Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | IRSA INVESTMENTS & REPRESENTATIONS INC |
Entity Central Index Key | 0000933267 |
Document Type | 20-F |
Document Period End Date | Jun. 30, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Entity a Well-known Seasoned Issuer | No |
Entity'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 | 578,676,460 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Entity Incorporation State Country Code | C1 |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Non-current assets | ||
Investment properties | $ 227,547 | $ 333,525 |
Property, plant and equipment | 37,730 | 31,905 |
Trading properties | 4,856 | 7,836 |
Intangible assets | 27,784 | 25,603 |
Right-of-use assets | 19,859 | |
Other assets | 34 | |
Investments in associates and joint ventures | 74,394 | 44,439 |
Deferred income tax assets | 633 | 571 |
Income tax and MPIT credit | 25 | 216 |
Restricted assets | 1,871 | 4,401 |
Trade and other receivables | 23,128 | 17,680 |
Investments in financial assets | 3,513 | 4,128 |
Financial assets at fair value through profit or loss | 5,971 | |
Derivative financial instruments | 142 | 136 |
Total non-current assets | 421,482 | 476,445 |
Current assets | ||
Trading properties | 2,316 | 523 |
Inventories | 4,683 | 1,639 |
Restricted assets | 6,209 | 6,261 |
Income tax and MPIT credit | 307 | 557 |
Group of assets held for sale | 41,678 | 11,498 |
Trade and other receivables | 37,143 | 32,221 |
Investments in financial assets | 19,434 | 46,048 |
Financial assets at fair value through profit or loss | 3,377 | 16,666 |
Derivative financial instruments | 211 | 59 |
Cash and cash equivalents | 90,359 | 86,443 |
Total current assets | 205,717 | 201,915 |
TOTAL ASSETS | 627,199 | 678,360 |
SHAREHOLDERS' EQUITY | ||
Shareholders' equity attributable to equity holders of the parent (according to corresponding statement) | 57,127 | 45,843 |
Non-controlling interest | 65,528 | 76,813 |
TOTAL SHAREHOLDERS' EQUITY | 122,655 | 122,656 |
Non-current liabilities | ||
Borrowings | 297,818 | 381,639 |
Lease liabilities | 13,376 | |
Deferred income tax liabilities | 44,037 | 52,590 |
Trade and other payables | 2,169 | 2,505 |
Provisions | 3,063 | 11,452 |
Employee benefits | 447 | 188 |
Derivative financial instruments | 55 | 1,469 |
Salaries and social security liabilities | 195 | 157 |
Total non-current liabilities | 361,160 | 450,000 |
Current liabilities | ||
Trade and other payables | 29,672 | 26,528 |
Borrowings | 78,341 | 65,036 |
Lease liabilities | 4,869 | |
Provisions | 2,440 | 2,463 |
Group of liabilities held for sale | 22,212 | 8,137 |
Salaries and social security liabilities | 4,105 | 3,009 |
Income tax and MPIT liabilities | 625 | 495 |
Derivative financial instruments | 1,120 | 36 |
Total current liabilities | 143,384 | 105,704 |
TOTAL LIABILITIES | 504,544 | 555,704 |
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 627,199 | $ 678,360 |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Profit or loss [abstract] | |||
Revenues | $ 95,793 | $ 92,181 | $ 78,187 |
Costs | (62,204) | (59,391) | (49,112) |
Gross profit | 33,589 | 32,790 | 29,075 |
Net (loss) / gain from fair value adjustment of investment properties | 30,742 | (37,877) | 19,160 |
General and administrative expenses | (10,869) | (10,643) | (9,497) |
Selling expenses | (13,757) | (12,270) | (11,749) |
Impairment of associates and joint ventures | (2,470) | ||
Other operating results, net | 1,104 | 273 | 2,109 |
Profit / (loss) from operations | 38,339 | (27,727) | 29,098 |
Share of profit / (loss) of associates and joint ventures | 8,517 | (7,200) | (3,722) |
Profit / (loss) before financial results and income tax | 46,856 | (34,927) | 25,376 |
Finance income | 1,368 | 1,745 | 1,309 |
Finance costs | (21,465) | (20,248) | (24,965) |
Other financial results | (14,334) | 4,196 | (15,203) |
Inflation adjustment | 90 | (528) | (882) |
Financial results, net | (34,341) | (14,835) | (39,741) |
Profit / (loss) before income tax | 12,515 | (49,762) | (14,365) |
Income tax expense / benefit | (6,869) | 4,251 | 11,135 |
Profit / (loss) for the year from continuing operations | 5,646 | (45,511) | (3,230) |
Profit for the year from discontinued operations | 18,085 | 7,140 | 36,441 |
Profit / (loss) for the year | 23,731 | (38,371) | 33,211 |
Items that may be reclassified subsequently to profit or loss: | |||
Currency translation adjustment | 8,209 | (3,223) | 3,334 |
Change in the fair value of hedging instruments net of income taxes | (102) | 19 | (37) |
Other reserves | 402 | 212 | |
Items that may not be reclassified subsequently to profit or loss, net of income tax: | |||
Actuarial loss from defined contribution plans | (137) | (66) | (60) |
Other comprehensive income / (loss) for the year from continuing operations | 8,372 | (3,270) | 3,449 |
Other comprehensive (loss) / income for the period from discontinued operations | (5,810) | 1,245 | 10,056 |
Total other comprehensive income / (loss) for the year | 14,182 | (2,025) | 13,505 |
Total comprehensive income / (loss) for the year | 37,913 | (40,396) | 46,716 |
Total comprehensive income / (loss) from continuing operations | 14,018 | (48,781) | 220 |
Total comprehensive income from discontinued operations | 23,895 | 8,385 | 46,496 |
Total comprehensive income / (loss) for the year | 37,913 | (40,396) | 46,716 |
Profit / (loss) for the year attributable to: | |||
Equity holders of the parent | 14,249 | (36,610) | 21,047 |
Non-controlling interest | 9,482 | (1,761) | 12,164 |
Profit / (loss) from continuing operations attributable to: | |||
Equity holders of the parent | 4,142 | (39,076) | (3,423) |
Non-controlling interest | 1,504 | (6,435) | 193 |
Total comprehensive income / (loss) attributable to: | |||
Equity holders of the parent | 13,264 | (37,548) | 17,685 |
Non-controlling interest | 24,649 | (2,848) | 29,031 |
Total comprehensive income / (loss) from continuing operations attributable to: | |||
Equity holders of the parent | 7,497 | (40,374) | (10,542) |
Non-controlling interest | $ 6,521 | $ (8,407) | $ 10,762 |
Profit / (loss) per share attributable to equity holders of the parent: | |||
Basic | $ 24.76 | $ (63.68) | $ 36.58 |
Diluted | 24.62 | (63.68) | 36.37 |
Profit / (loss) per share from continuing operations attributable to equity holders of the parent: | |||
Basic | 7.20 | (67.97) | (5.95) |
Diluted | $ 7.16 | $ (67.97) | $ (5.95) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - ARS ($) $ in Millions | Share capital | Treasury shares | Inflation adjustment of share capital and treasury shares | Share premium | Additional paid-in capital from treasury shares | Legal reserve | Special reserve Resolution CNV 609/12 | [2] | Other reserves | Retained earnings | Subtotal | Non-controlling interest | Cost of treasury stock | Changes in non-controlling interest | Reserve for share-based payments | Reserve for future dividends | Currency translation adjustment reserve | Hedging instruments | Special reserve | Reserve for defined contribution plans | Other reserves from subsidiaries | Revaluation surplus | Total Other reserves | Total | ||
Beginning balance at Jun. 30, 2017 | $ 575 | $ 4 | $ 13,532 | [1] | $ 14,540 | $ 74 | $ 485 | $ 9,401 | $ 6,740 | [3] | $ 32,694 | $ 78,045 | $ 63,941 | $ 189 | $ 539 | $ 228 | $ 1,692 | $ 4,355 | $ 107 | $ (43) | $ 51 | $ 6,740 | $ 141,986 | |||
Net profit/loss for the year | [1] | [3] | 21,047 | 21,047 | 12,164 | 33,211 | ||||||||||||||||||||
Other comprehensive income / (loss) for the year | [1] | (3,362) | [3] | (3,362) | 16,867 | (3,272) | (247) | 53 | 104 | (3,362) | 13,505 | |||||||||||||||
Total profit / (loss) and other comprehensive income for the year | [1] | (3,362) | [3] | 21,047 | 17,685 | 29,031 | (3,272) | (247) | 53 | 104 | (3,362) | 46,716 | ||||||||||||||
Irrevocable contributions | [1] | [3] | 10 | 10 | ||||||||||||||||||||||
Capitalization of contributions | [1] | [3] | 17 | 17 | ||||||||||||||||||||||
Reserve for share-based payments | [1] | 3 | 3 | [3] | 6 | 111 | ||||||||||||||||||||
Dividends distribution | [1] | [3] | (3,776) | (3,776) | (3,776) | |||||||||||||||||||||
Share-based compensation | 7 | (4) | 3 | |||||||||||||||||||||||
Loss of control of subsidiary | [1] | (20) | [3] | 20 | (16,825) | (20) | (16,825) | |||||||||||||||||||
Repayment of dividends in subsidiaries | [1] | [3] | 143 | 143 | 143 | |||||||||||||||||||||
Changes in non-controlling interest | [1] | (4,443) | [3] | (4,443) | 10,562 | (4,443) | 5,990 | 5,990 | ||||||||||||||||||
Dividends distribution to non-controlling interest | [1] | [3] | (3,693) | (3,693) | ||||||||||||||||||||||
Assignment of results according to A.G.O | [1] | 5,990 | [3] | (5,990) | ||||||||||||||||||||||
Ending balance at Jun. 30, 2018 | 575 | 4 | 13,532 | [1] | 14,540 | 77 | 485 | 9,401 | 4,908 | [4] | 44,138 | 87,660 | 83,154 | (182) | (3,904) | 224 | 1,692 | 1,083 | 107 | 5,990 | (310) | 104 | 104 | 4,908 | 170,814 | |
Adjustments of previous years | [1] | [4] | (330) | (330) | (6) | (336) | ||||||||||||||||||||
Restated balance | 575 | 4 | 13,532 | [1] | 14,540 | 77 | 485 | 9,401 | 4,908 | [4] | 43,808 | 87,330 | 83,148 | 170,478 | ||||||||||||
Net profit/loss for the year | [1] | [4] | (36,610) | (36,610) | (1,761) | (38,371) | ||||||||||||||||||||
Other comprehensive income / (loss) for the year | [1] | (938) | [4] | (938) | (1,087) | (822) | (116) | (938) | (2,025) | |||||||||||||||||
Total profit / (loss) and other comprehensive income for the year | [1] | (938) | [4] | (36,610) | (37,548) | (2,848) | (822) | (116) | (938) | (40,396) | ||||||||||||||||
Capitalization of contributions | [1] | [4] | ||||||||||||||||||||||||
Reserve for share-based payments | [1] | [4] | 64 | 64 | ||||||||||||||||||||||
Dividends distribution | [1] | [4] | (2,610) | (2,610) | (3,330) | (5,940) | ||||||||||||||||||||
Incorporation by business combination | [1] | [4] | 7 | 7 | ||||||||||||||||||||||
Share-based compensation | 17 | (17) | ||||||||||||||||||||||||
Other changes in the equity of subsidiaries | [1] | [4] | 28 | 28 | 28 | |||||||||||||||||||||
Changes in non-controlling interest | [1] | (1,370) | [4] | (1,370) | (228) | (1,370) | (1,370) | (1,598) | ||||||||||||||||||
Dividends distribution to non-controlling interest | [1] | [4] | 41 | 41 | 41 | |||||||||||||||||||||
Assignment of results according to A.G.O | [1] | 65,447 | [4] | (65,447) | 65,447 | 65,447 | ||||||||||||||||||||
Ending balance at Jun. 30, 2019 | 575 | 4 | 13,532 | [5] | 14,540 | 77 | 485 | 9,401 | 68,047 | [4] | (60,818) | 45,843 | 76,813 | (165) | (5,274) | 207 | 1,692 | 261 | (9) | 71,437 | (310) | 104 | 104 | 68,047 | 122,656 | |
Adjustments of previous years | [5] | [6] | (1,306) | (1,306) | (860) | (2,166) | ||||||||||||||||||||
Restated balance | 575 | 4 | 13,532 | [5] | 14,540 | 77 | 485 | 9,401 | 68,047 | [6] | (62,124) | 44,537 | 75,953 | 120,490 | ||||||||||||
Net profit/loss for the year | [5] | [6] | 14,249 | 14,249 | 9,482 | 23,731 | ||||||||||||||||||||
Other comprehensive income / (loss) for the year | [5] | (985) | [6] | (985) | 15,167 | (874) | (357) | (81) | 327 | (985) | 14,182 | |||||||||||||||
Total profit / (loss) and other comprehensive income for the year | [5] | (985) | [6] | 14,249 | 13,264 | 24,649 | (874) | (357) | (81) | 327 | (985) | 37,913 | ||||||||||||||
Loss absorption | [5] | (60,453) | [6] | 60,453 | (60,453) | (60,453) | ||||||||||||||||||||
Appropriation of retained earnings approved by Shareholders meeting held | (7) | (10) | (17) | |||||||||||||||||||||||
Reserve for share-based payments | [5] | 17 | (17) | [6] | ||||||||||||||||||||||
Distribution of dividends in shares | [5] | (589) | [6] | (589) | (589) | (589) | (589) | |||||||||||||||||||
Capitalisation of irrevocable contributions | [5] | [6] | 31 | 31 | ||||||||||||||||||||||
Dividends distribution | [5] | [6] | (2,283) | (2,283) | ||||||||||||||||||||||
Decrease due to loss of control (See Note 4.C) | [5] | [6] | (43,302) | (43,302) | ||||||||||||||||||||||
Other changes in equity | [5] | (116) | [6] | 22 | (94) | 251 | (116) | (116) | 157 | |||||||||||||||||
Incorporation by business combination | [5] | 7,443 | 7,443 | |||||||||||||||||||||||
Share-based compensation | 9 | 9 | ||||||||||||||||||||||||
Changes in non-controlling interest | [5] | 9 | [6] | 9 | 2,786 | 2,795 | ||||||||||||||||||||
Ending balance at Jun. 30, 2020 | $ 575 | $ 4 | $ 13,532 | [5] | $ 14,540 | $ 94 | $ 485 | $ 9,401 | $ 5,896 | [6] | $ 12,600 | $ 57,127 | $ 65,528 | $ (172) | $ (5,265) | $ 197 | $ 1,692 | $ (729) | $ (366) | $ 10,395 | $ (391) | $ 104 | $ 431 | $ 5,896 | $ 122,655 | |
[1] | Includes Ps. 1 of Inflation adjustment of treasury stock. See Note 17. | |||||||||||||||||||||||||
[2] | Related to CNV General Resolution N 609/12. | |||||||||||||||||||||||||
[3] | Group's other reserves for the year ended June 30, 2018 were as follows: | |||||||||||||||||||||||||
[4] | Group's other reserves for the year ended June 30, 2019 were as follows: | |||||||||||||||||||||||||
[5] | Includes Ps. 1 of Inflation adjustment of treasury shares. See Note 17. | |||||||||||||||||||||||||
[6] | Group's other reserves for the year ended June 30, 2020 were as follows: |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | |||
Net cash generated from continuing operating activities before income tax paid | $ 28,915 | $ 21,417 | $ 7,941 |
Income tax and MPIT paid | (650) | (730) | (1,683) |
Net cash generated from continuing operating activities | 28,265 | 20,687 | 6,258 |
Net cash generated from discontinued operating activities | 2,848 | 6,354 | 14,161 |
Net cash generated from operating activities | 31,113 | 27,041 | 20,419 |
Investing activities: | |||
Acquisition of participation in associates and joint ventures | (1,492) | (324) | (477) |
Contributions and issuance of capital in associates and joint ventures | (2,702) | ||
Acquisition and improvements of investment properties | (4,389) | (6,430) | (4,769) |
Proceeds from sales of investment properties | 13,192 | 1,018 | 887 |
Acquisitions and improvements of property, plant and equipment | (4,933) | (5,064) | (5,165) |
Proceeds from sales of property, plant and equipment | 3,371 | 16 | 47 |
Acquisitions of intangible assets | (4,014) | (4,006) | (1,654) |
Proceeds from sales of property, plant and equipment | 1,945 | (344) | |
Dividends collected from associates and joint ventures | 1,994 | 1,131 | 403 |
Proceeds from sales of interest held in associates and joint ventures | 5,049 | 8,377 | 665 |
Proceeds from loans granted | 240 | 1,612 | |
Payment of acquisition of non controlling interest | 6,494 | 1,904 | (7,302) |
Acquisitions of investments in financial assets | (14,319) | (49,054) | (65,908) |
Proceeds from disposal of investments in financial assets | 38,080 | 67,918 | 60,417 |
Interest received from financial assets | 865 | 1,561 | 948 |
Dividends received from financial assets | 107 | 129 | 672 |
Payment for acquisition of other assets | (297) | ||
Proceeds from sales of intangible assets | 28 | ||
Collection for liquidation of associate | 29 | ||
Loans granted to related parties | (165) | (14) | (952) |
Loans granted | (922) | (130) | (280) |
Net cash generated from / (used in) continuing investing activities | 38,189 | 17,272 | (21,468) |
Net cash used in discontinued investing activities | 2,455 | (6,083) | (9,065) |
Net cash generated from / (used in) investing activities | 40,644 | 11,189 | (30,533) |
Financing activities: | |||
Borrowings and issuance of non-convertible notes | 30,670 | 47,412 | 38,926 |
Payment of borrowings and non-convertible notes | (68,328) | (48,724) | (39,054) |
Collections / (Payment) of short term loans, net | 2,516 | (1,013) | 839 |
Interests paid | (19,154) | (19,017) | (15,892) |
Repurchase of non-convertible notes | (13,071) | (7,378) | |
Capital contributions from non-controlling interest in subsidiaries | 2,761 | 791 | |
Acquisition of non-controlling interest in subsidiaries | (602) | (7,200) | (1,625) |
Proceeds from sales of non-controlling interest in subsidiaries | 13 | 6,925 | |
Distribution of capital to non-controlling interest in subsidiaries | (89) | ||
Borrowings obtained from related parties | 64 | ||
Dividends paid to non-controlling interest in subsidiaries | (961) | (1,472) | (2,813) |
Charge for issuance of shares and other equity instruments | 1,897 | (2,848) | |
Proceeds from sale at non-controlling interest | 379 | ||
Net (payments for) / proceeds from derivate financial instrument | (3,923) | (655) | 204 |
Net cash (used in) / generated from continuing financing activities | (70,577) | (35,209) | (14,636) |
Net cash generated from /(used in) discontinued financing activities | (5,548) | 7,455 | 8,473 |
Net cash generated from financing activities | (76,125) | (27,754) | (6,163) |
Net (decrease) / increase in cash and cash equivalents from continuing activities | (4,123) | 2,750 | (29,846) |
Net (decrease) / increase in cash and cash equivalents from discontinued activities | (245) | 7,726 | 13,569 |
Net (decrease) / increase in cash and cash equivalents | (4,368) | 10,476 | (16,277) |
Cash and cash equivalents at beginning of year | 86,443 | 82,974 | 71,547 |
Cash and cash equivalents reclassified as held-for-sale | (450) | (242) | (856) |
Foreign exchange gain and inflation adjustment on cash and changes in fair value of cash equivalents | 8,734 | (6,765) | 28,560 |
Cash and cash equivalents at end of year | $ 90,359 | $ 86,443 | $ 82,974 |
The Group's business and genera
The Group's business and general information | 12 Months Ended |
Jun. 30, 2020 | |
Groups Business and General Information [Abstract] | |
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 25,2020. The Group has established two Operations Centers, Argentina and Israel, to manage its global business, mainly through the following companies: (*) 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 14 shopping malls across Argentina, a portfolio of offices and other rental properties in the Autonomous City of Buenos Aires, and it entered the United States of America (“USA”) real estate market in 2009, mainly through the acquisition of non-controlling interests in office buildings and hotels. Through IRSA or IRSA CP, the Group also develops residential properties for sale. The Group, through IRSA, is also involved in the operation of branded hotels. The Group uses the term “real estate” indistinctively in these Consolidated Financial Statements to denote investment, development and/or trading properties activities. IRSA CP's shares are listed and traded on both the BYMA (BYMA: IRCP) and the NASDAQ (NASDAQ: IRCP). IRSA's shares are listed on the BYMA (Merval: IRSA) and the NYSE (NYSE: IRS). The activities of the Group’s “Others” segment is carried out mainly through BHSA, where IRSA holds, directly or indirectly, a 29.91% interest. BHSA is a commercial bank offering a wide variety of banking activities and related financial services to individuals, small and medium-sized companies and large corporations, including the provision of mortgaged loans. BHSA's shares are listed on the BYMA (BYMA: BHIP). Operations Center in Israel The activities of the Operations Center in Israel are mainly developed through the subsidiaries, IDBD and DIC, whose activities correspond to one of the Israeli largest and most diversified conglomerates, which are involved, through its subsidiaries and other investments, in several markets and industries, including real estate, supermarkets, insurance, telecommunications, and others.; controlling or holding an equity interest in companies such as Clal (Insurance), Cellcom (Telecommunications), Shufersal (Supermarkets), PBC (Real Estate), among others. IDBD is listed in the TASE as a “Debentures Company” in accordance with Israeli law, since some series of bonds are traded in that Exchange. DIC shares are listed in the TASE. IDBD and DIC have certain restrictions and financial agreements in relation to their financial debt, including their bonds and loans with banks and financial institutions. Regarding IDBD's financial position, its cash flow and its ability to meet its financial debt commitments, the following should be considered: As of June 30, 2020, IDBD had a deficit in shareholders’ equity, ongoing negative cash flows from continuing operating activities and a low credit rating, which circumstance may cast significant doubt about IDBD´s ability to continue operating as a going concern. IDBD´s cash flow required to meet its liabilities, including short-term liabilities is based on the realization of assets wich the realization date is not under IDBD´s control. These assets include the current price of Clal’s shares and the impact thereof on swap transaction deposits and the fact that IDBD shall receive, among others, the proceeds from the sale of private investments which are directly owned by IDBD. As of June 30, 2020, the aggregate principal amount of the (i) IDBD Series 9 Bonds was NIS 901 million (“Series 9”), (ii) IDBD Series 14 Bonds was NIS 889 million collateralized by DIC shares owned directly or indirectly by IDBD representing 70% of the share capital of DIC (“Series 14”), (iii) IDBD Series 15 Bonds was NIS 238 million collateralized by shares of Clal representing 5% of the share capital of Clal (“Series 15”). In July 2019 and in June 2020, each of debenture holders (Series 9 and Series 14) and debenture holders (Series 15), respectively, decided to appoint a representative and legal and economic advisor, inter alia, in order to maintain contact with IDBD and / or third parties and to examine proposals that will be presented to the bondholders in connection with the repayment of IDBD's obligations towards the bondholders and to evaluate IDBD’s financial position and the remedies which may be available to the debenture holders. In June 2020, general meetings of the holders of IDBD's debentures were convened (all of the series, each series separately), where a resolution on the agenda was not to convene a general meeting on the agenda of which would be the making of the debentures repayable immediately. The meetings of the debenture holders (Series 9 and Series 15), each decided to pass the said resolution; The meeting of the debenture holders (Series 14), decided not to pass the said resolution, and a later stage to instruct the trustee for debenture holders (Series 14) to postpone the date of the said meeting to September 17, 2020; In July 2020, Dolphin Netherlands and the controlling interest therein, Mr. Eduardo Elsztain committed vis-à-vis the generality of the debenture holders in IDBD, that subject to defined terms and conditions, during a certain period of time, some transactions will not be executed and/or initiated and/or promoted, and that subject to the provisions of the law, the power of control in corporations that are controlled by the controlling interest in IDBD will not be operated in order to promote any of those actions, unless notification has been delivered in writing to the trustees for debenture holders (Series 9, 14 and 15), at least 14 business days in advance. On August 31, 2019, IDBD 's Audit Committee and the Board of Directors approved the acceptance of an irrevocable commitment by Dolphin Netherlands B.V. (“Dolphin Netherland”), the controlling interest in IDBD, to make capital injections into IDBD in an overall amount of NIS 210 million, in three equal annual payments on September 2 in each of the years 2019 to 2021, which would be made in consideration for shares in IDBD or as a subordinated loan on similar terms to the subordinated loans that had been provided by the controlling interest. In August 2020, IDBD received a letter from Dolphin Netherlands stating, inter alia, that given the fact that some of IDBD's bondholders are expected to include in their agenda for the bondholder's meetings, a proposal to make the outstanding balances of their bonds immediately due and payable, in preparation for the additional inflow of NIS 70 million scheduled for September 2, 2020, Dolphin Netherlands would examine its undertaking towards IDBD, taking into account the questions that arise from IDBD’s bondholders conducts and intentions. To the said Dolphin Netherlands' letter was attached a letter from IRSA to Dolphin Netherlands, according to which, among other things, IRSA will consider the validity of its undertaking to Dolphin Netherlands to transfer to it (in accordance with Dolphin Netherlands request) the amounts required for Dolphin Netherlands to meet its commitment to carry out the capital injections into IDBD on September 2, 2020, as aforementioned. IDBD responded to Dolphin Netherlands’ and IRSA’s letters, noting that, among other things, Dolphin Netherlands' commitment (dated August 29, 2019) towards IDBD is binding and irrevocable, and that there is no basis for not making the capital injections into IDBD, due to other events related to IDBD’s bondholders, which do not fall within the scope of the events listed in the wording of the commitment as expropriating the validity of Dolphin Netherlands' commitment. In addition, it was also mentioned in IDBD’s response letter, that failure to make the payments into IDBD is not acceptable and will leave IDBD with no other choice than to use all its power and rights according to the law to enforce Dolphin Netherlands' commitment as well as IRSA’s undertaking. Following the above mentioned, on September 13, 2020, IDBD submitted a statement of claim against Dolphin Netherlands and against IRSA, in which it has sought to require them to pay it an amount of NIS 70 million (with the addition of linkage differentials and interest in accordance with the law). In tandem with the submission of the lawsuit, as aforesaid, IDBD submitted an urgent petition for placing temporary attachments (in the presence of one party) on Dolphin Netherlands and IRSA (which was not accepted by the Court in the presence of one party and which has been passed on for the respondents to respond to the petition). On June 2, 2020, IDBD received a draft proposal from Dolphin IL for IDBD and for the trustees for IDBD’s debentures (Series 9, 14 and 15) for the strengthening of IDBD 's capital structure, by way of an arrangement between Dolphin, IDBD and the debenture holders, based on an economic contribution to IDBD on Dolphin IL's part, together with a full or partial (as the case may be) redemption of the generality of IDBD's debentures; On June 21, 2020, IDBD received an updated proposal in relation to the abovementioned proposal and on June 28, 2020, Dolphin IL approached each of the trustees for the debentures with a request to put said proposal, with slight amendments, on the agenda of meetings of the debenture holders. On July 6, 2020, the Meeting of debenture holders (Series 9) decided to order the trustee for debenture holders (Series 9) not to accept Dolphin IL's offer ; On September 2, 2020 IDBD received an updated offer from Dolphin IL which was addressed to it and to IDBD’s debenture holders (Series 9, 14 and 15);On September 9, 2020, Dolphin IL updated the commercial terms of its proposal for debenture holders (Series 9), and on September 16, 2020, IDBD received binding offers to debenture holders (Series 14) and debenture holders (Series 15), for the purchase of DIC shares pledged in favor of debenture holders (Series 14) of IDBD, as part of an agreed realization process. As no agreement has been reached, on September 17, 2020, the Series 9 trustee submitted to the District Court in Tel-Aviv-Jaffa (the "Court") a petition to grant an order for the opening of proceedings for IDBD pursuant to the Insolvency and Economic Rehabilitation Law, 5778 – 2018 and to instruct the appointment of a trustee for IDBD pursuant to Section 43 and to grant the trustee any and all authority over the decision making of IDBD. On September 21, 2020, the Series 14 bond holders approved the immediate fully payment of the remaining balances of such serie. On September 22, 2020, IDBD and Dolphin Netherlands B.V. submitted an initial response to the Petition, arguing that it is in the best interest of IDBD and its creditors to exhaust the negotiations among the controlling shareholder and its creditors during a short period with the aim to maximize the value of its assets, avoid costs and additional negative effects. In addition, responses by the Series 14 trustee and the Series 15 trustee were filed requesting the enforcement of liens and the appointment of a receiver as well as an urgent hearing, which was scheduled for September 24, 2020. On September 25, 2020, the Court resolved that IDBD is insolvent and therefore it resolved to grant all three orders requested and accordingly, issued an order for the initiation of proceedings and liquidation of IDBD, and has appointed a liquidator to IDBD and interim receivers over the Pledged DIC and Clal Shares. Under IFRS 10 “Consolidated Financial Statements” (“IFRS 10”), an investor controls an investee if and only if the investor has all the following: a) power over the investee; b) exposure, or rights, to variable returns from its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor’s returns. Based on the facts and circumstances outlined above, our management believe that, as from September 25, 2020, IRSA lost control over IDBD and DIC (as this term is defined by IFRS 10). Accordingly, our investment in IDBD and DIC will be deconsolidated in our financial statements as of and for the three-month period ended September 30, 2020. The assets and liabilities from the Israel Business Center have been consolidated line by line in these financial statements, totaling a net value attributable to the controlling shareholders of Ps. 2,006 -as of June 30, 2020- In addition negative currency translation adjustment reserve amounting to Ps. 1.537 will be expensed upon deconsolidation. The assets and liabilities consolidated in this financial statement are as follow: Current assets: Ps.188.619 Non-current assets: Ps. 255.865 Current liabilities: Ps. 101.927 Non-current liabilities: Ps. 299.150 Total equity: Ps. 43.407 Equity Attributable to equity holders of the parent: Ps. 2.006 The commitments and other restrictions resulting from the indebtedness of IDBD and DIC have no effect on IRSA since said indebtedness has no recourse against IRSA, nor has IRSA guaranteed it with its assets. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies 2.1. Basis of preparation of the Consolidated Financial Statement (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2020 accordingly to IAS 29. Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the reporting date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements. Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC). The principal inflation adjustment procedures are the following: ● Monetary assets and liabilities that are already recorded at the measuring unitas of the balance sheet’s closing date are not restated because they are already stated in terms of the mesuring unit current as of the date of the financial statements. ● Non-monetary assets, and liabilities recorded at cost as of the balance sheet date and equity component are restated by applying the relevant adjustment coefficients. ● All items in the statement of income are restated applying the relevant conversion factors. ● The effect of inflation in the Company’s net monetary position is included in the statement of income and other comprehensive income/(loss) under Financial results, net, in the item “Inflation adjustment”. ● Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs. Upon initially applying inflation adjustment, the equity accounts were restated as follows: ● Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. The resulting amount was included in the “Comprehensive Inflation adjustment of share capital and treasury shares adjustment” account. ● Translation difference was restated in current terms. ● Other comprehensive income / (loss) was restated as from each accounting allocation. ● The other reserves in the statement of income were restated from the initial application date, i.e., June 30, 2016. In relation to the inflation index to be used and in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2020according to official statistics (INDEC) following the guidelines described in Resolution 539/18. Annual price variation June 30, 2018 June 30, 2019 June 30, 2020 Cumulative as of June 30, 2020 (3 years) 29 % 56 % 43 % 128 % As a consequence of the aforementioned, these financial statements as of June 30, 2020 were restated in accordance with IAS 29. IDBD and DIC report their quarterly and annual results following the Israeli regulations, whose legal deadlines are after the deadlines in Argentina and since IDBD and DIC fiscal years end differently from IRSA, the results of operations from IDBD and DIC are consolidated with a lag of three months and adjusted for the effects of significant transactions taking place in such period. For these reasons, it is possible to obtain the quarterly results of IDBD and DIC in time so that they can be consolidated by IRSA and reported to the CNV in its consolidated financial statements within the legal deadlines set in Argentina. This way, the Group’s consolidated comprehensive income for the year ended June 30, 2020 includes the results of IDBD´s and DIC´s transactions for the 12-month period from April 1, 2019 to March 31, ,2020 adjusted for the significant transactions that occurred between April 1, 2020 and June 30, 2020. (b) Current and non-current classification The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according to the operating cycle of each activity. Current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax liabilities) are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively. (c) Presentation currency The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to ‘Peso amounts’ or ‘Ps.’, are millions of Argentine Pesos, references to ‘US$’ or ‘US Dollars’ are millions of US Dollars and references to “NIS” are millions of New Israeli Shekel. As of June 30, 2020 and 2019, the exchange rate between the Argentine Peso and the NIS was Ps. 20.34 and Ps. 11.93 per NIS respectively. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria See Notes 2.2 to 2.28 with the accounting policies of each item. (f) Reporting cash flows The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received for financing of operating activities is presented within operating activities whereas the rest is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group’s business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business. (g) Use of estimates The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 3. 2.2. New accounting standards The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application. Standards and amendments adopted by the Group Standards and amendment Description Date of mandatory adoption for the Group in the year ended on IFRS 16 “Leases”. Lessees are required to account for all leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17, including two exceptions for the recognition of leases; low-cost asset leases and short-term leases. Accounting by the lessor has no significant changes. 06-30- 2020 Amendment to IAS 28 “Investment in associates and joint ventures” Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture. 06-30- 2020 Definition of Material - Amendments to IAS 1 and IAS 8 The IASB has made modifications to IAS 1 “Presentation of Financial Statements” and IAS 8”Accounting policies, changes in accounting estimates and errors” and which requires that the assessment of materiality be consistent for the application of IFRS. 06-30-2020 Defining a business - Amendments to IFRS 3 The new business definition requires that a business combination contribute significantly to creating products or services. 06-30-2020 Amendments to IAS 19- Plan amendment, curtailment or settlement. Clarifies the accounting for defined benefit plan amendments, curtailments or settlements. The amendments require an entity to: (i) determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement, using updated assumptions at the time of the amendment; (ii) recognize any reduction in a surplus immediately in gains or losses, as part of past service cost or a gain or loss on settlement. In other words, any surplus reduction must be recognized, even if that surplus was not previously recognized because of the impact of the asset ceiling; and (iii) separately recognize any change in the asset ceiling through other comprehensive income. 06-30-2019 The adoption of these standards and amendments has not had a material impact for the Group. Except for the following: IFRS 16: Leases The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated mainly impact the tenant’s accounting. IFRS 16 provides that the lessee recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. In accordance with the standard, a lease agreement is one that provides the right to control the use of an identified asset for a specific period. In order for a company to have control over the use of an identified asset: a) it must have the right to obtain substantially all the economic benefits of the identified asset and b) it must have the right to direct the use of the identified asset. The standard allows excluding the short-term contracts (under 12 months) and those in which the underlying asset has low value, such option has been adopted by the Group. Likewise, the Group has opted to recognize as consideration for the right of use, the amount of Ps. 14,547 as lease liabilities. The commitments under operating leases reported in our consolidated financial statements as of June 30, 2019, amounted to Ps. 16,145 (such difference mainly corresponds to the effect of the discount from future payments and the excluded short-term contracts). Modification to IAS 28 “Investment in associates and joint ventures” In accordance with the amendment to IAS 28, an entity shall implement the provisions of IFRS 9 to Long-term Investments that are essentially part of the entity’s net investment in the associate or in the joint venture according to the definitions of said standard. The provisions of IFRS 9 shall apply to such investments with respect to the participation in the losses of an associate or a joint venture, as well as with respect to the recognition of the impairment of an investment in an associate or joint venture. In addition, when applying IFRS 9 to such long-term investments, the entity will make it prior to the adjustments made to the carrying amount of the investment in accordance with IAS 28. The Group opted for an accounting policy where the currency translation adjustments arising from these loans are recorded as part of other comprehensive income. The effect on retained earnings as of July 1, 2019 arising from the initial adoption of IFRS 16 and IAS 28 is as follows: 07.01.2019 Implamentation of NIIF 16 Implementation of IAS 28 Total ASSETS Non- Current Assets Investment properties 426 - 426 Right-of-use assets 14,124 - 14,124 Investments in associates and joint ventures - (1,979 ) (1,979 ) Trade and other receivables 81 - 81 Total Non-Current Assets 14,631 (1,979 ) 12,652 Current assets - - - Income tax and MPIT credit 17 - 17 Trade and other receivables (170 ) - (170 ) Group of assets held for sale 3,121 - 3,121 Total current assets 2,968 - 2,968 TOTAL ASSETS 17,599 (1,979 ) 15,620 SHAREHOLDERS’ EQUITY - - - Capital and reserves attributable to equity holders of the parent - - - Retained earnings (187 ) (1,119 ) (1,306 ) Total capital and reserves attributable to equity holders of the parent (187 ) (1,119 ) (1,306 ) Non-controlling interest - (860 ) (860 ) TOTAL SHAREHOLDERS’ EQUITY (187 ) (1,979 ) (2,166 ) LIABILITIES - - - Non-Current Liabilities - - - Lease liabilities 10,622 - 10,622 Total Non-Current Liabilities 10,622 - 10,622 Current Liabilities - - - Lease liabilities 3,925 - 3,925 Trade and other payables (89 ) - (89 ) Group of liabilities held for sale 3,328 - 3,328 Total Current Liabilities 7,164 - 7,164 TOTAL LIABILITIES 17,786 - 17,786 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 17,599 (1,979 ) 15,620 Standards and amendments not yet adopted by the Group: Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Covid-19- related lease concessions – Amendments to IFRS 16 As a result of the COVID-19 pandemic, lessees have been granted lease concessions. Such concessions may take a variety of forms, including forgiveness or deferral of rental payments. In May 2020, the IASB amended IFRS 16 – Leases, whereby lessees are permitted to account for the rent concessions as if they were not lease modifications. In several cases, this will result in such concessions being accounted for as variable rent payments within Within the period in which they are granted. 06-30- 2021 Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Amendment to IAS 16 – Property, Plant and Equipment (PP&E) prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. It also specifies that an entity is “testing whether an item of PPE is functioning properly” when it assesses its technical and physical performance. The financial performance of the asset is not relevant for such assessment. 06-30- 2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Some minor amendments were made to IFRS 3 Business combinations to update references to the Conceptual Framework for financial information and add an exception to the recognition principles for liabilities and contingent liabilities within the scope of IAS 37, Provisions, Contingent liabilities and contingent assets and interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized on the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were issued in May 2020: IFRS 9 Financial instruments. The amendment clarifies which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. IFRS 16 Leases. The amendment to Illustrative Example 13 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise. IFRS 1 First-time adoption of International Financial Reporting Standards: Entities that have measured their assets and liabilities at the carrying amounts in their parents´ books are also allowed to measure cumulative translation differences using the amounts reported by their parents. This amendment will also apply to associated and joint ventures that have also taken the IFRS 1 exemption. IAS 41: This amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value pursuant to IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 The future adoption of these standards and amendments will not have a significant impact on the Group. At the date of issuance of these consolidated financial statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group. 2.3. Scope of consolidation (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s net assets. The Group chooses the method to be used on a case-by-case 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 main ones are listed below: % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2020 06.30.2019 06.30.2018 IRSA’s direct interest: IRSA CP (1) Argentina Real estate 80.65 % 83.80 % 86.34 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 80.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % U.T. IRSA y Galerias Pacifico (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP’s direct interest: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.92 % Torodur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % EHSA Argentina Investment 70.00 % 70.00 % 70.00 % Centro de Entretenimiento La Plata Argentina Real estate 100.00 % 100.00 % 100.00 % Pareto S.A. Argentina design and software development 69.69 % 69.69 % - La Malteria Argentina Real estate - 100.00 % - Tyrus S.A.’s direct interest: DFL and DN BV Bermuda’s / Netherlands Investment 97.04 % 96.46 % 91.57 % I Madison LLC USA Investment - - - IRSA Development LP USA Investment - - - IRSA International LLC USA Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermuda’s Investment - 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) Bermuda’s Investment 100.00 % 100.00 % 100.00 % DFL’s and DN BV’s direct interest: IDB Development Corporation Ltd. Israel Investment 100.00 % 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL’s direct interest: Discount Investment Corporation Ltd. (4) Israel Investment 83.72 % 83.77 % 76.57 % 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 72.40 % 68.80 % 64.40 % Cellcom Israel Ltd. (5) Israel Telecommunications 46.20 % 44.10 % 43.14 % Elron Electronic Industries Ltd. Israel Investment 61.06 % 61.06 % 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 % Mehadrin Ltd (8) Israel Agricultural 43.75 % - - PBC’s direct interest: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - 51.70 % 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate 50.10 % 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % PBC USA Investments Inc USA Real estate 100.00 % 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A.. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus’ equity interest. (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (48.5%) vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders’ Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Control was lost in September 2019. See Note 4.C. (7) Includes Tyrus’ and IRSA S.A.’s equity interests. (8) DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-à-vis other shareholders that are highly atomized. Except for the aforementioned items the percentage of votes does not differ from the stake. The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary. (c) Disposal of subsidiaries with loss of control When the Group ceases to have control any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. (d) Associates Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, except as otherwise indicated as explained below. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. As of each year-end or upon the existence of evidence of impairment, a determination is made as to whether there is any objective indication of impairment in the value of the investments in associates. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the Associates and its carrying value and recognizes the amount adjacent to “Share of profit / (loss) of associates and joint ventures “ in the Statement of Income and Other Comprehensive Income. Profit and losses resulting from transactions between the Group and the associate are recognized in the Group’s financial statements only to the extent of the interests in the associates of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates are modified to ensure uniformity within Group policies. Note 8 includes summary financial information and other information of the Group’s associates. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. (e) Joint arrangements Joint arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Investments in joint ventures are accounted for under the equity method. 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 other financial income, as appropriate, unless they have been capitalized. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position; (ii) income and expenses for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not |
Significant judgments, key assu
Significant judgments, key assumptions and estimates | 12 Months Ended |
Jun. 30, 2020 | |
Significant Judgments Key Assumptions and Estimates [Abstract] | |
Significant judgments, key assumptions and estimates | 3. Significant judgments, key assumptions and estimates Not all of these significant accounting policies require management to make subjective or complex judgments or estimates. The following is intended to provide an understanding of the policies that management considers critical because of the level of complexity, judgment or estimations involved in their application and their impact on the Consolidated Financial Statements. These judgments involve assumptions or estimates in respect of future events. Actual results may differ from these estimates. Estimation Main assumptions Potential implications Main references Business combination - Allocation of acquisition prices Assumptions regarding timing, amount of future revenues and expenses, revenue growth, expected rate of return, economic conditions, discount rate, among other. Should the assumptions made be inaccurate, the recognized combination may not be correct. Note 4 – Acquisitions and dispositions Recoverable amounts of cash-generating units (even those including goodwill), associates and assets. The discount rate and the expected growth rate before taxes in connection with cash-generating units. The discount rate and the expected growth rate after taxes in connection with associates. Cash flows are determined based on past experiences with the asset or with similar assets and in accordance with the Group's best factual assumption relative to the economic conditions expected to prevail. Business continuity of cash-generating units. Appraisals made by external appraisers and valuators with relation to the assets' fair value, net of realization costs (including real estate assets). Should any of the assumptions made be inaccurate, this could lead to differences in the recoverable values of cash-generating units. Note 10 – Property, plant and equipment Note 12 – Intangible assets Control, joint control or significant influence Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees' bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) Note 2.3 Estimated useful life of intangible assets and property, plant and equipment Estimated useful life of assets based on their conditions. Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). Note 10 – Property, plant and equipment Note 12 – Intangible assets Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 9. Incorrect valuation of investment property values Note 9 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury's Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 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: ● Discounted projected income by interest rate ● Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. ● Comparable market multiple (EV/GMV ratio). ● Underlying asset price (Market price); share price volatility (historical) and market interest-rate (Libor rate curve). Incorrect recognition of a charge to income / (loss). Note 14 – Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group; such estimate is based on legal advisors' opinions. Charge / reversal of provision in relation to a claim. Note 19 – Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 14 – Financial instruments by category |
Acquisitions and disposals
Acquisitions and disposals | 12 Months Ended |
Jun. 30, 2020 | |
Acquisitions and Disposals [Abstract] | |
Acquisitions and disposals | 4. Acquisitions and disposals Operations Center in Argentina A. Distribution of dividends in kind On October 30, 2019, the General Ordinary Shareholders´ Meeting approved the distribution of a dividend in kind for an equivalent of Ps. 480 (representing Ps. 0.83 per share and equivalent of Ps. 589 at current currency as of June 30, 2020) payable in IRSA CP shares. For distribution, the quoted price of the IRSA CP share was taken as of October 29, 2019, which was Ps. 205 per share. The number of shares distributed amounts to 2,341,463. This transaction was accounted for in equity as a decrease in the net equity attributable to the parent company for an amount of Ps.504, restated as of the date of these financial statements. The stake of the Group in IRSA CP as at year-end is 80.65%. On October 29, 2018 a General Ordinary and Extraordinary Shareholder's meeting was held, whereby the distribution of a dividend in kind for an equivalent of Ps. 1,827 payable in shares of IRSA CP S.A. was resolved (representing Ps 2.44 per share and equivalent of Ps. 2,610 at current currency as of June 30, 2020). For the distribution, the value of IRSA CP share was taken as of October 26, 2018, which was Ps. 220 per share. The number of shares distributed amounted to 6,418,182. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the parent for Ps. 1,534, restated as of the date of these financial statements. B. Sale of IRSA CP floors On June 9, 2020, IRSA CP executed the assignment and transfer the right to sign a title deed, with delivery of possession, with respect to two medium-height floors in the tower under construction known as "200 Della Paolera", located in the Catalinas district of the Autonomous City of Buenos Aires, covering a total area of approximately 2,430 sq. meters and 16 parking lots, located in the building. The transaction price was set at approximately Ps. 1,165 million (USD 16.9 million), which has already been fully paid. C. Condor Merger Agreement On July 19, 2019, Condor executed a merger agreement. As per the contractual terms, each common share of Condor, with a par value of USD 0.01 per share, shall be cancelled prior to the merger and converted into the right to receive an amount in cash equivalent of USD 11.10 per common share. Additionally, pursuant to the terms and conditions of the merger agreement, each convertible Class E share shall be automatically cancelled and shall be converted into the right to receive an amount in cash equivalent of USD 10.00 per share. The closing of the transaction, scheduled for March 23, 2020, has not yet taken place. Condor is currently discussing with NexPoint Hospitality Trust the potential amendments to restructure the previously reported acquisition by merger of the company. No assurances may be given with respect to the outcome of such discussions. The Company will continue to review the options and reserves all its rights and remedies under the original merger agreement. As of the date of presentation of these financial statements, the Group has 2,197,023 common shares and 325,752 Series E shares. D. TGLT – Recapitalization Agreement On August 8, 2019, we entered into certain arrangements with TGLT S.A. ("TGLT") providing for collaboration in TGLT's financial restructuring and recapitalization. We participated in the recapitalization agreement whereby TGLT committed: (i) to make a public offer to subscribe Class A preferred shares at a subscription price of USD 1.00 per TGLT share; (ii) to make a public offering of new Class B preferred shares which may be subscribed by (a) the exchange for ordinary shares of TGLT, at an exchange ratio of one Class B preferred share for every 6.94 ordinary shares of the Company and / or (b) the exchange for convertible notes, at an exchange ratio of a Class B preferred share for each USD 1.00 of convertible notes (including accumulated and unpaid interests under the existing convertible notes); and (iii) to grant an option to subscribe new Class C preferred shares in a public offer for cash to be carried out if: (a) the public offer of Class A and Class B preferred shares are consummated and (b) a minimum number of option holders have exercised that option at a subscription price per Class C preferred share of USD 1.00 (or its equivalent in pesos). Likewise, IRSA CP signed as a holder of convertible notes of TGLT an agreement for deferment of payment of interest payable as of February 15, 2019 and August 15, 2019 until November 8, 2019 and an option agreement which may be subscribed Class C preferred shares. Finally, supporting the recapitalization plan, IRSA CP signed with TGLT a subscription commitment for Class A preferred shares under Class A Public Offer to make a contribution in kind of shares of the company La Maltería SA, 100% of its ownership, for an amount up to USD 24 million and promised to exchange its convertible negotiable obligations into preferred Class B shares. In turn, on November 22, 2019, TGLT held a bondholders of convertible negotiable obligations meeting in order to consider the modification of different clauses of the indenture in force at that date, and in line with what was agreed in the recapitalization agreement , IRSA CP voted in favor of the modifications. Under the agreements described above, the successful consummation of the offer by TGLT, and having reached the thresholds of consent of the holders of convertible notes of TGLT, on December 11, 2019, the Company concluded the envisaged process in the recapitalization agreement and related documents through the subscription of preferred Class A shares, integrating them in kind through the contribution of the shares of the company La Maltería SA, 100% of their ownership and, likewise, proceeded to the exchange of the convertible note - including deferred interest and accrued interest from August 15, 2019 to December 11, 2019 - in preferred Class B shares. During the fiscal year 2020, preferred shares were converted into ordinary shares, which is why IRSA CP begin to have significant influence, considering TGLT S.A. as an associate company. E) Sale of Tarshop On February 14, 2019, IRSA CP sold its entire stake in Tarshop to BHSA. Following this acquisition, BHSA became the holder of 100% of the capital stock of said company. The loss recognized for this transaction was approximately Ps. 177, restated as of the date of these financial statements. F) Purchase of equity interest in HASAU (owner of Libertador Hotel) On February 28, 2019, the Group reported the acquisition, from an unrelated third party, of the twenty percent (20%) of HASAU for an amount of US$ 1.2. As a result of this acquisition, IRSA holds 100% of HASAU's share capital. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the controlling shareholders by Ps. 3 restated at the date of these financial statements. Operations Center in Israel A. Partial sale of Clal Sales and Swap transactions On May 1, 2017, August 30, 2017, January 1, 2018, May 3, 2018, August 30, 2018, and January 2, 2019, continuing with the instructions given by the Israel Capital Market, Insurance and Savings Commission, IDBD sold 5% of its stake in Clal on each occasion and 4.5% on the last one respectively, with a subsequent swap transaction with a 2- year expiration term for each transaction. The consideration for the transactions amounted to approximately NIS 944.5, which is partially restricted according to these agreements until the swap expires. These transactions did not meet the de-recognition criteria so the Group maintains the asset as "Financial assets available for sale" and accounted for the loans as a financial liability. On December 16, 2019, Clal made a public capital increase for 12,066,000 shares at a price of NIS 53.87 per share. IDBD did not take part in such transaction. Additionally, on that date, IDBD sold 200,000 Clal shares at a price of NIS 53.95 per share, representing 0.3% of the new capital stock. On December 18, 2019, IDBD sold 617,017 Clal shares at an average price of NIS 53.77 per share, representing 0.9% of the issued capital stock. Furthermore, a swap transaction carried out by IDBD involving 2,771,309 shares expired in December 2019. The closing price was NIS 52.25 per share. A swap transaction involving 751,000 shares expired within the January-March 2020 period. The closing price was NIS 45.09 per share. Other sales agreements On May 2, 2019, continuing with the instructions given by the Israel Capital Market, Insurance and Savings Commission, IDBD entered into sales agreements with two unrelated parties (the "Buyers"), according to which each of the Buyers will acquire Clal shares representing 4.99% of its share capital at a cash price of NIS 47.7 per share (approximately Ps. 602 per share). In addition, they were granted an option to acquire additional Clal shares for approximately 3% of the issued capital, for a period of 120 days (subject to obtaining a holding permit) at a price of NIS 50 per share. Additionally on the same day, IDBD also entered into an agreement with a third unrelated buyer (the "Additional Buyer"), according to which the Additional Buyer will receive an option from IDBD, valid for a period of 50 days, to acquire approximately 4.99% of Clal shares (and not less than 3%), at a price of NIS 47.7 per share (approximately Ps. 602 per share). Subject to the exercise of the option by the Additional Buyer, the price will be paid 10% in cash and the rest through a loan that will be provided to the Additional Buyer by IDBD and / or by a related entity and / or by a banking corporation and / or financial institution, under the agreed conditions. The aforementioned agreements include, among others, a commitment by the Buyers and the Additional Buyer to not sell the shares acquired during an agreed period of 24 months. It is clarified that each of the Buyers and the Additional Buyer have declared and committed to IDBD that there are no agreements or understandings between them regarding the joint ownership of Clal shares that are subject to the aforementioned agreements. The total amount of Clal shares that can be acquired by the three buyers mentioned above, to the extent that the three agreements are completed and the options are exercised, represents approximately 18% of Clal's share capital. As of the date of these financial statements, all previously agreed sales transactions have been consummated. On June 28 and July 6, 2020, IDBD sold 4,791,618 Clal shares held by it through swap transactions, at an average price of approximately NIS 30 per share, representing 7.1% of the capital stock. Additionally, on September 3, 2020, IDBD sold 2,376,527 Clal shares at an average price of NIS 32,475 per share, for a total amount of NIS 77.2 million, representing 3.5% of Clal´s capital stock. As a result of the aforementioned transactions, as of this date, IDBD´s holding in Clal represents 4.99% of its capital stock. It no longer has swap transactions and, accordingly, it is no longer considered as Clal interested party within the context of Israel´s Securities Regulations. On February 4, 2020, Dolphin furnished to the financial entities through which IDB carried out the swap transactions of Clal shares in August and November 2018, guarantees of approximately NIS 11 million, which shall be part of the committed deposits that IDB undertook as part of the terms of such transactions. Furthermore, on February 18, it deposited further guarantees in the amount of NIS 9 million. Following the last sale described above, the guarantees were returned. B) Distribution of dividends in kind by PBC. Purchase of Mehadrin shares and acquisition of control On December 10, 2019, PBC distributed its entire holding in Mehadrin as a dividend in kind and, as a result, DIC holds, directly, a 31.4% interest in Mehadrin. As a consequence of such transaction, Mehadrin became an associate. In January and February 2020, DIC purchased approximately 8.8% of Mehadrin's capital stock, for a total cost of NIS 39 (approximately Ps. 712); therefore, the interest in Mehadrin has increased from 31.4% to approximately 40.2%. Such acquisitions resulted in DIC obtaining control over Mehadrin, by the end of February, as it has the majority votes while the remaining equity interests are distributed among several shareholders. Additionally, from April to June 2020, DIC purchased an additional 3.5% interest in Mehadrin for NIS 14 (approximately Ps. 277), increasing its interest to 43.7%. Following the taking of control, as mentioned above, since March 9, 2020, the Group has consolidated the operations of this company. Below is a detail of incorporated net assets and income from such transaction. The process for the assessment of the fair value of incorporated net assets has been significantly completed as of June 30, 2020 and it is expected to conclude in the first months of the fiscal year ending June 30, 2021. However, the Management does not foresee any material adjustments to the incorporated net assets detailed below 03.31.2020 Fair value of identifiable assets and liabilities incurred Investment properties 244 Property, plant and equipment 6,108 Intangible assets 57 Investments in associates and joint ventures 1,879 Restricted assets 164 Income tax receivables 146 Trade and other receivables 10,211 Rights of use 4,019 Derivative financial instruments 37 Inventories 2,503 Borrowings (7,363) Deferred income tax liabilities (945) Trade and other payables (4,711) Lease liabilities (2,119) Provisions (56) Employee benefits (128) Salaries and social security liabilities (201) Income Tax (18) Cash and cash equivalents 2,612 TOTAL IDENTIFIABLE NET ASSETS 12,439 Non-controlling interest (7,443) Negative goodwill (*) (376) Write-off of Investments in associates 3,908 Cash and cash equivalents 712 TOTAL CONSIDERATION 4,620 (*) Included in "Other operating income, net" C) Partial sale of equity interests in Gav-Yam On July 1, 2019, PBC sold approximately 11.7% of Gav-Yam´s capital stock by private agreements. Following this transaction, PBC´s interest in Gav-Yam decreased from 51.7% to 40%. The consideration received for such sale was NIS 46 (approximately $ 6,949, restated as of the date of these financial statements). Furthermore, on September 1, 2019, PBC sold an additional 5.14%, approximately, of Gav-Yam shares and, as a result, PBC´s interest in Gav-Yam decreased from 40% to 34.9%. As a consequence of such sales, PBC forfeited its right to nominate the majority members of the Board of Directors and to appoint or remove key management members. Accordingly, PBC has lost its control over Gav-Yam and has de-consolidated such investment since such date. Below are the details of the sale: 09.30.2019 Cash received 14,261 Remediation of the fair value of the remaining interest 32,165 Total 46,426 Net assets disposed including goodwill (28,128 ) Gain from the sale of a subsidiary, net of taxes (*) 18,298 (*) Said results are disclosed within discontinued operations, under the caption "other operating results, net" The following table details the net assets disposed: 09.30.2019 Investment properties 155,846 Property, plant and equipment 1,061 Intangible assets 3,281 Right-of-use assets 42 Investments in associates and joint ventures 4,396 Restricted assets 378 Trade and other receivables 1,157 Investments in financial assets 13,544 Trading properties 155 Income tax credit 190 Cash and cash equivalents 10,623 TOTAL ASSETS 190,673 Borrowings 95,443 Lease liabilities 42 Deferred income tax liabilities 21,151 Trade and other payables 2,398 Employee benefits 21 Salaries and social security liabilities 63 Income tax and MPIT liabilities 125 TOTAL LIABILITIES 119,243 Non-controlling interest 43,302 Net assets written off including business key 28,128 On January 12, 2020, PBC received a communication from the Ministry of Justice of Israel questioning the loss of control of Gav-Yam in September 2019 and, accordingly, raising its objections to observance by PBC of the concentration law in Israel. In May 2020, PBC agreed to sell approximately 4.96% of Gav-Yam´s capital stock to an unrelated third party. Therefore, its interest in Gav-Yam decreased from 34.9% to 29.9% after the consummation of the sales transaction and it was thus able to overcome the questioning from the Ministry of Justice of Israel. D) Changes in equity interest in Shufersal and loss of control On December 24, 2017, DIC sold Shufersal shares, decreasing its stake from 53.30% to 50.12%. The consideration with respect to the sale of the shares amounted to NIS 169.5 (equivalent to Ps. 2,148). Both transactions were accounted for as an equity transaction generating an increase in equity attributable to the controlling company for Ps. 727 and Ps. 976, respectively. On June 16, 2018, DIC announced the sale of a percentage of its stake in Shufersal to institutional investors which was completed on June 21, 2018. The percentage sold amounted to 16.56% and the net amount of the consideration was approximately NIS 848 (equivalent to Ps. 13,845), consequently DIC lost control of Shufersal, so the Group deconsolidated the subsidiary at that date. Below are the details of the sale: 06.30.2018 Cash received 14,275 Remediation of the fair value of the remaining interest 29,271 Total 43,546 Net assets disposed including goodwill (18,902 ) Gain from the sale of a subsidiary, net of taxes (*) 24,644 (*) Includes Ps. 5,856 as a result of the sale and Ps. 18,789 as a result of the re-measurement at the fair value of the new stake, both included in discontinued operations. The following table details the net assets disposed: 06.30.2018 Investment properties 10,332 Property, plant and equipment 64,484 Intangible assets 16,203 Investments in associates and joint ventures 892 Restricted assets 203 Trade and other receivables 32,516 Investments in financial assets 280 Derivative financial instruments 51 Inventories 13,955 Cash and cash equivalents 12,404 TOTAL ASSETS 151,320 Borrowings 47,383 Deferred income tax liabilities 6,244 Trade and other payables 53,306 Provisions 1,025 Employee benefits 2,812 Salaries and social security liabilities 5,322 Income tax and MPIT liabilities 17 TOTAL LIABILITIES 116,109 Non-controlling interest 16,309 Net assets disposed including goodwill 18,902 Additionally, on November 27, 2018, DIC sold 7.5% of the total shares of Shufersal to institutional investors for a consideration of NIS 416 million (approximately Ps. 7,266). After this transaction, the group holding went down to 26.02% approximately. The profit for this sale was NIS 27 (approximately Ps. 430). See Note 34 regarding the sale of the entire equity interest. E) Interest increase in Cellcom On June 27, 2018, Cellcom increased its capital stock in consideration for a gross amount of NIS 280 (approximately Ps. 4,918). DIC participated in such increase and disbursed NIS 145.9 (approximately Ps. 2,561) for 6,314,200 shares. Furthermore, in December 2018, DIC exercised 1.5 million options (Series 1) held by it in Cellcom, for an amount of NIS 31 million (approximately Ps. 527). In December 2019 and February 2020, DIC purchased Cellcom shares for NIS 19 million (approximately Ps. 357). As a consequence of the exercise of the options and the acquisition, DIC interest in Cellcom increased by 0.9%. These transactions were accounted for as equity transactions generating a decrease in the net equity attributable to the controlling company by Ps. 226, restated as of the date of these financial statements. Additionally, on December 5, 2019, Cellcom increased its capital stock with the participation of DIC that purchased almost 50% of the shares issued. The consideration paid amounted to NIS 307 (approximately Ps. 6,011 as of such date). Cellcom issued an aggregate number of 30,600,000 common shares, 7,038,000 Series 3 Options and 6,426,000 Series 4 Options at a price of NIS 1.021 per unit (each unit will represent 100 common shares, 23 Series 3 Options and 21 Series 4 Options). Following the participation of DIC in such issue, the interest percentage was 46.2% of the issued capital stock and approximately 48.5% of the Company´s voting rights (directly and by means of agreements executed with other shareholders of the Company). F) Sale of IDBT subsidiary On August 14, 2018, IDBT´s Board of Directors approved an agreement to sell 50% of a subsidiary of IDBT, entrusted with tourism operations for Israir, for a total price of NIS 26 (approximately Ps. 506), which transaction was consummated on December 31, 2018. Such transaction does not affect the intention to sell IDBT in its entirety. The Group evaluated maintaining the criteria to classify the investment as a discontinued operation pursuant to IFRS 5. G) Agreement to sell plot of land in USA In July 2019, a subsidiary of IDBG signed an agreement to sell a plot of land next to the Tivoli project in Las Vegas for a consideration of US$ 18 million. At this stage, no assurances may be given that the sales transaction will be completed. H) Sale of Real Estate In October 2018, a subsidiary of Ispro signed an agreement for the sale of all of its rights in real estate area of approximately 29 dunams (equivalent to 1 hectare), in which there are 12,700 square meters in the northern industrial zone in Yavneh for NIS 86 million, (equivalent to Ps.6,439). Such agreement has already been executed. I) Interest increase in PBC In December 2018 and February 2019, DIC acquired an additional 4.40% of PBC in the market for NIS 81 million (equivalent to Ps.1,435). The present transactions were accounted for as equity transactions, generating an increase in net equity attributable to the controlling company for Ps. 101, restated as of the date of these financial statements. See Note 35 J) Repurchase of own shares by DIC In December 2018, DIC's Board of Directors approved a plan to buy back DIC shares, for a period of one year, until December 2020 amounting up to NIS 120 million (approximately Ps.2,498). Acquisition of securities shall be carried out in accordance with market opportunities, dates, prices and quantities, as determined by the management of DIC, in such a way that in any event, the public holdings shall be, at any time, at least 10.1% of the total issued share capital of DIC. Since December 2018 as of the fiscal year-end date, DIC acquired 12.2 million shares for a total amount of NIS 119 million (approximately Ps. 2,040). Additionally, in December 2018, minority shareholders of DIC exercised DIC Series 6 options for an amount of NIS 9 million (approximately Ps.174). As a result of the operations described above, the participation of Dolphin IL in DIC increased approximately by 5.4%. The present transactions were accounted for as equity transactions generating a decrease in the equity attributable to the controlling company for Ps. 133, restated as of the date of these financial statements. K) Interest increase in Elron In November and December 2018, DIC acquired an additional 9.2% of Elron in the market for NIS 31 million (equivalent to Ps. 557). Additionally, in June 2020, Elron issued shares to the market and third parties unrelated to the Group acquired an interest in the Company in consideration for NIS 26. These transactions were accounted for as an equity transaction generating a decrease in the equity attributable to the controlling company for Ps. 64. L) Interest increase in DIC On July 5, 2018, Tyrus acquired 2,062,000 of DIC's shares in the market for a total amount of NIS 20 million (equivalent to Ps. 490), which represent 1.35% of the Company's outstanding shares at such date. As a result of this transaction, the Group's equity interest has increased from 76.57% to 77.92%. This transaction was accounted for as an equity transaction generating an increase in the net equity attributable to the controlling company by Ps. 46, restated as of the date of these financial statements. Considering was what mentioned in note 4.G. above, the stake of the Group in DIC is approximately 83.77% considering the repurchase of treasury shares. M) Early payment of Ispro bonds In August 2019, the Audit Committee and the Board of Directors of Ispro approved the full advance payment of (Tranche B) corporate bonds, traded on the TASE. The aggregate amount was NIS 131 (approximately Ps. 2,465 restated as of the date of these financial statements). The prepayment of these corporate bonds caused Ispro to become a reporting company for TASE and not a listed company. N) Agreement for the sale of Ispro On January 26, 2020, PBC executed an agreement for the sale of all Ispro shares and the rights over the loans granted by the shareholders to ISPRO in consideration for NIS 885. The consummation of the transaction is subject to approval by the Commissioner of Competition pursuant to the Law on Economic Competition, which must be given within a term of 150 days following the execution of the agreement. For this reason, the Group has reclassified the assets and liabilities as available for sale. At the time of the execution of the agreement, the buyer made a deposit of NIS 15 into an account and undertook to deposit an additional amount of NIS 40, following completion of the due diligence process. On March 23, 2020, the buyer contacted PBC and requested a postponement of the dates specified in the sales agreement. PBC informed the buyer that its request would be considered without detrimentally affecting PBC´s rights and obligations pursuant to the agreement. On March 26, 2020, that is, the date of completion of the due diligence process, the buyer defaulted on its obligation to deposit the second payment installment in an amount of NIS 40, into a trust account. PBC demanded the buyer to cure its default and immediately deposit the second payment installment and proceed with the closing of the transaction in accordance with its terms, without this entailing a limitation on its rights and obligations and any consideration available for the buyer pursuant to the agreement and under the law, until April 20, 2020. Since non-compliance was not occurred until April 20, 2020, the agreement was terminated. In April 2020, PBC executed an agreement with another buyer for NIS 800 involving all ISPRO shares and the rights over the loans granted by PBC to ISPRO. As a consequence of the agreement for the sale of ISPRO´s shares, the Group has reclassified net assets totaling Ps. 15,473 as "Group of Assets available for Sale". Income to be recognized at the time of the consummation of the transaction shall be NIS 47 (equivalent of Ps. 842 as of the current fiscal year-end). O) Cellcom- Golan Telecom Agreement In February 2020, Cellcom, the shareholders of Golan Telecom and Golan Telecom executed a binding memorandum of understanding for the acquisition of Golan Telecom entire capital stock, for a total amount of NIS 590, payable in 2 installments (NIS 413 at the closing date of the transaction and NIS 177 within a term of 3 years following such closing date). Cellcom shall issue and deposit the Company´s shares for 8.2 million, with a trustee into a trust account ("Shares held in Trust"), as collateral. The transaction provides for standard conditions and representations and is subject to a due diligence process to be performed by Cellcom and the relevant regulatory authorizations and approvals from material third parties. The parties shall carry out negotiations regarding a detailed agreement; however, they are bound to the memorandum of understanding, regardless of whether the agreement may be executed or not. In the event the conditions for the closing of the transaction were not satisfied before December 31, 2020, the memorandum of understanding or the detailed agreement, as applicable, shall be terminated. See Note 35 for further information about the execution of the agreement and the grant of the respective approvals. |
