts And Others [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | [4],[5] | 1,012 | 1,268 | |
Additions | [4],[5] | 80 | 30 | |
Disposals | [4],[5] | (52) | ||
Out-of-year adjustments | [4],[5] | |||
Transfers to assets held for sale | [4],[5] | (44) | ||
Transfers to trading properties | [4],[5] | (9) | (13) | |
Assets incorporated by business combination (Note 4) | [1],[4],[5] | 15 | ||
Deconsolidation (see Note 4.G.) | [4],[5] | (110) | ||
Cumulative translation adjustment | [4],[5] | 410 | 170 | |
Amortization charges | [2],[4],[5] | (395) | (347) | |
Balance at the end | [4],[5] | 1,003 | 1,012 | |
Contracts And Others [Member] | Costs [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | [4],[5] | 1,659 | 1,458 | |
Balance at the end | 2,695 | 1,659 | [4],[5] | |
Contracts And Others [Member] | Accumulated Amortization [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | [4],[5] | (647) | (190) | |
Balance at the end | $ (1,692) | $ (647) | [4],[5] | |
[1] | See Note 4.D. Includes other non-significant business combinations. | |||
[2] | Amortization charge was recognized in the amount of Ps. 482 and Ps. 487 under "Costs", in the amount of Ps. 399 and Ps. 333 under "General and administrative expenses" and Ps. 880 and Ps. 1,231 under "Selling expenses" as of June 30, 2018 and 2017, respectively in the Statements of Income (Note 23). In addition, a charge of Ps. 238 and Ps. 31 was recognized under "Discontinued operations" as of June 30, 2018 and 2017, respectively. | |||
[3] | The goodwill assigned to real estate in Israel amounts to NIS 155 (Ps. 907 at the exchange rate at the end of the financial year 2018), that assigned to telecommunications amounts to NIS 268 (Ps. 2,114 at the exchange rate at the end of the financial year 2018) and the one assigned to supermarkets amounted to NIS 192. The rest is goodwill that is allocated to the real estate segment of Argentina. | |||
[4] | Includes "Rights of use". Corresponds to Distrito Arcos | |||
[5] | 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 Narr
Intangible assets (Details Narrative) $ in Millions, $ in Millions | Dec. 30, 2016 | Jun. 30, 2018ARS ($) | Jun. 30, 2017ARS ($) | Jun. 29, 2011USD ($) |
Discontinued Operations [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Amortization charge | $ 238 | $ 31 | ||
Barter Agreement [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Description of revocation | 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. | |||
recognition loss | 27,700,000 | |||
Costs [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Amortization charge | 482 | 487 | ||
General And Administrative Expenses [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Amortization charge | 399 | 333 | ||
General And Administrative Expenses [Member] | USD | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Principal amount | $ 12,800,000 | |||
Selling Expenses [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Amortization charge | $ 880 | $ 1,231 |
Financial instruments by cate_3
Financial instruments by category (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | $ 61,130 | $ 43,959 |
Subtotal financial assets | 101,801 | 66,906 | |
Non-financial assets | 5,246 | 3,819 | |
Total | 107,047 | 70,725 | |
Financial liabilities at amortized cost | 216,882 | 145,577 | |
Subtotal financial liabilities | 217,087 | 145,749 | |
Non-financial liabilities | 7,836 | 7,713 | |
Total | 224,923 | 153,462 | |
Trade And Other Payables [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at amortized cost | 10,265 | 16,166 | |
Subtotal financial liabilities | 10,265 | 16,166 | |
Non-financial liabilities | 7,836 | 7,713 | |
Total | 18,101 | 23,879 | |
Borrowings Excluding Finance Leases [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at amortized cost | 206,617 | 129,411 | |
Subtotal financial liabilities | 206,617 | 129,411 | |
Non-financial liabilities | |||
Total | 206,617 | 129,411 | |
Foreign Currency Future Contracts [member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at amortized cost | |||
Subtotal financial liabilities | 8 | 5 | |
Non-financial liabilities | |||
Total | 8 | 5 | |
Forwards [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at amortized cost | |||
Subtotal financial liabilities | 118 | 167 | |
Non-financial liabilities | |||
Total | 118 | 167 | |
Swaps [member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at amortized cost | |||
Subtotal financial liabilities | 47 | ||
Non-financial liabilities | |||
Total | 47 | ||
Other Derivative Financial Instruments [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at amortized cost | |||
Subtotal financial liabilities | 32 | ||
Non-financial liabilities | |||
Total | 32 | ||
Borrowings [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at amortized cost | 129,411 | ||
Subtotal financial liabilities | 129,411 | ||
Non-financial liabilities | |||
Total | 129,411 | ||
Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Restricted Assets [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1],[2] | 6,289 | 954 |
Subtotal financial assets | [2] | 6,289 | 954 |
Non-financial assets | [2] | ||
Total | [2] | 6,289 | 954 |
Level 1 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | 37,983 | 21,394 | |
Financial liabilities at fair value through profit or loss | 8 | 5 | |
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 Excluding Finance Leases [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | |||
Level 1 [Member] | Foreign Currency Future 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] | Forwards [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | 5 | ||
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] | Other Derivative Financial Instruments [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | 8 | ||
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] | Restricted Assets [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | [2] | ||
Level 2 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | 592 | 507 | |
Financial liabilities at fair value through profit or loss | 173 | 157 | |
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 Excluding Finance Leases [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | |||
Level 2 [Member] | Foreign Currency Future Contracts [member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | 8 | 5 | |
Level 2 [Member] | Forwards [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | 118 | 152 | |
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 | 47 | ||
Level 2 [Member] | Other Derivative Financial Instruments [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] | Borrowings [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | |||
Level 2 [Member] | Restricted Assets [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | [2] | ||
Level 3 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | 2,096 | 1,046 | |
Financial liabilities at fair value through profit or loss | 24 | 10 | |
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 Excluding Finance Leases [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | |||
Level 3 [Member] | Foreign Currency Future 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] | Forwards [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | 10 | ||
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] | Other Derivative Financial Instruments [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at fair value through profit or loss | 24 | ||
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] | Restricted Assets [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | [2] | ||
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts And Other Receivables [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | 18,648 | 18,731 |
Subtotal financial assets | 18,648 | 18,731 | |
Non-financial assets | 5,246 | 3,819 | |
Total | 23,894 | 22,550 | |
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts 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 Excluding The Allowance For Doubtful Accounts 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 Excluding The Allowance For Doubtful Accounts 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 | |||
Public Companies Securities [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 135 | 82 | |
Non-financial assets | |||
Total | 135 | 82 | |
Public Companies Securities [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Public Companies Securities [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Public Companies Securities [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | 135 | 82 | |
Private Companies Securities [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 1,168 | 964 | |
Non-financial assets | |||
Total | 1,168 | 964 | |
Private Companies Securities [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Private Companies Securities [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Private Companies Securities [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | 1,168 | 964 | |
Deposits [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | 1,397 | 1,235 |
Subtotal financial assets | 1,397 | 1,235 | |
Non-financial assets | |||
Total | 1,397 | 1,235 | |
Deposits [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Deposits [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
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 amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Bonds [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | 10 | |
Subtotal financial assets | 515 | 425 | |
Non-financial assets | |||
Total | 515 | 425 | |
Bonds [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Bonds [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | 505 | 425 | |
Bonds [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Others [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 793 | ||
Non-financial assets | |||
Total | 793 | ||
Others [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Others [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | |||
Others [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Financial assets at fair value through profit or loss | 793 | ||
Investments In Financial Assets With Quotation [Member] | Investments In Financial Assets [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 23,198 | 11,017 | |
Non-financial assets | |||
Total | 23,198 | 11,017 | |
Investments In Financial Assets With Quotation [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 | 23,198 | 11,017 | |
Investments In Financial Assets With Quotation [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 | |||
Investments In Financial Assets With Quotation [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 | |||
Foreign Currency Future Contracts [member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 71 | 27 | |
Non-financial assets | |||
Total | 71 | 27 | |
Foreign Currency 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 | |||
Foreign Currency 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 | 71 | 27 | |
Foreign Currency 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 | |||
Other Derivative Financial Instruments [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 16 | ||
Non-financial assets | |||
Total | 16 | ||
Other Derivative Financial Instruments [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 | |||
Other Derivative Financial Instruments [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 | 16 | ||
Other Derivative Financial Instruments [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 | |||
Clal [member] | Financial Assets Held-For-Sale, Category [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 12,254 | 8,562 | |
Non-financial assets | |||
Total | 12,254 | 8,562 | |
Clal [member] | Level 1 [Member] | Financial Assets Held-For-Sale, Category [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | 12,254 | 8,562 | |
Clal [member] | Level 2 [Member] | Financial Assets Held-For-Sale, Category [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | |||
Clal [member] | Level 3 [Member] | Financial Assets Held-For-Sale, Category [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at fair value through profit or loss | |||
Cash At Bank And On Hand [Member] | Cash And Cash Equivalents [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | 6,452 | 8,529 |
Subtotal financial assets | 6,452 | 8,529 | |
Non-financial assets | |||
Total | 6,452 | 8,529 | |
Cash At Bank And On Hand [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 At Bank And On Hand [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 At Bank And On Hand [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 Investments [Member] | Cash And Cash Equivalents [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | 28,334 | 14,510 |
Subtotal financial assets | 30,865 | 16,325 | |
Non-financial assets | |||
Total | 30,865 | 16,325 | |
Short Term Investments [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 | 2,531 | 1,815 | |
Short Term Investments [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 | |||
Short Term Investments [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 | |||
Trade And Other Receivables [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | 18,731 | |
Non-financial assets | 3,819 | ||
Total | 22,550 | ||
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 | |||
Warrants [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 26 | ||
Non-financial assets | |||
Total | 26 | ||
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 | 26 | ||
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 | |||
Swaps [member] | Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at amortized cost | [1] | ||
Subtotal financial assets | 29 | ||
Non-financial assets | |||
Total | 29 | ||
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 | 29 | ||
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 | |||
[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 19). | ||
[2] | Corresponds to deposits in guarantee and escrows. |
Financial instruments by cate_4
Financial instruments by category (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of fair value measurement of liabilities [line items] | ||
Net amount presented | $ 101,801 | $ 66,906 |
Net amount presented | 217,087 | 145,749 |