Financial risk management and f
Financial risk management and fair value estimates | 12 Months Ended |
Jun. 30, 2020 | |
Financial Risk Management and Fair Value Estimates [Abstract] | |
Financial risk management and fair value estimates | 5. Financial risk management and fair value estimates The 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, 2020 and 2019. 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, 2020 June 30, 2019 US$ US$ Argentine Peso (38,397 ) (21,134 ) Uruguayan Peso 152 (274 ) Total (38,245 ) (21,408 ) The Group estimates that, other factors being constant, a 10% appreciation of the US Dollar against the respective functional currencies at year-end for the Operations Center in Argentina would result in a net additional loss before income tax for the years ended June 30, 2020 and 2019 for an amount of Ps. 1,497 and Ps. 2,140, respectively. A 10% depreciation of the US Dollar against the functional currencies would have an equal and opposite effect on the statements of income. On the other hand, the Group also uses derivatives, such as future exchange contracts, to manage its exposure to foreign currency risk. As of June 30, 2020 and 2019 the Group has future exchange contracts pending for an amount of US$ 95 and US$ 22, respectively. 2) Operations Center in Israel As of June 30, 2020 and 2019, the net position of financial instruments in US Dollars, which exposes the Group to the foreign currency risk amounts to Ps. (1,324) and Ps. (11,895), respectively. The Group estimates that, other factors being constant, a 10% appreciation of the US Dollar against the Israeli currency would increase loss before income tax for the year ended June 30, 2020 for an amount of Ps. 498 (Ps. 868 loss in 2019). Interest rate risk The Group is exposed to interest rate risk on its investments in debt instruments, short-term and long-term borrowings and derivative financial instruments. The primary objective of the Group’s investment activities is to preserve principal while at the same time maximizing yields without significantly increasing risk. To achieve this objective, the Group diversifies its portfolio in accordance with the limits set by the Group. The Group maintains a portfolio of cash equivalents and short-term investments in a variety of securities, including both government and corporate obligations and money market funds. The Group’s interest rate risk principally arises from long-term borrowings (Note 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, 2020 and 2019, 95.2% and 94.1% of the Group’s long-term financial loans in this operation center have a fixed interest rate so that IRSA is not significantly exposed to the fluctuation risk of the interest rate. 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 20 shows a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2020 and 2019. The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the years ended June 30, 2020 and 2019 in the amount of Ps. 30.9 and Ps. 31.2, respectively. A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. 2) Operations Center in Israel IDBD and DIC manage the exposure to the interest rate risk in a decentralized way and it is monitored regularly by different management offices in order to confirm that there are no adverse effects over their ability to meet their financial obligations and to comply with their borrowings covenants. As of June 30, 2020 and 2019, the 99.4% and 97.1%, respectively, of the Group’s long-term financial borrowings in this operations center are at fixed interest rate, therefore, the Group is not significantly exposed to the interest rate fluctuation risk. The Group estimates that, other factors being constant, a 1% increase in floating rates at year-end would increase net loss before income tax for the year ended June 30, 2020, in approximately Ps. 56 (approximately Ps. 139 in 2019). A 1% decrease in floating rates would have an equal and opposite effect on the Statement of Income. Risk of fluctuations of the Consumer Price Index (“CPI”) of Israel The Operations Center in Israel has financial liabilities indexed by the Israeli CPI. Net financial position exposure to the Israeli CPI fluctuations is managed in a decentralized way on a case-by-case basis, by entering into different derivative financial instruments, as the case may be, or by other methods, considered adequate by the Management, based on the circumstances. As of June 30, 2020, 36.9% of the loans are affected by the evolution of the CPI. A 1% increase in the CPI would generate a loss of Ps. 1,033 (Ps.1,502 for 2019) and a decrease of 1% generates a profit of Ps. 1,054 (Ps.1,519 for 2019). Other price risks The Group is exposed to equity securities price risk or derivative financial instruments because of investments held in entities that are publicly traded, which were classified on the Consolidated Statements of Financial Position at “fair value through profit or loss”. The Group regularly reviews the prices evolution of these equity securities in order to identify significant movements. As of June 30, 2020 and 2019 the total value of Group’s investments in shares and derivative financial instruments of public companies amounts to Ps. 19,385 and Ps. 7,984, respectively. In the Operations Center in Israel the investment in Clal is classified on the Statements of Financial Position at “fair value through profit or loss” and represents the most significant IDBD’s exposure to price risk. Neither IDBD or DIC has used hedging against these risks (Note 13). IDBD and DIC regularly review the prices evolution of these equity securities in order to identify significant movements. The Group estimates that, other factors being constant, a 10% decrease in quoted prices of equity securities and in derivative financial instruments portfolio at year-end would generate a loss before income tax for the year ended June 30, 2020, of Ps. 1,938 (Ps. 798 in 2019) for the Operations Center in Argentina and a loss before income tax for the year ended June 30, 2020, of Ps. 431 (Ps. 2,551 in 2019) for the Operations Center in Israel. An increase of 10% on these prices would have an equal and opposite effect in the Statement of Income. (b) Credit risk management The credit risk arises from the potential non-performance of contractual obligations by the parties, with a resulting financial loss for the Group. Credit limits have been established to ensure that the Group deals only with approved counterparties and that counterparty concentration risk is addressed and the risk of loss is mitigated. Counterparty exposure is measured as the aggregate of all obligations of any single legal entity or economic entity to the Group. The Group is subject to credit risk arising from deposits with banks and financial institutions, investments of surplus cash balances, the use of derivative financial instruments and from outstanding receivables 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 94.2% and 99.1% of the Group’s total trade receivables of the operations center as of June 30, 2020 and 2019, respectively. The Group has specific policies to ensure that rental contracts are transacted with counterparties with appropriate credit quality. The majority of the Group’s shopping mall, offices and other rental properties’ tenants are well recognized retailers, diversified companies, professional organizations, and others. Owing to the long-term nature and diversity of its tenancy arrangements, the credit risk of this type of trade receivables is considered to be low. Generally, the Group has not experienced any significant losses resulting from the non-performance of any counterpart to the lease contracts and, as a result, the allowance for doubtful accounts balance is low. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Group. If there is no independent rating, risk control assesses the credit quality of the customer, taking into account its past experience, financial position, actual experience and other factors. Based on the Group’s analysis, the Group determines the size of the deposit that is required from the tenant at inception. Management does not expect any material losses from non-performance by these counterparties. See details on Note 15. On the other hand, property receivables related to the sale of trading properties represent 5.8% and 0.9% of the Group’s total trade receivables as of June 30, 2020 and 2019, respectively. Payments on these receivables have generally been received when due. These receivables are generally secured by mortgages on the properties. Therefore, the credit risk on outstanding amounts is considered very low. 2) Operations Center in Israel IDBD’s and DIC’s primary objective for holding derivative financial instruments is to manage currency exchange rate risk and interest rate risk. IDBD and DIC generally enters into derivative transactions with high-credit-quality counterparties and, by policy, limits the amount of credit exposure to each counterparty. The amounts subject to credit risk related to derivative instruments are generally limited to the amounts, if any, by which counterparty’s obligations exceed the obligations that IDBD has with that counterparty. The credit risk associated with derivative financial instruments is representing by the carrying value of the assets positions of these instruments. IDBD and DIC’s policy is to manage credit exposure to trade and other receivables within defined trading limits. All IDBD’s significant counterparties have internal trading limits. Trade receivables from investment and development property activities are primarily derived from leases and services from shopping malls, offices and other rental properties; receivables from the sale of trading properties and investment properties (primarily undeveloped land and non-retail rental properties). IDBD and DIC have a large customer base and is not dependent on any single customer. The credits for sales from the activities of telecommunications and supermarkets do not present large concentrations of credit risk, not depending on a few customers and with most of their transactions in cash or with credit cards (Note 14). (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, 2020 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 1,552 156 69 219 1 1,997 Borrowings (excluding finance leases liabilities) 38,402 3,283 27,280 65 216 69,246 Finance leases obligations 53 49 51 54 1,291 1,498 Derivative Financial Instruments 83 28 6 - - 117 Total 40,090 3,516 27,406 338 1,508 72,858 June 30, 2019 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,198 334 146 1 386 3,065 Borrowings (excluding finance leases liabilities) 13,110 19,562 3,786 2,475 21,871 60,804 Purchase obligations 1,827 - - - - 1,827 Finance leases obligations 16 6 1 - - 23 Derivative Financial Instruments 19 11 6 1 - 37 Total 17,170 19,913 3,939 2,477 22,257 65,756 2) Operations Center in Israel June 30, 2020 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 25,507 346 61 20 20 25,954 Borrowings (excluding finance leases liabilities) 53,289 54,401 94,044 43,051 123,016 367,801 Purchase obligations 5,238 4,026 2,854 1,806 6,588 20,512 Finance leases obligations 5,695 854 590 - - 7,139 Derivative Financial Instruments 20 - - - - 20 Total 89,749 59,627 97,549 44,877 129,624 421,426 June 30, 2019 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 21,614 426 204 - - 22,244 Borrowings (excluding finance leases liabilities) 67,151 54,850 58,112 91,233 196,123 467,469 Purchase obligations 34 34 - - - 68 Finance leases obligations 4,282 1,365 750 495 - 6,892 Derivative Financial Instruments 34 - - - - 34 Total 93,115 56,675 59,066 91,728 196,123 496,707 See Note 20 for a description of the commitments and restrictions related to loans and the ongoing renegotiations. (d) Capital risk management The capital structure of the Group consists of shareholders’ equity and net borrowings. The Group’s equity is analyzed into its various components in the statements of changes in equity. Capital is managed so as to promote the long-term success of the business and to maintain sustainable returns for shareholders. The Group seeks to manage its capital requirements to maximize value through the mix of debt and equity funding, while ensuring that Group entities continue to operate as going concerns, comply with applicable capital requirements and maintain strong credit ratings. The Group assesses the adequacy of its capital requirements, cost of capital and gearing (i.e., debt/equity mix) as part of its broader strategic plan. The Group continuously reviews its capital structure to ensure that (i) sufficient funds and financing facilities are available to implement the Group’s property development and business acquisition strategies, (ii) adequate financing facilities for unforeseen contingencies are maintained, and (iii) distributions to shareholders are maintained within the Group’s dividend distribution policy. The Group also protects its equity in assets by obtaining appropriate insurance. The Group’s strategy is to maintain key financing metrics (net debt to total equity ratio or gearing and debt ratio) in order to ensure that asset level performance is translated into enhanced returns for shareholders whilst maintaining an appropriate risk reward balance to accommodate changing financial and operating market cycles. The following tables details the Group’s key metrics in relation to managing its capital structure. The ratios are within the ranges previously established by the Group’s strategy. Operation Center in Argentina June 30, 2020 June 30, 2019 Gearing ratio (i) 49.57 % 40.80 % Debt ratio (ii) 44.42 % 47.54 % Operation Center in Israel June 30, 2020 June 30, 2019 Gearing ratio (i) 82.63 % 83.68 % Debt ratio (ii) 244.57 % 149.40 % (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, 2020 | |
Segment Information [Abstract] | |
Segment information | 6. Segment information IFRS 8 requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the CODM. According to IFRS 8, the CODM represents a function whereby strategic decisions are made and resources are assigned. The CODM function is carried out by the President of the Group, Mr. Eduardo S. Elsztain. In addition, 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. Below is the segment information which was prepared as follows: ● Operations Center in Argentina: o The "Shopping Malls" o The "Offices" o The "Sales and Developments" o The "Hotels" o The "International" o The "Others" o The "Corporate" As of the 2018 fiscal year, the CODM reviews the office business as a single segment and the entertainment business in an aggregate manner and separately from offices, and has been exposed in the "Others" segment. The CODM periodically reviews the results and certain asset categories and assesses performance of operating segments 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: 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. 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, 2020, 2019 and 2018: June 30, 2020 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Expenses and collective promotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 11,138 81,637 92,775 (60 ) 3,100 (22 ) 95,793 Costs (2,731 ) (56,296 ) (59,027 ) 53 (3,230 ) - (62,204 ) Gross profit / (loss) 8,407 25,341 33,748 (7 ) (130 ) (22 ) 33,589 Net gain / (loss) from fair value adjustment of investment properties 33,994 (2,989 ) 31,005 (263 ) - - 30,742 General and administrative expenses (2,152 ) (8,764 ) (10,916 ) 14 - 33 (10,869 ) Selling expenses (1,231 ) (12,544 ) (13,775 ) 18 - - (13,757 ) Impairment of associates and joint ventures - (2,470 ) (2,470 ) - - - (2,470 ) Other operating results, net (47 ) 1,127 1,080 18 17 (11 ) 1,104 Profit / (loss) from operations 38,971 (299 ) 38,672 (220 ) (113 ) - 38,339 Share of profit of associates and joint ventures 7,047 1,299 8,346 171 - - 8,517 Segment profit / (loss) 46,018 1,000 47,018 (49 ) (113 ) - 46,856 Reportable assets 158,263 451,267 609,530 (692 ) - 18,361 627,199 Reportable liabilities - (403,184 ) (403,184 ) - - (101,360 ) (504,544 ) Net reportable assets 158,263 48,083 206,346 (692 ) - (82,999 ) 122,655 June 30, 2019 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Expenses and collective Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 15,055 73,537 88,592 (93 ) 3,706 (24 ) 92,181 Costs (3,176 ) (52,426 ) (55,602 ) 66 (3,855 ) - (59,391 ) Gross profit / (loss) 11,879 21,111 32,990 (27 ) (149 ) (24 ) 32,790 Net (loss) / gain from fair value adjustment of investment properties (39,607 ) 892 (38,715 ) 838 - - (37,877 ) General and administrative expenses (2,674 ) (8,031 ) (10,705 ) 18 - 44 (10,643 ) Selling expenses (1,085 ) (11,192 ) (12,277 ) 7 - - (12,270 ) Other operating results, net (660 ) 742 82 194 17 (20 ) 273 (Loss) / profit from operations (32,147 ) 3,522 (28,625 ) 1,030 (132 ) - (27,727 ) Share of (loss) of associates and joint ventures (6,031 ) (150 ) (6,181 ) (1,019 ) - - (7,200 ) Segment (loss) / profit (38,178 ) 3,372 (34,806 ) 11 (132 ) - (34,927 ) Reportable assets 111,562 535,565 647,127 (609 ) - 31,842 678,360 Reportable liabilities - (461,015 ) (461,015 ) - - (94,689 ) (555,704 ) Net reportable assets 111,562 74,550 186,112 (609 ) - (62,847 ) 122,656 June 30, 2018 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Expenses and collective promotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 13,872 60,057 73,929 (109 ) 4,387 (20 ) 78,187 Costs (2,802 ) (41,935 ) (44,737 ) 70 (4,445 ) - (49,112 ) Gross profit / (loss) 11,070 18,122 29,192 (39 ) (58 ) (20 ) 29,075 Net gain from fair value adjustment of investment properties 20,216 - 20,216 (1,056 ) - - 19,160 General and administrative expenses (2,337 ) (7,233 ) (9,570 ) 40 - 33 (9,497 ) Selling expenses (1,125 ) (10,639 ) (11,764 ) 15 - - (11,749 ) Other operating results, net (54 ) 2,136 2,082 42 (2 ) (13 ) 2,109 Profit / (loss) from operations 27,770 2,386 30,156 (998 ) (60 ) - 29,098 Share of (loss) of associates and joint ventures (4,228 ) (422 ) (4,650 ) 928 - - (3,722 ) Segment profit / (loss) 23,542 1,964 25,506 (70 ) (60 ) - 25,376 Reportable assets 152,903 563,654 716,557 307 - 25,189 742,053 Reportable liabilities - (479,056 ) (479,056 ) - - (103,129 ) (582,185 ) Net reportable assets 152,903 84,598 237,501 307 - (77,940 ) 159,868 (1) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (2) Includes deferred income tax assets, income tax and MPIT credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of Ps. 17, Ps. 8,659 and Ps. 5,453, as of June 30, 2020, 2019 and 2018, 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, 2020, 2019 and 2018: June 30, 2020 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 5,935 2,358 735 2,021 11 - 78 11,138 Costs (567 ) (138 ) (671 ) (1,245 ) (12 ) - (98 ) (2,731 ) Gross profit / (loss) 5,368 2,220 64 776 (1 ) - (20 ) 8,407 Net (loss) / gain from fair value adjustment of investment properties (2,105 ) 23,285 12,179 - - - 635 33,994 General and administrative expenses (829 ) (221 ) (228 ) (365 ) (110 ) (282 ) (117 ) (2,152 ) Selling expenses (709 ) (84 ) (197 ) (230 ) - - (11 ) (1,231 ) Other operating results, net (38 ) (29 ) (27 ) (20 ) - - 67 (47 ) Profit / (loss) from operations 1,687 25,171 11,791 161 (111 ) (282 ) 554 38,971 Share of profit of associates and joint ventures - - - - 7,377 - (330 ) 7,047 Segment profit 1,687 25,171 11,791 161 7,266 (282 ) 224 46,018 Investment properties and trading properties 49,109 62,793 32,171 - 307 - 1,442 145,822 Investment in associates and joint ventures - - 532 - 2,004 - 6,737 9,273 Other operating assets 276 211 753 1,838 - - 90 3,168 Operating assets 49,385 63,004 33,456 1,838 2,311 - 8,269 158,263 From all the revenues corresponding to the Operations Center in Argentina, Ps. 11,127 are originated in Argentina, and Ps. 11 in the U.S. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, Ps. 155,377 are located in Argentina and Ps. 2,886 in other countries, principally in USA for Ps. 2, 311 and Uruguay for Ps. 575. June 30, 2019 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 8,541 2,238 1,119 2,953 14 - 190 15,055 Costs (776 ) (131 ) (526 ) (1,586 ) (6 ) - (151 ) (3,176 ) Gross profit 7,765 2,107 593 1,367 8 - 39 11,879 Net (loss) / gain from fair value adjustment of investment properties (40,581 ) 616 726 - 6 - (374 ) (39,607 ) General and administrative expenses (945 ) (212 ) (283 ) (492 ) (110 ) (519 ) (113 ) (2,674 ) Selling expenses (530 ) (99 ) (119 ) (316 ) - - (21 ) (1,085 ) Other operating results, net (110 ) (40 ) (286 ) 114 (24 ) - (314 ) (660 ) (Loss) / profit from operations (34,401 ) 2,372 631 673 (120 ) (519 ) (783 ) (32,147 ) Share of profit of associates and joint ventures - - (37 ) - (3,679 ) - (2,315 ) (6,031 ) Segment (loss) / profit (34,401 ) 2,372 594 673 (3,799 ) (519 ) (3,098 ) (38,178 ) Investment properties and trading properties 50,365 31,679 27,758 1,901 270 - 1,062 113,035 Investment in associates and joint ventures 10 57 443 - (7,222 ) - 4,985 (1,727 ) Other operating assetsInvestment 43 1 184 26 - - - 254 Operating assets 50,418 31,737 28,385 1,927 (6,952 ) - 6,047 111,562 From all the revenues corresponding to the Operations Center in Argentina, included in the segments Ps. 14,563 are originated in Argentina, Ps. 478 are originated in Uruguay and Ps. 14 are originated in USA. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, Ps. 117,932 are located in Argentina and Ps. (6,370) in other countries, principally in USA for Ps. (6,952) and Uruguay for Ps. 582. June 30, 2018 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 9,750 1,332 300 2,446 - - 44 13,872 Costs (829 ) (105 ) (149 ) (1,670 ) - - (49 ) (2,802 ) Gross profit / (loss) 8,921 1,227 151 776 - - (5 ) 11,070 Net gain from fair value adjustment of investment properties 6,266 6,250 7,338 - - - 362 20,216 General and administrative expenses (853 ) (218 ) (198 ) (487 ) (118 ) (385 ) (78 ) (2,337 ) Selling expenses (607 ) (142 ) (58 ) (311 ) - - (7 ) (1,125 ) Other operating results, net (105 ) (22 ) 138 (40 ) (58 ) - 33 (54 ) Profit / (loss) from operations 13,622 7,095 7,371 (62 ) (176 ) (385 ) 305 27,770 Share of profit of associates and joint ventures - - 4 - (4,425 ) - 193 (4,228 ) Segment profit / (loss) 13,622 7,095 7,375 (62 ) (4,601 ) (385 ) 498 23,542 Investment properties and trading properties 90,196 28,576 25,149 2,008 197 - 1,333 147,459 Investment in associates and joint ventures 10 57 446 - (3,869 ) - 8,524 5,168 Other operating assets 57 3 189 27 - - - 276 Operating assets 90,263 28,636 25,784 2,035 (3,672 ) - 9,857 152,903 From all the revenues corresponding to the Operations Center in Argentina, the 100% are originated in Argentina. No external client represents 10% or more of revenue of any of the reportable segments. From all of the assets corresponding to the Operations Center in Argentina segments, Ps. 155,890 are located in Argentina and Ps. (2,987) in other countries, principally in USA for Ps. (3,672) and Uruguay for Ps. 685 million. Below is a summarized analysis of the lines of business of Group's Operations Center in Israel for the years ended June 30, 2020, 2019 and 2018: June 30, 2020 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 12,954 - 64,838 - - 3,845 81,637 Costs (6,787 ) - (47,231 ) - - (2,278 ) (56,296 ) Gross profit 6,167 - 17,607 - - 1,567 25,341 Net loss from fair value adjustment of investment properties (2,989 ) - - - - - (2,989 ) General and administrative expenses (812 ) - (5,519 ) - (1,071 ) (1,362 ) (8,764 ) Selling expenses (223 ) - (11,887 ) - - (434 ) (12,544 ) Impairment of associates and joint ventures (2,470 ) - - - - - (2,470 ) Other operating results, net (296 ) - 501 - (48 ) 970 1,127 (Loss) / profit from operations (623 ) - 702 - (1,119 ) 741 (299 ) Share of profit / (loss) of associates and joint ventures 1,495 1,063 (265 ) - - (994 ) 1,299 Segment profit / (loss) 872 1,063 437 - (1,119 ) (253 ) 1,000 Operating assets 152,941 28,090 140,025 3,377 17,911 108,923 451,267 Operating liabilities (146,331 ) - (106,076 ) - (111,649 ) (39,128 ) (403,184 ) Operating assets (liabilities), net 6,610 28,090 33,949 3,377 (93,738 ) 69,795 48,083 June 30, 2019 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 14,392 - 57,506 - - 1,639 73,537 Costs (9,121 ) - (42,424 ) - - (881 ) (52,426 ) Gross profit 5,271 - 15,082 - - 758 21,111 Net gain from fair value adjustment of investment properties 892 - - - - - 892 General and administrative expenses (707 ) - (4,779 ) - (1,058 ) (1,487 ) (8,031 ) Selling expenses (197 ) - (10,562 ) - - (433 ) (11,192 ) Other operating results, net - - 397 - - 345 742 Profit / (loss) from operations 5,259 - 138 - (1,058 ) (817 ) 3,522 Share of profit / (loss) of associates and joint ventures 37 717 - - - (904 ) (150 ) Segment profit / (loss) 5,296 717 138 - (1,058 ) (1,721 ) 3,372 Operating assets 303,425 23,013 109,380 22,638 41,536 35,573 535,565 Operating liabilities (235,553 ) - (84,800 ) - (126,585 ) (14,077 ) (461,015 ) Operating assets (liabilities), net 67,872 23,013 24,580 22,638 (85,049 ) 21,496 74,550 June 30, 2018 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 9,497 - 49,066 - - 1,494 60,057 Costs (5,957 ) - (35,189 ) - - (789 ) (41,935 ) Gross profit 3,540 - 13,877 - - 705 18,122 Net gain from fair value adjustment of investment properties - - - - - - - General and administrative expenses (578 ) - (4,594 ) - (854 ) (1,207 ) (7,233 ) Selling expenses (200 ) - (10,059 ) - - (380 ) (10,639 ) Other operating results, net 256 - 772 - 1,141 (33 ) 2,136 Profit / (loss) from operations 3,018 - (4 ) - 287 (915 ) 2,386 Share of profit / (loss) of associates and joint ventures 158 - - - - (580 ) (422 ) Segment profit / (loss) 3,176 - (4 ) - 287 (1,495 ) 1,964 Operating assets 298,031 29,579 110,723 27,247 47,432 50,642 563,654 Operating liabilities (231,693 ) - (86,280 ) - (155,567 ) (5,516 ) (479,056 ) Operating assets (liabilities), net 66,338 29,579 24,443 27,247 (108,135 ) 45,126 84,598 No external client represents 10% or more of the revenue of any of the reportable segments. From all assets corresponding to the Operations Center in Israel segments, Ps. 82,707 are located in USA (Ps. 74,170 in 2019 and Ps. 77,664 in 2018), Ps. 0 (Ps. 1,979 in 2019 and Ps. 2,333 in 2018) in India and the remaining are located in Israel. |
Information about the main subs
Information about the main subsidiaries | 12 Months Ended |
Jun. 30, 2020 | |
Information About Main Subsidiaries [Abstract] | |
Information about the main subsidiaries | 7. Information about the main subsidiaries The Group conducts its business through several operating and holding subsidiaries. The Group considers that the subsidiaries below are the ones with significant non-controlling interests to the Group. Direct interest of non-controlling interest % (1) Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets Book value of non-controlling interests June 30, 2020 Elron 38.94 % 3,377 3,966 509 142 6,692 4,149 PBC 27.60 % 79,327 112,404 26,138 118,789 46,804 19,263 Cellcom (2) 53.80 % 54,777 79,796 31,386 74,691 28,496 17,920 Mehadrin 56.25 % 13,038 17,839 13,954 3,336 13,587 8,136 IRSA CP 19.35 % 14,925 129,578 16,423 52,507 75,573 4,089 June 30, 2019 Elron 38.94 % 4,521 3,770 529 69 7,693 4,624 PBC 31.20 % 63,904 236,440 25,708 208,515 66,121 47,766 Cellcom (2) 55.90 % 45,957 59,076 27,278 57,524 20,231 12,777 IRSA CP 16.20 % 24,563 91,204 5,797 51,924 58,046 3,113 Revenues Net income / (loss) Total comprehensive income / (loss) Total comprehensive profit / (loss) attributable to non-controlling interest Cash of Operating activities Cash of investing activities Cash of financial activities Net Increase / (decrease) in cash and cash equivalents Dividends distribution to non-controlling shareholders June 30, 2020 Elron - (1,774 ) (1,864 ) 5,540 (776 ) 350 874 448 - PBC 12,310 12,648 12,165 19,586 6,328 23,872 (20,243 ) 9,957 1,684 Cellcom (2) 56,076 (2,068 ) (2,100 ) 534 14,914 (7,425 ) (6,323 ) 1,166 - Mehadrin 1,952 106 123 251 246 (70 ) (246 ) (70 ) 17 IRSA CP 8,563 18,153 18,405 1,064 4,890 (2,879 ) (3,561 ) (1,550 ) 663 June 30, 2019 Elron - (1,056 ) (909 ) 2,122 (1,012 ) 207 1,338 533 - PBC 18,061 6,953 7,575 5,230 9,081 1,072 2,926 13,079 2,337 Cellcom (2) 47,535 (1,524 ) (1,538 ) (1,352 ) 10,025 (8,614 ) 1,666 3,077 - IRSA CP 10,826 (25,923 ) (25,923 ) (150 ) 5,588 (4,958 ) (2,631 ) (2,001 ) 870 (1) Corresponds to the direct interest from the Group. (2) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings. Restrictions, commitments and other relevant issues Analysis of the impact of the Concentration Law On December 2013, was published in the Official Gazette of Israel the Promotion of Competition and Reduction of Concentration Law N°, 5774-13 ('the Concentration Law') which has material implications for IDBD, DIC and its investors, including the disposal of the controlling interest in Clal. In accordance with the provisions of the law, the structures of companies that make public offer of their securities are restricted to two layers of public companies. In November 2017, Dolphin IL, a subsidiary of Dolphin Netherlands B.V. acquired all the shares owned by IDBD in DIC (See note 4). Thus, the section required by the aforementioned law for the year 2017 is completed. Prior to December 31, 2019 the Group lost control over Gav-Yam and in March 2020 it acquired control over Mehadrin, thus complying with the above-mentioned law. Dolphin arbitration process There is an arbitration process going on between Dolphin and ETH (previous shareholder of IDBD) in relation to certain issues connected to the control obtainment of IDBD (mainly regarding who had the right of purchase and the price of the acquisition). In the arbitration process the parties have agreed to designate Eyal Rosovshy and Giora Erdinas to promote a mediation. On August 17, 2017, a mediation hearing was held and the parties failed to reach an agreement. On January 31, 2018, the parties agreed to follow the process in court. As of the date of presentation of these Consolidated Financial Statements, there have been no other developments in the process and it is still pending resolution. Management, based on the opinion of its legal advisors, considers that the resolution of the present litigation will not have an adverse effect for Dolphin. |
Investments in associates and j
Investments in associates and joint ventures | 12 Months Ended |
Jun. 30, 2020 | |
Investments In Associates and Joint Ventures [Abstract] | |
Investments in associates and joint ventures | 8. Investments in associates and joint ventures Changes of the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2020 and 2019 were as follows: June 30, 2020 June 30, 2019 Beginning of the year 35,780 52,177 Adjustment as of previous periods (IFRS 9 and IAS 28) (1,979 ) (153 ) Increase in equity interest in associates and joint ventures 3,342 697 Capital contributions 2,702 131 Capital reduction (106 ) (672 ) Decrease of interest in associate - (7,178 ) Deconsolidation (i) 29,176 - Share of profit / (loss) 8,667 (7,200 ) Currency translation adjustment 53 (404 ) Dividends (1,820 ) (1,718 ) Other comprehensive income (1,244 ) - Reclassification to held-for-sale (2,070 ) - Others (3 ) (112 ) Incorporation by business combination 1,879 212 End of the year (ii) 74,377 35,780 (i) See Note 4. (ii) Includes Ps. (17) and Ps. (8,659) reflecting interests in companies with negative equity as of June 30, 2020 and 2019, respectively, which are disclosed in “Provisions” (see Note 19). Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2020 and 2019, as well as the Group’s share of the comprehensive results of these companies for the years ended on June 30, 2020, 2019 and 2018: % ownership interest Value of Group’s interest in equity Group’s interest in comprehensive income / (loss) Name of the entity June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 June 30, 2018 Associates New Lipstick 49.96 % 49.96 % 49.90 % 467 (8,659 ) 7,633 (3,199 ) (5,292 ) BHSA (1) 29.91 % 29.91 % 29.91 % 4,073 4,451 (380 ) (2,411 ) 416 Condor (2) 18.89 % 18.89 % 28.10 % 1,481 1,392 120 39 596 PBEL 45.00 % 45.40 % 45.40 % - 1,979 - (117 ) 416 Shufersal (4) 26.02 % 26.02 % 33.56 % 28,111 23,013 5,215 297 - Mehadrin N/A 45.41 % 45.41 % - 4,845 - (111 ) 1,276 Gav-Yam 34.90 % N/A N/A 27,277 0,00 % (786 ) - - Quality (3) 50.00 % 50.00 % 50.00 % 2,101 1,869 185 (583 ) 876 La Rural SA 50.00 % 50.00 % 50.00 % 203 101 102 144 (44 ) TGLT 30.50 % N/A N/A 2,059 - (116 ) - - Other associates and joint ventures N/A N/A N/A 8,605 6,789 (3,253 ) (1,663 ) 1,281 Total associates and joint ventures 74,377 35,780 8,720 (7,604 ) (475 ) Latest financial statements issued Name of the entity Place of business / Country of incorporation Main activity Common shares 1 vote Share capital (nominal value) Profit / (loss) for the period Shareholders’ equity Associates New Lipstick U.S. Real estate N/A - (*) 179 (*) (31) BHSA (1) Argentina Financial 448,689,072 (***) 1,500 (***) (1,272) (***) 13,186 Condor (2) EE.UU. Hotel 2,245,100 (*) 232 (*) (9) (*) 86 PBEL India Real estate (**) 1 (**) (2) (**) - (**) (2) Shufersal (4) Israel Retail 123,917,650 (**) 1,399 (**) 310 (**) 1,930 Mehadrin Israel Agropecuaria N/A N/A N/A N/A Gav-Yam Israel Inmobiliaria 639,727 (**) 1,356 (**) 411 (**) 3,496 Quality (3) Argentina Real estate 163,039,244 326 370 4,140 La Rural SA Argentina Organization of events 714,498 1 224 327 TGLT Argentina Real estate 279,502,813 925 (311) 6,004 Other associates and joint ventures - N/A N/A N/A (1) BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium businesses and large companies. The market price of the share is 17.15 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. (2) Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is US$ 4.10 per share. (3) Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.). (4) Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020. (*) 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, 2020 correspond to the Financial Statements of BHSA prepared in accordance with BCRA standards. New Lipstick: On August 7, 2020, as a consequence of negotiations conducted in the context of an increased lease price effective as of May 2020, as set forth in the lease (hereinafter, “Ground Lease”), Metropolitan (a company where IRSA holds, indirectly, a 49.96% interest) executed an agreement with the Ground Lease lessor to conclude the relationship and terminate the ground lease, abandoning the administration of the building. As a consequence of the foregoing, Metropolitan derecognised the liability associated to the ground lease, as well as all assets and liabilities associated to the building and the administration. Pursuant to such agreement, Metropolitan was fully released from liability except for (i) claims for liabilities prior to June 1, 2020, from those persons who performed works or rendered services in the Building or for Metropolitan and (ii) claims from persons who had an accident in the property after August 7, 2020. Gav-Yam Considering that, on June 30, 2020, the market value of Gav-Yam was lower than its carrying value, PBC management considered whether there may be signs of impairment of the investment in such company. Based on the management´s review, with the assistance of external advisors, PBC considered that there was no evidence of investment impairment. Some of the factors considered are listed below: ● The price of Gav-Yam shares has been significantly volatile since mid-March 2020; therefore, the fact that the market cap of the company was lower than the carrying value as of June 30, 2020 has not been considered as tantamount to a significant or sustained decrease; ● On August 4, 2020, Aharon Frenkel purchased approximately 8.6% of Gav-Yam´s capital stock at a value of NIS 2,091/share, which circumstance reinforces the management´s conclusions; ● Gav-Yam income as of March 31, 2020 and June 30, 2020 show that Gav-Yam is a stable company with a high quality and wide-ranging client portfolio. Set out below is summarized financial information of the associates and joint ventures considered 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 06.30.20 Associates BHSA 76,869 43,610 102,290 4,629 13,560 29.91 % 4,056 17 4,073 Gav-Yam 41,963 165,878 19,791 117,752 70,298 34.90 % 24,534 2,743 27,277 Shufersal 73,348 187,032 91,899 129,224 39,257 26.02 % 10,213 17,898 28,111 Joint ventures Quality Invest (ii) 4 5,525 87 1,302 4,140 50.00 % 2,070 31 2,101 As of 06.30.19 Associates BHSA 87,189 30,774 89,514 15,288 13,161 29.91 % 3,936 515 4,451 PBEL 3,173 853 632 12,128 (8,734 ) 45.00 % (3,930 ) 5,909 1,979 Shufersal 51,741 89,475 54,708 54,794 31,714 26.02 % 8,252 14,761 23,013 Joint ventures Quality Invest (ii) 25 4,922 119 1,153 3,675 50.00 % 1,838 31 1,869 Mehadrin 11,890 15,318 13,067 3,719 10,422 45.41 % 4,733 112 4,845 Revenues Net income / (loss) Total comprehensive income / (loss) Dividend distribution Cash of operating activities Cash of investing activities Cash of financing activities Changes in cash and cash equivalents As of 06.30.20 (i) Associates BHSA 13,033 (1,272 ) (1,272 ) - 4,656 37 (3,465 ) 1,228 Gav-Yam 11,551 6,765 5,456 3,587 5,086 (5,723 ) 15,869 15,232 Shufersal 218,000 5,046 4,500 1,435 21,874 (2,709 ) (13,793 ) 5,372 Joint ventures Quality Invest (ii) 18 370 370 - (89 ) - 89 - As of 06.30.19 (i) Associates BHSA 17,451 879 879 286 167 (70 ) (1,922 ) (1,825 ) PBEL 13 (260 ) (319 ) - 57 239 (306 ) (10 ) Shufersal 165,639 3,164 3,147 2,448 4,458 (11,530 ) 1,396 (5,676 ) Joint ventures Quality Invest (ii) 36 (1,167 ) (1,167 ) - (124 ) - 124 - Mehadrin 17,329 775 819 - 672 (277 ) (1,262 ) (867 ) (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. BHSA BHSA is subject to certain restrictions on the distribution of profits, as required by BCRA regulations. As of June 30, 2020, BHSA has a remnant of 35.2 million Class C treasury shares of a par value of Ps. 1 received in 2009 as a result of certain financial transactions. The Annual Shareholders’ Meeting decided to allocate 35.1 million of such shares to an employee compensation plan pursuant to Section 67 of Law 26,831. The remaining shares belong to third party holders of Stock Appreciation Rights, who have failed to produce the documentation required for redemption purposes. As of June 30, 2020, considering the effect of such treasury shares, the Group’s interest in BHSA amounts to 29.91%. The Group estimated that the value in use of its investment in BHSA as of June 30, 2020 and 2019 amounted to Ps. 5,933, Ps. 5,521, respectively. The value in use was estimated based on the present value of future business cash flows. The main assumptions used were the following: ● The Group considered 7 years as the horizon for the projection of BHSA cash flows. ● The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors. ● The projected exchange rate was estimated in accordance with internal data and external information provided by independent consultants. ● The discount rate used to discount actual dividend flows was 13.82% in 2020 and 14.37% in 2019. ● The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of Ps. 536 for 2020 and of Ps.503 for 2019. Puerto Retiro (joint venture) At present, this 8.3-hectare plot of land, is affected by a zoning regulation defined as U.P. which prevents the property from being used for any purposes other than strictly port activities. Puerto Retiro was involved in a judicial bankruptcy action brought by the National Government. The current Board of Directors would not be held personally liable with regard to this action. Moreover, Tandanor filed a civil action against Puerto Retiro S.A. and the other defendants in the criminal case for violation of Section 174 (5) based on Section 173 (7) of the Criminal Code of Argentina. Such action seeks -on the basis of the nullity of the decree that approved the bidding process involving the Dársena Norte property- the restitution of the property and a reimbursement in favor of Tandanor for all such amounts it has allegedly lost as a result of a suspected fraudulent transaction involving the sale of the property. Puerto Retiro has presented the allegation on the merit of the evidence, highlighting that the current shareholders of Puerto Retiro did not participate in any of the suspected acts in the criminal case since they acquired the shares for consideration and in good faith several years after the facts told in the process. Likewise, it was emphasized that the company Puerto Retiro is foreign to the bidding / privatization carried out for the sale of Tandanor shares. On September 7, 2018, the Oral Federal Criminal Court No. 5 rendered a decision. According to the sentence read by the president of the Court, Puerto Retiro won the preliminary objection of limitation filed in the civil action. However, in the criminal case, where Puerto Retiro is not a party, it was ordered, among other issues, the confiscation (“decomiso”) of the property owned by Puerto Retiro known as Planta I. The grounds of the Court`s judgment were read on November 11, 2018. From that moment, all the parties were able to present the appeals. Given this fact, an extraordinary appeal was filed, which was rejected, and as a result, a complaint was filed for a rejected appeal, which was granted. Consequently, the appeal is under study in the Argentine Supreme Court of Justice. In the criminal action, the claimant reported the violation by Puerto Retiro of the injunction ordered by the criminal court consisting in an order to stay (“prohibición de innovar”) and not to contract with respect to the property disputed in the civil action. As a result of this complaint, the Federal Oral Court No. 5 formed an incident and ordered and executed the closure of the property where the lease agreements were being executed (a heliport and a mooring), in order to enforce compliance with the measure before mentioned. As a result of this circumstance, it was learned that the proceedings were turned over to the Criminal Chamber for the allocation of the court to investigate the possible commission of a crime of disobedience. As of the date of issuance of these financial statements there has been no news about the progress of this cause. Faced with the evolution of the legal cases that affect it and based on the reports of its legal advisors, Puerto Retiro Management has decided to register in fiscal year 2019 an allowance equivalent to 100% of the book value of its investment property, without prejudice to reverse it when a favorable ruling is obtained in the interposed actions. |
Investment properties
Investment properties | 12 Months Ended |
Jun. 30, 2020 | |
Investment Properties [Abstract] | |
Investment properties | 9. Investment properties Changes in the Group’s investment properties according to the fair value hierarchy for the years ended June 30, 2020 and 2019 were as follows: June 30, 2020 June 30, 2019 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 43,925 289,600 36,378 325,558 Adjustments previous periods (IFRS 16) - 426 - - Additions 3,540 1,838 5,165 6,446 Activation of financial costs 81 - 217 16 Capitalized leasing costs 4 16 11 4 Amortization of capitalized leasing costs (i) (6 ) (9 ) (9 ) (13 ) Transfers / Reclassification to assets held for sale 4,551 (28,781 ) (696 ) 1,129 Incorporation by business combination - 244 - - Deconsolidation (ii) (1,694 ) (155,846 ) - - Disposals (1,740 ) (13,412 ) (71 ) (3,676 ) Currency translation adjustment 14 53,462 (66 ) (2,981 ) Net (loss)/ gain from fair value adjustment 28,273 3,061 2,996 (36,883 ) Fair value at the end of the year 76,948 150,599 43,925 289,600 (i) Amortization charges of capitalized leasing costs were included in “Costs” in the Statements of Income (Note 23). (ii) $ 1,694 corresponds to La Maltería and $ 155,846 to Gav-Yam The following is the balance by type of investment property of the Group as of June 30, 2020 and 2019: 06.30.2020 06.30.2019 Rental properties 192,684 298,702 Undeveloped parcels of land 27,534 28,507 Properties under development 7,329 6,316 TOTAL 227,547 333,525 Certain investment property assets of the Group have been mortgaged or restricted to secure some of the Group’s borrowings and other payables. Book amount of those properties amounts to Ps. 18,169, Ps. 15,370 as June 30, 2020 and 2019, respectively. The following amounts have been recognized in the Statements of Income: 06.30.2020 06.30.2019 06.30.2019 Rental and services income 19,560 22,689 21,631 Direct operating expenses (8,702 ) (8,094 ) (7,685 ) Development reimbursements / (expenses) 121 (87 ) (4,133 ) Net realized gain from fair value adjustment of investment properties (i) 1,080 901 542 Net unrealized gain from fair value adjustment of investment properties 30,130 (38,778 ) 18,633 (i) As of June 30, 2020, $ 468 corresponds to the result realized in previous years. As of June 30, 2018, $ 15 corresponds to results realized in previous years. See note 5 (liquidity schedule) for detail of contractual commitments related to investment properties. Valuation processes The Group’s investment properties were valued at each reporting date by independent professionally qualified appraisers who hold a recognized relevant professional qualification and have experience in the locations and segments of the investment properties appraised. For all investment properties, their current use equates to the highest and best use. Each 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 the Argentina operations center: The Group has defined valuation techniques according to the characteristics of each property and the type of market in which these assets are located, in order to maximize the use of observable information available for the determination of fair value. For the Shopping Malls there is no liquid market for the sale of properties with these characteristics that can be taken as a reference of value. Likewise, the Shopping Malls, being a business denominated in pesos, are highly related to the fluctuation of macroeconomic variables in Argentina, the purchasing power of individuals, the economic cycle of Gross Domestic Product (GDP) growth, the evolution of inflation, among others. Consequently, the methodology adopted by the Group for the valuation of Shopping Malls is the discounted cash flow model (“DCF”), which allows the volatility of the Argentine economy to be taken into account and its correlation with the revenue streams of the Malls and the inherent risk of the Argentine macroeconomy. The DCF methodology contemplates the use of certain unobservable valuation assumptions, which are determined reliably based on the information and internal sources available at the date of each measurement. These assumptions mainly include the following: ● Future cash flow projected income based on the current locations, type and quality of the properties, backed by the lease agreements that the Company has signed with its tenants. The Company’s revenues are equal to the higher of: i) a Minimum Insured Fixed Value (“VMA”) and ii) a percentage of the tenant’s sales in each Shopping Mall. Accordingly, estimates of the evolution of the Gross Domestic Product (“GDP) and the Inflation of the Argentine economy, as provided by an external consultant were used to estimate the evolution of tenant sales, which have a high correlation with these macroeconomic variables. These macroeconomic projections were contrasted with the projections prepared by the International Monetary Fund (“IMF”), the Organization for Economic Cooperation and Development (“OECD”) and with the Survey of Market Expectations (“REM”), which consists of a Survey prepared by the Central Bank of Argentina (BCRA) aimed to local and foreign specialized analysts in order to allow a systematic follow-up of the main short and medium term macroeconomic forecasts on the evolution of the Argentine economy. ● The income from all Shopping Malls was considered to grow with the same elasticity in relation to the evolution of the GDP and the projected inflation. The specific characteristics and risks of each Shopping Mall are captured through the use of the historical average EBITDA Margin of each of them. ● Cash flows from future investments, expansions or improvements in Shopping Mall were not contemplated. ● Terminal value: a perpetuity calculated from the cash flow of the last year of useful life was considered. ● The cash flow for concessions was projected until the termination date of the concession stipulated in the current contract. ● Given the prevailing inflationary context and the volatility of certain macroeconomic variables, a reference long term interest rate in pesos is not available to discount the projected cash flows from shopping malls. Consequently, the projected cash flows were dollarized through the future ARS / US$ exchange rate curve provided by an external consultant, which are contrasted to assess their reasonableness with those of the IMF, OECD, REM and the On-shore Exchange Rate Futures Market (ROFEX). Finally, dollarized cash flows were discounted with a long-term dollar rate, the weighted average capital cost rate (“WACC”), for each valuation date. ● The estimation of the WACC discount rate was determined according to the following components: a) United State Governments Bonds risk-free rate; b) Industry beta, considering comparable companies from the United States, Brazil, Chile and Mexico, in order to contemplate the Market Risk on the risk-free rate; c) Argentine country risk considering the EMBI + Index; and d) Cost of debt and capital structure, considering that information available from the Argentine corporate market (“blue chips”) was determined as a reference, since sovereign bonds have a history of defaults. Consequently, and because IRSA CP, based on its representativeness and market share represents the most important entity in the sector, we have taken its indicators to determine the discount rate. For offices, other rental properties and plot of lands, the valuation was determined using transactions of comparable market assets, since the market for offices and land banks in Argentina is liquid and has market transactions that can be taken as reference. These values are adjusted to the differences in key attributes such as location, property size and quality of interior fittings. The most significant input to the comparable market approach is the price per square meter that derives from the supply and demand in force in the market at each valuation date. Since September 2019, the real estate market has faced certain changes in terms of its operation as a consequence of the implementation of regulations applicable to the foreign exchange market. In general terms, the measure adopted on September 1, 2019 by the BCRA sets forth that exporters of goods and services should settle foreign currency from abroad in the local exchange market 5 days after the collection of such funds, at the latest. Furthermore, it provides that legal entities residing in Argentina may buy foreign currency without restrictions for imports or payments of debts on the maturity date thereof, although they shall apply for the BCRA´s prior authorization for the purposes of: buying foreign currency in order to form external assets, prepaying debts, making remittances of profits and dividends abroad or transferring funds abroad. Likewise, pursuant to such regulations, access to the market by natural persons for the purchase of dollars was restricted. Afterwards, the BCRA implemented stricter measures, further limiting access to the foreign exchange market (see Note 34 to these consolidated financial statements). At present, purchase and sales transactions for office buildings may be settled in Pesos (by using an implicit foreign exchange rate higher than the official one) or in dollars. However, due to the restrictions applicable to access to dollars to which market participant are subject (most of them are domestic companies and local subsidiaries of foreign companies, all of them subject to the foreign exchange restrictions described above), the chances that a natural person or legal entity may obtain the funds required to execute a transaction in dollars are remote. Consequently, the most probable scenario is that any sale of office buildings/reserves be settled in Pesos at an implicit foreign exchange rate higher than the official one. This is evidenced by the transactions consummated by the Company prior to and after the closing of these financial statements. (See Note 4 and Note 35 to the consolidated financial statements). Therefore, the Company has valued its office buildings and land reserves as of the fiscal year-end taking into account the circumstances described above, which represents a gain with respect to the values previously recorded. In certain situations, it is complex to determine reliably the fair value of developing properties. In order to assess whether the fair value of a developing property can be determined reliably, management considers the following factors, among others: ● The provisions of the construction contract. ● The stage of completion. ● Whether the project / property is standard (typical for the market) or non-standard. ● The level of reliability of cash inflows after completion. ● The specific development risk of the property. ● Previous experience with similar constructions. ● Status of construction permits. There were no changes in the valuation techniques during the year. Valuation techniques used to estimate the Fair Value of Investment Properties for the Israel operations center: Valuations were performed using the DCF method. The discount rates used by appraisers in Israel are mainly in the range of 7% - 9% and are established taking into account the type of property, purpose, location, the level of rent compared to the market price and quality of the tenants. When determining the value of office buildings, buildings aimed at to the technology sector and commercial spaces (mainly located in the city center and in high-tech office parks with high-quality tenants), the discount rates mainly used are between 7% to 9%, while for workshop, storage and industry buildings (mainly located in peripheral areas of the city) they are valuated using a discount rate between 7.75% -9%. There were no changes in valuation techniques during the years ended June 30, 2020 and 2019. The following table presents information regarding the fair value measurements of investment properties using significant unobservable inputs (Level 3): Sensitivity (i) 06.30.20 06.30.19 Description Valuation technique Parameters Range fiscal year 2019 / (2018) Increase Decrease Increase Decrease Rental properties in Israel - Offices (Level 3) Discounted cash flows Discount rate 7.50% to 9.75% / (406 ) 539 (7.00% to 9.00% ) (3,816 ) 4,353 Weighted average rental value per square meter (m2) per month, in NIS NIS 77 / (NIS 63)/ 366 (366 ) 6,713 (6,713 ) Rental properties in Israel - Commercial use (Level 3) Discounted cash flows Discount rate 7.50% to 7.80% / -198 261 (7.00% to 9.00%) (1,931 ) 2,207 Weighted average rental value per square meter (m2) per month, in NIS NIS 41 / (NIS 87) 165 (165 ) 3,047 (3,047 ) Rental properties in Israel - Industrial use (Level 3) Discounted cash flows Discount rate N/A N/A N/A (7.75% to 9.00%) (717 ) 815 Weighted average rental value per square meter (m2) per month, in NIS N/A / (NIS 31) N/A N/A 1,731 (1,731 ) Rental properties in USA - HSBC Building (Level 3) Discounted cash flows Discount rate 4.75% / (6.25%) (6,059 ) 7,507 (2,181 ) 2,31 Weighted average rental value per square meter (m2) per month, in US$ US$ 79 / (US$ 73) 6,284 (6,284 ) 4,772 (4,772 ) Rental properties in USA - Las Vegas project (Level 3) Discounted cash flows Discount rate 6.50% / (8.50%) (1,792 ) 2,512 (467 ) 493 Weighted average rental value per square meter (m2) per month, in US$ US$ 25 / (US$ 33) (1,307 ) 1,307 586 (586 ) Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 12.18% / (12.10%) (4,252 ) 5,207 (4,668 ) 5,821 Growth rate 2.3% / (3%) 2,027 -1,655 2,195 (1,761 ) Inflation (*) 8,852 (7,282 ) 4,088 (3,742 ) Devaluation (*) (4,115 ) 5,03 (4,338 ) 6,237 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) Ps. 30,148 / (Ps. 14,312) 2,159 (2,159 ) 1,336 (1,336 ) % of incidence 30% / (30%) 7,196 (7,196 ) 4,458 (4,458 ) Properties under development in Israel (Level 3) Estimated fair value of the investment property after completing the construction Weighted average construction cost per square meter (m2) in NIS 5,787 NIS/m2 / (5,787 NIS/m2) Annual weighted average discount rate 7.00% to 9.00% / (1,307 ) 1,307 (7.00% to 9.00%) (918 ) 918 (*) For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 59.81 (corresponding to the year ended June 30, 2020) and arriving at Ps.243.89. In the long term, a nominal devaluation rate of 2.1% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 47.9% (corresponding to the year ended June 30, 2020) and stabilizes at 23.2% after 5 years. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 10% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2020 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | 10. Property, plant and equipment Changes in the Group's property, plant and equipment for the years ended June 30, 2020 and 2019 were as follows: Year ended June 30, 2020 Agricultural establishments Buildings and Machinery and Communication Others (i) Total Net book amount at the June 30, 2018 - 4,164 763 21,386 5,278 31,591 Costs - 10,363 2,322 87,309 10,210 110,204 Accumulated depreciation - (6,199 ) (1,559 ) (65,923 ) (4,932 ) (78,613 ) Balances at June 30, 2018 - 4,164 763 21,386 5,278 31,591 Additions - 174 97 4,599 2,274 7,144 Disposals - - (1 ) (43 ) (16 ) (60 ) Currency translation adjustment - (94 ) (20 ) (559 ) (46 ) (719 ) Transfer - 190 19 - (197 ) 12 Depreciation charges (ii) - (432 ) (93 ) (3,786 ) (1,752 ) (6,063 ) Net book amount at the June 30, 2019 - 4,002 765 21,597 5,541 31,905 Costs - 10,632 2,417 91,306 12,226 116,581 Accumulated depreciation - (6,630 ) (1,652 ) (69,709 ) (6,685 ) (84,676 ) Balances at June 30, 2019 - 4,002 765 21,597 5,541 31,905 Additions 36 451 66 3,417 1,702 5,672 Disposals - (62 ) (5 ) (3,197 ) (41 ) (3,305 ) Incorporation by business combination 4,024 1,614 377 - 93 6,108 Deconsolidation - (423 ) (594 ) - (44 ) (1,061 ) Reclassification to assets assets held for sale - (274 ) - - - (274 ) Currency translation adjustment 311 488 190 3,551 1,283 5,823 Transfers - (245 ) (15 ) 377 (377 ) (260 ) Depreciation charges (ii) (18 ) (398 ) (80 ) (4,631 ) (1,751 ) (6,878 ) Net book amount at the June 30, 2020 4,353 5,153 704 21,114 6,406 37,730 Costs 9,499 12,078 4,483 100,931 12,893 139,884 Accumulated depreciation (5,146 ) (6,925 ) (3,779 ) (79,817 ) (6,487 ) (102,154 ) Balances at June 30, 2020 4,353 5,153 704 21,114 6,406 37,730 (i) Includes furniture and fixtures and vehicles. (ii) As of June 30, 2020 and 2019, depreciation charges of property, plant and equipment were recognized: Ps. 5,938 and Ps. 5,547 in "Costs", Ps. 776 and Ps. 409 in "General and administrative expenses" and Ps. 152 and Ps. 107 in "Selling expenses", respectively in the Statements of Income (Note 23). In addition, a depreciation charge in the amount of Ps. 4,016, was recognized in "Discontinued operations" as of June 30, 2018. Likewise, a charge of $ 12 has been made in "Discontinued operations" as of June 30, 2020. |
Trading Properties
Trading Properties | 12 Months Ended |
Jun. 30, 2020 | |
Trading Properties [Abstract] | |
Trading properties | 11. Trading properties Changes in the Group's trading properties for the fiscal years ended June 30, 2020 and 2019 were as follows: Year ended June 30, 2020 Completed properties Properties under Undeveloped sites (i) Total At June 30, 2018 5,846 12,124 4,099 22,069 IFRS 15 adjustments (1,558 ) (6,767 ) - (8,325 ) Additions - 3,603 61 3,664 Capitalized financial costs - 17 - 17 Currency translation adjustment (635 ) (497 ) (219 ) (1,351 ) Transfers 3,470 (2,803 ) (615 ) 52 Impairment - - (46 ) (46 ) Disposals (4,438 ) (3,283 ) - (7,721 ) At June 30, 2019 2,685 2,394 3,280 8,359 Additions 24 1,722 563 2,309 Desconsolidation - (155 ) - (155 ) Capitalized financial costs - 12 - 12 Currency translation adjustment 301 31 544 876 Transfers 1,238 (990 ) (33 ) 215 Disposals (2,224 ) (2,185 ) (35 ) (4,444 ) At June 30, 2020 2,024 829 4,319 7,172 June 30, 2020 June 30, 2019 Non-current 4,856 7,836 Current 2,316 523 Total 7,172 8,359 (i) Includes Zetol and Vista al Muelle plots of land, which have been mortgaged to secure Group's borrowings. The net book value amounted to Ps. 407 and Ps. 407 as of June 30, 2019 and 2018, respectively. Additionally, the Group has contractual obligations not provisioned related to these plot of lands committed when certain properties were acquired or real estate projects were approved, and amount to Ps. 432 and Ps. 578, respectively. Both projects are expected to be completed in 2029. |
Intangible assets
Intangible assets | 12 Months Ended |
Jun. 30, 2020 | |
Intangible Assets [Abstract] | |
Intangible assets | 12. Intangible assets Changes in the Group's intangible assets for the years ended June 30, 2020 and 2019 were as follows: Year ended June 30, 2020 Goodwill Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance at June 30, 2018 6,929 6,842 2,616 5,117 3,705 2,361 27,570 Costs 6,929 7,265 9,719 15,397 6,935 6,427 52,672 Accumulated amortization - (423 ) (7,103 ) (10,280 ) (3,230 ) (4,066 ) (25,102 ) Net book amount at June 30, 2018 6,929 6,842 2,616 5,117 3,705 2,361 27,570 Additions - - - 16 1,516 2,190 3,722 Impairment (184 ) - - - - - (184 ) Disposals - - - - (61 ) - (61 ) Currency translation adjustment (185 ) (202 ) (98 ) (312 ) (57 ) 50 (804 ) Amortization charges (iii) - (123 ) (216 ) (1,670 ) (1,289 ) (1,342 ) (4,640 ) Balance at June 30, 2019 6,560 6,517 2,302 3,151 3,814 3,259 25,603 Costs 6,560 7,063 9,467 20,279 6,452 8,611 58,432 Accumulated amortization - (546 ) (7,165 ) (17,128 ) (2,638 ) (5,352 ) (32,829 ) Net book amount at June 30, 2019 6,560 6,517 2,302 3,151 3,814 3,259 25,603 Additions - - - - 1,543 2,965 4,508 Disposals - - - (18 ) (137 ) (64 ) (219 ) Deconsolidation (3,259 ) - - - (22 ) - (3,281 ) Assets incorporated by business combination - - - 38 19 - 57 Currency translation adjustment 2,342 1,233 397 432 682 691 5,777 Amortization charges (iii) - (122 ) (279 ) (1,128 ) (1,676 ) (1,456 ) (4,661 ) Balance at June 30, 2020 5,643 7,628 2,420 2,475 4,223 5,395 27,784 Costs 5,643 8,421 11,289 23,731 7,914 13,363 70,361 Accumulated amortization - (793 ) (8,869 ) (21,256 ) (3,691 ) (7,968 ) (42,577 ) Net book amount at June 30, 2020 5,643 7,628 2,420 2,475 4,223 5,395 27,784 (iii) Amortization charge was recognized in the amount of Ps. 352 and Ps. 1.052 under "Costs", in the amount of Ps. 1,636 and Ps. 1,349 under "General and administrative expenses" and Ps. 2,700 and Ps. 2,238 under "Selling expenses" as of June 30, 2020 and 2019, respectively in the Statements of Income (Note 24). The goodwill allocated to telecommunication in Israel amounts to NIS 268 (Ps. 5,451 at the exchange rate at the end of the financial year 2020), the one assigned to supermarkets amounted to NIS 192 and the assigned to Israel real state amounted to NIS 113. The rest is goodwill that is allocated to the real estate segment of Argentina. The only remained goodwill is the one allocated to Telecomunication. Goodwill impairment test The Group performs an annual impairment test of the goodwill. For fiscal year 2020, the recoverable value obtained for said test corresponding to the CGUs where the goodwill is assigned (Israel's Telecommunications) was calculated based on the fair value (market value) minus the costs of sale. For the fiscal year 2019, based on the significant decrease in the market value of Cellcom and its results in the last financial year, caused by the greater competition in the cell phone market in Israel as a result of the entry of new competitors, the Group calculated the recoverable value at the end of the year of the telecommunications CGU based on the value in use of the assets. This test resulted in the goodwill attributable to Cellcom for an amount of Ps. 4,569 (NIS 268) being recoverable. The value in use as of June 30, 2019, was determined by an independent appraiser and was estimated at Ps. 84,159 (NIS 4,936). There was no impairment. The cash flow was calculated based on the budgets approved by management covering a period of 5 years. Subsequent cash flows were estimated based on the long-term growth rate. The main data and assumptions used in the calculation of the value in use were the following: June 30, 2019 (NIS) Net value of the CGU net of taxes NIS 294 Value of the net operating assets of the telecommunications CGU of Israel (including brands and excluding goodwill) NIS 3,668 Value of goodwill of the CGU NIS 268 Annual discount rate after tax 8.5 % Long-term growth rate 1.5 % Long-term market share 25 % ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) NIS 55.50 The recoverable amount of the CGU would be equal to the book value in the scenarios in which the relevant variables are the following, in the event that the rest of the variables remain constant: Annual net discount rate after taxes 9.20% ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) NIS 53 |
Rights of use of assets
Rights of use of assets | 12 Months Ended |
Jun. 30, 2020 | |
Rights of use of assets | |
Rights of use of assets | 13. Rights of use of assets Below is the composition of the rights of use of the Group´s assets as of June 30, 2020 and June 30, 2019: June 30, 2020 June 30, 2019 Real Estate 4,116 - Telecommunications 11,004 - Machinery and equipment 13 - Others 4,726 - Total Right-of-use assets 19,859 - Non-current 19,859 - Total 19,859 - Changes in the Group´s rights of use during the fiscal year ended June 30, 2020, were as follows: June 30, 2020 June 30, 2019 IFRS 16 inicial adjustments 14,124 - Additions (i) 8,091 - Transfer 158 - Amortization charges (4,711 ) - Deconsolidation (42 ) - Currency translation adjustment 2,239 - Total 19,859 - (i) includes incorporation by business combination Depreciation charge for rights of use is detailed below: June 30, 2020 June 30, 2019 Real Estate 538 - Telecommunications 3,155 - Others 1,018 - Total depreciation of right-of-use assets 4,711 - Other charges to income related to rights of use were as follows: Ps. 509 (interest) June 30, 2020 Interests (509 ) Results from short-term leases 19,560 The average discount rate and the term of liability for lease recognized as of June 30, 2020 are detailed below: Center of Operations in Argentina Center of Operations in Israel Average discount rate Maturity date Average discount rate Maturity date 10.61 % 2023-2041 3 % 2022-2090 |
Financial instruments by catego
Financial instruments by category | 12 Months Ended |
Jun. 30, 2020 | |
Financial Instruments By Category [Abstract] | |
Financial instruments by category | 14. Financial instruments by category The following note presents the financial assets and financial liabilities by category and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Since the line items "Trade and other receivables" and "Trade and other payables" contain both financial instruments and non-financial assets or liabilities (such as prepayments, trade receivables, trade payables in-kind and tax receivables and payables), the reconciliation is shown in the columns headed "Non-financial assets" and "Non-financial liabilities". Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy. IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm's length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. In the case of Level 1, valuation is based on quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company can refer to at the date of valuation. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group's assumptions regarding the factors which market players would consider in their pricing. The Group's Finance Division has a team in place in charge of estimating the valuation of financial assets required to be reported in the Consolidated Financial Statements, including the fair value of Level-3 instruments. The team directly reports to the Chief Financial Officer ("CFO"). The CFO and the valuation team discuss the valuation methods and results upon the acquisition of an asset and, as of the end of each reporting period. According to the Group's policy, transfers among the several categories of valuation are recognized when occurred, or when there are changes in the prevailing circumstances requiring the transfer. Financial assets and financial liabilities as of June 30, 2020 are as follows: Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2020 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 49,356 - - - 49,356 14,650 64,006 Investments in financial assets: - Public companies' securities - 574 230 - 804 - 804 - Private companies' securities - - - 2,909 2,909 - 2,909 - Deposits 956 61 - - 1,017 - 1,017 - Bonds - 9,233 1,444 - 10,677 - 10,677 - Investments in financial assets with quotation - 6,498 810 232 7,540 - 7,540 Derivative financial instruments: - Foreign-currency future contracts - - 129 - 129 - 129 - Others 62 - 20 142 224 - 224 Restricted assets (i) 8,080 - - - 8,080 - 8,080 Financial assets available for sale: - Clal - 3,377 - - 3,377 - 3,377 Cash and cash equivalents: - Cash at bank and on hand 24,673 - - - 24,673 - 24,673 - Short-term investments 62,626 3,060 - - 65,686 - 65,686 Total assets 145,753 22,803 2,633 3,283 174,472 14,650 189,122 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2020 Liabilities as per Statement of Financial Position Trade and other payables 24,986 - - - 24,986 6,855 31,841 Borrowings (excluding finance leases) 376,159 - - - 376,159 - 376,159 Derivative financial instruments: - Foreign-currency future contracts - - 138 - 138 - 138 - Others - - 956 20 976 - 976 - Forwards - - 61 - 61 - 61 Total liabilities 401,145 - 1,155 20 402,320 6,855 409,175 Financial assets and financial liabilities as of June 30, 2019 were as follows: Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2019 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 41,431 - - - 41,431 11,123 52,554 Investments in financial assets: - Public companies' securities - 1,368 197 40 1,605 - 1,605 - Private companies' securities - - - 2,610 2,610 - 2,610 - Deposits 5,236 51 - - 5,287 - 5,287 - Bonds - 23,908 1,518 1,426 26,852 - 26,852 - Investments in financial assets with quotation - 13,199 623 - 13,822 - 13,822 Derivative financial instruments - Foreign-currency future contracts - - 41 - 41 - 41 - Others - - 18 136 154 - 154 Restricted assets (i) 10,662 - - - 10,662 - 10,662 Financial assets available for sale: - Clal - 22,637 - - 22,637 - 22,637 Cash and cash equivalents: - Cash at bank and on hand 9,612 - - - 9,612 - 9,612 - Short term investments 74,873 1,958 - - 76,831 - 76,831 Total assets 141,814 63,121 2,397 4,212 211,544 11,123 222,667 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2019 Liabilities as per Statement of Financial Position Trade and other payables 21,107 - - - 21,107 7,926 29,033 Borrowings (excluding finance leases) 446,675 - - - 446,675 - 446,675 Derivative financial instruments: - Swaps - - 192 - 192 - 192 - Others - - 1,244 69 1,313 - 1,313 Total liabilities 467,782 - 1,436 69 469,287 7,926 477,213 (i) The fair value of financial assets and liabilities at their amortized cost does not differ significantly from their book value, except for borrowings (Note 20). Liabilities carried at amortized cost also include liabilities under finance leases where the Group is the lessee and which therefore have to be measured in accordance with IAS 17 "Leases". The categories disclosed are determined by reference to IFRS 9. Finance leases are excluded from the scope of IFRS 7 "Financial Instruments Disclosures". Therefore, finance leases have been shown separately. The following are details of the book value of financial instruments recognized, which were offset in the statements of financial position: As of June 30, 2020 As of June 30, 2019 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) 51,563 (2,207 ) 49,356 43,592 (2,161 ) 41,431 Financial liabilities Trade and other payables 27,193 (2,207 ) 24,986 23,269 (2,162 ) 21,107 Income, expense, gains and losses on financial instruments can be assigned to the following categories: Financial assets / liabilities at Financial assets / liabilities at fair Total June 30, 2020 Interest income (i) 964 - 964 Interest expense (i) (20,460 ) - (20,460 ) Foreign exchange gains, net (i) (6,274 ) - (6,274 ) Dividend income 168 - 168 Fair value gain on financial assets at fair value through profit or loss (i) - (10,479 ) (10,479 ) Gain on derivative financial instruments, net (i) - (467 ) (467 ) Other finance costs (i) 2,776 - 2,776 Total financial instruments (22,826 ) (10,946 ) (33,772 ) Financial assets / liabilities at Financial assets / liabilities at fair Total June 30, 2019 Interest income (i) 955 - 955 Interest expense (i) (19,802 ) - (19,802 ) Foreign exchange gains, net (i) 1,248 - 1,248 Dividend income 97 - 97 Fair value gain on financial assets at fair value through profit or loss (i) - 2,433 2,433 Gain on derivative financial instruments, net (i) - 515 515 Other finance costs (i) 733 - 733 Total financial instruments (16,769 ) 2,948 (13,821 ) Financial assets / liabilities at Financial assets / liabilities at fair Total June 30, 2018 Interest income (i) 1,100 - 1,100 Interest expense (i) (18,332 ) - (18,332 ) Foreign exchange gains, net (i) (13,520 ) - (13,520 ) Dividend income 209 - 209 Fair value gain on financial assets at fair value through profit or loss (i) - (2,083 ) (2,083 ) Gain on derivative financial instruments, net (i) - 400 400 Other finance costs (i) (92 ) - (92 ) Total financial instruments (30,635 ) (1,683 ) (32,318 ) (i) Included within "Financial results, net" in the Statements 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. Refer to Note 4 and Note 34 of these financial statements for the sale of Clal shares. The following table presents the changes in Level 3 financial instruments as of June 30, 2020 and 2019: Derivative financial instruments - Forwards Investments in financial assets - Private companies' securities nvestments in financial assets - Others Derivative financial instruments Total Balances at June 30, 2018 (51 ) 2,597 2,064 - 4,610 Additions and acquisitions - 172 - - 172 Transfer between levels - 153 (197 ) 103 59 Transfer of trade and other receivables - - - - - Currency translation adjustment - (65 ) (31 ) 19 (77 ) Write off - - - - - Gain / (loss) for the year (i) (18 ) (247 ) (370 ) 14 (621 ) Balances at June 30, 2019 (69 ) 2,610 1,466 136 4,143 Additions and acquisitions - 35 - - 35 Transfer between levels - - - 351 351 Currency translation adjustment (7 ) 476 106 245 820 Write off - - (977 ) (610 ) (1,587 ) Gain / (loss) for the year (i) 56 (212 ) (363 ) 20 (499 ) Balances at June 30, 2020 (20 ) 2,909 232 142 3,263 (i) Included within "Financial results, net" in the Statements of income. During the fiscal years ended June 30, 2020 and 2019, there were no transfers between levels of hierarchy of the fair value. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods. The Group uses a range of valuation models for the measurement of Level 2 and Level 3 instruments, details of which may be obtained from the following table. Description Pricing model / method Parameters Fair value hierarchy Range Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Investments in financial assets - Other private companies' securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate Level 3 1 - 3.5 Investments in financial assets - Others Discounted cash flows - Theoretical price Projected revenue discounted at the discount rate Level 3 1 - 3.5 Derivative financial instruments Forwards Theoretical price Underlying asset price and volatility Level 2 and 3 - (*) An increase in the discount rate would decrease the value of investments in private companies, while an increase in projected revenues would increase their value. As of June 30, 2020, there are no changes in economic or business circumstances that affect the fair value of the Group's financial assets and liabilities. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 15. Trade and other receivables Group's trade and other receivables as of June 30, 2020 and 2019 were as follows: June 30, 2020 June 30, 2019 Sale, leases and services receivables 38,453 35,458 Less: Allowance for doubtful accounts (3,735 ) (2,653 ) Total trade receivables 34,718 32,805 Prepaid expenses 13,496 7,982 Borrowings, deposits and others 10,029 4,119 Advances to suppliers 1,009 1,295 Tax receivables 804 637 Others 215 3,063 Total other receivables 25,553 17,096 Total trade and other receivables 60,271 49,901 Non-current 23,128 17,680 Current 37,143 32,221 Total 60,271 49,901 Book amounts of Group's trade and other receivables in foreign currencies are detailed in Note 31. The fair value of current receivables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Trade accounts receivables are generally presented in the Statements of Financial Position net of allowances for doubtful accounts. Impairment policies and procedures by type of receivables are discussed in detail in Note 2. Movements on the Group's allowance for doubtful accounts were as follows: June 30, 2020 June 30, 2019 Beginning of the year 2,653 1,791 Adjustments previous periods (IFRS 9) - 194 Additions (*) 1,028 780 Recovery (109 ) (61 ) Currency translation adjustment 1,064 635 Deconsolidation (20 ) - Receivables written off during the period/year as uncollectable (717 ) (464 ) Transfer to assets held for sale (20 ) - Incorporation by business combination 18 - Inflation adjustment (162 ) (222 ) End of the year 3,735 2,653 (*) The creation and release of the provision for impaired receivables have been included in "Selling expenses" in the Statements of Income (Note 24). The Group's trade receivables comprise several classes. The maximum exposure to credit risk at the reporting date is the carrying amount of each class of receivables (see Note 5). The Group also has receivables from related parties neither of them is due nor impaired. Due to the distinct characteristics of each type of receivables, an aging analysis of past due unimpaired and impaired receivables is shown by type and class, as of June 30, 2020 and 2019 (a column of non-past due receivables is also included so that the totals can be reconciled with the amounts appearing on the Statement of Financial Position): Past due Up to 3 months From 3 to 6 months Over 6 months Non-past due Impaired Total % of representation Loss for bad debts Leases and services 389 56 87 2,318 695 3,545 9,22 % (85 ) Consumer financing - - - - 16 16 0,04 % 9 Sale of properties and developments 189 5 5 712 1 912 2,37 % - Sale of communication equipment - - - 13,674 468 14,142 36,78 % - Agricultural products 1,566 264 122 1,159 20 3,131 8,14 % - Telecommunication services 1,485 - 447 12,240 2,535 16,707 43,45 % (392 ) Total as of June 30, 2020 3,629 325 661 30,103 3,735 38,453 100,00 % (468 ) 0 Leases and services 420 124 176 2,758 472 3,950 11,14 % (121 ) Hotel services - - - 147 - 147 0,42 % - Consumer financing - - - - 23 23 0,06 % 13 Sale of properties and developments 86 14 14 2,423 26 2,563 7,23 % - Sale of communication equipment - - - 14,234 204 14,438 40,72 % - Telecommunication services 1,604 - 495 10,310 1,928 14,337 40,43 % (561 ) Total as of June 30, 2019 2,110 138 685 29,872 2,653 35,458 100,00 % (669 ) |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2020 | |
Cash Flow Information [Abstract] | |
Cash flow information | 16. Cash flow information Following is a detailed description of cash flows generated by the Group's operations for the years ended June 30, 2020, 2019 and 2018: Note 06.30.2020 06.30.2019 06.30.2018 Profit / (loss) for the period 23,731 (38,371 ) 33,211 Profit for the period from discontinued operations (18,085 ) (7,140 ) (36,441 ) Adjustments for: - Income tax 18 6,869 (4,251 ) (11,135 ) Amortization and depreciation 20 16,268 10,676 9,628 Loss from disposal of property, plant and equipment - - - Net gain / (loss) from fair value adjustment of investment properties (30,742 ) 37,877 (19,160 ) Share-based compensation 211 63 66 Impairment associates 2,470 - - Impairment of goodwill - 184 - Impairment of properties for sale - 46 - Impairment of others assets - 317 - Net gain from disposal of intangible assets - (13 ) - Gain from disposal of subsidiary and associates 247 (983 ) (859 ) Gain from business combination (3,501 ) - - Financial results, net 36,950 13,333 25,714 Provisions and allowances 1,122 1,534 865 Share of (profit) /loss of associates and joint ventures 7 (8,517 ) 7,200 3,722 Changes in operating assets and liabilities: - Decrease in inventories 140 350 263 Decrease in trading properties 930 707 1,264 Increase in restricted assets (1,165 ) (203 ) - Decrease in trade and other receivables 7,186 1,975 71 Decrease in trade and other payables (3,528 ) (1,358 ) 1,109 Decrease in salaries and social security liabilities (122 ) (130 ) 136 Decrease in provisions (1,549 ) (396 ) (513 ) Net cash generated by continuing operating activities before income tax paid 28,915 21,417 7,941 Net cash generated by discontinued operating activities before income tax paid 2,848 6,354 14,161 Net cash generated by operating activities before income tax paid 31,763 27,771 22,102 The following table shows balances incorporated as result of business combination / deconsolidation or reclassification of assets and liabilities held for sale of subsidiaries: June 30, 2020 June 30, 2019 Investment properties 155,602 (9,743 ) Property, plant and equipment (5,047 ) (64,039 ) Trading properties 155 - Intangible assets 3,224 (13,759 ) Investments in associates and joint ventures 2,517 (812 ) Restricted assets 214 (203 ) Income tax and MPIT credit 44 - Trade and other receivables (9,053 ) (26,471 ) Right-of-use assets (3,977 ) - Investments in financial assets 13,544 (6,329 ) Derivative financial instruments (37 ) (51 ) Inventories (2,503 ) (13,110 ) Borrowings (88,080 ) 46,804 Deferred income tax liabilities (20,206 ) 6,217 Trade and other payables 2,313 50,992 Lease liabilities 2,077 - Provisions 57 960 Employee benefits 107 2,788 Salaries and social security liabilities 138 5,312 Income tax expense (107 ) 16 Net amount of non-cash assets incorporated / held for sale 50,982 (21,428 ) Cash and cash equivalents (6,003 ) (12,350 ) Non-controlling interest 50,745 16,296 Goodwill (376 ) 164 Net amount of assets incorporated / held for sale 95,348 (17,318 ) Seller Financed Amount - (84 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale 95,348 (17,402 ) The following table shows a detail of significant non-cash transactions occurred in the years ended June 30, 2020, 2019 and 2018: 06.30.2020 06.30.2019 06.30.2018 Decrease in associates and joint ventures through an increase in assets held for sale 2,070 - 97 Increase of investment properties through a decrease of financial assets 278 - 9 Increase of properties for sale through an increase in borrowings 12 17 4 Changes in non-controlling interest through a decrease in trade and other receivables - - 3,069 Increase of property, plant and equipment through an increase of trade and other payables 739 853 4,859 Increase of intangible assets through an increase of trade and other payables 494 330 11 Distribution of dividends on shares 589 2,611 - Decrease in associates and joint ventures through an increase in trade and other receivables - - 25 Increase in property, plant and equipment through increased borrowings - 6 20 Registration of investment properties through a decrease in credits for trade and other receivables 28 574 129 Increase in financial instruments through a decrease in investments in associates and joint ventures - - 144 Issuance of NCN 21 3,354 - Increase in trade and other receivables through increase in borrowings - - 243 Distribution of dividends to non-controlling interest pending payment 1,761 (340 ) (3,399 ) Decrease of in investments in associates and joint ventures through a decrease in borrowings - 9 443 Increase of associates due to loss of control in subsidiaries 1,335 - - Decrease in borrowings through a decrease in financial assets 2,454 - - Increase in investment properties through an increase in trade and other payables 711 705 296 Increase of investment properties through an increase of borrowings 81 233 60 Increase in investment in associates through a decrease in investments in financial assets 854 - - Increase in investments in financial assets through a decrease in investment properties 1,188 - - Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) 14,124 - - Increase in rights of use through an increase in lease liabilities 8,091 - - |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2020 | |
Shareholders Equity [Abstract] | |
Shareholders' Equity | 17. Shareholders' Equity Share capital and share premium The share capital of the Group is represented by common shares with a nominal value of Ps. 1 per share and one vote each. No other activity has been recorded for the fiscal years ended June 30, 2020, 2019 and 2018 in the capital accounts, other than those related to the acquisition of treasury shares. Inflation adjustment of share capital and treasury shares The inflation adjustment related to share capital is allocated to an inflation adjustment reserve that forms part of shareholders' equity. The balance of this reserve could be applied only towards the issuance of common stock to shareholders of the Company. Legal reserve According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of a legal reserve until it reaches the legal capped amount (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group reached the legal limit of this reserve. Special reserve The CNV, through General Ruling N° 562/9 and 576/10, has provided for the application of Technical Resolutions N° 26 and 29 of the FACPCE, which adopt the IFRS, as issued by the IASB, for companies subject to the public offering regime ruled by Law 17,811, due to the listing of their shares or corporate notes, and for entities that have applied for authorization to be listed under the mentioned regime. The Group has applied IFRS, as issued by the IASB, for the first time in the year beginning July 1st, 2012, being its transition date July 1st, 2011. Pursuant to CNV General Ruling N° 609/12, the Company set up a special reserve reflecting the positive difference between the balance of retained earnings disclosed in the first Financial Statements prepared according to IFRS and the balance of retained earnings disclosed in the last Financial Statements prepared in accordance with previously effective accounting standards. The reserve recorded amounted to Ps. 395, which as of June 30, 2017 were fully used to absorb the negative balances in the retained earnings 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. 9,401, 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 See note 4 to these financial statements on distribution of dividend(s) in kind. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other payables [abstract] | |
Trade and other payables | 18. Trade and other payables Group's trade and other payables as of June 30, 2019 and 2018 were as follows: June 30, 2020 June 30, 2019 Trade payables 18,718 17,367 Advances from sales, leases and services 2,647 4,512 Construction obligations 407 1,331 Accrued invoices 439 673 Deferred income 142 136 Total trade payables 22,353 24,019 Dividends payable to non-controlling interest 224 204 Taxes payable 159 419 Construction provisions - 1,451 Other payables 9,105 2,940 Total other payables 9,488 5,014 Total trade and other payables 31,841 29,033 Non-current 2,169 2,505 Current 29,672 26,528 Total 31,841 29,033 The fair value of payables approximates their respective carrying amounts because, due to their short-term nature, the effect of discounting is not considered significant. Fair values are based on discounted cash flows (Level 3). |
Provisions
Provisions | 12 Months Ended |
Jun. 30, 2020 | |
Provisions [abstract] | |
Provisions | 19. Provisions The Group is subject to claims, lawsuits and other legal proceedings in the ordinary course of business, including claims from clients where a third party seeks reimbursement or damages. The Group's responsibility under such claims, lawsuits and legal proceedings cannot be estimated with certainty. From time to time, the status of each major issue is evaluated and its potential financial exposure is assessed. If the potential loss involved in the claim or proceeding is deemed probable and the amount may be reasonably estimated, a liability is recorded. The Group estimates the amount of such liability based on the available information and in accordance with the provisions of the IFRS. If additional information becomes available, the Group will make an evaluation of claims, lawsuits and other outstanding proceeding, and will revise its estimates. The following table shows the movements in the Group's provisions categorized by type: Year ended June 30, 2020 Legal claims (i) Investments in associates and Site dismantling and Other provisions (iv, v) Total As of 06.30.18 2,290 5,453 367 2,122 10,232 Additions (i) 643 3,742 - 272 4,657 Recovery (100 ) (9 ) - - (109 ) Used during the period / year (339 ) - (16 ) - (355 ) Inflation adjustment (76 ) - - - (76 ) Currency translation adjustment (30 ) (527 ) (9 ) 132 (434 ) As of 06.30.19 2,388 8,659 342 2,526 13,915 Additions 443 - 33 - 476 Share of los of associates - (7,461 ) - - (7,461 ) Incorporated by business combination 56 - - - 56 Recovery (43 ) (1,009 ) - - (1,052 ) Used during the period / year (651 ) - - (181 ) (832 ) Inflation adjustment (68 ) - - - (68 ) Currency translation adjustment 370 (172 ) 72 199 469 As of 06.30.20 2,495 17 447 2,544 5,503 June 30, 2020 June 30, 2019 Non-Current 3,063 11,452 Current 2,440 2,463 Total 5,503 13,915 (i) Additions and recoveries are included in "Other operating results, net". (ii) Corresponds to the equity interest in New Lipstick with negative equity in 2019 and Puerto Retiro in 2020 and 2019. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures". (iii) The Group's companies are required to recognize certain costs related to the dismantling of assets and remediation of sites from the places where such assets are located. The calculation of such expenses is based on the dismantling value for the current year, taking into consideration the best estimate of future changes in prices, inflation, etc. and such costs are capitalized at a risk-free interest rate. Volume projections for retired or built assets are recast based on expected changes from technological rulings and requirements. (iv) Provisions for other contractual obligations include a series of obligations resulting from a contractual liability or law, regarding which there is a high degree of uncertainty as to the terms and the necessary amounts to discharge such liability. (v) In November 2009, PBC's Audit Committee and Board of Directors approved the agreement with Rock Real whereby the latter would look for and propose to PBC the acquisition of commercial properties outside Israel, in addition to assisting in the negotiations and management of such properties. In return, Rock Real would receive 12% of the net income generated by the acquired property. Pursuant to amendment 16 of the Israel Commercial Act 5759-1999, the agreement must be ratified by the Audit Committee before the third year after the effective date; otherwise, it expires. The agreement has not been ratified by the audit committee within such three-year term, so in January 2017 PBC issued a statement that hinted at the expiration of the agreement and informed that it would begin negotiations to reduce the debt. The parties have appointed an arbitrator that should render a decision on the dispute. The remaining corresponds to provisions related to investment properties. 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. On September 10, 2018, the New York Court issued an order granting the motion to dismiss the IRSA Case in its entirety. On September 24, 2018, Plaintiff in the Cresud Case filed a document acknowledging that the Cresud Class Action complaint should be dismissed for the same reasons set forth in the Court's September 10, 2018 order in the IRSA Case, subject to a right of appeal. On October 9, 2018, the Plaintiff in the IRSA Case filed a notice of appeal to the United States Court of Appeals for the Second Circuit. On December 12, 2018, Plaintiff in the Cresud Case filed a notice of voluntary dismissal, with prejudice. On December 13, 2018, Plaintiff moved to dismiss the appeal of the IRSA Case in the Second Circuit upon agreement with IRSA and Cresud that the parties shall bear their own costs and fees in the litigation, including the appeal, and that no fees are due. Accordingly, the Second Circuit dismissed Plaintiff's appeal on December 18, 2018. The IRSA and Cresud case are fully resolved without any penalty for the Group. Claims against Cellcom and its subsidiaries In the ordinary course of business, Cellcom receives various consumer complaints, mainly through collective actions. They allege excess collections, breach of agreements with customers and failure to comply with established norms or licenses, which could cause harm to consumers. In addition, the Company receives other claims from employees, subcontractors, suppliers and authorities, generally in relation to non-compliance with the provisions of the law with respect to payments upon termination of employment relationships, breach of contracts, violation of copyright and patents or disputes for payments demanded by the authorities. Claims against PBC On July 4, 2017, PBC was served notice from the tax authority of Israel of income tax official assessments based on a "better assessment" of taxes for the years 2012-2015, and concluded that PBC is required to pay approximately NIS 187 (including interest) since compensation of losses is not admitted. In the opinion of legal advisors to PBC, the Company has sound arguments against the Revenue Administration's position and will file its objection to it. As of the date of these Consolidated Financial Statements, there is no provision in relation to this claim. DIC class action On October 3, 2018 it was sent an action and a motion to approve that action as a class action (jointly – the "Motion"), which had been filed within the District Court of Tel Aviv Yafo (the "Court") against the Group; against Mr. Eduardo Elsztain, the controlling person of the Company (the "Controlling Person"), who serves as chairman of the Company's board of directors; against directors serving in the Group who have an interest in the Controlling Person; and against additional directors and officers serving in the Company (all jointly – the "Respondents"), in connection with the exit of the Company's share, on February 1, 2018, from the TA 90 and TA 125 indices, whereon it had been traded on the Tel Aviv Stock Exchange Ltd. up to that date (the "Indices"), by an applicant alleging to have held the Group's shares prior to February 1, 2018. In the Motion, the Court is requested, inter alia, to approve the action as a class action and to charge the Respondents with compensating the members of the group according to the damage caused them. The estimated amount is approximately NIS 17.6 million. The Company believes that it acted lawfully and as required in all that pertains to the subject of the Motion, and accordingly, after having preliminarily reviewed the Group's Motion, believes that it is unfounded. IDBD class action On October 3, 2018, an action and a motion to approve a class action had been filed with the District Court in Tel Aviv Yafo (jointly – the "Motion"). The Motion has been filed, against IDBD, against Dolphin IL, against Mr. Eduardo Elsztain and against the Official Receiver, and in it, the Court was requested to hold that the Transaction was not in compliance with the provisions of the Centralization Law, to appoint a trustee over DIC's shares owned by the respondents and to order the payment of monetary damages to the public shareholders in DIC for the alleged preservation of the pyramidal structure in IDBD, at a scope of between NIS 58 and NIS 73. The bulk of the Applicant's allegations is that the Group continues to be the Controlling Person in DIC (potentially and effectively) even after the completion of the sale of DIC shares to DIL as described in Note 4 in the Annual Financial Statements (the "transaction") and that the controlling person of IDBD (in his capacity as chairman of the Board of Directors and controlling person of DIC as well) had a personal interest separate from the personal interest of the minority shareholders in DIC, in the manner of implementation of the Centralization Law's provisions, and that he and the Group breached the duty of good faith and the duty of decency toward DIC, and additionally the controlling person of IDBD breached his duty of trust and duty of care toward DIC, this being, allegedly, due to the fact that the decision regarding the preferred alternative for complying with the Centralization Law's Provisions was not brought before DIC's general meeting. The Applicant further alleges deprivation of the minority shareholders in DIC. Having preliminarily reviewed the Motion, the Management believes that it is unfounded and that once the transaction is consummated, IDBD complies with the provisions of the Concentration Law. |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2020 | |
Borrowings [abstract] | |
Borrowings | 20. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2020 and 2019 was as follows: Total as of June 30, 2020 (ii) Total as of June 30, 2019 (ii) Fair value as of June 30, 2020 Fair value as of June 30, 2019 NCN 315,848 381,649 252,018 376,561 Bank loans 56,272 58,323 45,329 55,749 Bank overdrafts 2,428 402 2,428 402 Other borrowings (i) 1,611 6,301 1,611 8,863 Total borrowings 376,159 446,675 301,386 441,575 Non-current 297,818 381,639 Current 78,341 65,036 376,159 446,675 (i) Includes financial leases for Ps. 1 and Ps. 24 as of June 30, 2020 and 2019, respectively. (ii) Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. As of June 30, 2020 and 2019, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of Ps. 8,320 and Ps. 15,370, respectively. These borrowings are mainly collateralized by investment properties and property, plant and equipment of the Group (Notes 9 and 10). Borrowings also include liabilities under finance leases where the Group is the lessee and which therefore were measured in accordance with IAS 17 “Leases”. Information regarding liabilities under finance leases is disclosed in Note 22. The terms of the loans include standard covenants for this type of financial operations. As of the date of these financial statements, the Group has complied with the covenants contemplated in its respective loan agreements, with the exception of an IDBG loan, which was reclassified to current loans, since it breached a term that determined the IDBD debt rating (company that guaranteed that loan). The amount thereof is NIS 153. The maturity of the Group’s borrowings (excluding obligations under finance leases) is as follows: June 30, 2020 June 30, 2019 Capital share for principal Less than 1 year 77,566 61,170 Between 1 and 2 years 42,917 56,995 Between 2 and 3 years 109,713 46,774 Between 3 and 4 years 35,640 102,833 Between 4 and 5 years 32,242 41,163 Later than 5 years 77,211 133,614 375,289 442,549 Interest Less than 1 year 775 3,866 Between 1 and 2 years - - Between 2 and 3 years 47 - Between 3 and 4 years - 200 Between 4 and 5 years 25 - Later than 5 years 22 36 869 4,102 Leases 1 24 376,159 446,675 The following table shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2020 and 2019. June 30, 2020 Rate per currency Argentine Peso US dollar Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 2,429 - - - 2,429 New Israel Shekel - - - 176,617 176,617 US Dollar 58,299 146 517 260 59,222 Subtotal fixed-rate borrowings 60,728 146 517 176,877 238,268 Floating rate: - - - - - Argentine Peso 892 - - - 892 New Israel Shekel - - - 134,796 134,796 US Dollar 2,202 - - - 2,202 Subtotal floating-rate borrowings 3,094 - - 134,796 137,890 Total borrowings as per analysis 63,822 146 517 311,673 376,158 Finance leases obligations 1 - - - 1 Total borrowings as per Statement of Financial Position 63,823 146 517 311,673 376,159 June 30, 2019 Rate per currency Argentine Peso US dollar Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 582 - - - 582 New Israel Shekel - - - 225,582 225,582 US Dollar 48,735 121 450 11,896 61,202 Subtotal fixed-rate borrowings 49,317 121 450 237,478 287,366 Floating rate: - - - - - Argentine Peso 890 - - - 890 New Israel Shekel - - - 156,164 156,164 US Dollar 2,231 - - - 2,231 Subtotal floating-rate borrowings 3,121 - - 156,164 159,285 Total borrowings as per analysis 52,438 121 450 393,642 446,651 Finance leases obligations 24 - - - 24 Total borrowings as per Statement of Financial Position 52,462 121 450 393,642 446,675 The following describes the debt issuances made by the Group for the years ended June 30, 2020 and 2019: Interest Entity Class Issuance / expansion date Amount in original currency Maturity date rate Principal payment Interest payment PBC SERIE I jul-18 NIS 507 06/29/2029 3.95% n.a. At expiration quarterly (1) PBC SERIE j may-19 NIS 515 12/31/2029 4.15% n.a. At expiration annual Gav - Yam SERIE H sep-17 NIS 424 06/30/2034 2.55% n.a. Annual payments since 2019 biannual (1) Gav - Yam SERIE A jul-18 NIS 320 10/31/2023 3.55% n.a. Annual payments since 2021 biannual Gav - Yam SERIE H sep-18 NIS 596 06/30/2024 2.55% n.a. Annual payments since 2019 annual (1) Gav - Yam SERIE A dic-18 NIS 351 10/31/2023 3.55% n.a. Annual payments since 2021 biannual Cellcom SERIE L jan-18 NIS 401 1/5/2028 2.5% n.a. Annual payments since 2023 annual Cellcom SERIE K jul-18 NIS 220 7/5/2026 3.55% n.a. Annual payments since 2021 annual (1) Cellcom SERIE K dic-18 NIS 187 1/7/2026 3.55% n.a. Annual payments since 2021 annual (1) Cellcom SERIE L dic-18 NIS 213 1/15/2028 2.50% n.a. Annual payments since 2023 annual IRSA Clase I tramo2 aug-19 USD 85 11/15/2028 10.00% n.a. At expiration quarterly (1) IRSA Clase II aug-19 CLP 31,503 8/6/2020 10.50% n.a. At expiration quarterly IDBD Serie 15 nov-19 NIS 237 06/30/2022 4.70% n.a Two payments quarterly IRSA Clase II may-20 ARS 354 02/19/2021 Badlar.+ 0.6%n.a. At expiration quarterly (1) IRSA Case IV may-20 USD 51 05/19/2021 7% n.a. At expiration quarterly IRSA Clase V may-20 USD 9 05/19/2022 9% n.a. At expiration quarterly (1) Corresponds a to an expansion of the series. The following table shows a detail of evolution of borrowing during the years ended June 30, 2020 and 2019: June 30, 2020 June 30, 2019 Balance at the beginning of the year 446,675 459,444 Borrowings 30,670 47,412 Payment of borrowings (68,328 ) (48,724 ) Collection / (Payment) of short term loans, net 2,516 (1,013 ) Interests paid (19,154 ) (19,017 ) Deconsolidation (see Note 4) (95,443 ) - Accrued interests 20,460 19,802 Changes in fair value of third-party loans - (27 ) Cumulative translation adjustment and exchange differences, net 59,760 (9,454 ) Inflation adjustment (997 ) (1,748 ) Balance at the end of the year 376,159 446,675 |
Income tax
Income tax | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax [Abstract] | |
Income tax | 21. 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 Law 27,541 on Solidarity and Production Reactivation, which was published in December 2019, introduced some amendments to different taxes and created the so-called Impuesto para una Argentina Inclusiva y Solidaria The main amendments related to Income Tax that affect the Group companies are: 1) In the first and second fiscal years begun after January 1, 2019 (i.e., for the Group's fiscal years begun on July 1, 2019 and 2020), the profit / loss for tax inflation adjustment shall be allocated as follows: one sixth in the fiscal year of assessment thereof and the other five sixths over the following fiscal years; 2) The rate applicable to companies for the third fiscal year commencing after January 1, 2018 (i.e., for the Group's fiscal years begun on July 1, 2019) is increased from 25% to 30%. Tax inflation adjustment: Law 27,430, which was promulgated by the Argentine Congress on December 29, 2017 in the context of the tax reform, establishes the following rules for the application of the inflation adjustment in income tax: (i) the update of the cost for goods acquired or investments made in the fiscal years that begin as of January 1, 2018 (applicable to IRSA for the year end June 30, 2019), considering the percentage variations of the CPI provided by the National Institute of Statistics and Census (INDEC); and (ii) the application of the adjustment set forth in Title VI of the Income Tax Law when a percentage of variation -of the aforementioned index price - accumulated in thirty-six (36) months prior to the fiscal year end that is liquidated, is greater than 100%, or, with respect to the first, second and third year after its validity, this procedure will be applicable in case the accumulated variation of that index price, calculated from the beginning of the first of them and until the end of each year, exceeds 55%, 30% and 15% for the first, second and third year of application, respectively. At the end of this year, there has been an accumulative variation of 55.72% in the index price that exceeds the expected condition of 55% for the application of the adjustment in said first year. Consequently, the tax inflation adjustment has been applied and the cost of goods acquired during the year 2019 has been updated as established in article 58 of the Argentine Income Tax Law. US tax reform In December 2017, a bill was passed to reform the Federal Taxation Law in the United States. The reform included a reduction of the corporate tax rate from 35% to 21%, for the tax years 2018 and thereafter. The reform has impact in certain subsidiaries of the Group in the United States. The details of the provision for the Group's income tax, is as follows: June 30, 2020 June 30, 2019 June 30, 2018 Current income tax (242 ) (1,452 ) 141 Deferred income tax (6,492 ) 5,703 10,994 Minimum presumed income tax (135 ) - - Income tax from continuing operations (6,869 ) 4,251 11,135 The statutory taxes rates in the countries where the Group operates for all of the years presented are: Tax jurisdiction Income tax rate Argentina 25% - 35% Uruguay 0% - 25% U.S.A. 0% - 40% Bermuda 0% Israel 23% - 24% Below is a reconciliation between income tax expense and the tax calculated applying the current tax rate, applicable in the respective countries, to profit before taxes for years ended June 30, 2020, 2019 and 2018: June 30, 2020 June 30, 2019 June 30, 2018 Profit from continuing operations at tax rate applicable in the respective countries (6,115 ) 12,419 2,686 Permanent differences: Share of profit of associates and joint ventures 1,615 (1,494 ) (357 ) Unrecognized tax loss carryforwards (3,094 ) (4,255 ) (4,016 ) Changes in fair value of financial instruments (1,684 ) 469 (720 ) Inflation adjustment permanent difference 1,660 - - Tax rate differential 2,447 (340 ) 12,924 Taxable profit of non-argentinian holding subsidiaries - 572 (429 ) Non-taxable profit, non-deductible expenses and others 238 467 1,047 Fiscal transparency 150 - - Tax inflation adjustment (2,086 ) (3,587 ) - Income tax from continuing operations (6,869 ) 4,251 11,135 Deferred tax assets and liabilities of the Group as of June 30, 2020 and 2019 will be recovered as follows: June 30, 2020 June 30, 2019 Deferred income tax asset to be recovered after more than 12 months 15,066 12,010 Deferred income tax asset to be recovered within 12 months 869 2,071 Deferred income tax assets 15,935 14,081 June 30, 2020 June 30, 2019 Deferred income tax liability to be recovered after more than 12 months (57,334 ) (47,155 ) Deferred income tax liability to be recovered within 12 months (2,005 ) (18,945 ) Deferred income tax liability (59,339 ) (66,100 ) Deferred income tax assets (liabilities), net (43,404 ) (52,019 ) The movement in the deferred income tax assets and liabilities during the years ended June 30, 2020 and 2019, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: 06.30.19 Cumulative translation Charged / (Credited) to the Revaluation surplus reserve Charged / (Credited) to the Deconsolidation Incorporation by business 06.30.20 Assets Property, plant and equipment 170 1,014 (888 ) - - - - 296 Investments 6 - (6 ) - - - - - Trade and other payables 5,726 858 (836 ) - - (431 ) - 5,317 Tax loss carry-forwards 6,977 1,038 614 - - (83 ) - 8,546 Others 1,202 166 408 - - - - 1,776 Subtotal assets 14,081 3,076 (708 ) - - (514 ) - 15,935 Liabilities - - - - - - - - Investment properties and Property, plant and equipment (58,206 ) (173 ) (7,899 ) (91 ) 359 14,973 (624 ) (51,661 ) Trade and other receivables (889 ) - (33 ) - - - - (922 ) Investments (131 ) - 60 - - - - (71 ) Tax inflation adjustment (3,017 ) - (1,304 ) - - - - (4,321 ) Borrowings (1,058 ) (282 ) 386 - - - - (954 ) Intangible assets (2,265 ) (511 ) 383 - - - - (2,393 ) Others (534 ) (536 ) 2,478 - - (182 ) (243 ) 983 Subtotal liabilities (66,100 ) (1,502 ) (5,929 ) (91 ) 359 14,791 (867 ) (59,339 ) Assets (Liabilities), net (52,019 ) 1,574 (6,637 ) (91 ) 359 14,277 (867 ) (43,404 ) 06.30.18 Cumulative translation adjustment Charged / (Credited) to the statements of 06.30.19 Assets Property, plant and equipment 229 (466 ) 407 170 Investments - - 6 6 Trade and other payables 4,608 199 919 5,726 Tax loss carry-forwards 9,795 (264 ) (2,554 ) 6,977 Others 999 (61 ) 264 1,202 Subtotal assets 15,631 (592 ) (958 ) 14,081 Liabilities - - - - Investment properties and Property, plant and equipment (66,589 ) 1,574 6,809 (58,206 ) Trade and other receivables (533 ) - (356 ) (889 ) Investments - (16 ) (115 ) (131 ) Tax inflation adjustment - - (3,017 ) (3,017 ) Borrowings (1,288 ) 94 136 (1,058 ) Intangible assets (2,981 ) 259 457 (2,265 ) Others (2,463 ) 634 1,295 (534 ) Subtotal liabilities (73,854 ) 2,545 5,209 (66,100 ) Assets (Liabilities), net (58,223 ) 1,953 4,251 (52,019 ) 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, 2020, the Group's recognized tax loss carry forward prescribed as follows: Date Total 2021 3 2022 11 2023 2,785 2024 1,186 2025 4,807 Subtotal 8,792 Do not expire 3,784 Total 12,576 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, 2020, 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. 451,496 for the Operations Center in Israel and Ps. 131 for the Operations Center in Argentina as of June 30, 2020 and Ps. 321,258 for the Operations Center in Israel and Ps. 7,376 for the Operations Center in Argentina as of June 30, 2019. Although the Management estimates that the business will generate sufficient income, pursuant to IAS 12, management has determined that, as a result of the recent loss history and the lack of verifiable and objective evidence due to the subsidiary's results of operations history, there is sufficient uncertainty as to the generation of sufficient income to be able to offset losses within a reasonable timeframe, therefore, no deferred tax asset is recognized in relation to these losses. The Group did not recognize deferred income tax liabilities of Ps. 90 and Ps. 86 as of June 30, 2020 and 2019, respectively, related to their investments in foreign subsidiaries, associates and joint ventures. In addition, the withholdings and/or similar taxes paid at source may be creditable against the Group's potential final tax liability. On June 30, 2020 and 2019, the Group recognized a deferred liability in the amount of Ps. 906 and Ps. 938, respectively, related to the potential future sale of one of its subsidiaries shares. IDBD and DIC assess whether it is necessary to recognize deferred tax liabilities for the temporary differences arising in relation to its investments in subsidiaries; in this respect, IDBD, DIC and PBC estimate that if each of them is required to dispose of its respective holdings in subsidiaries, they would not be liable to income tax on the sale and, for such reason, they did not recognize the deferred tax liabilities related to this difference in these Consolidated Financial Statements. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 22. 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, 2020 June 30, 2019 June 30, 2018 No later than one year 2,308 8,663 4,832 Later than one year and not later than five years 5,266 13,511 9,955 Later than five years 2,398 902 1,456 9,972 23,076 16,243 The Group as lessor 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 fiscal years. Rental properties are considered to be investment property. Book value is included in Note 9. The future minimum proceeds under non-cancellable operating leases from Group's shopping malls, offices and other buildings are as follows: June 30, 2020 June 30, 2019 June 30, 2018 No later than one year 729 13,216 10,702 Later than one year and not later than five years 20,681 29,731 49,741 Later than five years 9,703 21,360 18,433 31,113 64,307 78,876 |
Revenues
Revenues | 12 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
Revenues | 23. Revenues June 30, 2020 June 30, 2019 June 30, 2018 Income from communication services 48,657 42,704 36,514 Rental and services income 19,560 22,689 21,631 Sales of communication equipment 16,180 14,803 12,551 Sales of trading properties and developments 5,529 8,079 4,336 Revenue from hotels operation and tourism services 2,265 3,183 2,610 Income from agricultural products 1,955 - - Other revenues 1,647 723 545 Total Group's revenues 95,793 92,181 78,187 |
Expenses by nature
Expenses by nature | 12 Months Ended |
Jun. 30, 2020 | |
Expenses by Nature [Abstract] | |
Expenses by nature | 24. Expenses by nature The Group disclosed expenses in the statements of income by function as part of the line items "Costs", "General and administrative expenses" and "Selling expenses". The following tables provide additional disclosure regarding expenses by nature and their relationship to the function within the Group as of June 30, 2020, 2019 and 2018: Costs General and administrative expenses Selling expenses Total as of June 30, 2020 Cost of sale of goods and services 16,700 - - 16,700 Salaries, social security costs and other personnel expenses 6,700 4,089 5,632 16,421 Depreciation and amortization 10,057 2,960 3,251 16,268 Fees and payments for services 3,627 756 330 4,713 Maintenance, security, cleaning, repairs and others 4,535 485 424 5,444 Advertising and other selling expenses 515 - 2,419 2,934 Taxes, rates and contributions 660 107 621 1,388 Interconnection and roaming expenses 6,855 - - 6,855 Fees to other operators 9,711 - - 9,711 Director´s fees - 547 - 547 Leases and service charges 133 23 19 175 Allowance for doubtful accounts, net - - 1,007 1,007 Other expenses 2,711 1,902 54 4,667 Total as of June 30, 2020 62,204 10,869 13,757 86,830 Costs General and administrative expenses Selling expenses Total as of June 30, 2019 Cost of sale of goods and services 17,781 - - 17,781 Salaries, social security costs and other personnel expenses 6,287 3,742 4,915 14,944 Depreciation and amortization 6,573 1,758 2,345 10,676 Fees and payments for services 5,554 2,671 150 8,375 Maintenance, security, cleaning, repairs and others 4,592 559 373 5,524 Advertising and other selling expenses 585 24 2,235 2,844 Taxes, rates and contributions 756 76 615 1,447 Interconnection and roaming expenses 6,064 - - 6,064 Fees to other operators 8,950 31 - 8,981 Director´s fees - 745 - 745 Leases and service charges 133 33 404 570 Allowance for doubtful accounts, net - 13 656 669 Other expenses 2,116 991 577 3,684 Total as of June 30, 2019 59,391 10,643 12,270 82,304 Costs General and administrative expenses Selling expenses Total as of June 30, 2018 Cost of sale of goods and services 12,996 - - 12,996 Salaries, social security costs and other personnel expenses 6,164 3,874 3,704 13,742 Depreciation and amortization 5,779 1,519 2,330 9,628 Fees and payments for services 4,641 2,146 167 6,954 Maintenance, security, cleaning, repairs and others 4,058 355 240 4,653 Advertising and other selling expenses 693 13 3,166 3,872 Taxes, rates and contributions 690 162 532 1,384 Interconnection and roaming expenses 5,241 - - 5,241 Fees to other operators 6,499 - - 6,499 Director´s fees - 577 - 577 Leases and service charges 104 16 340 460 Allowance for doubtful accounts, net - - 673 673 Other expenses 2,247 835 597 3,679 Total as of June 30, 2018 49,112 9,497 11,749 70,358 |
Cost of goods sold and services
Cost of goods sold and services provided | 12 Months Ended |
Jun. 30, 2020 | |
Cost of Goods Sold and Services Provided [Abstract] | |
Cost of goods sold and services provided | 25. Cost of goods sold and services provided Total as of June 30, 2020 Total as of June 30, 2019 Total as of June 30, 2018 Inventories at the beginning of the period (*) 9,998 23,469 29,877 Adjustments previous periods - (8,325 ) - Purchases and expenses 57,605 56,127 157,138 Capitalized finance costs 12 17 24 Currency translation adjustment 8,262 (1,411 ) 11,214 Transfers 201 149 (700 ) Deconsolidation (155 ) - (13,955 ) Incorporated by business combination 264 - 855 Inventories at the end of the period (*) (11,855 ) (9,998 ) (23,469 ) Total costs 64,332 60,028 160,984 (*) Includes Ps. 2,128 as cost of goods sold from Gav-Yam which was reclassified as discontinued operations in this fiscal year. The following table presents the composition of the Group's inventories for the years ended June 30, 2020 and 2019: Total as of June 30, 2020 Total as of June 30, 2019 Real estate 7,172 8,359 Telecommunications 1,688 1,639 Fruits 2,705 - Others 290 - Total inventories at the end of the period (*) 11,855 9,998 (*) Inventories includes trading properties and inventories. |
Other operating results, net
Other operating results, net | 12 Months Ended |
Jun. 30, 2020 | |
Other Operating Results Net [Abstract] | |
Other operating results, net | 26. Other operating results, net June 30, 2020 June 30, 2019 June 30, 2018 Gain from disposal of subsidiary and associates (247 ) 983 860 Donations (167 ) (284 ) (169 ) Lawsuits and other contingencies (109 ) (96 ) 1,069 Operating interest expense 659 486 400 Others (1) 968 (816 ) (51 ) Total other operating results, net 1,104 273 2,109 (1) As of June 30, 2018, it includes a favorable ruling entered in a lawsuit in the Operations Center in Israel for an amount of approximately Ps. 1,165. Includes legal costs and expenses. |
Financial results, net
Financial results, net | 12 Months Ended |
Jun. 30, 2020 | |
Financial Results Net [Abstract] | |
Financial results, net | 27. Financial results, net June 30, 2020 June 30, 2019 June 30, 2018 Finance income: - Interest income 964 955 1,100 - Dividend income 168 97 209 - Other finance income 236 693 - Total finance income 1,368 1,745 1,309 Finance costs: - Interest expenses (20,460 ) (19,802 ) (18,332 ) - Loss on debt swap - - (6,141 ) - Other finance costs (1,119 ) (739 ) (665 ) Subtotal finance costs (21,579 ) (20,541 ) (25,138 ) Capitalized finance costs 114 293 173 Total finance costs (21,465 ) (20,248 ) (24,965 ) Other financial results: - Fair value gain of financial assets and liabilities at fair value through profit or loss, net (10,479 ) 2,433 (2,083 ) - Exchange differences, net (6,274 ) 1,248 (13,520 ) - Gain from repurchase of negotiable obligations 2,886 - - - Gain from derivative financial instruments, net (467 ) 515 400 Total other financial results (14,334 ) 4,196 (15,203 ) - Inflation adjustment 90 (528 ) (882 ) Total financial results, net (34,341 ) (14,835 ) (39,741 ) |
Earnings per share
Earnings per share | 12 Months Ended |
Jun. 30, 2020 | |
Profit / (loss) per share attributable to equity holders of the parent: | |
Earnings per share | 28. 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, 2020 June 30, 2019 June 30, 2018 Profit for the year of continuing operations attributable to equity holders of the parent 4,142 (39,076 ) (3,423 ) Profit for the year of discontinued operations attributable to equity holders of the parent 10,107 2,466 24,470 Profit for the year attributable to equity holders of the parent 14,249 (36,610 ) 21,047 Weighted average number of ordinary shares outstanding 575 575 575 Basic earnings per share 24.76 (63.68 ) 36.58 (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, 2020 June 30, 2019 June 30, 2018 Profit for the year of continuing operations attributable to equity holders of the parent 4,142 (39,076 ) (3,423 ) Profit for the year of discontinued operations attributable to equity holders of the parent 10,107 2,466 24,470 Profit for the year per share attributable to equity holders of the parent 14,249 (36,610 ) 21,047 Weighted average number of ordinary shares outstanding 579 575 579 Diluted earnings per share 24.62 (63.68 ) 36.37 |
Employee benefits
Employee benefits | 12 Months Ended |
Jun. 30, 2020 | |
Employee Benefits [Abstract] | |
Employee benefits | 29. 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 was voluntary and by invitation of the Board of Directors. Under the Incentive Plan, over the years 2011, 2012 and 2013, Participants will be entitled to receive shares ("Contributions") of the Company and Cresud based on a percentage of their annual bonus for the years 2011, 2012 and 2013, providing they remain as employees of the Company for at least five years, among other conditions required, to qualify for such Contributions. Contributions shall be held by the Company and Cresud, and as the conditions established by the Plan are verified, such contributions shall be transferred to the Participants. In spite of this, the economic rights of the shares in the portfolio assigned to said participants will be received by them. Regarding the shares to be delivered by Cresud to the employees of the company and IRSA CP, and for the shares to be delivered by IRSA to Cresud employees, the Group accounts the active or passive position measured at the closing date of the financial statements. As of June 30, 2018, a reserve has been set up under Shareholders' equity as a result of this Incentive Plan for Ps. 6, 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, 2019 and 2018, the Group has incurred a charge related to the Incentive Plan of Ps. 0.40 and Ps. 21,72, 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 was Ps. 13.6, and no unrecognized expense is pending after that date. Movements in the number of matching shares outstanding under the incentive plan corresponding to the Company´s contributions are as follows: June 30, 2020 June 30, 2019 June 30, 2018 At the beginning 2,828,470 3,347,201 3,507,947 Additions - - - Disposals - - - Granted (437,304 ) (518,731 ) (160,746 ) At the end 2,391,166 2,828,470 3,347,201 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. 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. 23 and Ps. 50 for the fiscal years ended June 30, 2020 and 2019, respectively. Share base plans associated with certain key members of the management - Israel DIC and Cellcom have granted an options benefit plans to key management personnel. For the years ended June 30, 2020, 2019 and 2018, the Group has incurred an expense in relation to said benefit plans of Ps. 10, Ps. 63 and Ps. 66, respectively. The following table shows the detail of the options pending at year end: DIC Cellcom Exercise price range of outstanding options NIS 6.90 – 12.5 NIS 15.05 – 27.7 Average price of outstanding options NIS 6.72 NIS 17.8 Amount of outstanding options 2,124,000 759,332 Average remaining useful life 4.43 years 3.4 years The fair value of the options was calculated according to the Black-Scholes method, which included assumptions such as the value of the share at the date of granting the plan, expected volatility, expected life of the option or the risk-free rate. Employee benefits - Israel Benefits to hired employees include post-employment benefits, retirement benefits, share-based plans and other short and long-term benefits. The Group's liabilities in relation to severance pay and/or retirement benefits of Israeli employees are calculated in accordance with Israeli laws. June 30, 2020 June 30, 2019 June 30, 2018 Present value of unfunded obligations - 615 703 Present value of funded obligations 1,363 819 825 Total present value of defined benefits obligations (post-employment) 1,363 1,434 1,528 Fair value of plan assets (936 ) (1,245 ) (1,316 ) Recognized liability for defined benefits obligations 427 189 212 Liability for other long-term benefits 793 682 33 Total recognized liabilities 1,220 871 245 Assets designed for payment of employee benefits (773 ) (683 ) - Net position from employee benefits 447 188 245 |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2020 | |
Related party transactions [abstract] | |
Related party transactions | 30. Related party transactions In the normal course of business, the Group conducts transactions with different entities or parties related to it. Remunerations of the Board of Directors The Business Companies Act of Argentina (Law N° 19,550), provides that the remuneration to the Board of Directors, where it is not set forth in the Company's by-laws, shall be fixed by the Shareholders' Meetings. The maximum amount of remuneration that the members of the Board are allowed to receive, including salary and other performance-based remuneration of permanent technical-administrative functions, may not exceed 25% of the profits. Such maximum amount is limited to 5% where no dividends are distributed to the Shareholders, and will be increased proportionately to the distribution, until reaching such cap where total profits are distributed. Some of the Group's Directors are hired under the Employment Contract Law N° 20,744. This Act rules on certain conditions of the work relationship, including remuneration, salary protection, working hours, vacations, paid leaves, minimum age requirements, workmen protection and forms of suspension and contract termination. The remuneration of directors for each fiscal year is based on the provisions established by the Business Companies Act, taking into consideration whether such directors perform technical-administrative functions and depending upon the results recorded during the fiscal year. Once such amounts are determined, they should be approved by the Shareholders' Meeting. Senior Management remuneration The members of the Group's senior management are appointed and removed by the Board of Directors, and perform functions in accordance with the instructions delivered by the Board itself. The Company's Senior Management in the Operation Center in Argentina is composed of as follows: Name Date of Birth Position Current position since Eduardo S. Elsztain 01/26/1960 General Manager 1991 Daniel R. Elsztain 12/22/1972 Operating Manager 2012 Jorge Cruces 11/07/1966 Investment Manager 2020 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 The Company's Senior Management in the Operation Center in Israel is composed of as follows: Name Date of Birth Position Current position since / until Doron Cohen 09/27/1960 General Manager 2020 Sholem Lapidot (*) 10/22/1979 General Manager 2016 / 01-2020 Gil Kotler (*) 10/04/1966 Financial Manager 2016/ 04-2020 Aaron Kaufman 03/03/1970 Vice president and General Assessor 2016 (*) Left their positions this year. 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, 2020 amounts to Ps. 12. The aggregate compensation to the Senior Management of the Operations Center in Israel for the year ended June 30, 2020 amounts to Ps. 150. Corporate Service Agreement with Cresud and IRSA CP Considering that IRSA, Cresud and IRSA CP have operating overlapping areas, the Board of Directors considered it convenient to implement alternatives that allow reducing certain fixed costs of its activity, in order to reduce its impact on operating results, taking advantage of and optimizing the individual efficiencies of each of the companies in the different areas that make up the operational administration. For this purpose, on June 30, 2004, a Framework Agreement for the Exchange of Corporate Services ("Framework Agreement") was signed, between IRSA, Cresud and IRSA CP, which was periodically modified, the last update being on June 28, 2019. Under this Framework Agreement, corporate services are currently provided in the following areas: Corporate Human Resources, Administration and Finance, Planning, Institutional Relations, Compliance, Shared Services Center, Real Estate Business Administration, Directory to distribute Real Estate, HR Real Estate Business, Security, Corporate Legal Management, Corporate Environment, Technical Management Infrastructure and Services, Purchasing and Contracting, Management and Enabling, Investments, Government Affairs, Hotels, Fraud Prevention, Bolivar, Proxy, General Management to distribute, Directory Security. Under this agreement, the companies entrusted to an external consultant the semi-annual review and evaluation of the criteria used in the process of liquidating corporate services, as well as the distribution bases and supporting documentation used in the aforementioned process, through the preparation of a semi-annual report. It should be noted that the operation under comment allows Cresud, IRSA and IRSA CP to maintain absolute independence and confidentiality in their strategic and commercial decisions, being the allocation of costs and benefits made on the basis of operational efficiency and equity, without pursuing individual economic benefits for each of the companies. Offices and Shopping Malls spaces leases The offices of our President are located at 108 Bolivar, in the Autonomous City of Buenos Aires. The property has been rented to Isaac Elsztain e Hajes S.A., a company controlled by some family members of Eduardo Sergio Elsztain, our president, and to Hamonet S.A., a company controlled by Fernando A. Elsztain, one of our directors, and some of his family members. In addition, BACS, BHN Sociedad de Inversión S.A., BHN Seguros Generales S.A. and BHN Vida S.A. rent offices owned by IRSA CP in different buildings. Furthermore, we also let various spaces in our shopping malls (stores, stands, storage space or advertising space) to third parties and related parties such as 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 was a founding partner and sits at the Board of Directors of the Group companies. Purchase and sale of goods and/or service hiring In the normal course of its business and with the aim of making resources more efficient, in certain occasions purchases and/or hires services which later sells and/or recovers for companies or other related parties, based upon their actual utilization. Sale of advertising space in media Our company and our related parties frequently enter into agreements with third parties whereby we sell/acquire rights of use to advertise in media (TV, radio stations, newspapers, etc.) that will later be used in advertising campaigns. Normally, these spaces are sold and/or recovered to/from other companies or other related parties, based on their actual use. Purchase and sale of financial assets The Group usually invests excess cash in several instruments that may include those issued by related companies, acquired at issuance or from unrelated third parties through secondary market deals. Investment in investment funds managed by BACS The Group invests part of its liquid funds in mutual funds managed by BACS among other entities. Borrowings In the normal course of its activities, the Group enters into diverse loan agreements or credit facilities between the group's companies and/or other related parties. These borrowings generally accrue interests at market rates. Financial and service operations with BHSA The Group works with several financial entities in the Argentine market for operations including, but not limited to, credit, investment, purchase and sale of securities and financial derivatives. Such entities include BHSA and its subsidiaries. BHSA and BACS usually act as underwriters in Capital Market transactions. In addition, we have entered into agreements with BHSA, who provides collection services for our shopping malls. The following is a summary presentation of the balances with related parties as of June 30, 2020 and 2019: Related company June 30, 2020 June 30, 2019 Description of transaction Item Manibil S.A. - - Contributions in advance Trade and other receivables New Lipstick LLC - 1,258 Loans granted Trade and other receivables (77 ) - Loans obtained Borrowings 16 14 Reimbursement of expenses receivables Trade and other receivables Condor 269 237 Public companies securities Trade and other receivables IRSA Real Estate Strategies LP 116 - Reimbursement of expenses receivables Trade and other receivables PBS Real Estate Holdings S.R.L. 472 - Reimbursement of expenses receivables Trade and other receivables Other associates and joint ventures 122 1 Reimbursement of expenses receivables Trade and other receivables - (17 ) Leases and/or rights of use not yet paid Trade and other payables (27 ) - Loans obtained Borrowings 8 - Management fees receivables Trade and other receivables 84 17 Leases and/or rights of use receivables Trade and other receivables 203 - Dividends Trade and other receivables (1 ) Reimbursement of expenses not yet paid Trade and other payables - 16 Reimbursement of expenses receivables Trade and other receivables Total associates and joint ventures 1,185 1,526 Cresud (3 ) (53 ) Reimbursement of expenses not yet paid Trade and other payables (245 ) (163 ) Corporate services not yet paid Trade and other payables 1,581 1,622 NCN Investments in financial assets 4 7 Leases and/or rights of use receivables Trade and other receivables (1 ) (1 ) Management fee Trade and other payables (3 ) (4 ) Share-based payments Trade and other payables Total parent company 1,333 1,408 Directors (127 ) (239 ) Fees for services received Trade and other payables 4 - Advances Trade and other receivables Others (1) - 39 Leases and/or rights of use receivables Trade and other receivables (53 ) - Loans obtained Borrowings 18 54 Reimbursement of expenses receivables Trade and other receivables Total others (158 ) (146 ) Total at the end of the year 2,360 2,788 (1) Includes CAMSA., Avenida compras and Avenida Inc., Estudio Zang, Bergel & Viñes, Austral Gold, Fundación IRSA, Hamonet S.A., Museo de los Niños and BHN Vida S.A. Item June 30, 2020 June 30, 2019 Trade and other receivables 1,316 1,643 Investments in financial assets 1,581 1,622 Borrowings (157 ) - Trade and other payables (380 ) (477 ) Total 2,360 2,788 The following is a summary of the results with related parties for the years ended June 30, 2020, 2019 and 2018: Related party June 30, 2020 June 30, 2019 June 30, 2018 Description of transaction BACS 51 54 3 Leases and/or rights of use Manibil - 30 91 Corporate services Tarshop - 59 37 Leases and/or rights of use - 1 - Commissions La Rural S.A. - 37 31 Leases and/or rights of use Condor - - 276 Financial operations Other associates anf joint ventures 37 (1 ) - Financial operations Otras asociadas y negocios conjuntos 9 34 74 Leases and/or rights of use Otras asociadas y negocios conjuntos (131 ) 30 375 Honorarios y remuneraciones Total associates and joint ventures (34 ) 244 887 Cresud 19 37 13 Leases and/or rights of use Cresud (469 ) (546 ) (576 ) Corporate services Cresud 224 37 353 Financial operations Total parent company (226 ) (472 ) (210 ) IFISA - - 147 Financial operations Directors (406 ) (480 ) (529 ) Fees and remunerations Taaman - 46 377 Corporate services Willfood - - 337 Corporate services Others (1) - - (39 ) Corporate services Otras (1) - 1 37 Leases and/or rights of use Otras (1) - (1 ) 336 Financial operations Otras (1) - (1 ) (33 ) Donationd (23 ) - - Fees and remuneration Otras (1) (29 ) (1 ) (37 ) Legal services Total others (458 ) (436 ) 596 Total at the end of the period (718 ) (664 ) 1,273 (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, 2020 and 2019: Related party June 30, 2020 June 30, 2019 Description of the operation La Rural S.A. - 433 Dividends received Condor 32 114 Dividends received BHSA - 113 Dividends received Mehadrin - 141 Dividends received Manaman - 106 Dividends received Nuevo Puerto Santa Fe S.A. 38 14 Dividends received Nave by the sea - 47 Dividends received Shufersal 400 663 Dividends received Gav Yam 1,334 - Dividends received Emco 16 87 Dividends received Total dividends received 1,820 1,718 Cresud (359 ) 1,618 Dividends granted Helmir (22 ) 10 Dividends granted Total dividends distribution (381 ) 1,628 Quality (47 ) (73 ) Capital contributions Manibil (87 ) (31 ) Capital contributions IBC (2,551 ) - Capitalized loan Others (17 ) (27 ) Capital contributions Total capital contributions (2,702 ) (131 ) TGLT S.A. 1,394 - Purchase and exchange of shares Total other transactions 1,394 - |
Foreign currency assets and lia
Foreign currency assets and liabilities | 12 Months Ended |
Jun. 30, 2020 | |
Foreign Currency Assets and Liabilities [Abstract] | |
Foreign currency assets and liabilities | 31. Foreign currency assets and liabilities Book amounts of foreign currency assets and liabilities are as follows: Item / Currency (1) Amount (2) Peso exchange rate (3) Total as of 06.30.20 Total as of 06.30.19 Assets Trade and other receivables US Dollar 43 70.260 3,015 2,448 Euros 11 78.867 881 197 Receivables with related parties: US Dollar 4 70.460 311 239 Total trade and other receivables 4,207 2,884 Investments in financial assets US Dollar 51 70.260 3,603 4,811 Pounds 1 86.896 78 69 Investments with related parties: US Dollar 17 70.460 1,212 1,622 Total investments in financial assets 4,893 6,502 Derivative financial instruments US Dollar - 70.260 - 17 Total Derivative financial instruments - 17 Cash and cash equivalents US Dollar 185 70.260 13,018 16,575 Euros 20 78.867 1,547 103 Total cash and cash equivalents 14,565 16,678 Total Assets 23,665 26,081 Liabilities Trade and other payables US Dollar 187 70.460 13,191 10,496 Euros 3 87.360 305 51 Payables to related parties: US Dollar - 70.460 - 20 Total Trade and other payables 13,496 10,567 Borrowings US Dollar 865 70.460 60,926 51,680 Euros - - - - Borrowings with related parties US Dollar 5 70.460 352 865 Total Borrowings 61,278 52,545 Derivative financial instruments US Dollar 1 70.460 95 39 Total derivative financial instruments 95 39 Lease liabilities US Dollar 1 70.460 8 - Total lease liabilities 8 - Total Liabilities 74,877 63,151 (1) Stated in millions of units in foreign currency. Considering foreign currencies those that differ from each Group's functional currency at each year-end. (2) Exchange rate as of June 30, of each year according to Banco Nación Argentina records. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 14). |
Groups of assets and liabilitie
Groups of assets and liabilities held for sale | 12 Months Ended |
Jun. 30, 2020 | |
Groups of Assets and Liabilities Held For Sale [Abstract] | |
Groups of assets and liabilities held for sale | 32. Groups of assets and liabilities held for sale As mentioned in Note 4., the investments in Israir and Ispro have been reclassified to "Group of assets and liabilities held for sale". The following table shows the main assets and liabilities classified as held for sale: June 30, 2020 June 30, 2019 Property, plant and equipment 35,719 6,449 Intangible assets 1,363 136 Investments in associates 224 597 Deferred income tax assets 814 290 Income tax credits - - Trade and other receivables 1,849 3,003 Cash and cash equivalents 1,709 1,023 Total assets held-for-sale 41,678 11,498 Trade and other payables 9,926 4,845 Salaries and social security liabilities 387 - Employee benefits 386 290 Deferred income tax liabilities 1,953 51 Borrowings 9,560 2,951 Total liabilities held-for-sale 22,212 8,137 Total net assets held-for-sale 19,466 3,361 The company obtained a valuation of its investment in Israir for purposes of IRSA's consolidated financial statements as of June 30, 2020 from an outside appraiser. As a result of the appraisal, the management accounted for an impairment of NIS 13 million (Ps. 264 million). This value represents the consideration that the company expects to receive for its stake in Israir as of June 30, 2020. The management updated the valuation of investment properties of Ispro as a result of an appraisal prepared by an outside appraiser. As a result, the management of such company accounted for an impairment of NIS 33 million (Ps. 671 million) due to the outbreak of the Covid-19, a decrease in expected income from lessees, an expected increase in maintenance costs and a decreased in the CPI compared to the prior valuation. |
Results from discontinued opera
Results from discontinued operations | 12 Months Ended |
Jun. 30, 2020 | |
Results from Discontinued Operations [Abstract] | |
Results from discontinued operations | 33. Results from discontinued operations The results of Gav-Yam, Shufersal, Israir and IDB Tourism operations have been reclassified in the Statements of Income under discontinued operations. June 30, 2020 June 30, 2019 June 30, 2018 Revenues 21,921 26,148 175,194 Costs (17,950 ) (17,336 ) (127,564 ) Gross profit 3,971 8,812 47,630 Net gain from fair value adjustment of investment properties - 3,990 5,529 General and administrative expenses (1,198 ) (1,212 ) (3,299 ) Selling expenses (977 ) (1,049 ) (32,990 ) Other operating results, net 17,554 250 24,894 Profit from operations 19,350 10,791 41,764 Share of profit of associates and joint ventures 150 289 320 Profit before financial results and income tax 19,500 11,080 42,084 Finance income 191 460 466 Finance cost (1,720 ) (2,651 ) (2,901 ) Other financial results 115 (24 ) (102 ) Financial results, net (1,414 ) (2,215 ) (2,537 ) Profit before income tax 18,086 8,865 39,547 Income tax (1 ) (1,725 ) (3,106 ) Profit from discontinued operations 18,085 7,140 36,441 (Loss) / profit for the period from discontinued operations attributable to: Equity holders of the parent 10,107 2,466 24,470 Non-controlling interest 7,978 4,674 11,971 Profit per share from discontinued operations attributable to equity holders of the parent: Basic 17.58 4.29 42.52 Diluted 17.44 4.26 42.29 (i) Includes the remediation, at fair value, of the residual holding in Gav-Yam. As of June 30, 2020 and 2019, Ps. 2,239 and Ps 5,521 of the total profits from discontinued operations Ps 18,398 and Ps. 3,395 of the total profits from discontinued operations correspond to Gav-Yam. |
Economic framework of the Group
Economic framework of the Group's business | 12 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Economic framework of the Group's business | 34. Economic framework of the Group's business The Company does business in a complex framework due to the macroeconomic conditions, whose main variables have recently shown high volatility, and also due to regulatory, social and political conditions, both at a national and international level. Its operating income may be affected by the fluctuations in the inflation rate and in the exchange rate at which the peso is converted into other currencies, mainly the US dollar, the variations in interest rates, which have an impact on the cost of capital, the changes in governmental policies, capital controls and other local and international political or economic events. In December 2019, a novel strain of coronavirus (SARS-COV-2) causing a severe acute respiratory syndrome (“COVID-19”) was reported to have surfaced in Wuhan, China. COVID-19 has since spread across the world, including Argentina, and on March 11, 2020, the World Health Organization declared COVID-19 a pandemic. By early November approximately [1,284,519] cases of infections had been confirmed in Argentina. In response, countries have adopted extraordinary measures to contain the spread of the virus, including imposing travel restrictions and closing borders, requiring closures of non-essential businesses, instructing residents to practice social distancing, issuing stay-at-home orders, implementing quarantines and similar actions. The ongoing pandemic and these extraordinary government measures are disrupting global economic activity and resulting in significant volatility in global financial markets. According to the International Monetary Fund (“IMF”), the global economy has recently entered into a recession. The Argentine government has adopted multiple measures in response to the COVID-19 pandemic, including a nationwide mandatory lockdown that began on March 19, 2020 that has been extended several times, most recently through November 8, 2020. The government has also required during the last months the mandatory shutdown of businesses not considered essential. Finally, on November 6, 2020, the government announced the end of the mandatory lockdown for the AMBA (the “Área Metropolitana de Buenos Aires or “AMBA”) and the beginning of the new phase of social distancing. However, Coronavirus cases have risen over the last few months in several regions of the world and the rate of infections is still increasing. Lockdowns return to Europe as cases rise again. Spain, France and the UK have all recorded more than one million cases, and several others are seeing their highest number of new infections since the start of the pandemic. These measures have significantly affected Argentine companies, which have faced drops in income and the deterioration of their flow of payments. In this context, the Argentine Government announced several actions intended to tackle the financial crisis of the companies adversely affected by the COVID-19 pandemic. In addition to the stagnation of the Argentine economy, there is an international crisis caused by the COVID-19 pandemic. In view of this scenario, a severe downturn in the Argentine economy is expected. After several negotiations between the Argentine Government and the bondholders, the Argentine Government announced the execution of an agreement in principle with the main groups of bondholders in order to avoid the default. On August 28, 2020, the Government informed that the holders of 93.55% of the aggregate outstanding principal amount of all bonds have accepted a debt exchange and, on August 31, 2020, the Argentine Government obtained the consents required to exchange and/or amend 99.01% of the aggregate outstanding principal amount of all series of eligible bonds. As of the date of these financial statements, the new bonds are already being traded on the market. However, the Government still faces the challenge of arriving at a successful renegotiation of the debt with the IMF. A favorable outcome for Argentina and the restructuring of its debt with the IMF would have a positive impact on the Argentine economy in the mid- and long-term. On the contrary, failure to reach an agreement with foreign private creditors might lead Argentina to default on its sovereign debt and, as a result, this situation may trigger restrictions on the companies' ability to obtain new financing. At a local level, the following circumstances may be noted: ● In June 2020, the Estimador Mensual de Actividad Económica ("EMAE") Instituto Nacional de Estadísticas y Censos ● The market expectations survey prepared by the Central Bank in July 2020 called Relevamiento de Expectativas de Mercado ("REM") ● The year-over-year inflation rate as of June 30, 2020 was 42.8%. ● From July 2019 to June 2020, the peso depreciated 66% compared to the US dollar at the average wholesale exchange rate quoted by Banco de la Nación Argentina. Mercado Único Libre de Cambio MULC On September 15, 2020, the Argentine Central Bank issued Communication "A" 7106 which establishes, among other things, that entities with principal maturities falling due between October 15, 2020 and March 31, 2021 related to the issuance of foreign-currency denominated publicly-registered debt securities in Argentina by private sector clients or by the entities themselves, must submit to the Argentine Central Bank a refinancing plan based on the following criteria: (a) the net amount for which access to the foreign exchange is granted within the original terms must not exceed 40% of the principal amount due, and (b) the remaining principal amount must have been refinanced through new foreign debt with an average life of at least 2 years. Therefore, the Company is analyzing the impact of this provision in order to comply with the Central Bank's requirements in due time and manner, if applicable. Series I Non-convertible Notes having a par value of USD 181,518,707 and other bank debts shall become due on November 15, 2020. COVID-19 Pandemic As it arises from the 'Economic framework of the Group's business' note, the COVID-19 pandemic is having an adverse impact on both the global and the Argentine economy and the Company's business. Although the COVID-19 pandemic has had an impact nationwide on the business conducted by the Company, it is still too early to assess the total scope of its impact. Below follows a description of the expected effects of the COVID-19 pandemic on the Company as of the date of these financial statements: In the Operations Center in Argentina: ● As a consequence of the preventive and mandatory social isolation, shopping malls across the country have been closed since March 20, 2020. Only those stores engaged in essential activities remain open such as pharmacies, supermarkets and banks whereas some food and clothing stores are offering delivery services and selling products on WhatsApp. In May and June, these measures were relaxed and certain activities were resumed in some marketplaces in the Argentine provinces such as Salta, Mendoza, Santa Fe and Córdoba. Actually, the shopping malls Alto Noa, Mendoza Plaza, Alto Rosario, La Ribera and Córdoba Shopping reopened under strict health and safety protocols providing for reduced shopping hours, social distancing and access controls. The shopping mall in Neuquén was reopened in July 2020 whereas the Distrito Arcos shopping mall, a premium open-air outlet in the City of Buenos Aires, was reopened early in August 2020. As of this date, 44% of the square meters of the Company's Shopping Malls are open. Nevertheless, the uncertainty posed by this situation may cause the closing of stores that have already opened. ● As a result of the shopping mall closings, the Company has decided to differ the invoicing and collection of the Monthly Guaranteed Amount ( Valor Mensual Asegurado V.M.A. ● As regards the rental of offices, although most of the lessees are working remotely, they are open under strict health and safety protocols. As of this date, the Company has not experienced any collection difficulties. ● La Rural, the Buenos Aires and Punta del Este Convention Centers and the DIRECTV Arena stadium, which are owned directly or indirectly by the Company, are also closed since March 20. All scheduled conferences have been suspended, most of the fairs and conventions were postponed, and most of the scheduled shows in the DIRECTV Arena stadium have been cancelled. The reopening date of these premises is uncertain as well as the future calendar of fairs, conventions and shows. ● In order to reduce the risk of the virus spreading and protect public health, the Libertador hotels in the City of Buenos Aires and the Llao Llao hotel in the province of Río Negro are temporarily closed and it is still uncertain when they will reopen and go back to normal operations. As regards Hotel Intercontinental in the city of Buenos Aires, it is operating only under a contingency and emergency plan. The impact of all the above on these financial statements has been a 32% decrease in income compared to the previous fiscal year and a 100% decrease compared to the same quarter of the previous year. In the Operations Center in Israel ● The COVID-19 pandemic has had a negative impact on the market valuation of IDBD, DIC and operating subsidiaries due to the sharp fall in prices. The mandatory shutdown lasted almost 10 days and was then relaxed under strict health and safety protocols. The effects on the operating businesses have been diverse: o as regards supermarkets (Shufersal) and agriculture (Mahadrin), the impact has been positive in the short-term as these are considered essential activities; o as concerns telecommunications (Cellcom), in particular the international roaming service, there has been a decrease in consumption keyed to a significant drop in international tourism. Cellcom has taken actions to reduce such negative effects by cutting back on expenses and investments during the coronavirus crisis period, including staff downsizing measures. o In PBC, the activities and income from real estate transactions have been adversely affected by the economic situation and the bans on circulation. Consequently, PBC's cash flow is expected to be somehow vulnerable although it is not possible to estimate as of this date to which extent PBC has made an assessment of its investment properties showing signs of impairment and, as a consequence, a reduction in the value of its properties of Ps. 2,989 has been accounted for. As regards the Group's financial debt: ● IRSA must honor the following maturities within the next 12 months: Series II Non-convertible Notes, having a par value of US$ 71.4, due on July 20, 2020; Series II Non-convertible Notes, having a par value of CLP 31,502.6 (equivalent to US$ 41 approximately), due on August 6, 2020; Series I Non-convertible Notes, having a par value of US$ 181.5, due on November 15, 2020, Series III Non-convertible Notes, having a par value of Ps. 354 (equivalent to US$5), due on February 21, 2021, Series IV Non-convertible Notes, having a par value of US$ 51.3, due on May 21, 2021 and a bank debt in an amount equivalent to US$14.3. ● Our subsidiary, IRSA CP, must honor the maturity of its Series IV Non-convertible Notes, having a par value of US$ 140, which will become due in September 2020 and a bank debt of US$ 23. ● The short-term financial debts of our subsidiaries, IDBD-DIC, have a nominal value of US$ 202 (including non-convertible notes and borrowing from banks and financial entities). It should be noted that such commitments have no effects on IRSA because such indebtedness is without recourse against IRSA and is not guaranteed by IRSA's assets as described in Note 1 to these interim consolidated condensed financial statements. In May and July 2020, IRSA issued US$ 105.4 non-convertible notes in the local market intended to refinance its short-term debt. The proceeds of such issuances were used by the Company to repay its Non-convertible Notes due on July and August 2020. The alternatives that the Company is considering to refinance the repayment of its Non-convertible Notes due in November 2020, February 2021 and June 2021 are a capital increase in an approximate amount of US$ 70 / US$ 100 resolved at the annual shareholders' meeting held in October 30, 2019 and obtaining financing in the domestic or international capital markets through new issues of debt securities or liability management transactions in the range of US$ 40 and US$ 100, in addition to the transactions already conducted in May and July. In addition, IRSA has a long-standing relationship with banks of the local financial system that may supplement and diversify the Company's sources of financing in addition to capital market financing. Moreover, as part of our strategy, the Company may sell a portion of its portfolio of assets (hotels and/or land reserves and offices through its subsidiary, IRSA CP) to generate additional funds. Lastly, IRSA CP has granted IRSA a three-year credit facility up to US$ 180, of which US$ 53.4 were used by IRSA on June 30, 2020. IRSA may still use the remaining balance of such facility and receive dividends from such company in its capacity as controlling shareholder of 80.65% of its capital stock. It should be noted that IRSA CP's cash and cash equivalents (including current financial investments) as of June 30, 2020 amount to US$ 155 and, following the fiscal year-end, it sold office assets worth US$ 128.6. Moreover, it is working on different financing alternatives in pesos with local banks (syndicated loans and/or bilateral loans) in estimated amounts equivalent to USD 50 and USD 100 to discharge its short-term obligations and it may eventually resort to debt transactions in the local capital market. The final effects of the coronavirus outbreak and its impact on the country's economy is unknown and cannot be reasonably foreseen. Nevertheless, although it has had significant effects in the short-run, it is not expected that they will affect the continuation of business. Although there are short-term economic impacts, it is foreseen that the Company will be able to continue meeting its financial commitments in the following twelve months. The Company is closely monitoring the situation and taking all necessary actions to preserve human life and the Company's businesses. |