Trade And Other Payables [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Gross amounts recognized | 11,140 | 17,037 |
Gross amounts offset | (875) | (871) |
Net amount presented | 10,265 | 16,166 |
Trade And Other Receivables Excluding The Allowance For Doubtful Accounts And Other Receivables [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Gross amounts recognized | 19,523 | 19,602 |
Gross amounts offset | (875) | (871) |
Net amount presented | $ 18,648 | $ 18,731 |
Financial instruments by cate_5
Financial instruments by category (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Disclosure of financial liabilities [line items] | |||||
Interest income | $ 740 | $ 704 | $ 619 | ||
Interest expense | (7,745) | (6,092) | (2,330) | ||
Foreign exchange (losses) / gains, net | (9,864) | (1,075) | (2,047) | ||
Dividend income | 82 | 68 | 72 | ||
Fair value gain on financial assets at fair value through profit or loss | 426 | [1] | 2,928 | (1,445) | |
Loss on debt swap | (2,228) | ||||
Capitalized finance costs | 74 | 3 | |||
(Loss) / Gain on derivative financial instruments, net | 170 | 112 | 927 | ||
Other finance costs | (356) | (743) | (621) | ||
Fair value loss on associates | [2] | 79 | |||
Net (loss) / income | [1] | (18,701) | (4,095) | (4,746) | |
Financial Assets And Liabilities At Amortised Cost Category [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Interest income | 740 | 704 | 619 | ||
Interest expense | (7,745) | (6,092) | (2,307) | ||
Foreign exchange (losses) / gains, net | (9,864) | (1,079) | (2,053) | ||
Dividend income | 40 | 33 | |||
Fair value gain on financial assets at fair value through profit or loss | [1] | ||||
Loss on debt swap | (2,228) | ||||
Capitalized finance costs | 74 | 3 | |||
(Loss) / Gain on derivative financial instruments, net | 1 | (46) | |||
Other finance costs | (356) | (743) | (515) | ||
Fair value loss on associates | [2] | ||||
Net (loss) / income | [1] | (19,338) | (7,220) | (4,256) | |
Financial Assets And Liabilities At Fair Value Through Profit Or Loss Category [Member] | |||||
Disclosure of financial liabilities [line items] | |||||
Interest income | |||||
Interest expense | (23) | ||||
Foreign exchange (losses) / gains, net | 4 | 6 | |||
Dividend income | 42 | 35 | 72 | ||
Fair value gain on financial assets at fair value through profit or loss | 426 | [1] | 2,928 | (1,445) | |
Loss on debt swap | |||||
Capitalized finance costs | |||||
(Loss) / Gain on derivative financial instruments, net | 169 | 158 | 927 | ||
Other finance costs | (106) | ||||
Fair value loss on associates | [2] | 79 | |||
Net (loss) / income | [1] | $ 637 | $ 3,125 | $ (490) | |
[1] | Included within "Financial results, net" in the Statements of Income. | ||||
[2] | Included in "Share of profit / (loss) of associates and joint ventures" in the Statement of Income. |
Financial instruments by cate_6
Financial instruments by category (Details 7) | 12 Months Ended | |
Jun. 30, 2018 | ||
Discounted Cash Flow [Member] | Level 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Trade and other receivables -. Cellcom</font></p>" id="sjs-B5"><p style="text-align: left; margin-left: 0; font-size: 13px; color: rgb(0, 0, 0)"><font style="font: 10pt Times New Roman, Times, Serif">Trade and other receivables -. Cellcom</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows</font></p>" id="sjs-B6"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Discount interest rate.</font></p>" id="sjs-B7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Discount interest rate.</font></p> | |
Range | 3.30% | |
Cash Flows - Theoretical Price [Member] | Level 2 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Interest rate swaps</font></p>" id="sjs-B11"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest rate swaps</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Cash flows - Theoretical price</font></p>" id="sjs-B12"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash flows - Theoretical price</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Interest rate futures contracts and cash flows</font></p>" id="sjs-B13"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest rate futures contracts and cash flows</font></p> | |
Range | ||
Binomial Tree Theoretical Price I [Member] | Level 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Preferred shares of Condor</font></p>" id="sjs-B17"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Preferred shares of Condor</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Binomial tree – Theoretical price I</font></p>" id="sjs-B18"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Binomial tree – Theoretical price I</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve).</font></p>" id="sjs-B19"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve).</font></p> | |
Range term | </p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price 1.8 to 2.2</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Share price volatility 58% to 78%</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 1.7% to 2.1%</font></p>" id="sjs-B20"><p style="margin: 0pt"></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price 1.8 to 2.2</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Share price volatility 58% to 78%</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 1.7% to 2.1%</font></p> | |
Discounted Cash Flows - Theoretical Price [Member] | Level 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Promissory note</font></p>" id="sjs-B23"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Promissory note</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows - Theoretical price</font></p>" id="sjs-B24"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows -  Theoretical price</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate (Libor rate curve)</font></p>" id="sjs-B25"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate (Libor rate curve)</font></p> | |
Range term | <font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 1.8% to 2.2%</font></p>" id="sjs-B26"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 1.8% to 2.2%</font></p> | |
Black-Scholes Theoretical Price [Member] | Level 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">TGLT Non-convertible Notes</font></p>" id="sjs-B29"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">TGLT Non-convertible Notes</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Black-Scholes – Theoretical price</font></p>" id="sjs-B30"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Black-Scholes –  Theoretical price</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price (Market price); share price volatility (historical) and market interest rate.</font></p>" id="sjs-B31"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price (Market price); share price volatility (historical) and market interest rate.</font></p> | |
Range term | <font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price 8 to 12</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Share price volatility 50% to 70%</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 8% to 9%</font></p>" id="sjs-B32"><p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price 8 to 12</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Share price volatility 50% to 70%</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 8% to 9%</font></p> | |
Black-Scholes Theoretical Price [Member] | Level 2 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Warrants of Condor</font></p>" id="sjs-B35"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Warrants of Condor</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Black-Scholes – Theoretical price</font></p>" id="sjs-B36"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Black-Scholes –  Theoretical price</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve).</font></p>" id="sjs-B37"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price (Market price); share price volatility (historical) and market interest rate (Libor rate curve).</font></p> | |
Range term | <font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price 1.8 to 1.7</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Share price volatility 58% to 78% </font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 1.7% to 2.1%</font></p>" id="sjs-B38"><p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price 1.8 to 1.7</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Share price volatility 58% to 78% </font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Market interest-rate 1.7% to 2.1%</font></p> | |
Discounted Cash Flows [Member] | Level 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Call option of Arcos</font></p>" id="sjs-B41"><p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font: 10pt Times New Roman, Times, Serif">Call option of Arcos</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows</font></p>" id="sjs-B42"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Projected revenues and discounting rate.</font></p>" id="sjs-B43"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Projected revenues and discounting rate.</font></p> | |
Range | ||
Cash Flow / NAV - Theoretical Price [Member] | Level 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Investments in financial assets - Other private companies’ securities (*)</font></p>" id="sjs-B47"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Investments in financial assets - Other private companies’ securities (*)</font></p> | [1] |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Cash flow / NAV - Theoretical price</font></p>" id="sjs-B48"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash flow / NAV - Theoretical price</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Projected revenue discounted at the discount rate</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 5.3pt"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>" id="sjs-B49"><p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 5.3pt"><font style="font: 10pt Times New Roman, Times, Serif">Projected revenue discounted at the discount rate</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 5.3pt"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> | |
Cash Flow / NAV - Theoretical Price [Member] | Level 3 [Member] | Minimum [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Range | 1.00% | |
Cash Flow / NAV - Theoretical Price [Member] | Level 3 [Member] | Maximum [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Range | 3.50% | |
Discounted Cash Flows - Theoretical Price [Member] | Level 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Investments in financial assets - Others</font></p>" id="sjs-B58"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Investments in financial assets - Others</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows - Theoretical price</font></p>" id="sjs-B59"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Discounted cash flows -  Theoretical price</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Projected revenue discounted at the discount rate</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 5.3pt"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>" id="sjs-B60"><p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 5.3pt"><font style="font: 10pt Times New Roman, Times, Serif">Projected revenue discounted at the discount rate</font></p> <p style="font: 10pt/9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 5.3pt"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> | |
Discounted Cash Flows - Theoretical Price [Member] | Level 3 [Member] | Minimum [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Range | 1.00% | |
Discounted Cash Flows - Theoretical Price [Member] | Level 3 [Member] | Maximum [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Range | 3.50% | |
Theoretical Price [Member] | Level 2 And 3 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | <font style="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments - Forwards</font></p>" id="sjs-B69"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Derivative financial instruments - Forwards</font></p> | |
Pricing model / method | <font style="font: 10pt Times New Roman, Times, Serif">Theoretical price</font></p>" id="sjs-B70"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Theoretical price</font></p> | |
Parameters | <font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price and volatility</font></p>" id="sjs-B71"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Underlying asset price and volatility</font></p> | |
Range | ||
[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. |
Financial instruments by cate_7
Financial instruments by category (Details 4) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | $ 1,036 | $ (9,036) | |
Additions and acquisitions | 560 | 101 | |
Cumulative translation adjustment | 553 | 436 | |
Transfer to level 1 | [1] | (100) | |
Reclassification to liabilities held for sale | 11,272 | ||
Write off | (67) | (782) | |
Transfer to current trade and other receivables | |||
Deconsolidation | (126) | ||
Gain / (loss) for the year | [2] | 216 | (955) |
Ending Balance | 2,072 | 1,036 | |
Investments In Financial Assets [Member] | Public Companies Securities [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | 82 | 499 | |
Additions and acquisitions | 65 | ||
Cumulative translation adjustment | 21 | ||
Transfer to level 1 | [1] | ||
Reclassification to liabilities held for sale | |||
Write off | (67) | (702) | |
Transfer to current trade and other receivables | |||
Deconsolidation | |||
Gain / (loss) for the year | [2] | 120 | 199 |
Ending Balance | 135 | 82 | |
Investments In Financial Assets [Member] | Private Companies Securities [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | 964 | 1,324 | |
Additions and acquisitions | 34 | 44 | |
Cumulative translation adjustment | 489 | 169 | |
Transfer to level 1 | [1] | (100) | |
Reclassification to liabilities held for sale | |||
Write off | |||
Transfer to current trade and other receivables | |||
Deconsolidation | (126) | ||
Gain / (loss) for the year | [2] | (93) | (573) |
Ending Balance | 1,168 | 964 | |
Investments In Financial Assets [Member] | Others [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | 140 | ||
Additions and acquisitions | 526 | ||