Subsequent events
Subsequent events | 12 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent events | 35. Subsequent events Sale of floors in the Boston Tower On July 15, 2020, IRSA CP entered into a preliminary sales agreement (with delivery of possession) with respect to a medium-height floor in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 1,063 sq. meters and 5 parking lots located in the building. The price of the transaction was Ps. 477.7 (US$ 6.7), which has been paid in full. On August 26, 2020, IRSA CP executed a preliminary sales agreement (with delivery of possession) with respect to 5 floors in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 6,235 sq. meters and 25 parking lots located in the building. The price of the transaction was Ps. 2,562 million (US$ 34.7 million), which has been paid in full. Bouchard Sale On July 30, 2020, IRSA CP sold the entire “Bouchard 710” building, located in the Plaza Roma district of the City of Buenos Aires. The tower has a gross leasable area of 15,014 sq. meters divided into 12 floors for office use and 116 parking lots. The price of the transaction was approximately Ps. 6,300 million (US$ 87 million), which has been paid in full. Issuance of IRSA Non-convertible Notes On July 21, 2020, subsequently to the closing of the fiscal year, the Company issued USD 38.4 Non-convertible Notes in the local market through the following instruments: ● Ps. 335.2 million (equivalent to USD 4.7 million) Series VI NCNs denominated and payable in Argentine pesos at a variable rate (Private Badlar) + 4.0%, with interest accruing on a quarterly basis. The principal amount is repayable in two installments: the first one -equal to 30% of the par value of the notes- payable on the date that is 9 (nine) months after the Issue and Settlement Date and the second installment -equal to 70% of the par value of the notes- payable on the relevant due date, i.e. July 21, 2021. Notes were issued at 100% of their par value. ● US$ 33.7 million Series VII NCNs denominated in US$ and payable in Argentine pesos at the applicable exchange rate, at a fixed 4.0% rate, with interest accruing on a quarterly basis. Repayment of capital is due on January 21, 2021. Notes were issued at 100% of their par value. The proceeds will be used to refinance short-term indebtedness. Payment of non-convertible notes On July 20, 2020, the Company paid the twentieth interest installment and the principal installment of the US$ 75 Series II Non-convertible Notes issued on July 20, 2010. On August 6, 2020, the Company paid the second interest installment and the principal installment of the US$ 47 Series II Non-convertible Notes issued on August 6, 2019. Payment of IRSA CP’s Series IV Non-convertible Notes On September 14, 2020, the aggregate principal amount of the Series IV Non-convertible Notes in the amount of Ps. 10,381 (US$ 140) and interest accrued as of such date in the amount of Ps. 134 (US$ 1.8) were paid. Sale of remaining shares in Shufersal On July 22, 2020, DIC accepted a private investors’ offer to purchase its aggregate shares in Shufersal, representing 26% of the capital stock, in the amount of NIS 1,456 million (NIS 23.5 per share). After the sale, DIC does no longer have any equity interest in such company. Cellcom On August 13, 2020, the Israeli Ministry of Communications approved the acquisition of Golan by Cellcom subject to certain conditions. It is worth noting that by such date the Antitrust Commissioner had already granted clearance. On August 26, 2020, Cellcom informed that it completed the acquisition of Golan in consideration for approximately NIS 545 million in the aggregate, plus the cash equivalents held by Golan as of the closing date less its financial debts, which were paid in full by Cellcom to the Golan shareholders in cash. See information on the agreement in note 4 to these financial statements. Sale of a subsidiary owned by Elron On July 16, 2020, Elron, through the investment held by it in CartiHeal (2009) Ltd. (a company in which Elron holds a 27% interest approx.) ("CartiHeal"), entered into an agreement with Bioventus LLC (an international company engaged in the manufacture of medical devices, "Bioventus"), which is a current shareholder of CartiHeal, providing as follows: ● Bioventus will make an additional US$ 15 – US$ 20 investment in CartiHeal, at a company value of USD 180. ● Bioventus will be granted a call option to buy 100% of the shares in CartiHeal. ● CartiHeal will have a put option to sell 100% of its capital stock to Bioventus. The call option may be exercised at any time after the investment is made. The put option may be exercised subject to pivotal clinical trial success, which includes the successful attainment of certain goals of the secondary trial, subject to obtaining the FDA’s approval of the Agili-C device of CartiHeal, which fully coincides with the success of the trial. Sale of Clal Shares On June 28 and July 6, 2020, IDBD sold 4,791,618 shares in Clal held by it through swap transactions, at an average price of NIS 30/share, representing 7.1% of the capital stock. In addition, on September 3, 2020, IDBD sold 2,376,527 shares in Clal, representing 3.5% of its capital stock, at an average price of NIS 32.475/share, amounting to NIS 77.2 in the aggregate. As a consequence of such transactions, IDBD’s current stake in Clal represents 4.99% of its capital stock and, as a result, IDBD is no longer regarded as an interested party in Clal under the Israeli Securities Regulations. Increase in the interest held in PBC In July 2020, DIC acquired 1.4% of PBC capital stock in consideration for NIS 18. DIC notes repurchase plan On August 20, 2020, DIC’s Board of Directors approved the extension of its notes repurchase plan (Series F and J) until December 31, 2020 up to NIS 300. Repurchases shall be made on the basis of market opportunities and the scope thereof shall be determined by the management. IDBD financing agreement On August 30, 2019, the Company's Board of Directors approved the signing of a commitment with Dolphin, to make capital contributions for up to the amount of NIS 210, according to the schedule of commitments assumed by Dolphin between September 2019 and September 2021 with IDBD. Dolphin undertook to make contributions to IDBD subject to the occurrence of certain events in accordance with the following scheme: (i) NIS 70 to be contributed immediately; (ii) NIS 70 to be contributed until September 2, 2020 and (iii) NIS 70 to be contributed until September 2, 2021. According to Dolphin's agreement with IDBD, said contributions will have the character of capital contributions resulting in the issuance of new IDBD shares in favor of the parent company or may be granted in the form of a subordinated loan. On September 7, 2020, the Company communicated that, with respect to the capital contributions committed for September 2, 2020 and 2021, it considers that there are doubts regarding the fullfilment of the pre-conditions established for making such contributions. Accordingly, it has resolved not to make the contribution corresponding to 2020. Shareholders’ Meeting On October 26, 2020, the Shareholders’ Meeting has resolved to distribute the amount of ARS 484,000,000 (four hundred and eighty four million Argentine pesos), as dividends payable in shares of IRSA Propiedades Comerciales S.A., a Company’s subsidiary, to the shareholders ratably according to their shareholding interests. Exchange Offer- Issuance of Series VIII and IX Notes As a consequence of the new restrictions on access to the Foreign Exchange Market, IRSA launched an exchange offer on its Series I Notes due on November 15, 2020 (the “Existing Notes”). The abovementioned restrictions to obtain United States dollars established under Communication “A” 7,106 apply for the purchase of foreign currency intended for repayment of principal maturing between October 15, 2020 and March 31, 2021 in respect of the issuance of foreign currency-denominated debt securities registered with official registries in Argentina by private sector clients or the entities themselves. For such purposes, all Eligible Holders (the “Eligible Holders”) were invited by IRSA to Exchange the Existing Notes, Series I Notes. On October 22, 2020, IRSA announced Notes to be issued in exchange for the Existing Notes, Series I Notes, or through the Cash Subscription (the “Cash Subscription”), as applicable, pursuant to the terms and methods for the exchange of the Existing Notes. The exchange offer consisted on the following two options for the bondholders terms: (i) A repayment of principal amount of Existing Notes tendered for Exchange, in cash in United States Dollars, in an amount resulting from dividing USD 72,607,482.80 by the total number of Existing Notes tendered in Exchange for the Series VIII, always provided such quotient is less than or equal to USD 1 whereas if such quotient is higher than USD 1 the consideration shall be equal to USD 1 (“ Principal Repayment (ii) A par for par exchange of notes Series IX for each Existing Notes presented to the Exchange. Series IX Notes to be issued at a nominal fixed interest rate of 10% per annum, maturing on March 1, 2023, denominated and payable in a principal amount up to USD 108,911,224, that may be increased up to the Maximum Aggregate Principal Amount (the “Maximum Aggregate Principal Amount”), to be paid in kind by tendering for exchange the Existing Notes, or by Subscription in Cash. For both options Moreover, the Company offers an early exchange consideration equivalent to USD 0.02 per each USD 1 of Existing Notes tendered and accepted in exchange for Series IX Notes prior to the deadline to receive the consideration for early acceptance (the “Early Exchange Consideration”). Such consideration shall be paid in Pesos on the Date of Issue and Settlement as per the exchange rate reported by Communication “A” 3500 of the Central Bank of Argentina on the business day next preceding the Exchange Expiration Date. For the purposes of receiving the Early Exchange Consideration, the Eligible Holders shall tender the Existing Notes in their possession on or before the Deadline to Receive the Early Exchange Consideration. On November 2, 2020, the Company, announced the results of the Early Bird of Series IX Notes. As of October 30, 2020, deadline for accessing the Early Bird, exchange orders have been submitted for a total amount equivalent to USD 70,971,181 for Series IX Notes. All existing notes presented on or before the above mentioned deadline have been accepted by the Company and will be eligible to receive the consideration on the Issue and Settlement Date. As timely announced, the Exchange Offer would expire on November 5, 2020, unless it is extended by the Company. Finally, on November 6, 2020, the Company decided to extend the Exchange Offer, to November 10, 2020. This extension does not imply a modification to the economic terms of the Exchange Offer. On November 11, 2020, IRSA reported the results of the Exchange Offer. Eligible holders have been presented for a total amount equivalent (for both Classes) to USD 178,458,188, representing 98.31% of the face value of the Existing Notes in Circulation, through the participation of 6,571 orders. SERIES VIII Notes issuance: The Face Value of Existing Notes presented and accepted for the Exchange totaled USD 104,287,243 and the Nominal Value of Series VIII Notes to be issued was USD 31,679,760. The maturity date will be November 12, 2023. According to the terms and subject to the conditions established in the Prospectus Supplement, Eligible Holders whose existing notes have been accepted for the Exchange by the Company, will receive for every USD 1 of Existing Notes submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following: a. USD 0.69622593 in cash for each USD 1 of Existing Notes presented to the Exchange; and b. The remaining amount until completing 1 USD for each 1 USD of Existing Notes presented to the Exchange, in Notes Series VIII. SERIES IX Notes Issuance: Face Value of Existing Notes presented and accepted for the Exchange totaled USD 74,170,945 and the Nominal Value of Series IX Notes to be issued (together with the Face Value to be issued as a result of the cash subscription) is USD 80,676,505. The maturity date will be March 1, 2023. Modifications to the Terms of the Existing Notes: Pursuant to the terms and conditions specified on the pricing supplement of the Existing Notes, and considering that consent has been obtained for an amount greater than 90% of the principal of the Existing Notes, the Company made the Non-Essential Proposed Modifications and / or the Essential Proposed Modifications, by means of which the terms and conditions of the existing notes will be modified and replaced. Consequently, by virtue of the implementation of the Proposed Non-Essential Modifications, the entire section of "Certain Commitments" and "Events of Default" was eliminated from the terms and conditions set forth in the prospectus supplements dated May 2, 2019 and dated July 25, 2019 corresponding to the Existing Notes. Additionally, pursuant to the implementation of the Proposed Essential Modifications, the following terms and conditions of the Existing Notes were modified and replaced: - Expiration Date: It will be March 1, 2023. - Interest Payment Dates: will be the same dates reported for Class IX in the Notice of Results. The terms and conditions of the Series I Notes are not modified by the Proposed Essential Modifications and the Proposed Non-Essential Modifications will maintain their full validity. The implementation of the Proposed Essential Modifications and the Proposed Non-Essential Modifications have been approved by the Company's Board of Directors, dated November 11, 2020. For more information, see "Proposed Modifications to Existing Notes" of the Prospectus and Exchange Supplement. Series I Cancellation: In relation to the Exchange Offer ended on November 10, 2020, and as a result of the settlement of said Exchange, on November 12, 2020, the Company made a partial cancelation for a Nominal Value of USD 178,458,188 of Series I Notes, after the cancellation the Nominal Value under circulation will be USD 3,060,519. Corporate Information: IDBD IDBD has been maintaining negotiations with creditors in order to restructure its financial debt in favorable terms. As of June 30, 2020, the total balance of (i) IDBD's Series 9 Bonds was NIS 901 million (the “Series 9”), (ii) IDBD’s Series 14 Bonds were NIS 889 million guaranteed by IDBD’s 70% of DIC’s shares (the "Series 14"), (iii) IDBD's Series 15 Bonds were NIS 238 million guaranteed by 5% of Clal’s shares (the "Series 15"). Due to lack of agreement, on September 17, 2020, a petition was submitted in the District Court in Tel-Aviv-Jaffa (“The Court”) on the subject of granting of an order for the opening of proceedings by the Trustee for the holders of the Company’s Bonds (Series 9) (“The petition”). Within the framework of the petition, the Court was requested to grant an order for the opening of proceedings for the Company pursuant to Section 18 of the Insolvency and Economic Rehabilitation Law, 5778 – 2018 (“The Law”); to instruct the appointment of a trustee for the Company according to law. On September 21, 2020, the holders of the bonds (Series 14) of IDB Development approved making the entire uncleared balance of IDB Development's bonds (Series 14) repayable immediately. On September 22, 2020, the Company submitted its initial response to the Petition in the Court, in which it argues that it is in the best interest of the company and all its creditors to exhaust the negotiations with the controlling shareholder and its creditors during a short period in order to try and maximize the value of its assets, for the benefit of the creditors and the company, and avoid costs and additional harmful consequences. In addition, the response of Dolphin Netherlands B.V. (the controlling shareholder of the Company) was also submitted, as were responses by the Trustees for the bondholders (Series 15 and Series 14) of the Company to the Petition. It should be mentioned that in tandem to his response, the Trustee of bondholders (Series 14) of the company submitted petitions for the enforcement of a lien and for the appointment of a receiver as well as an urgent petition for the setting of a hearing on the said petitions for a receivership, together with the hearing on the petition, which was set for September 24, 2020. On September 25, 2020, the Court declared the insolvency and liquidation of IDBD and initiated liquidation proceedings. The Court appointed a trustee for the shares of IDBD and a custodian for the shares of DIC and Clal. We are analyzing together with our local and international advisors the decision, including alternatives and courses of action. Boston Tower floor´s sale by IRSA CP On November 5, 2020, IRSA CP has sold and transferred 4 floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,892 sqm and 15 garage units located in the building. The transaction price was approximately USD 22.9 million (USD/sqm 5,570), which was paid in full. After this operation, IRSA CP owns 3 floors with an approximate location area of 3,266 m2 in addition to garage units and other complementary spaces. On November 12, 2020, IRSA CP has sold and transferred three floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,266 sqm, a retail store of approximately 225 sqm and 15 garage units located in the building. The transaction price was approximately USD 19.1 million (USD/sqm 5,490), which was paid in full. After this operation, IRSA CP has no remaining leasable area in the building, only keeping a space of the first basement. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of preparation of the Consolidated Financial Statement | 2.1. Basis of preparation of the Consolidated Financial Statement (a) Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS issued by IASB and interpretations issued by the IFRIC. All IFRS applicable as of the date of these Consolidated Financial Statements have been applied. IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated in the non-monetary items. This requirement also includes the comparative information of the financial statements. In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018. In addition, Law No. 27,468 (published in the Official Gazette on December 4, 2018), amended Section 10 of Law No. 23,928, as amended, and established that the derogation of all the laws or regulations imposing or authorizing price indexation, monetary restatement, cost variation or any other method for strengthening debts, taxes, prices or rates of goods, works or services, does not extend to financial statements, as to which the provisions of Section 62 of the General Companies Law No. 19,550 (1984 revision), as amended, shall continue to apply. Moreover, the referred law repealed Decree No. 1269/2002 dated July 16, 2002, as amended, and delegated to the Argentine Executive Branch the power to establish, through its controlling agencies, the effective date of the referred provisions in connection with the financial statements filed with it. Therefore, under General Resolution 777/2018 (published in the Official Gazette on December 28, 2018) the Argentine Securities Commission (CNV) ordered that issuers subject to its supervision shall apply the inflation adjustment to reflect the financial statements in terms of the measuring unit current at the end of the reporting period set forth in IAS 29 in their annual, interim and special financial statements closed on or after December 31, 2018. Thus, these financial statements have been reported in terms of the measuring unit current as of June 30, 2020 accordingly to IAS 29. Pursuant to IAS 29, the financial statements of an entity whose functional currency is that of a high inflationary economy should be reported in terms of the measuring unit current as of the reporting date of the financial statements. All the amounts included in the statement of financial position which are not stated in terms of the measuring unit current as of the date of the financial statements should be restated applying the general price index. All items in the statement of income should be stated in terms of the measuring unit current as of the date of the financial statements, applying the changes in the general price index occurred from the date on which the revenues and expenses were originally recognized in the financial statements. Adjustment for inflation in the initial balances has been calculated considering the indexes reported by the FACPCE based on the price indexes published by the Argentine Institute of Statistics and Census (INDEC). The principal inflation adjustment procedures are the following: ● Monetary assets and liabilities that are already recorded at the measuring unitas of the balance sheet's closing date are not restated because they are already stated in terms of the mesuring unit current as of the date of the financial statements. ● Non-monetary assets, and liabilities recorded at cost as of the balance sheet date and equity component are restated by applying the relevant adjustment coefficients. ● All items in the statement of income are restated applying the relevant conversion factors. ● The effect of inflation in the Company's net monetary position is included in the statement of income and other comprehensive income/(loss) under Financial results, net, in the item "Inflation adjustment". ● Comparative figures have been adjusted for inflation following the procedure explained in the previous paragraphs. Upon initially applying inflation adjustment, the equity accounts were restated as follows: ● Capital was restated as from the date of subscription or the date of the most recent inflation adjustment for accounting purposes, whichever is later. The resulting amount was included in the "Comprehensive Inflation adjustment of share capital and treasury shares adjustment" account. ● Translation difference was restated in current terms. ● Other comprehensive income / (loss) was restated as from each accounting allocation. ● The other reserves in the statement of income were restated from the initial application date, i.e., June 30, 2016. In relation to the inflation index to be used and in accordance with the FACPCE Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering for the months of November and December 2015 the average variation of Consumer Price indices (CPI) of the Autonomous City of Buenos Aires, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) will be considered. The tables below show the evolution of these indices in the last two fiscal years and as of June 30, 2020according to official statistics (INDEC) following the guidelines described in Resolution 539/18. Annual price variation June 30, 2018 June 30, 2019 June 30, 2020 Cumulative as of June 30, 2020 (3 years) 29 % 56 % 43 % 128 % As a consequence of the aforementioned, these financial statements as of June 30, 2020 were restated in accordance with IAS 29. IDBD and DIC report their quarterly and annual results following the Israeli regulations, whose legal deadlines are after the deadlines in Argentina and since IDBD and DIC fiscal years end differently from IRSA, the results of operations from IDBD and DIC are consolidated with a lag of three months and adjusted for the effects of significant transactions taking place in such period. For these reasons, it is possible to obtain the quarterly results of IDBD and DIC in time so that they can be consolidated by IRSA and reported to the CNV in its consolidated financial statements within the legal deadlines set in Argentina. This way, the Group's consolidated comprehensive income for the year ended June 30, 2020 includes the results of IDBD´s and DIC´s transactions for the 12-month period from April 1, 2019 to March 31, ,2020 adjusted for the significant transactions that occurred between April 1, 2020 and June 30, 2020. (b) Current and non-current classification The Group presents current and non-current assets, and current and non-current liabilities, as separate classifications in its Statement of Financial Position according to the operating cycle of each activity. Current assets and current liabilities include the assets and liabilities that are either realized or settled within 12 months from the end of the fiscal year. All other assets and liabilities are classified as non-current. Current and deferred tax assets and liabilities (income tax liabilities) are presented separately from each other and from other assets and liabilities, classified as current and non-current, respectively. (c) Presentation currency The Consolidated Financial Statements are presented in millions of Argentine Pesos. Unless otherwise stated or the context otherwise requires, references to 'Peso amounts' or 'Ps.', are millions of Argentine Pesos, references to 'US$' or 'US Dollars' are millions of US Dollars and references to "NIS" are millions of New Israeli Shekel. As of June 30, 2020 and 2019, the exchange rate between the Argentine Peso and the NIS was Ps. 20.34 and Ps. 11.93 per NIS respectively. (d) Fiscal year-end The fiscal year begins on July 1st and ends on June 30 of each year. (e) Accounting criteria See Notes 2.2 to 2.28 with the accounting policies of each item. (f) Reporting cash flows The Group reports operating activities cash flows using the indirect method. Interest paid is presented within financing activities. Interest received for financing of operating activities is presented within operating activities whereas the rest is presented within investing activities. The acquisitions and disposals of investment properties are disclosed within investing activities as this most appropriately reflects the Group's business activities. Cash flows in respect to trading properties are disclosed within operating activities because these items are sold in the ordinary course of business. (g) Use of estimates The preparation of Financial Statements at a certain date requires the Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group's accounting policies and the major estimations and significant judgments are described in Note 3. |
New accounting standards | 2.2. New accounting standards The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application. Standards and amendments adopted by the Group Standards and amendment Description Date of mandatory adoption for the Group in the year ended on IFRS 16 "Leases". Lessees are required to account for all leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17, including two exceptions for the recognition of leases; low-cost asset leases and short-term leases. Accounting by the lessor has no significant changes. 06-30- 2020 Amendment to IAS 28 "Investment in associates and joint ventures" Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture. 06-30- 2020 Definition of Material - Amendments to IAS 1 and IAS 8 The IASB has made modifications to IAS 1 "Presentation of Financial Statements" and IAS 8"Accounting policies, changes in accounting estimates and errors" and which requires that the assessment of materiality be consistent for the application of IFRS. 06-30-2020 Defining a business - Amendments to IFRS 3 The new business definition requires that a business combination contribute significantly to creating products or services. 06-30-2020 Amendments to IAS 19- Plan amendment, curtailment or settlement. Clarifies the accounting for defined benefit plan amendments, curtailments or settlements. The amendments require an entity to: (i) determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement, using updated assumptions at the time of the amendment; (ii) recognize any reduction in a surplus immediately in gains or losses, as part of past service cost or a gain or loss on settlement. In other words, any surplus reduction must be recognized, even if that surplus was not previously recognized because of the impact of the asset ceiling; and (iii) separately recognize any change in the asset ceiling through other comprehensive income. 06-30-2019 The adoption of these standards and amendments has not had a material impact for the Group. Except for the following: IFRS 16: Leases The standard establishes the criteria for recognition and valuation of leases for lessees and lessors. The changes incorporated mainly impact the tenant's accounting. IFRS 16 provides that the lessee recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. In accordance with the standard, a lease agreement is one that provides the right to control the use of an identified asset for a specific period. In order for a company to have control over the use of an identified asset: a) it must have the right to obtain substantially all the economic benefits of the identified asset and b) it must have the right to direct the use of the identified asset. The standard allows excluding the short-term contracts (under 12 months) and those in which the underlying asset has low value, such option has been adopted by the Group. Likewise, the Group has opted to recognize as consideration for the right of use, the amount of Ps. 14,547 as lease liabilities. The commitments under operating leases reported in our consolidated financial statements as of June 30, 2019, amounted to Ps. 16,145 (such difference mainly corresponds to the effect of the discount from future payments and the excluded short-term contracts). Modification to IAS 28 "Investment in associates and joint ventures" In accordance with the amendment to IAS 28, an entity shall implement the provisions of IFRS 9 to Long-term Investments that are essentially part of the entity's net investment in the associate or in the joint venture according to the definitions of said standard. The provisions of IFRS 9 shall apply to such investments with respect to the participation in the losses of an associate or a joint venture, as well as with respect to the recognition of the impairment of an investment in an associate or joint venture. In addition, when applying IFRS 9 to such long-term investments, the entity will make it prior to the adjustments made to the carrying amount of the investment in accordance with IAS 28. The Group opted for an accounting policy where the currency translation adjustments arising from these loans are recorded as part of other comprehensive income. The effect on retained earnings as of July 1, 2019 arising from the initial adoption of IFRS 16 and IAS 28 is as follows: 07.01.2019 Implamentation of NIIF 16 Implementation of IAS 28 Total ASSETS Non- Current Assets Investment properties 426 - 426 Right-of-use assets 14,124 - 14,124 Investments in associates and joint ventures - (1,979 ) (1,979 ) Trade and other receivables 81 - 81 Total Non-Current Assets 14,631 (1,979 ) 12,652 Current assets - - - Income tax and MPIT credit 17 - 17 Trade and other receivables (170 ) - (170 ) Group of assets held for sale 3,121 - 3,121 Total current assets 2,968 - 2,968 TOTAL ASSETS 17,599 (1,979 ) 15,620 SHAREHOLDERS' EQUITY - - - Capital and reserves attributable to equity holders of the parent - - - Retained earnings (187 ) (1,119 ) (1,306 ) Total capital and reserves attributable to equity holders of the parent (187 ) (1,119 ) (1,306 ) Non-controlling interest - (860 ) (860 ) TOTAL SHAREHOLDERS' EQUITY (187 ) (1,979 ) (2,166 ) LIABILITIES - - - Non-Current Liabilities - - - Lease liabilities 10,622 - 10,622 Total Non-Current Liabilities 10,622 - 10,622 Current Liabilities - - - Lease liabilities 3,925 - 3,925 Trade and other payables (89 ) - (89 ) Group of liabilities held for sale 3,328 - 3,328 Total Current Liabilities 7,164 - 7,164 TOTAL LIABILITIES 17,786 - 17,786 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 17,599 (1,979 ) 15,620 Standards and amendments not yet adopted by the Group: Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Covid-19- related lease concessions – Amendments to IFRS 16 As a result of the COVID-19 pandemic, lessees have been granted lease concessions. Such concessions may take a variety of forms, including forgiveness or deferral of rental payments. In May 2020, the IASB amended IFRS 16 – Leases, whereby lessees are permitted to account for the rent concessions as if they were not lease modifications. In several cases, this will result in such concessions being accounted for as variable rent payments within Within the period in which they are granted. 06-30- 2021 Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Amendment to IAS 16 – Property, Plant and Equipment (PP&E) prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. It also specifies that an entity is "testing whether an item of PPE is functioning properly" when it assesses its technical and physical performance. The financial performance of the asset is not relevant for such assessment. 06-30- 2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Some minor amendments were made to IFRS 3 Business combinations to update references to the Conceptual Framework for financial information and add an exception to the recognition principles for liabilities and contingent liabilities within the scope of IAS 37, Provisions, Contingent liabilities and contingent assets and interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized on the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were issued in May 2020: IFRS 9 Financial instruments. The amendment clarifies which fees an entity includes when it applies the '10 per cent' test in assessing whether to derecognize a financial liability. IFRS 16 Leases. The amendment to Illustrative Example 13 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise. IFRS 1 First-time adoption of International Financial Reporting Standards: Entities that have measured their assets and liabilities at the carrying amounts in their parents´ books are also allowed to measure cumulative translation differences using the amounts reported by their parents. This amendment will also apply to associated and joint ventures that have also taken the IFRS 1 exemption. IAS 41: This amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value pursuant to IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 The future adoption of these standards and amendments will not have a significant impact on the Group. At the date of issuance of these consolidated financial statements, there are no other standards or modifications issued by the IASB that are not yet effective and are expected to have a significant effect on the Group. |
Scope of consolidation | 2.3. Scope of consolidation (a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group also analyzes whether there is control when it does not hold more than 50% of the voting rights of an entity, but does have capacity to define its relevant activities because of de-facto control. The Group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquirer's net assets. The Group chooses the method to be used on a case-by-case 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 main ones are listed below: % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2020 06.30.2019 06.30.2018 IRSA's direct interest: IRSA CP (1) Argentina Real estate 80.65 % 83.80 % 86.34 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 80.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % U.T. IRSA y Galerias Pacifico (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP's direct interest: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.92 % Torodur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % EHSA Argentina Investment 70.00 % 70.00 % 70.00 % Centro de Entretenimiento La Plata Argentina Real estate 100.00 % 100.00 % 100.00 % Pareto S.A. Argentina design and software development 69.69 % 69.69 % - La Malteria Argentina Real estate - 100.00 % - Tyrus S.A.'s direct interest: DFL and DN BV Bermuda's / Netherlands Investment 97.04 % 96.46 % 91.57 % I Madison LLC USA Investment - - - IRSA Development LP USA Investment - - - IRSA International LLC USA Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermuda's Investment - 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) Bermuda's Investment 100.00 % 100.00 % 100.00 % DFL's and DN BV's direct interest: IDB Development Corporation Ltd. Israel Investment 100.00 % 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL's direct interest: Discount Investment Corporation Ltd. (4) Israel Investment 83.72 % 83.77 % 76.57 % 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 72.40 % 68.80 % 64.40 % Cellcom Israel Ltd. (5) Israel Telecommunications 46.20 % 44.10 % 43.14 % Elron Electronic Industries Ltd. Israel Investment 61.06 % 61.06 % 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 % Mehadrin Ltd (8) Israel Agricultural 43.75 % - - PBC's direct interest: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - 51.70 % 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate 50.10 % 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % PBC USA Investments Inc USA Real estate 100.00 % 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A.. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus' equity interest. (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (48.5%) vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Control was lost in September 2019. See Note 4.C. (7) Includes Tyrus' and IRSA S.A.'s equity interests. (8) DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-à-vis other shareholders that are highly atomized. Except for the aforementioned items the percentage of votes does not differ from the stake. The Group takes into account both quantitative and qualitative aspects in order to determine which non-controlling interests in subsidiaries are considered significant. (b) Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – i.e., as transactions with the owners in their capacity as owners. The recorded value corresponds to the difference between the fair value of the consideration paid and/or received and the relevant share acquired and/or transferred of the carrying value of the net assets of the subsidiary. (c) Disposal of subsidiaries with loss of control When the Group ceases to have control any retained interest in the entity is re-measured at its fair value at the date when control is lost, with changes in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. (d) Associates Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, except as otherwise indicated as explained below. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor's share of the profit or loss of the investee after the date of acquisition. The Group's investment in associates includes goodwill identified on acquisition. As of each year-end or upon the existence of evidence of impairment, a determination is made as to whether there is any objective indication of impairment in the value of the investments in associates. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the Associates and its carrying value and recognizes the amount adjacent to "Share of profit / (loss) of associates and joint ventures " in the Statement of Income and Other Comprehensive Income. Profit and losses resulting from transactions between the Group and the associate are recognized in the Group's financial statements only to the extent of the interests in the associates of the unrelated investor. Unrealized losses are eliminated unless the transaction reflects signs of impairment of the value of the asset transferred. The accounting policies of associates are modified to ensure uniformity within Group policies. Note 8 includes summary financial information and other information of the Group's associates. The Group takes into account quantitative and qualitative aspects to determine which investments in associates are considered significant. (e) Joint arrangements Joint arrangements are arrangements of which the Group and other party or parties have joint control bound by a contractual arrangement. Under IFRS 11, investments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Investments in joint ventures are accounted for under the equity method. 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 other financial income, as appropriate, unless they have been capitalized. (c) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets, liabilities and goodwill for each Statement of Financial Position presented are translated at the closing rate at the date of that financial position; (ii) income and expenses for each Statement of Comprehensive Income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and (iii) all resulting exchange differences are recognized in the Statement of Comprehensive Income. The accounting policy of the Group consists in accounting for the translation difference of its subsidiaries by the "step-by-step" method according to IAS 21 |
Investment properties | 2.1. 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 condition to start operating. Direct expenses related to lease contract negotiation (such as payment to third parties for services rendered and certain specific taxes related to execution of such contracts) are capitalized as part of the book value of the relevant investment properties and amortized over the term of the lease. Borrowing costs associated with properties under development or undergoing major refurbishment are capitalized. The finance cost capitalized is calculated using the Group's weighted average cost of borrowings after adjusting for borrowings associated with specific developments. Where borrowings are associated with specific developments, the amount capitalized is the gross interest incurred on those borrowings less any investment income arising on their temporary investment. Finance cost is capitalized from the commencement of the development work until the date of practical completion. Capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Finance cost is also capitalized on the purchase cost of land or property acquired specifically for redevelopment in the short term but only where activities necessary to prepare the asset for redevelopment are in progress. After initial recognition, investment property is carried at fair value. Investment property that is being redeveloped for continuing use as investment property or for which the market has become less active continues to be measured at fair value. Investment properties under construction are measured at fair value if the fair value is considered to be reliably determinable. On the other hand, properties under construction for which the fair value cannot be determined reliably, but for which the Group expects it to be determinable when construction is completed, are measured at cost less impairment until the fair value becomes reliably determinable or construction is completed, whichever is earlier. Fair values are determined differently depending on the type of property being measured. Generally, 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 or (loss) from fair value adjustment of investment properties". Asset transfers, including assets classified as investments properties which are reclassified under other items or vice-versa, may only be carried out when there is a change of use evidenced by: a) commencement of occupation of real property by the Group, where investment property is transferred to property, plant and equipment; b) commencement of development activities for sale purposes, where investment property is transferred to property for sale; c) the end of Group occupation, where it is transferred from property, plant and equipment to investment properties; or d) commencement of an operating lease transaction with a third party, where properties for sale are transferred to investment property. The value of the transfer is the one that the property had at the time of the transfer and subsequently is valued in accordance with the accounting policy related to the item. The Group may sell its investment property when it considers that such property no longer forms part of the lease business. The carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the Statement of Income and other comprehensive income in the line "Net gain from fair value adjustments of investment properties". Investment properties are derecognized when they are disposed of or when they are permanently withdrawn from use and no future economic benefits are expected to arise from their disposals. The disposal of properties is recognized when the significant risks and rewards have been transferred to the buyer. As for unconditional agreements, proceeds are accounted for when title to property passes to the buyer and the buyer intends to make the respective payment. In the case of conditional agreements, disposal are accounted for when the conditions the agreements is subject to has been met.. Where consideration receivable for the sale of the properties is deferred, it is discounted to present value. The difference between the discounted amount and the amount receivable is treated as interest income and recognized over the period using the effective interest method. Direct expenses related to the sale are recognized in the line "Other operating results, net" in the Statement of Income at the time they are incurred. |
Property, plant and equipment | 2.7. Property, plant and equipment This category primarily comprises, buildings or portions of a building used for administrative purposes, machines, computers, and other equipment, motor vehicles, furniture, fixtures and fittings and improvements to the Group's corporate offices. The Group has also several hotel properties. Based on the respective contractual arrangements with hotel managers and / or given their direct operators nature, the Group considers it retains significant exposure to the variations in the cash flows of the hotel operations, and accordingly, hotels are treated as owner-occupied properties and classified under "Property, plant and equipment". All property, plant and equipment ("PPE") is stated at acquisition cost less accumulated depreciation and impairment, if any. The acquisition cost includes expenditures which are directly attributable to the acquisition of the items. For properties under development, capitalization of costs includes not only financial costs, but also all costs directly attributable to works in process, from commencement of construction until it is completed and the property is in conditions to start operating. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Such costs may include the cost of improvements and replacement of parts as they meet the conditions to be capitalized. The carrying amount of those parts that are replaced is derecognized. Repairs and maintenance are charged as incurred in the Statement of Income. Depreciation, based on a component approach, is calculated using the straight-line method to allocate the cost over the assets' estimated useful lives. The remaining useful life as of June 30, 2020 is as follows: Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years As of each fiscal year-end, an evaluation is performed to determine the existence of indicators of any decrease in recoverable value or useful life of assets. If there are any indicators, the recoverable amount and/or residual useful life of impaired asset(s) is estimated, and an impairment adjustment is made, if applicable. As of each fiscal year-end, the residual useful life of assets is estimated and adjusted, if necessary. The book amount of an asset is reduced to its recoverable value if the book value 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 recorded pursuant to IFRS 16. The Group recognizes an asset for the right of use and a liability at present value with respect to those contracts that meet the definition of lease agreements according to IFRS 16. For the prior periods' leases were classified at their inception as either operating or finance leases based on the economic substance of the agreement. A Group company is the lessor: Properties leased out to tenants under operating leases are included in "Investment Properties" in the Statement of Financial Position. See Note 2.25 for the recognition of rental income. A Group company is the lessee: The Group acquires certain specific assets (especially machinery, computer equipment and real property exploitation concessions) under leases pursuant to IFRS 16. Assets so acquired are recorded as an asset at the present value of the minimum future lease payments. Capitalized lease assets are depreciated over the shorter of the estimated useful life of the assets and the lease term. The finance charges are charged over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Leases falling within the IFRS 16 exemption, where the Group acts as lessee are charged to results at the time they accrue. They mainly include contracts for less than one year and/or for non-material items. |
Intangible assets | 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 material impairment was recorded as a result of the analysis performed. (Note 12) (b) Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over their estimated useful lives of three years. Costs associated with maintaining computer software programs are recognized as an expense as incurred. (c) Branding and client relationships This relates to the fair value of brands and client relationships arising at the time of the business combination with IDBD. They are subsequently valued at cost, less the accumulated amortization or impairment. Client relationships have an average twelve-year useful life, while one of the brands have an indefinite useful life and the other ten-year useful life. (d) Right to receive future units under barter agreements The Group also enters into barter transactions where it normally exchanges undeveloped parcels of land with third-party developers for future property to be constructed on the bartered land. The Group generally receives monetary assets as part of the transactions and/or a right to receive future units to be constructed by developers. Such rights are initially recognized at cost (which is the fair value of the land assigned) and are not adjusted later, unless there is any sign of impairment. At each year-end, the Group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any of such signs exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. For intangible assets with indefinite useful lives, the Group annually reviews the existence of an impairment, or more frequently if signs of impairment are identified. |
Trading properties | 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, agricultural products, supplies or other assets held for consumption in the process of producing sales and/or services. Inventories are measured at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less selling expenses. It is determined on an ongoing basis, taking into account the product type and aging, based on the accumulated prior experience with the useful life of the product. The Group periodically reviews the inventory and its aging and books an allowance for impairment, as necessary. The cost of consumable supplies, materials and other assets is determined using the weighted average cost method, the cost of inventories of mobile phones, related accessories and spare parts is priced under the moving average method, and the cost of the remaining inventories is priced under the first in, first out (FIFO) method. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Inventories and materials are initially recognized at cash price, and the difference being charged as finance cost. |
Financial instruments | 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 the expected losses for impairment of a financial asset or group of financial assets measured at amortized cost. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event (or events) can be reliably estimated. The amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. Financial assets and liabilities are offset, and the net amount reported in the statement of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Derivative financial instruments and hedging activities and options | 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. |
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 based on the expected loss of the receivables portfolio. Indicators of doubtful accounts include significant financial distress of the debtor, the debtor potentially filing a petition for reorganization or bankruptcy, or any event of default or past due account. In the case of larger non-homogeneous receivables, the impairment provision is calculated on an individual basis. The Group collectively evaluates smaller-balance homogeneous receivables for impairment. For that purpose, they are grouped on the basis of similar risk characteristics, and account asset type, collateral type, past-due status and other relevant factors are taken into account. The amount of the allowance is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the asset is reduced through the use of a separate account, and the amount of the loss is recognized in the Statements of Income within "Selling expenses". Subsequent recoveries of amounts previously written off are credited against "Selling expenses" in the Statements of Income. |
Other assets | 2.16. Other assets Other assets are recognized initially at cost and subsequently measured at the acquisition cost or the net realizable value, the lower. |
Trade and other payables | 2.17. 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. |
Provisions | 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 cash flows expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized in the Statements of Income. |
Irrevocable right of use of the capacity of underwater communication lines | 2.20. 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 | 2.21. 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. (a) 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. (b) 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 | 2.22. Current income tax, deferred income tax and minimum presumed income tax Tax expense for the year comprises the charge for tax currently payable and deferred income. Income tax is recognized in the statements of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax expense is calculated on the basis of the tax laws enacted or substantially enacted at the date of the Statements of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the deferred tax liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the date of the Statements of Financial Position and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The Group is able to control the timing of dividends from its subsidiaries and hence does not expect taxable profit. Hence, deferred tax is recognized in respect of the retained earnings of overseas subsidiaries only if at the date of the Statements of Financial Position, dividends have been accrued as receivable a binding agreement to distribute past earnings in future has been entered into by the subsidiary or there are sale plans in the foreseeable future. Entities in Argentina are subject to the Minimum Presumed Income Tax ("MPIT"). Pursuant to this tax regime, an entity is required to pay the greater of the income tax or the MPIT. The MPIT provision is calculated on an individual entity basis at the statutory asset tax rate of 1% and is based upon the taxable assets of each company as of the end of the year, as defined by Argentine law. Any excess of the MPIT over the income tax may be carried forward and recognized as a tax credit against future income taxes payable over a 10-year period. When the Group assesses that it is probable that it will use the MPIT payment against future taxable income tax charges within the applicable 10-year period, recognizes the MPIT as a current or non-current receivable, as applicable, within "Trade and other receivables" in the Statements of Financial Position. The minimum presumed income tax was repealed by Law N ° 27,260 in its article 76 for the periods that begin as of January 1,2020. Regarding the above mentioned, considering Instruction No. 2 of the Federal Administration of Public Revenues (AFIP), it is not appropriate to record the provision of the above mention tax, in the event that accounting and tax losses occur. |
Cash and cash equivalents | 2.23. 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 | 2.24. Revenue recognition The group identifies contracts with customers and evaluates the goods and services committed therein to determine performance obligations and their classification between performance obligations that are satisfied at a given time or over time. Revenue from satisfaction of performance obligations at a given time is recognized when the client obtains control of the committed asset or service considering whether there is a right to collection, if the client has the physical possession, if the client has the legal right and if they have the transferred the risks and benefits. Additionally and in accordance with IFRS 15, the Group recognizes revenues over time from the sales of real estate developments in which there is no alternative use for the asset and the Group has the right to demand payment of the contract. When these conditions are not met, the income is recognized at the time of delivery or deed. Revenue from satisfaction of performance obligations over time for real estate developments is recognized by measuring progress towards compliance with the obligation when it can be measured reliably. For this measurement, the Group uses the resourced method, that is, the effort consumed by the entity and determines the percentage of progress based on the estimate of the total development costs. The Group's revenue is recognized at the probable value of the consideration to which it will be entitled in exchange for transferring the products or services to the customer which is not expected to suffer significant changes. ● 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 communication services and sale of communication equipment Revenue derived from the use of communication networks by the Group, including mobile phones, Internet services, international calls, fixed line calls, interconnection rates, roaming service rates and television, are recognized when the service is provided, proportionally to the extent the transaction has been realized, and provided all other criteria have been met for revenue recognition. Revenue from the sale of mobile phone cards is initially recognized as deferred revenue and then recognized as revenue as they are used or upon expiration, whichever takes place earlier. A transaction involving the sale of equipment to a final user normally also involves a service sale transaction. In general, this type of sale is performed without a contractual obligation by the client to consume telephone services for a minimum amount over a predetermined period. As a result, the Group records the sale of equipment separately of the performance obligations and recognizes revenue pursuant to the transaction value upon delivery of the equipment to the client. Revenue from telephone services is recognized and accounted for as they are provided over time. When the client is bound to make a minimum consumption of services during a predefined period, the contract formalizes a transaction of several elements and, therefore, revenue from the sale of equipment is recorded at an amount that should not exceed its fair value, and is recognized upon delivery of the equipment to the client and provided the criteria for recognition are met. The Group ascertains the fair value of individual elements, based on the price at which it is normally sold, after taking into account the relevant discounts. Revenue derived from long-term contracts is recognized at the present value of future cash flows, discounted at market rates prevailing on the transaction date. Any difference between the original credit and its net present value is accounted for as interest income over the credit term. ● Revenue from agricultural products Revenue from agricultural products is recognized when the product is delivered and at the time all other criteria for revenue recognition have been met. ● Revenue from supermarkets Revenue from the sale of goods in the ordinary course of business is recognized at the fair value of the consideration collected or receivable, net of returns and discounts. When the credit term is short and financing is that typical in the industry, consideration is not discounted. When the credit term is longer than the industry's average, in accounting for the consideration, the Group discounts it to its net present value by using the client's risk premium or the market rate. The difference between the fair value and the nominal amount is accounted for under financial income. If discounts are granted and their amount can be measured reliably, the discount is recognized as a reduction of revenue. Revenues from supermarkets have been recognized in discontinued operations. See Note 4.d. |
Cost of sales | 2.25. Cost of sales The cost of sales, includes the acquisition costs and the operational and management costs for shopping malls held by the Group as part of its real estate investments. The Group's cost of sales in relation to the supply of communication services mainly includes the costs to purchase equipment, salaries and related expenses, service costs, royalties, ongoing license dues, interconnection and roaming expenses, cell tower lease costs, depreciation and amortization expenses and maintenance expenses directly related to the services provided. The cost of sales of supermarkets, includes the acquisition costs for the products less discounts granted by suppliers, as well as all expenses associated with storing and handling inventories and is classified as discontinued operations. |
Cost of borrowings and capitalization | 2.26. 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 | 2.27. 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 | 2.28. Comparability of information The balances as of June 30, 2019 and 2018 that are disclosed for comparative purposes were restated in accordance with IAS 29, see Note 2.1. Certain items from prior fiscal years have been reclassified for consistency purposes. See Note 4. d. for the loss of control of Shufersal and Note 4.c for the loss of control of Gay-Yam. During the years ended June 30, 2020, 2019 and 2018, the Argentine Peso suffered a decrease in its value compared to the US dollar and other currencies close to 66%, 45% and 73%, respectively, which has an impact on the comparability of the figures exposed in the financial statements, mainly due to the exposure to the exchange rate of our Income and costs of "offices" segment, and our assets and liabilities, nominated in foreign currency of the Argentine operations center, the aforementioned devaluation also had an effect on the total balances of the Israel operations center. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of evolution of these indices | Annual price variation June 30, 2018 June 30, 2019 June 30, 2020 Cumulative as of June 30, 2020 (3 years) 29 % 56 % 43 % 128 % |
Schedule of income and other comprehensive income | Standards and amendment Description Date of mandatory adoption for the Group in the year ended on IFRS 16 "Leases". Lessees are required to account for all leases under one single model in the balance sheet that is similar to the one used to account for financial leases under IAS 17, including two exceptions for the recognition of leases; low-cost asset leases and short-term leases. Accounting by the lessor has no significant changes. 06-30- 2020 Amendment to IAS 28 "Investment in associates and joint ventures" Requires the adoption of IFRS 9 regarding long-term investments that are essentially part of the net investment of an entity in an associate or joint venture. 06-30- 2020 Definition of Material - Amendments to IAS 1 and IAS 8 The IASB has made modifications to IAS 1 "Presentation of Financial Statements" and IAS 8"Accounting policies, changes in accounting estimates and errors" and which requires that the assessment of materiality be consistent for the application of IFRS. 06-30-2020 Defining a business - Amendments to IFRS 3 The new business definition requires that a business combination contribute significantly to creating products or services. 06-30-2020 Amendments to IAS 19- Plan amendment, curtailment or settlement. Clarifies the accounting for defined benefit plan amendments, curtailments or settlements. The amendments require an entity to: (i) determine current service cost and net interest for the remainder of the period after a plan amendment, curtailment or settlement, using updated assumptions at the time of the amendment; (ii) recognize any reduction in a surplus immediately in gains or losses, as part of past service cost or a gain or loss on settlement. In other words, any surplus reduction must be recognized, even if that surplus was not previously recognized because of the impact of the asset ceiling; and (iii) separately recognize any change in the asset ceiling through other comprehensive income. 06-30-2019 Standards and amendment Description Date of mandatory adoption for the Group in the year ended on Covid-19- related lease concessions – Amendments to IFRS 16 As a result of the COVID-19 pandemic, lessees have been granted lease concessions. Such concessions may take a variety of forms, including forgiveness or deferral of rental payments. In May 2020, the IASB amended IFRS 16 – Leases, whereby lessees are permitted to account for the rent concessions as if they were not lease modifications. In several cases, this will result in such concessions being accounted for as variable rent payments within Within the period in which they are granted. 06-30- 2021 Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS 16 Amendment to IAS 16 – Property, Plant and Equipment (PP&E) prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while the entity is preparing the asset for its intended use. It also specifies that an entity is "testing whether an item of PPE is functioning properly" when it assesses its technical and physical performance. The financial performance of the asset is not relevant for such assessment. 06-30- 2023 Reference to the Conceptual Framework – Amendments to IFRS 3 Some minor amendments were made to IFRS 3 Business combinations to update references to the Conceptual Framework for financial information and add an exception to the recognition principles for liabilities and contingent liabilities within the scope of IAS 37, Provisions, Contingent liabilities and contingent assets and interpretation 21 Levies. The amendments also confirm that contingent assets should not be recognized on the acquisition date. 06-30-2023 Annual Improvements to IFRS 2018-2020 The following improvements were issued in May 2020: IFRS 9 Financial instruments. The amendment clarifies which fees an entity includes when it applies the '10 per cent' test in assessing whether to derecognize a financial liability. IFRS 16 Leases. The amendment to Illustrative Example 13 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise. IFRS 1 First-time adoption of International Financial Reporting Standards: Entities that have measured their assets and liabilities at the carrying amounts in their parents´ books are also allowed to measure cumulative translation differences using the amounts reported by their parents. This amendment will also apply to associated and joint ventures that have also taken the IFRS 1 exemption. IAS 41: This amendment removes the requirement for entities to exclude taxation cash flows when measuring the fair value pursuant to IAS 41. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. 06-30-2023 |
Schedule of financial position | 07.01.2019 Implamentation of NIIF 16 Implementation of IAS 28 Total ASSETS Non- Current Assets Investment properties 426 - 426 Right-of-use assets 14,124 - 14,124 Investments in associates and joint ventures - (1,979 ) (1,979 ) Trade and other receivables 81 - 81 Total Non-Current Assets 14,631 (1,979 ) 12,652 Current assets - - - Income tax and MPIT credit 17 - 17 Trade and other receivables (170 ) - (170 ) Group of assets held for sale 3,121 - 3,121 Total current assets 2,968 - 2,968 TOTAL ASSETS 17,599 (1,979 ) 15,620 SHAREHOLDERS' EQUITY - - - Capital and reserves attributable to equity holders of the parent - - - Retained earnings (187 ) (1,119 ) (1,306 ) Total capital and reserves attributable to equity holders of the parent (187 ) (1,119 ) (1,306 ) Non-controlling interest - (860 ) (860 ) TOTAL SHAREHOLDERS' EQUITY (187 ) (1,979 ) (2,166 ) LIABILITIES - - - Non-Current Liabilities - - - Lease liabilities 10,622 - 10,622 Total Non-Current Liabilities 10,622 - 10,622 Current Liabilities - - - Lease liabilities 3,925 - 3,925 Trade and other payables (89 ) - (89 ) Group of liabilities held for sale 3,328 - 3,328 Total Current Liabilities 7,164 - 7,164 TOTAL LIABILITIES 17,786 - 17,786 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 17,599 (1,979 ) 15,620 |
Schedule of business through several operating and investment companies | % of ownership interest held by the Group Name of the entity Country Main activity 06.30.2020 06.30.2019 06.30.2018 IRSA's direct interest: IRSA CP (1) Argentina Real estate 80.65 % 83.80 % 86.34 % E-Commerce Latina S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Efanur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Hoteles Argentinos S.A.U. Argentina Hotel 100.00 % 100.00 % 80.00 % Inversora Bolívar S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Llao Llao Resorts S.A. (2) Argentina Hotel 50.00 % 50.00 % 50.00 % Nuevas Fronteras S.A. Argentina Hotel 76.34 % 76.34 % 76.34 % Palermo Invest S.A. Argentina Investment 100.00 % 100.00 % 100.00 % Ritelco S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Tyrus S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % U.T. IRSA y Galerias Pacifico (2) Argentina Investment 50.00 % 50.00 % 50.00 % IRSA CP's direct interest: Arcos del Gourmet S.A. Argentina Real estate 90.00 % 90.00 % 90.00 % Emprendimiento Recoleta S.A. Argentina Real estate 53.68 % 53.68 % 53.68 % Fibesa S.A. (3) Argentina Real estate 100.00 % 100.00 % 100.00 % Panamerican Mall S.A. Argentina Real estate 80.00 % 80.00 % 80.00 % Shopping Neuquén S.A. Argentina Real estate 99.95 % 99.95 % 99.92 % Torodur S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % EHSA Argentina Investment 70.00 % 70.00 % 70.00 % Centro de Entretenimiento La Plata Argentina Real estate 100.00 % 100.00 % 100.00 % Pareto S.A. Argentina design and software development 69.69 % 69.69 % - La Malteria Argentina Real estate - 100.00 % - Tyrus S.A.'s direct interest: DFL and DN BV Bermuda's / Netherlands Investment 97.04 % 96.46 % 91.57 % I Madison LLC USA Investment - - - IRSA Development LP USA Investment - - - IRSA International LLC USA Investment 100.00 % 100.00 % 100.00 % Jiwin S.A. Uruguay Investment 100.00 % 100.00 % 100.00 % Liveck S.A. (7) Uruguay Investment 100.00 % 100.00 % 100.00 % Real Estate Investment Group V LP (REIG V) Bermuda's Investment - 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) Bermuda's Investment 100.00 % 100.00 % 100.00 % DFL's and DN BV's direct interest: IDB Development Corporation Ltd. Israel Investment 100.00 % 100.00 % 100.00 % Dolphin IL Investment Ltd. Israel Investment 100.00 % 100.00 % 100.00 % DIL's direct interest: Discount Investment Corporation Ltd. (4) Israel Investment 83.72 % 83.77 % 76.57 % 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 72.40 % 68.80 % 64.40 % Cellcom Israel Ltd. (5) Israel Telecommunications 46.20 % 44.10 % 43.14 % Elron Electronic Industries Ltd. Israel Investment 61.06 % 61.06 % 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 % Mehadrin Ltd (8) Israel Agricultural 43.75 % - - PBC's direct interest: Gav-Yam Bayside Land Corporation Ltd. (6) Israel Real estate - 51.70 % 51.70 % Ispro The Israeli Properties Rental Corporation Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Matam - Scientific Industries Center Haifa Ltd. Israel Real estate 50.10 % 50.10 % 50.10 % Hadarim Properties Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % Property & Building (Commercial Centers) Ltd. Israel Real estate 100.00 % 100.00 % 100.00 % PBC USA Investments Inc USA Real estate 100.00 % 100.00 % 100.00 % (1) Includes interest held through E-Commerce Latina S.A. and Tyrus S.A.. (2) The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. (3) Includes interest held through Ritelco S.A. and Torodur S.A. (4) Includes Tyrus' equity interest. (5) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (48.5%) vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. (6) Control was lost in September 2019. See Note 4.C. (7) Includes Tyrus' and IRSA S.A.'s equity interests. (8) DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-à-vis other shareholders that are highly atomized. |
Schedule of useful life | Buildings and facilities Between 5 and 50 years Machinery and equipment Between 3 and 24 years Communication networks Between 4 and 20 years Others Between 3 and 25 years |
Significant judgments, key as_2
Significant judgments, key assumptions and estimates (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Significant Judgments Key Assumptions and Estimates [Abstract] | |
Schedule of complexity, judgment or estimations involved in their application | 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 10 – Property, plant and equipment Note 12 – Intangible assets Control, joint control or significant influence Judgment relative to the determination that the Group holds an interest in the shares of investees (considering the existence and influence of significant potential voting rights), its right to designate members in the executive management of such companies (usually the Board of directors) based on the investees' bylaws; the composition and the rights of other shareholders of such investees and their capacity to establish operating and financial policies for investees or to take part in the establishment thereof. Accounting treatment of investments as subsidiaries (consolidation) or associates (equity method) Note 2.3 Estimated useful life of intangible assets and property, plant and equipment Estimated useful life of assets based on their conditions. Recognition of accelerated or decelerated depreciation by comparison against final actual earnings (losses). Note 10 – Property, plant and equipment Note 12 – Intangible assets Fair value valuation of investment properties Fair value valuation made by external appraisers and valuators. See Note 9. Incorrect valuation of investment property values Note 9 – Investment properties Income tax The Group estimates the income tax amount payable for transactions where the Treasury's Claim cannot be clearly determined. Additionally, the Group evaluates the recoverability of assets due to deferred taxes considering whether some or all of the assets will not be recoverable. Upon the improper determination of the provision for income tax, the Group will be bound to pay additional taxes, including fines and compensatory and punitive interest. Note 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: ● Discounted projected income by interest rate ● Values determined in accordance with the shares in equity funds on the basis of its Financial Statements, based on fair value or investment assessments. ● Comparable market multiple (EV/GMV ratio). ● Underlying asset price (Market price); share price volatility (historical) and market interest-rate (Libor rate curve). Incorrect recognition of a charge to income / (loss). Note 14 – Financial instruments by category Probability estimate of contingent liabilities. Whether more economic resources may be spent in relation to litigation against the Group; such estimate is based on legal advisors' opinions. Charge / reversal of provision in relation to a claim. Note 19 – Provisions Qualitative considerations for determining whether or not the replacement of the debt instrument involves significantly different terms The entire set of characteristics of the exchanged debt instruments, and the economic parameters represented therein: Average lifetime of the exchanged liabilities; Extent of effects of the debt terms (linkage to index; foreign currency; variable interest) on the cash flows from the instruments. Classification of a debt instrument in a manner whereby it will not reflect the change in the debt terms, which will affect the method of accounting recording. Note 14 – Financial instruments by category |
Acquisitions and disposals (Tab
Acquisitions and disposals (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Disclosure of detailed information about business combination [line items] | |
Schedule of consideration and fair value of acquired assets and liabilities | 03.31.2020 Fair value of identifiable assets and liabilities incurred Investment properties 244 Property, plant and equipment 6,108 Intangible assets 57 Investments in associates and joint ventures 1,879 Restricted assets 164 Income tax receivables 146 Trade and other receivables 10,211 Rights of use 4,019 Derivative financial instruments 37 Inventories 2,503 Borrowings (7,363) Deferred income tax liabilities (945) Trade and other payables (4,711) Lease liabilities (2,119) Provisions (56) Employee benefits (128) Salaries and social security liabilities (201) Income Tax (18) Cash and cash equivalents 2,612 TOTAL IDENTIFIABLE NET ASSETS 12,439 Non-controlling interest (7,443) Negative goodwill (*) (376) Write-off of Investments in associates 3,908 Cash and cash equivalents 712 TOTAL CONSIDERATION 4,620 (*) Included in "Other operating income, net" |
Shufersal Ltd. [Member] | |
Disclosure of detailed information about business combination [line items] | |
Schedule of deconsolidated the subsidiary | 06.30.2018 Cash received 14,275 Remediation of the fair value of the remaining interest 29,271 Total 43,546 Net assets disposed including goodwill (18,902 ) Gain from the sale of a subsidiary, net of taxes (*) 24,644 (*) Includes Ps. 5,856 as a result of the sale and Ps. 18,789 as a result of the re-measurement at the fair value of the new stake, both included in discontinued operations. |
Schedule of net assets disposed | 06.30.2018 Investment properties 10,332 Property, plant and equipment 64,484 Intangible assets 16,203 Investments in associates and joint ventures 892 Restricted assets 203 Trade and other receivables 32,516 Investments in financial assets 280 Derivative financial instruments 51 Inventories 13,955 Cash and cash equivalents 12,404 TOTAL ASSETS 151,320 Borrowings 47,383 Deferred income tax liabilities 6,244 Trade and other payables 53,306 Provisions 1,025 Employee benefits 2,812 Salaries and social security liabilities 5,322 Income tax and MPIT liabilities 17 TOTAL LIABILITIES 116,109 Non-controlling interest 16,309 Net assets disposed including goodwill 18,902 |
Gav - Yam [Member] | |
Disclosure of detailed information about business combination [line items] | |
Schedule of deconsolidated the subsidiary | 09.30.2019 Cash received 14,261 Remediation of the fair value of the remaining interest 32,165 Total 46,426 Net assets disposed including goodwill (28,128 ) Gain from the sale of a subsidiary, net of taxes (*) 18,298 (*) Said results are disclosed within discontinued operations, under the caption "other operating results, net" |
Schedule of net assets disposed | 09.30.2019 Investment properties 155,846 Property, plant and equipment 1,061 Intangible assets 3,281 Right-of-use assets 42 Investments in associates and joint ventures 4,396 Restricted assets 378 Trade and other receivables 1,157 Investments in financial assets 13,544 Trading properties 155 Income tax credit 190 Cash and cash equivalents 10,623 TOTAL ASSETS 190,673 Borrowings 95,443 Lease liabilities 42 Deferred income tax liabilities 21,151 Trade and other payables 2,398 Employee benefits 21 Salaries and social security liabilities 63 Income tax and MPIT liabilities 125 TOTAL LIABILITIES 119,243 Non-controlling interest 43,302 Net assets written off including business key 28,128 |
Financial risk management and_2
Financial risk management and fair value estimates (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Financial Risk Management and Fair Value Estimates [Abstract] | |
Schedule of net carrying amounts of the Company's financial instruments broken down by the functional currencies | Net monetary position (liability) / asset Functional currency June 30, 2020 June 30, 2019 US$ US$ Argentine Peso (38,397 ) (21,134 ) Uruguayan Peso 152 (274 ) Total (38,245 ) (21,408 ) |
Schedule of Group's derivative financial liabilities to the contractual maturity date. | 1) Operations Center in Argentina June 30, 2020 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 1,552 156 69 219 1 1,997 Borrowings (excluding finance leases liabilities) 38,402 3,283 27,280 65 216 69,246 Finance leases obligations 53 49 51 54 1,291 1,498 Derivative Financial Instruments 83 28 6 - - 117 Total 40,090 3,516 27,406 338 1,508 72,858 June 30, 2019 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 2,198 334 146 1 386 3,065 Borrowings (excluding finance leases liabilities) 13,110 19,562 3,786 2,475 21,871 60,804 Purchase obligations 1,827 - - - - 1,827 Finance leases obligations 16 6 1 - - 23 Derivative Financial Instruments 19 11 6 1 - 37 Total 17,170 19,913 3,939 2,477 22,257 65,756 2) Operations Center in Israel June 30, 2020 Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 4 years More than 4 years Total Trade and other payables 25,507 346 61 20 20 25,954 Borrowings (excluding finance leases liabilities) 53,289 54,401 94,044 43,051 123,016 367,801 Purchase obligations 5,238 4,026 2,854 1,806 6,588 20,512 Finance leases obligations 5,695 854 590 - - 7,139 Derivative Financial Instruments 20 - - - - 20 Total 89,749 59,627 97,549 44,877 129,624 421,426 June 30, 2019 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 21,614 426 204 - - 22,244 Borrowings (excluding finance leases liabilities) 67,151 54,850 58,112 91,233 196,123 467,469 Purchase obligations 34 34 - - - 68 Finance leases obligations 4,282 1,365 750 495 - 6,892 Derivative Financial Instruments 34 - - - - 34 Total 93,115 56,675 59,066 91,728 196,123 496,707 |
Schedule of Group's key metrics in relation to managing its capital structure | June 30, 2020 June 30, 2019 Gearing ratio (i) 49.57 % 40.80 % Debt ratio (ii) 44.42 % 47.54 % Operation Center in Israel June 30, 2020 June 30, 2019 Gearing ratio (i) 82.63 % 83.68 % Debt ratio (ii) 244.57 % 149.40 % (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, 2020 | |
Segment Information [Abstract] | |
Schedule of Group's lines of business and a reconciliation between the results from operations as per segment information | June 30, 2020 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Expenses and collective promotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 11,138 81,637 92,775 (60 ) 3,100 (22 ) 95,793 Costs (2,731 ) (56,296 ) (59,027 ) 53 (3,230 ) - (62,204 ) Gross profit / (loss) 8,407 25,341 33,748 (7 ) (130 ) (22 ) 33,589 Net gain / (loss) from fair value adjustment of investment properties 33,994 (2,989 ) 31,005 (263 ) - - 30,742 General and administrative expenses (2,152 ) (8,764 ) (10,916 ) 14 - 33 (10,869 ) Selling expenses (1,231 ) (12,544 ) (13,775 ) 18 - - (13,757 ) Impairment of associates and joint ventures - (2,470 ) (2,470 ) - - - (2,470 ) Other operating results, net (47 ) 1,127 1,080 18 17 (11 ) 1,104 Profit / (loss) from operations 38,971 (299 ) 38,672 (220 ) (113 ) - 38,339 Share of profit of associates and joint ventures 7,047 1,299 8,346 171 - - 8,517 Segment profit / (loss) 46,018 1,000 47,018 (49 ) (113 ) - 46,856 Reportable assets 158,263 451,267 609,530 (692 ) - 18,361 627,199 Reportable liabilities - (403,184 ) (403,184 ) - - (101,360 ) (504,544 ) Net reportable assets 158,263 48,083 206,346 (692 ) - (82,999 ) 122,655 June 30, 2019 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Expenses and collective Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 15,055 73,537 88,592 (93 ) 3,706 (24 ) 92,181 Costs (3,176 ) (52,426 ) (55,602 ) 66 (3,855 ) - (59,391 ) Gross profit / (loss) 11,879 21,111 32,990 (27 ) (149 ) (24 ) 32,790 Net (loss) / gain from fair value adjustment of investment properties (39,607 ) 892 (38,715 ) 838 - - (37,877 ) General and administrative expenses (2,674 ) (8,031 ) (10,705 ) 18 - 44 (10,643 ) Selling expenses (1,085 ) (11,192 ) (12,277 ) 7 - - (12,270 ) Other operating results, net (660 ) 742 82 194 17 (20 ) 273 (Loss) / profit from operations (32,147 ) 3,522 (28,625 ) 1,030 (132 ) - (27,727 ) Share of (loss) of associates and joint ventures (6,031 ) (150 ) (6,181 ) (1,019 ) - - (7,200 ) Segment (loss) / profit (38,178 ) 3,372 (34,806 ) 11 (132 ) - (34,927 ) Reportable assets 111,562 535,565 647,127 (609 ) - 31,842 678,360 Reportable liabilities - (461,015 ) (461,015 ) - - (94,689 ) (555,704 ) Net reportable assets 111,562 74,550 186,112 (609 ) - (62,847 ) 122,656 June 30, 2018 Operations Center in Argentina Operations Center in Israel Total Joint ventures (1) Expenses and collective promotion funds Elimination of inter-segment transactions and non-reportable assets / liabilities (2) Total as per statement of income / statement of financial position Revenues 13,872 60,057 73,929 (109 ) 4,387 (20 ) 78,187 Costs (2,802 ) (41,935 ) (44,737 ) 70 (4,445 ) - (49,112 ) Gross profit / (loss) 11,070 18,122 29,192 (39 ) (58 ) (20 ) 29,075 Net gain from fair value adjustment of investment properties 20,216 - 20,216 (1,056 ) - - 19,160 General and administrative expenses (2,337 ) (7,233 ) (9,570 ) 40 - 33 (9,497 ) Selling expenses (1,125 ) (10,639 ) (11,764 ) 15 - - (11,749 ) Other operating results, net (54 ) 2,136 2,082 42 (2 ) (13 ) 2,109 Profit / (loss) from operations 27,770 2,386 30,156 (998 ) (60 ) - 29,098 Share of (loss) of associates and joint ventures (4,228 ) (422 ) (4,650 ) 928 - - (3,722 ) Segment profit / (loss) 23,542 1,964 25,506 (70 ) (60 ) - 25,376 Reportable assets 152,903 563,654 716,557 307 - 25,189 742,053 Reportable liabilities - (479,056 ) (479,056 ) - - (103,129 ) (582,185 ) Net reportable assets 152,903 84,598 237,501 307 - (77,940 ) 159,868 (1) Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. (2) Includes deferred income tax assets, income tax and MPIT credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of Ps. 17, Ps. 8,659 and Ps. 5,453, as of June 30, 2020, 2019 and 2018, respectively. |
Schedule of lines of business of groups operations center | June 30, 2020 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 5,935 2,358 735 2,021 11 - 78 11,138 Costs (567 ) (138 ) (671 ) (1,245 ) (12 ) - (98 ) (2,731 ) Gross profit / (loss) 5,368 2,220 64 776 (1 ) - (20 ) 8,407 Net (loss) / gain from fair value adjustment of investment properties (2,105 ) 23,285 12,179 - - - 635 33,994 General and administrative expenses (829 ) (221 ) (228 ) (365 ) (110 ) (282 ) (117 ) (2,152 ) Selling expenses (709 ) (84 ) (197 ) (230 ) - - (11 ) (1,231 ) Other operating results, net (38 ) (29 ) (27 ) (20 ) - - 67 (47 ) Profit / (loss) from operations 1,687 25,171 11,791 161 (111 ) (282 ) 554 38,971 Share of profit of associates and joint ventures - - - - 7,377 - (330 ) 7,047 Segment profit 1,687 25,171 11,791 161 7,266 (282 ) 224 46,018 Investment properties and trading properties 49,109 62,793 32,171 - 307 - 1,442 145,822 Investment in associates and joint ventures - - 532 - 2,004 - 6,737 9,273 Other operating assets 276 211 753 1,838 - - 90 3,168 Operating assets 49,385 63,004 33,456 1,838 2,311 - 8,269 158,263 June 30, 2019 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 8,541 2,238 1,119 2,953 14 - 190 15,055 Costs (776 ) (131 ) (526 ) (1,586 ) (6 ) - (151 ) (3,176 ) Gross profit 7,765 2,107 593 1,367 8 - 39 11,879 Net (loss) / gain from fair value adjustment of investment properties (40,581 ) 616 726 - 6 - (374 ) (39,607 ) General and administrative expenses (945 ) (212 ) (283 ) (492 ) (110 ) (519 ) (113 ) (2,674 ) Selling expenses (530 ) (99 ) (119 ) (316 ) - - (21 ) (1,085 ) Other operating results, net (110 ) (40 ) (286 ) 114 (24 ) - (314 ) (660 ) (Loss) / profit from operations (34,401 ) 2,372 631 673 (120 ) (519 ) (783 ) (32,147 ) Share of profit of associates and joint ventures - - (37 ) - (3,679 ) - (2,315 ) (6,031 ) Segment (loss) / profit (34,401 ) 2,372 594 673 (3,799 ) (519 ) (3,098 ) (38,178 ) Investment properties and trading properties 50,365 31,679 27,758 1,901 270 - 1,062 113,035 Investment in associates and joint ventures 10 57 443 - (7,222 ) - 4,985 (1,727 ) Other operating assetsInvestment 43 1 184 26 - - - 254 Operating assets 50,418 31,737 28,385 1,927 (6,952 ) - 6,047 111,562 June 30, 2018 Operations Center in Argentina Shopping Malls Offices Sales and developments Hotels International Corporate Others Total Revenues 9,750 1,332 300 2,446 - - 44 13,872 Costs (829 ) (105 ) (149 ) (1,670 ) - - (49 ) (2,802 ) Gross profit / (loss) 8,921 1,227 151 776 - - (5 ) 11,070 Net gain from fair value adjustment of investment properties 6,266 6,250 7,338 - - - 362 20,216 General and administrative expenses (853 ) (218 ) (198 ) (487 ) (118 ) (385 ) (78 ) (2,337 ) Selling expenses (607 ) (142 ) (58 ) (311 ) - - (7 ) (1,125 ) Other operating results, net (105 ) (22 ) 138 (40 ) (58 ) - 33 (54 ) Profit / (loss) from operations 13,622 7,095 7,371 (62 ) (176 ) (385 ) 305 27,770 Share of profit of associates and joint ventures - - 4 - (4,425 ) - 193 (4,228 ) Segment profit / (loss) 13,622 7,095 7,375 (62 ) (4,601 ) (385 ) 498 23,542 Investment properties and trading properties 90,196 28,576 25,149 2,008 197 - 1,333 147,459 Investment in associates and joint ventures 10 57 446 - (3,869 ) - 8,524 5,168 Other operating assets 57 3 189 27 - - - 276 Operating assets 90,263 28,636 25,784 2,035 (3,672 ) - 9,857 152,903 June 30, 2020 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 12,954 - 64,838 - - 3,845 81,637 Costs (6,787 ) - (47,231 ) - - (2,278 ) (56,296 ) Gross profit 6,167 - 17,607 - - 1,567 25,341 Net loss from fair value adjustment of investment properties (2,989 ) - - - - - (2,989 ) General and administrative expenses (812 ) - (5,519 ) - (1,071 ) (1,362 ) (8,764 ) Selling expenses (223 ) - (11,887 ) - - (434 ) (12,544 ) Impairment of associates and joint ventures (2,470 ) - - - - - (2,470 ) Other operating results, net (296 ) - 501 - (48 ) 970 1,127 (Loss) / profit from operations (623 ) - 702 - (1,119 ) 741 (299 ) Share of profit / (loss) of associates and joint ventures 1,495 1,063 (265 ) - - (994 ) 1,299 Segment profit / (loss) 872 1,063 437 - (1,119 ) (253 ) 1,000 Operating assets 152,941 28,090 140,025 3,377 17,911 108,923 451,267 Operating liabilities (146,331 ) - (106,076 ) - (111,649 ) (39,128 ) (403,184 ) Operating assets (liabilities), net 6,610 28,090 33,949 3,377 (93,738 ) 69,795 48,083 June 30, 2019 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 14,392 - 57,506 - - 1,639 73,537 Costs (9,121 ) - (42,424 ) - - (881 ) (52,426 ) Gross profit 5,271 - 15,082 - - 758 21,111 Net gain from fair value adjustment of investment properties 892 - - - - - 892 General and administrative expenses (707 ) - (4,779 ) - (1,058 ) (1,487 ) (8,031 ) Selling expenses (197 ) - (10,562 ) - - (433 ) (11,192 ) Other operating results, net - - 397 - - 345 742 Profit / (loss) from operations 5,259 - 138 - (1,058 ) (817 ) 3,522 Share of profit / (loss) of associates and joint ventures 37 717 - - - (904 ) (150 ) Segment profit / (loss) 5,296 717 138 - (1,058 ) (1,721 ) 3,372 Operating assets 303,425 23,013 109,380 22,638 41,536 35,573 535,565 Operating liabilities (235,553 ) - (84,800 ) - (126,585 ) (14,077 ) (461,015 ) Operating assets (liabilities), net 67,872 23,013 24,580 22,638 (85,049 ) 21,496 74,550 June 30, 2018 Operations Center in Israel Real Estate Supermarkets Telecommunications Insurance Corporate Others Total Revenues 9,497 - 49,066 - - 1,494 60,057 Costs (5,957 ) - (35,189 ) - - (789 ) (41,935 ) Gross profit 3,540 - 13,877 - - 705 18,122 Net gain from fair value adjustment of investment properties - - - - - - - General and administrative expenses (578 ) - (4,594 ) - (854 ) (1,207 ) (7,233 ) Selling expenses (200 ) - (10,059 ) - - (380 ) (10,639 ) Other operating results, net 256 - 772 - 1,141 (33 ) 2,136 Profit / (loss) from operations 3,018 - (4 ) - 287 (915 ) 2,386 Share of profit / (loss) of associates and joint ventures 158 - - - - (580 ) (422 ) Segment profit / (loss) 3,176 - (4 ) - 287 (1,495 ) 1,964 Operating assets 298,031 29,579 110,723 27,247 47,432 50,642 563,654 Operating liabilities (231,693 ) - (86,280 ) - (155,567 ) (5,516 ) (479,056 ) Operating assets (liabilities), net 66,338 29,579 24,443 27,247 (108,135 ) 45,126 84,598 |
Information about the main su_2
Information about the main subsidiaries (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Information About Main Subsidiaries [Abstract] | |
Schedule of subsidiaries with significant non-controlling interests | Direct interest of non-controlling interest % (1) Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets Book value of non-controlling interests June 30, 2020 Elron 38.94 % 3,377 3,966 509 142 6,692 4,149 PBC 27.60 % 79,327 112,404 26,138 118,789 46,804 19,263 Cellcom (2) 53.80 % 54,777 79,796 31,386 74,691 28,496 17,920 Mehadrin 56.25 % 13,038 17,839 13,954 3,336 13,587 8,136 IRSA CP 19.35 % 14,925 129,578 16,423 52,507 75,573 4,089 June 30, 2019 Elron 38.94 % 4,521 3,770 529 69 7,693 4,624 PBC 31.20 % 63,904 236,440 25,708 208,515 66,121 47,766 Cellcom (2) 55.90 % 45,957 59,076 27,278 57,524 20,231 12,777 IRSA CP 16.20 % 24,563 91,204 5,797 51,924 58,046 3,113 Revenues Net income / (loss) Total comprehensive income / (loss) Total comprehensive profit / (loss) attributable to non-controlling interest Cash of Operating activities Cash of investing activities Cash of financial activities Net Increase / (decrease) in cash and cash equivalents Dividends distribution to non-controlling shareholders June 30, 2020 Elron - (1,774 ) (1,864 ) 5,540 (776 ) 350 874 448 - PBC 12,310 12,648 12,165 19,586 6,328 23,872 (20,243 ) 9,957 1,684 Cellcom (2) 56,076 (2,068 ) (2,100 ) 534 14,914 (7,425 ) (6,323 ) 1,166 - Mehadrin 1,952 106 123 251 246 (70 ) (246 ) (70 ) 17 IRSA CP 8,563 18,153 18,405 1,064 4,890 (2,879 ) (3,561 ) (1,550 ) 663 June 30, 2019 Elron - (1,056 ) (909 ) 2,122 (1,012 ) 207 1,338 533 - PBC 18,061 6,953 7,575 5,230 9,081 1,072 2,926 13,079 2,337 Cellcom (2) 47,535 (1,524 ) (1,538 ) (1,352 ) 10,025 (8,614 ) 1,666 3,077 - IRSA CP 10,826 (25,923 ) (25,923 ) (150 ) 5,588 (4,958 ) (2,631 ) (2,001 ) 870 (1) Corresponds to the direct interest from the Group. (2) DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes vis-à-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings. |
Investments in associates and_2
Investments in associates and joint ventures (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Investments In Associates and Joint Ventures [Abstract] | |
Schedule of Group's investments in joint ventures | June 30, 2020 June 30, 2019 Beginning of the year 35,780 52,177 Adjustment as of previous periods (IFRS 9 and IAS 28) (1,979 ) (153 ) Increase in equity interest in associates and joint ventures 3,342 697 Capital contributions 2,702 131 Capital reduction (106 ) (672 ) Decrease of interest in associate - (7,178 ) Deconsolidation (i) 29,176 - Share of profit / (loss) 8,667 (7,200 ) Currency translation adjustment 53 (404 ) Dividends (1,820 ) (1,718 ) Other comprehensive income (1,244 ) - Reclassification to held-for-sale (2,070 ) - Others (3 ) (112 ) Incorporation by business combination 1,879 212 End of the year (ii) 74,377 35,780 (i) See Note 4. (ii) Includes Ps. (17) and Ps. (8,659) reflecting interests in companies with negative equity as of June 30, 2020 and 2019, respectively, which are disclosed in "Provisions" (see Note 19). |
Schedule of additional information related to the Groups investment | % ownership interest Value of Group’s interest in equity Group’s interest in comprehensive income / (loss) Name of the entity June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 June 30, 2018 Associates New Lipstick 49.96 % 49.96 % 49.90 % 467 (8,659 ) 7,633 (3,199 ) (5,292 ) BHSA (1) 29.91 % 29.91 % 29.91 % 4,073 4,451 (380 ) (2,411 ) 416 Condor (2) 18.89 % 18.89 % 28.10 % 1,481 1,392 120 39 596 PBEL 45.00 % 45.40 % 45.40 % - 1,979 - (117 ) 416 Shufersal (4) 26.02 % 26.02 % 33.56 % 28,111 23,013 5,215 297 - Mehadrin N/A 45.41 % 45.41 % - 4,845 - (111 ) 1,276 Gav-Yam 34.90 % N/A N/A 27,277 0,00 % (786 ) - - Quality (3) 50.00 % 50.00 % 50.00 % 2,101 1,869 185 (583 ) 876 La Rural SA 50.00 % 50.00 % 50.00 % 203 101 102 144 (44 ) TGLT 30.50 % N/A N/A 2,059 - (116 ) - - Other associates and joint ventures N/A N/A N/A 8,605 6,789 (3,253 ) (1,663 ) 1,281 Total associates and joint ventures 74,377 35,780 8,720 (7,604 ) (475 ) Latest financial statements issued Name of the entity Place of business / Country of incorporation Main activity Common shares 1 vote Share capital (nominal value) Profit / (loss) for the period Shareholders’ equity Associates New Lipstick U.S. Real estate N/A - (*) 179 (*) (31) BHSA (1) Argentina Financial 448,689,072 (***) 1,500 (***) (1,272) (***) 13,186 Condor (2) EE.UU. Hotel 2,245,100 (*) 232 (*) (9) (*) 86 PBEL India Real estate (**) 1 (**) (2) (**) - (**) (2) Shufersal (4) Israel Retail 123,917,650 (**) 1,399 (**) 310 (**) 1,930 Mehadrin Israel Agropecuaria N/A N/A N/A N/A Gav-Yam Israel Inmobiliaria 639,727 (**) 1,356 (**) 411 (**) 3,496 Quality (3) Argentina Real estate 163,039,244 326 370 4,140 La Rural SA Argentina Organization of events 714,498 1 224 327 TGLT Argentina Real estate 279,502,813 925 (311) 6,004 Other associates and joint ventures - N/A N/A N/A (1) BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium businesses and large companies. The market price of the share is 17.15 pesos per share. The effect of the treasury shares in the BHSA portfolio is considered for the calculation. (2) Condor is an investment company focused on US hotels. The price of its shares as of June 30, 2020 is US$ 4.10 per share. (3) Quality is dedicated to the exploitation of the San Martín property (former property of Nobleza Piccardo S.A.I.C. and F.). (4) Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020. (*) 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, 2020 correspond to the Financial Statements of BHSA prepared in accordance with BCRA standards. |
Schedule of financial information of the joint ventures considered to be material | Current Assets Non-current Assets Current Liabilities Non-current Liabilities Net assets % of ownership interest held Interest in associate and joint venture Goodwill and others Book value As of 06.30.20 Associates BHSA 76,869 43,610 102,290 4,629 13,560 29.91 % 4,056 17 4,073 Gav-Yam 41,963 165,878 19,791 117,752 70,298 34.90 % 24,534 2,743 27,277 Shufersal 73,348 187,032 91,899 129,224 39,257 26.02 % 10,213 17,898 28,111 Joint ventures Quality Invest (ii) 4 5,525 87 1,302 4,140 50.00 % 2,070 31 2,101 As of 06.30.19 Associates BHSA 87,189 30,774 89,514 15,288 13,161 29.91 % 3,936 515 4,451 PBEL 3,173 853 632 12,128 (8,734 ) 45.00 % (3,930 ) 5,909 1,979 Shufersal 51,741 89,475 54,708 54,794 31,714 26.02 % 8,252 14,761 23,013 Joint ventures Quality Invest (ii) 25 4,922 119 1,153 3,675 50.00 % 1,838 31 1,869 Mehadrin 11,890 15,318 13,067 3,719 10,422 45.41 % 4,733 112 4,845 Revenues Net income / (loss) Total comprehensive income / (loss) Dividend distribution Cash of operating activities Cash of investing activities Cash of financing activities Changes in cash and cash equivalents As of 06.30.20 (i) Associates BHSA 13,033 (1,272 ) (1,272 ) - 4,656 37 (3,465 ) 1,228 Gav-Yam 11,551 6,765 5,456 3,587 5,086 (5,723 ) 15,869 15,232 Shufersal 218,000 5,046 4,500 1,435 21,874 (2,709 ) (13,793 ) 5,372 Joint ventures Quality Invest (ii) 18 370 370 - (89 ) - 89 - As of 06.30.19 (i) Associates BHSA 17,451 879 879 286 167 (70 ) (1,922 ) (1,825 ) PBEL 13 (260 ) (319 ) - 57 239 (306 ) (10 ) Shufersal 165,639 3,164 3,147 2,448 4,458 (11,530 ) 1,396 (5,676 ) Joint ventures Quality Invest (ii) 36 (1,167 ) (1,167 ) - (124 ) - 124 - Mehadrin 17,329 775 819 - 672 (277 ) (1,262 ) (867 ) (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. |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Investment Properties [Abstract] | |
Schedule of investment properties | June 30, 2020 June 30, 2019 Level 2 Level 3 Level 2 Level 3 Fair value at the beginning of the year 43,925 289,600 36,378 325,558 Adjustments previous periods (IFRS 16) - 426 - - Additions 3,540 1,838 5,165 6,446 Activation of financial costs 81 - 217 16 Capitalized leasing costs 4 16 11 4 Amortization of capitalized leasing costs (i) (6 ) (9 ) (9 ) (13 ) Transfers / Reclassification to assets held for sale 4,551 (28,781 ) (696 ) 1,129 Incorporation by business combination - 244 - - Deconsolidation (ii) (1,694 ) (155,846 ) - - Disposals (1,740 ) (13,412 ) (71 ) (3,676 ) Currency translation adjustment 14 53,462 (66 ) (2,981 ) Net (loss)/ gain from fair value adjustment 28,273 3,061 2,996 (36,883 ) Fair value at the end of the year 76,948 150,599 43,925 289,600 (i) Amortization charges of capitalized leasing costs were included in "Costs" in the Statements of Income (Note 23). (ii) $ 1,694 corresponds to La Maltería and $ 155,846 to Gav-Yam |
Schedule of investment property of the Group | 06.30.2020 06.30.2019 Rental properties 192,684 298,702 Undeveloped parcels of land 27,534 28,507 Properties under development 7,329 6,316 TOTAL 227,547 333,525 |
Schedule of recognized in the Statements of Income | 06.30.2020 06.30.2019 06.30.2019 Rental and services income 19,560 22,689 21,631 Direct operating expenses (8,702 ) (8,094 ) (7,685 ) Development reimbursements / (expenses) 121 (87 ) (4,133 ) Net realized gain from fair value adjustment of investment properties (i) 1,080 901 542 Net unrealized gain from fair value adjustment of investment properties 30,130 (38,778 ) 18,633 (i) As of June 30, 2020, $ 468 corresponds to the result realized in previous years. As of June 30, 2018, $ 15 corresponds to results realized in previous years. |
Schedule of fair value measurements of investment properties | Sensitivity (i) 06.30.20 06.30.19 Description Valuation technique Parameters Range fiscal year 2019 / (2018) Increase Decrease Increase Decrease Rental properties in Israel - Offices (Level 3) Discounted cash flows Discount rate 7.50% to 9.75% / (406 ) 539 (7.00% to 9.00% ) (3,816 ) 4,353 Weighted average rental value per square meter (m2) per month, in NIS NIS 77 / (NIS 63)/ 366 (366 ) 6,713 (6,713 ) Rental properties in Israel - Commercial use (Level 3) Discounted cash flows Discount rate 7.50% to 7.80% / -198 261 (7.00% to 9.00%) (1,931 ) 2,207 Weighted average rental value per square meter (m2) per month, in NIS NIS 41 / (NIS 87) 165 (165 ) 3,047 (3,047 ) Rental properties in Israel - Industrial use (Level 3) Discounted cash flows Discount rate N/A N/A N/A (7.75% to 9.00%) (717 ) 815 Weighted average rental value per square meter (m2) per month, in NIS N/A / (NIS 31) N/A N/A 1,731 (1,731 ) Rental properties in USA - HSBC Building (Level 3) Discounted cash flows Discount rate 4.75% / (6.25%) (6,059 ) 7,507 (2,181 ) 2,31 Weighted average rental value per square meter (m2) per month, in US$ US$ 79 / (US$ 73) 6,284 (6,284 ) 4,772 (4,772 ) Rental properties in USA - Las Vegas project (Level 3) Discounted cash flows Discount rate 6.50% / (8.50%) (1,792 ) 2,512 (467 ) 493 Weighted average rental value per square meter (m2) per month, in US$ US$ 25 / (US$ 33) (1,307 ) 1,307 586 (586 ) Shopping Malls in Argentina (Level 3) Discounted cash flows Discount rate 12.18% / (12.10%) (4,252 ) 5,207 (4,668 ) 5,821 Growth rate 2.3% / (3%) 2,027 -1,655 2,195 (1,761 ) Inflation (*) 8,852 (7,282 ) 4,088 (3,742 ) Devaluation (*) (4,115 ) 5,03 (4,338 ) 6,237 Plot of land in Argentina (Level 3) Comparable with incidence adjustment Value per square meter (m2) Ps. 30,148 / (Ps. 14,312) 2,159 (2,159 ) 1,336 (1,336 ) % of incidence 30% / (30%) 7,196 (7,196 ) 4,458 (4,458 ) Properties under development in Israel (Level 3) Estimated fair value of the investment property after completing the construction Weighted average construction cost per square meter (m2) in NIS 5,787 NIS/m2 / (5,787 NIS/m2) Annual weighted average discount rate 7.00% to 9.00% / (1,307 ) 1,307 (7.00% to 9.00%) (918 ) 918 (*) For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 59.81 (corresponding to the year ended June 30, 2020) and arriving at Ps.243.89. In the long term, a nominal devaluation rate of 2.1% calculated based on the quotient between inflation in Argentina and the United States is assumed. The considered inflation shows a downward trend, which starts at 47.9% (corresponding to the year ended June 30, 2020) and stabilizes at 23.2% after 5 years. (i) Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 10% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | Year ended June 30, 2020 Agricultural establishments Buildings and Machinery and Communication Others (i) Total Net book amount at the June 30, 2018 - 4,164 763 21,386 5,278 31,591 Costs - 10,363 2,322 87,309 10,210 110,204 Accumulated depreciation - (6,199 ) (1,559 ) (65,923 ) (4,932 ) (78,613 ) Balances at June 30, 2018 - 4,164 763 21,386 5,278 31,591 Additions - 174 97 4,599 2,274 7,144 Disposals - - (1 ) (43 ) (16 ) (60 ) Currency translation adjustment - (94 ) (20 ) (559 ) (46 ) (719 ) Transfer - 190 19 - (197 ) 12 Depreciation charges (ii) - (432 ) (93 ) (3,786 ) (1,752 ) (6,063 ) Net book amount at the June 30, 2019 - 4,002 765 21,597 5,541 31,905 Costs - 10,632 2,417 91,306 12,226 116,581 Accumulated depreciation - (6,630 ) (1,652 ) (69,709 ) (6,685 ) (84,676 ) Balances at June 30, 2019 - 4,002 765 21,597 5,541 31,905 Additions 36 451 66 3,417 1,702 5,672 Disposals - (62 ) (5 ) (3,197 ) (41 ) (3,305 ) Incorporation by business combination 4,024 1,614 377 - 93 6,108 Deconsolidation - (423 ) (594 ) - (44 ) (1,061 ) Reclassification to assets assets held for sale - (274 ) - - - (274 ) Currency translation adjustment 311 488 190 3,551 1,283 5,823 Transfers - (245 ) (15 ) 377 (377 ) (260 ) Depreciation charges (ii) (18 ) (398 ) (80 ) (4,631 ) (1,751 ) (6,878 ) Net book amount at the June 30, 2020 4,353 5,153 704 21,114 6,406 37,730 Costs 9,499 12,078 4,483 100,931 12,893 139,884 Accumulated depreciation (5,146 ) (6,925 ) (3,779 ) (79,817 ) (6,487 ) (102,154 ) Balances at June 30, 2020 4,353 5,153 704 21,114 6,406 37,730 (i) Includes furniture and fixtures and vehicles. (ii) As of June 30, 2020 and 2019, depreciation charges of property, plant and equipment were recognized: Ps. 5,938 and Ps. 5,547 in "Costs", Ps. 776 and Ps. 409 in "General and administrative expenses" and Ps. 152 and Ps. 107 in "Selling expenses", respectively in the Statements of Income (Note 23). In addition, a depreciation charge in the amount of Ps. 4,016, was recognized in "Discontinued operations" as of June 30, 2018. Likewise, a charge of $ 12 has been made in "Discontinued operations" as of June 30, 2020. |
Trading Properties (Tables)
Trading Properties (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trading Properties [Abstract] | |
Schedule of trading properties | Year ended June 30, 2020 Completed properties Properties under Undeveloped sites (i) Total At June 30, 2018 5,846 12,124 4,099 22,069 IFRS 15 adjustments (1,558 ) (6,767 ) - (8,325 ) Additions - 3,603 61 3,664 Capitalized financial costs - 17 - 17 Currency translation adjustment (635 ) (497 ) (219 ) (1,351 ) Transfers 3,470 (2,803 ) (615 ) 52 Impairment - - (46 ) (46 ) Disposals (4,438 ) (3,283 ) - (7,721 ) At June 30, 2019 2,685 2,394 3,280 8,359 Additions 24 1,722 563 2,309 Desconsolidation - (155 ) - (155 ) Capitalized financial costs - 12 - 12 Currency translation adjustment 301 31 544 876 Transfers 1,238 (990 ) (33 ) 215 Disposals (2,224 ) (2,185 ) (35 ) (4,444 ) At June 30, 2020 2,024 829 4,319 7,172 June 30, 2020 June 30, 2019 Non-current 4,856 7,836 Current 2,316 523 Total 7,172 8,359 (i) Includes Zetol and Vista al Muelle plots of land, which have been mortgaged to secure Group's borrowings. The net book value amounted to Ps. 407 and Ps. 407 as of June 30, 2019 and 2018, respectively. Additionally, the Group has contractual obligations not provisioned related to these plot of lands committed when certain properties were acquired or real estate projects were approved, and amount to Ps. 432 and Ps. 578, respectively. Both projects are expected to be completed in 2029. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | Year ended June 30, 2020 Goodwill Trademarks Licenses Customer relations Information systems and software Contracts and others Total Balance at June 30, 2018 6,929 6,842 2,616 5,117 3,705 2,361 27,570 Costs 6,929 7,265 9,719 15,397 6,935 6,427 52,672 Accumulated amortization - (423 ) (7,103 ) (10,280 ) (3,230 ) (4,066 ) (25,102 ) Net book amount at June 30, 2018 6,929 6,842 2,616 5,117 3,705 2,361 27,570 Additions - - - 16 1,516 2,190 3,722 Impairment (184 ) - - - - - (184 ) Disposals - - - - (61 ) - (61 ) Currency translation adjustment (185 ) (202 ) (98 ) (312 ) (57 ) 50 (804 ) Amortization charges (iii) - (123 ) (216 ) (1,670 ) (1,289 ) (1,342 ) (4,640 ) Balance at June 30, 2019 6,560 6,517 2,302 3,151 3,814 3,259 25,603 Costs 6,560 7,063 9,467 20,279 6,452 8,611 58,432 Accumulated amortization - (546 ) (7,165 ) (17,128 ) (2,638 ) (5,352 ) (32,829 ) Net book amount at June 30, 2019 6,560 6,517 2,302 3,151 3,814 3,259 25,603 Additions - - - - 1,543 2,965 4,508 Disposals - - - (18 ) (137 ) (64 ) (219 ) Deconsolidation (3,259 ) - - - (22 ) - (3,281 ) Assets incorporated by business combination - - - 38 19 - 57 Currency translation adjustment 2,342 1,233 397 432 682 691 5,777 Amortization charges (iii) - (122 ) (279 ) (1,128 ) (1,676 ) (1,456 ) (4,661 ) Balance at June 30, 2020 5,643 7,628 2,420 2,475 4,223 5,395 27,784 Costs 5,643 8,421 11,289 23,731 7,914 13,363 70,361 Accumulated amortization - (793 ) (8,869 ) (21,256 ) (3,691 ) (7,968 ) (42,577 ) Net book amount at June 30, 2020 5,643 7,628 2,420 2,475 4,223 5,395 27,784 (iii) Amortization charge was recognized in the amount of Ps. 352 and Ps. 1.052 under "Costs", in the amount of Ps. 1,636 and Ps. 1,349 under "General and administrative expenses" and Ps. 2,700 and Ps. 2,238 under "Selling expenses" as of June 30, 2020 and 2019, respectively in the Statements of Income (Note 24). |
Schedule of main data and assumptions used in the calculation of goodwill | June 30, 2019 (NIS) Net value of the CGU net of taxes NIS 294 Value of the net operating assets of the telecommunications CGU of Israel (including brands and excluding goodwill) NIS 3,668 Value of goodwill of the CGU NIS 268 Annual discount rate after tax 8.5 % Long-term growth rate 1.5 % Long-term market share 25 % ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) NIS 55.50 |
Rights of use of assets (Tables
Rights of use of assets (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Rights of use of assets | |
Schedule of composition of the rights of use of the Group´s assets | June 30, 2020 June 30, 2019 Real Estate 4,116 - Telecommunications 11,004 - Machinery and equipment 13 - Others 4,726 - Total Right-of-use assets 19,859 - Non-current 19,859 - Total 19,859 - |
Schedule of changes in the Group´s rights of use | June 30, 2020 June 30, 2019 IFRS 16 inicial adjustments 14,124 - Additions (i) 8,091 - Transfer 158 - Amortization charges (4,711 ) - Deconsolidation (42 ) - Currency translation adjustment 2,239 - Total 19,859 - (i) includes incorporation by business combination |
Schedule of depreciation charge for rights of use | June 30, 2020 June 30, 2019 Real Estate 538 - Telecommunications 3,155 - Others 1,018 - Total depreciation of right-of-use assets 4,711 - |
Schedule of other charges to income related to rights of use | June 30, 2020 Interests (509 ) Results from short-term leases 19,560 |
Schedule of average discount rate and the term of liability for lease | Center of Operations in Argentina Center of Operations in Israel Average discount rate Maturity date Average discount rate Maturity date 10.61 % 2023-2041 3 % 2022-2090 |
Financial instruments by cate_2
Financial instruments by category (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Financial Instruments By Category [Abstract] | |
Schedule of financial assets and financial liabilities | Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2020 Assets as per Statement of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 49,356 - - - 49,356 14,650 64,006 Investments in financial assets: - Public companies' securities - 574 230 - 804 - 804 - Private companies' securities - - - 2,909 2,909 - 2,909 - Deposits 956 61 - - 1,017 - 1,017 - Bonds - 9,233 1,444 - 10,677 - 10,677 - Investments in financial assets with quotation - 6,498 810 232 7,540 - 7,540 Derivative financial instruments: - Foreign-currency future contracts - - 129 - 129 - 129 - Others 62 - 20 142 224 - 224 Restricted assets (i) 8,080 - - - 8,080 - 8,080 Financial assets available for sale: - Clal - 3,377 - - 3,377 - 3,377 Cash and cash equivalents: - Cash at bank and on hand 24,673 - - - 24,673 - 24,673 - Short-term investments 62,626 3,060 - - 65,686 - 65,686 Total assets 145,753 22,803 2,633 3,283 174,472 14,650 189,122 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2020 Liabilities as per Statement of Financial Position Trade and other payables 24,986 - - - 24,986 6,855 31,841 Borrowings (excluding finance leases) 376,159 - - - 376,159 - 376,159 Derivative financial instruments: - Foreign-currency future contracts - - 138 - 138 - 138 - Others - - 956 20 976 - 976 - Forwards - - 61 - 61 - 61 Total liabilities 401,145 - 1,155 20 402,320 6,855 409,175 Financial assets and financial liabilities as of June 30, 2019 were as follows: Financial assets at amortized cost Financial assets at fair value through profit or loss Subtotal financial assets Non-financial assets Total Level 1 Level 2 Level 3 June 30, 2019 Assets as per Statements of Financial Position Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) 41,431 - - - 41,431 11,123 52,554 Investments in financial assets: - Public companies' securities - 1,368 197 40 1,605 - 1,605 - Private companies' securities - - - 2,610 2,610 - 2,610 - Deposits 5,236 51 - - 5,287 - 5,287 - Bonds - 23,908 1,518 1,426 26,852 - 26,852 - Investments in financial assets with quotation - 13,199 623 - 13,822 - 13,822 Derivative financial instruments - Foreign-currency future contracts - - 41 - 41 - 41 - Others - - 18 136 154 - 154 Restricted assets (i) 10,662 - - - 10,662 - 10,662 Financial assets available for sale: - Clal - 22,637 - - 22,637 - 22,637 Cash and cash equivalents: - Cash at bank and on hand 9,612 - - - 9,612 - 9,612 - Short term investments 74,873 1,958 - - 76,831 - 76,831 Total assets 141,814 63,121 2,397 4,212 211,544 11,123 222,667 Financial liabilities at amortized cost Financial liabilities at fair value through profit or loss Subtotal financial liabilities Non-financial liabilities Total Level 1 Level 2 Level 3 June 30, 2019 Liabilities as per Statement of Financial Position Trade and other payables 21,107 - - - 21,107 7,926 29,033 Borrowings (excluding finance leases) 446,675 - - - 446,675 - 446,675 Derivative financial instruments: - Swaps - - 192 - 192 - 192 - Others - - 1,244 69 1,313 - 1,313 Total liabilities 467,782 - 1,436 69 469,287 7,926 477,213 (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). |
Schedule of book value of financial instruments recognized | As of June 30, 2020 As of June 30, 2019 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) 51,563 (2,207 ) 49,356 43,592 (2,161 ) 41,431 Financial liabilities Trade and other payables 27,193 (2,207 ) 24,986 23,269 (2,162 ) 21,107 |
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 Financial assets / liabilities at fair Total June 30, 2020 Interest income (i) 964 - 964 Interest expense (i) (20,460 ) - (20,460 ) Foreign exchange gains, net (i) (6,274 ) - (6,274 ) Dividend income 168 - 168 Fair value gain on financial assets at fair value through profit or loss (i) - (10,479 ) (10,479 ) Gain on derivative financial instruments, net (i) - (467 ) (467 ) Other finance costs (i) 2,776 - 2,776 Total financial instruments (22,826 ) (10,946 ) (33,772 ) Financial assets / liabilities at Financial assets / liabilities at fair Total June 30, 2019 Interest income (i) 955 - 955 Interest expense (i) (19,802 ) - (19,802 ) Foreign exchange gains, net (i) 1,248 - 1,248 Dividend income 97 - 97 Fair value gain on financial assets at fair value through profit or loss (i) - 2,433 2,433 Gain on derivative financial instruments, net (i) - 515 515 Other finance costs (i) 733 - 733 Total financial instruments (16,769 ) 2,948 (13,821 ) Financial assets / liabilities at Financial assets / liabilities at fair Total June 30, 2018 Interest income (i) 1,100 - 1,100 Interest expense (i) (18,332 ) - (18,332 ) Foreign exchange gains, net (i) (13,520 ) - (13,520 ) Dividend income 209 - 209 Fair value gain on financial assets at fair value through profit or loss (i) - (2,083 ) (2,083 ) Gain on derivative financial instruments, net (i) - 400 400 Other finance costs (i) (92 ) - (92 ) Total financial instruments (30,635 ) (1,683 ) (32,318 ) (i) Included within "Financial results, net" in the Statements of Income. |
Schedule of changes in Level 3 instruments | Derivative financial instruments - Forwards Investments in financial assets - Private companies' securities nvestments in financial assets - Others Derivative financial instruments Total Balances at June 30, 2018 (51 ) 2,597 2,064 - 4,610 Additions and acquisitions - 172 - - 172 Transfer between levels - 153 (197 ) 103 59 Transfer of trade and other receivables - - - - - Currency translation adjustment - (65 ) (31 ) 19 (77 ) Write off - - - - - Gain / (loss) for the year (i) (18 ) (247 ) (370 ) 14 (621 ) Balances at June 30, 2019 (69 ) 2,610 1,466 136 4,143 Additions and acquisitions - 35 - - 35 Transfer between levels - - - 351 351 Currency translation adjustment (7 ) 476 106 245 820 Write off - - (977 ) (610 ) (1,587 ) Gain / (loss) for the year (i) 56 (212 ) (363 ) 20 (499 ) Balances at June 30, 2020 (20 ) 2,909 232 142 3,263 (i) Included within "Financial results, net" in the Statements of income. |
Schedule of range of valuation models for the measurement of Level 2 and Level 3 instruments | Description Pricing model / method Parameters Fair value hierarchy Range Interest rate swaps Cash flows - Theoretical price Interest rate futures contracts and cash flows Level 2 - Investments in financial assets - Other private companies' securities (*) Cash flow / NAV - Theoretical price Projected revenue discounted at the discount rate Level 3 1 - 3.5 Investments in financial assets - Others Discounted cash flows - Theoretical price Projected revenue discounted at the discount rate Level 3 1 - 3.5 Derivative financial instruments Forwards Theoretical price Underlying asset price and volatility Level 2 and 3 - (*) An increase in the discount rate would decrease the value of investments in private companies, while an increase in projected revenues would increase their value. |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other receivables [abstract] | |
Schedule of trade and other receivables | June 30, 2020 June 30, 2019 Sale, leases and services receivables 38,453 35,458 Less: Allowance for doubtful accounts (3,735 ) (2,653 ) Total trade receivables 34,718 32,805 Prepaid expenses 13,496 7,982 Borrowings, deposits and others 10,029 4,119 Advances to suppliers 1,009 1,295 Tax receivables 804 637 Others 215 3,063 Total other receivables 25,553 17,096 Total trade and other receivables 60,271 49,901 Non-current 23,128 17,680 Current 37,143 32,221 Total 60,271 49,901 |
Schedule of allowance for doubtful accounts | June 30, 2020 June 30, 2019 Beginning of the year 2,653 1,791 Adjustments previous periods (IFRS 9) - 194 Additions (*) 1,028 780 Recovery (109 ) (61 ) Currency translation adjustment 1,064 635 Deconsolidation (20 ) - Receivables written off during the period/year as uncollectable (717 ) (464 ) Transfer to assets held for sale (20 ) - Incorporation by business combination 18 - Inflation adjustment (162 ) (222 ) End of the year 3,735 2,653 (*) The creation and release of the provision for impaired receivables have been included in "Selling expenses" in the Statements of Income (Note 24). |
Schedule of an aging analysis of past due unimpaired and impaired receivables | Past due Up to 3 months From 3 to 6 months Over 6 months Non-past due Impaired Total % of representation Loss for bad debts Leases and services 389 56 87 2,318 695 3,545 9,22 % (85 ) Consumer financing - - - - 16 16 0,04 % 9 Sale of properties and developments 189 5 5 712 1 912 2,37 % - Sale of communication equipment - - - 13,674 468 14,142 36,78 % - Agricultural products 1,566 264 122 1,159 20 3,131 8,14 % - Telecommunication services 1,485 - 447 12,240 2,535 16,707 43,45 % (392 ) Total as of June 30, 2020 3,629 325 661 30,103 3,735 38,453 100,00 % (468 ) 0 Leases and services 420 124 176 2,758 472 3,950 11,14 % (121 ) Hotel services - - - 147 - 147 0,42 % - Consumer financing - - - - 23 23 0,06 % 13 Sale of properties and developments 86 14 14 2,423 26 2,563 7,23 % - Sale of communication equipment - - - 14,234 204 14,438 40,72 % - Telecommunication services 1,604 - 495 10,310 1,928 14,337 40,43 % (561 ) Total as of June 30, 2019 2,110 138 685 29,872 2,653 35,458 100,00 % (669 ) |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Cash Flow Information [Abstract] | |
Schedule of cash flows generated | Note 06.30.2020 06.30.2019 06.30.2018 Profit / (loss) for the period 23,731 (38,371 ) 33,211 Profit for the period from discontinued operations (18,085 ) (7,140 ) (36,441 ) Adjustments for: - Income tax 18 6,869 (4,251 ) (11,135 ) Amortization and depreciation 20 16,268 10,676 9,628 Loss from disposal of property, plant and equipment - - - Net gain / (loss) from fair value adjustment of investment properties (30,742 ) 37,877 (19,160 ) Share-based compensation 211 63 66 Impairment associates 2,470 - - Impairment of goodwill - 184 - Impairment of properties for sale - 46 - Impairment of others assets - 317 - Net gain from disposal of intangible assets - (13 ) - Gain from disposal of subsidiary and associates 247 (983 ) (859 ) Gain from business combination (3,501 ) - - Financial results, net 36,950 13,333 25,714 Provisions and allowances 1,122 1,534 865 Share of (profit) /loss of associates and joint ventures 7 (8,517 ) 7,200 3,722 Changes in operating assets and liabilities: - Decrease in inventories 140 350 263 Decrease in trading properties 930 707 1,264 Increase in restricted assets (1,165 ) (203 ) - Decrease in trade and other receivables 7,186 1,975 71 Decrease in trade and other payables (3,528 ) (1,358 ) 1,109 Decrease in salaries and social security liabilities (122 ) (130 ) 136 Decrease in provisions (1,549 ) (396 ) (513 ) Net cash generated by continuing operating activities before income tax paid 28,915 21,417 7,941 Net cash generated by discontinued operating activities before income tax paid 2,848 6,354 14,161 Net cash generated by operating activities before income tax paid 31,763 27,771 22,102 |
Schedule of reclassification of assets and liabilities held for sale | June 30, 2020 June 30, 2019 Investment properties 155,602 (9,743 ) Property, plant and equipment (5,047 ) (64,039 ) Trading properties 155 - Intangible assets 3,224 (13,759 ) Investments in associates and joint ventures 2,517 (812 ) Restricted assets 214 (203 ) Income tax and MPIT credit 44 - Trade and other receivables (9,053 ) (26,471 ) Right-of-use assets (3,977 ) - Investments in financial assets 13,544 (6,329 ) Derivative financial instruments (37 ) (51 ) Inventories (2,503 ) (13,110 ) Borrowings (88,080 ) 46,804 Deferred income tax liabilities (20,206 ) 6,217 Trade and other payables 2,313 50,992 Lease liabilities 2,077 - Provisions 57 960 Employee benefits 107 2,788 Salaries and social security liabilities 138 5,312 Income tax expense (107 ) 16 Net amount of non-cash assets incorporated / held for sale 50,982 (21,428 ) Cash and cash equivalents (6,003 ) (12,350 ) Non-controlling interest 50,745 16,296 Goodwill (376 ) 164 Net amount of assets incorporated / held for sale 95,348 (17,318 ) Seller Financed Amount - (84 ) Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale 95,348 (17,402 ) |
Schedule of detail of significant non-cash transactions | 06.30.2020 06.30.2019 06.30.2018 Decrease in associates and joint ventures through an increase in assets held for sale 2,070 - 97 Increase of investment properties through a decrease of financial assets 278 - 9 Increase of properties for sale through an increase in borrowings 12 17 4 Changes in non-controlling interest through a decrease in trade and other receivables - - 3,069 Increase of property, plant and equipment through an increase of trade and other payables 739 853 4,859 Increase of intangible assets through an increase of trade and other payables 494 330 11 Distribution of dividends on shares 589 2,611 - Decrease in associates and joint ventures through an increase in trade and other receivables - - 25 Increase in property, plant and equipment through increased borrowings - 6 20 Registration of investment properties through a decrease in credits for trade and other receivables 28 574 129 Increase in financial instruments through a decrease in investments in associates and joint ventures - - 144 Issuance of NCN 21 3,354 - Increase in trade and other receivables through increase in borrowings - - 243 Distribution of dividends to non-controlling interest pending payment 1,761 (340 ) (3,399 ) Decrease of in investments in associates and joint ventures through a decrease in borrowings - 9 443 Increase of associates due to loss of control in subsidiaries 1,335 - - Decrease in borrowings through a decrease in financial assets 2,454 - - Increase in investment properties through an increase in trade and other payables 711 705 296 Increase of investment properties through an increase of borrowings 81 233 60 Increase in investment in associates through a decrease in investments in financial assets 854 - - Increase in investments in financial assets through a decrease in investment properties 1,188 - - Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) 14,124 - - Increase in rights of use through an increase in lease liabilities 8,091 - - |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Trade and other payables [abstract] | |
Schedule of trade and other payables | June 30, 2020 June 30, 2019 Trade payables 18,718 17,367 Advances from sales, leases and services 2,647 4,512 Construction obligations 407 1,331 Accrued invoices 439 673 Deferred income 142 136 Total trade payables 22,353 24,019 Dividends payable to non-controlling interest 224 204 Taxes payable 159 419 Construction provisions - 1,451 Other payables 9,105 2,940 Total other payables 9,488 5,014 Total trade and other payables 31,841 29,033 Non-current 2,169 2,505 Current 29,672 26,528 Total 31,841 29,033 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Provisions [abstract] | |
Schedule of provisions | Year ended June 30, 2020 Legal claims (i) Investments in associates and Site dismantling and Other provisions (iv, v) Total As of 06.30.18 2,290 5,453 367 2,122 10,232 Additions (i) 643 3,742 - 272 4,657 Recovery (100 ) (9 ) - - (109 ) Used during the period / year (339 ) - (16 ) - (355 ) Inflation adjustment (76 ) - - - (76 ) Currency translation adjustment (30 ) (527 ) (9 ) 132 (434 ) As of 06.30.19 2,388 8,659 342 2,526 13,915 Additions 443 - 33 - 476 Share of los of associates - (7,461 ) - - (7,461 ) Incorporated by business combination 56 - - - 56 Recovery (43 ) (1,009 ) - - (1,052 ) Used during the period / year (651 ) - - (181 ) (832 ) Inflation adjustment (68 ) - - - (68 ) Currency translation adjustment 370 (172 ) 72 199 469 As of 06.30.20 2,495 17 447 2,544 5,503 June 30, 2020 June 30, 2019 Non-Current 3,063 11,452 Current 2,440 2,463 Total 5,503 13,915 (i) Additions and recoveries are included in "Other operating results, net". (ii) Corresponds to the equity interest in New Lipstick with negative equity in 2019 and Puerto Retiro in 2020 and 2019. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures". (iii) The Group's companies are required to recognize certain costs related to the dismantling of assets and remediation of sites from the places where such assets are located. The calculation of such expenses is based on the dismantling value for the current year, taking into consideration the best estimate of future changes in prices, inflation, etc. and such costs are capitalized at a risk-free interest rate. Volume projections for retired or built assets are recast based on expected changes from technological rulings and requirements. (iv) Provisions for other contractual obligations include a series of obligations resulting from a contractual liability or law, regarding which there is a high degree of uncertainty as to the terms and the necessary amounts to discharge such liability. (v) In November 2009, PBC's Audit Committee and Board of Directors approved the agreement with Rock Real whereby the latter would look for and propose to PBC the acquisition of commercial properties outside Israel, in addition to assisting in the negotiations and management of such properties. In return, Rock Real would receive 12% of the net income generated by the acquired property. Pursuant to amendment 16 of the Israel Commercial Act 5759-1999, the agreement must be ratified by the Audit Committee before the third year after the effective date; otherwise, it expires. The agreement has not been ratified by the audit committee within such three-year term, so in January 2017 PBC issued a statement that hinted at the expiration of the agreement and informed that it would begin negotiations to reduce the debt. The parties have appointed an arbitrator that should render a decision on the dispute. The remaining corresponds to provisions related to investment properties. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Borrowings [abstract] | |
Schedule of fair value of borrowings | Total as of June 30, 2020 (ii) Total as of June 30, 2019 (ii) Fair value as of June 30, 2020 Fair value as of June 30, 2019 NCN 315,848 381,649 252,018 376,561 Bank loans 56,272 58,323 45,329 55,749 Bank overdrafts 2,428 402 2,428 402 Other borrowings (i) 1,611 6,301 1,611 8,863 Total borrowings 376,159 446,675 301,386 441,575 Non-current 297,818 381,639 Current 78,341 65,036 376,159 446,675 (i) Includes financial leases for Ps. 1 and Ps. 24 as of June 30, 2020 and 2019, respectively. (ii) Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Schedule of maturity of the group's borrowings | June 30, 2020 June 30, 2019 Capital share for principal Less than 1 year 77,566 61,170 Between 1 and 2 years 42,917 56,995 Between 2 and 3 years 109,713 46,774 Between 3 and 4 years 35,640 102,833 Between 4 and 5 years 32,242 41,163 Later than 5 years 77,211 133,614 375,289 442,549 Interest Less than 1 year 775 3,866 Between 1 and 2 years - - Between 2 and 3 years 47 - Between 3 and 4 years - 200 Between 4 and 5 years 25 - Later than 5 years 22 36 869 4,102 Leases 1 24 376,159 446,675 |
Schedule of borrowing by type of fixed-rate and floating-rate | June 30, 2020 Rate per currency Argentine Peso US dollar Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 2,429 - - - 2,429 New Israel Shekel - - - 176,617 176,617 US Dollar 58,299 146 517 260 59,222 Subtotal fixed-rate borrowings 60,728 146 517 176,877 238,268 Floating rate: - - - - - Argentine Peso 892 - - - 892 New Israel Shekel - - - 134,796 134,796 US Dollar 2,202 - - - 2,202 Subtotal floating-rate borrowings 3,094 - - 134,796 137,890 Total borrowings as per analysis 63,822 146 517 311,673 376,158 Finance leases obligations 1 - - - 1 Total borrowings as per Statement of Financial Position 63,823 146 517 311,673 376,159 June 30, 2019 Rate per currency Argentine Peso US dollar Uruguayan Peso New Israel Shekel Total Fixed rate: Argentine Peso 582 - - - 582 New Israel Shekel - - - 225,582 225,582 US Dollar 48,735 121 450 11,896 61,202 Subtotal fixed-rate borrowings 49,317 121 450 237,478 287,366 Floating rate: - - - - - Argentine Peso 890 - - - 890 New Israel Shekel - - - 156,164 156,164 US Dollar 2,231 - - - 2,231 Subtotal floating-rate borrowings 3,121 - - 156,164 159,285 Total borrowings as per analysis 52,438 121 450 393,642 446,651 Finance leases obligations 24 - - - 24 Total borrowings as per Statement of Financial Position 52,462 121 450 393,642 446,675 |
Schedule of debt issuances | Interest Entity Class Issuance / expansion date Amount in original currency Maturity date rate Principal payment Interest payment PBC SERIE I jul-18 NIS 507 06/29/2029 3.95% n.a. At expiration quarterly (1) PBC SERIE j may-19 NIS 515 12/31/2029 4.15% n.a. At expiration annual Gav - Yam SERIE H sep-17 NIS 424 06/30/2034 2.55% n.a. Annual payments since 2019 biannual (1) Gav - Yam SERIE A jul-18 NIS 320 10/31/2023 3.55% n.a. Annual payments since 2021 biannual Gav - Yam SERIE H sep-18 NIS 596 06/30/2024 2.55% n.a. Annual payments since 2019 annual (1) Gav - Yam SERIE A dic-18 NIS 351 10/31/2023 3.55% n.a. Annual payments since 2021 biannual Cellcom SERIE L jan-18 NIS 401 1/5/2028 2.5% n.a. Annual payments since 2023 annual Cellcom SERIE K jul-18 NIS 220 7/5/2026 3.55% n.a. Annual payments since 2021 annual (1) Cellcom SERIE K dic-18 NIS 187 1/7/2026 3.55% n.a. Annual payments since 2021 annual (1) Cellcom SERIE L dic-18 NIS 213 1/15/2028 2.50% n.a. Annual payments since 2023 annual IRSA Clase I tramo2 aug-19 USD 85 11/15/2028 10.00% n.a. At expiration quarterly (1) IRSA Clase II aug-19 CLP 31,503 8/6/2020 10.50% n.a. At expiration quarterly IDBD Serie 15 nov-19 NIS 237 06/30/2022 4.70% n.a Two payments quarterly IRSA Clase II may-20 ARS 354 02/19/2021 Badlar.+ 0.6%n.a. At expiration quarterly (1) IRSA Case IV may-20 USD 51 05/19/2021 7% n.a. At expiration quarterly IRSA Clase V may-20 USD 9 05/19/2022 9% n.a. At expiration quarterly (1) Corresponds a to an expansion of the series. |
Schedule of evolution of borrowing | June 30, 2020 June 30, 2019 Balance at the beginning of the year 446,675 459,444 Borrowings 30,670 47,412 Payment of borrowings (68,328 ) (48,724 ) Collection / (Payment) of short term loans, net 2,516 (1,013 ) Interests paid (19,154 ) (19,017 ) Deconsolidation (see Note 4) (95,443 ) - Accrued interests 20,460 19,802 Changes in fair value of third-party loans - (27 ) Cumulative translation adjustment and exchange differences, net 59,760 (9,454 ) Inflation adjustment (997 ) (1,748 ) Balance at the end of the year 376,159 446,675 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Income Tax [Abstract] | |
Schedule of income tax | June 30, 2020 June 30, 2019 June 30, 2018 Current income tax (242 ) (1,452 ) 141 Deferred income tax (6,492 ) 5,703 10,994 Minimum presumed income tax (135 ) - - Income tax from continuing operations (6,869 ) 4,251 11,135 |
Schedule of statutory taxes rates | Tax jurisdiction Income tax rate Argentina 25% - 35% Uruguay 0% - 25% U.S.A. 0% - 40% Bermuda 0% Israel 23% - 24% |
Schedule of reconciliation of income tax expense | June 30, 2020 June 30, 2019 June 30, 2018 Profit from continuing operations at tax rate applicable in the respective countries (6,115 ) 12,419 2,686 Permanent differences: Share of profit of associates and joint ventures 1,615 (1,494 ) (357 ) Unrecognized tax loss carryforwards (3,094 ) (4,255 ) (4,016 ) Changes in fair value of financial instruments (1,684 ) 469 (720 ) Inflation adjustment permanent difference 1,660 - - Tax rate differential 2,447 (340 ) 12,924 Taxable profit of non-argentinian holding subsidiaries - 572 (429 ) Non-taxable profit, non-deductible expenses and others 238 467 1,047 Fiscal transparency 150 - - Tax inflation adjustment (2,086 ) (3,587 ) - Income tax from continuing operations (6,869 ) 4,251 11,135 |
Schedule of deferred tax assets and liabilities | June 30, 2020 June 30, 2019 Deferred income tax asset to be recovered after more than 12 months 15,066 12,010 Deferred income tax asset to be recovered within 12 months 869 2,071 Deferred income tax assets 15,935 14,081 June 30, 2020 June 30, 2019 Deferred income tax liability to be recovered after more than 12 months (57,334 ) (47,155 ) Deferred income tax liability to be recovered within 12 months (2,005 ) (18,945 ) Deferred income tax liability (59,339 ) (66,100 ) Deferred income tax assets (liabilities), net (43,404 ) (52,019 ) |
Schedule of movement in the deferred income tax assets and liabilities | 06.30.19 Cumulative translation Charged / (Credited) to the Revaluation surplus reserve Charged / (Credited) to the Deconsolidation Incorporation by business 06.30.20 Assets Property, plant and equipment 170 1,014 (888 ) - - - - 296 Investments 6 - (6 ) - - - - - Trade and other payables 5,726 858 (836 ) - - (431 ) - 5,317 Tax loss carry-forwards 6,977 1,038 614 - - (83 ) - 8,546 Others 1,202 166 408 - - - - 1,776 Subtotal assets 14,081 3,076 (708 ) - - (514 ) - 15,935 Liabilities - - - - - - - - Investment properties and Property, plant and equipment (58,206 ) (173 ) (7,899 ) (91 ) 359 14,973 (624 ) (51,661 ) Trade and other receivables (889 ) - (33 ) - - - - (922 ) Investments (131 ) - 60 - - - - (71 ) Tax inflation adjustment (3,017 ) - (1,304 ) - - - - (4,321 ) Borrowings (1,058 ) (282 ) 386 - - - - (954 ) Intangible assets (2,265 ) (511 ) 383 - - - - (2,393 ) Others (534 ) (536 ) 2,478 - - (182 ) (243 ) 983 Subtotal liabilities (66,100 ) (1,502 ) (5,929 ) (91 ) 359 14,791 (867 ) (59,339 ) Assets (Liabilities), net (52,019 ) 1,574 (6,637 ) (91 ) 359 14,277 (867 ) (43,404 ) 06.30.18 Cumulative translation adjustment Charged / (Credited) to the statements of 06.30.19 Assets Property, plant and equipment 229 (466 ) 407 170 Investments - - 6 6 Trade and other payables 4,608 199 919 5,726 Tax loss carry-forwards 9,795 (264 ) (2,554 ) 6,977 Others 999 (61 ) 264 1,202 Subtotal assets 15,631 (592 ) (958 ) 14,081 Liabilities - - - - Investment properties and Property, plant and equipment (66,589 ) 1,574 6,809 (58,206 ) Trade and other receivables (533 ) - (356 ) (889 ) Investments - (16 ) (115 ) (131 ) Tax inflation adjustment - - (3,017 ) (3,017 ) Borrowings (1,288 ) 94 136 (1,058 ) Intangible assets (2,981 ) 259 457 (2,265 ) Others (2,463 ) 634 1,295 (534 ) Subtotal liabilities (73,854 ) 2,545 5,209 (66,100 ) Assets (Liabilities), net (58,223 ) 1,953 4,251 (52,019 ) |
Schedule of tax loss carry forward | Date Total 2021 3 2022 11 2023 2,785 2024 1,186 2025 4,807 Subtotal 8,792 Do not expire 3,784 Total 12,576 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of operating leases | June 30, 2020 June 30, 2019 June 30, 2018 No later than one year 2,308 8,663 4,832 Later than one year and not later than five years 5,266 13,511 9,955 Later than five years 2,398 902 1,456 9,972 23,076 16,243 |
Schedule of non-cancellable operating leases | June 30, 2020 June 30, 2019 June 30, 2018 No later than one year 729 13,216 10,702 Later than one year and not later than five years 20,681 29,731 49,741 Later than five years 9,703 21,360 18,433 31,113 64,307 78,876 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Revenue [abstract] | |
Schedule of revenues | June 30, 2020 June 30, 2019 June 30, 2018 Income from communication services 48,657 42,704 36,514 Rental and services income 19,560 22,689 21,631 Sales of communication equipment 16,180 14,803 12,551 Sales of trading properties and developments 5,529 8,079 4,336 Revenue from hotels operation and tourism services 2,265 3,183 2,610 Income from agricultural products 1,955 - - Other revenues 1,647 723 545 Total Group's revenues 95,793 92,181 78,187 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Expenses by Nature [Abstract] | |
Schedule of expenses by nature | Costs General and administrative expenses Selling expenses Total as of June 30, 2020 Cost of sale of goods and services 16,700 - - 16,700 Salaries, social security costs and other personnel expenses 6,700 4,089 5,632 16,421 Depreciation and amortization 10,057 2,960 3,251 16,268 Fees and payments for services 3,627 756 330 4,713 Maintenance, security, cleaning, repairs and others 4,535 485 424 5,444 Advertising and other selling expenses 515 - 2,419 2,934 Taxes, rates and contributions 660 107 621 1,388 Interconnection and roaming expenses 6,855 - - 6,855 Fees to other operators 9,711 - - 9,711 Director´s fees - 547 - 547 Leases and service charges 133 23 19 175 Allowance for doubtful accounts, net - - 1,007 1,007 Other expenses 2,711 1,902 54 4,667 Total as of June 30, 2020 62,204 10,869 13,757 86,830 Costs General and administrative expenses Selling expenses Total as of June 30, 2019 Cost of sale of goods and services 17,781 - - 17,781 Salaries, social security costs and other personnel expenses 6,287 3,742 4,915 14,944 Depreciation and amortization 6,573 1,758 2,345 10,676 Fees and payments for services 5,554 2,671 150 8,375 Maintenance, security, cleaning, repairs and others 4,592 559 373 5,524 Advertising and other selling expenses 585 24 2,235 2,844 Taxes, rates and contributions 756 76 615 1,447 Interconnection and roaming expenses 6,064 - - 6,064 Fees to other operators 8,950 31 - 8,981 Director´s fees - 745 - 745 Leases and service charges 133 33 404 570 Allowance for doubtful accounts, net - 13 656 669 Other expenses 2,116 991 577 3,684 Total as of June 30, 2019 59,391 10,643 12,270 82,304 Costs General and administrative expenses Selling expenses Total as of June 30, 2018 Cost of sale of goods and services 12,996 - - 12,996 Salaries, social security costs and other personnel expenses 6,164 3,874 3,704 13,742 Depreciation and amortization 5,779 1,519 2,330 9,628 Fees and payments for services 4,641 2,146 167 6,954 Maintenance, security, cleaning, repairs and others 4,058 355 240 4,653 Advertising and other selling expenses 693 13 3,166 3,872 Taxes, rates and contributions 690 162 532 1,384 Interconnection and roaming expenses 5,241 - - 5,241 Fees to other operators 6,499 - - 6,499 Director´s fees - 577 - 577 Leases and service charges 104 16 340 460 Allowance for doubtful accounts, net - - 673 673 Other expenses 2,247 835 597 3,679 Total as of June 30, 2018 49,112 9,497 11,749 70,358 |
Cost of goods sold and servic_2
Cost of goods sold and services provided (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Cost of Goods Sold and Services Provided [Abstract] | |
Schedule of cost of goods sold and services | Total as of June 30, 2020 Total as of June 30, 2019 Total as of June 30, 2018 Inventories at the beginning of the period (*) 9,998 23,469 29,877 Adjustments previous periods - (8,325 ) - Purchases and expenses 57,605 56,127 157,138 Capitalized finance costs 12 17 24 Currency translation adjustment 8,262 (1,411 ) 11,214 Transfers 201 149 (700 ) Deconsolidation (155 ) - (13,955 ) Incorporated by business combination 264 - 855 Inventories at the end of the period (*) (11,855 ) (9,998 ) (23,469 ) Total costs 64,332 60,028 160,984 (*) Includes Ps. 2,128 as cost of goods sold from Gav-Yam which was reclassified as discontinued operations in this fiscal year. |
Schedule of inventories | Total as of June 30, 2020 Total as of June 30, 2019 Real estate 7,172 8,359 Telecommunications 1,688 1,639 Fruits 2,705 - Others 290 - Total inventories at the end of the period (*) 11,855 9,998 (*) Inventories includes trading properties and inventories. |
Other operating results, net (T
Other operating results, net (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Other Operating Results Net [Abstract] | |
Schedule of other operating results | June 30, 2020 June 30, 2019 June 30, 2018 Gain from disposal of subsidiary and associates (247 ) 983 860 Donations (167 ) (284 ) (169 ) Lawsuits and other contingencies (109 ) (96 ) 1,069 Operating interest expense 659 486 400 Others (1) 968 (816 ) (51 ) Total other operating results, net 1,104 273 2,109 (1) As of June 30, 2018, it includes a favorable ruling entered in a lawsuit in the Operations Center in Israel for an amount of approximately Ps. 1,165. Includes legal costs and expenses. |
Financial results, net (Tables)
Financial results, net (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Financial Results Net [Abstract] | |
Schedule of financial results | June 30, 2020 June 30, 2019 June 30, 2018 Gain from disposal of subsidiary and associates (247 ) 983 860 Donations (167 ) (284 ) (169 ) Lawsuits and other contingencies (109 ) (96 ) 1,069 Operating interest expense 659 486 400 Others (1) 968 (816 ) (51 ) Total other operating results, net 1,104 273 2,109 (1) As of June 30, 2018, it includes a favorable ruling entered in a lawsuit in the Operations Center in Israel for an amount of approximately Ps. 1,165. Includes legal costs and expenses. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Profit / (loss) per share attributable to equity holders of the parent: | |
Schedule of basic earnings per share | June 30, 2020 June 30, 2019 June 30, 2018 Profit for the year of continuing operations attributable to equity holders of the parent 4,142 (39,076 ) (3,423 ) Profit for the year of discontinued operations attributable to equity holders of the parent 10,107 2,466 24,470 Profit for the year attributable to equity holders of the parent 14,249 (36,610 ) 21,047 Weighted average number of ordinary shares outstanding 575 575 575 Basic earnings per share 24.76 (63.68 ) 36.58 |