Cumulative translation adjustment | 78 | 6 | |
Transfer to level 1 | [1] | ||
Reclassification to liabilities held for sale | |||
Write off | (146) | ||
Transfer to current trade and other receivables | |||
Deconsolidation | |||
Gain / (loss) for the year | [2] | 189 | |
Ending Balance | 793 | ||
Derivative Financial Instruments [Member] | Forwards [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | (10) | ||
Additions and acquisitions | (8) | ||
Cumulative translation adjustment | (14) | (2) | |
Transfer to level 1 | [1] | ||
Reclassification to liabilities held for sale | |||
Write off | 66 | ||
Transfer to current trade and other receivables | |||
Deconsolidation | |||
Gain / (loss) for the year | [2] | (66) | |
Ending Balance | (24) | (10) | |
Loans [Member] | Non Recourse Loan [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | (10,999) | ||
Additions and acquisitions | |||
Cumulative translation adjustment | 242 | ||
Transfer to level 1 | [1] | ||
Reclassification to liabilities held for sale | 11,272 | ||
Write off | |||
Transfer to current trade and other receivables | |||
Deconsolidation | |||
Gain / (loss) for the year | [2] | (515) | |
Ending Balance | |||
[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. |
Trade and other receivables (De
Trade and other receivables (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Trade and other receivables [abstract] | ||
Sale, leases and services receivables | $ 15,728 | $ 16,127 |
Less: Allowance for doubtful accounts | (805) | (312) |
Total trade receivables | 14,923 | 15,815 |
Prepaid expenses | 3,734 | 2,532 |
Borrowings, deposits and other debit balances | 2,289 | 2,378 |
Advances to suppliers | 733 | 825 |
Tax credits | 355 | 216 |
Others | 1,055 | 472 |
Total other receivables | 8,166 | 6,423 |
Total trade and other receivables | 23,089 | 22,238 |
Non-current | 8,142 | 4,974 |
Current | 14,947 | 17,264 |
Total | $ 23,089 | $ 22,238 |
Trade and other receivables (_2
Trade and other receivables (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Trade and other receivables [abstract] | |||
Beginning of the year | $ 312 | $ 173 | |
Additions | [1] | 315 | 234 |
Recoveries | (28) | (11) | |
Cumulative translation adjustment | 622 | 182 | |
Deconsolidation | (142) | ||
Used during the year | (274) | (266) | |
End of the year | $ 805 | $ 312 | |
[1] | The creation and release of the provision for impaired receivables have been included in Selling expenses in the Statements of Income (Note 23). |
Trade and other receivables (_3
Trade and other receivables (Details 2) $ in Millions | 12 Months Ended | |
Jun. 30, 2018ARS ($) | Jun. 30, 2017ARS ($) | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 15,728 | $ 16,127 |
% of representation | 100 | 100 |
Additions / (reversals) for doubtful accounts | $ (269) | $ (208) |
Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 13,454 | 12,767 |
Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 805 | 356 |
Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 1,708 | $ 1,287 |
% of representation | 0.1086 | 0.0798 |
Additions / (reversals) for doubtful accounts | $ (79) | $ (40) |
Leases And Services [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1,094 | 946 |
Leases And Services [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 200 | 145 |
Hotel Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 1,589 | $ 63 |
% of representation | 0.1010 | 0.0039 |
Additions / (reversals) for doubtful accounts | ||
Hotel Services [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 68 | 61 |
Hotel Services [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 502 | 1 |
Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 16 | $ 16 |
% of representation | 0.0010 | 0.0010 |
Additions / (reversals) for doubtful accounts | ||
Consumer Financing [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Consumer Financing [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 16 | 16 |
Sale Of Properties And Developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 43 | $ 61 |
% of representation | 0.0027 | 0.0038 |
Additions / (reversals) for doubtful accounts | ||
Sale Of Properties And Developments [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 7 | 8 |
Sale Of Properties And Developments [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 32 | |
Sale Of Communication Equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 5,184 | $ 4,875 |
% of representation | 0.3296 | 0.3023 |
Additions / (reversals) for doubtful accounts | $ (168) | |
Sale Of Communication Equipment [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 5,184 | 2,719 |
Sale Of Communication Equipment [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 7,188 | $ 3,483 |
% of representation | 0.4570 | 0.2160 |
Additions / (reversals) for doubtful accounts | $ (190) | |
Telecommunication Services [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 7,101 | 2,805 |
Telecommunication Services [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 87 | 86 |
Sale Of Products (Supermarkets) [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 6,342 | |
% of representation | 0.3933 | |
Additions / (reversals) for doubtful accounts | ||
Sale Of Products (Supermarkets) [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 6,228 | |
Sale Of Products (Supermarkets) [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 76 | |
Current [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1,072 | 642 |
Current [Member] | Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 280 | 104 |
Current [Member] | Hotel Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 782 | 1 |
Current [Member] | Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Current [Member] | Sale Of Properties And Developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 10 | 17 |
Current [Member] | Sale Of Communication Equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Current [Member] | Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 482 | |
Current [Member] | Sale Of Products (Supermarkets) [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 38 | |
3 To 6 Months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 43 | 28 |
3 To 6 Months [Member] | Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 42 | 26 |
3 To 6 Months [Member] | Hotel Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
3 To 6 Months [Member] | Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
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 | 1 | 2 |
3 To 6 Months [Member] | Sale Of Communication Equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
3 To 6 Months [Member] | Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
3 To 6 Months [Member] | Sale Of Products (Supermarkets) [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 | 354 | 2,334 |
Over 6 Months [Member] | Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 92 | 66 |
Over 6 Months [Member] | Hotel Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 237 | |
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 Properties And Developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 25 | 2 |
Over 6 Months [Member] | Sale Of Communication Equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 2,156 | |
Over 6 Months [Member] | Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 110 | |
Over 6 Months [Member] | Sale Of Products (Supermarkets) [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, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flow Information | |||
(Loss) / Profit for the year | $ 21,295 | $ 5,220 | $ 10,078 |
Profit for the year from discontinued operations | (12,479) | (4,093) | (817) |
Adjustments for: | |||
Income tax | (124) | 2,766 | 6,325 |
Amortization and depreciation | 3,737 | 3,377 | 1,531 |
Loss from disposal of property, plant and equipment | (4) | 35 | (2) |
Net gain from fair value adjustment of investment properties | (22,605) | (4,352) | (17,549) |
Share-based payments | 100 | 51 | |
(Recovery) Charge for impairment of property, plant and equipment | (12) | 26 | |
Expenses from sale of investment properties | 32 | ||
Derecognition of intangible assets by TGLT agreement | 28 | ||
Result from business combinations | (8) | ||
Disposal of disused investment properties | 24 | ||
Gain from disposal of associates | (311) | (4) | |
Financial results, net | 19,334 | 4,052 | 5,036 |
Reversal of cumulative translation adjustment | (41) | (100) | |
Provisions and allowances | 372 | 113 | 191 |
Share of loss / (profit) of associates and joint ventures | 721 | (106) | (508) |
Changes in operating assets and liabilities: | |||
(Increase) / decrease in inventories | (21) | 51 | 16 |
Decrease in trading properties | 499 | 510 | 189 |
Increase in trade and other receivables | (19) | (986) | (547) |
Increase in trade and other payables | 907 | 147 | 160 |
Increase in salaries and social security liabilities | 53 | 48 | 20 |
Decrease in provisions | (202) | (85) | (127) |
Net cash generated by continuing operating activities before income tax paid | 11,176 | 6,736 | 4,015 |
Net cash generated by discontinued operating activities before income tax paid | 4,144 | 3,280 | 892 |
Net cash generated by operating activities before income tax paid | $ 15,320 | $ 10,016 | $ 4,907 |
Cash flow information (Details
Cash flow information (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Cash Flow Information | |||
Investment properties | $ (4,382) | $ 29,586 | |
Property, plant and equipment | (28,801) | 1,712 | 15,104 |
Trading properties | 2,656 | ||
Intangible assets | (6,188) | 19 | 6,603 |
Investments in associates and joint ventures | (365) | (74) | 9,268 |
Deferred income tax | 53 | (4,681) | |
Trade and other receivables | (11,905) | 591 | 9,713 |
Investment in financial assets | (2,846) | 5,824 | |
Derivative financial instruments | (23) | (54) | |
Inventories | (5,896) | 1,919 | |
Restricted assets | (91) | ||
Group of assets held for sale | 91 | ||
Financial assets held for sale | 5,129 | ||
Trade and other payables | 22,933 | (917) | (19,749) |
Salaries and social security liabilities | 2,389 | (148) | |
Borrowings | 21,050 | (660) | (60,306) |
Provisions | 432 | 2 | (969) |
Income tax and MPIT liabilities | 7 | 1 | (267) |
Deferred income tax liabilities | 2,796 | ||
Employee benefits | 1,254 | (47) | (405) |
Net amount of non-cash assets incorporated / held for sale | (9,636) | 532 | (538) |
Cash and cash equivalents | (5,554) | 150 | |
Non-controlling interest | 7,329 | 40 | (8,630) |
Goodwill | 74 | (26) | 1,391 |
Net amount of assets incorporated / held for sale | (7,787) | 696 | (7,777) |
Interest held before acquisition | 67 | ||
Seller financing | (38) | ||
Cash and cash equivalents incorporated / held for sale | (150) | 9,193 | |
Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale | $ (7,825) | $ 613 | $ 1,416 |
Cash flow information (Detail_2
Cash flow information (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flow Information | |||
Decrease in investments in associates and joint ventures through a decrease in borrowings | $ 199 | $ 9 | $ 9 |
Dividends distribution to non-controlling shareholders not yet paid | 1,529 | 64 | 64 |
Increase in investments in associates and joint ventures through a decrease in trade and other receivables | 49 | ||
Increase in intangible assets through an increase in trade and other payables | 111 | ||
Increase in investments in associates and joint ventures through a decrease in investments in financial assets | 4 | 702 | |
Increase in derivative financial instruments through a decrease in investments in financial assets | 24 | ||
Payment of dividends through an increase in trade and other payables | 8 | ||
Changes in non-controlling interest through a decrease in trade and other receivables | 1,380 | ||
Increase in property, plant and equipment through an increase of trade and other payables | 793 | ||
Increase in property, plant and equipment through an increase of borrowings | 9 | 116 | |
Increase in investment properties through an increase in trade and other payables | 133 | ||
Increase in trade and other receivables through an increase in borrowings | 109 | ||
Increase in trading properties through an increase in borrowings | 2 | ||
Increase in investment properties through an increase in borrowings | 27 | ||
Decrease in investment in associates and joint ventures through dividends receivables not yet paid | 4 | ||
Decrease in investment in associates and joint ventures through an increase in assets held for sale | 44 | ||
Increase in financial operations through a decrease in investments in associates and joint ventures | 65 | ||
Decrease in investment in associates and joint ventures through an increase in trade and other receivables | 7 | ||
Increase in investment properties through a decrease in property, plant and equipment | 57 | ||
Increase in investment properties through an increase in trading properties | 302 | ||
Increase in investments in financial assets through a decrease in trade and other receivables | 71 | ||
Increase in investments in financial assets through an increase in trade and other payables | 180 | ||
Increase in non-controlling interest through a decrease in derivative financial instruments | 128 | ||
Increase in trading properties through a decrease in investment properties | 10 | 317 | |
Increase in trading properties through an increase in trade and other payables | 62 | ||
Increase in trading properties through a decrease in trade and other receivables | 31 | ||
Increase in investment properties through a decrease in trading properties | $ 353 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - ISRAEL ₪ / shares in Units, ₪ in Millions | 12 Months Ended | |
Jun. 30, 2018ILS (₪)₪ / shares | Jun. 30, 2018ILS (₪)₪ / shares$ / shares | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Dividends distribution per share | $ / shares | $ 2.41 | |
Special reserve | ₪ 2,751 | |