Schedule of diluted earnings per share | June 30, 2020 June 30, 2019 June 30, 2018 Profit for the year of continuing operations attributable to equity holders of the parent 4,142 (39,076 ) (3,423 ) Profit for the year of discontinued operations attributable to equity holders of the parent 10,107 2,466 24,470 Profit for the year per share attributable to equity holders of the parent 14,249 (36,610 ) 21,047 Weighted average number of ordinary shares outstanding 579 575 579 Diluted earnings per share 24.62 (63.68 ) 36.37 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Employee Benefits [Abstract] | |
Schedule of movements in the number of matching shares outstanding | June 30, 2020 June 30, 2019 June 30, 2018 At the beginning 2,828,470 3,347,201 3,507,947 Additions - - - Disposals - - - Granted (437,304 ) (518,731 ) (160,746 ) At the end 2,391,166 2,828,470 3,347,201 |
Schedule of options pending | DIC Cellcom Exercise price range of outstanding options NIS 6.90 – 12.5 NIS 15.05 – 27.7 Average price of outstanding options NIS 6.72 NIS 17.8 Amount of outstanding options 2,124,000 759,332 Average remaining useful life 4.43 years 3.4 years |
Schedule of employee benefits - Israel | June 30, 2020 June 30, 2019 June 30, 2018 Present value of unfunded obligations - 615 703 Present value of funded obligations 1,363 819 825 Total present value of defined benefits obligations (post-employment) 1,363 1,434 1,528 Fair value of plan assets (936 ) (1,245 ) (1,316 ) Recognized liability for defined benefits obligations 427 189 212 Liability for other long-term benefits 793 682 33 Total recognized liabilities 1,220 871 245 Assets designed for payment of employee benefits (773 ) (683 ) - Net position from employee benefits 447 188 245 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Related party transactions [abstract] | |
Schedule of company's senior management | Name Date of Birth Position Current position since Eduardo S. Elsztain 01/26/1960 General Manager 1991 Daniel R. Elsztain 12/22/1972 Operating Manager 2012 Jorge Cruces 11/07/1966 Investment Manager 2020 Matías I. Gaivironsky 02/23/1976 Administrative and Financial Manager 2011 The Company's Senior Management in the Operation Center in Israel is composed of as follows: Name Date of Birth Position Current position since / until Doron Cohen 09/27/1960 General Manager 2020 Sholem Lapidot (*) 10/22/1979 General Manager 2016 / 01-2020 Gil Kotler (*) 10/04/1966 Financial Manager 2016/ 04-2020 Aaron Kaufman 03/03/1970 Vice president and General Assessor 2016 (*) Left their positions this year. |
Schedule of balances with related parties | Related company June 30, 2020 June 30, 2019 Description of transaction Item Manibil S.A. - - Contributions in advance Trade and other receivables New Lipstick LLC - 1,258 Loans granted Trade and other receivables (77 ) - Loans obtained Borrowings 16 14 Reimbursement of expenses receivables Trade and other receivables Condor 269 237 Public companies securities Trade and other receivables IRSA Real Estate Strategies LP 116 - Reimbursement of expenses receivables Trade and other receivables PBS Real Estate Holdings S.R.L. 472 - Reimbursement of expenses receivables Trade and other receivables Other associates and joint ventures 122 1 Reimbursement of expenses receivables Trade and other receivables - (17 ) Leases and/or rights of use not yet paid Trade and other payables (27 ) - Loans obtained Borrowings 8 - Management fees receivables Trade and other receivables 84 17 Leases and/or rights of use receivables Trade and other receivables 203 - Dividends Trade and other receivables (1 ) Reimbursement of expenses not yet paid Trade and other payables - 16 Reimbursement of expenses receivables Trade and other receivables Total associates and joint ventures 1,185 1,526 Cresud (3 ) (53 ) Reimbursement of expenses not yet paid Trade and other payables (245 ) (163 ) Corporate services not yet paid Trade and other payables 1,581 1,622 NCN Investments in financial assets 4 7 Leases and/or rights of use receivables Trade and other receivables (1 ) (1 ) Management fee Trade and other payables (3 ) (4 ) Share-based payments Trade and other payables Total parent company 1,333 1,408 Directors (127 ) (239 ) Fees for services received Trade and other payables 4 - Advances Trade and other receivables Others (1) - 39 Leases and/or rights of use receivables Trade and other receivables (53 ) - Loans obtained Borrowings 18 54 Reimbursement of expenses receivables Trade and other receivables Total others (158 ) (146 ) Total at the end of the year 2,360 2,788 (1) Includes CAMSA., Avenida compras and Avenida Inc., Estudio Zang, Bergel & Viñes, Austral Gold, Fundación IRSA, Hamonet S.A., Museo de los Niños and BHN Vida S.A. Item June 30, 2020 June 30, 2019 Trade and other receivables 1,316 1,643 Investments in financial assets 1,581 1,622 Borrowings (157 ) - Trade and other payables (380 ) (477 ) Total 2,360 2,788 |
Schedule of results with related parties | Related party June 30, 2020 June 30, 2019 June 30, 2018 Description of transaction BACS 51 54 3 Leases and/or rights of use Manibil - 30 91 Corporate services Tarshop - 59 37 Leases and/or rights of use - 1 - Commissions La Rural S.A. - 37 1 Leases and/or rights of use Condor - - 276 Financial operations Other associates anf joint ventures 37 (1 ) - Financial operations Otras asociadas y negocios conjuntos 9 34 74 Leases and/or rights of use Otras asociadas y negocios conjuntos (131 ) 30 375 Honorarios y remuneraciones Total associates and joint ventures (34 ) 244 887 Cresud 19 37 13 Leases and/or rights of use Cresud (469 ) (546 ) (576 ) Corporate services Cresud 224 37 353 Financial operations Total parent company (226 ) (472 ) (210 ) IFISA - - 147 Financial operations Directors (406 ) (480 ) (529 ) Fees and remunerations Taaman - 46 377 Corporate services Willfood - - 337 Corporate services Others (1) - - (39 ) Corporate services Otras (1) - 1 37 Leases and/or rights of use Otras (1) - (1 ) 336 Financial operations Otras (1) - (1 ) (33 ) Donationd (23 ) - - Fees and remuneration Otras (1) (29 ) (1 ) (37 ) Legal services Total others (458 ) (436 ) 596 Total at the end of the period (718 ) (664 ) 1,273 (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 | Related party June 30, 2020 June 30, 2019 Description of the operation La Rural S.A. - 433 Dividends received Condor 32 114 Dividends received BHSA - 113 Dividends received Mehadrin - 141 Dividends received Manaman - 106 Dividends received Nuevo Puerto Santa Fe S.A. 38 14 Dividends received Nave by the sea - 47 Dividends received Shufersal 400 663 Dividends received Gav Yam 1,334 - Dividends received Emco 16 87 Dividends received Total dividends received 1,820 1,718 Cresud (359 ) 1,618 Dividends granted Helmir (22 ) 10 Dividends granted Total dividends distribution (381 ) 1,628 Quality (47 ) (73 ) Capital contributions Manibil (87 ) (31 ) Capital contributions IBC (2,551 ) - Capitalized loan Others (17 ) (27 ) Capital contributions Total capital contributions (2,702 ) (131 ) TGLT S.A. 1,394 - Purchase and exchange of shares Total other transactions 1,394 - |
Foreign currency assets and l_2
Foreign currency assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Foreign Currency Assets and Liabilities [Abstract] | |
Schedule of book amounts of foreign currency assets and liabilities | Item / Currency (1) Amount (2) Peso exchange rate (3) Total as of 06.30.20 Total as of 06.30.19 Assets Trade and other receivables US Dollar 43 70.260 3,015 2,448 Euros 11 78.867 881 197 Receivables with related parties: US Dollar 4 70.460 311 239 Total trade and other receivables 4,207 2,884 Investments in financial assets US Dollar 51 70.260 3,603 4,811 Pounds 1 86.896 78 69 Investments with related parties: US Dollar 17 70.460 1,212 1,622 Total investments in financial assets 4,893 6,502 Derivative financial instruments US Dollar - 70.260 - 17 Total Derivative financial instruments - 17 Cash and cash equivalents US Dollar 185 70.260 13,018 16,575 Euros 20 78.867 1,547 103 Total cash and cash equivalents 14,565 16,678 Total Assets 23,665 26,081 Liabilities Trade and other payables US Dollar 187 70.460 13,191 10,496 Euros 3 87.360 305 51 Payables to related parties: US Dollar - 70.460 - 20 Total Trade and other payables 13,496 10,567 Borrowings US Dollar 865 70.460 60,926 51,680 Euros - - - - Borrowings with related parties US Dollar 5 70.460 352 865 Total Borrowings 61,278 52,545 Derivative financial instruments US Dollar 1 70.460 95 39 Total derivative financial instruments 95 39 Lease liabilities US Dollar 1 70.460 8 - Total lease liabilities 8 - Total Liabilities 74,877 63,151 (1) Stated in millions of units in foreign currency. Considering foreign currencies those that differ from each Group's functional currency at each year-end. (2) Exchange rate as of June 30, of each year according to Banco Nación Argentina records. (3) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (see Note 14). |
Groups of assets and liabilit_2
Groups of assets and liabilities held for sale (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Groups of Assets and Liabilities Held For Sale [Abstract] | |
Schedule of assets and liabilities classified as held for sale | June 30, 2020 June 30, 2019 Property, plant and equipment 35,719 6,449 Intangible assets 1,363 136 Investments in associates 224 597 Deferred income tax assets 814 290 Income tax credits - - Trade and other receivables 1,849 3,003 Cash and cash equivalents 1,709 1,023 Total assets held-for-sale 41,678 11,498 Trade and other payables 9,926 4,845 Salaries and social security liabilities 387 - Employee benefits 386 290 Deferred income tax liabilities 1,953 51 Borrowings 9,560 2,951 Total liabilities held-for-sale 22,212 8,137 Total net assets held-for-sale 19,466 3,361 |
Results from discontinued ope_2
Results from discontinued operations (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Results from Discontinued Operations [Abstract] | |
Schedule of discontinued operations | June 30, 2020 June 30, 2019 June 30, 2018 Revenues 21,921 26,148 175,194 Costs (17,950 ) (17,336 ) (127,564 ) Gross profit 3,971 8,812 47,630 Net gain from fair value adjustment of investment properties - 3,990 5,529 General and administrative expenses (1,198 ) (1,212 ) (3,299 ) Selling expenses (977 ) (1,049 ) (32,990 ) Other operating results, net 17,554 250 24,894 Profit from operations 19,350 10,791 41,764 Share of profit of associates and joint ventures 150 289 320 Profit before financial results and income tax 19,500 11,080 42,084 Finance income 191 460 466 Finance cost (1,720 ) (2,651 ) (2,901 ) Other financial results 115 (24 ) (102 ) Financial results, net (1,414 ) (2,215 ) (2,537 ) Profit before income tax 18,086 8,865 39,547 Income tax (1 ) (1,725 ) (3,106 ) Profit from discontinued operations 18,085 7,140 36,441 (Loss) / profit for the period from discontinued operations attributable to: Equity holders of the parent 10,107 2,466 24,470 Non-controlling interest 7,978 4,674 11,971 Profit per share from discontinued operations attributable to equity holders of the parent: Basic 17.58 4.29 42.52 Diluted 17.44 4.26 42.29 (i) Includes the remediation, at fair value, of the residual holding in Gav-Yam. |
The Group's business and gene_2
The Group's business and general information (Details) - ARS ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2020 | Jun. 30, 2020 | Jul. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
The Group's business and general information (Textual) | ||||||
Business combinations interest, percent | 29.91% | |||||
Aggregate business acquisation description | (i) IDBD Series 9 Bonds was NIS 901 million (“Series 9”), (ii) IDBD Series 14 Bonds was NIS 889 million collateralized by DIC shares owned directly or indirectly by us representing 70% of the share capital of DIC (“Series 14”), (iii) IDBD Series 15 Bonds was NIS 238 million collateralized by shares of Clal representing 5% of the share capital of Clal (“Series 15”). | |||||
Capital contributions, description | The controlling interest in IDBD, to make capital injections into IDBD in an overall amount of NIS 210 million, in three equal annual payments on September 2 in each of the years 2019 to 2021, which would be made in consideration for shares in IDBD or as a subordinated loan on similar terms to the subordinated loans that had been provided by the controlling interest. | |||||
Attributable to controlling shareholders | $ 57,127,000,000 | $ 45,843,000,000 | ||||
Current assets | 205,717,000,000 | $ 2,968,000,000 | 201,915,000,000 | |||
Current liabilities | 143,384,000,000 | 7,164,000,000 | 105,704,000,000 | |||
Non-current liabilities | 361,160,000,000 | 10,622,000,000 | 450,000,000,000 | |||
Total equity | 122,655,000,000 | 122,656,000,000 | 122,656,000,000 | $ 170,814,000,000 | $ 141,986,000,000 | |
Equity Attributable to equity holders of the parent | 627,199,000,000 | $ 15,620,000,000 | $ 678,360,000,000 | |||
Non-Adjusting Events After Reporting Period [Member] | ||||||
The Group's business and general information (Textual) | ||||||
Financing agreement, description | A proposal to make the outstanding balances of their bonds immediately due and payable, in preparation for the additional inflow of NIS 70 million scheduled for September 2, 2020. | |||||
Israel Business Center [Member] | ||||||
The Group's business and general information (Textual) | ||||||
Attributable to controlling shareholders | 2,006,000,000 | |||||
Currency translation adjustment reserve | 1,537,000 | |||||
Current assets | 188,619,000 | |||||
Non-current assets | 255,865,000 | |||||
Current liabilities | 101,927,000 | |||||
Non-current liabilities | 299,150,000 | |||||
Total equity | 43,407,000 | |||||
Equity Attributable to equity holders of the parent | $ 2,006,000 |
Summary of significant accoun_4
Summary of significant accounting policies (Details) | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Summary of Significant Accounting Policies [Abstract] | |||
Annual price variation | 43.00% | 56.00% | 29.00% |
Cumulative as of June 30, 2020 (3 years) | 128.00% |
Summary of significant accoun_5
Summary of significant accounting policies (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jul. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Non-current assets | |||||
Investment properties | $ 227,547 | $ 333,525 | $ 333,525 | ||
Right-of-use assets | 19,859 | 14,124 | |||
Investments in associates and joint ventures | (74,394) | (1,979) | (44,439) | ||
Trade and other receivables | 23,128 | 81 | 17,680 | ||
Total non-current assets | 421,482 | 12,652 | 476,445 | ||
Current assets | |||||
Income tax and MPIT credit | 17 | ||||
Trade and other receivables | (37,143) | (170) | (32,221) | ||
Group of assets held for sale | 41,678 | 3,121 | 11,498 | ||
Total current assets | 205,717 | 2,968 | 201,915 | ||
TOTAL ASSETS | 627,199 | 15,620 | 678,360 | ||
SHAREHOLDERS' EQUITY | |||||
Capital and reserves attributable to equity holders of the parent | |||||
Retained earnings | (1,306) | ||||
Total capital and reserves attributable to equity holders of the parent | (1,306) | ||||
Non-controlling interest | 65,528 | (860) | 76,813 | ||
TOTAL SHAREHOLDERS' EQUITY | 122,655 | 122,656 | 122,656 | $ 170,814 | $ 141,986 |
Non-current liabilities | |||||
Lease liabilities | 13,376 | 10,622 | |||
Total non-current liabilities | 361,160 | 10,622 | 450,000 | ||
Current liabilities | |||||
Lease liabilities | 4,869 | 3,925 | |||
Trade and other payables | 29,672 | 26,528 | 26,528 | ||
Group of liabilities held for sale | 22,212 | 3,328 | 8,137 | ||
Total current liabilities | 143,384 | 7,164 | 105,704 | ||
TOTAL LIABILITIES | 504,544 | 17,786 | 555,704 | ||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ 627,199 | 15,620 | $ 678,360 | ||
Implamentation of NIIF 16 [Member] | |||||
Non-current assets | |||||
Investment properties | 426 | ||||
Right-of-use assets | 14,124 | ||||
Investments in associates and joint ventures | |||||
Trade and other receivables | 81 | ||||
Total non-current assets | 14,631 | ||||
Current assets | |||||
Income tax and MPIT credit | 17 | ||||
Trade and other receivables | (170) | ||||
Group of assets held for sale | 3,121 | ||||
Total current assets | 2,968 | ||||
TOTAL ASSETS | 17,599 | ||||
SHAREHOLDERS' EQUITY | |||||
Capital and reserves attributable to equity holders of the parent | |||||
Retained earnings | (187) | ||||
Total capital and reserves attributable to equity holders of the parent | (187) | ||||
Non-controlling interest | |||||
TOTAL SHAREHOLDERS' EQUITY | (187) | ||||
Non-current liabilities | |||||
Lease liabilities | 10,622 | ||||
Total non-current liabilities | 10,622 | ||||
Current liabilities | |||||
Lease liabilities | 3,925 | ||||
Trade and other payables | (89) | ||||
Group of liabilities held for sale | 3,328 | ||||
Total current liabilities | 7,164 | ||||
TOTAL LIABILITIES | 17,786 | ||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 17,599 | ||||
Implementation of IAS 28 [Member] | |||||
Non-current assets | |||||
Investment properties | |||||
Right-of-use assets | |||||
Investments in associates and joint ventures | (1,979) | ||||
Trade and other receivables | |||||
Total non-current assets | (1,979) | ||||
Current assets | |||||
Income tax and MPIT credit | |||||
Trade and other receivables | |||||
Group of assets held for sale | |||||
Total current assets | |||||
TOTAL ASSETS | (1,979) | ||||
SHAREHOLDERS' EQUITY | |||||
Capital and reserves attributable to equity holders of the parent | |||||
Retained earnings | (1,119) | ||||
Total capital and reserves attributable to equity holders of the parent | (1,119) | ||||
Non-controlling interest | (860) | ||||
TOTAL SHAREHOLDERS' EQUITY | (1,979) | ||||
Non-current liabilities | |||||
Lease liabilities | |||||
Total non-current liabilities | |||||
Current liabilities | |||||
Lease liabilities | |||||
Trade and other payables | |||||
Group of liabilities held for sale | |||||
Total current liabilities | |||||
TOTAL LIABILITIES | |||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | $ (1,979) |
Summary of significant accoun_6
Summary of significant accounting policies (Details 2) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
IRSA's direct interest [Member] | IRSA CP [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [1] | Argentina | ||
Main activity | [1] | Real estate | ||
% of ownership interest held by the Group | [1] | 80.65% | 83.80% | 86.34% |
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.U. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Hotel | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 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 y Galerias Pacifico [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [2] | Argentina | ||
Main activity | [2] | Investment | ||
% of ownership interest held by the Group | [2] | 50.00% | 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 | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
IRSA CP's direct interest [Member] | Panamerican Mall S.A. [Member] | ||||
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 | 99.95% | 99.95% | 99.92% | |
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] | EHSA [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 70.00% | 70.00% | 70.00% | |
IRSA CP's direct interest [Member] | Centro de Entretenimiento La Plata [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
IRSA CP's direct interest [Member] | Pareto S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | design and software development | |||
% of ownership interest held by the Group | 69.69% | 69.69% | ||
IRSA CP's direct interest [Member] | La Malteria [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Argentina | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | |||
Tyrus S.A.'s direct interest [Member] | DFL and DN BV [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Bermuda’s / Netherlands | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 97.04% | 96.46% | 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 | ||||
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 | ||||
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 | [3] | Uruguay | ||
Main activity | [3] | Investment | ||
% of ownership interest held by the Group | [3] | 100.00% | 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 | Bermuda’s | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 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 | Bermuda’s | |||
Main activity | Investment | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
DFL's and DN BV'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% | 100.00% | 100.00% | |
DFL's and DN BV'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% | 100.00% | 100.00% | |
DIL's direct interest [Member] | Discount Investment Corporation Ltd [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [4] | Israel | ||
Main activity | [4] | Investment | ||
% of ownership interest held by the Group | [4] | 83.72% | 83.77% | 76.57% |
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 & Building Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 72.40% | 68.80% | 64.40% | |
DIC's direct interest [Member] | Cellcom Israel Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [5] | Israel | ||
Main activity | [5] | Telecommunications | ||
% of ownership interest held by the Group | [5] | 46.20% | 44.10% | 43.14% |
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 | 61.06% | 61.06% | 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% | |
DIC's direct interest [Member] | Mehadrin Ltd [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [6] | Israel | ||
Main activity | [6] | Agricultural | ||
% of ownership interest held by the Group | [6] | 43.75% | ||
PBC's direct interest [Member] | Gav-Yam Bayside Land Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | [7] | Israel | ||
Main activity | [7] | Real estate | ||
% of ownership interest held by the Group | [7] | 51.70% | 51.70% | |
PBC's direct interest [Member] | Ispro The Israeli Properties Rental Corporation Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
PBC's direct interest [Member] | Matam - Scientific Industries Center Haifa Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 50.10% | 50.10% | 50.10% | |
PBC's direct interest [Member] | Hadarim Properties Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
PBC's direct interest [Member] | Property & Building (Commercial Centers) Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
Country | Israel | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
PBC's direct interest [Member] | PBC USA Investments Inc [Member] | ||||
Disclosure of associates [line items] | ||||
Country | USA | |||
Main activity | Real estate | |||
% of ownership interest held by the Group | 100.00% | 100.00% | 100.00% | |
[1] | Includes interest held through E-Commerce Latina S.A. and Tyrus S.A.. | |||
[2] | The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerias Pacifico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision making process. | |||
[3] | Includes Tyrus' and IRSA S.A.'s equity interests. | |||
[4] | Includes Tyrus' equity interest. | |||
[5] | DIC considers it exercises effective control over Cellcom because DIC is the group with the higher percentage of votes (48.5%) vis-a-vis other shareholders, also taking into account the historic voting performance in the Shareholders' Meetings, as well as the evaluation of the holdings of the remaining shareholders, which are highly atomized. | |||
[6] | DIC considers that it exercises control because DIC is the group with the higher percentage of votes (43.75%) vis-a-vis other shareholders that are highly atomized. | |||
[7] | Control was lost in September 2019. See Note 4.C. |
Summary of significant accoun_7
Summary of significant accounting policies (Details 3) | 12 Months Ended |
Jun. 30, 2020 | |
Buildings and facilities [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 5 and 50 years |
Machinery and equipmentt [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 3 and 24 years |
Communication networks [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 4 and 20 years |
Others [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of property, plant and equipment | Between 3 and 25 years |
Summary of significant accoun_8
Summary of significant accounting policies (Details Textual) | 12 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies (Textual) | |
Accumulated inflation rate, description | The standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that is approximate or exceeds 100%. |
Associates voting rights, description | Associates are all entities over which the Group has significant influence but not control, usually representing an interest between 20% and at least 50% of the voting rights. |
Argentine peso suffered, description | During the years ended June 30, 2020, 2019 and 2018, the Argentine Peso suffered a decrease in its value compared to the US dollar and other currencies close to 66%, 45% and 73%, respectively. |
Acquisitions and disposals (Det
Acquisitions and disposals (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 |
Fair value of identifiable assets and liabilities incurred | |||
Investment properties | $ 155,602 | $ (9,743) | |
Property, plant and equipment | 5,047 | 64,039 | |
Investments in associates and joint ventures | 2,517 | (812) | |
Restricted assets | 214 | (203) | |
Inventories | 2,503 | 13,110 | |
Trade and other payables | (2,313) | (50,992) | |
Provisions | 57 | 960 | |
Employee benefits | 107 | 2,788 | |
Cash and cash equivalents | 6,003 | 12,350 | |
Non-controlling interest | $ (50,745) | $ (16,296) | |
PBC Distributed [Member] | |||
Fair value of identifiable assets and liabilities incurred | |||
Investment properties | $ 244 | ||
Property, plant and equipment | 6,108 | ||
Intangible assets | 57 | ||
Investments in associates and joint ventures | 1,879 | ||
Restricted assets | 164 | ||
Income tax receivables | 146 | ||
Trade and other receivables | 10,211 | ||
Rights of use | 4,019 | ||
Derivative financial instruments | 37 | ||
Inventories | 2,503 | ||
Borrowings | (7,363) | ||
Deferred income tax liabilities | (945) | ||
Trade and other payables | (4,711) | ||
Lease liabilities | (2,119) | ||
Provisions | (56) | ||
Employee benefits | (128) | ||
Salaries and social security liabilities | (201) | ||
Income Tax | (18) | ||
Cash and cash equivalents | 2,612 | ||
TOTAL IDENTIFIABLE NET ASSETS | 12,439 | ||
Non-controlling interest | (7,443) | ||
Negative goodwill | (376) | ||
Write-off of Investments in associates | 3,908 | ||
Cash and cash equivalents | 712 | ||
TOTAL CONSIDERATION | $ 4,620 |
Acquisitions and disposals (D_2
Acquisitions and disposals (Details 1) - ARS ($) $ in Millions | Nov. 27, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of detailed information about business combination [line items] | |||||
Total | $ 7,266 | $ 13,845 | |||
Gav - Yam [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash received | $ 14,261 | ||||
Remediation of the fair value of the remaining interest | 32,165 | ||||
Total | 46,426 | ||||
Net assets disposed including goodwill | (28,128) | ||||
Gain from the sale of a subsidiary, net of taxes | [1] | $ 18,298 | |||
Shufersal Ltd. [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash received | $ 14,275 | ||||
Remediation of the fair value of the remaining interest | 29,271 | ||||
Total | 43,546 | ||||
Net assets disposed including goodwill | (18,902) | ||||
Gain from the sale of a subsidiary, net of taxes | [2] | $ 24,644 | |||
[1] | Said results are disclosed within discontinued operations, under the caption "other operating results, net" | ||||
[2] | Includes Ps. 5,856 as a result of the sale and Ps. 18,789 as a result of the re-measurement at the fair value of the new stake, both included in discontinued operations. |
Acquisitions and disposals (D_3
Acquisitions and disposals (Details 2) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Fair value of identifiable assets and assumed liabilities: | |||
Investment properties | $ 155,602 | $ (9,743) | |
Property, plant and equipment | 5,047 | 64,039 | |
Investments in associates and joint ventures | 2,517 | (812) | |
Restricted assets | 214 | (203) | |
Investments in financial assets | 13,544 | (6,329) | |
Inventories | 2,503 | 13,110 | |
Trading properties | 155 | ||
Cash and cash equivalents | 6,003 | 12,350 | |
Trade and other payables | 2,313 | 50,992 | |
Provisions | 57 | 960 | |
Employee benefits | 107 | 2,788 | |
Non-controlling interest | $ 50,745 | 16,296 | |
Gav - Yam [Member] | |||
Fair value of identifiable assets and assumed liabilities: | |||
Investment properties | 155,846 | ||
Property, plant and equipment | 1,061 | ||
Intangible assets | 3,281 | ||
Right-of-use assets | 42 | ||
Investments in associates and joint ventures | 4,396 | ||
Restricted assets | 378 | ||
Trade and other receivables | 1,157 | ||
Investments in financial assets | 13,544 | ||
Trading properties | 155 | ||
Income tax credit | 190 | ||
Cash and cash equivalents | 10,623 | ||
TOTAL ASSETS | 190,673 | ||
Borrowings | 95,443 | ||
Lease liabilities | 42 | ||
Deferred income tax liabilities | 21,151 | ||
Trade and other payables | 2,398 | ||
Employee benefits | 21 | ||
Salaries and social security liabilities | 63 | ||
Income tax and MPIT liabilities | 125 | ||
TOTAL LIABILITIES | 119,243 | ||
Non-controlling interest | 43,302 | ||
Net assets disposed including goodwill | $ 28,128 | ||
Shufersal Ltd. [Member] | |||
Fair value of identifiable assets and assumed liabilities: | |||
Investment properties | $ 10,332 | ||
Property, plant and equipment | 64,484 | ||
Intangible assets | 16,203 | ||
Investments in associates and joint ventures | 892 | ||
Restricted assets | 203 | ||
Trade and other receivables | 32,516 | ||
Investments in financial assets | 280 | ||
Derivative financial instruments | 51 | ||
Inventories | 13,955 | ||
Cash and cash equivalents | 12,404 | ||
TOTAL ASSETS | 151,320 | ||
Borrowings | 47,383 | ||
Deferred income tax liabilities | 6,244 | ||
Trade and other payables | 53,306 | ||
Provisions | 1,025 | ||
Employee benefits | 2,812 | ||
Salaries and social security liabilities | 5,322 | ||
Income tax and MPIT liabilities | 17 | ||
TOTAL LIABILITIES | 116,109 | ||
Non-controlling interest | 16,309 | ||
Net assets disposed including goodwill | $ 18,902 |
Acquisitions and disposals (D_4
Acquisitions and disposals (Details Textual) $ / shares in Units, ₪ in Millions | Aug. 08, 2019$ / shares | Jul. 02, 2019ARS ($) | May 02, 2019 | Nov. 27, 2018ARS ($) | Aug. 14, 2018ARS ($) | Jul. 05, 2018ARS ($)shares | Dec. 24, 2017ARS ($) | Apr. 30, 2020 | Mar. 26, 2020ARS ($) | Feb. 29, 2020ARS ($) | Jan. 26, 2020ARS ($) | Dec. 05, 2019 | Oct. 30, 2019 | Aug. 31, 2019ARS ($) | Jul. 31, 2019ARS ($) | Feb. 28, 2019ARS ($) | Feb. 14, 2019ARS ($) | Dec. 31, 2018ARS ($) | Nov. 30, 2018ARS ($) | Oct. 31, 2018 | Oct. 29, 2018 | Jun. 27, 2018ARS ($)shares | Jun. 30, 2020ARS ($)$ / sharesshares | Dec. 31, 2018ILS (₪) | Dec. 31, 2018ARS ($) | Jun. 09, 2020ARS ($)a | May 31, 2020 | Dec. 31, 2019ARS ($) | Dec. 10, 2019 | Sep. 01, 2019 | Jul. 19, 2019$ / sharesshares |
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Sales and Swap transactions description | On May 1, 2017, August 30, 2017, January 1, 2018, May 3, 2018, August 30, 2018, and January 2, 2019, continuing with the instructions given by the Israel Capital Market, Insurance and Savings Commission, IDBD sold 5% of its stake in Clal on each occasion and 4.5% on the last one respectively, with a subsequent swap transaction with a 2- year expiration term for each transaction. The consideration for the transactions amounted to approximately NIS 944.5, which is partially restricted according to these agreements until the swap expires. These transactions did not meet the de-recognition criteria so the Group maintains the asset as “Financial assets available for sale” and accounted for the loans as a financial liability. On December 16, 2019, Clal made a public capital increase for 12,066,000 shares at a price of NIS 53.87 per share. IDBD did not take part in such transaction. Additionally, on that date, IDBD sold 200,000 Clal shares at a price of NIS 53.95 per share, representing 0.3% of the new capital stock. On December 18, 2019, IDBD sold 617,017 Clal shares at an average price of NIS 53.77 per share, representing 0.9% of the issued capital stock. Furthermore, a swap transaction carried out by IDBD involving 2,771,309 shares expired in December 2019. The closing price was NIS 52.25 per share. A swap transaction involving 751,000 shares expired within the January-March 2020 period. The closing price was NIS 45.09 per share. | ||||||||||||||||||||||||||||||
Capital stock | $ 712,000,000 | ||||||||||||||||||||||||||||||
Consideration received | $ 7,266,000,000 | $ 13,845,000,000 | |||||||||||||||||||||||||||||
Percentage sold amounted | 16.56% | ||||||||||||||||||||||||||||||
Fair value measurement | $ 5,856,000,000 | ||||||||||||||||||||||||||||||
Fair value re-measurement | $ 18,789,000,000 | ||||||||||||||||||||||||||||||
Total shares of shufersal percentage | 7.50% | ||||||||||||||||||||||||||||||
Profit for this sale | $ 430,000,000 | ||||||||||||||||||||||||||||||
DIC acquired additional percentage | 29.91% | ||||||||||||||||||||||||||||||
Increased in capital stock | $ 4,918,000,000 | ||||||||||||||||||||||||||||||
DIC participated in increase | 2,561,000,000 | ||||||||||||||||||||||||||||||
Consideration paid | $ 6,011,000,000 | ||||||||||||||||||||||||||||||
PBC [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Increase in net equity | $ 101,000,000 | ||||||||||||||||||||||||||||||
Agreement, description | PBC executed an agreement with another buyer for NIS 800 involving all ISPRO shares and the rights over the loans granted by PBC to ISPRO. As a consequence of the agreement for the sale of ISPRO´s shares, the Group has reclassified net assets totaling Ps. 15,473 as “Group of Assets available for Sale”. Income to be recognized at the time of the consummation of the transaction shall be NIS 47 (equivalent of Ps. 842 as of the current fiscal year-end). | ||||||||||||||||||||||||||||||
Acquired market price | $ 1,435,000,000 | $ 1,435,000,000 | |||||||||||||||||||||||||||||
DIC acquired additional percentage | 4.40% | 4.40% | 4.40% | 4.40% | |||||||||||||||||||||||||||
Elron [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Decrease in net equity | $ 64,000,000 | $ 64,000,000 | |||||||||||||||||||||||||||||
Acquired market price | $ 557,000,000 | $ 557,000,000 | |||||||||||||||||||||||||||||
DIC acquired additional percentage | 9.20% | 9.20% | 9.20% | 9.20% | |||||||||||||||||||||||||||
Tyrus [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Acquisition, description | As a result of this transaction, the Group’s equity interest has increased from 76.57% to 77.92%. This transaction was accounted for as an equity transaction generating an increase in the net equity attributable to the controlling company by Ps. 46, restated as of the date of these financial statements. | ||||||||||||||||||||||||||||||
Shares acquired | shares | 2,062,000 | ||||||||||||||||||||||||||||||
Acquired market price | $ 490,000,000 | ||||||||||||||||||||||||||||||
Purchase of own shares, percentage | 83.77% | ||||||||||||||||||||||||||||||
outstanding shares, percentage | 1.35% | ||||||||||||||||||||||||||||||
Ispro [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Acquired market price | $ 2,465,000,000 | ||||||||||||||||||||||||||||||
Cellcom [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Telecom agreement, description | Cellcom, the shareholders of Golan Telecom and Golan Telecom executed a binding memorandum of understanding for the acquisition of Golan Telecom entire capital stock, for a total amount of NIS 590, payable in 2 installments (NIS 413 at the closing date of the transaction and NIS 177 within a term of 3 years following such closing date). Cellcom shall issue and deposit the Company´s shares for 8.2 million, with a trustee into a trust account (“Shares held in Trust”), as collateral. | ||||||||||||||||||||||||||||||
Tivoli Project [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Consideration received | $ 18,000,000 | ||||||||||||||||||||||||||||||
Sale of real estate [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Agreement, description | A subsidiary of Ispro signed an agreement for the sale of all of its rights in real estate area of approximately 29 dunams (equivalent to 1 hectare), in which there are 12,700 square meters in the northern industrial zone in Yavneh for NIS 86 million, (equivalent to Ps.6,439). Such agreement has already been executed. | ||||||||||||||||||||||||||||||
IDBT Board of Directors [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Agreement to sell | 0.50 | ||||||||||||||||||||||||||||||
IDBT Entrusted Tourism [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Total price | $ 506,000,000 | ||||||||||||||||||||||||||||||
Series 3 Options [member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common shares | shares | 7,038,000 | ||||||||||||||||||||||||||||||
Series 3 Options [member] | 100 common shares [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common shares | shares | 23 | ||||||||||||||||||||||||||||||
Series 4 Options [member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common shares | shares | 6,426,000 | ||||||||||||||||||||||||||||||
Series 4 Options [member] | 100 common shares [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common shares | shares | 21 | ||||||||||||||||||||||||||||||
Mehadrin [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 3.50% | 31.40% | |||||||||||||||||||||||||||||
Capital stock | $ 277,000,000 | ||||||||||||||||||||||||||||||
Mehadrin [Member] | Bottom of range [member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 31.40% | ||||||||||||||||||||||||||||||
Mehadrin [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 40.20% | ||||||||||||||||||||||||||||||
Gav - Yam [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 11.70% | 4.96% | 5.14% | ||||||||||||||||||||||||||||
Consideration received | $ 6,949,000,000 | ||||||||||||||||||||||||||||||
Gav - Yam [Member] | Bottom of range [member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 40.00% | 29.90% | 34.90% | ||||||||||||||||||||||||||||
Gav - Yam [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 51.70% | 34.90% | 40.00% | ||||||||||||||||||||||||||||
Shufersal [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Sale Of shares amounted | $ 2,148,000,000 | ||||||||||||||||||||||||||||||
Sale of shares amounted increase | $ 976,000,000 | ||||||||||||||||||||||||||||||
Shufersal [Member] | Bottom of range [member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 50.12% | ||||||||||||||||||||||||||||||
Shufersal [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 53.30% | ||||||||||||||||||||||||||||||
Shufersal Ltd. [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 26.02% | ||||||||||||||||||||||||||||||
NIS [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common share par value | $ / shares | $ 1.021 | ||||||||||||||||||||||||||||||
Capital stock | $ 39,000,000 | ||||||||||||||||||||||||||||||
Consideration received | $ 416,000,000 | $ 848,000,000 | |||||||||||||||||||||||||||||
Profit for this sale | $ 27,000,000 | ||||||||||||||||||||||||||||||
Increased in capital stock | 280,000,000 | ||||||||||||||||||||||||||||||
DIC participated in increase | $ 145,900,000 | ||||||||||||||||||||||||||||||
DIC shares | shares | 6,314,200 | ||||||||||||||||||||||||||||||
Consideration paid | $ 307,000,000 | ||||||||||||||||||||||||||||||
Deposit | $ 40,000,000 | ||||||||||||||||||||||||||||||
NIS [Member] | PBC [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Acquired market price | $ 81,000,000 | $ 81,000,000 | |||||||||||||||||||||||||||||
NIS [Member] | Elron [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Acquired market price | $ 31,000,000 | $ 31,000,000 | |||||||||||||||||||||||||||||
NIS [Member] | Tyrus [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Acquired market price | $ 20,000,000 | ||||||||||||||||||||||||||||||
NIS [Member] | Ispro [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Acquired market price | $ 131,000,000 | ||||||||||||||||||||||||||||||
NIS [Member] | Sale of Ispro [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Consideration received | $ 885,000,000 | ||||||||||||||||||||||||||||||
Deposit | 15,000,000 | ||||||||||||||||||||||||||||||
Deposit an additional amount | $ 40,000,000 | ||||||||||||||||||||||||||||||
NIS [Member] | IDBT Entrusted Tourism [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Total price | $ 26,000,000 | ||||||||||||||||||||||||||||||
NIS [Member] | Mehadrin [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Interest rate | 43.70% | ||||||||||||||||||||||||||||||
Capital stock | $ 14,000,000 | ||||||||||||||||||||||||||||||
NIS [Member] | Gav - Yam [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Consideration received | $ 46,000,000 | ||||||||||||||||||||||||||||||
NIS [Member] | Shufersal [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Sale Of shares amounted | $ 169,500,000 | ||||||||||||||||||||||||||||||
Sale of shares amounted increase | $ 727,000,000 | ||||||||||||||||||||||||||||||
Distribution Of Dividends In Kind [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
General ordinary shareholders description | The General Ordinary Shareholders´ Meeting approved the distribution of a dividend in kind for an equivalent of Ps. 480 (representing Ps. 0.83 per share and equivalent of Ps. 589 at current currency as of June 30, 2020) payable in IRSA CP shares. For distribution, the quoted price of the IRSA CP share was taken as of October 29, 2019, which was Ps. 205 per share. The number of shares distributed amounts to 2,341,463. This transaction was accounted for in equity as a decrease in the net equity attributable to the parent company for an amount of Ps.504, restated as of the date of these financial statements. The stake of the Group in IRSA CP as at year-end is 80.65%. | General Ordinary and Extraordinary Shareholder’s meeting was held, whereby the distribution of a dividend in kind for an equivalent of Ps. 1,827 payable in shares of IRSA CP S.A. was resolved (representing Ps 2.44 per share and equivalent of Ps. 2,610 at current currency as of June 30, 2020). For the distribution, the value of IRSA CP share was taken as of October 26, 2018, which was Ps. 220 per share. The number of shares distributed amounted to 6,418,182. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the parent for Ps. 1,534, restated as of the date of these financial statements. | |||||||||||||||||||||||||||||
Sale of IRSA CP Floors [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Tower under construction | $ 200,000,000 | ||||||||||||||||||||||||||||||
Covering a total area | a | 2,430 | ||||||||||||||||||||||||||||||
Transaction price | $ 1,165,000,000 | ||||||||||||||||||||||||||||||
Sale of IRSA CP Floors [Member] | USD [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Transaction price | $ 16,900,000 | ||||||||||||||||||||||||||||||
Condor Merger Agreement [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common shares | shares | 2,197,023 | ||||||||||||||||||||||||||||||
Condor Merger Agreement [Member] | Series E [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common shares | shares | 325,752 | ||||||||||||||||||||||||||||||
Condor Merger Agreement [Member] | USD [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common share par value | $ / shares | $ 0.01 | ||||||||||||||||||||||||||||||
Cash equivalent per share | $ / shares | 11.10 | ||||||||||||||||||||||||||||||
Receive cash equivalent per share | $ / shares | $ 10 | ||||||||||||||||||||||||||||||
TGLT Recapitalization Agreement [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Sale of shares, description | Class A Public Offer to make a contribution in kind of shares of the company La Maltería SA, 100% of its ownership, for an amount up to USD 24 million and promised to exchange its convertible negotiable obligations into preferred Class B shares. | ||||||||||||||||||||||||||||||
TGLT Recapitalization Agreement [Member] | Class B Preferred Share [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Subscription price | $ / shares | $ 6.94 | ||||||||||||||||||||||||||||||
TGLT Recapitalization Agreement [Member] | Class C Preferred Share [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Subscription price | $ / shares | 1 | ||||||||||||||||||||||||||||||
TGLT Recapitalization Agreement [Member] | USD [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Subscription price | $ / shares | $ 1 | ||||||||||||||||||||||||||||||
Sale of Tarshopt [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Transaction price | $ 177,000,000 | ||||||||||||||||||||||||||||||
Capital stock, percentage | 100.00% | ||||||||||||||||||||||||||||||
Purchase Of Equity Interest In HASAU [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Sale of shares, description | The twenty percent (20%) of HASAU for an amount of US$ 1.2. As a result of this acquisition, IRSA holds 100% of HASAU's share capital. This transaction was accounted for as an equity transaction generating a decrease in the net equity attributable to the controlling shareholders by Ps. 3 restated at the date of these financial statements. | ||||||||||||||||||||||||||||||
Other Sales Agreements [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Share capital description | On May 2, 2019, continuing with the instructions given by the Israel Capital Market, Insurance and Savings Commission, IDBD entered into sales agreements with two unrelated parties (the “Buyers”), according to which each of the Buyers will acquire Clal shares representing 4.99% of its share capital at a cash price of NIS 47.7 per share (approximately Ps. 602 per share). In addition, they were granted an option to acquire additional Clal shares for approximately 3% of the issued capital, for a period of 120 days (subject to obtaining a holding permit) at a price of NIS 50 per share. Additionally on the same day, IDBD also entered into an agreement with a third unrelated buyer (the "Additional Buyer"), according to which the Additional Buyer will receive an option from IDBD, valid for a period of 50 days, to acquire approximately 4.99% of Clal shares (and not less than 3%), at a price of NIS 47.7 per share (approximately Ps. 602 per share). Subject to the exercise of the option by the Additional Buyer, the price will be paid 10% in cash and the rest through a loan that will be provided to the Additional Buyer by IDBD and / or by a related entity and / or by a banking corporation and / or financial institution, under the agreed conditions. The aforementioned agreements include, among others, a commitment by the Buyers and the Additional Buyer to not sell the shares acquired during an agreed period of 24 months. It is clarified that each of the Buyers and the Additional Buyer have declared and committed to IDBD that there are no agreements or understandings between them regarding the joint ownership of Clal shares that are subject to the aforementioned agreements. The total amount of Clal shares that can be acquired by the three buyers mentioned above, to the extent that the three agreements are completed and the options are exercised, represents approximately 18% of Clal's share capital. As of the date of these financial statements, all previously agreed sales transactions have been consummated. On June 28 and July 6, 2020, IDBD sold 4,791,618 Clal shares held by it through swap transactions, at an average price of approximately NIS 30 per share, representing 7.1% of the capital stock. Additionally, on September 3, 2020, IDBD sold 2,376,527 Clal shares at an average price of NIS 32,475 per share, for a total amount of NIS 77.2 million, representing 3.5% of Clal´s capital stock.As a result of the aforementioned transactions, as of this date, IDBD´s holding in Clal represents 4.99% of its capital stock. It no longer has swap transactions and, accordingly, it is no longer considered as Clal interested party within the context of Israel´s Securities Regulations. On February 4, 2020, Dolphin furnished to the financial entities through which IDB carried out the swap transactions of Clal shares in August and November 2018, guarantees of approximately NIS 11 million, which shall be part of the committed deposits that IDB undertook as part of the terms of such transactions. Furthermore, on February 18, it deposited further guarantees in the amount of NIS 9 million. Following the last sale described above, the guarantees were returned. | ||||||||||||||||||||||||||||||
Discount Investment Corporation Ltd [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
DIC exercised | $ 1,500,000 | ||||||||||||||||||||||||||||||
Interest percentage | 46.20% | ||||||||||||||||||||||||||||||
Voting rights, percentage | 0.485 | ||||||||||||||||||||||||||||||
Cellcom [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Common shares | shares | 30,600,000 | ||||||||||||||||||||||||||||||
Decrease in net equity | $ 226,000,000 | ||||||||||||||||||||||||||||||
Share capital | $ 357,000,000 | ||||||||||||||||||||||||||||||
Share capital, percentage | 50.00% | ||||||||||||||||||||||||||||||
DIC exercised | 527,000,000 | ||||||||||||||||||||||||||||||
Interest percentage | 0.90% | ||||||||||||||||||||||||||||||
Cellcom [Member] | NIS [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Share capital | $ 19,000,000 | ||||||||||||||||||||||||||||||
DIC exercised | 31,000,000 | ||||||||||||||||||||||||||||||
Board of Directors [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Decrease in net equity | $ 133,000,000 | ||||||||||||||||||||||||||||||
Acquisition, description | DIC acquired 12.2 million shares for a total amount of NIS 119 million (approximately Ps. 2,040). Additionally, in December 2018, minority shareholders of DIC exercised DIC Series 6 options for an amount of NIS 9 million (approximately Ps.174). | DIC acquired 12.2 million shares for a total amount of NIS 119 million (approximately Ps. 2,040). Additionally, in December 2018, minority shareholders of DIC exercised DIC Series 6 options for an amount of NIS 9 million (approximately Ps.174). | |||||||||||||||||||||||||||||
DIC acquired additional percentage | 5.40% | 5.40% | 5.40% | ||||||||||||||||||||||||||||
Repurchase of own shares, amount | $ 2,498,000,000 | ||||||||||||||||||||||||||||||
Share capital, percentage | 10.10% | 10.10% | |||||||||||||||||||||||||||||
Board of Directors [Member] | NIS [Member] | |||||||||||||||||||||||||||||||
Acquisitions and disposals (Textual) | |||||||||||||||||||||||||||||||
Repurchase of own shares, amount | ₪ | ₪ 120 |
Financial risk management and_3
Financial risk management and fair value estimates (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability)/Asset US | $ (38,245) | $ (21,408) |
Market Risk [Member] | Argentina, Pesos [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability)/Asset US | (38,397) | (21,134) |
Market Risk [Member] | UYU | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Net monetary position (Liability)/Asset US | $ 152 | $ (274) |
Financial risk management and_4
Financial risk management and fair value estimates (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jul. 31, 2019 | Jun. 30, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | $ 504,544 | $ 17,786 | $ 555,704 |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 72,858 | 65,756 | |
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 | 1,997 | 3,065 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 69,246 | 60,804 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Purchase Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 1,827 | ||
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Finance Leases Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 1,498 | 23 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 117 | 37 | |
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 | 40,090 | 17,170 | |
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 | 1,552 | 2,198 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Less Than 1 year [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 38,402 | 13,110 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Less Than 1 year [Member] | Purchase Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 1,827 | ||
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 | 53 | 16 | |
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 | 83 | 19 | |
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 | 3,516 | 19,913 | |
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 | 156 | 334 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 1 and 2 years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 3,283 | 19,562 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 1 and 2 years [Member] | Purchase Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | |||
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 | 49 | 6 | |
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 | 28 | 11 | |
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 | 27,406 | 3,939 | |
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 | 69 | 146 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 2 and 3 years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 27,280 | 3,786 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 2 and 3 years [Member] | Purchase Obligations [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] | Finance Leases Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 51 | 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 | 6 | 6 | |
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 | 338 | 2,477 | |
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 | 219 | 1 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 3 and 4 years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 65 | 2,475 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | Between 3 and 4 years [Member] | Purchase 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] | Finance Leases Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 54 | ||
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 | 1 | ||
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 | 1,508 | 22,257 | |
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 | 1 | 386 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | More Than 4 Years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 216 | 21,871 | |
Liquidity Risk [Member] | Operations Center in Argentina [Member] | More Than 4 Years [Member] | Purchase 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] | Finance Leases Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 1,291 | ||
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 | |||
Liquidity Risk [Member] | Operations Center in Israel [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 421,426 | 496,707 | |
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 | 25,954 | 22,244 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 367,801 | 467,469 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Purchase Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 20,512 | 68 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Finance Leases Obligations [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 7,139 | 6,892 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Derivative Financial Instruments [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 20 | 34 | |
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 | 89,749 | 93,115 | |
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 | 25,507 | 21,614 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Less Than 1 year [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 53,289 | 67,151 | |
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 | 5,238 | 34 | |
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 | 5,695 | 4,282 | |
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 | 20 | 34 | |
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 | 59,627 | 56,675 | |
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 | 346 | 426 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 1 and 2 years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 54,401 | 54,850 | |
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 | 4,026 | 34 | |
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 | 854 | 1,365 | |
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 | |||
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 | 97,549 | 59,066 | |
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 | 61 | 204 | |
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 2 and 3 years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 94,044 | 58,112 | |
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 | 2,854 | ||
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 | 590 | 750 | |
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 3 and 4 years [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 44,877 | 91,728 | |
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 | 20 | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | Between 3 and 4 years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 43,051 | 91,233 | |
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 | 1,806 | ||
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 | 495 | ||
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] | More Than 4 Years [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 129,624 | 196,123 | |
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 | 20 | ||
Liquidity Risk [Member] | Operations Center in Israel [Member] | More Than 4 Years [Member] | Borrowings (excluding finance leases liabilities) [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Total | 123,016 | 196,123 | |
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 | 6,588 | ||
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 |
Financial risk management and_5
Financial risk management and fair value estimates (Details 2) | Jun. 30, 2020 | Jun. 30, 2019 | |
Operation Center in Argentina [Member] | |||
Disclosure of operating segments [line items] | |||
Gearing ratio | [1] | 49.57% | 40.80% |
Debt ratio | [2] | 44.42% | 47.54% |
Operation Center in Israel [Member] | |||
Disclosure of operating segments [line items] | |||
Gearing ratio | [1] | 82.63% | 83.68% |
Debt ratio | [2] | 244.57% | 149.40% |
[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 Textual) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Net additional loss before income tax | $ 12,515 | $ (49,762) | $ (14,365) |
(Loss) / Profit for the year | $ 23,731 | $ (38,371) | $ 33,211 |
Interest Rate Risk [Member] | Argentina [Member] | Floating Interest Rate [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage change in interest rates | 1.00% | ||
Currency Risk [Member] | Fixed Interest Rate [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage of long term borrowing | 0.952 | 0.941 | |
Other Price Risk [Member] | Derivatives [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Financial investment | $ 19,385 | $ 7,984 | |
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 | $ 1,497 | 2,140 | |
Percentage increase in foreign currency | 10.00% | ||
Operations Center in Argentina [Member] | Currency Risk [Member] | Derivatives [Member] | Forward Contract [member] | USD [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Future exchanges contract pending | $ 95 | 22 | |
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 | $ 309 | 312 | |
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 | 1.00% | ||
Financial investment | $ 56 | $ 139 | |
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 | 94.20% | 99.10% | |
Operations Center in Argentina [Member] | Credit Risk [Member] | Sale Of Trading Properties [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Percentage of trade receivable by group | 5.80% | 99.10% | |
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 | $ 1,938 | $ 798 | |
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 | $ 498 | (868) | |
Percentage increase in foreign currency | 10.00% | ||
Operations Center in Israel [Member] | Currency Risk [Member] | Derivatives [Member] | Forward Contract [member] | USD [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Future exchanges contract pending | $ (1,324) | $ (11,895) | |
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 | 0.994 | 0.971 | |
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 | $ 1,033 | $ 1,052 | |
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 | 1,054 | 1,519 | |
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 | $ 431 | $ 2,551 |
Segment information (Details)
Segment information (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | $ 95,793 | $ 92,181 | $ 78,187 | |
Costs | (62,204) | (59,391) | (49,112) | |
Gross profit / (loss) | 33,589 | 32,790 | 29,075 | |
Net gain / (loss) from fair value adjustment of investment properties | 30,742 | (37,877) | 19,160 | |
General and administrative expenses | (10,869) | (10,643) | (9,497) | |
Selling expenses | (13,757) | (12,270) | (11,749) | |
Impairment of associates and joint ventures | 2,470 | |||
Other operating results, net | 1,104 | 273 | 2,109 | |
Profit / (loss) from operations | 38,339 | (27,727) | 29,098 | |
Share of (loss) / profit of associates and joint ventures | 8,517 | (7,200) | (3,722) | |
Segment profit / (loss) | 46,856 | (34,927) | 25,376 | |
Expenses and Collective Promotion Funds [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 3,100 | 3,706 | 4,387 | |
Costs | (3,230) | (3,855) | (4,445) | |
Gross profit / (loss) | (130) | (149) | (58) | |
Net gain / (loss) from fair value adjustment of investment properties | ||||
General and administrative expenses | ||||
Selling expenses | ||||
Impairment of associates and joint ventures | ||||
Other operating results, net | 17 | 17 | (2) | |
Profit / (loss) from operations | (113) | (132) | (60) | |
Share of (loss) / profit of associates and joint ventures | ||||
Segment profit / (loss) | (113) | (132) | (60) | |
Reportable assets | ||||
Reportable liabilities | ||||
Net reportable assets | ||||
Joint Ventures [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | [1] | (60) | (93) | (109) |
Costs | [1] | (53) | (66) | (70) |
Gross profit / (loss) | [1] | (7) | (27) | (39) |
Net gain / (loss) from fair value adjustment of investment properties | [1] | (263) | 838 | (1,056) |
General and administrative expenses | [1] | (14) | (18) | (40) |
Selling expenses | [1] | (18) | (7) | (15) |
Impairment of associates and joint ventures | [1] | |||
Other operating results, net | [1] | 18 | 194 | 42 |
Profit / (loss) from operations | [1] | (220) | 1,030 | (998) |
Share of (loss) / profit of associates and joint ventures | [1] | 171 | (1,019) | 928 |
Segment profit / (loss) | [1] | (49) | 11 | (70) |
Reportable assets | [1] | (692) | (609) | 307 |
Reportable liabilities | [1] | |||
Net reportable assets | [1] | (692) | (609) | 307 |
Operations Center in Argentina [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 11,138 | 15,055 | 13,872 | |
Costs | (2,731) | (3,176) | (2,802) | |
Gross profit / (loss) | 8,407 | 11,879 | 11,070 | |
Net gain / (loss) from fair value adjustment of investment properties | 33,994 | (39,607) | 20,216 | |
General and administrative expenses | (2,152) | (2,674) | (2,337) | |
Selling expenses | (1,231) | (1,085) | (1,125) | |
Impairment of associates and joint ventures | ||||
Other operating results, net | (47) | (660) | (54) | |
Profit / (loss) from operations | 38,971 | (32,147) | 27,770 | |
Share of (loss) / profit of associates and joint ventures | 7,047 | (6,031) | (4,228) | |
Segment profit / (loss) | 46,018 | (38,178) | 23,542 | |
Reportable assets | 158,263 | 111,562 | 152,903 | |
Reportable liabilities | ||||
Net reportable assets | 158,263 | 111,562 | 152,903 | |
Operations Center in Israel [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 81,637 | 73,537 | 60,057 | |
Costs | (56,296) | (52,426) | (41,935) | |
Gross profit / (loss) | 25,341 | 21,111 | 18,122 | |
Net gain / (loss) from fair value adjustment of investment properties | (2,989) | 892 | ||
General and administrative expenses | (8,764) | (8,031) | (7,233) | |
Selling expenses | (12,544) | (11,192) | (10,639) | |
Impairment of associates and joint ventures | (2,470) | |||
Other operating results, net | 1,127 | 742 | 2,136 | |
Profit / (loss) from operations | (299) | 3,522 | 2,386 | |
Share of (loss) / profit of associates and joint ventures | 1,299 | (150) | (422) | |
Segment profit / (loss) | 1,000 | 3,372 | 1,964 | |
Reportable assets | 451,267 | 535,565 | 563,654 | |
Reportable liabilities | (403,184) | (461,015) | (479,056) | |
Net reportable assets | 48,083 | 74,550 | 84,598 | |
Total | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 92,775 | 88,592 | 73,929 | |
Costs | (59,027) | (55,602) | (44,737) | |
Gross profit / (loss) | 33,748 | 32,990 | 29,192 | |
Net gain / (loss) from fair value adjustment of investment properties | 31,005 | (38,715) | 20,216 | |
General and administrative expenses | (10,916) | (10,705) | (9,570) | |
Selling expenses | (13,775) | (12,277) | (11,764) | |
Impairment of associates and joint ventures | (2,470) | |||
Other operating results, net | 1,080 | 82 | 2,082 | |
Profit / (loss) from operations | 38,672 | (28,625) | 30,156 | |
Share of (loss) / profit of associates and joint ventures | 8,346 | (6,181) | (4,650) | |
Segment profit / (loss) | 47,018 | (34,806) | 25,506 | |
Reportable assets | 609,530 | 647,127 | 716,557 | |
Reportable liabilities | (403,184) | (461,015) | (479,056) | |
Net reportable assets | 206,346 | 186,112 | 237,501 | |
Elimination of Inter-Segment Transactions and Non-reportable Assets / Liabilities [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | [2] | (22) | (24) | (20) |
Costs | [2] | |||
Gross profit / (loss) | [2] | (22) | (24) | (20) |
Net gain / (loss) from fair value adjustment of investment properties | [2] | |||
General and administrative expenses | [2] | (33) | (44) | (33) |
Selling expenses | [2] | |||
Impairment of associates and joint ventures | [2] | |||
Other operating results, net | [2] | (11) | (20) | (13) |
Profit / (loss) from operations | [2] | |||
Share of (loss) / profit of associates and joint ventures | [2] | |||
Segment profit / (loss) | [2] | |||
Reportable assets | [2] | 18,361 | 31,842 | 25,189 |
Reportable liabilities | [2] | (101,360) | (94,689) | (103,129) |
Net reportable assets | [2] | (82,999) | (62,847) | (77,940) |
Total as Per Statement of Income / Statement of Financial Position [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 95,793 | 92,181 | 78,187 | |
Costs | (62,204) | (59,391) | (49,112) | |
Gross profit / (loss) | 33,589 | 32,790 | 29,075 | |
Net gain / (loss) from fair value adjustment of investment properties | 30,742 | (37,877) | 19,160 | |
General and administrative expenses | (10,869) | (10,643) | (9,497) | |
Selling expenses | (13,757) | (12,270) | (11,749) | |
Impairment of associates and joint ventures | (2,470) | |||
Other operating results, net | 1,104 | 273 | 2,109 | |
Profit / (loss) from operations | 38,339 | (27,727) | 29,098 | |
Share of (loss) / profit of associates and joint ventures | 8,517 | (7,200) | (3,722) | |
Segment profit / (loss) | 46,856 | (34,927) | 25,376 | |
Reportable assets | 627,199 | 678,360 | 742,053 | |
Reportable liabilities | (504,544) | (555,704) | (582,185) | |
Net reportable assets | $ 122,655 | $ 122,656 | $ 159,868 | |
[1] | Represents the equity value of joint ventures that were proportionately consolidated for information by segment purposes. | |||
[2] | Includes deferred income tax assets, income tax and MPIT credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of Ps. 17, Ps. 8,659 and Ps. 5,453, as of June 30, 2020, 2019 and 2018, respectively. |
Segment information (Details 1)
Segment information (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 95,793 | $ 92,181 | $ 78,187 |
Costs | (62,204) | (59,391) | (49,112) |
Gross profit / (loss) | 33,589 | 32,790 | 29,075 |
Net gain from fair value adjustment of investment properties | 30,742 | (37,877) | 19,160 |
General and administrative expenses | (10,869) | (10,643) | (9,497) |
Selling expenses | (13,757) | (12,270) | (11,749) |
Other operating results, net | 1,104 | 273 | 2,109 |
Profit / (loss) from operations | 38,339 | (27,727) | 29,098 |
Segment profit / (loss) | 46,856 | (34,927) | 25,376 |
Operations Center in Argentina [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 11,138 | 15,055 | 13,872 |
Costs | (2,731) | (3,176) | (2,802) |
Gross profit / (loss) | 8,407 | 11,879 | 11,070 |
Net gain from fair value adjustment of investment properties | 33,994 | (39,607) | 20,216 |
General and administrative expenses | (2,152) | (2,674) | (2,337) |
Selling expenses | (1,231) | (1,085) | (1,125) |
Other operating results, net | (47) | (660) | (54) |
Profit / (loss) from operations | 38,971 | (32,147) | 27,770 |
Share of profit of associates and joint ventures | 7,047 | (6,031) | (4,228) |
Segment profit / (loss) | 46,018 | (38,178) | 23,542 |
Investment properties, trading properties and property, plant and equipment | 145,822 | 113,035 | 147,459 |
Investment in associates, joint ventures and goodwill | 9,273 | (1,727) | 5,168 |
Other operating assets | 3,168 | 254 | 276 |
Operating assets | 158,263 | 111,562 | 152,903 |
Operations Center in Argentina [Member] | Shopping Malls [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 5,935 | 8,541 | 9,750 |
Costs | (567) | (776) | (829) |
Gross profit / (loss) | 5,368 | 7,765 | 8,921 |
Net gain from fair value adjustment of investment properties | (2,105) | (40,581) | 6,266 |
General and administrative expenses | (829) | (945) | (853) |
Selling expenses | (709) | (530) | (607) |
Other operating results, net | (38) | (110) | (105) |
Profit / (loss) from operations | 1,687 | (34,401) | 13,622 |
Share of profit of associates and joint ventures | |||
Segment profit / (loss) | 1,687 | (34,401) | 13,622 |
Investment properties, trading properties and property, plant and equipment | 49,109 | 50,365 | 90,196 |
Investment in associates, joint ventures and goodwill | 10 | 10 | |
Other operating assets | 276 | 43 | 57 |
Operating assets | 49,385 | 50,418 | 90,263 |
Operations Center in Argentina [Member] | Offices [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 2,358 | 2,238 | 1,332 |
Costs | (138) | (131) | (105) |
Gross profit / (loss) | 2,220 | 2,107 | 1,227 |
Net gain from fair value adjustment of investment properties | 23,285 | 616 | 6,250 |
General and administrative expenses | (221) | (212) | (218) |
Selling expenses | (84) | (99) | (142) |
Other operating results, net | (29) | (40) | (22) |
Profit / (loss) from operations | 25,171 | 2,372 | 7,095 |
Share of profit of associates and joint ventures | |||
Segment profit / (loss) | 25,171 | 2,372 | 7,095 |
Investment properties, trading properties and property, plant and equipment | 62,793 | 31,679 | 28,576 |
Investment in associates, joint ventures and goodwill | 57 | 57 | |
Other operating assets | 211 | 1 | 3 |
Operating assets | 63,004 | 31,737 | 28,636 |
Operations Center in Argentina [Member] | Sales and Developments [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 735 | 1,119 | 300 |
Costs | (671) | (526) | (149) |
Gross profit / (loss) | 64 | 593 | 151 |
Net gain from fair value adjustment of investment properties | 12,179 | 726 | 7,338 |
General and administrative expenses | (228) | (283) | (198) |
Selling expenses | (197) | (119) | (58) |
Other operating results, net | (27) | (286) | 138 |
Profit / (loss) from operations | 11,791 | 631 | 7,371 |
Share of profit of associates and joint ventures | (37) | 4 | |
Segment profit / (loss) | 11,791 | 594 | 7,375 |
Investment properties, trading properties and property, plant and equipment | 32,171 | 27,758 | 25,149 |
Investment in associates, joint ventures and goodwill | 532 | 443 | 446 |
Other operating assets | 753 | 184 | 189 |
Operating assets | 33,456 | 28,385 | 25,784 |
Operations Center in Argentina [Member] | Hotels [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 2,021 | 2,953 | 2,446 |
Costs | (1,245) | (1,586) | (1,670) |
Gross profit / (loss) | 776 | 1,367 | 776 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (365) | (492) | (487) |
Selling expenses | (230) | (316) | (311) |
Other operating results, net | (20) | 114 | (40) |
Profit / (loss) from operations | 161 | 673 | (62) |
Share of profit of associates and joint ventures | |||
Segment profit / (loss) | 161 | 673 | (62) |
Investment properties, trading properties and property, plant and equipment | 1,901 | 2,008 | |
Investment in associates, joint ventures and goodwill | |||
Other operating assets | 1,838 | 26 | 27 |
Operating assets | 1,838 | 1,927 | 2,035 |
Operations Center in Argentina [Member] | International [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 11 | 14 | |
Costs | (12) | (6) | |
Gross profit / (loss) | (1) | 8 | |
Net gain from fair value adjustment of investment properties | 6 | ||
General and administrative expenses | (110) | (110) | (118) |
Selling expenses | |||
Other operating results, net | (24) | (58) | |
Profit / (loss) from operations | (111) | (120) | (176) |
Share of profit of associates and joint ventures | 7,377 | (3,679) | (4,425) |
Segment profit / (loss) | 7,266 | (3,799) | (4,601) |
Investment properties, trading properties and property, plant and equipment | 307 | 270 | 197 |
Investment in associates, joint ventures and goodwill | 2,004 | (7,222) | (3,869) |
Other operating assets | |||
Operating assets | 2,311 | (6,952) | (3,672) |
Operations Center in Argentina [Member] | Corporate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit / (loss) | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (282) | (519) | (385) |
Selling expenses | |||
Other operating results, net | |||
Profit / (loss) from operations | (282) | (519) | (385) |
Share of profit of associates and joint ventures | |||
Segment profit / (loss) | (282) | (519) | (385) |
Investment properties, trading properties and property, plant and equipment | |||
Investment in associates, joint ventures and goodwill | |||
Other operating assets | |||
Operating assets | |||
Operations Center in Argentina [Member] | Other [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 78 | 190 | 44 |
Costs | (98) | (151) | (49) |
Gross profit / (loss) | (20) | 39 | (5) |
Net gain from fair value adjustment of investment properties | 635 | (374) | 362 |
General and administrative expenses | (117) | (113) | (78) |
Selling expenses | (11) | (21) | (7) |
Other operating results, net | 67 | (314) | 33 |
Profit / (loss) from operations | 554 | (783) | 305 |
Share of profit of associates and joint ventures | (330) | (2,315) | 193 |
Segment profit / (loss) | 224 | (3,098) | 498 |
Investment properties, trading properties and property, plant and equipment | 1,442 | 1,062 | 1,333 |
Investment in associates, joint ventures and goodwill | 6,737 | 4,985 | 8,524 |
Other operating assets | 90 | ||
Operating assets | $ 8,269 | $ 6,047 | $ 9,857 |
Segment information (Details 2)
Segment information (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 95,793 | $ 92,181 | $ 78,187 |
Costs | (62,204) | (59,391) | (49,112) |
Gross profit | 33,589 | 32,790 | 29,075 |
Net gain from fair value adjustment of investment properties | 30,742 | (37,877) | 19,160 |
General and administrative expenses | (10,869) | (10,643) | (9,497) |
Selling expenses | (13,757) | (12,270) | (11,749) |
Impairment of associates and joint ventures | 2,470 | ||
Other operating results, net | 1,104 | 273 | 2,109 |
(Loss) / profit from operations | 38,339 | (27,727) | 29,098 |
Share of profit / (loss) of associates and joint ventures | 8,517 | (7,200) | (3,722) |
Segment profit / (loss) | 46,856 | (34,927) | 25,376 |
Operations Center in Israel [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 81,637 | 73,537 | 60,057 |
Costs | (56,296) | (52,426) | (41,935) |
Gross profit | 25,341 | 21,111 | 18,122 |
Net gain from fair value adjustment of investment properties | (2,989) | 892 | |
General and administrative expenses | (8,764) | (8,031) | (7,233) |
Selling expenses | (12,544) | (11,192) | (10,639) |
Impairment of associates and joint ventures | (2,470) | ||
Other operating results, net | 1,127 | 742 | 2,136 |
(Loss) / profit from operations | (299) | 3,522 | 2,386 |
Share of profit / (loss) of associates and joint ventures | 1,299 | (150) | (422) |
Segment profit / (loss) | 1,000 | 3,372 | 1,964 |
Operating assets | 451,267 | 535,565 | 563,654 |
Operating liabilities | (403,184) | (461,015) | (479,056) |
Operating assets (liabilities), net | 48,083 | 74,550 | 84,598 |
Operations Center in Israel [Member] | Real Estate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 12,954 | 14,392 | 9,497 |
Costs | (6,787) | (9,121) | (5,957) |
Gross profit | 6,167 | 5,271 | 3,540 |
Net gain from fair value adjustment of investment properties | (2,989) | 892 | |
General and administrative expenses | (812) | (707) | (578) |
Selling expenses | (223) | (197) | (200) |
Impairment of associates and joint ventures | (2,470) | ||
Other operating results, net | (296) | 256 | |
(Loss) / profit from operations | (623) | 5,259 | 3,018 |
Share of profit / (loss) of associates and joint ventures | 1,495 | 37 | 158 |
Segment profit / (loss) | 872 | 5,296 | 3,176 |
Operating assets | 152,941 | 303,425 | 298,031 |
Operating liabilities | (146,331) | (235,553) | (231,693) |
Operating assets (liabilities), net | 6,610 | 67,872 | 66,338 |
Operations Center in Israel [Member] | Supermarkets [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | |||
Selling expenses | |||
Impairment of associates and joint ventures | |||
Other operating results, net | |||
(Loss) / profit from operations | |||
Share of profit / (loss) of associates and joint ventures | 1,063 | 717 | |
Segment profit / (loss) | 1,063 | 717 | |
Operating assets | 28,090 | 23,013 | 29,579 |
Operating liabilities | |||
Operating assets (liabilities), net | 28,090 | 23,013 | 29,579 |
Operations Center in Israel [Member] | Telecommunications [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 64,838 | 57,506 | 49,066 |
Costs | (47,231) | (42,424) | (35,189) |
Gross profit | 17,607 | 15,082 | 13,877 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (5,519) | (4,779) | (4,594) |
Selling expenses | (11,887) | (10,562) | (10,059) |
Impairment of associates and joint ventures | |||
Other operating results, net | 501 | 397 | 772 |
(Loss) / profit from operations | 702 | 138 | (4) |
Share of profit / (loss) of associates and joint ventures | (265) | ||
Segment profit / (loss) | 437 | 138 | (4) |
Operating assets | 140,025 | 109,380 | 110,723 |
Operating liabilities | (106,076) | (84,800) | (86,280) |
Operating assets (liabilities), net | 33,949 | 24,580 | 24,443 |
Operations Center in Israel [Member] | Insurance [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | |||
Selling expenses | |||
Impairment of associates and joint ventures | |||
Other operating results, net | |||
(Loss) / profit from operations | |||
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | |||
Operating assets | 3,377 | 22,638 | 27,247 |
Operating liabilities | |||
Operating assets (liabilities), net | 3,377 | 22,638 | 27,247 |
Operations Center in Israel [Member] | Corporate [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | |||
Costs | |||
Gross profit | |||
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (1,071) | (1,058) | (854) |
Selling expenses | |||
Impairment of associates and joint ventures | |||
Other operating results, net | (48) | 1,141 | |
(Loss) / profit from operations | (1,119) | (1,058) | 287 |
Share of profit / (loss) of associates and joint ventures | |||
Segment profit / (loss) | (1,119) | (1,058) | 287 |
Operating assets | 17,911 | 41,536 | 47,432 |
Operating liabilities | (111,649) | (126,585) | (155,567) |
Operating assets (liabilities), net | (93,738) | (85,049) | (108,135) |
Operations Center in Israel [Member] | Others [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 3,845 | 1,639 | 1,494 |
Costs | (2,278) | (881) | (789) |
Gross profit | 1,567 | 758 | 705 |
Net gain from fair value adjustment of investment properties | |||
General and administrative expenses | (1,362) | (1,487) | (1,207) |
Selling expenses | (434) | (433) | (380) |
Impairment of associates and joint ventures | |||
Other operating results, net | 970 | 345 | (33) |
(Loss) / profit from operations | 741 | (817) | (915) |
Share of profit / (loss) of associates and joint ventures | (994) | (904) | (580) |
Segment profit / (loss) | (253) | (1,721) | (1,495) |
Operating assets | 108,923 | 35,573 | 50,642 |
Operating liabilities | (39,128) | (14,077) | (5,516) |
Operating assets (liabilities), net | $ 69,795 | $ 21,496 | $ 45,126 |
Information about the main su_3
Information about the main subsidiaries (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 31, 2019 | ||
Disclosure of subsidiaries [line items] | |||||
Current Assets | $ 205,717 | $ 201,915 | $ 2,968 | ||
Non-current Assets | 421,482 | 476,445 | 12,652 | ||
Current Liabilities | 143,384 | 105,704 | 7,164 | ||
Non-current Liabilities | 361,160 | 450,000 | 10,622 | ||
Net assets | 627,199 | 678,360 | $ 15,620 | ||
Revenues | 95,793 | 92,181 | $ 78,187 | ||
Net income / (loss) | 23,731 | (38,371) | 33,211 | ||
Total comprehensive income / (loss) | 37,913 | (40,396) | 46,716 | ||
Cash of Operating activities | 31,113 | 27,041 | 20,419 | ||
Cash of investing activities | 40,644 | 11,189 | (30,533) | ||
Cash of financial activities | (76,125) | (27,754) | (6,163) | ||
Net Increase (decrease) in cash and cash equivalents | (4,368) | 10,476 | (16,277) | ||
Dividends distribution to non-controlling shareholders | $ 961 | $ 1,472 | $ 2,813 | ||
Elron [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Direct interest of non-controlling interest % | [1] | 38.94% | 38.94% | ||
Current Assets | $ 3,377 | $ 4,521 | |||
Non-current Assets | 3,966 | 3,770 | |||
Current Liabilities | 509 | 529 | |||
Non-current Liabilities | 142 | 69 | |||
Net assets | 6,692 | 7,693 | |||
Book value of non-controlling interests | 4,149 | 4,624 | |||
Revenues | |||||
Net income / (loss) | (1,774) | (1,056) | |||
Total comprehensive income / (loss) | (1,864) | (909) | |||
Total comprehensive profit / (loss) attributable to non-controlling interest | 5,540 | 2,122 | |||
Cash of Operating activities | (776) | (1,012) | |||
Cash of investing activities | 350 | 207 | |||
Cash of financial activities | 874 | 1,338 | |||
Net Increase (decrease) in cash and cash equivalents | 448 | 533 | |||
Dividends distribution to non-controlling shareholders | |||||
PBC [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Direct interest of non-controlling interest % | [1] | 27.60% | 31.20% | ||
Current Assets | $ 79,327 | $ 63,904 | |||
Non-current Assets | 112,404 | 236,440 | |||
Current Liabilities | 26,138 | 25,708 | |||
Non-current Liabilities | 118,789 | 208,515 | |||
Net assets | 46,804 | 66,121 | |||
Book value of non-controlling interests | 19,263 | 47,766 | |||
Revenues | 12,310 | 18,061 | |||
Net income / (loss) | 12,648 | 6,953 | |||
Total comprehensive income / (loss) | 12,165 | 7,575 | |||
Total comprehensive profit / (loss) attributable to non-controlling interest | 19,586 | 5,230 | |||
Cash of Operating activities | 6,328 | 9,081 | |||
Cash of investing activities | 23,872 | 1,072 | |||
Cash of financial activities | (20,243) | 2,926 | |||
Net Increase (decrease) in cash and cash equivalents | 9,957 | 13,079 | |||
Dividends distribution to non-controlling shareholders | $ 1,684 | $ 2,337 | |||
Cellcom [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Direct interest of non-controlling interest % | [1] | 53.80% | 55.90% | ||
Current Assets | $ 54,777 | $ 45,957 | |||
Non-current Assets | 79,796 | 59,076 | |||
Current Liabilities | 31,386 | 27,278 | |||
Non-current Liabilities | 74,691 | 57,524 | |||
Net assets | 28,496 | 20,231 | |||
Book value of non-controlling interests | 17,920 | 12,777 | |||
Revenues | 56,076 | 47,535 | |||
Net income / (loss) | (2,068) | (1,524) | |||
Total comprehensive income / (loss) | (2,100) | (1,538) | |||
Total comprehensive profit / (loss) attributable to non-controlling interest | 534 | (1,352) | |||
Cash of Operating activities | 14,914 | 10,025 | |||
Cash of investing activities | (7,425) | (8,614) | |||
Cash of financial activities | (6,323) | 1,666 | |||
Net Increase (decrease) in cash and cash equivalents | 1,166 | 3,077 | |||
Dividends distribution to non-controlling shareholders | |||||
Cellcom Israel Ltd. [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Direct interest of non-controlling interest % | [1] | 56.25% | |||
Current Assets | $ 13,038 | ||||
Non-current Assets | 17,839 | ||||
Current Liabilities | 13,954 | ||||
Non-current Liabilities | 3,336 | ||||
Net assets | 13,587 | ||||
Book value of non-controlling interests | 8,136 | ||||
Revenues | 1,952 | ||||
Net income / (loss) | 106 | ||||
Total comprehensive income / (loss) | 123 | ||||
Total comprehensive profit / (loss) attributable to non-controlling interest | 251 | ||||
Cash of Operating activities | 246 | ||||
Cash of investing activities | (70) | ||||
Cash of financial activities | (246) | ||||
Net Increase (decrease) in cash and cash equivalents | (70) | ||||
Dividends distribution to non-controlling shareholders | $ 17 | ||||
IRSA CP [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Direct interest of non-controlling interest % | [1] | 19.35% | 16.20% | ||
Current Assets | $ 14,925 | $ 24,563 | |||
Non-current Assets | 129,578 | 91,204 | |||
Current Liabilities | 16,423 | 5,797 | |||
Non-current Liabilities | 52,507 | 51,924 | |||
Net assets | 75,573 | 58,046 | |||
Book value of non-controlling interests | 4,089 | 3,113 | |||
Revenues | 8,563 | 10,826 | |||
Net income / (loss) | 18,153 | (25,923) | |||
Total comprehensive income / (loss) | 18,405 | (25,923) | |||
Total comprehensive profit / (loss) attributable to non-controlling interest | 1,064 | (150) | |||
Cash of Operating activities | 4,890 | 5,588 | |||
Cash of investing activities | (2,879) | (4,958) | |||
Cash of financial activities | (3,561) | (2,631) | |||
Net Increase (decrease) in cash and cash equivalents | (1,550) | (2,001) | |||
Dividends distribution to non-controlling shareholders | $ 663 | $ 870 | |||
[1] | Corresponds to the direct interest from the Group. |
Investments in associates and_3
Investments in associates and joint ventures (Details) - ARS ($) $ in Millions | 12 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Investments In Associates and Joint Ventures [Abstract] | |||||
Beginning of the year | $ 35,780 | [1] | $ 52,177 | ||
Adjustment as of previous periods (IFRS 9 and IAS 28) | (1,979) | (153) | |||
Increase in equity interest in associates and joint ventures | 3,342 | 697 | |||
Capital contributions | 2,702 | 131 | |||
Capital reduction | (106) | (672) | |||
Decrease of interest in associate | (7,178) | ||||
Deconsolidation | 29,176 | ||||
Share of profit / (loss) | 8,667 | (7,200) | |||
Currency translation adjustment | 53 | (404) | |||
Dividends | (1,820) | (1,718) | |||
Other comprehensive income | 14,182 | (2,025) | $ 13,505 | ||
Reclassification to held-for-sale | (2,070) | ||||
Others | (3) | (112) | |||
Incorporation by business combination | 1,879 | 212 | |||
End of the year | $ 74,377 | [1] | $ 35,780 | [1] | $ 52,177 |
[1] | Includes Ps. (17) and Ps. (8,659) reflecting interests in companies with negative equity as of June 30, 2020 and 2019, respectively, which are disclosed in "Provisions" (see Note 19). |
Investments in associates and_4
Investments in associates and joint ventures (Details 1) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of associates [line items] | ||||
Value of Group's interest in equity | $ 74,377 | $ 35,780 | ||
Group's interest in comprehensive income (loss) | $ 8,720 | $ (7,604) | $ (475) | |
New Lipstick [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 49.96% | 49.96% | 49.90% | |
Value of Group's interest in equity | $ (17) | $ (8,659) | ||
Group's interest in comprehensive income (loss) | $ 7,633 | $ (3,199) | $ (5,292) | |
Place of business / Country of incorporation | US | |||
Main activity | Real estate | |||
Share capital (nominal value) | ||||
Profit / (Loss) for the year | $ 179 | |||
Shareholders' equity | $ (31) | |||
BHSA [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 29.91% | 29.91% | 29.91% | |
Value of Group's interest in equity | $ 4,073 | $ 4,451 | ||
Group's interest in comprehensive income (loss) | $ (380) | $ (2,411) | $ 416 | |
Place of business / Country of incorporation | Argentina | |||
Main activity | Financial | |||
Common shares 1 vote | 48,689,072 | |||
Share capital (nominal value) | 1,500 | |||
Profit / (Loss) for the year | $ 1,272 | |||
Shareholders' equity | $ 13,186 | |||
Condor [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 18.89% | 18.89% | 28.10% | |
Value of Group's interest in equity | $ 1,481 | $ 1,392 | ||
Group's interest in comprehensive income (loss) | $ 120 | $ 39 | $ 596 | |
Place of business / Country of incorporation | EE.UU. | |||
Main activity | Hotel | |||
Common shares 1 vote | 2,245,100 | |||
Share capital (nominal value) | 232 | |||
Profit / (Loss) for the year | $ (9) | |||
Shareholders' equity | $ 86 | |||
PBEL [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 45.00% | 45.40% | 45.40% | |
Value of Group's interest in equity | $ 1,979 | |||
Group's interest in comprehensive income (loss) | $ (117) | $ 416 | ||
Place of business / Country of incorporation | India | |||
Main activity | Real estate | |||
Common shares 1 vote | 1 | |||
Share capital (nominal value) | (2) | |||
Profit / (Loss) for the year | ||||
Shareholders' equity | $ (2) | |||
Shufersal Ltd. [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 26.02% | 26.02% | 33.56% | |
Value of Group's interest in equity | $ 28,111 | $ 23,013 | ||
Group's interest in comprehensive income (loss) | $ 5,215 | $ 297 | ||
Place of business / Country of incorporation | Israel | |||
Main activity | Retail | |||
Common shares 1 vote | 123,917,650 | |||
Share capital (nominal value) | 1,399 | |||
Profit / (Loss) for the year | $ 310 | |||
Shareholders' equity | $ 1,930 | |||
Quality [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 50.00% | 50.00% | 50.00% | |
Value of Group's interest in equity | $ 2,101 | $ 1,869 | ||
Group's interest in comprehensive income (loss) | $ 185 | $ (583) | $ 876 | |
Place of business / Country of incorporation | Argentina | |||
Main activity | Real estate | |||
Common shares 1 vote | 163,039,244 | |||
Share capital (nominal value) | 326 | |||
Profit / (Loss) for the year | $ 370 | |||
Shareholders' equity | $ 4,140 | |||
La Rural S.A. [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 50.00% | 50.00% | 50.00% | |
Value of Group's interest in equity | $ 203 | |||
Group's interest in comprehensive income (loss) | $ 102 | $ 144 | $ (44) | |
Place of business / Country of incorporation | Argentina | |||
Main activity | Organization of events | |||
Common shares 1 vote | 714,498 | |||
Share capital (nominal value) | 1 | |||
Profit / (Loss) for the year | $ 224 | |||
Shareholders' equity | $ 327 | |||
Mehadrin [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 45.41% | 45.41% | ||
Value of Group's interest in equity | $ 4,845 | |||
Group's interest in comprehensive income (loss) | $ (111) | $ 1,276 | ||
Place of business / Country of incorporation | Israel | |||
Main activity | Agropecuaria | |||
Other associates and joint ventures [Member] | ||||
Disclosure of associates [line items] | ||||
Value of Group's interest in equity | $ 8,605 | 6,789 | ||
Group's interest in comprehensive income (loss) | $ (3,253) | $ (1,663) | $ 1,281 | |
Gav - Yam [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 34.90% | |||
Value of Group's interest in equity | $ 27,277 | |||
Group's interest in comprehensive income (loss) | $ (786) | |||
Place of business / Country of incorporation | Israel | |||
Main activity | Inmobiliaria | |||
Common shares 1 vote | 639,727 | |||
Share capital (nominal value) | 1,356 | |||
Profit / (Loss) for the year | $ 411 | |||
Shareholders' equity | $ 3,496 | |||
TGLT [Member] | ||||
Disclosure of associates [line items] | ||||
% ownership interest | 30.50% | |||
Value of Group's interest in equity | $ 2,059 | |||
Group's interest in comprehensive income (loss) | $ (116) | |||
Place of business / Country of incorporation | Argentina | |||
Main activity | Real estate | |||
Common shares 1 vote | 279,502,813 | |||
Share capital (nominal value) | 925 | |||
Profit / (Loss) for the year | $ (311) | |||
Shareholders' equity | $ 6,004 |
Investments in associates and_5
Investments in associates and joint ventures (Details 2) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 31, 2019 | |
Disclosure of associates [line items] | ||||
Current Assets | $ 205,717 | $ 201,915 | $ 2,968 | |
Non-current Assets | 421,482 | 476,445 | 12,652 | |
Current Liabilities | 143,384 | 105,704 | 7,164 | |
Non-current Liabilities | 361,160 | 450,000 | 10,622 | |
Net assets | 627,199 | 678,360 | $ 15,620 | |
Revenues | 95,793 | 92,181 | $ 78,187 | |
Net income / (loss) | 23,731 | (38,371) | 33,211 | |
Total comprehensive income / (loss) | 37,913 | (40,396) | 46,716 | |
Cash of operating activities | 31,113 | 27,041 | 20,419 | |
Cash of investing activities | 40,644 | 11,189 | (30,533) | |
Cash of financing activities | (76,125) | (27,754) | $ (6,163) | |
Quality Invest [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 4 | 25 | ||
Non-current Assets | 5,525 | 4,922 | ||
Current Liabilities | 87 | 119 | ||
Non-current Liabilities | 1,302 | 1,153 | ||
Net assets | $ 4,140 | 3,675 | ||
% ownership interest held | 50.00% | |||
Interest in associate and joint venture | $ 2,070 | 1,838 | ||
Goodwill and others | 31 | 31 | ||
Book value | 2,101 | 1,869 | ||
Revenues | 18 | 36 | ||
Net income / (loss) | 370 | (1,167) | ||
Total comprehensive income / (loss) | 370 | (1,167) | ||
Dividend distribution | ||||
Cash of operating activities | (89) | (124) | ||
Cash of investing activities | ||||
Cash of financing activities | 89 | 124 | ||
Changes in cash and cash equivalents | ||||
Mehadrin [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 11,890 | |||
Non-current Assets | 15,318 | |||
Current Liabilities | 13,067 | |||
Non-current Liabilities | 3,719 | |||
Net assets | 10,422 | |||
Interest in associate and joint venture | 4,733 | |||
Goodwill and others | 112 | |||
Book value | 112 | |||
Revenues | 17,329 | |||
Net income / (loss) | 775 | |||
Total comprehensive income / (loss) | 819 | |||
Dividend distribution | ||||
Cash of operating activities | 672 | |||
Cash of investing activities | (277) | |||
Cash of financing activities | (1,262) | |||
Changes in cash and cash equivalents | (867) | |||
BHSA [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 76,869 | 87,189 | ||
Non-current Assets | 43,610 | 30,774 | ||
Current Liabilities | 102,290 | 89,514 | ||
Non-current Liabilities | 4,629 | 15,288 | ||
Net assets | $ 13,560 | $ 13,161 | ||
% ownership interest held | 29.91% | 29.91% | ||
Interest in associate and joint venture | $ 4,056 | $ 3,936 | ||
Goodwill and others | 17 | 515 | ||
Book value | 4,073 | 4,451 | ||
Revenues | 13,033 | 17,451 | ||
Net income / (loss) | (1,272) | 879 | ||
Total comprehensive income / (loss) | (1,272) | 879 | ||
Dividend distribution | 286 | |||
Cash of operating activities | 4,656 | 167 | ||
Cash of investing activities | 37 | (70) | ||
Cash of financing activities | (3,465) | (1,922) | ||
Changes in cash and cash equivalents | 1,228 | (1,825) | ||
Gav - Yam [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 41,963 | |||
Non-current Assets | 165,878 | |||
Current Liabilities | 19,791 | |||
Non-current Liabilities | 117,752 | |||
Net assets | $ 70,298 | |||
% ownership interest held | 34.90% | |||
Interest in associate and joint venture | $ 24,534 | |||
Goodwill and others | 2,743 | |||
Book value | 27,277 | |||
Revenues | 11,551 | |||
Net income / (loss) | 6,765 | |||
Total comprehensive income / (loss) | 5,456 | |||
Dividend distribution | 3,587 | |||
Cash of operating activities | 5,086 | |||
Cash of investing activities | (5,723) | |||
Cash of financing activities | 15,869 | |||
Changes in cash and cash equivalents | 15,232 | |||
Shufersal [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 73,348 | 51,741 | ||
Non-current Assets | 187,032 | 89,475 | ||
Current Liabilities | 91,899 | 54,708 | ||
Non-current Liabilities | 129,224 | 54,794 | ||
Net assets | $ 39,257 | $ 31,714 | ||
% ownership interest held | 26.02% | 26.02% | ||
Interest in associate and joint venture | $ 10,213 | $ 8,252 | ||
Goodwill and others | 17,898 | 14,761 | ||
Book value | 28,111 | 23,013 | ||
Revenues | 218,000 | 165,639 | ||
Net income / (loss) | 5,046 | 3,164 | ||
Total comprehensive income / (loss) | 4,500 | 3,147 | ||
Dividend distribution | 1,435 | 2,448 | ||
Cash of operating activities | 21,874 | 4,458 | ||
Cash of investing activities | (2,709) | (11,530) | ||
Cash of financing activities | (13,793) | 1,396 | ||
Changes in cash and cash equivalents | $ 5,372 | (5,676) | ||
PBEL [Member] | ||||
Disclosure of associates [line items] | ||||
Current Assets | 3,173 | |||
Non-current Assets | 853 | |||
Current Liabilities | 632 | |||
Non-current Liabilities | 12,128 | |||
Net assets | $ (8,734) | |||
% ownership interest held | 45.00% | |||
Interest in associate and joint venture | $ (3,930) | |||
Goodwill and others | 5,909 | |||
Book value | 1,979 | |||
Revenues | 13 | |||
Net income / (loss) | (260) | |||
Total comprehensive income / (loss) | (319) | |||
Dividend distribution | ||||
Cash of operating activities | 57 | |||
Cash of investing activities | 239 | |||
Cash of financing activities | (306) | |||
Changes in cash and cash equivalents | $ (10) |
Investments in associates and_6
Investments in associates and joint ventures (Details Textual) - ARS ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2011 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Value of Group's interest in equity | $ 74,377 | $ 35,780 | |
Quality Invest [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Value of Group's interest in equity | $ 2,101 | 1,869 | |
Debt instrument, description | In March 2011, Quality acquired an industrial plant located in San Martín, Province of Buenos Aires. The facilities are suitable for multiple uses. On January 20, 2015, Quality agreed with the Municipality of San Martin on certain re zoning and other urban planning matters (“the Agreement”) to surrender a non-significant portion of the land and a monetary consideration of 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. | ||
% ownership interest | 50.00% | ||
New Lipstick [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Value of Group's interest in equity | $ (17) | (8,659) | |
Market price per share | $ 4.10 | ||
Lease description | On August 7, 2020, as a consequence of negotiations conducted in the context of an increased lease price effective as of May 2020, as set forth in the lease (hereinafter, “Ground Lease”), Metropolitan (a company where IRSA holds, indirectly, a 49.96% interest) executed an agreement with the Ground Lease lessor to conclude the relationship and terminate the ground lease, abandoning the administration of the building. As a consequence of the foregoing, Metropolitan derecognised the liability associated to the ground lease, as well as all assets and liabilities associated to the building and the administration. Pursuant to such agreement, Metropolitan was fully released from liability except for (i) claims for liabilities prior to June 1, 2020, from those persons who performed works or rendered services in the Building or for Metropolitan and (ii) claims from persons who had an accident in the property after August 7, 2020. | ||
Shufersal Ltd. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Value of Group's interest in equity | $ 28,111 | $ 23,013 | |
Market price per share, description | Shufersal is a company that has supermarkets and pharmacies in Israel, the market price of the share is NIS 22,59 as of June 30, 2020. | ||
Aharon Frenkel [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Market price per share, description | Aharon Frenkel purchased approximately 8.6% of Gav-Yam´s capital stock at a value of NIS 2,091/share | ||
BHSA [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Treasury stock | 35.2 | ||
Employee compensation plan | 35.1 | ||
Description of assumptions for future business cash flows | The Group estimated that the value in use of its investment in BHSA as of June 30, 2020 and 2019 amounted to Ps. 5,933, Ps. 5,521, respectively. The value in use was estimated based on the present value of future business cash flows. The main assumptions used were the following: The Group considered 7 years as the horizon for the projection of BHSA cash flows. The “Private BADLAR” interest rate was projected based on internal data and information gathered from external advisors. The projected exchange rate was estimated in accordance with internal data and external information provided by independent consultants. The discount rate used to discount actual dividend flows was 13.82% in 2020 and 14.37% in 2019. The sensitivity to a 1% increase in the discount rate would be a reduction in the value in use of Ps. 536 for 2020 and of Ps.503 for 2019. | ||
Market price per share, description | The market price of the share is 17.15 pesos per share. | ||
% ownership interest | 29.91% |
Investment properties (Details)
Investment properties (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Disclosure of detailed information about investment property [line items] | |||
Fair value at the beginning of the year | $ 333,525 | ||
Incorporation by business combination | 6,108 | ||
Fair value at the end of the year | 227,547 | $ 333,525 | |
Level 2 [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Fair value at the beginning of the year | 76,948 | 43,925 | |
Adjustments previous periods (IFRS 16) | |||
Additions | 5,165 | 3,540 | |
Activation of financial costs | 217 | 81 | |
Capitalized leasing costs | 11 | 4 | |
Amortization of capitalized leasing costs | [1] | (9) | (6) |
Incorporation by business combination | (696) | 4,551 | |
Transfers / Reclassification to assets held for sale | |||
Deconsolidation | [2] | (1,694) | |
Disposals | (71) | (1,740) | |
Currency translation adjustment | (66) | 14 | |
Net (loss)/ gain from fair value adjustment | 2,996 | 28,273 | |
Fair value at the end of the year | 43,925 | 76,948 | |
Level 3 [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Fair value at the beginning of the year | 150,599 | 289,600 | |
Adjustments previous periods (IFRS 16) | 426 | ||
Additions | 6,446 | 1,838 | |
Activation of financial costs | 16 | ||
Capitalized leasing costs | 4 | 16 | |
Amortization of capitalized leasing costs | [1] | (13) | (9) |
Incorporation by business combination | 1,129 | (28,781) | |
Transfers / Reclassification to assets held for sale | 244 | ||
Deconsolidation | [2] | (155,846) | |
Disposals | (3,676) | (13,412) | |
Currency translation adjustment | (2,981) | 53,462 | |
Net (loss)/ gain from fair value adjustment | (36,883) | 3,061 | |
Fair value at the end of the year | $ 289,600 | $ 150,599 | |
[1] | Amortization charges of capitalized leasing costs were included in "Costs" in the Statements of Income (Note 23). | ||
[2] | $ 1,694 corresponds to La Malteria and $ 155,846 to Gav-Yam |
Investment properties (Details
Investment properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jul. 31, 2019 | Jun. 30, 2019 |
Disclosure of detailed information about investment property [line items] | |||
Total | $ 227,547 | $ 333,525 | $ 333,525 |
Rental properties [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Total | 192,684 | 298,702 | |
Undeveloped parcels of land [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Total | 27,534 | 28,507 | |
Properties under development [Member] | |||
Disclosure of detailed information about investment property [line items] | |||
Total | $ 7,329 | $ 6,316 |
Investment properties (Detail_2
Investment properties (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investment Properties [Abstract] | |||
Rental and services income | $ 19,560 | $ 22,689 | $ 21,631 |
Direct operating expenses | (8,702) | (8,094) | (7,685) |
Development reimbursements / (expenses) | 121 | (87) | (4,133) |
Net realized gain from fair value adjustment of investment properties | 1,080 | 901 | 542 |
Net unrealized gain from fair value adjustment of investment properties | $ 30,130 | $ (38,778) | $ 18,633 |
Investment properties (Detail_3
Investment properties (Details Textual) - ARS ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Investment properties | $ 486 | $ 15 | |
Investment properties, description | For the next 5 years, an average AR$ / US$ exchange rate with an upward trend was considered, starting at Ps. 59.81(corresponding to the year ended June 30, 2020) and arriving at Ps.243.89. In the long term, a nominal devaluation rate of 2.1% calculated based on the quotient between inflation in Argentina and the United States is assumed.The considered inflation shows a downward trend, which starts at 47.9% (corresponding to the year ended June 30, 2020) and stabilizes at 23.2% after 5 years. Considering an increase or decrease of: 100 points for the discount and growth rate in Argentina, 10% for the incidence and inflation, 10% for the devaluation, 50 points for the discount rate of Israel and USA, and 1% for the value of the m2. | ||
Maximum [Member] | Commercial Spaces [Member] | |||
Statement Line Items [Line Items] | |||
Discount rate, percentage | 7.75% | ||
Bottom of range [member] | Commercial Spaces [Member] | |||
Statement Line Items [Line Items] | |||
Discount rate, percentage | 9.00% | ||
Israel [Member] | Maximum [Member] | |||
Statement Line Items [Line Items] | |||
Discount rate, percentage | 7.00% | ||
Israel [Member] | Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Discount rate, percentage | 9.00% | ||
La Malteria [Member] | |||
Statement Line Items [Line Items] | |||
Investment properties | $ 1,694 | ||
Gav - Yam [Member] | |||
Statement Line Items [Line Items] | |||
Investment properties | $ 155,846 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | $ 31,905 | $ 31,591 |
Additions | 5,672 | 7,144 |
Disposals | 3,305 | (60) |
Incorporation by business combination | 6,108 | |
Deconsolidation | (1,061) | |
Reclassification to assets assets held for sale | (274) | |
Currency translation adjustment | 5,823 | (719) |
Transfers | (260) | 12 |
Depreciation charges | (6,878) | (6,063) |
Net book amount at the ending | 37,730 | 31,905 |
Costs [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 116,581 | 110,204 |
Additions | ||
Net book amount at the ending | 139,884 | 116,581 |
Accumulated depreciation [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | (84,676) | (78,613) |
Additions | ||
Net book amount at the ending | (102,154) | (84,676) |
Agricultural establishments [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | ||
Additions | 36 | |
Disposals | ||
Incorporation by business combination | 4,024 | |
Deconsolidation | ||
Reclassification to assets assets held for sale | ||
Currency translation adjustment | 311 | |
Transfers | ||
Depreciation charges | (18) | |
Net book amount at the ending | 4,353 | |
Agricultural establishments [Member] | Costs [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | ||
Additions | ||
Net book amount at the ending | 9,499 | |
Agricultural establishments [Member] | Accumulated depreciation [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | ||
Additions | ||
Net book amount at the ending | (5,146) | |
Buildings and facilities [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 4,002 | 4,164 |
Additions | 451 | 174 |
Disposals | 62 | |
Incorporation by business combination | 1,614 | |
Deconsolidation | (423) | |
Reclassification to assets assets held for sale | (274) | |
Currency translation adjustment | 488 | (94) |
Transfers | (245) | 190 |
Depreciation charges | (398) | (432) |
Net book amount at the ending | 5,153 | 4,002 |
Buildings and facilities [Member] | Costs [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 10,632 | 4,164 |
Additions | ||
Net book amount at the ending | 12,078 | 10,632 |
Buildings and facilities [Member] | Accumulated depreciation [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | (6,630) | (6,199) |
Additions | ||
Net book amount at the ending | (6,925) | (6,630) |
Machinery and equipment [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 765 | 763 |
Additions | 66 | 97 |
Disposals | (5) | (1) |
Incorporation by business combination | 377 | |
Deconsolidation | (594) | |
Reclassification to assets assets held for sale | ||
Currency translation adjustment | 190 | (20) |
Transfers | (15) | 19 |
Depreciation charges | (80) | (93) |
Net book amount at the ending | 704 | 765 |
Machinery and equipment [Member] | Costs [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 2,417 | 2,322 |
Additions | ||
Net book amount at the ending | 4,483 | 2,417 |
Machinery and equipment [Member] | Accumulated depreciation [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | (1,652) | (1,559) |
Additions | ||
Net book amount at the ending | (3,779) | (1,652) |
Communication networks [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 21,597 | 21,386 |
Additions | 3,417 | 4,599 |
Disposals | (3,197) | (43) |
Incorporation by business combination | ||
Deconsolidation | ||
Reclassification to assets assets held for sale | ||
Currency translation adjustment | 3,551 | (559) |
Transfers | 377 | |
Depreciation charges | (4,631) | (3,786) |
Net book amount at the ending | 21,114 | 21,597 |
Communication networks [Member] | Costs [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 91,306 | 87,309 |
Additions | ||
Net book amount at the ending | 100,931 | 91,306 |
Communication networks [Member] | Accumulated depreciation [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | (69,709) | (65,923) |
Additions | ||
Net book amount at the ending | (79,817) | (69,709) |
Others [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 5,541 | 5,278 |
Additions | 1,702 | 2,274 |
Disposals | (41) | (16) |
Incorporation by business combination | 93 | |
Deconsolidation | (44) | |
Reclassification to assets assets held for sale | ||
Currency translation adjustment | 1,283 | (46) |
Transfers | (377) | (197) |
Depreciation charges | (1,751) | (1,752) |
Net book amount at the ending | 6,406 | 5,541 |
Others [Member] | Costs [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | 12,226 | 10,210 |
Additions | ||
Net book amount at the ending | 12,893 | 12,226 |
Others [Member] | Accumulated depreciation [Member] | ||
Changes in property, plant and equipment [abstract] | ||
Net book amount at the beginning | (6,685) | (4,932) |
Additions | ||
Net book amount at the ending | $ (6,487) | $ (6,685) |
Property, Plant and Equipment_3
Property, Plant and Equipment (Details Textual) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Discontinued operation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charges | $ 4,016 | ||
Costs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charges | $ 5,938 | $ 5,547 | |
General and administrative expenses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charges | 776 | 409 | |
Selling expenses [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charges | $ 152 | $ 107 |
Trading Properties (Details)
Trading Properties (Details) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of financial assets [line items] | ||
Beginning | $ 8,359 | $ 22,069 |
IFRS 15 adjustment | (8,325) | |
Additions | 2,309 | 3,664 |
Desconsolidation | (155) | |
Capitalized financial costs | 12 | 17 |
Currency translation adjustment | 876 | (1,351) |
Transfers | 215 | 52 |
Impairment | (46) | |
Disposals | (4,444) | (7,721) |
Ending | 7,172 | 8,359 |
Completed properties [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning | 2,685 | 5,846 |
IFRS 15 adjustment | (1,558) | |
Additions | 24 | |
Desconsolidation | ||
Capitalized financial costs | ||
Currency translation adjustment | 301 | (635) |
Transfers | 1,238 | 3,470 |
Impairment | ||
Disposals | (2,224) | (4,438) |
Ending | 2,024 | 2,685 |
Properties under development [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning | 2,394 | 12,124 |
IFRS 15 adjustment | (6,767) | |
Additions | 1,722 | 3,603 |
Desconsolidation | (155) | |
Capitalized financial costs | 12 | 17 |
Currency translation adjustment | 31 | (497) |
Transfers | (990) | (2,803) |
Impairment | ||
Disposals | (2,185) | (3,283) |
Ending | 829 | 2,394 |
Undeveloped sites [Member] | ||
Disclosure of financial assets [line items] | ||
Beginning | 3,280 | 4,099 |
IFRS 15 adjustment | ||
Additions | 563 | 61 |
Desconsolidation | ||
Capitalized financial costs | ||
Currency translation adjustment | 544 | (219) |
Transfers | (33) | (615) |
Impairment | (46) | |
Disposals | (35) | |
Ending | $ 4,319 | $ 3,280 |
Trading Properties (Details 1)
Trading Properties (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Trading Properties [Abstract] | ||
Non-current | $ 4,856 | $ 7,836 |
Current | 2,316 | 523 |
Total | $ 7,172 | $ 8,359 |
Trading Properties (Details Tex
Trading Properties (Details Textual) - Argentina, Pesos [Member] - ARS ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Trading Properties (Textual) | ||
Net book value | $ 407 | $ 407 |
Contractual obligation amount | $ 432 | $ 578 |
Intangible assets (Details)
Intangible assets (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | $ 25,603 | $ 27,570 | $ 27,570 | |
Costs | 70,361 | 58,432 | 52,672 | |
Accumulated amortization | (42,577) | (32,829) | (25,102) | |
Additions | 27,784 | 3,722 | ||
Impairment | (184) | |||
Disposals | (219) | (61) | ||
Deconsolidation | (3,281) | |||
Currency translation adjustment | 5,777 | (80,004) | ||
Amortization charges | [1] | (4,661) | (4,640) | |
Assets incorporated by business combination | 57 | |||
Balance at the end | 27,784 | 25,603 | 27,570 | |
Net book amount | 27,784 | |||
Goodwill [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 6,560 | 6,929 | ||
Costs | 5,643 | 6,560 | 6,929 | |
Accumulated amortization | ||||
Additions | ||||
Impairment | (184) | |||
Disposals | ||||
Deconsolidation | (3,259) | |||
Currency translation adjustment | 2,342 | (185) | ||
Amortization charges | [1] | |||
Assets incorporated by business combination | ||||
Balance at the end | 5,643 | 6,560 | 6,929 | |
Net book amount | 5,643 | |||
Trademarks [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 6,517 | 6,842 | ||
Costs | 8,421 | 7,063 | 7,265 | |
Accumulated amortization | (793) | (546) | (423) | |
Additions | ||||
Impairment | ||||
Disposals | ||||
Deconsolidation | ||||
Currency translation adjustment | 1,233 | (20,002) | ||
Amortization charges | [1] | (122) | (123) | |
Assets incorporated by business combination | ||||
Balance at the end | 7,628 | 6,517 | 6,842 | |
Net book amount | 7,628 | |||
Licenses [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 2,302 | 2,616 | 2,616 | |
Costs | 11,289 | 9,467 | 9,719 | |
Accumulated amortization | (8,869) | (7,165) | (7,103) | |
Additions | ||||
Impairment | ||||
Disposals | ||||
Deconsolidation | ||||
Currency translation adjustment | 397 | (98) | ||
Amortization charges | [1] | (279) | (216) | |
Assets incorporated by business combination | ||||
Balance at the end | 2,420 | 2,302 | 2,616 | |
Net book amount | 2,420 | |||
Customer Relations [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 3,151 | 5,117 | 5,117 | |
Costs | 23,731 | 20,279 | 15,397 | |
Accumulated amortization | (21,256) | (17,128) | (10,280) | |
Additions | 16 | |||
Impairment | ||||
Disposals | (18) | |||
Deconsolidation | ||||
Currency translation adjustment | 432 | (312) | ||
Amortization charges | [1] | (1,128) | (1,670) | |
Assets incorporated by business combination | 38 | |||
Balance at the end | 2,475 | 3,151 | 5,117 | |
Net book amount | 2,475 | |||
Information Systems And Software [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 3,814 | 370,005 | 3,705 | |
Costs | 7,914 | 6,452 | 6,935 | |
Accumulated amortization | (3,691) | (2,638) | (3,230) | |
Additions | 1,543 | 1,516 | ||
Impairment | ||||
Disposals | (137) | (61) | ||
Deconsolidation | (22) | |||
Currency translation adjustment | 682 | (57) | ||
Amortization charges | [1] | (1,676) | (1,289) | |
Assets incorporated by business combination | 19 | |||
Balance at the end | 4,223 | 3,814 | 370,005 | |
Net book amount | 4,223 | |||
Contracts And Others [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Net book amount at the beginning | 3,259 | 2,361 | 2,361 | |
Costs | 13,363 | 8,611 | 6,427 | |
Accumulated amortization | (7,968) | (5,352) | (4,066) | |
Additions | 2,965 | 2,190 | ||
Impairment | ||||
Disposals | (64) | |||
Deconsolidation | ||||
Currency translation adjustment | 691 | 50 | ||
Amortization charges | [1] | (1,456) | (1,342) | |
Assets incorporated by business combination | ||||
Balance at the end | 5,395 | $ 3,259 | $ 2,361 | |
Net book amount | $ 5,395 | |||
[1] | Amortization charge was recognized in the amount of Ps. 352 and Ps. 1.052 under "Costs", in the amount of Ps. 1,636 and Ps. 1,349 under "General and administrative expenses" and Ps. 2,700 and Ps. 2,238 under "Selling expenses" as of June 30, 2020 and 2019, respectively in the Statements of Income (Note 24). |
Intangible assets (Details 1)
Intangible assets (Details 1) $ in Millions | 12 Months Ended |
Jun. 30, 2019ARS ($) | |
Intangible Assets | |
Net value of the CGU net of taxes | $ 294 |
Value of the net operating assets of the telecommunications CGU of Israel (including brands and excluding goodwill) | 3,668 |
Value of goodwill of the CGU | $ 268 |
Annual discount rate after tax | 8.50% |
Long-term growth rate | 1.50% |
Long-term market share | 25.00% |
ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) | $ 55 |
Intangible assets (Details 2)
Intangible assets (Details 2) $ in Millions | 12 Months Ended |
Jun. 30, 2019ARS ($) | |
Intangible Assets | |
Annual net discount rate after taxes | 9.20% |
ARPU (average monthly income per user) during the representative term (excludes income from international hosting and roaming) | $ 53 |
Intangible assets (Details Text
Intangible assets (Details Textual) ₪ in Millions, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020ARS ($) | Jun. 30, 2019ILS (₪) | Jun. 30, 2019ARS ($) | |
Disclosure of detailed information about intangible assets [line items] | |||
Principal amount | $ 84,159 | ||
Goodwill | 4,569 | ||
NIS [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Principal amount | ₪ | ₪ 4,936 | ||
Goodwill | ₪ | ₪ 268 | ||
Barter Agreement [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Description of goodwill | The goodwill allocated to telecommunication in Israel amounts to NIS 268 (Ps. 5,451 at the exchange rate at the end of the financial year 2020), the one assigned to supermarkets amounted to NIS 192 and the assigned to Israel real state amounted to NIS 113. | ||
Costs [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | $ 352 | 1,052 | |
General And Administrative Expenses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | 1,636 | 1,349 | |
Selling Expenses [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization charge | $ 2,700 | $ 2,238 |
Rights of use of assets (Detail
Rights of use of assets (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jul. 31, 2019 | Jun. 30, 2019 |
Statement Line Items [Line Items] | |||
Total Right-of-use assets | $ 19,859 | ||
Non-current | 19,859 | ||
Total | 19,859 | $ 14,124 | |
Real Estate [Member] | |||
Statement Line Items [Line Items] | |||
Total Right-of-use assets | 4,116 | ||
Telecommunications [Member] | |||
Statement Line Items [Line Items] | |||
Total Right-of-use assets | 11,004 | ||
Machinery and equipment [Member] | |||
Statement Line Items [Line Items] | |||
Total Right-of-use assets | 13 | ||
Other [Member] | |||
Statement Line Items [Line Items] | |||
Total Right-of-use assets | $ 4,726 |
Rights of use of assets (Deta_2
Rights of use of assets (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Rights Of Use Of Assets | |||
IFRS 16 inicial adjustments | $ 14,124 | ||
Additions (i) | [1] | 8,091 | |
Transfer | 158 | ||
Amortization charges | (4,711) | ||
Deconsolidation | (42) | ||
Currency translation adjustment | 2,239 | ||
Total | $ 19,859 | ||
[1] | includes incorporation by business combination |
Rights of use of assets (Deta_3
Rights of use of assets (Details 2) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Statement Line Items [Line Items] | ||
Total depreciation of right-of-use assets | $ 4,711 | |
Real Estate [Member] | ||
Statement Line Items [Line Items] | ||
Total depreciation of right-of-use assets | 538 | |
Telecommunications [Member] | ||
Statement Line Items [Line Items] | ||
Total depreciation of right-of-use assets | 3,155 | |
Others [Member] | ||
Statement Line Items [Line Items] | ||
Total depreciation of right-of-use assets | $ 1,018 |
Rights of use of assets (Deta_4
Rights of use of assets (Details 3) $ in Millions | 12 Months Ended |
Jun. 30, 2020ARS ($) | |
Rights Of Use Of Assets | |
Interests | $ (509) |
Results from short-term leases | $ 19,560 |
Rights of use of assets (Deta_5
Rights of use of assets (Details 4) | 12 Months Ended |
Jun. 30, 2020 | |
Statement Line Items [Line Items] | |
Average discount rate | 10.61% |
Center of Operations in Israel Average discount rate | 3.00% |
Bottom of range [member] | |
Statement Line Items [Line Items] | |
Center of Operations in Argentina Maturity date | 2023 |
Maturity date | 2022 |
Maximum [Member] | |
Statement Line Items [Line Items] | |
Center of Operations in Argentina Maturity date | 2041 |
Maturity date | 2090 |
Financial instruments by cate_3
Financial instruments by category (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | $ 145,753 | $ 141,814 |
Subtotal financial assets | 174,472 | 211,544 |
Non-financial assets | 14,650 | 11,123 |
Total | 189,122 | 222,667 |
Financial liabilities at amortized cost | 401,145 | 467,782 |
Subtotal financial liabilities | 402,320 | 469,287 |
Non-financial liabilities | 6,855 | 7,926 |
Total | 409,175 | 477,213 |
Trade And Other Payables [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at amortized cost | 24,986 | 21,107 |
Subtotal financial liabilities | 24,986 | 21,107 |
Non-financial liabilities | 6,855 | 7,926 |
Total | 31,841 | 29,033 |
Borrowings Excluding Finance Leases [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at amortized cost | 376,159 | 446,675 |
Subtotal financial liabilities | 376,159 | 446,675 |
Non-financial liabilities | ||
Total | 376,159 | 446,675 |
Swaps [member] | Derivative Financial Instruments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at amortized cost | ||
Subtotal financial liabilities | 192 | |
Non-financial liabilities | ||
Total | 192 | |
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 | 976 | 1,313 |
Non-financial liabilities | ||
Total | 976 | 1,313 |
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 | 138 | |
Non-financial liabilities | ||
Total | 138 | |
Forwards [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at amortized cost | ||
Subtotal financial liabilities | 61 | |
Non-financial liabilities | ||
Total | 61 | |
Restricted Assets [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | 8,080 | 10,662 |
Subtotal financial assets | 8,080 | 10,662 |
Non-financial assets | ||
Total | 8,080 | 10,662 |
Level 1 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 22,803 | 63,121 |
Financial liabilities at fair value through profit or loss | ||
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] | 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 | ||
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 | ||
Level 1 [Member] | Restricted Assets [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | ||
Level 2 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 2,633 | 2,397 |
Financial liabilities at fair value through profit or loss | 1,155 | 1,436 |
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] | Swaps [member] | Derivative Financial Instruments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at fair value through profit or loss | 192 | |
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 | 956 | 1,244 |
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 | 138 | |
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 | 61 | |
Level 2 [Member] | Restricted Assets [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | ||
Level 3 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 3,283 | 4,212 |
Financial liabilities at fair value through profit or loss | 20 | 69 |
Level 3 [Member] | Trade And Other Payables [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at fair value through profit or loss | ||
Level 3 [Member] | Borrowings 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] | 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 | 20 | 69 |
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 | ||
Level 3 [Member] | Restricted Assets [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] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | 49,356 | 41,431 |
Subtotal financial assets | 49,356 | 41,431 |
Non-financial assets | 14,650 | 11,123 |
Total | 64,006 | 52,554 |
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 | ||
Trade And Other Receivables [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | 49,356 | 41,431 |
Subtotal financial assets | 49,356 | 41,431 |
Non-financial assets | 14,650 | 11,123 |
Total | 64,006 | 52,554 |
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 | ||
Public Companies Securities [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | ||
Subtotal financial assets | 804 | 1,605 |
Non-financial assets | ||
Total | 804 | 1,605 |
Public Companies Securities [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 574 | 1,368 |
Public Companies Securities [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 230 | 197 |
Public Companies Securities [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 40 | |
Private Companies Securities [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | ||
Subtotal financial assets | 2,909 | 2,610 |
Non-financial assets | ||
Total | 2,909 | 2,610 |
Private Companies Securities [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 | ||
Private Companies Securities [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 | ||
Private Companies Securities [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 2,909 | 2,610 |
Deposits [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | 956 | 5,236 |
Subtotal financial assets | 1,017 | 5,287 |
Non-financial assets | ||
Total | 1,017 | 5,287 |
Deposits [Member] | Level 1 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 61 | 51 |
Deposits [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | ||
Deposits [Member] | Level 3 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | ||
Bonds [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | ||
Subtotal financial assets | 10,677 | 26,852 |
Non-financial assets | ||
Total | 10,677 | 26,852 |
Bonds [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 | 9,233 | 23,908 |
Bonds [Member] | Level 2 [Member] | Investments In Financial Assets [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 1,444 | 1,518 |
Bonds [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 | 1,426 | |
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 | ||
Subtotal financial assets | 7,540 | 13,822 |
Non-financial assets | ||
Total | 7,540 | 13,822 |
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 | 6,498 | 13,199 |
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 | 810 | 623 |
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 | 232 | |
Foreign Currency Future Contracts [member] | Derivative Financial Instruments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | ||
Subtotal financial assets | 129 | 41 |
Non-financial assets | ||
Total | 129 | 41 |
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 | 129 | 41 |
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 [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | 62 | |
Subtotal financial assets | 224 | 154 |
Non-financial assets | ||
Total | 224 | 154 |
Other [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 [Member] | Level 2 [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 20 | 18 |
Other [Member] | Level 3 [Member] | Derivative Financial Instruments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at fair value through profit or loss | 142 | 136 |
Clal [member] | Financial Assets Held-For-Sale, Category [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at amortized cost | ||
Subtotal financial assets | 3,377 | 22,637 |
Non-financial assets | ||
Total | 3,377 | 22,637 |
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 | 3,377 | 22,637 |
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 | 24,673 | 9,612 |
Subtotal financial assets | 24,673 | 9,612 |
Non-financial assets | ||
Total | 24,673 | 9,612 |
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 | 62,626 | 74,873 |
Subtotal financial assets | 65,686 | 76,831 |
Non-financial assets | ||
Total | 65,686 | 76,831 |
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 | 3,060 | 1,958 |
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 |
Financial instruments by cate_4
Financial instruments by category (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of fair value measurement of liabilities [line items] | ||
Net amount presented | $ 174,472 | $ 211,544 |
Net amount presented | 402,320 | 469,287 |
Trade and Other Payables [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Gross amounts recognized | 27,193 | 23,269 |
Gross amounts offset | (2,207) | (2,162) |
Net amount presented | 24,986 | 21,107 |
Trade and Other Receivables [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Gross amounts recognized | 51,563 | 43,592 |
Gross amounts offset | (2,207) | (2,161) |
Net amount presented | $ 49,356 | $ 41,431 |
Financial instruments by cate_5
Financial instruments by category (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of financial liabilities [line items] | |||
Interest income | $ 964 | $ 955 | $ 1,100 |
Interest expense | (20,460) | (19,802) | (18,332) |
Foreign exchange gains, net | (6,274) | 1,248 | (13,520) |
Dividend income | 168 | 97 | 209 |
Fair value gain on financial assets at fair value through profit or loss | (10,479) | 2,433 | (2,083) |
Gain on derivative financial instruments, net | (467) | 515 | 400 |
Other finance costs | 2,776 | 733 | (92) |
Total financial instruments | (33,772) | (13,821) | (32,318) |
Financial Assets And Liabilities At Amortised Cost Category [Member] | |||
Disclosure of financial liabilities [line items] | |||
Interest income | 964 | 955 | 1,100 |
Interest expense | (20,460) | (19,802) | (18,332) |
Foreign exchange gains, net | (6,274) | 1,248 | (13,520) |
Dividend income | 168 | 97 | 209 |
Fair value gain on financial assets at fair value through profit or loss | |||
Gain on derivative financial instruments, net | |||
Other finance costs | 2,776 | 733 | (92) |
Total financial instruments | (22,826) | (16,769) | (30,635) |
Financial Assets And Liabilities At Fair Value Through Profit Or Loss Category [Member] | |||
Disclosure of financial liabilities [line items] | |||
Interest income | |||
Interest expense | |||
Foreign exchange gains, net | |||
Dividend income | |||
Fair value gain on financial assets at fair value through profit or loss | (10,479) | 2,433 | (2,083) |
Gain on derivative financial instruments, net | (467) | 515 | 400 |
Other finance costs | |||
Total financial instruments | $ (10,946) | $ 2,948 | $ (1,683) |
Financial instruments by cate_6
Financial instruments by category (Details 3) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | $ 4,143 | $ 4,610 | |
Additions and acquisitions | 35 | 172 | |
Transfer between levels | 351 | 59 | |
Currency translation adjustment | 820 | (77) | |
Write off | (1,587) | ||
Gain / (loss) for the year | [1] | (499) | (621) |
Ending Balance | 3,263 | 4,143 | |
Investments In Financial Assets [Member] | Private Companies Securities [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | 2,610 | 2,597 | |
Additions and acquisitions | 35 | 172 | |
Transfer between levels | 153 | ||
Currency translation adjustment | 476 | (65) | |
Write off | |||
Gain / (loss) for the year | [1] | (212) | (247) |
Transfer of trade and other receivables | |||
Ending Balance | 2,909 | 2,610 | |
Investments In Financial Assets [Member] | Others [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | 1,466 | 2,064 | |
Additions and acquisitions | |||
Transfer between levels | (197) | ||
Currency translation adjustment | 106 | (31) | |
Write off | (977) | ||
Gain / (loss) for the year | [1] | (363) | (370) |
Transfer of trade and other receivables | |||
Ending Balance | 232 | 1,466 | |
Derivative Financial Instruments [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | 136 | ||
Additions and acquisitions | |||
Transfer between levels | 351 | 103 | |
Currency translation adjustment | 245 | 19 | |
Write off | (610) | ||
Gain / (loss) for the year | [1] | 20 | 14 |
Transfer of trade and other receivables | |||
Ending Balance | 142 | 136 | |
Derivative Financial Instruments [Member] | Forwards [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Beginning Balance | (69) | (51) | |
Additions and acquisitions | |||
Transfer between levels | |||
Currency translation adjustment | (7) | ||
Write off | |||
Gain / (loss) for the year | [1] | 56 | (18) |
Transfer of trade and other receivables | |||
Ending Balance | $ (20) | $ (69) | |
[1] | Included within "Financial results, net" in the Statements of income. |
Financial instruments by cate_7
Financial instruments by category (Details 4) | 12 Months Ended | |
Jun. 30, 2020 | ||
Cash Flows - Theoretical Price [Member] | Level 2 [Member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Description | Interest rate swaps | |
Pricing model / method | Cash flows - Theoretical price | |
Parameters | Interest rate futures contracts and cash flows | |
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 | Investments in financial assets - Other private companies' securities | [1] |
Pricing model / method | Cash flow / NAV - Theoretical price | |
Parameters | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investments assessments. | |
Cash Flow / NAV - Theoretical Price [Member] | Level 3 [Member] | Bottom of range [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 | Investments in financial assets - Others | |
Pricing model / method | Discounted cash flows - Theoretical price | |
Parameters | Projected revenue discounted at the discount rate The value is calculated in accordance with shares in the equity funds on the basis of their Financial Statements, based on fair value or investment assessments. | |
Discounted Cash Flows - Theoretical Price [Member] | Level 3 [Member] | Bottom of range [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 | Derivative financial instruments Forwards | |
Pricing model / method | Theoretical price | |
Parameters | Underlying asset price and volatility | |
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. |
Trade and other receivables (De
Trade and other receivables (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Trade and other receivables [abstract] | ||
Sale, leases and services receivables | $ 38,453 | $ 35,458 |
Less: Allowance for doubtful accounts | (3,735) | (2,653) |
Total trade receivables | 34,718 | 32,805 |
Prepaid expenses | 13,496 | 7,982 |
Borrowings, deposits and others | 10,029 | 4,119 |
Advances to suppliers | 1,009 | 1,295 |
Tax receivables | 804 | 637 |
Others | 215 | 3,063 |
Total other receivables | 25,553 | 17,096 |
Total trade and other receivables | 60,271 | 49,901 |
Non-current | 23,128 | 17,680 |
Current | 37,143 | 32,221 |
Total | $ 60,271 | $ 49,901 |
Trade and other receivables (_2
Trade and other receivables (Details 1) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | ||
Trade and other receivables [abstract] | |||
Beginning of the year | $ 2,653 | $ 1,791 | |
Adjustments previous periods (IFRS 9) | 194 | ||
Additions | [1] | 1,028 | 780 |
Recovery | (109) | (61) | |
Currency translation adjustment | 1,064 | 635 | |
Deconsolidation | (20) | ||
Receivables written off during the period/year as uncollectable | (717) | (464) | |
Transfer to assets held for sale | (20) | ||
Incorporation by business combination | 18 | ||
Inflation adjustment | (162) | (222) | |
End of the year | $ 3,735 | $ 2,653 | |
[1] | The creation and release of the provision for impaired receivables have been included in "Selling expenses" in the Statements of Income (Note 24). |
Trade and other receivables (_3
Trade and other receivables (Details 2) $ in Millions | 12 Months Ended | |
Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 38,453 | $ 35,458 |
% of representation | 1 | 1 |
Additions / (reversals) for doubtful accounts | $ (468) | $ (669) |
Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 30,103 | 29,872 |
Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 3,735 | 2,653 |
Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 3,545 | $ 3,950 |
% of representation | 0.0922 | 0.1114 |
Additions / (reversals) for doubtful accounts | $ (85) | $ (121) |
Leases And Services [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 2,318 | 2,758 |
Leases And Services [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 695 | 472 |
Hotel Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 147 | |
% of representation | 0.0042 | |
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 | 147 | |
Hotel Services [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 16 | $ 23 |
% of representation | 0.0004 | 0.0006 |
Additions / (reversals) for doubtful accounts | $ 9 | $ 13 |
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 | 23 |
Sale Of Properties And Developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 912 | $ 2,563 |
% of representation | 0.0237 | 0.0723 |
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 | 712 | 2,423 |
Sale Of Properties And Developments [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1 | 26 |
Sale Of Communication Equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 14,142 | $ 14,438 |
% of representation | 0.3678 | 0.4072 |
Additions / (reversals) for doubtful accounts | ||
Sale Of Communication Equipment [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 13,674 | 14,234 |
Sale Of Communication Equipment [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 468 | 204 |
Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 16,707 | $ 14,337 |
% of representation | 0.4345 | 0.4043 |
Additions / (reversals) for doubtful accounts | $ (392) | $ (561) |
Telecommunication Services [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 12,240 | 10,310 |
Telecommunication Services [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 2,535 | 1,928 |
Agricultural products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 3,131 | |
% of representation | 0.0814 | |
Additions / (reversals) for doubtful accounts | ||
Agricultural products [Member] | Non-Past Due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1,159 | |
Agricultural products [Member] | Impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 20 | |
Current [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 3,629 | 2,110 |
Current [Member] | Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 389 | 420 |
Current [Member] | Hotel Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
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 | 189 | 86 |
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 | 1,485 | 1,604 |
Current [Member] | Agricultural products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 1,566 | |
3 To 6 Months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 325 | 138 |
3 To 6 Months [Member] | Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 56 | 124 |
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 | 5 | 14 |
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] | Agricultural products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 264 | |
Over 6 Months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 661 | 685 |
Over 6 Months [Member] | Leases And Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 87 | 176 |
Over 6 Months [Member] | Hotel Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Over 6 Months [Member] | Consumer Financing [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Over 6 Months [Member] | Sale Of Properties And Developments [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 5 | 14 |
Over 6 Months [Member] | Sale Of Communication Equipment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | ||
Over 6 Months [Member] | Telecommunication Services [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | 447 | $ 495 |
Over 6 Months [Member] | Agricultural products [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Total | $ 122 |
Cash flow information (Details)
Cash flow information (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flow Information [Abstract] | |||
Profit / (loss) for the period | $ 23,731 | $ (38,371) | $ 33,211 |
Profit for the period from discontinued operations | (18,085) | (7,140) | (36,441) |
Adjustments for: | |||
Income tax | 6,869 | (4,251) | (11,135) |
Amortization and depreciation | 16,268 | 10,676 | 9,628 |
Loss from disposal of property, plant and equipment | |||
Net gain / (loss) from fair value adjustment of investment properties | (30,742) | 37,877 | (19,160) |
Share-based compensation | 211 | 63 | 66 |
Impairment associates | 2,470 | ||
Impairment of goodwill | 184 | ||
Impairment of properties for sale | 46 | ||
Impairment of others assets | 317 | ||
Net gain from disposal of intangible assets | (13) | ||
Gain from disposal of subsidiary and associates | 247 | (983) | (859) |
Gain from business combination | (3,501) | ||
Financial results, net | 36,950 | 13,333 | 25,714 |
Provisions and allowances | 1,122 | 1,534 | 865 |
Share of (profit) /loss of associates and joint ventures | (8,517) | 7,200 | 3,722 |
Changes in operating assets and liabilities: | |||
Decrease in inventories | 140 | 350 | 263 |
Decrease in trading properties | 930 | 707 | 1,264 |
Increase in restricted assets | (1,165) | (203) | |
Decrease in trade and other receivables | 7,186 | 1,975 | 71 |
Decrease in trade and other payables | (3,528) | (1,358) | 1,109 |
Decrease in salaries and social security liabilities | (122) | (130) | 136 |
Decrease in provisions | (1,549) | (396) | (513) |
Net cash generated by continuing operating activities before income tax paid | 28,915 | 21,417 | 7,941 |
Net cash generated by discontinued operating activities before income tax paid | 2,848 | 6,354 | 14,161 |
Net cash generated by operating activities before income tax paid | $ 31,763 | $ 27,771 | $ 22,102 |
Cash flow information (Details
Cash flow information (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Cash Flow Information [Abstract] | ||
Investment properties | $ 155,602 | $ (9,743) |
Property, plant and equipment | (5,047) | (64,039) |
Trading properties | 155 | |
Intangible assets | 3,224 | (13,759) |
Investments in associates and joint ventures | 2,517 | (812) |
Restricted assets | 214 | (203) |
Income tax and MPIT credit | 44 | |
Trade and other receivables | (9,053) | (26,471) |
Right-of-use assets | (3,977) | |
Investments in financial assets | 13,544 | (6,329) |
Derivative financial instruments | (37) | (51) |
Inventories | (2,503) | (13,110) |
Borrowings | (88,080) | 46,804 |
Deferred income tax liabilities | (20,206) | 6,217 |
Trade and other payables | 2,313 | 50,992 |
Lease liabilities | 2,077 | |
Provisions | 57 | 960 |
Employee benefits | 107 | 2,788 |
Salaries and social security liabilities | 138 | 5,312 |
Income tax expense | (107) | 16 |
Net amount of non-cash assets incorporated / held for sale | 50,982 | (21,428) |
Cash and cash equivalents | (6,003) | (12,350) |
Non-controlling interest | 50,745 | 16,296 |
Goodwill | (376) | 164 |
Net amount of assets incorporated / held for sale | 95,348 | (17,318) |
Seller Financed Amount | (84) | |
Net (outflow) inflow of cash and cash equivalents / assets and liabilities held for sale | $ 95,348 | $ (17,402) |
Cash flow information (Detail_2
Cash flow information (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flow Information [Abstract] | |||
Decrease in associates and joint ventures through an increase in assets held for sale | $ 2,070 | $ 97 | |
Increase of investment properties through a decrease of financial assets | 278 | 9 | |
Increase of properties for sale through an increase in borrowings | 12 | 17 | 4 |
Changes in non-controlling interest through a decrease in trade and other receivables | 3,069 | ||
Increase of property, plant and equipment through an increase of trade and other payables | 739 | 853 | 4,859 |
Increase of intangible assets through an increase of trade and other payables | 494 | 330 | 11 |
Distribution of dividends on shares | 589 | 2,611 | |
Decrease in associates and joint ventures through an increase in trade and other receivables | 25 | ||
Increase in property, plant and equipment through an increase of borrowings | 6 | 20 | |
Registration of investment properties through a decrease in credits for trade and other receivables | 28 | 574 | 129 |
Increase in financial instruments through a decrease in investments in associates and joint ventures | 144 | ||
Issuance of NCN | 21 | 3,354 | |
Increase in trade and other receivables through increase in borrowings | 243 | ||
Distribution of dividends to non-controlling interest pending payment | 1,761 | (340) | (3,399) |
Decrease of in investments in associates and joint ventures through a decrease in borrowings | 9 | 443 | |
Increase of associates due to loss of control in subsidiaries | 1,335 | ||
Decrease in borrowings through a decrease in financial assets | 2,454 | ||
Increase in investment properties through an increase in trade and other payables | 711 | 705 | 296 |
Increase in property, plant and equipment through increased borrowings | 81 | 233 | 60 |
Increase in investment in associates through a decrease in investments in financial assets | 854 | ||
Increase in investments in financial assets through a decrease in investment properties | 1,188 | ||
Increase in rights of use through an increase in lease liabilities - Adjustment of opening balances (IFRS 16) | 14,124 | ||
Increase in rights of use through an increase in lease liabilities | $ 8,091 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - ISRAEL - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2017 | |
Shareholders' Equity (Textual) | ||
Common shares, par value | $ 1 | |
Reserve | $ 395 | |
Special reserve | $ 9,401 | |
Description of legal reserve | According to Law N° 19,550, 5% of the profit of the year is destined to the constitution of a legal reserve until it reaches the legal capped amount (20% of total capital). This legal reserve is not available for dividend distribution and can only be released to absorb losses. The Group reached the legal limit of this reserve. |
Trade and other payables (Detai
Trade and other payables (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jul. 31, 2019 | Jun. 30, 2019 |
Trade and other payables [abstract] | |||
Trade payables | $ 18,718 | $ 17,367 | |
Advances from sales, leases and services | 2,647 | 4,512 | |
Construction obligations | 407 | 1,331 | |
Accrued invoices | 439 | 673 | |
Deferred income | 142 | 136 | |
Total trade payables | 22,353 | 24,019 | |
Dividends payable to non-controlling interest | 224 | 204 | |
Tax payable | 159 | 419 | |
Construction provisions | 1,451 | ||
Other payables | 9,105 | 2,940 | |
Total other payables | 9,488 | 5,014 | |
Total trade and other payables | 31,841 | 29,033 | |
Non-current | 2,169 | 2,505 | |
Current | 29,672 | $ 26,528 | 26,528 |
Total | $ 31,841 | $ 29,033 |
Provisions (Details)
Provisions (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | |||
Disclosure of other provisions [line items] | ||||
As of beginning | $ 13,915 | $ 10,232 | ||
Additions | 476 | 4,657 | [1] | |
Share of los of associates | (7,461) | |||
Incorporated by business combination | 56 | |||
Recovery | (1,052) | (109) | ||
Used during the period / year | (832) | (355) | ||
Inflation adjustment | (68) | (76) | ||
Currency translation adjustment | 469 | (434) | ||
As of end | 5,503 | 13,915 | ||
Legal claims [Member] | ||||
Disclosure of other provisions [line items] | ||||
As of beginning | [1] | 2,388 | 2,290 | |
Additions | [1] | 443 | 643 | |
Share of los of associates | [1] | |||
Incorporated by business combination | [1] | 56 | ||
Recovery | [1] | (43) | (100) | |
Used during the period / year | [1] | (651) | (339) | |
Inflation adjustment | [1] | (68) | (76) | |
Currency translation adjustment | [1] | 370 | (30) | |
As of end | [1] | 2,495 | 2,388 | |
Investments in associates and joint ventures [Member] | ||||
Disclosure of other provisions [line items] | ||||
As of beginning | [2] | 8,659 | 5,453 | |
Additions | [2] | 3,742 | [1] | |
Share of los of associates | [2] | (7,461) | ||
Incorporated by business combination | [2] | |||
Recovery | [2] | (1,009) | (9) | |
Used during the period / year | [2] | |||
Inflation adjustment | [2] | |||
Currency translation adjustment | [2] | (172) | (527) | |
As of end | [2] | 17 | 8,659 | |
Site dismantling and remediation [Member] | ||||
Disclosure of other provisions [line items] | ||||
As of beginning | [3] | 342 | 367 | |
Additions | [3] | 33 | [1] | |
Share of los of associates | [3] | |||
Incorporated by business combination | [3] | |||
Recovery | [3] | |||
Used during the period / year | [3] | (16) | ||
Inflation adjustment | [3] | |||
Currency translation adjustment | [3] | 72 | (9) | |
As of end | [3] | 447 | 342 | |
Other provisions [Member] | ||||
Disclosure of other provisions [line items] | ||||
As of beginning | [4],[5] | 2,526 | 2,122 | |
Additions | [4],[5] | 272 | [1] | |
Share of los of associates | [4],[5] | |||
Incorporated by business combination | [4],[5] | |||
Recovery | [4],[5] | |||
Used during the period / year | [4],[5] | (181) | ||
Inflation adjustment | [4],[5] | |||
Currency translation adjustment | [4],[5] | 199 | 132 | |
As of end | [4],[5] | $ 2,544 | $ 2,526 | |
[1] | Additions and recoveries are included in "Other operating results, net". | |||
[2] | Corresponds to the equity interest in New Lipstick with negative equity in 2019 and Puerto Retiro in 2020 and 2019. Additions and recoveries are included in "Share of profit / (loss) of associates and joint ventures". | |||
[3] | The Group's companies are required to recognize certain costs related to the dismantling of assets and remediation of sites from the places where such assets are located. The calculation of such expenses is based on the dismantling value for the current year, taking into consideration the best estimate of future changes in prices, inflation, etc. and such costs are capitalized at a risk-free interest rate. Volume projections for retired or built assets are recast based on expected changes from technological rulings and requirements. | |||
[4] | In November 2009, PBC's Audit Committee and Board of Directors approved the agreement with Rock Real whereby the latter would look for and propose to PBC the acquisition of commercial properties outside Israel, in addition to assisting in the negotiations and management of such properties. In return, Rock Real would receive 12% of the net income generated by the acquired property. Pursuant to amendment 16 of the Israel Commercial Act 5759-1999, the agreement must be ratified by the Audit Committee before the third year after the effective date; otherwise, it expires. The agreement has not been ratified by the audit committee within such three-year term, so in January 2017 PBC issued a statement that hinted at the expiration of the agreement and informed that it would begin negotiations to reduce the debt. The parties have appointed an arbitrator that should render a decision on the dispute. The remaining corresponds to provisions related to investment properties. | |||