Description of legal reserve | <font style="font: 10pt Times New Roman, Times, Serif"><u>Legal reserve</u></font></p> <p style="text-align: justify; text-indent: 48px; margin: 0pt 0; font-size: 13px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="text-align: justify; text-indent: 48px; margin: 0pt 0; font-size: 13px"><font style="font: 10pt Times New Roman, Times, Serif">According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of legal reserve until they reach legal capped amount (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses.</font></p>" id="sjs-B6"><p style="text-align: justify; text-indent: 48px; margin: 0pt 0; font-size: 13px"><font style="font: 10pt Times New Roman, Times, Serif"><u>Legal reserve</u></font></p> <p style="text-align: justify; text-indent: 48px; margin: 0pt 0; font-size: 13px"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="text-align: justify; text-indent: 48px; margin: 0pt 0; font-size: 13px"><font style="font: 10pt Times New Roman, Times, Serif">According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of legal reserve until they reach legal capped amount (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses.</font></p> | |
Dividends Paid | ₪ 1,400 | $ 1,400 |
ARGENTINA | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Common shares, par value | ₪ / shares | ₪ 1 | $ 1 |
Reserve | ₪ 395 | $ 395 |
Trade and other payables (Detai
Trade and other payables (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Trade and other payables [abstract] | ||
Trade payables | $ 9,688 | $ 14,793 |
Sales, rental and services payments received in advance | 3,572 | 4,339 |
Construction obligations | 1,475 | 1,226 |
Accrued invoices | 948 | 633 |
Deferred income | 37 | 73 |
Total trade payables | 15,720 | 21,064 |
Dividends payable to non-controlling shareholders | 123 | 251 |
Tax payables | 325 | 510 |
Construction obligations | 521 | 343 |
Other payables | 1,412 | 1,711 |
Total other payables | 2,381 | 2,815 |
Total trade and other payables | 18,101 | 23,879 |
Non-current | 3,484 | 3,040 |
Current | 14,617 | 20,839 |
Total | $ 18,101 | $ 23,879 |
Provisions (Details)
Provisions (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | ||||
Disclosure of other provisions [line items] | |||||
As of beginning | $ 1,833 | $ 1,571 | |||
Additions | 2,694 | 502 | |||
Incorporated by business combination | 10 | 2 | |||
Recovery | (211) | (319) | |||
Used during the year | (202) | (219) | |||
Deconsolidation | (447) | ||||
Currency translation adjustment | 925 | 296 | |||
As of end | 4,602 | 1,833 | |||
Legal Claims [Member] | |||||
Disclosure of other provisions [line items] | |||||
As of beginning | [1] | 821 | 689 | ||
Additions | [1] | 299 | 246 | ||
Incorporated by business combination | [1] | 10 | 2 | ||
Recovery | [1] | (88) | (104) | ||
Used during the year | [1] | (202) | (151) | ||
Deconsolidation | (273) | [1] | |||
Currency translation adjustment | [1] | 461 | 139 | ||
As of end | [1] | 1,028 | 821 | ||
Investments In Associates And Joint Ventures [Member] | |||||
Disclosure of other provisions [line items] | |||||
As of beginning | [2] | 72 | 45 | ||
Additions | [2] | 2,380 | 105 | ||
Incorporated by business combination | [2] | ||||
Recovery | (80) | [2] | |||
Used during the year | [2] | ||||
Deconsolidation | |||||
Currency translation adjustment | 2 | [2] | |||
As of end | [2] | 2,452 | 72 | ||
Site Dismantling And Remediation [Member] | |||||
Disclosure of other provisions [line items] | |||||
As of beginning | [3] | 140 | 114 | ||
Additions | [3] | 10 | |||
Incorporated by business combination | [3] | ||||
Recovery | [3] | (48) | |||
Used during the year | [3] | ||||
Deconsolidation | |||||
Currency translation adjustment | [3] | 61 | 26 | ||
As of end | [3] | 163 | 140 | ||
Onerous Contracts [Member] | |||||
Disclosure of other provisions [line items] | |||||
As of beginning | [4] | 220 | 296 | ||
Additions | [4] | 5 | 20 | ||
Incorporated by business combination | [4] | ||||
Recovery | [4] | (123) | (135) | ||
Used during the year | [4] | ||||
Deconsolidation | (174) | [4] | |||
Currency translation adjustment | [4] | 73 | 39 | ||
As of end | [4] | 1 | 220 | ||
Other Provisions [Member] | |||||
Disclosure of other provisions [line items] | |||||
As of beginning | [5] | 580 | 427 | ||
Additions | 131 | [5] | |||
Incorporated by business combination | [5] | ||||
Recovery | [5] | 48 | |||
Used during the year | (68) | [5] | |||
Deconsolidation | |||||
Currency translation adjustment | [5] | 330 | 90 | ||
As of end | [5] | $ 958 | $ 580 | ||
[1] | Additions and recoveries are included in "Other operating results, net". | ||||
[2] | Corresponds to the equity interest in New Lipstick with negative equity. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures". | ||||
[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] | 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. | ||||
[5] | 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 that currently amounts to NIS 106 (equivalent to Ps. 836 of these Consolidated Financial Statements). 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, 2018 | Jun. 30, 2017 |
Provisions [abstract] | ||
Non-current | $ 3,549 | $ 943 |
Current | 1,053 | 890 |
Total | $ 4,602 | $ 1,833 |
Borrowings (Details)
Borrowings (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Disclosure of detailed information about borrowings [line items] | ||||||
Total non-current borrowings | $ 181,046 | $ 109,489 | ||||
Total current borrowings | 25,587 | 19,926 | ||||
Borrowings total amount | 206,633 | [1] | 129,415 | [1] | $ 112,936 | |
NCN [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | 171,142 | 108,417 | ||||
NCN [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | 183,338 | 110,164 | ||||
Bank Loans [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | 31,244 | 12,012 | ||||
Bank Loans [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | 31,837 | 12,048 | ||||
Non-Recourse Loans [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | 7,025 | |||||
Non-Recourse Loans [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | 6,930 | |||||
Other Borrowings [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | [2] | 3,576 | 1,870 | |||
Other Borrowings [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | [2] | 4,761 | 1,828 | |||
Bank Overdrafts [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | 671 | 91 | ||||
Bank Overdrafts [Member] | At Fair Value [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings total amount | $ 671 | $ 91 | ||||
[1] | Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. | |||||
[2] | Includes financial leases for Ps. 16 and Ps. 4 as of June 30, 2018 and 2017. |
Borrowings (Details 1)
Borrowings (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Share capital | $ 204,802 | $ 128,115 | |||
Interest | 1,815 | 1,296 | |||
Leases | 16 | 4 | |||
Borrowings | 206,633 | [1] | 129,415 | [1] | $ 112,936 |
Less Than 1 year [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Share capital | 23,865 | 18,672 | |||
Interest | 1,714 | 1,253 | |||
Between 1 And 2 Years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Share capital | 25,722 | 14,352 | |||
Interest | 30 | 4 | |||
Between 2 and 3 years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Share capital | 22,728 | 14,998 | |||
Interest | 33 | 7 | |||
Between 3 and 4 years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Share capital | 18,887 | 11,918 | |||
Interest | 5 | 19 | |||
Between 4 and 5 years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Share capital | 47,546 | 10,737 | |||
Interest | 5 | ||||
Later Than Five Years [Member] | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Share capital | 66,054 | 57,438 | |||
Interest | $ 33 | $ 8 | |||
[1] | Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details 2)
Borrowings (Details 2) ₪ in Millions, $ in Millions, $ in Millions | Jun. 30, 2018UYU ($) | Jun. 30, 2018ILS (₪) | Jun. 30, 2018ARS ($) | Jun. 30, 2017UYU ($) | Jun. 30, 2017ILS (₪) | Jun. 30, 2017ARS ($) | Jun. 30, 2016ARS ($) | ||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | $ 117,607 | $ 55,044 | |||||||
Subtotal floating-rate borrowings | 89,010 | 74,367 | |||||||
Total borrowings as per analysis | 206,617 | 129,411 | |||||||
Finance leases obligations | 16 | 4 | |||||||
Borrowings total amount | 206,633 | [1] | 129,415 | [1] | $ 112,936 | ||||
Floating Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | 72,805 | ||||||||
Fixed Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | 1,049 | 79 | |||||||
Fixed Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | 80,685 | 35,867 | |||||||
Fixed Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | 35,873 | 19,098 | |||||||
Floating Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | 1,154 | 540 | |||||||
Floating Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | 86,214 | ||||||||
Floating Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | 1,642 | 1,022 | |||||||
Argentina, Pesos | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | 24,277 | 11,301 | |||||||
Subtotal floating-rate borrowings | 1,154 | 540 | |||||||
Total borrowings as per analysis | 25,431 | 11,841 | |||||||
Finance leases obligations | 16 | 4 | |||||||
Borrowings total amount | 25,447 | 11,845 | |||||||
Argentina, Pesos | Fixed Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | 1,049 | 79 | |||||||
Argentina, Pesos | Fixed Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | |||||||||
Argentina, Pesos | Fixed Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | 23,228 | 11,222 | |||||||
Argentina, Pesos | Floating Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | 1,154 | 540 | |||||||
Argentina, Pesos | Floating Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | |||||||||
Argentina, Pesos | Floating Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | |||||||||
UYU | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | $ 372 | $ 135 | |||||||
Subtotal floating-rate borrowings | |||||||||
Total borrowings as per analysis | 372 | 135 | |||||||
Finance leases obligations | |||||||||
Borrowings total amount | 372 | 135 | |||||||
UYU | Fixed Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | |||||||||
UYU | Fixed Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | |||||||||
UYU | Fixed Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | $ 372 | $ 135 | |||||||
UYU | Floating Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | |||||||||
UYU | Floating Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | |||||||||
UYU | Floating Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | |||||||||
ILS | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | ₪ | ₪ 92,958 | ₪ 43,608 | |||||||
Subtotal floating-rate borrowings | ₪ | 87,856 | 73,827 | |||||||
Total borrowings as per analysis | ₪ | 180,814 | 117,435 | |||||||
Finance leases obligations | ₪ | |||||||||
Borrowings total amount | ₪ | 180,814 | 117,435 | |||||||
ILS | Fixed Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | ₪ | |||||||||
ILS | Fixed Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | ₪ | 80,685 | 35,867 | |||||||
ILS | Fixed Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal fixed-rate borrowings | ₪ | ₪ 12,273 | ₪ 7,741 | |||||||
ILS | Floating Interest Rate Argentine Peso [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | |||||||||
ILS | Floating Interest Rate New Israeli Shekel [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | 86,214 | 72,805 | |||||||
ILS | Floating Interest Rate US Dollar [Member] | |||||||||
Disclosure of financial instruments by type of interest rate [line items] | |||||||||
Subtotal floating-rate borrowings | $ 1,642 | $ 1,022 | |||||||
[1] | Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details 3)
Borrowings (Details 3) | 12 Months Ended | |||||
Jun. 30, 2018USD ($) | Jun. 30, 2018ILS (₪) | Jun. 30, 2018ARS ($) | ||||
IRSA Inversionesy Representaciones Sociedad Anonima [Member] | Class VII [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2016-09 | |||||
Amount in original currency | $ | $ 384,200,000 | |||||
Maturity date | Sep. 9, 2019 | |||||
Interest rate | 2.99% | 2.99% | 2.99% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B9"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B10"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">Badlar + 2.99%</font></p>" id="sjs-B11"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">Badlar + 2.99%</font></p> | |||||
IRSA Inversionesy Representaciones Sociedad Anonima [Member] | Class VIII [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2016-09 | |||||
Maturity date | Sep. 9, 2019 | |||||
Interest rate | 7.00% | 7.00% | 7.00% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B17"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B18"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">7%</font></p>" id="sjs-B19"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">7%</font></p> | |||||
IRSA Inversionesy Representaciones Sociedad Anonima [Member] | Class VIII [Member] | USD | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | $ | $ 184,500,000 | |||||
IRSA Propiedades Comerciales S.A. [Member] | Class IV [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2017-09 | |||||
Maturity date | Sep. 14, 2020 | |||||
Interest rate | 5.00% | 5.00% | 5.00% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B28"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">quarterly</font></p>" id="sjs-B29"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">5%</font></p>" id="sjs-B30"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">5%</font></p> | |||||
IRSA Propiedades Comerciales S.A. [Member] | Class IV [Member] | USD | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | $ | $ 140,000,000 | |||||
IDB Development Corporation Ltd [Member] | SERIES N [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2016-08 | |||||
Maturity date | Dec. 29, 2022 | |||||
Interest rate | 5.30% | [1] | 5.30% | [1] | 5.30% | [1] |
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B39"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B40"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">5.3%</font></p>" id="sjs-B41"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">5.3%</font></p> | |||||
IDB Development Corporation Ltd [Member] | SERIES N [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 325,000,000 | [1] | ||||
IDB Development Corporation Ltd [Member] | SERIES M [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2017-02 | |||||
Maturity date | Nov. 28, 2019 | |||||