[5] | 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. |
Provisions (Details 1)
Provisions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Provisions [abstract] | ||
Non-current | $ 3,063 | $ 11,452 |
Current | 2,440 | 2,463 |
Total | $ 5,503 | $ 13,915 |
Provisions (Details Textual)
Provisions (Details Textual) - ILS (₪) | Oct. 03, 2018 | Nov. 30, 2009 | Jul. 04, 2017 |
Provisions (Textual) | |||
Acquisition of commercial properties | Rock Real would receive 12% of the net income generated by the acquired property. | ||
Compensation including interest | ₪ 17,600,000 | ₪ 187,000,000 | |
Description of legal action | An action and a motion to approve a class action had been filed with the District Court in Tel Aviv Yafo (jointly – the "Motion"). The Motion has been filed, against IDBD, against Dolphin IL, against Mr. Eduardo Elsztain and against the Official Receiver, and in it, the Court was requested to hold that the Transaction was not in compliance with the provisions of the Centralization Law, to appoint a trustee over DIC's shares owned by the respondents and to order the payment of monetary damages to the public shareholders in DIC for the alleged preservation of the pyramidal structure in IDBD, at a scope of between NIS 58 and NIS 73. |
Borrowings (Details)
Borrowings (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of detailed information about borrowings [line items] | |||||
Total non-current borrowings | [1] | $ 297,818 | $ 381,639 | ||
Total current borrowings | [1] | 78,341 | 65,036 | ||
Borrowings total amount | 376,159 | [1] | 446,675 | $ 459,444 | |
At Fair Value [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | 301,386 | 441,575 | |||
NCN [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | [1] | 315,848 | 381,649 | ||
NCN [Member] | At Fair Value [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | 252,018 | 376,561 | |||
Bank Loans [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | [1] | 56,272 | 58,323 | ||
Bank Loans [Member] | At Fair Value [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | 45,329 | 55,749 | |||
Bank Overdrafts [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | [1] | 2,428 | 402 | ||
Bank Overdrafts [Member] | At Fair Value [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | 2,428 | 402 | |||
Other Borrowings [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | [1],[2] | 1,611 | 6,301 | ||
Other Borrowings [Member] | At Fair Value [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings total amount | [2] | $ 1,611 | $ 8,863 | ||
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. | ||||
[2] | Includes financial leases for Ps. 1 and Ps. 24 as of June 30, 2020 and 2019, respectively. |
Borrowings (Details 1)
Borrowings (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Capital share for principal | $ 375,289 | $ 442,549 | ||
Interest | 869 | 4,102 | ||
Leases | 1 | 24 | ||
Borrowings | 376,159 | [1] | 446,675 | $ 459,444 |
Less Than 1 year [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Capital share for principal | 77,566 | 61,170 | ||
Interest | 775 | 3,866 | ||
Between 1 And 2 Years [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Capital share for principal | 42,917 | 56,995 | ||
Interest | ||||
Between 2 and 3 years [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Capital share for principal | 109,713 | 46,774 | ||
Interest | 47 | |||
Between 3 and 4 years [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Capital share for principal | 35,640 | 102,833 | ||
Interest | 200 | |||
Between 4 and 5 years [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Capital share for principal | 32,242 | 41,163 | ||
Interest | 25 | |||
Later than 5 years [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Capital share for principal | 77,211 | 133,614 | ||
Interest | $ 22 | $ 36 | ||
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details 2)
Borrowings (Details 2) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | $ 238,268 | $ 287,366 | ||
Subtotal floating-rate borrowings | 137,890 | 159,285 | ||
Total borrowings as per analysis | 376,158 | 446,651 | ||
Finance leases obligations | 1 | 24 | ||
Total borrowings as per Statement of Financial Position | 376,159 | [1] | 446,675 | $ 459,444 |
Fixed Interest Rate Argentine Peso [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 2,429 | 582 | ||
Fixed Interest Rate New Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 176,617 | 225,582 | ||
Fixed Interest Rate US Dollar [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 59,222 | 61,202 | ||
Floating Interest Rate Argentine Peso [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | 892 | 890 | ||
Floating Interest Rate New Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | 134,796 | 156,164 | ||
Floating Interest Rate US Dollar [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | 2,202 | 2,231 | ||
Argentina, Pesos [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 60,728 | 49,317 | ||
Subtotal floating-rate borrowings | 3,094 | 3,121 | ||
Total borrowings as per analysis | 63,822 | 52,438 | ||
Finance leases obligations | 1 | 24 | ||
Total borrowings as per Statement of Financial Position | 63,823 | 52,462 | ||
Argentina, Pesos [Member] | Fixed Interest Rate Argentine Peso [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 2,429 | 582 | ||
Argentina, Pesos [Member] | Fixed Interest Rate New Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | ||||
Argentina, Pesos [Member] | Fixed Interest Rate US Dollar [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 58,299 | 48,735 | ||
Argentina, Pesos [Member] | Floating Interest Rate Argentine Peso [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | 892 | 890 | ||
Argentina, Pesos [Member] | Floating Interest Rate New Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | ||||
Argentina, Pesos [Member] | Floating Interest Rate US Dollar [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | 2,202 | 2,231 | ||
USD | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 146 | 121 | ||
Subtotal floating-rate borrowings | ||||
Total borrowings as per analysis | 146 | 121 | ||
Finance leases obligations | ||||
Total borrowings as per Statement of Financial Position | 146 | 121 | ||
USD | Fixed Interest Rate Argentine Peso [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | ||||
USD | Fixed Interest Rate New Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | ||||
USD | Fixed Interest Rate US Dollar [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 146 | 121 | ||
USD | Floating Interest Rate Argentine Peso [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | ||||
USD | Floating Interest Rate New Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | ||||
USD | 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 | 517 | 450 | ||
Subtotal floating-rate borrowings | ||||
Total borrowings as per analysis | 517 | 450 | ||
Finance leases obligations | ||||
Total borrowings as per Statement of Financial Position | 517 | 450 | ||
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 Israel 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 | 517 | 450 | ||
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 Israel 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 | 176,877 | 237,478 | ||
Subtotal floating-rate borrowings | 134,796 | 156,164 | ||
Total borrowings as per analysis | 311,673 | 393,642 | ||
Finance leases obligations | ||||
Total borrowings as per Statement of Financial Position | 311,673 | 393,642 | ||
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 Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 176,617 | 225,582 | ||
ILS | Fixed Interest Rate US Dollar [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal fixed-rate borrowings | 260 | 11,896 | ||
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 Israel Shekel [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | 134,796 | 156,164 | ||
ILS | Floating Interest Rate US Dollar [Member] | ||||
Disclosure of financial instruments by type of interest rate [line items] | ||||
Subtotal floating-rate borrowings | ||||
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details 3)
Borrowings (Details 3) $ in Millions | 12 Months Ended | |
Jun. 30, 2020ARS ($) | ||
PBC [Member] | SERIE I [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-07 | [1] |
Maturity date | Jun. 29, 2029 | [1] |
Principal payment | At expiration | [1] |
Interest payment | quarterly | [1] |
Description of interest rate | 3.95% n.a. | [1] |
PBC [Member] | SERIE I [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 507 | [1] |
PBC [Member] | SERIE j [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-05 | |
Maturity date | Dec. 31, 2029 | |
Principal payment | At expiration | |
Interest payment | annual | |
Description of interest rate | 4.15% n.a. | |
PBC [Member] | SERIE j [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 515 | |
Gav - Yam [Member] | SERIE H [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2017-09 | [1] |
Maturity date | Jun. 30, 2034 | [1] |
Principal payment | Annual payments since 2019 | [1] |
Interest payment | biannual | [1] |
Description of interest rate | 2.55% n.a. | [1] |
Gav - Yam [Member] | SERIE H [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 424 | [1] |
Gav - Yam [Member] | SERIE A [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-07 | |
Maturity date | Oct. 31, 2023 | |
Principal payment | Annual payments since 2021 | |
Interest payment | biannual | |
Description of interest rate | 3.55% n.a. | |
Gav - Yam [Member] | SERIE A [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 320 | |
Gav - Yam [Member] | SERIE H [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-09 | [1] |
Maturity date | Jun. 30, 2024 | [1] |
Principal payment | Annual payments since 2019 | [1] |
Interest payment | annual | [1] |
Description of interest rate | 2.55% n.a. | [1] |
Gav - Yam [Member] | SERIE H [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 596 | [1] |
Gav - Yam [Member] | SERIE A [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-12 | |
Maturity date | Oct. 31, 2023 | |
Principal payment | Annual payments since 2021 | |
Interest payment | biannual | |
Description of interest rate | 3.55% n.a. | |
Gav - Yam [Member] | SERIE A [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 351 | |
Cellcom [Member] | SERIES L [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-01 | |
Maturity date | Jan. 5, 2028 | |
Principal payment | Annual payments since 2023 | |
Interest payment | annual | |
Description of interest rate | 2.5% n.a. | |
Cellcom [Member] | SERIES L [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 401 | |
Cellcom [Member] | SERIE K [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-07 | [1] |
Maturity date | Jul. 5, 2026 | [1] |
Principal payment | Annual payments since 2021 | [1] |
Interest payment | annual | [1] |
Description of interest rate | 3.55% n.a. | [1] |
Cellcom [Member] | SERIE K [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 220 | [1] |
Cellcom [Member] | SERIES K [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-12 | [1] |
Maturity date | Jan. 7, 2026 | [1] |
Principal payment | Annual payments since 2021 | [1] |
Interest payment | annual | [1] |
Description of interest rate | 3.55% n.a. | [1] |
Cellcom [Member] | SERIES K [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 187 | [1] |
Cellcom [Member] | SERIE L [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2018-12 | |
Maturity date | Jan. 15, 2028 | |
Principal payment | Annual payments since 2023 | |
Interest payment | annual | |
Description of interest rate | 2.50% n.a. | |
Cellcom [Member] | SERIE L [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 213 | |
IRSA [Member] | Clase I tramo2 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-08 | [1] |
Maturity date | Nov. 15, 2028 | [1] |
Principal payment | At expiration | [1] |
Interest payment | quarterly | [1] |
Description of interest rate | 10.00% n.a. | [1] |
IRSA [Member] | Clase I tramo2 [Member] | USD [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 85 | [1] |
IRSA [Member] | Clase II [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-08 | |
Maturity date | Aug. 6, 2020 | |
Principal payment | At expiration | |
Interest payment | quarterly | |
Description of interest rate | 10.50% n.a. | |
IRSA [Member] | Clase II [Member] | CLP [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 31,503 | |
IRSA [Member] | Clase II [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-05 | [1] |
Maturity date | Feb. 19, 2021 | [1] |
Principal payment | At expiration | [1] |
Interest payment | quarterly | [1] |
Description of interest rate | Badlar.+ 0.6%n.a. | [1] |
IRSA [Member] | Clase II [Member] | ARS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 354 | [1] |
IRSA [Member] | Case IV [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-05 | |
Maturity date | May 19, 2021 | |
Principal payment | At expiration | |
Interest payment | quarterly | |
Description of interest rate | 7% n.a. | |
IRSA [Member] | Case IV [Member] | USD [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 51 | |
IRSA [Member] | Clase V [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2020-05 | |
Maturity date | May 19, 2022 | |
Principal payment | At expiration | |
Interest payment | quarterly | |
Description of interest rate | 9% n.a. | |
IRSA [Member] | Clase V [Member] | USD [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 9 | |
IDBD [Member] | Serie 15 [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Issuance / expansion date | 2019-11 | |
Maturity date | Jun. 30, 2022 | |
Principal payment | Two payments | |
Interest payment | quarterly | |
Description of interest rate | 4.70% n.a | |
IDBD [Member] | Serie 15 [Member] | NIS [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Amount in original currency | $ 237 | |
[1] | Corresponds a to an expansion of the series. |
Borrowings (Details 4)
Borrowings (Details 4) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Evolution of borrowing [RollForward] | ||||
Balance at the beginning of the year | $ 446,675 | $ 459,444 | ||
Borrowings | 30,670 | 47,412 | ||
Payment of borrowings | (68,328) | (48,724) | $ (39,054) | |
Collection / (Payment) of short term loans, net | 2,516 | (1,013) | ||
Interests paid | (19,154) | (19,017) | (15,892) | |
Deconsolidation (see Note 4) | (95,443) | |||
Accrued interests | 20,460 | 19,802 | ||
Changes in fair value of third-party loans | (27) | |||
Cumulative translation adjustment and exchange differences, net | 59,760 | (9,454) | ||
Inflation adjustment | (997) | (1,748) | ||
Balance at the end of the year | $ 376,159 | [1] | $ 446,675 | $ 459,444 |
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. |
Borrowings (Details Textual)
Borrowings (Details Textual) ₪ in Millions, $ in Millions | Jun. 30, 2020ILS (₪) | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) |
Borrowings (Details Textual) | |||
Total Borrowings from collateralized liabilities | $ 8,320 | $ 15,370 | |
Financial leases | 1 | 24 | |
Corresponding to the operations center in israel | $ 311,674 | $ 393,641 | |
NIS [Member] | |||
Borrowings (Details Textual) | |||
Loss on swap of debt | ₪ | ₪ 153 |
Income tax (Details)
Income tax (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax [Abstract] | |||
Current income tax | $ (242) | $ (1,452) | $ 141 |
Deferred income tax | (6,492) | 5,703 | 10,994 |
Minimum presumed income tax | (135) | ||
Income tax from continuing operations | $ (6,869) | $ 4,251 | $ 11,135 |
Income tax (Details 1)
Income tax (Details 1) | 12 Months Ended |
Jun. 30, 2020 | |
Bermuda | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 0.00% |
Argentina | Bottom of range [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 25.00% |
Argentina | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 35.00% |
Uruguay | Bottom of range [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 0.00% |
Uruguay | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 25.00% |
U.S.A. | Bottom of range [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 0.00% |
U.S.A. | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 40.00% |
Israel | Bottom of range [member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 23.00% |
Israel | Maximum [Member] | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |
Statutory taxes rates | 24.00% |
Income tax (Details 2)
Income tax (Details 2) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax [Abstract] | |||
Profit from continuing operations at tax rate applicable in the respective countries | $ (6,115) | $ 12,419 | $ 2,686 |
Permanent differences: | |||
Share of profit of associates and joint ventures | 1,615 | (1,494) | (357) |
Unrecognized tax loss carryforwards | (3,094) | (4,255) | (4,016) |
Changes in fair value of financial instruments | (1,684) | 469 | (720) |
Inflation adjustment permanent difference | 1,660 | ||
Tax rate differential | 2,447 | (340) | 12,924 |
Taxable profit of non-argentinian holding subsidiaries | 572 | (429) | |
Non-taxable profit, non-deductible expenses and others | 238 | 467 | 1,047 |
Fiscal transparency | 150 | ||
Tax inflation adjustment | (2,086) | (3,587) | |
Income tax from continuing operations | $ (6,869) | $ 4,251 | $ 11,135 |
Income tax (Details 3)
Income tax (Details 3) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Income Tax [Abstract] | ||
Deferred income tax asset to be recovered after more than 12 months | $ 15,066 | $ 12,010 |
Deferred income tax asset to be recovered within 12 months | 869 | 2,071 |
Deferred income tax assets | 15,935 | 14,081 |
Deferred income tax liability to be recovered after more than 12 months | (57,334) | (47,155) |
Deferred income tax liability to be recovered within 12 months | (2,005) | (18,945) |
Deferred income tax liability | (59,339) | (66,100) |
Deferred income tax assets (liabilities), net | $ (43,404) | $ (52,019) |
Income tax (Details 4)
Income tax (Details 4) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | $ (52,019) | $ (58,223) |
Cumulative translation adjustment | 1,574 | 1,953 |
Charged / (Credited) to the statements of income | (6,637) | 4,251 |
Revaluation surplus reserve | (91) | |
Charged / (Credited) to the revaluation surplus reserve | 359 | |
Deconsolidation | 14,277 | |
Incorporation by business combination | (867) | |
Assets (Liabilities), net at ending of period | (43,404) | (52,019) |
Trade and Other Receivables [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (889) | (533) |
Cumulative translation adjustment | ||
Charged / (Credited) to the statements of income | (33) | (356) |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | (922) | (889) |
Investments [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (131) | |
Cumulative translation adjustment | (16) | |
Charged / (Credited) to the statements of income | 60 | (115) |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | (71) | (131) |
Intangible Assets [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (2,265) | (2,981) |
Cumulative translation adjustment | (511) | 259 |
Charged / (Credited) to the statements of income | 383 | 457 |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | (2,393) | (2,265) |
Others [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (534) | (2,463) |
Cumulative translation adjustment | (536) | 634 |
Charged / (Credited) to the statements of income | 2,478 | 1,295 |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | (182) | |
Incorporation by business combination | (243) | |
Assets (Liabilities), net at ending of period | 983 | (534) |
Subtotal Liabilities [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (66,100) | (73,854) |
Cumulative translation adjustment | (1,502) | 2,545 |
Charged / (Credited) to the statements of income | (5,929) | 5,209 |
Revaluation surplus reserve | (91) | |
Charged / (Credited) to the revaluation surplus reserve | 359 | |
Deconsolidation | 14,791 | |
Incorporation by business combination | (867) | |
Assets (Liabilities), net at ending of period | (59,339) | (66,100) |
Investments [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | 6 | |
Cumulative translation adjustment | ||
Charged / (Credited) to the statements of income | (6) | 6 |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | 6 | |
Trade and Other Payables [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | 5,726 | 4,608 |
Cumulative translation adjustment | 858 | 199 |
Charged / (Credited) to the statements of income | (836) | 919 |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | (431) | |
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | 5,317 | 5,726 |
Tax Loss Carry-forwards [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | 6,977 | 9,795 |
Cumulative translation adjustment | 1,038 | (264) |
Charged / (Credited) to the statements of income | 614 | (2,554) |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | (83) | |
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | 8,546 | 6,977 |
Others [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | 1,202 | 999 |
Cumulative translation adjustment | 166 | (61) |
Charged / (Credited) to the statements of income | 408 | 264 |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | 1,776 | 1,202 |
Subtotal Assets [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | 14,081 | 15,631 |
Cumulative translation adjustment | 3,076 | (592) |
Charged / (Credited) to the statements of income | (708) | (958) |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | (514) | |
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | 15,935 | 14,081 |
Investment Properties and Property, Plant and Equipment [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (58,206) | (66,589) |
Cumulative translation adjustment | (173) | 1,574 |
Charged / (Credited) to the statements of income | (7,899) | 6,809 |
Revaluation surplus reserve | (91) | |
Charged / (Credited) to the revaluation surplus reserve | 359 | |
Deconsolidation | 14,973 | |
Incorporation by business combination | (624) | |
Assets (Liabilities), net at ending of period | (51,661) | (58,206) |
Tax inflation adjustment [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (3,017) | |
Cumulative translation adjustment | ||
Charged / (Credited) to the statements of income | (1,304) | (3,017) |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | (4,321) | (3,017) |
Borrowings [Member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | (1,058) | (1,288) |
Cumulative translation adjustment | (282) | 94 |
Charged / (Credited) to the statements of income | 386 | 136 |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | (954) | (1,058) |
Property, plant and equipment [member] | ||
Changes in deferred tax liability (asset) [abstract] | ||
Assets (Liabilities), net at beginning of period | 170 | 229 |
Cumulative translation adjustment | 1,014 | (466) |
Charged / (Credited) to the statements of income | (888) | 407 |
Revaluation surplus reserve | ||
Charged / (Credited) to the revaluation surplus reserve | ||
Deconsolidation | ||
Incorporation by business combination | ||
Assets (Liabilities), net at ending of period | $ 296 | $ 170 |
Income tax (Details 5)
Income tax (Details 5) $ in Millions | Jun. 30, 2019ARS ($) |
Income Tax [Abstract] | |
2021 | $ 3 |
2022 | 11 |
2023 | 2,785 |
2024 | 1,186 |
2025 | 4,807 |
Subtotal | 8,792 |
Do not expire | 3,784 |
Total | $ 12,576 |
Income tax (Details Textual)
Income tax (Details Textual) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Line Items [Line Items] | |||
Deferred income tax liabilities, not recognize | $ (43,404) | $ (52,019) | |
Deferred liability, group recognized | $ 906 | 938 | |
Tax inflation adjustment, description | (i) the update of the cost for goods acquired or investments made in the fiscal years that begin as of January 1, 2018 (applicable to IRSA for the year end June 30, 2019), considering the percentage variations of the CPI provided by the National Institute of Statistics and Census (INDEC); and (ii) the application of the adjustment set forth in Title VI of the Income Tax Law when a percentage of variation -of the aforementioned index price - accumulated in thirty-six (36) months prior to the fiscal year end that is liquidated, is greater than 100%, or, with respect to the first, second and third year after its validity, this procedure will be applicable in case the accumulated variation of that index price, calculated from the beginning of the first of them and until the end of each year, exceeds 55%, 30% and 15% for the first, second and third year of application, respectively. At the end of this year, there has been an accumulative variation of 55.72% in the index price that exceeds the expected condition of 55% for the application of the adjustment in said first year. Consequently, the tax inflation adjustment has been applied and the cost of goods acquired during the year 2019 has been updated as established in article 58 of the Argentine Income Tax Law. | ||
Maximum [Member] | |||
Statement Line Items [Line Items] | |||
Reduction of the corporate tax rate | 35.00% | ||
Tax rate applicable to the companies | 30.00% | ||
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Reduction of the corporate tax rate | 21.00% | ||
Tax rate applicable to the companies | 25.00% | ||
Joint Ventures [Member] | |||
Statement Line Items [Line Items] | |||
Deferred income tax liabilities, not recognize | $ 90 | 86 | |
Israel Operations Center [Member] | |||
Statement Line Items [Line Items] | |||
Deferred income tax assets, not recognize | 451,496 | 321,258 | |
Argentine Operations Center [Member] | |||
Statement Line Items [Line Items] | |||
Deferred income tax assets, not recognize | $ 131 | $ 7,376 |
Leases (Details)
Leases (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating Lease by lessee | $ 9,972 | $ 23,076 | $ 16,243 |
No later than one year [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating Lease by lessee | 2,308 | 8,663 | 4,832 |
Later than one year and not later than five years [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating Lease by lessee | 5,266 | 13,511 | 9,955 |
Later than five years [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Operating Lease by lessee | $ 2,398 | $ 902 | $ 1,456 |
Leases (Details 1)
Leases (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating Lease by lessor | $ 31,113 | $ 64,307 | $ 78,876 |
No later than one year [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating Lease by lessor | 729 | 13,216 | 10,702 |
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 | 20,681 | 29,731 | 49,741 |
Later than five years [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Operating Lease by lessor | $ 9,703 | $ 21,360 | $ 18,433 |
Revenues (Details)
Revenues (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue [abstract] | |||
Income from communication services | $ 48,657 | $ 42,704 | $ 36,514 |
Rental and services income | 19,560 | 22,689 | 21,631 |
Sales of communication equipment | 16,180 | 14,803 | 12,551 |
Sales of trading properties and developments | 5,529 | 8,079 | 4,336 |
Revenue from hotels operation and tourism services | 2,265 | 3,183 | 2,610 |
Income from agricultural products | 1,955 | ||
Other revenues | 1,647 | 723 | 545 |
Total Group's revenues | $ 95,793 | $ 92,181 | $ 78,187 |
Expenses by nature (Details)
Expenses by nature (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | $ 16,700 | $ 17,781 | $ 12,996 |
Salaries, social security costs and other personnel expenses | 16,421 | 14,944 | 13,742 |
Depreciation and amortization | 16,268 | 10,676 | 9,628 |
Fees and payments for services | 4,713 | 8,375 | 6,954 |
Maintenance, security, cleaning, repairs and others | 5,444 | 5,524 | 4,653 |
Advertising and other selling expenses | 2,934 | 2,844 | 3,872 |
Taxes, rates and contributions | 1,388 | 1,447 | 1,384 |
Interconnection and roaming expenses | 6,855 | 6,064 | 5,241 |
Fees to other operators | 9,711 | 8,981 | 6,499 |
Director's fees | 547 | 745 | 577 |
Leases and service charges | 175 | 570 | 460 |
Allowance for doubtful accounts, net | 1,007 | 669 | 673 |
Other expenses | 4,667 | 3,684 | 3,679 |
Total | 86,830 | 82,304 | 70,358 |
Costs [Member] | |||
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | 16,700 | 17,781 | 12,996 |
Salaries, social security costs and other personnel expenses | 6,700 | 6,287 | 6,164 |
Depreciation and amortization | 10,057 | 6,573 | 5,779 |
Fees and payments for services | 3,627 | 5,554 | 4,641 |
Maintenance, security, cleaning, repairs and others | 4,535 | 4,592 | 4,058 |
Advertising and other selling expenses | 515 | 585 | 693 |
Taxes, rates and contributions | 660 | 756 | 690 |
Interconnection and roaming expenses | 6,855 | 6,064 | 5,241 |
Fees to other operators | 9,711 | 8,950 | 6,499 |
Director's fees | |||
Leases and service charges | 133 | 133 | 104 |
Allowance for doubtful accounts, net | |||
Other expenses | 2,711 | 2,116 | 2,247 |
Total | 62,204 | 59,391 | 49,112 |
General and administrative expenses [Member] | |||
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | |||
Salaries, social security costs and other personnel expenses | 4,089 | 3,742 | 3,874 |
Depreciation and amortization | 2,960 | 1,758 | 1,519 |
Fees and payments for services | 756 | 2,671 | 2,146 |
Maintenance, security, cleaning, repairs and others | 485 | 559 | 355 |
Advertising and other selling expenses | 24 | 13 | |
Taxes, rates and contributions | 107 | 76 | 162 |
Interconnection and roaming expenses | |||
Fees to other operators | 31 | ||
Director's fees | 547 | 745 | 577 |
Leases and service charges | 23 | 33 | 16 |
Allowance for doubtful accounts, net | 13 | ||
Other expenses | 1,902 | 991 | 835 |
Total | 10,869 | 10,643 | 9,497 |
Selling expenses [Member] | |||
Disclosure of financial liabilities [line items] | |||
Cost of sale of goods and services | |||
Salaries, social security costs and other personnel expenses | 5,632 | 4,915 | 3,704 |
Depreciation and amortization | 3,251 | 2,345 | 2,330 |
Fees and payments for services | 330 | 150 | 167 |
Maintenance, security, cleaning, repairs and others | 424 | 373 | 240 |
Advertising and other selling expenses | 2,419 | 2,235 | 3,166 |
Taxes, rates and contributions | 621 | 615 | 532 |
Interconnection and roaming expenses | |||
Fees to other operators | |||
Director's fees | |||
Leases and service charges | 19 | 404 | 340 |
Allowance for doubtful accounts, net | 1,007 | 656 | 673 |
Other expenses | 54 | 577 | 597 |
Total | $ 13,757 | $ 12,270 | $ 11,749 |
Cost of goods sold and servic_3
Cost of goods sold and services provided (Details) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Cost of Goods Sold and Services Provided [Abstract] | ||||
Inventories at the beginning of the period | [1] | $ (9,998) | $ (23,469) | $ 29,877 |
Adjustments previous periods | (8,325) | |||
Purchases and expenses | 57,605 | 56,127 | 157,138 | |
Capitalized finance costs | 12 | 17 | 24 | |
Currency translation adjustment | 8,262 | (1,411) | 11,214 | |
Transfers | 201 | 149 | (700) | |
Deconsolidation | (155) | (13,955) | ||
Incorporated by business combination | 264 | 855 | ||
Inventories at the end of the period | [1] | (11,855) | (9,998) | (23,469) |
Total costs | $ 64,332 | $ 60,028 | $ 160,984 | |
[1] | Includes Ps. 2,128 as cost of goods sold from Gav-Yam which was reclassified as discontinued operations in this fiscal year. |
Cost of goods sold and servic_4
Cost of goods sold and services provided (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | |
Cost of Goods Sold and Services Provided [Abstract] | |||
Real estate | $ 7,172 | $ 8,359 | |
Telecommunications | 1,688 | 1,639 | |
Fruits | 2,705 | ||
Others | 290 | ||
Total inventories at the end of the period | [1] | $ 11,855 | $ 9,998 |
[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, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Other Operating Results Net [Abstract] | ||||
Gain from disposal of subsidiary and associates | $ (247) | $ 983 | $ 860 | |
Donations | (167) | (284) | (169) | |
Lawsuits and other contingencies | (109) | (96) | 1,069 | |
Operating interest expense | 659 | 486 | 400 | |
Others | [1] | 968 | (816) | (51) |
Total other operating results, net | $ 1,104 | $ 273 | $ 2,109 | |
[1] | As of June 30, 2018, it includes a favorable ruling entered in a lawsuit in the Operations Center in Israel for an amount of approximately Ps. 1,165. Includes legal costs and expenses. |
Financial results, net (Details
Financial results, net (Details) - ARS ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finance income: | |||
Interest income | $ 964 | $ 955 | $ 1,100 |
Dividend income | 168 | 97 | 209 |
Other finance income | 236 | 693 | |
Total finance income | 1,368 | 1,745 | 1,309 |
Finance costs: | |||
Interest expenses | (20,460) | (19,802) | (18,332) |
Loss on debt swap | (6,141) | ||
Other finance costs | (1,119) | (739) | (665) |
Subtotal finance costs | (21,579) | (20,541) | (25,138) |
Capitalized finance costs | 114 | 293 | 173 |
Total finance costs | (21,465) | (20,248) | (24,965) |
Other financial results: | |||
Fair value gain of financial assets and liabilities at fair value through profit or loss, net | (10,479) | 2,433 | (2,083) |
Exchange rate differences, net | (6,274) | 1,248 | (13,520) |
Gain from repurchase of negotiable obligations | 2,886 | ||
Gain from derivative financial instruments, net | (467) | 515 | 400 |
Total other financial results | (14,334) | 4,196 | (15,203) |
Inflation adjustment | 90 | (528) | (882) |
Total financial results, net | $ (34,341) | $ (14,835) | $ (39,741) |
Earnings Per Share (Details)
Earnings Per Share (Details) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic | |||
Profit for the year of continuing operations attributable to equity holders of the parent | $ 4,142 | $ (39,076) | $ (3,423) |
Profit for the year of discontinued operations attributable to equity holders of the parent | 10,107 | 2,466 | 24,470 |
Profit for the year attributable to equity holders of the parent | $ 14,249 | $ (36,610) | $ 21,047 |
Weighted average number of ordinary shares outstanding | 575 | 575 | 575 |
Basic earnings per share | $ 24.76 | $ (63.68) | $ 36.58 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Diluted | |||
Profit for the year of continuing operations attributable to equity holders of the parent | $ 4,142 | $ (39,076) | $ (3,423) |
Profit for the year of discontinued operations attributable to equity holders of the parent | 10,107 | 2,466 | 24,470 |
Profit for the year per share attributable to equity holders of the parent | $ 14,249 | $ (36,610) | $ 21,047 |
Weighted average number of ordinary shares outstanding | 579 | 575 | 579 |
Diluted earnings per share | $ 24.62 | $ (63.68) | $ 36.37 |
Employee Benefits (Details)
Employee Benefits (Details) - shares | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Benefits [Abstract] | |||
At the beginning | 2,828,470 | 3,347,201 | 3,507,947 |
Additions | |||
Disposals | |||
Granted | (437,304) | (518,731) | (160,746) |
At the end | 2,391,166 | 2,828,470 | 3,347,201 |
Employee Benefits (Details 1)
Employee Benefits (Details 1) - ARS ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cellcom [Member] | ||
Disclosure of associates [line items] | ||
Amount of outstanding options | $ 759,332 | |
Average remaining useful life | 3 years 4 months 24 days | |
NIS [Member] | Cellcom [Member] | ||
Disclosure of associates [line items] | ||
Average price of outstanding options | $ 17.8 | |
NIS [Member] | Minimum [Member] | Cellcom [Member] | ||
Disclosure of associates [line items] | ||
Exercise price range of outstanding options | $ 15.05 | |
NIS [Member] | Maximum [Member] | Cellcom [Member] | ||
Disclosure of associates [line items] | ||
Exercise price range of outstanding options | $ 27.7 | |
DIC [Member] | ||
Disclosure of associates [line items] | ||
Amount of outstanding options | $ 2,124,000 | |
Average remaining useful life | 4 years 5 months 5 days | |
DIC [Member] | NIS [Member] | ||
Disclosure of associates [line items] | ||
Average price of outstanding options | $ 6.72 | |
DIC [Member] | NIS [Member] | Minimum [Member] | ||
Disclosure of associates [line items] | ||
Exercise price range of outstanding options | 6.90 | |
DIC [Member] | NIS [Member] | Maximum [Member] | ||
Disclosure of associates [line items] | ||
Exercise price range of outstanding options | $ 12.5 |
Employee Benefits (Details 2)
Employee Benefits (Details 2) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of defined benefit plans [line items] | |||
Total present value of defined benefits obligations (post-employment) | $ 1,363 | $ 1,434 | $ 1,528 |
Fair value of plan assets | (936) | (1,245) | (1,316) |
Recognized liability for defined benefits obligations | 427 | 189 | 212 |
Liability for other long-term benefits | 793 | 682 | 33 |
Total recognized liabilities | 1,220 | 871 | 245 |
Assets designed for payment of employee benefits | (773) | (683) | |
Net position from employee benefits | 447 | 188 | 245 |
Unfunded Obligations [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Total present value of defined benefits obligations (post-employment) | 615 | 703 | |
Funded Obligations [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Total present value of defined benefits obligations (post-employment) | $ 1,363 | $ 819 | $ 825 |
Employee Benefits (Details Text
Employee Benefits (Details Textual) - ARS ($) | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Charge related to the Incentive Plan | $ 400,000 | $ 21,720,000 | ||
Employee benefits unrecognized expense | $ 13,600,000 | |||
Granting fair value per share | $ 23.5 | |||
Defined contribution plan, description | The Plan was effective as from January 1, 2006. Participants can make pre-tax contributions to the Plan of up to 2.5% of their monthly salary (“Base Contributions”) and up to 15% of their annual bonus (“Extraordinary Contributions”). Under the Plan, the Group matches employee contributions to the plan at a rate of 200% for Base Contributions and 300% for Extraordinary Contributions. | |||
Percentage of contributions access | 100.00% | |||
Resignation or termination, description | In case of resignation or termination without fair cause, the manager will receive the Group’s contribution only if he or she has participated in the Plan for at least 5 years. | |||
Contributions plan amount | $ 23,000,000 | 50,000,000 | ||
Key management personnel expense | $ 10,000,000 | $ 63,000,000 | 66,000,000 | |
Incentive Plan [Member] | ||||
Statement Line Items [Line Items] | ||||
Reserve | $ 6,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - Argentina [Member] | 12 Months Ended | |
Jun. 30, 2020 | ||
Eduardo S. Elsztain [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 1/26/1960 | |
Position | General Manager | |
Current position since | 1991 | |
Daniel R. Elsztain [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 12/22/1972 | |
Position | Operating Manager | |
Current position since | 2012 | |
Jorge Cruces [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 11/07/1966 | |
Position | Investment Manager | |
Current position since | 2020 | |
Matias I. Gaivironsky [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 2/23/1976 | |
Position | Administrative and Financial Manager | |
Current position since | 2011 | |
Doron Cohent [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 09/27/1960 | |
Position | General Manager | |
Current position since | 2020 | |
Sholem Lapidot [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 10/22/1979 | [1] |
Position | General Manager | [1] |
Current position since | 2016 / 01-2020 | [1] |
Gil Kotler [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 10/4/1966 | [1] |
Position | Financial Manager | [1] |
Current position since | 2016/ 04-2020 | [1] |
Aaron Kaufman [Member] | ||
Statement Line Items [Line Items] | ||
Date of Birth | 3/3/1970 | |
Position | Vice president and General Assessor | |
Current position since | 2016 | |
[1] | Left their positions this year. |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure of transactions between related parties [line items] | |||||
Loans granted | $ 376,159 | [1] | $ 446,675 | $ 459,444 | |
Total associates and joint ventures | 1,185 | 1,526 | |||
Total parent company | 1,333 | 1,408 | |||
Total others | (158) | (146) | |||
Total at the end of the year | 2,360 | 2,788 | |||
Trade And Other Receivables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Total at the end of the year | 1,316 | 1,643 | |||
Trade And Other Receivables [Member] | Cresud [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Leases and/or rights of use receivables | 4 | 7 | |||
Trade And Other Receivables [Member] | Directors [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Advances | 4 | ||||
Trade And Other Receivables [Member] | Others [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Reimbursement of expenses receivables | 18 | 54 | |||
Leases and/or rights of use receivables | [2] | 39 | |||
Trade And Other Payables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Total at the end of the year | (380) | (477) | |||
Trade And Other Payables [Member] | Cresud [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Reimbursement of expenses not yet paid | (3) | (53) | |||
Management fees | (1) | (1) | |||
Share-based payments | (3) | (4) | |||
Corporate services not yet paid | (245) | (163) | |||
Trade And Other Payables [Member] | Directors [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Fees for services received | (127) | (239) | |||
Investments In Financial Assets [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Total at the end of the year | 1,581 | 1,622 | |||
Investments In Financial Assets [Member] | Cresud [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
NCN | 1,581 | 1,622 | |||
Borrowings [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Total at the end of the year | (157) | ||||
Borrowings [Member] | Others [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Loans obtained | (53) | ||||
Manibil S.A. [Member] | Trade And Other Receivables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Contributions in advance | |||||
New Lipstick LLC [Member] | Trade And Other Receivables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Loans granted | 1,258 | ||||
Loans obtained | (77) | ||||
Reimbursement of expenses receivables | 16 | 14 | |||
Condor [Member] | Trade And Other Receivables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Public companies securities | 269 | 237 | |||
IRSA Real Estate Strategies LP [Member] | Trade And Other Receivables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Reimbursement of expenses receivables | 116 | ||||
PBS Real Estate Holdings S.R.L. [Member] | Trade And Other Receivables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Reimbursement of expenses receivables | 472 | ||||
Other Associates And Joint Ventures [Member] | Borrowings [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Loans obtained | (27) | ||||
Other Associates And Joint Ventures [Member] | Trade And Other Receivables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Reimbursement of expenses receivables | 122 | 1 | |||
Reimbursement of expenses receivables one | 16 | ||||
Dividends | 203 | ||||
Leases and/or rights of use receivables | 84 | 17 | |||
Management fees receivables | 8 | ||||
Other Associates And Joint Ventures [Member] | Trade And Other Payables [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Reimbursement of expenses not yet paid | (1) | ||||
Leases and/or rights of use not yet paid | $ (17) | ||||
[1] | Includes Ps. 311,674 and Ps. 393,641 as of June 30, 2020 and 2019, respectively, corresponding to the Operations Center in Israel. | ||||
[2] | Includes CAMSA., Avenida compras and Avenida Inc., Estudio Zang, Bergel & Vines, Austral Gold, Fundacion IRSA, Hamonet S.A., Museo de los Ninos and BHN Vida S.A. |
Related Party Transactions (D_3
Related Party Transactions (Details 2) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of transactions between related parties [line items] | ||
Total | $ 2,360 | $ 2,788 |
Trade and Other Receivables [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | 1,316 | 1,643 |
Investments in Financial Assets [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | 1,581 | 1,622 |
Borrowings [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | (157) | |
Trade and Other Payables [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Total | $ (380) | $ (477) |
Related Party Transactions (D_4
Related Party Transactions (Details 3) - ARS ($) $ in Millions | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Cresud [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | $ 19 | $ 37 | $ 13 | |
Corporate services | (469) | (546) | (576) | |
Financial operations | 224 | 37 | 353 | |
Total Parent Company [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total parent company | (226) | (472) | (210) | |
IFISA [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | 147 | |||
Directors [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Fees and remunerations | (406) | (480) | (529) | |
Taaman [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 46 | 377 | ||
Willifood [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 337 | |||
Others [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | [1] | 1 | 37 | |
Corporate services | [1] | (39) | ||
Financial operations | [1] | (1) | 336 | |
Fees and remunerations | [1] | (23) | ||
Donations | [1] | (1) | (33) | |
Legal services | [1] | (29) | (1) | (37) |
Total Others [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total others | (458) | (436) | 596 | |
Total [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total | (718) | (664) | 1,273 | |
BACS [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 51 | 54 | 3 | |
Manibil [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Corporate services | 30 | 91 | ||
Tarshop [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 59 | 37 | ||
Commissions | 1 | |||
La Rural S.A. [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 37 | 31 | ||
Condor [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial operations | 276 | |||
Other associates anf joint ventures [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Leases and/or rights of use | 9 | 34 | 74 | |
Honorarios y remuneraciones | (131) | 30 | 375 | |
Financial operations | 37 | (1) | ||
Total Associates And Joint Ventures [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Total associates and joint ventures | $ (34) | $ 244 | $ 887 | |
[1] | It includes Isaac Elsztain e Hijos, CAMSA., Hamonet S.A., Ramat Hanassi, Estudio Zang, Bergel & Vines, and Fundacion IRSA. |
Related Party Transactions (D_5
Related Party Transactions (Details 4) - ARS ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Total dividends received | $ 1,820 | $ 1,718 |
Total dividends distribution | (381) | 1,628 |
Total capital contributions | (2,702) | (131) |
Total other transactions | 1,394 | |
La Rural S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 433 | |
Condor [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 32 | 114 |
BHSA [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 113 | |
Mehadrin [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 141 | |
Manaman [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 106 | |
Nuevo Puerto Santa Fe S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 38 | 14 |
Nave by the sea [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 47 | |
Shufersal [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 400 | 663 |
Gav Yam [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 1,334 | |
EMCO [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends received | 16 | 87 |
Cresud [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends granted | (359) | 1,618 |
Helmir [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Dividends granted | (22) | 10 |
Quality [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Capital contributions | (47) | (73) |
Manibil [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Capital contributions | (87) | (31) |
IBC [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Capitalized loan | (2,551) | |
Others [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Capital contributions | (17) | (27) |
TGLT S.A. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Capital contributions | $ 1,394 |
Related Party Transactions (D_6
Related Party Transactions (Details Textual) - ARS ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Oct. 29, 1999 | Jun. 30, 2020 | |
Related Party Transactions (Textual) | ||
Award of the agreement, description | 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. | |
Argentine Operations Center [Member] | ||
Related Party Transactions (Textual) | ||
Employee compensation | $ 12 | |
Israel Operations Center [Member] | ||
Related Party Transactions (Textual) | ||
Employee compensation | $ 150 |
Foreign currency assets and l_3
Foreign currency assets and liabilities (Details) $ in Millions | Jun. 30, 2020ARS ($) | Jun. 30, 2019ARS ($) | |
Assets | |||
Total assets | $ 189,122 | $ 222,667 | |
Liabilities | |||
Total liabilities | 409,175 | 477,213 | |
Argentina [Member] | |||
Assets | |||
Total trade and other receivables | [1] | 4,207 | 2,884 |
Total investments in financial assets | [1] | 4,893 | 6,502 |
Total derivative financial instruments | [1] | 17 | |
Total cash and cash equivalents | [1] | 14,565 | 16,678 |
Total assets | [1] | 23,665 | 26,081 |
Liabilities | |||
Total trade and other payables | [1] | 13,496 | 10,567 |
Total borrowings | [1] | 60,926 | 51,680 |
Total derivative financial instruments | [1] | 95 | 39 |
Total lease liabilities | [1] | 8 | |
Total liabilities | [1] | 74,877 | 63,151 |
Trade And Other Payables [Member] | |||
Liabilities | |||
Total liabilities | 31,841 | 29,033 | |
Borrowings [Member] | |||
Liabilities | |||
Total liabilities | 376,159 | 446,675 | |
Trade And Other Receivables [Member] | |||
Assets | |||
Total assets | 64,006 | 52,554 | |
Derivative Financial Instruments Category [Member] | USD | Trade And Other Payables [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 187 | |
Exchange rate | [1],[3] | 70.460 | |
Derivative Financial Liabilities | [1] | $ 13,191 | 10,496 |
Derivative Financial Instruments Category [Member] | USD | Borrowings [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 865 | |
Exchange rate | [1],[3] | 70.460 | |
Derivative Financial Liabilities | [1] | $ 60,926 | 51,680 |
Derivative Financial Instruments Category [Member] | USD | Lease Liabilities [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 1 | |
Exchange rate | [1],[3] | 70.460 | |
Derivative Financial Liabilities | [1] | $ 8 | |
Derivative Financial Instruments Category [Member] | USD | Related Parties [member] | Borrowings [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 5 | |
Exchange rate | [1],[3] | 70.460 | |
Derivative Financial Liabilities | [1] | $ 352 | 865 |
Derivative Financial Instruments Category [Member] | Euros | Trade And Other Payables [Member] | |||
Liabilities | |||
Amount | [1],[2] | $ 3 | |
Exchange rate | [1],[3] | 87.360 | |
Derivative Financial Liabilities | [1] | $ 305 | 51 |
Derivative Financial Instruments Category [Member] | Euros | Borrowings [Member] | |||
Liabilities | |||
Amount | [1],[2] | ||
Exchange rate | [1],[3] | ||
Derivative Financial Liabilities | [1] | ||
Derivative Financial Instruments Category [Member] | Trade And Other Receivables [Member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 43 | |
Peso exchange rate | [1],[3] | 70.260 | |
Derivative Financial Assets | [1] | $ 3,015 | 2,448 |
Derivative Financial Instruments Category [Member] | Trade And Other Receivables [Member] | Euros | |||
Assets | |||
Amount | [1],[2] | $ 11 | |
Peso exchange rate | [1],[3] | 78.867 | |
Derivative Financial Assets | [1] | $ 881 | 197 |
Derivative Financial Instruments Category [Member] | Receivable [member] | USD | Related Parties [member] | |||
Assets | |||
Amount | [1],[2] | $ 4 | |
Peso exchange rate | [1],[3] | 70.460 | |
Derivative Financial Assets | [1] | $ 311 | 239 |
Derivative Financial Instruments Category [Member] | Investments In Financial Assets [Member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 51 | |
Peso exchange rate | [1],[3] | 70.260 | |
Derivative Financial Assets | [1] | $ 3,603 | 4,811 |
Derivative Financial Instruments Category [Member] | Investments In Financial Assets [Member] | USD | Related Parties [member] | |||
Assets | |||
Amount | [1],[2] | $ 17 | |
Peso exchange rate | [1],[3] | 70.460 | |
Derivative Financial Assets | [1] | 1,622 | $ 1,212 |
Derivative Financial Instruments Category [Member] | Investments In Financial Assets [Member] | Pounds | |||
Assets | |||
Amount | [1],[2] | $ 1 | |
Peso exchange rate | [1],[3] | 86.896 | |
Derivative Financial Assets | [1] | $ 78 | 69 |
Derivative Financial Instruments Category [Member] | Derivative Financial Instruments [Member] | USD | |||
Assets | |||
Amount | [1],[2] | ||
Peso exchange rate | [1],[3] | 70.260 | |
Derivative Financial Assets | [1] | 17 | |
Derivative Financial Instruments Category [Member] | Cash And Cash Equivalents [member] | USD | |||
Assets | |||
Amount | [1],[2] | $ 185 | |
Peso exchange rate | [1],[3] | 70.260 | |
Derivative Financial Assets | [1] | $ 13,018 | 16,575 |
Derivative Financial Instruments Category [Member] | Cash And Cash Equivalents [member] | Euros | |||
Assets | |||
Amount | [1],[2] | $ 20 | |
Peso exchange rate | [1],[3] | 78.867 | |
Derivative Financial Assets | [1] | $ 1,547 | 103 |
Derivative Financial Instruments Category [Member] | Payables [member] | USD | Related Parties [member] | |||
Liabilities | |||
Amount | [1],[2] | ||
Exchange rate | [1],[3] | 70.460 | |
Derivative Financial Liabilities | [1] | 20 | |
Derivative Financial Instruments Category [Member] | Derivative Financial Instruments [Member] | USD | |||
Liabilities | |||
Amount | [1],[2] | $ 1 | |
Exchange rate | [1],[3] | 70.460 | |
Derivative Financial Liabilities | [1] | $ 95 | $ 39 |
[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 14). |
Groups of assets and liabilit_3
Groups of assets and liabilities held for sale (Details) - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Groups of Assets and Liabilities Held For Sale [Abstract] | ||
Property, plant and equipment | $ 35,719 | $ 6,449 |
Intangible assets | 1,363 | 136 |
Investments in associates | 224 | 597 |
Deferred income tax assets | 814 | 290 |
Income tax credits | ||
Trade and other receivables | 1,849 | 3,003 |
Cash and cash equivalents | 1,709 | 1,023 |
Total assets held-for-sale | 41,678 | 11,498 |
Trade and other payables | 9,926 | 4,845 |
Salaries and social security liabilities | 387 | |
Employee benefits | 386 | 290 |
Deferred income tax liabilities | 1,953 | 51 |
Borrowings | 9,560 | 2,951 |
Total liabilities held-for-sale | 22,212 | 8,137 |
Total net assets held-for-sale | $ 19,466 | $ 3,361 |
Groups of assets and liabilit_4
Groups of assets and liabilities held for sale (Details Textual) - Jun. 30, 2020 ₪ in Millions, $ in Millions | ILS (₪) | ARS ($) |
Investment In Israir [Member] | ||
Groups of assets and liabilities held for sale (Textual) | ||
Management accounted for impairment | $ | $ 264 | |
Investment In Israir [Member] | NIS [Member] | ||
Groups of assets and liabilities held for sale (Textual) | ||
Management accounted for impairment | ₪ | ₪ 13 | |
Investment In Ispro [Member] | ||
Groups of assets and liabilities held for sale (Textual) | ||
Management accounted for impairment | $ | $ 671 | |
Investment In Ispro [Member] | NIS [Member] | ||
Groups of assets and liabilities held for sale (Textual) | ||
Management accounted for impairment | ₪ | ₪ 33 |
Results from discontinued ope_3
Results from discontinued operations (Details) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of associates [line items] | |||
Costs | $ (62,204) | $ (59,391) | $ (49,112) |
Net gain from fair value adjustment of investment properties | 30,742 | (37,877) | 19,160 |
Share of profit of associates and joint ventures | (1,615) | 1,494 | 357 |
Finance income | 1,368 | 1,745 | 1,309 |
Finance cost | (21,465) | (20,248) | (24,965) |
Financial results, net | (34,341) | (14,835) | (39,741) |
Profit before income tax | 12,515 | (49,762) | (14,365) |
Income tax | 6,869 | (4,251) | (11,135) |
Profit from discontinued operations | 18,085 | 7,140 | 36,441 |
Equity holders of the parent | 14,249 | (36,610) | 21,047 |
Non-controlling interest | $ 9,482 | $ (1,761) | $ 12,164 |
Profit per share from discontinued operations attributable to equity holders of the parent: | |||
Basic | $ 24.76 | $ (63.68) | $ 36.58 |
Diluted | $ 24.62 | $ (63.68) | $ 36.37 |
Discontinued Operations [Member] | |||
Disclosure of associates [line items] | |||
Revenues | $ 21,921 | $ 26,148 | $ 175,194 |
Costs | (17,950) | (17,336) | (127,564) |
Gross profit | 3,971 | 8,812 | 47,630 |
Net gain from fair value adjustment of investment properties | 3,990 | 5,529 | |
General and administrative expenses | (1,198) | (1,212) | (3,299) |
Selling expenses | (977) | (1,049) | (32,990) |
Other operating results, net | 17,554 | 250 | 24,894 |
Profit from operations | 19,350 | 10,791 | 41,764 |
Share of profit of associates and joint ventures | 150 | 289 | 320 |
Profit before financial results and income tax | 19,500 | 11,080 | 42,084 |
Finance income | 191 | 460 | 466 |
Finance cost | (1,720) | (2,651) | (2,901) |
Other financial results | 115 | (24) | (102) |
Financial results, net | (1,414) | (2,215) | (2,537) |
Profit before income tax | 18,086 | 8,865 | 39,547 |
Income tax | (1) | (1,725) | (3,106) |
Profit from discontinued operations | 18,085 | 7,140 | 36,441 |
Equity holders of the parent | 10,107 | 2,466 | 24,470 |
Non-controlling interest | $ 7,978 | $ 4,674 | $ 11,971 |
Profit per share from discontinued operations attributable to equity holders of the parent: | |||
Basic | $ 17.58 | $ 4.29 | $ 42.52 |
Diluted | $ 17.44 | $ 4.26 | $ 42.29 |
Results from discontinued ope_4
Results from discontinued operations (Details Textual) - Discontinued Operations [Member] - ARS ($) $ in Millions | Jun. 30, 2020 | Jun. 30, 2019 |
Results from discontinued operations (Textual) | ||
Total profits from discontinued operations | $ 2,239 | $ 5,521 |
Gav - Yam [Member] | ||
Results from discontinued operations (Textual) | ||
Total profits from discontinued operations | $ 18,398 | $ 3,395 |
Economic framework of the Gro_2
Economic framework of the Group's business (Details) - ARS ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 15, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Jul. 31, 2020 | May 31, 2020 | |
Statement Line Items [Line Items] | |||||
Aggregate outstanding principal, description | On August 28, 2020, the Government informed that the holders of 93.55% of the aggregate outstanding principal amount of all bonds have accepted a debt exchange and, on August 31, 2020, the Argentine Government obtained the consents required to exchange and/or amend 99.01% of the aggregate outstanding principal amount of all series of eligible bonds. | ||||
Non-convertible notes | $ 181,518,707 | $ 105 | |||
Other bank debts due date | Nov. 15, 2020 | ||||
National institute of statistics, description | ● In June 2020, the Estimador Mensual de Actividad Económica (“EMAE”) reported by the National Institute of Statistics and Census (Instituto Nacional de Estadísticas y Censos or INDEC) recorded a (12.3)% variation compared to the same month in 2019 and a (7.4)% variation compared to the previous month. ● The market expectations survey prepared by the Central Bank in July 2020 called Relevamiento de Expectativas de Mercado (“REM”) forecasts that the retail inflation rate for 2020 will be 39.5%. The REM analysts foresee a (12.5)% decrease in the real GDP for 2020. In turn, they foresee a recovery in the economy for 2021 that will grow up to 5.6%. The economy is expected to grow during the third quarter of 2020 as the effects of the pandemic are perceived as transitory and economic recovery is expected to start soon. ● The year-over-year inflation rate as of June 30, 2020 was 42.8%. ● From July 2019 to June 2020, the peso depreciated 66% compared to the US dollar at the average wholesale exchange rate quoted by Banco de la Nación Argentina. In view of the foreign exchange restrictions in force since 2019, the gap between the official peso/US dollar exchange rate and the peso/US dollar exchange rate offered in the black market is almost 75%. This has an impact on the level of economic activity and detrimentally affects the reserves of the Argentine Central Bank. In addition, the current foreign exchange restrictions or those that may be imposed in the future may impair the Company’s ability to access the Sole Free FX Market (Mercado Único Libre de Cambio or MULC) to purchase the currency required to meet its financial obligations | ||||
Allowance for bad debts | $ 187 | $ 305 | |||
Value of properties reduction | $ 2,989 | ||||
Financial debt, description | ● IRSA must honor the following maturities within the next 12 months: Series II Non-convertible Notes, having a par value of US$ 71.4, due on July 20, 2020; Series II Non-convertible Notes, having a par value of CLP 31,502.6 (equivalent to US$ 41 approximately), due on August 6, 2020; Series I Non-convertible Notes, having a par value of US$ 181.5, due on November 15, 2020, Series III Non-convertible Notes, having a par value of Ps. 354 (equivalent to US$5), due on February 21, 2021, Series IV Non-convertible Notes, having a par value of US$ 51.3, due on May 21, 2021 and a bank debt in an amount equivalent to US$14.3. ● Our subsidiary, IRSA CP, must honor the maturity of its Series IV Non-convertible Notes, having a par value of US$ 140, which will become due in September 2020 and a bank debt of US$ 23. | ||||
Short-term financial debts of subsidiaries | $ 202 | ||||
Repayment of Non-convertible notes | The Company is considering to refinance the repayment of its Non-convertible Notes due in November 2020, February 2021 and June 2021 are a capital increase in an approximate amount of US$ 70 / US$ 100 resolved at the annual shareholders' meeting held in October 30, 2019 and obtaining financing in the domestic or international capital markets through new issues of debt securities or liability management transactions in the range of US$ 40 and US$ 100, in addition to the transactions already conducted in May and July. | ||||
Capital stock | 80.65% | ||||
Cash and cash equivalents | $ 155 | ||||
Sale of office assets | 129 | ||||
Discharge short-term obligations | 50 | ||||
Debt transactions | $ 100 | ||||
Credit facility, description | Lastly, IRSA CP has granted IRSA a three-year credit facility up to US$ 180, of which US$ 53.4 were used by IRSA on June 30, 2020. | ||||
Non-adjusting events after reporting period [Member] | |||||
Statement Line Items [Line Items] | |||||
Issuance of foreign currency exchange, description | (a) the net amount for which access to the foreign exchange is granted within the original terms must not exceed 40% of the principal amount due, and (b) the remaining principal amount must have been refinanced through new foreign debt with an average life of at least 2 years. | ||||
Non-convertible notes | $ 105 |
Subsequent events (Details Text
Subsequent events (Details Textual) - ARS ($) $ / shares in Units, $ in Millions | Nov. 12, 2020 | Nov. 05, 2020 | Nov. 02, 2020 | Jul. 16, 2020 | Jul. 15, 2020 | Jul. 06, 2020 | Oct. 22, 2020 | Sep. 14, 2020 | Sep. 03, 2020 | Aug. 30, 2020 | Aug. 26, 2020 | Aug. 20, 2020 | Aug. 06, 2020 | Jul. 31, 2020 | Jul. 30, 2020 | Jul. 22, 2020 | Jul. 21, 2020 | Jun. 30, 2020 | Oct. 26, 2020 |
Subsequent events (Textual) | |||||||||||||||||||
IDBD financing agreement, description | IDBD has been maintaining negotiations with creditors in order to restructure its financial debt in favorable terms. As of June 30, 2020, the total balance of (i) IDBD's Series 9 Bonds was NIS 901 million (the "Series 9"), (ii) IDBD's Series 14 Bonds were NIS 889 million guaranteed by IDBD's 70% of DIC's shares (the "Series 14"), (iii) IDBD's Series 15 Bonds were NIS 238 million guaranteed by 5% of Clal's shares (the "Series 15"). | ||||||||||||||||||
PBC [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Capital stock, percentage | 1.40% | ||||||||||||||||||
NIS [Member] | PBC [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Consideration transaction amount | $ 18 | ||||||||||||||||||
NIS [Member] | SERIES F [Member] | Board of Directors [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Notes repurchase plan | $ 300 | ||||||||||||||||||
NIS [Member] | SERIES J [Member] | Board of Directors [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Notes repurchase plan | $ 300 | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Auctioned amount, description | IRSA CP entered into a preliminary sales agreement (with delivery of possession) with respect to a medium-height floor in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 1,063 sq. meters and 5 parking lots located in the building. The price of the transaction was Ps. 477.7 (US$ 6.7), which has been paid in full. | IRSA CP executed a preliminary sales agreement (with delivery of possession) with respect to 5 floors in the Boston tower located at Della Paolera 265, Catalinas district, City of Buenos Aires, covering a total area of approximately 6,235 sq. meters and 25 parking lots located in the building. The price of the transaction was Ps. 2,562 million (US$ 34.7 million), which has been paid in full. | |||||||||||||||||
IRSA Non-convertible notes, description | subsequently to the closing of the fiscal year, the Company issued USD 38.4 Non-convertible Notes in the local market through the following instruments: ● Ps. 335.2 million (equivalent to USD 4.7 million) Series VI NCNs denominated and payable in Argentine pesos at a variable rate (Private Badlar) + 4.0%, with interest accruing on a quarterly basis. The principal amount is repayable in two installments: the first one -equal to 30% of the par value of the notes- payable on the date that is 9 (nine) months after the Issue and Settlement Date and the second installment -equal to 70% of the par value of the notes- payable on the relevant due date, i.e. July 21, 2021. Notes were issued at 100% of their par value. ● US$ 33.7 million Series VII NCNs denominated in US$ and payable in Argentine pesos at the applicable exchange rate, at a fixed 4.0% rate, with interest accruing on a quarterly basis. Repayment of capital is due on January 21, 2021. Notes were issued at 100% of their par value. The proceeds will be used to refinance short-term indebtedness. | ||||||||||||||||||
Dividend payable | $ 484 | ||||||||||||||||||
Sale of Boston Tower floor, description | IRSA CP has sold and transferred three floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,266 sqm, a retail store of approximately 225 sqm and 15 garage units located in the building. The transaction price was approximately USD 19.1 million (USD/sqm 5,490), which was paid in full. After this operation, IRSA CP has no remaining leasable area in the building, only keeping a space of the first basement. | IRSA CP has sold and transferred 4 floors of the Boston tower located at 265 Della Paolera Street, in the Catalinas district of the Autonomous City of Buenos Aires for a gross leasable area of approximately 3,892 sqm and 15 garage units located in the building. The transaction price was approximately USD 22.9 million (USD/sqm 5,570), which was paid in full. After this operation, IRSA CP owns 3 floors with an approximate location area of 3,266 m2 in addition to garage units and other complementary spaces. | |||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | PBC [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Financing agreement, description | The Company's Board of Directors approved the signing of a commitment with Dolphin, to make capital contributions for up to the amount of NIS 210, according to the schedule of commitments assumed by Dolphin between September 2019 and September 2021 with IDBD. | (i) NIS 70 to be contributed immediately; (ii) NIS 70 to be contributed until September 2, 2020 and (iii) NIS 70 to be contributed until September 2, 2021. According to Dolphin's agreement with IDBD, said contributions will have the character of capital contributions resulting in the issuance of new IDBD shares in favor of the parent company or may be granted in the form of a subordinated loan. | |||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Shufersal [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Capital stock, percentage | 26.00% | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Series IV Non-convertible Notes [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Aggregate principal amount | $ 10,381 | ||||||||||||||||||
Interest accrued | 134 | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Series I Notes [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Cash Subscription for bondholders terms, description | (i) A repayment of principal amount of Existing Notes tendered for Exchange, in cash in United States Dollars, in an amount resulting from dividing USD 72,607,482.80 by the total number of Existing Notes tendered in Exchange for the Series VIII, always provided such quotient is less than or equal to USD 1 whereas if such quotient is higher than USD 1 the consideration shall be equal to USD 1 ("Principal Repayment"); which would represent at least 40% of the amount of the Existing Notes tendered and the remaining amount until reaching USD 1 of each USD1 of the Existing Notes tendered for Exchange, in Series VIII Notes. Series VIII Notes to be issued at a fixed nominal interest rate of 10.00% per annum and maturing 3 (three) years after the Date of Issue and Settlement, with annual repayments, denominated and payable in United States Dollars, in a principal amount up to USD 108,911224 to be paid in kind by tendering for exchange of the Existing Notes . In all cases, the sum of (i) and (ii) shall be the equivalent to USD1 per each USD1 of Existing Notes tendered for Exchange.; and (ii) A par for par exchange of notes Series IX for each Existing Notes presented to the Exchange. Series IX Notes to be issued at a nominal fixed interest rate of 10% per annum, maturing on March 1, 2023, denominated and payable in a principal amount up to USD 108,911,224, that may be increased up to the Maximum Aggregate Principal Amount (the "Maximum Aggregate Principal Amount"), to be paid in kind by tendering for exchange the Existing Notes, or by Subscription in Cash. | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | SERIES VIII Notes [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Issuance series notes, description | The Face Value of Existing Notes presented and accepted for the Exchange totaled USD 104,287,243 and the Nominal Value of Series VIII Notes to be issued was USD 31,679,760. The maturity date will be November 12, 2023. According to the terms and subject to the conditions established in the Prospectus Supplement, Eligible Holders whose existing notes have been accepted for the Exchange by the Company, will receive for every USD 1 of Existing Notes submitted to the Exchange, the accrued interest of the existing notes until the settlement and issue date and the following: a. USD 0.69622593 in cash for each USD 1 of Existing Notes presented to the Exchange; and b. The remaining amount until completing 1 USD for each 1 USD of Existing Notes presented to the Exchange, in Notes Series VIII. | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Series IX Notes [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Exchange Offer Issuance of series notes, description | The Company, announced the results of the Early Bird of Series IX Notes. As of October 30, 2020, deadline for accessing the Early Bird, exchange orders have been submitted for a total amount equivalent to USD 70,971,181 for Series IX Notes. All existing notes presented on or before the above mentioned deadline have been accepted by the Company and will be eligible to receive the consideration on the Issue and Settlement Date. As timely announced, the Exchange Offer would expire on November 5, 2020, unless it is extended by the Company. Finally, on November 6, 2020, the Company decided to extend the Exchange Offer, to November 10, 2020. This extension does not imply a modification to the economic terms of the Exchange Offer. On November 11, 2020, IRSA reported the results of the Exchange Offer. Eligible holders have been presented for a total amount equivalent (for both Classes) to USD 178,458,188, representing 98.31% of the face value of the Existing Notes in Circulation, through the participation of 6,571 orders. | ||||||||||||||||||
Issuance series notes, description | Face Value of Existing Notes presented and accepted for the Exchange totaled USD 74,170,945 and the Nominal Value of Series IX Notes to be issued (together with the Face Value to be issued as a result of the cash subscription) is USD 80,676,505. The maturity date will be March 1, 2023. | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Series I Notes [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Series I note cancellation, description | The Company made a partial cancelation for a Nominal Value of USD 178,458,188 of Series I Notes, after the cancellation the Nominal Value under circulation will be USD 3,060,519. | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | USD [Member] | Series IV Non-convertible Notes [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Aggregate principal amount | 140 | ||||||||||||||||||
Interest accrued | $ 1,800 | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | NIS [Member] | Shufersal [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Aggregate principal amount | $ 1,456 | ||||||||||||||||||
Capital stock, per share | $ 23.5 | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Twentieth Interest Installment [Member] | USD [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Principal installment | $ 75 | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Second Interest Installment [Member] | USD [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Principal installment | $ 47 | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Bouchard [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Auctioned amount, description | IRSA CP sold the entire “Bouchard 710” building, located in the Plaza Roma district of the City of Buenos Aires. The tower has a gross leasable area of 15,014 sq. meters divided into 12 floors for office use and 116 parking lots. The price of the transaction was approximately Ps. 6,300 million (US$ 87 million), which has been paid in full. | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Cellcom [Member] | NIS [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Consideration transaction amount | $ 545 | ||||||||||||||||||
Non-Adjusting Events After Reporting Period [Member] | Elron [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Interest percentage | 27.00% | ||||||||||||||||||
Sale of subsidiary, description | ● Bioventus will make an additional US$ 15 – US$ 20 investment in CartiHeal, at a company value of USD 180. | ||||||||||||||||||
Sale of Clal shares [Member] | |||||||||||||||||||
Subsequent events (Textual) | |||||||||||||||||||
Subsequent events, description | IDBD sold 4,791,618 shares in Clal held by it through swap transactions, at an average price of NIS 30/share, representing 7.1% of the capital stock. | IDBD sold 2,376,527 shares in Clal, representing 3.5% of its capital stock, at an average price of NIS 32.475/share, amounting to NIS 77.2 in the aggregate.As a consequence of such transactions, IDBD’s current stake in Clal represents 4.99% of its capital stock and, as a result, IDBD is no longer regarded as an interested party in Clal under the Israeli Securities Regulations. |