Interest rate | 5.40% | 5.40% | 5.40% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B50"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B51"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">5.40%</font></p>" id="sjs-B52"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">5.40%</font></p> | |||||
IDB Development Corporation Ltd [Member] | SERIES M [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 1,060,000,000 | |||||
IDB Development Corporation Ltd [Member] | SERIES N [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2017-07 | |||||
Maturity date | Dec. 30, 2022 | |||||
Interest rate | 5.30% | [1] | 5.30% | [1] | 5.30% | [1] |
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B61"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B62"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">5.3%</font></p>" id="sjs-B63"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">5.3%</font></p> | |||||
IDB Development Corporation Ltd [Member] | SERIES N [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 642,100,000 | [1] | ||||
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% | [2] | 5.30% | [2] | 5.30% | [2] |
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B72"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B73"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">5.3%</font></p>" id="sjs-B74"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">5.3%</font></p> | |||||
IDB Development Corporation Ltd [Member] | SERIES N [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 357,000,000 | [2] | ||||
Discount Investment Corporation Ltd. [Member] | SERIES F [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2016-08 | |||||
Maturity date | Dec. 31, 2025 | |||||
Interest rate | 4.95% | 4.95% | 4.95% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2017</font></p>" id="sjs-B83"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2017</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p>" id="sjs-B84"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">4.95%</font></p>" id="sjs-B85"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">4.95%</font></p> | |||||
Discount Investment Corporation Ltd. [Member] | SERIES F [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 360,000,000 | |||||
Discount Investment Corporation Ltd. [Member] | SERIES F [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2017-04 | |||||
Maturity date | Dec. 31, 2025 | |||||
Interest rate | 4.95% | 4.95% | 4.95% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2017</font></p>" id="sjs-B94"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2017</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p>" id="sjs-B95"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">4.95%</font></p>" id="sjs-B96"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">4.95%</font></p> | |||||
Discount Investment Corporation Ltd. [Member] | SERIES F [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 444,000,000 | |||||
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% | [2] | 4.80% | [2] | 4.80% | [2] |
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2021</font></p>" id="sjs-B105"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2021</font></p> | |||||
Interest payment | <font style="font-family: Times New Roman, Times, Serif">B<font style="font-size: 10pt">iannual</font></font></p>" id="sjs-B106"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">B<font style="font-size: 10pt">iannual</font></font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">4.8%</font></p>" id="sjs-B107"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">4.8%</font></p> | |||||
Discount Investment Corporation Ltd. [Member] | SERIES J [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 762,000,000 | [2] | ||||
Property And Building Corporation Ltd. [Member] | SERIES I [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2016-10 | |||||
Maturity date | Jun. 29, 2029 | |||||
Interest rate | 3.95% | 3.95% | 3.95% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B116"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B117"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p>" id="sjs-B118"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p> | |||||
Property And Building Corporation Ltd. [Member] | SERIES I [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 102,000,000 | |||||
Property And Building Corporation Ltd. [Member] | SERIES I [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2017-04 | |||||
Maturity date | Jun. 29, 2029 | |||||
Interest rate | 3.95% | 3.95% | 3.95% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B127"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B128"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p>" id="sjs-B129"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p> | |||||
Property And Building Corporation Ltd. [Member] | SERIES I [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 431,000,000 | |||||
Property And Building Corporation Ltd. [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% | 3.95% | 3.95% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B138"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B139"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p>" id="sjs-B140"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p> | |||||
Property And Building Corporation Ltd. [Member] | SERIES I [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 497,000,000 | |||||
Property And Building Corporation Ltd. [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% | [2] | 3.95% | [2] | 3.95% | [2] |
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p>" id="sjs-B149"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">At expiration</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p>" id="sjs-B150"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Quarterly</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p>" id="sjs-B151"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">3.95%</font></p> | |||||
Property And Building Corporation Ltd. [Member] | SERIES I [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 496,000,000 | [2] | ||||
Gav - Yam [Member] | SERIES F [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2017-04 | |||||
Maturity date | Mar. 31, 2026 | |||||
Interest rate | 4.75% | 4.75% | 4.75% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2021</font></p>" id="sjs-B160"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2021</font></p> | |||||
Interest payment | <font style="font-family: Times New Roman, Times, Serif">B<font style="font-size: 10pt">iannual</font></font></p>" id="sjs-B161"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">B<font style="font-size: 10pt">iannual</font></font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">4.75%</font></p>" id="sjs-B162"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">4.75%</font></p> | |||||
Gav - Yam [Member] | SERIES F [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 303,000,000 | |||||
Gav - Yam [Member] | SERIES H [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2017-09 | |||||
Maturity date | Jun. 30, 2034 | |||||
Interest rate | 2.55% | 2.55% | 2.55% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2019</font></p>" id="sjs-B171"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2019</font></p> | |||||
Interest payment | <font style="font-family: Times New Roman, Times, Serif">B<font style="font-size: 10pt">iannual</font></font></p>" id="sjs-B172"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">B<font style="font-size: 10pt">iannual</font></font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">2.55%</font></p>" id="sjs-B173"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">2.55%</font></p> | |||||
Gav - Yam [Member] | SERIES H [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 424,000,000 | |||||
Cellcom Israel Ltd. [Member] | SERIES L [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2018-01 | |||||
Maturity date | Jan. 5, 2028 | |||||
Interest rate | 2.50% | 2.50% | 2.50% | |||
Principal payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2023</font></p>" id="sjs-B182"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual payments since 2023</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p>" id="sjs-B183"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">2.5%</font></p>" id="sjs-B184"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">2.5%</font></p> | |||||
Cellcom Israel Ltd. [Member] | SERIES L [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 401,000,000 | |||||
Shufersal Ltd. [Member] | SERIES E [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2018-01 | |||||
Maturity date | Oct. 8, 2028 | |||||
Interest rate | 4.30% | 4.30% | 4.30% | |||
Principal payment | <font style="font-family: Times New Roman, Times, Serif">Annual payments since 2018</font></p>" id="sjs-B193"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">Annual payments since 2018</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p>" id="sjs-B194"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">4.3%</font></p>" id="sjs-B195"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">4.3%</font></p> | |||||
Shufersal Ltd. [Member] | SERIES E [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 544,000,000 | |||||
Shufersal Ltd. [Member] | SERIES E [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Issuance / expansion date | 2018-01 | |||||
Maturity date | Oct. 8, 2028 | |||||
Interest rate | 4.30% | [2] | 4.30% | [2] | 4.30% | [2] |
Principal payment | <font style="font-family: Times New Roman, Times, Serif">Annual payments since 2018</font></p>" id="sjs-B204"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">Annual payments since 2018</font></p> | |||||
Interest payment | <font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p>" id="sjs-B205"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">Annual</font></p> | |||||
Description of interest rate | <font style="font: 10pt Times New Roman, Times, Serif">4.3%</font></p>" id="sjs-B206"><p style="font: 13px Times New Roman, Times, Serif; color: #000000"><font style="font: 10pt Times New Roman, Times, Serif">4.3%</font></p> | |||||
Shufersal Ltd. [Member] | SERIES E [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Amount in original currency | ₪ 544,000,000 | [2] | ||||
[1] | 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 60.4 million shares of DIC under a single fixed charge of first line and in guarantee of by means of the lien, in an unlimited amount, in favor of the trustee for the holders of the debentures. | |||||
[2] | Corresponds a to an expansion of the series. |
Borrowings (Details 4)
Borrowings (Details 4) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Evolution of borrowing [RollForward] | |||||
Balance at the beginning of the year | $ 129,415 | [1] | $ 112,936 | ||
Borrowings | 17,853 | 26,596 | $ 146,396 | ||
Payment of borrowings | (17,969) | (17,780) | (145,401) | ||
Obtention / (payment) of short term loans, net | 345 | (862) | |||
Interests paid | (6,999) | (5,326) | (2,934) | ||
Deconsolidation | (21,310) | ||||
Accrued interests | 8,288 | 6,192 | |||
Changes in fair value of third-party loans | 114 | ||||
Loans received from associates and joint ventures, net | 4 | ||||
Cumulative translation adjustment and exchange differences, net | 96,892 | 7,659 | |||
Balance at the end of the year | $ 206,633 | [1] | $ 129,415 | [1] | $ 112,936 |
[1] | Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details Narrative)
Borrowings (Details Narrative) ₪ in Millions, $ in Millions | Jun. 30, 2018ARS ($) | Nov. 28, 2017ILS (₪) | Nov. 28, 2017ARS ($) | Sep. 28, 2017ILS (₪) | Sep. 28, 2017ARS ($) | Jun. 30, 2017ARS ($) |
Disclosure of detailed information about borrowings [line items] | ||||||
Total Borrowings from collateralized liabilities | $ 32,292 | $ 11,206 | ||||
SERIES F [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Loss on swap of debt | $ 2,228 | |||||
SERIES F [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Loss on swap of debt | ₪ | ₪ 461 | |||||
SERIES L [Member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption of non convertible note | $ 2,120 | |||||
SERIES L [Member] | ILS | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption of non convertible note | ₪ | ₪ 424 |
Income tax (Details)
Income tax (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax | |||
Current income tax | $ (425) | $ (745) | $ (567) |
Deferred income tax | 549 | (2,021) | (5,784) |
Minimum Presumed Income tax (MPIT) | 26 | ||
Income tax from continuing operations | $ 124 | $ (2,766) | $ (6,325) |
Income tax (Details 1)
Income tax (Details 1) | 12 Months Ended |
Jun. 30, 2018 | |
Bermudas | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 0.00% |
ARGENTINA | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 35.00% |
ARGENTINA | Minimum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 25.00% |
URUGUAY | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 25.00% |
URUGUAY | Minimum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 0.00% |
US | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 45.00% |
US | Minimum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 0.00% |
ISRAEL | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 24.00% |
ISRAEL | Minimum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 23.00% |
Income tax (Details 2)
Income tax (Details 2) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Income Tax | ||||
Loss from continuing operations at tax rate applicable in the respective countries | $ (3,571) | $ (1,963) | $ (5,622) | |
Permanent differences: | ||||
Share of profit of associates and joint ventures | (71) | 130 | (226) | |
Unrecognized tax loss carryforwards | [1] | (1,557) | (1,209) | (169) |
Changes in fair value of financial instruments | [2] | (346) | 434 | |
Change of tax rate | [2] | 5,676 | 396 | (450) |
Non-taxable profit / (loss), non-deductible expenses and others | (7) | (554) | 116 | |
Income tax from continuing operations | 124 | (2,766) | (6,351) | |
MPIT | $ 26 | |||
[1] | Corresponds mainly to holding companies in the Operations Center in Israel | |||
[2] | As of June 30, 2018 corresponds to the effect of applying the changes in the tax rates applicable in accordance with the tax reform explained above, being Ps. 405 the effect of the rate change in US and Ps. 5,271 the effect of the rate change in Argentina. As of June 30, 2017 and 2016 the rate change was in Israel. |
Income tax (Details 3)
Income tax (Details 3) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax | |||
Deferred income tax asset to be recovered after more than 12 months | $ 5,865 | $ 5,577 | |
Deferred income tax asset to be recovered within 12 months | 1,093 | 159 | |
Deferred income tax assets | 6,958 | 5,736 | |
Deferred income tax liability to be recovered after more than 12 months | (32,597) | (19,027) | |
Deferred income tax liability to be recovered within 12 months | (178) | (9,448) | |
Deferred income tax liability | (32,775) | (28,475) | |
Deferred income tax assets (liabilities), net | $ (25,817) | $ (22,739) | $ (19,099) |
Income tax (Details 4)
Income tax (Details 4) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | $ (22,739) | $ (19,099) | |
Business combination and Assets held for sale | [1] | (13) | (18) |
Cumulative translation adjustment | (6,132) | (1,440) | |
Charged / (Credited) to the statements of income | 259 | (2,070) | |
Reclassification opening balances | 59 | ||
Changes of non-controlling interest | (171) | ||
Deconsolidation | 2,808 | ||
Assets (Liabilities), net at ending of period | (25,817) | (22,739) | |
Investment Properties And Property, Plant And Equipment [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | (24,176) | (20,772) | |
Business combination and Assets held for sale | [1] | (14) | |
Cumulative translation adjustment | (6,640) | (1,888) | |
Charged / (Credited) to the statements of income | (300) | (1,575) | |
Reclassification opening balances | 59 | ||
Changes of non-controlling interest | |||
Deconsolidation | 2,445 | ||
Assets (Liabilities), net at ending of period | (28,685) | (24,176) | |
Trading Properties [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | (99) | (120) | |
Business combination and Assets held for sale | [1] | ||
Cumulative translation adjustment | (73) | (24) | |
Charged / (Credited) to the statements of income | 20 | 45 | |
Reclassification opening balances | |||
Changes of non-controlling interest | |||
Deconsolidation | |||
Assets (Liabilities), net at ending of period | (152) | (99) | |
Trade And Other Receivables [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | (305) | (142) | |
Business combination and Assets held for sale | [1] | (7) | |
Cumulative translation adjustment | |||
Charged / (Credited) to the statements of income | (81) | (156) | |
Reclassification opening balances | |||
Changes of non-controlling interest | |||
Deconsolidation | |||
Assets (Liabilities), net at ending of period | (386) | (305) | |
Investments [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | (9) | (10) | |
Business combination and Assets held for sale | [1] | ||
Cumulative translation adjustment | 1 | 1 | |
Charged / (Credited) to the statements of income | (16) | ||
Reclassification opening balances | |||
Changes of non-controlling interest | |||
Deconsolidation | |||
Assets (Liabilities), net at ending of period | (24) | (9) | |
Intangible Assets [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | (2,682) | (2,860) | |
Business combination and Assets held for sale | [1] | ||
Cumulative translation adjustment | 126 | (312) | |
Charged / (Credited) to the statements of income | 433 | 490 | |
Reclassification opening balances | |||
Changes of non-controlling interest | |||
Deconsolidation | 781 | ||
Assets (Liabilities), net at ending of period | (1,342) | (2,682) | |
Others [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | (1,204) | (944) | |
Business combination and Assets held for sale | [1] | 36 | |
Cumulative translation adjustment | (1,341) | (122) | |
Charged / (Credited) to the statements of income | 359 | (174) | |
Reclassification opening balances | |||
Changes of non-controlling interest | |||
Deconsolidation | |||
Assets (Liabilities), net at ending of period | (2,186) | (1,204) | |
Subtotal Liabilities [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | (28,475) | (24,848) | |
Business combination and Assets held for sale | [1] | (14) | 29 |
Cumulative translation adjustment | (7,927) | (2,345) | |
Charged / (Credited) to the statements of income | 415 | (1,370) | |
Reclassification opening balances | 59 | ||
Changes of non-controlling interest | |||
Deconsolidation | 3,226 | ||
Assets (Liabilities), net at ending of period | (32,775) | (28,475) | |
Trade And Other Payables [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | 2,021 | 1,774 | |
Business combination and Assets held for sale | [1] | ||
Cumulative translation adjustment | 526 | 281 | |
Charged / (Credited) to the statements of income | (591) | (34) | |
Reclassification opening balances | |||
Changes of non-controlling interest | |||
Deconsolidation | |||
Assets (Liabilities), net at ending of period | 1,956 | 2,021 | |
Tax Loss Carry-Forwards [member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | 2,955 | 3,251 | |
Business combination and Assets held for sale | [1] | 1 | |
Cumulative translation adjustment | 746 | 488 | |
Charged / (Credited) to the statements of income | 703 | (613) | |
Reclassification opening balances | |||
Changes of non-controlling interest | (171) | ||
Deconsolidation | |||
Assets (Liabilities), net at ending of period | 4,405 | 2,955 | |
Others [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | 760 | 724 | |
Business combination and Assets held for sale | [1] | (47) | |
Cumulative translation adjustment | 523 | 136 | |
Charged / (Credited) to the statements of income | (268) | (53) | |
Reclassification opening balances | |||
Changes of non-controlling interest | |||
Deconsolidation | (418) | ||
Assets (Liabilities), net at ending of period | 597 | 760 | |
Subtotal Assets [Member] | |||
Changes in deferred tax liability (asset) [abstract] | |||
Assets (Liabilities), net at beginning of period | 5,736 | 5,749 | |
Business combination and Assets held for sale | [1] | 1 | (47) |
Cumulative translation adjustment | 1,795 | 905 | |
Charged / (Credited) to the statements of income | (156) | (700) | |
Reclassification opening balances | |||
Changes of non-controlling interest | (171) | ||
Deconsolidation | (418) | ||
Assets (Liabilities), net at ending of period | $ 6,958 | $ 5,736 | |
[1] | Includes Ps. 6 for business combination (Note 4) and Ps. 12 for reclassification to assets held for sale (Note 31). |
Income tax (Details 5)
Income tax (Details 5) $ in Millions | Jun. 30, 2018ARS ($) |
Income Tax | |
2,019 | $ 49 |
2,020 | 35 |
2,021 | 33 |
2,022 | 9 |
2,023 | 2,875 |
Do not expire | 1,404 |
Total | $ 4,405 |
Income tax (Details Narrative)
Income tax (Details Narrative) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Income Tax | ||
Deferred income tax assets, not recognize | $ 132,442 | $ 131,748 |
Deferred income tax liabilities, not recognize | $ 1,722 | $ 1,792 |
Leases (Details)
Leases (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating Lease by lessee | $ 7,305 | $ 12,719 | $ 12,692 |
Less Than 1 year [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating Lease by lessee | 2,173 | 2,901 | 3,860 |
Later than one year and not later than five years [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating Lease by lessee | 4,477 | 7,949 | 6,705 |
Later Than Five Years [Member] | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Operating Lease by lessee | $ 655 | $ 1,869 | $ 2,127 |
Leases (Details 1)
Leases (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating Lease by lessor | $ 35,474 | $ 21,520 | $ 20,745 |
Less Than 1 year [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating Lease by lessor | 4,813 | 4,437 | 3,137 |
Later than one year and not later than five years [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating Lease by lessor | 22,371 | 12,451 | 13,361 |
Later Than Five Years [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating Lease by lessor | $ 8,290 | $ 4,632 | $ 4,247 |
Revenues (Details)
Revenues (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue [abstract] | |||
Income from communication services | $ 14,392 | $ 11,958 | $ 4,956 |
Rental and services income | 10,671 | 8,537 | 5,197 |
Sale of communication equipment | 4,955 | 4,006 | 1,844 |
Sale of trading properties and developments | 1,818 | 1,454 | 191 |
Revenue from hotel operations and tourism services | 1,040 | 766 | 557 |
Other revenues | 212 | 283 | 171 |
Total Group's revenues | $ 33,088 | $ 27,004 | $ 12,916 |
Expenses by nature (Details)
Expenses by nature (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | $ 5,219 | $ 4,273 | $ 1,557 |
Salaries, social security costs and other personnel expenses | 5,567 | 4,415 | 2,256 |
Depreciation and amortization | 3,737 | 3,377 | 1,532 |
Fees and payments for services | 2,755 | 2,423 | 1,139 |
Maintenance, security, cleaning, repairs and others | 1,931 | 1,533 | 726 |
Advertising and other selling expenses | 1,548 | 1,334 | 754 |
Taxes, rates and contributions | 605 | 423 | 387 |
Interconnection and roaming expenses | 2,066 | 1,711 | 157 |
Fees to other operators | 2,576 | 1,691 | |
Director's fees | 228 | 180 | |
Leases and service charges | 190 | 105 | 52 |
Allowance for doubtful accounts, net | 269 | 204 | 70 |
Other expenses | 1,470 | 1,590 | 1,887 |
Total | 28,161 | 23,259 | 10,517 |
Costs [Member] | |||
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | 5,219 | 4,269 | 1,557 |
Salaries, social security costs and other personnel expenses | 2,455 | 2,008 | 1,202 |
Depreciation and amortization | 2,250 | 1,804 | 738 |
Fees and payments for services | 1,830 | 1,704 | 706 |
Maintenance, security, cleaning, repairs and others | 1,689 | 1,444 | 664 |
Advertising and other selling expenses | 270 | 284 | 282 |
Taxes, rates and contributions | 328 | 232 | 223 |
Interconnection and roaming expenses | 2,066 | 1,711 | |
Fees to other operators | 2,576 | 1,691 | |
Director's fees | |||
Leases and service charges | 52 | 82 | 50 |
Allowance for doubtful accounts, net | |||
Other expenses | 894 | 804 | 1,614 |
Total | 19,629 | 16,033 | 7,036 |
General And Administrative Expenses [Member] | |||
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | 4 | ||
Salaries, social security costs and other personnel expenses | 1,627 | 1,257 | 552 |
Depreciation and amortization | 575 | 520 | 256 |
Fees and payments for services | 859 | 671 | 396 |
Maintenance, security, cleaning, repairs and others | 146 | 86 | 59 |
Advertising and other selling expenses | 6 | ||
Taxes, rates and contributions | 81 | 23 | 14 |
Interconnection and roaming expenses | 157 | ||
Fees to other operators | |||
Director's fees | 228 | 180 | |
Leases and service charges | 5 | 18 | 2 |
Allowance for doubtful accounts, net | 62 | ||
Other expenses | 342 | 460 | 141 |
Total | 3,869 | 3,219 | 1,639 |
Selling Expenses [Member] | |||
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | |||
Salaries, social security costs and other personnel expenses | 1,485 | 1,150 | 502 |
Depreciation and amortization | 912 | 1,053 | 538 |
Fees and payments for services | 66 | 48 | 37 |
Maintenance, security, cleaning, repairs and others | 96 | 3 | 3 |
Advertising and other selling expenses | 1,272 | 1,050 | 472 |
Taxes, rates and contributions | 196 | 168 | 150 |
Interconnection and roaming expenses | |||
Fees to other operators | |||
Director's fees | |||
Leases and service charges | 133 | 5 | |
Allowance for doubtful accounts, net | 269 | 204 | 8 |
Other expenses | 234 | 326 | 132 |
Total | $ 4,663 | $ 4,007 | $ 1,842 |
Cost of goods sold and servic_3
Cost of goods sold and services provided (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | ||
Cost Of Goods Sold And Services Provided | |||
Inventories at the beginning of the year | [1] | $ 10,041 | $ 8,216 |
Purchases and expenses | 69,910 | 54,426 | |
Capitalized finance costs | 11 | ||
Cumulative translation adjustment | 5,874 | 2,687 | |
Transfers | 9 | 27 | |
Deconsolidation | (6,276) | ||
Transfers to investment properties | (353) | ||
Incorporated by business combination | 380 | ||
Inventories at the end of the year | [1] | 9,880 | 10,041 |
Total costs | $ 69,716 | $ 55,315 | |
[1] | Inventories includes trading properties and inventories. |
Cost of goods sold and servic_4
Cost of goods sold and services provided (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cost Of Goods Sold And Services Provided | ||||
Real estate | $ 9,275 | $ 5,804 | ||
Supermarkets | 3,873 | |||
Telecommunications | 592 | 320 | ||
Others | 13 | 44 | ||
Total inventories at the end of the year | [1] | $ 9,880 | $ 10,041 | $ 8,216 |
[1] | Inventories includes trading properties and inventories. |
Other operating results, net (D
Other operating results, net (Details) - ARS ($) $ in Millions | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Other Operating Results Net | ||||||
Gain from disposal of an associate | [1] | $ 311 | ||||
Donations | (67) | (123) | (58) | |||
Lawsuits and other contingencies | [2] | 406 | (22) | 14 | ||
Currency translation adjustment reversal | 41 | [3] | 100 | [3] | ||
Others | (68) | (102) | (88) | |||
Total other operating results, net | $ 582 | $ (206) | $ (32) | |||
[1] | Includes the gain from the sale of the Groups' equity interest in Cloudyn for Ps. 252. | |||||
[2] | As of June 30, 2018, includes the favorable ruling of a trial in the Operations Center in Israel for an amount of approximately Ps. 435. Includes legal costs and expenses Includes legal costs and expenses | |||||
[3] | As of June 30, 2017, it pertains to the reversal of the cumulative translation adjustment generated by IMadison, a subsidiary liquidated during that fiscal year. As of June 30, 2016, Ps. 143 correspond to the reversal of cumulative translation adjustment before the business combination with IDBD and Ps. 9 to the reversal of the reserve of the cumulative translation adjustment generated in Rigby following the dissolution of the company. |
Financial results, net (Details
Financial results, net (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finance income: | |||
Interest income | $ 740 | $ 704 | $ 619 |
Foreign exchange gain | 939 | 165 | 573 |
Dividends income | 82 | 68 | 72 |
Total finance income | 1,761 | 937 | 1,264 |
Finance costs: | |||
Interest expenses | (7,745) | (6,092) | (2,330) |
Loss on debt swap (Note 19) | (2,228) | ||
Foreign exchange loss | (10,803) | (1,240) | (2,620) |
Other finance costs | (356) | (743) | (621) |
Subtotal finance costs | (21,132) | (8,075) | (5,571) |
Capitalized finance costs | 74 | 3 | |
Total finance costs | (21,058) | (8,072) | (5,571) |
Other financial results: | |||
Fair value gain of financial assets and liabilities at fair value through profit or loss, net | 426 | 2,928 | (1,445) |
Gain on derivative financial instruments, net | 170 | 112 | 927 |
Total other financial results | 596 | 3,040 | (518) |
Total financial results, net | $ (18,701) | $ (4,095) | $ (4,825) |
Earnings per share (Details)
Earnings per share (Details) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic | |||
Profit for the year of continuing operations attributable to equity holders of the parent | $ 5,278 | $ 1,383 | $ 8,635 |
Profit for the year of discontinued operations attributable to equity holders of the parent | 9,725 | 1,647 | 338 |
Profit for the year attributable to equity holders of the parent | $ 15,003 | $ 3,030 | $ 8,973 |
Weighted average number of ordinary shares outstanding | 575 | 575 | 575 |
Basic earnings per share | $ 26.09 | $ 5.27 | $ 16.58 |
Earnings per share (Details 1)
Earnings per share (Details 1) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Diluted | |||
Profit for the year of continuing operations attributable to equity holders of the parent | $ 5,278 | $ 1,383 | $ 8,635 |
Profit for the year of discontinued operations attributable to equity holders of the parent | 9,725 | 1,647 | 338 |
Profit for the year per share attributable to equity holders of the parent | $ 15,003 | $ 3,030 | $ 8,973 |
Weighted average number of ordinary shares outstanding | 579 | 579 | 579 |
Diluted earnings per share | $ 25.91 | $ 5.23 | $ 16.47 |
Employee benefits (Details)
Employee benefits (Details) - shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Benefits | |||
At the beginning | 3,507,947 | 3,619,599 | 4,439,507 |
Additions | |||
Disposals | (10,169) | (117,367) | |
Granted | (160,746) | (101,483) | (702,541) |
At the end | 3,347,201 | 3,507,947 | 3,619,599 |
Employee benefits (Details 1)
Employee benefits (Details 1) | 12 Months Ended |
Jun. 30, 2018ARS ($)$ / shares | |
Cellcom Israel Ltd. [Member] | |
Disclosure of associates [line items] | |
Amount of outstanding options | $ | $ 918,665 |
Average remaining useful life | 1 year 7 months 10 days |
ILS | Cellcom Israel Ltd. [Member] | |
Disclosure of associates [line items] | |
Average price of outstanding options | $ 28.3 |
ILS | Minimum [Member] | Cellcom Israel Ltd. [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | 25.65 |
ILS | Maximum [Member] | Cellcom Israel Ltd. [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | $ 51.48 |
Discount Investment Corporation Ltd. [Member] | |
Disclosure of associates [line items] | |
Amount of outstanding options | $ | $ 4,745,090 |
Average remaining useful life | 4 years 9 months |
Discount Investment Corporation Ltd. [Member] | ILS | |
Disclosure of associates [line items] | |
Average price of outstanding options | $ 6.46 |
Discount Investment Corporation Ltd. [Member] | ILS | Minimum [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | 2.92 |
Discount Investment Corporation Ltd. [Member] | ILS | Maximum [Member] | |
Disclosure of associates [line items] | |
Exercise price range of outstanding options | $ 8 |
Employee benefits (Details 2)
Employee benefits (Details 2) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure of defined benefit plans [line items] | |||
Total present value of defined benefits obligations (post-employment) | $ 687 | $ 2,462 | $ 1,642 |
Fair value of plan assets | (592) | (1,703) | (1,101) |
Recognized liability for defined benefits obligations | 95 | 759 | 541 |
Liability for other long-term benefits | 15 | 4 | 148 |
Total recognized liabilities | 110 | 763 | 689 |
Assets designed for payment of benefits for employees | (4) | ||
Net position from employee benefits | 110 | 763 | 685 |
Unfunded Plan [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Total present value of defined benefits obligations (post-employment) | 316 | 673 | 572 |
Funded Plan [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Total present value of defined benefits obligations (post-employment) | $ 371 | $ 1,789 | $ 1,070 |
Related party transactions (Det
Related party transactions (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of transactions between related parties [line items] | ||
Total | $ 890 | $ 1,575 |
Trade And Other Receivables [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | 748 | 1,434 |
Investments In Financial Assets [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | 343 | 324 |
Trade And Other Payables [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | (191) | (172) |
Borrowings [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | $ (10) | $ (11) |
Related party transactions (D_2
Related party transactions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Disclosure of transactions between related parties [line items] | ||||||
Loans granted | $ 206,633 | [1] | $ 129,415 | [1] | $ 112,936 | |
Total associates and joint ventures | 836 | 202 | ||||
Total parent company | 109 | 188 | ||||
Total others | (55) | 1,185 | ||||
Total | 890 | 1,575 | ||||
Trade And Other Receivables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Total | 748 | 1,434 | ||||
Trade And Other Receivables [Member] | Cresud [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Leases and/or rights of use | 5 | |||||
Trade And Other Receivables [Member] | IFISA [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loans granted | 1,283 | |||||
Trade And Other Receivables [Member] | RES LP [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Reimbursement of expenses | 2 | |||||
Dividends receivables | 19 | |||||
Trade And Other Receivables [Member] | Others [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Leases and/or rights of use | [2] | 1 | 1 | |||
Fees | [2] | 7 | 2 | |||
Investments In Financial Assets [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Total | 343 | 324 | ||||
Investments In Financial Assets [Member] | Cresud [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
NCN | 208 | 242 | ||||
Trade And Other Payables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Total | (191) | (172) | ||||
Trade And Other Payables [Member] | Cresud [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Reimbursement of expenses | (16) | (36) | ||||
Leases and/or rights of use | (2) | |||||
Management fees | (22) | |||||
Share-based compensation plan | (3) | |||||
Long-term incentive plan | (1) | |||||
Corporate services | (56) | (22) | ||||
Trade And Other Payables [Member] | Taaman [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Leases and/or rights of use | (24) | |||||
Trade And Other Payables [Member] | Willifood [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Leases and/or rights of use | (29) | |||||
Trade And Other Payables [Member] | Directors [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Fees | (83) | (44) | ||||
Trade And Other Payables [Member] | Others [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Legal services | [2] | (1) | (4) | |||
Manibil S.A. [Member] | Trade And Other Receivables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Contributions in advance | 72 | 84 | ||||
New Lipstick [Member] | Trade And Other Receivables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loans granted | 585 | |||||
Reimbursement of expenses | 7 | |||||
Condor [Member] | Trade And Other Receivables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Dividends receivables | 8 | |||||
Condor [Member] | Investments In Financial Assets [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Public companies securities | 135 | 82 | ||||
La Rural S.A. [Member] | Trade And Other Receivables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Dividends receivables | 7 | |||||
Leases and/or rights of use | 29 | 29 | ||||
La Rural S.A. [Member] | Trade And Other Payables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Reimbursement of expenses | (1) | |||||
Other Associates And Joint Ventures [Member] | Borrowings [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loans granted | (10) | (11) | ||||
Other Associates And Joint Ventures [Member] | Trade And Other Receivables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Loans granted | 7 | |||||
Reimbursement of expenses | 1 | 8 | ||||
Leases and/or rights of use | 4 | 3 | ||||
Management fees | 1 | 5 | ||||
Share-based compensation plan | 1 | |||||
Long-term incentive plan | 1 | |||||
Other Associates And Joint Ventures [Member] | Trade And Other Payables [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Reimbursement of expenses | (1) | (1) | ||||
Leases and/or rights of use | (1) | |||||
Commissions | (5) | |||||
Advertising spaces | $ (1) | |||||
[1] | Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. | |||||
[2] | Includes CAMSA. Avenida compras and Avenida Inc., Estudio Zang, Bergel & Vines, Austral Gold, Fundacion IRSA, Hamonet S.A., Museo de los Ninos. |
Related party transactions (D_3
Related party transactions (Details 2) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Cresud [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | $ 5 | $ 2 | $ 7 | |
Financial operations | 151 | 62 | 74 | |
Corporate services | (227) | (177) | (121) | |
Total Parent Company [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total parent company | (71) | (113) | (40) | |
IFISA [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | 56 | (116) | 31 | |
Directors [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees and remunerations | (218) | (113) | (146) | |
Estudio Zang Bergel And Vines [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees and remunerations | (15) | |||
Taaman [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 157 | |||
Fundacion IRSA [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Donations | (13) | |||
Exportaciones Agroindustriales Arg [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | (21) | |||
BHN Vida S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 4 | 18 | ||
Willifood [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 134 | |||
Others [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | [1] | 1 | 4 | (1) |
Financial operations | [1] | 13 | ||
Corporate services | [1] | 5 | ||
Fees and remunerations | [1] | 4 | ||
Donations | [1] | (9) | (8) | |
Legal services | [1] | (4) | (5) | |
Total Others [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total others | 107 | (220) | (129) | |
Total [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total | 380 | 265 | 63 | |
BACS [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 17 | 1 | 6 | |
Financial operations | 39 | 21 | ||
Adama [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 293 | 16 | ||
Manibil S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 38 | |||
Condor [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | 119 | 235 | 122 | |
La Rural S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 12 | |||
Financial operations | 13 | |||
Tarshop [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 16 | 14 | 12 | |
ISPRO - Mehadrin [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 117 | 57 | ||
Other Associates And Joint Ventures [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 7 | 16 | 3 | |
Financial operations | 1 | (4) | (8) | |
Corporate services | (1) | |||
Fees and remunerations | 5 | |||
Management fees | 4 | 3 | ||
Total Associates And Joint Ventures [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total associates and joint ventures | $ 344 | $ 598 | $ 232 | |
[1] | It includes Isaac Elsztain e Hijos, CAMSA. Hamonet S.A., Ramat Hanassi, Estudio Zang, Bergel & Vines, and Fundacion IRSA. |
Related party transactions (D_4
Related party transactions (Details 3) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Total distribution | $ 1,206 | $ 250 |
Total subsidiaries contributions | 156 | 160 |
Total other transactions | 2,124 | 160 |
La Rural S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 34 | 9 |
Cyrsa [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 7 | |
Baicom [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 1 | |
NPSF [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 9 | 12 |
Manaman [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 25 | 36 |
Manibil S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 19 | |
Irrevocable contributions | 45 | 38 |
Ramat Hanassi [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 20 | |
Irrevocable contributions | 9 | 102 |
PBEL [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | ||
Irrevocable contributions | 8 | |
EMCO [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 91 | 101 |
Aviareps [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 36 | |
Tourism & Recreation Holdings Ltd [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 25 | 7 |
Condor [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 55 | 22 |
Banco Hipotecario [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 60 | |
Cresud [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends paid | 882 | |
Helmir [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends paid | 5 | |
Puerto Retiro [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Irrevocable contributions | 2 | |
Avenida Inc [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Irrevocable contributions | 7 | |
PBS-Romania [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Irrevocable contributions | 7 | |
Secdo / SixGill [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Irrevocable contributions | 34 | |
Secured Touch [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Irrevocable contributions | 5 | |
Open Legacy [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Irrevocable contributions | 17 | |
Quality [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Irrevocable contributions | 39 | 3 |
IFISA [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Acquisition of non-controlling interest | $ 1,968 |
Foreign currency assets and l_3
Foreign currency assets and liabilities (Details) € in Millions, ₪ in Millions, £ in Millions, $ in Millions, $ in Millions | Jun. 30, 2018USD ($) | Jun. 30, 2018ILS (₪) | Jun. 30, 2018EUR (€) | Jun. 30, 2018GBP (£) | Jun. 30, 2018ARS ($) | Jun. 30, 2017USD ($) | Jun. 30, 2017ILS (₪) | Jun. 30, 2017EUR (€) | Jun. 30, 2017GBP (£) | Jun. 30, 2017ARS ($) | |
Assets | |||||||||||
Total assets | $ 107,047 | $ 70,725 | |||||||||
Liabilities | |||||||||||
Total liabilities | 224,923 | 153,462 | |||||||||
ARGENTINA | |||||||||||
Assets | |||||||||||
Total trade and other receivables | [1] | 2,847 | 1,599 | ||||||||
Total restricted assets | [1] | 41 | |||||||||
Total investments in financial assets | [1] | 3,974 | 1,356 | ||||||||
Total derivative financial instruments | [1] | 32 | 36 | ||||||||
Total cash and cash equivalents | [1] | 7,800 | 5,300 | ||||||||
Total assets | [1] | 14,653 | 8,332 | ||||||||
Liabilities | |||||||||||
Total trade and other payables | [1] | 3,120 | 995 | ||||||||
Total borrowings | [1] | 25,029 | 18,683 | ||||||||
Total liabilities | [1] | 28,149 | 19,678 | ||||||||
Borrowings [Member] | |||||||||||
Liabilities | |||||||||||
Total liabilities | 129,411 | ||||||||||
Trade and Other Payables [Member] | |||||||||||
Liabilities | |||||||||||
Total liabilities | $ 18,101 | 23,879 | |||||||||
Trade And Other Receivables [Member] | |||||||||||
Assets | |||||||||||
Total assets | $ 22,550 | ||||||||||
Derivative Financial Instruments [Member] | USD | Borrowings [Member] | |||||||||||
Liabilities | |||||||||||
Amount | [1],[2] | $ 868 | $ 1,123 | ||||||||
Exchange rate | [1],[3] | 28.850 | 28.850 | 28.850 | 28.850 | 28.850 | 16.630 | 16.630 | 16.630 | 16.630 | 16.630 |
Derivative Financial Liabilities | [1] | $ 25,029 | $ 18,683 | ||||||||
Derivative Financial Instruments [Member] | USD | Trade and Other Payables [Member] | |||||||||||
Liabilities | |||||||||||
Amount | [1],[2] | $ 104 | $ 57 | ||||||||
Exchange rate | [1],[3] | 28.850 | 28.850 | 28.850 | 28.850 | 28.850 | 16.630 | 16.630 | 16.630 | 16.630 | 16.630 |
Derivative Financial Liabilities | [1] | $ 3,007 | $ 955 | ||||||||
Derivative Financial Instruments [Member] | Euros | Trade and Other Payables [Member] | |||||||||||
Liabilities | |||||||||||
Amount | € | [1],[2] | € 3 | € 1 | ||||||||
Exchange rate | [1],[3] | 33.729 | 33.729 | 33.729 | 33.729 | 33.729 | 19.003 | 19.003 | 19.003 | 19.003 | 19.003 |
Derivative Financial Liabilities | € | [1] | € 88 | € 19 | ||||||||
Derivative Financial Instruments [Member] | Trade And Other Receivables [Member] | USD | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 42 | $ 35 | ||||||||
Exchange rate | [1],[3] | 28.750 | 28.750 | 28.750 | 28.750 | 28.750 | 16.530 | 16.530 | 16.530 | 16.530 | 16.530 |
Derivative Financial Assets | [1] | $ 1,202 | $ 572 | ||||||||
Derivative Financial Instruments [Member] | Trade And Other Receivables [Member] | Euros | |||||||||||
Assets | |||||||||||
Amount | € | [1],[2] | € 5 | € 9 | ||||||||
Exchange rate | [1],[3] | 33.540 | 33.540 | 33.540 | 33.540 | 33.540 | 18.848 | 18.848 | 18.848 | 18.848 | 18.848 |
Derivative Financial Assets | € | [1] | € 179 | € 172 | ||||||||
Derivative Financial Instruments [Member] | Payables [member] | USD | Related Parties [member] | |||||||||||
Liabilities | |||||||||||
Amount | [1],[2] | $ 1 | $ 1 | ||||||||
Exchange rate | [1],[3] | 28.850 | 28.850 | 28.850 | 28.850 | 28.850 | 16.630 | 16.630 | 16.630 | 16.630 | 16.630 |
Derivative Financial Liabilities | [1] | $ 25 | $ 21 | ||||||||
Derivative Financial Instruments [Member] | Receivable [member] | USD | Related Parties [member] | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 51 | $ 52 | ||||||||
Exchange rate | [1],[3] | 28.850 | 28.850 | 28.850 | 28.850 | 28.850 | 16.630 | 16.630 | 16.630 | 16.630 | 16.630 |
Derivative Financial Assets | [1] | $ 1,466 | $ 855 | ||||||||
Derivative Financial Instruments [Member] | Restricted Assets [member] | USD | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 2 | |||||||||
Exchange rate | [1],[3] | 28.750 | 28.750 | 28.750 | 28.750 | 28.750 | 16.530 | 16.530 | 16.530 | 16.530 | 16.530 |
Derivative Financial Assets | [1] | $ 41 | |||||||||
Derivative Financial Instruments [Member] | Investments In Financial Assets [Member] | USD | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 125 | $ 61 | ||||||||
Exchange rate | [1],[3] | 28.750 | 28.750 | 28.750 | 28.750 | 28.750 | 16.530 | 16.530 | 16.530 | 16.530 | 16.530 |
Derivative Financial Assets | [1] | $ 3,592 | $ 1,014 | ||||||||
Derivative Financial Instruments [Member] | Investments In Financial Assets [Member] | USD | Related Parties [member] | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 12 | $ 20 | ||||||||
Exchange rate | [1],[3] | 28.850 | 28.850 | 28.850 | 28.850 | 28.850 | 16.630 | 16.630 | 16.630 | 16.630 | 16.630 |
Derivative Financial Assets | [1] | $ 343 | $ 324 | ||||||||
Derivative Financial Instruments [Member] | Investments In Financial Assets [Member] | Pounds | |||||||||||
Assets | |||||||||||
Amount | £ | [1],[2] | £ 1 | £ 1 | ||||||||
Exchange rate | [1],[3] | 37.904 | 37.904 | 37.904 | 37.904 | 37.904 | 21.486 | 21.486 | 21.486 | 21.486 | 21.486 |
Derivative Financial Assets | £ | [1] | £ 39 | £ 18 | ||||||||
Derivative Financial Instruments [Member] | Derivative Financial Instruments [Member] | USD | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 1 | $ 1 | ||||||||
Exchange rate | [1],[3] | 28.750 | 28.750 | 28.750 | 28.750 | 28.750 | 16.530 | 16.530 | 16.530 | 16.530 | 16.530 |
Derivative Financial Assets | [1] | $ 32 | $ 10 | ||||||||
Derivative Financial Instruments [Member] | Derivative Financial Instruments [Member] | USD | Related Parties [member] | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 2 | |||||||||
Exchange rate | [1],[3] | 28.850 | 28.850 | 28.850 | 28.850 | 28.850 | 16.630 | 16.630 | 16.630 | 16.630 | 16.630 |
Derivative Financial Assets | [1] | $ 26 | |||||||||
Derivative Financial Instruments [Member] | Cash And Cash Equivalents [member] | USD | |||||||||||
Assets | |||||||||||
Amount | [1],[2] | $ 269 | $ 318 | ||||||||
Exchange rate | [1],[3] | 28.750 | 28.750 | 28.750 | 28.750 | 28.750 | 16.530 | 16.530 | 16.530 | 16.530 | 16.530 |
Derivative Financial Assets | [1] | $ 7,734 | $ 5,250 | ||||||||
Derivative Financial Instruments [Member] | Cash And Cash Equivalents [member] | Euros | |||||||||||
Assets | |||||||||||
Amount | € | [1],[2] | € 2 | € 3 | ||||||||
Exchange rate | [1],[3] | 33.540 | 33.540 | 33.540 | 33.540 | 33.540 | 18.848 | 18.848 | 18.848 | 18.848 | 18.848 |
Derivative Financial Assets | € | [1] | € 66 | € 49 | ||||||||
Derivative Financial Instruments [Member] | Cash And Cash Equivalents [member] | ILS | |||||||||||
Assets | |||||||||||
Amount | ₪ | [1],[2] | ||||||||||
Exchange rate | [1],[3] | 7.890 | 7.890 | 7.890 | 7.890 | 7.890 | 4.770 | 4.770 | 4.770 | 4.770 | 4.770 |
Derivative Financial Assets | ₪ | [1] | ₪ 1 | |||||||||
[1] | Stated in millions of units in foreign currency. Considering foreign currencies those that differ from each Group's functional currency at each year-end. | ||||||||||
[2] | Exchange rate as of June 30, of each year according to Banco Nacion Argentina records. | ||||||||||
[3] | The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 13). |
Groups of assets and liabilit_3
Groups of assets and liabilities held for sale (Details) - ARS ($) $ in Millions | Jun. 30, 2018 | Jun. 30, 2017 |
Groups Of Assets And Liabilities Held For Sale | ||
Property, plant and equipment | $ 2,698 | $ 1,712 |
Intangible assets | 32 | 19 |
Investments in associates | 47 | 33 |
Deferred income tax assets | 103 | 57 |
Investment properties | 521 | 5 |
Income tax credits | 10 | |
Trade and other receivables | 1,444 | 688 |
Cash and cash equivalents | 347 | 157 |
Total group of assets held for sale | 5,192 | 2,681 |
Trade and other payables | 1,957 | 930 |
Salaries and social security liabilities | 148 | |
Employee benefits | 150 | 52 |
Deferred income tax liability | 16 | 10 |
Borrowings | 1,120 | 715 |
Total group of liabilities held for sale | 3,243 | 1,855 |
Total net assets held for sale | $ 1,949 | $ 826 |
Results from discontinued ope_3
Results from discontinued operations (Details) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Disclosure of associates [line items] | |||||
Costs | $ 19,629 | $ 16,033 | $ 7,036 | ||
Net gain from fair value adjustment of investment properties | 22,605 | 4,340 | 17,536 | ||
Share of profit of associates and joint ventures | 71 | (130) | $ 226 | ||
Finance income | 1,761 | 937 | 1,264 | ||
Finance cost | 21,058 | 8,072 | 5,571 | ||
Financial results, net | (18,701) | (4,095) | (4,825) | ||
Profit before income tax | 8,692 | 3,893 | 15,586 | ||
Income tax | (124) | 2,766 | 6,325 | ||
Profit from discontinued operations | 12,479 | 4,093 | 817 | ||
Profit for the year from discontinued operations attributable to: | |||||
Equity holders of the parent | 15,003 | 3,030 | 9,534 | ||
Non-controlling interest | $ 6,292 | $ 2,190 | $ 544 | ||
Profit per share from discontinued operations attributable to equity holders of the parent: | |||||
Basic | $ 26.09 | $ 5.27 | $ 16.58 | ||
Diluted | $ 25.91 | $ 5.23 | $ 16.47 | ||
Discontinued Operations [Member] | |||||
Disclosure of associates [line items] | |||||
Revenues | $ 66,740 | $ 51,578 | $ 19,759 | ||
Costs | (50,087) | (39,282) | (15,073) | ||
Gross profit | 16,653 | 12,296 | 4,686 | ||
Net gain from fair value adjustment of investment properties | 164 | 113 | 23 | ||
General and administrative expenses | (1,162) | (857) | (294) | ||
Selling expenses | (13,042) | (9,655) | (3,955) | ||
Other operating results, net | [1] | 10,838 | 3,888 | (6) | |
Profit from operations | 13,451 | 5,785 | 454 | ||
Share of profit of associates and joint ventures | 54 | 373 | 344 | ||
Profit before financial results and income tax | 13,505 | 6,158 | 798 | ||
Finance income | 94 | 148 | 408 | ||
Finance cost | (675) | (1,962) | (367) | ||
Other financial results | (75) | (111) | |||
Financial results, net | (656) | (1,925) | 41 | ||
Profit before income tax | 12,849 | 4,233 | 839 | ||
Income tax | (370) | (140) | (22) | ||
Profit from discontinued operations | [2] | 12,479 | 4,093 | 817 | |
Profit for the year from discontinued operations attributable to: | |||||
Equity holders of the parent | 9,725 | 1,647 | 338 | ||
Non-controlling interest | $ 2,754 | $ 2,446 | $ 479 | ||
Profit per share from discontinued operations attributable to equity holders of the parent: | |||||
Basic | $ 16.91 | $ 2.86 | $ 0.59 | ||
Diluted | $ 16.80 | $ 2.84 | $ 0.58 | ||
[1] | Includes the result of the loss of control of Shufersal (see note 4.G) as of June 30, 2018 and the sale of Adama, which generated a profit of Ps. 4,216 in the year ended June 30, 2017. | ||||
[2] | As of June 30, 2018, 2017 and 2016, Ps. 60,470, Ps. 47,168 and Ps 18,607 of the total revenues from discontinued operations and Ps 12,377, Ps. 1,075 and Ps. 373 of the total profit from discontinued operations corresponds to Shufersal. |
Subsequent events (Details Narr
Subsequent events (Details Narrative) ₪ in Millions, $ in Millions, $ in Millions | Aug. 30, 2018USD ($) | Aug. 30, 2018ILS (₪) | Aug. 30, 2018ARS ($) | Aug. 14, 2018ILS (₪) | Aug. 14, 2018ARS ($) | Aug. 31, 2018ARS ($) | Jun. 30, 2018ARS ($) | Jun. 30, 2017ARS ($) | Jun. 30, 2016ARS ($) | Oct. 29, 2018ARS ($) | Aug. 28, 2018ILS (₪) | Aug. 28, 2018ARS ($) | Jun. 30, 2018ILS (₪) | Jun. 30, 2018ARS ($) | Jun. 30, 2017ILS (₪) | Jun. 30, 2017ARS ($) | ||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
(Loss) / Profit for the year | $ 21,295 | $ 5,220 | $ 10,078 | |||||||||||||||
Borrowings | $ 112,936 | $ 206,633 | [1] | $ 129,415 | [1] | |||||||||||||
IRSA Shareholders' [Member] | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
(Loss) / Profit for the year | $ 4,983 | $ 16,538 | ||||||||||||||||
Dividend payable | 1,412 | |||||||||||||||||
ILS | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Borrowings | ₪ | ₪ 180,814 | ₪ 117,435 | ||||||||||||||||
NCN [Member] | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Borrowings | $ 171,142 | $ 108,417 | ||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Clal Holdings Insurance Enterprises Ltd. [Member] | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transaction amount | $ 1,766 | |||||||||||||||||
Percentage of equity interest swap transactions | 5.00% | 5.00% | 5.00% | |||||||||||||||
Reduction in interest of capital stock | 29.80% | 29.80% | 29.80% | |||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | IDB Tourism (2009) Ltd [Member] | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transaction amount | $ 285 | |||||||||||||||||
Closing transaction date | Nov. 30, 2018 | Nov. 30, 2018 | ||||||||||||||||
Percentage of sale of share capital | 50.00% | 50.00% | ||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | ILS | Clal Holdings Insurance Enterprises Ltd. [Member] | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transaction amount | ₪ | ₪ 173 | |||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | NCN [Member] | USD | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Borrowings | $ 500 | |||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | IDB Development Corporation Ltd [Member] | SERIES M [Member] | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Partial prepayment | $ 1,491 | |||||||||||||||||
Percentage of partial prepayment | 14.02% | 14.02% | ||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | IDB Development Corporation Ltd [Member] | SERIES M [Member] | ILS | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Partial prepayment | ₪ | ₪ 146 | |||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | IDB Tourism (2009) Ltd [Member] | ILS | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transaction amount | ₪ | ₪ 26 | |||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | IDB Group Investment Inc. [Member] | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transaction amount | $ 673 | |||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | IDB Group Investment Inc. [Member] | USD | ||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||
Consideration transaction amount | $ 18 | |||||||||||||||||
[1] | Includes Ps. 180,814 and Ps. 119,103 as of June 30, 2018 and 2017, respectively, corresponding to the Operations Center in Israel. |